Title | KDH_BUY_TP 42,100_Upside 16.0_New project implementation ensures growth potential _BSC_Vietnam company update |
---|---|
Report Type | Phân tích công ty |
Source | BSC |
Industry | Utilities |
Bussiness | KDH |
Detail |
Date : 10/05/2021 Total pages : 9 Language : English File Type : .PDF FileSize : 1391 Kb Download: 111 Download |
Vote | (You must be logged in to vote) |
Short Content |
Valuation We maintain our BUY recommendation for KDH stock and raise our target price to VND42,100 based on RNAV method (+16.1% compared to the price on May 7, 2021) due to (1) New update of the portfolio. project, (2) Adjustment of the assumption of project selling price for potential land funds in Binh Tan, Phong Phu 2 and (3) Adjustment of discount rate WACC = 11% for projects due by reduced interest rates.
Forecast of bussiness results
BSC estimates that in 2021, KDH's revenue and profit after tax are estimated at VND 4,438 billion (-3.9% YoY) and VND 1,329 billion (+15.0% YoY). 2021 FW EPS = 2,296 VND/share. 2021 FW PE = 15.8 times. The main revenue sources come from the project (1) Safira, (2) Verosa Park, (3) Lovera Vista and (4) Amerna Project.
Investment Thesis
Owning a large-scale land bank in the inner city waiting to be “unlocked”.
Risks
Company Update
|