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VGI – Initiation – 20181003

Company Note 03/10/2018    186

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  • Viettel Global Investment JSC (VGI), a subsidiary of telecom company Viettel Group, has had a stellar 57% rise in the stock price since listing on the UPCOM on September 25th.
  • VGI provides full telecom services including calls, texts, mobile data and fiber optic internet broadband in nine countries across Africa, Latin America and Southeast Asia.
  • We initiate on VGI with a REDUCE rating despite strong growth prospects with a target price of VND17,400/ share, based on an equally weighted blend of DCF and target EV/EBITDA valuation methods.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND23,500

VND17,400

N/A

REDUCED

Telecomunications

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