Title 20161006_BSC_Vietnam Company Visit Note_EN_BFC_ICB1350
Report Type Báo cáo chuyên đề
Source BSC
Industry Oil & Gas
Bussiness BFC
Detail Date : 21/10/2016
Total pages : 3
Language : English
File Type : .PDF
FileSize : 900 Kb
Download: 130
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Short Content

We recommend to Hold BFC at the target price of VND 40,000 per share in the next 12 months (6.4% upside) under the FCFE and P/E valuation model. On 06th, Oct, 2016, BFC was traded at VND 37,600 per share, equivalent to a P/ E FW of 9,01x and P/ B of 2,06x.

2016 forecasted business result: We estimate BFC’s net revenue and net income will be VND 6,050 billion and VND 267 billion (+17% yoy), respectively, equivalent to 2016 EPS of VND 4,193 per share.

3Q2016 business result: BFC’s sales volume in the first 9 months of 2016 decreased slightly of about 4% yoy because the salinity intrusion in the Southwest region and drought in the Central Highlands make a reduction of approximately 40,000 tons of NPK fertilizers. Compared to the other NPK manufacturers such as LAS, Việt Nhật, the sales volume of BFC is more positive thanks to its strong brand and distribution system. Estimated individual profit before tax will be VND 80 billion in the third quarter, 2016, up by 29% yoy by saving cost and improving gross margin.