PHU NHUAN JEWELRY JSC (PNJ HOSE) PNJ HOSE UPDATE REPORT. April 04 th, 2017

Transcription

1 PHU NHUAN JEWELRY JSC (PNJ HOSE) UPDATE REPORT April 04 th, 2017 Exchange PNJ HOSE INFORMATION ( ) HOSE Outstanding shares 98,273,868 Average volume of 10 days 95,395 Market price 74,100 Target price 91,890 Analyst Tran Thi Thu Trang (Ext: 641) PNJ is the leader in the jewelry industry thanks to the development of its store chain across 45 provinces. PNJ started as a gold bars trading company with contributing a large proportion to its revenue. However, due to low profit margins and being under control of the government, PNJ has decided to change its business strategy, focusing on promoting jewelry business with high profit margin. The number of PNJ's stores now reaches 220 stores, across all 45 provinces. This number of stores is higher than most of its rivals. Gold jewelry market is very fragmented with 80% market share of small businesses, only 20% market share for large enterprises and strong brands such as PNJ, Doji, SJC... In that 20% market share, PNJ's market share accounts for 26.5% (as of 2016), so PNJ's market share of the whole industry is about 5.3% which is the largest market share of a single brand in the whole industry. Divesting from non-core investments, focusing on core business. Although the core business has growing positively, the negative performance of financial investments in different businesses has affected significantly to PNJ s results. In this circumstance, PNJ is gradually implementing the process of restructuring, divestment from the financial investment and focusing on core business. Currently, PNJ has only one investment in Dong A Bank with book value of VND bn. In 2016, the company has made a full provision of VND 84.7 bn in this investment, so PNJ will not be negatively affected by this investment since this year. Vietnam jewelry market has a lot of potential from 1) gold consumption per capita of Vietnam is still low (6.5 USD per capita) compared with other countries in the region and the world, (2) the average population growth rate is about 1.2% with the young population structure, over 50% are female - a potential source of jewelry consumption, (4) Per capita income has increasing which has a positive impact on the demand for jewelry, (5) consumer tastes change, towards high-quality products with strong brands. Using a combination of valuation methods, we estimate the intrinsic value of a PNJ at 91,890 dong/share, compared to 74,100 dong/share on April 4. We recommend BUY with PNJ shares in the long term. VCBS Research VCBS Bloomberg Page:<VCBS><go> Billion F Revenue 8.914, , , , ,73 % yoy 32,7% 3,20% -16,23% 11,14% 13,36% Net profit 163,17 242,49 75,55 450,11 574,34 % yoy -33,5% 48,61% -68,85% 495,80% 27,60% GPM 7,51% 9,67% 15,16% 16,48% 18,11% ROE 12,82% 19,30% 5,55% 32,80% 38,97% EPS Source: PNJ, Compiled by VCBS VCBS Research Page 0

