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VCB - HOLD - Lacking short-term catalysts; fairly priced - Update

We update on VCB with a HOLD rating and a target price of VND30,000. We increased our TP from VND28,160 (share-dividend-adjusted TP) from our initiation in May 2011. We use an equal-weighted approach of (i) residual income and (ii) price-to-book multiple. Our target price implies an FY12E P/B of 1.6x and a FY12E PER of 12.2x.