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KDH - BUY - Discount removed, 2014 turnaround - Update

We upgrade KDH from HOLD to BUY as we revise our RNAV to VND17,900, and upside of 33%. The stock exchange removed trading restrictions for companies with two straight years of losses, which allows us to eliminate the 30% illiquidity discount we used to apply. We expect 2014 to be a turnaround year for KDH thanks to new product genre and improved sales.