DBC – Decent 2020F outlook – Update
- Farm and food business accelerated in 4Q19 to make up for the weakness of animal feed.
- Gross profit margin improved in 4Q19.
- Robust earnings growth in FY20, on the back of high pork price.
- Reiterate ADD with TP of VND30,700.
- Re-rating catalysts include higher-than-expected rises in pork prices and faster-than-projected fall in prices of input material for animal feed.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND19,950
|
VND30,700
|
2.05%
|
ADD
|
CONSUMER GOODS
|
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