ITD_BUY_TP28100_Upside 35_Changes In The Group Of Major Shareholders_BSC Company Update

VALUATION

BSC makes a BUY recommendation for ITD stock with a target price for the 2021/2022 financial year of 28,100, equivalent to an upside of 35%compared to the closing price of September 16,2021 based on two methods of PE/FCFF valuation at a rate of 50%/50%.

INVESTMENT PERSPECTIVE

Growth from the government's investment in Smart Transport: BSC expect ITD, the largest market share in niche market of smart transport, to grow strongly in the next two years thanks to the Government's focus on smart transport investment in road infrastructure.

Surge profit fromGlobal Electrical Engineering Joint Stock Company (code:GLT). BSC estimate ITD will record a reported 32.9 billion spikes in profits from GLT's sale of BTS station (which has calculated a ownership rate of 50.42%), or 93.7% of the profit in 20/21. BSC expect the sudden profit to be recorded in the fourth quarter of 2021 (equivalent to Q3 of ITD's fiscal year 20/21).

TECHNICAL PERSPECTIVE

Investors should consider opening positions around the price of 19,400, taking profit as the stock approaches the threshold of 22,750. Stop loss if the support level is lost 17.00.

RISK

§  Provisioning for projects

§  Depending on investment policy, disbursement progress of government and business

BUSINESS RESULTS UPDATES

§  Business results for the first quarter of 2021/22 recorded revenue of 70.8 billion (+8% YoY) and after-tax profit of 3.5 billion (+20.2% YoY). Smart transport continues to increase its contribution from 22% to 33%.