Viet Capital initiate coverage on ACL with a BUY recommendation for medium and long-term investment, a target price of VND 53,000 per share corresponding to a 2010 P/E of 6.3x. At the current market price of VND 40,000 per share, ACL is trading at a 32.5% discount to our target price and an attractive forward P/E 2010 of 4.7x –one of the lowest in this sector.