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1 Sept 9 th 2011 Kinh Do Joint Stock Company (HOSE: KDC) Sector: Food and Confectionery Industry Establishment: Feb 27 th, 1993 Website: Listed date: Dec 12 th, 2005 Company Updated Report Key information updated Outstanding performances in main business lines with diversified category of products and customers. KDC is now concentrating on 4 fields including Food, Retail, Properties and Financial Investment. Currently 90% of its revenue comes from food production activity, real estate activity has just started to bring considerable revenue and profit since Strong brand name supported by effective marketing activities in accordance with a wide distribution network. With more than 17 years of exsistence in the domestic market, Kinh Do Brand name has been familiar to the consumers from urbans to suburbans, being reaffirmed by many prestigious awards, constantly elected to the High quality Vietnam products and recently ranked 4 th in the list of most famous brandname in Vietnam. Currently KDC is considered the biggest company in the industry which has the strongest distribution network with more than 246 distributors, 93,000 retail shops and 34 bakeries commiting to selling its Moon Cake. Large-scale operation and market domination help creating good condition for profit stablilization strategy. The domination in many product markets created good advantages for KDC to adjust selling prices in orderto stablilize profit in the disadvantage condition of materials price fluctuations. The large-scaled operation in connection with a close expense controlling systems also helped the company to control its operating costs, enhancing projection ability. The large-scaled material consumptions also created KDC good advantages to bargain price as well as inputing more profitable conditions in the contracts with suppliers which other competitors don t, this is one of the reasons why KDC has higher gross profit margin than other competitors in the industry such as BBC, HHC M&A transactions are keys to wider business in both width and depth. KDC s business strategy for the upcoming years is to strengthen main business activities by widening in both width and depth via M&A transactions. The recent M&A with NKD and KIDO brought KDC not only huge capital surplus but also reaffirmed KDC s strategy focusing on main businesses as both NKD and KIDO are good companies with considerable positions and brand names in the industry. Highly seasonal revenue and profit mostly fall to the second half of the year. End of second quarter 2011, KDC earned VND1,512bn net revenue but only VND56bn net profit before tax. This result would be low compared to the year target (only 36% revenue target and 11% profit target fulfilled) but progressed compared to the same period of last year. Within the last six months of 2011, KDC targets to earn more VND2,758bn revenue and VND390bn profit before tax. So it is likely that year plan for revenue can be completed, but only 81% profit target will be done. One of the most safe and sound company in the industry with healthy financial structure. Owners equity always accounted for 73% total resources averagely. Current ratio as at 30 June 2011 was 1.86, slightly lower than 3 years average of 2.43 but still high compared to industry average. Stock statistics as at Sep 9th, 2011 Market cap (VNDb) 4,558 Current price (VND) 38, day av trading volume 932, weeks high 56,000 Outstanding share (mn) weeks low 30,400 Chartered capital (VNDb) 1,195 TTM P/E (x) 4.27 Adjusted EPS (VND) 8,952 P/B(x) 1.02 Dividend yield (%) 6.28% Foreign ownership (%) Technical Price Chart (Source: List of Famous Brand Name Rate of # Brand name Country Industry Wellknown 1 HONDA Japan Means of transporation OMO Netherlands Chemicals 67 3 NOKIA Finland Telecomunication 66 4 KINH DO Vietnam Food 60 5 SONY Japan Electricity Equipments 58 6 METRO Germany General Commerce 58 Financial Business Plan 2011 VND'bn 2010 * 2011 % Revenue from food production and trading 3,317 4,200 27% Profit from food production and trading % Profit from investment activities % Cash dividend (% on facevalue) 24% 24% 0% Distribution Networks % 2011 /2010 Number of distributors % Number of supplies chains 814 1,003 1,383 38% Number of sales units 69,977 76, ,000 57% Number of employees 1,216 1,371 1,802 31% Tran Hang Nga NgaTH@fpts.com.vn Investment Analysis Department, FPT Securities JSC
