Analyst Pin-board DIG update: The Gateway project to drive its earnings in 2020
DIG is a real estate company that owns a large and valuable land bank, focusing mainly in tier-2 cities like Vung Tau, Dong Nai and Vinh Phuc. The company's current valuation is looking quite attractive, with a current P/B of only 0.9 times. However, the short-term growth drivers are not really clear, as delays slow down the implementation of key projects in Dong Nai province. The company has set a profit target VND 520 billion for 2020, resulting in a forward 2020 P/E of 7.2 times. Our current valuation for DIG is VND 17,700/share, equivalent to a 44% return. We will update the valuation based on the latest updates in the next quarter.
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