Company Insight

Update recommendation HOLD, target price at VND 30,200

PC1 is a long-established electrical construction company in Vietnam. Currently, PC1 operates in three main business segments: electrical construction, industrial manufacturing, renewable energy investment, and two other segments including mining and industrial real estate. Based on the SOTP valuation method, we update PC1's target price to VND 30,200. In 2024, we believe PC1 continues to be an attractive investment because: (1) Workload in the construction segment increases strongly; (2) Hydropower output is expected to recover in the second half of 2024; (3) The mining segment, which was launched in Q3/2023, operates throughout 2024.