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BCI - MARKET PERFORM - Priced in - Update

We reiterate our RNAV-derived target price of VND23,700 but downgrade our rating from BUY to MARKET PERFORM as the share price rallied 44% since our last update. We could revise our target price higher should we see a significant advancement of BCI’s large projects west of HCMC, but that seems distant for the moment. In 2014, BCI plans revenue and NPAT growth of +7% and +0% respectively, or 14% higher than our forecast.