Analyst Pin-board MSH – Rebounding from a low base. High capacity expansion from 2022.
- Business recovers in 2021. Increasing material prices and freight are short-term problems that drag down profit margins.
- Song Hong 10 new factory will be completed in November 2021 and will operate at full capacity from May 2022. Total capacity will rise 20% compared to present. Song Hong 10 will focus on complex items, of which 50-60% are FOB orders.
- Extraordinary income from recovering part of bad debt of New York & Company.
- At the current market price, PER forward of 2021 and 2022 are 7.6x and 6.7x, respectively, lower than PER of 8.6x in 2020. Our one-year target price is VND 64,200/share. With an expected dividend of VND 3,500/share, the total return is 28% compared to the closing price of May 11, 2021. We have a BUY on MSH.
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