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  • Income Statement 2014 2015: 3. Net Revenue 5. Gross Profit

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    This income statement shows the company's revenues and expenses for the years 2014-2018. Total revenue increased each year, growing from $1.56 trillion in 2014 to $8 trillion in 2018. Cost of goods sold also increased each year, rising from $1.38 trillion to $7.34 trillion over this period. Net profit decreased from $47.8 billion in 2014 to $21.1 billion in 2018.

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    This income statement shows the company's revenues and expenses for the years 2014-2018. Total revenue increased each year, growing from $1.56 trillion in 2014 to $8 trillion in 2018. Cost of goods sold also increased each year, rising from $1.38 trillion to $7.34 trillion over this period. Net profit decreased from $47.8 billion in 2014 to $21.1 billion in 2018.

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    52 views71 pages

    Income Statement 2014 2015: 3. Net Revenue 5. Gross Profit

    Uploaded by

    Thu Thu
    This income statement shows the company's revenues and expenses for the years 2014-2018. Total revenue increased each year, growing from $1.56 trillion in 2014 to $8 trillion in 2018. Cost of goods sold also increased each year, rising from $1.38 trillion to $7.34 trillion over this period. Net profit decreased from $47.8 billion in 2014 to $21.1 billion in 2018.

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    of 71

    INCOME STATEMENT 2014 2015

    1. Gross revenue 1,564,763,399,903 1,616,048,818,116


    2. Deduction 4,119,790,812 1,499,870,215
    3. Net revenue 1,560,643,609,091 1,614,548,947,901
    4. Cost of goods sold 1,377,898,703,125 1,424,741,156,735
    5. Gross profit 182,744,905,966 189,807,791,166
    6. Financial income 8,331,971,297 22,394,967,435
    7. Financial expense 25,896,787,122 49,991,756,319
    - In which, interest expense 17,187,219,661 24,065,811,358
    8. Selling expense 78,937,784,265 75,230,050,612
    9. General and administrative expense 35,977,045,351 41,608,410,264
    10. Operating profit / (loss) 50,265,260,525 48,754,415,156
    11. Other income 6,176,730,992 1,864,669,013
    12. Other expenses 5,524,254,412 4,161,615
    13. Profit from other activities 652,476,580 1,860,507,398
    14. Profit/loss from joint venture and associate companies 6,282,567,272 3,381,873,750
    15. Profit before taxes 57,200,304,377 50,614,922,554
    16. Current corporate income tax expense 9,175,466,515 10,029,634,651
    17. Deferred corporate tax (income)/expense 243,962,755 36,474,306
    18. Net profit after tax 47,780,875,107 40,548,813,597
    Net profit after tax of parent company 817,314,016 40,015,870,985
    Net profit after tax of non-controlling shareholders 46,963,561,091 532,942,612
    19. Earnings per share 744 631
    Book value per share 19,619 16,555
    Price per share 6,899 7,428
    D&A 64,200,062,759 83,358,285,094
    EBITDA 138,587,586,797 158,039,019,006
    Number of shares outstanding 64,263,000 64,263,000

    Note
    2016 2017 2018 2015 2016
    2,145,496,749,447 4,076,763,652,003 8,018,827,145,835 3.28% 32.76%
    1,726,940,597 7,155,348,862 7,254,532,446 -63.59% 15.14%
    2,143,769,808,850 4,069,608,303,141 8,011,572,613,389 3.45% 32.78%
    1,836,734,397,150 3,519,223,197,973 7,338,636,540,198 3.40% 28.92%
    307,035,411,700 550,385,105,168 672,936,073,191 3.86% 61.76%
    30,198,848,862 55,755,260,107 61,517,601,742 168.78% 34.85%
    53,927,481,929 95,052,847,758 208,587,237,486 93.04% 7.87%
    27,284,472,139 80,592,049,351 125,980,474,352 40.02% 13.37%
    56,882,135,462 105,724,321,494 156,562,809,984 -4.70% -24.39%
    62,622,750,100 79,322,555,685 123,618,312,196 15.65% 50.51%
    165,553,232,870 326,060,640,338 245,685,315,267 -3.01% 239.57%
    8,081,453,308 2,388,598,927 11,209,698,006 -69.81% 333.40%
    7,037,904,139 394,931,990 2,910,690,089 -99.92% 169014.73%
    1,043,549,169 1,993,666,937 8,299,007,917 185.15% -43.91%
    1,751,339,799 - - -46.17% -48.21%
    166,596,782,039 328,054,307,275 253,984,323,184 -11.51% 229.15%
    23,692,445,025 64,433,475,421 42,772,027,927 9.31% 136.22%
    20,680,603 256,725,898 936,618,304 -85.05% -43.30%
    142,925,017,617 263,364,105,956 212,148,913,561 -15.14% 252.48%
    141,985,475,965 223,342,661,746 180,260,475,000 4796.02% 254.82%
    939,541,652 40,021,444,210 31,888,438,561 -98.87% 76.29%
    1,933 2,427 1,239 -15.14% 206.28%
    16,760 19,437 17,408 -15.62% 1.24%
    15,528 24,125 14,700 7.67% 109.05%
    92,958,744,347 168,028,491,091 244,951,380,881 29.84% 11.52%
    286,839,998,525 576,674,847,717 624,916,178,417 14.04% 81.50%
    73,955,000 108,533,000 171,200,000

