|
Tóm tắt:
|
Viet Capital Securities initiate coverage on FPT Corp (HSX: FPT), one of the largest listed
companies on the Ho Chi Minh Stock Exchange, with a BUY rating and
VND89,000 fully-diluted target price using a SOTP-derived valuation. Our
target price represents a 22.7% upside to the current price of
VND72,500 (8 November 2010). Our valuation suggests FPT is undervalued
trading at a PEG of 0.72x based on a 5-year expected earnings CAGR of
15% and forward PER 2011 of 11x at its current price. Viet Capital Securities expect diluted
EPS of VND6,600 in 2011 an increase of 10% over diluted 2010F EPS of
VND6,000. The stock has outperformed the VNIndex by 33% in the last 12
months.
|
|
|
|
|