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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.1x - 2.4x | 2.3x |
| Selected Fwd Ps Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | ₫53,348 - ₫58,964 | ₫56,156 |
| Upside | 9.5% - 21.1% | 15.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | - | HOSE:SBT |
| PT Hanjaya Mandala Sampoerna Tbk | - | IDX:HMSP |
| PT Japfa Comfeed Indonesia Tbk | - | IDX:JPFA |
| Hanoi Beer Alcohol and Beverage Joint Stock Corporation | - | HOSE:BHN |
| PT Charoen Pokphand Indonesia Tbk | - | IDX:CPIN |
| Saigon Beer - Alcohol - Beverage Corporation | - | HOSE:SAB |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| SBT | HMSP | JPFA | BHN | CPIN | SAB | |||
| HOSE:SBT | IDX:HMSP | IDX:JPFA | HOSE:BHN | IDX:CPIN | HOSE:SAB | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 21.7% | 3.2% | 7.5% | -2.5% | 9.7% | -3.4% | ||
| 3Y CAGR | 24.8% | 8.9% | 7.5% | 5.7% | 9.3% | 6.5% | ||
| Latest Twelve Months | 15.9% | 0.9% | 9.0% | 6.0% | 9.5% | 4.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 3.5% | 17.8% | 3.6% | 5.7% | 6.7% | 15.3% | ||
| Prior Fiscal Year | 1.6% | 15.2% | 1.8% | 4.3% | 3.8% | 13.2% | ||
| Latest Fiscal Year | 2.1% | 12.4% | 5.4% | 4.5% | 5.5% | 13.2% | ||
| Latest Twelve Months | 2.3% | 12.4% | 5.4% | 4.5% | 5.5% | 13.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 8.8x | 7.4x | 5.4x | 6.0x | 10.0x | 7.9x | ||
| Price / LTM Sales | 0.4x | 1.2x | 0.4x | 1.0x | 1.0x | 2.0x | ||
| LTM P/E Ratio | 18.7x | 10.0x | 7.7x | 21.9x | 18.6x | 14.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 1.0x | 1.2x | |||||
| Historical LTM P/S Ratio | 2.0x | 3.2x | 4.2x | |||||
| Selected Price / Sales Multiple | 2.1x | 2.3x | 2.4x | |||||
| (x) LTM Sales | 31,872,417 | 31,872,417 | 31,872,417 | |||||
| (=) Equity Value | 68,219,540 | 71,810,042 | 75,400,544 | |||||
| (/) Shares Outstanding | 1,282.6 | 1,282.6 | 1,282.6 | |||||
| Implied Value Range | 53,190.04 | 55,989.51 | 58,788.99 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 53,190.04 | 55,989.51 | 58,788.99 | 48,700.00 | ||||
| Upside / (Downside) | 9.2% | 15.0% | 20.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SBT | HMSP | JPFA | BHN | CPIN | SAB | |
| Value of Common Equity | 13,032,721 | 66,301,304 | 23,255,340 | 8,113,000 | 69,691,500 | 62,460,788 | |
| (/) Shares Outstanding | 814.5 | 116,318.1 | 11,627.7 | 231.8 | 16,398.0 | 1,282.6 | |
| Implied Stock Price | 16,000.00 | 570.00 | 2,000.00 | 35,000.00 | 4,250.00 | 48,700.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16,000.00 | 570.00 | 2,000.00 | 35,000.00 | 4,250.00 | 48,700.00 | |
| Trading Currency | VND | IDR | IDR | VND | IDR | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |