Tóm tắt:
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BVSC rates NEUTRAL on SCR’s share when the discount rate of its market price as 20/5/2014 below our valued price is estimated at 12.3%. SCR share price surged from VND4,700 to VND12,700 during the period from October 2013 to March 2014. This price surge was not only thanks to support from the general market but also because of (1) Relatively low P/B ratio (not yet adjusted) of SCR against market’s average ratio (2) Favorable operating results in Q4 resulted in a profit year in 2013. Currently, its projects have nearly completed delivery to customers. Therefore, SCR must boost selling in its two projects Belleza and Arista to assure favorable operating results in the next quarters. Moreover, we think SCR will have difficulties in selling these two projects with their apartments being classified in middle-end segment and villa grounds not appropriate with the current demand in Ho Chi Minh city.
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