レポート名 | PSD_BUY_TP 50,300_Like a day without storms_BSC Company Update |
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レポート類 | Phân tích công ty |
ソース | BSC |
会社 | PSD |
ディテール |
日付 : 12/04/2022 総ページ数 : 7 言語 : English File Type : .PDF FileSize : 920 Kb ダウンロード: 129 ダウンロード |
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要約 |
VALUATION We recommend BUY stock symbol PSD at 50,300 VND/share, 21% upside from March 1st, 2022, using P/E method with a target P/E of 9 times - 17 times lower than the median P/E of similar sized firms and 16 times the P/E of DGW (companies in the same industry).17 times lower than the median P/E of similar sized firms and 16 times the P/E of DGW (companies in the same industry).
FORECAST OF BUSINESS PERFORMANCE
BSC forecasts net income and NPAT to reach VND 10,552 billion (+24% YoY) and VND 175 billion (+22% YoY). EPS fw = VND 5,592 and P/E fw=7.4 – 9 times lower than average PE from the Apple distribution period, P/B fw =2.
INVESTMENT THESIS
Healthy financial structure, stable dividend yield ~6%
Factors to watch out for: Continued growth through horizontal diversification.
RISKS
BUSINESS UPDATE
Revenue and N PAT in 2021 will reach VND8,526 billion (+3.6%YoY) and VND139 billion (+237%YoY) respectively. Of which revenue grew by only 3.6%, we expect the contribution of the laptop and mobile phone double-digit growth to be offset by the decrease in Samsung revenue in 2021 due to the high 2020 base.
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