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Management expects FY12 total revenue and net profit to amount to VND594bn and VND282bn respectively. However, SBSC foresee CII posting a profit before tax of VND200bn, of which VND55bn will be from toll road income and VND145bn from financial and other income. CII is expected to post a 2012 forward EPS of VND2,565 per share and a forward PER of 11 times. SBSC employ the PER method to derive our one-year target price of VND32,400 (USD1.54), which represents a 7% premium over the current price of VND30,300 (USD1.44).
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