VEA [BUY +30.6%] - Vehicle sales and earnings to recover - Update
  • 2022-03-02T00:00:00
  • Company Research

We reiterate BUY and keep our target price (TP) unchanged as we like VEA’s large exposure to Vietnam’s extensive motorbike (2W) market and the long-term growth of Vietnam’s auto (4W) consumption along with robust dividend yields. We nudge up our aggregate 2022F-2024F NPAT-MI forecast by 1% mainly due to lower provision expenses for VEA’s own truck inventory.

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