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.
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND82,000
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VND59,800
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1.21%
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REDUCE
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CONSUMER GOODS
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