Công ty Cổ phần Ánh Dương Việt Nam

Mã CK VNS

Mức giá hiện tại 30,300

Mức giá mục tiêu 47,500
Upside 56.77%

Assumptions

Operating Ratio Số xe đầu tư

Số xe thanh lý
Số xe tăng thực
Giá xe thanh lý 240,000,000
Chi phí thanh lý 22%

CAPEX - Borrowing CAPEX 700,000,000

Nguyên giá thanh lý
Thời gian khấu hao xe 8 năm
Tài sản cố định hữu hình
Nguyên giá
Khấu hao hàng năm

Khoản vay tài trợ mua xe

Thời hạn vay 5 năm
Tỷ trọng nợ 50%
Lãi suất CAPEX in 2015 9.00%
CAPEX in 2016 9.50%
CAPEX in 2017 9.50%
CAPEX in 2018 10.00%
CAPEX in 2019 10.00%
Vay dài hạn
Vay ngắn hạn
Total

Sales - COGS
Doanh thu
sản lượng tăng
giá cước tăng

COGS 2014
Xăng 1,121,041,449,737
khối lượng tăng
 giá tăng
Nhân viên 1,435,913,429,411
số lượng tăng
chi phí tăng
Chi phí khấu hao 390,176,594,717
2% Chi phí sản xuất chung 163,218,579,134
5% Chi phí khác 45,644,513,619
Total
giá xăng BQ năm 2014 của VNS là 23,000đ/lít.

Số lượng xe các năm 5,729

CF 2014
CFO 646,381,952,258
CFI (665,153,352,501)
CFF 98,301,305,364
cổ tức
Lưu chuyển tiền thuần trong kỳ 79,529,905,121
Tiền đầu kỳ
Tiền cuối kỳ 288,084,077,587

DCF
FCFF
WACC
Terminal growth 2%

PV of FCFF
Cash
Debt
Net PV of Equity
Number of share
Value

Current Price (3/11/2015)

Upside

FCFF
WACC
Terminal growth 2%

PV of FCFF
Cash
Debt
Net PV of Equity
Number of share
Value

Current Price (3/11/2015)

Upside
 2015E 2016E 2017E
1100 750 750
700 250 300
400 500 450
168,000,000,000 60,000,000,000 72,000,000,000
36,960,000,000 13,200,000,000 15,840,000,000

2015E 2016E 2017E

770,000,000,000 525,000,000,000 525,000,000,000
(490,000,000,000) (175,000,000,000) (210,000,000,000)

2,165,274,157,662 2,253,503,554,292 2,311,654,825,922

3,394,723,448,350 3,744,723,448,350 4,059,723,448,350
(397,395,603,370) (436,770,603,370) (466,848,728,370)

2015E 2016E 2017E

533,161,934,952 447,289,656,571 381,778,376,567

304,239,169,448 372,603,729,009 346,577,045,617
837,401,104,400 819,893,385,580 728,355,422,184

2015E 2016E 2017E

3,901,976,092,311 4,345,672,431,880 4,732,589,881,989
6.98% 8.16% 6.79%
-3.00% 3.00% 2.00%
11.37% 8.90%

2015E 2016E 2017E

1,031,409,010,137 1,149,017,235,772 1,263,827,093,437
6.98% 8.16% 6.79%
 -14.00% 3.00% 3.00%
1,582,254,287,158 1,762,673,613,910 1,938,800,046,501
6.98% 8.16% 6.79%
3.00% 3.00% 3.00%
424,820,717,396 464,195,717,395 494,273,842,395
166,482,950,717 169,812,609,731 173,208,861,926
47,926,739,300 50,323,076,265 52,839,230,078
3,252,893,704,708 3,596,022,253,073 3,922,949,074,337

6,129 6,629 7,079

2015E 2016E 2017E

677,065,829,139 777,870,219,448 851,287,206,149
(588,902,254,263) (479,449,096,219) (470,008,703,298)
(65,435,996,278) (187,155,698,820) (295,115,539,396)
2,000 2,500 3,000
22,727,578,599 111,265,424,409 86,162,963,455
288,084,077,587 310,811,656,186 422,077,080,594
310,811,656,186 422,077,080,594 508,240,044,049

2015E 2016E 2017E

-16,277,192,439 327,532,971,648 400,872,598,766
12.10% 12.10% 12.10%
1 2 3
(14,520,243,032) 260,641,640,412 284,570,275,107
3,739,611,223,557
310,811,656,186
837,401,104,400
3,213,021,775,343
67,859,192
47,300

30,300
56.11%

-16,277,192,439 327,532,971,648 400,872,598,766

15% 15% 15%
1 2 3
(14,154,080,381) 247,661,982,343 263,580,240,826
2,904,940,843,227
310,811,656,186
837,401,104,400
2,378,351,395,013
67,859,192
35,000

30,300
15.51%
 2018E 2019E
750 750
350 400
400 350
84,000,000,000 96,000,000,000
18,480,000,000 21,120,000,000

2018E 2019E
525,000,000,000 525,000,000,000
(245,000,000,000) (280,000,000,000)

2,347,862,738,177 2,369,245,210,979
4,339,723,448,350 4,584,723,448,350
(488,792,087,745) (503,617,527,198)

2018E 2019E

354,090,206,588 354,820,490,306
305,838,832,898 206,858,236,970
659,929,039,487 561,678,727,276

2018E 2019E
5,099,263,953,572 5,444,050,523,478
5.65% 4.68%
2.00% 2.00%
7.75% 6.76%

2018E 2019E
1,375,297,035,848 1,482,847,507,482
5.65% 4.68%
 3.00% 3.00%
2,109,802,813,140 2,252,707,467,382
5.65% 4.68%
3.00% 2.00%
516,217,201,770 531,042,641,223
176,673,039,164 180,206,499,947
55,481,191,582 58,255,251,161
4,233,471,281,504 4,505,059,367,197

7,479 7,829

2018E 2019E
885,649,957,716 949,293,255,613
(460,331,452,180) (438,454,290,731)
(285,575,797,097) (335,757,484,211)
3,200 3,500
139,742,708,439 175,081,480,671
508,240,044,049 647,982,752,489
647,982,752,489 823,064,233,160

2018E 2019E 2020E - Terminal

430,538,394,524 491,505,433,591 4,963,718,240,228
12.10% 12.10% 13.30%
4 5 5
272,639,914,330 277,651,651,053 2,658,627,985,687

430,538,394,524 491,505,433,591 3,856,427,248,177

15% 15% 15%
4 5 5
246,161,724,422 244,365,066,854 1,917,325,909,164
 Income Statement (million VND)
Sales
Deductible items
Net revenue
Cost of goods sold
Gross profit
Financial income
Interest Income
Investment Income
Other Financial Income
Financial expenses
Interest expenses
Other financial expenses
Selling expenses
General and Admin Expenses
Operating profit/(loss)
Other income
Other expenses
Other profit
Net Income from Associated Companies
Profit before tax - EBT

Corporate income tax - current

Corporate income tax - deferred
Net profit after tax
Minority interests
Profit to parent company
EBIT
Deprication and Amortization
EBITDA
Income Statement (million VND)
Doanh thu bán hàng và cung cấp dịch vụ
Các khoản giảm trừ doanh thu
Doanh thu thuần về bán hàng và cung cấp dịch vụ
Giá vốn hàng bán
Lợi nhuận gộp về bán hàng và cung cấp dịch vụ
Doanh thu hoạt động tài chính
Tiền thu từ lãi tiền gửi
Tiền thu từ lãi các khoản đầu tư
Doanh thu tài chính khác
Chi phí tài chính
Trong đó: Chi phí lãi vay
Chi phí khác từ hoạt động tài chính
Chi phí bán hàng
Chi phí quản lý doanh nghiệp
Lợi nhuận thuần từ hoạt động kinh doanh
Thu nhập khác
Chi phí khác
Lợi nhuận khác
Phần lợi nhuận hoặc lỗ trong công ty liên kết liên doanh
Lợi nhuận trước thuế
Thu nhập hưởng thuế suất ưu đãi
Thu nhập khác không hưởng thuế suất ưu đãi
Thuế thu nhập doanh nghiệp
Miễn thuế
Chi phí thuế TNDN hiện hành
Chi phí thuế TNDN hoãn lại
Lợi nhuận sau thuế thu nhập doanh nghiệp
Lợi ích của cổ đông thiểu số
Lợi nhuận sau thuế của cổ đông của công ty mẹ
Lợi nhuận trước thuế và lãi vay
Khấu hao và hao mòn
Lợi nhuận trước thuế, lãi vay và khấu hao

ASSUMPTIONS
Revenue
COGS
Selling expense (% revenue)
General and Admin Expenses (% revenue)
Other financial Income (% revenue)
Other financial expense (% revenue)
Other profit (% revenue)
Corporate Income tax (%)
Thuế suất ưu đãi
Thuế suất thường
Miễn thuế
Minority Interest (% Net income)
 2011 2012 2013 2014
2,274,327,948,906 2,713,310,940,778 3,158,061,820,850 3,770,229,256,389

2,274,327,948,906 2,713,310,940,778 3,158,061,820,850 3,770,229,256,389

1,954,708,608,965 2,257,708,437,568 2,621,813,502,306 3,141,541,191,052
319,619,339,941 455,602,503,210 536,248,318,544 628,688,065,337
3,109,457,715 1,117,645,860 869,718,489 7,700,361,176
3,101,612,853 1,117,203,240 869,204,631 7,696,674,278

7,844,862 442,620 513,858 3,686,898

125,256,616,068 113,491,589,278 65,599,886,913 64,527,218,877
124,736,616,068 112,890,048,568 65,959,185,078 64,526,293,336
520,000,000 601,540,710 -359,298,165 925,541
6,849,072,548 94,025,446,405 129,035,787,568 150,732,428,993
57,253,895,520 63,938,134,966 85,884,268,203 103,039,851,475
133,369,213,520 185,264,978,421 256,598,094,349 318,088,927,168
69,445,293,987 23,783,456,754 59,695,534,022 116,422,459,526
24,841,760,069 5,048,555,280 14,247,056,840 25,998,348,136
44,603,533,918 18,734,901,474 45,448,477,182 90,424,111,390

177,972,747,438 203,999,879,895 302,046,571,531 408,513,038,558

45,112,534,253 52,513,878,443 78,030,939,679 95,229,175,481

-440,000,000 -660,000,000
132,860,213,185 151,486,001,452 224,455,631,852 313,943,863,077

132,860,213,185 151,486,001,452 224,455,631,852 313,943,863,077

255,516,371,873 297,638,921,839 321,328,262,773 374,915,784,869
257,487,781,166 291,200,021,690 319,472,121,363 390,176,594,717
513,004,153,039 588,838,943,529 640,800,384,136 765,092,379,586

2011 2012 2013 2014

0.30% 3.47% 4.09% 4.00%

2.52% 2.36% 2.72% 2.73%
0.00% 0.00% 0.00% 0.00%
0.02% 0.02% -0.01% 0.00%
1.96% 0.69% 1.44% 2.40%
25.00% 25.00% 25.00% 25.00%
 15.00% 15.00% 15.00% 15.00%
25.00% 25.00% 25.00% 25.00%
50.00% 50.00% 50.00% 50.00%
…
 2015E 2016E 2017E 2018E
3,901,976,092,311 4,345,672,431,880 4,732,589,881,989 5,099,263,953,572

3,901,976,092,311 4,345,672,431,880 4,732,589,881,989 5,099,263,953,572

3,252,893,704,708 3,596,022,253,073 3,922,949,074,337 4,233,471,281,504
649,082,387,603 749,650,178,807 809,640,807,652 865,792,672,069
10,631,718,770 11,470,478,155 15,576,719,330 18,756,556,284
10,631,718,770 11,470,478,155 15,576,719,330 18,756,556,284

