- We cut our target price for CTR by 1.8% but reiterate our BUY rating. We forecast CTR’s EBITDA to grow at a 17% CAGR in 2023-2027F, which will be led by the towerco segment. Against this positive outlook, CTR’s valuation looks attractive with a TTM EV/EBITDA of 9x — an 18% and 61% discount vs the 2018-2023 five-year averages of our selected peer median TTM EV/EBITDA of 11x and 23x for emerging Asian and global developed peers, respectively.  

- Our lower target price is driven by a 70-bp increase in our WACC assumption on a higher beta for the construction and system integration segments, which is partly offset by our 2.3% higher projection for 2023F NPAT-MI and rolling our TP horizon forward from YE2023 to mid-2024.

- For 2023F, we forecast CTR to achieve revenue of VND10.2tn (USD443mn; +9% YoY) and NPAT-MI of VND487bn (USD21mn; +10% YoY). 

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