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Tóm tắt:
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VCS felt there were a few discrepancies from the meeting that are worth noting. Management claimed that it would reach FY11 net profit of VND600-650bn thanks to accelerating export volume to Cambodia in the final quarter of the year. However, given the first nine months net profit results of VND386bn (-37.3% YoY), the company would need to make a substantial turnaround with VND214- 264bn in net profit in the last quarter. For 2012, VCS are hard pressed to find any catalyst for management’s 2012 sales projections of 900,000 tons (+24% YoY) and net profit of VND739bn. Considering market conditions VCS have trouble justifying management’s c.50% EPS growth next year to VND3,946.
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