Beruflich Dokumente
Kultur Dokumente
Table of Contents
Part
Content
Page
Executive Summary
36
13 22
23 30
31 33
34 36
Appendices
37 23
7 12
38
39
40 41
42
43 52
53 57
DISCLAIMER
All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of
publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, StoxPlus , its Directors
and employees accept no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the
publication. All information is provided without warranty, and StoxPlus makes no representation of warranty of any kind as to the accuracy or
completeness of any information hereto contained.
Contents
Executive Summary
Contents
The Master plan of Cement sector was built based on the assumption that GDP growth rate will reach 7% with large
investment on construction and infrastructure development. However, the economy slowed down from 2011 and the
trend will continue in 2013 and 2014.
Figure 2: Vietnam CPI and Inflation rate
9.0%
8.2%
7.8%
6.8%
1,729
7.1%
6.8%
1,596
1,224
1200
23.1%
18.7%
40%
7.0%
6.3%
1400
8.0%
50%
1,070
5.0%
5.4% 6.0%
30%
8.3%
5.0%
1000
20%
3.0%
558
600
402
7.4%
4.0%
731
800
3.8%
10%
441
400
200
1.0%
0.0%
3.2%
0%
-1.7%
-0.6%
0.8%
9.10%
6.6%
8.2%
7.1%
18.1%
11.8%
6.5%
9.96%
7.0%
4.0% 3.0%
-10%
CPI
19.9%
12.8%
9.7% 8.7%
-0.4%
2.0%
8.9%
7.8% 8.3%
Inflation (annual %)
GDP Growth
Source: GSO, World Bank and StoxPlus
Source: GSO, World Bank and StoxPlus
The economy slowdown from 2011continue its trend in the year 2012 with GDP growth rate of 5%, the lowest from the year 2000. For the first
9 month of 2013, the GDP growth rate is around 5.1% and it is expected to be 5.3% the whole year. The picture for 2014 doesnt change
much with its forecast fluctuating around 5.4%
The slowdown of economy negatively affected to Vietnam cement sector. Its development plan was built based on the assumption that the
GDP growth rate would reach 7% per year like the average of the period 2006-2010. Therefore, when the wind changed, the Vietnam cement
sector come up the situation of supply over demand and many cement plants suffered loss, even some of them went to default.
Another difficulty with cement sector is the high and unstable inflation. Inflation reached peak of 18.7% in the year 2011 and declined from that
to the level of 9.1% in 2012 and around 8.2% in 2013. According with the high inflation, price of cement input such as electricity (15% higher),
coal (40% higher), gas and oil (18% higher) also soared.
.
Due to the economy slowdown, government faced to shortage in state revenue and large deficit. The State capital
Investment expenditure in which most of them are expenditure in construction and infrastructure development shrink
sharply in 2013
Figure 3: State Budget and Deficit
Gross output of construction still increased in 2012, however, the growth rate reduced sharply comparing with that of
2010. However, economic difficulties seem not affect much to the specialized construction services and civil
engineering works .
Figure 5: Gross output of construction by types of work
800
70.0%
700
87
77
600
72
500
59.7%
60.0%
221
197
50.0%
43.4%
38.1%
400
300
200
55
40.0%
179
41
121
168
150
100
114
146
2008
2009
132
24.9%
26.1%
20.0%
209
31.8%
30.0%
88
55
43
33.9%
262
29.5%
12.7%
280
10.0%
10.0%
11.9%
0
2010
19.7%
21.5%
2011
Residential buildings
2012
6.8%
0.0%
2009
2010
Total construction output
Civil engineering works
6.8%
7.0%
2011
2012
Specialized construction services
Non-residential buildings
Residential buildings
Source: GSO and StoxPlus
The contribution of construction to GDP has reduced gradually for the past 5 year and its trend is forecasted to continue in the future.
Residential buildings and civil engineering works are two main contributors to construction gross output with their percentage being 39% and 31% in
the year 2012.
Due to the economy slowdown in 2012, Construction output experienced the sharp decline in growth rate, especially the residential buildings and
non-residential building. However, the economic difficulties seem not affect to the specialized construction services and the civil engineering works
The National Assembly is discussing State Investment Law which can cancel terms allowing adjustment to successful bid price. It can negatively
affect the construction sector because many construction companies have been familiar with adjusting payment price from its approved bid price.
