BFC - Finding the answer for growth
“We anticipate that the NPK market will experience a strong competition when a lot of players like LAS, DPM take part in by building more factories, adding more supply into the domestic market. Demand is stable, preventing the organic growth for BFC. So the only opportunity for BFC is to look at the export markets but the result is not so promising in our opinion. Consequently, BFC will find it difficult to increase its output. Moreover, the competition is negative for earning prospects. BFC cannot pass the increase in input price to customers if it wants to maintain its market share.
The divestment story from Vinachem will be the rare support for the stock price as the earnings outlook for the next few years is not too bright. We adjust the target price to VND26,800 per share, plus cash dividend of VND2,500, generating a total return of 11%, compared to the closing price on Nov 7th 2018. So ACCUMULATE”
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