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Company Report
At the current price, HT1 is trading at PER 2019 and 2020 levels of 8.6x and 8.1x respectively. We maintain our Market Perform rating for the stock, with a 1-year TP of VND 16,500/share based on a target PE and EV/EBITDA of 8x and 6x respectively. Although we think that the turnaround in HT1 business results has been largely reflected in the stock price, the cash dividend of 12% on par (equivalent to dividend yield of 8% and expected to be paid in November) can be a supportive catalyst for HT1 shareholders.
15/08/2019
DownloadAt the current price of VND 120,600/share, VNM shares are trading at a 2019E PER of 21.3x and an EV/EBITDA of 13.3x, and a PER of 19.7x and EV/EBITDA of 12.2x for 2020E. While these levels are not expensive, they are not yet attractive in our view given VNM’s lack interesting growth outlook. All in, we raise our 12-month target price for VNM to VND 130,000 (from VND 127,000), based on an unchanged target P/E of 23x applied to our slightly higher 2019E EPS. We see no strong catalysts that could trigger a re-rating in stock’s valuation in the near term. As our new target price offers a 7.8% upside potential, (which is higher than SSI’s projected overall market return from now until year end 2019 of 5.6%), we upgrade our recommendation on VNM from Underperform to Market Perform.
13/08/2019
DownloadOur current base case assumption that Brent oil price will average at USD 65/bbl in 2019-2020. Accordingly, our 1-year target price for PVS arrives at VND 25,100/share (from VND 27,000/share) on a lower earnings forecast for 2019F/2020F, which is based on a lower target P/E of 12x (from 13x, vs. regional median level of 12.8x) and target P/B of 1x. We reiterate an Outperform rating for the ticker, based on current market price.
13/08/2019
DownloadWe roll over our valuation to a mid-2019-20F base, and use an unchanged target EV/EBITDA of 16x (15% premium to the global average). We raise our 12-month target price to VND100,500/share (from 95,200/share) for an 18% upside potential, and upgrade our rating to OUTPERFORM (from Market Perform). We note that ACV is an Animal Spirits top pick on the Vietnam consumer premiumisation theme. The key downside risks to our call would be greater-than-expected depreciation of the VND vs. the JPY and lower-than-expected tourist arrivals.
13/08/2019
DownloadAt the current price, BMP shares are trading at 2019 and 2020 PERs of 9.6x and 9.0x, which is below the historical 3-year average of 11x due to the slowdown in BMP business results in recent years. Although we expect no significant growth in the company’s earnings in 2019-2020, an encouraging dividend yield of 8% can be a supportive variable for the stock price ahead.
13/08/2019
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Download07/08/2019
DownloadAt the current share price of VND 35,000/share, VRE is trading at an EV/EBITDA of 14.1x, which is relatively lower than the regional peer average of 15.7x and 10.7% below fair value. Our rating is MARKET PERFORM for the stock
06/08/2019
DownloadWe raise our 12-month target price to VND82,400, based on an unchanged PBR target of 3.0x applied to our 2020E BVPS of VND27,452 (previously VND81,300 using 2020E BVPS of VND27,093), for a potential upside of 2.36% from the current price of VND80,500. Please note that this does not consider the cash dividend of 8% at par in 2019E and 2020E. Given the limited potential upside, we maintain our Market Perform rating.
02/08/2019
DownloadAt the current price of VND 103,700, shares of MWG are trading at 2019E and 2020E PERs of 12.0x and 10.1x respectively. The stock price has increased by 14% in the past one month. We think the main reasons for the good performance of the stock include: (i) the impressive business results of the company in 5M19, especially Bachhoaxanh; and (ii) the impressive performance of its covered warrants. We maintain our SOTP-based 12-month TP for MWG of VND160,300/share for a 54.6% upside potential, and reiterate our BUY rating.
01/08/2019
DownloadAssuming that GVR will achieve its 2019 target, 2019 EPS would be VND 805. At the current price of VND 14,600 per share, GVR is being 2019 PER and PBR of 18x and 1.3x respectively. Amid a comparatively lower natural rubber price, more attention is being drawn to GVR divestment from its non-core business, land compensation income, and its land bank, particularly during the period of rising demand for industrial park.
31/07/2019
DownloadAt the current price, HPG is trading at 2019E and 2020E PE of 7.9x and 5.9x respectively, which is attractive in our view. We maintain our BUY rating on the stock, with a 1-year target of VND 32,100/share (adjusted for 30% stock dividend) based on an unchanged target PE and EV/EBITDA of 9x and 7.5x respectively.
26/07/2019
Download26/07/2019
DownloadAt the current price of VND 76,700/share, PNJ is trading at 2019 and 2020 PER of 15.6x and 13.7x respectively. Our target price for the company is VND 87,300 (+13.9% upside) with a target PE of 16.5x, equivalent to an OUTPERFORM rating.
26/07/2019
DownloadAt the current price, HSG is trading at 2019 and 2020 PER forward metrics of 9.4x and 9x respectively. We maintain our Market Perform rating on the stock, with a target price of VND 8,100/share based on consistent PE, PB and EV/EBITDA targets of 7x, 0.6x and 6.5x respectively. We think that the recovery in profit margin and the stabilization in the galvanized steel market can be supportive factors for HSG in the coming time. However, we think that the stock can be more attractive in case the company shows improvement in sales volume and market share.
25/07/2019
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