VCF Stock Analysis

Research Report: Vinacafe Bien Hoa
Includes Q4/2019 Financials

Vietnam Edition Thursday, May 07, 2020
Last Updated: Friday, March 27, 2020
Vinacafe Bien Hoa (VCF) VND208,800.0

Vinacafe Bien Hoa advances 17% in 2020, leads Beverages sector
Vinacafe Bien Hoa Joint Stock Company, Vietnam's largest

Beverages company by market cap, has advanced
In this Report:
VND30,800.0 (or 17.3%) year-to-date (YTD) in 2020 to close at Click here to export Financials table in xls
VND208,800.0. This makes the stock the highest riser in the Highlights: (Click tab for direct access) Page
Beverages sector which is up 11.1% in 2020. Compared with Summary 1
the VN Index which has fallen 17.1% YTD, this is a relative price
Corporate Profile 2
increase of 34.4%. Average daily volume of 465 shares so far in
News in the past quarter 2
2020 was 0.7 times the average daily volume in 2019.
Bullish Signals 3
Fig 1: Stock Summary Ongoing Bullish Parameters 4
Bearish Signals 10
Currency 1 USD = 23,255.81 VND
Ongoing Bearish Parameters 11
May 07 close VND208,800.0
Vinacafe Bien Hoa Board of Directors 12
Ave Daily Volume 793 shares
Tax & Dividend 13
52-Week Range 150,242.13 - 216,700.00
Financials Q4 2019, FY 2019, Past 10 Years 13
Dividend Yield 11.5% 29
News archives (May 2019 - Feb 2020)
Sector Beverages Peer Group Analysis & Ranking 30
Shares Outstanding 26,580,000 Index 34
Market Cap VND5,549.9 billion [USD238.6 Glossary 36
million]
Note also:
Fig 2: Financials Summary: Section Headers and Figures are mapped as Bookmarks in the PDF
menu (left, top)
Sales were down 9.8% from USD147.7 million in FY2018 to
USD133.2 million in FY2019.
Net profit was up 6.4% from USD27.5 million in FY2018 to
USD29.3 million in FY2019.
Year ended Dec FY2019 FY2018 FY2017
Sales (USD M) 133.2 147.7 147.7
Pretax (USD M) 34 33.4 33.4
Net (USD M) 29.3 27.5 27.5
EPS (VND) 24,076
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Corporate Profile
Fig 3: Activities
Vinacafe Bien Hoa JSC processes food. The Company produces roasted coffee, instant coffee and breakfast cereals.
Fig 4: Contact Details

Website http://www.vinacafebienhoa.com
Phone +84 (61) 3836-554
Fig 5: Industry & Sector

Classification Level Name of Sector
Economic Sector Consumer Non-Cyclicals
Business Sector Food & Beverages
Industry Group Beverages
News in the past quarter

Fig 6: Financial News
Quarterly Report (Q4/2019):
February 04, 2020
Quarterly Report Analysis Q4 2019: Vinacafe Bien Hoa reports 70% sequential rise in Quarterly Net Profit
Vinacafe Bien Hoa (HOSE:VCF), announced net profit of VND264b ($US11.4m) for the quarter-ended 31 December 2019
[Q4/2019], up 70% from the previous quarter [Q3/2019] and up 26.5% from the year-earlier period [Q4/2018].
Compared with the previous corresponding period [PCP; Q4/2018], year-over-year [y.o.y.] Revenue was down 6.8% and Net
Profit was up 26.5%.
Read more in SECTION on Financials Q4 2019, FY 2019, Past 10 Years
Annual Report (FY 2019):

February 04, 2020
FY2019 Annual Report: Vinacafe Bien Hoa Net Profit up 6.4%
Vinacafe Bien Hoa (HOSE:VCF) reported net profit for the year-ended 31 December 2019 [FY2019] of VND681b ($US29.4m), up
6.4% from VND640b ($US27.6m) in the previous year [FY2018].
Read more in SECTION on Financials Q4 2019, FY 2019, Past 10 Years
Fig 7: Dividends
August 10 2019 Record date for 2018 cash dividend
On August 09, 2019 the Hochiminh Stock Exchange issued Announcement No.1056/TB-SGDHCM about
the record date of Vinacafe Bien Hoa Joint - Stock Company. as follows:
Source: FPT Securities

www.BuySellSignals.com Page 2
Bullish Signals
Fig 8: Rank in the top 24% by Relative Valuation in the Vietnam market
Description Value Rank
Dividend Yield % 11.5% In Top 24%
Uptrend
Today's Volatility:
The 3.6% discount to 12-month high of VND216,700.0 against the 39.0% premium to 12-month low of VND150,242.13 suggests the
stock continues to push for new highs.
Price/Moving Average Price of 1.22:

• The Price/MAP 200 of 1.22 for Vinacafe Bien Hoa is higher than the Price/MAP 200 for the VN Index of 1.12.
• The price to 200-day MAP ratio is 1.22, a bullish indicator. In the past 200 days this ratio has exceeded 1.22, 37 times
suggesting further upside. The stock is trading above both its MAPs and the 50-day MAP of VND197,575.30 is higher than the
200-day MAP of VND171,802.98, a bullish indicator. The 200-day MAP has increased to VND171,802.98. An increase is
another bullish indicator.
Relative Strength (6 months) 86 percentile:

• The stock has a 6-month relative strength of 86 in the Vietnam market of 592 stocks which means it is beating 86% of the
market.
Undervaluation
Dividend Yield > Bond Yield:
The dividend yield of 11.49% is 3.78 times the triple-A bond yield
of 3.04%. The times factor of 3.78 is above the benchmark
factor of 0.67 times set by Benjamin Graham.
(All figures in %)
Dividend Yield 11.49
Bond Yield 3.04
Spread 8.46
Dividend Yield of 11.5% > Index avg of 2.1%:

• The relative yield of the stock, defined by its yield of 11.5%, divided by average yield of dividend yielding stocks in the VN
Index of 2.1% is 539.4%. This suggests the stock is undervalued in dividend yield terms.
Other Bullish Signals

• Return on Equity of 47.0% versus sector average of 36.0% and market average of 12.5%.
• Total Liabilities/EBITDA of 1 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.
• Return on Assets of 30.5% versus sector average of 23.2% and market average of 2.6%.
• Net profit margin has averaged 19.6% in the last 3 years. This is considered superior and suggests a high margin of safety.
• As per the Du Pont analysis, Return on Equity is high at 47.0%. This is computed as net profit margin of 21.8% times asset

turnover [sales/assets] of 1.4 times leverage factor [total assets/shareholders' equity] of 1.5.Also, this has improved from
45.4% last year.
ROE (%) Profit Margin (%) Asset Turnover Equity Multiplier
Current Year 47.0 21.8 1.4 1.5
Previous Year 45.4 18.4 1.5 1.6
Ongoing Bullish Parameters

Fig 9: Rank in the top 15% by Size in the Vietnam market
MCap USD238.6 million In Top 9%
Tr 12 months Revenue VND3,097.4 billion (US$133.2 million) In Top 15%
Fig 10: Annualised Period-based Total Shareholder Returns [TSR %]: The
Best Periods with TSR > 15.3%
TSR % 1 yr 3 yrs 5 yrs
VCF.HOSE 48.8 35.3 15.4

