VTP – Initiation – 20181116

• Viettel Post Corporation (VTP) – a subsidiary of Viettel Group – will list 41.4m shares on UPCOM in November 2018. VTP is an interesting vehicle to ride Vietnam’s e-commerce boom. VTP has the second largest market share, is the fastest growing and most profitable delivery company for B2C commerce in Vietnam. We initiate with an ADD recommendation and TP of VND113,000/share.
• We initiate with a target price of VND113,000/share. We expect stellar results in 2018 with 14.8% growth in net revenue (52.4% in core revenue) and 59.1% growth in net profit, translating to a 2018 forecasted EPS of VND5,886.

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