TCM – Eland will be the main growth driver in 2024
- Q1-2024 revenue is estimated at USD 39 million (+6% YoY) and net profit is estimated at USD 2.5 million (+9% YoY). Revenue and net profit growth as the low base of 2023 and orders increase.
- The business plan for 2024 targets a revenue of VND 3,707 bn (or 157,7 mn) (+12% YoY) as a doubling of Eland orders compared to the same period. Gross margin is expected to improve due to changes in the sales portion, with net profit is expected to reach VND 161 bn (or 6.8 million USD) (+ 21% YoY).
- We believe that the company's revenue plan for 2024 is feasible due to the doubled of order volume from the major customer/shareholder Eland (with Eland’s revenue in 2023 amounting to VND 746 billion). Additionally, we expect net profit growth to be higher than planned as the sale of the Trang Bang factory and land in the Vinh Long area will be realized this year.
- We are reassessing the valuation of TCM as we need to observe additional factors affecting the industry and the company's prospects. The stock is currently trading at a P/E ratio of 36x, higher than the 5-year average P/E ratio of 19x.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.