CORPORATE FINANCE FINAL Phân tích báo cáo tài chính công ty SABECO

DA NANG UNIVERSITY OF ECONOMICS
Faculty of International Business

REPORT
FINANCIAL STATEMENT ANALYSIS
SAIGON BEER ALCOHOL BEVERAGE CORPORATION
Academic Advisor : Ph.D Thái Thị Hồng Ân
Class Code

: FIN3004_46K01.3

Group 4

: Lê Thị Hà An
Nguyễn Thị Thùy Dương
Hoàng Thị Tường Vy
Nguyễn Nhật Lam
Nguyễn Như Quân

Class

: 46K01.3

Da Nang, November, 2021



INDIVIDUAL CONTRIBUTION EVALUATION

No.

1

2

3

4

5

Student
Name

Evaluation
Individual Duties

(Attitude, Submit
on time/late, ect)

Lê Thị
Hà An

Key milestone, strategy
promoting the revenue
of company; Comment
the capital structure &
conclusion; Format the
report.

Nguyễn Thị

Thùy Dương

The sight of the
company’s
main
sources of income;
Comment market value
ratios & conclusion

Nguyễn
Nhật Lam

Operation industry of
company;
Comment
turnover
ratios
&
conclusion

Positive
attitude;
Submit deadlines on
time; Join meeting
on and actively give
suggestions for the
report
Positive
attitude;
Submit deadlines on

time; Join meeting
on and actively give
suggestions for the
report
Positive
attitude;
Submit deadlines on
time; Join meeting
on and actively give
suggestions for the
report

%
Contribution

100%

100%

100%

Hoàng Thị
Tường Vy

General information of
the company; Core
business
activities;
Comment profitability
ratios & conclusion

Positive
attitude;
Submit deadlines on
time; Join meeting
on and actively give
suggestions for the
report

100%

Nguyễn
Như Quân

Positive
attitude;
The company’s assets Submit deadlines on
and
liabilities; time; Join meeting
Comment
liquidity on and actively give
ratios & conclusion
suggestions for the
report

100%

GROUP 4 – Class 46K01.3

2

TABLE OF CONTENTS
I.

Overview Saigon Beer Alcohol Beverage Corporation (SAB) ........................... 6
1. General information of company ....................................................................... 6
a) Vision: ................................................................................................................ 6
b) Mission: .............................................................................................................. 6
c) Core values: ....................................................................................................... 6
2. Core business activities ....................................................................................... 7
3. Key milestones of Saigon Beer Beverage........................................................... 7
4. Operation industry of company ......................................................................... 7
5. Strategies to generate returns in the context of economic and industry
conditions .................................................................................................................... 8
a) Focus on 4Cs Commitment Strategy: ................................................................ 8
b) Promote stakeholder engagement: ..................................................................... 8
c) Diversify different lines and designs of products on the domestic and
international market: ................................................................................................. 8
d) Strengthen relationships with investors and maintain fairness and benefits for
shareholders: ............................................................................................................. 8

II. Overview The Company’s Finance ....................................................................... 8
1. Key assets ............................................................................................................. 8
2. Key liabilities........................................................................................................ 8
3. The sight of the company’s main sources of income ........................................ 8
a) Income classification by sales channel: ............................................................. 8
b) Income classification by distributions channel: ................................................. 9
c) Income from business activities: ........................................................................ 9
III.

Analyze the financial report: ............................................................................ 10

1. Liquidity ratios .................................................................................................. 10
a) Analyzation: ..................................................................................................... 10
b) Comparing to the industry averages ratios and competitors’ ratios: ............... 10
c) Reasons for the tendency of changes in liquidity ratios: ................................. 12
2. Capital Structure ratios: ................................................................................... 12
a) Analyzation: ..................................................................................................... 12
b) Comparing to the industry averages ratios and competitors’ ratios: ............... 13
c) Reasons for the tendency of changes in capital structure ratios: ..................... 16
3. Turnover ratios .................................................................................................. 16
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a) Analyzation: ..................................................................................................... 16
b) Comparing to the industry averages ratios and competitors’ ratios: ............... 18
c) Reasons for the tendency of changes in turnover ratios: ................................. 20
4. Profitability ratios ............................................................................................. 20
a) Analyzation: ..................................................................................................... 20
b) Comparing to the industry averages ratios and competitors’ ratios: ............... 22
c) Reasons for the tendency of changes in profitability ratios:............................ 24
5. Market value ratios ........................................................................................... 24
a) Analyzation: ..................................................................................................... 24
b) Comparing to the industry averages ratios and competitors’ ratios: .............. 25
c) Reasons for the tendency of changes in market value ratios: .......................... 28
IV.

Conclusion .......................................................................................................... 28

V. Calcaluted data for SABECO: ............................................................................ 29
VI.

References: ......................................................................................................... 30

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LIST OF TABLES
Table 1.1 SABECO's current ratio in 5 years 2017-2021 ............................................. 10
Table 1.2 SABECO's quick ratio in 5 years 2017-2021 ................................................ 10
Table 1.3 Compared total quick ratio among SABECO, HABECO and industry from
2017 to 2021 .................................................................................................................. 11
Table 1.4 Compared total current ratio among SABECO, HABECO and industry from
2017 to 2021 .................................................................................................................. 11
Table 2.1 Total debt ratio of SABECO from 2017 to 2021 .......................................... 12
Table 2.2 Debt to equity ratio of SABECO from 2017 to 2021 .................................... 13
Table 2.3 Equity multiplier of SABECO from 2017 to 2021 ....................................... 13
Table 2.4 Compared total debt ratio among SABECO, HABECO and industry from
2017 to 2021 .................................................................................................................. 14
Table 2. 5 Compared debt to equity ratio among SABECO, HABECO and industry from
2017 to 2021 .................................................................................................................. 14
Table 2.6 Compared equity multiplier ratio among SABECO, HABECO and industry
from 2017 to 2021 ......................................................................................................... 15
Table 3.1 Inventory turnover of SABECO from 2017 to 2021 ..................................... 16
Table 3.2 Receivables turnover of SABECO from 2017 to 2021 ................................. 17

Table 3.3 Fixed asset turnover of SABECO from 2017 to 2021 .................................. 17
Table 3.4 Total asset turnover of SABECO from 2017 to 2021 ................................... 17
Table 3.5 Compared inventory turnover among SABECO, HABECO and industry from
2017 to 2021 .................................................................................................................. 18
Table 3.6 Compared receivables turnover among SABECO, HABECO and industry
from 2017 to 2021 ......................................................................................................... 18
Table 3.7 Compared fixed asset turnover among SABECO, HABECO and industry from
2017 to 2021 .................................................................................................................. 19
Table 3.8 Compared total asset turnover among SABECO, HABECO and industry from
2017 to 2021 .................................................................................................................. 20
Table 4.1 SABECO’s profit margin from 2017 to 2021 ............................................... 21
Table 4.2 Analyzing SABECO’s ROA rates from 2017 to 2021 .................................. 21
Table 4.3 Analyzing SABECO’s ROE rates from 2017 to 2021 .................................. 22
Table 4.4 Compared profit margin among SABECO, HABECO and industry from 2017
to 2021 ........................................................................................................................... 22
Table 4.5 Compared return on assets rate (ROA) among SABECO, HABECO and
industry from 2017 to 2021 ........................................................................................... 23
Table 4.6 Compared return on equity rate (ROE) among SABECO, HABECO and
industry from 2017 to 2021 ........................................................................................... 23
Table 5.1 EPS and P/E of SABECO from 2017 to 2021 .............................................. 25
Table 5.2 Sabeco’s P/B ratio from 2017 to 2021 .......................................................... 25
Table 5.3 Compared earning per share (EPS) among SABECO, HABECO and industry
from 2017 to 2021 ......................................................................................................... 26
Table 5.4 Compared price/earning ratio (P/E) among SABECO, HABECO and industry
from 2017 to 2021 ......................................................................................................... 26
Table 5.5 Compared price/earning ratio (P/B) among SABECO, HABECO and industry
from 2017 to 2021 ......................................................................................................... 27

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I.
Overview Saigon Beer Alcohol Beverage Corporation (SAB)
1. General information of company
- Corporate Name: TONG CONG TY CO PHAN BIA – RUOU – NUOC GIAI
KHAT SAI GON
- English Name SAIGON BEER – ALCOHOL – BEVERAGE
CORPORATION
- Abbreviated Name: SABECO
- Established day: 01/06/1977
- Charter Capital: VND 6,412,811,860,000
- Legal Representatives: Mr. Koh Poh Tiong - Chairman of the Board of
Directors
- Mr. Neo Gim Siong Bennett - General Director
- Registered Office 187 Nguyen Chi Thanh, Ward 12, District 5, Ho Chi Minh
City, Vietnam
- Headquarters 5th Floor, Vincom Center, 72 Le Thanh Ton, Ben Nghe Ward,
District 1, Ho Chi Minh City, Vietnam
- Email
- Website:
a) Vision:
“Develop SABECO to become the leading beverage group in Vietnam, having a
firm foothold in regional and international markets.” (2025)
b) Mission:
- Develop Vietnam’s beverage industry to keep pace with the world.
- Promote the culinary culture of Vietnamese people.
- Improve the quality of life by providing high-quality, safe and healthy
beverages.

- Bring practical benefits to shareholders, customers, partners, employees and
society.
- Satisfy and meet the needs of beverages under the international food safety
standards “Food hygiene and safety and environmental protection”.
- Fulfill obligations to the State on the basis of transparency in business.
- Actively participate in community activities.
- Ensure the development towards international integration.
c) Core values:
Traditional brand: The superiority of a traditional brand is built and confirmed
over time. Customers have many choices and are well taken care of the services.
SABECO has become a “top of mind” in the hearts of customers.
Social Responsibility: The development of social responsibility is the tradition of
SABECO. We provide the society safe and useful products, and we always wish to share
and take responsibility for social work and environmental protection with practical
action.
Cooperation for Mutual Benefits: We build "mutually beneficial" partnerships as
the basis for sustainable development. We develop appropriate policies for long
cooperation with partners.
Sticking: Sticking to a friendly, sharing environment. Where people are
empowered to learn, create and contribute to the joy of success.
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Continuous improvement: We are not satisfied with present and are always
dreaming of rising, learning, creating, and innovating to meet constantly changing
needs. Continuous learning, creativity and innovation is our style.
2. Core business activities
- Produce and sell beer, alcohol and beverages and related products including

materials and packaging;
- Provide transportation, logistics and warehousing services;
- Manufacture mechanical products, build steel components and provide
mechanical installation services; and
- Provide construction and real estate services.
3. Key milestones of Saigon Beer Beverage
- 1875: A little brewery established by Victor Larue in Saigon
- 1977: The foundation of Saigon Beer Factory
- 1985: Introduction of 333 beer can on the market
- 1992 - 1999: Introduction of many lines of Saigon beer under the design of
bottle & appearance of Saigon Beer Company (1993)
- 2003: The foundation of Saigon Beer - Alcohol - Beverage Corporation
(SABECO)
- 2016 - 2018: SABECO has been listed on HOSE (2016) and accepted the
transfer in the structure of the managerial organization (Thaibev)
- 2019 - 2021: The relaunch of 333 and Bia Saigon; achieve in the Australian
international beer Awards.
4. Operation industry of company
In recent years, Vietnam's food and beverage market has become attractive to
foreign businesses through a series of transfer, merger, and acquisition deals between
foreign and domestic enterprises. The domestic market, when there are foreign
enterprises, has become vibrant and since then the competition among domestic
enterprises has also become stronger than ever. Competing businesses can be mentioned
such as:
➢ Heineken: It is a large enterprise in the world with the strength of beer
production. Heineken has the strength of brand and class, so it has dominated
most of the segments premium line beer. Although the beer output is only ½ of
that of SABECO (domestic beer production company), the profit is nearly 2,000
billion VND per year. Heineken will not stop there; Heineken will continue to hit
the Vietnamese market because this market is one of the strongest beer

consumption markets.
➢ Carlsberg: It is also a major beer producer in the world. This company has been
present in Vietnam since the early 90s. From the beginning, Carlsberg has had
"great tricks" and has gradually stood firm in the Vietnamese market.
➢ Habeco: Although it is a domestic enterprise, it can still compete with the above
enterprises and SABECO. With foreign enterprises, Habeco competes on brands,
with domestic enterprises, Habeco competes on domestic prices and positioning
products in customers' minds, preferring to use Vietnamese products.
The active presence of foreign enterprises in the Vietnamese market opens up
many opportunities for cooperation and investment in production in industrial parks,
creating jobs for workers, transferring technology, and bringing products into the world
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diversification and utility. However, this is also a big challenge for domestic enterprises
when their competitiveness is still weak, requiring efforts in innovating and adapting to
integrate into the common commercial "playground". Therefore, along with diversifying
products to meet the trend of consumer tastes, it is more important for food and beverage
businesses to increase product quality from every stage in the production chain. We can
see that the food and beverage industry is very potential and promising in the future.
5. Strategies to generate returns in the context of economic and industry
conditions
a) Focus on 4Cs Commitment Strategy:
The 4Cs Commitment Strategy belongs to the corporation’s sustainable
development activities, including four pillars: promoting consumption, adapting
environment conversation, bringing the country's pride, and supporting traditional
culture. This strategy forwards building the brand in the long run.
b) Promote stakeholder engagement:

SABECO should take advantage of its collaborative and close engagement with
all stakeholders based on trust, transparency, and mutual benefits. They can be the
strongest motivators in orienting substantial development as well as expanding the scale
of products.
c) Diversify different lines and designs of products on the domestic and
international market:
SABECO focuses on diversifying SABECO products from tastes to design to
meet the constantly changing demand of customers and increase their competitive
ability. In addition, the company also survey and analyze the market before creating a
new version to catch the beer-consuming tendency in the domestic and global markets.
d) Strengthen relationships with investors and maintain fairness and benefits for
shareholders:
The company continue to ensure the public annual disclosures are accurate and
timely and must to update the relevant document within 21 days before the shareholders’
meeting for the research process. Moreover, proactively communicating with investors
and interested parties through emails, phones, and press releases to attract investment
sources better is considered as one good measure.
II.
Overview The Company’s Finance
1. Key assets
Total assets were VND 30,487 billion in 2021 (Short-term financial investments
56%, Long-term assets 25%), increased by 11,4%.
YTD The current assets increased by 17,2% YTD, mainly coming from higher
cash and cash equivalent, term deposit, and inventories. The long-term assets decreased
by 3,2% YTD, basically coming from OCB and DIG divestment and lower profit sharing
from investments in joint ventures and associates.
2. Key liabilities
Liabilities were VND 7,892 billion in 2021, increased by 28,1% YTD, mainly
coming from 2021 dividend payables, trade account payables for packaging, and Saigon
Beer - Quang Ngai Brewery expansion and higher accrual of marketing and promotion

expenses.
3. The sight of the company’s main sources of income
a) Income classification by sales channel:
- Retail: SABECO’s retail system is distributed throughout 63 provinces and
cities across the country with more than 600.000 outlets.
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-

Wholesale: SABECO has a wide wholesale network with 1 master trading
company, 10 regional trading companies, 26 Subsidiaries, and 18 Associates
and Joint Ventures.
- Export: SAB promotes export products to overseas markets, currently
accounting for only 2% of total income. SAB planned to promote the export
Saigon beer and 333 beer. Up to now, SABECO has exported Saigon Beer
products to many overseas markets, including:
+ The Americas: USA, Canada, Chile, Panama…
+ Europe: Denmark, Germany, France, Netherlands, Sweden, Switzerland,
Spain, Russia, England, ….
+ Oceania: Australia, New Zealand
+ Africa: West Africa
+ Asia: Laos, China, Japan, Taiwan, Korea, Singapore, Philippines, Hong
Kong, Malaysia, Cambodia, Thailand,
b) Income classification by distributions channel:
SABECO has two main distribution channels: on-trade and off-trade. Under the
impact of Decree No.100 and Covid-19, off-trade became the main driver for the growth
of SABECO, while income from on-trade was almost equal to zero during social

distancing.
c) Income from business activities:

-

-

-

Beer: Saigon beer, Gold Saigon, Chill Saigon Special, Saigon Export, Bia
Saigon Lager, Beer 333,... In particular, SABECO's Saigon Beer has been the
leading brand in Vietnam for many years. This is the product group that
accounts for SABECO's largest output. Therefore, this source of income
accounts for the majority of SABECO's total income, with 86,30% in 2020.
Materials Trading: Materials Trading is the second largest source of income
for SABECO, accounting for 13,17% of total income in 2020.
Beverages: SABECO provides a lot of beverages such as Sa Xi Chuong
Duong, Sa Xi Chuong Duong, Nam Phuong Bird’s Nest Aloe Vera, Soda
Chuong Duong, Bottled Drinking Water Chuong Duong,... However, they
account for only a small part of total income at 0,69%.
Wines & Liquors: Ruou Nep Binh Tay Rice Liquor, Nang Huong Rice
Liquor, Feel Cocktails, De Binh Tay Rice Liquor, John Saigon, Caravelle Red

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Rhum,... This product group brings the lowest income, accounting for only
0,15% of SABECO's total income.

III. Analyze the financial report:
1. Liquidity ratios
a) Analyzation:
➢ Current ratio
(Unit: VND, %)
2017

2018

2019

20202

Current
assets

13.686.327.
476.651

14.690.168
.205.219

19.164.602.
511.633

19.513.381.452 22.877.033.
.440
322.264

Current

liabilities

7.401.584.6
03.555

5.925.696.
932.383

6.087.830.0
53.039

5.173.043.219. 7.258.020.5
872
35.153

Current
ratio

1,85

2,48

3,15

3,77

2021

3,15

Table 1.1 SABECO's current ratio in 5 years 2017-2021
The ratio grew steadily from 2017 and reached 3,77 in 2020 but reduced in 2021.
However, SABECO still keeps it at a high value, which shows that the company is ready
to pay its debts and pretty worthy to be invested. On the other hand, SABECO may have
invested too much in short-term assets or in other words, the management of short-term
assets could be not effective.
➢ Quick Ratio
(Unit: VND, %)
2017

2018

2019

2020

Current
assets

13.686.327
.476.651

14.690.168.
205.219

19.164.602.5
11.633

19.513.381.4 22.877.033.3
52.440

22.264

Inventory

2.003.535.
067.335

1.813.754.1
90.894

1.967.137.71
9.907

1.446.832.99 1.668.001.73
4.933
4.209

Short - term
liabilities

7.401.584.
603.555

5.925.696.9
32.383

6.087.830.05
3.039

5.173.043.21 7.258.020.53

9.872
5.153

Quick ratio

1,58

2,17

2,82

3,49

2021

2,922

Table 1.2 SABECO's quick ratio in 5 years 2017-2021
As can be seen from the table, the quick ratio is much bigger than 1, which shows
that SABECO 's solvency is still good, inventory accounts for a low and insignificant
proportion in 5 years, the company does not need to worry about liquidating inventory.
b) Comparing to the industry averages ratios and competitors’ ratios:
➢ Quick ratio
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(Unit: times)
2017

2018

2019

2020

2021

SABECO

1,58

2,17

2,82

3,49

2,922

HABECO

1,17

1,39

1,91

2,24

1,80

Average
Industry

1,08

1,38

1,89

2,48

2,28

Table 1.3 Compared total quick ratio among SABECO, HABECO and industry from
2017 to 2021

➢ Current ratio
(Unit: times)
2017

2018

2019

2020

2021

SABECO

1,85

2,48

3,15

3,77

3,15

HABECO

1,25

1,47

2,05

2,58

2,06

Average
Industry

1,49

2,00

2,60

3,26

2,79

Table 1.4 Compared total current ratio among SABECO, HABECO and industry from
2017 to 2021

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➢ From these two charts above, we can come to a conclusion that:
The quick ratio and current ratio of SABECO is higher than HABECO and their
industry in 5 years recently. SABECO’s quick and current ratios are respectively 1,4
and 1,2 times bigger than the average industry over this period. HABECO’s current and
quick ratios are always lower than the average industry. SABECO has a steady growth
year by year, increasing and decreasing almost equivalent to its competitors
All the current ratios and quick ratios reduced significantly in 2021, with the
amount reduced quite similar (appropriately 1,2 times). However, the ratio is bigger than
1, which means that the industry still has good development and businesses can pay the
short-term debt.
c) Reasons for the tendency of changes in liquidity ratios:
The decline in 2021 with the current ratio can be attributed to the increase mainly
in short-term trade accounts payable and other short-term payables. Moreover, the
increase in inventory leads to a decline in the quick ratio.

