PC1 – Stellar growth due to recovered demand for power construction and contribution of nickle mining
- PC1 reported stellar results in Q1 2024 with revenue of VND 2,165 bn (+44% YoY) and NPAT-MI of VND 81bn (+449% YoY), which are driven by contribution of nickel mining segnebt.
- We forecast 2024F revenue of VND 10,245bn (+31% YoY) and NPAT-MI of VND 426bn (+212% YoY), which is driven by (1) strong recovery of both power construction and steel pole production segments and (2) full year contribution of nickel mining segment.
- We estimate PC1’s target price of VND 29,500/share using Sum of the part (SoTP) valuation method, of which forward P/E is 20x and the corresponding expected return is 4% based on closing price as at June 25,2024. We think current market price has fairly priced in 2024F growth prospect.
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