Financials Binh Minh Plastics

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
116,000 ^VND	+4.13%		+6.42%	+11.22%

Apr. 26	Binh Minh Plastics Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Jan. 26	Binh Minh Plastics Joint Stock Company Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,700,114	5,124,495	4,903,470	4,911,656	8,538,096	9,495,869	-	-
Enterprise Value (EV) ¹	3,700,114	5,124,495	4,903,470	4,911,656	8,538,096	9,495,869	9,495,869	9,495,869
P/E ratio	8.75 x	9.8 x	22.9 x	7.05 x	8.2 x	9.72 x	9.34 x	9.73 x
Yield	8.85%	10.1%	2.09%	-	-	9.91%	10.1%	9.91%
Capitalization / Revenue	0.85 x	1.09 x	1.08 x	0.85 x	1.66 x	1.74 x	1.6 x	1.51 x
EV / Revenue	0.85 x	1.09 x	1.08 x	0.85 x	1.66 x	1.74 x	1.6 x	1.51 x
EV / EBITDA	4.9 x	5.65 x	9.43 x	4.73 x	5.78 x	6.71 x	7.02 x	7.54 x
EV / FCF	5.2 x	6.44 x	-64.5 x	6.75 x	-	11.8 x	10.1 x	11 x
FCF Yield	19.2%	15.5%	-1.55%	14.8%	-	8.51%	9.93%	9.07%
Price to Book	1.5 x	2.07 x	2.14 x	1.87 x	-	3.51 x	-	-
Nbr of stocks (in thousands)	81,861	81,861	81,861	81,861	81,861	81,861	-	-
Reference price ²	45,200	62,600	59,900	60,000	104,300	116,000	116,000	116,000
Announcement Date	1/22/20	2/1/21	1/25/22	1/17/23	1/24/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,337,339	4,685,640	4,552,757	5,808,344	5,156,984	5,442,333	5,937,500	6,293,500
EBITDA ¹	754,381	906,690	519,776	1,039,410	1,476,402	1,416,000	1,353,000	1,259,000
EBIT ¹	528,596	654,247	265,625	869,263	1,304,061	1,220,000	1,292,000	1,239,000
Operating Margin	12.19%	13.96%	5.83%	14.97%	25.29%	22.42%	21.76%	19.69%
Earnings before Tax (EBT) ¹	529,278	656,540	268,108	872,523	1,307,183	1,191,500	1,218,000	1,149,000
Net income ¹	422,767	522,658	214,284	696,261	1,041,006	980,000	1,022,000	980,500
Net margin	9.75%	11.15%	4.71%	11.99%	20.19%	18.01%	17.21%	15.58%
EPS ²	5,164	6,385	2,618	8,505	12,717	11,935	12,426	11,923
Free Cash Flow ¹	711,131	795,665	-76,064	727,995	-	808,000	943,000	861,000
FCF margin	16.4%	16.98%	-1.67%	12.53%	-	14.85%	15.88%	13.68%
FCF Conversion (EBITDA)	94.27%	87.75%	-	70.04%	-	57.06%	69.7%	68.39%
FCF Conversion (Net income)	168.21%	152.23%	-	104.56%	-	82.45%	92.27%	87.81%
Dividend per Share ²	4,000	6,320	1,250	-	-	11,500	11,750	11,500
Announcement Date	1/22/20	2/1/21	1/25/22	1/17/23	1/24/24	-	-	-

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	711,131	795,665	-76,064	727,995	-	808,000	943,000	861,000
ROE (net income / shareholders' equity)	17.2%	21.2%	8.99%	28.3%	-	35.2%	35.4%	33%
ROA (Net income/ Total Assets)	14.9%	17.8%	7.3%	23.7%	-	29.3%	29.8%	27.6%
Assets ¹	2,831,051	2,933,610	2,934,669	2,939,049	-	3,350,427	3,429,530	3,552,536
Book Value Per Share ²	30,164	30,193	28,016	32,046	-	33,039	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	191,384	66,235	80,971	160,547	-	80,000	80,000	80,000
Capex / Sales	4.41%	1.41%	1.78%	2.76%	-	1.47%	1.35%	1.27%
Announcement Date	1/22/20	2/1/21	1/25/22	1/17/23	1/24/24	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

116,000 VND

Average target price

116,533 VND

Spread / Average Target

+0.46%

	1st Jan change	Capi.
BINH MINH PLASTICS	+11.22%	375M
GEBERIT AG	-6.09%	18.63B
ADVANCED DRAINAGE SYSTEMS, INC.	+17.24%	12.8B
ASTRAL LIMITED	+8.49%	6.67B
ZHEJIANG WEIXING NEW BUILDING MATERIALS CO., LTD.	+21.35%	3.81B
ALIAXIS SA	+21.43%	2.86B
RELIANCE WORLDWIDE CORPORATION LIMITED	+13.09%	2.6B
FINOLEX INDUSTRIES LIMITED	+28.32%	2.01B
CHINA LESSO GROUP HOLDINGS LIMITED	-10.29%	1.45B
CANGZHOU MINGZHU PLASTIC CO.,LTD.	-9.25%	850M