BSR [BUY +28.5%] - Share price overly discounts earnings outlook - Update
  • 12 Dec 2022
  • Company Research
- We cut our TP for BSR by 46% to VND17,500/share but maintain our BUY rating. Our lower TP is due to our 1) 7% lower aggregate 2022-2026F NPAT forecast resulting from lower projected gasoline crack spreads and 2) increased equity risk premium and cost of