After the vibrant listing session on the HoSE, the shares of Viettel Post – Joint Stock Corporation Viettel Post (VTP code) continued to impress in the trading session on March 13th with several records set.
Firstly, there was an unprecedentedly active trading session with a trading volume of over 2.4 million units in the morning session, corresponding to a trading value of over VND 200 billion. This is the highest liquidity level of VTP since its listing on the stock exchange.
Funds quickly flowed in, pushing VTP to a limit increase to a new peak at VND 83,800 per share, a nearly 50% increase since the beginning of the year. It is worth noting that even at the highest (adjusted) price level in history, this stock is still in high demand, with limit buy orders of over 200,000 units by the end of the morning session.
The continuously rising stock price pushed the market capitalization of Viettel Post to a record over VND 10,200 billion, 3.5 times higher than a year ago. This is also the first time that the value of the “giant” in the courier and delivery service industry has exceeded the trillion threshold.
Viettel Post has a charter capital of nearly VND 1,218 billion and is a member of the Military Industry – Telecommunications Group (Viettel). The logistics ecosystem of Viettel Post is based on modern infrastructure, high technology, and provides full services such as delivery, supply chain (warehousing, transportation, forwarding…), cross-border e-commerce…
Viettel Post had its shares listed on the UPCoM exchange on November 23rd, 2018 with the stock code VTP. The opening price of the first trading session of VTP was VND 68,000 per share, corresponding to a valuation of nearly VND 3,000 billion. Therefore, after over 5 years of listing, the market capitalization of Viettel Post has increased by 240% compared to the initial period.
In terms of business performance in 2023, Viettel Post recorded revenue of VND 19,732 billion, down 9% compared to 2022. However, with a greater decrease in cost, the gross profit increased sharply by 35% to nearly VND 876 billion. After deducting expenses, Viettel Post had a net profit of over VND 380 billion, a 49% increase compared to 2022.
In 2024, Viettel Post aims for revenue of VND 13,847 billion, a 29% decrease compared to the actual performance of 2023, but the estimated after-tax profit will slightly increase to VND 384 billion. In the next 5 years, the company aims to achieve a 10-fold increase in revenue compared to 2023, equivalent to a growth rate of 60-65% per year for both core activities and new areas.
Aiming for the number 1 market share in delivery services
According to a recent analysis report, ABS Securities evaluated the business prospects of Viettel Post in 2024 as optimistic due to its focus on businesses with better profit margins, such as delivery and logistics. Viettel Post has the advantage of being the 3rd largest postal service provider in Vietnam, holding an 18.6% market share, ranking 3rd after VNPost and GHTK, and having the 2nd largest network after VNPost.
Viettel Post is also the first logistics company in Vietnam to use Robot AGV technology for automated sorting at operating centers; owning a modern technology-backed logistics system at 3 regional distribution centers, 4 Fulfillment distribution centers, and 98 provincial distribution centers nationwide, with a total warehouse area of nearly 740,000m2. Currently, Viettel Post is actively cooperating with e-commerce platforms, aiming to occupy a 20% market share in the delivery service industry in 2024 and gradually move towards the number 1 position in the market.
In addition, the company is intensifying investments in infrastructure and logistics networks in Vietnam and ASEAN countries (Laos, Cambodia, and Myanmar). In the 2024-2025 period, the company is expected to invest about VND 3,000 billion to expand warehouse infrastructure and invest in sorting systems. In the future, Viettel Post plans to open additional courier companies in Laos and representative offices in Thailand, China, etc. Although 95% of the revenue comes from the domestic market, ABS Securities believes that international markets are new and large sources of growth in the 2025-2030 period;
Furthermore, the deployment of new technologies in operations, particularly the logistics park system, will help optimize costs. Viettel Post will employ university-educated engineers to operate the system, helping to reduce 60-70% of labor with the fastest goods turnover time, increasing business efficiency; Despite the fierce price competition in the market, VTP is expected to maintain the current level of shipping costs to ensure service quality.
