Tóm tắt:
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PHS's target price is anchored to a 6.5x P/E and estimated FY13 EPS. After a significant reduction in 2008, VN-index slightly has recovered and started to move in sideway while VPK was in a P/E range of 6.5 – 6.8x from 2009 to 2010. Within the recent two years (2011 – 2012), the VN-index has decreased gradually whilst the company’s P/E moved back to 2.0 – 4.3x. This year, PHS expect that the VN-index may embark on the same movement with that of 2009 – 2010, thus the target P/E is anticipated at 6.5x. PHS's target price is 7.3% lower than the current level of VND35,600. Therefore, PHS place PHS's NEUTRAL call on this stock.
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