VTP - Improving service quality is the key to growth
- In Q4-FY23, revenue and NPAT were VND 5,107 billion (-3% YoY) and VND 104 billion (+9771% YoY), respectively. In which, The revenue of the service segment (delivery and logistics) reached VND 3,004 bn (+27% YoY) and commercial revenue was VND 2,102 bn (-27% YoY).
- For 2024, VTP sets revenue and PBT targets at VND 13,000 VND (-34% YoY) and VND 480 bn (flat compared to the SPLY), respectively. Despite double-digit negative revenue growth, PBT is expected to stay flat as VTP plans to shut down the unprofitable phone card business.
- Based on the 2024 projections, VTP is currently trading at a forward P/E ratio of 24.2x, equivalent to a standard deviation compared to the mean 5Y. We believe that the current valuation already reflects the growth potential of VTP in 2024, along with the catalyst of listing on the Ho Chi Minh City Stock Exchange. Therefore, investors should observe further before making a decision to invest in VTP stocks.
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