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Tóm tắt:
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BUY, target price of VND44,100 (30% upside). Our DCF-derived target price is based on WACC of 19.7% and 3% terminal growth. At current price, DPM is trading at forward P/E of 4.7x on FY2012F EPS of VND7,288. Our assumptions are based on successful consolidation of DCM. Based on our forecasts, DPM would see earnings decline from 2012 to 2016 but recover from 2017 until the end of its useful life in 2021. Despite the earnings decline, mainly from our assumption of softening urea prices, DPM would still be highly profitable netting an average EPS of VND5,700/year in our 10-year forecast period.
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