Tải bản đầy đủ

PHÂN TICH cổ PHIẾU RICONS INVESTMENT THESIS

RICON CONSTRUCTION
INVESTMENT JSC

COMPANY OVERVIEW
Ricons Construction Investment Joint Stock Company was established in 2004 with the main
activities of investing and trading real estate with two outstanding projects: Botanic Towers and
Saigon Pavillon. In 2008, Ricons expanded its operations to construction. Ricons appeared in
Vietnam’s 500 largest enterprises for the 1st time and was ranked 4th among 500 largest private
construction contractors in Vietnam.
Currently, Ricons is one of the construction companies and holds the third position in terms of
market share after only two companies, ConteCons and Hoa Binh. As a member of Coteccons
Group - CTD now owns a 20% stake in Ricons - Ricons inherited all the top value from the leading
construction corporation of Vietnam. In more than 12 years of development, Ricons has gradually
affirmed its brand and reputation in the market. A wide range of projects ranging from design to
construction, management and execution of high-rise buildings, hotels, resorts, industrial
workshops of large scale, contract value up to trillions are greatest demonstration for the success
of Ricons today.


DEVELOPMENT AND PROSPECTS
Ricons' revenues come from four major areas: design and construction, real estate, mechanical

and electrical sector and other infrastructures. Ricons' outstanding clients include Novaland,
Vingroup, VinaCapital, Brotex, Tan Hoang Minh, My Dinh, etc. In 2016, Ricons has completed
many large projects such as Vinhomes Thăng Long, Vinhomes Golden River, The Pegasuite,
Saigon Royal Residence...
NEW PROJECTS IN Q3 AND Q4 2017
AQUA 1 - VINHOMES GOLDEN RIVER
On July 26, 2017, Ricons Company, Coteccons and
Vingroup Investors successfully lauched the Aqua 1 roof
for the Vinhomes Golden River project, District 1 HCMC.
In particular, Aqua 1 (50 floors high) is the tallest tower in
the cluster. Successful completion of this tower has
received much attention from investors as well as the
market.

CONDOTEL DA NANG
On the morning of August 17, 2017, Coteccons - Ricons
General Contractor and Owner of Riverview Complex
Co., Ltd Danang successfully held the ceremony of
Condotel Danang project at Ngo Quyen street, An Hai
Bac ward, Son Tra district , TP. Danang.
Up to now, the project is one of the tallest buildings in
Danang. This is also the first Condotel project to be
launched in the city with international quality and 5 star
class.


RIVER PANORAMA
The project, commissioned by Ricons Design & Construction
(D & B), worth VND2,500 billion, was kicked off on August 17,
2017. This is the fourth project marking the strategic
partnership between the investor An Gia Investment and
Ricons after success from a series of real estate projects such
as An Gia Star, An Gia Skyline and An Gia. Riverside.

AN GIA RIVERSIDE
Located in Sala residential area, Phu Thuan ward, District 7,
the project has a scale of 1 basement, 25 floors and 274
apartments. This is a project that Ricons implemented from
the end of 2015 and handed over in the past Q3.

SUNRISE RIVERSIDE
The project started on 23/09/2017, marking a new
development in the partnership between Ricons and
Novaland.
With the contract value of over 300 billion VND, Ricons will
construct the body structure and complete block E, including
two 20-storey towers.


PARK 4 - VINHOMES CENTRAL PARK
Park 4 is located in Vinhomes Central Park (Binh
Thanh District, HCMC) with 43 floors and 162m
height.
By the end of September 2017, Ricons had officially
completed and handed over the project, meeting all
requirements of quality - safety - progress and
aesthetics. In particular, the project also received the
Safety Award of Coteccons Group with the
achievement of absolute safety in construction.

