VAN PHAT HUNG CORPORATION

Financials Van Phat Hung Corporation

Equities

VPH

VN000000VPH3

Real Estate Development & Operations

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
7,470 ^VND	+6.87%		+9.85%	-12.01%

26/04	Van Phat Hung Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
13/03	Van Phat Hung Corporation Appoints Huynh Thi My Nhan as Chief Executive Officer	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	4,52,904	3,86,199	4,88,232	13,06,402	3,80,518	8,09,588
Enterprise Value (EV) ¹	8,15,213	6,26,967	9,41,321	17,25,597	8,39,924	15,82,560
P/E ratio	3.35 x	12.6 x	37.7 x	15.8 x	19.4 x	-950 x
Yield	-	-	11.7%	5.11%	-	-
Capitalization / Revenue	0.64 x	2.38 x	1.82 x	4.5 x	2.35 x	11.1 x
EV / Revenue	1.15 x	3.86 x	3.5 x	5.94 x	5.2 x	21.6 x
EV / EBITDA	3.92 x	18.9 x	16.5 x	19.6 x	21.1 x	-111 x
EV / FCF	20.1 x	4.75 x	-4.55 x	12.2 x	-188 x	-5.06 x
FCF Yield	4.96%	21%	-22%	8.22%	-0.53%	-19.7%
Price to Book	0.43 x	0.38 x	0.47 x	1.24 x	0.38 x	0.8 x
Nbr of stocks (in thousands)	94,714	95,358	95,358	95,358	95,368	95,358
Reference price ²	4,782	4,050	5,120	13,700	3,990	8,490
Announcement Date	25/03/19	21/04/20	01/04/21	30/03/22	30/03/23	08/04/24

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	7,06,219	1,62,544	2,68,627	2,90,558	1,61,610	73,143
EBITDA ¹	2,07,854	33,177	57,011	87,991	39,747	-14,197
EBIT ¹	2,02,718	27,470	51,165	83,093	35,685	-18,202
Operating Margin	28.7%	16.9%	19.05%	28.6%	22.08%	-24.89%
Earnings before Tax (EBT) ¹	1,91,423	45,207	25,429	1,09,395	32,871	5,061
Net income ¹	1,46,515	29,898	13,644	83,208	19,666	-851.9
Net margin	20.75%	18.39%	5.08%	28.64%	12.17%	-1.16%
EPS ²	1,426	321.0	136.0	866.6	206.0	-8.934
Free Cash Flow ¹	40,467	1,31,876	-2,06,710	1,41,867	-4,458	-3,12,502
FCF margin	5.73%	81.13%	-76.95%	48.83%	-2.76%	-427.25%
FCF Conversion (EBITDA)	19.47%	397.49%	-	161.23%	-	-
FCF Conversion (Net income)	27.62%	441.09%	-	170.5%	-	-
Dividend per Share	-	-	600.0	700.0	-	-
Announcement Date	25/03/19	21/04/20	01/04/21	30/03/22	30/03/23	08/04/24

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	3,62,309	2,40,768	4,53,089	4,19,195	4,59,407	7,72,972
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.743 x	7.257 x	7.947 x	4.764 x	11.56 x	-54.45 x
Free Cash Flow ¹	40,467	1,31,876	-2,06,710	1,41,867	-4,458	-3,12,502
ROE (net income / shareholders' equity)	14.6%	2.89%	1.32%	7.91%	1.89%	-0.08%
ROA (Net income/ Total Assets)	6.33%	0.89%	1.65%	2.51%	1.04%	-0.49%
Assets ¹	23,14,431	33,57,400	8,28,151	33,17,717	18,93,147	1,72,593
Book Value Per Share ²	11,081	10,608	10,823	11,092	10,601	10,589
Cash Flow per Share ²	499.0	389.0	59.30	1,110	913.0	217.0
Capex ¹	6,649	789	285	3,298	13,887	2,256
Capex / Sales	0.94%	0.49%	0.11%	1.14%	8.59%	3.09%
Announcement Date	25/03/19	21/04/20	01/04/21	30/03/22	30/03/23	08/04/24

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
VAN PHAT HUNG CORPORATION	-12.01%	29.13M
CHINA RESOURCES LAND LIMITED	+10.00%	28.11B
SUN HUNG KAI PROPERTIES LIMITED	-7.82%	27.28B
MITSUI FUDOSAN CO., LTD.	+25.23%	26.41B
DLF LIMITED	+13.99%	24.87B
MITSUBISHI ESTATE CO., LTD.	+43.67%	22.93B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+9.88%	21.18B
EMAAR PROPERTIES	+0.38%	19.18B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+23.84%	16.19B
CK ASSET HOLDINGS LIMITED	-10.20%	15.82B

Other Real Estate Development & Operations

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Financials Van Phat Hung Corporation

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