- CMC Corporation (HOSE: CMG) is the second largest listed IT services provider in Vietnam. CMG provides IT & software services, Internet, data center, and education services. 

- In FY2019-23, CMG posted an 11% revenue CAGR and a 24% NPAT-MI CAGR, driven by the company’s profitable digital infrastructure services and the widening PBT margin of its global business in FY2020-23. CMG’s technology & solutions segment was the largest contributor to the company’s revenue during this period, but it had a low average PBT margin of just 1.6% from FY2019-23.

- For FY2023-26F, we expect a 21% NPAT-MI CAGR, driven by (1) the company’s expanded global presence and ability to secure larger, higher-margin contracts, and (2) its strong position as one of Vietnam’s top-four data center operators, benefiting from growing cloud/AI demand in ASEAN and the Vietnamese Government’s digital economy initiatives. 

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