Financials Commercial Bank for Investment and Development of Vietnam

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 18:00:00 2024-06-27 EDT			5-day change	1st Jan Change
43,250 ^VND	-1.93%		-5.15%	-0.35%

06-17	Joint Stock Commercial Bank for Investment and Development of Vietnam Announces Plan for Bond Private Placement of VND 3,000,000,000,000	CI
06-13	Joint Stock Commercial Bank for Investment and Development of Vietnam Announces Relocation of Tam Diep Branch	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	185,616,133	192,654,664	187,671,324	195,259,019	247,398,918	246,543,853	-	-
Enterprise Value (EV) ¹	185,616,133	192,654,664	187,671,324	195,259,019	247,398,918	246,543,853	246,543,853	246,543,853
P/E ratio	21.9 x	27 x	21.5 x	12.4 x	13.1 x	11.3 x	8.66 x	8.82 x
Yield	1.73%	0.42%	0.54%	-	-	-	2.31%	2.31%
Capitalization / Revenue	3.85 x	3.86 x	2.73 x	2.81 x	3.39 x	3.07 x	2.57 x	2.22 x
EV / Revenue	3.85 x	3.86 x	2.73 x	2.81 x	3.39 x	3.07 x	2.57 x	2.22 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.49 x	2.52 x	2.26 x	1.96 x	2.1 x	1.73 x	1.45 x	-
Nbr of stocks (in thousands)	5,700,469	5,700,469	5,700,453	5,700,450	5,700,436	5,700,436	-	-
Reference price ²	32,562	33,796	32,922	34,253	43,400	43,250	43,250	43,250
Announcement Date	20-01-22	21-02-01	22-01-28	23-01-30	24-01-30	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	48,165,454	49,880,322	68,834,570	69,592,814	73,024,183	80,380,000	95,755,599	111,067,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	30,885,276	32,338,734	43,033,878	47,045,283	47,944,483	52,290,000	62,789,714	74,564,000
Operating Margin	64.12%	64.83%	62.52%	67.6%	65.66%	65.05%	65.57%	67.13%
Earnings before Tax (EBT) ¹	10,876,228	9,213,930	13,601,598	23,057,623	27,649,764	33,910,625	42,704,097	44,895,000
Net income ¹	8,486,551	7,137,384	10,572,569	18,193,360	21,551,779	25,075,000	30,494,500	36,332,500
Net margin	17.62%	14.31%	15.36%	26.14%	29.51%	31.2%	31.85%	32.71%
EPS ²	1,489	1,252	1,534	2,773	3,314	3,819	4,995	4,904
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	564.4	141.1	177.5	-	-	-	1,000	1,000
Announcement Date	20-01-22	21-02-01	22-01-28	23-01-30	24-01-30	-	-	-

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	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	13.5%	9.45%	13.2%	19.9%	19.8%	18.2%	19.4%	18.7%
ROA (Net income/ Total Assets)	0.61%	0.47%	0.65%	0.94%	0.97%	1.06%	1.15%	1.1%
Assets ¹	1,401,484,790	1,503,556,773	1,639,157,984	1,941,660,619	2,210,665,607	2,365,566,038	2,651,695,652	3,302,954,545
Book Value Per Share ²	13,095	13,431	14,592	17,449	20,692	24,966	29,819	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	20-01-22	21-02-01	22-01-28	23-01-30	24-01-30	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

43,250 VND

Average target price

49,538 VND

Spread / Average Target

+14.54%

	1st Jan change	Capi.
COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM	-0.35%	9.69B
JPMORGAN CHASE & CO.	+18.91%	581B
BANK OF AMERICA CORPORATION	+18.12%	311B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+21.47%	263B
CHINA CONSTRUCTION BANK CORPORATION	+24.09%	187B
BANK OF CHINA LIMITED	+29.19%	175B
HSBC HOLDINGS PLC	+7.62%	158B
HDFC BANK LIMITED	-1.49%	154B
ROYAL BANK OF CANADA	+8.69%	150B
COMMONWEALTH BANK OF AUSTRALIA	+12.58%	142B