VIET CAPITAL SECURITIES Financials Viet Capital Securities
Equities
VCI
VN000000VCI9
Investment Banking & Brokerage Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 47,000 VND | 0.00% |
|
+4.44% | +9.94% |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 7,587,645 | 4,848,325 | 9,637,920 | 24,242,400 | 10,125,373 | 18,703,125 |
| Enterprise Value (EV) 1 | 8,338,270 | 5,791,460 | 11,653,700 | 30,215,885 | 12,909,920 | 26,892,365 |
| P/E ratio | 9.19 x | 6.96 x | 12.5 x | 16.2 x | 11.6 x | 37.9 x |
| Yield | 3.01% | 5.08% | 5.15% | 1.65% | 5.16% | - |
| Capitalization / Revenue | 4.86 x | 3.55 x | 6.29 x | 7.28 x | 3.81 x | 10 x |
| EV / Revenue | 5.35 x | 4.24 x | 7.61 x | 9.07 x | 4.86 x | 14.4 x |
| EV / EBITDA | - | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - |
| Price to Book | 2.08 x | 1.2 x | 2.13 x | 3.71 x | 1.56 x | 2.54 x |
| Nbr of stocks (in thousands) | 423,800 | 427,310 | 430,560 | 432,900 | 435,500 | 437,500 |
| Reference price 2 | 17,904 | 11,346 | 22,385 | 56,000 | 23,250 | 42,750 |
| Announcement Date | 8/13/19 | 3/30/20 | 3/25/21 | 3/18/22 | 3/29/23 | 3/26/24 |
1VND in Million2VND
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 1,559,773 | 1,367,242 | 1,531,837 | 3,330,666 | 2,658,997 | 1,868,527 |
| EBITDA | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - |
| Earnings before Tax (EBT) 1 | 1,011,456 | 855,007 | 951,039 | 1,850,585 | 1,059,739 | 570,139 |
| Net income 1 | 822,622 | 693,181 | 768,912 | 1,498,718 | 868,978 | 491,905 |
| Net margin | 52.74% | 50.7% | 50.2% | 45% | 32.68% | 26.33% |
| EPS 2 | 1,949 | 1,631 | 1,795 | 3,463 | 1,999 | 1,127 |
| Free Cash Flow | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - |
| Dividend per Share 2 | 538.5 | 576.9 | 1,154 | 923.1 | 1,200 | - |
| Announcement Date | 8/13/19 | 3/30/20 | 3/25/21 | 3/18/22 | 3/29/23 | 3/26/24 |
1VND in Million2VND
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 750,625 | 943,135 | 2,015,780 | 5,973,485 | 2,784,548 | 8,189,240 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 24.7% | 18% | 17.9% | 27.1% | 13.3% | 7.09% |
| ROA (Net income/ Total Assets) | 12.7% | 10.1% | 9.84% | 12% | 5.63% | 3.12% |
| Assets 1 | 6,456,036 | 6,876,519 | 7,812,720 | 12,509,439 | 15,439,718 | 15,749,013 |
| Book Value Per Share 2 | 8,596 | 9,482 | 10,501 | 15,112 | 14,915 | 16,849 |
| Cash Flow per Share 2 | 2,700 | 1,859 | 1,492 | 2,614 | 7,861 | 1,801 |
| Capex 1 | 5,854 | 8,838 | 13,821 | 6,429 | 22,378 | 7,898 |
| Capex / Sales | 0.38% | 0.65% | 0.9% | 0.19% | 0.84% | 0.42% |
| Announcement Date | 8/13/19 | 3/30/20 | 3/25/21 | 3/18/22 | 3/29/23 | 3/26/24 |
1VND in Million2VND
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Sell
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
47,000
VND
Average target price
45,580
VND
Spread / Average Target
-3.02%
Chiffre d''affaires - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +9.94% | 812M | |
| -0.45% | 151B | |
| +10.84% | 147B | |
| +9.00% | 137B | |
| +21.81% | 120B | |
| -5.94% | 36.38B | |
| +9.29% | 25.26B | |
| -9.42% | 21.24B | |
| +17.00% | 19.89B | |
| +43.36% | 17.26B |
- Stock Market
- Equities
- VCI Stock
- Financials Viet Capital Securities