10
Thank to the golden age population with the urbanization rate up to 3% per year and high demand for infrastructure
development, the construction and infrastructure development sector has been potential in long term.
Figure 7: Construction and infrastructure value
11
Government approved big investment projects in infrastructure with total capital up to USD $ 116 billions in the period
2010-2020. However, due to economy slowdown, many projects have been delayed or even cancelled. We estimate that
only 53% projects can be implemented on time
12
Contents
13
14
Total cement consumption decreased by 7.4% in 2012 in which consumption in the North has the worst decline with 11.4%. However, consumption in the Central still increased and its market share also quickly rose up
Figure 11: Breakdown cement consumption by location
60
50.0%
50.2
50
Ton million
40
45.5
44.5
39.1
35%
36.3
33.3%
20
14.9%
40.0%
30.0%
31.5%
20.0%
34.5%
15%
21.2%
15%
23.5%
14.1%
10.0%
0.0%
10
51.8%
51.4%
21.4%
31.2%
35%
30
38.4%
49.2
50%
50%
47.3%
15.4%
11.6%
6.9%
10.7%
2.6%
1.9%
2008
45.3%
12.8%
2009
2010
2011
-7.3%
-10.0%
-12.0%
0
2007
2008
North (Hanoi)
2009
2010
Central
2011
2012
South (HCMC)
2012
-8.1%
-11.4%
-20.0%
North
Central
South
Whole country
15
At the end 2012, Vietnam had 68 rotary kilns with capacity of 67.3 million tons, took 98.3% total capacity. The
remaining 13 vertical kiln only took 1.7% total capacity and will be closed soon according to government
requirements. Vietnam cement plants often use European technology in which plants having capacity above 1 million
tons/year take 69.8% total country capacity
Figure 13: Technology of cement plants in 2012
1.7%
Year 2012
Number
North
98.3%
Vertical Kiln
Total Capacity
31.3
30
16.9
Central
12.1
2.1
South
4.6
1.7
27
48
35
20.7
Number
17
Whole country
Rotary Kiln
Total Capacity
33
35
30
30
24
25
20
30.2%
17
15
69.8%
10
7
3
0
North
Plants with Capacity <= 1 mil ton/year
Central
South
Total
16
Total capacity increased by 5% in 2012 and expected to increased by 11% in 2013 mostly thanks to new cement plants
in the Central coming into operation. However, most cement plants still concentrated in the North with capacity of 70%
country capacity
17
The South has been in short supply for a long time and the situation will not change much in 2013.
Figure 18: Capacity and demand by location in 2012
80.0
65.3
50.0
68.5
70.0
60.0
49.2
60.0
45.1
50.0
40.0
47.9
45.5
40.0
30.0
23.3 21.8
20.0
30.0
16.1
15.5
14.8
20.0
10.4
10.0
5.4
4.4
Central
23.0
14.3
South
Whole
-10.0
14.2
10.7
10.0
0.0
North
27.3
20.6
6.3
3.6
0.0
North
Central
South
-10.0
-20.0
Whole
-7.9
-10.1
-20.0
Capacity
Demand
Unbalance
Capacity
Demand
Unbalance
The South has been in short supply until 2012 and the situation will not change much in 2013. Most of the increase in total cement capacity
in 2013 will come from the Central
In fact, domestic clinker has been transported from the North and the Central to the South for many years with remarkably high
transportation freight. The South also has to import clinker (e.g. from Thailand) with higher price than domestic clinker, which increases the
Southern cement price.
In 2013, the Central have big increase in capacity, leading to the surplus in supply for the Central. The surplus is enough to cover the
shortage in supply of the South. However, whether the cement plant in the Central can occupy the South market is not clear. Thailand and
the Central have the same distance to the South but Thailand have better logistics and lower transportation costs. Laos can be a good
export market for Central cement plant due to short distance and low transportation costs. Vietnam export cement and import
gypsums/plaster from Laos
18
According with the high increase in cement capacity and weak domestic demand, many cement plants can not operate
in full capacity, leading to the sharply decrease in utilization rate.