Fig 11: Present Value of VND1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs];
The Best Periods with PVVND1000 > 1,043
PVVND1,000 3 mo ago 1 yr ago 3 yrs ago
VCF.HOSE VND1,044 VND1,488 VND2,502
Beverages sector VND1,036 VND1,075 VND1,024
VN Index VND849 VND832 VND1,106
Fig 12: The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 4.3
3-Year price change of 67.5% for Vinacafe Bien Hoa outperformed the change of 10.6% in the VN index for a relative price
change of 56.9%.
Price Change % Quarter Year 3 Years
Vinacafe Bien Hoa 4.4 31.3 67.5
Beverages sector 3.6 3.7 2.4
VN index -15.3 -16.9 10.6
Fig 13: Moving Annual Return of 46.3% in the past year:

Moving Annual Return was 46.3% in the past year. Based on a Quotes from Legends: Annual Return
dynamic start date of 5 years ago, the real rate of return has
averaged 21.7%. The Moving Annual Return has been positive
in 4 of the last 5 years.
Divide Capital % Annual
Close
VCF nds Gain / Yiel Return
(VND)
(VND) (Loss) % d %
May 07 208,800 24,000 31.3 15.1 46.3
1 Yr ago 159,079.9 12.1 12.1
2 Yrs ago 141,846.2 66,000 13.8 52.9 66.7
5
3 Yrs ago 124,656.0 6.5 6.5
6
4 Yrs ago 117,038.1 (23.2) (23.2)
9
Close 5 years ago VND152,357.40

Fig 14: Created Market Value [CMV] past 2 yrs of VND1,240.9 billion
(US$53.4 million)
• Market Capitalization has increased by VND1,283.8 billion
from VND4,266.1 billion to VND5,549.9 billion in the last 2
years. This increase comprises cumulative retained
earnings (RETE) of VND42.9 billion and Created Market
Value of VND1,240.9 billion. The Created Market Value
multiple, defined by the change in MCap for every VND1
of retained earnings is exemplary at VND29.91.
Fig 15: Improved EBIT Margins:

EBIT margin is positive and has increased from 22.5% to 25.5% in Quotes from Legends: EBIT Margin
the past year.
FY EBIT Margins (%)
2019 25.5
2018 22.5
2017 22.5
2016 14.2
Fig 16: Low Debt to Equity (%) and Reducing

The debt to equity ratio of 24.0% is under a safe benchmark Quotes from Legends: Debt to Equity
figure of 50%. Moreover, it has improved from 24.4% a year
ago.
Years Debt to Equity (%)
Dec 2019 23.95
Dec 2018 24.44
Dec 2017 24.44
Dec 2016 15.82

Fig 17: Increased Volume, up 38% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT)
has increased 38.0% to 793 shares.
Avg. Daily Volume Traded 12 months ended May 07, thousand
shares
Year ADVT
2020 0.79
2019 0.56
2018 1.7
2017 1.2
2016 0.57
Fig 18: Increased VWAP, up 47% in 5 years

In the past five years Volume Weighted Average Price (VWAP)
has increased by 46.6% to VND182,734.90. Based on a
dynamic start date of five years ago, there have been
declines in VWAP in 2 out of 5 years.
Past five years, 12 months ended May 07 (VND)
Year High Price VWAP Low Price
2020 216700.0 182734.9 150242.13
2019 184709.44 147278.78 123728.81
2018 227151.03 176063.72 115653.12
2017 132966.46 111003.9 94877.11
2016 156512.6 124606.83 90721.91
Fig 19: Increased share turnover, up 134% in 5 years

In the past five years, average daily share turnover has
increased 134.0% to VND112.6 million (US$4,841). This suggests
increased liquidity.
Past five years, 12 months ended May 07 (VND million)
Year Average Daily Turnover
2020 112.6
2019 72.2
2018 204.6
2017 66.2
2016 48.1

Fig 20: Declining Days Untraded

Past five years, 12 months ended May 07
Year Days Untraded
2020 40
2019 27
2018 74
2017 131
2016 83
The stock is thinly traded. Liquidity has improved from 83 Days Untraded five years ago to 40 days in the past year.
Fig 21: Growth > 42% for Revenue and Net Profit:
• Revenue growth and Net Profit margin are positive and have seen consecutive rises in recent quarters. [All figures in %]
Qtr-ended Revenue Growth Net Profit Growth Net Profit Margin
Dec 19 [Q4 vs Q3] 42.4 70 24.2
Sep 19 [Q3 vs Q2] 0.2 -0.7 20.1
Fig 22: Satisfies three criteria of Benjamin Graham

• "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 3.8 times the triple-A bond yield
of 3%.
• "Total debt less than tangible book value"; total debt of VND345.4 billion (US$14.9 million) is less than tangible book value of
VND1424.6 billion (US$61.3 million).-"Current ratio of two or more"; current assets are 2.1 times current liabilities.
• "Total debt equal or less than twice the net quick liquidation value"; total debt of VND345.4 billion (US$14.9 million) is 0.3
times the net liquidation value of VND1305.61 billion (US$56.1 million).
Fig 23: Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]:
• Positive net income.
• Positive operating cashflow.
• Return on Assets improvement [from 28.7% to 30.5%].
• Improvement in current ratio from 1.9 to 2.1.
• Improvement in gross margin [from 24.3% to 27.9%].

Fig 24: % Change (Tr. 12 Mo): Stock (31.3%) v Index (-16.9%)

In the past 12 months Vinacafe Bien Hoa has outperformed the VN index by 48.1%.
Fig 25: Past 12 Mo Stock Sector Index (%)

Vinacafe Bien Hoa Joint Stock Company has increased
VND49,720.10 (31.3%) in the past 12 months. Compared with
the VN index which fell 161.43 points (16.9%), the past 12
months relative price change was 48.1%.

Fig 26: Rank in the VN Index [out of 278 stocks]

MCap (US$ M) 238.6 24
Net Profit (US$ M) 29.3 27
Return on Equity % 47.0 5
Net Profit Margin % 21.8 46
Yield % 11.5 41
PV$1000 (1Year) US$* 1,488 15
% Change YTD 17.3 24
* 1 year ago USD 1 = VND 23,255.81; May 07, 2020: USD 1 = VND 23,255.81
Bearish Signals
Fig 27: Rank in the bottom 19% by Relative Valuation in the Vietnam
market
Price to Sales 1.8 In Bottom 19%
Price to Book Value 3.9 In Bottom 1%
Overvaluation
MCap/Total Assets:
• Tobin's Q Ratio, defined as MCap divided by Total Assets, is 2.5. Compared with the rest of the market the stock is
overvalued and ranks in the bottom 3% of stocks by value of Q Ratio.

Ongoing Bearish Parameters

Fig 28: MCap: 5-Year Decrease of VND298 billion [USD13 million]
In the past 5 years Market Capitalization has decreased by
VND297.7 billion (5%) from VND5,847.6 billion to VND5,549.9
billion. Based on a dynamic start date of 5 years ago, there
have been declines in MCap in 2 out of 5 years.
MCap MCap
Price
(VND B) (US$ M)
Last VND208,800.0 5,549.9 238.6
1 Year ago VND159,079.90 4,784.4 205.7
2 Years ago VND141,846.25 4,266.1 187.7
3 Years ago VND124,656.06 4,784.4 210.5
4 Years ago VND117,038.19 4,492 197.6
5 Years ago VND152,357.40 5,847.6 584.8
Fig 29: Slipping Relative Strength

In the Vietnam market, the stock's relative price strength Quotes from Legends: Relative Strength
percentile is slipping at 86 for 6 months, 75 for 3 months and 24
for 30 days.
Fig 30: Rank in the VN Index [out of 278 stocks]

Total Assets (US$ M) 95.7 95
Revenue (US$ M) 133.2 59
Price to Book 3.9 260
* 1 year ago USD 1 = VND 23,255.81; May 07, 2020: USD 1 = VND 23,255.81

Vinacafe Bien Hoa Board of Directors

Fig 31: Board and Management
Name Designation Since Appointment
Pham Quang Vu Chairman, Director 24 Yrs
Hung Quoc Doan Director
Yen Hoang Nguyen Director
Hai Nam Nguyen Director
Toai Dinh Pham Director
Thang Cong Truong Director
Son Hong Pham Director
Fig 32: Resignations in the past 2 years

Name Designation Date of Resignation
Nguyen Tan Ky Chief Executive Officer 18 April 2019
Le Trung Thanh Director 10 April 2018
Le Trung Thanh Director 24 August 2017
Dang Tuan Viet Non-Executive Director 10 April 2018
Fig 33: Profiles
Pham Quang Vu (Chairman & Director)

Shareholder Value:
Creation of shareholder value in Vinacafe Bien Hoa:
Year of appointment: 1996
In the last 5 years the average annualized return to shareholders was 15.4%. The present value of VND1,000 (PV1000) invested 5
years ago is now VND2,047, a gain of VND370 and dividend reinvested of VND676.
Toai Dinh Pham (Director)
Hung Quoc Doan (Director)
Hai Nam Nguyen (Director)
Thang Cong Truong (Director)

Son Hong Pham (Director)
Yen Hoang Nguyen (Director)
Tax & Dividend

Fig 34: Average Income Tax Paid (Past 4 Years)
In the past 4 years, Income Tax as % of profit before tax decreased from 16.3% to 14.4% and Income Tax as % of operating cash
flow decreased from 15.9% to 14.4%.
Description 2019 2018 2017 2016 4-yr avg
As % of profit before tax 14.4 17.9 17.9 16.3 16.6
As % of operating cash flow 14.4 17.9 17.9 15.9 16.5
Fig 35: Dividends

In the past 1 years, there has been no change in annual dividends of VND24,000.0 per share.
Date Paid Value (VND) Type
16 Aug 2019 24,000 Cash
Tr 12 Months 24,000
Financials Q4 2019, FY 2019, Past 10 Years

Fig 36: Quarterly Report (Q4/2019): Key Parameters
Vinacafe Bien Hoa reports 70% sequential rise in Quarterly Net Profit
Release Date: February 04, 2020
Vinacafe Bien Hoa (HOSE:VCF), announced net profit of VND264b ($US11.4m) for the quarter-ended 31 December 2019
[Q4/2019], up 70% from the previous quarter [Q3/2019] and up 26.5% from the year-earlier period [Q4/2018].
Quarter-ended 31 Dec [Q4/2019] 30 Sep [Q3/2019] 30 Jun [Q2/2019]

Revenue, VND billion 1,087 763 762
Revenue, $US million 47.0 33.0 32.9
Sequential growth in Revenue % 42.4 0.2 57
Net Profit, VND billion 264 155 156
Net Profit, $US million 11.4 6.7 6.8
Sequential growth in Net Profit % 70 -0.7 48.4

Compared with the previous corresponding period [PCP; Q4/2018], year-over-year [y.o.y.] Revenue was down 6.8% and Net
Profit was up 26.5%.
Quarter-ended 31 Dec [Q4/2019] 31 Dec [Q4/2018]
EPS, Hao 7,847
PCP growth in EPS % -1.9
Revenue, VND billion 1,087 1,167
Revenue, $US million 47.0 50.4
PCP growth in Revenue % -6.8 -2.5
Net Profit, VND billion 264 209
Net Profit, $US million 11.4 9.0
PCP growth in Net Profit % 26.5 -1.9
Currency Conversion (December 31, 2019): $US1 = VND23150.82

Click here to export Financials table in xls
Fig 37: Financial Results as reported (Q4/2019)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In VND Million, except per share data and shares outstanding)
Fig 38: INCOME STATEMENT AS REPORTED (Q4/2019)

Description VND Million
Dec 31 2019
Revenue 1,087,366
Deduction from revenue 119
Net revenue 1,087,247
Cost of goods sold 773,509
Gross profit 313,738
Financial income 2,324
Financial expenses 5,035
Of which: Interest expenses 4,514
Share of associates and joint ventures' result
Selling expenses 4,959
General and administrative 12,329
expenses
Operating profit 293,739
Other income
Other expenses 6,833
Other profit -6,833

Profit before tax 286,906

Current corporate income tax 28,669
expenses
Deferred income tax expenses -4,975
Net profit after tax 263,212
Minority's interest -695
Profit after tax for shareholders of 263,907
parent company
Earnings per share (VND) VND9,929.0
Diluted earnings per share
Fig 39: BALANCE SHEET AS REPORTED (Q4/2019)

Dec 31 2019
ASSETS
SHORT-TERM ASSETS 1,651,014
Cash and cash equivalents 218,388
Cash 51,388
Cash equivalents 167,000
Short-term financial investments
Available for sale securities
Provision for diminution in value of available for sale securities
Held to maturity investments
Short-term receivables 1,214,119
Short-term trade accounts 1,208,801
receivable
Short-term prepayments to suppliers 2,281
Short-term inter-company receivables
Construction contract progress receipts due from customers
Short-term loan receivables
Other short-term receivables 3,037
Provision for short-term doubtful debts
Assets awaiting resolution
Inventories 209,197
Inventories 210,187
Provision for decline in value of -990
inventories
Other short-term assets 9,310
Short-term prepayments 800
Value added tax to be reclaimed 8,510

Taxes and other receivables from state authorities

Government bonds
Other short-term assets
LONG-TERM ASSETS 574,314
Long-term receivables 5
Long-term trade receivables
Long-term prepayments to suppliers
Capital at inter-company
Long-term inter-company receivables
Long-term loan receivables
Other long-term receivables 5
Provision for long-term doubtful debts
Fixed assets 524,529
Tangible fixed assets 524,004
Cost 1,088,800
Accumulated depreciation -564,796
Financial leased fixed assets
Cost
Accumulated depreciation
Intangible fixed assets 525
Cost 2,180
Accumulated depreciation -1,656
Investment properties
Cost
Long-term assets in progress 1,700
Long-term production in progress
Construction in progress 1,700
Long-term financial investments
Investments in subsidiaries
Investments in associates joint-ventures
Investments in other entities
Provision for diminution in value of long-term investments
Other long-term investments
Other long-term assets 30,643
Long-term prepayments 20,722
Deferred income tax assets 9,921
Long-term equipment supplies spare parts
Other long-term assets

Goodwill 17,438
TOTAL ASSETS 2,225,329
OWNER'S EQUITY
LIABILITIES 783,258
Short -term liabilities 778,142
Short-term trade accounts payable 295,275
Short-term advances from 1,433
customers
Taxes and other payables to state 82,164
authorities
Payable to employees
Short-term acrrued expenses 27,622
Short-term inter-company payables
Construction contract progress payments due to suppliers
Short-term unearned revenue
Other short-term payables 5,208
Short-term borrowings and financial 345,407
leases
Provision for short-term liabilities
Bonus and welfare fund 21,032
Price stabilization fund
Government bonds
Long-term liabilities 5,116
Long-term trade payables
Long-term advances from customers
Long-term acrrued expenses
Inter-company payables on business capital
Long-term inter-company payables
Long-term unearned revenue
Other long-term liabilities 279
Long-term borrowings and financial leases
Convertible bonds
Preferred stock (Debts)
Deferred income tax liabilities
Provision for long-term liabilities 4,837
Fund for technology development
Provision for severance allowances
OWNER'S EQUITY 1,442,071
Owner's equity 1,442,071
Owner's capital 265,791
Common stock with voting right 265,791