2. Capital Structure ratios:
a) Analyzation:
➢ Total debt ratio
(Unit: %)
2017

2018

2019

2020

2021

Total equity

14.420.526 16.111.905 20.076.247 21.215.276 22.594.785.
.434.948
.568.169
.056.364
.390.928
703.161

Total assets

22.013.689 22.366.742 26.962.476 27.374.972 30.487.024.
.109.910
.792.213
.094.045
.775.358

372.425

Total debt ratio

34,49%

27,96%

25,54%

22,50%

25,89%

Table 2.1 Total debt ratio of SABECO from 2017 to 2021
As can be seen from the table, 34,49% of the total assets of SABECO in 2017
belonged to liability resources. This rate had a tendency to decrease to 22,5% at the end
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of 2020. However, there was a slight increase of 3,39% in the figure of the total debt
ratio in 2021. This indicates the ability of financial independence of SABECO during
the whole period was better, reducing the debt and increasing the liquidity of the
company despite a slight growth highlighted in the timeframe ends.
➢ Debt/equity ratio
(Unit: times)

Total debt

Total equity
Debt/equity ratio

2017

2018

2019

2020

2021

7.593.162.
674.962

6.254.837.
224.044

6.886.229.
037.681

6.159.696.
384.430

7.892.238.
669.264

14.420.526 16.111.905 20.076.247 21.215.276
.434.948

.568.169
.056.364
.390.928

22.594.78
5.703.161

0,53

0,39

0,34

0,29

0,35

Table 2.2 Debt to equity ratio of SABECO from 2017 to 2021
SABECO’s debt to equity ratio in 2017 was 0,53 (lower than 1), meaning that its
total liabilities was smaller compared to its owners’ equity. The market celebrated a
continuous decline in this ratio of SABECO over 4 years, standing at 0,29 in 2020.
However, there was a slight increase of 0,06 times (6%) within 2020-2021, which could
portray that the company was under financial difficulties during the year 2021.
➢ Equity multiplier
(Unit: times)
2017

2018

2019

2020

2021

Total assets

22.013.689 22.366.742 26.962.476 27.374.972
.109.910
.792.213
.094.045
.775.358

30.487.02
4.372.425

Total equity

14.420.526 16.111.905 20.076.247 21.215.276
.434.948
.568.169
.056.364
.390.928

22.594.78
5.703.161

Equity multiplier

1,53

1,39

1,34

1,29

1,35

Table 2.3 Equity multiplier of SABECO from 2017 to 2021
The value of SABECO’s equity multiplier recorded a gradual decrease (from 1,53
down to 1,29) in the period surveyed except for the year 2021. This proves that
SABECO started restricting capital mobilization from the external environment.
Nevertheless, the figure for SABECO’s equity multiplier increased by 0,06 times (6%)
at the end of the period.
b) Comparing to the industry averages ratios and competitors’ ratios:
➢ Total debt ratio

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(Unit: %)
2017

2018

2019

2020

2021

SABECO

34,49

27,96

25,54

22,50

25,89

HABECO

50,00

46,00

30,00

25,00

32,00

Average
Industry

44,08

34,39

28,90

24,57

28,31

Table 2.4 Compared total debt ratio among SABECO, HABECO and industry from
2017 to 2021

➢ Debt – to – equity ratio
(Unit: times)
2017

2018

2019

2020

2021

SABECO

0,53

0,39

0,34

0,29

0,35

HABECO

1,03

0,84

0,44

0,34

0,47

Average
Industry

0,13

0,09

0,09

0,06

0,06

Table 2. 5 Compared debt to equity ratio among SABECO, HABECO and industry
from 2017 to 2021

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➢ Equity multiplier
(Unit: times)
2017

2018

2019

2020

2021

SABECO

1,53

1,39

1,34

1,29

1,35

HABECO

2,13

1,87

1,50

1,34

1,47

Average
Industry

1,79

1,52

1,41

1,33

1,39

Table 2.6 Compared equity multiplier ratio among SABECO, HABECO and industry
from 2017 to 2021

➢ As can be seen from the three bar charts above:
Regarding the debt ratio and the debt-to-equity ratio, there was a downtrend
recorded in this figure of SABECO, HABECO, and the average industry during the first
4 years. This proves that most beverage industry corporations restricted borrowing and
started to pay debt accounts gradually. In particular, the debt ratio of HABECO
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exceeded SABECO within this total period, ranging from 2% - 10%. However, a slight
increase of 5% was highlighted in the end timeframe for the three objects surveyed.
SABECO, HABECO and the average industry experienced a remarkable
decrease in the equity multiplier by 0,25 times; 1,25 times, and 0,75 times in the
equivalent figure at the end of 2020. Nevertheless, this ratio increased moderately,
standing at around 1,25 times after one year (2021) for the three objects surveyed.
c) Reasons for the tendency of changes in capital structure ratios:
The first reason for these changes is that SABECO determined to introduce more
similar products to the original 333 beers, improve the logistic system, applying the
SABECO 4.0, resulting in the profit after tax of the company gaining from 5,053 to
4,117 billion VND during the period of 2017 - 2020. A slight decline was recorded in
all of the capital structure ratios in 2021 can be explained by the proper modifications
in the economic strategy after Covid 19.
In addition, SABECO has made a lot of efforts to recover and develop the brand
better after Covid since 2020 and tried to cut down on the number of inventories and
receivables accounts, leading to a reduction in the total amount of debt.
3. Turnover ratios

a) Analyzation:
➢ Inventory turnover
(Unit: Times)
2017

2018

2019

2020

2021

Cost of goods sold

(25.327. (27.864. (28.348. (19.460. (18.765.
872.489. 413.389. 430.809. 229.052. 181.482.
662)
551)
281)
562)
365)

