Viet Han Investment and Production JSC (VHG: HOSE): Company Visit Note
|
|
- Vincent O’Neal’
- 5 years ago
- Views:
Transcription
1 Viet Han Investment and Production JSC (VHG: HOSE): Company Visit Note Company background: Viet Han Investment and Production JSC (VHG: HOSE) was founded in 2003 as a private company and the company was listed on the Ho Chi Minh Stock Exchange in Jan VHG s current charter capital is VND 750bn. VHG started the business as a telecommunication cable producer, and expanded to electric cables, construction materials, plastic, natural rubber and other businesses. However, VHG has currently divested from those businesses and has placed emphasis on natural rubber, and infrastructure businesses. VHG has been restructuring the whole company through divesting from cablerelated business and focusing on natural rubber, and infrastructure businesses since During the period of , VHG s earnings mainly stemmed from cablerelated businesses which significantly fluctuated due to: (1) stable demand and increasing competition in optic cables and electric cables market which were the major earnings sources of VHG over the last 5 years, and (2) VHG faced difficulties in managing production of new optic cable products; and misdirected product line in electric cable products, VHG incurred losses in 2011 and 2012 of VND 31bn and VND 36bn respectively. Since 2013, the company has divested from those businesses. VHG divested from: (1) Kim Tin Plastic JSC, and (2) Viet Han Construction Materials JSC in In 1H14, VHG had divested from the remaining cable-related businesses comprising of: (1) optic cable, (2) electric wires and cables, and (3) fiberglass reinforced plastic (FRB). In 1H14 VHG s revenue welcomed two new earnings sources including natural rubber and fertilizer. Natural rubber and fertilize contributed approx. 33% and 41% to VHG s 1H14 revenue respectively. According to the company, natural rubber will become the main focus in the coming years. Currently, VHG does not possess a 1
2 natural rubber processing plant. Nevertheless, VHG plans to construct a natural rubber processing plant in 2Q15. Changes in management and board of directors VHG was founded as a private company in 2003, since Aug 2013 the majority of VHG s former members had left and VHG has replaced these members with new key members. Mr. Pham Tien Dung and Tran Xuan Hieu replaced Mr. Dinh Cong Trang, and Mr. Huynh Tan Chung for Chairman and CEO positions respectively. The former BOM and BOD sold all of their stakes at VHG to the new boards during The changes in managements played an important role in the restructuring of VHG s businesses and enhanced effectiveness and efficiency of VHG s businesses. Earnings performance: Strong recovery since 2Q13 In 2013, VHG made significant progresses in divesting from ineffective businesses. VHG s 2013 revenue and net profit reached approx. VND 187bn (+10% YoY), and VND 83bn compared with losses of VND 36bn in 2012 and VND 31bn in VHG s 2013 earnings mainly stemmed from divestments from ineffective businesses. VHG divested from: (1) Kim Tin Plastic JSC, and (2) Viet Han Construction Materials JSC, generating a return of approx. VDN 75bn (accounted for 92% of 2013 s financial income). Impressive earnings results in 1H14 were contributed by new business lines including natural rubber and fertilize. In 1H14, VHG s revenue and gross profit reached VND 143bn (+50% YoY), and VND 27bn (+ 249% YoY) respectively. Gross profit margin reached 19% compared with 8% in 1H13 which mainly derived from the natural rubber segment. The advantage of low labor cost (a result of disadvantaged area) compared with other companies, which normally accounts for 60% of total tapped latex cost, contributed to the improvement of VHG s earnings results. In regards to the natural rubber business, the former Board of Management involved in natural rubber business since 2008 through acquiring planted area of small holders in Dong Giang, Quang Nam province. By the end of 2013, approx. 3,000ha were acquired and tapped. In July 2011, VHG was approved by Dong Giang s district authorities to expand total planting area of rubber tree to 13,303ha in Quang Nam Province. According to the company, VHG might expand its rubber tree zone through M&A activities as the company believes that it is more efficient than planting new rubber trees. 2
3 Figure 1: VHG s net profit (VND mn) and net profit margin (%) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - (10,000) (20,000) 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 120% 100% 80% 60% 40% 20% 0% -20% -40% -60% Net profit Net profit margin Source: VHG Debt was significantly reduced during the last 3 years, from VND 115bn in 2011 to VND 52bn by the end of 2Q14. According to VHG, the debt was reduced to approx. VND 11bn by the end of 3Q14. Debt to equity ratio declined from 0.32 by 1Q13 to 0.11 by 2Q14. VHG s 1H14 interest expense totaled approx. VND 4.3bn compared with VND 7.6bn in 1H13. The difference of VND 3.3bn makes up 12% of 1H14 s net profit. Figure 2: VHG s debt, unit: VND mn Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 140, , ,000 80,000 60,000 40,000 20,000 - Debt Debt/Equity Source: VHG 3