Preferred stock
Share premium 29,974
Convertible bond option
Other capital of owners
Treasury shares
Assets revaluation differences
Foreign exchange differences
Investment and development fund 213,511
Fund to support corporate restructuring
Other funds from owner's equity
Undistributed earnings after tax 943,677
Accumulated retained earning at 262,857
the end of the previous period
Undistributed earnings in this period 680,820
Reserves for investment in construction
Minority's interest -10,882
Financial reserves
Other resources and funds
Subsidized not-for-profit funds
Funds invested in fixed assets
MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND 2,225,329
LIABILITIES
Fig 40: CASH FLOW AS REPORTED (Q4/2019)

Dec 31 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 127,152
Adjustments for:
Depreciation of fixed assets and 20,897
properties investment
(Reversal of provisions)/provisions -1,393
Foreign exchange (gain)/loss from -210
revaluation of monetary items
denominated in foreign currencies
Loss/(profit) from investment -2,289
activities
Interest expense 6,902
Loss/(profits) from disposal of fixed asset
Interest income and dividends

Allocation of goodwill
Adjustments for
Operating profit before changes in 151,059
working capital
(Increase)/decrease in receivables -22,016
(Increase)/decrease in inventories -28,613
Increase/(decrease) in payables -252,621
(other than interest corporate
income tax)
(Increase)/decrease in prepaid 921
expenses
Changes in available for sale securities
Interest paid -6,858
Corporate income tax paid -17,447
Other receipts from operating activities
Other payments for operating activities
NET CASH FLOWS FROM OPERATING -175,574
ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for fixed assets -3,461
constructions and other long-term
assets
Receipts from disposal of fixed 132
assets and other long-term assets
Loans purchases of other entities' debt instruments
Receipts from loan repayments sale of other entities' debt instruments
Payments for investment in other entities
Collections on investment in other entities
Dividends interest and profit 2,651
received
Increase/(Decrease) in term deposit
Purchases of minority shares of subsidiaries
Other receipts from investing activities
Other payments for investing activities
NET CASH FLOWS FROM INVESTING -679
ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Receipts from equity issue and owner's capital contribution
Payment for share repurchases
Proceeds from borrowings 411,192
Principal repayments -342,647
Repayment of financial leases
Dividends paid profits distributed to owners

Other receipts from financing activities

Other payments for financing activities
NET CASH FLOWS FROM FINANCING 68,544
ACTIVITIES
Net cash flows during the period -107,709
Cash and cash equivalents at 195,174
beginning of the period
Exchange difference due to re- 210
valuation of ending balances
Cash and cash equivalents at end 87,674
of the period
Fig 41: Annual Report (FY 2019): Key Parameters

Vinacafe Bien Hoa Net Profit up 6.4%
Release Date: February 04, 2020
Vinacafe Bien Hoa (HOSE:VCF) reported net profit for the year-ended 31 December 2019 [FY2019] of VND681b ($US29.4m), up
6.4% from VND640b ($US27.6m) in the previous year [FY2018].
Major changes compared with previous year (FY2019 vs FY2018):

Favourable Changes:
• Net profit up 6.4% from VND639.9b ($US27.6m) to VND680.8b ($US29.4m)
• EBIT Margin up from 22.5% to 25.5%
• Cost of Goods Sold to Sales down from 75.1% to 72%
• Profit before tax to Sales up from 22.5% to 25.5%
• Sales and marketing expenses to Sales down from 1% to 0.6%
• Total liabilities to Total assets down 5.4% from 0.4 to 0.3
• Current ratio up 9.3% from 1.9 to 2.1
• Working capital to total assets up from 34.4% to 39.2%
• Retained earnings to total assets up from 40.6% to 42.4%
• Total current assets to Total Assets up from 70.9% to 74.2%
• Current Debtors to Total Assets up from 49.4% to 54.6%
• Total Liabilities to EBITDA of 1.0 compares favourably with the Joseph Piotroski benchmark of <5. This ratio has improved
by 5.7% from the previous year's ratio of 1.1.
Unfavourable Changes:
• Total revenue down 9.8% from VND3,434.9b ($US148.1m) to VND3,097.4b ($US133.8m)
• Total revenue to total assets down from 1.5 to 1.4
• Total non-current assets to Total Assets down from 29.1% to 25.8%
• Fixed Assets to Total Assets down from 26.9% to 23.6%
• Total Liabilities to Operating Cash Flow of 1.2 compares favourably with the Joseph Piotroski benchmark of <4
Note:
• EBIT to total assets steady at 35.6%
• Tax expenses to Sales down from 4% to 3.7%
• Current Inventory to Total Assets down from 12.3% to 9.4%

Fig 42: Year-on-year comparison of Performance Ratios [FY2019 vs

FY2018]
December 31 FY2019 FY2018 Change (%)
Return on Equity (%) 47 45.4 Up 3.5
Return on Assets (%) 30.5 28.7 Up 6.3
Total debt to net tangible assets (%) 24.2 24.8 Down 2.4
Total Liabilities to Operating Cash Flow 1.2 na
Debt/Equity (Steady % from 0.24 to 0.24) 0.2 0.2 Steady
Total Liabilities/Total Assets 0.3 0.4 Down 5.4
Current Ratio 2.1 1.9 Up 9.3
Common Size Ratios by Assets %
Total current assets to Total Assets 74.2 70.9 Up 4.7
Current Debtors to Total Assets 54.6 49.4 Up 10.5
Total non-current assets to Total Assets 25.8 29.1 Down 11.4
Fixed Assets to Total Assets 23.6 26.9 Down 12.1
Current Inventory to Total Assets 9.4 12.3 Down 23.3
Common Size Ratios by Sales %
Cost of Goods Sold to Sales 72.0 75.1 Down 4.1
Profit before tax to Sales 25.5 22.5 Up 13.5
Tax expenses to Sales 3.7 4.0 Down 8.3
Administration expenses to Sales 1.3 1.3 Down 1.6
Sales and marketing expenses to Sales 0.6 1.0 Down 37.8

Three-year record of growth and performance:

In the last 3 years Total Revenue averaged VND3,322.4B ($US143.5M), EBITDA averaged VND781.3B ($US33.8M) and Net Profit
averaged VND653.6B ($US28.2M). Compound Annual Growth Rate (CAGR) averaged -2.1% for Total Revenue, 21.4% for Net
Profit and 19.1% for EBITDA.
Annual Annual ($US 3-year Avg 3-year Avg 3-year CAGR
Description
(VND B) M) (VND B) ($US M) %
Total Revenue 3,097.4 133.8 3,322.4 143.5 (2.1)
EBITDA 791.4 34.2 781.3 33.8 19.1
Operating Profit 791.4 34.2 781.3 33.8 19.1
Net Profit 680.8 29.4 653.6 28.2 21.4
Three-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE
In 2019 Net Profit Margin of 21.8% was above its 3-year Avg of 19.6% (All Figures in %)

