Initiate coverage with BUY call and Target price of VND46,200
Saigon Port JSC, one of the largest seaport operators in Vietnam, is our top picks in seaport players, given that: 1) competitive advantages of Saigon - Hiep Phuoc port (favorable geographical position and supported shipping lines) in Hochiminh City; 2) bearing fruit from their joint ventures in Cai Mep-Thi Vai are deep seaports, which will improve its return on equity over the upcoming years; and 3) Holding the “golden land” in HCMC city central. Via employing DCF valuation method, we initiate the BUY rating and target price of VND46,200 (a potential upside of +31.6% from the current price of VND35,100).
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