| 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: 131 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). |