External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<ul><li>CMC Corporation (HOSE: CMG) is the second largest listed IT services provider in Vietnam.</li><li>CMG provides IT &amp; software services, Internet, data center, and education services.</li><li> In FY2019-23, CMG posted an 11% revenue CAGR and a 24% NPAT-MI CAGR, driven by the company’s profitable digital infrastructure services and the widening PBT margin of its global business in FY2020-23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMC Corporation (HOSE: CMG) is the second largest listed IT services provider in Vietnam.CMG provides IT &amp; software services, Internet, data center, and education services. In FY2019-23, CMG posted an 11% revenue CAGR and a 24% NPAT-MI CAGR, driven by the company’s profitable digital infrastructure services and the widening PBT margin of its global business in FY2020-23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMG [NOT RATED] - Global IT, Digital Infrastructure Driving Strong Growth - Company Report

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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<ul><li>We initiate coverage on CMG with atREDUCE as we expect current valuationwill leave limited room for upside potential in near-term.</li><li>This is due to the fact that FPT, a leading Tech company in Vietnam, is being traded at 30% discount to CMG based on FY22F P/E despite the fact that FPT’s ROE and profit margins outperform CMG’s.</li><li>Having said that, we project that CMG will outgrow FPT going forward due to its relatively small current scale of key businesses (CMG’s 5Y CAGR of 30% vs FPT’s of 21%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate coverage on CMG with atREDUCE as we expect current valuationwill leave limited room for upside potential in near-term.This is due to the fact that FPT, a leading Tech company in Vietnam, is being traded at 30% discount to CMG based on FY22F P/E despite the fact that FPT’s ROE and profit margins outperform CMG’s.Having said that, we project that CMG will outgrow FPT going forward due to its relatively small current scale of key businesses (CMG’s 5Y CAGR of 30% vs FPT’s of 21%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMG - Interesting Growth Trajectory Ahead

Viet Capital Securities Joint Stock Company

Luan Nguyen

Independent Insight Provider

One of the two leading companies in system integration in Vietnam: The company dominates the market in terms of IT investment capex, and IT applications in various sectors such as Government, Finance (Insurance &amp; Banking), Education etc. According to Ho Chi Minh City Computer Association - HCA: CMC Group (CMG) is one of the two leading software companies in Vietnam and second in domestic market of distribution hardware products.

One of the two leading companies in system integration in Vietnam: The company dominates the market in terms of IT investment capex, and IT applications in various sectors such as Government, Finance (Insurance &amp; Banking), Education etc. According to Ho Chi Minh City Computer Association - HCA: CMC Group (CMG) is one of the two leading software companies in Vietnam and second in domestic market of distribution hardware products.

CMC Corporation (CMG): Fastest Growing Public Tech Company in Vietnam

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

Opportunity OverviewFPT Corporation is a clear stock pick in Vietnam, yet the company has disappointingly not yet decided to open the company up to full foreign ownership.  The divestment of the SCIC's stake in this company is crucial future step, yet this only represents 6% of the company's shares.  The opportunity for FPT Corporation is well worth noting and monitoring in the future, and investors should also note that there is ample foreign room available for Digiworld Corporation, which also has a strong standing as a retailer for technology products.

Opportunity OverviewFPT Corporation is a clear stock pick in Vietnam, yet the company has disappointingly not yet decided to open the company up to full foreign ownership.  The divestment of the SCIC's stake in this company is crucial future step, yet this only represents 6% of the company's shares.  The opportunity for FPT Corporation is well worth noting and monitoring in the future, and investors should also note that there is ample foreign room available for Digiworld Corporation, which also has a strong standing as a retailer for technology products.

Vietnam's Technology Sector: FPT Corporation and Digiworld Corporation

In September 2015, Vietnam removed the foreign ownership limitation, allowing companies to open up to 100% foreign ownership, yet the actually implementation has been frustratingly slow.  <a href="https://www.smartkarma.com/entities/5050" target="_blank" data-smartkarma-citation="entities:5050">Saigon Securities Inc</a> became the first company to open up to 100% foreign ownership, and the company currently has 52.3% foreign ownership.  Approximately 30 companies in Vietnam are fully held by foreign investors, and it is certainly reasonable to assume that these companies are strong investment picks in…

 In September 2015, Vietnam removed the foreign ownership limitation, allowing companies to open up to 100% foreign ownership, yet the actually implementation has been frustratingly slow.  Saigon Securities Inc became the first company to open up to 100% foreign ownership, and the company currently has 52.3% foreign ownership.  Approximately 30 companies in Vietnam are fully held by foreign investors, and it is certainly reasonable to assume that these companies are strong investment picks in…

Some More Thoughts on Vietnam's FOL Removal

Vietnam

CMC Corporation manufactures computers.  The Company produces desktop and laptop computers and servers.  CMC also offers systems integration services.

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CMC Corporation (CMG VN)

CMG [NOT RATED] - Global IT, Digital Infrastructure Driving Strong Growth - Company Report

CMC Corporation (HOSE: CMG) is the second largest listed IT services provider in Vietnam. CMG provides IT & software services, Internet, data...

Vietcap

CMG - Interesting Growth Trajectory Ahead

We initiate coverage on CMG with atREDUCE as we expect current valuationwill leave limited room for upside potential in near-term.

Rong Viet Securities

CMC Corporation (CMG): Fastest Growing Public Tech Company in Vietnam

One of the two leading companies in system integration in Vietnam: The company dominates the market in terms of IT investment capex, and IT...

Luan Nguyen

Vietnam's Technology Sector: FPT Corporation and Digiworld Corporation

Opportunity OverviewFPT Corporation is a clear stock pick in Vietnam, yet the company has disappointingly not yet decided to open the company up to...

Nomadic Equity

Some More Thoughts on Vietnam's FOL Removal

In September 2015, Vietnam removed the foreign ownership limitation, allowing companies to open up to 100% foreign ownership, yet the actually...

Nomadic Equity

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