19
Although export do not bring profit, some cement plants have to push up the export volume to cover variable costs
and absorb part of fixed costs
Figure 21: Clinker & cement export
10
9
1.7
8
7
2.6
0.5
5
4
7.3
3
2
1
5.7
5.5
3
0
2010
2011
Clinker
2012
7m2013
Cement
Source: Cement Association and StoxPlus
Popular FOB price is $40-$42 per ton clinker, lower by $8-$12 per
ton (25% lower price) than regional price. The FOB price was
even lower than domestic price, making exporting activities
unprofitable.
20
Vietnam cement is characterized with three groups of players including Vietnam Cement Industry Corporation (VICEM)
with 35% market share; foreign players including Holcim, Chinfon and LUKS Vietnam occupying 28% of market share.
The remaining 37% is contributed by many local private companies. Government still indirectly influence the cement
price through Vicem.
Figure 22: Market shares by key players
Fico
17%
Ha Long
10%
Lam Thach
6%
Song Gianh
11%
Quang
Son
12%
Thang Long
23%
Cam Pha
21%
VICEM
35%
Foreign-owned
producers
28%
Lafarge
5% Nghi Son
Phuc Son
16%
14%
Luks
7%
ChinFon
30%
Holcim
28%
Hoang Thach
17%
Bim Son
20%
Hoang Mai
10%
OthersTam Diep
6%
1%
Hai Van
Hai Phong 3%
8%
21
The South is a concentrated market with top 3 players taking 73% market share in 2012 while top 3 players in the North
only take 17% market share in 2012
Figure 23: Market shares by key players in 2011 - 2012
22
Contents
23
The cement price in the South has often been higher than that in the North by around VND 300,000 per ton due to high
transportation costs. Cement plants in the South have to use coals transported from Quang Ninh province with higher
price than those peers in the North
Figure 26: Average price by location
24
Coal/fuel is the biggest component in cost structure of clinker with 48% total cost, followed by the electricity with 16%
total cost. The increase in coal and electricity price eroded profit of cement plants because due to weak demand, the
increase in sales price is not enough to cover the increase in output price
Figure 28: Cement price in the North 2008 - 2013
1800
7%
1537
1600
10%
1450
1300
1400
VND thousand per ton
15%
4%
16%
48%
1200
1350
1050
900
1000
800
800
600
400
200
0
Raw material
Coal/fuel
Electricity
Labor cost
Depreciation
Source: StoxPlus
Others
2008
2009
2010
2011
2012
2013e
2014f
Source: StoxPlus
In our estimation, coal/fuel is the biggest component in cost structure of clinker with 48% total cost. In 9 month 2013, coal price
increased by 40% and fuel increased by 33% pushing cement cost increased by nearly 15%.
Electricity is the second biggest component with 16% of total cost. In 2013, the electricity price increased by 5% and it will continue to
rise.
In September 2013, cement price increased by 6% (VND 100,000 per ton). However, the increase in sales prices have not covered the
increase in coal and electricity price (coal increased by 40%, electricity increased by 5%), therefore we expect the cement price will go
up more by at least 6% in early 2014.
25
The EBITDA margin of Vietnam cement companies has been much lower than their peers in region like Thailand,
Indonesia or China. The reasons lay on high fuel cost structure and low utilization rate
26
In 2012, most of listed cement companies had lower EBITDA than that of 2011 due to high increase in input price like
coal and electricity. Most of high EBITDA margin companies belong to Vicem and foreign-owned group.
Figure 30: EBITDA of listed cement companies
27
The average D/E ratio of listed cement companies stood at high level of 3.9 times. Big borrowings put a burden to
cement companies and some of them go to bankrupt
Figure 31: D/E of listed cement companies
28
2/3 listed cement companies got loss or got break-even, only some companies had profit
29
Reasons for high manufacturing costs and low profit of Vietnam cement plants
30
Contents
31
Decision 1488/QD-TT approved The Master Plan in cement sector period 2011-2020
32
33
Contents
34
Since domestic players seem to be in a tight spot, foreign players are starting to take interest and invest heavy in
Vietnam Cement Sector. The Government has permitted a number of divestments of State ownership at some large
cement factories but not less than par value. In addition, the Government has already allowed foreign investors to
own cement factories along with materials mines (clay, limestone) in Vietnam
35
Opportunities for M&A in cement sector are obvious, however, successful M&A deal between domestic cement plant
and foreign investor requires not only efforts from both sides but also supports from government.
