{"id":69125,"date":"2020-06-04T15:28:06","date_gmt":"2020-06-04T08:28:06","guid":{"rendered":"https:\/\/yuanta.com.vn\/?post_type=phan-tich&p=69125"},"modified":"2020-06-05T14:39:25","modified_gmt":"2020-06-05T07:39:25","slug":"agm-notes-ntc3-is-already-priced-in","status":"publish","type":"phan-tich","link":"https:\/\/yuanta-uat.ysvn.com.vn\/en\/analysis\/agm-notes-ntc3-is-already-priced-in","title":{"rendered":"[NTC VN] AGM Notes: NTC3 is already priced in"},"content":{"rendered":"

Not Rated<\/h1>\n

Close 4 Jun 2020<\/p>\n

Price \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 VND201,900<\/strong><\/p>\n

12M Target\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NA<\/strong><\/p>\n

AGM Notes: NTC3 is already priced in<\/h2>\n

NTC held its AGM <\/strong>yesterday morning (June 3).<\/p>\n

Key takeaways<\/h2>\n

Earnings to decline YoY in 2020 due to the delayed NTC3 project. <\/strong>NTC targets PAT of VND177bn (-25% YoY), but sets its operating revenue and financial income target at VND390bn (+2% YoY). The NTC1 and NTC2 industrial parks are at nearly full take-up rates. Management expects NTC3 to drive growth in earnings and cash flow going forward, but it does not expect lease signing to start until 4Q20 at the earliest.<\/p>\n

NTC3-related costs will be higher than previously guidance <\/strong>as NTC raised its land compensation guidance from VND209bn (which was announced last year) to VND856bn. Additionally, NTC will pay VND2,618bn to the government for a 50-year lease, equivalent to VND7.5bn per hectare NLA. This is c.90% higher than what it paid for land rental at NTC1 and NTC2.<\/p>\n

NTC plans to list on the HSX in Aug 2020<\/strong> and the BOD has opted to issue shares to increase its charter capital. Shareholders at the AGM also approved an additional maximum credit line of VND3,212bn to fund the NTC3 project.<\/p>\n

2019 dividend per share of VND10K is equivalent to a 5% dividend yield. <\/strong>AGM voters agreed to a 2020 profit distribution plan in which the minimum dividend per share will be VND8K, equivalent to a 4% forward yield.<\/p>\n

Investment plan in NTC4 industrial park. <\/strong>NTC4 is a component of the Binh Duong authorities\u2019 2021-2025 land use plan. Details of this planned project must be submitted to the provincial authorities, then the development partners (i.e., PHR and NTC) will determine their respective capital contributions. NTC4\u2019s planned area comprises 700ha of what is now agricultural land under PHR\u2019s management. PHR and NTC have agreed to establish a joint venture to invest in NTC4. Details of the NTC4 project\u2019s plan are to be unveiled by the end of this year.<\/p>\n

Our view<\/h2>\n

We believe that industrial property is primed to benefit <\/strong>from manufacturer migration due to Vietnam\u2019s cost advantages, proximity to China\u2019s manufacturing ecosystem, and substantial array of international trade agreements. However, we believe that transport infrastructure is a crucial obstacle for foreign firms operating production facilities here. Therefore, industrial parks located in convenient areas are especially likely to benefit from increased demand, and NTC3 is among that group.<\/p>\n

NTC\u2019s share price likely reflects its fair value <\/strong>based on our back-of-the-envelope calculation. \u00a0Investors might consider waiting for details of the planned NTC4 project (to be unveiled by yearend) before revisiting NTC as a stock idea. Given that PRH already has two major projects in their pipeline, it is possible that NTC might hold 80% of the potential NTC4 joint venture, with PHR taking up the remaining 20% stake.<\/p>\n

For the complete report, please access here: [NTC VN] NTC3 is already priced in<\/a><\/p>\n

Analyst: Tam Nguyen, tam.nguyen@yuanta.com.vn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Not Rated Close 4 Jun 2020 Price \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 VND201,900 12M Target\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NA AGM Notes: NTC3 is already priced in NTC held its AGM yesterday morning (June 3). Key takeaways Earnings to decline YoY in 2020 due to the delayed NTC3 project. NTC targets PAT of VND177bn (-25% YoY), but sets its operating revenue and…<\/p>\n","protected":false},"author":10,"featured_media":0,"template":"","class_list":["post-69125","phan-tich","type-phan-tich","status-publish","hentry"],"acf":[],"yoast_head":"\n[NTC VN] AGM Notes: NTC3 is already priced in | Yuanta Vietnam<\/title>\n<meta name=\"description\" content=\"Not Rated Close 4 Jun 2020 Price \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 VND201,900 12M Target\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NA AGM Notes: NTC3 is already priced in NTC held its AGM\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[NTC VN] AGM Notes: NTC3 is already priced in\" 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