Financials Thien Viet Securities

Equities

TVS

VN000000TVS2

Investment Banking & Brokerage Services

End-of-day quote Ho Chi Minh S.E. 23:00:00 27/06/2024 BST 5-day change 1st Jan Change
23,050 VND -5.53% Intraday chart for Thien Viet Securities -14.47% +20.17%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 830,162 1,121,746 1,429,322 6,478,049 2,676,880 3,192,740
Enterprise Value (EV) 1 2,060,958 2,528,883 3,052,466 7,797,540 3,841,634 5,631,509
P/E ratio 5.85 x 10.1 x 5.91 x 12.4 x 61.3 x 12.7 x
Yield 3.73% - 4.12% - - -
Capitalization / Revenue 2.15 x 3.43 x 2.76 x 6.93 x 3.21 x 2.9 x
EV / Revenue 5.33 x 7.74 x 5.9 x 8.34 x 4.61 x 5.11 x
EV / EBITDA - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Price to Book 0.95 x 1.14 x 1.09 x 3.69 x 1.51 x 1.55 x
Nbr of stocks (in thousands) 138,592 145,136 163,249 163,247 163,247 166,446
Reference price 2 5,990 7,729 8,755 39,683 16,398 19,182
Announcement Date 20/03/19 30/03/20 31/03/21 04/04/22 30/03/23 29/03/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 386,556 326,735 517,064 935,136 833,843 1,102,660
EBITDA - - - - - -
EBIT - - - - - -
Operating Margin - - - - - -
Earnings before Tax (EBT) 1 176,817 137,000 288,672 644,011 52,445 312,910
Net income 1 140,600 110,235 232,635 516,929 43,651 251,281
Net margin 36.37% 33.74% 44.99% 55.28% 5.23% 22.79%
EPS 2 1,023 763.5 1,483 3,204 267.4 1,511
Free Cash Flow - - - - - -
FCF margin - - - - - -
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share 2 223.5 - 361.1 - - -
Announcement Date 20/03/19 30/03/20 31/03/21 04/04/22 30/03/23 29/03/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,230,797 1,407,137 1,623,144 1,319,492 1,164,755 2,438,769
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow - - - - - -
ROE (net income / shareholders' equity) 17.4% 11.9% 20.3% 33.8% 2.51% 13.2%
ROA (Net income/ Total Assets) 6.54% 3.89% 6.75% 9.32% 0.53% 2.19%
Assets 1 2,148,757 2,835,995 3,448,440 5,547,400 8,225,262 11,475,087
Book Value Per Share 2 6,302 6,752 8,011 10,747 10,825 12,337
Cash Flow per Share 2 619.0 171.0 797.0 2,144 1,818 1,689
Capex 1 964 527 6,066 10,215 5,002 4,705
Capex / Sales 0.25% 0.16% 1.17% 1.09% 0.6% 0.43%
Announcement Date 20/03/19 30/03/20 31/03/21 04/04/22 30/03/23 29/03/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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