RANG DONG LIGHT SOURCE & VACUUM FLASK

Financials Rang Dong Light Source & Vacuum Flask

Equities

RAL

VN000000RAL5

Electrical Components & Equipment

End-of-day quote Ho Chi Minh S.E. Other stock markets 18:00:00 2024-05-13 EDT			5-day change	1st Jan Change
131,000 ^VND	+0.61%		-1.50%	+21.18%

04-22	Rang Dong Light Source & Vacuum Flask Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-05	Rang Dong Light Source & Vacuum Flask Joint Stock Company Approves Second Cash Dividend for 2023, Payable on May 09, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	983,250	805,000	1,585,850	1,630,125	1,769,246	2,545,476
Enterprise Value (EV) ¹	1,655,605	1,540,130	2,452,265	2,973,932	3,271,752	4,846,653
P/E ratio	4.81 x	6.43 x	4.95 x	4.05 x	3.02 x	4.3 x
Yield	5.85%	7.14%	3.63%	3.7%	6.49%	4.63%
Capitalization / Revenue	0.27 x	0.19 x	0.32 x	0.29 x	0.26 x	0.31 x
EV / Revenue	0.46 x	0.36 x	0.5 x	0.52 x	0.47 x	0.58 x
EV / EBITDA	4.55 x	3.02 x	4.29 x	4.65 x	4.21 x	6.03 x
EV / FCF	-8.12 x	11.1 x	-22.1 x	-6.54 x	-3.2 x	-6.31 x
FCF Yield	-12.3%	8.98%	-4.52%	-15.3%	-31.3%	-15.8%
Price to Book	1.2 x	0.96 x	1.47 x	1.19 x	0.67 x	0.86 x
Nbr of stocks (in thousands)	11,500	11,500	11,500	12,075	22,947	23,547
Reference price ²	85,500	70,000	137,900	135,000	77,100	108,100
Announcement Date	3/28/19	3/31/20	3/31/21	3/31/22	3/30/23	4/1/24

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	3,621,264	4,255,760	4,922,447	5,709,068	6,909,236	8,316,322
EBITDA ¹	363,803	510,385	571,638	640,118	776,888	804,030
EBIT ¹	296,542	427,092	486,950	551,098	690,919	720,286
Operating Margin	8.19%	10.04%	9.89%	9.65%	10%	8.66%
Earnings before Tax (EBT) ¹	259,179	161,549	423,888	501,622	608,843	618,227
Net income ¹	204,327	125,170	336,082	398,242	485,827	584,272
Net margin	5.64%	2.94%	6.83%	6.98%	7.03%	7.03%
EPS ²	17,768	10,884	27,833	33,369	25,564	25,124
Free Cash Flow ¹	-203,941	138,274	-110,876	-455,015	-1,023,307	-767,797
FCF margin	-5.63%	3.25%	-2.25%	-7.97%	-14.81%	-9.23%
FCF Conversion (EBITDA)	-	27.09%	-	-	-	-
FCF Conversion (Net income)	-	110.47%	-	-	-	-
Dividend per Share ²	5,000	5,000	5,000	5,000	5,000	5,000
Announcement Date	3/28/19	3/31/20	3/31/21	3/31/22	3/30/23	4/1/24

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	672,355	735,130	866,415	1,343,807	1,502,506	2,301,177
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.848 x	1.44 x	1.516 x	2.099 x	1.934 x	2.862 x
Free Cash Flow ¹	-203,941	138,274	-110,876	-455,015	-1,023,307	-767,797
ROE (net income / shareholders' equity)	26.2%	15.1%	35.1%	32.5%	24.3%	20.9%
ROA (Net income/ Total Assets)	7.24%	9.28%	8.59%	7.31%	7.13%	6.22%
Assets ¹	2,822,668	1,349,212	3,913,531	5,444,848	6,811,556	9,388,906
Book Value Per Share ²	71,480	72,567	93,853	113,382	114,248	126,310
Cash Flow per Share ²	50,069	57,162	85,162	78,686	34,687	34,078
Capex ¹	174,290	80,540	88,435	216,020	113,172	105,750
Capex / Sales	4.81%	1.89%	1.8%	3.78%	1.64%	1.27%
Announcement Date	3/28/19	3/31/20	3/31/21	3/31/22	3/30/23	4/1/24

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Lighting Equipment

	1st Jan change	Capi.
RANG DONG LIGHT SOURCE & VACUUM FLASK	+21.18%	120M
OSRAM LICHT AG	+2.35%	5.31B
LEEDARSON IOT TECHNOLOGY INC.	-0.86%	1.26B
SHANGHAI FEILO ACOUSTICS CO.,LTD	-11.39%	1.11B
FOSHAN ELECTRICAL AND LIGHTING CO.,LTD	-13.68%	1.06B
GUANGZHOU HAOYANG ELECTRONIC CO.,LTD.	+1.11%	1.05B
HENGDIAN GROUP TOSPO LIGHTING CO., LTD.	+6.38%	898M
ZHEJIANG YANKON GROUP CO., LTD.	0.00%	599M
OCEAN'S KING LIGHTING SCIENCE & TECHNOLOGY CO., LTD	-35.16%	555M
GUANGDONG PAK CORPORATION CO., LTD.	-13.09%	487M

Lighting Equipment

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RAL Stock
Financials Rang Dong Light Source & Vacuum Flask

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