{"id":9645,"date":"2021-08-05T08:40:14","date_gmt":"2021-08-05T01:40:14","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&p=9645"},"modified":"2021-10-14T08:41:47","modified_gmt":"2021-10-14T01:41:47","slug":"gtjavn_tdm-equity-report_buy-upside-33-1_essential-goods-during-pandemic-outbreak","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjavn_tdm-equity-report_buy-upside-33-1_essential-goods-during-pandemic-outbreak\/","title":{"rendered":"GTJAVN_TDM Equity Report_Buy-upside 33.1%_Essential goods during pandemic outbreak"},"content":{"rendered":"

Investment Thesis<\/strong>\u00a0<\/span><\/p>\n

–\u00a0 Defensive industry providing essential goods and service, which stalely grow 10%\/year without disruption.<\/span><\/p>\n

–\u00a0 Water supply is less impacted by Covid pandemic outbreak since the demand for house consumption grow but demand for manufacturing reduce, then canceling the negative impact.<\/span><\/p>\n

–\u00a0 Binh Duong population growth and high immigration rate are the base for future demand, higher than Hanoi and HCMC. FDI has been grew significantly and Binh Duong is in top 5 of FDI attraction.<\/span><\/p>\n

–\u00a0 Owning monopoly pipeline distributor Biwase in Binh Duong Province. Selling price will adjusted upward in 2023, estimated at average of 5%\/year<\/span><\/p>\n

–\u00a0 Widen gap between BWE and TDM capitalization now reaches 250%, higher than average of 142% since TDM is holding 38.5% of BWE share outstanding.<\/span><\/p>\n

Risk<\/strong><\/span><\/p>\n

–\u00a0 Selling price is limited by authority.<\/span><\/p>\n

–\u00a0 Upside potential is limited by revenue while downside risk is not.<\/span><\/p>\n

–\u00a0 High cost of investment when expand to Dong Nai and Binh Phuoc<\/span><\/p>\n

–\u00a0 Pandemic impact on water using for manufacturing.<\/span><\/p>\n

Recommendation:<\/strong><\/span><\/p>\n

Reflecting the fact mentioned above, we estimate that TDM\u2019s price (not including BWE) is about 22,300 VND\/share. We think current market value of BWE, reflect intrinsic value of BWE, which is from 33,000 VND\/share to 40,000 VND\/share. Then the value of TDM should be from 35,000 VND\/share to 43,720 VND\/share.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-9645","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"GTJAVN_TDM Equity Report_Buy-upside 33.1%_Essential goods during pandemic outbreak - 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\/gtjavn_tdm-equity-report_buy-upside-33-1_essential-goods-during-pandemic-outbreak\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJAVN_TDM Equity Report_Buy-upside 33.1%_Essential goods during pandemic outbreak - GTJA\" \/>\n<meta property=\"og:description\" content=\"Investment Thesis\u00a0 –\u00a0 Defensive industry providing essential goods and service, which stalely grow 10%\/year without disruption. –\u00a0 Water supply is less impacted by Covid pandemic outbreak since the demand for house consumption grow but demand for manufacturing reduce, then canceling the negative impact. –\u00a0 Binh Duong population growth and high immigration rate are the base […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/gtjavn_tdm-equity-report_buy-upside-33-1_essential-goods-during-pandemic-outbreak\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-14T01:41:47+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\/gtjavn_tdm-equity-report_buy-upside-33-1_essential-goods-during-pandemic-outbreak\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjavn_tdm-equity-report_buy-upside-33-1_essential-goods-during-pandemic-outbreak\/\",\"name\":\"GTJAVN_TDM Equity Report_Buy-upside 33.1%_Essential goods during pandemic outbreak - 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