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Tóm tắt:
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HSC forecast a sharp recovery in the top line in FY2011 but the contribution from fnancial gains is likely to be less than in FY2010 while fnancial expenses are likely to increase as they look to raise more money. Even so longer term the company has a large pipeline and cheap land bank and remains the undisputed leader in the IP segment. However, HSC remain positive about KBC. The his stock is trading at a reasonable FY2010 P/E of 11.27 times and trades at a considerable 47.6% discount to the HSC calculated NAV.
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