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Maintaining BUY at unchanged target price of VND21,700. SBSC retain our target price for BHS at VND21,700, pegged to a 4.5x P/E (10% discount from the industry P/E due to its illiquidity)and FY12 ESP of VND4,821. Our target price reflects an upside potential of 18% from the current level of VND18,400. Therefore, SBSC uphold our BUY call on BHS.
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