Description 2019 3-year Avg

EBITDA Margin 25.5 23.5
Operating Profit Margin 25.5 23.5
Net Profit Margin 21.8 19.6
Return on Equity 47 46
Return on Assets 30.5 29.3
Return on Capital Employed 54.7 55
Fig 43: Financial Results as reported (FY 2019)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In VND Million, except per share data and shares outstanding)
Fig 44: INCOME STATEMENT AS REPORTED (FY 2019)

Description VND Million VND Million
Dec 31 2019 2018 Change %
Revenue 3,102,829 3,454,857 Down 10.2
Deduction from revenue 5,384 19,922 Down 73.0
Net revenue 3,097,446 3,434,935 Down 9.8
Cost of goods sold 2,232,972 2,593,805 Down 13.9
Gross profit 864,474 841,130 Up 2.8
Financial income 10,514 33,061 Down 68.2
Financial expenses 20,623 18,399 Up 12.1
Of which: Interest expenses 19,263 18,079 Up 6.5
Selling expenses 17,218 33,302 Down 48.3
General and administrative expenses 38,875 45,634 Down 14.8
Operating profit 798,271 776,855 Up 2.8
Other income 15 72 Down 79.2
Other expenses 6,866 616 Up 1,014.6
Other profit -6,852 -544 Deterioration
1,159.6
Profit before tax 791,419 776,311 Up 1.9
Current corporate income tax expenses 120,786 110,469 Up 9.3
Deferred income tax expenses -7,143 28,865 Deterioration
Net profit after tax 677,776 636,977 Up 6.4
Minority's interest -3,044 -2,947 Deterioration 3.3
Profit after tax for shareholders of parent company 680,820 639,924 Up 6.4
Earnings per share (VND) VND25,615.0 VND24,076.0 Up 6.4
Diluted earnings per share

Fig 45: BALANCE SHEET AS REPORTED (FY 2019)

Dec 31 2019 2018 Change %
ASSETS
SHORT-TERM ASSETS 1,651,014 1,571,368 Up 5.1
Cash and cash equivalents 218,388 195,174 Up 11.9
Cash 51,388 15,174 Up 238.7
Cash equivalents 167,000 180,000 Down 7.2
Short-term financial investments
Available for sale securities
Provision for diminution in value of available for sale securities
Short-term receivables 1,214,119 1,095,156 Up 10.9
Short-term trade accounts receivable 1,208,801 1,090,497 Up 10.8
Short-term prepayments to suppliers 2,281 3,520 Down 35.2
Short-term inter-company receivables
Construction contract progress receipts due from customers
Short-term loan receivables
Other short-term receivables 3,037 1,139 Up 166.6
Provision for short-term doubtful debts
Assets awaiting resolution
Inventories 209,197 271,748 Down 23.0
Inventories 210,187 273,042 Down 23.0
Provision for decline in value of inventories -990 -1,294 Improved 23.5
Other short-term assets 9,310 9,290 Up 0.2
Short-term prepayments 800 629 Up 27.2
Value added tax to be reclaimed 8,510 8,662 Down 1.8
Taxes and other receivables from state authorities
Government bonds
Other short-term assets
LONG-TERM ASSETS 574,314 645,268 Down 11.0
Long-term receivables 5 5 Steady
Long-term trade receivables
Long-term prepayments to suppliers
Capital at inter-company
Long-term inter-company receivables
Long-term loan receivables
Other long-term receivables 5 5 Steady

Provision for long-term doubtful debts

Fixed assets 524,529 595,439 Down 11.9
Tangible fixed assets 524,004 594,691 Down 11.9
Cost 1,088,800 1,081,460 Up 0.7
Accumulated depreciation -564,796 -486,769 Deterioration 16.0
Financial leased fixed assets
Cost
Intangible fixed assets 525 748 Down 29.8
Cost 2,180 2,180 Steady
Accumulated depreciation -1,656 -1,432 Deterioration 15.6
Investment properties
Cost
Long-term assets in progress 1,700 4,331 Down 60.7
Long-term production in progress
Construction in progress 1,700 4,331 Down 60.7
Long-term financial investments
Investments in subsidiaries
Investments in associates joint-ventures
Investments in other entities
Provision for diminution in value of long-term investments
Other long-term investments
Other long-term assets 30,643 25,338 Up 20.9
Long-term prepayments 20,722 22,560 Down 8.1
Deferred income tax assets 9,921 2,778 Up 257.1
Long-term equipment supplies spare parts
Other long-term assets
Goodwill 17,438 20,156 Down 13.5
TOTAL ASSETS 2,225,329 2,216,637 Up 0.4
OWNER'S EQUITY
LIABILITIES 783,258 814,442 Down 3.8
Short -term liabilities 778,142 807,943 Down 3.7
Short-term trade accounts payable 295,275 351,380 Down 16.0
Short-term advances from customers 1,433 7,436 Down 80.7
Taxes and other payables to state authorities 82,164 42,872 Up 91.6
Payable to employees
Short-term acrrued expenses 27,622 38,730 Down 28.7
Short-term inter-company payables

Construction contract progress payments due to suppliers

Short-term unearned revenue
Other short-term payables 5,208 3,845 Up 35.4
Short-term borrowings and financial leases 345,407 342,647 Up 0.8
Provision for short-term liabilities
Bonus and welfare fund 21,032 21,032 Steady
Price stabilization fund
Government bonds
Long-term liabilities 5,116 6,500 Down 21.3
Long-term trade payables
Long-term advances from customers
Long-term acrrued expenses
Inter-company payables on business capital
Long-term inter-company payables
Long-term unearned revenue
Other long-term liabilities 279 95 Up 193.7
Long-term borrowings and financial leases
Convertible bonds
Preferred stock (Debts)
Deferred income tax liabilities
Provision for long-term liabilities 4,837 6,405 Down 24.5
Fund for technology development
Provision for severance allowances
OWNER'S EQUITY 1,442,071 1,402,194 Up 2.8
Owner's equity 1,442,071 1,402,194 Up 2.8
Owner's capital 265,791 265,791 Steady
Common stock with voting right 265,791 265,791 Steady
Preferred stock
Share premium 29,974 29,974 Steady
Convertible bond option
Other capital of owners
Treasury shares
Assets revaluation differences
Foreign exchange differences
Investment and development fund 213,511 213,511 Steady
Fund to support corporate restructuring
Other funds from owner's equity
Undistributed earnings after tax 943,677 900,756 Up 4.8
Accumulated retained earning at the end of the previous 262,857 260,832 Up 0.8
period

Undistributed earnings in this period 680,820 639,924 Up 6.4

Reserves for investment in construction
Minority's interest -10,882 -7,838 Deterioration 38.8
Financial reserves
Other resources and funds
Subsidized not-for-profit funds
Funds invested in fixed assets
MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 2,225,329 2,216,637 Up 0.4
Fig 46: CASH FLOW AS REPORTED (FY 2019)

