Title EVE_BUY_TP 19,000 VND_Upside 16%_Growth from a low background_BSC Company Update
Report Type Phân tích công ty
Source BSC
Industry Consumer Goods
Bussiness EVE
Detail Date : 12/05/2022
Total pages : 9
Language : English
File Type : .PDF
FileSize : 1209 Kb
Download: 146
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Short Content
VALUATION
BSC recommends BUYING for EVE shares with a target price of VND19,000, (+16% compared to the April 27, 2022 price) for 2022 based on FCFE and PE methods at a ratio of 60%/40%.
 
BUSINESS PLAN
EVE sets its 2022 business plan of 1 trillion revenues (+15.6% YoY) and 70 billion after-tax profits (+17% YoY)  respectively.
 
FORECAST BUSINESS RESULTS
BSC forecasts 2022 results for EVE of 1.092 billion revenue (+26% YoY) and 81 billion after-tax profit (+36% YoY) respectively. EPS fw in 2022 reached VND 2,150 per share, equivalent to P/E fw of 7.6.
 
BUSINESS UPDATE
Revenue and profit after tax in the Q1/ 2022 recovered with revenue reaching 193 billion (+3% YoY) and profit after tax reaching 14.7 billion (compared to the same period of 4.5 billion).  Bedding business go sideways while padding are recovering strongly (+21% YoY) when export orders return. 
Revenue structure according to products Q1.2022: Bedding reached 126 billion (+0% YoY), Padding reached 48 billion (+21% YoY) and Cleaner reached 18 billion (-21% YoY), Other reached 18 billion (-6% YoY).
Gross margin increased from 33.1% to 35.9% as the gross margin of Bedding from 32% to 36%