Average inventory

2.003.53 1.813.75 1.967.13 1.446.83 1.668.00
5.067.33 4.190.89 7.719.90 2.994.93 1.734.20
5
4
7

3
9

Inventory turnover

12,64

15,36

14,41

13,45

11,25

Table 3.1 Inventory turnover of SABECO from 2017 to 2021
From the table above, the number of times SABECO sells inventory yearly varies
above 11,25 in 5 years. It increased from 12,64 to 15,36 between 2017 and 2019 before
gradually falling the next 3 year to 11,25 in 2021, which means that inventory sales are
decreasing and there is a bit of ineffectiveness in inventory control.
➢ Receivables turnover
(Unit: Times)
2017
Sales
GROUP 4 – Class 46K01.3

2018

2019

2020

2021

34.193.3 35.948.5 37.899.0 27.961.3 26.373.7
90.554.2 52.561.9 59.501.2 23.837.0 46.293.8
39
47
95
11
58
16


Accounts receivable
short-term

715.326. 765.630. 568.608. 590.846. 467.956.
353.415 597.003 377.917 416.109 130.071

Long-term receivables

20.093.7 5.860.73 9.110.08 11.958.3 12.640.8
75.062
1.012
0.970
90.566
50.386

Receivables turnover

46,50

46,60

65,60

46,39

54,88

Table 3.2 Receivables turnover of SABECO from 2017 to 2021
Looking at the index, we can see that receivables turnover has maintained at
approximately 46,6 times in the first 2 years before having a sharp increase to 65,6 times
in 2019. However, in 2020 the figure fell dramatically to only 46,39 and climbed slightly
to 54,88 in 2021. This shows that SABECO has faced with some problems in collecting
debts from customers.
➢ Fixed asset turnover
(Unit: Times)
2017

2018

2019

2020

2021

Sales

34.193.3 35.948.5 37.899.0 27.961.3 26.373.7
90.554.2 52.561.9 59.501.2 23.837.0 46.293.8
39
47
95
11
58

Non-current assets

8.327.36 7.676.57 7.797.87 7.861.59 7.609.99
1.633.25 4.586.99 3.582.41 1.322.91 1.050.16
9
4
2
8
1

Fixed asset turnover

4,11

4,68

4,86

3,56

3,47

Table 3.3 Fixed asset turnover of SABECO from 2017 to 2021
It can be seen from 2017-2019, SABECO gives priority to investing in fixed
assets. Specifically, the increase from 4,11 in 2017 to 4,68 in 2018 shows that the
company effectively used its investments in fixed assets to generate revenue. However,
by 2020 and 2021, it dropped sharply to only 3,56 and 3,47 times, respectively.
➢ Total asset turnover
(Unit: Times)
2017

2018

2019

2020

2021

Sales

34.193.390.
554.239

37.899.0 27.961.3 26.373.7
35.948.55
59.501.2 23.837.0 46.293.8
2.561.947
95
11
58

Total assets

22.013.689.
109.910

26.962.4 27.374.9 30.487.0
22.366.74
76.094.0 72.775.3 24.372.4
2.792.213
45
58
25

Total asset turnover

1,55

1,61

1,41

1,02

0,87

Table 3.4 Total asset turnover of SABECO from 2017 to 2021
GROUP 4 – Class 46K01.3

17

Besides, it can be seen that SABECO's total assets fluctuated slightly, reaching
the top at 1,61 in 2018. However, over the years, it is on a downward trend and by 2020
it was only 0,87 times, the lowest level in this period. It is possible that SABECO is
facing some problems of using assets acquired and inefficient generating sales revenue,
also probably caused by some other external problems.
b) Comparing to the industry averages ratios and competitors’ ratios:
➢ Inventory turnover
(Unit: Times)
2017

2018

2019

2020

2021

SABECO

12,64

15,36

14,41

13,45

11,25

HABECO

21,94

20,63

21,82

8,86

9,14

Average
Industry

9,21

10,18

10,65

8,53

8,62

Table 3.5 Compared inventory turnover among SABECO, HABECO and industry from
2017 to 2021

➢ Receivables turnover
(Unit: Times)
2017

2018

2019

2020

2021

SABECO

46,50

46,60

65,60

46,39

54,88

HABECO

53,94

207,18

81,13

19,38

14,54

Average
Industry

46,24

34,69

25,38

29,55

48,95

Table 3.6 Compared receivables turnover among SABECO, HABECO and industry
from 2017 to 2021

GROUP 4 – Class 46K01.3

18


➢ Fixed asset turnover
(Unit: Times)
2017

2018

2019

2020

2021

SABECO

4,11

4,68

4,86

3,56

3,47

HABECO

2,29

2,38

2,61

2,34

2,53

Average
Industry

5,02

5,62

6,27

4,99

5,00

Table 3.7 Compared fixed asset turnover among SABECO, HABECO and industry
from 2017 to 2021