2 OPERATION CHARACTERISTICS Overview Core business PNJ was formerly Phu Nhuan Jewelry Store, which was established on April 28, In January, 2004, PNJ officially changed to a joint-stock company, named Phu Nhuan Jewelry JSC and PNJ was officially listed on HOSE in March PNJ operates in the jewelry business and gold bars trading. Before 2015, the company focused on gold bar trading, accounting for more than 50% of PNJ's revenue. However, since 2015, gold bars trading have not only been under the control of the State, but it also was affected by gold prices fluctuation. In this circumstance, PNJ has changed its direction to focus on jewelry business with higher gross margin. Therefore, gold bar trading sale since 2015 has accounted for less than 20% of total revenue of PNJ. PNJ's activities focus on the two key business lines: (1) Gold bars trading: In spite of being PNJ's traditional business activity, gold bar trading has a low GPM (less than 1%) and be affected by fluctuations in gold prices as well as strict management. Therefore, since 2015, the company has focused to jewelry business with higher profit margin. (2) Jewelry business: This is the core business of PNJ, contributing nearly 80% of total revenue and having the highest margin (nearly 20%). Currently, PNJ has 3 main jewelry lines, Gold Jewelry (PNJ Gold) - targeted at female customers aged with relatively high income and expenditure, Silver Jewelry (PNJ Silver) - young consumers aged and fashion enthusiasts, CAO Fine Jewelry and Jemma premium brands which target high-income customers and a small amount of gifts. In addition, PNJ also sells fashion accessories, highend consumer goods gold and verifying precious gemstone services. PNJ operates jewelry business through three main channels: retail, wholesale and export, in which retail remains the key channel and contributes a large proportion to the company's revenue. Competitive power - A leader in the jewelry industry Researching and designing products is one of the strengths of PNJ, affirming the brand and reputation of the company. PNJ has a strong team of design and operation. The design team has 85 staffs and 100 staffs in operation machines. Because of the specificity of jewelry industry, the skills of jewelers are one of the most important factors determining the quality of products and the reputation of enterprises. With a well-experienced jewelry team and a good welfare policy, these factors contribute to consolidating PNJ's leading position on the jewelry industry. Leader in the jewelry industry thanks to a wide retail store system. PNJ currently has three main competitors: Saigon Jewelry Limited Company (SJC), Doji Jewelry Group (Doji), and Bao Tin Minh Chau. In the northern market, Bao Tin Minh Chau is still the leading company due to its unique design style, along with the Northern culture that prefers to use local brands. However, the market share of PNJ still ranked third. In other markets except the North, PNJ has maintained its leading position although some Western markets still favor local brands like Ngoc Tham. As of 2017, the number of PNJ's stores has reached 220 stores, covering 45 cities and provinces, compared to Doji with 30 stores, SJC with 50 stores, and Bao Tin Minh Chau with 10 stores. Gold jewelry market is fragmented with 80% market share of small businesses, only 20% market share for large enterprises and strong brands such as PNJ, Doji, SJC... In that 20% market share, PNJ's market share accounts for 26.5% (as of 2016), so PNJ's market share of the whole market is about 5.3%. VCBS Research Page 1

3 The number of stores and retail market share of PNJ % 25% 26.5% 30% 25% % 12% 14% 20% 15% 10% 50 5% % No. of stores Retail market share Source: PNJ, VCBS Developing jewelry segment with high profit margin is the reasonable strategy. The Vietnamese jewelry market is now highly segmented, with the majority of small businesses without brand name accounting for around 80% of the jewelry market share. The remaining 20% belonged to famous brands such as PNJ, SJC, Bao Tin Minh Chau... While other competitors such as SJC is a longtime company in this industry, it still focuses on gold bars trading with significantly low profit margin (around 1%). Conversely, PNJ has promoted the development of jewelry segment, especially gold jewelry with profit margin of over 25%. Therefore, even though revenue of SJC was much higher, PNJ's profit margin surpassed. PNJ in 2017 owns a jewelry factory with a production capacity of more than 4 million products per year and is considered one of the largest jewelry factory in Asia, which is sufficient to product within 10 following years (until 2022). Net revenue anf profit of PNJ and SJC in 2015 (VND bil) 200, , , ,000 50,000-7,706 PNJ SJC Net revenue Net profit 2016 PERFORMANCE Source: PNJ, SJC PNJ s revenue and profit in 2016 show a significantly good growth. In particular, PNJ's net revenue in 2016 reached VND 8,564.6 bn (+ 11.1% yoy) and net profit achieved VND bl (+496% yoy after adjusting for 2015). The main reason of this positive growth is that the investment in Dong A VCBS Research Page 2

4 bank was made a full provision of 100%, which had a negative impact to PNJ s performance in 2015 and the first half of In Q4.2016, PNJ recorded a final provision of VND 16.9 bn for this investment, so the results in the second half of 2016 improved significantly. Excluding this provision, PNJ's 2016 profit grew by 41.6% yoy. Revenue structure by product: Jewelry segment still accounted for the majority in PNJ's revenue structure. In the period of , revenue structure has changed significantly, as a business with more than 50% revenue from gold bars trading, since 2015, the jewelry segment has become main key driver and contributes more than 80.3% to total revenue. Jewelry revenue reached VND 6,750 bn. In which, gold jewelry sales accounted for the most portion in total revenue, from 8.6% in 2011 to 47.9% in 2016 which was VND 4,100 bn (+ 29.8% yoy). Revenue structure by distribution channel: PNJ now has three main sales channels: wholesale, retail, and export, in which, retail has been the key driver. In 2016, retail revenue reached VND 4,253 bn (+23.8% yoy), accounting for nearly 50% of total revenue. This figure has increased from 9.9% since 2011, showing PNJ s orientation of focusing and developing in retail channel. Meanwhile, revenue from wholesale channel fell by 16.1% yoy to VND 2,497 bn, contributing 36.3% to total jewelry sales and 29% of total revenue. Gold bars trading sales grew by 29.1% yoy to VND1,685 bl and marked up 16.8% of total revenue. Revenue structure by products (VND Bil) Revenue structure by distribution channels (VND Bil) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000-8,914 9,281 8,565 7,741 6, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ,253 3, , , ,024 1, Jelwery Gold bars Total Retail Wholesale Source: PNJ, VCBS In 2016, PNJ has continuously expanded its distribution network, opened 31 more stores, which made total number of stores reach 220 across 45 provinces and cities nationwide. This figure is much higher than most of its rivals, including Doji with 30 stores, SJC with 50 stores and Bao Tin Minh Chau with 10 stores. Thanks to the expansion of the store chain, PNJ's market share has maintained at good level since 2014 and reached 26.5% in Gross profit margin was 16.5%, slightly up from 15.2% in In which, retail sales fell from 30.2% to to 29.5% in This is due to the fact that in Q4.2016, PNJ increased sales promotion to sell out the old collections which led to lower GPM. By products, we found that the GPM of jewelry segment has remained high level and grown steadily over the years. Meanwhile, GPM of gold bars trading was considerably low, reaching only 0.83% in Because of its small proportion in total VCBS Research Page 3

5 revenue, the overall GPM was not significantly affected. The figure of wholesale segment increased slightly compared to 2015, reaching 4.2%. Since 2015, PNJ's GPM has improved considerably due to its strategy of focusing on jewelry segment with high GMP. 35% 30% 25% GPM by segment % 15% 10% 7.51% 9.67% 15.18% 16.48% 5% 0% Retail jelery Gold bars Wholesale jelery Overal GPM Source: PNJ, VCBS Divesting from financial investments and focusing on core business. Although the core business has growing positively, the negative performance of financial investments in different businesses had negative impact to PNJ s results. Under this circumstance, PNJ is gradually implementing the process of restructuring and divesting from these investments and focusing on core business. Currently, PNJ has only one investment in Dong A Bank with book value of VND bn. In 2016, the company has made a full provision of VND84.7 bn in this investment, so PNJ will not be negatively affected since this year. FINANCIAL HEALTH Financial health PNJ's asset structure has remained stable over the years, with short-term assets accounting for a large proportion (86.5% in 2016). The asset efficiency has decreased over the years, mainly due to an increase in the number of stores. In particular, the inventory turnover has fallen sharply since 2015 because of the change in product structure and store expansion. Inventory also accounts for the largest proportion in PNJ's assets structure, averaging more than 70% of total assets. At the end of 2016, the inventories rose by 32.9% ytd. The main reasons which cause inventory turnover to maintain low level are (1) the change of product structure focusing on jewelry segment instead of gold bars. Although gold bars segment has low GPM, it is quite easy to sell and consumers can also buy and sell continuously, so inventory turnover is high. When it comes to jewelry segment, the transaction level is much lower than gold bar. 2) PNJ has expanded the store chain. These stores are located far away from the factory, requiring the company to maintain a large inventory to meet the consumption. Consequently, PNJ's inventory turnover has become lower and tended to decrease gradually. Due to the gold price fluctuation, the average days of receivables and payables of the company are quite low, reaching 1.3 and 13.2 days respectively. The equity structure is almost balanced, with a debt/equity ratio of In which, short-term debt accounted for a large proportion and is financed primarily by inventory. By the end of 2016, PNJ's short-term debt was VND1,448.9 bn (+21.8% ytd) and long-term loans of VND59 bn (-18.5% ytd). We note that although the company's current ratio remains high (1.53 in 2016), its quick ratio is relatively VCBS Research Page 4

