Financials DHG Pharmaceutical

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 06:00:00 2024-07-04 pm EDT			5-day change	1st Jan Change
113,100 ^VND	-0.88%		-0.18%	+8.75%

Jul. 01	DHG Pharmaceutical Joint Stock Company Announces Resignation of Doan Dinh Duy Khuong from Position of BOD Member and Chief Operating Officer	CI
May. 30	DHG Pharmaceutical Joint Stock Company Announces First and Second Cash Dividends for the Year 2023, Payable on June 26, 2024 and August 21, 2024 Respectively	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,963,265	13,597,591	14,774,306	11,100,341	13,597,591	14,787,381	-	-
Enterprise Value (EV) ¹	10,389,604	11,662,808	12,828,324	11,100,341	11,845,622	12,928,281	13,019,181	13,049,781
P/E ratio	19.6 x	19.1 x	19.8 x	11.6 x	13.4 x	14.7 x	14.1 x	13.3 x
Yield	3.28%	3.85%	3.54%	-	-	6.63%	6.63%	7.07%
Capitalization / Revenue	3.07 x	3.62 x	3.69 x	2.37 x	2.71 x	2.81 x	2.68 x	2.52 x
EV / Revenue	2.67 x	3.11 x	3.2 x	2.37 x	2.36 x	2.46 x	2.36 x	2.23 x
EV / EBITDA	12.9 x	12.7 x	13.6 x	9.59 x	10.4 x	10.7 x	10.2 x	9.48 x
EV / FCF	13.3 x	15.8 x	30 x	16.6 x	-48.1 x	13.9 x	17.4 x	14.7 x
FCF Yield	7.52%	6.32%	3.34%	6.01%	-2.08%	7.21%	5.75%	6.79%
Price to Book	-	3.82 x	3.9 x	2.59 x	-	-	-	-
Nbr of stocks (in thousands)	130,746	130,746	130,746	130,746	130,746	130,746	-	-
Reference price ²	91,500	104,000	113,000	84,900	104,000	113,100	113,100	113,100
Announcement Date	1/22/20	1/20/21	1/20/22	1/19/23	1/19/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,896,754	3,755,619	4,003,170	4,676,016	5,015,395	5,263,100	5,522,900	5,859,300
EBITDA ¹	803,865	918,162	944,647	1,157,079	1,140,985	1,208,300	1,281,600	1,376,200
EBIT ¹	714,933	829,965	884,537	1,112,058	1,053,025	1,123,500	1,192,400	1,282,000
Operating Margin	18.35%	22.1%	22.1%	23.78%	21%	21.35%	21.59%	21.88%
Earnings before Tax (EBT) ¹	713,195	821,024	864,002	1,099,613	1,159,918	1,137,800	1,188,200	1,262,000
Net income ¹	635,388	739,875	777,220	988,455	1,051,490	1,036,400	1,082,200	1,149,400
Net margin	16.31%	19.7%	19.42%	21.14%	20.97%	19.69%	19.59%	19.62%
EPS ²	4,668	5,443	5,720	7,318	7,786	7,689	8,029	8,528
Free Cash Flow ¹	781,139	737,369	427,882	667,293	-246,171	932,500	748,100	885,600
FCF margin	20.05%	19.63%	10.69%	14.27%	-4.91%	17.72%	13.55%	15.11%
FCF Conversion (EBITDA)	97.17%	80.31%	45.3%	57.67%	-	77.17%	58.37%	64.35%
FCF Conversion (Net income)	122.94%	99.66%	55.05%	67.51%	-	89.97%	69.13%	77.05%
Dividend per Share ²	3,000	4,000	4,000	-	-	7,500	7,500	8,000
Announcement Date	1/22/20	1/20/21	1/20/22	1/19/23	1/19/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,573,662	1,934,783	1,945,982	-	1,751,969	1,859,100	1,768,200	1,737,600
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	781,139	737,369	427,882	667,293	-246,171	932,500	748,100	885,600
ROE (net income / shareholders' equity)	19.5%	21.3%	21.1%	24.5%	23%	21.2%	21.8%	22.7%
ROA (Net income/ Total Assets)	15.2%	17.2%	17.1%	20.2%	18.7%	16.4%	16.8%	17.5%
Assets ¹	4,176,393	4,297,161	4,532,581	4,891,354	5,619,877	6,319,512	6,441,667	6,568,000
Book Value Per Share	-	27,259	29,012	32,823	-	-	-	-
Cash Flow per Share	-	-	-	6,673	-	-	-	-
Capex ¹	57,101	88,805	30,521	233,992	486,343	100,000	100,000	100,000
Capex / Sales	1.47%	2.36%	0.76%	5%	9.7%	1.9%	1.81%	1.71%
Announcement Date	1/22/20	1/20/21	1/20/22	1/19/23	1/19/24	-	-	-

¹VND in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

113,100 VND

Average target price

116,593 VND

Spread / Average Target

+3.09%