ELC – Intelligent Transport System Segment To Contribute More Meaningfully
- ELC recorded 3Q2022 revenue of VND250 billion (+19% YoY) while 9M-2022 revenue reached VND 626 billion (+23% YoY), led by Intelligent Transport System (ITS) segment (+73% YoY, accounting for 40% of total revenue) and Telecom segment (+29% YoY, accounting for 29% of total revenue).
- Due to the robust growth of ITS and Telecom segments, 9M-2022 gross margin improved by 120 bps YoY to 17.8%.
- However, 9M-2022 NPAT-MI declined by 26% YoY due to the surge in selling and administration expenses +39% YoY and higher minority interest expenses compared to the same period last year.
- ELC is trading at a TTM P/E of 11.3x (vs a 5Y average of 4x) and P/B of 0.7x (vs a 5Y average of 0.4x). We are pending a fuller review on ELC and will update recommendation and TP for the stock in the next report.
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