Overview Valuation Future Past Health Dividend Management Ownership Information

Stocks / Vietnam / Food, Beverage & Tobacco

VNM
Vietnam Dairy Products
HOSE:VNM Stock Report

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LAST PRICE MARKET CAP

₫77.90k ₫162.8t

7D 1Y
-1.3% -24.4%

UPDATED DATA
06 Mar, 2022 Company Financials + 10 Analysts

VNM Stock Overview

Vietnam Dairy Products Joint Stock Company provides milk and dairy products in
Vietnam and internationally.

About the company

REWARDS

Trading at 10.6% below our estimate of its fair value

Home Markets Discover Watchlist Portfolios Screener
 Earnings are forecast to grow 9.59% per year Snowflake Analysis
Overview Valuation Future Past Health Dividend Management Ownership InformationExcellent balance sheet average
RISK ANALYSIS dividend payer.

Unstable dividend track record Data Learn

See All Risk Checks

Overview Valuation
Price History Future
& Performance Past Health Dividend Management Ownership Information

1M 3M 1Y 3Y 5Y Max

2018 2019 2020 2021 2022

Fri, 04 Mar 2022

₫77,900.00
Max: ₫103,400.00

Min: ₫77,900.00

April July October 2022

Earnings Update Expansion Dividend Increase Earnings Update

Dividend Financial Management Strategy Other

Data

Recent News & Updates

 Jan 31 Full year 2021 earnings: EPS misses analyst expectations
Overview Valuation Future Past Health Dividend Management Ownership Information
Full year 2021 results: EPS: ₫4,517 (down from ₫4,770 in FY 2020). Revenue: ₫61t (up 2.2% from FY 2020). Net income: ₫11t (up 5.7% from FY 2020). Profit margin: 17%
(in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.0%. Over the next year, revenue is forecast to…

Jan 03 Upcoming dividend of ₫1,400 per share

Eligible shareholders must have bought the stock before 10 January 2022. Payment date: 25 February 2022. Payout ratio is on the higher end at 89%, and the cash payout
ratio is above 100%. Trailing yield: 4.6%. Lower than top quartile of Vietnamese dividend payers (6.1%). Higher than average of industry peers (2.8%).

Dec 01 Vietnam Dairy Products Joint Stock Company Debuts its Organic Milk Product at 2021 FHC Global Food Trade Show in Shanghai
Vietnam Dairy Products Joint Stock Company successfully debuted its organic milk product at the 2021 FHC Global Food Trade Show in Shanghai. The product received
overwhelming interests with numerous orders on the first day of the event. This organic fresh milk product not only meets the organic standard in China but has also…

Aug 31 Upcoming dividend of ₫1,500 per share

Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 30 September 2021. Trailing yield: 4.6%. Lower than top quartile of
Vietnamese dividend payers (7.2%). Higher than average of industry peers (3.1%).

May 31 Upcoming dividend of ₫1,100 per share

Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 30 June 2021. Trailing yield: 4.4%. Lower than top quartile of Vietnamese dividend
payers (7.8%). Higher than average of industry peers (3.3%).

Mar 03 Full year 2020 earnings released: EPS ₫4,770 (vs ₫4,565 in FY 2019)
The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫60t (up 5.9% from FY 2019). Net
income: ₫11t (up 16% from FY 2019). Profit margin: 19% (up from 17% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average…

See more updates

Shareholder Returns
VNM VN Food VN Market
 7D 1.3% 1.9% 0.5%
VNM VN Food VN Market
Overview
1Y Valuation
-24.4% Future Past Health Dividend
15.3% Management Ownership Information
30.2%

See full shareholder returns

Return vs Industry: VNM underperformed the VN Food industry which returned 15.3% over the past year.

Return vs Market: VNM underperformed the VN Market which returned 30.2% over the past year.

