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REE - HOLD - Portfolio performs, but priced in - Update

We downgrade REE from BUY to HOLD; although we increase our target price from VND29,400 to VND31,000 as the share price has increased by 20% since our recommendation on September 16th, 2013. We believe that our target price is fair, given that I) the core business showed the maturity we expected and II) REE’s investment portfolio is marked to market, with 20% discount for large share holdings.