CTR – Update – New growth drivers beyond the core group
Posted: May 4, 2026
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1Q26 NP increased 23% YoY, supported by construction and solar installation activities, offsetting slower growth in new BTS tower deployments.
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We revise down 2026/27 NP forecasts by 1%/2%, reflecting weaker growth in TowerCo segments. However, construction businesses are expected to drive earnings, with NP growth projected at 17%/18% YoY for 2026-27.
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Reiterate ADD with lower target price of VND113,600/share.
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