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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.5x - 2.8x | 2.6x |
| Selected Fwd Ps Multiple | 2.4x - 2.6x | 2.5x |
| Fair Value | ₫11,520 - ₫12,732 | ₫12,126 |
| Upside | -43.7% - -37.7% | -40.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Vietnam Container Shipping Joint Stock Corporation | - | HOSE:VSC |
| Hai An Transport And Stevedoring Joint Stock Company | - | HOSE:HAH |
| Transimex Corporation | - | HOSE:TMS |
| Saigon Cargo Service Corporation | - | HOSE:SCS |
| CII Bridges and Roads Investment Joint Stock Company | - | HOSE:LGC |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | - | HOSE:CII |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| VSC | HAH | TMS | SCS | LGC | CII | |||
| HOSE:VSC | HOSE:HAH | HOSE:TMS | HOSE:SCS | HOSE:LGC | HOSE:CII | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 9.2% | 29.2% | 7.3% | 6.8% | 28.6% | 10.8% | ||
| 3Y CAGR | 13.8% | 26.9% | -19.5% | 7.3% | 40.6% | 1.9% | ||
| Latest Twelve Months | 19.5% | 59.5% | 16.0% | 32.0% | 12.4% | -5.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 16.7% | 21.6% | 10.4% | 69.7% | 43.9% | 10.6% | ||
| Prior Fiscal Year | 4.5% | 13.4% | 6.7% | 62.0% | 42.9% | 5.1% | ||
| Latest Fiscal Year | 12.1% | 15.4% | 6.1% | 59.8% | 20.9% | 7.6% | ||
| Latest Twelve Months | 14.1% | 21.5% | 9.2% | 57.4% | 18.6% | 1.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 11.5x | 5.7x | 13.6x | 5.7x | 12.4x | 16.7x | ||
| Price / LTM Sales | 3.3x | 2.2x | 2.1x | 5.4x | 4.8x | 4.4x | ||
| LTM P/E Ratio | 23.1x | 10.4x | 22.9x | 9.5x | 25.6x | 402.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.1x | 3.3x | 5.4x | |||||
| Historical LTM P/S Ratio | 0.7x | 1.5x | 2.4x | |||||
| Selected Price / Sales Multiple | 2.5x | 2.6x | 2.8x | |||||
| (x) LTM Sales | 2,896,979 | 2,896,979 | 2,896,979 | |||||
| (=) Equity Value | 7,276,948 | 7,659,946 | 8,042,943 | |||||
| (/) Shares Outstanding | 624.9 | 624.9 | 624.9 | |||||
| Implied Value Range | 11,644.17 | 12,257.02 | 12,869.87 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 11,644.17 | 12,257.02 | 12,869.87 | 20,450.00 | ||||
| Upside / (Downside) | -43.1% | -40.1% | -37.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSC | HAH | TMS | SCS | LGC | CII | |
| Value of Common Equity | 10,370,059 | 10,638,353 | 7,112,126 | 6,063,278 | 11,860,568 | 12,780,097 | |
| (/) Shares Outstanding | 374.4 | 168.9 | 169.3 | 94.9 | 192.9 | 624.9 | |
| Implied Stock Price | 27,700.00 | 63,000.00 | 42,000.00 | 63,900.00 | 61,500.00 | 20,450.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27,700.00 | 63,000.00 | 42,000.00 | 63,900.00 | 61,500.00 | 20,450.00 | |
| Trading Currency | VND | VND | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |