Financials PetroVietnam Transportation Corporation

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 23:00:00 12/05/2024 BST			5-day change	1st Jan Change
29,550 ^VND	-0.67%		+13.22%	+23.12%

04-26	PetroVietnam Transportation Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
01-29	PetroVietnam Transportation Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,728,195	4,531,117	7,799,995	7,120,327	8,544,393	10,520,173	-	-
Enterprise Value (EV) ¹	4,728,195	4,531,117	7,799,995	7,120,327	8,544,393	10,520,173	10,520,173	10,520,173
P/E ratio	6.94 x	7.39 x	11.7 x	9.68 x	8.72 x	9.83 x	7.72 x	6.61 x
Yield	2.38%	7.14%	4.15%	-	-	3.05%	3.38%	3.38%
Capitalization / Revenue	0.61 x	0.61 x	1.06 x	0.79 x	0.9 x	0.9 x	0.86 x	0.78 x
EV / Revenue	0.61 x	0.61 x	1.06 x	0.79 x	0.9 x	0.9 x	0.86 x	0.78 x
EV / EBITDA	2.82 x	2.71 x	4.12 x	3.01 x	3.07 x	2.95 x	3.38 x	2.44 x
EV / FCF	-7.93 x	3.09 x	-33 x	15.6 x	-3.96 x	7.53 x	7.28 x	4 x
FCF Yield	-12.6%	32.4%	-3.03%	6.43%	-25.3%	13.3%	13.7%	25%
Price to Book	-	0.94 x	1.51 x	1.19 x	1.15 x	1.29 x	1.16 x	-
Nbr of stocks (in thousands)	356,022	356,016	356,016	356,016	356,016	356,013	-	-
Reference price ²	13,281	12,727	21,909	20,000	24,000	29,550	29,550	29,550
Announcement Date	31/01/20	28/01/21	27/01/22	30/01/23	29/01/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,741,960	7,458,105	7,368,155	9,047,363	9,487,002	11,652,500	12,196,000	13,522,000
EBITDA ¹	1,677,917	1,672,920	1,892,510	2,364,679	2,782,060	3,567,000	3,117,000	4,320,000
EBIT ¹	928,195	793,325	962,740	1,169,357	1,427,782	1,812,000	2,072,000	2,479,000
Operating Margin	11.99%	10.64%	13.07%	12.92%	15.05%	15.55%	16.99%	18.33%
Earnings before Tax (EBT) ¹	1,012,386	980,042	1,049,590	1,456,872	1,561,809	1,820,000	2,120,000	2,612,000
Net income ¹	681,362	613,451	665,567	857,339	980,250	1,182,500	1,455,000	1,663,000
Net margin	8.8%	8.23%	9.03%	9.48%	10.33%	10.15%	11.93%	12.3%
EPS ²	1,914	1,723	1,869	2,066	2,754	3,005	3,830	4,470
Free Cash Flow ¹	-595,913	1,468,222	-236,360	457,651	-2,157,628	1,397,000	1,446,000	2,630,000
FCF margin	-7.7%	19.69%	-3.21%	5.06%	-22.74%	11.99%	11.86%	19.45%
FCF Conversion (EBITDA)	-	87.76%	-	19.35%	-	39.16%	46.39%	60.88%
FCF Conversion (Net income)	-	239.34%	-	53.38%	-	118.14%	99.38%	158.15%
Dividend per Share ²	316.2	909.1	909.1	-	-	900.0	1,000	1,000
Announcement Date	31/01/20	28/01/21	27/01/22	30/01/23	29/01/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-595,913	1,468,222	-236,360	457,651	-2,157,628	1,397,000	1,446,000	2,630,000
ROE (net income / shareholders' equity)	16.2%	13.3%	13.2%	11.5%	14.6%	14.5%	15.9%	17%
ROA (Net income/ Total Assets)	6.43%	5.56%	5.66%	6.44%	6.18%	7.73%	7.75%	8.4%
Assets ¹	10,603,208	11,039,441	11,768,186	13,307,755	15,858,829	15,290,955	18,774,194	19,797,619
Book Value Per Share ²	-	13,590	14,543	16,870	20,799	22,993	25,444	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	1,924,045	165,784	2,003,449	1,780,276	4,226,707	1,293,000	1,847,000	703,000
Capex / Sales	24.85%	2.22%	27.19%	19.68%	44.55%	11.1%	15.14%	5.2%
Announcement Date	31/01/20	28/01/21	27/01/22	30/01/23	29/01/24	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

29,550 VND

Average target price

28,400 VND

Spread / Average Target

-3.89%

	1st Jan change	Capi.
PETROVIETNAM TRANSPORTATION CORPORATION	+23.12%	416M
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INTERNATIONAL SEAWAYS, INC.	+35.62%	3.03B
NANJING TANKER CORPORATION	+43.93%	2.61B
BW LPG LIMITED	+14.21%	2.1B
DHT HOLDINGS, INC.	+23.85%	1.95B
DORIAN LPG LTD.	-1.32%	1.75B
FLEX LNG LTD.	-1.31%	1.54B