Contents

CHAPTER 1: THE INTRODUCTION OF THAIDUONG PETROL JOINT STOCK

COMPANY (HOSE: TDG) ................................................................................................. 3
I. Company overview ................................................................................................. 3
II. Main business lines ................................................................................................. 3
III. Company position .................................................................................................. 3
IV. Chief competitor of the company ........................................................................... 3
CHAPTER 2: FINANCIAL STATEMENT ANALYSIS AND BUSINESS
PERFORMANCE ............................................................................................................... 4
I. The income statement: ........................................................................................... 4
II. The balance sheet: .................................................................................................. 6
III. The Statement of Cash flow: .................................................................................. 7
IV. Liquidity ratios ....................................................................................................... 9
V. Efficiency ratios.................................................................................................... 10
VI. Leverage ratios ..................................................................................................... 11
VII. Profitability ratios ................................................................................................ 12
VIII. Market value ratios .............................................................................................. 13
IX. Comparison with rival company .......................................................................... 13
CHAPTER 3: COMMENTS ON THE COMPANY’S PERFORMANCE ....................... 14
APPENDIX ....................................................................................................................... 15

THAIDUONG PETROL JOINT STOCK COMPANY 1

 List of Tables Pages
Number

Table 1. Income statement of TDG from 2016 to 2018 4

Figure 1. Changes in Net sales, EBIT and NI of TDG from 2016 to 2018 5

Figure 2. Changes in expenses of TDG from 2016 to 2018 5

Figure 3. Changes in assets of TDG from 2016 to 2018 6

Table 2. Balance sheet of TDG Petrol JSC from 2016 to 1018 6

Table 3. Statement of Cash Flows of TDG from 2016 to 2018 8

Figure 4. Changes in cash flow of TDG from 2016 to 2018 9

Table 4. Calculated liquidity ratio 9

Figure 5. Trend of liquidity ratios of TDG from 2016 to 2018 9

Table 5. Efficiency ratios 10

Table 6. Leverage ratios of TDG from 2016 to 2018 11

Table 7. Profitability ratios 12

Table 8.Market value ratios 13

Table 9. Some financial ratios TDG and HGS in 2018 13

Table 10. Indexes summary of DTG from 2016 to 2018 15

THAIDUONG PETROL JOINT STOCK COMPANY 2

 CHAPTER 1: THE INTRODUCTION OF THAIDUONG PETROL JOINT STOCK
COMPANY (HOSE: TDG)

I. Company overview
- Company name: THAIDUONG PETROL JOINT STOCK COMPANY
- Abbreviated name: Thaiduongpetrol., JSC
- Securities symbol: TDG
- Regulation Capital: 167.7 billion VND
- Address: Lot D1, Dinh Tram Industrial Park, Viet Yen District, Bac Giang Province
- Telephone: (84-240) 2244.903
- Fax: (84-240) 3661.311
- Email: thaiduongpetrol@fpt.vn
- Website: http://thaiduongpetrol.vn
- Business Registration Certificate No. 2400345718
- Issue date: July 13, 2005

II. Main business lines

- Trading liquefied gas and related products
- Producing, filling and closing gas tanks
- Installation, repair, warranty, maintenance of civil gas systems and industrial works
- Manufacturing and trading bottled pure water

III. Company position

At present, Thai Duong Gas products are the main liquefied gas products of Bac Giang
province. The Company's products output in Bac Giang account for 80% of the total gas
consumption here. Following are the markets of Bac Ninh, Lang Son and Thai Nguyen
provinces. Gas Thai products also account for a relatively large market share of 20%, 10%
and 10% respectively.

IV. Chief competitor of the company

Petrovietnam Southern Gas Joint Stock Company
Petrovietnam Southern Gas Joint Stock Company (Securities symbol: HGS) is one of the key
member units of Vietnam Gas Corporation (PV GAS), playing a leading role in the
distribution and trading of average products gas in the South. For the market of civil gas tanks,
after more than 19 years of operation, PVGas South is one of the leading Vietnamese brands,
receiving the trust from consumers and long-term cooperation from customers with the brand
of gas cylinders residential PETROVIETNAM GAS and 6 brands of LPG gas tanks.

