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Tóm tắt:
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Based on our FY2011 outlook GMD is now undervalue on a P/B basis although P/E is a bit high. But given that it does not include any contribu-tion from the equity side we can say that it is quite conservative. HSC believe that GMD now looks cheap in our opinion and its worth pick-ing up at current levels. Especially its core business exposure to trade which is fast growing and the high beta nature of the underlying stock which enables it to outperform strongly if the market starts to move.
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