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TDH - FY12 gains from divestments - Earnings Flash

TDH came out with its 4Q results today. 4Q net earnings posted a 31% yoy decline due to continuing weakness in its real estate business. High income and cash flow from liquidating investments helped TDH to post positive earnings in 4Q and alleviate much of the liquidity issue for FY13. Full-year net earnings were in line with our forecast at VND20bn. Our recommendation for TDH is HOLD with a target price of VND14,800/share.