36
Contents
Appendix
37
38
There are two main types of cement in Vietnam market: Portland Cement (PC) and Portland Cement
Blended (PCB). Quality standards of Vietnam cement satisfy all international standards
39
40
41
42
43
VND Millions
BTS
BTS
BTS
BTS
VND Millions
HOM
HOM
HOM
HOM
2009
2010
2011
2012
2008
2009
2010
2011
2012
1,195,059 1,431,266
1,211,710
2,727,959
2,608,420
Sales
830,429
1,380,567
1,253,767
1,412,021
1,526,576
902,662 1,064,057
292,397
367,209
24.5%
25.7%
918,377
293,333
24.2%
2,006,655
721,305
26.4%
2,081,589
526,832
20.2%
577,703
252,726
30.4%
1,025,469
355,098
25.7%
926,116
327,651
26.1%
1,018,885
393,135
27.8%
1,168,409
358,167
23.5%
75,021
5.2%
109,940
7.7%
182,248
12.7%
164,707
346,956
24.2%
35,837
35,837
150,613
131,787
9.2%
221,952
15.5%
78,375
6.5%
87,611
7.2%
127,347
10.5%
117,315
244,662
20.2%
101,012
52,221
83,476
71,896
5.9%
10,637
0.9%
157,045
5.8%
133,342
4.9%
430,918
15.8%
268,385
699,302
25.6%
436,805
367,126
0
0
0.0%
68,165
2.5%
147,572
5.7%
76,445
2.9%
302,815
11.6%
0
302,815
11.6%
357,208
330,359
(31,821)
(31,821)
-1.2%
369,368
14.2%
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
27,770
3.3%
44,323
5.3%
180,633
21.8%
141,426
322,059
38.8%
101,319
84,798
58,513
58,513
7.0%
140,129
16.9%
55,880
4.0%
54,300
3.9%
244,918
17.7%
203,846
448,765
32.5%
110,204
94,160
152,049
152,041
11.0%
428,179
31.0%
63,453
5.1%
63,363
5.1%
200,835
16.0%
121,289
322,124
25.7%
105,301
96,347
107,913
102,776
8.2%
146,515
11.7%
65,065
4.6%
68,661
4.9%
259,409
18.4%
119,095
378,504
26.8%
117,768
110,550
151,522
129,577
9.2%
311,723
22.1%
65,727
4.3%
65,393
4.3%
227,046
14.9%
0
227,046
14.9%
103,665
103,373
132,459
112,709
7.4%
92,374
6.1%
2,267,581 2,240,828
222,032
76,070
1,896,836 2,044,069
1,918,902 2,401,436
781,923
209,198
426,004
4,782,939
975,649
443,032
349,138
4,516,178
889,489
340,127
347,578
4,203,810
465,530
108,258
308,372
1,924,319
525,283
99,484
248,251
1,724,181
528,722
150,888
327,226
1,611,477
599,412
73,659
350,014
1,522,088
713,280
157,140
422,437
1,431,553
Non-Current Liabilities
Borrowings
4,186,483 4,642,264
863,631
823,489
235,518
318,676
517,756
372,608
2,200,246 2,803,577
2,200,181 2,803,288
5,564,861
1,676,566
327,160
882,300
2,594,370
2,593,880
5,491,827
2,056,821
308,980
1,196,984
2,366,526
2,365,376
5,093,299
2,246,821
428,884
1,422,553
1,862,828
1,862,828
Non-Current Liabilities
Borrowings
2,389,849
685,147
72,557
478,467
907,051
907,051
2,249,464
763,027
100,982
585,182
628,318
627,878
2,140,199
857,305
146,693
609,494
425,037
419,039
2,121,500
765,423
98,672
486,606
443,801
432,340
2,144,832
871,445
150,730
607,070
341,718
326,227
Total Liabilities
Net Assets
3,063,877 3,627,066
1,122,606 1,015,198
4,270,937
1,293,925
4,423,347
1,068,480
4,109,649
983,650
Total Liabilities
Net Assets
1,592,198
797,651
1,391,345
858,119
1,282,341
857,858
1,209,225
912,275
1,213,163
931,669
62.5%
64.9%
64.5%
58.0%
53.9%
48.1%
43.3%
43.5%
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
2008
BTS
49,348
4.1%
65,043
5.4%
178,006
14.9%
169,967
347,972
29.1%
60,457
