NTC – The sale of NTU 3 started kicking off
- In Q3 2007, NTC recorded net sales of VND 54.3 billion, an increase of 2% over the same period last year. NTC's NPAT also increased by 35% to VND76.7 billion. Cumulatively in 9M2023, NTC recorded net revenue of VND172.5 billion, a decrease of 9% over the same period last year. However, the company's NPAT still increased by 11% YoY to VND232 billion.
- Implementation of the NTU3 project has been slower than expected due to bottlenecks in land price valuation process from the authority. However, sales progress is positive with 50 ha of Memorandum of Understanding contracts signed.
- NTC invested an additional VND131 billion in Binh Long Rubber Industrial Park Joint Stock Company (UPCOM: MH3) in Q3 to implement Minh Hung 3 Industrial Park expansion project. Investments in joint venture companies continue to generate high and steady dividends.
- Based on the sum of the part valuation method (SOTP), we maintain our Buy recommendation and keep the target price to VND256,000/share. Combined with a cash dividend of at least VND6,000/share in the next 12 months, the expected total return is +39% (compared to the closing price on October 19, 2023)
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