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CSM [BUY 34.5%] - Oversold in view of long term potential - Update

We revise our TP from VND41,800 down to VND31,500 because: Core results did not match our previous forecast: Sales volume growth was unexpectedly poor with a 6%-9% decline in average selling price (ASP) across all categories. Revenue growth came mainly from real estate divestment: 9M15 revenue surged by 22% vs. 9M14 but was supported by real estate divestments of VND420 billion (USD18.6 million) booked as revenue per the company’s accounting policy. Core business revenue grew by only 4%.