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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.

Thematic (Sector/Industry)

VJC is a rare growth stock in the market. Having a core business growing at over 40%/year in the past five years is not common. As a result, the stock is trading at a P/E 2018F of 26x (EPS adjusted for sale and leaseback earnings). However, we are concerned that passenger growth from 2020 onward may slow down, while performance efficiency may decline due to the aggressive expansion of the fleet, higher oil prices or currency fluctuations.Accordingly, we only apply a target P/E of 18x for VJC in 2019. Combined with the EV/EBITDAR of 8x, our target price for VJC is VND 170,000. We recommend to ACCUMULATE the stock with a total upside of 19.

VJC is a rare growth stock in the market. Having a core business growing at over 40%/year in the past five years is not common. As a result, the stock is trading at a P/E 2018F of 26x (EPS adjusted for sale and leaseback earnings). However, we are concerned that passenger growth from 2020 onward may slow down, while performance efficiency may decline due to the aggressive expansion of the fleet, higher oil prices or currency fluctuations.Accordingly, we only apply a target P/E of 18x for VJC in 2019. Combined with the EV/EBITDAR of 8x, our target price for VJC is VND 170,000. We recommend to ACCUMULATE the stock with a total upside of 19.

[Result Update] VJC - Growth Speed to Watch Closely