SOUTHERN SEED CORPORATION

Financials Southern Seed Corporation

Equities

SSC

VN000000SSC4

Fishing & Farming

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 17/05/2024 am IST			5-day change	1st Jan Change
36,000 ^VND	+6.35%		+12.50%	+20.00%

24/04	Southern Seed Corporation Appoints Dang Van Vinh as Member of the Board of Directors	CI
16/04	Southern Seed Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	7,73,164	8,00,289	6,71,552	5,26,226	3,80,237	3,98,154
Enterprise Value (EV) ¹	6,10,865	6,68,571	5,79,941	4,22,375	3,01,420	3,50,938
P/E ratio	9.09 x	11.9 x	16.8 x	10.5 x	8.16 x	7.91 x
Yield	6.99%	3.32%	2.96%	7.57%	10.5%	-
Capitalization / Revenue	1.27 x	1.31 x	1.49 x	1.7 x	1.27 x	1.32 x
EV / Revenue	1 x	1.09 x	1.29 x	1.36 x	1 x	1.16 x
EV / EBITDA	5.41 x	6.36 x	10.6 x	7.1 x	5.03 x	7.57 x
EV / FCF	4.14 x	13.5 x	9.21 x	46.1 x	43 x	-17.7 x
FCF Yield	24.2%	7.38%	10.9%	2.17%	2.33%	-5.64%
Price to Book	2.23 x	2.43 x	1.96 x	1.41 x	1 x	1.02 x
Nbr of stocks (in thousands)	13,517	13,272	13,272	13,272	13,272	13,272
Reference price ²	57,200	60,300	50,600	39,650	28,650	30,000
Announcement Date	19/03/19	18/03/20	23/03/21	28/03/22	27/03/23	20/03/24

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	6,08,631	6,11,486	4,50,502	3,10,442	3,00,268	3,01,972
EBITDA ¹	1,12,962	1,05,142	54,949	59,484	59,894	46,345
EBIT ¹	1,02,448	93,342	43,565	49,537	50,428	34,485
Operating Margin	16.83%	15.26%	9.67%	15.96%	16.79%	11.42%
Earnings before Tax (EBT) ¹	1,01,516	92,872	50,937	65,911	63,740	67,721
Net income ¹	92,482	73,836	40,080	54,447	50,665	54,706
Net margin	15.2%	12.07%	8.9%	17.54%	16.87%	18.12%
EPS ²	6,295	5,069	3,020	3,774	3,512	3,792
Free Cash Flow ¹	1,47,653	49,342	62,987	9,154	7,016	-19,790
FCF margin	24.26%	8.07%	13.98%	2.95%	2.34%	-6.55%
FCF Conversion (EBITDA)	130.71%	46.93%	114.63%	15.39%	11.71%	-
FCF Conversion (Net income)	159.66%	66.83%	157.15%	16.81%	13.85%	-
Dividend per Share ²	4,000	2,000	1,500	3,000	3,000	-
Announcement Date	19/03/19	18/03/20	23/03/21	28/03/22	27/03/23	20/03/24

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	1,62,299	1,31,717	91,611	1,03,852	78,817	47,215
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	1,47,653	49,342	62,987	9,154	7,016	-19,790
ROE (net income / shareholders' equity)	28.6%	21.9%	11.9%	15.2%	13.5%	14.2%
ROA (Net income/ Total Assets)	14.5%	12.3%	5.69%	6.21%	6.05%	4.02%
Assets ¹	6,36,273	6,01,592	7,03,888	8,76,520	8,37,037	13,61,803
Book Value Per Share ²	25,651	24,797	25,813	28,152	28,572	29,325
Cash Flow per Share ²	12,007	9,925	6,903	7,825	5,939	3,558
Capex ¹	15,308	5,734	1,669	14,910	13,013	28,021
Capex / Sales	2.52%	0.94%	0.37%	4.8%	4.33%	9.28%
Announcement Date	19/03/19	18/03/20	23/03/21	28/03/22	27/03/23	20/03/24

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Grain (Crop) Production

	1st Jan change	Capi.
SOUTHERN SEED CORPORATION	+20.00%	1.77Cr
YUAN LONG PING HIGH-TECH AGRICULTURE CO., LTD.	-13.26%	221.64Cr
JIANGSU PROVINCIAL AGRICULTURAL RECLAMATION AND DEVELOPMENT CO.,LTD.	+2.34%	198.32Cr
SHANDONGDENGHAI SEEDS CO.,LTD	-24.34%	120.67Cr
WINALL HI-TECH SEED CO., LTD.	-8.95%	100Cr
GDH SUPERTIME GROUP COMPANY LIMITED	-2.99%	80Cr
PT SAWIT SUMBERMAS SARANA TBK.	-3.35%	61Cr
BRASILAGRO - COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS	-5.02%	50Cr
BOA SAFRA SEMENTES S.A.	+5.98%	47Cr
GANSU DUNHUANG SEED GROUP CO.,LTD.	-7.33%	41Cr

Grain (Crop) Production

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Financials Southern Seed Corporation

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