{"id":23959,"date":"2024-06-28T14:53:18","date_gmt":"2024-06-28T07:53:18","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=23959"},"modified":"2024-07-09T14:54:32","modified_gmt":"2024-07-09T07:54:32","slug":"gtjasvn_ctd-equity-report_buy_june2024_engver","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_ctd-equity-report_buy_june2024_engver\/","title":{"rendered":"GTJASVN_CTD Equity Report_BUY_June2024_engver"},"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>1\/ The company&#8217;s position in the industry is strong with a significant backlog. <\/strong>We estimate that the backlog for 2024-2025 will continue to remain high, reaching approximately 26,000 billion VND.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>2\/ Solid revenue growth potential thanks to &#8220;redirecting&#8221; to the industrial park construction segment: <\/strong>The backlog rate of the industrial segment increased sharply from 10% in the period 2020-2022 to 35% in 2023 and is expected to reach 45% by the end of FY2025.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>3\/ Good financial potential helps increase competitiveness: <\/strong>CTD holds 2,382 billion VND in cash, equivalent to 11% of total assets (Q3.FY24 financial statements), the Loan\/Equity ratio reaches 0.13 times, among the lowest in the industry and help businesses increase their competitiveness when bidding.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>RECOMMENDATIONS<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">Using the FCFE method, we evaluate the target price of CTD stock at <strong>83,500 VND\/share <\/strong>(upside 15% compared to the closing price on June 25, 2024), recommending <strong>BUY <\/strong>for CTD.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-23959","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_CTD Equity Report_BUY_June2024_engver - 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_ctd-equity-report_buy_june2024_engver\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_CTD Equity Report_BUY_June2024_engver - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT THESIS 1\/ The company&#8217;s position in the industry is strong with a significant backlog. We estimate that the backlog for 2024-2025 will continue to remain high, reaching approximately 26,000 billion VND. 2\/ Solid revenue growth potential thanks to &#8220;redirecting&#8221; to the industrial park construction segment: The backlog rate of the industrial segment increased sharply [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_ctd-equity-report_buy_june2024_engver\/\" \/>\n<meta property=\"og:site_name\" content=\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-09T07:54:32+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gtjasvn_ctd-equity-report_buy_june2024_engver\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gtjasvn_ctd-equity-report_buy_june2024_engver\\\/\",\"name\":\"GTJASVN_CTD Equity Report_BUY_June2024_engver - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\"},\"datePublished\":\"2024-06-28T07:53:18+00:00\",\"dateModified\":\"2024-07-09T07:54:32+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gtjasvn_ctd-equity-report_buy_june2024_engver\\\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/\",\"name\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/gtht.com.vn\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#organization\",\"name\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/faviicon-1.jpg\",\"contentUrl\":\"https:\\\/\\\/gtht.com.vn\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/faviicon-1.jpg\",\"width\":1067,\"height\":1067,\"caption\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\"},\"image\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>","yoast_head_json":{"title":"GTJASVN_CTD Equity Report_BUY_June2024_engver - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_ctd-equity-report_buy_june2024_engver\/","og_locale":"en_US","og_type":"article","og_title":"GTJASVN_CTD Equity Report_BUY_June2024_engver - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","og_description":"INVESTMENT THESIS 1\/ The company&#8217;s position in the industry is strong with a significant backlog. 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