CTD-Earnings Review-[BUY]-1QFY24 Overall performance improved
In 1QFY24, CTD's revenue rallied by 32.5% yoy and 14.09% qoq to VND4.1tn. Doubled their NPAT to VND66.6bn (+121% qoq), a clear improvement over the 3Q22 loss of VND3.5bn. The company’s gross margin stood at 2.4%,-0.4%p qoq, but + 1.4%p yoy. We maintain a BUY rating on CTD with a TP of 79,500, implying a +52.5% upside buy as the initial report (August 16, 2023).