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PTB - Earnings trail expectations - Earnings Flash

Company Research

21 Jan 2025

  • PTB released its 2024 preliminary results with revenue of VND6.7tn (+18% YoY; 101% of our 2024F) and PBT of VND471bn (+29% YoY, 77% of our 2024F). PTB has not yet disclosed its revenue and profit breakdown or provided commentary on these results.
  • While preliminary 2024 revenue was in line with our forecast, PBT fell short, which we attribute to lower-than-expected GPM in the stone segment as the company secured more orders for low-margin pavement stone during H2.
  • In Q4 2024, revenue was VND2.1tn (+43% QoQ; +37% YoY) and PBT was VND121bn (+19% QoQ; +72%YoY). Q4 2023 served as a low base due to PTB recording a VND42bn bad debt provision related to the bankruptcy of its client, Noble House.
  • In Q4 2024, the PBT margin declined to 5.7% (compared to 6.9% in Q3 2024), which we attribute to the persistently low GPM in the stone segment in H2 2024. In Q3 2024, stone GPM dropped to 10.3%, significantly below the typical GPM of ~29%. Additionally, the wooden segment's GPM may normalize from an elevated 29.1% in Q3 2024 to a typical level of ~22%.
  • 2025 guidance: PBT has guided for revenue of VND7.3tn (+10% YoY; 97% of our 2025F) and PBT of VND528bn (+12% YoY; 66% of our 2025F). We expect growth to be driven by the wooden segment, for which PTB has already secured orders through Q2 2025.
  • We see a downside risk to our forecast, pending a fuller review.

PTB’s 2024 results

 

Q4 2023

Q3 2024

Q4 2024

QoQ

YoY

2023

2024

YoY

2024A/
 2024F

2024F

Revenue

1,548

1,485

2,126

43%

37%

5,619

6,656

18%

101%

6,598

Gross profit

291

287

N/A

N/A

N/A

1,165

N/A

N/A

N/A

1,509

Selling expenses

-127

-106

N/A

N/A

N/A

-439

N/A

N/A

N/A

-547

G&A expenses

-52

-58

N/A

N/A

N/A

-219

N/A

N/A

N/A

-275

Operating profit

112

123

N/A

N/A

N/A

507

N/A

N/A

N/A

687

Non-operating items

-42

-20

N/A

N/A

N/A

-141

N/A

N/A

N/A

-75

PBT

70

102

121

19%

72%

365

471

29%

77%

612

NPAT-MI

52

80

N/A

N/A

N/A

297

N/A

N/A

N/A

481

GPM

18.8%

19.3%

N/A

 

 

20.7%

N/A

 

 

22.9%

OPM

7.2%

8.3%

N/A

 

 

9.0%

N/A

 

 

10.4%

PBT margin

4.6%

6.9%

5.7%

 

 

6.5%

7.1%

 

 

9.3%

EBITDA margin

11.2%

12.5%

N/A

 

 

13.3%

N/A

 

 

14.0%

NPAT-MI margin

3.3%

5.4%

N/A

 

 

5.3%

N/A

 

 

7.3%

Source: PTB, Vietcap

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