96,716,268,535 94,694,230,250 93,231,740,771 87,360,546,010

96,716,268,535 94,694,230,250 93,231,740,771 87,360,546,010

159,981,019,785 165,135,552,411 179,838,415,516 193,772,030,236

106,640,474,536 118,766,634,995 129,341,036,147 139,362,188,524
296,376,343,517 382,524,239,307 422,806,334,548 464,054,463,583
168,000,000,000 60,000,000,000 72,000,000,000 84,000,000,000
36,960,000,000 13,200,000,000 15,840,000,000 18,480,000,000
131,040,000,000 46,800,000,000 56,160,000,000 65,520,000,000

427,416,343,517 429,324,239,307 478,966,334,548 529,574,463,583

94,031,595,574 94,451,332,647 95,793,266,910 105,914,892,717

333,384,747,943 334,872,906,659 383,173,067,639 423,659,570,866

333,384,747,943 334,872,906,659 383,173,067,639 423,659,570,866

382,460,893,283 465,747,991,401 500,461,355,990 532,658,453,309
424,820,717,396 464,195,717,395 494,273,842,395 516,217,201,770
807,281,610,679 929,943,708,796 994,735,198,385 1,048,875,655,079

2015E 2016E 2017E 2018E

4.10% 3.80% 3.80% 3.80%

2.73% 2.73% 2.73% 2.73%
0.12% 0.12% 0.12% 0.12%
0.96% 0.86% 0.78% 0.72%
1.51% 1.78% 1.90% 1.73%
22.00% 22.00% 20.00% 20.00%
15.00% 15.00% 15.00% 15.00%
22.00% 22.00% 20.00% 20.00%
50.00% 50.00%
 2019E
5,444,050,523,478

5,444,050,523,478
4,505,059,367,197
938,991,156,281
23,913,749,242
23,913,749,242 3.69%

84,015,222,472
84,015,222,472

206,873,919,892 4.00%
148,785,158,465 2.73%
523,230,604,693
96,000,000,000
21,120,000,000
74,880,000,000

598,110,604,693

119,622,120,939

478,488,483,755

478,488,483,755
583,332,077,924
531,042,641,223
1,114,374,719,147

2019E

3.80%
2.73%
0.12%
0.68%
1.80%
20.00%
20.00%
 Balance Sheet (million VND)
TỔNG CỘNG TÀI SẢN
Tài sản ngắn hạn
Tiền và các khoản tương đương tiền
Các khoản đầu tư tài chính ngắn hạn
Đầu tư ngắn hạn
Dự phòng giảm giá đầu tư ngắn hạn (*)
Các khoản phải thu ngắn hạn
Phải thu của khách hàng
Trả trước cho người bán
Phải thu nội bộ
Phải thu theo tiến độ kế hoạch hợp đồng xây dựng
Các khoản phải thu khác
Dự phòng phải thu khó đòi (*)
Hàng tồn kho
Hàng tồn kho
Dự phòng giảm giá hàng tồn kho
Tài sản ngắn hạn khác
Tài sản dài hạn
Các khoản phải thu dài hạn
Tài sản cố định
Tài sản cố định hữu hình
Nguyên giá TSCD
Giá trị hao mòn lũy kế TSCD
Tài sản cố định thuê tài chính
Nguyên giá TTC
Giá trị hao mòn lũy kế TTC
Tài sản cố định vô hình
Nguyên giá TSVH
Giá trị hao mòn lũy kế TSVH
Chi phí xây dựng cơ bản dở dang
Bất động sản đầu tư
Nguyên giá BDS
Giá trị hao mòn lũy kế BDS
Các khoản đầu tư tài chính dài hạn
Đầu tư vào công ty con
Đầu tư vào công ty liên kết, liên doanh
Đầu tư dài hạn khác
Dự phòng giảm giá đầu tư tài chính dài hạn
Tài sản dài hạn khác
Lợi thế thương mại
TỔNG CỘNG NGUỒN VỐN
Nợ phải trả
Nợ ngắn hạn
Vay và nợ ngắn hạn
Vay và nợ dài hạn đến hạn phải trả
Phải trả cho người bán
Người mua trả tiền trước
Thuế và các khoản phải nộp Nhà nước
Phải trả người lao động
Chi phí phải trả
Phải trả nội bộ
Phải trả theo tiến độ kế hoạch hợp đồng xây dựng
Các khoản phải trả, phải nộp ngắn hạn khác
Dự phòng phải trả ngắn hạn
Quỹ khen thưởng phúc lợi
Nợ dài hạn
Phải trả dài hạn người bán
Phải trả dài hạn nội bộ
Phải trả dài hạn khác
Vay và nợ dài hạn
Thuế thu nhập hoãn lại phải trả
Dự phòng trợ cấp mất việc làm
Dự phòng phải trả dài hạn
Doanh thu chưa thực hiện
Quỹ phát triển khoa học và công nghệ
VỐN CHỦ SỞ HỮU
Vốn chủ sở hữu
Vốn đầu tư của chủ sở hữu
Thặng dư vốn cổ phần
Vốn khác của chủ sở hữu
Cổ phiếu quỹ
Chênh lệch đánh giá lại tài sản
Chênh lệch tỷ giá hối đoái
Quỹ đầu tư phát triển
Quỹ dự phòng tài chính
Quỹ khác thuộc vốn chủ sở hữu
Lợi nhuận chưa phân phối
Nguồn vốn đầu tư XDCB
Quỹ hỗ trợ sắp xếp doanh nghiệp
Nguồn kinh phí và quỹ khác
Lợi ích của cổ đông thiểu số
ce Sheet (million VND) 2011
TOTAL ASSETS 1,787,916,001,047
A. SHORT-TERM ASSETS 206,499,021,517
I.Cash and cash equivalents 38,484,494,950
II. Short-term investments 0
1. Short-term investments
2. Provision for diminution
III. Accounts receivable 123,553,419,337
1. Trade receivable 49,394,473,998
2. Prepayments to Suppliers 56,525,309,060
3. Intercompany receivables
4. Construction contract in progress receivables
5. Other receivables 18,722,362,534
6. Provision for doubtful debts -1,088,726,255
IV. Net Inventories 3,642,137,252
1. Inventories 3,642,137,252
2. Provision for decline in inventories
V. Other current assets 40,818,969,978
B. LONG-TERM ASSETS 1,581,416,979,530
I. Long-term trade receivables 1,118,820,819
II. Fixed assets 1,558,470,859,105
1. Tangible fixed assets 1,400,230,774,551
- Cost 1,977,277,841,542
- Accumulated depreciation -577,047,066,991
2. Finance lease assets 123,337,274,755
- Cost 161,056,489,201
- Accumulated depreciation -37,719,214,446
3. Intangible fixed assets 66,656,761
- Cost 125,657,000
- Accumulated depreciation -59,000,239
4. Construction in progress 34,836,153,038
III. Investment in properties 11,569,834,250
- Cost 11,569,834,250
- Accumulated depreciation
IV. Long-term investments 1,140,000,000
1. Investments in subsidiaries
2. Investments in affiliates
3. Other long-term investments 2,400,000,000
4. Provision for impairment of LT investments -1,260,000,000
V. Other long-term assets 9,117,465,356
VI. Goodwill 0
TOTAL OWNER'S EQUITY AND LIABILITIES 1,787,916,001,047
A. LIABILITIES 924,224,759,679
I. Current liabilities 170,878,700,632
1. Short-term borrowings
2. Repayments 0
3. Trade accounts payable 45,684,516,830
4. Advances from customers 5,292,754,099
5. Taxes and other payable to State Budget 29,482,619,858
6.Payable to employees 18,542,937,994
7. Accrued expenses 330,000
8. Intercompany payables
9. Construction contract in progress payables
10. Other payables 57,835,954,401
11. Provision for ST liabilities
12. Bonus fund 14,039,587,450
II. Long-term liabilities 753,346,059,047
1. Long-term trade payables 0
2. Long-term intercompany payables 0
3. Other long-term payables 89,456,414,840
4.Long-term borrowings 663,889,644,207
5. Deferred income tax liabilities 0
6. Provision for severance allowances
7. Provision for long-term liabilities
8. Unexecuted sales
9. R&D fund 0
B - OWNER'S EQUITY 863,691,241,368
I. Capital and Reserves 855,867,573,557
1.Owner's Equity 299,999,970,000
2. Share premium 330,521,213,110
3.Owner's other capital
4. Treasury shares
5. Differences upon asset revaluation
6. Foreign exchange differences
7. Investment and development funds 49,264,169,209
8. Financial provision 26,432,084,605
9. Other funds
10. Retained earnings 149,650,136,633
11. Funds used to acquire fixed assets
12. Funds used to support company
II. Budget source and other funds
III. MINORITY INTERESTS 7,823,667,811
Kiểm tra Assets = Liabilities 1
Số chênh lệch 0
 2012 2013 2014
1,782,134,680,494 2,016,438,068,281 2,435,520,978,512
203,883,317,462 406,857,514,505 401,898,899,423
28,297,580,375 208,554,172,466 288,084,077,587
0 0 0

138,199,497,214 162,963,097,759 73,187,588,016

55,503,477,827 53,484,606,018 64,165,839,254
64,785,138,856 98,204,215,147 1,936,586,450

18,563,508,974 12,150,163,625 8,076,854,172

-652,628,443 -875,887,031 -991,691,860
4,291,056,953 5,166,247,563 5,434,437,875
4,291,056,953 5,166,247,563 5,434,437,875

33,095,182,920 30,173,996,717 35,192,795,945

1,578,251,363,032 1,609,580,553,776 2,033,622,079,089
10,532,863 0 0
1,560,311,528,231 1,588,564,555,218 1,962,981,433,534
1,478,514,476,928 1,497,886,037,839 1,792,669,761,032
2,356,001,263,222 2,608,207,152,631 3,114,723,448,350
-877,486,786,294 -1,110,321,114,792 -1,322,053,687,318
80,301,161,567 90,178,019,836 170,218,283,581
93,457,892,894 115,295,165,613 222,760,543,383
-13,156,731,327 -25,117,145,777 -52,542,259,802
691,859,107 399,266,243 93,388,921
1,113,289,000 1,168,289,000 1,218,289,000
-421,429,893 -769,022,757 -1,124,900,079
804,030,629 101,231,300
11,569,834,250 11,569,834,250 8,490,900,000
11,569,834,250 11,569,834,250 8,490,900,000

540,000,000 0 0

2,400,000,000 1,500,000,000
-1,860,000,000 -1,500,000,000
5,819,467,688 9,446,164,308 62,149,745,555
0 0 0
1,782,134,680,494 2,016,438,068,281 2,435,520,978,512
841,833,361,734 858,197,948,769 1,133,242,092,848
177,606,715,087 463,038,173,771 533,347,544,453
 37,061,597,761
0 224,730,302,577 287,587,983,547
16,212,017,354 21,856,034,006 19,907,793,316
5,332,783,820 6,478,796,518 5,616,859,403
46,880,348,440 43,947,511,970 50,624,564,000
30,277,217,716 36,720,909,950 52,019,887,473
674,654,462 2,054,821,963 14,497,561

26,805,469,722 102,466,525,447 78,032,413,495

14,362,625,812 24,783,271,340 39,543,545,658

664,226,646,647 395,159,774,998 599,894,548,395
0 0 0
0 0 0
105,538,389,240 124,332,332,176 150,241,456,869
558,354,487,231 270,266,307,361 448,914,696,755
0 0 0

333,770,176 561,135,461 738,394,771

0 0 0
940,301,318,760 1,158,240,119,512 1,302,278,885,664
936,220,470,211 1,153,446,987,822 1,296,535,565,980
299,999,970,000 434,998,180,000 565,495,160,000
330,521,213,110 330,523,003,110 200,026,023,110

64,155,564,610 85,888,844,655 116,333,042,969

33,877,782,305 44,744,422,327 59,966,521,484

207,665,940,186 257,292,537,730 354,714,818,417

4,080,848,549 4,793,131,690 5,743,319,684

1 1 1
0 0 0
 2015E 2016E 2017E
2,766,795,059,464 2,955,387,906,804 3,088,692,873,543
428,603,621,489 553,263,249,911 651,106,389,200
310,811,656,186 422,077,080,594 508,240,044,049
0 0 0

