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Tóm tắt:
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We are initiating our coverage on Kinh Do JSC (KDC) with a HOLD recommendation and a target price of VND 92,500 per share, pegged at a forward P/E of 16.0x, on par with its regional peers. Although we like the Group’s dominant position in the domestic market, we believe that it would be challenging for the Group to enjoy a strong growth rate from its confectionary segment going forward, in view of the intensified sector competition.
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