2 Main Business Activities 1. Food production, processing & trading 2. Retail 3. Properties 4. Financial Investments Food products Ice-cream & other products from milk Moon Cake Crackers Cookies Wafers Cakes Buns Snacks Chocolate & Sweets Company s Highlights With the mission to become leader in the Food Industry of Vietnam and the region, over the last few years, KDC has been building firm base targeting to a high, sustainable and different development direction. Outstanding performances in main business lines with diversified category of products and customers KDC is now concentrating on 4 fields including Food, Retail, Properties and Financial Investment. Currently 90% of its revenue comes from food production activity, real estate activity has just started to bring considerable revenue and profit since Food production, processing & trading. KDC is now having a huge category of over 500 products types covering all lines of confectionary industry including crackers, cookies, moon cake, wafer, bun, snak, chocolate & sweet, ice-cream. Its products target to all groups of customers from children to young people, elders as well as workers, pupils, officers, homemakers As Regarding sales volume, KDC is now dominating domestic market with 4 main products including moon cake, cookies, cracker and cake with marketshare relatively of 75%, 25%, 34% and 29%. Considering revenue structure by products, 4 main products greatly contribute are Cookies (28%), Cakes (21%), Crackers (21%) and Buns (19%). Main consumption of KDC s products comes from domestic market, another 10% from export markets concentrates in America, Japan, Cambodia and Taiwan. After the M&A transaction with NKD and KIDO, KDC has become leader in the Vietnam Sweets & Savoury Snack market with marketshare of 28%. This activity has been contributing averagely 90% revenue to the company in the past and will still remain main activity of the company in the future, according to KDC s strategic plan for Retail. The company will participate in some retail fields including construction and management, operation of supermarket and hypermarket chains, other convenient stores, shop chains for specialized food products and fastfoods, complex and department stores, professional and modern distribution centers and logistics while maintaining developing traditional distribution channel. By purchasing franchise of big name in the world, KDC will be able to widen the network. Real estates. KDC mainly concentrates in high office building for lease. This activity started to bring considerable revenue to KDC in the first quarter 2010 initially by recording profit from transfer of shares in Sai Gon Kim Cuong JSC (investor of Le Loi Office Building project). Currently, KDC is investing in Thu Duc department project and Cong Hoa Complex Plaza project. These two projects are both expected to be finished and generate revenue since the 4 th quarter Contributions of KDC in these projects are 70% and 30% or VND 252bn and VND 90bn respectively. Financial Investments. KDC concentrates on two main activities including investments in food production and processing companies and capital contribution in potential real estate projects. Besides, KDC also invests in the stock market with huge portfolio consisting of both listed and OTC stock with total estimated value of VND 471bn (as at June 30 th, 2011). Almost all stock investments are long-term and provisions for such investments are not provided. Strong and wide distribution network Currently KDC s products are distributed over a wide range of distribution network consisting of 246 distributors, 93,000 retail shops and 34 bakeries commiting to selling its Moon Cake. The Corporation s competitors, except for Bibica, can only sell products in Hochiminh City, Hanoi and some minor other cities. In addition to that, KDC has a very competitive commission policy with the highest rate up to 30%. With more than 1,300 employees to the end of 2010, KDC is considered one of the companies that has strongest distribution network in Vietnam. Large-scale operation and market domination help creating good condition for profit stablilization strategy With total revenue of KDC in 2010 of VND1,934bn (if consolidation was made at the beginning of 2010, this amount could be VND3,31bn including both revenue of NKD and KIDO), KDC is considered the biggest confectionary company in the country at the moment. Compare to other domestic confectionary companies, KDC now taking 28% marketshare, meanwhile other competitiors only count for less than 50% of KDC (Orion Vietnam 11.6%, BBC: 7.4%, HHC: 5.4%, Huu Nghi: 9.1%). KDC is also dominating mooncake market (nearly 80% marketshare) and other products such as crackers (AFC counts 50% marketshare), buns, cookies this is an advantavge for the company
