Financial management assignment

MASTER OF BUSINESS ADMINISTRATION
INTERNATIONAL PROGRAM

ASSIGNMENT




Subm
itted to: Dr. Phan Dinh Nguyen
Submitted by: Huynh Thi My Dieu
ID No.: CGSVN00014998
Class: MBAOUM
0313



Ho Chi Minh City, October

MASTER OF BUSINESS ADMINISTRATION
INTERNATIONAL PROGRAM


FINANCIAL MANAGEMENT
itted to: Dr. Phan Dinh Nguyen

Submitted by: Huynh Thi My Dieu

ID No.: CGSVN00014998

0313
– K08A
Ho Chi Minh City, October
2013

i
MASTER OF BUSINESS ADMINISTRATION






A completed report
would not be done without any assistance. First of all, I would
like to
express my endless thanks to
support and continuous advices went through the process of comp
Without his
motivation and instructions, the report could not be done effectively.
My special thanks approve to my parents for their endless love, care and have most
assistances an
d motivation me
brothers and sister for their support and care me all the time.
As last,
my deeply thanks come to all

gave me strength and lift me up all the trouble for the rest of my life.






Acknowledgement
would not be done without any assistance. First of all, I would
express my endless thanks to
lecturer Dr. Ph
an Dinh Nguyen
support and continuous advices went through the process of completion of my
motivation and instructions, the report could not be done effectively.
My special thanks approve to my parents for their endless love, care and have most
d motivation me. I also would like to explain my thanks to my siblin
brothers and sister for their support and care me all the time.

my deeply thanks come to all colleagues. Their kindly help, care, motivation
gave me strength and lift me up all the trouble for the rest of my life.

With kindest regards,
Huynh

ii
would not be done without any assistance. First of all, I would
an Dinh Nguyen
. His kindly
letion of my
report.

motivation and instructions, the report could not be done effectively.

My special thanks approve to my parents for their endless love, care and have most
. I also would like to explain my thanks to my siblin
gs,
colleagues. Their kindly help, care, motivation
With kindest regards,

Huynh
Thi My Dieu





Part 1: Introduction

Part 2:
General Introduction of VINASUN
Part 3: Analysis of Financial statement for VINASUN
Part 4: Conclusion and Policy Recommendation
References

Table 3.1: Balance
Sheet of VINASUN from 2009
Table 3.2:
Cash Flow of VINASUN from 2009
Table 3.3:
Business Result of VINASUN from 2009
Table 3.4:

Financial Ratio of each indicator
Table 3.5: Summarize
actual
Table 3.6
Peers comparison with VINASUN in the same industry
Table 4.1: Forecasted C
ash flow in the next 4 years
Table 4.2:
Business plan of VINASUN
Chart 1: Growth in Taxi number in HCM City from 2007
Chart 2:
Revenue and profit after Tax of VINASUN
Chart 3:
Growth in ROA and ROE of VINASUN from 2009



Table of Contents



General Introduction of VINASUN


Part 3: Analysis of Financial statement for VINASUN


Part 4: Conclusion and Policy Recommendation

List of Tables
Sheet of VINASUN from 2009
– 2012

Cash Flow of VINASUN from 2009
– 2012

Business Result of VINASUN from 2009
– 2012

Financial Ratio of each indicator
for VINASUN from 2009 –
2012
actual
and forecasting VINASUN’s business per
forman
Peers comparison with VINASUN in the same industry


ash flow in the next 4 years


Business plan of VINASUN


List of Charts
Chart 1: Growth in Taxi number in HCM City from 2007

– 2012

Revenue and profit after Tax of VINASUN


Growth in ROA and ROE of VINASUN from 2009
– 2014F


iii

1

3

5

14

17

5

6

7
2012
8
forman
ce 9

13

15

16

2

10

11









ANALYSIS OF FINANCIAL STATEMENT
FOR VIETNAM SUN CORPORATION (V


Question:
Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis
of the financial statements.

ANALYSIS OF FINANCIAL STATEMENT
FOR VIETNAM SUN CORPORATION (VINASUN


Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis
of the financial statements. From your analysis, give your advice to share investors.

iv
ANALYSIS OF FINANCIAL STATEMENT

INASUN
)
Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis
From your analysis, give your advice to share investors.





Nowadays, citizens
prefer to start using public transportation more because of rising petrol
prices, unavoidable traffic jams and growing environmental pollution. In the long run, private
car ownership will rise, although much of the current generation has calculated that t
not make sense. In general, Vietnam’s roads are poor and complex. Despite of concerning on
construction new highway, only 13.5% of the road network is considered to be in good
condition, 26% has two or more lanes and 29% is tarred (BMI report). Ru
taxi industry
varies from city to city. While almost all cities have had no licensing
requirements, larger urban areas had the strictest regulations. Currently, HCM City, Hanoi

and Danang have licensing regulations in force to regulate
Over the last five years, Vietnam’s taxi transportation sector in Ho Chi Minh City has grown
at a remarkable 16% CAGR in terms of cab numbers (from 6,000 in 2005 to 12,550 as of
May 2010). The industry is expected to maintain an average grow
over the 2010-
2015 periods. Rising living standards and high capita per cab (800 in HCMC
versus 210 in Singapore) underpin growth.
In Ho Chi Minh City
, taxis are considered as a second ways of passengers’ public
transportation afte
r bus transportation. As of May 2010, there are 36 enterprises and
cooperatives in the taxi service business with 12,550 registered taxis transporting 400,000
passengers per day, occupy 30% of the carried volume of public passenger transportation.
There ar
e big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi,
and Saigon Air; each of these companies has at least 100 taxis with the number rising every
year. In addition, there are 2,000

Part I: Introduction
prefer to start using public transportation more because of rising petrol
prices, unavoidable traffic jams and growing environmental pollution. In the long run, private
car ownership will rise, although much of the current generation has calculated that t
not make sense. In general, Vietnam’s roads are poor and complex. Despite of concerning on
construction new highway, only 13.5% of the road network is considered to be in good
condition, 26% has two or more lanes and 29% is tarred (BMI report). Ru
li
ng of the Vietnam
varies from city to city. While almost all cities have had no licensing
requirements, larger urban areas had the strictest regulations. Currently, HCM City, Hanoi
and Danang have licensing regulations in force to regulate

taxi numbers.
Over the last five years, Vietnam’s taxi transportation sector in Ho Chi Minh City has grown
at a remarkable 16% CAGR in terms of cab numbers (from 6,000 in 2005 to 12,550 as of
May 2010). The industry is expected to maintain an average growth rate of 10% annually
2015 periods. Rising living standards and high capita per cab (800 in HCMC
versus 210 in Singapore) underpin growth.

