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DHG - BUY - Solid business with increasing capacity ahead - Initiation

Solid business with increasing capacity ahead: We initiate coverage on Hau Giang Pharma Corporation (DHG:HOSE), one of Vietnam’s largest pharmaceutical producers, with a BUY rating. Our price target of VND71,000 is derived from an average of PER and FCFE and suggests a 20% upside from the current price. Our price target implies 8.1x FY11E and 10.3x FY12E EPS.