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MSH – Long-term buy on short-term weakness – Update

Company Note 19/02/2020    153

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  • Solid FY19F net profit growth on the back of product mix improvement.
  • Short-term challenge from Covid-19 outbreak.
  • We lowered our FY20F revenue and NP forecast by 6.8% and 19.8%, respectively.
  • MSH is trading at 4.5x FY20F P/E, the lowest in one year. We believe this is an opportunity to buy a long-term play with attractive dividend yield at cheap valuation.
  • Total reliance on imported fabric and risk of losing foreign clients due to competition will be the disadvantages for MSH.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND42,550

VND51,600

8.2%

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TEXTILE

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