CTR – Update – Investment opportunity for long-term horizon
Posted:16/05/2025
• 1Q25 NP increased 5% yoy, achieving only 19% of our full-year forecast. The infrastructure leasing segment served as the main growth driver, partially offsetting weak performance in construction and operations.
• Revised down 2025/26/27 NP by 12%/19%/23%, due to a more cautious outlook on the growth potential of the operation, construction. Post-adjustment, NP is expected to grow by 5%/10%/14% yoy.
• Reiterate ADD with lower target price of VND119,900/share.
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