Financials Vietnam National Petroleum Group

Equities

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
35,700 ^VND	+1.71%		+3.03%	+3.48%

Jan. 31	Vietnam National Petroleum Group Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Jan. 31	Vietnam National Petroleum Group Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	66,685,541	67,257,003	68,484,921	40,277,774	43,835,432	45,360,143	-	-
Enterprise Value (EV) ¹	66,685,541	64,117,322	65,836,156	40,277,774	43,835,432	45,360,143	45,360,143	45,360,143
P/E ratio	18.4 x	75.4 x	26.8 x	29.8 x	16.3 x	14.2 x	13.1 x	11.1 x
Yield	5.36%	2.2%	2.23%	-	-	4.9%	8.4%	8.4%
Capitalization / Revenue	0.35 x	0.54 x	0.4 x	0.13 x	0.16 x	0.17 x	0.19 x	0.19 x
EV / Revenue	0.35 x	0.54 x	0.4 x	0.13 x	0.16 x	0.17 x	0.19 x	0.19 x
EV / EBITDA	9.68 x	15.9 x	13.9 x	13 x	10.2 x	7.45 x	8.17 x	7.54 x
EV / FCF	10.6 x	259 x	17.6 x	13.4 x	-	29.3 x	36.6 x	14.6 x
FCF Yield	9.48%	0.39%	5.69%	7.48%	-	3.41%	2.73%	6.85%
Price to Book	2.57 x	3.14 x	-	1.64 x	-	1.69 x	-	-
Nbr of stocks (in thousands)	1,190,813	1,231,813	1,270,592	1,270,592	1,270,592	1,270,592	-	-
Reference price ²	56,000	54,600	53,900	31,700	34,500	35,700	35,700	35,700
Announcement Date	2/3/20	2/2/21	1/28/22	1/31/23	1/31/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	189,641,719	124,007,987	169,113,133	304,080,299	274,252,672	267,275,500	235,983,000	244,437,000
EBITDA ¹	6,890,186	4,218,992	4,914,247	3,107,858	4,288,146	6,087,000	5,550,000	6,017,000
EBIT ¹	4,929,103	1,180,656	3,498,179	-	2,183,285	3,602,000	3,446,000	3,912,000
Operating Margin	2.6%	0.95%	2.07%	-	0.8%	1.35%	1.46%	1.6%
Earnings before Tax (EBT) ¹	5,771,829	1,398,029	3,781,368	2,260,382	3,931,898	4,715,500	5,316,000	6,151,000
Net income ¹	4,252,801	970,386	2,830,025	1,480,283	2,811,980	3,440,500	3,823,000	4,491,000
Net margin	2.24%	0.78%	1.67%	0.49%	1.03%	1.29%	1.62%	1.84%
EPS ²	3,051	724.0	2,011	1,064	2,111	2,517	2,733	3,211
Free Cash Flow ¹	6,319,380	259,955	3,896,409	3,011,120	-	1,546,000	1,240,000	3,107,000
FCF margin	3.33%	0.21%	2.3%	0.99%	-	0.58%	0.53%	1.27%
FCF Conversion (EBITDA)	91.72%	6.16%	79.29%	96.89%	-	25.4%	22.34%	51.64%
FCF Conversion (Net income)	148.59%	26.79%	137.68%	203.42%	-	44.94%	32.44%	69.18%
Dividend per Share ²	3,000	1,200	1,200	-	-	1,750	3,000	3,000
Announcement Date	2/3/20	2/2/21	1/28/22	1/31/23	1/31/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	3,139,680	2,648,765	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,319,380	259,955	3,896,409	3,011,120	-	1,546,000	1,240,000	3,107,000
ROE (net income / shareholders' equity)	17.3%	4.39%	12.3%	5.96%	11.2%	11.9%	11.7%	13.1%
ROA (Net income/ Total Assets)	7.2%	1.58%	4.51%	2.14%	3.67%	4.6%	5.1%	5.9%
Assets ¹	59,085,890	61,452,623	62,701,337	69,301,638	76,718,947	74,793,478	74,960,784	76,118,644
Book Value Per Share ²	21,800	17,375	-	19,333	-	21,181	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	2,031,508	1,752,865	1,249,087	1,372,993	1,456,495	1,408,000	1,447,000	1,488,000
Capex / Sales	1.07%	1.41%	0.74%	0.45%	0.53%	0.53%	0.61%	0.61%
Announcement Date	2/3/20	2/2/21	1/28/22	1/31/23	1/31/24	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

35,700 VND

Average target price

38,900 VND

Spread / Average Target

+8.96%

	1st Jan change	Capi.
VIETNAM NATIONAL PETROLEUM GROUP	+3.48%	1.79B
RELIANCE INDUSTRIES LTD	+12.39%	221B
CHINA PETROLEUM & CHEMICAL CORPORATION	+17.36%	103B
MARATHON PETROLEUM CORPORATION	+33.72%	71.49B
PHILLIPS 66	+13.72%	64.2B
VALERO ENERGY CORPORATION	+27.54%	54.22B
IMPERIAL OIL LIMITED	+27.93%	37.8B
INDIAN OIL CORPORATION LIMITED	+32.11%	28.33B
FORMOSA PETROCHEMICAL CORPORATION	-11.77%	20.79B
REPSOL S.A.	+9.44%	19.12B