NTC – Pivot point is near to come
- Decree No. 12/2024/ND-CP and Document 06/2024/QD-UBND issued by Binh Duong Province signal positive developments regarding the calculation of land use fees for the NTU3 project. The estimated additional land fee is VND 5.2 billion per hectare (marking a 62% decrease compared to the previous update on February 5, 2024.
- In our base scenario for 2024, we project total revenue to reach VND 757 billion (USD 30 million, +222%YoY). Net profit is forecasted to hit VND 535 billion (USD 21 million, +79%YoY). Correspondingly, the EPS is expected to be VND 22,310.
- We maintain our BUY recommendation with an adjusted target price of VND 346,000 per share. This adjustment reflects the reduced additional land use fees needed to be paid. Combined with an expected cash dividend of VND 6,000 per share over the next 12 months, the total anticipated return is 65% relative to the closing price on May 28, 2024.
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