3 creating good condition for it to adjust selling price in order to stablilize profit in the disadvantage condition of materials price fluctuations. The large-scaled operation in connection with a close expense controlling systems also helped the company to control its operating costs, enhancing projection ability. With its large-scaled material consumptions, KDC also has good advantage to bargain price as well as inputing more profitable conditions in the contracts with suppliers which other competitors don t. This is one of the reasons why KDC has higher gross profit margin than other competitors in the industry such as BBC, HHC Strong brandname supported by effective marketing activities With more than 17 years of exsistence in the domestic market, Kinh Do Brand name has been familiar to the consumers from urbans to suburbans. Kinh Do Brand name has also been reaffirmed through many prestigious awards: ranked 4 th in the list of most famous brandname in Vietnam, and constantly elected to the High quality Vietnam products for many years. Rank Brand name Country Industry 1 HONDA Japan Rate of Well-known Means of transporation OMO Netherlands Chemicals 67 3 NOKIA Finland Telecomunication 66 4 KINH DO Vietnam Food 60 Electricity 5 SONY Japan Equipments 58 6 METRO Germany General Commerce 58 Table: List of famous brand name in Vietnam M&A transactions are keys to wider business in both width and depth The Company s business strategy for the upcoming years is to strengthen main business activities by widening in both width and depth via M&A transactions. Continue to the success of 2010, 2011 is the transiton year of KDC from Kinh Do Company to Kinh Do Corporation, is the time for KDC to improve the Corporation Model, taking the resonant advantage between member companies, hastening merging and equisition processes. Besides, KDC continue investing to build strong brandname, widening market and covering areas via products lists in many forms including joint ventures, associates, business co-operations concurrently creating more competitive advantages and barriers by concentrating on product quality improvement, building and developing systems control ability, strengthening technological capacity and improving effectiveness of personnel resources.
4 Financial Reports and Comparison Profit & loss Q2/ Net sales 877,253 1,933,634 1,529,355 1,455,768 Gross profit 311, , , ,789 Financial income 23, ,953 63, ,538 Financial expense 56, ,453 (8,807) 313,379 Net operating profit 35, , ,789 (80,112) Profit before tax 36, , ,309 (61,689) Taxation 6, ,883 60,919 - Profit after tax 19, , ,943 (60,602) PAT of mother company s shareholders 18, , ,524 (85,316) Balance sheet 30/6/ /12/ /12/ /12/2008 Cash & cash equiv. 156, , , ,808 Short-term invmts 713, , , ,291 Current receivables 748,279 1,018,35 825, ,407 Inventories 468, , , ,656 Other current 48,498 42,877 19,621 12,271 assets Long-term invmts ,553 31,059 Fixed asset 1,057,94 937, , ,092 2 Goodwill 689, ,128 32,036 38,428 Invmts properties 27,878 29, Long-term invmts 1,138,32 1,209,97 994, , Other long-term assets 98, ,720 32,318 17,012 TOTAL ASSETS 5,149,281 5,039,864 4,247,601 2,983,410 Short-term liabilities 1,147,83 1,033,99 1,637,57 663, Long-term liabilities 211, , , ,041 Owners equity 3,754,87 3,738,21 2,413,13 2,075, Minority Interest 34, ,198 62,140 71,561 TOTAL RESOURCES 5,149,281 5,039,864 4,247,601 2,983,410 Notes: Figures are consolidated FS of Kinh Do at the date Financial Reports were made. The unit of BS and PL items are quoted with VNDmil; Comparable figures for PL items are on year-on-year and quarteron-quarter basis; Ratios Q2/ Net Revenue Growth (%) 214% 26% 5% 18% Net PAT Growth (%) 156% 11% 963% -127% Net PAT of mother company s shareholders (%) 148% 9% 663% -138% Owner s Equity Growth (%) 0.28% 0.4% 16.2% -15.2% Total Asset Growth (%) 2.23% 18.7% 42.4% -2.7% Gross profit margin (%) 37.25% 35.45% 33.05% 25.40% Net profit margin (%) 11.42% 29.92% 34.19% -4.16% Net Profit Margin of mother company s shareholders (%) 9.47% 27.03% 31.42% -5.86% ROA (%) 5.64% 11.25% 13.29% -2.82% ROE (%) 7.62% 16.99% 21.41% -3.77% Basic EPS (VND) 2,714 NA NA NA Current Ratio (x) Total Interest bearing Liab/Equities (x) Total Liab/Equities (x) M&A and Financial Statement Consolidation 2010 As approved in the Shareholders Resolution, KDC would be merge with NKD and KIDO by issuing more shares at the rate of 1.1:1 (1.1 current shares of NKD and KIDO would be exchanged by 1 new share of KDC). Accordingly, 18,241,295 shares were issued to current shareholders of NKD and KIDO for the M&A transactions