60,457
121,360
104,370
8.7%
(1,318,556)
-110.3%
64.9%
68.4%
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
44
45
CCM
CCM
CCM
CCM
CCM
2008
2009
2010
2011
2012
Sales
201,771
240,805
225,257
230,557
172,853
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
176,234
25,536
12.7%
200,997
39,808
16.5%
188,706
36,551
16.2%
188,253
42,304
18.3%
142,618
30,235
17.5%
8,254
3.4%
3,563
1.5%
27,991
11.6%
5,546
33,538
13.9%
4,476
2,476
23,819
19,480
8.1%
(2,656)
-1.1%
9,405
4.2%
4,788
2.1%
22,359
9.9%
4,562
26,921
12.0%
8,110
6,408
16,108
12,088
5.4%
(52,135)
-23.1%
11,872
5.1%
6,809
3.0%
23,623
10.2%
4,559
28,182
12.2%
16,306
15,628
7,084
5,825
2.5%
3,776
1.6%
6,054
3.5%
7,232
4.2%
16,949
9.8%
0
16,949
9.8%
9,098
8,936
8,052
7,454
4.3%
21,081
12.2%
70,711
33,991
22,039
35,611
101,717
57,143
17,931
45,512
140,436
76,198
31,821
71,057
133,279
74,916
48,639
86,037
132,737
67,260
56,017
88,277
106,322
65,597
14,977
48,465
47
0
147,229
50,800
14,478
30,813
0
0
211,494
98,979
8,167
88,024
3,604
0
219,315
108,173
33,607
69,218
0
0
221,014
103,583
45,095
50,650
120
0
Total Liabilities
Net Assets
65,644
40,678
50,800
96,429
102,583
108,911
108,174
111,142
103,703
117,311
45.6%
20.9%
41.6%
31.6%
22.9%
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
HVX
HVX
HVX
HVX
2008
2009
2010
2011
2012
Sales
277,535
362,713
447,014
666,340
713,288
Cost of Sales
266,061
329,904
407,148
577,937
603,633
Gross Profit
11,473
32,809
39,866
88,403
109,655
4.1%
9.0%
8.9%
13.3%
15.4%
35,500
GP Margin %
Overhead Expenses
4,829
2.4%
5,401
2.7%
15,307
7.6%
5,292
20,599
10.2%
6,412
5,773
10,217
8,970
4.4%
21,603
10.7%
Current Assets
Accounts receivable
Inventory
HVX
8,447
9,480
14,040
32,237
S&M %
3.0%
2.6%
3.1%
4.8%
5.0%
Administration
8,993
14,400
15,254
34,225
27,025
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
3.2%
4.0%
3.4%
5.1%
3.8%
(5,966)
8,929
10,573
21,941
47,131
6.6%
-2.1%
2.5%
2.4%
3.3%
15,710
19,744
20,798
25,616
9,744
28,673
31,371
47,558
47,131
3.5%
7.9%
7.0%
7.1%
6.6%
2,219
1,641
2,189
7,356
22,466
2,077
1,630
2,184
2,952
2,702
1,064
8,735
10,668
17,903
28,635
18,993
766
6,741
7,284
9,320
0.3%
1.9%
1.6%
1.4%
2.7%
(979)
4,301
53,882
44,019
43,547
CFO/Sales
-0.4%
1.2%
12.1%
6.6%
6.1%
162,124
150,858
130,147
162,420
229,864
39,890
62,435
27,102
29,001
70,954
80,036
60,865
54,923
49,033
31,365
Non-Current Assets
173,713
165,014
153,147
112,196
84,040
Total Assets
335,838
148,184
315,872
121,966
283,294
90,525
274,616
78,992
313,903
109,154
50,807
57,820
52,955
40,371
67,309
31,540
20,500
85
202
387
500
Total Liabilities
148,270
122,168
90,911
79,491
109,154
Net Assets
187,568
193,704
192,383
195,125
204,749
9.4%
6.5%
0.0%
0.0%
0.0%
Current Assets
Accounts receivable
Inventory
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
46
SONG DA CEMENT
QNC
QNC
QNC
VND Millions
VND Millions
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
SCC
SCC
SCC
SCC
SCC
QNC
2008
2009
2010
2011
2012
744,446
567,439
177,006
23.8%
960,632
733,209
227,423
23.7%
1,418,765
1,133,322
285,443
20.1%
1,630,898
1,313,990
316,907
