Financials Viettel ConstructionCorporation

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
131,500 ^VND	+1.31%		+3.95%	+43.25%

Jan. 08	Viettel Construction Joint Stock Corporation Approves Plan for 2022 Cash Dividend Payment, Payable on February 06, 2024	CI
2023	Vietnam eyes first semiconductor plant, US officials warn of high costs	RE

Fiscal Period: December	2021	2022	2023	2024	2025
Capitalization ¹	5,765,048	10,500,624	15,041,743	15,041,743	-
Enterprise Value (EV) ¹	5,765,048	10,500,624	15,041,743	15,041,743	15,041,743
P/E ratio	13.8 x	23.7 x	29.1 x	30.1 x	25.1 x
Yield	1.25%	1.09%	0.8%	1.6%	1.33%
Capitalization / Revenue	0.77 x	1.12 x	1.33 x	1.15 x	1 x
EV / Revenue	0.77 x	1.12 x	1.33 x	1.15 x	1 x
EV / EBITDA	9.28 x	13.8 x	16.8 x	12.5 x	9.84 x
EV / FCF	30.3 x	-	165 x	-31.2 x	288 x
FCF Yield	3.3%	-	0.61%	-3.2%	0.35%
Price to Book	5.41 x	6.46 x	7.56 x	6.69 x	5.41 x
Nbr of stocks (in thousands)	114,386	114,386	114,386	114,386	-
Reference price ²	50,400	91,800	131,500	131,500	131,500
Announcement Date	2/7/22	3/29/23	1/30/24	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net sales ¹	6,359,634	7,454,105	9,369,884	11,298,951	13,093,333	15,081,000
EBITDA ¹	415,248	620,994	759,923	895,140	1,201,500	1,529,333
EBIT ¹	324,769	465,588	552,080	636,856	751,500	933,000
Operating Margin	5.11%	6.25%	5.89%	5.64%	5.74%	6.19%
Earnings before Tax (EBT) ¹	344,667	471,777	554,882	645,450	745,667	897,000
Net income ¹	273,719	375,741	442,896	516,503	597,000	717,667
Net margin	4.3%	5.04%	4.73%	4.57%	4.56%	4.76%
EPS ²	3,162	3,652	3,872	4,515	4,369	5,245
Free Cash Flow ¹	-	190,204	-	91,080	-481,950	52,241
FCF margin	-	2.55%	-	0.81%	-3.68%	0.35%
FCF Conversion (EBITDA)	-	30.63%	-	10.17%	-	3.42%
FCF Conversion (Net income)	-	50.62%	-	17.63%	-	7.28%
Dividend per Share ²	627.5	627.5	1,000	1,050	2,110	1,750
Announcement Date	2/2/21	2/7/22	3/29/23	1/30/24	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	190,204	-	91,080	-481,950	52,241
ROE (net income / shareholders' equity)	28.4%	31.7%	30.2%	28.5%	26.9%	28.5%
ROA (Net income/ Total Assets)	8.66%	9.56%	8.84%	7.95%	7.43%	7.77%
Assets ¹	3,161,388	3,928,372	5,009,340	6,494,528	8,031,394	9,240,339
Book Value Per Share ²	-	9,315	14,205	17,404	19,643	24,325
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	487,816	395,112	406,520	483,442	1,183,183	1,197,583
Capex / Sales	7.67%	5.3%	4.34%	4.28%	9.04%	7.94%
Announcement Date	2/2/21	2/7/22	3/29/23	1/30/24	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

131,500 VND

Average target price

133,733 VND

Spread / Average Target

+1.70%

	1st Jan change	Capi.
VIETTEL CONSTRUCTIONCORPORATION	+43.25%	591M
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DYCOM INDUSTRIES, INC.	+56.36%	5.24B
CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED	+18.52%	3.34B
COMSYS HOLDINGS CORPORATION	+2.03%	2.39B
HELIOS TOWERS PLC	+42.47%	1.67B
CHINA BESTER GROUP TELECOM CO., LTD.	-18.61%	1.26B
RUNJIAN CO., LTD.	-23.89%	1.22B
MIRAIT ONE CORPORATION	+5.08%	1.11B