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NEUTRAL at the target price of VND21,700. SBSC revised up our target price for BHS from VND19,400 (pegged a 4.5x P/E and estimated FY11 EPS) to VND21,700, pegged to a 4.5x P/E and FY12 EPS of VND4,821. Our target price is offering an upside potential of 15% from the current level (of VND18,800). Therefore, SBSC maintain our NEUTRAL call in this stock.
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