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REE - BUY - 9MFY12 in line with our forecast - Results

We reiterate our BUY rating with a target price of VND19,300 (upside: 33%). REE’s 9M results showed a 51% increase in sales and 15% increase in core profit before tax (PBT). We slightly revise our PBT forecast for the whole year from VND795bn to VND786bn on expected lower sales volume for Reetech retail products. Our forecasted EPS is VND2,483 (+1% yoy), in which core businesses contributes VND1,024 (+5% yoy).