Tiêu đề ITD_Neutral_Expected to Witness a Turnaround_BSC Company Update
Loại báo cáo Phân tích công ty
Nguồn BSC
Doanh nghiệp ITD
Chi tiết Ngày : 13/07/2021
Số trang : 7
Ngôn ngữ : English
Dạng tệp : .PDF
Kích thước : 504 Kb
Tải về: 131
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Tóm tắt

 VALUATION THESIS

At the end of the trading session on March 1, 2021, ITD has its closing price at  VND11,900; equivalent to a P/E of 7.5, equal to the valuation range in the last 3 years, 52% lower than the industry PE of 18.3.
 
INVESTMENT THESIS
ITD is one of the leading enterprises in the Smart Traffic niche market and has positive business results in the Public Investment cycle 2015-2016. BSC expects the company to benefit from the Public Investment cycle 2020 – 2021.
 
TECHNICAL  ANALYSIS
Investors can buy the stock with a target price located in the area around VND14,500, and consider cutting loss if the support level of 10,500 is penetrated.
 
INVESTMENT RISKS
  • Provision for projects
  • Depending on investment policies and disbursement progress of the government & businesses
 
FINANCIAL RESULTS & BUSINESS UPDATE
  • Net revenue and NPAT in 9 months of FY 2020/21 reached VND407 billion (+62% YoY) & VND33 billion (+136% YoY), respectively due to (i) strong growth in business segments: Electrical automation and Measured (+187% YoY revenue & + 125% YoY gross profit), Smart transportation (+174% YoY in revenue & +187% YoY in gross profit); (ii) cutting SG&A expenses ( decreased by 7.6ppt).
  • BSC believes that Electricity - Automation and Metering and Smart Transportation segments will be the main growth sources in the FY 2020/21 and 2021/22 due to the expectation that the Government will accelerate disbursement of Public Investment. In the past, ITD's business results benefited a lot in the Public Investment cycle 2015 – 2016.
  • BSC expects ITD to record the installation of Smart Traffic in the Phase 2 Non-Stop Toll Collection Project (BOO2) in the coming quarters. As of December 27, 2020, Viettel joint venture has completed the deployment and installation at 33 stations of BOO2.
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