JVC - Vòng 2 - Quý 4 chưa ra tin - Quý 1 đã có tin hạch toán 100 tỷ

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--- Gộp bài viết, 25/02/2015, Bài cũ: 25/02/2015 ---

Nhìn bank ngày nào cũng tăng thèm vãi

JVC - BUY - Target price raised on management’s strong medical device sales guidance for 2015 - Update

Analyst: Dao Nguyen, office #:+84 3914 3588 ext.138, email: dao.nguyen@vcsc.com.vn

- We reiterate our BUY recommendation but revise our target price upwards from VND21,800 to VND26,100 (upside 29.2%) thanks to better than expected results for calendar year 2014 and strong guidance from management for medical devices sales for financial year 2015.
- We increased FY15 EPS forecast up by 20% to VND3,266 based on management’s guidance for medical devices sales of VND800-900bn vs. our original forecast of VND570bn.
- At VND20,200, JVC is trading at attractive PER of 6.2x VCSC FY15E EPS of VND3,266 (+17% vs. FY14E forecast).

Better than expected 2014 results. EPS for calendar year 2014 came in at VND2,436, 3x calendar year 2013 EPS, which beats our forecast by 11% thanks to stronger-than-projected medical device sales and higher gross profit margin on devices sold. Moreover, in 4Q14, JVC carried out more maintenance services which carry gross margins of more than 95% vs. gross profit margin of medical device sales of circa 31%-33%.

FY15 EPS estimate raised on managment’s strong medical device guidance. The company disclosed medical device sales in 2015 will range from VND800bn to VND900bn vs. our original forecast of VND570bn. Medical device sales account for circa 50% of the company’s total revenues. Based on this guidance for medical device sales from management, we revise JVC’s sales forecast from VND1,268bn to VND1,498bn (+39% vs. FY14E) as we revised our FY15E sales figure for this segment to the lower end of management’s guidance. Thus our EPS forecast for Apr 2015 to Mar 2016 increases from VND2,723 to VND3,266, a 17% increase over EPS for Apr 2014 to Mar 2015. This implies a target PER of 8x.

- Note as of 2015, JVC has changed its financial reporting from April 1st to Mar 31st the following year.

--- Gộp bài viết, 25/02/2015, Bài cũ: 25/02/2015 ---

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