AN PHAT BIOPLASTIC (AAA): Industrial park segment key growth driver for 2019 business results - SSI

 At its current price, AAA is trading at a 2019 PE forward level of 7.8x. We estimate the fair price of AAA based on the Sum-of-the-parts method. Accordingly, the separate fair value for the An Phat Hi-tech IP is at VND 1.2 tn, equivalent to VND 7,200/share based on the Rnav method with a cap rate of 10%. Total net profit from this project from 2019-2021 is estimated at VND 443 bn. On the other hand, the fair value of other segments are estimated at VND 12,900/share, based on a target PE of 9x. Accordingly, our 1-year target price for AAA is VND 20,100/share, equivalent to an upside potential of 12.6% from the current price. Our rating for the stock is Outperform.

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