Title 20161031_BSC_Vietnam Company Visit Note_EN_CSM_3357
Report Type Báo cáo chuyên đề
Source BSC
Industry Industrials
Bussiness CSM
Detail Date : 31/10/2016
Total pages : 3
Language : English
File Type : .PDF
FileSize : 886 Kb
Download: 71
Download
Vote (You must be logged in to vote)
Short Content

We believe that CSM has not yet been an attractive investment opportunity. Business results may decline due to high competition, slow Radial consumption, and continuous reduction in the output prices against a rise in the rubber price. On 28th, Oct, 2016, CSM was traded at VND 21,150 per share, equivalent to a P/ E FW of 10,59x and P/B of 1,62x.

2016 earnings forecast. We forecast that the net revenue and profit before taxes will reach at VND 3,093 billion and VND 282 billion (-9% yoy, excluding the income from real estate in 2015), respectively. CSM’s net income is expected at VND 225 billion, equivalent to EPS 2016 of VND 1,998/ share (calculated on the number of outstanding shares of 104 million).