Phân tích Cổ phiếu

Ngày đăng: 18/02/2020

Lower earnings prospect offset by high dividend yield

– We lower our target price by 16% to VND 22,300 (11% upside) due to changing our valuation method. We use DDM method only to value NT2 stock instead of a
combination of DDM and P/E methods in the previous report.
– We also decrease our net profit in the period of FY22 – FY25 by 24% on average.
– However, we maintain HOLD recommendation for NT2. We believe NT2 is ideal for riskaverse investors given its low downside risk and expected annual dividend yield of 10% on average.