Financials Vietnam Dairy Products

Equities

VNM

VN000000VNM8

Food Processing

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
65,000 ^VND	+0.46%		+1.25%	-3.85%

30/01	Vietnam Dairy Products Joint Stock Company Reports Earnings Results for the Full Year Ended December 31, 2023	CI
30/01	Vietnam Dairy Products Joint Stock Company Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,28,71,313	22,73,46,666	18,05,72,150	15,90,45,609	14,12,80,988	13,58,47,104	-	-
Enterprise Value (EV) ¹	19,32,44,828	21,54,05,662	16,66,55,853	14,42,65,239	12,66,88,321	12,35,55,288	12,30,56,944	12,17,81,762
P/E ratio	21.3 x	22.8 x	19.1 x	21 x	17.8 x	15.4 x	13.9 x	12.7 x
Yield	3.86%	3.77%	4.46%	3.81%	-	5.85%	6.15%	6.75%
Capitalization / Revenue	3.6 x	3.81 x	2.96 x	2.65 x	2.34 x	2.14 x	2.04 x	1.93 x
EV / Revenue	3.43 x	3.61 x	2.74 x	2.41 x	2.1 x	1.95 x	1.85 x	1.73 x
EV / EBITDA	13.1 x	14.9 x	12 x	12.2 x	10.7 x	8.96 x	8.43 x	7.9 x
EV / FCF	20.6 x	24.2 x	20.7 x	19.2 x	19.8 x	17.7 x	12 x	10.7 x
FCF Yield	4.85%	4.14%	4.82%	5.2%	5.06%	5.66%	8.34%	9.36%
Price to Book	7.38 x	7.26 x	5.46 x	5.33 x	4.46 x	4.25 x	4.2 x	4.03 x
Nbr of stocks (in thousands)	20,89,662	20,89,583	20,89,955	20,89,955	20,89,955	20,89,955	-	-
Reference price ²	97,083	1,08,800	86,400	76,100	67,600	65,000	65,000	65,000
Announcement Date	30/01/20	01/03/21	28/01/22	01/02/23	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	5,63,18,123	5,96,36,286	6,09,19,165	5,99,56,247	6,03,68,916	6,33,42,051	6,64,49,327	7,02,52,369
EBITDA ¹	1,47,45,163	1,44,71,842	1,38,81,656	1,18,48,623	1,18,25,606	1,37,94,132	1,46,03,158	1,54,06,742
EBIT ¹	1,21,82,460	1,22,62,975	1,17,60,319	97,53,174	97,71,019	1,12,67,272	1,21,74,767	1,28,57,709
Operating Margin	21.63%	20.56%	19.3%	16.27%	16.19%	17.79%	18.32%	18.3%
Earnings before Tax (EBT) ¹	1,27,95,710	1,35,18,536	1,29,22,235	1,04,95,535	1,09,67,899	1,18,49,460	1,24,35,533	1,37,01,850
Net income ¹	1,05,81,176	1,10,98,937	1,05,32,477	85,16,024	88,73,812	97,39,148	1,05,29,734	1,09,34,900
Net margin	18.79%	18.61%	17.29%	14.2%	14.7%	15.38%	15.85%	15.57%
EPS ²	4,565	4,770	4,517	3,632	3,796	4,210	4,682	5,135
Free Cash Flow ¹	93,65,769	89,15,352	80,34,853	75,07,485	64,12,667	69,87,500	1,02,61,333	1,14,00,600
FCF margin	16.63%	14.95%	13.19%	12.52%	10.62%	11.03%	15.44%	16.23%
FCF Conversion (EBITDA)	63.52%	61.6%	57.88%	63.36%	54.23%	50.66%	70.27%	74%
FCF Conversion (Net income)	88.51%	80.33%	76.29%	88.16%	72.27%	71.75%	97.45%	104.26%
Dividend per Share ²	3,750	4,100	3,850	2,900	-	3,800	3,997	4,386
Announcement Date	30/01/20	01/03/21	28/01/22	01/02/23	30/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	1,61,94,052	1,58,19,037	1,38,77,826	1,49,30,275	1,60,79,491	1,50,68,655	-	1,51,94,825	1,56,36,988	1,56,18,711	1,45,35,030	1,58,68,013	1,63,29,764	1,63,10,684	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	32,41,803	24,37,647	26,19,580	23,83,520	26,88,416	20,61,657	-	25,19,939	22,48,000	24,43,777	21,08,658	25,72,826	27,50,228	24,97,689	-
Operating Margin	20.02%	15.41%	18.88%	15.96%	16.72%	13.68%	-	16.58%	14.38%	15.65%	14.51%	16.21%	16.84%	15.31%	-
Earnings before Tax (EBT)	-	-	-	25,76,058	-	-	-	-	30,75,790	-	-	-	-	-	-
Net income	-	21,96,004	-	20,82,981	-	-	18,56,733	21,98,811	25,33,000	-	-	-	-	-	-
Net margin	-	13.88%	-	13.95%	-	-	-	14.47%	16.2%	-	-	-	-	-	-
EPS	-	-	-	-	-	-	796.0	-	-	-	-	-	-	-	-
Dividend per Share ²	1,400	950.0	-	-	1,400	2,900	-	-	-	-	-	-	-	3,932	-
Announcement Date	29/10/21	28/01/22	06/05/22	29/07/22	28/10/22	01/02/23	28/04/23	28/07/23	30/10/23	30/01/24	-	-	-	-	-

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	96,26,485	1,19,41,004	1,39,16,298	1,47,80,371	1,45,92,668	1,22,91,816	1,27,90,160	1,40,65,342
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	93,65,769	89,15,352	80,34,853	75,07,485	64,12,667	69,87,500	1,02,61,333	1,14,00,600
ROE (net income / shareholders' equity)	39.7%	37.8%	32.7%	27.1%	28.8%	28.6%	29.9%	31.8%
ROA (Net income/ Total Assets)	25.7%	23.8%	20.7%	16.7%	17.5%	18.3%	20.3%	20.4%
Assets ¹	4,11,37,347	4,65,66,178	5,08,83,990	5,09,07,580	5,05,78,020	5,31,61,287	5,19,55,916	5,37,34,152
Book Value Per Share ²	13,162	14,977	15,830	14,282	15,166	15,279	15,472	16,115
Cash Flow per Share ²	-	4,872	4,513	4,224	3,774	6,268	6,563	7,220
Capex ¹	20,44,159	12,64,817	13,97,120	13,19,788	14,74,756	20,58,937	17,09,660	17,42,722
Capex / Sales	3.63%	2.12%	2.29%	2.2%	2.44%	3.25%	2.57%	2.48%
Announcement Date	30/01/20	01/03/21	28/01/22	01/02/23	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 Dairy Products

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

65,000 VND

Average target price

82,591 VND

Spread / Average Target

+27.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
VIETNAM DAIRY PRODUCTS	-3.85%	5.36B
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+4.71%	24.52B
CHINA MENGNIU DAIRY COMPANY LIMITED	-23.24%	8.1B
WANT WANT CHINA HOLDINGS LIMITED	-4.24%	6.82B
NESTLÉ (MALAYSIA)	+8.16%	6.26B
EMMI AG	-3.18%	5.16B
GLANBIA PLC	+19.79%	4.98B
CHINA FEIHE LIMITED	+1.41%	5.02B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+22.01%	4.53B
HATSUN AGRO PRODUCT LIMITED	-3.99%	2.92B

Dairy Products