Financials Dong Haiof Ben Tre

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
38,200 ^VND	-2.05%		-2.05%	+0.53%

02/05	Dong Hai Joint Stock Company of Ben Tre Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
30/01	Dong Hai Joint Stock Company of Ben Tre 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	21,22,240	34,10,143	62,29,504	26,40,172	30,58,736	31,23,130	-	-
Enterprise Value (EV) ¹	21,22,240	34,10,143	64,58,046	26,40,172	30,58,736	31,23,130	31,23,130	31,23,130
P/E ratio	10 x	8.88 x	13.2 x	7.1 x	9.9 x	8.61 x	8.1 x	6.17 x
Yield	-	4.11%	2.25%	-	-	4.45%	5.76%	6.02%
Capitalization / Revenue	1.48 x	1.18 x	1.5 x	0.67 x	0.94 x	0.84 x	0.71 x	0.76 x
EV / Revenue	1.48 x	1.18 x	1.5 x	0.67 x	0.94 x	0.84 x	0.71 x	0.76 x
EV / EBITDA	7.14 x	6.28 x	10.2 x	4.95 x	-	5.62 x	5.01 x	4.68 x
EV / FCF	-	82,20,955 x	6,16,86,825 x	1,16,39,773 x	2,05,28,147 x	-	-	-
FCF Yield	-	0%	0%	0%	0%	-	-	-
Price to Book	1.9 x	2.44 x	3.67 x	-	-	1.52 x	-	-
Nbr of stocks (in thousands)	80,494	80,494	80,494	80,493	80,493	80,493	-	-
Reference price ²	26,365	42,365	77,391	32,800	38,000	38,200	38,200	38,200
Announcement Date	20/01/20	20/01/21	28/01/22	03/04/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,29,886	28,87,571	41,64,331	39,35,865	32,61,255	37,06,500	44,08,025	41,07,000
EBITDA ¹	2,97,218	5,43,325	6,11,175	5,33,391	-	5,56,000	6,23,905	6,68,000
EBIT ¹	2,08,177	4,06,723	5,08,544	4,32,349	3,50,550	4,55,000	5,22,312	5,71,000
Operating Margin	14.56%	14.09%	12.21%	10.98%	10.75%	12.28%	11.85%	13.9%
Earnings before Tax (EBT) ¹	2,20,335	4,09,965	5,11,564	4,37,159	3,58,098	4,46,000	5,14,446	5,83,000
Net income ¹	1,81,588	3,91,828	4,81,340	3,79,459	3,09,081	3,61,500	4,49,292	5,09,000
Net margin	12.7%	13.57%	11.56%	9.64%	9.48%	9.75%	10.19%	12.39%
EPS ²	2,634	4,771	5,860	4,620	3,840	4,437	4,717	6,194
Free Cash Flow	-	4,14,811	1,00,986	2,26,823	1,49,002	-	-	-
FCF margin	-	14.37%	2.43%	5.76%	4.57%	-	-	-
FCF Conversion (EBITDA)	-	76.35%	16.52%	42.52%	-	-	-	-
FCF Conversion (Net income)	-	105.87%	20.98%	59.78%	48.21%	-	-	-
Dividend per Share ²	-	1,739	1,739	-	-	1,700	2,200	2,300
Announcement Date	20/01/20	20/01/21	28/01/22	03/04/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	2,28,543	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.3739 x	-	-	-	-	-
Free Cash Flow	-	4,14,811	1,00,986	2,26,823	1,49,002	-	-	-
ROE (net income / shareholders' equity)	18.5%	31.2%	31.1%	22%	17.2%	18.2%	23.4%	19.4%
ROA (Net income/ Total Assets)	9.24%	17.9%	20.6%	14.4%	10.7%	11.9%	12.9%	12.8%
Assets ¹	19,64,936	21,94,966	23,42,288	26,41,875	28,98,933	30,29,330	34,96,440	39,76,562
Book Value Per Share ²	13,893	17,329	21,081	-	-	25,114	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	2,21,063	38,437	53,287	76,953	88,084	1,25,000	7,44,604	6,36,000
Capex / Sales	15.46%	1.33%	1.28%	1.96%	2.7%	3.37%	16.89%	15.49%
Announcement Date	20/01/20	20/01/21	28/01/22	03/04/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

38,200 VND

Average target price

50,570 VND

Spread / Average Target

+32.38%

	1st Jan change	Capi.
DONG HAIOF BEN TRE	+0.53%	121M
PACKAGING CORPORATION OF AMERICA	+11.45%	16.17B
INTERNATIONAL PAPER COMPANY	+8.92%	13.73B
SMURFIT KAPPA GROUP PLC	+21.40%	12.16B
STORA ENSO OYJ	+8.14%	11.19B
MONDI PLC	-5.84%	8.74B
GRAPHIC PACKAGING HOLDING COMPANY	+15.15%	8.63B
SIG GROUP AG	+0.93%	8.02B
DS SMITH PLC	+20.92%	6.35B
SONOCO PRODUCTS COMPANY	+7.25%	5.87B