Dec 31 2019 2018 Change %
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 791,419 776,311 Up 1.9
Adjustments for:
Depreciation of fixed assets and properties investment 81,905 84,499 Down 3.1
(Reversal of provisions)/provisions 1,131 5,870 Down 80.7
Foreign exchange (gain)/loss from revaluation of monetary -566 45 Deterioration
items denominated in foreign currencies
Loss/(profit) from investment activities -8,396 -32,111 Improved 73.9
Interest expense 19,263 18,079 Up 6.5
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
Operating profit before changes in working capital 884,756 852,694 Up 3.8
(Increase)/decrease in receivables -119,508 -1,052,395 Improved 88.6
(Increase)/decrease in inventories 59,852 -77 Recovery
Increase/(decrease) in payables (other than interest -62,018 -197,858 Improved 68.7
corporate income tax)
(Increase)/decrease in prepaid expenses 5,731 9,925 Down 42.3
Changes in available for sale securities
Interest paid -18,658 -17,773 Deterioration 5.0
Corporate income tax paid -91,141 -100,111 Improved 9.0
Other receipts from operating activities
Other payments for operating activities
NET CASH FLOWS FROM OPERATING ACTIVITIES 659,015 -505,596 Recovery
CASH FLOWS FROM INVESTING ACTIVITIES

Payment for fixed assets constructions and other long-term -10,497 -13,764 Improved 23.7
assets
Receipts from disposal of fixed assets and other long-term 191
assets
Loans purchases of other entities' debt instruments -100,000
Receipts from loan repayments sale of other entities' debt 100,000
instruments
Payments for investment in other entities
Collections on investment in other entities
Dividends interest and profit received 8,848 35,809 Down 75.3
Increase/(Decrease) in term deposit
Purchases of minority shares of subsidiaries
Other receipts from investing activities
Other payments for investing activities
NET CASH FLOWS FROM INVESTING ACTIVITIES -1,458 22,045 Deterioration
CASH FLOWS FROM FINANCING ACTIVITIES
Receipts from equity issue and owner's capital contribution
Payment for share repurchases
Proceeds from borrowings 1,359,632 1,685,424 Down 19.3
Principal repayments -1,356,873 -1,749,938 Improved 22.5
Repayment of financial leases
Dividends paid profits distributed to owners -637,667 -1,752,597 Improved 63.6
Other receipts from financing activities
Other payments for financing activities
NET CASH FLOWS FROM FINANCING ACTIVITIES -634,907 -1,817,111 Improved 65.1
Net cash flows during the period 22,650 -2,300,663 Recovery
Cash and cash equivalents at beginning of the period 195,174 2,495,715 Down 92.2
Exchange difference due to re-valuation of ending 565 122 Up 363.1
balances
Cash and cash equivalents at end of the period 218,388 195,174 Up 11.9

Fig 47: Financials Past 10 Years

Descripti
on
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
(Decem
ber 31)
Income Statement
Sales (B) 3,097.4 3,434.9 3,434.9 3,382.9 2,999.7 2,974 2,380 2,182.9 1,640.3 1,301.7
Other 419 M 21.7 B 23.8 B 18.8 B
Revenue
EBIT (B) 468.8 429.6 292.7 328.6 243.9 194.5
Interest 13.5 9.2 5.4 2.4 10.4 16.2
(B)
Profit 455.3 420.3 287.3 326.2 233.5 178.3
before
tax (B)
Tax (B) 113.6 139.3 139.3 74.4 19 26.9 27.9 22.3 16.7
Net profit 680.8 639.9 639.9 380.9 295.4 401.4 260.4 298.2 211.1 161.6
(B)
EPS 24,076 14,450 15,101.01
Balance Sheet
Equity 1,453 1,410 1,402.2 2,151.8 1,768.7 1,476.5 1,133.7 951.5 725.2 579.2
Share
Capital
(B)
Retained 943.7 900.8 900.8 1,642.6 967.2 151.1
Earnings
(B)
Total 345.4 342.6 342.6 340.4 533 16.2
Debt (B)
Total 2,225.3 2,216.6 2,216.6 3,140.3 2,529.5 2,488.8 1,613.4 1,133.2 818.1 729.2
Assets (B)
Current 1,651 1,571.4 1,571.4 2,323.3 1,775 1,772 1,001.2 606.6 762.1 676.8
Asset (B)
Fixed 524.5 595.4 595.4 736.1 683 600.3 521.2 56 35.1
Asset (B)
Working 872.9 763.4 763.4 1,335 1,079.8 760.7 522 424.9 672.2 550.8
Capital
(B)
Cash Flow
Operatin 659 (505.6) (505.6) 623.5 368.6 105.1
g Cash
Flow (B)
Investing (1.5) 22 22 (468) (18.3) 15.9
Cash
Flow (B)

Financing (634.9) (1,817.1) (1,817.1) 33.3 269.7 5.6

Cash
Flow (B)
Net Cash 22.6 (2,300.7) (2,300.7) 188.8 620 126.6
Flow (B)
News archives (May 2019 - Feb 2020)

Price Volume Dynamics (Past Year)
Volatility
Quotes from Legends: Volatility
The stock traded between a 52-week low of VND150,242.13 and a high of VND216,700.0. The average daily volatility of 2.5%
places the stock in the 3rd quartile in the market meaning it is mildly volatile.
Fig 48: Price High Low 3 Mo, 1 Yr, 5 Yrs

Quotes from Legends: Discount to High
Quotes from Legends: Premium to Low
The last price of VND208,800.0 represents a discount of 8.1% to its 5-year high of VND227,151.03 on Jan 05, 2018 and a premium
of 130.2% to its 5-year low of VND90,721.91 on Jan 21, 2016.
Fig 49: Dividends
August 10 2019 Record date for 2018 cash dividend
On August 09, 2019 the Hochiminh Stock Exchange issued Announcement No.1056/TB-SGDHCM about
the record date of Vinacafe Bien Hoa Joint - Stock Company. as follows:
Source: FPT Securities

Peer Group Analysis & Ranking

Fig 50: Global Peer Group (all figures in USD): Key Financials
In its Global Peer Group of 9 companies VCF is ranked first by Relative Str. (6 mo), PV $1000 (1 yr), third by Net Profit, fifth by
MCap, sixth by Revenue and ninth by Total Assets.
Name (Code) Relative Str. (6 mo) MCap PV $1000 (1 yr) Revenue Net Profit Total Assets
Rank of VCF 1 5 1 6 3 9
Vinacafe Bien Hoa (VCF) 88 238.6M 1,487.5 133.2M 29.3M 95.7M
Lam Soon (Hong Kong) 70 395M 853.2 685.8M 43.9M 395M
(00411)
Hawesko Holding (HAW) 72 319.3M 896.2 549.5M 20M 281.5M
Lassonde Industries (LAS.A) 47 306.5M 761.0 1.1B 47.3M 939M
Corby Spirit and Wine 73 270.4M 922.6 106.8M 18.3M 155.5M
(CSW.A)
Andrew Peller (ADW.A) 39 234.5M 686.6 271.9M 15.6M 332.6M
Haimarrow Food Service Co 73 217.7M 1,022.6 232.7M 13.7M 104.2M
(A220630)
Guangdong Land (00124) 38 205.4M 603.4 40.3M 28.9M 1.4B
Pungkukalcholnd (A023900) 74 198.2M 1,121.4 99.3M 6.4M 147.3M
Global Peer Group: Relative Value Indicators

