VGI – Initiation – 20181003

• 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.

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