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Tóm tắt:
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PHS use multiple valuation methods as DDM (50% weight), P/E (30% weight) and P/B (20% weight) to get the target price of VND27,200. PHS evaluated its core business by using five-year average figure of P/E (translates into 3.7x P/E) and P/B method (translates into 1.5x P/B). Because CNG pays high dividends, PHS also value it by DDM with the assumption of 9.75% risk-free rate, 0.75x beta and 16% expected return. Ultimately, the objective justified price is about 3% lower than current market price. PHS hence rated “NEUTRAL” on CNG.
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