By adopting the discounted cash flow method, we raise our target price for CTR to VND147,145/share from the latest recommendation of VND108,429/share, due to: (1) a downward revision of market risk premium from 9.5% to 9.0%; (2) a valuation period shift to year-end 2024; and (3) upward revisions to leasing infrastructure earnings due to 5G. Therefore, we issue an OUTPERFORM rating for CTR with a target price of VND147,145/share, indicating an upside of 21.6% from the closing price on August 13, 2024.

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Please find the attached file below.