Title | CTI_BUY_TP 30,80_BSC Company Update |
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Report Type | Phân tích công ty |
Source | BSC |
Bussiness | CTI |
Detail |
Date : 12/04/2022 Total pages : 15 Language : English File Type : .PDF FileSize : 1402 Kb Download: 193 Download |
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Short Content |
VALUATION
We recommend BUY stock code CTI with a target price of 30,800 VND/share, upside +23.1% compared to the price on March 28, 2022 according to the partial valuation method (SoTP).
BUSINESS PERFORMANCES FORECAST
BSC forecasts that net revenue and PAT in 2022 will reach VND 1,014 billion (+33% YoY) and VND 98 billion (+32 times higher than 2021), EPS fw= VND 1,625/share and P/E fw=15.8x, P/B fw= 1.52x.
INVESTMENT THESIS
RISKS
BUSINESS UPDATE
The business results in 2021 were less positive when the net revenue and PAT for the whole year only reached VND 762 billion (-17% YoY) and VND 3 billion (-97% YoY) respectively due to (1) the epidemic in the southern provinces affected the business segment. BOT toll collection, (2) low revenue and GPM of construction segment due to Tam Hoa Social Housing implementation as well as most of the contract value were already recorded in 2020, (3) high base 2020 from transfer Tan Cang 8.
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