DHG - HOLD - 9M2012 results in line with our forecast - Update
We reiterate our target price of VND71,000 and HOLD rating. Nine months sales reached VND2,025 billion and net earnings of VND358 billion. Sales growth came from a 9% increase in selling price and 7% increase in volume. While gross margin for the nine month period of in-house products (93% of sales) was flat, overall blended gross margins improved to 48.9% compared with 47.6% in the same period last year due to a change in the method used to account for promotional item expenses.