- 2024-01-31T00:00:00
- Company Research
- CTD reported Q4 2023 revenue of VND5.7tn (USD231.0mn; +37% QoQ, -9% YoY) and NPAT-MI of VND69bn (USD2.8mn; +4% QoQ, +266% YoY).
- Q4 2023 EBIT grew 172% QoQ driven both by an improvement in revenue and gross margin expanding to 3.0% from 2.4% in Q3 2023 despite SG&A expenses on sales inching up marginally QoQ.
- For full-year 2023, CTD reported revenue of VND16.5tn (USD674.8mn; +14% YoY) and NPAT-MI of VND188bn (USD7.7mn) vs VND21bn (USD0.8mn) in full-year 2022.
- Strong financial income mostly derived from interest received from bank deposits, which beat our forecast and continued to be a major contributor to CTD’s 2023 net profit improvement.
- While CTD’s full-year 2023 revenue tracked ahead of our expectation, NPAT-MI missed our full-year forecast, mostly due to the gross margin trailing our prediction. Therefore, we anticipate a downside risk to our forecasts for CTD, pending a more extensive review.
- We note that CTD has changed its financial year from December 31 to ending on June 30, effective from the financial year starting January 1, 2023, and ending June 30, 2023. This translates to a transitioning FY2023 as a six-month financial year. In this Earnings Flash, we keep the presentation of CTD’s data in its previous financial year (i.e., in sync with the calendar year) for ease of reading and tracking performance for the calendar year of 2023. We will adjust CTD’s data into a new financial year presentation in our next update report.
CTD’s Q4 2023 (i.e., Q2 FY2024 after financial year adjustment) results
VND bn (before financial year adjustment) | Q4 2022 | Q3 2023 | Q4 2023 | QoQ | YoY | 2022 | 2023 | YoY | 2023F | 2023 as % of 2023F |
(after financial year adjustment) |
| Q1 FY2024 | Q2 FY2024 |
|
|
|
|
|
|
|
Net revenue | 6,230 | 4,124 | 5,660 | 37% | -9% | 14,537 | 16,532 | 14% | 14,428 | 115% |
Gross profit | 172 | 100 | 169 | 69% | -1% | 487 | 426 | -12% | 433 | 98% |
SG&A expenses | -182 | -83 | -122 | 47% | -33% | -735 | -398 | -46% | -390 | 102% |
EBIT | -11 | 17 | 47 | 172% | N.M. | -248 | 28 | N.M. | 43 | 64% |
Net financial income | 11 | 69 | 37 | -47% | 245% | 218 | 217 | 0% | 193 | 113% |
Net other gain/loss | 34 | 0 | 6 | N.M. | -83% | 88 | 6 | -93% | 50 | 12% |
Shares of (loss) profit of associates | -7 | 0 | 0 | -60% | N.M. | -24 | -7 | -71% | -25 | 28% |
PBT | 27 | 86 | 89 | 4% | 234% | 35 | 244 | 602% | 262 | 93% |
NPAT-MI | 19 | 67 | 69 | 4% | 266% | 21 | 188 | 808% | 204 | 92% |
Gross margin | 2.8% | 2.4% | 3.0% |
|
| 3.3% | 2.6% |
| 3.0% |
|
SG&A expenses | 2.9% | 2.0% | 2.2% |
|
| 5.1% | 2.4% |
| 2.7% |
|
EBIT margin | -0.2% | 0.4% | 0.8% |
|
| -1.7% | 0.2% |
| 0.3% |
|
NPAT-MI margin | 0.3% | 1.6% | 1.2% |
|
| 0.1% | 1.1% |
| 1.4% |
|
Source: CTD, Vietcap forecast (last updated June 2, 2023)
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