Tóm tắt:
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VCS reduce our target price from VND26,000 to VND22,000 to discount for the risks from PVI’s restructuring and impairment risks of the company’s investments. However, we maintain a BUY rating on attractive valuation at the current market price of VND16,300 and strong growth of PVI’s insurance businesses and potential investment margin improvements from higher deposit interest rates this year. PVI is trading at 0.7x FY11E book value, much lower than its regional peers’ 1.4x.
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