Give us your feedback

VNM – Shelter from the storm – Update

Company Note 21/02/2020    165

Share

  • VNM posted 4Q19 topline of VND14,239bn, up 9.5% yoy, bringing FY19 revenue to VND56,318bn (+7.1% yoy).
  • Higher effective corporate income tax (CIT) rate and lower other income together curbed the FY19F net profit growth.
  • We expect net profit to grow 13.4% yoy in average in FY20-21F.
  • Reiterate ADD with TP of VND155,600.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND108,500

VND155,600

4.2%

ADD

CONSUMER GOODS

Please follow this link for the full report

DMCA.com Protection Status