Income StatementT VND20102011201220132014Doanh thu thun3,009.24,104.04,227.95,095.06,299.7Tng trng36.4%3.0%20.5%23.6%Gi vn hng bn(2,421.9)(3,379.8)(3,680.3)(4,491.4)(5,509.8)Li gp587.3724.1547.6603.6789.9T sut li gp19.5%17.6%13.0%11.8%12.5%Thu nhp ti chnh67.8100.786.293.4241.0Thu nhp t u t ti chnh0.0---0.0Chi ph ti chnh(88.1)(112.4)(67.0)(90.6)(60.5)Trong : Chi ph li vay44.870.460.077.641.1Chi ph bn hng(210.9)(176.7)(219.3)(247.6)(245.4)Chi ph qun l Doanh nghip(86.9)(55.8)(85.3)(136.2)(152.6)Li/l t H Kinh doanh269.2480.0262.2222.6572.5T sut li t HKD8.9%11.7%6.2%4.4%9.1%Li/l t cng ty con, lin kt0.00.00.00.00.0Thu nhp/(chi ph) khc3.70.17.44.9(8.5)EBIT317.7550.5329.7305.1605.1Li/(l) trc thu272.9480.1269.6227.5564.0Thu TNDN-hin thi(50.5)(64.2)(36.9)(41.6)(126.2)Thu TNDN-hon li6.2(2.9)0.0(9.9)2.9Li/(l) rng228.6413.0232.7176.0440.7T sut li rng7.6%10.1%5.5%3.5%7.0%

Li ch CTS14.518.622.317.723.9Li/(l) thun ca CCT m214.0394.3210.5158.4416.8Chi ph khu hao73.783.490.2110.8116.9

Khi lng c phiu47,151,27345,952,52345,952,52360,206,16393,403,493EPS (VN)3,709.406,509.803,484.302,623.404,462

Balance SheetT VND20102011201220132014Tin v Tng ng tin126.4329.435.573.389.2u t Ti chnh ngn hn37.60.2738.20.2802.5Cc khon phi thu345.3563.6448.0416.9792.2Hng tn kho, rng642.3823.3982.21,097.51,415.3TS lu ng khc29.241.878.072.7102.4Tng ti sn Ngn hn1,180.81,758.32,282.01,660.73,201.60.0Phi thu di hn0.00.00.00.00.0Ti sn C nh rng588.8565.8711.6807.01,152.4Gi tr hao mn ly k(196.8)(278.6)(374.7)(481.7)(555.1)Bt ng sn u t0.00.00.00.00.0u t ti chnh di hn0.00.09.27.72.0Ti sn di hn khc52.583.570.874.2215.5Tng Ti sn di hn641.3649.3791.6888.91,369.90.00.0Tng Ti sn1,822.12,407.63,073.62,549.64,571.5Tng trng0.032.1%27.7%-17.0%79.3%0.0Vay ngn hn352.4633.61,254.9512.22,026.0Phi tr nh cung cp99.2129.5122.784.1242.7N ngn hn khc294.9275.9290.9305.6359.2Cng n ngn hn746.51,039.01,668.5902.02,627.8

Vay di hn88.958.90.084.163.5Phi tr nh cung cp di hn0.00.00.00.00.0N di hn khc1.62.80.07.36.5Cng n di hn90.561.80.091.470.1

Vn gp471.5471.5475.1614.0924.0Thng d vn c phn191.8190.5190.5190.5216.4Vn khc0.00.00.00.00.0C phiu qu(32.7)(36.9)(36.9)(36.9)0.0Chnh lch nh gi li TS0.00.00.00.00.0Cc qu1.94.04.04.211.7Li cha phn phi303.5613.9696.3696.0704.5Qu khen thng phc li0.00.00.00.00.0Vn ch S hu936.01,243.01,329.01,467.91,856.6Tng trng32.8%6.9%10.5%26.5%0.00.0Li ch c ng thiu s49.163.876.088.417.0