75,745,054,020 84,358,075,323 91,868,906,366

-1,026,345,526 -1,143,051,969 -1,244,823,734

5,624,338,793 6,263,886,159 6,821,591,992

36,422,572,491 40,564,207,834 44,175,846,794

2,338,191,437,974 2,402,124,656,892 2,437,586,484,343
0 0 0
2,308,067,327,248 2,368,871,609,823 2,399,597,767,428
2,165,274,157,662 2,253,503,554,292 2,311,654,825,922
3,394,723,448,350 3,744,723,448,350 4,059,723,448,350
-1,229,449,290,688 -1,491,219,894,058 -1,748,068,622,428
142,793,169,556 115,368,055,531 87,942,941,506
222,760,543,383 222,760,543,383 222,760,543,383
-79,967,373,827 -107,392,487,852 -134,817,601,877
30 0 0
35 1,092,632,034 1,092,632,034
-6 -1,092,632,034 -1,092,632,034

8,490,900,000 8,490,900,000 8,490,900,000

8,490,900,000 8,490,900,000 8,490,900,000
0 0 0
0 0 0

21,633,210,727 24,762,147,069 29,497,816,915

0 0 0
2,765,670,159,389 2,955,355,638,758 3,088,660,605,498
1,259,981,590,098 1,284,442,142,808 1,238,151,617,909
571,328,163,009 663,979,951,401 667,782,269,737
 304,239,169,448 372,603,729,009 346,577,045,617
47,280,915,917 52,657,260,832 57,345,606,172
5,680,298,460 5,777,184,550 5,888,284,733
52,393,588,023 58,148,297,685 63,337,522,296
53,837,669,659 59,959,587,475 65,298,096,316
686,075,997 857,512,496 903,227,004

66,285,090,766 68,397,374,858 78,795,351,141

40,925,354,738 45,579,004,495 49,637,136,458

688,653,427,089 620,462,191,407 570,369,348,172
0 0 0
0 0 0
155,491,492,138 173,172,534,836 188,590,971,604
533,161,934,952 447,289,656,571 381,778,376,567
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
1,499,945,249,607 1,665,170,176,266 1,844,765,667,905
1,494,201,929,923 1,659,426,856,582 1,839,022,348,221
678,591,920,000 678,591,920,000 678,591,920,000
86,929,263,110 86,929,263,110 86,929,263,110

116,333,042,969 116,333,042,969 116,333,042,969

59,966,521,484 59,966,521,484 59,966,521,484

552,381,182,360 717,606,109,019 897,201,600,658

5,743,319,684 5,743,319,684 5,743,319,684

0 0 0
1,124,900,074 32,268,046 32,268,046
 2018E 2019E 2020E
3,253,300,366,699 3,425,837,790,696 #DIV/0!
801,918,170,975 987,407,990,067 #DIV/0!
647,982,752,489 823,064,233,160 0
0 0 #DIV/0!
#DIV/0!
#DIV/0!
98,986,773,493 105,679,761,032 #DIV/0! 1.94%

-1,341,270,838 -1,431,960,823 #DIV/0!

7,350,118,860 7,847,096,913 #DIV/0! 0.14%

#DIV/0!
47,598,526,133 50,816,898,962 0 0.93%
2,451,382,195,725 2,438,429,800,629 #REF!
0 0 1
2,408,380,565,658 2,402,337,924,435 #REF!
2,347,862,738,177 2,369,245,210,979 #REF!
4,339,723,448,350 4,584,723,448,350 #REF!
-1,991,860,710,173 -2,215,478,237,371 #REF!
60,517,827,481 33,092,713,456 #REF!
222,760,543,383 222,760,543,383 #REF!
-162,242,715,902 -189,667,829,927 #REF!
0 0 #REF!
1,092,632,034 1,092,632,034 #REF!
-1,092,632,034 -1,092,632,034 #REF!
#REF!
8,490,900,000 8,490,900,000 #REF!
8,490,900,000 8,490,900,000 #REF!
0 0 #REF!
0 0 0

34,510,730,066 27,600,976,194
0 0 1
3,253,268,098,654 3,425,805,522,651 0
1,196,248,954,598 1,127,805,066,841 0
638,956,026,572 556,042,309,555 0
 305,838,832,898 206,858,236,970
61,788,659,009 65,966,497,221 1.21%
5,740,656,787 5,771,606,132 0.15%
68,254,747,258 72,877,890,708 1.34%
70,357,296,340 75,114,502,692 1.38%
615,328,264 765,535,940

72,877,557,565 71,588,843,583

53,482,948,452 57,099,196,309 1.05%

557,292,928,027 571,762,757,286 0
0 0 0
0 0 0
203,202,721,438 216,942,266,980 3.98%
354,090,206,588 354,820,490,306 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
2,051,275,824,371 2,292,257,136,126 0
2,045,532,504,687 2,286,513,816,442 0
678,591,920,000 678,591,920,000
86,929,263,110 86,929,263,110

116,333,042,969 116,333,042,969
59,966,521,484 59,966,521,484

1,103,711,757,124 1,344,693,068,879

5,743,319,684 5,743,319,684
0 0 #DIV/0!
32,268,046 32,268,046 #DIV/0!
 Cash Flow Statement (million VND)
I. Cash flow from operating activities
1. Net profit before tax
2. Adjsutments:
- Depreciation and Amortisation
- Provisions
- Unrealised foreign exchange (gain)/loss
- (Profit)/loss from investing activities
- Interest expense
3. Operating profit/(loss) before changes in WC
- (Increase)/decrease in receivables
- (increase)/decrease in inventories
- Increase/(decrease) in payables
- (Increase)/decrease in other short term assets
- Interest paid
- Business Income Tax paid
- Other Incomes/Losses
Net cash inflows(outflows) from operating activities
II. Cash flow from investing activities
1. Capital Expenditure (CAPEX)
Change in Tangible Fixed Assets
Change in Intangible Fixed Assets
Change in Financial Lease Assets
Change in Properties Investment

Change in Construction in Progress

2. Proceeds from disposal of fixed assets
3. Change in Short term and Long term Financial Invesments
4. Interest, dividends, shared profit from investments
5. Change in other Long term assets
Net cash flow from investing activities
III. Cash flow from financing activities
1. Proceeds from shares issue

2. Payments for share repurchases

4. Increase/decrease short term borrowings

5. Increase/decrease long term borrowings
6. Dividends paids
7. Increase/decrease in other capital
8. Increase/decrease in minority interest
Net cash inflows/(outflows) from financing activities
Net Increase/Decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Effect of exchange rate
Cash and cash equivalents at the ending of period
sh Flow Statement (million VND)

Lợi nhuận trước thuế

Điều chỉnh cho các khoản
Khấu hao TSCĐ
Các khoản dự phòng
Lãi, lỗ chênh lệch tỷ giá hối đoái chưa thực hiện
Lãi, lỗ từ hoạt động đầu tư
Chi phí lãi vay

Tăng giảm các khoản phải thu

Tăng, giảm hàng tồn kho
Tăng, giảm các khoản phải trả (Không kể lãi vay phải trả, thuế thu nhập
doanh nghiệp phải nộp)
Tăng, giảm tài sản ngắn hạn khác
Tiền lãi vay đã trả
Thuế thu nhập doanh nghiệp đã nộp
Tiền thu khác từ hoạt động kinh doanh
Lưu chuyển tiền từ hoạt động kinh doanh

Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác
Thay đổi trong TSCĐ hữu hình
Thay đổi trong TCSĐ vô hình
Thay đổi trong TSCĐ thuê tài chính
Thay đổi trong Bất động sản Đầu tư
phần giảm do thanh lý TSCĐ
Thay đổi trong Chi phí xây dựng cơ bản dở dang
Tiền thu từ thanh lý, nhượng bán TSCĐ và các tài sản dài hạn khác
Thay đổi (tăng giảm) Đầu tư tài chính ngắn hạn và dài hạn
Tiền thu lãi cho vay, cổ tức và lợi nhuận được chia
Thay đổi (tăng giảm) Tài sản dài hạn khác
Lưu chuyển tiền từ hoạt động đầu tư

Tiền thu từ phát hành cổ phiếu, nhận vốn góp của chủ sở hữu
Tiền chi trả vốn góp cho các chủ sở hữu, mua lại cổ phiếu
của doanh nghiệp đã phát hành
Tăng giảm các khoản vay ngắn hạn
Tăng giảm các khoản vay dài hạn
Cổ tức, lợi nhuận đã trả cho chủ sở hữu
Tăng giảm nguồn vốn khác
Tăng giảm lợi ích cho cổ đông thiểu số
Lưu chuyển tiền từ hoạt động tài chính
Lưu chuyển tiền thuần trong kỳ
Tiền và tương đương tiền đầu kỳ
Ảnh hưởng của thay đổi tỷ giá hối đoái quy đổi ngoại tệ
Tiền và tương đương tiền cuối kỳ
 2011 2012 2013

177,972,747,438 203,999,879,895 302,046,571,531

257,487,781,166 291,200,021,690 319,472,121,363

715,077,163 163,902,188 (136,741,412)

(42,494,173,645) (10,355,090,342) (44,103,712,506)

124,736,616,068 112,890,048,568 65,959,185,078
518,418,048,190 597,898,761,999 643,237,424,054
(25,899,378,911) (4,343,915,439) 9,755,593,872
(1,625,551,567) (648,919,701) (875,190,610)

(82,195,504,777) (4,447,514,123) 13,992,323,450

(8,656,161,830) 7,723,787,058 2,921,186,203
(124,736,616,068) (112,890,048,568) (65,959,185,078)
(45,112,534,253) (48,386,549,516) (78,030,939,679)
506,482,300 (12,919,204,096) (12,518,857,114)
230,698,783,084 421,986,397,614 512,522,355,098

(264,086,827,654) (298,484,713,450) (395,517,996,477)

264,086,827,654 378,723,421,680 252,205,889,409
987,632,000 55,000,000
(67,598,596,307) 21,837,272,719
- -
20,404,378,486 122,122,633,678
(34,032,122,409) (702,799,329)
59,829,999,994 13,681,909,736 56,874,090,893
900,000,000
3,101,612,853 1,117,203,240 869,204,631

(201,155,214,807) (283,685,600,474) (336,874,700,953)

- 135,000,000,000

- - -

23,517,725,828 (32,860,351,978) (82,078,524,399)

(30,688,455,000) (76,014,152,500) (29,971,587,000)
(46,882,410,164) (35,613,207,237) (18,340,950,655)
- (4,000,000,000) -
(54,053,139,336) (148,487,711,715) 4,608,937,946
-24,509,571,059 -10,186,914,575 180,256,592,091
62,994,066,009 38,484,494,950 28,297,580,375
 0 0 0
38,484,494,950 28,297,580,375 208,554,172,466
 2014 2015E 2016E

408,513,038,558 427,416,343,517 429,324,239,307

390,176,594,717 424,820,717,396 464,195,717,395

(1,384,195,171) 34,653,666 116,706,444

(94,766,786,922) (139,362,921,944) (49,772,472,123)

64,526,293,336 96,716,268,535 94,694,230,250
767,064,944,518 809,625,061,170 938,558,421,272
89,659,704,914 (2,592,119,670) (8,729,727,747)
(268,190,312) (189,900,918) (639,547,367)

18,414,605,560 42,492,259,053 110,332,831,091

(5,018,799,228) (1,229,776,546) (4,141,635,343)
(64,526,293,336) (96,716,268,535) (94,694,230,250)
(95,229,175,481) (94,031,595,574) (94,451,332,647)
(63,714,844,377) 19,708,170,158 (68,364,559,561)
646,381,952,258 677,065,829,139 777,870,219,448

(786,668,208,631) (768,781,711,035) (526,092,631,999)

