|Title||PSD_BUY_TP 50,300_Like a day without storms_BSC Company Update|
|Report Type||Phân tích công ty|
Date : 12/04/2022
Total pages : 7
Language : English
File Type : .PDF
FileSize : 920 Kb
|Vote||(You must be logged in to vote)|
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.
Healthy financial structure, stable dividend yield ~6%
Factors to watch out for: Continued growth through horizontal diversification.
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.