SWANBAY
On october 27, 2017, Ricons Company lauched
ceremony of Hoa Sen Dai Phuoc project in Dai
Phuoc commune, Nhon Trach district, Dong Nai
province.
SwanBay Dai Phuoc is a luxury resort with standard
resort on the island. In particular, up to 65% of the
project area for landscaping, parks and public
facilities brings fresh air, ensuring the highest quality
of life for residents living here.
ROYAL HOTEL
Recently, Cao Bang Royal Joint Stock Company has officially
launched the project Royal Hotel with Ricons construction. The
project is located in the center of Cao Bang City, 42 Kim Dong
Street, Hop Giang Ward.
The project is a combination of 4-star hotel with offices and
serviced apartments with two basements and 20 floors.
Expected to be completed in the fourth quarter of 2018, the
project will provide more than 200 hotel rooms and apartments
for high-end market.


TEXHONG HAI HA FACTORY
Recently, Ricons Company continues to receive
the winning bid for Texhong Hai Ha Fibers
Factory, which is owned by Texhong Ngan Ha
Science Technology Co., Ltd. The project is
located in Hai Ha Texhong Industrial Park, Hai Ha
District, Quang Ninh Province.
Participating in project, Ricons is responsible for
the construction and finishing of the fiber factory of
the project with a total construction area of 61,500
m2.
AQUA BAY
Recently, the company continued to win the project
of Vinh Thuy apartment area - Aqua Bay in Hung
Yen, owned by Viet Hung Investment and Urban
Development JSC. This is also the third project in
the North assigned from Ricons in the first two
weeks of December, after the Royal Hotel (Cao
Bang) and Texhong Hai Ha (Quang Ninh).
The project is located in Ecopark urban area, Xuan
Quan commune, Van Giang district, Hung Yen
province. Ricons will be the main contractor for the
construction of high-rise apartment towers from 30
to 37 floors.
FINANCIAL PERFORMANCE
Income Statement
Annual YoY Growth in Millions of Vietnamese
Dong

Period End Date
Revenue
1Y Growth
Gross Profit
1Y Growth
Net Income Before
Taxes

2010
2011
2012
2013
2014
31-Dec31-Dec31-Dec31-Dec31-Dec2010
2011
2012
2013
2014
752,827 1,214,359 1,473,264 1,294,164 1,589,955
-61.3%
21.3%
(12.2%)
22.9%
49,022
77,749
64,401
72,339
71,824
-58.6%
(17.2%)
12.3%
(0.7%)
50,315

58,557

41,270

40,261

49,391

2015
31-Dec2015
2,825,457
77.7%
139,266
93.9%

2016
31-Dec2016
4,790,288
69.5%
305,702
> 99%

104,389

241,196


1Y Growth
-16.4%
Net Income After
Taxes
37,599
48,238
1Y Growth
-28.3%
Balance Sheet
Annual YoY Growth in Millions of Vietnamese
Dong

(29.5%)

(2.4%)

22.7%

> 99%

> 99%

34,643
(28.2%)

28,180
(18.7%)

40,842
44.9%

80,603
97.4%

192,479
> 99%

2010
31-Dec2010

2011
31-Dec2011

2012
31-Dec2012

2013
31-Dec2013

2014
31-Dec2014

2015
31-Dec2015

46,225
-46,225
-----65,357
--

1,027
(97.8%)
775
(98.3%)
252
---125,382
91.8%

1,992
94.0%
1,992
> 99%
0
< (99%)
--296,005
> 99%

8,504
> 99%
2,959
48.5%
5,545
> 99%
--316,150
6.8%

12,771
50.2%
6,256
> 99%
6,515
17.5%
--293,515
(7.2%)

71,012
269,739
> 99%
> 99%
14,228
52,674
> 99%
> 99%
56,784
117,065
> 99%
> 99%
-100,000
--584,462 1,110,719
> 99%
90.0%

