レポート名 VHC_NEUTRAL_TP 39,000 VND_Upside 6%_The worst time has passed_BSC Company Update
レポート類 Phân tích công ty
ソース BSC
会社 VHC
ディテール 日付 : 31/08/2020
総ページ数 : 13
言語 : English
File Type : .PDF
FileSize : 1271 Kb
ダウンロード: 428
ダウンロード
投票 (投票するにはログインする必要があります)
要約

Valuation

We maintain our NEUTRAL recommendation for VHC stock with latest target price of 39,000 VND per share (+ 6% upside) as we upgrade P/E multiple from 5.5 to 6.5 based on these following assumptions (i) expectation for recovery in the second half of 2020 (+ 28% YoY) (ii) high growth in 2021 from low level of 2020 (EPS 2021 fw – 7,067, PE fw 2021 =4.7) 

 
Business forecast
 
In 2020, BSC expect VHC to post a respective VND 8,544bn (+8.6% YoY) and VND 951bn (-19.4% YoY) which is equivalent to a growth rate of +28% YoY in the second half of this year. EPS 2020 reaches VND 5.169 per share, P/E fw 2020 reaches 7.1. 
 
 
Investment themes
 
Expectation for impressive recovery in the second half of this year 
Growth from new Collagen and Gelatin production line, supporting a more sustainable business model 
 
Risks
 
Potential upsticks in corona virus cases in major exporting markets 
Delay of new Collagen and Geltain production line 
 
Company Business Result Update
 
The first half of FY 2020 suffered a significant drop in earning due to (i) high base result in FY 2019 (ii) exporting value slumped during corona virus lockdown. Net sales totaled VND 3,266bn (-14.3% YoY) and NPAT posted VND 368bn (-49.5% YoY)
Exporting value to major markets maintain our previous forecast: USA market revenue swung to a strong decline of 462% QoQ while Chinese market strongly bounce back by a growth rate of 285% QoQ.