Tng cng ngun vn1,822.12,407.63,073.62,549.64,571.5Tng trng32.1%27.7%-17.0%79.3%

Cash Flow StatementT VND20102011201220132014I. Lu chuyn tin t hot ng kinh doanh1. Li nhun trc thu272.9480.1269.6227.5564.02. iu chnh cho cc khonKhu hao ti sn c nh73.783.490.2110.8116.9Cc khon d phng(1.7)28.919.5(1.8)(16.1)Li, l chnh lch t gi hi oi cha thc hin9.05.5(0.0)0.00.0Li, l t hot ng u t(10.6)(19.4)(51.2)(78.9)(24.8)Chi ph li vay44.870.460.077.641.1Li, l do thanh l TSCThu nhp li vay v c tcPhn b li th thng miiu chnh cho cc khon khc3. Li nhun t hot ng kinh doanh trc thay i vn lu ng388.0648.9388.1335.3681.0Tng, gim cc khon phi thu(42.8)(221.9)100.027.6(256.5)Tng, gim hng tn kho(302.3)(196.7)(176.9)(107.6)(182.5)Tng, gim cc khon phi tr (khng k li vay phi tr, thu thu nhp phi np)163.425.87.0(53.1)147.9Tng, gim chi ph tr trc(7.4)(27.7)(6.7)(6.5)(9.7)Tin li vay tr(45.2)(69.6)(59.1)(79.1)(41.2)Thu thu nhp doanh nghip np(35.0)(60.3)(59.0)(46.3)(126.3)Tin thu khc t hot ng kinh doanh0.21.32.02.371.8Tin chi khc t hot ng kinh doanh(8.6)(21.2)(15.6)(11.0)(16.3)Lu chuyn tin thun t hot ng kinh doanh110.278.5179.861.7268.1II. Lu chuyn tin t hot ng u t1. Tin chi mua sm, xy dng TSC v cc ti sn di hn khc(109.8)(121.4)(221.4)(197.3)(393.5)2. Tin thu t thanh l, nhng bn TSC v cc ti sn di hn khc0.213.40.00.41.03. Tin chi cho vay, mua cc cng c n ca n v khc(34.7)(37.1)(1,171.5)(200.0)(746.9)4. Tng gim tin gi ngn hng c k hn4. Tin thu hi cho vay, bn li cc cng c n ca n v khc12.474.5425.2940.50.55. Tin chi u t gp vn vo n v khc(151.1)6. Tin thu hi u t gp vn vo n v khc0.07. Tin thu li cho vay, c tc v li nhun c chia9.019.634.095.417.28. Mua li khon gp vn ca c ng thiu s trong cng ty con10. Tin thu khc t hot ng u t11. Tin chi khc t hoat ng u tLu chuyn tin thun t hot ng u t(122.9)(51.1)(933.7)639.0(1,272.7)III. Lu chuyn tin t hot ng ti chnh1. Tin thu t pht hnh c phiu, nhn vn gp ca ch s hu127.062.82. Tin chi tr vn gp cho cc ch s hu, mua li c phiu ca doanh nghip pht hnh(32.7)(5.5)3. Tin vay ngn hn, di hn nhn c1,193.12,362.53,856.95,626.65,653.24. Tin chi tr n gc vay(0.5)(2,110.7)(3,294.4)(6,285.2)(4,530.6)5. Tin chi tr n thu ti chnh6. C tc, li nhun tr cho ch s hu(0.0)(68.9)(102.4)(4.5)(165.4)7. Tin thu khc t hot ng ti chnh8. Tin chi khc t hot ng ti chnhLu chuyn tin thun t hot ng ti chnh(71.9)177.4460.0(663.1)1,020.1Lu chuyn tin thun trong k(84.5)204.9(293.9)37.615.5Tin v tng ng tin u k210.0126.4329.435.573.3nh hng ca thay i t gi hi oi quy i ngoi t1.0(1.9)0.00.20.4Tin v tng ng tin cui k126.4329.435.573.389.2