THAIDUONG PETROL JOINT STOCK COMPANY 3

 CHAPTER 2: FINANCIAL STATEMENT ANALYSIS AND BUSINESS
PERFORMANCE

I. The income statement:

THAIDUONG PETROL JOINT STOCK COMPANY
Income statement from 2016 to 2018
(Millions VND)
2016 2017 2018
NET SALES 221,798 100% 301,235 100% 523,263 100%
Cost of goods sold 192,343 86.72% 252,326 83.76% 479,902 91.71%
EBIT 29,455 13.28% 48,909 16.24% 43,361 8.29%
Income from financial activities 4 N/A 4 N/A 79 0.02%
Interest expenses 3,229 1.46% 3,951 1.31% 4,839 0.92%
Selling expenses 4,830 2.18% 12,399 4.12% 18,545 3.54%
Administration expenses 7,731 3.49% 3,548 1.18% 2,800 0.54%
Other profits -359 -0.16% -8 N/A -941 -0.18%
EBT 18,140 8.18% 29,007 9.63% 16,315 3.12%
Tax expenses 0 N/A 24 N/A 1,907 0.36%
NET INCOME 18,140 8.18% 28,983 9.62% 14,408 2.75%
Table 1. Income statement of TDG from 2016 to 2018

Horizontal analysis showed that profit ratios tended to increase and reached the highest level in
2017 but decreased relatively much in 2018.
Specifically, net sales have experienced a steady growth over the past 3 years, from 221,798 mil
in 2016 to 523,263 mil in 2018. As TDG sold more goods, its net sales went up and cost of goods
sold also witnessed the same trend. However, it is worth noting that cost of goods sold is
accounting for an increasing proportion of sales (83.76% in 2017 and 97.71% in 2018), indicating
that the company is not effective in controlling production costs. This led to a significant decrease
in EBIT in 2018 (by 5,548 million) - although net sales did increase steadily every year.
In 2018, while some of the company's expenses were reduced, such as administration, and
income from financial operations increased, Other expenses such as selling expense and interest
expense increased more significant and at a faster pace. To specify, interest expense increased
by 888 million and selling expenses increased by 6,146 million. As a result, TDG's EBT
plummeted to 16,315 million last year, the lowest in 3 years - while this figure in 2017 was
29,007 million.
For vertical analysis, it is clear that most of the company’s revenue was used to pay for
production cost, as this item account for around 80% - 90%. Selling expenses came next, at more
or less 4% over the past 3 years, followed closely by interest expense.
The percentages of EBIT declined in 2018 and remained below 10%. As for net income, the
proportion of this item was only 2.75% in 2018 - a deep decline compared to 2017 (9.62%).
In conclusion, this company was making profit but its profit was decreasing because of increase
in some operating expenses.

THAIDUONG PETROL JOINT STOCK COMPANY 4

 Changes in Net sales, EBIT and
NI

2016 2017 2018

NET SALES EBIT NET INCOME

Figure 1. Changes in Net sales, EBIT and NI of TDG from 2016 to 2018

Changes in expenses

2016 2017 2018

Interest expense Selling expense

Administration expense

Figure 2. Changes in expenses of TDG from 2016 to 2018

THAIDUONG PETROL JOINT STOCK COMPANY 5

 II. The balance sheet:
THAIDUONG PETROL JOINT STOCK COMPANY
Balance sheet from 2016 to 2018
(Millions VND)
TOTAL ASSETS LIABILITIES AND OWNERS’ EQUITY
2016 2017 2018 2016 2017 2018

Current
Current assets 117,263 54.84% 105,831 39.09% 162,614 47.67% 62,844 29.39% 90,767 33.53% 143,313 42.02%
liabilities

Cash and cash Long–term

14,656 6.85% 15,300 5.65% 13,846 4.06% 0 0.00% 0 0.00% 3,399 1.00%
equivalents debt

Accounts Owner’s
5,037 2.36% 931 0.34% 75,987 22.28% 150,990 70.61% 179,973 66.47% 194,380 56.99%
receivable equity

Common
Inventory 96,686 45.22% 88,468 32.68% 71,716 21.03% stock & paid 129,000 60.33% 129,000 47.65% 167,700 49.17%
in surplus

Other current Retained

884 0.41% 873 0.32% 1,064 0.31% 21,990 10.28% 50,973 18.83% 26,680 7.82%
assets earning

