- We cut our target price (TP) for VTP by 3% to VND72,000/share but upgrade our rating from UNDERPERFORM to MARKET PERFORM.

- Our lower TP is due to our 4% lower aggregate 2024-2033F NPAT-MI forecast (respective cuts of 6%/6%/5%/6%/4%/5%/3%/4%/2%/3% for 2024/25/26/27/28/29/30/31/32/33F) as VTP’s operational efficiency improvement initiatives are trailing our previous expectation in Q1 2024. This is partially offset by the positive impact of rolling our TP horizon forward to mid-2025.

- We project 2024F NPAT-MI to decline 4% YoY due to spinning off from the mobile phone card selling business and our forecast for services GPM contraction.

Powered by Froala Editor