    Horizontal analysis
    Vertical analysis
    2017 2018 2014 2015 2016 2017
    90.01% 96.70% 100.26% 100.09% 100.08% 100.18%
    314.34% 1.39% 0.26% 0.09% 0.08% 0.18%
    89.83% 96.86% 100.00% 100.00% 100.00% 100.00%
    91.60% 108.53% 88.29% 88.24% 85.68% 86.48%
    79.26% 22.27% 11.71% 11.76% 14.32% 13.52%
    84.63% 10.34% 0.53% 1.39% 1.41% 1.37%
    76.26% 119.44% 1.66% 3.10% 2.52% 2.34%
    195.38% 56.32% 1.10% 1.49% 1.27% 1.98%
    85.87% 48.09% 5.06% 4.66% 2.65% 2.60%
    26.67% 55.84% 2.31% 2.58% 2.92% 1.95%
    96.95% -24.65% 3.22% 3.02% 7.72% 8.01%
    -70.44% 369.30% 0.40% 0.12% 0.38% 0.06%
    -94.39% 637.01% 0.35% 0.00% 0.33% 0.01%
    91.05% 316.27% 0.04% 0.12% 0.05% 0.05%
    #VALUE! #VALUE! 0.40% 0.21% 0.08% #VALUE!
    96.92% -22.58% 3.67% 3.13% 7.77% 8.06%
    171.96% -33.62% 0.59% 0.62% 1.11% 1.58%
    1141.38% 264.83% 0.02% 0.00% 0.00% 0.01%
    84.27% -19.45% 3.06% 2.51% 6.67% 6.47%
    57.30% -19.29% 0.05% 2.48% 6.62% 5.49%
    4159.68% -20.32% 3.01% 0.03% 0.04% 0.98%
    25.56% -48.93% 0.00% 0.00% 0.00% 0.00%
    15.97% -10.44% 0.00% 0.00% 0.00% 0.00%
    55.36% -39.07% 0.00% 0.00% 0.00% 0.00%
    80.76% 45.78% 4.11% 5.16% 4.34% 4.13%
    101.04% 8.37% 8.88% 9.79% 13.38% 14.17%
    2018
    100.09%
    0.09%
    100.00%
    91.60%
    8.40%
    0.77%
    2.60%
    1.57%
    1.95%
    1.54%
    3.07%
    0.14%
    0.04%
    0.10%
    #VALUE!
    3.17%
    0.53%
    0.01%
    2.65%
    2.25%
    0.40%
    0.00%
    0.00%
    0.00%
    3.06%
    7.80%
    BALANCE SHEET 2014 2015
    ASSETS
    A. CURRENT ASSET 694,379,188,147 1,071,561,008,455
    I. Cash and cash equivalent 336,807,716,067 470,061,718,120
    1. Cash 122,985,042,067 242,393,182,850
    2. Cash equivalents 213,822,674,000 227,668,535,270
    II. Short term investments 30,000,000,000
    1. Held to maturity investments 30,000,000,000
    III. Short term receivables 154,088,536,599 363,509,670,487
    1. Short-term trade receivables 122,485,772,971 103,363,445,699
    2. Short-term advances to supplier 4,571,973,920 169,259,565,534
    3. Short-term loan receivables (162,105,381) (162,105,381)
    4. Other short-term receivables 27,192,895,089 91,048,764,635
    IV. Inventories 137,522,087,909 214,186,555,570
    1. Inventories 137,522,087,909 214,186,555,570
    2. Provision for devaluation of inventories
    V. Other short term assets 35,960,847,572 23,803,064,278
    1. Short-term repayments 8,286,725,798 14,690,447,772
    2. Value added tax deductibles 1,177,133,335 9,112,616,506
    3. Taxes and amount receivable from the State budget 1,292,888,969
    4. Others 25,204,099,470
    B. NON CURRENT ASSETS 727,271,546,766 883,203,669,585
