PC1 –2024 earnings recovery fueled by power construction, power generation and mining segments
• PC1 achieved stellar results in Q2 2024 with revenue of VND 3,091 bn (+110% YoY) and NPAT-MI of VND 62bn (vs a loss of VND 13bn in Q2 2023), which are driven by contribution of nickel mining segnebt. PC1’s 6M 2024 revenue was VND 5,256bn and NPAT-MI was VND 143bn, fulfilling 37% and 24% our full-year forecasts, respectively.• For the second half of 2024 (H2 2024), we forecast revenue of VND 10,709bn (+33% YoY) and NPAT-MI of VND 299bn (+122% YoY), which are mainly driven by the power segment. For FY2024F, revenue is estimated at VND 10,225bn (+31% YoY) and NPAT-MI to achieve VND 422bn (+224% YoY), equivalent to EPS of VND 2,168.
• Based on the Sum of Components (SoTP) method, we set a target price for PC1 stock of VND 30,000/share, equivalent to a forward 2024F P/E of 20x and an expected return of 2% based on the closing price on August 20, 2024. In our view, PC1's current valuation has reasonably reflected the company's 2024 recovery prospects.
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