Analyst Pin-board HSG update – Strong performance in 2Q and 3Q FY2020-2021
Favorable market conditions will be supportive factors for HSG’s 2Q and 3Q bottom line. Therefore, we think investors can consider a short-term trading opportunity. Per our estimation, HSG’s TTM EPS at the end of 3Q will be VND 4,300. Assuming a 7.7x PE (20% discounted from HPG’s PER), the share price can go up to VND 33,000. However, in the longer term, NPAT can revert to the normal level. At the current market price, the FY2020-2021 forward PE is 8.7x, which we think is already fair, somewhat overpriced considering that next year's NPAT growth will be -39%. Therefore, we recommend to MONITOR the stock to see if there is an investment opportunity for the long term.
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