レポート名 DGW_BUY_TP 143,000_SUCCESSFUL SALMON_BSC Company Update
レポート類 Phân tích công ty
ソース BSC
会社 DGW
ディテール 日付 : 12/04/2022
総ページ数 : 9
言語 : English
File Type : .PDF
FileSize : 554 Kb
ダウンロード: 199
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要約

VIEWPOINT OF PRICE

We recommend BUY stock DGW at 143,000 VND/share, 28% upside from price on 22/02/2021 with DCF method and P/E, with weight of 50% - 50%.
 
FORECAST OF BUSINESS RESULTS
We expect net revenue and NPAT in 2022 to reach VND 27,008 billion (+29% YoY) and VND 803 billion (+22% YoY), respectively, EPS FW = VND 9,069 and PE FW = 12.3 times.
 
INVESTMENT THESIS
  • The trend of high-end products of phones, laptops and SP Iots thanks to the rapid development of the gaming industry and the virtual world.
  • Phone segment: The growth engine of the phone segment comes from (1) the Iphone and Xiaomi series (the pioneer advantage) which will continue to improve market share (2) the trend of switching from feature phones to smartphones smart phone.
  • Laptop and tablet segment: Growth thanks to the luxury trend and the habit of working, studying at home combined with gaming;
  • Office equipment segment: (1) the trend of digital transformation will be accelerated after the Covid 19 epidemic; (2) Positive contribution of new brands of home appliances segment;
  • Factors to pay attention to: Continuing to diversify horizontally (expanding into F&B, industry and equipment segments), conducting M&A to increase scale and coverage.
 
RISK
  • The share of xiaomi's market share is at risk of being shared with other distributors;
  • Growth of new brands was lower than expected.