Financials Thien Long Group Corporation

Equities

TLG

VN000000TLG8

Business Support Supplies

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
49,800 ^VND	+1.84%		+4.84%	-2.35%

Jan. 31	Thien Long Group Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI
2023	Thien Long Group Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,103,999	2,975,484	3,547,427	3,967,517	4,008,317	3,914,004	-	-
Enterprise Value (EV) ¹	3,103,999	2,975,484	3,547,427	3,967,517	4,008,317	3,914,004	3,914,004	3,914,004
P/E ratio	9.77 x	14.1 x	14.2 x	11 x	-	10.8 x	8.78 x	7.27 x
Yield	5.01%	5.13%	4.39%	5.88%	-	7.03%	9.04%	10%
Capitalization / Revenue	0.94 x	1.11 x	1.33 x	1.12 x	1.16 x	1 x	0.86 x	0.74 x
EV / Revenue	0.94 x	1.11 x	1.33 x	1.12 x	1.16 x	1 x	0.86 x	0.74 x
EV / EBITDA	6.34 x	8.12 x	8.57 x	7.23 x	7.78 x	6.88 x	5.63 x	4.69 x
EV / FCF	17.9 x	10.5 x	-	33.2 x	-	9.43 x	15.8 x	11.8 x
FCF Yield	5.59%	9.53%	-	3.01%	-	10.6%	6.31%	8.51%
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	77,794	76,294	77,794	77,794	78,594	78,594	-	-
Reference price ²	39,900	39,000	45,600	51,000	51,000	49,800	49,800	49,800
Announcement Date	1/21/20	1/29/21	1/28/22	1/31/23	1/31/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,298,711	2,684,552	2,668,275	3,550,406	3,461,873	3,925,000	4,569,000	5,321,000
EBITDA ¹	489,859	366,635	414,015	548,650	515,049	569,000	695,000	834,000
EBIT ¹	412,307	286,208	330,095	466,164	425,146	481,000	598,000	728,000
Operating Margin	12.5%	10.66%	12.37%	13.13%	12.28%	12.25%	13.09%	13.68%
Earnings before Tax (EBT) ¹	436,851	303,637	358,565	506,667	451,963	509,000	623,000	751,000
Net income ¹	349,087	239,845	276,707	401,371	358,941	404,000	495,000	598,000
Net margin	10.58%	8.93%	10.37%	11.3%	10.37%	10.29%	10.83%	11.24%
EPS ²	4,084	2,775	3,201	4,643	-	4,628	5,673	6,853
Free Cash Flow ¹	173,628	283,482	-	119,571	-	415,000	247,000	333,000
FCF margin	5.26%	10.56%	-	3.37%	-	10.57%	5.41%	6.26%
FCF Conversion (EBITDA)	35.44%	77.32%	-	21.79%	-	72.93%	35.54%	39.93%
FCF Conversion (Net income)	49.74%	118.19%	-	29.79%	-	102.72%	49.9%	55.69%
Dividend per Share ²	2,000	2,000	2,000	3,000	-	3,500	4,500	5,000
Announcement Date	1/21/20	1/29/21	1/28/22	1/31/23	1/31/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	300,166
Net margin	-
EPS ²	3,473
Dividend per Share	-
Announcement Date	8/1/22

¹VND in Million²VND

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 ¹	173,628	283,482	-	119,571	-	415,000	247,000	333,000
ROE (net income / shareholders' equity)	22.7%	13.5%	15.5%	21.2%	17.7%	18.9%	22.1%	25.2%
ROA (Net income/ Total Assets)	16.6%	10.1%	11.6%	15.1%	12.6%	13.8%	15.7%	17.5%
Assets ¹	2,105,776	2,365,751	2,380,369	2,657,587	2,838,731	2,927,536	3,152,866	3,417,143
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	84,541	85,087	70,155	169,604	-	95,000	95,000	95,000
Capex / Sales	2.56%	3.17%	2.63%	4.78%	-	2.42%	2.08%	1.79%
Announcement Date	1/21/20	1/29/21	1/28/22	1/31/23	1/31/24	-	-	-

¹VND in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Thien Long Group Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

49,800 VND

Average target price

55,800 VND

Spread / Average Target

+12.05%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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Office Supplies