Vietnam earnings update - Earnings forecasts stabilizing
  • 2020-09-11T18:18:37
  • Strategy
Coverage aggregate 2020F NPAT-MI now -20% YoY. We recently completed forecast revisions for the 68 stocks under our coverage following the recent H1 2020 reporting season. As a result, we now forecast changes in our coverage aggregate NPAT-MI of -19%/+37%/+24% for 2020/21/22F, respectively, implying P/E multiples of 17.4x/12.6x/10.1x as at September 11, 2020. This represents a sharper dip in 2020F earnings than the current Bloomberg (BBG) consensus forecast of -13% for the VN-Index but also a sh