PC1 INITIATION - HOLD, SEP 22nd, 2020
PC1 UPDATE - HOLD Recommendation With TP: 20,400 VND/Share: We forecast the company’s 2020 net revenue at 5,382 billion (-7.9YoY) and EAT will reach VND395.5bn (+10.5% YoY) since:
1) We expect Power construction results will be affected by COVID-19
2) Industrial manufacturing will maintain stable growth thanks to infrastructure public investment for Energy sector and Vietnam’s Government orientation to increase the nation’s power capacity
3) Mong An Hydro Power started operating and will support hydro power segment results in 20204) PC1 – Thanh Xuan project continue to bring in revenue for Real Estate segment in 2020.Using DCF and Multiples methods, our target price for PC1 stock is VND20.400/share, resulting in a HOLD recommendation.
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