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SKG - [BUY + 21% TSR] - Well-poised to ride Phu Quoc’s tourism boom - Initiation

We initiate with a BUY rating on SKG and a target price of VND125,000. The number of visitors to Phu Quoc is expected to grow at a CAGR of 35-40% in the next 3 years. 88-90% of total visitors to Phu Quoc are local or domestic travelers, who are the main customers of SKG. The other 10-12% of total vistors are mainly foreign tourists who are major customers of the airlines that service Phu Quoc.