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MekongSecurities are initiating coverage on Everpia Vietnam JSC (OTC: EVE), Vietnam’s number-one-market-share bedding company, with a BUY rating. Our DCF-based valuation gives a one-year price target of VND63,000, 26% higher than the current indicative OTC price of VND50,000. Our price target implies a 10x FY10E PER, and a 1.7x PBR. We see large market share (25% nationally, 30% in North, 22% in South; 80% of sales are in the North) with good competitive position, higher than expected sales growth and operating margins, and moves to penetrate the market’s high end from its established middle market base as catalysts for potential upside revisions.
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