Donaco announced the acquisition of the Star Vegas Resort and Club in Cambodia is on track to be completed on July 1, 2015. Due diligence has been completed, the conditions precedent for the loan agreements have been satisfied, and the remaining conditions precedent for the transaction are expected to be satisfied by July 1. On completion, the company will pay US$135m and issue 147.2m shares with the remaining US$100m, representing the funding from Mega Bank, to be paid in late July once security documentation has been registered. Our forecasts assume a July 1 completion. DNA is still trading on undemanding multiples, in our view, including FY16E EV/EBITDA of 6.8x and an FY16E PER of 8.4x. DNA's earnings outlook remains one of strong growth given its favourable exposure to high growth markets and the ongoing strength of the Asian consumer. The July 1st completion of the Star Vegas acquisition is positive, in our view, as the transformational transaction delivers scale and diversification benefits and a quality asset with multiple growth options. We maintain our BUY rating and A$1.25 target price. Access the latest research here: (VIEW LINK)