126340 KR · VINATechMW GOBLIN RESEARCH
VINATech: After Major Orders, Cash and Margins Come Next
Analysis date
Published
Orders have improved revenue growth visibility. However, at KRW 118,800, stabilization of the new plant must translate into earnings and cash. Given contracts without advance payments and convertible bond dilution, a further rerating is warranted only after margin recovery is confirmed.
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Read the full reportWhat this report covers
- Securing Orders and Stabilizing the Plant Are Separate Challenges
- Cash Collection Is Needed Independently of the Fire Loss
- Benefits from Capacity Expansion Must Outweigh Financing Costs and Dilution