4 Quite attractive cash dividend yield in 2014: VHG plans to pay 2014 s cash dividend of 10% on par, equivalent to a dividend yield of 7%. Ample cash position in Aug 2014, VHG issued 37.5mn shares to existing shareholders and had obtained approx. VND 375bn which will be used to develop natural rubber and infrastructure businesses. Earnings Outlook Planning to build a natural rubber processing plant in 2015: the plant will be designed with capacity of 10,000 tons per year in the first phase compared with 27,000 tons, 22,000 tons, and 16,000 tons of PHR, DPR, and TRC respectively and total estimated investment of VND 150bn. The processing plant will be located in Dong Giang Quang Nam Province where VHG s rubber field is located, and where VHG will be granted tax exemption and long-term preferential loans. The plant is an important investment step in VHG s business strategy as it will pave the way for developing an integrated production model. Infrastructure business is expected to strongly grow in 2015: VHG has closely followed the Sustainable Development Project of Da Nang City (total investment of USD 272mn) which is expected to commence in large scale starting in The project duration is planned at 7 years ( ). The project consists of 5 components: (1) improving storm water drainage and waste water systems- USD 92mn; (2) developing bus rapid transit system (BRT) USD 50.2mn; (3) urban strategy road USD 77.mn; (4) technical assistance and capacity development USD 15.3mn; and (5) other activities which are transferred from Da Nang s priority infrastructure project USD 36.8mn. VHG might participate in the first 3 components, particularly in providing equipment (water supply and drainage pipes, electric cables, composite materials, etc.) clearance, leveling, road base (providing the construction materials: stone, brick, sand leveling, etc.). The returns from these projects have yet to be quantified. Nevertheless, the size of these projects can have positive effects on VHG s financial statements during the projects life cycle. Divestment from property projects will reinforce VHG s cash position and strengthen VHG s financial capability in doing infrastructure business and natural rubber business. 4
5 Possibility of extraordinary earnings from property projects in 2015 Acccording to the company, VHG currently possesses two high valued land pieces located in Da Nang City (refer to table 1). D evelyn Office Building project is located in an attractive location, in close proximity to the State Audit office, Da Nang s post office, Agribank, and others. According to VHG, this project is planned to be developed through a joint venture in which VHG will contribute land asset. In such case, VHG will need to revalue the asset which will be contributed to the joint venture, and therefore it would be likely that VHG would record the difference between market value and book value of the asset as an extraordinary earnings (approx. VND 150bn). In regards to the D evelyn Beach project, the plan to develop this project has yet to be revealed. Nevertheless, it is clearly that the market value of this land peice is much higher than its book value. VHG can contribute this land piece in the case of a joint venture or completely sell this project. We believe that the company might gradually divest from these two projects to generate cash inflow and to focus on natural rubber and infrastructure businesses in the coming years. Table 1: VHG s property projects Projects Location Area (sqm) Book value Estimates of market value D evelyn Office Building 9 Le Duan Da Nang City 2,926 VND 105bn VND 250bn D evelyn Beach Hoang Sa - Truong Sa Da Nang City 53,829 VND 65bn VND 300bn Source: VHG Investment view We will provide details on earnings estimates for VHG during this month or Nov 2014 since the company will hold an extraordinary shareholder meeting during the period which will provide details plan relating to D evelyn Beach project, natural rubber processing plant, and other issues that might affect earnings in 2H14 and In short, according to our quick talk with the company, VHG s 9M14 bottom line has reached VND 76bn, slightly exceeding the 2014 s plan of 1.4%. In others word, VHG s 3Q14 net profit is estimated at VND 48bn (+71% YoY). 5
6 In summary, VHG has made signifcant changes in its operation and management, and achieved improvements in earnings performance thanks to the restructuring. In the short term, VHG s stock will witness several upside catalysts including 10% on par cash dividend (equivalent to a dividend yield of 7%), and impressive earnings results in 3Q14, divestment from property projects in 2015; Company s focus on the integerated production model relating natrual rubber business, and infrastructure business is still on watch. While natural rubber sector still faces difficulties due to price downtrend, infrastructure development is a difficult business and requite prudent cash management. 6
7 APPENDIX VND Billion VND Billion Balance Sheet Income Statement + Cash 7 30 Net Sales Short-term investments 3 3 COGS Account receivables Gross Profit Inventories 69 1 Financial Income Other current assets 5 9 Financial Expense Total Current Assets Selling Expense LT Receivables 0 17 Admin Expense Net Fixed Assets Income from business operation Investment properties Net Other Income LT Investments 0 85 Income from associates Goodwill 0 0 Profit Before Tax Other LT Assets 7 65 Net Income Total Long-Term Assets Minority interest 0 0 Total Assets NI attributable to shareholders Current Liabilities In which: ST debt Basic EPS (VND) -1,446 2,213 + Non-current Liabilities 7 0 BVPS (VND) 14,354 11,570 In which: LT debt 7 0 Dividend (VND/share) 0 0 Total Liabilities EBIT Contributed capital EBITDA Share premium Retained earnings Growth + Other capital/fund 0 0 Sales -32.1% 10.9% Owners' Equity EBITDA -80.1% % NCI 0 30 EBIT 22.5% % Total Liabilities & Equity NI 18.2% % Equity -9.2% 20.9% Cash Flow Chartered Capital 0.0% 50.0% CFO Total assets -6.5% 12.8% CFI CFF 1-34 Valuation Net increase in cash PER Beginning cash 5 7 PBR Ending cash P/Sales Dividend yield 0.0% 0.0% Liquidity Ratios EV/EBITDA Current ratio EV/Sales Acid-test ratio Cash ratio Profitability Ratios Net debt / EBITDA Gross Margin 4.8% 4.3% Interest coverage Operating Margin -10.4% 33.3% Days of receivables Net Margin -21.5% 44.4% Days of payables Selling exp./net sales 6.5% 3.6% Days of inventory Admin exp./net sales 10.0% 11.1% ROE -9.6% 20.9% Capital Structure ROA -7.0% 15.6% Equity/Total asset ROIC -4.0% 19.2% Liabilities/Total Assets Liabilities/Equity Debt/Equity ST Debt/Equity Source: VHG, SSI Research 7
