External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We cut our target price (TP) for CTR by 17% to VND114,300/share but upgrade our rating from MARKET PERFORM to OUTPERFORM as its share price has dropped ~20% over the past five months.</li><li>Our lower TP reflects a 24% lower DCF valuation driven by a 15% cut in our 2025-32F aggregate NPAT-MI forecasts and a 1.2-ppts increase in WACC, partly offset by the positive impact of rolling our TP horizon forward to mid-2026.</li><li>We cut our aggregate earnings forecasts as we lower our 2024-32F operation revenue CAGR from 10% to 4% (reflecting the maturity of the telecom network operation business) and our assumed 2025-32F average towerco GPM from 31.3% to 27.0% (factoring in new towers with lower initial GPMs due to CTR typically allocating a higher portion of depreciation expenses during the early years of a tower’s lifecycle).</li></ul><p><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></p>

We cut our target price (TP) for CTR by 17% to VND114,300/share but upgrade our rating from MARKET PERFORM to OUTPERFORM as its share price has dropped ~20% over the past five months.Our lower TP reflects a 24% lower DCF valuation driven by a 15% cut in our 2025-32F aggregate NPAT-MI forecasts and a 1.2-ppts increase in WACC, partly offset by the positive impact of rolling our TP horizon forward to mid-2026.We cut our aggregate earnings forecasts as we lower our 2024-32F operation revenue CAGR from 10% to 4% (reflecting the maturity of the telecom network operation business) and our assumed 2025-32F average towerco GPM from 31.3% to 27.0% (factoring in new towers with lower initial GPMs due to CTR typically allocating a higher portion of depreciation expenses during the early years of a tower’s lifecycle).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 - 인프라 임대가 성장을 주도하고 운영은 둔화될 전망

Viettel Construction

CTR - 인프라 임대가 성장을 주도하고 운영은 둔화될 전망