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TCM [M-PF +5.9%] - Dependence on E-Land proving to be the Achilles Heel - Update

We revise down our target price from VND27,100 to VND20,180 and maintain our MARKET PERFORM rating. TCM disappointed in H1 2016 with a 42% earnings decline vs H1 2015. However, the shares are now trading at a reasonable valuation after falling 25% since May 30.