ITD - Growth dynamics from development of transport infrastructure
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ITD – The Company has solid experience in providing technology solutions for transportation sector, especially automatic toll collectors. Therefore, ITD would benefit from expressway expanding and upgrading plans. Besides, with senior managers’ experiences and wide network, we expect ITD to participate actively in potential ITS projects in HCM from 2016-2020. In 2016, ITD owns large backlog value which is estimated at about VND650 billion at beginning of year 2016 and expected to increase by VND450 billion in this year. Therefore, if ITD’s projects are implemented timely, the company would be able to record VND830 billion of revenue and VND65.5 billion of earning after tax, giving VND3,400 EPS. In 2016, number of share outstanding increases by 28% (including 20% stock dividend, 5% ESOP and 3% VSOP). Basic EPS (not adjusting for stock dividend) should be VND4,100. Using historical PE and comparable PE of peers, we use PE of 8.5x for ITD in this year, equivalent to the intrinsic value of VND34,900 per share, 20.3% higher than closed price of VND29,000 (27/7/2016). The recommendation for ITD is to BUY for the Intermediate term.
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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