, taxis are considered as a second ways of passengers’ public
r bus transportation. As of May 2010, there are 36 enterprises and
cooperatives in the taxi service business with 12,550 registered taxis transporting 400,000
passengers per day, occupy 30% of the carried volume of public passenger transportation.
e big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi,
and Saigon Air; each of these companies has at least 100 taxis with the number rising every
year. In addition, there are 2,000
-3,000 illegal taxis outside the authority’s c
ontrol.

1
prefer to start using public transportation more because of rising petrol
prices, unavoidable traffic jams and growing environmental pollution. In the long run, private
car ownership will rise, although much of the current generation has calculated that t
his does
not make sense. In general, Vietnam’s roads are poor and complex. Despite of concerning on
construction new highway, only 13.5% of the road network is considered to be in good
ng of the Vietnam
varies from city to city. While almost all cities have had no licensing
requirements, larger urban areas had the strictest regulations. Currently, HCM City, Hanoi
Over the last five years, Vietnam’s taxi transportation sector in Ho Chi Minh City has grown
at a remarkable 16% CAGR in terms of cab numbers (from 6,000 in 2005 to 12,550 as of
th rate of 10% annually

2015 periods. Rising living standards and high capita per cab (800 in HCMC
, taxis are considered as a second ways of passengers’ public
r bus transportation. As of May 2010, there are 36 enterprises and
cooperatives in the taxi service business with 12,550 registered taxis transporting 400,000
passengers per day, occupy 30% of the carried volume of public passenger transportation.
e big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi,
and Saigon Air; each of these companies has at least 100 taxis with the number rising every
ontrol.





Source: Ho Chi Minh Department of Transportation, Mekong Securities
The growth rate
of taxi at current
development phase. For example, in the study proposed to the Prime Minister approved at
Decisio
n dated 22/1/2007 101/QD
and vision after 2020, the expected number of taxis for period 2010
vehicles. But at the present
, the actual figure is exceeding 13
The se
rvice sector is one of the growth sectors likely positive. Most of the macroeconomic
situations in the country at present prove proof
thanks to (1) increase per capita income, (2) the cost of buying a car individu
expensive, (3) the development of public transport plus not enough to meet the needs of the
whole market. However, the growth rate of taxi service in Vietnam may be leveling off in to
time by the limitations of transport infrastructure as well
traffic.

Cab number (units)
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Growth in Taxi numbers in HCM City, 2007

Source: Ho Chi Minh Department of Transportation, Mekong Securities
of taxi at current

is much faster than expected pace through each
development phase. For example, in the study proposed to the Prime Minister approved at
n dated 22/1/2007 101/QD
-TTg on the HCMC Transport Develop
ment Plan to 2020
and vision after 2020, the expected number of taxis for period 2010
-

, the actual figure is exceeding 13
,000 units (up
to
rvice sector is one of the growth sectors likely positive. Most of the macroeconomic
situations in the country at present prove proof
s
to estimate the market taxi steady growth

thanks to (1) increase per capita income, (2) the cost of buying a car individu
expensive, (3) the development of public transport plus not enough to meet the needs of the
whole market. However, the growth rate of taxi service in Vietnam may be leveling off in to
time by the limitations of transport infrastructure as well
as restrictions
HCM City
2007 2008 2009 2010 2011
2012
Cab number (units)
8,000 9,395 10,710 11,500 12,550
13,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Chart 1:
Growth in Taxi numbers in HCM City, 2007
- 2012

2

Source: Ho Chi Minh Department of Transportation, Mekong Securities

is much faster than expected pace through each
development phase. For example, in the study proposed to the Prime Minister approved at
ment Plan to 2020

2015 was 9,500
to
26.9%).
rvice sector is one of the growth sectors likely positive. Most of the macroeconomic
to estimate the market taxi steady growth
thanks to (1) increase per capita income, (2) the cost of buying a car individu
al are quite
expensive, (3) the development of public transport plus not enough to meet the needs of the
whole market. However, the growth rate of taxi service in Vietnam may be leveling off in to
HCM City
's taxi
2012
13,000




Part 2: General
introduction of
Stock
Code: VNS, Stock Floor:
Industrials: Taxi Transportation Services
Charter Capital: VND 300 billions
Add:
306 Dien Bien Phu, Ward 22, B
District, Ho Chi Minh City.
Phone: +84 (8) 382-77178
Fax: +84 (8) 395-26410
E-mail:

Employees: 13,488 (2012)
Branches: 11
Website:


Business sectors:
-
Operating in taxi transportation with the
brand-
name Taxi Vinasun;
-
Operating in travel, air travel with the brand
name Vinasun Travel;
-
Operating in restaurants, food and beverage;
-
Operating in real estate. Currently, the
company investe
d constructing the Tan Da
Retail Center with a total area of 1,200m
The residential project at 103 Truong Dinh
Hoi in District 8 with an area of 2,659 m
land locates at 26-28-30-
32 Thu Khoa Huan.
The memorable numbers of Vinasun Taxi in 2012:
-
Average revenue was VND1,828 million/ day/ car (increase of
- 27,154
calls for services/ day, up 6.6% compared to 2011;

-
Above 90 million was the number of customers served
-
VND7.2 million/ month is the average income of directly driving staff;
-
VND5 million/ month is the average inc

introduction of
Vietnam Sun Corporation (
VINASUN
Code: VNS, Stock Floor:
HOSE
Industrials: Taxi Transportation Services

Charter Capital: VND 300 billions

306 Dien Bien Phu, Ward 22, B
inh Thanh






Shareholders Structure:
- State Property: 0%
- Property Abroad: 20.68%

- Other Property: 79.32%
Whereas:

- Management: 34%
-
Vietnam Investment Fund: 9%
-
PCA International Fund SPC: 5%
- Satra: 10%
-
Prudential VN Assurance PLC: 5%
- Others: 37%
Operating in taxi transportation with the
name Taxi Vinasun;

Operating in travel, air travel with the brand
-
Operating in restaurants, food and beverage;

Operating in real estate. Currently, the
d constructing the Tan Da
Retail Center with a total area of 1,200m
2
.
The residential project at 103 Truong Dinh
Hoi in District 8 with an area of 2,659 m
2
and
32 Thu Khoa Huan.


