1、 This report is for reference only and investors should be responsible for their own investment decisions. 1 Hose Vietnam Real Estate 2010.01.08 Overweight Price (2010/01/08): VND$ 74,500 Target price: VND$ 90,000 Ms. Nguyen Thi Thu Hien Phone: 84-8.3930.9249 ext.838 Email : hiennguyenphs.vn 蜜月表現之房地
2、產新上市公司 公司概況： Dat Xanh房地產建設及服務股份公司(DXG)專門提供有關房地產之經紀、諮詢，房產經營、及投資等業務。公司成於2003。經過營運及成長之後，現在公司有12家分、4家子公司、1家交中心、及1家交廳。公司之經銷系統廣泛，大部份集中在南越(如平陽、胡志明市、以及附近胡志明市之一些市)。公司常常獲得大房地產公司及投資單位(如黃英嘉萊集團、Bitexco、等等)選擇為一些大型及先進房地產專案之代及經紀人。 自2007起，公司直接投資於房地產專案。 經營表現： 至目前為止，大部份公司之營收及潤主要自於房地產之經紀業務。 至2009第三季為止，營收達595億越盾(增加161.1
3、2yoy)，淨潤達230.6億越盾(增加160.36%yoy)。其中自主要業務之潤達200.4億越盾，佔86.92%淨潤。 2010展望： 公司於2007投資之一些房地產專案，自2010起這些專案開始為公司帶獲。另外，從這些房地產專案完成之後，將支援自2010至2015之營收及潤大幅增加。尤其是第一號及第二號Sun view等件大專案於2010完成及可出售。因此，預測2010之營收達5,000億越盾(比2009增加566.67%)，及淨潤達1,300億越盾(比2009增加333.33%)。 2010公司提出增加註冊資本自800億越盾為2,000億越盾之計劃。預測2010之每股盈餘為9,286越
4、盾(依據新增資算)。 評等： DXG股於200912月22日上市，第一交日期的考價為40,000越盾/股。從上市之第一交日期，DXG股價續上漲12盤，上漲86.25%。預測自2010起公司之營收及潤表現好，我們給予DXG優於大盤之評等，目標價為90,000越盾，為預估200910倍之本益比。 Dat Xanh房地產建設及服務股份公司 (DXG) Key Data Chartered Capital VND$ 80 bilOutstanding shares 8,000,000 shares52 weeks price range VND$ 48,000 74, 500Mkt cap (2010
5、/01/08) VND$ 596 bnUS$ 32.25mn Total Assets 3Q09 VND$ 633.6 bnNet equity value 3Q09 VND$ 108.25 bn(QFII) Total room 3,920,000 shares(QFII) Current room 3,920,000 shares Foreign owned ratio 0 %EPS (2010E) VND$ 9,286 P/E (2010E) 8P/B (2010E) 4.94ROE (2010E) 70.03%ROA (2010E) 12.6 %*The holding cap for
6、 foreign strategic investors is 49%. For banking sector the cap is 30%. Financial Abstract : Year - end 31 - Dec Net sales bil VND Change % Net Profit bil VNDChange % No of shares (mil shares) EPS P/E (x) ROE(%) ROA(%)2006 2.04 - 0.05 - 0.58 90 827.8 0.88 0.85 2007 28.61 1,302.07% 11.16 21,327.35% 1
7、.50 10,735 6.94 69.42 31.98 2008 28.61 0.01% 6.83 -38.80% 8.00 1,438 51.8 11.69 3.70 2009E 75.00 162.14% 30.00 339.07% 8.00 3,750 19.87 28.40 6.15 2010F 500.00 566.67% 130.00 333.33% 20.00 9,286 8.02 70.03 12.60 www.phs.vn Vietnam Phu Hung Securities Corporation This report is for reference only and
8、 investors should be responsible for their own investment decisions. 2 財務報表 損益表 VND in millions FY06A FY07A FY08Revenues 2,040 28,607 28,611 % change Y/Y 1,302.1 0.0 Gross margin (%) 100.0 87.7 85.9 EBITDA 146 15,480 8,384 % change Y/Y 10,513.8 (45.8)EBITDA margin (%) 7.1 54.1 29.3 EBIT 93 15,323 7,
9、947 % change Y/Y 16,318.3 (48.1)EBIT margin (%) 4.6 53.6 27.8 Net interest 34 30 23 EBT 72 15,506 9,472 % change Y/Y 21,327.4 (38.9)Tax 20 4,342 2,639 as % of EBT 28.0 28.0 27.9 Net income (reported) 52 11,164 6,833 % change Y/Y 21,327.4 (38.8)Shares outstanding (MM) 0.58 1.50 8.00 EPS (VND) 90 10,7
10、35 1,438 % change Y/Y 11,849.9 -86.6Source : Phu Hung Securities 資產負債表 VND in millions FY06A FY07A FY08Cash and cash equivalents 5,550 31,559 39,658 Short - term investments Account receivable 16,290 163,740 Inventories 11,029 47,388 Others 109 3,356 18,013 Current assets 5,659 62,234 268,798 Constr
