Financials Phu Tai

Equities

PTB

VN000000PTB0

Home Furnishings

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
64,300 ^VND	+0.47%		+3.71%	+8.98%

Apr. 15	Phu Tai Joint Stock Company Announces Termination of Operation of Branch At Quy Nhon City, Binh Dinh Province	CI
Feb. 05	Phu Tai Joint Stock Company Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,310,961	2,837,246	4,811,106	2,850,809	3,949,366	4,304,139	-	-
Enterprise Value (EV) ¹	3,310,961	2,837,246	4,811,106	2,850,809	3,949,366	4,304,139	4,304,139	4,304,139
P/E ratio	7.67 x	8.06 x	8.95 x	5.85 x	13.5 x	10.8 x	7.55 x	6.79 x
Yield	4.29%	3.25%	-	7.16%	-	4.82%	5.13%	5.44%
Capitalization / Revenue	0.6 x	0.51 x	0.74 x	0.41 x	0.7 x	0.67 x	0.58 x	0.53 x
EV / Revenue	0.6 x	0.51 x	0.74 x	0.41 x	0.7 x	0.67 x	0.58 x	0.53 x
EV / EBITDA	3.66 x	3.52 x	4.95 x	2.79 x	6.3 x	4.71 x	3.88 x	3.68 x
EV / FCF	-8,520,906 x	9,232,963 x	-13,432,692 x	-	-	-	-	-
FCF Yield	-0%	0%	-0%	-	-	-	-	-
Price to Book	1.85 x	1.48 x	1.97 x	-	-	1.43 x	1.15 x	-
Nbr of stocks (in thousands)	66,219	64,483	68,036	68,038	66,938	66,938	-	-
Reference price ²	50,000	44,000	70,714	41,900	59,000	64,300	64,300	64,300
Announcement Date	2/3/20	2/1/21	2/7/22	3/27/23	2/5/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,551,790	5,606,835	6,489,945	6,886,522	5,618,570	6,431,250	7,481,667	8,113,000
EBITDA ¹	904,715	805,901	971,572	1,021,086	627,360	914,500	1,108,000	1,170,000
EBIT ¹	622,820	522,266	697,046	742,283	386,433	631,000	857,000	904,000
Operating Margin	11.22%	9.31%	10.74%	10.78%	6.88%	9.81%	11.45%	11.14%
Earnings before Tax (EBT) ¹	550,013	462,553	650,523	611,251	365,437	527,300	679,000	849,000
Net income ¹	435,323	358,681	512,238	487,057	292,399	387,000	585,500	668,000
Net margin	7.84%	6.4%	7.89%	7.07%	5.2%	6.02%	7.83%	8.23%
EPS ²	6,521	5,456	7,903	7,159	4,368	5,953	8,516	9,475
Free Cash Flow	-388,569	307,295	-358,164	-	-	-	-	-
FCF margin	-7%	5.48%	-5.52%	-	-	-	-	-
FCF Conversion (EBITDA)	-	38.13%	-	-	-	-	-	-
FCF Conversion (Net income)	-	85.67%	-	-	-	-	-	-
Dividend per Share ²	2,143	1,429	-	3,000	-	3,100	3,300	3,500
Announcement Date	2/3/20	2/1/21	2/7/22	3/27/23	2/5/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1
Net sales ¹	-	1,759,591	1,718,978
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT) ¹	-	-	180,055
Net income	165,482	-	-
Net margin	-	-	-
EPS	2,553	-	-
Dividend per Share	-	-	-
Announcement Date	11/1/21	2/7/22	5/4/22

¹VND in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-388,569	307,295	-358,164	-	-	-	-	-
ROE (net income / shareholders' equity)	25.7%	19.4%	23.4%	19.5%	-	13.7%	16.6%	17.3%
ROA (Net income/ Total Assets)	11.3%	7.88%	10%	9.13%	-	7.7%	9.5%	10.7%
Assets ¹	3,865,041	4,551,792	5,101,970	5,334,691	-	5,025,974	6,163,158	6,242,991
Book Value Per Share ²	26,960	29,823	35,876	-	-	45,049	55,953	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	646,256	374,325	480,217	283,233	-	205,000	222,000	238,000
Capex / Sales	11.64%	6.68%	7.4%	4.11%	-	3.19%	2.97%	2.93%
Announcement Date	2/3/20	2/1/21	2/7/22	3/27/23	2/5/24	-	-	-

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

Ratings for Phu Tai

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

64,300 VND

Average target price

66,956 VND

Spread / Average Target

+4.13%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Furniture

	1st Jan change	Capi.
PHU TAI	+8.98%	170M
TEMPUR SEALY INTERNATIONAL, INC.	-2.06%	8.67B
JASON FURNITURE (HANGZHOU) CO.,LTD.	-4.20%	3.79B
SUOFEIYA HOME COLLECTION CO., LTD.	+5.08%	2.22B
DE RUCCI HEALTHY SLEEP CO., LTD.	+6.69%	1.8B
LA-Z-BOY INCORPORATED	-10.32%	1.41B
SHEELA FOAM LIMITED	-27.03%	1.18B
MOTOMOTION CHINA CORPORATION	+28.08%	1.13B
XILINMEN FURNITURE CO.,LTD	+4.35%	928M
HENGLIN HOME FURNISHINGS CO.,LTD	-2.98%	816M

Furniture