19.4%
1,600,004
1,390,629
209,376
13.1%
11,704
1.6%
42,058
5.6%
123,244
16.6%
79,629
202,873
27.3%
85,954
69,773
67,586
54,684
7.3%
(12,062)
-1.6%
38,313
4.0%
61,675
6.4%
127,435
13.3%
0
127,435
13.3%
73,638
61,740
83,744
71,054
7.4%
(20,027)
-2.1%
48,094
3.4%
82,700
5.8%
154,649
10.9%
94,217
248,865
17.5%
126,154
101,386
74,176
58,093
4.1%
(11,979)
-0.8%
34,775
2.1%
92,317
5.7%
189,815
11.6%
93,598
283,413
17.4%
177,009
152,587
37,918
27,636
1.7%
(207,503)
-12.7%
16,552
1.0%
90,714
5.7%
102,110
6.4%
0
102,110
6.4%
115,006
112,943
7,435
3,930
0.2%
111,837
7.0%
610,431
257,196
239,044
667,143
671,671
287,540
182,953
865,541
822,911
397,855
211,504
981,252
1,138,028
391,320
533,943
1,082,262
1,201,218
638,371
293,562
1,178,853
1,277,573
493,923
52,553
226,582
584,456
582,604
1,537,211
722,350
76,705
358,439
588,563
585,852
1,804,162
799,293
114,674
486,436
772,541
693,806
2,220,290
1,021,270
215,806
578,246
958,699
883,257
2,380,071
1,202,747
328,991
647,516
955,181
833,597
1,078,380
199,193
1,310,913
226,298
1,571,834
232,328
1,979,969
240,322
2,157,928
222,143
63.3%
61.4%
65.4%
65.8%
62.2%
2008
2009
2010
2011
2012
Sales
69,231
84,579
57,770
57,134
34,949
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
59,948
9,283
13.4%
74,395
10,184
12.0%
55,466
2,304
4.0%
56,322
813
1.4%
34,431
518
1.5%
2,665
3.8%
3,733
5.4%
2,885
4.2%
2,501
5,385
7.8%
0
0
5,400
4,711
6.8%
(7,350)
-10.6%
2,865
3.4%
3,923
4.6%
3,395
4.0%
1,200
4,595
5.4%
5
0
7,396
6,550
7.7%
16,396
19.4%
1,798
3.1%
3,207
5.6%
(2,701)
-4.7%
1,008
(1,693)
-2.9%
0
0
(898)
(898)
-1.6%
(11,311)
-19.6%
2,198
3.8%
3,412
6.0%
(4,797)
-8.4%
1,173
(3,624)
-6.3%
0
0
(3,055)
(3,490)
-6.1%
(1,576)
-2.8%
1,937
5.5%
3,477
9.9%
(4,896)
-14.0%
0
(4,896)
-14.0%
6
6
(3,300)
(3,300)
-9.4%
(2,809)
-8.0%
37,417
8,615
13,498
10,197
39,118
9,064
10,960
10,505
34,586
16,998
11,877
9,389
31,998
12,723
10,208
14,769
25,795
12,410
6,271
12,466
Non-Current Liabilities
Borrowings
47,614
7,847
15
2,950
407
0
49,622
8,486
4,028
0
511
0
43,975
7,456
4,362
0
618
618
46,767
13,650
11,026
0
706
0
38,261
9,151
6,672
0
0
0
Total Liabilities
Net Assets
8,253
39,361
8,998
40,625
8,074
35,901
14,356
32,410
9,151
29,110
6.2%
0.0%
1.4%
0.0%
0.0%
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
47
48
VND Millions
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
MAX
MAX
MAX
MAX
MAX
2008
2009
2010
2011
2012
444,348
244,021
122,711
0
0
0.0%
0
0
0.0%
392,330
52,018
11.7%
224,448
19,573
8.0%
114,899
7,812
6.4%
0
0.0%
0
0.0%
0
0.0%
0
0
0.0%
0
0
0
0
0.0%
(20,136)
0.0%
3,639
0.8%
944
0.2%
47,435
10.7%
0
47,435
10.7%
304
304
47,155
47,155
10.6%
(18,095)
-4.1%
4,074
1.7%
937
0.4%
14,561
6.0%
0
14,561
6.0%
3,260
3,260
11,319
10,282
4.2%
1,400
0.6%
1,755
1.4%
1,027
0.8%
5,029
4.1%
0
5,029
4.1%
4,310
4,310
723
633
0.5%
(13,716)
-11.2%
0
0
0
0
56,121
25,713
28,882
46,887
142,103
62,103
77,641
45,420
156,637
65,087
88,771
42,297
Non-Current Liabilities
Borrowings
0
0
0
0
0
0
103,007
20,553
19,589
0
0
0
187,523
57,894
36,360
20,500
20
0
Total Liabilities
Net Assets
0
0
20,553
82,454
