| Title | CII Initiating Coverage Report - OUTPERFORM - Pushing forward new large—scale BOT projects; Thu Thiem land bank remains a medium—term driver despite legal hurdles and lingering risks |
|---|---|
| Category: | Company Report |
| Source: | Bao Viet Securities |
| Industry: | Industrials |
| Business: | Ho Chi Minh City Infrastructure Investment Joint Stock Company |
| Detail: |
10/02/2026
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| Summary: |
Valuation. By combining Sum-of-the-Parts (SoTP) and Comparable Multiples (P/B) valuation methodologies, BVSC estimates a target price of VND 24,200 per share for CII, representing a +31.5% upside from the market price on February 04, 2026. Rating: OUTPERFORM. Risks. (1) High uncertainty and policy variables in Thu Thiem; (2) Infrastructure expansion driving BOT traffic volume beyond forecasts; (3) Slower-than-expected toll rate adjustments for BOTs; and (4) Pressure from debt obligations. ………………………………………… Please find the attached file below.   |