Board of manager:
- Dang Phuoc Thanh:

Chairman
- Huynh Van Minh:
Vice Chairman
-
Dang Thi Lan Phuong Member of BOM
- Ta Long Hy:
Member of BOM
- Truong Dinh Quy:
Member of BOM
 Board of director:
- Dang Thi Lan Phuong
: CEO
- Ta Long Hy:
Deputy General Director
- Truong Dinh Quy:
Deputy General Director
- Ngo Thi Thuy Van:
Deputy General Director
- Huynh Van Sy:
Deputy General Director
- Tran Anh Minh:
Deputy General Director
- Dang Phuoc Hoang
Mai: Deputy General Directo
The memorable numbers of Vinasun Taxi in 2012:

Average revenue was VND1,828 million/ day/ car (increase of 11.13% compared to 2011);
calls for services/ day, up 6.6% compared to 2011;

Above 90 million was the number of customers served

in 2011;
VND7.2 million/ month is the average income of directly driving staff;

VND5 million/ month is the average income of indirect staff, directly operating and business

3
VINASUN
):

Shareholders Structure:


Vietnam Investment Fund: 9%

PCA International Fund SPC: 5%

Prudential VN Assurance PLC: 5%

Chairman

Vice Chairman

Dang Thi Lan Phuong Member of BOM

Member of BOM

Member of BOM

: CEO

Deputy General Director

Deputy General Director

Deputy General Director

Deputy General Director

Deputy General Director

Mai: Deputy General Directo
r
11.13% compared to 2011);

ome of indirect staff, directly operating and business
support;




- 13,
488 personnel as of 31/12/2012;
- 7,287 employees must pay
income tax on individuals while
employees;
-
4,622 is the number of Vinasun taxi vehicles up to da
Source: VNS prospectus, HOSE
VINASUN is a Vietnam-
based passenger transportation services provider.

company is the Trade Travel Services and Investment Consulting Vietnam Sun
established on 15/06/1995
, with
Company renamed to Vietnam Sun Joint Stock Company with registered capital of VND8
billion.
On 25/5/2006, the Company increased its chartered capital to VND 16 billion to
invest in new vehicles for ta
xi services.
values to increase charter capital to VND 100 billion to restructure debt and invest more cars
in the year of 2007. To
10/2007, the Company issued
investors; in
crease the Company's share capital to VND
In addition, the c
ompany has its presence in development of commercial and residential
buildings as supporting a
ctivities to tourism operation.
listed its shares on the stock exchange in
operation contributed to 97% of total revenue
shares to increase charter capital to VN
increased to more than VND

On 3/09/2013
, Forbes Vietnam, the Vietnamese version of the leading business magazine in
the world, announced the list of 50 best listed companies on the st
This is the first company ranked by Forbes Vie

488 personnel as of 31/12/2012;

income tax on individuals while

6,779 of them
are direct
4,622 is the number of Vinasun taxi vehicles up to da
te 31/12/2012.
Source: VNS prospectus, HOSE

based passenger transportation services provider. Predecessor of the
company is the Trade Travel Services and Investment Consulting Vietnam Sun
, with
registered capital of VND300 million.
On 17/7/2003, the
Company renamed to Vietnam Sun Joint Stock Company with registered capital of VND8
On 25/5/2006, the Company increased its chartered capital to VND 16 billion to
xi services.
On 2/2007, the Company issued
VND
values to increase charter capital to VND 100 billion to restructure debt and invest more cars
10/2007, the Company issued
VND
70 billion face value for big
crease the Company's share capital to VND
170 billion.
ompany has its presence in development of commercial and residential
ctivities to tourism operation. On 29/7/2008, the company officially
listed its shares on the stock exchange in
Ho Chi Minh City.
As of December 31, 2008, taxi
operation contributed to 97% of total revenue
. In
9/2009, the company issued additional

shares to increase charter capital to VN
D 200 billion. T
he charter capital of the company

299 billion on 7/2010.
, Forbes Vietnam, the Vietnamese version of the leading business magazine in
the world, announced the list of 50 best listed companies on the stock market in Vietnam.
This is the first company ranked by Forbes Vietnam perform research. Vietnam Sun

4
are direct
ly driving
Predecessor of the
company is the Trade Travel Services and Investment Consulting Vietnam Sun
Co. Ltd., was
On 17/7/2003, the
Company renamed to Vietnam Sun Joint Stock Company with registered capital of VND8
On 25/5/2006, the Company increased its chartered capital to VND 16 billion to
VND
84 billion par
values to increase charter capital to VND 100 billion to restructure debt and invest more cars
70 billion face value for big
ompany has its presence in development of commercial and residential
On 29/7/2008, the company officially
As of December 31, 2008, taxi
9/2009, the company issued additional
he charter capital of the company
, Forbes Vietnam, the Vietnamese version of the leading business magazine in
ock market in Vietnam.
tnam perform research. Vietnam Sun

Joint




Stock Company (Vinasun Corp.) was ranked at 34
VND 1,701 billion;
revenue in 2012 was
However, the author
still expect Vinasun sustain current growth while promoting activities in
the nea
rby market access as Binh Duong
Part 3:
Analysis of financial statements
FINANCIAL SUMMARIZ
E:
BALANCE SHEET
Property
Assets
Cash and cash equivalents
The short-term receivables
Inventory
Other short-term assets
TOTAL ASSETS
The long-term receivables
Fixed assets
(Accumulated depreciation)
Real Estate Investment
Long-term financial investments