Fixed assets 96,572 45.16% 164,909 60.91% 178,478 52.33%

Property, plant
96,572 45.16% 164,909 60.91% 178,478 52.33%
and equipment

TOTAL 213,834 100% 270,740 100% 341,092 100% TOTAL 213,834 100% 270,740 100% 341,092 100%

Table 2. Balance sheet of Thaiduong Petrol JSC from 2016 to 1018

In general, the company's total assets are increasing and are shown in both current assets and
fixed assets.
With current assets, in 2018 the company had 162,614 mil in the account, an increase of 56,783
mil. This increase is largely due to a sharp increase in account receivables from 931 to 75,987,
while cash and inventory are at a slower pace. With current assets, Accounts receivable and
Inventory are the two largest items in 2018, while cash is relatively small

Changes in assets
400,000

300,000

200,000

100,000

0
Current assets Fixed assets TOTAL

2018 2017 2016

Figure 3. Changes in assets of TDG from 2016 to 2018

Over the past 3 years, the total capital of the business grew steadily, from 213,834 mil in 2016
to 341,092 mil in 2018. TDG's current liabilities nearly doubled in 2014 to 143,313 mil in 2018,

THAIDUONG PETROL JOINT STOCK COMPANY 6

making up 42.02% of total equity and liabilities. At the same time, long – term debt saw a rocket
to 3,399 mil, accounting for 0.996 total capital. Regarding equity, in 2018 the company had
194,380 mil compared to 179,973 in 2017, accounting for 56.99%
It can be seen that the company's total debt was increasing rapidly and taking a bigger share while
the owners' equity proportion was decreasing. In 2018, the owners' equity and total debt ratios
were 57% and 43% respectively. This relatively high percentage of debt indicates that the
company has to rely heavily on external funding to finace its operations. This can be a big risk
for the company if there are no effective control measures

III. The Statement of Cash flow:

THAIDUONG PETROL JOINT STOCK COMPANY

Statement of Cash Flows from 2016 to 2018
(Millions VND)

2016 2017 2018

Cash flows from operating activities
Income before income taxes 18,140 29,006 16,315
Adjustment for:
Depreciation and Amortization 1,068 998 723
Gains (losses) on investing activities (22) (4) (106)
Interest expenses 3,229 3,951 4,839
Operating profit before changes in working
capital:
Accounts receivable (56,112) 3,856 (11,597)
Inventory (45,247) 8,218 16,751
Prepaid expenses (21,172) (69,001) (74,727)
Accounts payable 3,835 20,287 44,897
Interest paid (3,229) (3,951) (4,791)
Income taxes paid (1,529) (24) (570)

Net cash from operating activities (101,151) (6,664) (8,268)

Cash flows from investing activities

Acquisitions of fixed assets and long-term assets (1,402) (332) -

Proceeds from the sale of fixed assets and other

26 - 37
long-term assets
Interest and dividends received 4 4 79
Net cash from investment activities 92,828 (328) 116

THAIDUONG PETROL JOINT STOCK COMPANY 7

 Cash flows from financing activities
Proceeds from issuance of shares and receipt of
21,000
contributed capital
Proceeds from borrowings 116,985 119,337 158,568

Repayment of principal (115,216) (111,468) (151,401)

Repayment of financial principal (469)
Net cash from financing activities 22,769 7,637 6,698

Net increase (decrease) in cash 14,446 644 (1,454)

Beginning cash balance 210 14,656 15,300
Ending cash balance 14,656 15,300 13,846
Table 3. Statement of Cash Flows of TDG from 2016 to 2018

It can be seen that this figure was decreasing year by year. To specify: in 2016 and 2017 net cash
flow were respectively 14,446 and 644. However, in 2018, this number decreased to -1,454. The
reason is:

Net cash flow from operating activities is negative, reaching -8,268 in 2018, an increase of 2,000
mil from the previous year. This reduction was mainly caused by high prepaid expenses and
always accounts for the largest proportion. In 2018, 74,727 millions was paid out on prepaid
expenses, increasing about 4,000 mil compared to that of 2017. Due to prepayments of some
expenses such as renting and warehousing in the petrol industry is relatively high, this item of
the company increased sharply.

