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Tóm tắt:
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Maintain NEUTRAL call at the revised target price of VND24,200. Our revised target price was pegged at a forward P/E of 4.1x, given the projected FY11 NPAT of VND103 bn (~ EPS of VND5,904). Although the target price offers 27% potential upside vs. the current level (VND19,000), low liquidity has been hardcoded in as a major weakness (ave. 3M volume of 3,200 shares). Hence, we retain our NEUTRAL
recommendation for SEC.
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