6 low (0.13) due to its high level of inventory as we mentioned above. However, the positive point is that the inventories are mainly gold, silver and gemstone products, so they are not subject to risk of deterioration but only risk of gold price fluctuation. PROSPECT The jewelry market has a lot of growth potential which are (1) Vietnam's jewelry consumption is still low, (2) large population (nearly 100 million people) with an average growth rate of 1.2%/year, (3) young population structure with nearly 70% of the working-age population (from 15 to 64 years), in which more than 50% are female, (4) income per capita is improved and (5) a dense retail network encourages people to consume. Gold jewelry market has lots of potential growth. While the world demand for jewelry has fallen sharply, demand for this product in Vietnam has increased over the years. According to the World Gold Council (WGC), in 2016 jewelry consumption in Vietnam reached 15.4 tons (-1% yoy). Despite of slight decline, demand for gold jewelry in Vietnam has risen significantly in the period of with annual compound growth of more than 10%. Vietnam gold jewelry consumption per capita in 2016 was USD 6.6 per person (+4.8% yoy), equivalent to 63% of Malaysia and 6.9% of Singapore, while Thailand's gold jewelry only accounted for 14.5%, but consumption per capita was USD 7 per person which is higher than Vietnam. In addition to this, the gold jewelry consumption in Vietnam accounted for more than 25% of total gold consumption, while this figure in other Asian countries is more than 50% (except Thailand is 14.5%). Meanwhile, consumption of gold bars fell by 10.2% yoy to 42.9 tons compared to 73.8 tons in Vietnam gold consumption (tons) % 30% 20% 10% 0% -10% -20% -30% -40% -50% Vietnam jewelry consumption compared to other countries 64.5% 59.9% 71.0% 69.9% % 26.4% 30% 14.5% 20% % 70% 60% 50% 10% 0% Gold jelwery Gold bars % yoy in gold jelwery % yoy in gold bars Gold jelwery consumption per capita (USD) Gold jelwery/total gold consumption Source: The World Gold Council (WGC), compiled by VCBS High growth rate of population and positive income per capita are the key drivers of jewelry market growth. According to The General Statistics Office, Vietnam's population is growing at an average annual rate of 1.2%, with more than 50% of those of female. Besides, the Vietnamese economy is on the pace of growth which supports per capita income, with an annual compound annual growth rate of 14.2%. The Ministry of Planning and Investment VCBS Research Page 5