Price Volatility

VNM
Low High

Industry

Avg. Market Volatility

Data

Stable Share Price: VNM is less volatile than 75% of VN stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: VNM's weekly volatility (2%) has been stable over the past year.
Overview Valuation
About the Company Future Past Health Dividend Management Ownership Information

Founded Employees CEO Website

1976 9,732 Lien Mai https://www.vinamilk.com.vn

Vietnam Dairy Products Joint Stock Company provides milk and dairy products in Vietnam and internationally. It processes, manufactures, and
distributes milk cake, soya milk, fresh milk, refreshment drinks, bottled milk, powdered milk, nutritious powder, and other milk products. The company…

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Overview
Vietnam Valuation
Dairy Future
Products Past
Fundamentals Health
SummaryDividend Management Ownership Information

Earnings
₫9.44t

Revenue
₫60.92t

Market cap
₫162.81t

Data

17.2x 2.7x
P/E Ratio P/S Ratio

Is VNM overvalued?
See Fair Value and valuation analysis
 ₫60.92t ₫34.64t
Overview Valuation Future Past Health Dividend Management Ownership Information

₫26.3t ₫16.8t

₫9.4t

Revenue Cost Of Gross Profit Other Earnings

Revenue Expenses

Data

Last Reported Earnings Next Earnings Date

Dec 31, 2021 n/a

Earnings per share (EPS) 4.52k

Gross Margin 43.14%

Net Profit Margin 15.50%

Debt/Equity Ratio 26.4%

How did VNM perform over the long term?

See historical performance and comparison
Dividends
Overview Valuation Future Past Health Dividend Management Ownership Information

5.1% 89%
Current Dividend Yield Payout Ratio

Does VNM pay a reliable dividends?

See VNM dividend history and benchmarks
Overview Valuation Future Past Health Dividend Management Ownership Information
1 Valuation
Is Vietnam Dairy Products undervalued compared to its fair value and its price relative to the market?

10.6%
Undervalued compared to fair value
1.1 Share
Overview
Price vs.Future
Valuation
Fair Value
Past Health Dividend Management Ownership Information

10.6%
Undervalued

Current Price
₫77,900.00

Fair Value
₫87,164.70

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View Data

Below Fair Value: VNM (₫77900) is trading below our estimate of fair value (₫87164.7)

Significantly Below Fair Value: VNM is trading below fair value, but not by a significant amount.
1.2 PriceValuation
Overview
To Earnings
Future
Ratio
Past Health Dividend Management Ownership Information

30x
20x 40x

10x 50x

0x 60x

PE Ratio
Company 17.2x
Industry 23x
Market 16.2x

View Data

PE vs Industry: VNM is good value based on its PE Ratio (17.2x) compared to the VN Food industry average (23x).

PE vs Market: VNM is poor value based on its PE Ratio (17.2x) compared to the VN market (16.2x).
1.3 PriceValuation
Overview
to Earnings Growth
Future Past
Ratio
Health Dividend Management Ownership Information

PEG Ratio: VNM is poor value based on its PEG Ratio (1.8x)
1.4 PriceValuation
Overview
to Book Ratio
Future Past Health Dividend Management Ownership Information

PB vs Industry: VNM is overvalued based on its PB Ratio (4.9x) compared to the VN Food industry average (1.9x).

1.5 Next Steps

Explore potentially undervalued companies in the Food, Beverage & Tobacco industry.
Overview Valuation Future Past Health Dividend Management Ownership Information
2 Future Growth
How is Vietnam Dairy Products forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

9.6%
Forecasted annual earnings growth
2.1 Earnings
Overview
and Revenue
Valuation Future
Growth
Past
Forecasts
Health Dividend Management Ownership Information
2.2 Analyst
Overview
FutureFuture
Valuation
GrowthPast
Forecasts
Health Dividend Management Ownership Information

Earnings vs Savings Rate: VNM's forecast earnings growth (9.6% per year) is above the savings rate (3.9%).