Total other long-term assets
TOTAL ASSETS
Liabilities
Short-term debt
Long-term debt
Total Debt
Sources of capital
Equity
Funds and other funds
Total Sources of Funds
The interests of minority shareholders
TOTAL RESOURCES

Stock Company (Vinasun Corp.) was ranked at 34
th

on the list with a market capitalization of
revenue in 2012 was
VND 2,713 billion.
still expect Vinasun sustain current growth while promoting activities in
rby market access as Binh Duong
, Dong Nai and Vung Tau.
Analysis of financial statements
for VINASUN
E:
Table 3.1
: Balance Sheet of VINASUN from
Unit: VND Million

2009 2010

2011

59,257 62,994
38,484
52,147 95,715
123,553
903 2,017
3,642
23,883 32,163
40,819
136,190 192,888
206,499
5,234 2,864
1,119
962,312 1,545,634
1,558,471
-236,454 -422,606 -
614,825
197,210 11,570
11,570

2,400 1,660
1,140
6,268 7,133
9,117
1,309,615 1,761,749
1,787,916

48,772 183,999
170,879

548,784 749,799
753,346
597,556 933,798
924,225

703,465 819,978
855,868
8,594 N/A
712,059 819,978
855,868
The interests of minority shareholders
N/A 7,973
7,824
1,309,615 1,761,749
1,787,916

5
on the list with a market capitalization of
still expect Vinasun sustain current growth while promoting activities in
: Balance Sheet of VINASUN from
2009 – 2012

2011
2012

38,484
28,298
123,553
138,199
3,642

4,291
40,819
33,095
206,499
203,883
1,119
11
1,558,471
1,560,312
614,825
-891,065
11,570
11,570
1,140
540
9,117
5,819
1,787,916
1,782,135

170,879
177,607
753,346
664,227
924,225
841,833

855,868
936,220
N/A N/A

855,868
936,220
7,824
4,081
1,787,916
1,782,135




Table 3.2: Cash Flow of
VINASUN from
Business Results

Net sales
Cost of goods sold
Gross Profit
Operating expenses
Financial expenses
Cash Flow Indirect
Cash flow from operating activities
1. Net profit before tax
2. Adjustments
- Depreciation and amortization
- Provisions
-
Profit(Loss) from investing activities
- Interest expense
3.Operating profit before working capital changes
-

Increase/decrease in receivables
- Increase/decrease in
inventories
- Increase/decrease in payables
- Increase/decrease in pre-
paid expense
- Interest paid
- Business income tax paid
-
Other payments from operating activities
Net cash flow from operating activities
1. Purchases of fixed assets
Net cash flow
from investing activities
1.
Purchase issued shares from other entities
2. Repayments of financial lease

3. Dividends paid
4.
Minority equity in joint venture
Net cash flow of the year

VINASUN from
2009 – 2012
Unit: VND Million

2009 2010 2011
1,068,603 1,643,696
2,274,328

881,627 1,380,614
1,954,709
186,975 263,082
319,619

36,502 81,339
125,257
2009 2010 2011
Cash flow from operating activities


143,821 239,875
177,993
117,872 173,258
340,445
115,680 197,424
257,488
958 676
715
Profit(Loss) from investing activities
-35,267 -105,441 -
42,494
36,502 80,599
124,737
3.Operating profit before working capital changes
261,693 413,134
518,438
Increase/decrease in receivables
-21,493 -51,698 -
25,899

inventories
-625 -1,113 -
1,626
-12,041 40,652 -
82,196
paid expense
1,821 -11,038 -
6,290
-36,502 -77,546 -
123,788
-29,058 -62,929 -
41,005
Other payments from operating activities
-16,598 -22,451 -
26,348
Net cash flow from operating activities
159,277 249,825
230,699
-456,415 -696,509 -
264,087
from investing activities
-376,541 -408,481 -
201,155
Purchase issued shares from other entities
-1,807

-27,575 -23,124 -
46,882
-30,698 -54,506 -
30,688

Minority equity in joint venture
8,000
50,630 3,737 -
24,510

6

2012
2,274,328
2,713,311
1,954,709
2,257,708
319,619
455,603

125,257
113,492
2012

177,993
204,000
340,445
393,899
257,488
291,200
715
164
42,494
-10,355
124,737

112,890
518,438
597,899
25,899
-4,344
1,626
-649
82,196
-4,448
6,290
-452
123,788
-111,739
41,005
-48,387
26,348
-24,849
230,699
421,986
264,087
-298,485
201,155
-283,686
-4,000
46,882
-35,613
30,688
-76,014

24,510

-10,187




Of which: Interest expense
Cost of sales
Enterprise cost management
Total Operating Expenses
Total revenue financing activities
Net profit from business activities
Profit
Profit before tax
Cost profit
Present corporate income tax expenses
The interests of minority shareholders
Total Cost of profits
Profit after tax corporate income
Volume
Close of Quarter
EPS (*) (VND/share)
PE (**) (times)
Book Price (***)
(Thousand VND)
Table 3.3
: Business Result of
Description of calculation (
example for year 2012
(*) EPS (Earning per share) = Profit after tax corporate
being in the market

(volume)
(**) P/E (Price per earning) = Current Price/ EPS = 18,148/ 5,051 = 3.6 times
(***) Book Price = Total equity/ Volume = 93
From the Financial Statement for year 2009
each of the following indicators


36,502 80,599
124,737
4,549 5,895
6,849
38,119 46,561
57,254
79,170 133,795
189,360
Total revenue financing activities
2,193 5,264
3,109
Net profit from business activities
109,998 134,551
133,369
33,822 105,324
44,624
143,821 239,875
177,993

Present corporate income tax expenses
36,354 60,448
45,113
The interests of minority shareholders

N/A -27 -
149
36,354 60,421
44,964
Profit after tax corporate income
107,467 179,454
133,029
19,490,000 29,999,997
29,999,997
17.2 18.6
13.6
4,116.90 5,927
4,434
2.7 3.1
3.1
(Thousand VND)

