Analyst Pin-board PC1: Hydropower is recovering strongly but overall earning growth requires more
2020 was supposed to be a strong year for PC1. So far it has been quite strong in terms of share price performance. However, we had thought its fundamentals would have recovered more remarkably in all three business segments. Hydropower has been the only one that satisfied our expectations so far since La Nina’s cameback in 2Q2020. In contrast, power construction activities seem to have remained under impact from COVID-19. Similarly, the handover progress at PC1’s new apartment block is slower than expected. As a result, the overall business performance is going to gradually improve during the last quarter of the year, instead of rebounding in 3Q as we had thought. Our current target price is VND 26,600, which implies a lot of upside for the next twelve months as we think there are still opportunities for higher earnings growth.
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