Tài liệu Tcdn.thanh.kinh do joint stock company.ppt

Kinh Do Joint Stock Company • - Sector: Food and beverage industry • - Major businesses: sweets and non-alcoholic beverages, including cookies, cakes, crackers, candies, moon cakes, beverages and ice cream, merchandise of operatng supplies and real estate... • - It was established in 1993 • - It was listed on HASTC in 2005 with the tcker KDC • - Inital chartered capital: VND 150 billion • Untl now, chartered capital: VND 1,195,18,,,10,000 SWOT Analysis Strengths -Advantages of a leading food processing company in Vietnam - Efcient management mechanism - Property of many atractve real estate projects Weaknesses - Potental risks in fnancial investment actvites: the fuctuaton of stock market. - Tarif cut: the higher quality but lower price imports   Opportunites - Economies of scale - Huge cash infow from investng atractve real estate projects in the future   Threats - Risks caused by extending the product structure. - Retail operaton through the system of Kinh Do Bakery and Kinh Do Café The relationship between Vietnamese financial market and TAC’s financial management - In 200,, fnancial crisis and global economic recession - In 2009, Vietnam government implemented expansionary monetary policy -> The interest rate decreased Efects: + Firms and enterprises to make more bank loans -> Kinh Do increased more than twice higher than in 200,. -> The credit outstanding balance of bank system increased signifcantly + Savings channel: less atractve -> the cash fows switch into the stock market. -> OE of KDC increased more than VND 300,000 million in 2009 => the total assets increase: > 1.5 tmes -> * Made fnancial decisions - Monitor the market situaton and focus the main business sectors -Reduce unreasonable costs & optmize the use of current assets -Focus on investment actvites + Minimize short term investments, focus on real estate projects Investment Structure in 2009 2009 2008 Change (%) Short term investment in securites 23 ,6 -83% Long term investmentn same sector companies 490 854 -35% Long term investment in stragic partners 212 365 -42% Long term investment in real estate project 295 ,6 242% -> Results: + Q2 in 2009, proft afer tax: ,4., billion, > 440% same period + atracted more and more investors -> the price of KDC increased dramatcally. -> impact on the stock market: the excitement of the stock market in 2009 Conclusion: A binding relatonship. Company’s proftability and risk Balance sheet Unit: VND million Source: website of Tan Viet’s stock exchange Income statement Unit: VND million Source: website of Tan Viet’s stock exchange Liquidity ratos Liquidity ratos 2008 2009 2010 Current rato (tmes) 2.22 1.53 2.25   1.58 1.59 1.8 Quick rato (tmes) 1.95 1.43 1.,3   0.87 0.94 1.06 Source: cophieu68.com & website of Tan Viet’s stock exchange -> Low liquidity risks Leverage ratos Leverage ratos 2008 2009 2010 Total liabilites to Total  Assets (%)   Total liabilites to equity  (%)   Long term debt to assets  (%)   0.2, 0.42 0.24 0.47 0.49 0.47 0.40 0.83 0.32 1.16 1.29 1.16 0.06 0.03 0.03 Source: cophieu68.com & website of Tan Viet’s stock exchange -> Face low risk in insolvency but not take the advantages of fnancial leverage. Efciency ratos Efciency ratos 2008 2009 2010 Inventories Turnover ,.01 9.41 4.45   8.77 6.02 5.73 Receivable Turnover 2.,0 1.,0 1.90   19.62 25.31 29.94 Total asset Turnover 0.49 0.36 0.3,   1.52 1.57 1.52 Source: cophieu68.com & website of Tan Viet’s stock exchange -> Inventory management: Efcient Receivable and asset management: Not efcient Proftability ratos Proftability ratos Gross proft margin  (%)   Net proft margin (%)   ROA (%)   ROE (%)   2008 2009 2010 25.4 33.05 35.45 23.37 -4.16 8.97 -2.03 11.14 -2.92 20.97 22.77 34.19 9.85 12.31 14.36 21.68 27.71 23.37 29.92 8.97 11.4, 11.14 15.4, 20.97 Source: cophieu68.com & website of Tan Viet’s stock exchange  Relatvely good proftability Market value ratos Market value ratos 2008 2009 2010 P/E -23.43 5.89 6.81   6.29 6.29 6.29 P/B 0.96 1.15 1.12   1.01 1.01 1.01 Source: cophieu68.com & website of Tan Viet’s stock exchange -> Not very good