23.7 27.3
28.5
: Business Result of
VINASUN from 2009 – 2012
example for year 2012
):
(*) EPS (Earning per share) = Profit after tax corporate income/ average number of stocks
(volume)
= 151,229,000,000/ 29,999,997 = 5,051
VND/ share
(**) P/E (Price per earning) = Current Price/ EPS = 18,148/ 5,051 = 3.6 times
(***) Book Price = Total equity/ Volume = 93
6,220,000,000/ 29,999,

997 = 31.
From the Financial Statement for year 2009
–
2012 periods, we estimate the growth rate for
each of the following indicators
:

7
124,737
112,890
6,849
94,025
57,254
63,938
189,360
271,455
3,109
1,118
133,369
185,265
44,624
18,735
177,993
204,000

45,113
52,514
149
257
44,964

52,771
133,029
151,229
29,999,997
29,999,997
13.6
18.2
4,434
5,041
3.1
3.6
28.5
31.2
income/ average number of stocks
VND/ share
.
(**) P/E (Price per earning) = Current Price/ EPS = 18,148/ 5,051 = 3.6 times

997 = 31.
207 (VND)
2012 periods, we estimate the growth rate for




Table 3.4:
Financial Ratio of
Financial ratios:
No.
1

Assets / Total Assets
2 Long-
term assets /
3
Liabilities / Total assets
4 Liabilities / Equity

5
Equity / Total assets
6 Current ratio
7 Fast payment
8 Payments of short-
term
9
Total Asset Turnover
10
Current Assets turnover
11 Equity Turnover
12
The Inventory Turnover
13
Profit before tax / Revenue
14
Profit after tax / Net sales
15
Profit before tax / total assets
(ROA)
16
Profit after tax / Equity (ROE)
The rate of financial growth

1
Return on invested capital (ROIC)
2
Revenue growth rate
3
Profit per share (EPS)
4 Equity
5 Cash
Income ratio
1 Cash Dividends
2
Share price growth

Financial Ratio of
each indicator for VINASUN from 2009 –
2012
2009

2010

Assets / Total Assets
10%

11%

term assets /
total assets 90%

89%

Liabilities / Total assets
46%

53%


84%

114%

Equity / Total assets
54%

47%

279%

105%

277%

104%

term
debt 121%

34%

Total Asset Turnover
95%

107%

Current Assets turnover
1,081%

999%

171%

215%

The Inventory Turnover
149,175%

94,563%

Profit before tax / Revenue
13%

15%

Profit after tax / Net sales
10%

11%

Profit before tax / total assets
10%

12%

Profit after tax / Equity (ROE)
17%

23%

The rate of financial growth

Return on invested capital (ROIC)
12%

13%

Revenue growth rate
29%

53.82%

Profit per share (EPS)
121%

44%

33%

15%

587%

6%

22%

10%

Share price growth
165%

8%


8
2012

2011

2012

12%

11%

88%

89%

52%

47%

108%

90%

48%

53%

121%

115%

119%

112%

23%

16%

128%

152%

1,139%

1,322%

271%

303%

69,083%

56,919%

8%

8%

6%

6%

7%

8%

16%

17%

7%

7%

38.36%

19.30%

-25%

14%

4%

9%

-39%

-26%

15%

20%

-27%

34%





As can be seen from the table 3.4,
is bigger than 1 (> 1) means that
term Assets is greater than
the short
at least healthy in short-term

.
Fixed Asset < Long-
term Liabilities + Equity, therefore the Long
is
not only enough but also left over available to
Current assets –
Inventory)/ Current liabilities)
the good trend with acceptable ratio of the company in term of its
To have a better view of VINASUN’s business and its financial situation, we summarize
some basic indicators
as well
Basic Indicator
Revenue (VND Billion)
Growth Rate (%)
Profit after Tax (VND Billion)
Growth Rate (%)
Total Asset (VND Billion)

Growth Rate (%)
Equity (VND Billion)
Growth Rate (%)
Liabilities/ Total assets
Profit Before Tax Ratio
Profit after Tax Ratio
EPS (VND)
ROA
ROE
Table 3.5: Summarize
actual

As can be seen from the table 3.4,
the Current Ratio
(=Current Asset/ Current Liability)
is bigger than 1 (> 1) means that
the Current Assets > L
iabilities, while the
the short
-
term needs, so the financial situation of the comp
.
Furthermore, due to the Current Assets
> Liabilities means that
term Liabilities + Equity, therefore the Long
-
term Funs of the Company
not only enough but also left over available to
finance fixed assets.
Fast Payment Ratio
Inventory)/ Current liabilities)

is also greater than 0.5 as required dedicated
the good trend with acceptable ratio of the company in term of its ability to repay the debt.
To have a better view of VINASUN’s business and its financial situation, we summarize
as well
as make forecasting for next year
as the following:
2009 2010 2011
2012
1,068.60

1,643.70

2,274.33

2,713.31


53.82% 38.36%
19.30%
Profit after Tax (VND Billion)
107.47

179.45

133.03
151.23


66.97% -25.86%

13.68%

1,309.62

1,761.75

1,787.92

1,782.13

34.52%

1.49% -
0.32%
712.06

819.98 855.87
936.13


15.15%

4.37%
9.38%
46%

53%

52.13%
47.47%
13%

15%

14.05%
16.79%
10%

11%

5.84%
5.58%


4,395
5,006
10%

12%

7.49%
8.49%
17%

23%

15.85%
16.91%
actual
and forecasting VINASUN’s business
performance

9
(=Current Asset/ Current Liability)
iabilities, while the
available short-
term needs, so the financial situation of the comp
any is
> Liabilities means that

term Funs of the Company
Fast Payment Ratio
(=
is also greater than 0.5 as required dedicated
ability to repay the debt.

