Analyst Pin-board: SMC – Foreseeable good performance in 2H2020
We expect SMC’s performance in 3Q2020 will be positive as hot-rolled coil (HRC) prices have surged in the quarter and its high selling volume in the June-August period. In 3Q2020, SMC’s net income is likely to reach VND 45 billion, leading to a net income of VND 90-100 billion in 9M2020. Besides, owing to the high growth rate in the steel pipe segment and the new contract with Samsung, we believe that SMC will maintain a good performance in 4Q2020. Hence, the company will fulfill its net income target of VND 120 billion. We recommend to BUY this stock with a target price of VND 11,300, plus a cash dividend of VND 1,000. The total return is roughly 23%, compared to the closing price on September 9, 2020.
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