HUT - Profit Growth Gains Momentum
​Tasco (HNX:HUT) is a large private infrastructure investor in Northern Vietnam. The firm has actively raised fund to finance various PPP toll roads in the past years. Upon operation, these projects would provide the firm with a steady stream of cash flow over a long period. To create short-term growth, HUT decided to venture in real estate taking advantage of the land bank exchanged for ready-built infrastructure. FY2017 guidance is highly achievable given three open-for-sale real estate projects got sold out and await handovers. In 2018-2019, Foresa My Dinh villa project is expected as a source of earnings driver while full year operation of BOT Cau Nghin toll road from 2018 would improve HUT’s operating cash flow. We take HUT’s recent stance on postponing new BOT investments a positive signal with regard to lesser future capital need and reduced risk of share dilution. However, recent social unrest on toll road projects in Vietnam may put the firm under more scrutiny.
Tasco Joint Stock Company (TASCO) is a Vietnam-based construction and engineering company. It constructs infrastructures, as well as residential and commercial buildings for lease and for sale. The Company is also involved in real estate operations with development projects of new urban areas. It manufactures concrete products and trades construction materials and vehicles. In addition, the Company provides engineering, testing and supervision services for construction projects. Other activities include electricity trading and the operation of parking lots and garages. The Company has four subsidiaries and six affiliates.
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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