To have a better view of VINASUN’s business and its financial situation, we summarize

as the following:

2012
2013F 2014F
2,713.31
3,024.74

3,327.21

19.30%
11.48% 10.00%
151.23
200.00 240.00
13.68%
32.25% 20.00%
1,782.13
1,960.35

2,156.38

0.32%
10.00% 10.00%

936.13
1,029.75

1,132.72

9.38%
10.00% 10.00%
47.47%
47.47% 47.47%
16.79%
19.42% 21.19%
5.58%
19.42% 21.19%
5,006
4,598 5,517
8.49%
10.20% 11.13%
16.91%
19.42% 21.19%
performance





VINASUN posted 2012
profit of VND
billion. Accordingly, the co
13.68% compare to previous year
Chart 2

: Revenue and profit after Tax of VINASUN (Unit: Billion VND)
The fact trend is that profit increased faster than
depreciation
accounting schedule together with the benefit from
subsidy. On the other hand, VINASUN may get b
Transportation Department. Constraints on
for new co
mpanies’ access to the
According t
o information from VINASUN, at the end of
reached about VND
2,016 billion, completed 73% plans, profit after tax reached
billion
, fulfilling 82.3% of parent company's business plan, the ability
complete planned of
profit after t
provision profits in 2013 and 2014 to
1,068.60
1,643.70
107.47
0.00
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
3,500.00
2009

profit of VND
2,713.31
billion and profit after tax of VND
billion. Accordingly, the co
mpany’s profit increased by 19.30%
and profit increased by
13.68% compare to previous year
.
: Revenue and profit after Tax of VINASUN (Unit: Billion VND)
The fact trend is that profit increased faster than
revenue growth be
cause of the change in the
accounting schedule together with the benefit from
the
Government’s loan
subsidy. On the other hand, VINASUN may get benefit from policy of Ho Chi Minh
Transportation Department. Constraints on

registration for new taxi cars cause high barriers
mpanies’ access to the
market, thus prot
ecting large incumbents like VINASUN
o information from VINASUN, at the end of

8/2013, parent company sales
2,016 billion, completed 73% plans, profit after tax reached
, fulfilling 82.3% of parent company's business plan, the ability is that
profit after t
ax in September. As a result, there will
have

provision profits in 2013 and 2014 to
VND 200 and VND 240 billion.
Take advantag
1,643.70
2,274.33
2,713.31
3,024.74
3,327.21
179.45
133.03
151.23
200
2010
2011
2012
2013F
Revenue Profits after Tax

10
billion and profit after tax of VND
151.23
and profit increased by
: Revenue and profit after Tax of VINASUN (Unit: Billion VND)


cause of the change in the
Government’s loan
enefit from policy of Ho Chi Minh
registration for new taxi cars cause high barriers
ecting large incumbents like VINASUN

.
8/2013, parent company sales
2,016 billion, completed 73% plans, profit after tax reached
VND 144.5
is that
VNS will
have
increase the
Take advantag
e from
3,327.21
240
2014F




this positive trend, the author
10%
together with profit growth for 2013
The equity
rose from VND 855.87 billion in 2011 to VND 936.13 billion
by 9.38% and expected continuously increase in 2013
While Liabilities/
Total assets
respectively. Since
VNS’s property development at Tan Da Tradi
- started g
enerating rental revenues from
annual net profit of VND10

b
Chart 3
: Growth in ROA and ROE of VINASUN from 2009
Dramatically growth in profits make
reflecting the improving capital efficiency, and make VNS’s stocks become more attractive.
Another factor supporting this results including:
10
12
17
23
0
5
10
15
20
25
2009 2010

this positive trend, the author
forecast the company's annual sales will be
around 11.48% and
together with profit growth for 2013
- 2014 will be 32.25% and 20%,
respectively
rose from VND 855.87 billion in 2011 to VND 936.13 billion

in 2012 means rose
by 9.38% and expected continuously increase in 2013
–
2014 period by 10% constantly.

Total assets
went up from 52.13% to 47.47%
from 2011 to 2012,
VNS’s property development at Tan Da Tradi
ng Centre
–
enerating rental revenues from
Q1/
2011. VNS estimates this c
b
illion. Total development costs are VND48 b
illio
: Growth in ROA and ROE of VINASUN from 2009
–
2014F (Unit: %)
Dramatically growth in profits make
ROE and ROA
improved significantly over the years,
reflecting the improving capital efficiency, and make VNS’s stocks become more attractive.
Another factor supporting this results including:

12
7.49
8.49
10.2
11.13
23
15.85
16.91
19.42

21.19
2011 2012 2013F 2014F

11
around 11.48% and
respectively
.
in 2012 means rose
2014 period by 10% constantly.
from 2011 to 2012,
–
7,005sqm GLA
2011. VNS estimates this c
entre brought in
illio
n.
2014F (Unit: %)


improved significantly over the years,
reflecting the improving capital efficiency, and make VNS’s stocks become more attractive.
11.13
21.19
ROA
ROE




Firstly, the profit’s pictu

re becomes brighter. The adjustment to depreciation period helped
somewhat reflect exactly performance of the business of VINASUN. However, due to
accounting depreciation faster than last year in the next five years, so V
some surge profits
from the liquidation of car due to the remaining value of the car equal to
zero.
Secondly
, the property does not serve business activities accounted for nearly 20% of total
asset has been liquidated in 2010. Property investment accounts for nearly 200 bi
use of land of 717.1 m
2

in Thu Khoa Huan, District 1 and 2.739 m
Hoi, Ward 16, District 8. This property has not really brought the good performance to the
company over the years. Thus, the liquidation of the land in 20
profit surge for VINASUN
and help the main business activity increase by 20%
re-
investment. Expected profits after
billion.
Third, promote the efficiency of financial
fixed costs due to the initial investment system vehicles for main business operations.
Structure of equity capital of approximately 30%
financial leverage. V
INASUN
was 38.3% did for the return on equity is
16.91% in 2009, and continuously expected increase to 19.24% and 21.19% in 2013 and
2014, respectively.
In term of
peers comparison

at leading price among stocks with VND 50,000 at average volume of 8,000 stocks being in

re becomes brighter. The adjustment to depreciation period helped
somewhat reflect exactly performance of the business of VINASUN. However, due to
accounting depreciation faster than last year in the next five years, so VINASUN
from the liquidation of car due to the remaining value of the car equal to
, the property does not serve business activities accounted for nearly 20% of total
asset has been liquidated in 2010. Property investment accounts for nearly 200 bi
in Thu Khoa Huan, District 1 and 2.739 m
2

of land in Truong Dinh
Hoi, Ward 16, District 8. This property has not really brought the good performance to the
company over the years. Thus, the liquidation of the land in 2010 Thu Khoa Huan brough
and help the main business activity increase by 20%
investment. Expected profits after
-
tax from the sale of the land were about VND 70
Third, promote the efficiency of financial leverage. Characteristic of the taxi business is large
fixed costs due to the initial investment system vehicles for main business operations.
Structure of equity capital of approximately 30%
- 50
% is considered successful in the use of
INASUN
’s debt/
equity rate accounted for 70.44% and debt/ total capital
was 38.3% did for the return on equity is

significantly improved, from 15.85% in 2011 to
16.91% in 2009, and continuously expected increase to 19.24% and 21.19% in 2013 and

peers comparison
in the same industry
within 10 most competitors
at leading price among stocks with VND 50,000 at average volume of 8,000 stocks being in

