NTC – Heading toward a bright future
- In a marked rebound, the Q4/2024 business results of Nam Tan Uyen Joint Stock Corporation (UPCOM: NTC) have shown improvement compared to the last quarter but slight deterioration compared to the same period last year. Specifically, revenues in Q4/2023 reached VND 63bn (USD 2.57 mn, -21% YoY). In contrast, NPAT improved by 41% YoY to VND 68 bn (USD 2.8 mn) thanks to the increase in financial income, namely dividend and interest income. For the full year of 2023, the company’s revenue reached VND 235bn (USD 9.5 mn, -12% YoY, achieving 36% of annual plan), with NPAT of VND 300 bn (USD 12.6 mn, +17% YoY, completing about 106% of the annual target). The EPS for 2023 was VND 12,486.
- In the baseline scenario for 2024, NTC’s revenue is estimated to reach VND 750 bn (up 219% YoY; USD 30.6 mn) and a net profit of VND 484 bn (up 52% YoY; USD 20 mn), driven by the handover of over 90 hectares of land in NTU3 project.
- We expect major bottlenecks of new projects of NTC’s associate investments in Binh Phuoc to possibly resolved as Decision No. 326/QĐ-TTg revision is under discussion.
- We maintain our BUY recommendation with the target price increasing to VND 276,000 per share as NTU 3 is more likely to start this year. Combined with a cash dividend of VND 6,000 per share over the next 12 months, the total expected return is 34.1% compared to the closing price on Feb 6, 2024
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