Some stocks to watch on September 26

>> Stock market commentary September 26: VN-Index may experience a correction

Buy recommendation for KBC stock

BIDV Securities Joint Stock Company (BSC) recommends buying shares of Kinh Bac Urban Development Corporation (KBC), with a target price of VND 15,537/share based on investment arguments: Trang Due 3 project will be the growth driver for KBC's industrial park segment in 2025. Trang Cat project will gradually be unlocked, and will be the growth driver for KBC in the late 2025 - 2026 period.

BSC maintains that land use fees will tend to increase after the application of the revised Land Law. Therefore, KBC will be under pressure to complete and accelerate the payment of land use fees early according to the adjusted old land price list.

Some stocks to watch on September 26 (Illustration: KT)

KBC shares are currently at an attractive valuation as they have fallen 25% from their February 2024 peak.

In 2024, BSC forecasts KBC's net revenue to reach VND3,157 billion (down 44% YoY), after-tax profit to reach VND753 billion (down 63% YoY), thanks to the handover of 20 hectares of Quang Chau, 15 hectares of Nam Son Hap Linh and 10 hectares of Tan Phu Trung.

KBC's business results declined mainly due to the lack of new industrial park projects to hand over, with a high base from 2023 - handover to Foxconn in Quang Chau Industrial Park.

In 2025, BSC forecasts that KBC will record net revenue of VND 6,498 billion (up 106% compared to 2024), profit after tax of VND 1,559 billion (up 117% compared to 2024), mainly thanks to the handover of 40 hectares of Nam Son Hap Linh Industrial Park, 20 hectares of Tan Phu Trung Industrial Park, 50 hectares of Trang Due 3 and 14 hectares of Trang Due social housing projects - Nenh town.

Strong buy recommendation for MSN stock

BIDV Securities Company (BSC) maintains a strong buy recommendation for Masan Group Corporation (MSN) shares with a fair value in 2025 of VND100,700/share (upside 35% compared to the closing price on September 23) and an increase of 6% (adjusted for the number of diluted shares) compared to the previous target price compared to the previous report based on the core business recording an improving trend as expected and efforts to reduce the leverage ratio from 2.95 to 2.5 times, adjusting the valuation of ineffective businesses such as MML, MSR, PHL.

Some stocks to watch on September 26 (Illustration: KT)

In 2024, BSC expects the parent company's net revenue and after-tax profit to be VND82,233 billion (up 5.1% year-on-year) and VND1,762 billion (up 321%), EPS FW to reach VND1,197, PE FW to reach 62 times. With the additional estimated profit from HCS divestment, EPS will increase to VND1,667, PE FW to reach 45 times.

In 2025, BSC expects the parent company's net revenue and after-tax profit to be VND 85,776 billion (up 4.3% over the previous year) and VND 3,401 billion (up 93%), EPS FW to reach VND 2,311, PE FW to reach 32 times.

Investment thesis: Expected period 2024-2025 will be when MSN begins to demonstrate operational efficiency, in which: Core consumer segment The Crown X expects operating profit to increase by 19%/increase by 32% thanks to MCH being able to maintain growth momentum and WCM approaching break-even point in 2024 and being profitable at 1% after-tax profit margin in 2025.

Expected to leverage Net debt/ EBITDA

Source: https://vov.vn/thi-truong/chung-khoan/mot-so-co-phieu-can-quan-tam-ngay-269-post1124058.vov