Stock VCB COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
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Financials Commercial Bank for Foreign Trade of Vietnam

Equities

VCB

VN000000VCB4

Banks

End-of-day quote Ho Chi Minh S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
91,200 VND +0.22% Intraday chart for Commercial Bank for Foreign Trade of Vietnam +0.77% +13.57%
Jan. 31 Joint Stock Commercial Bank for Foreign Trade of Vietnam Reports Earnings Results for the Fourth Quarter Ended December 31, 2023 CI
Jan. 31 Joint Stock Commercial Bank for Foreign Trade of Vietnam Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Capitalization 1 334,540,746 363,099,102 372,923,177 378,601,326 509,725,123 - -
Enterprise Value (EV) 1 334,540,746 363,099,102 372,923,177 378,601,326 509,725,123 509,725,123 509,725,123
P/E ratio 18 x 19.7 x 13.3 x 12.7 x 15 x 13 x 10.9 x
Yield 0.89% 1.23% 1.52% - 1.26% 1.43% 1.38%
Capitalization / Revenue 7.32 x 7.41 x 6.58 x 5.56 x 6.47 x 5.73 x 4.9 x
EV / Revenue 7.32 x 7.41 x 6.58 x 5.56 x 6.47 x 5.73 x 4.9 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 3.9 x 3.86 x 2.63 x 2.75 x 2.54 x 2.18 x 1.82 x
Nbr of stocks (in thousands) 5,589,115 5,589,115 5,589,115 5,589,102 5,589,091 - -
Reference price 2 59,856 64,965 66,723 67,739 91,200 91,200 91,200
Announcement Date 1/21/20 1/21/21 1/28/22 1/31/23 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Net sales 1 45,730,381 48,998,854 56,711,075 68,082,767 78,810,077 88,905,862 104,005,929
EBITDA - - - - - - -
EBIT 1 29,913,127 32,961,370 39,136,497 46,822,878 53,984,600 60,584,940 71,659,167
Operating Margin 65.41% 67.27% 69.01% 68.77% 68.5% 68.15% 68.9%
Earnings before Tax (EBT) 1 23,122,698 23,044,590 27,375,696 37,358,660 45,844,904 53,075,675 63,683,583
Net income 1 18,513,926 18,446,676 21,908,052 29,892,285 36,625,044 43,167,417 52,127,155
Net margin 40.48% 37.65% 38.63% 43.91% 46.47% 48.55% 50.12%
EPS 2 3,320 3,301 5,002 5,348 6,074 7,022 8,394
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 530.9 796.3 1,016 - 1,150 1,300 1,260
Announcement Date 1/21/20 1/21/21 1/28/22 1/31/23 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2023 Q1 2023 Q2 2023 Q3 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 13,252,785 14,869,393 - - - 18,517,174 17,470,000 17,189,053 17,107,656 18,274,855 17,997,157 19,805,868 21,005,139
EBITDA - - - - - - - - - - - - -
EBIT 1 8,250,391 11,812,612 - 10,157 - 13,242,920 11,814,000 10,544,771 11,285,000 - - - -
Operating Margin 62.25% 79.44% - - - 71.52% 67.62% 61.35% 65.96% - - - -
Earnings before Tax (EBT) 1 5,737,854 8,064,414 - 7,423 - 11,221,344 9,278,000 9,051,164 10,302,369 10,623,616 10,301,662 11,570,417 12,008,205
Net income 1 4,594,130 6,451,239 7,962,184 5,937 - 8,986,435 7,419,000 7,268,919 8,236,243 8,493,404 8,235,959 9,250,284 9,600,109
Net margin 34.67% 43.39% - - - 48.53% 42.47% 42.29% 48.14% 46.48% 45.76% 46.7% 45.7%
EPS 2 822.2 1,472 1,424 - - 1,608 1,568 1,301 1,474 1,524 1,574 1,266 1,718
Dividend per Share 2 - 1,016 - - - - - - - - - - -
Announcement Date 10/29/21 1/28/22 4/29/22 7/25/22 10/31/22 4/28/23 7/28/23 10/30/23 - - - - -
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow - - - - - - -
ROE (net income / shareholders' equity) 25.1% 21.1% 21.4% 24.2% 19.7% 18.6% 18.6%
ROA (Net income/ Total Assets) 1.61% 1.45% 1.6% 1.85% 1.83% 1.9% 1.96%
Assets 1 1,149,005,523 1,274,522,642 1,370,495,261 1,614,577,347 2,001,784,220 2,275,802,232 2,656,837,660
Book Value Per Share 2 15,328 16,820 25,360 24,673 35,846 41,744 50,063
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 1/21/20 1/21/21 1/28/22 1/31/23 - - -
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 Commercial Bank for Foreign Trade of Vietnam

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
91,200 VND
Average target price
101,590 VND
Spread / Average Target
+11.39%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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