External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We broadly maintain our target price (TP) for CTR at VND137,700/share but downgrade our rating from BUY to OUTPERFORM as the share price has increased ~7% over the past three months.</li><li>Our nearly unchanged TP is due to (1) a 2% lower DCF valuation (due to our 8% lower aggregate 2024-2031F EBITDA forecast partly offsetting the positive impact of rolling our TP horizon forward to end-2025) and (2) a 5% higher sum-of-the-parts (SoTP) valuation (due to using our 2025F EBITDA projection instead of the average of the 2024-2025F EBITDA projections, as we roll our TP to end-2025).</li><li>We cut our aggregate 2024-2031F NPAT-MI forecast by 10% (respective cuts of 6%/4%/9%/11% for 2024/25/26/27F and an average cut of 11% during 2028-2031F) due to (1) lowering our forecasts of the number of new towers in 2024F (from 4,500 to 4,000) and 2025F (from 5,000 to 4,000), and (2) reducing our projected towerco EBITDA margin by 1.1 ppts on average in 2024-2031F following a lower-than-expected estimated EBITDA margin in 9M 2024.</li></ul>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.

We broadly maintain our target price (TP) for CTR at VND137,700/share but downgrade our rating from BUY to OUTPERFORM as the share price has increased ~7% over the past three months.Our nearly unchanged TP is due to (1) a 2% lower DCF valuation (due to our 8% lower aggregate 2024-2031F EBITDA forecast partly offsetting the positive impact of rolling our TP horizon forward to end-2025) and (2) a 5% higher sum-of-the-parts (SoTP) valuation (due to using our 2025F EBITDA projection instead of the average of the 2024-2025F EBITDA projections, as we roll our TP to end-2025).We cut our aggregate 2024-2031F NPAT-MI forecast by 10% (respective cuts of 6%/4%/9%/11% for 2024/25/26/27F and an average cut of 11% during 2028-2031F) due to (1) lowering our forecasts of the number of new towers in 2024F (from 4,500 to 4,000) and 2025F (from 5,000 to 4,000), and (2) reducing our projected towerco EBITDA margin by 1.1 ppts on average in 2024-2031F following a lower-than-expected estimated EBITDA margin in 9M 2024.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.

CTR [OUTPERFORM +12.8%] - Outlook Remains Positive, Fueled by Infrastructure Leasing

Viettel Construction

CTR [OUTPERFORM +12.8%] - Outlook Remains Positive, Fueled by Infrastructure Leasing