Analyst Pin-board PAC – 3Q2020 Update
Results in 3Q2020 were relatively positive due to lower raw material costs, increasing the GPM. Covid-19 has been controlled well in Vietnam, that made PAC's business less adversely affected as in the first half of this year. The economic outlook is expected to be good in 4Q2020, so we think the company is likely to reach 92% of its planned profit for the year. However, increasing competitiveness is expected to increase selling expenses, coupled with low growth from now until the end of 2022. Therefore, we keep our valuation at VND24,000/share, coupled with the expected cash dividend of VND 1,500/share in the next 12 months, the total profitability is -2%. We are NEUTRAL on 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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