Financials Vinhomes

Equities

VHM

VN000000VHM0

Real Estate Development & Operations

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
40,800 ^VND	+0.25%		-1.69%	-5.56%

26/04	Vinhomes Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
12/04	Vietnam EV maker VinFast's challenges escalate risk for parent Vingroup	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,89,50,780	29,44,11,496	35,70,58,134	20,90,09,639	18,81,08,675	17,76,58,194	-	-
Enterprise Value (EV) ¹	29,17,63,249	30,35,92,749	36,73,71,787	23,27,98,551	22,68,55,260	21,44,95,433	20,08,49,285	17,76,58,194
P/E ratio	13.3 x	10.6 x	9.05 x	7.3 x	5.68 x	5.67 x	4.89 x	4.96 x
Yield	1.18%	-	2.44%	-	-	3.84%	4.31%	4.29%
Capitalization / Revenue	5.38 x	4.15 x	4.2 x	3.35 x	1.82 x	1.7 x	1.49 x	1.45 x
EV / Revenue	5.63 x	4.28 x	4.32 x	3.73 x	2.2 x	2.06 x	1.69 x	1.45 x
EV / EBITDA	12.4 x	14.3 x	8.36 x	8.82 x	7.54 x	4.99 x	4.02 x	3.6 x
EV / FCF	6.07 x	14.6 x	-173 x	-	162 x	6.84 x	2.34 x	-
FCF Yield	16.5%	6.83%	-0.58%	-	0.62%	14.6%	42.7%	-
Price to Book	4.97 x	3.42 x	2.83 x	1.45 x	1.05 x	0.87 x	0.77 x	0.66 x
Nbr of stocks (in thousands)	42,76,368	42,76,368	43,54,367	43,54,367	43,54,367	43,54,367	-	-
Reference price ²	65,231	68,846	82,000	48,000	43,200	40,800	40,800	40,800
Announcement Date	30/01/20	28/01/21	28/01/22	30/01/23	29/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,18,25,557	7,08,90,295	8,50,93,964	6,23,92,115	10,33,34,072	10,43,56,796	11,91,76,084	12,27,55,059
EBITDA ¹	2,34,51,955	2,12,91,872	4,39,36,096	2,63,81,855	3,00,83,629	4,29,57,521	4,99,98,224	4,93,02,904
EBIT ¹	2,31,11,341	2,07,08,608	4,28,65,114	2,50,71,611	2,79,33,310	4,03,96,488	4,57,99,388	4,53,45,174
Operating Margin	44.59%	29.21%	50.37%	40.18%	27.03%	38.71%	38.43%	36.94%
Earnings before Tax (EBT) ¹	2,96,57,629	3,70,46,787	4,84,68,673	3,86,61,161	4,32,43,540	3,97,94,024	5,01,01,419	4,62,38,000
Net income ¹	2,13,04,793	2,78,39,395	3,90,16,681	2,86,28,187	3,31,25,469	3,05,48,762	3,87,21,206	3,58,11,000
Net margin	41.11%	39.27%	45.85%	45.88%	32.06%	29.27%	32.49%	29.17%
EPS ²	4,899	6,510	9,060	6,575	7,607	7,195	8,347	8,224
Free Cash Flow ¹	4,80,81,437	2,07,48,165	-21,21,385	-	14,02,123	3,13,81,500	8,57,30,200	-
FCF margin	92.78%	29.27%	-2.49%	-	1.36%	30.07%	71.94%	-
FCF Conversion (EBITDA)	205.02%	97.45%	-	-	4.66%	73.05%	171.47%	-
FCF Conversion (Net income)	225.68%	74.53%	-	-	4.23%	102.73%	221.4%	-
Dividend per Share ²	769.2	-	2,000	-	-	1,566	1,760	1,750
Announcement Date	30/01/20	28/01/21	28/01/22	30/01/23	29/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	1,13,68,174	26,57,707	10,02,178	82,64,709	1,37,62,748	53,97,745	1,17,22,472	1,40,13,893	-9,12,055	-	-	-	-	1,25,08,123	1,25,08,123
EBIT ¹	1,11,46,339	24,61,819	5,43,697	80,06,552	1,33,65,030	50,84,869	1,13,65,076	1,36,38,461	-20,16,670	8,62,699	97,11,152	97,11,152	97,11,152	1,13,87,038	1,13,87,038
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,41,26,223	58,85,623	12,56,656	1,89,48,683	1,24,67,494	1,50,74,055	1,25,33,322	-	-	14,16,341	93,47,550	93,47,550	93,47,550	1,11,54,479	1,11,54,479
Net income ¹	1,19,32,494	45,40,066	5,08,877	1,44,93,845	89,27,802	1,19,17,322	96,52,450	-	8,25,689	8,84,697	69,33,047	69,33,047	69,33,047	82,95,181	82,95,181
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	2,740	1,043	117.0	3,329	2,050	2,737	2,217	-	190.0	203.0	1,592	1,592	1,592	1,905	1,905
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	28/01/22	29/04/22	28/07/22	27/10/22	30/01/23	26/04/23	28/07/23	24/10/23	29/01/24	26/04/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,28,12,469	91,81,253	1,03,13,653	2,37,88,912	3,87,46,585	3,68,37,239	2,31,91,091	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5463 x	0.4312 x	0.2347 x	0.9017 x	1.288 x	0.8575 x	0.4638 x	-
Free Cash Flow ¹	4,80,81,437	2,07,48,165	-21,21,385	-	14,02,123	3,13,81,500	8,57,30,200	-
ROE (net income / shareholders' equity)	42.9%	39.1%	36.4%	21.3%	20.4%	17%	17.2%	14.8%
ROA (Net income/ Total Assets)	13.4%	13.5%	17.5%	9.68%	8.19%	7.36%	7.77%	7.3%
Assets ¹	15,84,64,866	20,60,89,507	22,31,54,450	29,58,58,820	40,45,85,881	41,50,46,086	49,85,99,105	49,05,61,644
Book Value Per Share ²	13,118	20,145	28,964	33,213	41,116	46,886	52,858	61,653
Cash Flow per Share ²	4,953	5,208	3,083	9,673	3,514	6,226	3,238	-
Capex ¹	49,46,141	15,24,898	1,53,99,303	2,95,77,482	1,39,00,237	1,50,00,000	1,18,55,863	-
Capex / Sales	9.54%	2.15%	18.1%	47.41%	13.45%	14.37%	9.95%	-
Announcement Date	30/01/20	28/01/21	28/01/22	30/01/23	29/01/24	-	-	-

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 Vinhomes

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

40,800 VND

Average target price

63,094 VND

Spread / Average Target

+54.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
VINHOMES	-5.56%	7.01B
VONOVIA SE	-9.36%	22.5B
AKELIUS RESIDENTIAL PROPERTY AB	+9.02%	10.79B
CHINA VANKE CO., LTD.	-34.32%	10.32B
DEUTSCHE WOHNEN SE	-28.99%	7.2B
VINGROUP	-0.34%	6.53B
LEG IMMOBILIEN SE	-3.03%	6.09B
OPEN HOUSE GROUP CO., LTD.	+12.96%	3.57B
IIDA GROUP HOLDINGS CO., LTD.	-5.92%	3.54B
TRICON RESIDENTIAL INC.	+27.36%	3.32B

Residential Real Estate Development