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SBSC continue to recommend that long-term investors accumulate this stock at a lower target price of VND29,200, based on a 40% discount to our NAV estimate of VND48,700/share. SBSC think the stock’s downside risk is limited at this point. At this target price, the stock will be trading at a FY11 PE of 9.7 times and PB of 1.13 times, offering a 28.6% potential share price upside.
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