8 RATING Within 12-month horizon, SSIResearch rates stocks as either BUY, HOLD or SELL determined by the stock s expected return relative to the market required rate of return, which is 16% (*). A BUY rating is given when the security is expected to deliver absolute returns of 16% or greater. A SELL rating is given when the security is expected to deliver returns below or equal to negative - 8%, while a HOLD rating implies returns between negative - 8% and 16%. Besides, SSIResearch also provides Short-term rating where stock price is expected to rise/reduce within three months because of a stock catalyst or event. Short-term rating may be different from 12-month rating. Industry Rating: We provide the analyst industry rating as follows: Overweight: The analyst expects the performance of the industry over the next 6-12 months to be attractive vs. the relevant broad market Neutral: The analyst expects the performance of the industry over the next 6-12 months to be in line with the relevant broad market Underweight: The analyst expects the performance of the industry over the next 6-12 months with caution vs. the relevant broad market. *The market required rate of return is calculated based on 1-year Vietnam government bond yield and market risk premium derived from using Relative Equity Market Standard Deviations method. Our rating bands are subject to changes at the time of any significant changes in the above two constituents. DISCLAIMER The information, statements, forecasts and projections contained herein, including any expression of opinion, are based upon sources believed to be reliable but their accuracy, completeness or correctness is not guaranteed. Expressions of opinion herein were arrived at after due and careful consideration and they were based upon the best information then known to us, and in our opinion are fair and reasonable in the circumstances prevailing at the time; Expressions of opinion contained herein are subject to change without notice; This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities; SSI and its affiliates and/or its officers, directors and employees may have positions and may effect transactions in securities of companies mentioned herein and may also perform or seek to perform investment banking services for these companies. This document is for private circulation only and is not for publication in the press or elsewhere; SSI accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or its content; The use of any information, statements forecasts and projections contained herein shall be at the sole discretion and risk of the user. CONTACT INFORMATION Phuong Hoang Senior Director, Institutional Research & Investment Advisory phuonghv@ssi.com.vn Kien Tran Nguyen Analyst, Agriculture kiennt1@ssi.com.vn SAIGON SECURITIES INC. Member of the Ho Chi Minh Stock Exchange, Regulated by the State Securities Commission HO CHI MINH CITY 72 Nguyen Hue Street, District 1 Ho Chi Minh City Tel: (848) Fax: (848) info@ssi.com.vn HA NOI 1C Ngo Quyen Street Ha Noi City Tel: (844) Fax: (844)
IDICO INFRASTRUCTURE DEVELOPMENT INVESTMENT JSC (HTI: HOSE) BUY 1Y TP VND 20,500. Background
IDICO INFRASTRUCTURE DEVELOPMENT INVESTMENT JSC (HTI: HOSE) BUY 1Y TP VND 20,500 Minh Dinh minhdd@ssi.com.vn +84 8 3824 2897 ext. 2148 Current price (VND) 16,000 Target price (12M) 20,500 Recommendation
More informationVinacafe Bien Hoa JSC (VCF:HOSE): AGM Notes
Vinacafe Bien Hoa JSC (VCF:HOSE): AGM Notes 2013 Recap: Success in new product launch In 2013, revenue reached VND 2,299 bn (~8.7% YoY). Gross profit improved to 29.8% (2012: 27.6%). However, operating
More informationCOMPANY UPDATE. MID & SMALL CAP WATCH: Thien Long group (TLG: VN) Reliable brand with stable growth. Overview. Shareholder structure.
COMPANY UPDATE 30 June 2015 Thu Le thula@ssi.com.vn MID & SMALL CAP WATCH: Thien Long group (TLG: VN) Reliable brand with stable growth Overview Thien Long is the largest manufacturer of stationery products
More informationNoibai Cargo Terminal Services JSC (NCT: HOSE)
Noibai Cargo Terminal Services JSC (NCT: HOSE) BUY 1Y Price Target: VND 129,600 Current price: VND 98,000 Giang Hoang Nguyen giangnh@ssi.com.vn +84-24 3936 6321 ext. 676 30 November 2017 INDUSTRIALS- VIETNAM
More informationCOMPANY UPDATE. Ha Tien 1 Cement JSC (HT1: HOSE): Passing the bottleneck. 1. Company background. 13 March Kien Tran Nguyen.
COMPANY UPDATE 13 March 2015 Kien Tran Nguyen kiennt1@ssi.com.vn Ha Tien 1 Cement JSC (HT1: HOSE): Passing the bottleneck 1. Company background Founded in 1964, Ha Tien 1 was formerly known as Ha Tien
More informationMobile World Investment Group (MWG: HOSE)
Mobile World Investment Group (MWG: HOSE) BUY - 1Y Target Price: VND 180,000 Current price: VND 143,000 Kien Trung Nguyen, CFA kiennt@ssi.com.vn +84 4 3936 6321 ext. 510 26 August 2016 CONSUMER - VIETNAM
More informationBinh Duong Mineral and Construction JSC (KSB: HOSE)
Binh Duong Mineral and Construction JSC (KSB: HOSE) BUY 1Y Price Target: VND 58,500 Current price: VND 48,900 Kien Trung Nguyen, CFA kiennt@ssi.com.vn +84 4 3936 6321 ext. 510 19 May 2016 INDUSTRIALS -
More informationMASAN GROUP QUARTERLY EARNINGS UPDATE 1Q12 TICKER: MSN (HOSE) Date: 12 June 2012
Date: 12 June 2012 MASAN GROUP TICKER: MSN (HOSE) We have a HOLD investment view over MSN. We estimate the fair value of a MSN stock is around VND 95,373/share or 4.14% downside from market price of VND
More informationPower Construction JSC No.1 (PC1: HOSE)
Power Construction JSC No.1 (PC1: HOSE) BUY - 1Y Target Price: 54,000 Current price: 43,000 Kien Trung Nguyen, CFA kiennt@ssi.com.vn +84 4 3936 6321 ext. 510 18 November 2016 INDUSTRIALS - VIETNAM Key
More informationSABECO & HABECO COMPANY REPORT. (Not listed OTC) Recommendation. Date: 29 Jun 2012
COMPANY REPORT SABECO & HABECO (Not listed OTC) We would like to provide a yearly update on &, the two largest beer producers of Vietnam with BUY recommendation for both stocks. Saigon Alcohol Beer and
More informationVietnam National Petroleum Group (Petrolimex, PLX: OTC)
Vietnam National Petroleum Group (Petrolimex, PLX: OTC) Earnings Update Huy Nguyen huynd1@ssi.com.vn +84 4 3936 6321 ext. 680 Trang Pham trangph@ssi.com.vn +84 4 3936 6321 ext. 537 27 February 2017 ENERGY
More informationCOMPANY UPDATE 22-Aug-18 HOA SEN GROUP (HSG) HSG (HOSE) Stock performance (%) Stock Statistics 22/08/2018. Ownership 22/08/2018. Mr. Duong Tran.
