TCM [UNDERPERFORM -19.7%] - Upbeat short-term outlook but expensive valuation - Update
  • 30 Nov 2020
  • Company Research
We raise our TP by 38% to VND27,500/share but downgrade our rating from MARKET PERFORM to UNDERPERFORM. TCM’s share price has surged ~60% over the last three months, which we believe is due to hope that high-margin orders for new products such as antibact