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Downgrade to TAKE PROFIT at lower target price of VND18,200. SBSC trim our target price for SEC by a slight 7% to VND18,200, pegged to a 3.8x P/E (25% discount from the industry P/E due to its illiquidity) and FY12 EPS of VND4,865. Our target price reflects a downside potential of 18% from the current price of VND22,300. Therefore, SBSC downgrade our call on SEC to TAKE PROFIT, and investors may accumulate at lower levels.
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