レポート名 | SBT_BUY_TP 27,640_Upside +21.8_Sugar industry benefits from anti-dumping tax_BSC_Vietnam company update |
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レポート類 | Phân tích công ty |
ソース | BSC |
会社 | SBT |
ディテール |
日付 : 26/03/2021 総ページ数 : 10 言語 : English File Type : .PDF FileSize : 821 Kb ダウンロード: 87 ダウンロード |
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要約 |
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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