Analysis Reports
Stockbiz.vn analysis reports provides a comprehensive and complete analysis of the industry, business and economic issues.
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Summary:
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By using FCFF method to derive the company’s intrinsic value, FPTS believe that its stock is undervalued. According to our valuation model, the 1Y-target is at 54,500 VND/share. In the perspective of medium and long-term investor, FPTS recommend a BUY as a 36.3% upside is more than an acceptable margin of safety. There are some key business risks to mind that are increasing intensity of rivalry, government controlling policies on consumption of alcoholic drinks including plan to rise special consumption tax (SCT) from 50% to 65% by 2018 and strong dependence on Saigon Beer-Alcohol-Beverage JSC (Sabeco), the parent company in both input and output. Investor should also consider risk of the stock’s low liquidity.
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