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DIG - HOLD - Past sales closing, no new developments - Update

We reiterate our HOLD rating on DIG with RNAV slightly adjusted down from VND15,900 (after recent share dividend for 2011 at 10%) to VND15,500. With a land bank mostly located out of Hochiminh City and Hanoi, DIG primarily targets landed and tourism type properties. The government’s social housing program therefore does not directly benefit DIG.