Financials Commercial Bank for Investment and Development of Vietnam

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
49,200 ^VND	-0.81%		-1.80%	+13.36%

Apr. 26	Joint Stock Commercial Bank for Investment and Development of Vietnam Approves Plan for First Bond Private Placement in 2023	CI
Mar. 18	Joint Stock Commercial Bank for Investment and Development of Vietnam Appoints Ham Jin Sik as Member of the Board of Director	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	185,616,133	192,654,664	187,671,324	195,259,019	247,398,918	280,461,446	-	-
Enterprise Value (EV) ¹	185,616,133	192,654,664	187,671,324	195,259,019	247,398,918	280,461,446	280,461,446	280,461,446
P/E ratio	21.9 x	27 x	21.5 x	12.4 x	13.1 x	12.1 x	9.7 x	8.58 x
Yield	1.73%	0.42%	0.54%	-	-	-	2.03%	2.03%
Capitalization / Revenue	3.85 x	3.86 x	2.73 x	2.81 x	3.39 x	3.28 x	2.84 x	2.37 x
EV / Revenue	3.85 x	3.86 x	2.73 x	2.81 x	3.39 x	3.28 x	2.84 x	2.37 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.49 x	2.52 x	2.26 x	1.96 x	2.1 x	1.97 x	1.65 x	-
Nbr of stocks (in thousands)	5,700,469	5,700,469	5,700,453	5,700,450	5,700,436	5,700,436	-	-
Reference price ²	32,562	33,796	32,922	34,253	43,400	49,200	49,200	49,200
Announcement Date	1/22/20	2/1/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	48,165,454	49,880,322	68,834,570	69,592,814	73,024,183	85,582,670	98,583,099	118,244,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	30,885,276	32,338,734	43,033,878	47,045,283	47,944,483	57,360,082	65,617,714	81,742,000
Operating Margin	64.12%	64.83%	62.52%	67.6%	65.66%	67.02%	66.56%	69.13%
Earnings before Tax (EBT) ¹	10,876,228	9,213,930	13,601,598	23,057,623	27,649,764	34,462,875	43,964,597	52,448,000
Net income ¹	8,486,551	7,137,384	10,572,569	18,193,360	21,551,779	26,798,000	31,477,500	39,278,000
Net margin	17.62%	14.31%	15.36%	26.14%	29.51%	31.31%	31.93%	33.22%
EPS ²	1,489	1,252	1,534	2,773	3,314	4,063	5,071	5,731
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	564.4	141.1	177.5	-	-	-	1,000	1,000
Announcement Date	1/22/20	2/1/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	13.5%	9.45%	13.2%	19.9%	19.8%	19.4%	18.8%	19.2%
ROA (Net income/ Total Assets)	0.61%	0.47%	0.65%	0.94%	0.97%	1.1%	1.2%	1.3%
Assets ¹	1,401,484,790	1,503,556,773	1,639,157,984	1,941,660,619	2,210,665,607	2,436,181,818	2,623,125,000	3,021,384,615
Book Value Per Share ²	13,095	13,431	14,592	17,449	20,692	24,966	29,819	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/22/20	2/1/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

49,200 VND

Average target price

46,764 VND

Spread / Average Target

-4.95%

	1st Jan change	Capi.
COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM	+13.36%	11.1B
JPMORGAN CHASE & CO.	+13.63%	555B
BANK OF AMERICA CORPORATION	+11.52%	295B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+9.95%	247B
WELLS FARGO & COMPANY	+21.50%	209B
BANK OF CHINA LIMITED	+17.45%	172B
CHINA CONSTRUCTION BANK CORPORATION	+9.25%	165B
HSBC HOLDINGS PLC	+5.13%	156B
ROYAL BANK OF CANADA	+0.01%	139B
HDFC BANK LIMITED	-10.31%	139B