Analyst Pin-board REE – Main pillar is the hydropower segment
- In 2Q2022, the company’s revenue rose by 24% YoY. The main driver was the power segment with a growth of 36% YoY compared to last year. Gross profit margin widen by 373 bps to 44% thanks to margin expansion from the power segment. NPATMI bounced by 56% YoY mostly driven by a doubling of the power segment. Regarding other segments, properties/M&E trading and service/ water rose by 22%/16%/6%.
- In 2022, we forecast revenue and NPATMI to be VND 7,963 bn and 2,319 bn (or USD 346 mn and USD 101 mn, +37% YoY and 25% YoY), respectively.
- Our latest target price is VND 90,700, offering an upside of 15% compared to the closing price as of Aug 02nd, 2022. Hence, we recommend to ACCUMULATE this stock due to the bright medium-term outlook.
Refrigeration Electrical Engineering is mechanical and electrical engineering services (M&E), manufacturing, assembling and sales of air-conditioner systems, real estate development and management, and strategic financial investments in infrastructure related sectors. Co.'s mechanical and electrical engineering (M&E) is a contractor for civil, commercial, industrial and infrastructure projects.
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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