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DXG - MARKET PERFORM - Market quickly discounts earnings surprise from secondary investment project - Update

The stock has rallied 24% since our last update on the back of a surprisingly strong 4Q14 earnings announcement. The upside came as the company sold Arisen, a project in its investment portfolio (booked as financial income) for a sizeable profit; DXG’s FY14 fully diluted EPS is VND1,667 per share (with Arisen accounting for 17% of the total) vs. our expectation of VND1,241 per share.