We provide an update on Tasco JSC (HNX: HUT), which is a leading transportation infrastructure construction enterprise in northern Vietnam. HUT has planned a major restructuring of its business activities in 2022-2027.

HUT’s revenue marginally improved to VND239.9bn (+0.5% YoY) in Q1 2022 despite revenue of the real estate segment plummeting to VND8bn (-70% YoY). However, HUT recorded NPAT-MI of VND89bn (+486.8% YoY) due to surge in financial income thanks to its 51% divestment from T-Hospital.

HUT is currently trading at a TTM PER of 52.7x and LQ PBR of 2.4x — 125% and 202% premiums vs our selected peer group medians of 23.4x and 0.8x, respectively, which could reflect the higher expectations of investors regarding the company’s business restructuring moving forward.

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