Research Center

GTJASVN_CTR Equity Report_Taking off with the future of telecommunications_Hold_June 2024 – eng

18/06/2024

Share:

INVESTMENT THESIS

The telecommunications infrastructure construction & operation segment benefits from the Vietnam telecommunications infrastructure development plan. With the 5G infrastructure development roadmap, Viettel Group aims to own 30,000-50,000 5G BTS stations nationwide by 2030, showing a large amount of work and growth prospects for CTR in the next 5-10 years.

TowerCo business outlook. With the number of BTSs constantly increasing, CTR currently owns the largest number of BTS stations among the Towercos operating in Vietnam. However, the company’s tenancy rate is still very low compared to domestic and international businesses in the same industry (about 1.4-1.5). CTR’s Towerco profit margin and sales will increase sharply if the business can raise the tenancy ratio to be on par with other Towercos.

Prospects in providing integrated solutions along with green society trends and smart city development.

RECOMMENDATION

We believe that CTR’s business model is very potential in the long term. With the target price of 144,800VND/share, equivalent to 4.9% lower than the closing price on June 14, we recommend “HOLD” for CTR stock.

 

Danh sách báo cáo liên quan

(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025

17/10/2025

Strengthen the value chain KEY HIGHLIGHTS DGC is a leading chemical enterprise in Vietnam, holding a dominant position in the supply of yellow phosphorus...

GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025

15/10/2025

GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 MWG is returning to a new growth cycle in 2025–2030 with three key...

(EN) GTJAVN_DBC Equity Report _Positive medium-term outlook _TP29500_Sep 30 2025

02/10/2025

Positive medium-term outlook KEY HIGHLIGHTS DBC is one of the leading pig farming enterprises in Vietnam. During the period 2024–6M2025, the company’s...

Contact

    For compliance information, please contact:

    compliance@gtjas.com.vn

    • Stock index
    • VNINDEX: 1731.19   -35.66   (-2.02%)
    • HNX: 276.11   -0.97   (-0.35%)