- 2024-10-07T00:00:00
- Company Research
- We maintain our MARKET PERFORM rating for GVR while raising our target price (TP) by 16% to VND34,600/share.
- Our higher TP is mainly because of (1) our higher valuation for the rubber and wood segments as we expect a higher ASP, (2) a higher valuation for the IP segment as we factor ~24,000 ha to be converted to IP land (vs 21,000 ha previously) now that the Dong Nai and Binh Duong’s masterplans have been approved, and (3) we roll forward our target price horizon forward to end-2025 from end-2024.
- We raise our 2024F NPAT-MI projection by 5% due to our revised higher profit contribution from the rubber and wood segments. We revise our 2025/26F NPAT-MI by -8%/-15%, mainly due to our reduced projections for land compensation and IP leasing income.
Powered by Froala Editor