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Tóm tắt:
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FPTS conducted an initial report on Vietnam Dairy Products J.S.C (HSX: VNM), which is currently listed on Ho Chi Minh Securities Exchange (HSX). By using FCFF methodology to derive the company’s intrinsic value, FPTS is inclined to suggest that its stock is being undervalued or in other words, its market price is not fully reflecting its potential. According to our valuation model, the 1Y-target is at 120,000 VND/share. In the perspective of medium and long-term investor, FPTS recommend an ADD as a 13.2% upside is an acceptable margin of safety. There are some key business risks to mind that are food hygiene and safety issues incresing intensity of rivalry and milk price controling policies
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