- 2023-02-20T00:00:00
- Company Research
- We raise our target price for PC1 by 14% to VND30,100/share but downgrade our rating from BUY to OUTPERFORM as PC1’s share has price increased ~60% over the past three months. Our increased target price is due to our 9% higher 2023-2027F aggregate NPAT forecast.
- Our higher NPAT forecast is due to our higher projection for the power construction segment’s NPAT and incorporating NPAT from the Nomura Industrial Park (70%-stake subsidiary).
- We forecast 2023F NPAT-MI of VND706bn (+57% YoY), which is bolstered by (1) further earnings growth from the power construction segment, (2) the contribution from the newly-acquired Nomura Industrial Park; (3) 30%-stake associate Western Pacific’s land sales of its Yen Phong Industrial Park, (4) PC1’s nickel sales, and (5) lower FX translation losses YoY.
Powered by Froala Editor