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Tóm tắt:
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FY2013 is expected to be a remarkable year for POM with a 26% YoY growth in revenues to VND12,831bn and 41% in ROE.
However, POM still has to face with an oversupply of construction steel, a troubling domestic property market, along with tax exemption and land rental policy in favor of FDI steel companies. These may indicate a modest performance of POM for the YE2012.
Trading at P/E of 6.0x and P/B of 0.9x, TVS believe that POM may serve as a more stable investment for a 2-3 years term.
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