PC1 – High earnings visibility for FY20-21F – Update
- Grid erection and installation segment recovered as expected, partly offsetting the slump of real estate segment.
- New hydropower projects bolster future earnings growth.
- Three new property projects ensure a steady contribution to PC1’s earnings in FY20-22F.
- Recovery in earnings in FY20-21F.
- Maintain Add with higher target price of VND26,100/share.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND17,550
|
VND26,100
|
0.0%
|
ADD
|
INDUSTRIALS
|
Please follow this link for the full report
You Might Be Interested
Company Note
35
VCB set FY22F guidance of 15% yoy in credit growth and VND30,675bn (+12% yoy) in pre-tax profit. We forecast higher-than-guidance pre-tax profit growth of 21% yoy over FY22-23F, following lower provisioning expenses. Reiterate Add rating with a higher TP of…
Company Note
57
For 4M22, MWG posted revenue of VND47,908bn (+34% yoy) and net profit of VND1,891bn (+8% yoy), fulfilling 28% our full year forecast. We expect BHX’s store sales to grow strongly in 2H22F, at 30% vs 1H22F after all BHX stores…
Company Note
32
We lowered FY22-24F EPS by 6.7%-13.3% on higher input material prices. Current valuation (5.4x P/E 2022) is cheap but lacking near-term catalyst. Reiterate Add with a lower TP of VND57,800. Market Price Target Price Dividend Yield Rating Sector VND34,000 VND57,800…