VIETNAMCOMMERCIAL BANK FOR INDUSTRY AND TRADE

Financials VietnamCommercial Bank for Industry and Trade

Equities

CTG

VN000000CTG7

Banks

End-of-day quote Ho Chi Minh S.E. Other stock markets 06:00:00 2024-05-23 pm EDT			5-day change	1st Jan Change
32,500 ^VND	-2.26%		-2.11%	+19.93%

Apr. 26	Vietnam Joint Stock Commercial Bank for Industry and Trade Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 29	Vietnam Joint Stock Commercial Bank for Industry and Trade Announces Resignation of Hoang Ngoc Phuong as Deputy Chief Executive Officer	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	77,819,155	128,643,627	162,914,946	130,956,704	145,526,776	174,524,732	-	-
Enterprise Value (EV) ¹	77,819,155	128,643,627	162,914,946	130,956,704	145,526,776	174,524,732	174,524,732	174,524,732
P/E ratio	8.23 x	9.4 x	11.6 x	7.75 x	7.28 x	8.73 x	5.99 x	5.24 x
Yield	-	2.32%	2.36%	-	-	-	1.54%	2%
Capitalization / Revenue	1.89 x	2.84 x	3.07 x	2.04 x	2.06 x	2.3 x	1.97 x	2.16 x
EV / Revenue	1.89 x	2.84 x	3.07 x	2.04 x	2.06 x	2.3 x	1.97 x	2.16 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.01 x	1.52 x	1.75 x	1.22 x	-	1.18 x	0.98 x	-
Nbr of stocks (in thousands)	5,370,050	5,370,050	5,370,018	5,370,018	5,369,992	5,369,992	-	-
Reference price ²	14,491	23,956	30,338	24,387	27,100	32,500	32,500	32,500
Announcement Date	1/22/20	2/1/21	1/30/22	1/31/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	41,233,789	45,259,770	53,148,516	64,068,149	70,658,567	75,883,035	88,696,707	80,717,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	24,782,221	29,218,521	35,970,492	45,276,595	50,215,203	59,868,000	67,899,947	78,185,000
Operating Margin	60.1%	64.56%	67.68%	70.67%	71.07%	78.9%	76.55%	96.86%
Earnings before Tax (EBT) ¹	11,780,332	17,070,340	17,588,967	21,113,418	25,100,062	29,324,500	40,737,656	49,246,000
Net income ¹	9,461,203	13,679,107	14,092,316	16,908,059	19,992,233	23,374,000	30,739,388	39,247,000
Net margin	22.95%	30.22%	26.51%	26.39%	28.29%	30.8%	34.66%	48.62%
EPS ²	1,762	2,547	2,624	3,149	3,723	3,722	5,422	6,208
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	554.7	715.9	-	-	-	500.0	650.0
Announcement Date	1/22/20	2/1/21	1/30/22	1/31/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2022 Q1	2022 Q2
Net sales	-	-	-
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	5,785,062	-
Net income ¹	8,667,959	4,645,413	4,645,413
Net margin	-	-	-
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	8/2/21	4/28/22	7/29/22

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)	13.2%	16.9%	15.8%	16.9%	17.1%	17.1%	19.1%	20.9%
ROA (Net income/ Total Assets)	0.79%	1.06%	0.98%	1.01%	1.04%	1.09%	1.28%	1.48%
Assets ¹	1,202,537,336	1,291,090,798	1,436,965,025	1,670,426,694	1,920,667,980	2,154,285,714	2,407,778,700	2,651,824,324
Book Value Per Share ²	14,300	15,791	17,310	20,030	-	27,504	33,281	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/22/20	2/1/21	1/30/22	1/31/23	1/30/24	-	-	-

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 VietnamCommercial Bank for Industry and Trade

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

32,500 VND

Average target price

38,444 VND

Spread / Average Target

+18.29%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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