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DIG [UNDERPERFORM -11.1%] - Capital raising required to progress project development - Update

- We decrease our target price for DIG by 2.6% to VND33,500/share but upgrade our rating from SELL to UNDERPERFORM as DIG’s share price has declined 24% over the past three months. 

- Our lower target price vs previously VND34,400/share (adjusted for 17% stock dividend and 5% bonus share issuance in July 2022) is mainly due to our 0.5-ppt higher risk-free rate assumption, which is partly offset by a lower net debt balance as of end-Q2 2022.

- We decrease our 2022F NPAT-MI forecast by 3% to VND998bn (USD43.4mn; flat vs 2021) mainly due to a higher projection for interest expenses. We continue to expect handovers at the Nam Vinh Yen and Vi Thanh projects to support our 2022F NPAT-MI forecast while we expect a YoY lower divestment gain in the year.


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