Valuation Model

AssumptionsYearsMost RecentAverageValue Used20102011201220132014LTM2011-201420152016201720182019Revenue growth rate:Sales of Goods36.38%3.02%20.51%23.64%23.64%20.89%15.00%15%13%12%12%Financial Services48.45%-14.40%8.32%158.14%158.14%50.13%-75.00%5.00%5.00%5.00%5.00%36.65%2.60%20.26%26.06%26.06%21.40%25.00%25.00%25.00%25.00%25.00%Cost margins:Cost of Sales80.48%82.36%87.05%88.15%87.46%87.46%86.25%84%84%84%82%82%Financial Services Costs129.93%111.57%77.69%96.99%25.11%25.11%77.84%120.00%100.00%80.00%80.00%80.00%SG&A9.68%5.53%7.06%7.40%6.08%6.08%6.52%7.00%8.00%8.00%10.00%10.00%Other Costs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Depreciation of Assets10.23%9.35%9.33%7.80%7.80%9.18%7.80%5.00%5.00%5.00%5.00%

Interest and tax rates:Interest earned on cash0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%Interest rate on debt10.34%5.46%7.54%2.73%1.76%6.52%10.00%10.00%8.00%8.00%8.00%Tax Rate25.00%25.00%25.00%25.00%25.00%25.00%22.00%22.00%22.00%22.00%22.00%

Dividend Payout Ratio0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Balance sheet items:Current Assets Excluding Cash/Revenue34.27%33.98%52.07%30.59%47.58%47.58%41.06%45.00%40.00%35.00%40.00%40.00%Current Liabilities/Revenue24.26%24.71%38.68%17.38%40.18%40.18%30.24%40.00%40.00%35.00%35.00%35.00%Net Total Fixed Assets/Revenue19.14%13.46%16.50%15.55%17.62%17.62%15.78%15.00%15.00%15.00%13.00%12.00%Finance Receivables Growth Rate0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%Total Borrowing/Revenue17.56%19.55%31.93%13.11%35.66%35.66%10.00%10.00%10.00%10.00%10.00%10.00%Current Portion of Debt83.56%92.83%100.00%87.64%97.28%97.28%90.00%90.00%90.00%87.00%87.00%85.00%

Income StatementActualProjectedCAGR ACCOUNTS20102011201220132014LTM2015E2016E2017E2018E2019E2010-20142015E-2019EDifferenceRevenue[Sales, Net]3,009.24,104.04,227.95,095.06,299.76,299.77,244.68,331.39,414.410,544.111,809.420.29%13.39%6.89%[Financial Services]67.8100.786.293.4241.0241.060.363.366.469.873.237.30%-21.20%58.49%[Revenue]3,077.04,204.74,314.15,188.46,540.76,540.77,304.98,394.69,480.810,613.911,882.720.75%12.68%8.06%CheckOKOKOKOKOK

Costs and expensesCostOfGoodsSold2,421.93,379.83,680.34,491.45,509.85,509.86,085.56,998.37,908.18,646.29,683.722.81%11.94%10.87%FinancingInterestExpense88.1112.467.090.660.560.572.363.353.255.858.6-8.97%-0.65%8.32%[Selling, General & Administrative Expense]297.8232.5304.6383.8398.0398.0511.3671.6758.51,061.41,188.37.51%24.46%16.94%Other Costs---[Costs and Expenses]2,807.83,724.74,051.94,965.85,968.25,968.26,669.17,733.28,719.79,763.410,930.620.74%12.87%7.88%

Depreciation73.783.490.2110.8116.9116.9133.287.395.5108.2116.312.23%-0.10%12.33%

[Operating Income]269.2480.0262.2222.6572.5572.5635.7661.4761.1850.5952.120.76%10.71%10.05%CheckOKOKOKOKOK

InvestmentIncomeNet0.0---0.00.00.00.00.00.0-[Interest Expense]44.870.460.077.641.1416.46.45.86.79.9-2.13%-24.83%22.70%[Earnings Before Taxes]272.9480.1269.6227.5564.0564629.4655.1755.3843.8942.219.90%10.81%9.09%

[Income Taxes]50.564.236.941.6126.2126.2138.5144.1166.2185.6207.325.70%10.44%15.26%[Income From Continuing Operations]228.6413.0232.7176.0440.7440.7490.9511.0589.1658.2734.9CheckERRORERROROKERRORERROR[Net Income]228.6413.0232.7176.0440.7490.9511.0589.1658.2734.917.84%10.77%7.07%

