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From 2015 onwards, the operation of its first DC will bring huge potential to TCO in the storage segment as its DC is the first one in Haiphong with more advantages against CFS warehouses. Currently, TCO is traded at VND13,300/share, equivalent to an attractive P/E at 7.88x. The current price is also lower than its long-term target price at VND19,900/share under our DCF valuation model. Therefore, BVSC rates OUTPERFORM on this stock.
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