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DHG - ADD - 1Q2012 results affirm our ADD rating - Update

We reiterate our target price of VND71,000 and ADD rating – 1Q2012 results are in line with our forecast coming in at 7.1% YoY top line growth and 16.4% bottom line growth. We had forecasted sales of VND2,851 bn (+14.5%) and net earnings of VND487 bn (+17.3%). DHG is trading at 8.4x FY2012E EPS of VND7,466 and 16% discount to our DCF-derived target price of VND71,000 The first quarter of the year is typically an off-peak season due to New Year and a long Tet-holiday.