X-Point | CTR VND93,800 +8%: 2026 AGM — Conservative Growth Plan

BSC maintains its HOLD recommendation on CTR with a target price of VND93,800/share, implying an upside of 8% versus the closing price on April 24, 2026, as CTR’s outlook and business plan approved at the AGM remain in line with our forecasts.

CTR’s 2026 AGM approved a business plan targeting revenue and NPAT of VND15,663bn (+11% YoY) and VND622.4bn (+3.8% YoY), respectively.

Operation and maintenance segment: Expected to grow by only around 3%–5% per year, mainly driven by overseas markets where the parent group has invested.

Construction segment: Expected to grow by around 20%–30%, with the ambition to become one of the top three largest construction contractors in Vietnam in the B2B segment. For the B2C         segment, the company targets a roadmap toward constructing and designing 10,000 housing units from now to 2030, with an estimated contract value of around VND1bn per unit.

Technical solutions segment: CTR will focus on accelerating the solar power segment, which is the key focus for this year, amid slowing demand for wind power solutions.

Towerco infrastructure leasing segment: The company will reduce its investment scale this year to 1,000 new towers, followed by only around 500 towers per year in subsequent years, subject to changes in market scale and demand. This is because 5G applications are currently developing relatively slowly and remain largely limited to mobile data services.

In addition, CTR is also studying social housing and housing projects for the armed forces under the Viettel Home brand. The company expects to hand over around 50,000 units to customers from now to 2030; however, this segment is not expected to contribute to earnings in 2026.