External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

RongViet Securities Corporation (RongViet) was established in 2007, licensed to perform the complete range of securities services including brokerage, financial investment, underwriting, financial and investment advisory and securities depository. RongViet now has an operating network that spreads across the country. Our major shareholders, also our strategic partners, are reputable institutions, i.e Eximbank, Viet Dragon Fund Management, etc... Along with a team of the professional and dynamic staffs, RongViet has the man power as well as the financial capacity to bring our clients the most suitable and efficient products and services. Especially, RongViet was one of the very first securities firms to pay the adequate attention to the development of a team of analysts and the provision of useful research report to investors.

The Analysis and Investment Advisory Department of RongViet Securities provides research reports on the macro-economy, securities market and investment strategy along with industry and company reports and daily and weekly market reviews.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

VJC is a rare growth stock in the market. Having a core business growing at over 40%/year in the past five years is not common. As a result, the stock is trading at a P/E 2018F of 26x (EPS adjusted for sale and leaseback earnings). However, we are concerned that passenger growth from 2020 onward may slow down, while performance efficiency may decline due to the aggressive expansion of the fleet, higher oil prices or currency fluctuations.Accordingly, we only apply a target P/E of 18x for VJC in 2019. Combined with the EV/EBITDAR of 8x, our target price for VJC is VND 170,000. We recommend to ACCUMULATE the stock with a total upside of 19.

VJC is a rare growth stock in the market. Having a core business growing at over 40%/year in the past five years is not common. As a result, the stock is trading at a P/E 2018F of 26x (EPS adjusted for sale and leaseback earnings). However, we are concerned that passenger growth from 2020 onward may slow down, while performance efficiency may decline due to the aggressive expansion of the fleet, higher oil prices or currency fluctuations.Accordingly, we only apply a target P/E of 18x for VJC in 2019. Combined with the EV/EBITDAR of 8x, our target price for VJC is VND 170,000. We recommend to ACCUMULATE the stock with a total upside of 19.

【決算速報】VJC - 成長スピードに注目