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DHG - OUTPERFORM - Target price lowered on low 1Q15 results and delayed product registration - Update

We revised our target price to VND97,000 (upside 15.5%, TSR 19.0%) from VND118,000 and downgrade our recommendation to OUTPERFORM on low FY15 guidance and 1Q15 results. Lower-than-expected tax benefit from the new factory due to product registration delays combined with lower revenue guidance at the AGM related to accounting treatments leads us to lower FY15 EPS forecast to VND7,184 (+17.4% vs. FY14) from VND8,128.