65,357
-0
-75,264
-9,907
-478,540
-478,540
-23,474
-7,533
-7,533
-631,035
--

125,382
91.8%
0
0.0%
126,814
68.5%
1,432
(85.5%)
653,435
36.5%
--22,565
(3.9%)
2,315
(69.3%)
2,315
(69.3%)
806,156
27.8%

296,061
> 99%
(56)
(56.0%)
302,966
> 99%
6,961
> 99%
226,953
(65.3%)
226,953
-11,344
(49.7%)
6,165
> 99%
6,165
> 99%
549,421
(31.8%)

316,229
6.8%
(78)
(40.0%)
323,615
6.8%
7,465
7.2%
38,507
(83.0%)
38,507
(83.0%)
7,244
(36.1%)
2,596
(57.9%)
2,596
(57.9%)
380,466
(30.8%)

293,903
(7.1%)
(388)
< (99%)
305,369
(5.6%)
11,854
58.8%
73,332
90.4%
73,332
90.4%
3,903
(46.1%)
3,047
17.4%
3,047
17.4%
398,421
4.7%

584,961 1,114,383
> 99%
90.5%
(498)
(3,664)
(28.4%)
< (99%)
601,653 1,123,925
97.0%
86.8%
17,191
13,206
45.0%
(23.2%)
44,634
101,243
(39.1%)
> 99%
44,634
101,243
(39.1%)
> 99%
18,531
10,739
> 99%
(42.1%)
--------735,830 1,505,646
84.7%
> 99%

Period End Date
Assets (VND Millions)
Cash and Short Term Investments
1Y Growth
Cash
1Y Growth
Cash & Equivalents
1Y Growth
Short Term Investments
1Y Growth
Accounts Receivable - Trade, Net
1Y Growth
Accounts Receivable - Trade,
Gross
1Y Growth
Provision for Doubtful Accounts
1Y Growth
Total Receivables, Net
1Y Growth
Receivables - Other
1Y Growth
Total Inventory
1Y Growth
Inventories - Other
1Y Growth
Prepaid Expenses
1Y Growth
Other Current Assets, Total
1Y Growth
Other Current Assets
1Y Growth
Total Current Assets
1Y Growth

2016
31-Dec2016


Property/Plant/Equipment, Total Gross
1Y Growth
Other Property/Plant/Equipment
- Gross
1Y Growth
Property/Plant/Equipment, Total Net
1Y Growth
Accumulated Depreciation, Total
1Y Growth
Goodwill, Net
1Y Growth
Intangibles, Net
1Y Growth
Intangibles - Gross
1Y Growth
Accumulated Intangible
Amortization
1Y Growth
Long Term Investments
1Y Growth
LT Investments - Other
1Y Growth
Note Receivable - Long Term
1Y Growth
Other Long Term Assets, Total
1Y Growth
Deferred Charges
1Y Growth
Defered Income Tax - Long
Term Asset
1Y Growth
Total Assets
1Y Growth
Liabilities (VND Millions)
Accounts Payable
1Y Growth
Payable/Accrued
1Y Growth

8,043
--

13,309
65.5%

14,519
9.1%

11,929
(17.8%)

12,152
1.9%

22,476
85.0%

45,182
> 99%

8,043
--

13,309
65.5%

14,519
9.1%

11,929
(17.8%)

12,152
1.9%

22,476
85.0%

45,182
> 99%

5,248
-(2,796)
---2,828
-2,881
--

8,971
71.0%
(4,338)
(55.2%)
--2,851
0.8%
2,937
1.9%

8,080
(9.9%)
(6,439)
(48.4%)
--2,816
(1.2%)
2,937
0.0%

6,159
(23.8%)
(5,770)
10.4%
--2,790
(0.9%)
2,868
(2.3%)

5,073
(17.6%)
(7,079)
(22.7%)
--2,776
(0.5%)
2,868
0.0%

14,176
> 99%
(8,300)
(17.2%)
--74
(97.3%)
180
(93.7%)

