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MWG - MARKET PERFORM - Robust 9M14 results, in line with forecast - Update

MWG posted 9M14 results with impressive sales growth of 66% YoY and NPAT growth of 233% YoY. Though we still maintain a positive view on MWG, given the stock's 25% rally since our last update, we downgrade our rating to MARKET PERFORM and reiterate our target price of VND89,000 (adjusted for the recent 10:7 bonus share issuance). At today’s closing price of VND97,000 per share, MWG is trading at FY14E PER of 16.4x and FY15E PER of 12.6x.