Tiêu đề MSH_BUY_TP 66,400_Convergence of many positive factors_BSC Company Update
Loại báo cáo Phân tích công ty
Nguồn BSC
Ngành Hàng tiêu dùng
Doanh nghiệp MSH
Chi tiết Ngày : 26/01/2022
Số trang : 15
Ngôn ngữ : English
Dạng tệp : .PDF
Kích thước : 1204 Kb
Tải về: 140
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Tóm tắt
VALUATION
We recommend BUY for MSH stock with a target price of VND66,400, (+30.8% compared to May 12, 2021) for 2021 based on two methods FCFE and PE with a weight of 60%/ 40% based on the positive outlook of the Textile and Garment industry and Song Hong Garment enterprise. 
 
BUSINESS PLAN 2021
MSH targets revenue and profit in 2021 at 4,200 billion (+10% YoY) and 340 billion (+20% YoY). 
 
FORECAST BUSINESS RESULTS 
  • BSC forecasts that MSH's revenue and pre-tax profit in 2021 will reach 4,669 billion (+22.5% YoY) and 559 billion (+98% YoY) respectively (including 49 billion from the reversal related to receivables of NewYork Company), equivalent to EPS of 9,197 VND/share, PE fw of 5.8 times.
  • Excluding the reversal in 2020 and 2021, revenue is 4,669 billion (+22.5% YoY), profit is 510 billion (+14.8 percent YoY), equivalent to EPS of 8,390 VND/share, PE fw is 6.4.
 
RISK
  • The complicated epidemic negatively affects the speed of business recovery.
  • Risks of competition to attract Human Resources Technology
 
INVESTMENT THESIS
  • In 2021, the Textile and Garment industry is expected to recover from the bottom of the crisis thanks to (i) The production chain recovers with traditional orders increasing again (ii) Some events are expected to promote the movement of Textile orders to Vietnam. 
  • Song Hong Garment recovered from the bottom of the crisis with many positive factors in 2021: Positive traditional orders, New factory investment (+21% capacity and Partial recovery of bad debt (~49 billion).
  • Updated business results for the first quarter of 2021: Revenue and profit after tax reached 944 billion (+0.6% YoY) and 92 billion (+44% YoY) respectively, equivalent to completing 22.4% of the revenue plan and 27.0% profit plan.