➢ Total asset turnover
(Unit: Times)

SABECO

2017

2018

2019

2020

2021

1,55

1,61

1,41

1,02

0,87

GROUP 4 – Class 46K01.3

19


HABECO

1,05

0,95

1,15

0,96

0,94

Average
Industry

1,43

1,44

1,46

1,09

0,99

Table 3.8 Compared total asset turnover among SABECO, HABECO and industry
from 2017 to 2021

➢ From tables and bar charts above, we can see that:
Generally, there was a similar downward trend for all SABECO, HABECO and
average industry in inventory turnover during the period 2017-2021. Moreover, by
having good policy in managing inventory liquidity, SABECO has shortened the
distance with HABECO, which at first was approximately twice as much as SABECO.
As for receivables turnover, the value of SABECO and industry had a tendency
to go up while the figure for HABECO experienced a downward trend in the given
period. The figures fluctuates quite large and has a strong fluctuation in 5 years. From
2017 to 2019, HABECO had higher speed of debt collection, but in the last two year,
SABECO has made a remarkable change compared to HABECO and industry index.
Regarding the fixed asset turnover, there was an uptrend in SABECO and the
industry index while the data for HABECO shows a small decrease from 2017 to 2021.
In addition, the fixed asset turnover of SABECO was always higher than HABECO and

lower than the industry average.
For total asset turnover, in the first four year, the ratio of HABECO maintained
higher than SABECO and lower than industry index as well. However, by 2021, the
number of total asset turnover decreased to only 0,87 times, which was the lowest point
among all.
c) Reasons for the tendency of changes in turnover ratios:
- In 2019, HABECO has reduced the number of inventories.
- There is a business expansion and preparing for future growth.
4. Profitability ratios
a) Analyzation:
➢ Profit margin
GROUP 4 – Class 46K01.3

20


(Unit: VND, %)
2017

2018

2019

2020

2021

Net profit

4.948.599.251. 4.402.749.94 5.370.147.70 4.936.845.97 3.929.305.5

864
6.424
8.542
0.254
47.238

Sales

34.193.390.554 35.948.552.5 37.899.059.5 27.961.323.8 26.373.746.
.239
61.947
01.295
37.011
293.858

Profit
Margin

14,47%

12,25%

14,17%

17,66%

14,90%

Table 4.1 SABECO’s profit margin from 2017 to 2021
According to the data that we calculated from the table, the profit margin of

SABECO in 2017 was 14,47% which means that this company had a net income of
14,47$ for each dollar of sales generated. This rate fluctuated during the period 20172021, it strongly increased from 12,25% to 17,66% during 2018-2020. However, there
was a slight decrease at the end of 2020 from 17,66% to 14,90%. The profit ratio over
the years from 2017 to 2021 has a positive value and tends to increase gradually over
the years, proving that the business is profitable and the company has good production
and business efficiency.
Generally, from 2017 to 2021, the growth of net profit was approximately
proportional to sales. Both were decreased.
➢ Return on assets (ROA)
(Unit: VND, %)
2017

2018

2019

2020

2021

Net profit

4.948.599.25 4.402.749.94 5.370.147.7 4.936.845.9 3.929.305.54
1.864
6.424
08.542
70.254
7.238

Total Assets

22.013.689.1 22.366.742.7 26.962.476. 27.374.972. 30.487.024.3
09.910
92.213
094.045
775.358
72.425

ROA

22,48%

19,68%

19,92%

18,03%

12,89%

Table 4.2 Analyzing SABECO’s ROA rates from 2017 to 2021
In 2017, ROA of 22,48%, which means that for every 100 VND of assets invested
in production and business activities on average, 22,48 VND of profit after tax was
generated. The return on assets (ROA) rate gradually decreased from 22,48% to 12,89%
during the period 2017 - 2021. This indicates that in 2017 SABECO is more efficient
and productive at managing its balance sheet to generate profits, while in 2021 this
company needs to improve the balance sheet.
Total assets and net profit value were inverse. From 2017 to 2021, net profit went
down, but total assets still went up.
➢ Return on equity (ROE)

(Unit: VND, %)
GROUP 4 – Class 46K01.3

21


2017

2018

2019

2020

2021

Net profit

4.948.599.25 4.402.749.9 5.370.147.70 4.936.845.97 3.929.305.
1.864
46.424
8.542
0.254
547.238

Owner’s equity

14.420.526.4 16.111.905. 20.076.247.0 21.215.276.3 22.594.785
34.948
568.169

56.364
90.928
.703.161

ROE

34,32%

27,33%

26,75%

23,27%

17,39%

Table 4.3 Analyzing SABECO’s ROE rates from 2017 to 2021
According to the ROE rates table of SABECO company, we can see that: In 2017,
the company's ROE was 34,32%, which means that for every 100 dong of equity
invested in production and business activities, the company's revenue was 34,32 dong
profit after tax. Similar to ROA, during the period 2017-2021, there was a gradual
decrease in the return of equity (ROE) rate from 34,32% to 17,39%.
From 2017 to 2021, the growth of net profit and owner’s equity were
approximately proportional. Both were increased. All datas indicated that the company
did not use equity in an effective way.
b) Comparing to the industry averages ratios and competitors’ ratios:
➢ Profit margin
(Unit: %)
2017

