VTP's market price increased by 1.5 times in just one month.

VTP's share price continues to rise following news of the operation of the Lang Son Logistics Park.

Viettel Post Joint Stock Company's VTP shares are currently trading at around 142,000 VND, a 60% increase compared to a month ago and the highest level ever.

Shares of Viettel Post Joint Stock Company (stock code VTP) closed the trading session on December 3rd at VND 142,000, up 5.65% from the reference price. Trading volume reached nearly 970,000 units, equivalent to VND 136 billion, almost double that of the previous session. Most of these stock transactions were executed by domestic investors.

VTP shares have risen in 8 out of the last 9 trading sessions, with half of those sessions increasing by more than 3%, accumulating a total gain of over 27%, pushing the share price from VND 113,100 to its highest level since listing on the HoSE in March 2024. VTP has increased by more than 60% compared to the price a month ago (VND 88,600). This strong upward trend has pushed the company's market capitalization to over VND 17,293 billion.

VTP stock price chart over the past month.

According to a recent report by SSI Securities Corporation, VTP's upward trend emerged after Viettel Post announced it would begin operating the Lang Son Logistics Park on December 11th, based on a 144-hectare infrastructure leased from Lang Son Transit Joint Stock Company (an infrastructure investor with a total investment of VND 3,300 billion), and Viettel Post will be the project operator.

According to SSI, this project could contribute significantly to SSI's business results. Specifically, assuming an average revenue of 6 million VND per 20-foot container, the market size of the Huu Nghi border gate area could reach 3,000 billion VND per year. With 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 would be 900 billion VND and 90 billion VND respectively. This is equivalent to 10% of core revenue and 20% of last year's pre-tax profit.

“VTP is trading at a projected 2025 P/E ratio of 36x (excluding the new logistics park), significantly higher than the average P/E ratio of express delivery companies in the region at 20x, and may be reflecting the potential of its new business segments,” SSI analysts wrote.

Besides the information about the Lang Son Logistics Park, Viettel Post also recorded positive business results in the third quarter of 2024, supporting the upward trend in its share price. Specifically, according to the self-prepared financial report, net revenue reached over VND 5,430 billion, a 13% increase compared to the same period last year. Gross profit was over VND 278 billion, a 24% increase compared to the same period last year. The gross profit margin was over 5%, equivalent to the level achieved in the same period of 2023. After deducting expenses, the company reported a pre-tax profit of VND 134 billion and an after- tax profit of VND 107 billion, both increasing by more than 4% compared to the same period.

For the first nine months of the year, net revenue reached VND 15,049 billion, a 4% increase compared to the same period last year. After deducting the cost of goods sold, gross profit exceeded VND 669 billion, a 5% increase year-on-year. The gross profit margin was 4%. Pre-tax and after- tax profits were approximately VND 317 billion and over VND 252 billion respectively, both down 9% compared to the same period in 2023.

This year, Viettel Post aims for consolidated revenue of VND 13,190 billion, a 33% decrease compared to last year's performance. After-tax profit is targeted at VND 370 billion, a 3% decrease year-on-year. After the first three quarters, the company has exceeded its revenue target by 14% and achieved 68% of its profit target.

Viettel Post plans to further downsize its sales segment (mobile phone SIM cards) to focus on delivery and logistics segments with better profit margins. The corporation stated that this downsizing will have an insignificant impact on absolute profits and will help improve the overall profit margin.

The company's total assets 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 amounted to approximately VND 4,480 billion, a decrease of VND 373 billion compared to the beginning of the period. Equity was over VND 1,494 billion, and 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