Financials Vinhomes

Equities

VHM

VN000000VHM0

Real Estate Development & Operations

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
38,850 ^VND	-0.38%		-2.39%	-10.07%

Apr. 26	Vinhomes Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 12	Vietnam EV maker VinFast's challenges escalate risk for parent Vingroup	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	278,950,780	294,411,496	357,058,134	209,009,639	188,108,675	169,167,177	-	-
Enterprise Value (EV) ¹	291,763,249	303,592,749	367,371,787	232,798,551	226,855,260	207,779,459	192,358,268	169,167,177
P/E ratio	13.3 x	10.6 x	9.05 x	7.3 x	5.68 x	5.36 x	4.69 x	5.15 x
Yield	1.18%	-	2.44%	-	-	3.46%	4.53%	4.5%
Capitalization / Revenue	5.38 x	4.15 x	4.2 x	3.35 x	1.82 x	1.52 x	1.43 x	1.43 x
EV / Revenue	5.63 x	4.28 x	4.32 x	3.73 x	2.2 x	1.87 x	1.62 x	1.43 x
EV / EBITDA	12.4 x	14.3 x	8.36 x	8.82 x	7.54 x	5.47 x	3.9 x	3.71 x
EV / FCF	6.07 x	14.6 x	-173 x	-	162 x	6.62 x	2.24 x	-
FCF Yield	16.5%	6.83%	-0.58%	-	0.62%	15.1%	44.6%	-
Price to Book	4.97 x	3.42 x	2.83 x	1.45 x	1.05 x	0.85 x	0.74 x	0.64 x
Nbr of stocks (in thousands)	4,276,368	4,276,368	4,354,367	4,354,367	4,354,367	4,354,367	-	-
Reference price ²	65,231	68,846	82,000	48,000	43,200	38,850	38,850	38,850
Announcement Date	1/30/20	1/28/21	1/28/22	1/30/23	1/29/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	51,825,557	70,890,295	85,093,964	62,392,115	103,334,072	111,361,612	118,597,804	118,205,274
EBITDA ¹	23,451,955	21,291,872	43,936,096	26,381,855	30,083,629	37,991,643	49,289,498	45,618,910
EBIT ¹	23,111,341	20,708,608	42,865,114	25,071,611	27,933,310	38,519,810	45,582,737	43,028,580
Operating Margin	44.59%	29.21%	50.37%	40.18%	27.03%	34.59%	38.43%	36.4%
Earnings before Tax (EBT) ¹	29,657,629	37,046,787	48,468,673	38,661,161	43,243,540	37,130,601	49,791,276	42,450,000
Net income ¹	21,304,793	27,839,395	39,016,681	28,628,187	33,125,469	30,820,569	38,419,873	32,856,000
Net margin	41.11%	39.27%	45.85%	45.88%	32.06%	27.68%	32.4%	27.8%
EPS ²	4,899	6,510	9,060	6,575	7,607	7,242	8,288	7,545
Free Cash Flow ¹	48,081,437	20,748,165	-2,121,385	-	1,402,123	31,381,500	85,730,200	-
FCF margin	92.78%	29.27%	-2.49%	-	1.36%	28.18%	72.29%	-
FCF Conversion (EBITDA)	205.02%	97.45%	-	-	4.66%	82.6%	173.93%	-
FCF Conversion (Net income)	225.68%	74.53%	-	-	4.23%	101.82%	223.14%	-
Dividend per Share ²	769.2	-	2,000	-	-	1,343	1,760	1,750
Announcement Date	1/30/20	1/28/21	1/28/22	1/30/23	1/29/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA ¹	11,368,174	2,657,707	1,002,178	8,264,709	13,762,748	5,397,745	11,722,472	14,013,893	-912,055	-	10,351,150	10,351,150	10,351,150	12,508,123	12,508,123
EBIT ¹	11,146,339	2,461,819	543,697	8,006,552	13,365,030	5,084,869	11,365,076	13,638,461	-2,016,670	862,699	9,711,152	9,711,152	9,711,152	11,387,038	11,387,038
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	14,126,223	5,885,623	1,256,656	18,948,683	12,467,494	15,074,055	12,533,322	-	-	1,416,341	9,347,550	9,347,550	9,347,550	11,154,479	11,154,479
Net income ¹	11,932,494	4,540,066	508,877	14,493,845	8,927,802	11,917,322	9,652,450	-	825,689	884,697	6,933,047	6,933,047	6,933,047	8,295,181	8,295,181
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	2,740	1,043	117.0	3,329	2,050	2,737	2,217	-	190.0	203.0	1,592	1,592	1,592	1,905	1,905
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/28/22	4/29/22	7/28/22	10/27/22	1/30/23	4/26/23	7/28/23	10/24/23	1/29/24	4/26/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,812,469	9,181,253	10,313,653	23,788,912	38,746,585	38,612,283	23,191,091	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5463 x	0.4312 x	0.2347 x	0.9017 x	1.288 x	1.016 x	0.4705 x	-
Free Cash Flow ¹	48,081,437	20,748,165	-2,121,385	-	1,402,123	31,381,500	85,730,200	-
ROE (net income / shareholders' equity)	42.9%	39.1%	36.4%	21.3%	20.4%	16.9%	17.2%	14.2%
ROA (Net income/ Total Assets)	13.4%	13.5%	17.5%	9.68%	8.19%	7.38%	7.74%	7.1%
Assets ¹	158,464,866	206,089,507	223,154,450	295,858,820	404,585,881	417,792,717	496,316,667	462,760,563
Book Value Per Share ²	13,118	20,145	28,964	33,213	41,116	45,561	52,711	60,848
Cash Flow per Share ²	4,953	5,208	3,083	9,673	3,514	6,226	3,238	-
Capex ¹	4,946,141	1,524,898	15,399,303	29,577,482	13,900,237	12,590,377	11,855,863	-
Capex / Sales	9.54%	2.15%	18.1%	47.41%	13.45%	11.31%	10%	-
Announcement Date	1/30/20	1/28/21	1/28/22	1/30/23	1/29/24	-	-	-

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

Ratings for Vinhomes

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

38,850 VND

Average target price

59,201 VND

Spread / Average Target

+52.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
VINHOMES	-10.07%	6.65B
CHINA VANKE CO., LTD.	-21.13%	12.51B
AKELIUS RESIDENTIAL PROPERTY AB	+9.67%	11.03B
DEUTSCHE WOHNEN SE	-25.23%	7.71B
LEG IMMOBILIEN SE	+2.42%	6.53B
VINGROUP	-2.35%	6.37B
IIDA GROUP HOLDINGS CO., LTD.	+2.20%	3.82B
BRIGADE ENTERPRISES LIMITED	+42.97%	3.56B
OPEN HOUSE GROUP CO., LTD.	+10.35%	3.41B
TRICON RESIDENTIAL INC.	+27.20%	3.32B

Residential Real Estate Development