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REE - BUY - T2 contract secures M&E revenue for 2013/14 - Update

We reiterate our BUY rating with a target price of VND19,300 (upside: 34%). REE’s 1H results showed a 38% increase in revenue and 11% increase in core profit before tax (PBT). Mixed results lead us to reduce our FY2012 EPS forecast to VND2,500 (from VND2,600) with about VND1,050/share contribution from the core businesses (+7% yoy core only). For 2013, we forecast the core EPS of VND1,130 (8% yoy growth).