at the price of VND50,000 per share. As at Dec 30th 2010, these transactions have been completed. NKD & KIDO became subsidiaries of KDC since then. Hereunder are some stastistics for the M&A transactions as at Dec 30th 2010 (please be noted that the valuations were estimations and will be restated after official valuation done by authorized body): M&A (VND'000) NKD KIDO Net asset Dec 30th, ,008, ,285,215 % Merged 100% 71.67% Net asset value for M&A 333,008, ,129,914 Goodwill from M&A 361,166,970 36,879,958 Total M&A costs 694,175, ,009,872 Total share issued 13,746,050 4,495,245 M&A Roadmap May 8 th 2010: M&A plan was approved by Shareholder Meeting Resolution Dec 2 nd 2010: Additional issuance of 18,241,295 shares approved by SSC Dec 30 th 2010: Distribution of new shares completed Price (VND) 50,500 50,500 As the M&A transactions were completed at the financial year end 2010, which means no additional revenue contributed by NKD and KIDO for 2010 except for VND 35bn profit shared from KIDO recorded as profit from associates. If the transactions were at the beginning of the year, NKD could contribute VND 1,023bn revenue and VND 86,9bn profit before tax to the Corporation, these figures from KIDO could be approximately VND 476bn revenue and VND 64bn profit before tax.
5 Historical Performance Analysis High and stable revenue from main business acitivities Growth Regarding annual income structure of KDC, revenue from main business activities was always highest with average ratio of 90% over total income, those for financial income and other income was 7.2% and 1.6%. The abnormal fluctuation witnessed in 2009 and 2010 when the rate for main revenue decreased to about 70-75%, other income for 2009 raised to 19.13% and financial income for 2010 accounted for 25% total income resources. Significant increase in other income for 2009 was gain from revaluation of land use rights to invest in associates with the additional value of VND319bn. Relatively, significant increase in financial income for 2010 (first quarter 2010) was interests earned of about VND550bn from transfer of investments in Sai Gon - Kim Cuong JSC, which is also the main reason for higher of financial expense in the same year. In the business strategy for 2011 and the upcoming years, KDC has reaffirmed food production and trading will be the main focus of KDC in the future and will continue to be the main income generator for the company. The recent merging with NKD and KIDO has been an important step of KDC to fulfill its target to become market leader in the food industry. As the M&A was at the end of 2010, revenue and profit of NKD and KIDO were not counted for in the Group s report. Both revenue and Profit before tax were moving upward, except for the loss in 2008 due to provision for investments diminution of nearly VND245bn. Standing alone in a regular working condition, excluding such abnormal items, average growth rate of profit before tax remained positive. Main business activities are highly seasonal End of second quarter 2011, KDC earned VND1,512bn net revenue but only VND56bn net profit before tax. This result would be low compared to the year target, but progressed compared to the same period of last year. Except for the fact that these are low seasons for KDC s products, the modest results were also due to the fact that KDC is in the first year of merging with NKD and KIDO, revenue raised significantly but profit would not raise relatively at the same rate as performances of these companies are not as good as KDC. Other income and expense increased as the result, however no abnormal items incurred. Seasonal aspects of KDC s main business activities could be seen clearly in the chart, revenue always concentrated in the second half of the year. In the third quarter, revenue is at its peak as this is mid autumn festival time, time for KDC s moon cakes. The last quarter of the year is time to prepare for Noel, traditional Lunar Tet so the volume sales are also high, especially in the high quality products segments. Regarding revenue and gross profit movement by quarters, the significant increase of revenue in the first half 2011 compared to same period 2010, especially revenue for 2 nd quarter 2011 was VND900bn, even higher than that of 3 rd quarter 2010 (highest revenue quarter of 2010) would be explained by the additional revenue of NKD and KIDO starting to be consolidated since To the end of second quarter 2011, total consolidated revenue of KDC was VND1,512bn, fulfilled 36% year target (VND4,200bn), profit before tax was VND56bn, fulfilled 11% year target (VND550bn). Within