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DHG [O-PF +18.3%] - Strategies to fend off competition is the burning question

We increased our target price for DHG by 3.8% to VND71,500 and upgrade our recommendation to OUTPERFORM based on the following: Softened A&P to focus on sales force restructuring resulted in better-than-forecasted FY15 NPAT. FY15 net revenues decreased by 7.8%, which was in line with our forecast, but NPAT increased by 10.7% and surpassed our target by 8.0%.