VNM – Shelter from the storm – Update
- 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
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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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VND108,500
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VND155,600
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4.2%
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ADD
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CONSUMER GOODS
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