- 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 |
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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