Analyst Pin-board PC1 – Financial expenses ate most of gross profit in 2Q2022
- In 2Q2022, PC1 posted revenue and NPATMI of VND 1.518 bn (or USD 63.3 mn) and VND 63 bn (or USD 3 mn), -49% YoY and -81% YoY, respectively. PC1 hit a 3-year trough in terms of NPATMI. We forecast core earnings in 2022 to grow by 10% YoY (excluding financial income from revaluation in 2021). Revenue and NPATMI are forecasted to be VND 7.342 bn and VND 477 bn (or USD 306 bn and 20 mn), -25% YoY and -31% YoY, respectively.
- Earnings are expected to recover and climb to a new high level owing to (1) The power construction segment will likely benefit from the upcoming wind power market; (2) Nickel mine will be the growth engine in the medium term; (3) Numerous real estate projects are waiting to contribute to profits.
- We raise our target price for by 25% to VND 43,800 factoring the nickel mine and its industrial park real estate, offering an upside of 6% compared to closing price as of Sep 06th, 2022. Hence, investor can ACCUMULATE this stock market encounters a deep correction.
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