Financials Tien Giang Investment and Construction

Equities

THG

VN000000THG6

Construction Materials

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-05-02 pm EDT 5-day change 1st Jan Change
42,000 VND -0.24% Intraday chart for Tien Giang Investment and Construction -0.71% +7.01%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 422,393 580,790 817,451 1,319,230 785,579 901,097
Enterprise Value (EV) 1 582,210 755,918 1,000,778 1,516,287 1,023,822 1,110,948
P/E ratio 5.61 x 5.79 x 4.96 x 10.4 x 5.88 x 8.22 x
Yield 12.5% 9.09% - 3.03% 5.08% 5.1%
Capitalization / Revenue 0.44 x 0.45 x 0.46 x 1 x 0.48 x 0.54 x
EV / Revenue 0.61 x 0.58 x 0.56 x 1.15 x 0.62 x 0.67 x
EV / EBITDA 4.21 x 4.1 x 3.95 x 6.82 x 4.41 x 5.26 x
EV / FCF -8.25 x 25 x 49.1 x 42 x -17.7 x 32.8 x
FCF Yield -12.1% 4% 2.04% 2.38% -5.64% 3.05%
Price to Book 1.23 x 1.48 x 1.69 x 2.53 x 1.24 x 1.33 x
Nbr of stocks (in thousands) 22,959 22,959 22,959 22,959 22,958 22,958
Reference price 2 18,397 25,296 35,605 57,461 34,217 39,250
Announcement Date 4/1/19 3/31/20 3/26/21 3/29/22 3/28/23 3/28/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 956,687 1,295,043 1,782,150 1,318,964 1,648,053 1,669,780
EBITDA 1 138,327 184,325 253,457 222,258 232,224 211,053
EBIT 1 103,205 145,196 208,778 171,185 184,816 158,710
Operating Margin 10.79% 11.21% 11.71% 12.98% 11.21% 9.5%
Earnings before Tax (EBT) 1 99,036 134,359 200,202 162,566 181,564 147,283
Net income 1 76,674 106,649 167,537 128,036 142,131 116,665
Net margin 8.01% 8.24% 9.4% 9.71% 8.62% 6.99%
EPS 2 3,278 4,366 7,176 5,511 5,819 4,777
Free Cash Flow 1 -70,557 30,222 20,374 36,142 -57,718 33,906
FCF margin -7.38% 2.33% 1.14% 2.74% -3.5% 2.03%
FCF Conversion (EBITDA) - 16.4% 8.04% 16.26% - 16.07%
FCF Conversion (Net income) - 28.34% 12.16% 28.23% - 29.06%
Dividend per Share 2 2,300 2,300 - 1,739 1,739 2,000
Announcement Date 4/1/19 3/31/20 3/26/21 3/29/22 3/28/23 3/28/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 159,818 175,128 183,326 197,057 238,242 209,851
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 1.155 x 0.9501 x 0.7233 x 0.8866 x 1.026 x 0.9943 x
Free Cash Flow 1 -70,557 30,222 20,374 36,142 -57,718 33,906
ROE (net income / shareholders' equity) 23.4% 29.5% 37.9% 25.1% 24.6% 17.9%
ROA (Net income/ Total Assets) 7.04% 8.25% 9.7% 7.12% 6.79% 5.36%
Assets 1 1,089,688 1,291,949 1,727,436 1,797,735 2,094,411 2,176,336
Book Value Per Share 2 14,930 17,057 21,104 22,743 27,553 29,521
Cash Flow per Share 2 4,762 7,168 6,592 9,554 9,639 9,435
Capex 1 76,655 143,048 172,283 44,515 52,699 16,621
Capex / Sales 8.01% 11.05% 9.67% 3.38% 3.2% 1%
Announcement Date 4/1/19 3/31/20 3/26/21 3/29/22 3/28/23 3/28/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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