VNM [OUTPERFORM +11.7%] - Lower input costs to boost 2023 earnings growth - Update
  • 2022-11-28T00:00:00
  • Company Research

We raise our target price (TP) for VNM by 7% and maintain our OUTPERFORM rating.

Our higher TP is mainly due to (1) raising our aggregate 2023-2025F NPAT-MI by 1%, (2) rolling our TP horizon forward to end-2023 and (3) our lower forecast capex expenses in 2022-2027F, which are partly offset by our higher equity risk premium (ERP) and WACC assumptions.

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