Research Center
Quay lại

HT1 [O-PF +18%] - Stellar 3Q buoys expectation - Update

Impressive 3Q result despite suffering a forex loss of VND 83b, propelled by stronger-than-expected cement sales volume and margin expansion. Cement demand is strong driven by the construction segment. As such, we raise TP to VND31,700, following an upward revision of 20% to FY15 EPS forecast (adjusted for allocation to bonus and welfare fund per Circular 200) as we nudged up our cement sales volume forecast by 4.6% and EBITDA margin by 80 bps.