the last six months of 2011, KDC targets to earn more VND2,758bn revenue and VND390bn profit before tax. So it is likely that year plan for revenue can be completed, but only 81% profit target will be done. Revenue continued to grow rapidly over years, meanwhile Cost of goods sold to Revenue ratio tended to decrease making gradual higher gross profit margin (GPM). The increase of GPM over time indicated an improvement in the cost control systems, measurement indicators in the cost norms have gradually been standardized accurately. In addition, it could be noted that Moon cake and Tet products are those bring the most revenue to KDC however these also have a lower rate of COGS over Revenue compared to normal products, as the result contribute higher rate of gross proit margin. We can see this clearly in the chart besides, average GPM of all products are normally only 25% while average GPM of Moon cake and Tet products are normally high of about 38%. Up to Sept 05 th, 2011, volume sales of Kinh Do Moon Cakes have raised 5% over the original plan and reached more than 2,100 tons. The company s representative said this moon cake season, KDC used a less sweet recipe to create a light taste of sweetness in all kinds of its moon cakes, so the possibility to exceed sales target is likely.
6 Assets Quality Except for the loss from provision for financial investments that reduced accumulated profit in 2008, the overall trends of total assets and equity were to increase from 2007 to current. Equity and total assets moved in line with each others for most of the time, however in 2009 when owners equity only grew by 16%, total assets grew by 42%. The reason for such difference is because in 2009, KDC received a bank deposit for the transfer of its investment in Sai Gon Kim Cuong of VND700bn, this amount was also recorded as other payables in the resources. As at June 30th 2011, total assets was VND5,149bn, mainly contributed by VND1,862bn financial investments (36%), VND1,057bn fixed assets (21%), VND748bn short-term receivables (15%) and VND689bn goodwill (13%). Regarding financial investments, major investments valuing VND800bn came to associates, another VND675bn went to other investments (mostly loans to other parties) and about VND400bn went to securities, among which VND92bn short-term securities was provided for. Scanning through the portfolio, we could see the average cost for securities were pretty much higher than current market price. Items Volume (shares) Costs (VND) VND'mn - Short-term securities 92,446 SD9 (KDC) 77,710 45,799 3,559 REE (NKD) 55,440 58,096 3,221 STB (NKD) 83,958 36,910 3,099 SABECO (NKD) 50,000 70,000 3,500 EIB (NKD) 1,674,826 25,431 42,592 Vien Dong Insurance (VNC) 237,520 52,612 12,496 - Long-term Securities 378,465 Dong Tam JSC 3,705,000 65, ,677 EIB 1,646,345 25,976 42,765 Tribeco Binh Duong 255, ,912 43,838 Total Investments in Securities 470,911 Owners' equity 3,754,875 Financial investments/owners' equity 13% Other receivables were mostly advances for BOD s members and from related parties for payments on-behalf. The goodwill was generated from M&A transactions and stated to be depreciated on a straight-line basis during 10 years since the M&A date. Compare to companies in the same food industry such as VNM, BBC and HHC, it could be noted that KDC is more diversified in terms of business activities; in addition, excluding the financial investment activities, KDC performed well with ROA & ROE for the recent 2 years at average rates of 12% and 20% relatively. Those for the first half of 2011 were lower than the average due to abnormal additions to income of 2009 and 2010 noted above. Profit for the second half of 2011 is expected to be significantly higher, thus ROA & ROE for the whole year 2011 will be improved. Financial structure of KDC could be considered one of the most safe and sound in the industry with 73% total resources are owners equity, interest bearing liabilities only accounted for 13% total resources and 19% owners equity. Movements of Total resources were always in line with that of owners equity, except for 2009 when short-term liabilities recorded VND700bn as other payables for the deposit of investment transfer noted above. Current ratio as at 30 June 2011 was 1.86, slightly lower than 3 years average of 2.43 but still high compared to industry average. Positively good performances including adjusted EPS of VND8,952 and 6.28% dividend yield have been attractive figures for investors to consider raising ownership in KDC. Rate of foreign ownership have been remaining high over the time of around 35%.
