SAIGON BEER - ALCOHOL - BEVERAGE CORPORATION

Financials Saigon Beer - Alcohol - Beverage Corporation

Equities

SAB

VN000000SAB4

Brewers

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
54,400 ^VND	-.--%		+2.26%	-13.65%

25/04	Saigon Beer - Alcohol - Beverage Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
31/01	Saigon Beer - Alcohol - Beverage Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,62,12,110	12,50,49,831	9,68,33,459	10,70,29,830	8,08,01,429	7,25,93,030	-	-
Enterprise Value (EV) ¹	14,62,12,110	10,87,51,331	8,05,05,192	8,45,81,955	5,87,21,427	5,03,81,618	5,03,70,704	5,05,92,420
P/E ratio	30.5 x	27.3 x	26.7 x	20.9 x	20.1 x	17.1 x	17.3 x	14.2 x
Yield	2.19%	1.79%	2.32%	2.1%	-	3.31%	4.44%	4.8%
Capitalization / Revenue	3.86 x	4.47 x	3.67 x	3.06 x	2.65 x	2.31 x	2.16 x	1.98 x
EV / Revenue	3.86 x	3.89 x	3.05 x	2.42 x	1.93 x	1.6 x	1.5 x	1.38 x
EV / EBITDA	23.8 x	19.7 x	19.8 x	14 x	13.4 x	9.73 x	9.49 x	8.61 x
EV / FCF	-	-	2,50,50,558 x	2,19,94,901 x	3,54,52,751 x	-	-	-
FCF Yield	-	-	0%	0%	0%	-	-	-
Price to Book	-	6.27 x	4.56 x	4.72 x	3.34 x	2.98 x	2.87 x	2.77 x
Nbr of stocks (in thousands)	12,82,562	12,82,562	12,82,562	12,82,562	12,82,562	12,82,562	-	-
Reference price ²	1,14,000	97,500	75,500	83,450	63,000	56,600	56,600	56,600
Announcement Date	21/01/20	01/02/21	26/01/22	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	3,78,99,060	2,79,61,324	2,63,73,746	3,49,79,084	3,04,61,367	3,14,18,113	3,36,08,398	3,66,14,212
EBITDA ¹	61,46,744	55,33,504	40,67,958	60,59,078	43,81,475	51,76,862	53,05,295	58,75,291
EBIT ¹	54,99,496	49,40,053	35,10,480	54,97,973	38,11,443	47,05,411	49,71,331	52,35,151
Operating Margin	14.51%	17.67%	13.31%	15.72%	12.51%	14.98%	14.79%	14.3%
Earnings before Tax (EBT) ¹	66,86,177	61,11,818	48,56,894	68,13,417	53,70,410	56,32,000	60,56,850	-
Net income ¹	50,53,364	47,23,497	36,77,252	52,23,851	42,55,053	42,24,123	46,31,562	44,53,809
Net margin	13.33%	16.89%	13.94%	14.93%	13.97%	13.44%	13.78%	12.16%
EPS ²	3,738	3,566	2,832	3,992	3,132	3,306	3,270	3,994
Free Cash Flow	-	-	32,13,709	38,45,526	16,56,329	-	-	-
FCF margin	-	-	12.19%	10.99%	5.44%	-	-	-
FCF Conversion (EBITDA)	-	-	79%	63.47%	37.8%	-	-	-
FCF Conversion (Net income)	-	-	87.39%	73.61%	38.93%	-	-	-
Dividend per Share ²	2,500	1,750	1,750	1,750	-	1,871	2,512	2,717
Announcement Date	21/01/20	01/02/21	26/01/22	30/01/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	90,03,847	73,06,356	1,90,26,055	86,35,078	1,00,29,204	62,13,934	83,12,142	74,14,904	85,20,387	71,83,512	88,21,764	78,69,516	90,42,777	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,74,292	12,56,855	6,95,927	17,31,340	10,00,884	8,71,431	11,87,166	13,46,632	9,02,969	10,49,688	11,72,144	9,73,854	8,82,642	-	-
Operating Margin	15.26%	17.2%	3.66%	20.05%	9.98%	14.02%	14.28%	18.16%	10.6%	14.61%	13.29%	12.38%	9.76%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	13,13,729	11,70,696	18,58,623	13,41,941	10,43,337	9,67,304	11,59,245	10,44,409	9,66,519	9,97,269	11,45,967	10,27,610	9,12,013	-	-
Net margin	14.59%	16.02%	9.77%	15.54%	10.4%	15.57%	13.95%	14.09%	11.34%	13.88%	12.99%	13.06%	10.09%	-	-
EPS ²	997.0	889.5	1,242	1,023	790.0	734.5	884.0	1,589	719.0	758.0	893.5	801.2	711.1	-	-
Dividend per Share ²	750.0	750.0	-	1,250	500.0	-	750.0	-	-	-	642.2	642.2	642.2	-	-
Announcement Date	26/01/22	27/04/22	26/08/22	20/10/22	30/01/23	27/04/23	26/07/23	26/10/23	30/01/24	25/04/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	1,62,98,501	1,63,28,267	2,24,47,875	2,20,80,003	2,22,11,413	2,22,22,327	2,20,00,610
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	32,13,709	38,45,526	16,56,329	-	-	-
ROE (net income / shareholders' equity)	29.9%	24.4%	17.9%	23.6%	18%	17.4%	29.2%	18.2%
ROA (Net income/ Total Assets)	20.5%	17.4%	12.7%	16.1%	12.4%	12.6%	18%	1.9%
Assets ¹	2,46,64,633	2,71,68,706	2,89,31,051	3,24,76,136	3,42,60,789	3,36,13,700	2,58,02,575	23,44,11,011
Book Value Per Share ²	-	15,547	16,546	17,681	18,878	19,007	19,747	20,439
Cash Flow per Share ²	-	-	-	-	-	2,519	3,623	4,509
Capex ¹	2,57,482	4,45,876	3,29,541	5,33,164	2,73,321	5,01,124	4,73,754	6,19,142
Capex / Sales	0.68%	1.59%	1.25%	1.52%	0.9%	1.6%	1.41%	1.69%
Announcement Date	21/01/20	01/02/21	26/01/22	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 Saigon Beer - Alcohol - Beverage Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

56,600 VND

Average target price

75,806 VND

Spread / Average Target

+33.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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