VGC - New Investments Strengthen Business Prospect
We remain optimistic on our view on VGC’s business based on its new investments in the coming years and stable cash flow from industrial parks. The new investment projects not only adds more capacity to the company’s growth, but also upgrades the product positioning and captures new market share. The State’s divestments may be a catalyst for VGC’s stock price in next period.
We evaluate VGC price at VND30,200/share and anticipate a cash dividend of VND1,000 per share in the following 12 months, which results in a 16.4% total return from the closing price on 04 December 2017 and we rate NEUTRAL on the stock as VGC has rallied recently. This target price is higher than that in our initial report published in December 2016 because of updates from the company’s current business results.
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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