7 BUSINESS PLAN FOR 2011 In 2011, KDC targets to continuously sustainable development, initiatively take s any chance in the economy s recovery period, creating firm bases for the future and reaffirm leadership in the food processing industry. Some highlights in the company s targets for the year 2011 are summarized belows. Development Strategies Building Kinh Do House is to create a Best Company capable to create unrepeatable diffrence : Good Company + Sustainable Development Launch of Annual Planning, Demand Planning, S&OP và Go to market SBU modeling; Deploy Business Intelligence of management software SAP; Sucessfully deployed KPI & HR to calculate the effectiveness of business activities. Creating firm base for Kinh Do to become a Good Company with sustainable development. 2. Year 2011: Better Company + Long-term Competitive competence Launch of Demand Planning and S&OP software; corporate governance system, improve internal control system; Deployment of important projects => High and different growth rate not only for 2011 but later. This is an important mark for Widen the network; restructure products; redesign and deploy new distribution systems; rationalize quality control; Creating KPIs to evaluate assets quality. Creating long-term competitive competence for Kinh Do to become a Better Company. 3. Long-term: Best company + Different High and medium level management board with clear understandings about market and consumers (insights) and experiences in the market (Execution). Market information systems assembled to realize strategies. Creating Best Company with ability to make different which is not easily repeatable. Overall Financial Plan for 2011 VND'bn 2010 * 2011 % change Revenue from food production and trading 3,317 4,200 27% Profit from food production and trading % Profit from investment activities % Cash dividend (% on facevalue) 24% 24% 0% Distribution Networks % 2011 /2010 Number of distributors % Number of supplies chains 814 1,003 1,383 38% Number of sales units 69,977 76, ,000 57% Number of employees 1,216 1,371 1,802 31%
8 Strategies for product lines Ice-cream & other products from milk Increase marketshare to meet market demand to the fullest Moon Cake Seasonal products but contribute highest revenue (15%) with more than 60 kinds; Current capacity: 1,485tons/month; Remain leader in the Moon Cake market Crackers Current capacity: 1,484tons/month; Market share: biggest cracker producers in Vietnam with 55% domestic market; Exported to many countries Creating distance with competitors, remaining leadership in marketshare. Cookies Traditional products of KDC Current capacity: 843tons/month Current marketshare: 45% country s cookies market Enhance product quality Wafers Wide varieties of products: 14 kinds Diversify products, meeting demands from diversified segments Cakes Investment and exploitment of high class segment
9 Buns Concentrate on high quality products and develop to the depth Snacks Investment to raise revenue Chocolates and Sweets Restructure of product categories CORPORATION STRUCTURE, SUBSIDIARIES AND ASSOCIATES The Company The Corporation has Kinh Do JSC (KDC), 4 subsidiaries, 1 associate and 1 co-managed joint venture. Kinh Do JSC Main operating activity is production of food & agricultural products: sweets, mineral water & fruit juices; trading of agricultural products, technological products and fabric. First listed in Hochiminh Stock Exchange: Nov 18 th 2005 Head office is located in 141 Nguyen Du, Ben Thanh Ward, District 1, Hochiminh City 80% owned subsidiary Kinh Do Binh Duong JSC ( KDBD ) Established in Oct 13 rd, 2004; Main operating activity is production of food & agricultural products: sweets, mineral water & fruit juices; trading of agricultural products, technological products and fabric; Head office and factory are located in Vietnam -Singapore Industrial Zone, Thuan An Commune, Binh Duong Province % owned subsidiary Vinabico JSC ( Vinabico ) Established in Nov 3 rd, 2003; Main operating activity is production of food & agricultural products: sweets, mineral water & fruit juices; Head office and factory are located in 436 No Trang Long, Ward 13, Binh Thanh District, Hochiminh City. 100% owned subsidiary KIDO JSC ( KIDO ) Established in April 14 th, 2003; Main operating activities are production and trading of food and drink varieties including ice-cream, milk and other products of milk. Head office and factory are located in East North Cu Chi Industrial Zone, Tan An Hoi Commune, Cu Chi Ward, Hochiminh City. 100% owned subsidiary North Kinh Do JSC ( NKD ) Established in Jan 28 th, 2000 Main operating activities are production and processing of food varieties including high quality assorted candies, trading food, dinks, liquor and tobacco in Vietnam, as well as renting out factory. Head office and factory are located in Ban Yen Nhan Distric, My Hao, Hung Yen Province.
