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DIG - ADD - Diversified land bank will get it through tough times - Update

We reduce our target price to factor in some company-specific issues that we believe can negatively impact 2012 performance. Our revised target price of VND19,000 per share is 22% below our August 2011 price of VND24,300 (share bonus and dividend adjusted price target). Also, considering the recent run the stock has had, we lower our recommendation from BUY to ADD.