Analyst Pin-board: VSC – Update 1Q2019 Result
VSC’s 1Q 2019 NPAT fell 37% YoY. Operational efficiency was negatively affected by overcapacity issues, resulting in berths jams and leading to increased usage of other nearby ports. At the same time, the recognition of non-recurring expenses was also a significant factor affecting the company's profit. However, the sharp fall in VSC’s share price may offer a short-term opportunity. We estimate fair value at VND 42,000 offering a total return of 14% including a VND1,500 per share cash dividend. Recommendation: ACCUMULATION.
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