Saigon Beer - Alcohol - Beverage Corporation (SAB) is the second largest beer producer in Vietnam with a market share of 34%. Based on FCFF and PE methods, we recommend buy SAB with a target price of VND 182,700. The revenue and NPAT of SAB will increase in the future because: (1) Young population and growing middle class contribute to promoting beer consumption; (2) The recovery of tourism and the return of football tournaments stimulate beer consumption; and (3) Strong financial position, maintaining a stable dividend.
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