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VHM – Brighter outlook expected – Update

Company Note 12/02/2020    200

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  • VHM posted an FY19 PATMI of VND21.3tr, up 49.1% yoy, beating our full-year forecast of VND19.4tr.
  • We expect VHM to record a PATMI CAGR of 36.7% in FY18-21F, driven by the delivery of its mid-range projects.
  • Maintain Add rating with an unchanged TP of VND104,300.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND86,200

VND104,300

2.10%

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PROPERTY

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