Q: One of HTC’s major Vietnamese competitors, Sai Son Cement Company, is currently trading at a P/E of 8.3 on the Ho Chi Minh stock exchange.

Siam Cement, the leading Thai cement manufacturer, is trading on the Stock Exchange of Thailand at a P/E of 7.1 while Ciments Lafarge on the Paris Bourse enjoys a P/E of 11. Given HTC’s earnings per share of VND 18,000, what should its value be? It is currently trading at VDN 171,000 for a P/E =

171,100/18,000 = 9.5.