VTP market price increased by one and a half times within a month

VTP market price continues to increase after information on the operation of Lang Son Logistics Park

VTP shares of Viettel Post Joint Stock Company are currently at 142,000 VND, up 60% compared to the price range a month ago and the highest level ever.

Shares of Viettel Post Joint Stock Company (Viettel Post, stock code VTP) closed on December 3 at VND142,000, up 5.65% compared to the reference price. The trading volume of this session was nearly 970,000 units, equivalent to VND136 billion, nearly double the previous session. The trading orders for these shares were mainly executed by domestic investors.

VTP shares have increased in 8 of the last 9 trading sessions, of which half of the sessions increased by more than 3% and accumulated a total of more than 27%, bringing the market price from VND 113,100 to the highest level since listing on HoSE in March 2024. VTP has increased by more than 60% compared to the price range a month ago (VND 88,600). The strong increase brought the company's market capitalization to more than VND 17,293 billion.

VTP stock price chart over the past month.

According to a recently published report by SSI Securities Corporation, VTP's upturn appeared after Viettel Post announced that it would start operating Lang Son Logistics Park on December 11, based on the 144-hectare infrastructure leased from Lang Son Transit Joint Stock Company (infrastructure investor with a total investment of VND3,300 billion) and Viettel Post will be the project operator.

According to SSI, this project can contribute significantly to SSI's business results. Specifically, assuming the average revenue per 20-foot container is VND6 million, the market size of the Huu Nghi border gate area can reach VND3,000 billion per year. Assuming an initial market share of 30% and a pre-tax profit margin of 10%, Viettel Post's revenue and pre-tax profit for this segment are VND900 billion and VND90 billion, respectively. This figure is equivalent to 10% of core revenue and 20% of pre-tax profit last year.

“VTP is trading at a forward P/E of 36x for 2025 (excluding the new logistics park), much higher than the average P/E of regional express delivery peers of 20x and may reflect the potential of its new business segments,” SSI analysts wrote.

In addition to information about Lang Son Logistics Park, Viettel Post also recorded positive business results in the third quarter of 2024 to support the stock price increase. Specifically, according to the independent financial report, net revenue was recorded at more than VND 5,430 billion, up 13% over the same period. Gross profit was more than VND 278 billion, up 24% over the same period last year. Gross profit margin was more than 5%, equivalent to the level achieved in the same period in 2023. After deducting expenses, the company reported pre-tax profit of VND 134 billion and after-tax profit of VND 107 billion, both up more than 4% over the same period.

Accumulated for 9 months, net revenue recorded 15,049 billion VND, up 4% over the same period last year. After deducting cost of goods sold, gross profit was over 669 billion VND, up 5% over the same period. Gross profit margin reached 4%. Profit before and after tax were approximately 317 billion VND and over 252 billion VND, respectively, both down 9% over the same period in 2023.

This year, Viettel Post set a consolidated revenue target of VND13,190 billion, down 33% compared to last year. After-tax profit of VND370 billion, down 3% compared to the same period. After the first 3 quarters of the year, the company has exceeded the revenue plan by 14% and completed 68% of the profit target.

Viettel Post plans to continue to narrow down its sales segment (phone SIM cards) to focus on delivery and logistics segments with better profit margins. The corporation said that this narrowing will have a negligible impact on absolute profits and will help improve the overall profit margin ratio.

The total assets of the enterprise as of the end of September 2024 were approximately VND 5,974 billion, a decrease of VND 460 billion compared to the beginning of the year. Short-term receivables accounted for nearly VND 2,205 billion in the company's asset structure. Liabilities were approximately VND 4,480 billion, a decrease of VND 373 billion compared to the beginning of the period. Owner's equity was more than VND 1,494 billion, accumulated profit was nearly VND 211 billion.

Source: https://baodautu.vn/thi-gia-vtp-tiep-da-tang-sau-thong-tin-van-hanh-cong-vien-logistics-lang-son-d231615.html