Analyst Pin-board: ANV 9M2020 – Solar energy to be the new growth driver from 2021 on
The company’s core business of pangasius processing and exporting is recovering more slowly than our expectations. However, the solar business is going to be an important profit generator from 2021 onward. Together with the recovery of pangasius exports, we expect a strong performance in 2021. Therefore, we revise up the company’s target price from VND 12,500/share to VND 22,000/share. As the company has no plan for a cash dividend in 2020, the total return is 9% based on the closing price of Oct 12nd, 2020. Although the solar energy project has just started the construction and its contribution to 2020 results may be moderate, the market seems to have already reflected the project in the stock price with a trailing PER of 5.8x, the highest level since 2018 when the company finished restructuring and pangasius selling prices reached a historical ten-year high. Considering all these factors, we recommend to ACCUMULATE this stock.
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.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.