0.0%
0.0%
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
VND Millions
SDG
SDG
SDG
SDG
SDG
2008
2009
2010
2011
2012
Sales
165,036
195,369
231,532
279,942
293,244
Cost of Sales
139,466
162,248
199,581
249,124
261,074
Gross Profit
25,570
33,122
31,951
30,818
32,170
15.5%
17.0%
13.8%
11.0%
11.0%
2,898
GP Margin %
Overhead Expenses
0
0.0%
0
0.0%
0
0.0%
0
0
0.0%
0
0
0
0
0.0%
0
0.0%
Current Assets
Accounts receivable
Inventory
1,502
2,135
2,577
2,751
S&M %
0.9%
1.1%
1.1%
1.0%
1.0%
Administration
5,206
5,586
6,218
8,730
13,764
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
3.2%
2.9%
2.7%
3.1%
4.7%
18,862
25,401
23,156
19,337
15,508
11.4%
13.0%
10.0%
6.9%
5.3%
7,270
7,330
26,132
32,731
23,156
19,337
15,508
15.8%
16.8%
10.0%
6.9%
5.3%
9,345
10,392
11,361
11,515
7,457
8,182
7,064
8,136
9,427
7,182
14,914
35,577
38,603
31,357
33,026
10,740
30,035
31,866
26,667
27,499
6.5%
15.4%
13.8%
9.5%
9.4%
29,738
33,521
15,742
113,909
37,729
CFO/Sales
18.0%
17.2%
6.8%
40.7%
12.9%
177,659
88,265
88,329
39,177
Current Assets
Accounts receivable
68,205
101,736
120,701
113,592
98,022
23,025
37,041
48,372
59,925
50,943
28,884
43,564
53,914
45,031
44,243
Non-Current Assets
109,110
100,279
99,702
95,381
93,827
198,934
76,295
38,677
19,500
20
0
216,836
94,691
41,030
31,500
20
0
Total Assets
177,315
34,973
202,015
61,026
220,403
84,976
208,973
93,301
191,849
95,685
57,914
129,609
76,315
122,619
94,711
122,125
10.9%
9.8%
14.5%
Inventory
Current Liabilities
Accounts payable
7,341
8,908
3,478
6,682
2,451
10,407
24,076
49,947
43,709
46,812
84,950
62,846
40,969
22,893
84,937
62,610
40,758
22,530
119,923
123,871
125,945
116,194
95,685
Net Assets
57,392
78,144
94,458
92,779
96,164
53.8%
42.9%
41.2%
31.7%
24.4%
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
49
50
YBC
YBC
YBC
YBC
YBC
2008
2009
2010
2011
2012
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
225,674
168,512
57,162
25.3%
313,772
250,872
62,900
20.0%
299,300
237,386
61,914
20.7%
333,203
274,206
58,997
17.7%
359,139
321,424
37,715
10.5%
18,954
8.4%
8,567
3.8%
29,641
13.1%
21,748
51,390
22.8%
26,084
25,861
6,076
5,466
2.4%
234
0.1%
23,108
7.4%
9,135
2.9%
30,658
9.8%
29,457
60,114
19.2%
25,326
25,325
9,168
8,585
2.7%
34,440
11.0%
24,471
8.2%
8,241
2.8%
29,202
9.8%
20,247
49,448
16.5%
32,680
32,680
2,371
1,767
0.6%
8,007
2.7%
23,256
7.0%
9,158
2.7%
26,583
8.0%
20,888
47,471
14.2%
44,276
44,276
(14,163)
(14,865)
-4.5%
4,006
1.2%
14,372
4.0%
9,366
2.6%
13,976
3.9%
0
13,976
3.9%
37,105
37,086
(19,697)
(19,705)
-5.5%
15,594
4.3%
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
66,086
28,064
20,999
281,703
70,642
33,734
23,931
266,924
92,927
46,965
31,330
258,473
98,512
47,089
43,005
246,238
105,074
51,875
46,267
269,248
347,789
111,837
23,627
78,151
177,840
177,577
337,567
117,119
23,827
83,766
146,655
146,274
351,400
167,996
39,346
121,338
115,647
115,127
344,750
189,257
50,238
126,321
102,607
101,856
374,323
193,501
54,420
116,109
147,614
136,826
289,677
58,112
263,774
73,793
283,642
67,758
291,865
52,886
341,115
33,208
73.5%
68.1%
67.3%
66.2%
67.6%
