28/06/2024
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INVESTMENT THESIS 1/ The company’s position in the industry is strong with a significant backlog. We estimate that the backlog for 2024-2025 will continue to remain high, reaching approximately 26,000 billion VND. 2/ Solid revenue growth potential thanks to “redirecting” to the industrial park construction segment: The backlog rate of the industrial segment increased sharply from 10% in the period 2020-2022 to 35% in 2023 and is expected to reach 45% by the end of FY2025. 3/ Good financial potential helps increase competitiveness: CTD holds 2,382 billion VND in cash, equivalent to 11% of total assets (Q3.FY24 financial statements), the Loan/Equity ratio reaches 0.13 times, among the lowest in the industry and help businesses increase their competitiveness when bidding. RECOMMENDATIONS Using the FCFE method, we evaluate the target price of CTD stock at 83,500 VND/share (upside 15% compared to the closing price on June 25, 2024), recommending BUY for CTD. |
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