NTC – 2020 AGM Brief – Gone with the wind
NTC is among the rare breeds immune to the market downturn trickled by COVID-19, The market price has spiked up by 23.1% in the last six month, beating the INDEX perfomance in the same period. we think the increasing trading money flow into NTC is fuelled by the exacxerbated optimisticsm about the robust outlook of FDI stream to Vietnam steaming from the chain supply relocation out of China and a leverage to a preferred partner in US cooperative projects. NTC is a favourite among our stock picks thanks to its healthy balance sheet, high interest income, a secured revenue stream and huge cash inflow from the upcoming NTU3 IP. However, we maintain HOLD rating as tailwinds have priced in.