{"id":11956,"date":"2022-02-17T09:19:03","date_gmt":"2022-02-17T02:19:03","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=11956"},"modified":"2022-02-17T09:22:23","modified_gmt":"2022-02-17T02:22:23","slug":"gtjasvn_dpr-equity-report_am-update-q4-2021","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/","title":{"rendered":"GTJASVN_DPR Equity Report_AM update Q4 2021"},"content":{"rendered":"<p style=\"text-align: center\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong>GTJASVN_DPR Equity Report_AM update Q4 2021<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 14px\">Investment thesis<\/span><\/strong><\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><span style=\"font-size: 14px;font-family: arial, helvetica, sans-serif\"> Large landbank, which is going to be converted to industrial land development.<\/span><\/li>\n<li><span style=\"font-size: 14px;font-family: arial, helvetica, sans-serif\"> Stable rubber business, which enjoy benefit from higher selling price and high demand of export.<\/span><\/li>\n<li><span style=\"font-size: 14px;font-family: arial, helvetica, sans-serif\"> 2000 ha estate handover for next 10 years, approximately 200 ha per year, will bring stable cash flow about 200 bil VND\/year.<\/span><\/li>\n<li><span style=\"font-size: 14px;font-family: arial, helvetica, sans-serif\"> 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.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 14px\">Risk<\/span><\/strong><\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><span style=\"font-size: 14px;font-family: arial, helvetica, sans-serif\"> The legal process may prolong than expected.<\/span><\/li>\n<li><span style=\"font-size: 14px;font-family: arial, helvetica, sans-serif\"> Industrial Park in Binh Phuoc is not attractive as in Binh Duong;<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Slow infrastructure disbursement by the government, which restrict investment in industrial park in Binh Phuoc.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 14px\">Recommendation:\u00a0<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14px;font-family: arial, helvetica, sans-serif\">We value 3 separated cashflow streams from estate handover, rubber business and industrial park, then we estimate DPR stock at <strong>73,500 VND\/share<\/strong>. We recommend <strong>Neutral<\/strong> for DPR stock.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-11956","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_DPR Equity Report_AM update Q4 2021 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_DPR Equity Report_AM update Q4 2021 - GTJA\" \/>\n<meta property=\"og:description\" content=\"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 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-17T02:22:23+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gtjai.com.vn\/#website\",\"url\":\"https:\/\/gtjai.com.vn\/\",\"name\":\"GTJA\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/gtjai.com.vn\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/\",\"name\":\"GTJASVN_DPR Equity Report_AM update Q4 2021 - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2022-02-17T02:19:03+00:00\",\"dateModified\":\"2022-02-17T02:22:23+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GTJASVN_DPR Equity Report_AM update Q4 2021\"}]}]}<\/script>","yoast_head_json":{"title":"GTJASVN_DPR Equity Report_AM update Q4 2021 - GTJA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/","og_locale":"en_US","og_type":"article","og_title":"GTJASVN_DPR Equity Report_AM update Q4 2021 - GTJA","og_description":"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 [&hellip;]","og_url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/","og_site_name":"GTJA","article_modified_time":"2022-02-17T02:22:23+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/gtjai.com.vn\/#website","url":"https:\/\/gtjai.com.vn\/","name":"GTJA","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gtjai.com.vn\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/#webpage","url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/","name":"GTJASVN_DPR Equity Report_AM update Q4 2021 - GTJA","isPartOf":{"@id":"https:\/\/gtjai.com.vn\/#website"},"datePublished":"2022-02-17T02:19:03+00:00","dateModified":"2022-02-17T02:22:23+00:00","breadcrumb":{"@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_dpr-equity-report_am-update-q4-2021\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gtjai.com.vn\/en\/"},{"@type":"ListItem","position":2,"name":"GTJASVN_DPR Equity Report_AM update Q4 2021"}]}]}},"_links":{"self":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/11956\/"}],"collection":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/"}],"about":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/types\/research\/"}],"author":[{"embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/users\/1\/"}],"wp:attachment":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=11956"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=11956"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=11956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}