HND - 2021 growth faces obstacles
We have changed HND's 2021 earnings forecast. Our target price is revised downward due to the relatively negative medium-term earnings growth potential. After a prosperous 2019-2020, the company is preparing to face a less favorable year in 2021 in terms of selling prices in the CGM. At the same time the company itself is no longer entitled to preferential electricity prices. In return, HND will continuously improves its financial health by speeding up debt repayment. Healthy cash flow will ensure a steady annual cash dividend despite the fact that 2021 will be the toughest year since HND became fully operational. Our target price is VND 17,800, plus a cash dividend of VND 2,000, equivalent to a NEUTRAL recommendation with a total return rate of 11% based on the closing price on November 9th, 2020.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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