Earnings (loss) per common share3,7096,5103,4842,6234,4624,462[Number of Shares]47,151,27345,952,52345,952,52360,206,16393,403,49393,403,49393,403,49393,403,49393,403,49393,403,49393,403,49318.64%0.00%18.64%[EPS Basic]3,7096,5103,4842,6234,4624,4625,256.05,470.66,307.27,046.47,868.34.73%12.01%7.29%[Dividends per share]000000.000.000.000.000.00---

Balance SheetActualProjectedCAGR ACCOUNTS20102011201220132014Most Recent2015E2016E2017E2018E2019E2010-20142015E-2019EDifferenceAssets[Cash & Cash Equivalents]126.4329.435.573.389.289.28821,6052,0712,2552,921-8.34%100.91%109.25%Current Assets Excluding Cash1,054.41,428.92,246.41,587.33,112.43,112.43,2873,3583,3184,2464,75331.08%8.84%22.24%[Current Assets]1,180.81,758.32,282.01,660.73,201.63,201.64,1694,9635,3896,5017,67428.32%19.11%9.22%0Fixed Assets 0Fixed Assets at Cost785.6844.41,086.41,288.71,707.41,707.41,7842,0352,2932,3592,52121.42%8.11%13.31%[Accumulated Depreciation of PP&E]196.8278.6374.7481.7555.1555.16887768719791,09629.59%14.57%15.03%[Net of Property, Plant & Equipment]588.8565.8711.6807.01,152.41,152.41,0961,2591,4221,3801,42618.28%4.35%13.93%0[Finance Receivables+]0.00.00.00.00.00.000000---PrepaidPensionCosts0.00.00.00.00.00.000000[Other Non-current Assets+]52.583.570.874.2215.5215.510010010010010042.36%-14.23%56.59%[Assets]1,822.12,407.63,073.62,549.64,571.54,571.55,3656,3226,9117,9819,20025.86%15.01%10.84%CheckOKOKOKOKOKOK

Liabilities and Shareholder`s Equity{LongTermDebtCurrent}+{ShortTermBorrowings}451.5763.11,377.6596.32,268.62,268.66577568539551,06949.72%-13.96%63.68%Other Current Liabilities294.9275.9290.9305.6359.2359.22,2652,6022,4652,7603,0895.05%53.79%48.73%[Current Liabilities]746.51,039.01,668.5902.02,627.82,627.82,9223,3583,3183,7154,15936.98%9.62%27.36%

[Long Term Debt+]88.958.90.084.163.563.57384123138178-8.04%22.91%30.95%[Long Term Liabilities Excluding Debt+]1.62.80.07.36.56.55555541.15%-5.19%46.34%StockholdersEquity936.01,243.01,329.01,556.31,873.61,873.62,3652,8753,4654,1234,85818.95%20.99%2.04%[Liabilities & Equity]1,822.12,407.63,073.62,549.64,571.54,571.55,3656,3226,9117,9819,20025.86%15.01%10.84%CheckERRORERRORERROROKOKOK

FCF CalculationProjectedACCOUNTS2015E2016E2017E2018E2019EDCF ValuationCost of Equity Assumptions[Net Income]491511589658735WACC9.8%Cost of Equity (CAPM)9.80%Add Back Depreciation1338795108116Long-Term Growth Rate2.0%Adjusted Beta0.58Add Back Increase In Current Liabilities294436(40)397444Risk free rate 6.90%Substract Increase In Current Assets Excluding Cash(175)(71)40(927)(508)Equity risk premium5.00%Substract Increase In Fixed Assets At Cost(77)(251)(258)(66)(162)Perpetuity growth rate2.00%Add Back After-Tax Interest Expense55558Substract The After-Tax Interest On Cash00000Free Cash Flow To Firm FCFF672718431175633

FCF CalculationProjectedACCOUNTS2015E2016E2017E2018E2019EEstimated Free Cash Flow To Firm672718431175633Terminal Value----8,279Total Cash Flow6727184311758,912

Valuation, per share0

PV Of Future CF And Terminal Value7,237Add Initial Cash89Firm Value7,326Substract Total Debt(2,332)Equity Value4,994Number of Shares (Basic)93,403,493

Share Price (Period End)Per Share Equity Valuation[$VND] 53,467.23Share Price (Yesterday Closing)[$VND] 43,000

