- 2024-01-31T00:00:00
- Company Research
- DIG announced Q4 2023 revenue of VND434bn (USD17.9mn; +11% YoY) that was mainly supported by the handovers at the Gateway Vung Tau, Cap Saint Jacques, Nam Vinh Yen, and Hau Giang projects. Meanwhile, Q4 2023 NPAT-MI was 15x YoY to VND66bn (USD7.1mn), mainly thanks to the profit from associates worth VND36bn (USD1.5mn; 11x YoY; and vs VND3bn/USD0.1mn in 9M 2023).
- In 2023, DIG’s revenue decreased 46% YoY to VND1.03tn (USD42.3mn) – in line with our forecast while its NPAT-MI increased 20% YoY to VND173bn (USD7.1mn) – surpassing our forecast by 38% mainly due to profit from associates in Q4 2023.
- At end-2023, DIG’s cash (including short term deposits) surged to VND2.5tn (USD103mn) vs VND403bn (USD17mn) at end-Q3 2023. This increase was primarily driven by a rise in other short-term payables (including customers’ bookings for property purchases which grew from VND170bn/USD7mn at end-Q3 2023 to VND2.25tn/USD93mn at end-Q4 2023). As such, DIG’s net debt to equity ratio at end-2023 was 7.6% vs 30.5% at end-Q3 2023 and 43.9% at end-2022.
DIG’s 2023 results
VND bn | Q4 2022 | Q4 2023 | YoY | 2022 | 2023 | YoY | 2023F | 2023 as % of 2023F |
Net revenue | 391 | 434 | 11% | 1,897 | 1,028 | -46% | 1,044 | 98% |
Gross profit | 110 | 103 | -6% | 632 | 244 | -61% | 256 | 95% |
SG&A expenses | 78 | 65 | -17% | 276 | 196 | -29% | 207 | 95% |
Operating profit | 32 | 38 | 19% | 356 | 48 | -87% | 49 | 98% |
Financial income | 22 | 19 | -14% | 87 | 229 | 163% | 216 | 106% |
Financial expenses | 56 | 23 | -58% | 265 | 125 | -53% | 125 | 99% |
Profit from associates | 3 | 36 | 977% | 6 | 39 | 571% | 3 | 15.6x |
Other gains/loss | 3 | 7 | 162% | 15 | 26 | 79% | 20 | 131% |
Profit before tax | 4 | 76 | 19x | 199 | 217 | 9% | 162 | 134% |
Profit after tax | 3 | 68 | 25x | 191 | 165 | -14% | 129 | 128% |
NPAT-MI | 4 | 66 | 15x | 144 | 173 | 20% | 125 | 138% |
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Gross margin | 28.1% | 23.7% |
| 33.3% | 23.7% |
| 24.5% |
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SG&A exp./Sales | 20.0% | 15.0% |
| 14.5% | 19.1% |
| 19.8% |
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Operating margin | 8.1% | 8.7% |
| 18.8% | 4.6% |
| 4.7% |
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NPAT-MI margin | 1.1% | 15.3% |
| 7.6% | 16.8% |
| 12.0% |
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Source: DIG, Vietcap forecast (updated December 22, 2023)
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