MSN 5/12/19

by finandlife05/12/2019 09:37

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Stocks

PTB updated Nov 2019

by finandlife26/11/2019 10:40

Key Summary

-  We upgrade PTB from OUTPERFORM to BUY as we raise our target price by 19% due to a rollover of our valuation to YE2020 and increased 2021F-2022F NPAT-MI; this is despite trimming our 2020F NPAT-MI forecast by 3%, mainly due to higher interest and SG&A expenses.

-  We raise our 2021F-2022F NPAT-MI by 11% on average as (1) we add the new quartz business to our forecasts and (2) selling prices of PTB’s residential project exceed our projections by ~25%.

-  We expect quartz will start generating revenue in mid-2020 and contribute 8% to gross profit in 2022F, partly bolstering our forecast of a 2020F-2022F CAGR of 17% for the stone segment.

-  In addition to a rising contribution from quartz business, our forecast of accelerating EPS growth in 2020F-2021F is premised on (1) the fact that 2019 EPS is diluted by a 5:1 rights issue carried out in Q2 2018 and (2) a projected contribution from the residential real estate project in 2021.

-  PTB looks attractive with a 2020F PER of 6.9x vs a 5Y average peer TTM PER of 10.7x. Still, we maintain our target price at a 20% discount to our SOTP valuation given PTB’s conglomerate structure, new foray into real estate, weak free cash flow and limited information disclosure.

-  Potential downside risks to our positive view: slowdown in domestic construction activity; new tariffs on Vietnamese wooden furniture; sluggish real estate and quartz execution.

VCSC Research

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Stocks

Ngành ngân hàng cập nhật đến quý 3/2019, on track

by finandlife10/11/2019 11:55

Huy động, cho vay tăng trưởng vừa phải. Hiệu quả hoạt động kinh doanh tiếp tục cải thiện, nợ xấu duy trì ổn định. Thu nhập lãi thuần tiếp tục tăng trưởng >20%yoy.

Về định giá, ngoài VCB đang kha khá đắt đỏ, những ngân hàng còn lại khá mềm.

FINANDLIFE

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Economics | Stocks

UPGRADE Q3.2019

by finandlife07/11/2019 14:22

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Economics | Stocks

VCSC (HSX: VCI) AMONG TOP 4 SECURITIES COMPANY

by finandlife03/11/2019 00:30

Historical discount/premium

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Stocks

AUTOFEED

DISCLAIMER

I am a Senior Associate – Investment at TOP 2 Securities Co., in Vietnam. I started working in investment field as a junior analyst at a Fund in 2007. I have more than 12 years of experience in investment analysis. I have a deep understanding of Vietnam macroeconomics, equity research, and seeking investment opportunities. This is my private Blog. I use this Blog to store information and share my personal views. I don't guarantee the certainty. And I am not responsible when the user uses the information from the Blog for trading/investing activities. If you have any questions, please feel free to contact me via email thuong.huynhngoc@gmail.com. 

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