In addition, it can be seen that account receivables is another factor leading to a decline in TDG
cash flow from operating activities in 2018 of TDG. As shown in the balance sheet, in 2018 the
company had difficulty collecting its money from customers, so account receivables decreased
sharply to -11,597 mil, while this number in 2017 was 3,856. In addition, the company has to
spend more and more money to pay interest expenses, so cash flow from operating activities
tends to decrease

As for cash flow from investment activities and financing activities, it is always positive that
these two activities of the company are effective

THAIDUONG PETROL JOINT STOCK COMPANY 8

 Changes in cash flow
200,000

100,000

0
2016 2017 2018
-100,000

-200,000

NCF from operating activities NCF from investment activities

NCF from financing activities

Figure 4. Changes in cash flow of TDG from 2016 to 2018

IV. Liquidity ratios

Liquidity ratios Unit 2018 2017 2016
Current ratio Times 1.13 1.17 2.55
Quick ratio Times 0.63 0.19 1.01
Cash ratio Times 0.1 0.17 0.23
NWC to total assets Times 0.12 0.14 0.61
Table 4. Calculated liquidity ratio

Solvency
3
2.5
2
1.5
1
0.5
0
2016 2017 2018

Current ratio Quick ratio Cash ratio

Figure 5. Trend of liquidity ratios of TDG from 2016 to 2018

 Current ratio and Quick ratio

In 2016, the current ratio was 2.55, but this number was halved in 2017 (1.17 times), before
falling further to 1.13 in 2018. Similarly, in 2016, the figure for quick ratio was 1.01 and
continued to decrease to 0.6 in 2018. The reason is that short-term debt increased at a faster rate
than the growth of current assets.
In general, both the current ratio and quick ratio went down gradually – This could bring a risk
to the company when its quick solvency is not enough to pay off its debts.

THAIDUONG PETROL JOINT STOCK COMPANY 9

 Cash ratio
In 2016, the cash ratio of TDG was 1.01 times but in the next 2 years, this index plummeted to
0.19 and 0.1. The reason is that the company’s cash and cash equivalents decreased from 15,300
million VND in 2017 to 13,846 million VND in 2018, meanwhile, current liabilities increased
from 90,767 million VND while to 143,313 million VND at the same time. The insufficient
amount of money reserve makes the firm less liquid and may fail to pay off its debt quickly.
 NWC to total assets
Obviouly, NWC to total assets showed a downward trend over the time, falling from 0.61 in 2016
to 0.12 in 2018. This ratio remained quite low indicates that the company was less able to fulfill
its payable obligations on time, which might be a bad sign for its suppliers. The reason for this
low figure is because of the rapid increase of current liabilities increased twofold to 143,131
current asset increased at a slower pace

V. Efficiency ratios

Efficiency ratios Unit 2018 2017 2016

Receivables turnover Times 22.50 100.95 4.25
Days’ sales in receivables Days 16 4 86
Inventory turnover Times 5.99 2.73 2.60
Days’ sales in inventory Days 61 134 140
Fixed asset turnover (FAT) Times 98.95 75.35 53.22
Total asset turnover Times 1.71 1.24 1.15
Equity turnover Times 2.80 1.80 1.67
Table 5. Efficiency ratios

 Receivables Turnover
We can see that the higher the Receivables Turnover, the lower the Days of sales outstanding. In
2017, the receivables turnover of TDG was 100.95 rounds, corresponding to the average of 4
days. In 2018, this ratio decreased to 22.5 for 16 days. This rotation from 2016 was 4.25 soared
to 100.95 in 2017, showing that in this period, the company did better business. The company’s
cash collection period is on the rise showing that the company should have to improve its sales
policy and work more flexibly so that it could get money quickly without losing customers and
energy to compete against competitors.
 Inventory Turnover Ratio
The inventory turnover of TDG in 2017 was 2.73 times, corresponding to 134 days’ sales in
inventory. In 2018, the figure increased to 5.99 times and decreased to 61 days’ sales in inventory
because high cost of goods sold grew while inventories tended to decrease.
The increase in inventory turnover is good because the company’s petroleum products are very
volatile and vulnerable when stored in storage for too long, which also costs the company an
additional maintenance cost. Thanks to this high turnover, TDG can increase its ability to recover
capital, reduce stagnancy and storage cost, speed up consumption and increase cash flow
prospect into the business.

THAIDUONG PETROL JOINT STOCK COMPANY 10

 Fixed asset turnover
Similar to the former index, FAT also witness a significant increase throughout the years. In
2016 FAT was 53.22 while 2017 FAT was 75.35 and this number increased to 98.95 in 2018.
This is a good sign because it shows that TDG could increase efficiency of using fixed assets
by generating more sales from it.

