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JVC [Reiterate BUY +23%] – Mobile clinics to boost Services segment profit by 3.4x

Reiterate BUY and TP of VND26,100. FY14 earnings top our forecast despite slight miss in revenue, reaffirming our growth projections for 2015. Mobile clinics launch in Sep 2015 will boost services segment profit by 3.4x. At VND21,300, JVC is trading at PER of 6.5x VCSC’s FY15E EPS of VND3,266, a 46% discount from the VNI.