External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Binh Thanh Import Export Production And Trade Jsc / Equity Bottom-Up

Binh Thanh Import Export Production And Trade Jsc (GIL VN)

Binh Thanh Import Export Production And Trade Jsc

<ul><li>Raise TP to VND30,500; downgrade to Hold rating: We separately valuate the NPV of the Phu Bai and Vinh Long IZ projects, while using the discounted FCFF method for the garment segment to value Binh Thanh Import - Export Production &amp; Trade JSC (GIL) stock, with the following key assumptions: 1) A required rate of return of 14% (down from the previous 15%);</li><li>2) a terminal growth rate of 0% in 2032; and 3) the assumption that inflows from leasing should come in eight years from 2024.</li><li>Thus, we raise our target price to VND30,500 (from the previous VND25,000) and downgrade our rating to Hold (from Buy), as GIL’s share price has increased by 56% (vs. 19% for the VN-Index) since our previous report.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Raise TP to VND30,500; downgrade to Hold rating: We separately valuate the NPV of the Phu Bai and Vinh Long IZ projects, while using the discounted FCFF method for the garment segment to value Binh Thanh Import - Export Production &amp; Trade JSC (GIL) stock, with the following key assumptions: 1) A required rate of return of 14% (down from the previous 15%);2) a terminal growth rate of 0% in 2032; and 3) the assumption that inflows from leasing should come in eight years from 2024.Thus, we raise our target price to VND30,500 (from the previous VND25,000) and downgrade our rating to Hold (from Buy), as GIL’s share price has increased by 56% (vs. 19% for the VN-Index) since our previous report.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Binh Thanh Import - Export Production & Trade JSC - Struggle to Restructure Customer Portfolio