Financials SSI Securities Corporation

Equities

SSI

VN000000SSI1

Investment Banking & Brokerage Services

End-of-day quote Ho Chi Minh S.E. 23:00:00 02/05/2024 BST 5-day change 1st Jan Change
34,650 VND -0.14% Intraday chart for SSI Securities Corporation -1.56% +5.64%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,170,387 19,827,394 50,814,060 26,357,754 49,171,748 52,222,651 - -
Enterprise Value (EV) 1 9,170,387 19,827,394 50,814,060 26,357,754 49,171,748 49,043,508 53,793,198 60,108,725
P/E ratio - - - 13.5 x - 16.6 x 14.1 x 12.1 x
Yield 5.54% 3.02% 1.93% 5.65% - 3.69% 4.47% 6.29%
Capitalization / Revenue 2.83 x 4.61 x 6.83 x 4.16 x 6.87 x 6.31 x 5.3 x 4.7 x
EV / Revenue 2.83 x 4.61 x 6.83 x 4.16 x 6.87 x 5.93 x 5.46 x 5.41 x
EV / EBITDA - - - - - 8.94 x 8.29 x 7.98 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book - - - 1.18 x - 1.87 x 1.79 x 1.7 x
Nbr of stocks (in thousands) 785,791 798,687 980,966 1,489,139 1,499,139 1,507,147 - -
Reference price 2 11,670 24,825 51,800 17,700 32,800 34,650 34,650 34,650
Announcement Date 30/01/20 20/01/21 07/02/22 31/03/23 31/01/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,234,978 4,299,627 7,443,182 6,335,823 7,157,693 8,275,945 9,855,373 11,112,671
EBITDA 1 - - - - - 5,488,154 6,485,815 7,535,612
EBIT 1 - - - 3,130,306 - 5,368,199 6,347,585 7,375,403
Operating Margin - - - 49.41% - 64.87% 64.41% 66.37%
Earnings before Tax (EBT) - - - 2,109,703 - - - -
Net income - - - 1,699,320 - - - -
Net margin - - - 26.82% - - - -
EPS 2 - - - 1,310 - 2,083 2,454 2,856
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 646.6 750.0 1,000 1,000 - 1,277 1,547 2,178
Announcement Date 30/01/20 20/01/21 07/02/22 31/03/23 31/01/24 - - -
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - 1,570,548 7,886,075
Net Cash position 1 - - - - - 3,179,142 - -
Leverage (Debt/EBITDA) - - - - - - 0.2422 x 1.047 x
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 9.8% 13.6% 22.4% 9.28% 10.1% 11.4% 12.7% 14%
ROA (Net income/ Total Assets) 3.57% 4.08% 6.23% 3.53% 3.78% 4.2% 4.8% 4.9%
Assets - - - 48,114,839 - - - -
Book Value Per Share 2 - - - 14,938 - 18,531 19,390 20,389
Cash Flow per Share 2 - - - - - -5,159 -6,257 -7,699
Capex 1 - - - - - 100,000 100,000 100,000
Capex / Sales - - - - - 1.21% 1.01% 0.9%
Announcement Date 30/01/20 20/01/21 07/02/22 31/03/23 31/01/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
34,650 VND
Average target price
38,162 VND
Spread / Average Target
+10.14%
Consensus

Annual profits - Rate of surprise

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