TCM – Potential earnings growth has been priced in – Update
- In FY20, TCM’s revenue declined 4.8% yoy and net profit soared 27.5% yoy, respectively making up 102.3% and 101.2% of full year forecast.
- The agreement with Adidas is the key driver for FY21F NP.
- We downgrade to Reduce from Hold as we believe the potential growth has been priced in.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
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VND82,000
|
VND59,800
|
1.21%
|
REDUCE
|
CONSUMER GOODS
|
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