12
re becomes brighter. The adjustment to depreciation period helped
somewhat reflect exactly performance of the business of VINASUN. However, due to
INASUN
still get
from the liquidation of car due to the remaining value of the car equal to
, the property does not serve business activities accounted for nearly 20% of total
asset has been liquidated in 2010. Property investment accounts for nearly 200 bi
llion is the
of land in Truong Dinh
Hoi, Ward 16, District 8. This property has not really brought the good performance to the
10 Thu Khoa Huan brough
a
and help the main business activity increase by 20%
effect from
tax from the sale of the land were about VND 70
-80
leverage. Characteristic of the taxi business is large
fixed costs due to the initial investment system vehicles for main business operations.
% is considered successful in the use of
equity rate accounted for 70.44% and debt/ total capital
significantly improved, from 15.85% in 2011 to
16.91% in 2009, and continuously expected increase to 19.24% and 21.19% in 2013 and
within 10 most competitors
, VNS stands

at leading price among stocks with VND 50,000 at average volume of 8,000 stocks being in




the market. However, at currently, the most power in transportation i
account for 71.70% while VNS standing at 5
No.
Symbol

+/-

Volume
1
HCT

6.4

(0)

2
VNS

50

(0)

3
TCO

10.3
(0.1)

4
HHG

3.4
(0.1)

5
PCT

3.9
(0.1)

6
VNL

14.8
(0.4)

7
DL1

6.2
(0.1)

8
VIP

8.7

(-0.2)

795,250
9
GMD

30.9

(-0.7)

551,660
10
GTT

12.1
(0.1)

101,400
Table 3.6
: Peers comparison with VINASUN in the same industry
Industry
Comparison
+/- EPS
PE
Transportation/
Warehouse/Taxi
178.9

(-1.2)

2,845

9
VNS
50
(0)
5,899

8.5
[Source: Cophieu68.vn]
As can be seen from the table above, VNS stand at high price compare to the whole industry.
VNS keep maintaining good
to be invested in the future as well.

the market. However, at currently, the most power in transportation industry goes to VIP
account for 71.70% while VNS standing at 5
th
with 42.90%.
Volume
EPS

P/E

ROE

P/B

0

991

6.5

10%

32%

8,000

5,899

8.5

0%

166%

3,040

2,007

5.1

16%

83%

200

-334

-10.2

-4%

36%

33,973

349

11.2

3%

37%

6,610

2,545

5.8

15%

86%

28,000

1,151

5.4

6%

36%

795,250
2,466

3.5

15%

52%

551,660
1,890

16.3

5%

78%

101,400
-27

-448.1

0%

117%

: Peers comparison with VINASUN in the same industry

PE
ROA

ROE

Price

AVG

Book

Value

P/B
Beta
9
6% 6% 25.5 24.2 99% 0.8

8.5
10% 0% 50 30.2 166%

0.1

As can be seen from the table above, VNS stand at high price compare to the whole industry.
VNS keep maintaining good performance in the stock market and consider prosperou
to be invested in the future as well.


13
ndustry goes to VIP
Beta

Power

0

56.80%

0.1

42.90%

-0.2

54.70%

1.8

33.10%

0.8

53.80%

-0.3

57.60%

-0.3

63.30%

1.7

71.70%

1.7

57.70%

1

31.90%

Beta
Total
Shares
Outstanding
Market
Capital

(Billion)

1,143,680,883 29.225
40,500,000 2,025
As can be seen from the table above, VNS stand at high price compare to the whole industry.
performance in the stock market and consider prosperou
s stock




Part 4:
Conclusion and policy implications
From analysis with above explanations, the author recommend to investor
stock at price of 51.900.
Taxi transport
population size and life-
style
transport services in the S
outhern region, thanks to the powerful car with good competitive
strategy. Nevertheless, the liquidity and volatility of the
so the next major shareholders holding
nature of the activities VINASUN does
profit forecasts in 2013 and 2014 to VND 200 a
estimate given in the Board Meeting

On 27/08/2013, an extraordinary of General Shareholders' Meeting year 2013 of the
Vietnam Sun Corporation
–
important
content is the proposal to the General Shareholders' Meeting consulted about the

issuance of 3,000,000 s
hares separately, the minimum issued price was
to raise capital to finance further investment on vehicle plans business development in
existing areas and new areas in 2013
-
In 2013, VNS will invest additional 400 vehicles besides the
has
been approved by General Shareholders' Meeting
will invest additional 900 new car
Binh Duong
, Dong Nai,
- Separately i
ssued shares this time will be limited to transfer within 1 year from the
date of completion of the offering. Subjects offered are major investors (numbers are

Conclusion and policy implications
:

From analysis with above explanations, the author recommend to investor
s

Taxi transport has great potential in Vietnam due to
style
is increasingly improved. VINASUN
is the market leading
outhern region, thanks to the powerful car with good competitive
strategy. Nevertheless, the liquidity and volatility of the VNS’s stock market
so the next major shareholders holding approximately 80% owned by the c
nature of the activities VINASUN does
not contain elements mutagenic.

