{"id":23380,"date":"2024-06-18T16:37:40","date_gmt":"2024-06-18T09:37:40","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=23380"},"modified":"2024-06-18T16:37:40","modified_gmt":"2024-06-18T09:37:40","slug":"gtjasvn_ctr-equity-report_taking-off-with-the-future-of-telecommunications_hold_june-2024-eng","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_ctr-equity-report_taking-off-with-the-future-of-telecommunications_hold_june-2024-eng\/","title":{"rendered":"GTJASVN_CTR Equity Report_Taking off with the future of telecommunications_Hold_June 2024 &#8211; eng"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>INVESTMENT THESIS<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>The telecommunications infrastructure construction &#038; operation segment benefits from the Vietnam telecommunications infrastructure development plan. <\/strong>With the 5G infrastructure development roadmap, Viettel Group aims to own 30,000-50,000 5G BTS stations nationwide by 2030, showing a large amount of work and growth prospects for CTR in the next 5-10 years.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>TowerCo business outlook. <\/strong>With the number of BTSs constantly increasing, CTR currently owns the largest number of BTS stations among the Towercos operating in Vietnam. However, the company\u2019s tenancy rate is still very low compared to domestic and international businesses in the same industry (about 1.4-1.5). CTR&#8217;s Towerco profit margin and sales will increase sharply if the business can raise the tenancy ratio to be on par with other Towercos.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Prospects in providing integrated solutions <\/strong>along with green society trends and smart city development.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>RECOMMENDATION<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">We believe that CTR&#8217;s business model is very potential in the long term. With the target price of <strong>144,800VND\/share<\/strong>, equivalent to 4.9% lower than the closing price on June 14, we recommend &#8220;<strong>HOLD<\/strong>&#8221; for CTR stock.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n","protected":false},"author":32,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-23380","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_CTR Equity Report_Taking off with the future of telecommunications_Hold_June 2024 - eng - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_ctr-equity-report_taking-off-with-the-future-of-telecommunications_hold_june-2024-eng\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_CTR Equity Report_Taking off with the future of telecommunications_Hold_June 2024 - eng - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT THESIS The telecommunications infrastructure construction &#038; operation segment benefits from the Vietnam telecommunications infrastructure development plan. With the 5G infrastructure development roadmap, Viettel Group aims to own 30,000-50,000 5G BTS stations nationwide by 2030, showing a large amount of work and growth prospects for CTR in the next 5-10 years. TowerCo business outlook. 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