    I. Long term receivables
    1. Other long term receivables
    II. Fixed assets 679,968,837,985 636,532,208,533
    1. Tangible fixed assets 618,302,904,756 595,375,421,956
    - Cost 851,063,493,212 901,229,077,489
    - Accumulated depreciation (232,760,588,456) (305,923,655,533)
    2. Intangible asset 33,092,769,919 41,156,786,677
    - Cost 36,153,869,936 45,206,131,504
    - Accumulated depreciation (3,061,100,017) (4,049,344,827)
    III. Long term assets in progress 28,573,163,310 191,159,377,412
    1. Long term construction in progress 28,573,163,310 191,159,377,412
    IV. Long term investments 39,205,453,451 42,587,327,201
    1. Held to maturity investments 39,205,453,451 42,587,327,201
    V. Other long term assets 8,097,255,330 12,924,756,339
    1. Long term repayments 8,061,140,389 12,905,115,705
    2. Deferred income tax assets 36,114,941 (359,366)
    TOTAL ASSETS 1,421,650,734,913 1,954,764,678,040
    RESOURCES
    C. LIABILITIES 635,324,911,650 1,135,279,409,795
    I. Current liabilities 507,673,920,248 667,079,248,529
    1. Short term trade account payable 329,022,191,692 200,885,707,160
    2. Short term advances from customers 160,688,554,128 12,300,795,564
    3. Tax and amounts payable to the State budget 330,215,456 5,746,819,042
    4. Payable to employees 7,125,469,132 4,560,270,983
    5. Short term accrued expense
    6. Short term unearned revenue 6,541,650,794
    7. Other short term payable 3,104,251,244 3,856,673,854
    8. Other short term loans and obligation under finance leases 438,769,898,696
    9. Bonus and welfare funds 861,587,802 959,083,230
    II. Long term liabilities 127,650,991,402 468,200,161,266
    1. Long term loans and obligation under finance leases 127,650,991,402 171,262,661,266
    2. Deferred income tax liabilities
    3. Convertible bonds 296,637,500,000
    D. EQUITY 776,936,974,055 819,485,268,245
    I. Owner's equity 776,936,974,055 819,485,268,245
    1. Owner's contributed capital (Paid in capital) 396,000,000,000 494,999,880,000
    - Ordinary shares carrying voting rights 396,000,000,000 494,999,880,000
    2. Share premium 147,501,567,329 147,408,567,389
    3. Foreign exchange rate difference 1,587,734,457
    4. Investments and development funds 15,755,216,989 35,950,759,648
    5. Other funds under owner's equity 14,053,617,323 13,177,404,323
    6. Retained earnings
    - Retained earnings accumulated to the prior year
    - Retained earnings of the current year
    7. Non-controlling interest 9,388,849,208 9,921,791,820
    TOTAL RESOURCES 1,421,650,734,913 1,954,764,678,040
    2016 2017 2018 2015 2016

