VIETNAMCOMMERCIAL BANK FOR INDUSTRY AND TRADE

Financials VietnamCommercial Bank for Industry and Trade

Equities

CTG

VN000000CTG7

Banks

End-of-day quote Ho Chi Minh S.E. Other stock markets 18:00:00 2024-06-25 EDT			5-day change	1st Jan Change
31,300 ^VND	-0.95%		-3.25%	+15.50%

05-03	Viet Nam Joint Stock Commercial Bank for Industry and Trade Announces Board Changes	CI
04-26	Vietnam Joint Stock Commercial Bank for Industry and Trade Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	77,819,155	128,643,627	162,914,946	130,956,704	145,526,776	169,691,739	-	-
Enterprise Value (EV) ¹	77,819,155	128,643,627	162,914,946	130,956,704	145,526,776	169,691,739	169,691,739	169,691,739
P/E ratio	8.23 x	9.4 x	11.6 x	7.75 x	7.28 x	8.87 x	6.16 x	5.48 x
Yield	-	2.32%	2.36%	-	-	-	1.6%	2.08%
Capitalization / Revenue	1.89 x	2.84 x	3.07 x	2.04 x	2.06 x	2.06 x	1.78 x	1.55 x
EV / Revenue	1.89 x	2.84 x	3.07 x	2.04 x	2.06 x	2.06 x	1.78 x	1.55 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.01 x	1.52 x	1.75 x	1.22 x	-	1.16 x	0.96 x	-
Nbr of stocks (in thousands)	5,370,050	5,370,050	5,370,018	5,370,018	5,369,992	5,369,992	-	-
Reference price ²	14,491	23,956	30,338	24,387	27,100	31,300	31,300	31,300
Announcement Date	1/22/20	2/1/21	1/30/22	1/31/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	41,233,789	45,259,770	53,148,516	64,068,149	70,658,567	82,470,806	95,456,329	109,637,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	24,782,221	29,218,521	35,970,492	45,276,595	50,215,203	57,607,361	65,985,651	76,746,000
Operating Margin	60.1%	64.56%	67.68%	70.67%	71.07%	69.85%	69.13%	70%
Earnings before Tax (EBT) ¹	11,780,332	17,070,340	17,588,967	21,113,418	25,100,062	28,819,297	39,707,402	45,337,000
Net income ¹	9,461,203	13,679,107	14,092,316	16,908,059	19,992,233	23,018,741	30,401,906	36,119,000
Net margin	22.95%	30.22%	26.51%	26.39%	28.29%	27.91%	31.85%	32.94%
EPS ²	1,762	2,547	2,624	3,149	3,723	3,528	5,077	5,713
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	554.7	715.9	-	-	-	500.0	650.0
Announcement Date	1/22/20	2/1/21	1/30/22	1/31/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2022 Q1	2022 Q2
Net sales	-	-	-
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	5,785,062	-
Net income ¹	8,667,959	4,645,413	4,645,413
Net margin	-	-	-
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	8/2/21	4/28/22	7/29/22

¹VND in Million

Estimates

Balance Sheet Analysis

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)	13.2%	16.9%	15.8%	16.9%	17.1%	17%	19.1%	19.8%
ROA (Net income/ Total Assets)	0.79%	1.06%	0.98%	1.01%	1.04%	1.07%	1.27%	1.38%
Assets ¹	1,202,537,336	1,291,090,798	1,436,965,025	1,670,426,694	1,920,667,980	2,144,609,859	2,403,312,767	2,617,318,841
Book Value Per Share ²	14,300	15,791	17,310	20,030	-	26,950	32,483	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/22/20	2/1/21	1/30/22	1/31/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for VietnamCommercial Bank for Industry and Trade

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

31,300 VND

Average target price

38,595 VND

Spread / Average Target

+23.31%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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