Financials Vietnam Container ShippingCorporation

Equities

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Marine Port Services

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
20,450 ^VND	+1.74%		+2.76%	-29.48%

Mar. 27	Vietnam Container Shipping Joint Stock Corporation Announces Board Resignations	CI
Jan. 30	Vietnam Container Shipping Joint Stock Corporation Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,502,096	3,037,266	2,397,842	3,680,526	3,868,474	5,455,882	-	-
Enterprise Value (EV) ¹	1,502,096	3,037,266	2,397,842	3,680,526	3,868,474	5,455,882	5,455,882	5,455,882
P/E ratio	6.42 x	12.6 x	13.7 x	12.4 x	-	18.9 x	18.4 x	15.4 x
Yield	-	3.63%	1.31%	-	-	2.44%	2.44%	2.44%
Capitalization / Revenue	0.84 x	1.8 x	1.27 x	1.83 x	1.77 x	2.19 x	2.09 x	1.96 x
EV / Revenue	0.84 x	1.8 x	1.27 x	1.83 x	1.77 x	2.19 x	2.09 x	1.96 x
EV / EBITDA	-	5.49 x	3.6 x	-	8.38 x	9.78 x	-	-
EV / FCF	4,373,495 x	6,993,109 x	4,341,258 x	-	-	-	-	-
FCF Yield	0%	0%	0%	-	-	-	-	-
Price to Book	0.87 x	1.69 x	1.83 x	1.32 x	-	1.25 x	1.22 x	1.17 x
Nbr of stocks (in thousands)	66,699	66,699	66,699	133,396	133,396	266,791	-	-
Reference price ²	22,521	45,537	35,950	27,591	29,000	20,450	20,450	20,450
Announcement Date	1/30/20	1/1/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,792,751	1,688,865	1,892,131	2,007,397	2,180,945	2,493,600	2,615,400	2,778,400
EBITDA ¹	-	553,205	666,107	-	461,403	558,000	-	-
EBIT ¹	-	331,352	488,428	484,003	268,035	440,500	451,800	540,300
Operating Margin	-	19.62%	25.81%	24.11%	12.29%	17.67%	17.27%	19.45%
Earnings before Tax (EBT) ¹	342,173	335,886	482,691	476,913	267,647	440,500	451,800	540,300
Net income ¹	233,978	240,230	349,945	314,294	126,140	288,900	296,400	354,500
Net margin	13.05%	14.22%	18.49%	15.66%	5.78%	11.59%	11.33%	12.76%
EPS ²	3,508	3,602	2,629	2,228	-	1,083	1,111	1,329
Free Cash Flow	343,454	434,323	552,338	-	-	-	-	-
FCF margin	19.16%	25.72%	29.19%	-	-	-	-	-
FCF Conversion (EBITDA)	-	78.51%	82.92%	-	-	-	-	-
FCF Conversion (Net income)	146.79%	180.79%	157.84%	-	-	-	-	-
Dividend per Share ²	-	1,653	470.2	-	-	500.0	500.0	500.0
Announcement Date	1/30/20	1/1/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1
Net sales	-
EBITDA	-
EBIT ¹	80,267
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	4/30/23

¹VND in Million

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	343,454	434,323	552,338	-	-	-	-	-
ROE (net income / shareholders' equity)	13.9%	13.6%	15.8%	12.9%	4.44%	8.9%	7.6%	8.7%
ROA (Net income/ Total Assets)	9.58%	9.9%	12.2%	8.23%	2.64%	6.1%	5.6%	6.6%
Assets ¹	2,441,158	2,425,705	2,862,276	3,816,605	4,776,674	4,736,066	5,292,857	5,371,212
Book Value Per Share ²	25,955	26,938	19,698	20,938	-	16,306	16,828	17,550
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	102,358	95,099	92,343	137,803	-	100,000	100,000	-
Capex / Sales	5.71%	5.63%	4.88%	6.86%	-	4.01%	3.82%	-
Announcement Date	1/30/20	1/1/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vietnam Container ShippingCorporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

20,450 VND

Average target price

25,550 VND

Spread / Average Target

+24.94%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Marine Port Services

	1st Jan change	Capi.
VIETNAM CONTAINER SHIPPINGCORPORATION	-29.48%	216M
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+29.34%	34.1B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+14.49%	18.01B
DP WORLD PLC	0.00%	13.47B
ABU DHABI PORTS COMPANY	-8.93%	7.87B
MISC	+9.19%	7.44B
QINGDAO PORT INTERNATIONAL CO., LTD.	+21.04%	6.71B
JSW INFRASTRUCTURE LIMITED	+20.02%	6.05B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	-2.63%	5.61B
LIAONING PORT CO., LTD.	0.00%	4.15B

Other Marine Port Services