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The picture of 2012 and 2013 could be brighter for CSM when applying significant manufacturing cost reduction in 2012 and phase 1 of its new all-steel radial tire factory comes into stream in 2013 with a revenue increase of 18.9 % p.a. The stock is currently trading at 2012 P/E of 2.3x and 2011 P/B of 0.8x. CSM price has steadily over-performed the VN Index by 11% for the last three months but still lost 45.4% from its 52 weeks high of 20.900 VND.
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