7 targets an average annual economic growth rate of 6.5-7% per year. Consequently, by 2020, GDP per capita will be about USD 3,200-3,500. When life standard is improved, consumers will be interested in products with high quality, strong brands, such as jewelry. The industry receives attention from the government. Previously, gold jewelry business was not strictly controlled in terms of standard and product quality, which made small gold trading businesses without brand names have opportunites to sell low-quality products. Under this circumstance, in 2014, the Government issued the Circular 22/2013/TT-BKHCN regulating the quality of gold jewelry. This helped to control products quality and is advantagous for prestigious brand names in the market. Many small jewelry businesses had to temporarily stop their operations because of not complying with the regulations. In contrast, large enterprises such as PNJ, SJC and Doji had good opportunities due to high-quality products and famous brand names. OTHER INFORMATION In the first two months of 2017, PNJ recorded positive performance with an increase of 36% in total revenue, in which gold jewelry sales grew by 44% yoy and gold bars sales rose by 52% yoy due to having Prosperity day, when people buy gold with the hope of being prosperous for the rest of the year. This change in product structure with high proportion of gold bars revenue with lower GPM, made the overall GPM increase by 30%, slightly lower than those of revenue. Besides, PNJ opened 3 new stores, bringing the total number of outlets to 223. Private offering. In order to raise capital for the expansion of store chain, PNJ has approved the issuance of more than 9.8 million shares, increasing the total chartered capital to VND1,081 bn. This is used to finance working capital for 40 new stores, as well as buying new machinery and equipment for the jewelry factory. PNJ has sent an official letter to the Hochiminh Stock Exchange and is waiting approval, so we do not have information about this issuance. We will update more in the coming reports. INVESTMENT RISK Raw material risk Material prices fluctuation risk The raw materials comes from two main sources: (1) direct from current customers and (2) buying from traders in the market. For silver raw materials, the company mainly imports through a number of suppliers in Belgium, precious stones are mainly imported from Hong Kong and Thailand. In Vietnam, gold raw material supply is very large compared to the consumption of 4 tons per year of PNJ, so the risk of raw material shortage is negligible. Other raw materials are not affected by government policy and help the import of these material be easy. Because raw material cost accounts for the largest proportion in cost of goods sold (nearly 90%), raw material price fluctuation, especially gold, have a significant impact on the company's GPM. PNJ will not adjust the selling price to support their clients unless gold price fluctuates by over 5%. However, we think that the company still relatively subject to this risk. It can be seen that, in Q3 and Q4.2016, the high domestic gold price has made GPM slightly reduce. Besides, with a large amount of inventories and most of them are gold, silver and precious stones, PNJ will subject to the risk of price volatility. VCBS Research Page 6

8 Domestic and world gold prices GMP of PNJ in % 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 16.02% 18.08% 18.11% 14.42% Q Q Q Q Source: VCBS Cometitive risk Inventories risk Dilution risk In jelwery industry, there are many small enterprises without famous brand names, as well as some prestigious brand name such as PNJ, SJC, Doji, Bao Tin Minh Chau. With regards to foreign competitors, as Vietnam enters into free trade agreements, the import tax on gold will fell to 0%. Hence, Vietnam gold jewelry market which has a lot of growth potential will attract the attention of foreign enterprises and will affect to PNJ s market share. As we have discussed above, the expansion of store chain has led to a significant increase in inventory over the years which will have negative impact to inventory turnover. This is a problem for retailers, especially those who are in the process of expansion strategy such as PNJ. One positive point is that most of the company's inventories are mainly gold, silver and gamstone products, so there is no risk of deterioration. In addition to this, with the ERP-Xman management system, PNJ can manage the inventory and sales activities of each store, increasing the management efficiency and minimizing cost. With the information about private offering as we mentioned above, the dilution is an investment risk that investors need to pay attention to when invests in PNJ. RECOMMENDATION In order to estimate the intrinsic value of Phu Nhuan Jewelry JSC (PNJ), we use a combination of valuation methods including PE comparison and discounted cash flow method (FCFE & FCFF) with the ratio 20:80. In which, revenue for the period is projected with an compound annual growth rate of 17.9% and net profit of 30.96%. The discount rate for the period is 12.3%. The company's sustainable growth rate is estimated at 5%. For PE method, we use six companies in the same business sector for comparison, with the median of After adjusting for Vietnam market, we estimate a reasonable P/E of Ticker Name Nation Market Cap (bl USD) PE 1929 HK Equity Chow Tai Fook Jewellery Group Ltd Hong Kong 72,9 27, CH Equity LAO FENG XIANG CO LTD-A China 18,15 19,27 VCBS Research Page 7

