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HBC - 4Q results: our forecast - Earnings Flash

HBC came out with its 4Q results on Feb 9th. 4Q net earnings posted 82% yoy growth thanks to higher revenue and profit from associates. Full-year sales were 3% lower than our forecast while net earnings were 4% higher at VND135bn. Our recommendation for HBC is now ADD with target price of VND20,000/share assuming 15 million new shares are issued. Our target PER is 7.5x while HBC is now trading at FY13 PER of 6.3x.