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DHG - BUY - Solid sales growth, tax break moved to 2015 - Update

Despite revising down our FY14 NPAT projection to VND538bn (from VND633bn) due to voluntary deferment of the tax break for DHG’s new factory, we still maintain a strong conviction towards DHG with the reiterated target price of VND118,000 (upside 29%). DHG’s 9M14 has been as good as expected and we extrapolate the same trajectory for the rest of 2014. At VND91,500/share, DHG is trading at FY15E of 11.5x on our forecasted FY15E EPS of VND8,128 and a 34% discount from regional peers’ 17.5x.