LCC
LCC
LCC
LCC
LCC
VND Millions
2008
2009
2010
2011
2012
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
0
0
0
0.0%
166,772
141,751
25,020
15.0%
135,545
125,405
10,141
7.5%
110,762
99,670
11,092
10.0%
150,748
161,582
(10,834)
-7.2%
0
0.0%
0
0.0%
0
0.0%
0
0
0.0%
0
0
0
0
0.0%
0
0.0%
7,580
4.5%
5,501
3.3%
11,939
7.2%
0
11,939
7.2%
3,177
0
9,161
8,327
5.0%
0
0.0%
6,340
4.7%
6,138
4.5%
(2,337)
-1.7%
6,679
4,342
3.2%
3,671
3,671
(5,741)
(5,741)
-4.2%
75,187
55.5%
4,690
4.2%
4,566
4.1%
1,835
1.7%
6,972
8,807
8.0%
3,931
3,931
(1,598)
(1,598)
-1.4%
(24,941)
-22.5%
7,154
4.7%
5,809
3.9%
(23,796)
-15.8%
0
(23,796)
-15.8%
53,427
50,228
(78,955)
(78,955)
-52.4%
(25,376)
-16.8%
75,850
57,909
14,051
62,822
32,744
10,571
11,852
69,690
49,649
25,427
11,543
260,248
50,081
24,122
13,446
471,011
54,843
25,284
23,210
489,730
138,672
23,827
0
23,827
56,101
0
102,434
28,249
0
28,249
27,070
0
309,897
80,955
55,905
14,713
176,243
175,650
521,092
127,576
96,988
22,701
338,415
338,415
544,573
158,953
74,772
45,376
409,474
407,584
79,928
58,744
55,319
47,115
257,198
52,699
465,991
55,102
568,426
(23,854)
17.2%
27.6%
61.4%
69.3%
83.2%
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
51
52
Contents
53
StoxPlus Corporation
Information Services
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services to financial
sector in Vietnam
A sustainable client
portfolio including top
10 brokerage firms
Investing Tools
An in-house built
platform for thousands
of sophisticated investors
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professionals delivering
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Clients include Forbes 100
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54
Business Intelligence
Market understandings
Market assessment
Competition analysis
Market dynamics
Industry analysis
Customer segmentation
PPP/Joint ventures/M&A/licensing
Healthcare Sector
Consumerism
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Hospital operation
Beers
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Drugs
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Medical devices
Alcoholic
Construction materials
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Laboratory/medical testing
Pharmaceutical
Brokerage
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Natural rubbers
55
Korea
Japan
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SK Group
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Daiwa Can
Banking
Investment Screening
Banking
Flexible Packaging
Research on cross-holding
ownership in Vietnamese
banks and how local banks
played around the deposit cap
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Japan
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Incorporation
Home Builders
Cement
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56
Thuan Nguyen
CEO
+84 (0) 35626962 (ext. 111)
+84 (0) 98398 0000
thuan.nguyen@stoxplus.com
Huong Thieu
Research Manager
+84 (0) 35626962 (ext. 108)
Huong.thieu@stoxplus.com
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57