DHG [M-PF 10.4%] – TP lowered on disappointing 1H – 1H Update
Cut EPS forecast by 13% to VND 5,524 (+3.9% vs. FY14) due to disappointing 1H EPS of VND 2,704 (42.6% of our old forecast). Lower target price from VND 97,000 to VND 82,000 (TSR +10.4%) and downgrade to MARKET PERFORM. Our new forecast shows CAGR in revenue at 3.6% and NPAT at 1.2% for FY2015-19 respectively. At VND 77,000 (closing price of 28 July 2015), DHG is trading at PER of 13.9x our revised FY15E EPS, a 15% premium to local peers.