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Tóm tắt:
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MKS are initiating coverage on Vinasun Corporation (HOSE: VNS) which has good performance among two listed companies in the taxi transportation sector in the Vietnam stock market, with a BUY rating. Our DCF-based valuation gives us a one-year price target of VND36,000 (USD1.85), which represents a 20% premium over the current price of VND30,000 (USD1.54) and provides a 12-month expected total return of 26%. MK's price target implies a 5.8x FY10E PER, considerably below most regional sector peers, and a 1.3x PBR.MKS see its large fleet, good competitive position, excellent growth prospects in its core Southern operations, and VNS’s ability to expand into the Central region as key bull points.
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