VALUATION
We recommend BUY for CTR stock with a target price of VND94,500, (+16% compared to May 27, 2022) for 2022 based on two methods FCFE and PE with a weight of 50 %/50%.
Forecast business results in 2022
BSC forecasts that CTR's revenue and profit in 2022 are estimated at 8,578 billion VND (+15.2% YoY) and profit after tax at 462 billion VND (+23.2% YoY). EPS FW 2022 = VND4,875. PE FW 2022 = 15.8 times.
Business plan in 2022
CTR targets annual revenue of 8,586 billion VND (+15% YoY) and profit after tax of 414 billion VND (+10% YoY).
Business outlook in 2022
Telecommunications-related business: Telecommunication construction declines due to low new demand; Operating, exploiting and responding to growth information from foreign markets; The rental infrastructure (TowerCo) grew strongly as the company increased the number of stations and improved the sharing rate
Non-telecommunications business: Civil construction is expected to move sideways when the price of construction materials is anchored; The integrated solution has not yet benefited from energy projects.
Risk
- Risks related to doing business abroad
- Risks related to rising construction material prices
Risks related to the progress of 5G deployment in Vietnam
Business Update
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