506,516,295,719 770,000,000,000 525,000,000,000
50,000,000 (1,218,288,965) 1,092,631,999
107,465,377,770 -
(3,078,934,250) - -
175,816,700,692
(101,231,300) - -
112,318,181,852 - -
1,500,000,000 - -
7,696,674,278 139,362,921,944 49,772,472,123
40,516,534,828 (3,128,936,343)
(665,153,352,501) (588,902,254,263) (479,449,096,219)

- 113,096,760,000 -

- - -
- 16,651,185,901 68,364,559,561
282,955,463,107 53,631,201,821 (85,872,278,381)
(143,204,765,000) (135,718,384,000) (169,647,980,000)
(41,449,392,743) (113,096,760,000) -
- - -
98,301,305,364 (65,435,996,278) (187,155,698,820)
79,529,905,121 22,727,578,599 111,265,424,409
208,554,172,466 288,084,077,587 310,811,656,186
 0 0 0
288,084,077,587 310,811,656,186 422,077,080,594
 2017E 2018E 2019E

478,966,334,548 529,574,463,583 598,110,604,693

494,273,842,395 516,217,201,770 531,042,641,223

101,771,765 96,447,104 90,689,985

(59,726,966,547) (69,681,460,972) (79,635,955,397)

93,231,740,771 87,360,546,010 84,015,222,472
1,006,846,722,932 1,063,567,197,494 1,133,623,202,977
(7,612,602,807) (7,214,314,231) (6,783,677,524)
(557,705,832) (528,526,868) (496,978,053)

19,220,755,105 (14,214,493,331) (69,174,171,475)

(3,611,638,960) (3,422,679,339) (3,218,372,829)
(93,231,740,771) (87,360,546,010) (84,015,222,472)
(95,793,266,910) (105,914,892,717) (119,622,120,939)
26,026,683,392 40,738,212,718 98,980,595,928
851,287,206,149 885,649,957,716 949,293,255,613

(525,000,000,000) (525,000,000,000) (525,000,000,000)

525,000,000,000 525,000,000,000 525,000,000,000
- - -

- - -

- - -
- - -
- - -
59,726,966,547 69,681,460,972 79,635,955,397
(4,735,669,845) (5,012,913,152) 6,909,753,872
(470,008,703,298) (460,331,452,180) (438,454,290,731)

- - -

- - -
(26,026,683,392) (40,738,212,718) (98,980,595,928)
(65,511,280,004) (27,688,169,979) 730,283,717
(203,577,576,000) (217,149,414,400) (237,507,172,000)
- - -
- - -
(295,115,539,396) (285,575,797,097) (335,757,484,211)
86,162,963,455 139,742,708,439 175,081,480,671
422,077,080,594 508,240,044,049 647,982,752,489
 0 0 0
508,240,044,049 647,982,752,489 823,064,233,160
2,000 2,500 3,000 3,200 3,500
SALES FORECAST
Taxi
Real Estate
Others
Total
Note: Total sales, mình tính ở bảng này hơi lệch với bảng IS một chút nên mình không link công thức, khi

Sales volume growth (tăng trưởng sản lượng tiêu thụ)

Taxi
Real Estate
Others

Price growth
Taxi
Real Estate
Others

COGS FORECAST
Materials cost
Gasoline
Quantity
Price
Labour cost
Quantity
Salary
Depreciation cost
Overheads cost
Other cost
Total

Gross profit margin

Gross profit

Xe
Nhân viên
nhân viên/xe

Giá cước bình quân

Số km bình quân chạy dc trên 1 xe trong 1 năm
Giá xăng bình quân
Giá xăng cuối năm 1 lít
Số xăng tiêu thụ trên 1 xe (lít) trong 1 năm
 2011 2012 2013
2,274,327,948,906 2,692,252,251,971 3,142,076,535,934

21,058,688,807 15,985,284,916
2,274,327,948,906 2,713,310,940,778 3,158,061,820,850
chút nên mình không link công thức, khi làm thì các bạn link Sales ở IS bằng Sales ở bảng SALES-COGS này nhé
Growth 19.30% 16.39%
2,274,327,948,906 2,713,310,940,778 3,158,061,820,850
2011 2012 2013

2011 2012 2013

2011 2012 2013

687,303,499,840 820,597,129,731 976,439,043,200
687,303,499,840 820,597,129,731 976,439,043,200

797,894,666,746 976,854,617,335 1,154,930,173,904

257,487,781,166 291,618,880,138 319,472,121,363

41,524,946,038 98,209,128,711 151,676,692,190
101,618,238,785 65,583,160,135 41,727,165,103
1,885,829,132,575 2,252,862,916,050 2,644,245,195,760

17.08% 16.97% 16.27%

4222 4623 4959

14,549 16,472 16,854

37,026 35,355 37,594
20,130
23,150 24,230
8,087 7,668 8,126

Lương trung bình NV

Lương trên Báo cáo TN
 2014 2015E 2016E
3,745,978,777,715 3,887,298,099,277 4,330,554,099,055
10,000,000,000 0 0
14,250,478,674 14,677,993,034 15,118,332,825
3,770,229,256,389 3,901,976,092,311 4,345,672,431,880
ở bảng SALES-COGS này nhé :D
19.38% 3.49% 11.37%
3,770,229,256,389 3,901,976,092,311 4,345,672,431,880
2014 2015E 2016E
6.98% 8.16%
0.00% 0.00%
0.00% 0.00%

2014 2015E 2016E

-3.00% 3.00%
0.00% 0.00%
3.00% 3.00%

2014 2015E 2016E

1,121,041,449,737 1,031,409,010,137 1,149,017,235,772
1,121,041,449,737 1,031,409,010,137 1,149,017,235,772
6.98% 8.16%
-14.00% 3.00%
1,435,913,429,411 1,582,254,287,158 1,762,673,613,910
6.98% 8.16%
3.00% 3.00%
390,176,594,717 424,820,717,396 464,195,717,395
163,218,579,134 166,482,950,717 169,812,609,731
45,644,513,619 47,926,739,300 50,323,076,265
3,155,994,566,618 3,252,893,704,708 3,596,022,253,073

16.29% 16.63% 17.25%

614,234,689,771 649,082,387,603 749,650,178,807

5,729 6129 6629

15,990 17,106 18,502
2.8 2.8 2.8

48,740,933

17,277 16,000
37,846
 23,000

8,508

7,483,393
8,600,000
 2017E 2018E 2019E
4,717,017,999,179 5,083,224,914,278 5,427,530,313,005
0 0 0
15,571,882,810 16,039,039,294 16,520,210,473
4,732,589,881,989 5,099,263,953,572 5,444,050,523,478

8.90% 7.75% 6.76%

4,732,589,881,989 5,099,263,953,572 5,444,050,523,478
2017E 2018E 2019E
6.79% 5.65% 4.68%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%

2017E 2018E 2019E

2.00% 2.00% 2.00%
0.00% 0.00% 0.00%
3.00% 3.00% 3.00%

2017E 2018E 2019E

1,263,827,093,437 1,375,297,035,848 1,482,847,507,482
1,263,827,093,437 1,375,297,035,848 1,482,847,507,482
6.79% 5.65% 4.68%
3.00% 3.00% 3.00%
1,938,800,046,501 2,109,802,813,140 2,252,707,467,382
6.79% 5.65% 4.68%
3.00% 3.00% 2.00%
494,273,842,395 516,217,201,770 531,042,641,223
173,208,861,926 176,673,039,164 180,206,499,947
52,839,230,078 55,481,191,582 58,255,251,161
3,922,949,074,337 4,233,471,281,504 4,505,059,367,197

17.11% 16.98% 17.25%

809,640,807,652 865,792,672,069 938,991,156,281

7079 7479 7829

19,758 20,874 21,851
2.8 2.8 2.8
 2011
II. Fixed assets 1,558,404,202,377
1. Tangible fixed assets 1,400,230,774,551
- Cost 1,977,277,841,542
- Accumulated depreciation -577,047,066,991
Annually depreciation -242,246,939,352
2. Finance lease assets 123,337,274,755
- Cost 161,056,489,201
- Accumulated depreciation -37,719,214,446
Annually depreciation -15,195,803,463
3. Intangible fixed assets 33
- Cost 34.418
- Accumulated depreciation -1.75
Annually depreciation -45,038,351
4. Construction in progress 34,836,153,038
III. Investment in properties 11,569,834,250
- Cost 11,569,834,250
- Accumulated depreciation
Sum of annually depreciation -257,487,781,166

CAPEX PLAN 2011

New Capex
Maintenance
Total

CONSTRUCTION IN PROGRESS 2011

Beginning Balance
Increase in year
New Capex
Maintenance
Transfer to tangible fixed assets
Transfer to intangible fixed assets
Transfer to Finance Lease Assets
Transfer to Investment in Properties
Other Changes
Ending Balance 34,836,153,038

COSTS 2011
Tangible fixed assets
Beginning tangible fixed assets
Purchased in year
Sold in year
Tranfer from construction in progress
Other adjustment
Ending tangible fixed assets 1,977,277,841,542

Intangible fixed assets 2011

Beginning tangible fixed assets
Purchased in year
Sold in year
Tranfer from construction in progress
Other adjustment
Ending tangible fixed assets 34

Investment in Properties 2011

Beginning Investment in Properties
Purchased in year
Sold in year
Tranfer from construction in progress
Other adjustment
Ending Investment in Properties 11,569,834,250

Finance Lease Assets 2011

Beginning Finance Lease Assets
Purchased in year
Sold in year
Tranfer from construction in progress
Other adjustment
Ending Finance Lease Assets 161,056,489,201

DEPRECIATION 2011
Depreciation of Tangible Assets
Assets in 2014

New Assets in 2015

New Assets in 2016

New Assets in 2017

New Assets in 2018

New Assets in 2019

Total
Depreciation of Financial Lease Assets 2011
Assets in 2014
New Assets in 2015
New Assets in 2016
New Assets in 2017
New Assets in 2018
New Assets in 2019
New Assets in 2020
New Assets in 2021
Total 0

2011
TOTAL DEPRICIATION

Long-term Borrowing 2011

Vietinbank TPHCM 9.50%
HSBC 8.50%
Shinhan 7.50%
MB 10.50%
Vietinbank Da Nang 9.50%
Financial Lease 9.50%
New CAPEX in 2015 9.00%
New CAPEX in 2016 9.50%
New CAPEX in 2017 9.50%
New CAPEX in 2018 10.00%
New CAPEX in 2019 10.00%
Total debt
Total Real debt end of the year

Short-term Borrowing 2011

Vietinbank TPHCM 9.50%
HSBC 8.50%
Shinhan 7.50%
MB 10.50%
Vietinbank Da Nang 9.50%
Financial Lease 9.50%
New CAPEX in 2015 9.00%
New CAPEX in 2016 9.00%
New CAPEX in 2017 9.00%
New CAPEX in 2018 9.00%
New CAPEX in 2019 9.00%
Total debt
Total Real debt end of the year

Expense Borrowing 2011

Vietinbank TPHCM
HSBC
Shinhan
MB
Vietinbank Da Nang
Financial Lease
New CAPEX in 2015
New CAPEX in 2016
New CAPEX in 2017
New CAPEX in 2018
New CAPEX in 2019
Total debt
 2012 2013 2014
1,193,752,930,339 1,165,613,528,009 1,377,731,897,855
1,478,514,476,928 1,497,886,037,839 1,792,669,761,032
2,356,001,263,222 2,608,207,152,631 3,114,723,448,350
-877,486,786,294 -1,110,321,114,792 -1,322,053,687,318
-271,604,815,259 -307,155,364,049 -362,395,603,370
80,301,161,567 90,178,019,836 170,218,283,581
93,457,892,894 115,295,165,613 222,760,543,383
-13,156,731,327 -25,117,145,777 -52,542,259,802
-19,232,776,777 -11,960,414,450 -27,425,114,025
32 32 31
35.224 35.266 35.266
-2.772 -3.53 -4.541
-362,429,654 -356,342,864 -355,877,322
804,030,629 101,231,300 0
11,569,834,250 11,569,834,250 8,490,900,000
11,569,834,250 11,569,834,250 8,490,900,000

-291,200,021,690 -319,472,121,363 -390,176,594,717

2012 2013 2014

2012 2013 2014

34,836,153,038 804,030,629 101,231,300
-
-
-
(34,032,122,409) (702,799,329) (101,231,300)
-
-
-
-
804,030,629 101,231,300 -

2012 2013 2014

1,977,277,841,542 2,356,001,263,222 2,608,207,152,631

313,197,748,567 340,360,723,087 681,798,228,135
(19,207,215,914) (83,300,451,073) (175,911,100,052)

84,732,889,027 (4,854,382,605) 629,167,636

2,356,001,263,222 2,608,207,152,631 3,114,723,448,350

2012 2013 2014

34 987,632,034 1,042,632,034
987,632,000 105,000,000 50,000,000

(50,000,000)
987,632,034 1,042,632,034 1,092,632,034

2012 2013 2014

11,569,834,250 11,569,834,250 11,569,834,250

(3,078,934,250)

11,569,834,250 11,569,834,250 8,490,900,000

2012 2013 2014

161,056,489,201 93,457,892,714 115,295,165,433
17,134,292,720 21,837,272,719 108,094,545,406
-
-
(84,732,889,207) (629,167,456)
93,457,892,714 115,295,165,433 222,760,543,383

2012 2013 2014

1,792,669,761,032

0
2012 2013 2014
27,425,114,025

0 0 27,425,114,025

2012 2013 2014

2012 2013 2014

114,497,300,000
146,058,079,804
118,369,846,842
13,783,875,000
4,235,950,000
51,969,645,109
50% 385,000,000,000 320,669,404,072
50% 262,500,000,000
50% 262,500,000,000
50% 262,500,000,000
50% 262,500,000,000
448,914,696,755

2012 2013 2014

87,523,600,000
78,232,586,355
72,976,058,172
6,938,100,000
1,639,800,000
40,277,839,020
98,980,595,928

287,587,983,547
2012 2013 2014

-
 2015E 2016E 2017E
2,308,067,327,248 2,368,871,609,823 2,399,597,767,428
2,165,274,157,662 2,253,503,554,292 2,311,654,825,922
3,394,723,448,350 3,744,723,448,350 4,059,723,448,350
-1,229,449,290,688 -1,491,219,894,058 -1,748,068,622,428
-397,395,603,370 -436,770,603,370 -466,848,728,370
142,793,169,556 115,368,055,531 87,942,941,506
222,760,543,383 222,760,543,383 222,760,543,383
-79,967,373,827 -107,392,487,852 -134,817,601,877
-27,425,114,025 -27,425,114,025 -27,425,114,025
30 0 0
35.266 1,092,632,034 1,092,632,034
-5.553 -1,092,632,034 -1,092,632,034
-1 0
0 0 0
8,490,900,000 8,490,900,000 8,490,900,000
8,490,900,000 8,490,900,000 8,490,900,000
0 0 0
-424,820,717,396 -464,195,717,395 -494,273,842,395

2015E 2016E 2017E

0 0 0
0 0 0
0 0 0

2015E 2016E 2017E

- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -

2015E 2016E 2017E

3,114,723,448,350 3,394,723,448,350 3,744,723,448,350

770,000,000,000 525,000,000,000 525,000,000,000
(490,000,000,000) (175,000,000,000) (210,000,000,000)
- - -
- - -
3,394,723,448,350 3,744,723,448,350 4,059,723,448,350

2015E 2016E 2017E

1,092,632,034 1,092,632,034 1,092,632,034
- - -
- - -
- - -
- - -
1,092,632,034 1,092,632,034 1,092,632,034

2015E 2016E 2017E

8,490,900,000 8,490,900,000 8,490,900,000

8,490,900,000 8,490,900,000 8,490,900,000

2015E 2016E 2017E

222,760,543,383 222,760,543,383 222,760,543,383
- - -
- - -
- - -
- - -
222,760,543,383 222,760,543,383 222,760,543,383

2015E 2016E 2017E

1,430,274,157,662 1,067,878,554,292 705,482,950,922

362,395,603,370 362,395,603,370 362,395,603,370
280,000,000,000 245,000,000,000 214,375,000,000
35,000,000,000 30,625,000,000 26,796,875,000
350,000,000,000 306,250,000,000
43,750,000,000 38,281,250,000
315,000,000,000
39,375,000,000

397,395,603,370 436,770,603,370 466,848,728,370

 2015E 2016E 2017E
27,425,114,025 27,425,114,025 27,425,114,025
0 0 0
0 0
0

27,425,114,025 27,425,114,025 27,425,114,025

2015E 2016E 2017E

424,820,717,395 464,195,717,395 494,273,842,395

2015E 2016E 2017E

59,844,650,840
101,285,545,777 52,707,346,358 (0)
81,729,925,215 42,342,009,466 0
9,639,626,235 5,060,231,350 0
2,950,000,440 1,541,885,672 (0)
27,163,131,934 0
250,549,054,510 174,117,873,487 90,807,886,173
219,072,940,447 171,520,310,237 119,450,180,157
219,072,940,447 171,520,310,237
219,503,161,291

752,234,875,399 666,362,597,018 601,281,537,859

533,161,934,952 447,289,656,571 381,778,376,567

2015E 2016E 2017E

65,529,892,660 65,529,892,660
57,187,470,810 57,187,470,810 57,187,470,799
45,517,660,140 45,517,660,140 45,517,660,176
5,591,555,640 5,591,555,640 5,591,555,641
1,688,364,810 1,688,364,810 1,688,364,811
29,743,629,460 29,743,629,468
98,980,595,928 98,980,595,928 98,980,595,928
68,364,559,553 68,364,559,553 68,364,559,553
68,364,559,553 68,364,559,553
69,246,838,709

372,603,729,001 440,968,288,562 414,941,605,169

304,239,169,448 372,603,729,009 346,577,045,617

2015E 2016E 2017E

18,470,615,189 11,370,483,659 5,685,241,829
18,543,756,913 13,089,395,832 8,960,248,882
13,969,091,409 9,305,395,099 6,351,301,417
2,106,583,346 1,543,485,046 1,062,648,583
544,681,003 426,729,181 292,958,278
8,431,540,675 5,160,995,067 2,580,497,534
34,650,000,000 28,860,246,366 22,549,414,906
24,937,500,000 20,811,929,342
24,937,500,000

96,716,268,535 94,694,230,250 93,231,740,771

 2018E 2019E
2,408,380,565,658 2,402,337,924,435
2,347,862,738,177 2,369,245,210,979
4,339,723,448,350 4,584,723,448,350
-1,991,860,710,173 -2,215,478,237,371
-488,792,087,745 -503,617,527,198
60,517,827,481 33,092,713,456
222,760,543,383 222,760,543,383
-162,242,715,902 -189,667,829,927
-27,425,114,025 -27,425,114,025
0 0
1,092,632,034 1,092,632,034
-1,092,632,034 -1,092,632,034
0 0
0 0
8,490,900,000 8,490,900,000
8,490,900,000 8,490,900,000
0 0
-516,217,201,770 -531,042,641,223

2018E 2019E
0 0
0 0
0 0

2018E 2019E
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -

2018E 2019E

4,059,723,448,350 4,339,723,448,350
525,000,000,000 525,000,000,000
(245,000,000,000) (280,000,000,000)
- -
- -
4,339,723,448,350 4,584,723,448,350

2018E 2019E
1,092,632,034 1,092,632,034
- -
- -
- -
- -
1,092,632,034 1,092,632,034

2018E 2019E
8,490,900,000 8,490,900,000

8,490,900,000 8,490,900,000

2018E 2019E
222,760,543,383 222,760,543,383
-

-
-
222,760,543,383 222,760,543,383

2018E 2019E

343,087,347,552 -19,308,255,818
362,395,603,370 362,395,603,370
187,578,125,000 164,130,859,375
23,447,265,625 20,516,357,422
267,968,750,000 234,472,656,250
33,496,093,750 29,309,082,031
275,625,000,000 241,171,875,000
34,453,125,000 30,146,484,375
280,000,000,000 245,000,000,000
35,000,000,000 30,625,000,000
245,000,000,000
30,625,000,000
488,792,087,745 503,617,527,198
 2018E 2019E
27,425,114,025 27,425,114,025
0 0
0 0
0 0
0 0
0

27,425,114,025 27,425,114,025

2018E 2019E
516,217,201,770 531,042,641,223

2018E 2019E
65,529,892,660
57,187,470,810
45,517,660,140
5,591,555,640
1,688,364,810
29,743,629,460
-
62,433,387,719 (0)
119,450,180,157 62,433,387,719 -
172,206,638,712 120,180,463,874 62,951,671,553
219,503,161,291 172,206,638,712 120,180,463,874
573,593,367,880 354,820,490,306
354,090,206,588 354,820,490,306

2018E 2019E

98,980,595,928
68,364,559,553 68,364,559,553
68,364,559,553 68,364,559,553 68,364,559,553
69,246,838,709 69,246,838,709 69,246,838,709
69,246,838,709 69,246,838,709 69,246,838,709
374,203,392,451 275,222,796,523
305,838,832,898 206,858,236,970

2018E 2019E
-
4,480,124,440
3,175,650,710
531,324,292
146,479,139
-
15,670,608,614 8,172,709,756
16,294,429,473 11,347,767,115 5,931,171,833
20,811,929,342 16,294,429,473 11,347,767,115
26,250,000,000 21,950,316,129 17,220,663,871
26,250,000,000 21,950,316,129
87,360,546,010 84,015,222,472
 98,980,595,928
68,364,559,553
68,364,559,553
- 69,246,838,709
62,951,671,553 - 69,246,838,709

69,246,838,709
69,246,838,709 69,246,838,709
 5,931,171,833
12,018,046,387 6,295,167,155
17,220,663,871 12,018,046,387 ###
số xe đầu tư
Quá khứ
năm 2009 2010 2011 2012 2013 2014
898 1245 436 456 568 1246
TB 808.16667
756.66667

Xe thanh lý Quá khứ

năm 2009 2010 2011 2012 2013 2014
223 50 255 55 232 476
TB 215.16667
254.33333

Tăng thực Quá khứ

năm 2009 2010 2011 2012 2013 2014
675 1195 181 401 336 770
TB 593
502.33333
Dự báo
2015E 2016E 2017E 2018E
1100 750 750 750
770,000,000,000 525,000,000,000 525,000,000,000 525,000,000,000
971.3333333333

Dự báo
2015E 2016E 2017E 2018E
700 250 300 350
490,000,000,000 175,000,000,000 210,000,000,000 245,000,000,000
469.3333333333
168,000,000,000 60,000,000,000 72,000,000,000 84,000,000,000
36,960,000,000 13,200,000,000 15,840,000,000 18,480,000,000
Dự báo
2015E 2016E 2017E 2018E
400 500 450 400
280,000,000,000 350,000,000,000 315,000,000,000 280,000,000,000
502
 2019E
750
525,000,000,000

2019E
400
280,000,000,000

96,000,000,000 giá thanh lý 240,000,000

21,120,000,000 chi phí thanh lý 22%

2019E
350
245,000,000,000
FCFF, FCFE (Million VND) 2015E
CFO 677,065,829,139
Interest expenses 96,716,268,535
Tax rate 22.00%
Interest expenses after tax 75,438,689,457
Net investment in fixed capital (CAPEX) -768,781,711,035
FCFF -16,277,192,439
Net Borrowings 70,282,387,722
FCFE -21,433,494,174

WACC CALCULATION 2015E

Risk free rate 7.2%
Market expected return 20.5%
Market risk premium 13.3%
Adjusted beta 0.67
Cost of Equity 16.1%
Cost of Debt 9.4%
Tax rate 22.0%
After-tax cost of debt 7.3%
Weight of Equity 54.2%
Weight of Debt 45.8%
WACC 12.1%

2015E
1
PV of FCFF -14,523,372,231

2-stages
Terminal growth rate 2.00%
Perpetuity WACC 12.08%
VND million 501,335,542,263
Terminal value 4,975,616,870,414
PV of residual value 2,670,500,627,450
PV of FCFF 1,081,810,885,026
PV of firm value 3,752,311,512,476
Net debt 837,401,104,400
PV of equity value 2,914,910,408,076
Cash 310,811,656,186
Short-term investment 0
PV of equity, cash, short-term investment 3,225,722,064,261
Number of shares 67,859,192
Price at the end of 2015 47,500

Current Price (3/11/2015) 30,300

Upside 56.77%
 2016E 2017E 2018E
777,870,219,448 851,287,206,149 885,649,957,716
94,694,230,250 93,231,740,771 87,360,546,010
20.00% 20.00% 20.00%
75,755,384,200 74,585,392,617 69,888,436,808
-526,092,631,999 -525,000,000,000 -525,000,000,000
327,532,971,648 400,872,598,766 430,538,394,524
-17,507,718,820 -91,537,963,396 -68,426,382,697
234,269,868,628 234,749,242,753 292,223,575,019
22.39% 7.40%
29,665,795,758
2016E 2017E 2018E
7.2% 7.2% 7.2%
20.5% 20.5% 20.5%
13.3% 13.3% 13.3%
0.67 0.67 0.67
16.1% 16.1% 16.1%
9.4% 9.4% 9.4%
20.0% 20.0% 20.0%
7.5% 7.5% 7.5%
56.3% 59.7% 63.1%
43.7% 40.3% 36.9%
12.3% 12.6% 12.9%

2016E 2017E 2018E

2 3 4
260,753,992,195 284,754,294,570 272,875,012,471
 2019E 2020E
949,293,255,613
84,015,222,472
20.00%
67,212,177,978 0
-525,000,000,000
491,505,433,591 501,335,542,263
-98,250,312,211
326,042,943,403 501,335,542,263
14.16% 2.00%
60,967,039,067 9,830,108,672
2019E 2020E
7.2% 7.2%
20.5% 20.5%
13.3% 13.3%
0.67 0.67
16.1% 16.1%
9.4% 9.4%
20.0% 20.0%
7.5% 7.5%
66.9% 69.0%
33.1% 31.0%
13.3% 13.4%

2019E 2020E
5 5
277,950,958,023 0
Activity ratios (efficiency) 2011
Inventory turnover
Day of Inventory on hand DOH, DIO
Receivables turnover
Day of sales outstanding DSO
Payable turnover
Days of payable
Operating cycle
Cash operating cycle
NWC turnover
Fixed asset turnover
Total asset turnover

Liquidity ratios
Current ratio 1.2
Quick ratio 0.9
Cash ratio 0.2
Free cash flow/ revenue 0.0

Solvency ratios
Debt to asset 0.52
Debt to equity 1.07
Total debt/EBITDA 1.8
Interest coverage 2.0
Free cash flow/ debt 0.1
Financial leverage
Sales/Asset
CFO/CAPEX 87.4%
EBITDA/Total Asset 28.7%

Profitability ratios
Gross profit margin 14.1%
EBITDA margin 22.6%
EBIT margin 11.2%
Pretax margin 7.8%
Net profit margin 5.8%
ROAA
ROAE
Return on common equity
CFO/Revenue 0.05

Integrated financial ratios ROE= (NI/EBT)*(EBT/EBIT)*(EBIT/revenue)*(re

Net profit margin 5.8%
Total asset turnover
TB 75.0%
IB(EBT/EBIT) 69.7%
EBITM (EBIT/revenue) 11.2%

Equity analysis
Basic EPS
EBITDA per share
Dividend per share
Dividend payout ratio (1-b) 0.23
Retention rate b 0.77
Book Value per share

Credit analysis
Free operating cash flows to total debt 0.07
Total debt to EBITDA 1.80

Growth analysis
Revenue
Gross profit
EBIT
EBITDA
Income before tax
Net income
EPS
Total asset
Total equity
 2012 2013 2014 2015E 2016E
569.2 554.5 592.7 588.3 605.0
0.6 0.7 0.6 100.0 99.5
20.7 21.0 31.9 52.4 54.3
17.6 17.4 11.4 7.0 6.7
73.2 138.2 151.0 97.2 72.2
5.0 2.6 2.4 24.0 24.0
18.2 18.1 12.0 107.0 106.2
13.3 15.4 9.6 83.0 82.2
87.7 -211.2 -40.2 -28.5 -34.3
1.7 2.0 2.1 1.8 1.9
1.5 1.7 1.7 1.5 1.5

1.1 0.9 0.8 0.8 0.8

0.9 0.8 0.7 0.7 0.8
0.2 0.5 0.5 0.5 0.6
0.1 0.1 0.0 0.0 0.1

0.47 0.43 0.47 0.46 0.43

0.90 0.74 0.87 0.84 0.77
1.4 1.3 1.5 1.6 1.4
2.6 4.9 5.8 4.0 4.9
0.2 0.2 -0.1 0.0 0.3
2.0 1.8 1.8 1.9 1.8
1.4 1.5 1.6 1.5 1.4
141.4% 129.6% 82.2% 88.1% 147.9%
33.0% 31.8% 31.4% 29.2% 31.5%

16.8% 17.0% 16.7% 16.6% 17.3%

21.7% 20.3% 20.3% 20.7% 21.4%
11.0% 10.2% 9.9% 9.8% 10.7%
7.5% 9.6% 10.8% 11.0% 9.9%
5.6% 7.1% 8.3% 8.5% 7.7%
8.5% 11.8% 14.1% 12.8% 11.7%
16.8% 21.4% 25.5% 23.8% 21.2%
5050 5160 5552 4913 4935

T)*(EBIT/revenue)*(revenue/total assets)*FL
5.6% 7.1% 8.3% 8.5% 7.7%
1.5 1.7 1.7 1.5 1.5
75.0% 75.0% 75.0% 78.0% 78.0%
 68.5% 94.0% 109.0% 111.8% 92.2%
11.0% 10.2% 9.9% 9.8% 10.7%

5049.53 5159.92 5551.66 4912.89 4934.82

19627.97 14731.10 13529.60 11896.42 13704.02
2533.81 689.00 2532.38 2000.00 2500.00
0.50 0.13 0.46 0.41 0.51
0.50 0.87 0.54 0.59 0.49
22,104 24,539

0.25 0.19 -0.08 -0.01 0.25

1.43 1.34 1.48 1.56 1.38

19.30% 16.39% 19.38% 3.49% 11.37%

42.55% 17.70% 17.24% 3.24% 15.49%
16.49% 7.96% 16.68% 2.01% 21.78%
14.78% 8.82% 19.40% 5.51% 15.19%
14.62% 48.06% 35.25% 4.63% 0.45%
14.02% 48.17% 39.87% 6.19% 0.45%
88.49% 100.45%
-0.32% 13.15% 20.78% 13.60% 6.82%
8.87% 23.18% 12.44% 15.18% 11.02%
2017E 2018E 2019E
599.6 597.5 592.9
99.5 97.5 97.0
53.7 53.4 53.2
6.8 6.8 6.9
71.6 71.3 70.8
24.0 23.0 23.0
106.3 104.3 103.9
82.3 81.3 80.9
-74.3 69.7 18.3
2.0 2.1 2.3
1.6 1.6 1.6

1.0 1.3 1.8

0.9 1.2 1.7
0.8 1.0 1.5
0.1 0.1 0.1

0.40 0.37 0.33

0.67 0.58 0.49
1.2 1.1 1.0
5.4 6.1 6.9
0.3 0.4 0.4
1.7 1.6 1.5
1.5 1.6 1.6
162.1% 168.7% 180.8%
32.2% 32.2% 32.5% đảm bảo có thể vay nợ tốt

17.1% 17.0% 17.2%

21.0% 20.6% 20.5%
10.6% 10.4% 10.7%
10.1% 10.4% 11.0%
8.1% 8.3% 8.8% 8.29%
12.7% 13.4% 14.3%
21.8% 21.7% 22.0%
5647 6243 7051

8.1% 8.3% 8.8%

1.6 1.6 1.6
80.0% 80.0% 80.0%
 95.7% 99.4% 102.5%
10.6% 10.4% 10.7%

5646.59 6243.22 7051.20

14658.81 15456.65 16421.87
3000.00 3200.00 3500.00
0.53 0.51 0.50
0.47 0.49 0.50
27,185 30,228 33,780

