| Title | X-Alpha | VPL 100,000 +33%: Vietnam’s No. 1 Hospitality Brand |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Industry | Utilities |
| Bussiness | VPL |
| Detail |
Date : 07/09/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 750 Kb Download: 0 Download |
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| Short Content |
DETAILED REPORT BSC RECOMMENDATION BSC initiates a BUY recommendation on VPL with a target price of VND 100,000/share, implying 33% upside from the closing price on August 18, 2026, based on the following views:
2H2026 OUTLOOK For the remainder of 2026, we expect VPL’s core business to maintain positive growth momentum, supported by: (1) continued growth in international tourist arrivals to Vietnam, which should benefit the hotel and entertainment businesses, together with the company’s efforts to strengthen sales and diversify its customer markets; and (2) revenue and profit recognition from Vinpearl Phu Quy in 2H2026. EARNINGS FORECAST For 2026, BSC forecasts VPL to record net revenue of VND 16,072bn (+3% YoY) and NPAT-MI of VND 3,123bn (+183% YoY), equivalent to 2026F EPS of VND 1,793/share and a 2026F P/E of 46x. RISKS (1) Visitor traffic at VinWonders and Vinpearl comes in below expectations; and (2) the handover of Vinpearl Phu Quy is delayed versus expectations. |