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KDC - HOLD - Core businesses doing well - Results

We recommend HOLD for Kinh Do Corp (KDC) with the new target price of VND40,700 based on the company’s significantly improving margins in 3QFY12 thanks to the refocus on the core business - confectionery. Its recent partnership with Ezaki Glico, a Japanese confectioner with 90 year experience would help KDC to expand its product portfolio with more premium products. KDC is trading at 14.6x FY12E EPS of VND2,550 and 13.4x FY13E EPS of VND2,792.