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Tóm tắt:
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BCI remain in our real estate conviction list. We continue to recommend BCI with a NAV-derived target price of VND27,000, representing an upside of 16.9% despite the 50% price rally since our update report in November 2011. This target price is an upward revision from our previous valuation of VND22,900. We have incorporated progress on LUR finalization of key project Phong Phu 4 and approval progress of Tan Tao Central Urban Area as well as our reduced risk outlook for the whole real estate sector in the new valuation. The rating reflects our belief in an experienced and prudent management team that did not expose the company to excessive leverage – the same factor that has put a number of peers at the risk of a liquidity crisis.
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