Q4 2024 preliminary results
(to remind, closing price is on 21st January 2025 while EPS and BVPS are mostly calculated based on Q3 2024)
Techcombank (TCB VN)
2024 EBT was VND27.5 trillion (about USD1.09 billion, up +20% YoY). End of year, CASA ratio was 40.9% and CAR was 15.3%. Meanwhile credit growth rate was 20.8%, supported by a bullish NPL ratio of 1.2%. TCB VN closed at VND24,200 per share, thus 7.6x P/E and 1.2x P/B. Techcombank’s CASA ratio presently leads tier-1 banks, and is a record CASA for TCB.
EVN Finance (EVF VN)
2024 EBT was VND561 billion (about USD22 million, up +71% YoY), thanks to its double interest income. Recall, EVF posted a significant loss in 2024, and a huge gain in the year before. EVF VN closed at VND9,270 per share, therefore 12.6x P/E and 0.8x P/B.
DHG Pharma (DHG VN)
The nation’s largest, listed pharmaceutical company announced its 2024 un-audited financial statements with revenue of VND4,885 billion (about USD193 million, down -3% YoY) and net income of VND779 billion (about USD31 million, down -26% YoY). The company also pointed out (1) structural changes in consumer spending; (2) lower interest income; (3) provision for a global tax program; were the reasons behind its bearish business performance. DHG VN closed at VND101,500 per share, hence 16.0x P/E and 3.0x P/B.
Dong Nai Port (PDN VN)
Q4 2024 revenue was VND369 billion (about USD14.6 million, up +10% YoY) and EBT was VND111 billion (about USD4.4 million, up +6% YoY). Thus, full-year revenue was VND1,337 billion (about USD53 million, up +15% YoY) and full-year EBT was VND347 billion (about USD13.7 million, up +18% YoY). PDN VN closed at VND per share, hence 11.6x P/E and 3.2x P/B.
HCMC Infrastructure Investment (CII VN)
Full-year revenue was VND3.04 trillion (about USD120 million, down -1.5% YoY) and net income was VND277 billion (about USD11 million, up +56% YoY), thanks to the lucrative Q1 2024 performance. CII VN closed at VND13,550 per share, thus 15.6x P/E and 0.7x P/B.
Investor can see the full Newsletter below:
