Vit Nam

Cp nht KQKD
2 March 2012

MUA
Gi: Mc tiu:

Vinamilk (VNM)
Kt qu kinh doanh 2011
VND 91.000 VND 118.000
Duy tr khuyn ngh MUA. VNM hin ang c giao dch quanh mc P/E k vng 10x, mc ny thp hn 55% so vi bnh qun cc cng ty cng ngnh trong khu vc. Chng ti k vng VNM duy tr c mc tng trng li nhun bnh qun 30% v ROE trn 35% trong giai on 2012-2015. Kt qu kinh doanh 2011. Doanh thu tng 37% t 21.672 t ng (tng ng 1 t USD), do sn lng bn ra tng 20% v gi bn bnh qun tng 12%. Li nhun rng tng 27% t 4.218 t ng (loi tr khon li nhun bt thng nm 2010). ROE t 41% trong nm 2011 v cng ty ang nm gi 3.156 t ng tin mt rng. Trin vng ngnh sa tt nh tng lp trung lu mi ni Vit Nam, c cu dn s tr, v mc tiu th sa bnh qun u ngi thp. Mc d, tiu th sa bnh qun u ngi Vit Nam ang tng dn, hin mc 14kg/ngi/nm nhng vn thp hn cc nc trong khu vc nh Thi Lan (25kg), Philippines (18kg), v Bangladesh (16kg). M rng cng sut sn xut tng trng. VNM tng tng cng sut 35% trong nm 2011 t khong 900 ngn tn v s tip tc m rng thm khong 25% na trong nm 2012. Nm 2013, tng nng lc sn xut ca VNM c th t ti 2 triu tn/nm khi nh my Mega Bnh Dng i vo hot ng, tng ng vi mc tng 120% so vi cui nm 2011. Cng vi mng li phn phi rng ln, VNM c th duy tr mc tng trng doanh thu hn 30% trong trung hn, cng c thm v tr dn u trong cc ngnh hng nh sa chua (90% th phn), sa c c ng (75%), sa nc (55%), v sa bt (25%). Kh nng duy tr t sut li nhun bin cao. Chim t trng ln trong c cu gi thnh ca VNM l bt sa nguyn liu (60%), chi ph ng gi (12%), v ng (8%). Trong nm 2011, chi ph bt sa v ng gi ln lt tng 20% v 40% nhng t sut li nhun bin gp ca VNM ch gim 2,3 im phn trm t 32,8% xung 30,5% nh gi bn bnh qun tng khong 12%. Chng ti tin rng VNM vn c th tng gi bn duy tr c mc t sut li nhun bin gp trn 30%, c th cng ty tng khong 7% gi bn bnh qun t u nm 2012.
Vinamilk Bng tm tt kt qu kinh doanh
Nm ti kha 31/12 Doanh thu EBITDA Li nhun rng EPS Tng trng EPS (%) C tc (VND) PER EV/EBITDA (x) Div Yield (%) P/BV(x) N rng/VCSH (%) ROE (%) ROA (%) Ngun: Maybank IB-Kim Eng 2008 8.209 1.426 1.250 2.377 28,8 967 38,7 33,6 1,1 10,4 TM 28,1 22,4 2009 10.614 2.574 2.376 4.511 89,7 2,000 20,4 17,8 2,2 7,5 TM 42,7 32,9 2010 15.753 3.637 3.616 6.834 51,5 2,667 13,5 12,9 2,9 6,1 TM 50,2 37,6 2011 21.627 4.731 4.218 7.672 12,3 3,000 12,0 10,0 3,3 4,1 TM 41,3 32,1 2012E 28.912 5.675 5.014 9.016 17,5 3,000 10,2 8,1 3,3 3,2 TM 35,4 28,3

Nguyn Th Ngn Tuyn tuyen.nguyen@kimeng.com.vn (84) 8 44 555 888 ext 8081

Thng tin c phiu

Tng quan: Cng ty sn xut sa ln nht Vit Nam vi 39% th phn. M c phiu: S lng c phiu (triu): Vn ha th trng (t ng) GTGD bnh qun (t ng) VN Index: T l giao dch t do (%): C ng ln:
SCIC F&N Dragon Capital 45,1 9,5 8,2

VNM VN 556,1 2.404,8 0,27 439,6 37,2

Key Indicators
ROE (%) Tin mt rng (VND b): NTA/CP (VND): Kh nng tr li vay (x):
35,4 5.078 28.010 n/a

Biu gi
V ND '0 0 0 10 0 90 80 70 150 0 60 50 40 10 0 0 50 0 0 V o l (' 0 0 0 ) 3 50 0 3000 2 50 0 2000

05-Nov-10

05-May-10

05-May-11

05-Nov-11

05-Sep-10

05-Sep-11

05-Jul-10

05-Jan-10

05-Jan-11

05-Jul-11

05-Mar-10

% thay i gi Cao/thp nht 52 tun (VND)

05-Mar-11

98,000 / 57,700 YTD* 5,2 (12,4)

1-thng 3-thng 6-thng 1-nm

gi CP 7,7 0,4 13,8 54,2 So vi Index (4,9) (8,9) 9,0 68,5 (*) YTD: tnh t u nm n ngy lp bo co

XEM PH LC 1 V NHNG KHUYN CO QUAN TRNG KHI S DNG BO CO NY

05-Jan-12

Vinamilk (VNM)

nh gi

C phiu VNM ang c giao dch mc PE k vng l 10,2 ln. Vi mc tng trng bnh qun d bo khong 29% mi nm th gi c phiu VNM vn ang rt hp dn khi m VNM c th duy tr c mc ROE trn 35%. Mc d tng kh nhiu trong giai on va qua nhng VNM vn ang giao dch mc 12xPE bnh qun ca mnh trong 4 nm qua. Vi kt qu kinh doanh n tng v trin vng tt, chng ti tin rng VNM xng ng c giao dch mc +1 lch chun trn mc trung bnh hin nay. Chng ti duy tr khuyn ngh MUA vi gi mc tiu l 118.000 ng, da trn mc PE k vng 15,5. y l mc thp hn 30% so vi PE bnh qun cc cng ty cng ngnh trong khu vc hin ang 22,7x.

VNMs Trailing P/E (2008-2012)

Ngun: KE, Bloomberg

VNMs Peers Comparison

Tn cng ty INNER MONG YIL-A BEIJING SANYUAN CHINA MENGNIU DA FRASER & NEAVE NESTLE (MALAY) MAEIL DAIRY INDU WEI CHUAN FOOD UNI-PRESIDENT Trung bnh VINAMILK Ngun: KE, Bloomberg Quc gia CH CH HK MA MA SK TA TA VN Vn ha TT (triu USD) 5.887,7 813,4 4.843,2 2.145,1 4.276,0 216,6 594,0 6.732,4 3.188,6 2.404,8 P/E 11 22,5 27,7 21,3 21,1 28,2 10,6 10,7 22,5 20,6 12,0 P/E 12 21,6 n/a 18,6 23,8 26,1 27,6 20,8 20,3 22,7 10,2 P/E 13 18,1 n/a 17,0 21,5 24,5 10,4 18,4 18,1 18,3 7,9 P/B 6,6 2,8 2,9 4,0 22,9 0,9 2,5 2,8 5,7 4,1 P/S 1,1 1,8 0,9 1,8 3,1 0,3 1,3 3,8 1,7 2,3 ROA 5,5 1,9 7,9 14,1 24,1 4,2 13,1 10,8 10,2 32,1 ROE 20,3 3,0 13,5 22,8 72,8 8,4 27,0 16,3 23,0 41,3

2 March 2012

Page 2 of 6

Vinamilk (VNM)

KT QU KINH DOANH (t ) Nm ti kha 31/12 Doanh thu EBITDA Khu hao LN hot ng (EBIT) Li (chi ph)/thu nhp Lin doanh, lin kt Bt thng LN trc thu Thu Li ch c ng thiu s Li nhun rng LN rng thng xuyn Tng trng (%) Doanh thu EBITDA EBIT Li nhun rng LN rng thng xuyn Thu sut bnh qun 2009
10.613,8 2.574,4 -234,1 2.340,3 255,1 136,0 2.731,4 -355,3 -0,4 2.375,7 2.375,7

BNG CN I K TON (t ) 2010

15.752,9 3.637,5 -290,1 3.347,3 295,3 -0,2 208,1 400,7 4.251,2 -635,7 0,7 3.616,2 3.315,7 4.218,2 4.218,2 5.014,1 5.014,1

2011
21.627,4 4.731,4 -414,6 4.316,8 433,8 -8,8 237,2 4.979,0 -760,8

2012E
28.912,4 5.674,8 -357,9 5.316,9 421,0 231,3 5.969,2 -955,1

Nm ti kha 31/12 Tng ti sn Ti sn ngn hn Tin mt u t ngn hn Hng tn kho Khon phi thu TS ngn hn khc Ti sn di hn u t di hn Ti sn c nh rng TS di hn khc N phi tr Phi tr ngn hn Phi tr ngi bn Vay ngn hn Phi tr ngn hn khc Phi tr di hn Vay di hn Phi tr di hn khc Ngun vn ch s hu Vn ch s hu Cc qu Li ch c ng thiu s

2009
8.482 5.069 426 2.314 1.312 652 365 3.413 602 2.525 285 1.991 1.735 819 13 903 256 12 244 6.491 3.512 2.943 35

2010
10.773 5.920 613 1.742 2.351 941 272 4.853 1.142 3.429 283 2.809 2.645 1.120 568 957 164 164 7.964 3.530 4.434

2011
15.583 9.468 3.157 736 3.272 1.936 366 6.115 847 5.045 224 3.105 2.947 1.948 999 159 159 12.477 6.836 5.642

2012E
19.846 13.059 4.652 736 5.429 2.108 133 6.787 847 5.700 241 4.023 3.864 2.556 310 999 159 159 15.823 6.836 8.987

29,3 80,5 87,5 90,0 90,0 13,0

48,4 41,3 43,0 52,2 39,6 15,0

37,3 30,1 29,0 16,6 27,2 15,3

33,7 19,9 23,2 18,9 18,9 16,0

BO CO DNG TIN (t ) Nm ti kha 31/12 Dng tin hd kinh doanh Li nhun rng Khu hao Thay i vn lu ng Khc Dng tin hd u t u t TS c nh rng Thay i u t di hn Khc Dng tin sau hd u t Dng tin hd Ti chnh Thay i vn gp c ng Thay i n vay Khc C tc tr Dng tin rng 2009
1.091 1.250 178 (209) (128) (425) (468) 111 (67) 667 (446) 168 67 (681) 221

CC CH S 2010
2.668 2.376 234 987 (929) (2.808) (822) (1.972) (14) (140) 228 695 (185) 69 (351) 87

2011
2.667 3.616 290 (880) (360) (1.158) (1.194) 33 3 1.508 (1.321) 18 542 (116) (1.765) 187

2012E
1.222 4.218 415 (1.142) (2.270) (670) (2.031) 1.301 59 552 1.992 3.306 (568) (5) (741) 2,543

Nm ti kha 31/12 T sut li nhun gp % T sut EBITDA % T sut LN hot ng % T sut li nhun rng % ROE % ROA % N vay/VCSH (%) N vay rng/VCSH (%) Kh nng tr li vay (X) K,nng tr li&vay NH (X) Dng tin/li vay (X) Dtin/li&n vay NH (X) Kh nng TT hin hnh (X) Kh nng TT nhanh (X) Vng quay tng ti sn (x) S ngy tn kho bnh qun S ngy phi thu bnh qun S ngy phi tr bnh qun Tin mt (n) rng (t ) EPS () OCFPS () BVPS ()

2009
36,5 22,0 24,3 22,4 32,9 42,7 0,4 (42,1) 593,7 22,4 676,8 25,5 2,9 2,0 1,5 83,7 21,6 35,7 2.715 4.511 5.,065 12.252

2010
32,8 21,2 23,1 23,0 37,6 50,2 7,1 (22,4) 542,4 11,3 432,1 9,0 2,2 1,3 1,6 63,2 18,5 33,4 1.788 6.834 5.040 15.041

2011
30,5 20,0 21,9 19,5 32,1 41,3 (31,2) 285,8 14,4 80,9 4,1 3,2 2,1 1,6 68,2 24,3 37,2 3.892 7.672 2.222 22.436

2012E
30,0 18,4 19,6 17,3 28,3 35,4 2,0 (32,1) n/a 34,3 25,1 3,4 1,9 1,6 78,7 25,6 40,7 5.078 9.016 6.984 28.453

Source: Company, Kim Eng

2 March 2012

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Vinamilk (VNM)

ANALYSTS COVERAGE / RESEARCH OFFICES

MALAYSIA
WONG Chew Hann, CA Head of Research (603) 2297 8686 wchewh@maybank-ib.com Strategy Construction & Infrastructure Desmond C H NG, ACA (603) 2297 8680 desmond.chng@maybank-ib.com Banking - Regional LIAW Thong Jung (603) 2297 8688 tjliaw@maybank-ib.com Oil & Gas Automotive Shipping ONG Chee Ting (603) 2297 8678 ct.ong@maybank-ib.com Plantations Mohshin AZIZ (603) 2297 8692 mohshin.aziz@maybank-ib.com Aviation Petrochem Power YIN Shao Yang, CPA (603) 2297 8916 samuel.y@maybank-ib.com Gaming Regional Media Power WONG Wei Sum, CFA (603) 2297 8679 weisum@maybank-ib.com Property & REITs LEE Yen Ling (603) 2297 8691 lee.yl@maybank-ib.com Building Materials Manufacturing Technology LEE Cheng Hooi Head of Retail chenghooi.lee@maybank-ib.com Technicals

SINGAPORE
Stephanie WONG Head of Research (65) 6432 1451 swong@maybank-ke.com.sg Strategy Small & Mid Caps Gregory YAP (65) 6432 1450 gyap@maybank-ke.com.sg Technology & Manufacturing Telcos - Regional Rohan SUPPIAH (65) 6432 1455 rohan@maybank-ke.com.sg Airlines Marine & Offshore Wilson LIEW (65) 6432 1454 wilsonliew@maybank-ke.com.sg Hotel & Resort Property & Construction Anni K UM (65) 6432 1470 annikum@maybank-ke.com.sg Conglomerates REITs James KOH (65) 6432 1431 jameskoh@maybank-ke.com.sg Finance Logistics Resources Eric ONG (65) 6432 1857 ericong@maybank-ke.com.sg Marine & Offshore Transportation Energy OOI Yi Tung (65) 6433 5712 ooiyitung@maybank-ke.com.sg Property & Construction YEAK Chee Keong, CFA (65) 6433 5730 yeakcheekeong@maybank-ke.com.sg Retail & Consumer Engineering Infrastructure Alison FOK (65) 6433 5745 alisonfok@maybank-ke.com.sg Services Bernard CHIN (65) 6433 5726 bernardchin@maybank-ke.com.sg Conglomerates Industrials

THAILAND
Mayuree CHOWVIKRAN Head of Research (66)-2658-6300 ext 1440 mayuree.c@kimeng.co.th Strategy Suttatip PEERASUB (66)-2658-6300 ext 1430 suttatip.p@kimeng.co.th Media Commerce Sutthichai K UMWORACHAI (66)-2658-6300 ext 1400 sutthichai.k@kimeng.co.th Energy Petrochem Termporn TANTIVIVAT (66)-2658-6300 ext 1520 termporn.t@kimeng.co.th Property Woraphon WIROONSRI (66)-2658-6300 ext 1560 woraphon.w@kimeng.co.th Banking & Finance Jaroonpan WATTANAWONG (66)-2658-6300 ext 1404 jaroonpan.w@kimeng.co.th Transportation Small cap.

PHILIPPINES
Luz LORENZO Head of Research +63 2 849 8836 luz_lorenzo@maybank-atrke.com Strategy Laura DY-LIACCO (63) 2 849 8840 laura_dyliacco@maybank-atrke.com Utilities Conglomerates Telcos Lovell SARREAL (63) 2 849 8841 lovell_sarreal@maybank-atrke.com Consumer Media Cement Mining Kenneth NERECINA (63) 2 849 8839 kenneth_nerecina@maybank-atrke.com Conglomerates Property Ports/ Logistics Katherine TAN (63) 2 849 8843 kat_tan@maybank-atrke.com Banks Construction

HONG KONG / CHINA

Edward FUNG Head of Research (852) 2268 0632 edwardfung@kimeng.com.hk Construction Ivan CHEUNG (852) 2268 0634 ivancheung@kimeng.com.hk Property Industrial Ivan LI (852) 2268 0641 ivanli@kimeng.com.hk Banking & Finance Jacqueline KO (852) 2268 0633 jacquelineko@kimeng.com.hk Consumer Staples Andy POON (852) 2268 0645 andypoon@kimeng.com.hk Telecom & equipment Samantha KWONG (852) 2268 0640 samanthakwong@kimeng.com.hk Consumer Discretionaries Alex YEUNG (852) 2268 0636 alexyeung@kimeng.com.hk Industrial

INDONESIA
Katarina SETIAWAN Head of Research (62) 21 2557 1125 ksetiawan@kimeng.co.id Consumer Strategy Telcos Lucky ARIESANDI, CFA (62) 21 2557 1127 lariesandi@kimeng.co.id Base metals Coal Heavy Equipment Oil & gas Rahmi MARINA (62) 21 2557 1128 rmarina@kimeng.co.id Banking Multifinance Pandu Anugrah (62) 21 2557 1137 panugrah@kimeng.co.id Auto Heavy equipment Plantation Toll road Adi N. WICAKSONO (62) 21 2557 1130 anwicaksono@kimeng.co.id Generalist Anthony Y UNUS (62) 21 2557 1134 ayunus@kimeng.co.id Cement Infrastructure Property Arwani PRANADJAYA (62) 21 2557 1129 apranadjaya@kimeng.co.id Technicals

VIETNAM
Michael Kokalari, CFA Head of Research +84 838 38 66 47 michael.kokalari@kimeng.com.vn Strategy Nguyen Thi Ngan Tuyen +84 844 55 58 88 x 8081 tuyen.nguyen@kimeng.com.vn Confectionary and Beverage Oil and Gas Ngo Bich Van +84 844 55 58 88 x 8084 van.ngo@kimeng.com.vn Banking Insurance Nguyen Quang Duy +84 844 55 58 88 x 8082 duy.nguyenquang@kimeng.com.vn Resources Property Trinh Thi Ngoc Diep +84 444 55 58 88 x 8208 diep.trinh@kimeng.com.vn Property & Construction Power Dang Thi Kim Thoa +84 844 55 58 88 x 8083 thoa.dang@kimeng.com.vn Consumer & Services Technology & Telecom Nguyen Trung Hoa +84 844 55 58 88 Pharmaceutical Fishery

INDIA
Jigar SHAH Head of Research (91) 22 6623 2601 jigar@kimeng.co.in Oil & Gas Automobile Cement Anubhav GUPTA (91) 22 6623 2605 anubhav@kimeng.co.in Metal & Mining Capital goods Property Haripreet BATRA (91) 226623 2606 haripreet@kimeng.co.in Software Media Ganesh RAM (91) 226623 2607 ganeshram@kimeng.co.in Telecom Contractor Vasant LOHIYA (91) 226623 2611 vasant@kimeng.co.in Telecom Financial Services Banking Gagan KWATRA (91 )226623 2612 gagan@kimeng.co.in Small Cap Vedant AGARWAL (91) 226623 2625 vedant@kimeng.co.in Auto Oil & Gas

ECONOMICS
Suhaimi ILIAS Chief Economist (603) 2297 8682 suhaimi_ilias@maybank-ib.com Luz LORENZO Economist (63) 2 849 8836 luz_lorenzo@atr.com.ph Philippines Indonesia

REGIONAL
THAM Mun Hon (852) 2268 0630 thammunhon@kimeng.com.hk Regional Strategist ONG Seng Yeow (852) 2268 0644 ongsengyeow@maybank-ke.com.sg Regional Products & Planning

2 March 2012

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Vinamilk (VNM)

PH LC 1
Khuyn ngh u t
Kim Eng Vietnam Research s dng h thng nh gi nh sau MUA GI BN Tng li nhun k vng trong 12 thng hn 15% Tng li nhun k vng trong 12 thng gia -15% ti 15% Tng li nhun k vng trong 12 thng di -15%