31,838
> 99%
(13,344)
(60.8%)
--190
> 99%
342
90.1%

(53)
-16,242
-16,242
---13,479
-13,479
--

(86)
(63.2%)
15,565
(4.2%)
15,565
(4.2%)
--25,370
88.2%
25,370
88.2%

(120)
(40.2%)
164,202
> 99%
164,202
> 99%
--12,918
(49.1%)
9,121
(64.0%)

(78)
34.9%
305,807
86.2%
305,807
86.2%
--11,480
(11.1%)
7,733
(15.2%)

(92)
(18.0%)
282,636
(7.6%)
282,636
(7.6%)
--13,652
18.9%
13,607
76.0%

(106)
(15.1%)
214,765
(24.0%)
214,765
(24.0%)
836
-65,857
> 99%
65,825
> 99%

(153)
(43.4%)
212,069
(1.3%)
212,069
(1.3%)
3,081
> 99%
62,589
(5.0%)
62,557
(5.0%)

--668,832
--

0
-858,913
28.4%

3,797
> 99%
737,437
(14.1%)

3,746
(1.3%)
706,701
(4.2%)

45
31
32
(98.8%)
(29.6%)
2.0%
702,557 1,031,537 1,815,413
(0.6%)
46.8%
76.0%

69,577
----

253,172
> 99%
---

233,168
(7.9%)
---

227,454
(2.5%)
---

225,468
(0.9%)
---

333,432
47.9%
---

710,613
> 99%
---


Accrued Expenses
1Y Growth
Notes Payable/Short Term Debt
1Y Growth
Current Port. of LT Debt/Capital
Leases
1Y Growth
Other Current liabilities, Total
1Y Growth
Customer Advances
1Y Growth
Income Taxes Payable
1Y Growth
Other Current Liabilities
1Y Growth
Total Current Liabilities
1Y Growth

5,857
-0
--

41,872
> 99%
0
0.0%

131,417
> 99%
0
0.0%

140,092
6.6%
0
0.0%

67,130
(52.1%)
0
0.0%

225,925
> 99%
0
0.0%

296,587
-59,787
-14,341
-31,086
-14,361
-431,808
--

0
< (99%)
352,342
> 99%
323,543
> 99%
11,925
(61.6%)
16,875
17.5%
647,386
49.9%

36,000
> 99%
99,665
(71.7%)
35,077
(89.2%)
33,074
> 99%
31,513
86.7%
500,249
(22.7%)

23,998
(33.3%)
68,247
(31.5%)
18,138
(48.3%)
17,180
(48.1%)
32,929
4.5%
459,791
(8.1%)

45,103
87.9%
28,166
(58.7%)
2,173
(88.0%)
880
(94.9%)
25,113
(23.7%)
365,867
(20.4%)

0
0
< (99%)
0.0%
76,023
117,649
> 99%
54.8%
23,537
20,976
> 99%
(10.9%)
29,040
31,449
> 99%
8.3%
23,446
65,224
(6.6%)
> 99%
635,380 1,261,486
73.7%
98.5%

Total Long Term Debt
1Y Growth
Long Term Debt
1Y Growth
Total Debt
1Y Growth
Deferred Income Tax
1Y Growth
Minority Interest
1Y Growth
Other Liabilities, Total
1Y Growth
Reserves
1Y Growth
Other Long Term Liabilities
1Y Growth
Total Liabilities
1Y Growth

0
---296,587
-----55,365
-3,872
-51,493
-487,173
--

0
0.0%
--0
< (99%)
----1,579
(97.1%)
--1,579
(96.9%)
648,965
33.2%

0
0.0%
--36,000
> 99%
----190
(88.0%)
190
---500,439
(22.9%)

0
0.0%
--23,998
(33.3%)
----195
2.9%
195
2.9%
--459,986
(8.1%)

25,000
> 99%
25,000
-70,103
> 99%
----40,542
> 99%
38,298
> 99%
2,244
-431,410
(6.2%)

