HT1 [MARKET PERFORM -1.9%] - 2024F earnings to improve from low base - Update
  • 2024-03-13T00:00:00
  • Company Research

- We trim our target price for HT1 by 2% to VND13,000/share while maintaining our MARKET PERFORM rating.

- Our lower target price is mainly because of 1) a cut in the aggregate 2024-2027F NPAT-MI forecast by 17% due to our more conservative view on HT1’s ability to grow sales volume amid 2023’s disappointing results, and 2) a higher WACC of 14.4% vs 13.4% previously. This is partially offset by us rolling our target price horizon forward to end-2024.

- HT1 reported weak 2023 NPAT-MI of VND17bn (USD0.7mn; -93% YoY) as domestic real estate market challenges dampened HT1's sale volume growth throughout 2023.

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