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We recently met with VIC’s management at their headquarters and visited their ongoing projects in both Hanoi and Ho Chi Minh City. Financial results are on track and the company is pursuing aggressive expansion of its projects. We learned from management the company is actively working towards developing its Vincom Village which we believe should start generating sales in 2012. We are raising our target price to VND81,000 from VND70,000 to reflect new projects in the pipeline. However, considering the recent rally and a 78% increase since our initiation, we believe the stock is overvalued at current level and does not offer any near-term re-rating triggers. Downgrade to SELL.
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