Comments on recent events: Moody’s & credit quota HAX – Expects to pay a 30% dividend for 2020
HAX has just added a document to the AGM 2021, in which the expected 2020 dividend of 30% in cash or shares will be decided by shareholders. In the case of paying the dividend in shares, this decision is different from our previous expectations that the company will pay 30% of the dividend in cash. This slightly changes our 2021 result forecast but does not affect our view of the business outlook. EPS 2021 is forecast to increase by 2.7%, to VND 4,029/share but the ROE will decline from 26.1% to 22.3%. Therefore, based on the combination of FCFF and P/E methods, the target price for HAX is VND 27,300/share. This is a 26% upside compared to the closing price on 25/03/2021, we recommend BUYING this stock.
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