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Tóm tắt:
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Our projections look for Vincom's EPS to rise from VND1,943 in 2009 to VND38,651 by 2014. Annual net profits, however,can be greatly affected by the timing of the handover of property-for-sale. Assuming it books the sale of half of Vincom Center's residences this year, its EPS could be VND3,348, putting its shares on a PER of 18x But MKS stress the primacy of NAV: Vincom’s shares will increasingly be benchmarked against NAV, as the Vietnamese equity market becomes more familiar with this valuation parameter; and NAV will rise with increases in the development pipeline and/or increases in the pipeline’s visibility.
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