VCF is ranked fifth by P/S, sixth by P/Book and ninth by Turnover Rate.
Country Turnover Rate % Disc to 52- Retention
Name (Code) Last Price P/E P/S P/Book
Code (%) w Hi Ratio
Rank of VCF 5 6 9
Vinacafe Bien Hoa VN VND208,8 1.8 4.0 0.5 2.3
(VCF) 00.0
Lam Soon (Hong Kong) HK HKD12.60 8.8 0.6 1.3 1.1 69.4
(00411)
Hawesko Holding DE EUR32.80 15.9 5.6 5.9 13.9
(HAW)
Lassonde Industries CA CAD135.0 14.2 0.3 3.2 28.6 31.5 74.9
(LAS.A) 6
Corby Spirit and Wine CA CAD15.40 17.1 2.5 2.9 14.5 13.9 2.2
(CSW.A)
Andrew Peller (ADW.A) CA CAD9.13 17.9 0.9 2.0 21.6 37.5 57.8
Haimarrow Food KR KRW2,760. 15.6 1.0 4.2 174.4 12.1 72.4
Service Co (A220630) 0
Guangdong Land HK 93.0c 7.2 5.1 5.3 40.4
(00124)
Pungkukalcholnd KR KRW19,30 30.3 1.9 1.6 937.4 24.4 74.1
(A023900) 0.0

Fig 51: Global Peer Group - Price Performance
Fig 52: Global Peer Group - Total Shareholder Returns [TSR in USD]
Fig 53: BuySellSignals Fundamentals Valuation Ranking: Vinacafe Bien

Hoa vs Vietnam Market
Out of 592 stocks in the Vietnam Market, Vinacafe Bien Hoa is ranked fifth by ROA, sixth by ROE, Forty-ninth by Net Profit and
101st by Yield.
Vietna Lowest
VCF Rank Rank 1 Rank 2 Rank 3
m Avg Rank
ROA (%) 2.6 30.5 5 37.7 NCT 34.5 DSN 32.1 NNC 0.001 UNI
ROE (%) 12.5 47 6 51.8 D2D 48.4 VNA 47 VCF
Net Profit 230.7 680.8 B 49 18,513.9 B VCB 11,940.8 B GAS 10,581.2 B (2,308.4
billion VNM B) HNG
Yield (%) 2.4 11.5 101 19.2 HMC 19.1 HTI 18.2 VIM 0.5 DHG

EBITDA Margin 10.1 25.5 112 82.7 MH3 69.1 TMP 67.9 TVB (83.04)
HAG
Total Debt/Equity (the lower the 0.7x 0.2x 210 0.001x VSA 0.002x PVI 0.003x SPI 11.6x
better) VGP
Premium to 52-Wk Low (%) 22.7 38.98 492 0.9 VGP 1.96 PCT 3.6 NBC 352.8
DNM
Price/Net Tangible Assets 1.6x 3.9x 544 0.1x NHP 0.1x ACM 0.1x ATG
Discount to 52-Wk High (%) 20.1 3.6 688 91.3 SPP 89.7 ROS 89.3 TTB 0.5 SAF
Negative values are shown in brackets.
Fig 54: Market Share

Vinacafe Bien Hoa has a position of market dominance in the Beverages sector.
Vinacafe Bien Hoa vs Beverages sector [Beverages sector Total in Brackets]
Revenue of VND3,097.4 billion (US$133.2 million)[56.2% of aggregate sector revenue of VND6,174.4 billion; down from 67.6% in
the previous year.]
Net Profit of VND680.8 billion (US$29.3 million) [93.5% of aggregate sector net profit of VND752.5 billion; up from 91.1% in the
previous year.]
EBIT of VND791.4 billion (US$34 million) [92.9% of aggregate sector EBIT of VND890.5 billion; up from 90.7% in the previous year.]
Fig 55: Global Rank [out of 47,425 stocks] and Rank of Vinacafe Bien
Hoa in the Asia Region [out of 23,890 stocks]
Description Value Global Rank In Asia Region
MCap (US$) 238.6M 15,408 8,149
Total Assets (US$) 95.7M 25,163 14,000
Revenue (US$) 133.2M 17,598 10,141
Net Profit (US$) 29.3M 10,110 4,942
Return on Equity % 47.0 617 199
Net Profit Margin % 21.8 5,429 2,479
Price to Book 4.0 30,180 18,649
Yield % 11.3 1,633 580
PV1000 (1Year) USD* 1,488 3,686 1,516
US$* Change (1Year) % 27.5 5,008 2,231
* 1 year ago USD 1 = VND 23,255.81

May 07, 2020: USD 1 equals VND 23,255.81

Fig 56: Rank of Vinacafe Bien Hoa in the VN Index [out of 263 stocks], in
the Total Vietnam Market [out of 854 stocks] and in the Beverages
sector [out of 7 stocks]
Description Value In VN Index In Total Vietnam Market In Beverages sector
Return on Equity % 47.0 4 5 1
Net Profit Margin % 21.8 44 124 1
Price to Book 3.9 250 825 7
Yield % 11.5 41 146 4
PV1000 (1Year) VND 1,488 14 58 1
Fig 57: Long-Term Fundamental Ranking: 5 out of 5 [5 is best]

Vinacafe Bien Hoa is ranked number 1 out of 9 listed
beverages companies in the Vietnam with a market
capitalization of VND5,549.9 billion (US$238.6 million).
Within its sector it has a relatively high Price/Sales of 1.8.
It has a strong relative ROE of 47.0% and ROA of 30.5%.

Stocks are scored on a set of parameters reflecting
fundamental analytical tools involving valuation, size and
financial performance. They are ranked according to the
average values of those parameters. The highest ranking is 5
and the lowest ranking is 1.

INDEX (Click tab for direct access)

Section 1 Vinacafe Bien Hoa (VCF) 1
Section 2 Corporate Profile 2
Fig 3: Activities 2
Fig 4: Contact Details 2
Fig 5: Industry & Sector 2
Section 3 News in the past quarter 2
Fig 6: Financial News 2
Fig 7: Dividends 2
Section 4 Bullish Signals 3
Fig 8: Rank in the top 24% by Relative Valuation in the Vietnam market 3
Uptrend 3
Undervaluation 3
Other Bullish Signals 3
Section 5 Ongoing Bullish Parameters 4
Fig 9: Rank in the top 15% by Size in the Vietnam market 4
Fig 10: Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 15.3% 4
Fig 11: Present Value of VND1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVVND1000 > 1,043 5
Fig 12: The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 4.3 5
Fig 13: Moving Annual Return of 46.3% in the past year: 5
Fig 14: Created Market Value [CMV] past 2 yrs of VND1,240.9 billion (US$53.4 million) 6
Fig 15: Improved EBIT Margins: 6
Fig 16: Low Debt to Equity (%) and Reducing 6
Fig 17: Increased Volume, up 38% in 5 years 7
Fig 18: Increased VWAP, up 47% in 5 years 7
Fig 19: Increased share turnover, up 134% in 5 years 7
Fig 20: Declining Days Untraded 8
Fig 21: Growth > 42% for Revenue and Net Profit: 8
Fig 22: Satisfies three criteria of Benjamin Graham 8
Fig 23: Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]: 8
Fig 24: % Change (Tr. 12 Mo): Stock (31.3%) v Index (-16.9%) 9
Fig 25: Past 12 Mo Stock Sector Index (%) 9
Fig 26: Rank in the VN Index [out of 278 stocks] 10
Section 6 Bearish Signals 10
Fig 27: Rank in the bottom 19% by Relative Valuation in the Vietnam market 10
Overvaluation 10
Section 7 Ongoing Bearish Parameters 11
Fig 28: MCap: 5-Year Decrease of VND298 billion [USD13 million] 11
Fig 29: Slipping Relative Strength 11
Fig 30: Rank in the VN Index [out of 278 stocks] 11
Section 8 Vinacafe Bien Hoa Board of Directors 12
Fig 31: Board and Management 12
Fig 32: Resignations in the past 2 years 12
Fig 33: Profiles 12

