レポート名 | HPG_BUY_TP 76,500 VND_Upside +16.9_Steel Dragon get off the ground_BSC Company Update_25052021 |
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レポート類 | Phân tích công ty |
ソース | BSC |
田畑 | 原材料 |
会社 | HPG |
ディテール |
日付 : 25/05/2021 総ページ数 : 9 言語 : English File Type : .PDF FileSize : 942 Kb ダウンロード: 114 ダウンロード |
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要約 |
VALUATION BSC maintains BUY recommendation with HPG and raises its 2021 target price to VND76,500/share (+5% compared to the target price in the Q2.2021 Industry Report) due to (1) raising the company's forecast for 2021's business results more 23% (2) reduce target P/E from 10.0 to 9.0x and EV/EBITDA from 7.0 to 6.0x to reflect reduced profit growth forecast in 2H2021 and the possibility of lower profit in 2022 when the ground level steel and raw material prices gradually return to average (BSC forecasts profit 2022 -18% YoY).
FORECAST OF BUSINESS RESULTS
BSC forecasts HPG's 2021 revenue to reach VND 147,209 billion (+63.3% YoY), NPAT of VND 31,015 billion (+130.8% YoY), equivalent to EPS = VND 8,893/share (assuming the bonus and welfare fund is deducted 5%).
INVESTMENT THESIS
RISKS
COMPANY UPDATE
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