COMPANY UPDATE 22Aug18 Rating HSG (HOSE) OVERWEIGHT Steel Industry Market price (VND) 10.3 Target price (VND) 14.5 Annualized price return (%) 40% Expected dividend yield (%) 10% Expected annualized total
More informationPUBLIC ANNOUNCEMENT THE PAN GROUP JOINT STOCK COMPANY
PUBLIC ANNOUNCEMENT THE PAN GROUP JOINT STOCK COMPANY (Business registration certificate No.0301472704, initially registered on 31 August 2005 and amended the 12th time on 25 August 2015 by the Department
More informationTasco Joint Stock Company
29-Apr-16 29-May-16 29-Jun-16 29-Jul-16 29-Aug-16 29-Sep-16 29-Oct-16 29-Nov-16 29-Dec-16 29-Jan-17 28-Feb-17 31-Mar-17 Tasco Joint Stock Company Real Estate Segment drags down 2017 growth Flash Notes
More informationPHUOC HOA RUBBER JSC.,
8/18/29 8/18/21 8/18/211 8/18/212 8/18/213 8/18/214 8/18/215 8/18/216 8/18/217 PHUOC HOA RUBBER JSC., Unlock Land s Value Equity Update September 29, 217 We issue our BUY rating for Phuoc Hoa Rubber JSC.
More informationFPT CORPORATION. Divestment Delay. FLASH NOTE I December 1, 2016 NOT-RATED
FPT CORPORATION Divestment Delay FLASH NOTE I December 1, 2016 We attended the FPT Capital Market Day regarding 3Q2016 and 9M2016 business performance review. Key updates are highlighted as follows: 3Q2016
More informationINVESTMENT HIGHLIGHTS
COMPANY VISIT NOTE 04 Dec 2015 PHU NHUAN JEWELRY JOINT STOCK COMPANY (PNJ) INVESTMENT HIGHLIGHTS Positive growth in core businesses. Revenue from core businesses (jewelery & accessories) increased by 6.2%
More informationFPT CORPORATION. FOX Listing as Short-term Catalyst
FPT CORPORATION FOX Listing as Short-term Catalyst Equity Update I January 12, 2017 FPT Corporation (Ticker: FPT) just released his 11M2016 business results with following highlights: NOT-RATED Son Nguyen,
More informationLICOGI 16 (LCG) 17 SEP 2014 BUY. Key metrics
Capital Insight Client Innovations LICOGI 16 (LCG) 17 SEP 2014 BUY Target BUY (VND 000)
More informationBSC. Binh Minh Plastic JSC. (BMP) Recommendations Target price Close price 97,000. Valuation 04/12/2017
Recommendations Target price N/A Close price 97,000 Upside N/A Market Statistics Floating Shares (million shares) 82 Market Cap (VND Bill.) 7,826 52-week highest price 116,111 10-day average volume (shares)
More informationVegetexco Port (VGP) Investment themes. Port sector
Vegetexco Port (VGP) Investment themes Port sector 10/June/2014 No growth prospect: VGP s profitable business is the port/warehousing segment but it was running at Steel sector full capacity since 2009.
More informationCOMPANY UPDATE 12-Nov-18. Vietnam Container Shipping JSC. 9M.2018 Update VSC (HOSE) Stock performance (%) Mr. Bao H. Vo. Pros:
Rating COMPANY UPDATE 12-Nov-18 VSC (HOSE) OVERWEIGHT Logistics-Marine Port Market price (VND) 40,950 Target price (VND) 50,000 Annualized price return (%) 25.9% Expected dividend yield (%) 5.8% Expected
More informationPHU NHUAN JEWELRY JSC
PHU NHUAN JEWELRY JSC Ample Room For Market Share Expansion Equity Research I March 30, 2017 We reiterate BUY rating to PNJ with a revised 12M TP of VND 91,000 (previously VND 85,000) after adjusting earning
More informationInternational Development & Investment Corporation I.D.I (HOSE- IDI)
COMPANY UPDATE 22/12/2015 International Development & Investment Corporation I.D.I (HOSE- IDI) STRONG GROWTH THANKS TO SOARING EXPORTS TO CHINA One of Vietnam s leading Pangasius fillet processing companies,
More informationPHU NHUAN JEWELRY JSC
PHU NHUAN JEWELRY JSC GOOD AS GOLD Equity Update I July 28, 2017 We attended PNJ s 2Q17 analyst meeting and remain optimistic about the Company s growth potential in 2017-18F. Thus, we reiterate BUY rating
More informationVietnam Rubber Group (VRG)
Vietnam Rubber Group (VRG) IPO REPORT Nga Nguyen ngantp@ssi.com.vn +84 28 3824 2897 ext. 2153 26 January 2018 MATERIALS - VIETNAM A natural rubber leader with young tree profile IPO information: VRG auction
More informationBach Hoa Xanh to blossom in 2019
Rating COMPANY UPDATE 2-Feb-19 MWG (HOSE) OVERWEIGHT Retailing Market price (VND) 87, Target price (VND) 14,6 Expected price return (%) 1.7% Expected dividend yield (%) 2.3% Expected total return (%) 22.%
More informationPhu Nhuan Jewelry JSC
www.phs.vn HOSE - Vietnam 09.02.2018 Target price Closing price 07/02/2018 OVERWEIGHT Nguyễn Thị Thanh Hiền (+84-8) 5413-5472 hiennguyen@phs.vn Co. profile Ticker 176,000 VND 147,600 VND PNJ Charter Capital
More informationMargin contraction and interest expense wipe out top-line growth
Hoa Sen Group (HSG) Earnings Flash Report Date July 31, 2017 FY16 9M/F17 FY17F Current Price VND28,000 Rev y/y 2.4% 48.9% 33.6% Last Target Price VND33,800 EPS y/y 130.4% 6.5% 17.1% GPM 23.3% 17.2% 18.9%
More informationPhu Nhuan Jewelry JSC (Hose: PNJ) keeps an impressive growth
c 25 August 2017 Rating OVERWEIGHT HOSE: PNJ Jewelry Market price (VND) 103.000 Target price (VND) 123.000 Annualized price return (%) 18% Expected dividend yield (%) 2% Expected annualized total return
More informationPHU NHUAN JEWELRY JSC
