レポート名 | PVI_BUY_TP 59,300_Strong position in Non-life Insurance_BSC Company Update |
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レポート類 | Phân tích công ty |
ソース | BSC |
会社 | PVI |
ディテール |
日付 : 12/04/2022 総ページ数 : 10 言語 : English File Type : .PDF FileSize : 942 Kb ダウンロード: 314 ダウンロード |
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要約 |
Valuation BSC recommends BUY PVI shares with the recommended price of 59,300 VND/share (equivalent to 20.5% upside compared to the closing price on January 28, 2022 at 49,200 VND/share) with a target PB = 1.6x .
Forecasting business results
BSC forecasts PVI's revenue and net profit in 2022 to reach VND 4,511 billion (+11.8% yoy) and VND 951 billion (+8.1% yoy), EPS FW = 3,824 VND/share assuming (1) Insurance premium revenue original insurance growth 10.1% yoy ; (2) The combined ratio increased to 95.3%, of which the loss ratio increased to 32.1% ; and (3) The gross and net return on investment of investment assets are 8.4% and 7.5%, respectively. (increase by 0.1 percentage point and 0.4 point % respectively) .
Investment perspective
Catalyst
Risks
Business Update
In 2021, PVI's revenue and NPAT will reach VND3,606 billion (-4.9% yoy) and VND245 billion (+26% yoy) respectively due to (1) insurance business expenses down 1.2% yoy, (2) expenses claims and reserves decreased 6.7% yoy, and (3) finance revenue increased 7.3% yoy .
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