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Tóm tắt:
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Maintain Overweight rating: PHS maintain our rating for KDC and lift our target price by 16% to VND 60,000 (from VND 51,800). It implies a 25% upside potential against current price. KDC is less affected by business cycles and therefore face a limit downside risk in current uncertain environment. PHS believe the earnings momentum to be positive in 2013 given new launched products and the sales network expansion. The upcoming 2H13 result, in our view, could be better than expected.
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