For fiscal year 2023 (ends 31/3/2024), CMG plans two growth scenarios for NPAT at 15% YoY (base scenario) and 21% YoY (target scenario).

The Global Business Division set the highest profit growth target with the respective rates in the two scenarios of 59% YoY and 62% YoY, thereby making an increasingly crucial contribution to the group's profit structure (nearly 40% of PBT of 2023). Meanwhile, Digital Infrastructure Division - the main profit pillar of the Group - aims to grow profit by 19% YoY-22% YoY in 2023.

CMG plans to invest with a total scale of nearly VND 2 trillion in 2023, equivalent to nearly 30% of total assets, focusing on expanding the scale of digital infrastructure and building creative space complexes (CCS) in Hoa Lac, Hanoi and Tan Thuan (HCM).

CMG is a remarkable option to participate in the sustainable growth of the IT industry, which is driven by the increasing DX adoption of businesses in Vietnam as well as globally. The current P/E 2023F/24F valuation of 20.0x/15.2x may have fairly reflected the Group's profit growth potential this year (2023F: +19% YoY). Therefore, the current valuation is more suitable for long-term holding as the 3Y CAGR of NPAT is 27%. The current target price of VND 46,800 is under review.