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MWG - OUTPERFORM - Extrapolating our foot-track survey makes one want to throw caution in the wind - Update

We downgrade our recommendation for MWG from BUY to OUTPERFORM because we are trained to benchmark pricing but our independent checks on MWG vs. FPT lends MWG an almost “stardom” like aura. Dutifully we upwardly revised our target price to VND148,000 (upside 12.1%) as the company has delivered better-than-expected 1H14 results but would have no qualms at holding this stock at the upper-end of our price target. Our revised target price implies FY14 PER of 14.7x and FY15 PER of 11.1x.