- 2025-02-03T00:00:00
- Company Research
* 2024 results:
- VTP announced its 2024 results with net revenue of VND20.8tn (USD830.2mn; +6% YoY) and NPAT-MI of VND383bn (USD15.3mn; flat YoY), fulfilling 101% and 107% of our respective full-year forecasts. Given this stronger-than-expected performance and recent positive developments not yet incorporated in our projections, we see potential upside to our forecasts for VTP from 2025F onwards, pending a more comprehensive review.
* Q4 2024 results:
- Net revenue increased 12% YoY to VND5.7tn (USD228.3mn), driven by significant 26% YoY revenue growth of the services segment (mainly delivery services) despite 8% YoY lower trading revenue. Additionally, NPAT-MI increased 22% YoY to VND130bn (USD5.2mn), supported by a 0.9 ppts YoY improvement in services GPM. This growth was partly offset by 42% YoY higher SG&A expenses (attributed to VTP spending on developing its customer base) and 87% YoY lower net financial income (due to lower bank deposit balances).
- Services segment:
+ Services net revenue increased 26% YoY in Q4 2024, primarily driven by strong YoY growth in parcel volume ahead of the 2025 Lunar New Year.
+ Services GPM expanded 0.9 ppts YoY to 8.7% in Q4 2024, which we attribute to lower gasoline prices, proxied by an 11% YoY decline in the average Vietnamese RON-95 gasoline retail price.
- The trading segment recorded net revenue declining 8% YoY in Q4 2024 due to VTP scaling down its mobile phone card selling business starting from the beginning of 2024.
VTP’s Q4 2024 and 2024 results
VND bn | Q4 2024 | YoY | 2024 | YoY | 2024/ Vietcap’s 2024F |
Net revenue | 5,707 | 12% | 20,756 | 6% | 101% |
Services | 3,783 | 26% | 12,842 | 27% | 100% |
Trading | 1,924 | -8% | 7,915 | -16% | 101% |
Gross profit | 344 | 40% | 1,013 | 15% | 116% |
Services | 328 | 40% | 988 | 15% | 114% |
Trading | 16 | 49% | 26 | 29% | 326% |
SG&A expenses | -180 | 42% | -561 | 21% | 113% |
EBIT | 164 | 39% | 452 | 8% | 119% |
Net financial income | 3 | -87% | 31 | -56% | 46% |
PBT | 167 | 22% | 484 | 0% | 107% |
NPAT-MI | 130 | 22% | 383 | 0% | 107% |
Gross profit margin | 6.0% | 1.2 ppts | 4.9% | 0.4 ppts |
|
Services | 8.7% | 0.9 ppts | 7.7% | -0.8 ppts |
|
Trading | 0.8% | 0.3 ppts | 0.3% | 0.1 ppts |
|
EBIT margin | 2.9% | 0.6 ppts | 2.2% | 0.1 ppts |
|
NPAT-MI margin | 2.3% | 0.2 ppts | 1.8% | -0.1 ppts |
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Source: VTP, Vietcap
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