10 A branch in 200 Thai Ha, Dong Da District, Ha Noi. 49% owned associate Tan An Phuoc Limited ( TAP ) Main operating activity is real estate. Head office is located in No.6/134 Highway 13, Hiep Binh Phuoc Ward, Thu Duc District, Hochiminh City. As at Dec 31 st, 2010, TAP is still in the pre-operating stage. 50% owned co-managed joint venture Lavenue Investment JSC ( Lavenue ) Established in Sep 10 th, 2010; Main operating activity is real estate; Head office is located at 7 th level, Sunwah building, 115 Nguyen Hue, Ben Nghe Ward, District 1, Hochiminh City. As at Dec 31 st, 2010, Lavenue is still in the pre-operating stage. IMPORTANT MILESTONES Starts ( ) 1993 Establishment of Kinh Do 1996 Relocation of the factory to Thu Duc District and widened the total factory scale to 60,000m2 Firm development ( ) 1999 Opened the first modern Kinh Do Bakery shop 2001 Established North Kinh Do and the factory in Hung Yen Province with total scale of 28,000m Started to join Moon Cake market Developed distribution network with 150 distributors and more than 30,000 sale units all over the country. Development growth annually raised from 20% to 30% Officially bougt back Wall s Icecream factory of Unilever Group in Vietnam, changed the brand name to Kido s 2004 Establishment of Kinh Do Binh Duong JSC Establishment of Kinh Do Sai Gon Food JSC 2005 Investment in Sai Gon Tribeco First Listed in the Vietnam Stock Market with stock code: KDC 2007 Became strategic investor of Eximbank Construction of Tribeco North Factory in Hung Yen Became strategic investor of Nutifood JSC Invested and joint in managing Vinabico 2008 Officially opened and put into operation the Kinh Do Binh Duong factory with closed morden production lines from European technology, standardized GMP, HACCP. With the model of a modern factory, the company s products are automatically produced, meeting the most strict requirements and standards of domestic and overseas markets. Changes for a Sustainable Development 2010 Officially moved the headoffice to 141 Nguyen Du, Ben Thanh Ward, District 1, Hochiminh City, marking a new start moving toward sustainable development future. Kinh Do Bakery Systems developed and reconfirmed the first rank with a chain of 30 kinds of shops branded Kinh Do Bakery and K-Do Bakery & Café. North Kinh Do (NKD) and Kido JSC were merged into Kinh Do JSC (KDC)
11 Disclaimer The information herein is believed by FPTS to be reliable and has been obtained from public sources believed to be reliable. However, FPTS makes no representation as to the accuracy or completeness of such information. Opinions, estimates and projections in this report constitute the current judgment of the author as of the date of this repor t. Investors must make their own investment decisions using their own independent advisors. FPTS may trade for its own account as a result of the short term trading suggestions of analysts and may also engage in secur ities transactions in a manner inconsistent with this research report and with respect to securities covered by this report, will sell to or buy from customers on a principal basis. Additional information relative to securities, other detail information is available at or upon official request. Copyright 2010, FPT Securities FPT Securities Joint Stock Company Head quarter Level 2, Spring Garden building 71 Nguyen Chi Thanh street, Ba Dinh district, Ha Noi Vietnam Tel: (84-4) / Fax: (84-4) FPT Securities Joint Stock Company Ho Chi Minh branch 31 Nguyen Cong Tru Nguyen Thai Binh ward, District I Ho Chi Minh city Vietnam Tel: (84-8) Fax: (84-8) FPT Securities Joint Stock Company Da Nang branch 124 Nguyen Thi Minh Khai Hai Chau District Da Nang Vietnam Tel: (84-511) Fax: (84-511)
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