Raise target price to VND107,800, maintain BUY rating
We increase the target price for Viettel Post JSC (VTP VN) by +18% to VND107,800 from our previous stock-dividend-adjusted target price of VND91,200, implying a potential upside of + 26.5%. Given a +27% increase in Viettel Post share price from our report ‘Turnaround in eyesight’ on May 14th, we believe that the long-term growth prospect has not been fully priced in. Thus, there is still ample upside for Viettel Post, although the recent COVID-19 outbreak in Vietnam may impose a tough business environment.
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