Tóm tắt:
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Maintain NEUTRAL call, at the target price of VND19,600.In comparison with peers, in terms of liquidity and operation scale, SEC is fairly priced at a P/E of 3.8x, which is at a 25% discount on industry’s P/E target. Based on the estimated FY12 EPS of VND5,219, the target price is set at VND19,600, which is 9% higher than the current level. Hence, we retain our NEUTRAL recommendation on SEC.
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