Analyst Pin-board: REE’s AGM update – 2020 to be a difficult year
REE is currently in our conviction list with a pre-COVID-19 target price of VND 38,300. Its recent AGM has approved a conservative guidance for 2020 because the majority of its business segments have been and will continue to be impacted by the pandemic. REE targets a 23% revenue growth and a flat (-1.2%) income growth. Accordingly, the cash dividend for 2020 will remain at VND 1,600 per share (dividend yield 5.1%). Around a 30% payout ratio while retained earnings will fund REE’s renewable energy projects and the e.town 6 office tower.
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