Analyst Pin-board VNM – 4Q-FY21 NPAT to increase 5% YoY led by revenue growth of 10% YoY
- Although revenue growth is expected to recover well in 2H-FY21, we are still prudent about earning prospects in FY2021-2022 due to the input price hike, while new investment projects still need many years to create significant synergies on results and stock valuation. Therefore, we recommend to ACCUMULATE with a TP of VND 97,000 and total stock return of 14%.
- FY2021 estimated revenue and NPAT to be VND 60,891 Bn (or USD 2.6 Bn, +2.1% YoY) and VND 10,629 Bn (or USD 460 Mn, -4.2% YoY) respectively, completing 98% of revenue and 95% of NPAT target. FY2021 EPS will be VND 4,577, and FY2021 forward PE will be 19x.
Vietnam Dairy Products Joint Stock Company (Vinamilk) is a Vietnam-based company engaged in the food processing industry. It is involved in the manufacturing, marketing and distribution of dairy products, such as milk of various forms and milk derived products, as well as confectioneries and non-alcoholic beverages. The Company also provides packaging and logistics services, along with other technical support to cultivation and breeding processes to farmers.
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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