PTB - A Bright Prospect For PTB’s Wood Processing Business
​Regarding the H1 2017 performance and the three main business segments' outlook, we have slightly revised upward from the latest update. Revenue and PAT in 2017 are estimated at VND4,174 billion (+ 14% YoY) and VND359 billion (+ 35% YoY), respectively. In 2018, we expect that PTB's sales will grow by 15% YoY to VND4,875 billion and PAT will be VND427 billion, equivalent to EPS of VND11,716. Even though stable growth rates and annual dividends attract investors, we would carefully consider PTB's future growth prospects, which are still not commensurate with the investment expansion. Based on the above rationales, we rate NEUTRAL on PTB’s stock with the target price of VND138,700/share*.â€
*The target price for PTB on 21/08/2017 is VND138,700/share, the adjusted price after issuance date is VND121,400/share.
Phu Tai JSC Formerly known as Phu Tai Corp. Phu Tai JSC is a Vietnam-based retailer of automobiles. It is specialized in the distribution and trading of Toyota-branded automobiles. In addition, it provides maintenance and fixing services, as well as spare parts for Toyota auto vehicles. The Company is also engaged in the manufacture and processing of interior and exterior wooden furniture, as well as the exploitation of stones and the manufacture of construction materials.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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