We believe that the recovery of the FPT Shop chain remains uncertain, as it is contingent upon the pace of economic revival. This factor represents the most significant risk for the stock in the immediate future. Conversely, Long Chau has exhibited notable improvements in profitability, thereby mitigating the recent decline in the stock value. While we anticipate that the performance for 2023 may yield predominantly negative results, it aligns with the short-term trends commonly observed within...
· The AGM approved the 2022 financial guidance, in which targeted revenue/NPAT grow by 20% YoY/30% YoY to VND 27 trillion/VND720 bn. Our current 2022 forecasts for net sales and PBT are both 6% higher than approved guidance. · Approved cash dividend policy for 2021 and 2022 are VND 500 and VND 1,000 per share, respectively. The cash dividend for 2021 was equivalent to a payout ratio of 8.9%, while that of 2022 comes at 20.7% of our 2022F NPAT-MI. · Preliminary Q...
“FRT’s plan to rapidly ramp up Long Chau pharmacy chain in the upcoming years (300-400 new openings per annum in the next 3 years) shows management’s confidence and ambition in consolidating the fragmented pharmacy retail market in Vietnam. We strongly believe that the sound expansion strategy amid supportive market conditions, along with competitive advantages of Long Chau vs mom & pop shops, will lend the chain good leverage to drive revenue and profit to new highs going forward. For 2022F, we...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Weak 4Q 2018 and 1Q 2019 business results reflect the less positive outlook for the ICT market. Special installment programs, accessory sales and collaboration with Nguyen Kim and Fado have not shown promising results yet or are still in the testing phase. We adjusted the forecasted P/E of FPT Shop from 12x to 8x. Meanwhile, Long Chau pharmacity is a long-term story. Although we appreciate FRT’s approach, it remains challenging to expand the chain rapidly given fierce competition. We estimate L...
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