Financials Commercial Bank for Foreign Trade of Vietnam

Equities

VCB

VN000000VCB4

Banks

End-of-day quote Ho Chi Minh S.E. 23:00:00 06/05/2024 BST 5-day change 1st Jan Change
92,900 VND -0.11% Intraday chart for Commercial Bank for Foreign Trade of Vietnam +1.86% +15.69%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Capitalization 1 334,540,746 363,099,102 372,923,177 378,601,326 519,226,578 - -
Enterprise Value (EV) 1 334,540,746 363,099,102 372,923,177 378,601,326 519,226,578 519,226,578 519,226,578
P/E ratio 18 x 19.7 x 13.3 x 12.7 x 15.4 x 13.3 x 11.1 x
Yield 0.89% 1.23% 1.52% - 1.24% 1.4% 1.36%
Capitalization / Revenue 7.32 x 7.41 x 6.58 x 5.56 x 6.61 x 5.87 x 4.99 x
EV / Revenue 7.32 x 7.41 x 6.58 x 5.56 x 6.61 x 5.87 x 4.99 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 3.9 x 3.86 x 2.63 x 2.75 x 2.59 x 2.23 x 1.86 x
Nbr of stocks (in thousands) 5,589,115 5,589,115 5,589,115 5,589,102 5,589,091 - -
Reference price 2 59,856 64,965 66,723 67,739 92,900 92,900 92,900
Announcement Date 21/01/20 21/01/21 28/01/22 31/01/23 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Net sales 1 45,730,381 48,998,854 56,711,075 68,082,767 78,502,377 88,405,862 104,005,929
EBITDA - - - - - - -
EBIT 1 29,913,127 32,961,370 39,136,497 46,822,878 53,755,600 59,984,940 71,659,167
Operating Margin 65.41% 67.27% 69.01% 68.77% 68.48% 67.85% 68.9%
Earnings before Tax (EBT) 1 23,122,698 23,044,590 27,375,696 37,358,660 45,641,348 52,742,341 63,683,583
Net income 1 18,513,926 18,446,676 21,908,052 29,892,285 36,462,267 42,917,417 52,127,155
Net margin 40.48% 37.65% 38.63% 43.91% 46.45% 48.55% 50.12%
EPS 2 3,320 3,301 5,002 5,348 6,031 6,963 8,394
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 530.9 796.3 1,016 - 1,150 1,300 1,260
Announcement Date 21/01/20 21/01/21 28/01/22 31/01/23 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2023 Q1 2023 Q2 2023 Q3 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 14,869,393 - - - 18,517,174 17,470,000 17,189,053 18,500,428 18,565,078 21,294,934 21,005,139 22,079,279
EBITDA - - - - - - - - - - - -
EBIT 1 11,812,612 - 10,157 - 13,242,920 11,814,000 10,544,771 12,921,000 13,202,000 16,197,000 - -
Operating Margin 79.44% - - - 71.52% 67.62% 61.35% 69.84% 71.11% 76.06% - -
Earnings before Tax (EBT) 1 8,064,414 - 7,423 - 11,221,344 9,278,000 9,051,164 10,516,808 10,487,331 12,442,709 12,008,205 12,679,244
Net income 1 6,451,239 7,962,184 5,937 - 8,986,435 7,419,000 7,268,919 8,407,702 8,383,980 9,942,642 9,600,109 10,136,695
Net margin 43.39% - - - 48.53% 42.47% 42.29% 45.45% 45.16% 46.69% 45.7% 45.91%
EPS 2 1,472 1,424 - - 1,608 1,568 1,301 1,524 1,574 1,266 1,718 1,814
Dividend per Share 2 1,016 - - - - - - - - - - -
Announcement Date 28/01/22 29/04/22 25/07/22 31/10/22 28/04/23 28/07/23 30/10/23 - - - - -
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow - - - - - - -
ROE (net income / shareholders' equity) 25.1% 21.1% 21.4% 24.2% 19.6% 18.5% 18.6%
ROA (Net income/ Total Assets) 1.61% 1.45% 1.6% 1.85% 1.83% 1.86% 1.96%
Assets 1 1,149,005,523 1,274,522,642 1,370,495,261 1,614,577,347 1,992,887,412 2,311,364,538 2,656,837,660
Book Value Per Share 2 15,328 16,820 25,360 24,673 35,813 41,633 50,063
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 21/01/20 21/01/21 28/01/22 31/01/23 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
92,900 VND
Average target price
101,590 VND
Spread / Average Target
+9.35%
Consensus
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