    1,361,646,469,010 2,142,716,548,893 3,989,369,447,153 54.32% 27.07%


    406,676,809,154 509,577,636,533 645,474,843,425 39.56% -13.48%
    121,149,572,757 120,809,634,969 215,635,249,378 97.09% -50.02%
    285,527,236,397 388,768,001,564 427,839,594,047 6.48% 25.41%
    50,000,000,000 720,906,460,274 -100.00% #DIV/0!
    50,000,000,000 720,906,460,274 -100.00% #DIV/0!
    455,567,565,640 961,381,022,420 1,612,785,115,376 135.91% 25.32%
    221,225,458,631 417,516,053,153 691,606,956,768 -15.61% 114.03%
    184,015,378,614 325,870,456,358 531,565,397,491 3602.11% 8.72%
    129,729,000,000 293,698,169,669 0.00% -100.00%
    51,025,438,748 88,265,512,909 95,914,591,448 234.83% -43.96%
    450,591,281,857 536,681,725,193 862,749,230,434 55.75% 110.37%
    450,591,281,857 536,681,725,193 865,499,747,965 55.75% 110.37%
    (2,750,517,531) #DIV/0! #DIV/0!
    48,810,812,359 85,076,164,747 147,453,797,644 -33.81% 105.06%
    21,275,206,737 18,897,599,281 21,081,856,490 77.28% 44.82%
    27,535,605,622 65,917,582,112 123,666,085,695 674.14% 202.17%
    260,983,354 2,705,855,459 -100.00% #DIV/0!
    -100.00% #DIV/0!
    1,715,969,509,727 2,433,440,579,906 3,539,797,275,250 21.44% 94.29%
    21,384,352,467 #DIV/0! #DIV/0!
    21,384,352,467 #DIV/0! #DIV/0!
    1,434,278,060,008 2,299,486,571,152 2,198,807,465,735 -6.39% 125.33%
    1,338,477,950,662 2,202,974,097,676 2,113,821,537,013 -3.71% 124.81%
    1,703,369,654,599 2,707,435,817,410 2,858,372,141,820 5.89% 89.01%
    (364,891,703,937) (504,461,719,734) (744,550,604,807) 31.43% 19.28%
    95,800,109,346 96,512,473,476 84,985,928,722 24.37% 132.77%
    100,838,674,433 103,445,820,433 94,894,558,865 25.04% 123.06%
    (5,038,565,087) (6,933,346,957) (9,908,630,143) 32.28% 24.43%
    214,999,542,284 98,121,103,897 1,208,008,703,897 569.02% 12.47%
    214,999,542,284 98,121,103,897 1,208,008,703,897 569.02% 12.47%
    44,338,667,000 48,380,000,000 8.63% 4.11%
    44,338,667,000 48,380,000,000 8.63% 4.11%
    22,353,240,435 35,832,904,857 63,216,753,151 59.62% 72.95%
    22,332,919,192 35,612,756,095 62,507,261,342 60.09% 73.05%
    20,321,243 220,148,762 709,491,809 -101.00% -5754.75%
    3,077,615,978,737 4,576,157,128,799 7,529,166,722,403 37.50% 57.44%
    #DIV/0! #DIV/0!
    2,122,863,876,413 2,951,186,840,177 4,548,916,573,712 78.69% 86.99%
    1,140,284,738,375 1,990,803,708,402 3,206,103,405,725 31.40% 70.94%
    304,263,540,143 519,298,194,029 622,778,663,874 -38.94% 51.46%
    11,280,630,943 17,127,077,695 43,876,545,842 -92.34% -8.29%
    6,947,288,639 14,232,960,650 14,084,998,080 1640.32% 20.89%
    9,184,831,648 13,308,406,810 19,601,493,769 -36.00% 101.41%
    6,422,195,946 8,985,258,785 #DIV/0! #DIV/0!
    453,141,818 -100.00% #DIV/0!
    5,705,003,625 2,702,175,863 3,292,201,538 24.24% 47.93%
    800,794,847,498 1,417,686,392,234 2,492,406,692,801 #DIV/0! 82.51%
    28,595,879 26,305,175 624,409,218 11.32% -97.02%
    982,579,138,038 960,383,131,775 1,342,813,167,987 266.78% 109.86%
    982,579,138,038 959,926,578,352 1,342,803,889,822 34.16% 473.73%
    456,553,423 9,278,165 #DIV/0! #DIV/0!
    #DIV/0! -100.00%
    954,752,102,324 1,624,970,288,622 2,980,250,148,691 5.48% 16.51%
    954,752,102,324 1,624,970,288,622 2,980,250,148,691 5.48% 16.51%
    569,649,880,000 835,999,880,000 1,711,999,760,000 25.00% 15.08%
    569,649,880,000 835,999,880,000 1,711,999,760,000 25.00% 15.08%
    160,721,267,329 198,063,767,389 532,112,689,329 -0.06% 9.03%
    205,250,085 158,818,819 (39,715,243) #DIV/0! -87.07%
    38,274,886,929 45,683,661,717 57,775,383,144 128.18% 6.46%
    13,177,404,323 13,177,404,323 13,177,404,323 -6.23% 0.00%
    283,769,575,300 265,860,134,664 #DIV/0! #DIV/0!
    90,051,907,554 85,599,659,664 #DIV/0! #DIV/0!
    193,717,667,746 180,260,475,000 #DIV/0! #DIV/0!
    10,861,333,472 248,117,181,134 399,264,491,474 5.68% 9.47%
    3,077,615,978,737 4,576,157,128,799 7,529,166,722,403 37.50% 57.44%
    60%
    2017 2018 2014 2015 2016 2017