9 PNDORA DC Equity Pandora A/S Denmark 90,31 14,66 SIG SIGNET JEWELERS LTD US 4,66 9,97 TIF US Equity Tiffany & Co US 11,88 26,78 ASN IN Equity Asian Star Ltd (ASAN) India 11,2 15,85 Median 17,56 Adjusted median 15,80 Source: Bloomberg Valuation result Using a combination of valuation methods, we estimate the intrinsic value of a PNJ at 91,890 dong/share, compared to 74,100 dong/share on April 4. We recommend BUY with PNJ shares for long term investment. Valuation method Price (VND) Weighted FCFF 90,270 40% FCFE 97,893 40% PE 83,127 20% Intrinsic value 91,890 Recommendation PNJ is a leader in the Vietnamese jewelry industry with a market share of 26.5%, a store chain with 220 stores across 45 provinces. Great coverage and brand familiarity are one of strengths of PNJ compared to other competitors. In addition to this, the jewelry market in Vietnam has a lot of potential because (1) the consumption of gold jewelry per capita of Vietnam is still low, (2) the average population growth rate is about 1.2% with the young population and over 50% are female, (3) economic prospect improves per capita income (4) dense retail network encourages people to consume is considered to be a pivotal year for PNJ's future development as risky investments will not negatively affect the company's performance. We project that in 2017, PNJ will achieve revenue of VND9,708.7 bn (+13.3% yoy) and net profit of VND574.3 bn (+27.6% yoy). We estimate the intrinsic value of PNJ shares at VND91,890/share. We recommend BUY for long-term investment. VCBS Research Page 8

10 Balance sheet (mil VND) Current asset 3,239,394 3,710,535 4,313,757 5,105,338 5,968,770 Cash and Cash equivalents 291, , , , ,823 Short term investments Accounts receivable 35,889 41,704 49,247 58,645 69,350 Inventories 2,831,692 3,235,570 3,753,109 4,436,779 5,179,330 Other current assets 80,477 94, , , ,125 Long term assets 467, , , , ,824 Long term receivable Long term investments Total Fixed Assets 436, , , , ,505 Other long-term assets 31,275 40,871 55,185 63,561 70,319 Total assets 3,707,239 4,212,458 4,860,011 5,697,278 6,607,594 Current liabilities 1,933,772 2,203,380 2,522,278 2,960,895 3,346,199 Short term debt 1,447,094 1,579,535 1,720,204 1,974,106 2,169,547 Accounts payable 282, , , , ,380 Bonus funds 62, , , , ,034 Other current liabilities 140, , , , ,238 Long term liabilties 100, , , , ,925 Long term debt 95,120 96, , , ,874 Other long term liabilities 5,490 6,295 8,983 10,013 11,051 Shareholder equity 1,672,857 1,906,302 2,220,342 2,608,683 3,115,471 Minority Interest Total liabilities and owner equity 3,707,239 4,212,458 4,860,011 5,697,278 6,607,594 Income statement (mil VND) Net Revenue 9,708,730 11,281,807 13,322,430 15,864,785 18,760,750 COGS 7,950,521 9,084,484 10,537,575 12,457,110 14,541,964 Gross profit 1,758,209 2,197,323 2,784,855 3,407,675 4,218,786 Selling expenses 679, , ,182 1,237,453 1,463,339 G & A expenses 150, , , , ,563 Operating Profit / EBIT 927,989 1,214,845 1,593,360 1,952,909 2,509,884 Financial income 3,883 4,513 5,329 6,346 7,504 Financial expenses 178, , , , ,729 Earning before tax 753,642 1,021,075 1,373,593 1,698,584 2,216,660 Income tax 179, , , , ,369 Net income 574, ,150 1,046,799 1,294,472 1,689,292 VCBS Research Page 9

