Phân tích Cổ phiếu

Ngày đăng: 06/03/2019

Flat outlook but still attractive

– Container volume transshipping at Vietnam’s ports was 17.8 million TEU, up 24% YoY, underpinned by solid exports growth. In 2018, Haiphong ports handled 5 million TEU, up 12% YoY. In particular, forward oversupply in Haiphong will be widened as the supply increase is faster than demand growth

– VSC’s growth will be stalled from 2019 as the company’s ports are operating at full capacity utilization rate. VSC planned to invest in a new terminal in Lach Huyen area in the period 2022-2023. However, the plan is relatively far away with no details yet, and thus we do not take it into account for forecasting and valuation. We maintain our BUY call on cheap valuation and decent dividend yield of 5%.