QNS – Gross margin to gradually improve
- We currently forecast that revenue and NPAT-MI will reach VND 8,064 Bn (or USD 336 Mn, +10% YoY) and VND 1,267 Bn (or USD 53 Mn, +1% YoY), respectively in FY2022. FY2023 revenue and net profit are expected to reach VND 8,730 Bn (or USD 363 Mn, +10% YoY) and VND 1,443 Bn (or USD 60 Mn, +14% YoY), respectively.
- Accumulated 9M-2022, revenue and NPAT-MI were VND 6,311 Bn (or USD 263 Mn) and VND 858 Bn (or USD 36 Mn), rising by 9.3% YoY and declining by 1.4% YoY, respectively. Overall, the results are in line with our expectation.
- We revise our target price down by 5% to VND47,700 per share mainly due to increasing discount rate. We have a BUY recommendation on QNS with expected return of 23%, including a 7% cash dividend yield
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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