Analyst Pin-board: DPM - Update 2Q2020 - Unexpected earnings growth
Despite strong earnings growth in 2Q2020 as well as full year 2020, we maintain the opinion that DPM is only seen as a dividend player and not a growing company. So we prefer the dividend yield when buying this stock. With the possible cash dividend of VND1,200 to VND1,500, the dividend yield at this market price ranges from 7.8% - 9.7%. As the approval of shareholder, DPM will pay the rest 2019 cash dividend of VND700 and plans to pay VND1,000 for 2020. But we think that DPM can pay upto VND1,500 cash dividend for 2020 with this such high profit. Besides, we raise the target price from VND13,600 to VND14,940 as the net profit is much higher than our previous forecast and maintain our NEUTRAL call for 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.
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