Viet Dragon Securities - VIC - Undisputed Leader in Various Businesses

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Viet Dragon Securities

Duong Lai

VIC - Undisputed Leader in Various Businesses

Vingroup is a pioneer in various sectors in Vietnam, including residential, consumer retail, leasing, hospitality as well as being an automobile maker. In term of land acquisition and development progress, Vingroup is growing faster than competitors. Currently the company has secured a land bank of 91 million sqm of which the majority of sites are located at strategic locations in Hanoi, HCMC, and tier-2 cities. Furthermore, Vingroup plans to adapt its business model to grow recurring revenues from consumer retail and service businesses. It plans to expand its network of commercial properties, hospitality assets and consumer retail operations.

We believe the fair price of VIC is around VND115,200 / share. This target price yields a total return of 21.1% (calculated based on the closing price on February 26, 2018). Therefore, we recommend that investors BUY the stock.

01/03/2018 15 EN

Provider

Viet Dragon Securities

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.

RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”

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Analysts

Duong Lai

Other Reports from Viet Dragon Securities

Phuong Nguyen

Phuong Nguyen

Late-session support

The market's attempt to rise was unsuccessful under the selling pressure from the previous peak area, closing below the 1,285-point threshold. However, the supportive signal at the end of the session might allow the VN-Index to test the supply above the 1,285-point level once again in the near future.

June 6, 2024 June 6, 2024 7 EN

Ngan Le

Ngan Le

DPM – Deductible input VAT helps boost profits in 2025

In 1Q24, the revenue of the Urea/NPK segment grew by 17% YoY and 23% YoY, respectively, compensating for the decline in the import segment, resulting in a net revenue of VND 3,307 bn (+1% YoY). Thanks to the cooling of input material costs, the NPK and import businesses achieved a gross profit margin (2% to 5%), leading to an increase in the overall gross profit margin to 18% compared to 16% in 2023. However, NPAT-MI in 2024 remained equivalent to last year, reaching VND 264 bn, due to an increase in SG&A expenses. For Q2/2024, we estimate revenue and net profit after tax (NPAT) to be VND 2...

June 6, 2024 June 6, 2024 8 EN

Hung Nguyen

Hung Nguyen

Vietnam Dairy Market – Sales growth will slow down in the long-term

Vietnam dairy consumption continues to be weak in Q1-2024 with a decline of 2.8% YoY attributed to the bleak consumer sentiment from the end-2022 until now. In period of 2024-28, dairy market sales growth will slow down due to the higher-and-higher milk consumption per capita compared to Asian peers’ and the birth rate decreased in Vietnam. Dairy companies' 2024 profits will benefit from the downward trend in prices of raw milk powder, but will be offset by decelerating revenue growth and increased SG&A expenses/revenue due to fierce competition.

June 5, 2024 June 5, 2024 6 EN

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VIC - Undisputed Leader in Various Businesses

Late-session support

DPM – Deductible input VAT helps boost profits in 2025

Vietnam Dairy Market – Sales growth will slow down in the long-term

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