DPM - BUY - 1H2012 Earnings update - Update
DPM results came in unexpectedly strong on both volume and price increase and surprise interest income. We up our full year forecast: revenue of VND11,075 billion (+20% yoy) and net income of VND3,169 billion (+2.1% yoy). Our full year EPS forecast is now 14% higher at VND8,339/share which would translate to a relatively attractive forward P/E of 4.3x. We affirm our recent BUY rating with a target price of VND44,100 (upside 22%).