HOA SEN GROUP |
End-of-day quote
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|
5-day change | 1st Jan Change | ||
| 19,400 VND | -1.02% |
|
-0.77% | -14.91% |
| Apr. 19 | Hoa Sen Group Announces Cash Dividend for the Year 2022-2023, Payable on May 10, 2024 | CI |
| Apr. 15 | Hoa Sen Group Announces CEO Changes | CI |
Valuation
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,835,245 | 6,953,891 | 22,946,908 | 8,851,214 | 12,319,646 | 11,950,057 | - | - |
| Enterprise Value (EV) 1 | 2,835,245 | 6,953,891 | 22,946,908 | 8,851,214 | 12,319,646 | 13,172,257 | 12,506,057 | 12,010,757 |
| P/E ratio | 7.85 x | 6.28 x | 5.49 x | 36.5 x | 426 x | 14.7 x | 12 x | 10.5 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 0.1 x | 0.25 x | 0.47 x | 0.18 x | 0.39 x | 0.35 x | 0.33 x | 0.31 x |
| EV / Revenue | 0.1 x | 0.25 x | 0.47 x | 0.18 x | 0.39 x | 0.38 x | 0.35 x | 0.32 x |
| EV / EBITDA | 1.32 x | 2.19 x | 3.65 x | 5.08 x | 9.46 x | 6.02 x | 5.13 x | 4.53 x |
| EV / FCF | 0.69 x | 4.08 x | 22.5 x | 3.72 x | - | 12.5 x | 20.5 x | 28.1 x |
| FCF Yield | 145% | 24.5% | 4.44% | 26.9% | - | 7.99% | 4.87% | 3.56% |
| Price to Book | 0.52 x | 1.06 x | 2.12 x | 0.81 x | 1.14 x | 0.91 x | - | - |
| Nbr of stocks (in thousands) | 604,110 | 604,122 | 609,944 | 615,997 | 615,982 | 615,982 | - | - |
| Reference price 2 | 4,693 | 11,511 | 37,621 | 14,369 | 20,000 | 19,400 | 19,400 | 19,400 |
| Announcement Date | 10/30/19 | 10/30/20 | 10/29/21 | 10/31/22 | 10/27/23 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 28,034,785 | 27,534,116 | 48,726,522 | 49,710,636 | 31,650,711 | 34,309,750 | 35,893,000 | 38,004,000 |
| EBITDA 1 | 2,147,675 | 3,168,068 | 6,289,054 | 1,743,757 | 1,301,844 | 2,189,000 | 2,438,000 | 2,649,000 |
| EBIT 1 | 230,257 | 1,937,932 | 5,110,216 | 563,741 | 182,634 | 1,003,100 | 1,269,200 | 1,448,600 |
| Operating Margin | 0.82% | 7.04% | 10.49% | 1.13% | 0.58% | 2.92% | 3.54% | 3.81% |
| Earnings before Tax (EBT) 1 | 459,922 | 1,370,833 | 4,921,611 | 359,481 | 151,846 | 959,800 | 1,172,400 | 1,346,000 |
| Net income 1 | 361,341 | 1,151,421 | 4,312,809 | 251,054 | 28,318 | 808,275 | 994,400 | 1,141,700 |
| Net margin | 1.29% | 4.18% | 8.85% | 0.51% | 0.09% | 2.36% | 2.77% | 3% |
| EPS 2 | 597.7 | 1,833 | 6,849 | 393.2 | 47.00 | 1,321 | 1,614 | 1,853 |
| Free Cash Flow 1 | 4,112,219 | 1,703,710 | 1,019,220 | 2,381,127 | - | 1,051,900 | 609,400 | 427,900 |
| FCF margin | 14.67% | 6.19% | 2.09% | 4.79% | - | 3.07% | 1.7% | 1.13% |
| FCF Conversion (EBITDA) | 191.47% | 53.78% | 16.21% | 136.55% | - | 48.05% | 25% | 16.15% |
| FCF Conversion (Net income) | 1,138.04% | 147.97% | 23.63% | 948.45% | - | 130.14% | 61.28% | 37.48% |
| Dividend per Share | - | - | - | - | - | - | - | - |
| Announcement Date | 10/30/19 | 10/30/20 | 10/29/21 | 10/31/22 | 10/27/23 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: September | 2022 Q1 | 2022 Q3 | 2022 Q4 | 2023 Q1 |
|---|---|---|---|---|
| Net sales 1 | 16,933,628 | 12,177,236 | 7,939,118 | 7,942,002 |
| EBITDA | - | - | - | - |
| EBIT | - | - | - | - |
| Operating Margin | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - |
| Net income | 638,327 | 265,002 | -886,975 | - |
| Net margin | 3.77% | 2.18% | -11.17% | - |
| EPS | - | - | - | - |
| Dividend per Share | - | - | - | - |
| Announcement Date | 1/28/22 | 7/29/22 | 10/31/22 | 1/27/23 |
1VND in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | 1,222,200 | 556,000 | 60,700 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | 0.5583 x | 0.2281 x | 0.0229 x |
| Free Cash Flow 1 | 4,112,219 | 1,703,710 | 1,019,220 | 2,381,127 | - | 1,051,900 | 609,400 | 427,900 |
| ROE (net income / shareholders' equity) | 6.83% | 19.1% | 49.6% | 2.32% | 0.26% | 6.83% | 8.2% | 8.7% |
| ROA (Net income/ Total Assets) | 1.88% | 6.58% | 19.4% | 1.15% | 0.16% | 4.6% | 5.8% | 6.3% |
| Assets 1 | 19,180,498 | 17,493,755 | 22,183,751 | 21,796,684 | 17,183,282 | 17,571,196 | 17,144,828 | 18,122,222 |
| Book Value Per Share 2 | 9,033 | 10,900 | 17,733 | 17,668 | 17,475 | 21,267 | - | - |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex 1 | 943,752 | 219,264 | 476,857 | 463,433 | 182,485 | 412,000 | 800,000 | 800,000 |
| Capex / Sales | 3.37% | 0.8% | 0.98% | 0.93% | 0.58% | 1.2% | 2.23% | 2.11% |
| Announcement Date | 10/30/19 | 10/30/20 | 10/29/21 | 10/31/22 | 10/27/23 | - | - | - |
1VND in Million2VND
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
19,400
VND
Average target price
23,142
VND
Spread / Average Target
+19.29%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -14.91% | 472M | |
| +0.79% | 42.1B | |
| +18.89% | 24.83B | |
| -21.02% | 21.75B | |
| +13.50% | 21.17B | |
| -7.50% | 20.77B | |
| +6.81% | 9.44B | |
| -12.44% | 8.5B | |
| -23.08% | 8.41B | |
| +36.31% | 8.35B |
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- Financials Hoa Sen Group
