Financials Sao Mai Group Corporation

Equities

ASM

VN000000ASM1

Food Processing

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
11,050 VND -1.34% Intraday chart for Sao Mai Group Corporation +5.24% +6.25%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,885,322 1,731,826 4,374,867 5,915,130 2,591,256 3,499,878
Enterprise Value (EV) 1 4,922,645 7,423,673 10,828,855 11,629,150 10,612,461 11,934,657
P/E ratio 1.82 x 2.67 x 9.2 x 11.4 x 4.09 x 17.9 x
Yield 13.7% - - 8.53% - -
Capitalization / Revenue 0.21 x 0.12 x 0.35 x 0.52 x 0.19 x 0.29 x
EV / Revenue 0.55 x 0.52 x 0.86 x 1.02 x 0.77 x 1 x
EV / EBITDA 6.85 x 6.79 x 8.91 x 9.05 x 6.09 x 9.03 x
EV / FCF -2.85 x -2.97 x -4.34 x -38 x -7.65 x -16.4 x
FCF Yield -35.1% -33.7% -23% -2.63% -13.1% -6.09%
Price to Book 0.52 x 0.43 x 0.97 x 1.16 x 0.5 x 0.67 x
Nbr of stocks (in thousands) 336,530 336,528 336,528 336,528 336,527 336,527
Reference price 2 5,602 5,146 13,000 17,577 7,700 10,400
Announcement Date 4/11/19 4/9/20 4/12/21 3/28/22 3/31/23 4/1/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 8,887,128 14,223,773 12,524,614 11,397,926 13,749,222 11,973,154
EBITDA 1 718,984 1,092,879 1,215,289 1,284,419 1,741,631 1,322,355
EBIT 1 682,670 879,968 924,180 871,899 1,328,936 871,770
Operating Margin 7.68% 6.19% 7.38% 7.65% 9.67% 7.28%
Earnings before Tax (EBT) 1 1,315,534 871,739 624,305 786,296 1,061,984 319,141
Net income 1 1,038,544 636,925 475,464 600,437 628,390 195,034
Net margin 11.69% 4.48% 3.8% 5.27% 4.57% 1.63%
EPS 2 3,086 1,930 1,413 1,546 1,883 579.6
Free Cash Flow 1 -1,727,186 -2,501,886 -2,495,421 -305,934 -1,386,673 -727,354
FCF margin -19.43% -17.59% -19.92% -2.68% -10.09% -6.07%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share 2 769.2 - - 1,500 - -
Announcement Date 4/11/19 4/9/20 4/12/21 3/28/22 3/31/23 4/1/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 3,037,323 5,691,847 6,453,988 5,714,020 8,021,205 8,434,779
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 4.224 x 5.208 x 5.311 x 4.449 x 4.606 x 6.379 x
Free Cash Flow 1 -1,727,186 -2,501,886 -2,495,421 -305,934 -1,386,673 -727,354
ROE (net income / shareholders' equity) 27.9% 13.7% 8.69% 9.74% 12.5% 3.21%
ROA (Net income/ Total Assets) 4.85% 3.99% 3.48% 3.05% 4.46% 2.77%
Assets 1 21,403,559 15,965,431 13,665,105 19,709,066 14,093,259 7,050,621
Book Value Per Share 2 10,839 11,962 13,364 15,146 15,512 15,554
Cash Flow per Share 2 1,492 2,446 2,327 1,741 2,519 4,056
Capex 1 129,651 2,945,067 2,157,693 610,486 1,483,221 239,078
Capex / Sales 1.46% 20.71% 17.23% 5.36% 10.79% 2%
Announcement Date 4/11/19 4/9/20 4/12/21 3/28/22 3/31/23 4/1/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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