VI. Leverage ratios

Leverage ratios 2016 2017 2018
Total debt ratio 0.29 0.34 0.43
Debt-equity ratio 0.42 0.50 0.75
Equity multiplier 1.42 1.50 1.75
Times interest earned ratio 5.62 7.34 3.37
Table 6. Leverage ratios of TDG from 2016 to 2018

 Total debt ratio

Overall, the total debt ratio increased dramatically from 2016 to 2018. In 2016, total debt
accounts for 0.29 times of total assets and 0.42 times of total equity. This figure for 2018 was
0.43 times of total assets and 0.75 times of total equity. This reveals that TDG Corporation
became more dependent on total debt to sustain its operations, which indicates the higher risk of
the firm.
 Debt to equity
This ratio indicates the ability to fulfill the debt for every dollar in equity. In 2016, this ratio is
0.42 times, while in 2017 the figure was 0.5. This index showed an upward trend means that the
firm are getting more borrowing and its self-financing ability was very poor. It is also difficult
to be proactive in production and business activities. In 2018 the company increased long-term
debt, so this ratio increased to 0.75, the amount of loan needed to do business increased which
made the company more dependent on external funding sources.
 Equity multiplier
Liabilities have increased sharply from 41,62% in 2016 to 50,43 in 2017 corresponds to an
increase of 8,81%. Specially in 2018 it rapidly increased to 75,48%. Increasing liabilities over
the years is influenced by the following items: short-term liabilities, long-term liabilities, short-
term borrowings, payments to suppliers.
 Interest coverage
Interest coverage recorded a falling trend (from 6.62 to 4.27 in 2018) – which shows that the
ability to pay interest on loans of TDG was decreasing.

THAIDUONG PETROL JOINT STOCK COMPANY 11

 VII. Profitability ratios
Profitability ratios Unit 2016 2017 2018
Gross profit margin % 13.28 16.24 8.29
Net profit margin % 8.18 9.62 2.75
ROE % 13.68 17.51 17.70
ROA % 9.38 11.96 4.71
Table 7. Profitability ratios

 ROA
Generally, all the profitability index in 2018 decreased markedly.
ROA: in 2018, ROA of 4.71% means that the company generated 4.71% in profit for every 1
VND it has invested in its assets. From 2016 to 2018, the ROA of TDG decreased from 13.28%
to 8.29%.
This ratio is low and has tendency to decrease, revealing that the company is inefficient in
generating profit from asset.
The reason is that average total assets increased from 242,287 million VND to 305,916 million
VND from 2017 to 2018 but net income halved from 28,983 million VND to 14,408 million
VND. As mentioned before, Net income dropped sharply because of significant increase in cost
of goods sold, interest and selling expense were greater than 2 previous years.
Therefore, the company should take measures to exploit the production capacity of existing assets,
and at the same time enhance the working capital management in order to improve the efficiency
of capital use and increase profitability.
 ROE
ROE of the TDG in both 2017 and 2018 were high. This shows that the company operated
efficiently because the revenue and the financial income rise. In 2018 the ROE of TDG was 17.7%
meaning that TDG generated 17.7% profit for every 1 VND of shareholders' equity. In order to
increase profits, the company should take measures to manage costs more effectively.
 Gross profit margin and Net profit margin
It can be seen that net profit margin and gross profit margin between 2016 and 2018 had the
similar trend. Both proportion decreased over the years.
For net profit margin, this indicator plummeted from 2017 to 9.62 to 2.75 in 2018. This sharp
decline is due to the increase in the net income was lower than the sales growth. Specifically, the
company's net income tended to decrease from 28,983 million VND in 2017 to 14,408 million
VND in 2018, while revenue increased sharply from 301,325 million to 523,263 million VND
(up 222,028 million VND). This is a quite big difference, making the net profit margin over 2
years reduced to 6.86%.

THAIDUONG PETROL JOINT STOCK COMPANY 12

 VIII. Market value ratios

 Price earning ratio:

Price – earnings ratios remained quite low (at 2.95) after falling from 5.09 in 2017. This low
figure shows that the investors were increasingly less willing to pay for per dollar of current
earnings, or in other words, they felt less attracted to the company’s stock, and the prospect for
company’s future growth remained low.

