Financials Commercial Bank for Investment and Development of Vietnam

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 27/06/2024 am IST			5-day change	1st Jan Change
44,100 ^VND	-0.90%		-3.08%	+1.61%

17/06	Joint Stock Commercial Bank for Investment and Development of Vietnam Announces Plan for Bond Private Placement of VND 3,000,000,000,000	CI
13/06	Joint Stock Commercial Bank for Investment and Development of Vietnam Announces Relocation of Tam Diep Branch	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,56,16,133	19,26,54,664	18,76,71,324	19,52,59,019	24,73,98,918	25,13,89,223	-	-
Enterprise Value (EV) ¹	18,56,16,133	19,26,54,664	18,76,71,324	19,52,59,019	24,73,98,918	25,13,89,223	25,13,89,223	25,13,89,223
P/E ratio	21.9 x	27 x	21.5 x	12.4 x	13.1 x	11.5 x	8.83 x	8.99 x
Yield	1.73%	0.42%	0.54%	-	-	-	2.27%	2.27%
Capitalization / Revenue	3.85 x	3.86 x	2.73 x	2.81 x	3.39 x	3.13 x	2.63 x	2.26 x
EV / Revenue	3.85 x	3.86 x	2.73 x	2.81 x	3.39 x	3.13 x	2.63 x	2.26 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.49 x	2.52 x	2.26 x	1.96 x	2.1 x	1.77 x	1.48 x	-
Nbr of stocks (in thousands)	57,00,469	57,00,469	57,00,453	57,00,450	57,00,436	57,00,436	-	-
Reference price ²	32,562	33,796	32,922	34,253	43,400	44,100	44,100	44,100
Announcement Date	22/01/20	01/02/21	28/01/22	30/01/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,81,65,454	4,98,80,322	6,88,34,570	6,95,92,814	7,30,24,183	8,03,80,000	9,57,55,599	11,10,67,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	3,08,85,276	3,23,38,734	4,30,33,878	4,70,45,283	4,79,44,483	5,22,90,000	6,27,89,714	7,45,64,000
Operating Margin	64.12%	64.83%	62.52%	67.6%	65.66%	65.05%	65.57%	67.13%
Earnings before Tax (EBT) ¹	1,08,76,228	92,13,930	1,36,01,598	2,30,57,623	2,76,49,764	3,39,10,625	4,27,04,097	4,48,95,000
Net income ¹	84,86,551	71,37,384	1,05,72,569	1,81,93,360	2,15,51,779	2,50,75,000	3,04,94,500	3,63,32,500
Net margin	17.62%	14.31%	15.36%	26.14%	29.51%	31.2%	31.85%	32.71%
EPS ²	1,489	1,252	1,534	2,773	3,314	3,819	4,995	4,904
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	564.4	141.1	177.5	-	-	-	1,000	1,000
Announcement Date	22/01/20	01/02/21	28/01/22	30/01/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	13.5%	9.45%	13.2%	19.9%	19.8%	18.2%	19.4%	18.7%
ROA (Net income/ Total Assets)	0.61%	0.47%	0.65%	0.94%	0.97%	1.06%	1.15%	1.1%
Assets ¹	1,40,14,84,790	1,50,35,56,773	1,63,91,57,984	1,94,16,60,619	2,21,06,65,607	2,36,55,66,038	2,65,16,95,652	3,30,29,54,545
Book Value Per Share ²	13,095	13,431	14,592	17,449	20,692	24,966	29,819	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	22/01/20	01/02/21	28/01/22	30/01/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

44,100 VND

Average target price

49,538 VND

Spread / Average Target

+12.33%

	1st Jan change	Capi.
COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM	+1.61%	9.87B
JPMORGAN CHASE & CO.	+17.09%	572B
BANK OF AMERICA CORPORATION	+16.57%	307B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+21.47%	262B
CHINA CONSTRUCTION BANK CORPORATION	+24.09%	186B
BANK OF CHINA LIMITED	+29.19%	174B
HSBC HOLDINGS PLC	+9.21%	160B
HDFC BANK LIMITED	-1.49%	155B
ROYAL BANK OF CANADA	+8.51%	150B
COMMONWEALTH BANK OF AUSTRALIA	+13.94%	140B