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Based on our analysis, HAGL's shares are extremely cheap. They trade on a PER of roughly 11x for 2011 and 2012, but only 5x for 2013. Moreover, because its cash flow from real estate is so good, its debt levels never become excessive despite all of the investments it is making. MekongS initiate with a buy recommendation and a 12-month target price of VND120,000, or 8.5x FY2013 earnings.
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