16 December 2005 -

Report Summary

Due to its 2% premium to our target Mcap US$ 500 mn, with its current Mcap of US$ 508 mn, we downgrade our BUY recommendation to a HOLD for Acibadem. Year-to-date, ACIBD shares outperformed the ISE by 176% and since our initiation of coverage in June, 7th, the stock outperformed the index by 87%.

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