Tăng mạnh với thanh khoản cải thiện, NTP - Mỗi ngày 1 mã cổ phiếu


- Market slightly increase in the morning, but more significantly increase in the afternoon.
- The increase spreads to almost stocks/industries, especially in oil & gas, real estate sectors
- VCB BHN contribute most to the reduction
- Liquidity continues to increase: 14% lower than 20-day average, but 5% higher than last trading day
- It’s high opportunity that the market can change to short-term uptrend in this time.
- Foreigners have net buy today, focusing buying on E1VFVN30 (139 bill), but they also sell much on GAS (39 bill) HPG (31 bill) VNM (30 bill)


Daily Market News      

- Trump will decide on next China tariffs after G-20
President Donald Trump said he’ll decide whether to enact tariffs on another $325 billion in Chinese imports after the Group of 20 summit at the end of the month in Japan, where he’s expected to meet with China’s President Xi Jinping.

- US considers deferring taxes on Mexico goods
US stock market on June 6 increased as investors are more optimistic about trade due to the information that US has considered delaying tariffs on goods imported goods.


A Stock Each Day          
Tien Phong Plastic Joint Stock Company - Code: NTP
Current price as of 7 Jun 2019       34,500
Current PE         8.5
Market cap (bill)         3,079
Billion VND 2016A   2017A 2018A 2019E
Revenue 4,354   4,430 4,520 4,675
yoy 22.4%   1.7% 2.0% 3.4%
Net profit 398   493 332 341
yoy 9%   23.9% -32.7% 3.0%
NPM 9.1%   11.1% 7.3% 7.3%
EPS 5,346   5,519 3,715 3,827
P/E 6.45   6.25 9.29 9.02
Source: FiinPro
Investment prospect: NEUTRAL

- Increasing resin price reduces gross profit margin
Resin prices move in the same direction with oil prices, which have increased continuously in the last 3 years and continue to increase in 1Q2019. After reaching the short-term peak at the beginning of May 2019, resin price has decreased by ~7% from the peak but still remained at a high level. Raw materials account for up to 69% total cost, of which mostly is from resin. Accordingly, in 1Q 2019, NTP's gross profit margin has decreased from 37.5% to 31%.

- Increasing the depreciation period of fixed assets
Since 2Q 2018, NTP has increased number of years of depreciation for fixed assets. So, NTP depreciation expense has decreased by 27.3 bill in 1Q 2019 although total cost of fixed assets increased by ~400 bill in 1 year (equivalent to 18% increase in cost of fixed assets).

- Stock price has dropped sharply and valuation ratios are low
Stock price has dropped by 57% from the peak of 80,000 to 34,500 per share. PE and PB valuation ratios are currently at 8.5 times and 1.3 times which is rather low in the stock market.