Financials Taseco Air Services

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
60,000 ^VND	-2.28%		+6.19%	+18.81%

26/04	Taseco Air Services Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
30/01	Taseco Air Services Joint Stock Company Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	38,25,000	25,83,000	23,76,000	25,65,000	22,72,500	27,00,000	-	-
Enterprise Value (EV) ¹	38,25,000	25,83,000	23,76,000	25,65,000	22,72,500	27,00,000	27,00,000	27,00,000
P/E ratio	18.5 x	-53.5 x	-20.3 x	115 x	20.4 x	12.2 x	10.2 x	8.81 x
Yield	2.35%	-	-	-	-	2.5%	4.17%	4.17%
Capitalization / Revenue	3.35 x	7.19 x	15.4 x	4.25 x	2.07 x	1.83 x	1.6 x	1.43 x
EV / Revenue	3.35 x	7.19 x	15.4 x	4.25 x	2.07 x	1.83 x	1.6 x	1.43 x
EV / EBITDA	13.7 x	-101 x	-34.2 x	35.8 x	11.8 x	8.54 x	7.09 x	6.37 x
EV / FCF	21.2 x	-27 x	-23.8 x	34.9 x	16.6 x	13.9 x	11.9 x	10.6 x
FCF Yield	4.72%	-3.71%	-4.21%	2.87%	6.02%	7.19%	8.37%	9.41%
Price to Book	-	5.27 x	-	5.63 x	4.5 x	3.4 x	-	-
Nbr of stocks (in thousands)	45,000	45,000	45,000	45,000	45,000	45,000	-	-
Reference price ²	85,000	57,400	52,800	57,000	50,500	60,000	60,000	60,000
Announcement Date	30/01/20	01/02/21	28/01/22	29/03/23	31/01/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,40,994	3,59,496	1,54,062	6,03,590	10,99,692	14,74,000	16,87,000	18,92,000
EBITDA ¹	2,78,571	-25,658	-69,481	71,741	1,93,371	3,16,000	3,81,000	4,24,000
EBIT ¹	2,40,813	-65,492	-1,07,321	34,302	1,57,606	2,87,000	3,48,000	3,90,000
Operating Margin	21.11%	-18.22%	-69.66%	5.68%	14.33%	19.47%	20.63%	20.61%
Earnings before Tax (EBT) ¹	2,63,156	-49,152	-1,28,401	39,192	1,77,584	3,26,000	4,05,000	4,70,000
Net income ¹	1,90,859	-49,013	-1,18,047	23,147	1,15,580	2,43,500	2,72,000	3,16,000
Net margin	16.73%	-13.63%	-76.62%	3.83%	10.51%	16.52%	16.12%	16.7%
EPS ²	4,588	-1,072	-2,598	495.0	2,473	4,904	5,862	6,807
Free Cash Flow ¹	1,80,483	-95,843	-99,991	73,590	1,36,719	1,94,000	2,26,000	2,54,000
FCF margin	15.82%	-26.66%	-64.9%	12.19%	12.43%	13.16%	13.4%	13.42%
FCF Conversion (EBITDA)	64.79%	-	-	102.58%	70.7%	61.39%	59.32%	59.91%
FCF Conversion (Net income)	94.56%	-	-	317.92%	118.29%	79.67%	83.09%	80.38%
Dividend per Share ²	2,000	-	-	-	-	1,500	2,500	2,500
Announcement Date	30/01/20	01/02/21	28/01/22	29/03/23	31/01/24	-	-	-

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 ¹	1,80,483	-95,843	-99,991	73,590	1,36,719	1,94,000	2,26,000	2,54,000
ROE (net income / shareholders' equity)	33.5%	-9.08%	-27.4%	5.33%	26%	33.4%	28%	28.6%
ROA (Net income/ Total Assets)	24.8%	-6.54%	-20.9%	4.28%	17%	25.2%	23%	-
Assets ¹	7,69,902	7,49,342	5,63,740	5,40,698	6,79,881	9,68,191	11,82,609	-
Book Value Per Share ²	-	10,896	-	10,122	11,230	17,622	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	29,370	9,880	15,690	23,986	41,552	69,000	75,000	79,000
Capex / Sales	2.57%	2.75%	10.18%	3.97%	3.78%	4.68%	4.45%	4.18%
Announcement Date	30/01/20	01/02/21	28/01/22	29/03/23	31/01/24	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

60,000 VND

Average target price

68,550 VND

Spread / Average Target

+14.25%

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