Earnings vs Market: VNM's earnings (9.6% per year) are forecast to grow slower than the VN market (24.3% per year).

High Growth Earnings: VNM's earnings are forecast to grow, but not significantly.

Revenue vs Market: VNM's revenue (6.3% per year) is forecast to grow slower than the VN market (20.1% per year).

High Growth Revenue: VNM's revenue (6.3% per year) is forecast to grow slower than 20% per year.
2.3 Earnings
Overview
per Share
Valuation Future
Growth
Past
Forecasts
Health Dividend Management Ownership Information
2.4 Future
Overview
Return Future
Valuation
on Equity
Past Health Dividend Management Ownership Information

Future ROE: VNM's Return on Equity is forecast to be high in 3 years time (31.6%)

2.5 Next Steps

Explore growth companies in the Food, Beverage & Tobacco industry.

Overview Valuation Future Past Health Dividend Management Ownership Information
3 Past Performance
How has Vietnam Dairy Products performed over the past 5 years?

2.0%
Historical annual earnings growth
3.1 Earnings
Overview
and Revenue
Valuation Future
History
Past Health Dividend Management Ownership Information

Quality Earnings: VNM has high quality earnings.

Growing Profit Margin: VNM's current net profit margins (15.5%) are lower than last year (16.7%).
3.2 PastValuation
Overview
Earnings Future
Growth Past
Analysis
Health Dividend Management Ownership Information

Earnings Trend: VNM's earnings have grown by 2% per year over the past 5 years.

Accelerating Growth: VNM's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: VNM had negative earnings growth (-5.3%) over the past year, making it difficult to compare to the Food industry average
(15.3%).
3.3 Return
Overview
on Equity
Valuation Future Past Health Dividend Management Ownership Information

High ROE: VNM's Return on Equity (29.7%) is considered high.

Overview Valuation Future Past Health Dividend Management Ownership Information

3.4 Next Steps

Explore strong past performing companies in the Food, Beverage & Tobacco industry.
Overview Valuation Future Past Health Dividend Management Ownership Information
4 Financial Health
How is Vietnam Dairy Products's financial position?

4.1 Financial Position Analysis

Short Term Liabilities: VNM's short term assets (₫36,109.9B) exceed its short term liabilities (₫17,068.4B).

Long Term Liabilities: VNM's short term assets (₫36,109.9B) exceed its long term liabilities (₫413.9B).
Overview Valuation Future Past Health Dividend Management Ownership Information
4.2 DebtValuation
Overview
to Equity Future
History Past
and Analysis
Health Dividend Management Ownership Information

Debt Level: VNM has more cash than its total debt.

Reducing Debt: VNM's debt to equity ratio has increased from 7.4% to 26.4% over the past 5 years.

D b C VNM' d b i ll db i h fl (99 7%)

 Interest Coverage: VNM earns more interest than it pays, so coverage of interest payments is not a concern.
Overview Valuation Future Past Health Dividend Management Ownership Information
4.3 Balance
Overview
SheetFuture
Valuation Past Health Dividend Management Ownership Information
Overview Valuation Future Past Health Dividend Management Ownership Information

4.4 Next Steps

Explore more healthy companies in the Food, Beverage & Tobacco industry.
Overview Valuation Future Past Health Dividend Management Ownership Information
5 Dividend
What is Vietnam Dairy Products's current dividend yield, its reliability and sustainability?

5.13%
Current Dividend Yield
5.1 Dividend
Overview
YieldFuture
Valuation
vs Market
Past Health Dividend Management Ownership Information

Notable Dividend: VNM's dividend (5.13%) is higher than the bottom 25% of dividend payers in the VN market (2.4%).

High Dividend: VNM's dividend (5.13%) is low compared to the top 25% of dividend payers in the VN market (5.76%).
5.2 Stability
Overview
and Growth
Valuation Future
ofPast
Payments
Health Dividend Management Ownership Information

Stable Dividend: VNM's dividend payments have been volatile in the past 10 years.