11 Minority Interests Net income attributable to Equity Shareholders 574, ,150 1,046,799 1,294,472 1,689,292 Cash flow statement (mil VND) Cash Flow From Operating Activities 596, , , ,809 1,259,913 Cash flow from Investing Activities (139,579) (185,604) (222,160) (255,886) (299,447) Cash flow from Financing Activities (326,667) (359,774) (496,135) (584,652) (873,587) Net cash flow in year 130,688 47,192 61,219 76,271 86,879 Minimum cash needed 291, , , , ,823 Cash - Beginning 160, , , , ,944 Cash - Ending 291, , , , ,823 VCBS Research Page 10

12 PNJ DISCLAIMER UPDATE REPORT DISCLAIMER This report is designed to provide updated information on the results of companies business as well as analysis of factors affecting the prospects of the business. The report and / or any judgments and information in the report are by no means construed as investment advices, buy or sell offers, or investment proposals of any financial products, securities of related companies analyzed in the report. Therefore, this report should be best considered as a reference only. VCBS does not bear any responsibility for unwanted results when the information in the report is used. All the information stated in the report has been collected and assessed as carefully as possible, however VCBS does not guarantee the accuracy of the information and has no obligation to update the information after the report was released. All opinions, judgments, estimations and projections in this report represent independent views of the analyst at the date of publication only. Therefore, VCBS and/or departments of VCBS may have securities transactions inconsistent with recommendations in this report. This report may not be copied, reproduced, published or redistributed by any person for any purpose without the written permission of an authorized representative of VCBS. Please cite sources when quoting. Copyright 2010 Vietcombank Securities Company. All rights reserved CONTACT INFORMATION Ly Hoang Anh Thi Head of Research lhathi@vcbs.com.vn Tran Thi Thu Trang Equity Analyst ttttrang_hcm@vcbs.com.vn VIETCOMBANK SECURITIES COMPANY Hanoi Headquarter Ho Chi Minh Branch Da Nang Branch Can Tho Branch Phu My Hung Transaction Unit Giang Vo Transaction Unit An Giang Representative Office Dong Nai Representative Office Vung Tau Representative Office Binh Duong Representative Office Hai Phong Representative Office Floor 12th and 17th, Vietcombank Tower, 198 Tran Quang Khai Street, Hoan Kiem District, Ha Noi Tel: (84-4) Ext: 18/19/20 Floor 1st, Green Star Building, 70 Pham Ngoc Thach Street, Ward 6, District No.3, Ho Chi Minh City Tel: (84-8) Floor 2nd, 10 Hai Phong Street, Hai Chau District, Da Nang City Tel: (84-511) Ext: 12/13 Floor 1st, Post Office Building, 2 Hoa Binh Avenue, Ninh Kieu District, Can Tho City Tel: (84-710) Lawrence Sting Building, 801 Nguyen Luong Bang Street, Phu My Hung Urban Zone, District No. 7, Ho Chi Minh City Tel: (84-8) Floor 1st, C4 Giang Vo Block, Giang Vo Ward, Ba Dinh District, Ha Noi ĐT: (+84-4) Floor 6th, Nguyen Hue Building, 9/9 Tran Hung Dao Street, My Xuyen Ward, Long Xuyen City, An Giang Province Tel: (84-76) F240-F241 Vo Thi Sau Street, 7th Block, Thong Nhat Ward, Bien Hoa City, Dong Nai Province Tel: (84-61) Ground Floor, 27 Le Loi Street, Vung Tau City, Ba Ria Vung Tau Tel: (84-64) /75/76/77/ Binh Duong Avenue - Phu Hoa Ward - Thu Dau Mot City- Binh Duong Tel: ( ) Floor 2 nd, 11 Hoang Dieu Strest, Minh Khai Ward, Hong Bang District, Hia Phong Tel: (+84-31) VCBS Research Page 11