CTR’s revenue and net profit are expected to continue growing at a robust pace from 2024 to 2030. We forecast a CAGR of 9% for revenue and 20% for net profit over this period.

The Leasing telecommunications infrastructure segment is forecasted to be the fastest-growing segment, projected to surge from VND435 bn in 2023 to VND2,665 bn by 2030. With a superior gross margin of 26-37%, this segment is expected to significantly boost CTR’s overall gross margin. A rising tenancy ratio and fully depreciated assets will further boost revenue and gross profit in this segment over the next few years.

However, CTR’s stock has experienced a significant rally in 2024, pricing in much of its medium-term growth expectations. As a result, there is limited upside potential in the short term. We issue a NEUTRAL rating for CTR with a target price of VND134,038/share, or an upside of 7.9% from the closing price on November 01, 2024.

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Please find the attached file below.