0.32 0.36 0.44

1.24 1.14 1.01

8.90% 7.75% 6.76%

8.00% 6.94% 8.45%
7.45% 6.43% 9.51%
6.97% 5.44% 6.24%
11.56% 10.57% 12.94%
14.42% 10.57% 12.94%
114.42% 110.57% 112.94%
4.51% 5.33% 5.30%
10.79% 11.19% 11.75%
ó thể vay nợ tốt
DATE VNS Closing Weekly return (%)
29/07/2008 48 29/07/2008
5/8/2008 41.5 -13.542 5/8/2008
12/8/2008 35.8 -13.735 12/8/2008
19/08/2008 33.3 -6.983 19/08/2008
26/08/2008 34.7 4.204 26/08/2008
4/9/2008 30 -13.545 4/9/2008
11/9/2008 30.3 1.000 11/9/2008
18/09/2008 25.2 -16.832 18/09/2008
25/09/2008 25.5 1.190 25/09/2008
2/10/2008 24 -5.882 2/10/2008
9/10/2008 20.5 -14.583 9/10/2008
16/10/2008 20.6 0.488 16/10/2008
23/10/2008 22 6.796 23/10/2008
30/10/2008 19.1 -13.182 30/10/2008
6/11/2008 19.2 0.524 6/11/2008
13/11/2008 20 4.167 13/11/2008
20/11/2008 19 -5.000 20/11/2008
27/11/2008 18.9 -0.526 27/11/2008
4/12/2008 18.9 0.000 4/12/2008
11/12/2008 17.3 -8.466 11/12/2008
18/12/2008 17.3 0.000 18/12/2008
25/12/2008 17.3 0.000 25/12/2008
2/1/2009 18 4.046 2/1/2009
9/1/2009 18.7 3.889 9/1/2009
16/01/2009 18.3 -2.139 16/01/2009
23/01/2009 18.2 -0.546 23/01/2009
6/2/2009 17.5 -3.846 6/2/2009
13/02/2009 16.4 -6.286 13/02/2009
20/02/2009 14.3 -12.805 20/02/2009
27/02/2009 14.4 0.699 27/02/2009
6/3/2009 14.2 -1.389 6/3/2009
13/03/2009 14 -1.408 13/03/2009
20/03/2009 15.9 13.571 20/03/2009
27/03/2009 16 0.629 27/03/2009
3/4/2009 17 6.250 3/4/2009
13/04/2009 18.6 9.412 13/04/2009
20/04/2009 18 -3.226 20/04/2009
27/04/2009 18 0.000 27/04/2009
6/5/2009 19 5.556 6/5/2009
13/05/2009 19 0.000 13/05/2009
20/05/2009 23.2 22.105 20/05/2009
27/05/2009 29.4 26.724 27/05/2009
3/6/2009 32.3 9.864 3/6/2009
10/6/2009 35.5 9.907 10/6/2009
17/06/2009 32.6 -8.169 17/06/2009
24/06/2009 39.4 20.859 24/06/2009
1/7/2009 34.7 -11.929 1/7/2009
8/7/2009 36.9 6.340 8/7/2009
15/07/2009 37.2 0.813 15/07/2009
22/07/2009 34.9 -6.183 22/07/2009
29/07/2009 39.3 12.607 29/07/2009
5/8/2009 45.1 14.758 5/8/2009
12/8/2009 47.1 4.435 12/8/2009
19/08/2009 53 12.527 19/08/2009
26/08/2009 53 0.000 26/08/2009
3/9/2009 50.5 -4.717 3/9/2009
10/9/2009 53.5 5.941 10/9/2009
17/09/2009 51.5 -3.738 17/09/2009
24/09/2009 51.5 0.000 24/09/2009
1/10/2009 51 -0.971 1/10/2009
8/10/2009 52.5 2.941 8/10/2009
15/10/2009 65 23.810 15/10/2009
22/10/2009 63.5 -2.308 22/10/2009
29/10/2009 57 -10.236 29/10/2009
5/11/2009 52.5 -7.895 5/11/2009
12/11/2009 51.5 -1.905 12/11/2009
19/11/2009 57 10.680 19/11/2009
26/11/2009 47 -17.544 26/11/2009
3/12/2009 43.8 -6.809 3/12/2009
10/12/2009 40 -8.676 10/12/2009
17/12/2009 35.3 -11.750 17/12/2009
24/12/2009 42 18.980 24/12/2009
31/12/2009 44.4 5.714 31/12/2009
8/1/2010 46.5 4.730 8/1/2010
15/01/2010 43 -7.527 15/01/2010
22/01/2010 38.9 -9.535 22/01/2010
29/01/2010 42.2 8.483 29/01/2010
5/2/2010 45 6.635 5/2/2010
12/2/2010 46.5 3.333 12/2/2010
26/02/2010 50 7.527 26/02/2010
5/3/2010 53 6.000 5/3/2010
12/3/2010 54.5 2.830 12/3/2010
19/03/2010 52.5 -3.670 19/03/2010
26/03/2010 53 0.952 26/03/2010
2/4/2010 52 -1.887 2/4/2010
9/4/2010 59.5 14.423 9/4/2010
16/04/2010 63 5.882 16/04/2010
26/04/2010 59 -6.349 26/04/2010
5/5/2010 59.5 0.847 5/5/2010
12/5/2010 34.5 -42.017 12/5/2010
19/05/2010 33 -4.348 19/05/2010
26/05/2010 33 0.000 26/05/2010
2/6/2010 35.8 8.485 2/6/2010
 9/6/2010 33.2 -7.263 9/6/2010
16/06/2010 36 8.434 16/06/2010
23/06/2010 34.1 -5.278 23/06/2010
30/06/2010 34 -0.293 30/06/2010
7/7/2010 33.1 -2.647 7/7/2010
14/07/2010 32.9 -0.604 14/07/2010
21/07/2010 34.6 5.167 21/07/2010
28/07/2010 33.5 -3.179 28/07/2010
4/8/2010 34.3 2.388 4/8/2010
11/8/2010 32.2 -6.122 11/8/2010
18/08/2010 31.5 -2.174 18/08/2010
25/08/2010 26.6 -15.556 25/08/2010
1/9/2010 30.1 13.158 1/9/2010
10/9/2010 31.4 4.319 10/9/2010
17/09/2010 31.5 0.318 17/09/2010
24/09/2010 31.3 -0.635 24/09/2010
1/10/2010 31.5 0.639 1/10/2010
8/10/2010 31.2 -0.952 8/10/2010
15/10/2010 31 -0.641 15/10/2010
22/10/2010 30.6 -1.290 22/10/2010
29/10/2010 30.4 -0.654 29/10/2010
5/11/2010 29.1 -4.276 5/11/2010
12/11/2010 28.8 -1.031 12/11/2010
19/11/2010 29.9 3.819 19/11/2010
26/11/2010 28.9 -3.344 26/11/2010
3/12/2010 30.6 5.882 3/12/2010
10/12/2010 30.6 0.000 10/12/2010
17/12/2010 29.5 -3.595 17/12/2010
24/12/2010 30.7 4.068 24/12/2010
31/12/2010 30.3 -1.303 31/12/2010
10/1/2011 29.8 -1.650 10/1/2011
17/01/2011 30.5 2.349 17/01/2011
24/01/2011 30 -1.639 24/01/2011
8/2/2011 30.1 0.333 8/2/2011
15/02/2011 29.1 -3.322 15/02/2011
22/02/2011 26 -10.653 22/02/2011
1/3/2011 25.5 -1.923 1/3/2011
8/3/2011 25.3 -0.784 8/3/2011
15/03/2011 25.7 1.581 15/03/2011
22/03/2011 23.6 -8.171 22/03/2011
29/03/2011 24.6 4.237 29/03/2011
5/4/2011 23 -6.504 5/4/2011
14/04/2011 21 -8.696 14/04/2011
21/04/2011 19.2 -8.571 21/04/2011
28/04/2011 18 -6.250 28/04/2011
9/5/2011 18 0.000 9/5/2011
16/05/2011 18 0.000 16/05/2011
23/05/2011 16.5 -8.333 23/05/2011
30/05/2011 14.5 -12.121 30/05/2011
6/6/2011 17.4 20.000 6/6/2011
13/06/2011 19.7 13.218 13/06/2011
20/06/2011 22.3 13.198 20/06/2011
27/06/2011 20.3 -8.969 27/06/2011
4/7/2011 22 8.374 4/7/2011
11/7/2011 21.9 -0.455 11/7/2011
18/07/2011 21.2 -3.196 18/07/2011
25/07/2011 22 3.774 25/07/2011
1/8/2011 22 0.000 1/8/2011
8/8/2011 20.4 -7.273 8/8/2011
15/08/2011 20.2 -0.980 15/08/2011
22/08/2011 20.3 0.495 22/08/2011
29/08/2011 21 3.448 29/08/2011
6/9/2011 20.5 -2.381 6/9/2011
13/09/2011 21.9 6.829 13/09/2011
20/09/2011 21 -4.110 20/09/2011
27/09/2011 22.5 7.143 27/09/2011
4/10/2011 21.9 -2.667 4/10/2011
11/10/2011 20.5 -6.393 11/10/2011
18/10/2011 19 -7.317 18/10/2011
25/10/2011 17.6 -7.368 25/10/2011
1/11/2011 18 2.273 1/11/2011
8/11/2011 22 22.222 8/11/2011
15/11/2011 22.9 4.091 15/11/2011
22/11/2011 22.6 -1.310 22/11/2011
29/11/2011 19.9 -11.947 29/11/2011
6/12/2011 18.2 -8.543 6/12/2011
13/12/2011 17.6 -3.297 13/12/2011
20/12/2011 19.4 10.227 20/12/2011
27/12/2011 20 3.093 27/12/2011
4/1/2012 22 10.000 4/1/2012
11/1/2012 22 0.000 11/1/2012
18/01/2012 20.9 -5.000 18/01/2012
1/2/2012 21 0.478 1/2/2012
8/2/2012 20 -4.762 8/2/2012
15/02/2012 20.3 1.500 15/02/2012
22/02/2012 21.4 5.419 22/02/2012
29/02/2012 21 -1.869 29/02/2012
7/3/2012 23.4 11.429 7/3/2012
14/03/2012 24 2.564 14/03/2012
21/03/2012 27 12.500 21/03/2012
28/03/2012 28.5 5.556 28/03/2012
5/4/2012 27.5 -3.509 5/4/2012
12/4/2012 29.7 8.000 12/4/2012
19/04/2012 26.9 -9.428 19/04/2012
26/04/2012 24 -10.781 26/04/2012
7/5/2012 25.1 4.583 7/5/2012
14/05/2012 25 -0.398 14/05/2012
21/05/2012 21 -16.000 21/05/2012
28/05/2012 23.2 10.476 28/05/2012
4/6/2012 22.3 -3.879 4/6/2012
11/6/2012 23.3 4.484 11/6/2012
18/06/2012 23.3 0.000 18/06/2012
25/06/2012 23.6 1.288 25/06/2012
2/7/2012 24.6 4.237 2/7/2012
9/7/2012 25.4 3.252 9/7/2012
16/07/2012 25.6 0.787 16/07/2012
23/07/2012 25 -2.344 23/07/2012
30/07/2012 26.7 6.800 30/07/2012
6/8/2012 26.3 -1.498 6/8/2012
13/08/2012 25.1 -4.563 13/08/2012
20/08/2012 25 -0.398 20/08/2012
27/08/2012 24.6 -1.600 27/08/2012
4/9/2012 24.9 1.220 4/9/2012
11/9/2012 23.5 -5.622 11/9/2012
18/09/2012 25.2 7.234 18/09/2012
25/09/2012 24.8 -1.587 25/09/2012
2/10/2012 24.9 0.403 2/10/2012
9/10/2012 24.7 -0.803 9/10/2012
16/10/2012 23.4 -5.263 16/10/2012
23/10/2012 25.3 8.120 23/10/2012
30/10/2012 24.2 -4.348 30/10/2012
6/11/2012 24 -0.826 6/11/2012
13/11/2012 24.3 1.250 13/11/2012
20/11/2012 24.7 1.646 20/11/2012
27/11/2012 23 -6.883 27/11/2012
4/12/2012 23.9 3.913 4/12/2012
11/12/2012 22 -7.950 11/12/2012
18/12/2012 22.9 4.091 18/12/2012
25/12/2012 23.1 0.873 25/12/2012
3/1/2013 26.7 15.584 3/1/2013
10/1/2013 24.5 -8.240 10/1/2013
17/01/2013 25.5 4.082 17/01/2013
24/01/2013 27 5.882 24/01/2013
31/01/2013 27.2 0.741 31/01/2013
7/2/2013 26.2 -3.676 7/2/2013
21/02/2013 29.8 13.740 21/02/2013
28/02/2013 31.2 4.698 28/02/2013
7/3/2013 31.1 -0.321 7/3/2013
14/03/2013 32.3 3.859 14/03/2013
21/03/2013 35.3 9.288 21/03/2013
28/03/2013 34.9 -1.133 28/03/2013
4/4/2013 35.6 2.006 4/4/2013
11/4/2013 34.2 -3.933 11/4/2013
18/04/2013 35.5 3.801 18/04/2013
26/04/2013 35 -1.408 26/04/2013
8/5/2013 35 0.000 8/5/2013
15/05/2013 36 2.857 15/05/2013
22/05/2013 39.3 9.167 22/05/2013
29/05/2013 30.2 -23.155 29/05/2013
5/6/2013 34.2 13.245 5/6/2013
12/6/2013 35 2.339 12/6/2013
19/06/2013 36 2.857 19/06/2013
26/06/2013 35.5 -1.389 26/06/2013
3/7/2013 38.9 9.577 3/7/2013
10/7/2013 40 2.828 10/7/2013
