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BCI - BUY - BCI under a cloud with a silver lining - Update

We visited BCI (HSX: BCI) recently and were updated with a couple of positive news from the company in the overall grey picture that is encompassing the real estate sector. However we upgrade our rating from ADD to BUY as we believe the current price of VND14,900, presents a good buy window to investors. With the reduction in short term debt, the company’s D/E ratio now stands at 30% and the stock is trading at 5.4x our FY11E PER and P/B is 0.58x.