Market value ratios Unit 2016 2017 2018

Price-earnings Times - 5.09 2.95
Price – sales Times - - 0.08
Market – book Times - 0.83 0.27
EPS VND 555 1,278 998
Table 8.Market value ratios

 Market to book ratio

Market to book ratio declined greatly from 0.83 to 0.27 in the year 2018. It is also noticeable that
this ratio is smaller than one (<1), which means the company was not successful in creating value
for stockholders.
 Earnings per share
EPS of TDG fluctuated dramatically. In 2016, EPS of TDG was 555 VND. The figure rose
sharply to 1,278 VND in 2017 before dropping to 998 VND in 2018, which means that the
benefits of holding company’s was declining.
IX. Comparison with rival company
Petrovietnam Southern
Profitability ratios Thaiduong Petrol
Gas
ROA 4.71 4.59
ROE 17.70 11.44
Profit margin 2.75 1.67
Current ratio 1.13 0.90
Quick ratio 0.63 0.80
Table 9. Some financial ratios TDG and HGS in 2018

Overall, profitability ratios in 2018 of Thaiduong Petrol corporation (TDG) were higher than its
chief competitor- Petrovietnam Southern Gas corporation (HGS). This means the company has
been doing more business effectively in 2018 to be able to surpass its competitors in the Vietnam
market.
In terms of short-term solvency, Thaiduong Petrol corporation ensured the ability to pay short-
term debt than its rival company. Current ratio of TDG in 2018 was 1.13 while this figure of
HGS was only 0.90. This showed that HGS company was having problems paying its current
liabilities.

THAIDUONG PETROL JOINT STOCK COMPANY 13

 CHAPTER 3: COMMENTS ON THE COMPANY’S PERFORMANCE

 Solvency/ Liquidity
Through the calculated ratios above, it can be seen that cash ratio, quick ratio and current
ratio were still small and decreasing. This reveals that the company was having problem
in paying off its debts. Interest coverage index also increased showed that TDG was less
efficient in paying interests on loans.
 Asset management
Overall, the inventory turnover, FAT, total asset turnover indexes were high and increased
throughout the years shows that the company was doing better in exploiting its assets to
generate more sales.
However, account receivable was relatively high and it still took a lot of time to collect
payments from customers. In this case, TDG needs to take measure to improve this index
and keep others indexes increasing so as to get more revenues.
 Profitability
In general, DTG was less efficient in generating profitability because most of the ratios
such as ROA, net profit margin, gross profit margin (expect for ROE) declined greatly
through calculations. It is also noticeable from the income statement that although sales
kept increasing, NI didn’t reflect similar trend because of the growth in proportion of cost
of goods sold and other expenses.
This means that the enterprise didn’t manage well its expenses, making net income fall.
 Financial leverage
In general, the company had a bad financial structure because both the total debt ratio and
debt/equity ratio increased, which is a bad signal for the company. It reflects that TDG
was more dependent from external funding for its operation and also posed some risks for
the lenders of the company as the amount of equity increased slower than its debt.
 Market value ratios
For the past 3 years, all the market value ratios represent that the company’s value is
downwards and the equity’s benefits declined.

THAIDUONG PETROL JOINT STOCK COMPANY 14

 APPENDIX
INDEXES SUMMARY
THAIDUONG PETROL JOINT STOCK COMPANY
Items 2016 2017
Liquidity, ratios
Current ratio (times) 2.54 1.17
Quick ratio (times) 1 0.19
Cash ratio (times) 0.23 0.17
Net working capital to total assets (times) 0.61 0.14
Financial leverage ratios
Total debt ratio 0.29 0.34
Debt-equity ratio 0.42 0.50
Equity multiplier 1.41 1.5
Times interest earned ratio 5.62 7.34
Asset management ratio
Inventory turnover (times) 2.6 2.73
Days' sales in inventory 140 134
Receivables turnover (times) 4.25 100.94
Days' sales in receivables 86 4
NWC turnover (times) 0.45 0.06
Fixed asset turnover (times) 53.22 75.35
Total asset turnover (times) 1.15 1.24
Profitability ratios
Profit margin % 8.18 9.62
Return on assets (ROA) % 9.38 11.96
Return on equity (ROE) % 13.68 17.51
Market value ratio
P/E ratio 0 5.09
Price - sales ratio 0 49
Market to book ratio 0 0.83
EPS 555 1728
Table 10. Indexes summary of DTG from 2016 to 2018

THAIDUONG PETROL JOINT STOCK COMPANY 15