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Tóm tắt:
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MKS initiate coverage on Vietnam’s only listed toll-road operator and a leading infrastructure developer, Ho Chi Minh City Infrastructure Investment Joint Stock Company (HOSE:CII) with a HOLD recommendation and price target of VND41,900 (USD2.19). CII is Vietnam’s only listed toll-road operator and a leading infrastructure developer. Our SOTP-derived price target represents a 3.7% premium to the closing price of VND40,400 (USD2.12) and provides an expected total return of 8.2% over the next 12 months. Our price target implies an undemanding P/E of 6.9x its FY10E earnings estimates and a P/B of 2.5x, which is slightly higher than its domestic peers. However, MKS believe this is justified by the company’s leading profitability, ROE of 31.1%, compared with the domestic infrastructure sector average of 21.2%, and ROA of 13.8%, compared with 11.8%.
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