DCM [BUY +28.2%] - Cheap valuation, strong balance sheet, solid dividends - Update
  • 23 Feb 2021
  • Company Research
We maintain our BUY rating. Valuation looks attractive at our projected 2021F EV/EBITDA of 2.8x. We expect DCM to pay a cash dividend of VND800/share (5.9% yield) in 2021-2023F, increasing to VND1,200/share (yield 8.8%) in 2024-2025F thanks to its strong