2018

2019

2020

2021

SABECO

14,47

12,25

14,17

17,66

14,90

HABECO

8,69

7,33

7,08

8,86

4,66

Average
Industry

11,94

10,84

12,30

15,00

11,98

Table 4.4 Compared profit margin among SABECO, HABECO and industry from
2017 to 2021

➢ Return on assets rate (ROA)
GROUP 4 – Class 46K01.3

22


(Unit: %)
2017

2018

2019

2020

2021

SABECO

22,48

19,68

19,92

18,03

12,89

HABECO

9,14

6,99

8,14

12,10

6,13

Average

Industry

16,40

15,02

17,25

15,85

11,24

Table 4.5 Compared return on assets rate (ROA) among SABECO, HABECO and
industry from 2017 to 2021

➢ Return on equity rate (ROE)
(Unit: %)
2017

2018

2019

2020

2021

SABECO

34,32

27,33

26,75

23,27

17,39

HABECO

18,59

12,84

11,69

8,55

4,39

Average
Industry

27,22

24,76

25,19

21,64

15,30

Table 4.6 Compared return on equity rate (ROE) among SABECO, HABECO and
industry from 2017 to 2021

GROUP 4 – Class 46K01.3

23


➢ According to the data from tables and bar charts above
We can see the difference in profitability ratios among SABECO, HABECO and
beverage industry in a general view:
About profit margin, the rate of SABECO, HABECO and industry fluctuated and
tended to decrease from 2017 to 2021. SABECO's profit margin was 2 times higher than
HABECO's and slightly higher than the industry average’s profit margin. In general,
they were positive and SABECO will have a stable increase in the long run.
In terms of return on assets, the rates of SABECO, HABECO and industry had a
tendency to go down from 2017 to 2021. SABECO’S return on assets was twice as high
as HABECO’s. In 2021, SABECO’s rate was approximately equal to the average
industry’s rate (12,89% and 11,24%). This rate indicated that 2 above companies used
business assets effectively
Similar to ROA, there was a downtrend in return on equity of SABECO,
HABECO, and the industry during the period 2017 - 2021. These figures show that with
1 dong of equity spent, SABECO earned more profit than HABECO and the whole
industry. This is a sign that capital was used effectively by SABECO.
c) Reasons for the tendency of changes in profitability ratios:
In 2019, profit after tax decreased due to expenses’ increase: raw material prices,

selling expenses,....causing a decrease in profit.
In 2020, net revenue decreased because the epidemic situation affected the
company's production and development.
In 2021, companies focused on developing and recovering from the covid- 19
pandemic. Some foreign beers entering the market also have affected the overall market
share of this industry.
5. Market value ratios
a) Analyzation:
➢ Earning per share and price/earning ratio

GROUP 4 – Class 46K01.3

24


(Unit: VND, Times)
2017
Profit attributatble to
ordinary shareholders
Number of ordinary
shares in issue

2018

4.433.72 3.969.453
3.480.97 .757.797
2

2019

2020

4.794.631.
311.413

2021

4.574.177.879 3.528.25
.314
9.476.66
1

641.164. 641.281.1 641.281.18
932
86
6

641.281.186

641.281.
186

Market value per share

227.863

250.807

214.996

189.266

147.740

EPS

6.915,11

6.189,88

7.476,64

7.132,87

5.501,89

P/E

32,95

40,52

28,76

26,53

26,85

Table 5.1 EPS and P/E of SABECO from 2017 to 2021
It can be seen that SABECO's EPS had a significant fluctuation in the period

2017-2021. This figure increased considerably from 6189,88 to 7476,64 in 2018-2019.
However, it tended to decrease gradually until 2021 with only 5501,89 VND.
SABECO's EPS reflects the company's business performance, which means that the
earnings per share shareholders can receive is on a downward trend.
Similar to EPS, Price/Earning ratio also fluctuated in 5 years from 2017 to 2021.
The P/E ratio in 2018 reached the highest level at 40,52 times, an increase of 7,57
compared to 2017. Then, it gradually descended to 26,53 in 2020. However, the P/E
ratio has tended to rise slightly in 2021, which shows that SABECO's future prospects
are well evaluated, so investors are willing to trust and invest.
➢ Market-to-book ratio
(Unit: VND, Times)
2017

2018

2019

2020

2021

Book value per share

22.487

25.124

31.306

33.083

35.234

Market value per share

227.863

250.807

214.996

189.266

147.740

P/B

10,13

9,98

6,87

5,72

4,19

Table 5.2 Sabeco’s P/B ratio from 2017 to 2021
According to this table, we can see that the market to book ratio of SABECO had
a significantly decreasing trend during the period from 2017 to 2021. In 2017, the

market-to-book ratio reached 10,13 times. Until 2021, this ratio is only 4,19 times,
which dropped by 5,94 compared to the beginning of the period. The market price of
each share tended to decrease while the book value per share rose gradually. It caused
SABECO's P/B ratio to be on a downward trend over the years.
b) Comparing to the industry averages ratios and competitors’ ratios:
➢ Earnings per share (EPS)

GROUP 4 – Class 46K01.3

25