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2Q12 EAT of VND10bn–11bn expected. BHS’ 2Q12 results are not expected to come out until month-end. However, in its last conversation with us, management hinted that the company may record a 20% improvement in 2Q12 revenue to VND595bn. The seasonality effect has been more vivid lately, which is exhibited by the decreasing contribution of the first six months to its yearly revenue, from 40% in 2009 to 35% in 2010 and finally to 29% in 2011.
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