Financials Thien Viet Securities

Equities

TVS

VN000000TVS2

Investment Banking & Brokerage Services

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-05-02 pm EDT 5-day change 1st Jan Change
23,850 VND -0.63% Intraday chart for Thien Viet Securities +1.49% +13.03%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 830,162 1,121,746 1,429,322 6,478,049 2,676,880 3,192,740
Enterprise Value (EV) 1 2,060,958 2,528,883 3,052,466 7,797,540 3,841,634 5,631,509
P/E ratio 5.85 x 10.1 x 5.91 x 12.4 x 61.3 x 12.7 x
Yield 3.73% - 4.12% - - -
Capitalization / Revenue 2.15 x 3.43 x 2.76 x 6.93 x 3.21 x 2.9 x
EV / Revenue 5.33 x 7.74 x 5.9 x 8.34 x 4.61 x 5.11 x
EV / EBITDA - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Price to Book 0.95 x 1.14 x 1.09 x 3.69 x 1.51 x 1.55 x
Nbr of stocks (in thousands) 125,992 131,942 148,408 148,406 148,406 151,315
Reference price 2 6,589 8,502 9,631 43,651 18,038 21,100
Announcement Date 3/20/19 3/30/20 3/31/21 4/4/22 3/30/23 3/29/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 386,556 326,735 517,064 935,136 833,843 1,102,660
EBITDA - - - - - -
EBIT - - - - - -
Operating Margin - - - - - -
Earnings before Tax (EBT) 1 176,817 137,000 288,672 644,011 52,445 312,910
Net income 1 140,600 110,235 232,635 516,929 43,651 251,281
Net margin 36.37% 33.74% 44.99% 55.28% 5.23% 22.79%
EPS 2 1,126 839.9 1,631 3,524 294.1 1,662
Free Cash Flow - - - - - -
FCF margin - - - - - -
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share 2 245.9 - 397.2 - - -
Announcement Date 3/20/19 3/30/20 3/31/21 4/4/22 3/30/23 3/29/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,230,797 1,407,137 1,623,144 1,319,492 1,164,755 2,438,769
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow - - - - - -
ROE (net income / shareholders' equity) 17.4% 11.9% 20.3% 33.8% 2.51% 13.2%
ROA (Net income/ Total Assets) 6.54% 3.89% 6.75% 9.32% 0.53% 2.19%
Assets 1 2,148,757 2,835,995 3,448,440 5,547,400 8,225,262 11,475,087
Book Value Per Share 2 6,933 7,427 8,812 11,822 11,908 13,571
Cash Flow per Share 2 681.0 188.0 876.0 2,359 1,999 1,858
Capex 1 964 527 6,066 10,215 5,002 4,705
Capex / Sales 0.25% 0.16% 1.17% 1.09% 0.6% 0.43%
Announcement Date 3/20/19 3/30/20 3/31/21 4/4/22 3/30/23 3/29/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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