11、uction-in-progress 1 Long - term investments 1,390 Others 446 1,469 35,051 Total assests 6,106 63,704 305,240 Liabilities Short - term loans 16,000 Payables 9,997 Others 26 37,193 160,546 Total current liabilities 26 37,193 186,543 Long - term debt 179 246 60 Other liabilities 3,000 Total liabilitie
12、s 205 37,439 189,603 Shareholders equity 5,901 26,265 90,469 BVPS (VND) 10,174 17,510 11,309 Source : DXG Phu Hung Securities Corporation This report is for reference only and investors should be responsible for their own investment decisions. 3 財務比分析 財務比 % FY06A FY07A FY08EBITDA margin 7.1 54.1 29.
13、3 Operating margin 4.6 53.6 27.8 Net profit margin 1.9 38.3 18.5 SG&A/sales 95.4 34.1 58.1 Sales per share growth 442.1 (81.2)Sales growth 1,302.1 0.0 Net profit growth 21,327.4 (38.8)EPS growth - 11,849.9 (86.6)Current payment ratio 220.3 1.7 1.4 Quick payment ratio 220.3 1.4 1.2 Sales/Assets 33.4
14、44.9 9.4 Assets/Equity 1.0 2.4 2.6 ROE 0.9 69.4 11.7 ROA 0.9 32.0 3.7 ROCE 1.5 57.8 6.7 Source : Phu Hung Securities Phu Hung Securities Corporation This report is for reference only and investors should be responsible for their own investment decisions. 4 Analyst Certification Each research analyst
15、(s), strategist(s) or research associate(s) responsible for the preparation and content of all or any identified portion of this research report hereby certifies that, with respect to each issuer or security or any identified portion of the report with respect to each issuer or security that the res
16、earch analyst, strategist or research associate covers in this research report, all of the views expressed by that research analyst, strategist or research associate in this research report accurately reflect their personal views about those issuer(s) or securities. Each research analyst(s), strateg
17、ist(s) or research associate(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst, strategist or research associate in this research report. Ratings Definition Overweigh
18、t (OW) = Expected to outperform the local market by 10% Neutral(N) = Expected to in line with the local market by +10% -10% Underweight (UW) = Expected to underperform the local market by 10%. Not Rated (NR) = The stock is not rated in Phu Hungs coverage universe or not listed yet. Performance is de
19、fined as 12-month total return (including dividends). Disclaimer This information has been compiled from sources we believe to be reliable, but we do not hold ourselves responsible for its completeness or accuracy. It is not an offer to sell or solicitation of an offer to buy any securities. Phu Hun
20、g Securities and its affiliates and their officers and employees may or may not have a position in or with respect to the securities mentioned herein. Phu Hung Securities (or one of its affiliates) may from time to time perform investment banking or other services or solicit investment banking or ot
21、her business for any company mentioned in this report. All opinions and estimates included in this report constitute our judgment as of this date and are subject to change without notice. Phu Hung Securities Corporation. 5th Fl., Lawrence S. Ting Bldg., 801 Nguyen Van Linh St, Tan Phu Ward, Dist 7, HCMC Tel: (+84-8) 5413-5479 Fax: +84 8 54135472 Web: www.phs.vn