MultiplesP/ELocal sector average7.60Value of one share (VND)39,945Valuation MethodsVND/shareWeightDCF53,46780%42,774PE39,94520%7,989Target price100%50,763Last Price43,000Upside/Downside (%)18%RECOMMBUY

FinancialsFinancial Statement SummaryIncome Statement20102011201220132014Revenue3009.1754103.9784227.9325095.0126299.678Total Operating Expenses385.984344.83791371.58825474.3764458.497Interest Expense44.77270.43260.0377.55741.078Net Income228.575412.9744232.7433176.0379440.724Net Income (%)0.00%80.67%-43.64%-24.36%-150.36%Net Income Available to Common Shareholders214.035394.343210.45158.3859416.814Profit Margin7.60%10.06%5.50%3.46%7.00%

Balance Sheet20102011201220132014Total Current Assets1180.8271758.32434082032281.972656251660.67553710943201.612Total Assets1822.0862407.623073.5582549.6174571.486Total Current Liabilities746.457409481039.0471668.512901.95472627.814Total Liabilities836.9720677541100.805091668.512993.334662697.889Total Stockholders' Equity936.0009630081243.0411328.9971467.8941856.623Debt to Assets %45.93%45.72%54.29%38.96%59.02%

Cash Flow20102011201220132014Net Cash Provided by Operating Activities110.24378.535179.8361.664268.142Net Cash Used for Investing Activities-122.868-51.073-933.693639.001-1272.68Net Cash Provided by (Used For) Financing Activities-71.894177.436459.98-663.0971020.083

Dupont analysis20102011201220132014EBIT / sales10.56%13.41%7.80%5.99%9.60%Sales / assets165.15%170.46%137.56%199.83%137.80%Pretax profit / EBIT85.91%87.21%81.79%74.58%93.21%Net / pretax profit83.76%86.02%86.32%77.36%78.15%ROA11.75%16.38%6.85%6.21%9.12%ROE22.87%31.72%15.84%10.79%22.45%Assets/Equity194.67%193.69%231.27%173.69%246.23%Net debt to equity33.63%29.21%91.75%35.63%107.74%Net debt to assets17.28%15.08%39.67%20.51%43.76%Total liabilities to assets45.93%45.72%54.29%38.96%59.02%Current ratio158.19%169.22%136.77%184.12%121.84%Quick ratio72.14%89.99%77.90%62.44%67.98%Cash ratio16.94%31.70%2.13%8.13%3.40%Margins & spreads20102011201220132014Gross profit margin19.52%17.64%12.95%11.85%12.54%EBITDA margin13.00%15.45%9.93%8.16%11.46%Operating margin8.95%11.70%6.20%4.37%9.09%Pretax profit margin9.07%11.70%6.38%4.47%8.95%Net profit margin7.60%10.06%5.50%3.46%7.00%Adjusted profit margin7.11%9.61%4.98%3.11%6.62%

Ratios and MetricsRatios and MetricsMeasure20102011201220132014Avg 3-yearAvg 5-yearMargins23456Gross Margin19.52%17.64%12.95%11.85%12.54%12.45%14.90%Operating Margin8.95%11.70%6.20%4.37%9.09%6.55%8.06%EBT Margin9.07%11.70%6.38%4.47%8.95%6.60%8.11%Management EffectivenessROA
Dan: Net Income / Total Assets12.54%17.15%7.57%6.90%9.64%8.04%10.76%ROE24.42%33.22%17.51%11.99%23.74%17.75%22.18%GrowthNet Income GrowthNA80.67%-43.64%-24.36%-150.36%-72.79%-34.42%Operating Income GrowthNA78.33%-45.37%-15.11%-157.15%-72.54%-34.83%Revenue GrowthNA36.38%3.02%20.51%23.64%15.72%20.89%EPS GrowthNA75.49%-46.48%-24.71%-70.08%-47.09%-16.44%

Cash FlowOperating Cash Flow GrowthNA-28.76%128.98%-65.71%334.84%132.70%92.34%

ChartsChartsReturn to ScorecardFinancial Statements

Margins and Effectiveness, Growth

Sheet1