Title | HPG Update Report - OUTPERFORM - Entering a new recovery cycle |
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Category: | Company Report |
Source: | Bao Viet Securities |
Industry: | Basic Materials |
Business: | Hoa Phat Group Joint Stock Company |
Detail: |
13/05/2024
14
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English
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Summary: |
We forecast HPG’s 2024 net revenue and PAT at VND133,783 bn (+12.5%YoY) and VND11,940 bn (+75.5%YoY), respectively. From the period 2025-2040, we are raising our projections for HPG’s revenue and PAT by 50% and 72%, respectively, due to the commencement of operations at the Dung Quat 2 complex. We lift our target price for HPG to VND40,840/share from VND32,802/share (equivalent to P/E ratios of 19.9x/17.2x for 2024/2025), justified by the steady profit growth outlook (CAGR EPS of 8% for 2024-2040). Thus, we issue an OUTPERFORM rating for HPG for the next 12 months with an upside potential of +34.1%. ………………………………………………………………............. Please find the attached file below. |