Title | EVE_N/A_Company Update_BSC Company Update |
---|---|
Report Type | Phân tích công ty |
Source | BSC |
Bussiness | EVE |
Detail |
Date : 29/11/2021 Total pages : 6 Language : English File Type : .PDF FileSize : 434 Kb Download: 162 Download |
Vote | (You must be logged in to vote) |
Short Content |
VALUATION By the end of November 29th 2021, EVE closed at VND 17,950 per share, equivalent to trailling PE multiple of 14.9 which is equivalent to the industry median P/E. BUSSINESS PLAN EVE set the target of revenue and profit before tax of VND 1,060bn (+24% YoY) and VND 75bn (+78% YoY). Forward EPS for FY2021 is 1,973 VND/share, forward PE is 8.9. TECHNICAL ANALYSIS BSC recommends that medium and long-term investors open positions at an attractive price range of 17.5-18.0, take profits at 20.0 and cut losses if the stock loses the support level of 16.7. COMPANY UPDATE § Revenue and Net Income in the third quarter of 2021 dropped sharply with revenue reaching 155 billion (-27% YoY) and 6 billion (-64% YoY). BSC believes that the sharp drop is due to (i) the outbreak of the Covid-19 epidemic, affecting retail activities and hotel orders (ii) Increased costs due to 3 on-site deployment (iii) Increased transportation costs high. § Revenue breakdown by product: Bed sheets reached 86 billion (-31% YoY), Cotton sheets reached 57 billion (-12% YoY) and Towels reached 11 billion (-46% YoY). § Revenue structure by geography: Export reached 83 billion (-17% YoY), domestic reached 72 billion (-36% YoY). Gross profit margin decreased from 33.5% to 30.8% as gross margin of Towel product plummeted from 12% to 4% due to increase in raw material prices and unusual costs related to employees. Meanwhile, the gross margin of Bedding and Cotton achieved a positive level (from 25% and 43% to 32% and 41%). |