04/03/2021 - 16:48
DHC: Rapid expansion to capture growing demand
We recommend BUY with target price of VND 97,871 based on a weighted approach of FCFF (50%) and PER (50%). Despite being a growth stock, DHC appears to be the most profitable paper firm in the region, with 2020 ROE of 31% (triple that of the regional peer median) underpinned by reasonably low assets/equity leverage of 1.6x and high net margin of 13%.