Growing Dividend: VNM's dividend payments have increased over the past 10 years.
5.3 Current
Overview
PayoutFuture
Valuation
to Shareholders
Past Health Dividend Management Ownership Information

Dividend Coverage: At its current payout ratio (88.6%), VNM's payments are covered by earnings.
5.4 Future
Overview
Payout Future
Valuation
to Shareholders
Past Health Dividend Management Ownership Information

Future Dividend Coverage: VNM's dividends in 3 years are forecast to be covered by earnings (88.9% payout ratio).

5.5 Next Steps

Explore strong dividend paying companies in the Food, Beverage & Tobacco industry.
Overview Valuation Future Past Health Dividend Management Ownership Information
6 Management
How experienced are the management team and are they aligned to shareholders interests?

10.0yrs
Average management tenure

6.1 CEO

Lien Mai (68 yo)

29.25yrs ₫761,000,000
Tenure Compensation

Ms. Lien Kieu Mai has been Chief Executive Officer of Vietnam Dairy Products Joint Stock Company since December 1992 and serves as its Member of
Board of Management since July 25, 2015. Ms. Mai has been Ex... Show more
6.2 Leadership
Overview Valuation
Team
Future Past Health Dividend Management Ownership Information

Lien Mai ₫761.00m

CEO, Member of Board of Management & Executive Director

Liem Le
Executive Director of Finance

Khanh Nguyen
Executive Director of Research & Development and Member of Board of Management

Anh Mai

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10.0yrs 50.5yo
Average Tenure Average Age

Experienced Management: VNM's management team is seasoned and experienced (10 years average tenure).
6.3 Board
Overview
Members
Valuation Future Past Health Dividend Management Ownership Information

Lien Mai ₫761.00m

CEO, Member of Board of Management & Executive Director

Liem Le
Executive Director of Finance

Meng Tat Lee ₫777.00m

Non-Executive Director

Alain Cany

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4.9yrs 60yo
Average Tenure Average Age

Experienced Board: VNM's board of directors are considered experienced (4.9 years average tenure).
Overview Valuation Future Past Health Dividend Management Ownership Information
7 Ownership
Who are the major shareholders and have insiders been buying or selling?
7.1 Insider
Overview
TradingFuture
Valuation
Volume
Past Health Dividend Management Ownership Information
 Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Overview Valuation Future Past Health Dividend Management Ownership Information

7.2 Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
7.3 Top Shareholders
Overview Valuation Future Past Health Dividend Management Ownership Information
Overview Valuation Future Past Health Dividend Management Ownership Information
8 Company Information
Vietnam Dairy Products Joint Stock Company's employee growth, exchange listings and data sources

8.1 Key Information

Name: Vietnam Dairy Products Joint Stock Company

Ticker: VNM
Exchange: HOSE
Founded: 1976
Industry: Packaged Foods and Meats
Sector: Food, Beverage & Tobacco
Implied Market Cap: ₫162.808t
Shares outstanding: 2.09b
Website: https://www.vinamilk.com.vn
8.2 Number
Overview
of Employees
Valuation Future Past Health Dividend Management Ownership Information

8.3 Location

Vietnam Dairy Products Joint Stock Company

No. 10, Tan Trao Street
Tan Phu Ward
Ho Chi Minh City
Vietnam
8.4 Listings
Overview Valuation Future Past Health Dividend Management Ownership Information

Ticker Exchange Primary Security Security Type Country Currency Listed on

VNM HOSE (Ho Chi Minh Stock Exchange) Yes Ordinary Shares VN VND Jan 2006

8.5 Company Analysis and Financial Data Status

Data Last Updated (UTC time)

Company Analysis 2022/03/06 10:10

End of Day Share Price 2022/03/04 00:00

Earnings 2021/12/31

Annual Earnings 2021/12/31

All financial data provided by Standard & Poor's Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month
(LTM) Data. Learn more here.