Analyst Pin-board BFC – Hard to maintain the gross margin amid the rally in fertilizer prices
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· Sales volume reported was 163 tons in 3Q2021, up 10% YoY but down 30% QoQ. · The 3Q2021 average selling price increased 16% YoY and 16% QoQ to VND11,132 per kg. · 3Q2021 gross profit margin was 9.7%, down from 12.4% in 1Q2021 and 10.9% in 2Q2021. · The company accelerated the accumulation of raw material for NPK production amid the surge of input fertilizer prices. · Revenue and NPATMI are estimated at VND 7,575 bn (USD 336.7 mn) (39,8% YoY) and VND 195 bn (USD 8.7 mn) (46,6% YoY), respectively. · We recommend sell for BFC with the target price of VND 28,330 as the business result is not positive in 2022, compared to 2021. However, we believe that the company can pay a higher cash dividend (around VND2,000) on the back of good result in this year. |
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