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Tóm tắt:
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Truong Thanh Furniture Corporation (TTF) looks likely to come in well below target for both sales and especially profits this year as slowing demand and soaring interest rate costs has hurt their business. However with a new factory coming on stream and the recent reduction in interest rate costs TTF is well placed to benefit from any recovery going forward. Well managed and having the number one slot in the furniture industry TTF is a leveraged recovery play. Their long term plan to grow timber in Vietnam also makes sense from the standpoint of controlling costs in the future. As a deep cyclical TTF is one of our favourite choices for long-term investment with a forward P/E at 8 times and historic P/B at 0.4 times.
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