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Debt is more than 4 times greater than equity, How is Casper Vietnam doing business?

Casper Vietnam's liability/equity ratio at the end of the second quarter of 2023 is 4.09 times, equivalent to liabilities of 2,308 billion VND, down more than 24.4% over the same period.


Casper Vietnam's liability/equity ratio at the end of the second quarter of 2023 is 4.09 times, equivalent to liabilities of 2,308 billion VND
Casper Vietnam's liability/equity ratio at the end of the second quarter of 2023 is 4.09 times, equivalent to liabilities of 2,308 billion VND

According to the business situation report for the first 6 months of the year just released, Casper Vietnam Group Joint Stock Company reported a profit after tax of nearly 35 billion VND, significantly improved compared to a loss of more than 25 billion in the same period last year. However, according to a separate report from the parent company, in the first half of 2023, Casper Vietnam still had an after-tax loss of 13 billion VND, while in the same period of 2022, it lost 816 million VND.


As of June 30, 2023, Casper's consolidated equity is more than 564 billion VND, down more than 42% over the same period, The reason is that in 2022 Casper Vietnam has a negative consolidated after-tax loss of nearly 467 billion dong. The ratio of liabilities/equity at the end of the second quarter of 2023 is 4.09 times, equivalent to Casper's liabilities currently at VND 2,308 billion, down more than 24.4% over the same period, of which, outstanding bond debt is 300 billion VND. Casper Vietnam's total assets at the end of the second quarter of 2023 reached VND 2,872 billion.


Previously, in 2022, Casper Vietnam recorded a revenue increase of 19% over the same period to VND 5,600 billion. However, the business unexpectedly reported a negative consolidated after-tax loss of nearly 467 billion VND, while in 2021 it had a profit of 60.6 billion VND. In a separate report, the parent company's profit also decreased sharply from more than 560 billion VND to negative more than 250 billion VND in 2022.


According to Casper Vietnam, the loss comes from total sales support costs increasing by 58% to VND 1,095 billion. This cost supports prices, dealer discounts, and distribution channels, thereby helping to reduce selling prices to consumers. Profits dropped sharply, causing the company's equity to decrease by nearly half, from nearly 1,008 billion VND to 531.5 billion VND. Total liabilities increased to nearly 3,000 billion VND, including 300 billion VND outstanding bond debt.


Information on the Hanoi Stock Exchange (HNX) shows that Casper Vietnam currently has a batch of bonds in circulation, code CPGCH2225001. This batch of bonds has a total value of 300 billion VND, issued on June 16, 2022, with a term of 36 months, The issuance interest rate is 11%/year, and the interest payment period is every 6 months.


It is known that Casper is an electronics brand from Thailand, established in 2016 and present in Vietnam in the first year of its establishment. Currently, Casper Vietnam's direct and indirect distribution and service system is covering more than 10,000 points in provinces and cities nationwide.


Casper's key products distributed in the Vietnamese market are manufactured and assembled at factories in two Thai cities and imported complete units. Since 2020, besides the main line of air conditioners, Casper has developed into an electronics company selling refrigerators, and televisions...


To date, according to data from an international market research unit, Casper Vietnam ranks number one in the air conditioner market share in Vietnam in June 2023 with a 23% market share, an increase of 1.4% compared to the previous month, 3% difference compared to the 2nd position. Casper's best-selling product is in the affordable segment.


Ranked 2nd and 3rd in the ranking are Japanese brands with 20.4% and 15.1% respectively.


In June 2023, Casper Vietnam's markets all grew strongly, including Hanoi (5.5%), Da Nang (7.9%), and Ho Chi Minh City (3.7%). Previously, in May, Casper also held the top position with a 21.6% market share, marking a move to surpass other brands in the market.


(Kiến Thức)


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