Research Center
Quay lại

HT1 [BUY +36.2%] - HT1 looks cheap given stable earnings outlook - Update

We reiterate our BUY rating for HT1 as we believe the stock has fallen into undervalued territory given its stable earnings outlook and healthy cash flow. HT1 is currently trading at a 2018F EV/EBITDA of 5.3x, well below peers who are trading at a TTM EV/EBITDA of 10.2x. We forecast 2018 NPAT-MI of VND646 billion (USD28.5 million), up 37% from a low 2017 base, mostly driven by lower interest expense.