0
0
< (99%)
0.0%
0
-< (99%)
-0
0
< (99%)
0.0%
--------48,490
50,992
19.6%
5.2%
44,738
45,929
16.8%
2.7%
3,752
5,063
67.2%
34.9%
683,870 1,312,478
58.5%
91.9%

Shareholders Equity (VND
Millions)
Redeemable Preferred Stock,
Total

--

--

--

--

--

--

433,224
91.8%
0
0.0%

--


1Y Growth
Preferred Stock - Non
Redeemable, Net
1Y Growth
Common Stock, Total
1Y Growth
Common Stock
1Y Growth
Additional Paid-In Capital
1Y Growth
Retained Earnings (Accumulated
Deficit)
1Y Growth
Treasury Stock - Common
1Y Growth
ESOP Debt Guarantee
1Y Growth
Unrealized Gain (Loss)
1Y Growth
Other Equity, Total
1Y Growth
Other Equity
1Y Growth
Total Equity
1Y Growth
Total Liabilities & Shareholders'
Equity
1Y Growth

--

--

--

--

--

--

--

--100,000
-100,000
-42,000
--

--100,000
0.0%
100,000
0.0%
42,000
0.0%

--100,000
0.0%
100,000
0.0%
42,000
0.0%

--100,000
0.0%
100,000
0.0%
42,000
0.0%

--100,000
0.0%
100,000
0.0%
42,000
0.0%

--100,000
0.0%
100,000
0.0%
42,000
0.0%

--105,000
5.0%
105,000
5.0%
41,970
(0.1%)

31,581
-------8,078
-8,078
-181,659
--

39,880
26.3%
------28,068
> 99%
28,068
> 99%
209,947
15.6%

52,455
31.5%
------42,543
51.6%
42,543
51.6%
236,999
12.9%

49,951
(4.8%)
------54,764
28.7%
54,764
28.7%
246,715
4.1%

63,112
26.3%
------66,036
20.6%
66,036
20.6%
271,148
9.9%

123,294
95.4%
------82,373
24.7%
82,373
24.7%
347,667
28.2%

241,351
95.8%
------114,614
39.1%
114,614
39.1%
502,935
44.7%

668,832
--

858,913
28.4%

737,437
(14.1%)

706,701
(4.2%)

702,557 1,031,537 1,815,413
(0.6%)
46.8%
76.0%

INVESTMENT HIGHLIGHTS AND GROWTH DRIVERS
It is anticipated that Ricons will be listed in stock exchange next year and will attract a lot of
investors' attention for its steady and sustainable growth drivers as Ricons continue to achieve
great success. Over the past three years, Coteccons, Ricons's parent company, has grown more
than 340% in price, so if Ricons is operated by the same board of directors with such experiences
and reputations, the company is expected to grow strongly in the future. According to forecasts
of economic experts, the real estate market is in a period of recovery, growth and is greatly
supported by the economy of Vietnam. So Ricons will benefit greatly from the real estate market
in the future.


VALUATION
In 2016, Ricons revenue increased by 70% to VND 4,790 billion, profit increased by 138% to VND
192 billion YoY. The target of 2017 revenue and profit is expected to grow by more than 60%
based on the company's projects signed and forecasted to grow over 40% in 2018 and 2019
Financial Forecast
RICONS
NPAT
GROWTH
P/E
MARKET
CAP
SHARES
PRICE

2017
320
60%
16
5120

2018
480
50%
14
6720

2019
696
45%
12
8352

2020
974.4
40%
10
9744

30.5
168

30.5
220

30.5
274

30.5
319

With its true value proposition - Quality, Commitment, Sincerity, Security, Integrity, Ricons is
expected to continue to grow and become a leading construction company with largest
capitalization in the industry.



Tài liệu bạn tìm kiếm đã sẵn sàng tải về

Tải bản đầy đủ ngay

×

×