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DHG - HOLD - Fair price – waiting for potential catalyst - Update

We reiterate our target price of VND71,000 and HOLD rating. 1H2012 results are in line with our forecast coming in at 13.1% (we forecasted 14.5%) yoy top-line growth and 24.5% (forecast: 17.3%) bottom-line growth, mostly thanks to 2Q2012 performance. We had forecasted sales of VND2,851 bn (+14.5%) and net earnings of VND487 bn (+17.3%). DHG is trading at 10.2x FY2012E EPS of VND7,466 and 7% above our DCF-derived target price of VND71,000.