PHU NHUAN JEWELRY JSC Consumer Goods Industry Update report July 2017 Recommendation OUTPERFORM Recommendation (VND) 135,000 Market price (28/7/2017) 103,100 Expected profit 31% SHARES INFORMATION Trading
More informationPHU NHUAN JEWELRY JSC (PNJ HOSE) PNJ HOSE UPDATE REPORT. April 04 th, 2017
PHU NHUAN JEWELRY JSC (PNJ HOSE) UPDATE REPORT April 04 th, 2017 Exchange PNJ HOSE INFORMATION (04.04.2017) HOSE Outstanding shares 98,273,868 Average volume of 10 days 95,395 Market price 74,100 Target
More informationCompany s Overview. Market data on 19 th Feb, PPC Ownership breakdown by 6 th Feb, 2013
19 th February 213 SONG DA URBAN & INDUSTRIAL ZONE INVESTMENT AND DEVELOPMENT JSC. (HOSE: SJS) Industry: Real estate Establishment date: 8 th July 23 Website: http://www.sudicosd.com.vn Listing date: 6
More informationTHANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) Website:
THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, 72-74 Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) 3 827 0527 Website: www.tcsc.vn MONTHLY REPORT JULY 2012 Research Department research@tcsc.vn
More informationNote: The given business registration No is not correct. The correct one is as above
COMPANY CREDIT REPORT GENERAL INFORMATION VietnamCredit s Ref CR0023260 Company Search Date 1 Aug 2016 QUICK CREDIT RATING OVERVIEW Company status Operating Total Score 51 Credit rating BB Logo SUBJECT
More informationINITIATING REPORT PHA LAI THERMAL JSC - PPC SUMMARY SECTOR: ULTILITIES. Kien Nguyen Research Analyst
PHA LAI THERMAL JSC - PPC SECTOR: ULTILITIES RESEARCH & INVESTMENT ADVISORY ADVISORYTƯADVISOR INITIATING REPORT 18.07.2011 SUMMARY Profile: Pha Lai Thermal Power Joint Stock Company was previously known
More informationCORPORATE GOVERNANCE REPORT (FIRST 6 MONTHS OF 2015)
DIGIWORLD CORPORATION SOCIALIST REBUPLIC OF VIETNAM Independence - Freedom - Happiness ---o0o--- : 16/07-2015/HĐQT-DGW Ho Chi Minh, July 22, 2015 CORPORATE GOVERNANCE REPORT (FIRST 6 MONTHS OF 2015) To:
More informationVIETNAM MARKET EQUITY RESEARCH
VIETNAM MARKET EQUITY RESEARCH SAIGON THUONG TIN REAL ESTATE JSC INITIAL COMPANY REPORT Recommendation: BUY Date: 14/8/214 Company information Name: Saigon Thuong Tin Real estate Joint stock Company Chartered
More informationRobust auto market offers bright prospects for battery segment
Pinaco (PAC) [NON-RATED] ` Retail Research Report Date: May 12, 2017 2014 2015 2016 Current Price: 41,500 Rev Growth 7.8% 3.4% 9.4% Dividend Yield: 18 March 2011 5.3% EPS Growth 5% -9.7% 38.1% GPM 19%
More informationVIETNAM DAIRY PRODUCT JSC
VIETNAM DAIRY PRODUCT JSC Started The Year On A Solid Footing Equity Update I May 18, 2017 We upgrade Vinamilk (VNM) to BUY from NEUTRAL with a revised 12M DCF-based target price of VND 167,000 (previously
More informationNo.: 01/2015/BB-ĐHĐCĐ Ho Chi Minh City, April 16 th, 2015 MINUTES
Hochiminh City Securities Corporation (HSC) HEAD OFFICE Level 5 & 6, AB Tower, 76 Le Lai St., Ben Thanh Ward, District 1, HCMC, Vietnam T: (+84 8) 3823 3299 F: (+84 8) 3823 3301 E: info@hsc.com.vn W: www.hsc.com.vn
More informationINFORMATION DISCLOSURE ON THE WEBSITES OF THE STATE SECURITIES COMMISSION AND HO CHI MINH STOCK EXCHANGE
VINGROUP JOINT STOCK COMPANY ----------- ---------- No.:352/2013/CV-TGD-VINGROUP THE SOCIALIST REPUBLIC OF VIETNAM Independence Freedom Happiness ----------- ---------- Hanoi, 11 September 2013 INFORMATION
More informationSAO VANG RUBBER JOINT STOCK COMPANY
MB SECURITIES CORPORATION RESEARCH CENTER EQUITY RESEARCH SAO VANG RUBBER JOINT STOCK COMPANY Ha Noi, June 26, 2014 CONTENTS SUMMARY REPORT... 3 FINANCIAL RATIOS... 5 INCOME STATEMENT... 6 BALANCE SHEET...
More informationCORPORATE GOVERNANCE REPORT 2015
DIGIWORLD CORPORATION SOCIALIST REPUBLIC OF VIETNAM Independence Freedom - Happiness ---o0o--- No.: 03/01-2016/HĐQT/ TP.HCM, January 25 th 2016 CORPORATE GOVERNANCE REPORT 2015 To : STATE SECURITIES COMMISSION
More informationVietnam Urban and Industrial Zone Development Corporation (IDICO) Big industrial park player launches IPO
Vietnam Urban and Industrial Zone Development Corporation (IDICO) IPO Note Industry: Industrial Report Date: Sept 20, 2017 2015 2016 2017G IPO price: VND18,000 Rev Growth 16.1% -4.0% 13.5% 18 March 2011
More informationTHE SOCIALIST REPUBLIC OF VIETNAM Independence Freedom - Happiness
THE SOCIALIST REPUBLIC OF VIETNAM Independence Freedom - Happiness VIETNAM JSC BANK FOR PRIVATE ENTERPRISES Business registration No. 055689 issued by Hanoi Department of Planning and Investment on September
More informationSuperdong Kien Giang Speedboat Corporation (HOSE: SKG) - Phu Quoc beckons
c Coverage 06 Oct 2016 Rating OVERWEIGHT SKG Transportation Market price (VND) 86,100 Target price (VND) 101,200 Price return (%) 17.5% Expected dividend yield (%) 1.2% Expected total return (%) 18.7%
More informationHOA PHAT GROUP JOINT STOCK COMPANY
MB SECURITIES CORPORATION RESEARCH CENTER EQUITY RESEARCH HOA PHAT GROUP JOINT STOCK COMPANY Ha Noi, june 03, 2014 CONTENTS SUMMARY REPORT... 3 INCOME STATEMENT... 5 BALANCE SHEET... 6 FINANCIAL RATIOS...
More informationNo.: 01/2016/BB-ĐHĐCĐ Ho Chi Minh City, 21 April, 2016 MINUTES OF THE 2015 ANNUAL GENERAL MEETING (AGM) HO CHI MINH CITY SECURITIES CORPORATION (HSC)
Hochiminh City Securities Corporation (HSC) HEAD OFFICE Level 5 & 6, AB Tower, 76 Le Lai St., Ben Thanh Ward, District 1, HCMC, Vietnam T: (+84 8) 3823 3299 F: (+84 8) 3823 3301 E: info@hsc.com.vn W: www.hsc.com.vn
More informationINVESTMENT STRATEGY. 6, Aug, Three years of consecutive losses, or
INVESTMENT STRATEGY Risky stocks Companies generally delist when they want to expand or restructure, are acquired by others, or the promoters want to raise their stake. Delisting can be a voluntary decision
More informationBuy Dec 2018 TP (IDR) 42,350 Consensus Price (IDR) 36,475 TP to Consensus Price % vs. Last Price %
United Tractors Tbk (UNTR) Is Persistently Capable of Thriving Fantastic Growth in Heavy Machinery Segment The heavy machinery segment posted sales of IDR7.3 trillion (+106.6% y-y) in 4Q17. The surge in
More informationRESOLUTION. Annual General Meeting of Shareholders of Gemadept Corporation On 09 May, 2012
GEMADEPT CORPORATION THE SOCIALIST REPUBLIC OF VIET NAM Independence Freedom Happiness ----------------- o -------------- No: 103/GMD-DHDCD Ho Chi Minh City, 09 May, 2012 RESOLUTION Annual General Meeting
More informationNOVALAND GROUP downgrade from OUTPERFORM to HOLD (NVL: HSX - Real Estate)
NOVALAND GROUP downgrade from OUTPERFORM to HOLD (NVL: HSX - Real Estate) Price chart Stock Data as of April 14 th 2017 Price (VND) 70,000 Current listed shares 589,369,234 Outstanding shares 589,369,234
More informationGARMEX SAIGON JSC (GMC)
6 May 2015 GARMEX SAIGON JSC (GMC) Small Cap Research Phap Dang Senior Analyst 18 March 2011 phap.dang@vcsc.com.vn +848 3914 3588 ext. 143 Textile Target Price (P/E) NA Current Price 35,900 Upside NA Div.
More informationPETROLEUM INDUSTRIAL AND CIVIL CONSTRUCTION JOINT STOCK COMPANY (PXI)
Sector: Construction / Construction Materials PETROLEUM INDUSTRIAL AND CIVIL CONSTRUCTION JOINT STOCK COMPANY (PXI) OVERVIEW Potential of petroleum construction is still quite high. Annually, PetroVietnam
More informationTHE MINUTES OF ANNUAL GENERAL MEETING OF SHAREHOLDERS 2016 OF VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY (VINAMILK)
VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY ------------------------------------ SOCIALIST REPUBLIC OF VIETNAM Independence Freedom Happiness -------------------- THE MINUTES OF ANNUAL GENERAL MEETING OF
More informationMa aden Equity infusion will strengthen balance sheet
RSI10 Ma aden MAADEN AB: Saudi Arabia Rating Target price Current price OVERWEIGHT SAR42.0 (19.4% upside) SAR35.17 Research Department ARC Research Team Tel 966 11 211 9332, gopij@alrajhi-capital.com Key
More informationANNUAL GENERAL MEETING 2016 DIGIWORLD CORPORATION
ENGLISH TRANSLATION COPY DIGIWORLD CORPORATION ---o0o--- No: /04-2016/HĐCĐ-DGW THE SOCIALIST REPUBLIC OF VIETNAM Independence Freedom Happiness ---o0o--- Ho Chi Minh City, April 26 th, 2016 DRAFT ANNUAL
More informationREPORT OF THE DIRECTORS
REPORT OF THE DIRECTORS The Directors of Gemadept Corporation ( the company ) present this report together with the reviewed financial statements for the first 6 months of the fiscal year ending 31 December
More informationA RESILIENT GROWTH PATH
05 October 2017 VIETNAM MACRO UPDATE 3Q 2017 A RESILIENT GROWTH PATH 3Q 2017 REVIEW GDP growth displayed improvement, despite a sluggish mining sector Despite Vietnam s GDP growth performance amongst the
More informationCONSOLIDATED INCOME STATEMENT Quarter IV/2011
CONSOLIDATED INCOME STATEMENT Quarter IV/2011 Item Quarter IV Accumulated amount Current year Previous year Current year Previous year 1 Sales 664.125.062.838 671.185.380.822 2.374.962.709.626 2.148.850.890.455
More informationINITIATION COVERAGE: BUY
RANG DONG LIGHT SOURCE & VACUUM FLASK JOINT STOCK COMPANY (RAL) June 9, 2017 INITIATION COVERAGE: BUY Current price (08/06/17) VND 125,000 Long term value Undervalued Intrinsic value: VND 150,500 Bloomberg
More informationSOCIALIST REPUBLIC OF VIETNAM Independence Freedom - Happiness Hanoi, March 31 st, 2017
FPT CORPORATION ------------------------- SOCIALIST REPUBLIC OF VIETNAM Independence Freedom - Happiness --------------------- Hanoi, March 31 st, 2017 RESOLUTION THE 2017 ANNUAL GENERAL SHAREHOLDERS MEETING
More informationDAILY MARKET REPORT VCBS COMMENTARY MARKET SNAPSHOT. Thursday, 23 rd June, 2016
Thursday, 23 rd June, 2016 MARKET SNAPSHOT Indexes rose significantly, exceeded short-term peak. Liquidity increased slightly. Foreign was the net seller on both stock exchanges.. Market Highlights HSX
More informationHUNG VUONG CORPORATION
HUNG VUONG CORPORATION OCTOBER 2010 1 MAIN CONTENTS 1. BUSINESS OVERVIEW 2. BUSINESS ACTIVITIES 3. FISHERY INDUSTRY OVERVIEW 4. BUSINESS RESULTS 5. BUSINESS STRATEGY & PLAN 6. PEER COMPARISION 7. FINANCIAL
More informationMasan Group Corporation (formerly known as Ma San Group Corporation) Corporate Information
