Maintain BUY rating with target price of VND113,700
We maintain our BUY rating for Viettel Post JSC (VTP VN) and target price of VND113,700 (a potential upside of + 35.4% from the current price of VND84,000), as our full-year earnings forecast largely unchanged. The improving 1Q21delivery volume is mostly reflected in the recent increase of +3.7% in share price from our update report on April 26th ‘Riding on a big wave’. However, the long-term growth turnaround seems unlikely to be fully priced in, we expect, thus, the current share price still provides a good entry point.
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