Financials Pha Lai Thermal Power

Equities

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
13,450 ^VND	-0.37%		0.00%	-8.81%

Apr. 17	Pha Lai Thermal Power Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Jan. 19	Pha Lai Thermal Power Joint Stock Company Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,624,491	7,838,989	7,710,744	4,055,755	4,729,043	4,312,246	-	-
Enterprise Value (EV) ¹	8,624,491	7,838,989	7,710,744	4,055,755	4,729,043	4,312,246	4,312,246	4,312,246
P/E ratio	6.84 x	7.75 x	35.7 x	8.16 x	-	6.17 x	5.6 x	3.82 x
Yield	9.29%	19%	24.5%	3.56%	-	11.2%	18.6%	20.8%
Capitalization / Revenue	1.05 x	0.99 x	1.98 x	0.79 x	0.81 x	0.61 x	0.6 x	0.49 x
EV / Revenue	1.05 x	0.99 x	1.98 x	0.79 x	0.81 x	0.61 x	0.6 x	0.49 x
EV / EBITDA	6.91 x	8.15 x	-53.3 x	23.7 x	-81.8 x	8.75 x	7.12 x	4.64 x
EV / FCF	-23.1 x	8.33 x	8.08 x	-3.52 x	-	12.4 x	7.21 x	10.3 x
FCF Yield	-4.33%	12%	12.4%	-28.4%	-	8.05%	13.9%	9.72%
Price to Book	-	1.21 x	1.57 x	0.79 x	-	1.07 x	-	-
Nbr of stocks (in thousands)	320,613	320,613	320,613	320,613	320,613	320,613	-	-
Reference price ²	26,900	24,450	24,050	12,650	14,750	13,450	13,450	13,450
Announcement Date	1/21/20	1/18/21	1/18/22	1/19/23	1/19/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,182,925	7,929,383	3,884,803	5,115,798	5,813,760	7,126,000	7,166,000	8,809,000
EBITDA ¹	1,247,574	961,669	-144,578	171,369	-57,815	493,000	606,000	930,000
EBIT ¹	1,211,901	924,138	-203,157	109,831	-118,872	432,000	546,000	887,000
Operating Margin	14.81%	11.65%	-5.23%	2.15%	-2.04%	6.06%	7.62%	10.07%
Earnings before Tax (EBT) ¹	1,538,295	1,206,411	294,269	402,980	436,543	816,000	915,000	1,361,000
Net income ¹	1,267,576	1,007,647	287,266	372,662	435,431	729,000	803,000	1,178,000
Net margin	15.49%	12.71%	7.39%	7.28%	7.49%	10.23%	11.21%	13.37%
EPS ²	3,933	3,153	674.0	1,551	-	2,179	2,400	3,524
Free Cash Flow ¹	-373,805	940,661	954,294	-1,152,671	-	347,000	598,000	419,000
FCF margin	-4.57%	11.86%	24.56%	-22.53%	-	4.87%	8.34%	4.76%
FCF Conversion (EBITDA)	-	97.82%	-	-	-	70.39%	98.68%	45.05%
FCF Conversion (Net income)	-	93.35%	332.2%	-	-	47.6%	74.47%	35.57%
Dividend per Share ²	2,500	4,644	5,894	450.0	-	1,500	2,500	2,800
Announcement Date	1/21/20	1/18/21	1/18/22	1/19/23	1/19/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-373,805	940,661	954,294	-1,152,671	-	347,000	598,000	419,000
ROE (net income / shareholders' equity)	21.8%	16.2%	5.04%	7.48%	9.18%	16.4%	17.5%	23.8%
ROA (Net income/ Total Assets)	17.8%	13.7%	4.5%	6.66%	7.58%	13%	14.4%	19.6%
Assets ¹	7,115,299	7,349,830	6,389,719	5,594,521	5,744,779	5,607,692	5,576,389	6,010,204
Book Value Per Share ²	-	20,224	15,362	16,110	-	12,594	-	-
Cash Flow per Share	-	2,828	2,245	-	-	-	-	-
Capex ¹	19,444	20,543	2,628	75,114	10,556	50,000	50,000	50,000
Capex / Sales	0.24%	0.26%	0.07%	1.47%	0.18%	0.7%	0.7%	0.57%
Announcement Date	1/21/20	1/18/21	1/18/22	1/19/23	1/19/24	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13,450 VND

Average target price

15,200 VND

Spread / Average Target

+13.01%

	1st Jan change	Capi.
PHA LAI THERMAL POWER	-8.81%	170M
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ZHEJIANG ZHENENG ELECTRIC POWER CO., LTD.	+36.88%	11.68B
SHAANXI ENERGY INVESTMENT CO., LTD.	+20.23%	5.32B
ABOITIZ POWER CORPORATION	-1.85%	4.63B
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GLOBAL POWER SYNERGY	-1.55%	3.64B
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.	+9.41%	3.5B