17/07/2013 42.5 6.250 17/07/2013
24/07/2013 47.3 11.294 24/07/2013
31/07/2013 46 -2.748 31/07/2013
7/8/2013 43.7 -5.000 7/8/2013
14/08/2013 44 0.686 14/08/2013
21/08/2013 41.5 -5.682 21/08/2013
28/08/2013 40.1 -3.373 28/08/2013
5/9/2013 41 2.244 5/9/2013
12/9/2013 41 0.000 12/9/2013
19/09/2013 42.3 3.171 19/09/2013
26/09/2013 44 4.019 26/09/2013
3/10/2013 45.5 3.409 3/10/2013
10/10/2013 48.5 6.593 10/10/2013
17/10/2013 50.5 4.124 17/10/2013
24/10/2013 51 0.990 24/10/2013
31/10/2013 51.5 0.980 31/10/2013
7/11/2013 50 -2.913 7/11/2013
14/11/2013 50 0.000 14/11/2013
21/11/2013 49.5 -1.000 21/11/2013
28/11/2013 50 1.010 28/11/2013
5/12/2013 49 -2.000 5/12/2013
12/12/2013 50 2.041 12/12/2013
19/12/2013 50 0.000 19/12/2013
26/12/2013 51 2.000 26/12/2013
3/1/2014 50 -1.961 3/1/2014
10/1/2014 49.6 -0.800 10/1/2014
17/01/2014 47.9 -3.427 17/01/2014
24/01/2014 45.5 -5.010 24/01/2014
11/2/2014 46 1.099 11/2/2014
18/02/2014 47 2.174 18/02/2014
25/02/2014 48.9 4.043 25/02/2014
4/3/2014 49.5 1.227 4/3/2014
11/3/2014 49.8 0.606 11/3/2014
18/03/2014 51 2.410 18/03/2014
25/03/2014 53 3.922 25/03/2014
1/4/2014 51 -3.774 1/4/2014
8/4/2014 52 1.961 8/4/2014
16/04/2014 50.5 -2.885 16/04/2014
23/04/2014 49.5 -1.980 23/04/2014
5/5/2014 51.5 4.040 5/5/2014
12/5/2014 49 -4.854 12/5/2014
19/05/2014 49.8 1.633 19/05/2014
26/05/2014 52.5 5.422 26/05/2014
2/6/2014 43.9 -16.381 2/6/2014
9/6/2014 43.9 0.000 9/6/2014
16/06/2014 45.3 3.189 16/06/2014
23/06/2014 44.5 -1.766 23/06/2014
30/06/2014 44.4 -0.225 30/06/2014
7/7/2014 48 8.108 7/7/2014
14/07/2014 45.2 -5.833 14/07/2014
21/07/2014 47.9 5.973 21/07/2014
28/07/2014 46.3 -3.340 28/07/2014
4/8/2014 45 -2.808 4/8/2014
11/8/2014 44.6 -0.889 11/8/2014
18/08/2014 45 0.897 18/08/2014
25/08/2014 45 0.000 25/08/2014
3/9/2014 44.8 -0.444 3/9/2014
10/9/2014 44.6 -0.446 10/9/2014
17/09/2014 44.5 -0.224 17/09/2014
24/09/2014 44.8 0.674 24/09/2014
1/10/2014 45 0.446 1/10/2014
8/10/2014 44.7 -0.667 8/10/2014
15/10/2014 44.6 -0.224 15/10/2014
22/10/2014 44.9 0.673 22/10/2014
29/10/2014 49 9.131 29/10/2014
5/11/2014 48.5 -1.020 5/11/2014
12/11/2014 48.8 0.619 12/11/2014
19/11/2014 48.5 -0.615 19/11/2014
26/11/2014 47.9 -1.237 26/11/2014
3/12/2014 50.5 5.428 3/12/2014
10/12/2014 48.2 -4.554 10/12/2014
17/12/2014 45 -6.639 17/12/2014
24/12/2014 44.9 -0.222 24/12/2014
31/12/2014 44.7 -0.445 31/12/2014
9/1/2015 45.6 2.013 9/1/2015
16/01/2015 45.1 -1.096 16/01/2015
23/01/2015 44.1 -2.217 23/01/2015
30/01/2015 42.7 -3.175 30/01/2015
6/2/2015 42.4 -0.703 6/2/2015
13/02/2015 43 1.415 13/02/2015
2/3/2015 43 0.000 2/3/2015
9/3/2015 42.5 -1.163 9/3/2015
16/03/2015 42.5 0.000 16/03/2015
23/03/2015 42.8 0.706 23/03/2015
30/03/2015 41.9 -2.103 30/03/2015
 6/4/2015 41.9 0.000 6/4/2015
13/04/2015 40.1 -4.296 13/04/2015
20/04/2015 38.8 -3.242 20/04/2015
27/04/2015 39.7 2.320 27/04/2015
8/5/2015 36.2 -8.816 8/5/2015
15/05/2015 36 -0.552 15/05/2015
22/05/2015 37.6 4.444 22/05/2015
29/05/2015 38.6 2.660 29/05/2015
5/6/2015 30.2 -21.762 5/6/2015
12/6/2015 31.1 2.980 12/6/2015
19/06/2015 31.2 0.322 19/06/2015
26/06/2015 31.5 0.962 26/06/2015
3/7/2015 31 -1.587 3/7/2015
10/7/2015 32.3 4.194 10/7/2015
17/07/2015 32.3 0.000 17/07/2015
24/07/2015 30.8 -4.644 24/07/2015
31/07/2015 33 7.143 31/07/2015
7/8/2015 33 0.000 7/8/2015
14/08/2015 33.7 2.121 14/08/2015
21/08/2015 33.4 -0.890 21/08/2015
28/08/2015 32.4 -2.994 28/08/2015
7/9/2015 32.3 -0.309 7/9/2015
14/09/2015 31.9 -1.238 14/09/2015
21/09/2015 31.5 -1.254 21/09/2015
28/09/2015 31.7 0.635 28/09/2015
5/10/2015 32.5 2.524 5/10/2015
12/10/2015 31.2 -4.000 12/10/2015
19/10/2015 31.8 1.923 19/10/2015
26/10/2015 31 -2.516 26/10/2015
2/11/2015 30.6 -1.290 2/11/2015
Vn-Index Closing Weekly Return (%)
444.4
430.3 -3.173
459.9 6.879 Beta - weekly 0.6719143048
511.5 11.220
561.7 9.814
558.6 -0.552
497 -11.028
419.3 -15.634
470.4 12.187
460.2 -2.168
397.7 -13.581
384.6 -3.294
360.4 -6.292
336.6 -6.604
379.5 12.745
346.2 -8.775
325.7 -5.921
303.5 -6.816
308.6 1.680
288.9 -6.384
305.6 5.781
302.2 -1.113
313.3 3.673
313.4 0.032
306.1 -2.329
303.2 -0.947
281.6 -7.124
274.5 -2.521
252.6 -7.978
245.7 -2.732
245.7 0.000
251.4 2.320
266.6 6.046
287.4 7.802
310.3 7.968
340 9.571
318.9 -6.206
313.7 -1.631
350.1 11.603
378.2 8.026
410.4 8.514
425.2 3.606
444.8 4.610
497.5 11.848
472.5 -5.025
456.2 -3.450
430 -5.743
446.8 3.907
427.1 -4.409
419.5 -1.779
458 9.178
481.3 5.087
497.2 3.304
508.5 2.273
526 3.441
540.8 2.814
540.2 -0.111
561.2 3.887
574.8 2.423
569 -1.009
571.8 0.492
617.4 7.975
624.1 1.085
581.5 -6.826
555.5 -4.471
546 -1.710
560 2.564
482.6 -13.821
494.8 2.528
458.7 -7.296
434.9 -5.189
479.1 10.163
494.8 3.277
520.9 5.275
505.4 -2.976
477.6 -5.501
482 0.921
493 2.282
507 2.840
496.9 -1.992
513.4 3.321
531.5 3.526
516 -2.916
505.3 -2.074
510.5 1.029
517.4 1.352
522 0.889
531.2 1.762
548 3.163
519.6 -5.182
494.9 -4.754
492.7 -0.445
510.7 3.653
497.6 -2.565
510.7 2.633
512.8 0.411
507.1 -1.112
496.9 -2.011
507.3 2.093
505.4 -0.375
491 -2.849
486.7 -0.876
463.1 -4.849
455.5 -1.641
423.9 -6.937
458.8 8.233
451.4 -1.613
457.6 1.374
449.7 -1.726
451.7 0.445
459.3 1.683
458.4 -0.196
445.2 -2.880
452.6 1.662
457.3 1.038
441.6 -3.433
426.5 -3.419
439.9 3.142
464.4 5.569
473.1 1.873
485.3 2.579
472.8 -2.576
484.7 2.517
480.6 -0.846
495.2 3.038
509.9 2.968
520.7 2.118
517.9 -0.538
470 -9.249
466.1 -0.830
475.4 1.995
468.7 -1.409
464.8 -0.832
457.9 -1.485
457.2 -0.153
460.6 0.744
460.3 -0.065
472.9 2.737
477.5 0.973
471.5 -1.257
417.8 -11.389
412.1 -1.364
433.8 5.266
442.7 2.052
431.6 -2.507
434.2 0.602
425.4 -2.027
425.1 -0.071
415.8 -2.188
409.4 -1.539
401.9 -1.832
396.4 -1.368
384.3 -3.052
406 5.647
413.4 1.823
436.2 5.515
469.4 7.611
454.4 -3.196
437.5 -3.719
418.2 -4.411
417.7 -0.120
404.3 -3.208
409.4 1.261
413.8 1.075
408.6 -1.257
387.9 -5.066
381.8 -1.573
382.9 0.288
390.2 1.907
371.8 -4.716
365.7 -1.641
347.8 -4.895
348.8 0.288
347.4 -0.401
362.7 4.404
390.7 7.720
409.5 4.812
397.4 -2.955
418.4 5.284
423.6 1.243
444 4.816
433.9 -2.275
445.8 2.743
446.3 0.112
444.9 -0.314
465.3 4.585
467.1 0.387
470.2 0.664
486.3 3.424
469.7 -3.414
448 -4.620
435.5 -2.790
416.6 -4.340
432.5 3.817
435.6 0.717
424.1 -2.640
419.3 -1.132
408.1 -2.671
414 1.446
422 1.932
415 -1.659
423.2 1.976
426.2 0.709
437.3 2.604
386.2 -11.685
402.1 4.117
386.6 -3.855
394.5 2.043
391.8 -0.684
384.3 -1.914
393.7 2.446
399.2 1.397
397.7 -0.376
389.9 -1.961
376.9 -3.334
385.2 2.202
385.1 -0.026
376.9 -2.129
382.1 1.380
389.4 1.910
393.4 1.027
401.3 2.008
419.3 4.485
460.1 9.731
456.8 -0.717
452.4 -0.963
479.8 6.057
490.6 2.251
476.7 -2.833
474.6 -0.441
466.6 -1.686
474.6 1.715
491.8 3.624
490.7 -0.224
497.4 1.365
504.1 1.347
473.2 -6.130
474.5 0.275
485.1 2.234
486 0.186
502.2 3.333
515.1 2.569
514.6 -0.097
518.2 0.700
503.4 -2.856
473.5 -5.940
487.4 2.936
484.4 -0.616
497.5 2.704
494.2 -0.663
491.9 -0.465
500.1 1.667
503.6 0.700
502.7 -0.179
473.3 -5.848
477.6 0.909
475.6 -0.419
476.1 0.105
485.1 1.890
492.3 1.484
494.8 0.508
499.6 0.970
501.2 0.320
497.4 -0.758
499.9 0.503
497.9 -0.400
503.5 1.125
507.7 0.834
510 0.453
506.9 -0.608
506.3 -0.118
506.6 0.059
505.4 -0.237
518.9 2.671
543.6 4.760
560.2 3.054
553.9 -1.125
574.6 3.737
586.2 2.019
570 -2.764
588.5 3.246
599.9 1.937
601.9 0.333
583.9 -2.991
603.2 3.305
574.3 -4.791
569.4 -0.853
564.9 -0.790
517 -8.479
533 3.095
544.1 2.083
556.8 2.334
565.6 1.580
572.4 1.202
565.9 -1.136
578.1 2.156
590.7 2.180
586.2 -0.762
601 2.525
589.5 -1.913
599 1.612
602.1 0.518
605.1 0.498
625.9 3.437
640.8 2.381
628.8 -1.873
625.7 -0.493
603.6 -3.532
609.3 0.944
617.3 1.313
604.3 -2.106
601.6 -0.447
591.2 -1.729
597 0.981
604 1.173
588.4 -2.583
576 -2.107
574.9 -0.191
557.2 -3.079
518.2 -6.999
539.4 4.091
545.6 1.149
569.7 4.417
574.8 0.895
582.4 1.322
576.1 -1.082
574.1 -0.347
587.2 2.282
590.7 0.596
588.4 -0.389
580.8 -1.292
570.9 -1.705
545.2 -4.502
 543 -0.404
559.5 3.039
565 0.983
562.4 -0.460
554.5 -1.405
537.4 -3.084
561.8 4.540
569.6 1.388
578.1 1.492
582.7 0.796
584.7 0.343
581.8 -0.496
616.4 5.947
627.3 1.768
628.6 0.207
631.3 0.430
621.1 -1.616
603.8 -2.785
589 -2.451
556.3 -5.552
570.9 2.624
554.9 -2.803
562.2 1.316
572.1 1.761
564.9 -1.259
570 0.903
592.1 3.877
594.6 0.422
598.6 0.673
602.8 0.702