p dng khuyn ngh u t Chuyn vin phn tch duy tr vic phn tch cc c phiu v danh sch c phiu c th c iu chnh ty theo yu cu tng thi im. Khuyn ngh u t ch p dng cho cc c phiu trong danh sch. Bo co v cc cng ty khng nm trong danh sch s khng thc hin nh gi v khuyn ngh. Mt s t vit tt thng thng (khi c s dng trong bo co) Adex = Advertising Expenditure (chi ph qung co) BV = Book Value (gi tr s sch) CAGR = Compounded Annual Growth Rate (tng trng kp) Capex = Capital Expenditure (u t TSCD) CY = Calendar Year (Nm theo dng lch) DCF = Discounted Cashflow (chit khu dng tin) DPS = Dividend Per Share (c tc 1 c phn) EBIT = Earnings Before Interest And Tax (Li nhun trc thu v li vay) EBITDA = EBIT, Depreciation And Amortisation (Li nhun trc thu, li vay v khu hao) EPS = Earnings Per Share (Li nhun 1 c phn) EV = Enterprise Value (gi tr doanh nghip) FCF = Free Cashflow (dng tin t do) FV = Fair Value (Gi tr th trng) FY = Financial Year (Nm ti kha) FYE = Financial Year End (kt thc nm ti kha) MoM = Month-On-Month (so vi thng trc) NAV = Net Asset Value (gi tr ti sn rng) NTA = Net Tangible Asset (gi tr ti sn hu hnh rng) P = Price (gi) P.A. = Per Annum (hng nm) PAT = Profit After Tax (Li nhun sau thu) PBT = Profit Before Tax (Li nhun trc thu) PE = Price Earnings (Gi / li nhun trn mi c phn) PEG = PE Ratio To Growth (h s PE tng trng) PER = PE Ratio H s P/E QoQ = Quarter-On-Quarter (so vi qu trc) ROA = Return On Asset (t sut li nhun trn tng ti sn) ROE = Return On Equity (t sut li nhun trn tng vn) ROSF = Return On Shareholders Funds (t sut li nhun trn VCSH) WACC = Weighted Average Cost Of Capital (Chi ph vn bnh qun) YoY = Year-On-Year (so vi cng k nm trc) YTD = Year-To-Date (ly k t u nm n ngy hin ti)

PH LC 1: IU KHON CHO VIC CUNG CP BO CO V NHNG KHUYN CO Bo co ny v bt k s truy cp in t vo bo co c gii hn v c gi ti khch hng ca Kim Eng Viet Nam. (KEVS) hoc nhng t chc u t lin quan ti KEVS - cc nh u t t chc v nhng ngi c php truy cp - l i tng ca cc iu khon v khuyn co di y. NU BN KHNG PHI L NGI C QUYN HOC KHNG NG NHNG IU KHON V KHUYN NGH BN DI, BN KHNG NN C BO CO NY V THNG BO CHO KEVS HOC NHNG T CHC LIN QUAN BIT RNG BN KHNG MUN NHN NHNG BO CO TNG T. Bo co ny cung cp thng tin v nhng kin ch dnh cho mc ch tham kho. Bo co ny khng c nh v mc ch cu thnh nhng li khuyn ti chnh, u t, giao dch hay bt k li khuyn no khc. N khng c phn tch nh mt s xi gic hay mt yu cu mua hay bn bt k chng khon hoc nhng sn phm ti chnh lin quan no. Thng tin v nhng li bnh lun khng c tn thnh hay khuyn ngh cho bt k loi chng khon, quyn chn, hay nhng phng tin u t khc. Bo co c chun b m khng quan tm ti yu t ti chnh c nhn, nhng nhu cu hay mc ch ca ngi nhn. Nhng chng khon c tho lun trong bo co ny c l khng thch hp cho tt c cc nh u t. Ngi c khng nn xem bt c thng tin no trong bo co nh s xc nhn c cn c hoc thay th cho vic p dng nhng k nng v nh gi ca chnh h trong quyt nh u t hay quyt nh khc. Ngi c nn nh gi mt cch c lp nhng khon u t v nhng chin lc c th, v ngi c c khuyn khch tm kim nhng li khuyn t nhng chuyn gia ti chnh trc khi a ra bt k nhng quyt nh u t hay tham gia vo bt k giao dch nhng chng khon c lin quan trong bo co ny. Tnh ph hp hay khng ca bt k khon u t hay chin lc c th no c cp trong bo co ny i vi nh u t ph thuc vo hon cnh v mc tiu ring ca nh u t v nn c xc nhn bi nh u t vi nh t vn ca mnh trc khi tha nhn v thc hin. Bn ng rng mt vi hoc tt c nhng thng tin m bn s dng trong bo co ny l ri ro ca ring bn v khng c bt k s trng cy vo KER, nhng cng ty lin quan, chi nhnh v nhng nhn vin. Bn hiu rng s dng bo co ny ch RI RO RING BN. Bo co ny c ph bin hoc c cho php s dng bi ngi c thm quyn ang hot ng kinh doanh chng khon hay t vn ti chnh trong phm vi cho php bi Kim Eng hoc chi nhnh ca Kim Eng. Kim Eng, nhng chi nhnh v nhn vin ca Kim Eng c th u t vo chng khon hoc nhng sn phm phi sinh ca nhng cng ty c cp trong bo co ny theo cch khc vi nhng g c tho lun trong bo co ny. Nhng sn phm phi sinh c th c pht hnh bi Kim Eng, nhng cng ty lin quan hay nhng ngi hp tc. Kim Eng v nhng chi nhnh ca Kim Eng c th c nhng hot ng kinh doanh lin quan ti nhng cng ty c cp trong bo co ny. Hot ng kinh doanh bao gm to th trng v giao dch c bit, mua bn ri ro v t doanh khc, qun l qu, dch v u t v ti chnh doanh nghip. Ngoi tr kha cnh cng b s lin quan c nu trn, bo co ny da vo nhng thng tin i chng. Kim Eng c gng trong phm vi c th s dng thng tin y v ng tin cy, nhng chng ti khng khng nh nhng thng tin a ra l hon ton chnh xc v y . Ngi c cng nn lu rng ngoi tr iu ngc li c nu ra, Kim Eng v bn cung cp d liu th 3 khng m bo v tnh chnh xc, y v kp thi ca d liu m chng ti cung cp v s khng chu trch nhim cho bt c s thit hi no lin quan n vic s dng nhng d liu . Quyn s hu thng tin: ngi c tha nhn v ng rng bo co ny cha ng thng tin, hnh nh, th, vn bn, biu tng v nhng ti liu khc c bo v bi quyn s hu, thng hiu, uy tn v nhng quyn khc v tt c nhng quyn ny l c hiu lc v c bo v trong tt c cc hnh thc, truyn thng v cng ngh hin nay hay pht trin sau ny. Ni dung l ti sn ca Kim Eng hay bn cung cp thng tin th ba hay ngi cp giy php. S bin son (ngha l s thu thp, s sp xp, v gn kt) ca tt c ni dung trong bo co ny l ti sn c quyn ca Kim Eng v c bo v bi lut php quc t v lut php ca Vit Nam. Ngi c khng th sao chp, chnh sa, thay i, thm bt, bnh lun, n bn, tham gia vo vic chuyn i di mi hnh thc hay bn, to nhng sn phm xut pht t bo co ny, hay bt k cch no khai thc ni dung ca ton b hay mt phn ngoi tr nhng s cho php c bit. Nu khng c hn ch c bit no c nu ra, ngi c c th sao chp mt phn trong ni dung min l bn sao chp c dng cho c nhn v khng c mc ch thng mi v ngi c khng c thay i hoc sa i ni dung trong bt c hnh thc no v gi li mi thng bo no c ghi trong ni dung nh thng bo tc quyn, thng hiu hay thng bo c quyn. Ngoi tr nhng iu nu trn hoc ngoi tr c php bi lut tc quyn nh mt c quyn, ngi c khng th sn xut li hay phn phi ni dung nu khng c s cho php ca ngi s hu. Bt c s c php phn phi no cng b gii hn quyn phn phi nh th th khng vi phm bn quyn ca Kim Eng v khng i din di mi hnh thc quyn k sau ni dung bo co c php phn phi n bn th ba.

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Vinamilk (VNM)

Malaysia

Singapore

London

New York

Maybank Investment Bank Berhad (A Participating Organisation of Bursa Malaysia Securities Berhad) 33rd Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur Tel: (603) 2059 1888; Fax: (603) 2078 4194

Kim Eng Securities Pte Ltd Kim Eng Research Pte Ltd 9 Temasek Boulevard #39-00 Suntec Tower 2 Singapore 038989 Tel: (65) 6336 9090 Fax: (65) 6339 6003

Maybank Kim Eng Securities (London) Ltd 6/F, 20 St. Dunstans Hill London EC3R 8HY, UK Tel: (44) 20 7621 9298 Dealers Tel: (44) 20 7626 2828 Fax: (44) 20 7283 6674

Maybank Kim Eng Securities USA Inc 777 Third Avenue, 21st Floor New York, NY 10017, U.S.A. Tel: (212) 688 8886 Fax: (212) 688 3500

Stockbroking Business:
Level 8, Tower C, Dataran Maybank, No.1, Jalan Maarof 59000 Kuala Lumpur Tel: (603) 2297 8888 Fax: (603) 2282 5136

