Financials Vietnam Container ShippingCorporation

Equities

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Marine Port Services

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
20,850 ^VND	-0.71%		+3.47%	-28.10%

26/04	Vietnam Container Shipping Joint Stock Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
27/03	Vietnam Container Shipping Joint Stock Corporation Announces Board Resignations	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,02,096	30,37,266	23,97,842	36,80,526	38,68,474	55,62,598	-	-
Enterprise Value (EV) ¹	15,02,096	30,37,266	23,97,842	36,80,526	38,68,474	55,62,598	55,62,598	55,62,598
P/E ratio	6.42 x	12.6 x	13.7 x	12.4 x	-	19.3 x	18.8 x	15.7 x
Yield	-	3.63%	1.31%	-	-	2.4%	2.4%	2.4%
Capitalization / Revenue	0.84 x	1.8 x	1.27 x	1.83 x	1.77 x	2.23 x	2.13 x	2 x
EV / Revenue	0.84 x	1.8 x	1.27 x	1.83 x	1.77 x	2.23 x	2.13 x	2 x
EV / EBITDA	-	5.49 x	3.6 x	-	8.38 x	9.97 x	-	-
EV / FCF	43,73,495 x	69,93,109 x	43,41,258 x	-	-	-	-	-
FCF Yield	0%	0%	0%	-	-	-	-	-
Price to Book	0.87 x	1.69 x	1.83 x	1.32 x	-	1.28 x	1.24 x	1.19 x
Nbr of stocks (in thousands)	66,699	66,699	66,699	1,33,396	1,33,396	2,66,791	-	-
Reference price ²	22,521	45,537	35,950	27,591	29,000	20,850	20,850	20,850
Announcement Date	30/01/20	01/01/21	28/01/22	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	17,92,751	16,88,865	18,92,131	20,07,397	21,80,945	24,93,600	26,15,400	27,78,400
EBITDA ¹	-	5,53,205	6,66,107	-	4,61,403	5,58,000	-	-
EBIT ¹	-	3,31,352	4,88,428	4,84,003	2,68,035	4,40,500	4,51,800	5,40,300
Operating Margin	-	19.62%	25.81%	24.11%	12.29%	17.67%	17.27%	19.45%
Earnings before Tax (EBT) ¹	3,42,173	3,35,886	4,82,691	4,76,913	2,67,647	4,40,500	4,51,800	5,40,300
Net income ¹	2,33,978	2,40,230	3,49,945	3,14,294	1,26,140	2,88,900	2,96,400	3,54,500
Net margin	13.05%	14.22%	18.49%	15.66%	5.78%	11.59%	11.33%	12.76%
EPS ²	3,508	3,602	2,629	2,228	-	1,083	1,111	1,329
Free Cash Flow	3,43,454	4,34,323	5,52,338	-	-	-	-	-
FCF margin	19.16%	25.72%	29.19%	-	-	-	-	-
FCF Conversion (EBITDA)	-	78.51%	82.92%	-	-	-	-	-
FCF Conversion (Net income)	146.79%	180.79%	157.84%	-	-	-	-	-
Dividend per Share ²	-	1,653	470.2	-	-	500.0	500.0	500.0
Announcement Date	30/01/20	01/01/21	28/01/22	30/01/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1
Net sales	-
EBITDA	-
EBIT ¹	80,267
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	30/04/23

¹VND in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	3,43,454	4,34,323	5,52,338	-	-	-	-	-
ROE (net income / shareholders' equity)	13.9%	13.6%	15.8%	12.9%	4.44%	8.9%	7.6%	8.7%
ROA (Net income/ Total Assets)	9.58%	9.9%	12.2%	8.23%	2.64%	6.1%	5.6%	6.6%
Assets ¹	24,41,158	24,25,705	28,62,276	38,16,605	47,76,674	47,36,066	52,92,857	53,71,212
Book Value Per Share ²	25,955	26,938	19,698	20,938	-	16,306	16,828	17,550
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	1,02,358	95,099	92,343	1,37,803	-	1,00,000	1,00,000	-
Capex / Sales	5.71%	5.63%	4.88%	6.86%	-	4.01%	3.82%	-
Announcement Date	30/01/20	01/01/21	28/01/22	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 Vietnam Container ShippingCorporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

20,850 VND

Average target price

25,550 VND

Spread / Average Target

+22.54%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Marine Port Services

	1st Jan change	Capi.
VIETNAM CONTAINER SHIPPINGCORPORATION	-28.10%	22Cr
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+27.53%	3.28TCr
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+17.96%	1.86TCr
DP WORLD PLC	0.00%	1.35TCr
MISC	+11.66%	766.69Cr
ABU DHABI PORTS COMPANY	-13.79%	761.85Cr
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	+11.65%	617.84Cr
JSW INFRASTRUCTURE LIMITED	+17.19%	600.45Cr
LIAONING PORT CO., LTD.	+4.84%	423.36Cr
QUBE HOLDINGS LIMITED	+11.11%	417.61Cr

Other Marine Port Services