Masan Corporation (formerly known as Ma San Corporation) Corporate Information Business Registration Certificate No 0303576603 6 August 2015 The Company s Business Registration Certificate has been amended
More informationWH Group (288 HK) 3Q17 growth continued to pick up Nov 20, 2017
WH Group (288 HK) 3Q17 growth continued to pick up 3Q17 growth momentum picked up and OPM continued to improved; NPM was lower than that of previous quarters Geographical segments saw varying performance
More informationZain KSA bogged down by high debt
Vol th RSI10 Zain KSA ZAINKSA AB: Saudi Arabia US$2.464bn 48.3% US$16.50mn Market cap Free float Avg. daily volume Target price 7.30 12.31% over current Consensus price 7.62 17.2% over current Current
More informationTHANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) Website:
THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, 72-74 Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) 3 827 0527 Website: www.tcsc.vn MONTHLY REPORT AUGUST 2012 Research Department research@tcsc.vn
More information(DRAFT) RESOLUTION OF THE GENERAL SHAREHOLDERS MEETING VINGROUP JOINT STOCK COMPANY
VINGROUP JOINT STOCK COMPANY ----------- ---------- No.: /2013/NQ-DHDCD-VINGROUP THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ----------- ---------- Hanoi, 2013 (DRAFT) RESOLUTION
More informationPETROVIETNAM DRILLING AND WELL SERVICES CORPORATION (Incorporated in the Socialist Republic of Vietnam) SEPARATED FINANCIAL STATEMENTS QUARTER
PETROVIETNAM DRILLING AND WELL SERVICES CORPORATION (Incorporated in the Socialist Republic of Vietnam) SEPARATED FINANCIAL STATEMENTS QUARTER 2-2015 Petrovietnam Drilling And Well Services Corporation
More informationSABIC Overall strong performance
SABIC AB: Saudi Arabia US$80.80bn 22.6% US$124.7mn Market cap Free float Avg. daily volume RSI10 Vol th Target price 126.0 24.75% over current Consensus price 125.6 24.4% over current Current price 101.0
More informationDAILY MARKET REPORT VCBS COMMENTARY MARKET SNAPSHOT. Tuesday, 09 th May, 2017
Tuesday, 09 th May, 2017 MARKET SNAPSHOT Two indices ticked up Liquidity slightly increased. Foreign recorded a net-sold value on both stock exchange. Market Highlights HSX HNX Index 722.11 90.37 +/- (%)
More information2016 AGM UPDATE 02/03/2016
2016 AGM UPDATE 02/03/2016 DAT XANH GROUP JSC (DXG) Share price movement compared to VNIndex 20% 15% DXG 10% 5% 0% 26/1/15 26/4/15 26/7/15 26/10/15 26/1/16-5% -10% -15% -20% -25% -30% Background information
More informationBamboo Capital Group (BCG - HOSE)
Company report 09 March 2018 Bamboo Capital Group (BCG HOSE) Recommendation: BUY KEY INDICATORS Current Price (VND) 6,200.0 Target Price (VND) 17,100.0 Upside Potential (%) 175.8 YTD Return (%) (68.0)
More informationPROPOSAL OF THE BOARD OF MANAGEMENT
VINGROUP JOINT STOCK COMPANY ----------- ---------- No.: 16/2013/TTr-HDQT-VINGROUP THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ----------- ---------- Hanoi, 19 August 2013 PROPOSAL
More informationHoa Phat Group Joint Stock Company and its subsidiaries Report of the Board of Directors
Report of the Board of Directors The Board of Directors of Hoa Phat Group Joint Stock Company ( the Company ) is pleased to present its report and the consolidated financial statements of the Company and
More informationFixed-Income Research. Fixed-Income Report. Annual Report 2018 January 22 nd,2018. Round-Up. VCBS Commentary
01-17 02-17 03-17 04-17 05-17 06-17 07-17 08-17 09-17 10-17 11-17 12-17 01-18 02-18 03-18 04-18 05-18 06-18 07-18 08-18 09-18 10-18 Fixed-Income Research Annual Report 2018 January 22 nd,2018 Fixed-Income
More informationInitial Coverage Pha Lai Thermal Power Joint Stock Company
28 TH J ULY2008 Pha Lai Power PPC VND26,600 US$1.61 (3.0%) Lack of Sparks HOLD Office: Phao Son Hamlet, Pha Lai Town Chi Linh, Hai Duong Province, Vietnam Telephone: (+84 320) 388 1126 Fax: (+84 320) 388
More informationThanh Thanh Cong Tay Ninh Joint Stock Company
Interim consolidated financial statements 31 December 2016 CONTENTS Pages General information 1-2 Report of management 3 Report on review of interim consolidated financial statements 4-5 Interim consolidated
More informationLIQUEFIED PETROLEUM GAS SECTOR SECTOR OVERVIEW
LIQUEFIED PETROLEUM GAS SECTOR SECTOR NOTE Jan 2012 Listed corporations Petrolimex Gas JSC. Petro Vietnam Southern Gas JSC. Petro Vietnam Northern Gas JSC. MT Gas JSC. An Pha S.G. Petrol JSC. PetroVietnam
More informationTHANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) Website:
THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, 72-74 Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) 3 827 0527 Website: www.tcsc.vn MONTHLY REPORT MARCH 2012 Research Department research@tcsc.vn
More informationNational Industrialization Co. Diversified Operations Industrial NIC AB: Saudi Arabia 25 May 2014
