HOA PHAT GROUP |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 28,400 VND | -0.53% |
|
+2.16% | +1.61% |
| Apr. 25 | Hoa Phat Group Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024 | CI |
| Apr. 19 | ETF of the week: Diversifying into frontier markets |  |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 64,885,242 | 137,335,566 | 207,543,614 | 104,666,143 | 162,523,260 | 165,139,914 | - | - |
| Enterprise Value (EV) 1 | 64,885,242 | 169,654,185 | 224,048,660 | 127,973,629 | 193,474,958 | 207,202,514 | 205,178,414 | 195,406,414 |
| P/E ratio | 8.64 x | 10.2 x | 6.02 x | 12.3 x | 23.8 x | 13.9 x | 8.92 x | 8.23 x |
| Yield | - | 1.21% | 0.8% | 2.78% | - | - | 2.23% | 2.23% |
| Capitalization / Revenue | 1.02 x | 1.52 x | 1.39 x | 0.73 x | 1.37 x | 1.25 x | 0.92 x | 0.81 x |
| EV / Revenue | 1.02 x | 1.88 x | 1.5 x | 0.9 x | 1.63 x | 1.57 x | 1.15 x | 0.96 x |
| EV / EBITDA | 5.04 x | 7.74 x | 5.12 x | 5.39 x | 11.8 x | 8.67 x | 6.26 x | 5.52 x |
| EV / FCF | -4.89 x | -463 x | 14.8 x | -22.2 x | -24.5 x | -16.7 x | 19.5 x | 10.8 x |
| FCF Yield | -20.4% | -0.22% | 6.74% | -4.51% | -4.07% | -5.98% | 5.13% | 9.23% |
| Price to Book | 1.36 x | 2.33 x | 2.29 x | 1.09 x | 1.58 x | 1.45 x | - | - |
| Nbr of stocks (in thousands) | 5,814,822 | 5,814,811 | 5,814,800 | 5,814,786 | 5,814,786 | 5,814,786 | - | - |
| Reference price 2 | 11,159 | 23,618 | 35,692 | 18,000 | 27,950 | 28,400 | 28,400 | 28,400 |
| Announcement Date | 1/30/20 | 1/30/21 | 1/29/22 | 1/31/23 | 1/30/24 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 63,658,192 | 90,118,543 | 149,679,790 | 142,770,811 | 118,953,028 | 131,874,250 | 179,099,333 | 202,700,000 |
| EBITDA 1 | 12,866,654 | 21,918,745 | 43,750,727 | 23,764,000 | 16,442,601 | 23,903,333 | 32,788,500 | 35,431,000 |
| EBIT 1 | 10,228,495 | 17,120,081 | 37,664,080 | 16,949,595 | 9,669,188 | 15,449,067 | 22,502,350 | 24,604,400 |
| Operating Margin | 16.07% | 19% | 25.16% | 11.87% | 8.13% | 11.71% | 12.56% | 12.14% |
| Earnings before Tax (EBT) 1 | 9,096,664 | 15,354,934 | 37,056,778 | 9,922,941 | 7,792,729 | 14,470,625 | 21,267,800 | 23,690,550 |
| Net income 1 | 7,507,750 | 13,438,676 | 34,478,143 | 8,483,511 | 6,835,064 | 12,151,720 | 19,306,167 | 20,631,450 |
| Net margin | 11.79% | 14.91% | 23.03% | 5.94% | 5.75% | 9.21% | 10.78% | 10.18% |
| EPS 2 | 1,291 | 2,311 | 5,929 | 1,459 | 1,175 | 2,048 | 3,183 | 3,450 |
| Free Cash Flow 1 | -13,267,978 | -366,464 | 15,099,443 | -5,774,485 | -7,881,226 | -12,392,700 | 10,528,200 | 18,038,650 |
| FCF margin | -20.84% | -0.41% | 10.09% | -4.04% | -6.63% | -9.4% | 5.88% | 8.9% |
| FCF Conversion (EBITDA) | - | - | 34.51% | - | - | - | 32.11% | 50.91% |
| FCF Conversion (Net income) | - | - | 43.79% | - | - | - | 54.53% | 87.43% |
| Dividend per Share 2 | - | 284.9 | 284.9 | 500.0 | - | - | 634.5 | 634.5 |
| Announcement Date | 1/30/20 | 1/30/21 | 1/29/22 | 1/31/23 | 1/30/24 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2023 S1 | 2023 Q3 | 2023 Q4 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 44,710,732 | 44,404,679 | 37,422,055 | 34,103,341 | 56,664,947 | - | 34,383,805 |
| EBITDA | - | - | - | - | - | - | - |
| EBIT | 8,367,170 | 8,924,404 | - | - | - | - | - |
| Operating Margin | 18.71% | 20.1% | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | 2,174,230 | - |
| Net income 1 | 7,427,443 | - | 4,032,232 | -1,774,134 | 1,857,540 | 2,004,745 | 2,972,779 |
| Net margin | 16.61% | - | 10.78% | -5.2% | 3.28% | - | 8.65% |
| EPS | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - |
| Announcement Date | 1/29/22 | 4/29/22 | 7/29/22 | 11/2/22 | 7/29/23 | 10/31/23 | 1/30/24 |
1VND in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | 32,318,619 | 16,505,047 | 23,307,486 | 30,951,698 | 42,062,600 | 40,038,500 | 30,266,500 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | 1.474 x | 0.3773 x | 0.9808 x | 1.882 x | 1.76 x | 1.221 x | 0.8542 x |
| Free Cash Flow 1 | -13,267,978 | -366,464 | 15,099,443 | -5,774,485 | -7,881,226 | -12,392,700 | 10,528,200 | 18,038,650 |
| ROE (net income / shareholders' equity) | 17% | 25.2% | 46.1% | 9.09% | 6.88% | 11.3% | 14.9% | 14.8% |
| ROA (Net income/ Total Assets) | 8.34% | 11.5% | 22.3% | 4.87% | 3.82% | 6.33% | 9% | 9.45% |
| Assets 1 | 90,006,953 | 116,644,033 | 154,874,419 | 174,285,285 | 179,059,634 | 192,122,055 | 214,512,963 | 218,322,222 |
| Book Value Per Share 2 | 8,187 | 10,157 | 15,585 | 16,511 | 17,674 | 19,597 | - | - |
| Cash Flow per Share | - | 1,548 | 4,595 | 2,097 | - | - | - | - |
| Capex 1 | 21,622,009 | 9,370,234 | 11,621,470 | 17,966,282 | 17,352,869 | 32,267,000 | 6,505,000 | 6,005,000 |
| Capex / Sales | 33.97% | 10.4% | 7.76% | 12.58% | 14.59% | 24.47% | 3.63% | 2.96% |
| Announcement Date | 1/30/20 | 1/30/21 | 1/29/22 | 1/31/23 | 1/30/24 | - | - | - |
1VND in Million2VND
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
D
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
28,400
VND
Average target price
34,032
VND
Spread / Average Target
+19.83%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +1.61% | 6.52B | |
| +0.79% | 42.1B | |
| +18.89% | 24.83B | |
| -21.02% | 21.75B | |
| +13.50% | 21.17B | |
| -7.50% | 20.77B | |
| +6.81% | 9.44B | |
| -12.44% | 8.5B | |
| -23.08% | 8.41B | |
| +36.31% | 8.35B |
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- Financials Hoa Phat Group