Pham Quang Vu (Chairman & Director) 12

Toai Dinh Pham (Director) 12
Hung Quoc Doan (Director) 12
Hai Nam Nguyen (Director) 12
Thang Cong Truong (Director) 12
Son Hong Pham (Director) 13
Yen Hoang Nguyen (Director) 13
Section 9 Tax & Dividend 13
Fig 34: Average Income Tax Paid (Past 4 Years) 13
Fig 35: Dividends 13
Section 10 Financials Q4 2019, FY 2019, Past 10 Years 13
Fig 36: Quarterly Report (Q4/2019): Key Parameters 13
Fig 37: Financial Results as reported (Q4/2019) 14
Fig 38: INCOME STATEMENT AS REPORTED (Q4/2019) 14
Fig 39: BALANCE SHEET AS REPORTED (Q4/2019) 15
Fig 40: CASH FLOW AS REPORTED (Q4/2019) 18
Fig 41: Annual Report (FY 2019): Key Parameters 20
Fig 42: Year-on-year comparison of Performance Ratios [FY2019 vs FY2018] 21
Fig 43: Financial Results as reported (FY 2019) 22
Fig 44: INCOME STATEMENT AS REPORTED (FY 2019) 22
Fig 45: BALANCE SHEET AS REPORTED (FY 2019) 23
Fig 46: CASH FLOW AS REPORTED (FY 2019) 26
Fig 47: Financials Past 10 Years 28
Section 11 News archives (May 2019 - Feb 2020) 29
Price Volume Dynamics (Past Year) 29
Volatility 29
Fig 48: Price High Low 3 Mo, 1 Yr, 5 Yrs 29
Fig 49: Dividends 29
Section 12 Peer Group Analysis & Ranking 30
Fig 50: Global Peer Group (all figures in USD): Key Financials 30
Global Peer Group: Relative Value Indicators 30
Fig 51: Global Peer Group - Price Performance 31
Fig 52: Global Peer Group - Total Shareholder Returns [TSR in USD] 31
Fig 53: BuySellSignals Fundamentals Valuation Ranking: Vinacafe Bien Hoa vs Vietnam Market 31
Fig 54: Market Share 32
Fig 55: Global Rank [out of 47,425 stocks] and Rank of Vinacafe Bien Hoa in the Asia Region [out of 23,890
stocks] 32
Fig 56: Rank of Vinacafe Bien Hoa in the VN Index [out of 263 stocks], in the Total Vietnam Market [out of 854
stocks] and in the Beverages sector [out of 7 stocks] 33
Fig 57: Long-Term Fundamental Ranking: 5 out of 5 [5 is best] 33

Glossary
ADVT: Price/NTA (Fig 26, 27, 30, 55, 56):
Average Daily Volume of shares Traded Closing Share Price/Net Tangible Assets Per Share (times)
Annual Return (Fig 13): Price/Sales:
Dividends Paid In a 12-Month Period/Price at the Beginning of the Share Price/Sales Per Share (times)
Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) Relative Price Change [RPC]:
Capital Gain/Loss from n Years Ago to n-1 Years Ago: Relative price change is price change of stock with respect to
Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) Benchmark Index
Current Ratio (Fig 42): Relative Strength (n-th Period) (Fig 29):
Current Assets/Current Liabiliites (times) Price close today/Price close 'n' periods ago, then ranked by
Debt/Equity (Fig 16): percentile within the entire market.
Net Debt/Net Assets % Return on Assets (Fig 42):
Dividend Yield (Fig 0, 8): Net Profit/Total Assets (%)
Dividend Per Share/Share Price (%) Return on Equity (Shareholders' Funds) (Fig 26, 30, 42, 55, 56):
EBIT Margin (Fig 15): Net Profit/Net Assets (%)
Earnings Before Interest and Tax/Revenue (%) TSR (Fig 10):
Moving Average Price (n periods): Total Shareholder Returns is expressed as an annualized rate of return
Sum of Prices for each Period/Number of Periods for shareholders after allowing for capital appreciation and dividend
PCP (Fig 36): TTM:
Previous Corresponding Period Trailing 12 Months
PVVND1000 (Fig 55, 56, 11): Volume Weighted Average Price (VWAP) (Fig 18):
Present value of VND1000 invested 1 year/'n' years ago The Volume Weighted Average Price (VWAP) is the summation of
Price Close/Moving Avg Price: turnover divided by total volume in the same period.
Latest Price/Moving Average Price
Momentum Up Price increase fuelled by above average Volume
Weak Momentum Up Price increase on below average Volume
Momentum Down Price decrease fuelled by above average Volume
Weak Momentum Down Price decrease on below average Volume
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222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does
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VCF Stock Analysis

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Research Report: Vinacafe Bien Hoa

Includes Q4/2019 Financials

Vinacafe Bien Hoa (VCF) VND208,800.0

Vinacafe Bien Hoa Joint Stock Company, Vietnam's largest

BuySellSignals On-demand Stock Research Report - PDF

www.BuySellSignals.com Index and Glossary at end of this Report.

Fig 4: Contact Details

Fig 5: Industry & Sector

News in the past quarter

Annual Report (FY 2019):

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Price/Moving Average Price of 1.22:

Relative Strength (6 months) 86 percentile:

Dividend Yield of 11.5% > Index avg of 2.1%:

Other Bullish Signals

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Ongoing Bullish Parameters

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Fig 13: Moving Annual Return of 46.3% in the past year:

Close 5 years ago VND152,357.40

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Fig 15: Improved EBIT Margins:

Fig 16: Low Debt to Equity (%) and Reducing

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Fig 17: Increased Volume, up 38% in 5 years

Fig 18: Increased VWAP, up 47% in 5 years

Fig 19: Increased share turnover, up 134% in 5 years

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Fig 20: Declining Days Untraded

Fig 22: Satisfies three criteria of Benjamin Graham

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Fig 24: % Change (Tr. 12 Mo): Stock (31.3%) v Index (-16.9%)

Fig 25: Past 12 Mo Stock Sector Index (%)

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Fig 26: Rank in the VN Index [out of 278 stocks]

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Ongoing Bearish Parameters

Fig 29: Slipping Relative Strength

Fig 30: Rank in the VN Index [out of 278 stocks]

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Vinacafe Bien Hoa Board of Directors

Fig 32: Resignations in the past 2 years

Fig 33: Profiles

Pham Quang Vu (Chairman & Director)

Toai Dinh Pham (Director)

Hung Quoc Doan (Director)

Hai Nam Nguyen (Director)

Thang Cong Truong (Director)

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Son Hong Pham (Director)

Yen Hoang Nguyen (Director)

Tax & Dividend

Fig 35: Dividends

Financials Q4 2019, FY 2019, Past 10 Years

Quarter-ended 31 Dec [Q4/2019] 30 Sep [Q3/2019] 30 Jun [Q2/2019]

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Currency Conversion (December 31, 2019): $US1 = VND23150.82

Fig 37: Financial Results as reported (Q4/2019)

Fig 38: INCOME STATEMENT AS REPORTED (Q4/2019)

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Profit before tax 286,906

Fig 39: BALANCE SHEET AS REPORTED (Q4/2019)

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