RSI10 National Industrialization Co. NIC AB: Saudi Arabia 25 May 2014 Rating Target price Current price OVERWEIGHT SAR37.30 (18.7% upside) SAR31.40 Key themes & implications Sluggish petrochemical prices
More informationVIETNAM MARKET EQUITY RESEARCH
VIETNAM MARKET EQUITY RESEARCH PHALAI THERMAL POWER JOINT STOCK COMPANY-PPC INITIAL COMPANY REPORT Recommendation: HOLD Date: 28/8/214 Company information Name: PhaLai Thermal Power JSC Chartered Capital:
More informationBRIEF REPORT 09 Feb 2010
26/01/2010 27/01/2010 28/01/2010 29/01/2010 30/01/2010 31/01/2010 01/02/2010 02/02/2010 03/02/2010 04/02/2010 05/02/2010 06/02/2010 07/02/2010 08/02/2010 09/02/2010 Vietnam/ Electrical component & equipment
More informationQUANG NAM MINERAL INDUSTRY CORPORATION. Financial statements. For the year ended 31 December 2010
QUANG NAM MINERAL INDUSTRY CORPORATION Financial statements For the year ended 31 December 2010 INDEX Page Report of Management 1-3 Auditors report 4 Financial statements Balance sheet 5-6 Income statement
More informationSaudi Ceramic Expansion plan key growth driver
RSI10 Construction and Materials Industrial SCERCO AB: Saudi Arabia Rating NEUTRAL Target price SAR116. 0 (4.5% upside) Current SAR111.3 price Key themes & implications Company is one of the leading ceramic
More informationThanh Thanh Cong Tay Ninh Joint Stock Company
Interim separate financial statements 31 December 2016 GENERAL INFORMATION CONTENTS Pages General information 1-2 Report of management 3 Report on review of interim separate financial information 4-5 Interim
More informationKorean Air (003490) Company Note. Timely relisting. Hold (Maintain)
Company Note September 16, 2013 12M rating Hold (Maintain) Timely relisting Stock Data KOSPI (Sep 13, pt) 1,994 Stock price (Sep 13, KRW) 28,200 Market cap (USD mn) 1,890 Shares outstanding (mn) 59 52-Week
More informationMOBILEWORLD INVESTMENT CORPORATION
MOBILEWORLD INVESTMENT CORPORATION The Music Is Still On Equity Update I November 25, 2016 We assign BUY rating to MWG ticker given following rationales: 9M16 revenue and earnings surged on the back of
More informationVINGROUP JSC - OUTPERFORM (VIC: HSX - Financials)
Price chart Stock Data as of November 30 th 2017 Price (VND) 74,500 Current listed shares 2,637,707,954 Outstanding shares 2,456,818,742 52 Week high 77,000 52 week low 40,000 Price change (3 months) 51%
More informationAlmarai Steady performance
RSI10 ALMARAI AB: Saudi Arabia Rating Target price Current price NEUTRAL SAR55.05 (-4.59% upside) SAR57.66 Key themes & implications Almarai reported a positive top-line in Q1 2016, showing resilience
More informationFINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED 31 DECEMBER 2010 VNDIRECT SECURITIES JOINT STOCK COMPANY
FOR THE FISCAL YEAR ENDED 31 DECEMBER 2010 VNDIRECT SECURITIES JOINT STOCK COMPANY CONTENTS Page 1. Contents 1 2. Report of the General Directors 2-4 3. Auditor s report 5-6 4. Balance sheet as of 31 December
More informationKorea Zinc (010130) Company Note. 1Q12 preview: Not over until it s over. BUY (Maintain)
Company Note April 1, 212 Korea Zinc (113) 12M rating BUY (Maintain) 12M TP W6, from W6, Up/downside +57% Stock Data KOSPI (Apr 9, pt) 1,997 Stock price (Apr 9, KRW) 381,5 Market cap (USD mn) 6,286 Shares
More informationCompany Report. TCL Comm (2618 HK) Strong FY15E ahead backed by solid product roadmap in smartphone/wearables/apps/cloud; Reiterate BUY BUY
Company Report China Merchants Securities (HK) Co.Ltd. Hong Kong Equity Research TCL Comm (2618 HK) Strong FY15E ahead backed by solid product roadmap in smartphone/wearables/apps/cloud; Reiterate BUY
More informationMINUTES OF VPBANK S GENERAL SHAREHOLDERS MEETING (GSM) 2011
Vietnam Prosperity Joint Stock Commercial Bank (VPBank) Business registration as per certificate of joint stock company registration, tax code 0100233583 issued for the first time by Department of Planning
More informationConsolidation session
DAILY DERIVATIVE 29-Mar-19 Close Price +/- Trading Volume Unit: Points Points Contracts VN30F1904 883.2-0.8 90,089 VN30F1905 881.4-1.6 260 VN30F1906.2-2.6 30 VN30F1909.0-1.8 10 Source: Bloomberg Intraday
More informationMARKET REPORT WEEK FROM JULY 27 TO 31, ECONOMIC OVERVIEW. World News
MARKET REPORT WEEK FROM JULY 27 TO 31, 2009 www.fpts.com.vn Tran Duy Ngoc NgocTD@fpts.com.vn Nguyen Binh Duong DuongNB2@fpts.com.vn Listed Brokerage Department FPT Securities JSC Head Office Floor 2, 71
More informationSipchem Petrochemicals Industrial SIPCHEM AB: Saudi Arabia 07 August 2014
RSI10 Sipchem SIPCHEM AB: Saudi Arabia Rating Target price Current price NEUTRAL SAR40.98 (7.6% upside) SAR38.10 Sector rating Company risk rating Key themes & implications Outperform Low Sipchem recently
More informationPetroVietnam Gas Joint Stock Corporation (GAS) [M-PF +5.0%]
PetroVietnam Gas Joint Stock Corporation (GAS) [M-PF +5.0%] Update Report Date: March 28, 2017 2016 2017F 2018F Current Price: VND54,000 Rev Growth -7.9% 8.3% 10.0% Current Target price 18 March 2011 VND53,700
More information