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Tóm tắt:
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VCS upgrade SBT from HOLD to BUY, raising our target price from 17,500 to 20,500. Our upward revision mainly reflects the company’s plantation expansion in Cambodia which increases total sugarcane plantation area to 15,000 hectares, a 25% increase. VCS forecast revenue growth of 15% and net profit growth of 23% in 2013 thanks to the new plantation. VCS expect gross margins to increase by 200bp to 26% as SBT uses more in-house sugar instead of having to buy raw sugar inputs from others (which yields only 5% gross margins). Our target price does not include significant investments valued at VND190 billion in two sugar companies – La Nga Sugar (unlisted, 24.8% stake) and Bien Hoa Sugar (BHS, 22.7%) equal to an additional VND1,490/share.
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