Tóm tắt:
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We believe that a sum of the parts valuation is most appropriate given REE’s diversified business lines. For the M&E and ReeTech businesses, we have applied a 12x and 13.4x P/E, respectively, to 2010 earnings to come up with the segment’s contribution values. REE currently trades at a 23.8% discount to our NAV estimate of VND53,250 per share, implying a potential 23.8% upside from the current share price of VND43,000.
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