Tiêu đề | SBT_BUY_TP 27,640_Upside +21.8_Sugar industry benefits from anti-dumping tax_BSC_Vietnam company update |
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Loại báo cáo | Phân tích công ty |
Nguồn | BSC |
Doanh nghiệp | SBT |
Chi tiết |
Ngày : 26/03/2021 Số trang : 10 Ngôn ngữ : English Dạng tệp : .PDF Kích thước : 821 Kb Tải về: 88 Tải về |
Bình chọn | (Bạn phải đăng nhập để bình chọn) |
Tóm tắt |
VALUATION We recommend BUY SBT with a target price of VND 27,640, upside 21.8% compared to the price on March 24, 2021. BSC raised its target price due to improved business results thanks to (1) World sugar prices increased sharply in 1Q2021 +20-25% YoY; (2) Export of RE sugar to Europe and China increased sharply in Q4/2020 and Q1/2021; (3) Government anti-dumping and anti-subsidy taxes.
FORECAST OF BUSINESS RESULTS
We forecast SBT's FY2020/21 results will reach revenue and NPAT of VND15,482 billion (+20.1% YoY) and VND457 billion (+25% YoY) respectively, equivalent to fw EPS of VND712/share. – fw PE is 33.5x and fw PB is 1.9x.
INVESTMENT THESIS
RISKS
Fierce competition from cheap Thai sugar when the ATIFA agreement takes effect in early 2020.
COMPANY UPDATE
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