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

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<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><p><em>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.</em></p>

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

CMC Corporation

CMG - Interesting Growth Trajectory Ahead