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NBB - OUTPERFORM - Unsuccessful divestment hit FY14’s target - Update

Estimated FY14 NPAT revised downward to VND33bn from the original of VND79bn, following unsuccessful divestment of Mo Duc Titanium mine. FY15 NPAT up by 73% thanks to resuming contribution from core real estate business. We lower out TP to VND23,500 with upside 17.5% and downgrade to an OUTPERFORM rating. At closing price of VND20,000, NBB is trading at FY15 PER of 20.6x.