Research Center

GTJASVN_DPR Equity Report_AM update Q4 2021

17/02/2022

Share:

GTJASVN_DPR Equity Report_AM update Q4 2021

Investment thesis

  • Large landbank, which is going to be converted to industrial land development.
  • Stable rubber business, which enjoy benefit from higher selling price and high demand of export.
  • 2000 ha estate handover for next 10 years, approximately 200 ha per year, will bring stable cash flow about 200 bil VND/year.
  • Bac Dong Phu and Nam Dong Phu industrial park were already approved to be developed in master planning. We expect these projects will start in 2022 and bring cashflow in 2023.

Risk

  • The legal process may prolong than expected.
  • Industrial Park in Binh Phuoc is not attractive as in Binh Duong;
  • Slow infrastructure disbursement by the government, which restrict investment in industrial park in Binh Phuoc.

Recommendation: 

We value 3 separated cashflow streams from estate handover, rubber business and industrial park, then we estimate DPR stock at 73,500 VND/share. We recommend Neutral for DPR stock.

Danh sách báo cáo liên quan

(EN) GTJASVN RS_VIETNAM AUTO AND MOTOR SECTOR_POLICY AND CONSUMER TREND LEVERAGE_AUG 2025

13/08/2025

Vietnam’s automobile market maintains its growth momentum thanks to: The rising proportion of the middle class in Vietnam and the increasing trend of...

(EN) GTJASVN_SIP_Updates on 1H.2025 Business Result_07.08.2025

08/08/2025

KEY HIGHLIGHTS  Saigon VRG Investment Corporation (SIP) announced its Q2/2025 business results, with revenue reaching nearly VND 2,130 billion (+10% YoY...

(EN) GTJASVN_VPB Equity Report_Q2.2025 Eaning Updates_Aug2025_

08/08/2025

VPB 1H 2025 BUSINESS RESULTS UPDATE UPDATE ON BUSINESS OPERATIONS In Q2 2025, VPBank delivered robust results, with 1H pre‐tax profit of VND 11,229 billion—a...

Contact

    For compliance information, please contact:

    compliance@gtjas.com.vn

    • Stock index
    • VNINDEX: 1645.47   -42.53   (-2.52%)
    • HNX: 272.48   -11.91   (-4.19%)