Financials Dong Phu Rubber

Equities

DPR

VN000000DPR0

Tires & Rubber Products

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
37,200 ^VND	-.--%		+1.92%	+17.72%

Apr. 19	Dong Phu Rubber Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Jan. 19	Dong Phu Rubber Joint Stock Company Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,574,898	1,779,534	3,117,500	2,270,400	2,745,595	3,232,157	-	-
Enterprise Value (EV) ¹	1,574,898	1,779,534	3,117,500	2,270,400	2,745,595	3,232,157	3,232,157	3,232,157
P/E ratio	8.61 x	10 x	6.74 x	19 x	15.2 x	11.3 x	22.7 x	18.9 x
Yield	-	-	2.07%	-	-	-	-	-
Capitalization / Revenue	-	-	2.56 x	1.86 x	2.7 x	2.87 x	3.33 x	3.14 x
EV / Revenue	-	-	2.56 x	1.86 x	2.7 x	2.87 x	3.33 x	3.14 x
EV / EBITDA	-	-	6.33 x	5.16 x	9.6 x	5.9 x	8.74 x	7.81 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	-	1.08 x	0.97 x	1.29 x	-	-	-
Nbr of stocks (in thousands)	80,250	80,250	86,000	86,000	86,886	86,886	-	-
Reference price ²	19,625	22,175	36,250	26,400	31,600	37,200	37,200	37,200
Announcement Date	3/30/20	3/16/21	1/20/22	1/17/23	1/19/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	1,217,876	1,222,028	1,018,687	1,126,000	970,000	1,030,000
EBITDA ¹	-	-	492,214	439,749	285,873	548,000	370,000	414,000
EBIT ¹	-	-	368,128	311,140	160,195	197,000	119,000	155,000
Operating Margin	-	-	30.23%	25.46%	15.73%	17.5%	12.27%	15.05%
Earnings before Tax (EBT) ¹	-	-	594,066	350,101	302,240	409,000	225,000	261,000
Net income ¹	182,899	177,939	448,504	239,607	206,144	260,000	142,000	171,000
Net margin	-	-	36.83%	19.61%	20.24%	23.09%	14.64%	16.6%
EPS ²	2,279	2,218	5,376	1,393	2,076	3,281	1,636	1,969
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	750.0	-	-	-	-	-
Announcement Date	3/30/20	3/16/21	1/20/22	1/17/23	1/19/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4
Net sales ¹	286,092	406,935
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	37,124	85,092
Net margin	12.98%	20.91%
EPS	-	-
Dividend per Share	-	-
Announcement Date	10/20/23	1/19/24

¹VND in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	-	17.5%	10.5%	6.23%	7.8%	4.1%	5.2%
ROA (Net income/ Total Assets)	-	-	11.5%	5.87%	4.91%	6%	3.1%	3.9%
Assets ¹	-	-	3,903,431	4,085,228	4,199,909	4,333,333	4,580,645	4,384,615
Book Value Per Share	-	-	33,670	27,350	24,526	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	79,431	-	-	-	-
Capex / Sales	-	-	-	6.5%	-	-	-	-
Announcement Date	3/30/20	3/16/21	1/20/22	1/17/23	1/19/24	-	-	-

¹VND in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Dong Phu Rubber

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

37,200 VND

Average target price

51,000 VND

Spread / Average Target

+37.10%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Rubber Plantation

	1st Jan change	Capi.
DONG PHU RUBBER	+17.72%	128M
CHINA HAINAN RUBBER INDUSTRY GROUP CO.,LTD.	+9.20%	2.74B
SIPH (INTERNATIONALE DE PLANTATIONS D'HÉVÉAS)	-.--%	477M
PHUOC HOA RUBBER	+13.68%	303M
SOCIETE AFRICAINE DE PLANTATIONS D'HEVEAS SOCIÉTÉ ANONYME	+9.57%	107M
HOA BINH RUBBER	-9.09%	59.76M

Rubber Plantation