We project net revenue growth of 3.7% and 2.5% YoY in Q3-4/2024, respectively. Consequently, the total revenue for 2024 is expected to reach VND 62,996 billion (+4.4% YoY). For the 2025 forecast, revenue is projected to reach VND 65,141 billion (+3.4% YoY). VNM is trading at a P/E of 14.9x, -1 STD lower than the median PE of the last 5 years of 15.9x. The current P/E level is 15.3% lower than the median PE of the last 5 years of 17.6x.

BVSC recommends OUTPERFORM for VNM stocks, with a target price of VND 85,900/share by mid-2025 based on DCF valuation and multiple target P/Es method.

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Please find the attached file below.