The
profit forecasts in 2013 and 2014 to VND 200 a
nd VND
240 billion which is
estimate given in the Board Meeting
.
On 27/08/2013, an extraordinary of General Shareholders' Meeting year 2013 of the
–
VINASUN
has been carried out successfully.
content is the proposal to the General Shareholders' Meeting consulted about the
hares separately, the minimum issued price was VND 44,000
to raise capital to finance further investment on vehicle plans business development in
existing areas and new areas in 2013
-2014. Specifically:
In 2013, VNS will invest additional 400 vehicles besides the investment of 500 units
been approved by General Shareholders' Meeting
in 4/2013
. And in 2014, VNS
will invest additional 900 new cars. Markets to increase cars are Ho Chi Minh City,
, Dong Nai, Vung Tau, Da Nang and expand to new markets.
ssued shares this time will be limited to transfer within 1 year from the
date of completion of the offering. Subjects offered are major investors (numbers are

14


should buy VNS
has great potential in Vietnam due to
increasing

is the market leading
taxi
outhern region, thanks to the powerful car with good competitive
VNS’s stock market
is not too much,
approximately 80% owned by the c
ompany and the
The
author raised
240 billion which is
lower than the
On 27/08/2013, an extraordinary of General Shareholders' Meeting year 2013 of the
has been carried out successfully.
Accordingly,
content is the proposal to the General Shareholders' Meeting consulted about the
VND 44,000
/ stock
to raise capital to finance further investment on vehicle plans business development in

investment of 500 units
. And in 2014, VNS
s. Markets to increase cars are Ho Chi Minh City,
Vung Tau, Da Nang and expand to new markets.

ssued shares this time will be limited to transfer within 1 year from the
date of completion of the offering. Subjects offered are major investors (numbers are

less than 10 investors) which do not distinguish new shareholders or existing
shareholders.
Acco
rdingly, the cash flow in the coming year of VNS is adjusted as follows
Unit: VND Billion
Revenue
Profit after Tax
Interest (1-T)
Depreciation
Investment to fixed asset
Investment to liability
Free Cash Flow
Value of the
firm after 2017
Value of the firm
Value of debt
Number of shares
Target Price/ share (VND)

Table 4.1
: Forecasted Cash flow in the next 4 years
Applying Discounted Cash Flow (DCF) method with 19.4%
VNS’ share at VND 51,938. The author
value the share because:
- VNS is
the only listed company in the taxi sector, which implies relative value
methodology is infeasible
- DCF model
allows us to capture the effect of extraordinary income in the next one or
two years

from liquidation of asset without letting these earnings distort the
overall valuation,
- C
alculate the investment in the vehicle fleet in detail over the coming

less than 10 investors) which do not distinguish new shareholders or existing
rdingly, the cash flow in the coming year of VNS is adjusted as follows
2013 2014 2015
3,327.21 3,659.93 4,025.92

240.00 266.40 295.70

103.14 113.46 124.8
106.47 117.12 128.83

163.03 179.34 197.27

136.42 150.06 165.06

150.17 167.58 187.00

firm after 2017

40,499,818

51,938
: Forecasted Cash flow in the next 4 years

Applying Discounted Cash Flow (DCF) method with 19.4%
WACC
, the author valuate
VNS’ share at VND 51,938. The author
believes
that the DCF model is most suitable to
the only listed company in the taxi sector, which implies relative value
methodology is infeasible
.
allows us to capture the effect of extraordinary income in the next one or
from liquidation of asset without letting these earnings distort the
alculate the investment in the vehicle fleet in detail over the coming

15
less than 10 investors) which do not distinguish new shareholders or existing
rdingly, the cash flow in the coming year of VNS is adjusted as follows
:
2016 2017

4,428.51 4,871.37

328.70 364.34
137.28 151.01

141.71 155.01

217.00 238.70

181.57 199.73

208.66 232.81
2,196.32

2,888.36

784.87

40,499,818

, the author valuate
that the DCF model is most suitable to
the only listed company in the taxi sector, which implies relative value
allows us to capture the effect of extraordinary income in the next one or
from liquidation of asset without letting these earnings distort the

alculate the investment in the vehicle fleet in detail over the coming
years.




Expected number of vehicles was stable at 4,200 in the end of the project period and date is
estimate based on project in year 2013. New fixed asset are sufficient to replace liquidated

fixed asset.
Business plan of VINASUN:
Items (Unit: VND Million
)
Total Revenue
Net Revenue
Total profit before tax
Profit after tax
Dividend Rate (%)
Earnings Per Share (EPS)
Table 4.2
: Business plan of VINASUN
In year 2013, VINASUN’s plan
VND 2
39.4 billion, an increase
18.5% compared
in 2012. Divide









Expected number of vehicles was stable at 4,200 in the end of the project period and date is
estimate based on project in year 2013. New fixed asset are sufficient to replace liquidated
Business plan of VINASUN:

)
2010

2011

2012

1,488,600

2,178,500

2,589,800

1,481,150

-

-

231,450

215,020

165,170

173,590

161,270

123,870

20

15

0

-

-

-

: Business plan of VINASUN

In year 2013, VINASUN’s plan
revenue of VND
2,880.7 billion, up 6.2%, profit before tax
39.4 billion, an increase
of 17.35%, profit after tax reached
VND
in 2012. Dividends plan expected 20.0% in 2013/ face value price

16
Expected number of vehicles was stable at 4,200 in the end of the project period and date is
estimate based on project in year 2013. New fixed asset are sufficient to replace liquidated

2013F

2,880,700


-


239,400


179,500


20


-

2,880.7 billion, up 6.2%, profit before tax
VND
179.5 billion, up
nds plan expected 20.0% in 2013/ face value price
.




1.
Baomoi.com (2012).
18,5% so voi thu
chien nam 2012

du-kien-loi-nhuan-
nam
2012/127/10849765.epi
2.
Cophieu68 (2011) VIETNAM SUN CORPORATION. Retrieved from
/>3.
Dau tu chung khoan (2013). VNS
/>4.
Stockbiz.vn (2009). Vietnam Sun Corporation (VNS: HO
/>5.
Thu Vo (2010). Vinasun, Mekong Securities.
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Trang, Vu Thi Thu (2013). Bao cao cap nhat cong ty co phan Anh Duong Viet Nam
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