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PHR – Company In-depth [BUY +25.2%] Fired up by industrial property outlook

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12

April

PHR – Company In-depth [BUY +25.2%] Fired up by industrial property outlook

We initiate coverage with a BUY rating and TP of VND70,500, based on a 10% discount to our SOP valuation. PHR is firing on all cylinders, with a promising outlook of faster approval for VSIP3 while its rubber segment continues to expand steadily. Valuation is attractive, in our view, at 7.1X FY21F PE while providing a stable dividend yield of 6.7%.

Report (7)

12

April

KBC – AGM Brief – Back to glory

We tuned in to broadcast KBC’s AGM on April 12 which briefs its stunning business plan to back to the golden times. In FY21F, KBC targets the highest record of profit after tax guidance to VND2tn, 573% yoy driven by the handover of industrial land bank and residential units mounting to VND6.6tn (3 times higher yoy). The company aims to monetize the 581ha land parcel Trang Cat townhouse project which has been idle since 2012 on the dream of reaping VND60tn gross development value.

Report (6)

09

April

TCM – AGM Brief – Sewing the opportunities

On April 6th, we attended the TCM's 2021 AGM to to articulate the business plan in FY21F, and its results so far are encouraging.

Report (4)

31

March

AGG – AGM Brief – Solid growth profile

On Mar 31, we attended AGG’s 2021 AGM, and the presentation was largely centered on the FY21F guidance, contract sale target, and share issuance plan. Per management guidance, FY21F earnings translate into a forward PE of 6.8x and PB of 1.6x, unwarranted with the local peer median of 14x and 2.1x, respectively. We think investors seem to have overreacted to the moderate land bank area of 43-53ha and neglect the solid growth outlook in FY21F-22F.

Report (10)

30

March

Banks – Sector brief – Positive guidance for 2021

The country credit growth was 1.47% ytd as of 19 March 2021, doubling the same period last year but is relatively low as compared to previous years. However, we believe this is not a sign of bank tightening credit to the economy as the industry is often busy at the quarter-end. Besides, from banks’ guidance for upcoming annual general meetings (AGM) we see that bankers seem quite positive on 2021’s outlook.

Report (6)

29

March

PDR – AGM Brief – Lower-tier regions sustains market momentum

On Mar 27, PDR held a 2021 AMG briefing for the upcoming business expansion plan. Key issues covered were the FY21F guidance, industrial estate development, and renewable energy strategy. Per management guidance, FY21F earnings translate into a forward P/E of 14.3x and P/B of 2.5x, on par with the local peer median at 14x and 2.1x, respectively.

Report (6)

16

March

ACB – Brief – 2021 PBT guidance at VND10.6tn, up 10.5% yoy

ACB revealed its 2021 guidance with PBT target of VND10.6tn, up 10.5% yoy; credit growth of 9% and assets growth of 10%, meeting just 93%, 64% and 76% of our forecast respectively. We believe the above modest target is the result of the bank’s traditional conservative practice since it has not yet got the 2021’s credit growth quota from the SBV. Besides, cash dividend is not expected for 2020 and 2021.

Report (15)

09

March

VHM – Company note [BUY +26.2%] Rosy earnings growth outlook unchanged

We increase our RNAV-based target price to VND121,700 thanks to faster sales growth in Grand Park and Ocean Park projects. Industrial park segment is evaluated in timeframe of 10 years at the lease rate of USD90-95 per sq m p.a. We discount about 50% NAV of IP segment to reflect the execution risk and presales risk. However, we also reduce our discount rates applied to Can Gio and Green Ha Long projects from 85-75% to 80-70% as we have more information on the licensing process.

Report (30)

05

March

TCB – Company Note [BUY +20%] Capture new upturn phase

TCB 4Q20 NP beats our estimate by ~23% at VND3.95tn (+30.5% yoy and 28% qoq) given better-than-expected credit provision. For whole 2020, TCB earned a NP of VND12.3tn, up 22% yoy on a TOI of VND27tn, up 28% yoy. In the update, we lift our TP to VND47,000 and maintain BUY given more positive assumptions related to credit growth, assets quality, NIM and non –NII growth.

Report (9)
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Featured Articles

25

December

Outlook 2021 – Dynamic Vietnam: “Tiger will awaken”

We forecast that the VNIndex in 2021 can reach 1,300 points thanks to promising opportunities from high-value chain shifts and potential benefits from FTA agreements such as RCEP.. Moreover, statistical evidence support the bullish market next year.

Report (113)

20

November

Vietnam economy under Biden era

Biden’s ambitious plan may boost long-term economic growth, followed by an expansion in trade activities. As an essential trading partner, we expect U.S. stimulus policy to benefit the Vietnam economy in the long-run. However, Vietnam also faces uncertainties when the president-elect heavily focuses on strengthening domestic production and potentially change trade policy toward China.

Report (44)

03

November

November strategy: Time to sell?

High margin debt and the selling pressure of foreign investors cause the stock market to form a short-term peak. However, Vietnam economy recovers, along with the capital flow of ETFs that will support the stock market and continue its uptrend in the long term.

Report (36)

17

September

Daily derivatives: First sign for downward correction phase

Short VN30F2010 at 825 pts, take a profit at 790 pts and stop a loss at 835 pts.

Report (2)

KIS Vietnam Securities Corporation

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Phone: (84-28) 3914-8585. Fax: (84-28) 3821-6898. Email: info@kisvn.vn

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