External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Sonadezi Chau Duc Shareholding / Equity Bottom-Up

<ul><li>We lowered our target price for Sonadezi Chau Duc Shareholding (SZC) by 12.5% to VND78,400/share, based on: 1) a higher discount rate of 14.9%, using the RNAV method; and 2) the lower average P/B of 3.48x of comparable companies</li><li>In 1Q22, SZC announced revenue of VND277.3bn, up 56% YoY, thanks to land leasing and management revenue</li><li>In 2022, we expect earnings momentum to be maintained, with NPAT of VND601bn (+85% YoY)</li></ul>

We lowered our target price for Sonadezi Chau Duc Shareholding (SZC) by 12.5% to VND78,400/share, based on: 1) a higher discount rate of 14.9%, using the RNAV method; and 2) the lower average P/B of 3.48x of comparable companiesIn 1Q22, SZC announced revenue of VND277.3bn, up 56% YoY, thanks to land leasing and management revenueIn 2022, we expect earnings momentum to be maintained, with NPAT of VND601bn (+85% YoY)

Sonadezi Chau Duc Shareholding: Residential Segment to Enjoy Strong Earnings