KINHBAC CITY DEVELOPMENT HOLDING CORPORATION

Financials KinhBac City Development Holding Corporation

Equities

KBC

VN000000KBC7

Real Estate Development & Operations

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 07/05/2024 am IST			5-day change	1st Jan Change
30,200 ^VND	-0.17%		+4.14%	-4.88%

30/04	KinhBac City Development Holding Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
01/04	KinhBac City Development Holding Corporation Provides Earnings Guidance for the Year 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	72,57,795	1,14,62,149	3,46,41,419	1,85,76,035	2,43,71,451	2,31,81,664	-	-
Enterprise Value (EV) ¹	85,30,276	1,61,77,235	3,91,33,301	1,85,76,035	2,43,71,451	2,31,81,664	2,31,81,664	2,31,81,664
P/E ratio	8.49 x	55.6 x	38.3 x	12 x	12.2 x	12 x	7 x	5.94 x
Yield	6.47%	-	-	-	-	-	3.31%	3.31%
Capitalization / Revenue	2.23 x	5.32 x	8.04 x	19.4 x	4.32 x	3.31 x	2.28 x	1.99 x
EV / Revenue	2.23 x	5.32 x	8.04 x	19.4 x	4.32 x	3.31 x	2.28 x	1.99 x
EV / EBITDA	4.51 x	26.5 x	14.8 x	10.5 x	8.13 x	7.87 x	4.42 x	3.57 x
EV / FCF	57,38,542 x	-36,66,701 x	-2,35,24,597 x	-	-	-	-	-
FCF Yield	0%	-0%	-0%	-	-	-	-	-
Price to Book	0.77 x	1.18 x	2.49 x	1.15 x	1.34 x	1.2 x	-	-
Nbr of stocks (in thousands)	6,26,347	6,26,347	7,59,680	7,67,605	7,67,605	7,67,605	-	-
Reference price ²	11,588	18,300	45,600	24,200	31,750	30,200	30,200	30,200
Announcement Date	30/01/20	30/01/21	29/01/22	30/01/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	32,49,677	21,54,247	43,08,617	9,57,337	56,44,663	70,02,500	1,01,66,000	1,16,54,000
EBITDA ¹	16,10,002	4,32,668	23,36,318	17,76,177	29,96,629	29,44,500	52,45,000	64,90,000
EBIT ¹	14,15,558	4,29,990	14,85,841	17,08,414	28,61,165	24,76,000	46,63,000	57,75,000
Operating Margin	43.56%	19.96%	34.49%	178.45%	50.69%	35.36%	45.87%	49.55%
Earnings before Tax (EBT) ¹	13,88,992	4,30,089	13,64,655	17,18,873	28,65,234	23,44,500	44,85,000	53,85,000
Net income ¹	8,55,046	2,97,387	7,83,709	15,47,311	19,95,556	19,98,750	33,13,000	39,02,000
Net margin	26.31%	13.8%	18.19%	161.63%	35.35%	28.54%	32.59%	33.48%
EPS ²	1,365	329.2	1,191	2,019	2,600	2,526	4,316	5,083
Free Cash Flow	12,64,746	-31,26,013	-14,72,562	-	-	-	-	-
FCF margin	38.92%	-145.11%	-34.18%	-	-	-	-	-
FCF Conversion (EBITDA)	78.56%	-	-	-	-	-	-	-
FCF Conversion (Net income)	147.92%	-	-	-	-	-	-	-
Dividend per Share ²	750.0	-	-	-	-	-	1,000	1,000
Announcement Date	30/01/20	30/01/21	29/01/22	30/01/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	12,72,482	47,15,086	44,91,882	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.7904 x	10.9 x	1.923 x	-	-	-	-	-
Free Cash Flow	12,64,746	-31,26,013	-14,72,562	-	-	-	-	-
ROE (net income / shareholders' equity)	9.26%	2.34%	6.63%	10.2%	11.7%	8.9%	15.9%	16.5%
ROA (Net income/ Total Assets)	5.11%	1.48%	2.88%	4.69%	5.84%	5.1%	8.5%	9.2%
Assets ¹	1,67,32,800	2,01,10,012	2,72,43,326	3,29,67,031	3,41,63,462	3,91,91,176	3,89,76,471	4,24,13,043
Book Value Per Share ²	15,039	15,487	18,285	20,956	23,633	25,233	-	-
Cash Flow per Share	-	-	-1,873	-	-	-	-	-
Capex ¹	1,37,968	2,12,808	2,40,288	1,71,330	13,19,049	2,10,000	2,64,000	3,07,000
Capex / Sales	4.25%	9.88%	5.58%	17.9%	23.37%	3%	2.6%	2.63%
Announcement Date	30/01/20	30/01/21	29/01/22	30/01/23	30/01/24	-	-	-

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 KinhBac City Development Holding Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

30,200 VND

Average target price

38,604 VND

Spread / Average Target

+27.83%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
KINHBAC CITY DEVELOPMENT HOLDING CORPORATION	-4.88%	912M
SUN HUNG KAI PROPERTIES LIMITED	-12.67%	27.86B
CHINA RESOURCES LAND LIMITED	+4.11%	28.04B
DLF LIMITED	+17.36%	25.39B
MITSUBISHI ESTATE CO., LTD.	+47.76%	24.16B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.81%	20.93B
EMAAR PROPERTIES	+3.41%	19.25B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+26.99%	16.61B
CK ASSET HOLDINGS LIMITED	-14.16%	15.42B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+0.21%	15.17B

Other Real Estate Development & Operations