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SBT - BUY - Cambodia expansion to drive growth - Update

We upgrade SBT from HOLD to BUY, raising our target price from 17,500 to 20,500. Our upward revision mainly reflects the company’s plantation expansion in Cambodia which increases total sugarcane plantation area to 15,000 hectares, a 25% increase. We forecast revenue growth of 15% and net profit growth of 23% in 2013 thanks to the new plantation.