NTC - Steady growth business model with strong cash flow
​Short-term slowdown in 2017 profit growth would definitely be a good opportunity to invest in the stock with regard to growth catalyst from NTU3 expansion in late 2017. Located side by side with NTU2, NTU3 expects to carry on the fast occupancy rate of NTU2 (5-6 years) since Binh Duong continued to receive massive USD1.5 bn of registered FDI in 5M2017. Cash-rich business model allows NTC to develop new industrial park with little need to access bank loan or raise additional capital. Therefore, shareholder interest is protected and maximizing. By using the Revalued Net Asset Value (RNAV) valuation method, we initiate a “BUY†recommendation on the stock at the “2- year target price†of VND 73,8000.
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