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Tóm tắt:
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Valuation. MBKE expect KDC’s FY13 revenue and earnings to grow 14% and 41% YoY to VND4,873b and VND501b, respectively. However, MBKE think the expected earnings growth is already fully priced-in, as KDC stock price has risen c.20% in the last month. KDC is trading at 17x FY13 PER, versus an expected FY13-16 EPS CAGR of 15%. Maintain HOLD.
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