Hong Kong

Indonesia

India

Kim Eng Securities (HK) Ltd Level 30, Three Pacific Place, 1 Queens Road East, Hong Kong Tel: (852) 2268 0800 Fax: (852) 2877 0104

PT Kim Eng Securities Plaza Bapindo Citibank Tower 17th Floor Jl Jend. Sudirman Kav. 54-55 Jakarta 12190, Indonesia Tel: (62) 21 2557 1188 Fax: (62) 21 2557 1189

Kim Eng Securities India Pvt Ltd 2nd Floor, The International 16, Maharishi Karve Road, Churchgate Station, Mumbai City - 400 020, India Tel: (91).22.6623.2600 Fax: (91).22.6623.2604

Philippines

Thailand

Vietnam
In association with

Saudi Arabia
In association with

Maybank ATR Kim Eng Securities Inc. 17/F, Tower One & Exchange Plaza Ayala Triangle, Ayala Avenue Makati City, Philippines 1200 Tel: (63) 2 849 8888 Fax: (63) 2 848 5738

Maybank Kim Eng Securities (Thailand) Public Company Limited 999/9 The Offices at Central World, 20th - 21st Floor, Rama 1 Road Pathumwan, Bangkok 10330, Thailand Tel: (66) 2 658 6817 (sales) Tel: (66) 2 658 6801 (research)

Kim Eng Vietnam Securities Company 1st Floor, 255 Tran Hung Dao St. District 1 Ho Chi Minh City, Vietnam Tel : (84) 844 555 888 Fax : (84) 838 38 66 39

Anfaal Capital Villa 47, Tujjar Jeddah Prince Mohammed bin Abdulaziz Street P.O. Box 126575 Jeddah 21352 Tel: (966) 2 6068686 Fax: (966) 26068787

South Asia Sales Trading

Connie TAN connie@kimeng.com Tel: (65) 6333 5775 US Toll Free: 1 866 406 7447

North Asia Sales Trading

Eddie LAU eddielau@kimeng.com.hk Tel: (852) 2268 0800 US Toll Free: 1 866 598 2267

www.maybank-ib.com | www.kimengresearch.com.sg

PH LC 1
Nhng thng tin khc lin quan n chng khon c cp trong bo co ny c th c cung cp thm khi c yu cu. Nhng khuyn co khc: BO CO NY L BO MT TI NGI NHN, KHNG C CUNG CP TI BO CH HAY PHNG TIN THNG TIN I CHNG KHC, V KHNG C SAO CHP LI DI BT K HNH THC NO V KHNG C CHUYN N HN QUC, HOC CUNG CP CHO BT K NGI HN QUC NO. VIC VI PHM NHNG QUY NH NY CNG L VI PHM LUT CHNG KHON HN QUC. KHI CHP NHN NHNG BO CO NY, BN NG VI NHNG RNG BUC TRN. BO CO NY L BO MT TI NGI NHN, KHNG C CUNG CP TI BO CH HAY PHNG TIN THNG TIN I CHNG KHC, V KHNG C SAO CHP LI DI BT K HNH THC NO V KHNG C CHUYN N MALAYSIA, HOC CUNG CP CHO BT K NGI MALAYSIA NO. VIC VI PHM NHNG QUY NH NY CNG L VI PHM LUT CHNG KHON MALAYSIA. KHI CHP NHN NHNG BO CO NY, BN NG VI NHNG RNG BUC TRN. Ngoi vic chp nhn nhng rng buc nu trn, ngi s dng bo co ny c th phi tun theo nhng quy nh v khuyn ngh khc khi nhn bo co ny ngoi Vit Nam. Cho n 3/2/2012, B phn Nghin Cu ca Kim Eng v chuyn vin phn tch ph trch khng c bt k lin quan no vi Cng ty c phn tch. Cc quan im, nhn nh c a ra trong bo co ny phn nh mt cch chnh xc quan im nhn nh ca c nhn chuyn vin phn tch ti thi im pht hnh bo co; v khng c s bi thng no, trc tip hoc gin tip, lin quan n nhng khuyn ngh c th trnh by trong bo co ca chuyn vin phn tch. Ngoi tr nhng cho php c bit, khng phn no ca bo co ny c php sao chp li hay phn phi m khng c s cho php bng vn bn ca KEVS. KEVS khng chu trch nhim v bt c hnh ng no ca bn th 3 v kha cnh ny.

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