    57.36% 86.18% 48.84% 54.82% 44.24% 46.82%


    25.30% 26.67% 23.69% 24.05% 13.21% 11.14%
    -0.28% 78.49% 8.65% 12.40% 3.94% 2.64%
    36.16% 10.05% 15.04% 11.65% 9.28% 8.50%
    #DIV/0! 1341.81% 2.11% 0.00% 0.00% 1.09%
    #DIV/0! 1341.81% 2.11% 0.00% 0.00% 1.09%
    111.03% 67.76% 10.84% 18.60% 14.80% 21.01%
    88.73% 65.65% 8.62% 5.29% 7.19% 9.12%
    77.09% 63.12% 0.32% 8.66% 5.98% 7.12%
    #DIV/0! 126.39% -0.01% -0.01% 0.00% 2.83%
    72.98% 8.67% 1.91% 4.66% 1.66% 1.93%
    19.11% 60.76% 9.67% 10.96% 14.64% 11.73%
    19.11% 61.27% 9.67% 10.96% 14.64% 11.73%
    #DIV/0! #DIV/0! 0.00% 0.00% 0.00% 0.00%
    74.30% 73.32% 2.53% 1.22% 1.59% 1.86%
    -11.18% 11.56% 0.58% 0.75% 0.69% 0.41%
    139.39% 87.61% 0.08% 0.47% 0.89% 1.44%
    #DIV/0! 936.79% 0.09% 0.00% 0.00% 0.01%
    #DIV/0! #DIV/0! 1.77% 0.00% 0.00% 0.00%
    41.81% 45.46% 51.16% 45.18% 55.76% 53.18%
    #DIV/0! #DIV/0! 0.00% 0.00% 0.00% 0.00%
    #DIV/0! #DIV/0! 0.00% 0.00% 0.00% 0.00%
    60.32% -4.38% 47.83% 32.56% 46.60% 50.25%
    64.59% -4.05% 43.49% 30.46% 43.49% 48.14%
    58.95% 5.57% 59.86% 46.10% 55.35% 59.16%
    38.25% 47.59% -16.37% -15.65% -11.86% -11.02%
    0.74% -11.94% 2.33% 2.11% 3.11% 2.11%
    2.59% -8.27% 2.54% 2.31% 3.28% 2.26%
    37.61% 42.91% -0.22% -0.21% -0.16% -0.15%
    -54.36% 1131.14% 2.01% 9.78% 6.99% 2.14%
    -54.36% 1131.14% 2.01% 9.78% 6.99% 2.14%
    -100.00% #DIV/0! 2.76% 2.18% 1.44% 0.00%
    -100.00% #DIV/0! 2.76% 2.18% 1.44% 0.00%
    60.30% 76.42% 0.57% 0.66% 0.73% 0.78%
    59.46% 75.52% 0.57% 0.66% 0.73% 0.78%
    983.34% 222.28% 0.00% 0.00% 0.00% 0.00%
    48.69% 64.53% 100.00% 100.00% 100.00% 100.00%
    #DIV/0! #DIV/0! 0.00% 0.00% 0.00% 0.00%
    39.02% 54.14% 44.69% 58.08% 68.98% 64.49%
    74.59% 61.05% 35.71% 34.13% 37.05% 43.50%
    70.67% 19.93% 23.14% 10.28% 9.89% 11.35%
    51.83% 156.18% 11.30% 0.63% 0.37% 0.37%
    104.87% -1.04% 0.02% 0.29% 0.23% 0.31%
    44.90% 47.29% 0.50% 0.23% 0.30% 0.29%
    #DIV/0! 39.91% 0.00% 0.00% 0.00% 0.14%
    #DIV/0! #DIV/0! 0.46% 0.00% 0.00% 0.00%
    -52.63% 21.84% 0.22% 0.20% 0.19% 0.06%
    77.03% 75.81% 0.00% 22.45% 26.02% 30.98%
    -8.01% 2273.71% 0.06% 0.05% 0.00% 0.00%
    -2.26% 39.82% 8.98% 23.95% 31.93% 20.99%
    -2.31% 39.89% 8.98% 8.76% 31.93% 20.98%
    #DIV/0! -97.97% 0.00% 0.00% 0.00% 0.01%
    #DIV/0! #DIV/0! 0.00% 15.18% 0.00% 0.00%
    70.20% 83.40% 54.65% 41.92% 31.02% 35.51%
    70.20% 83.40% 54.65% 41.92% 31.02% 35.51%
    46.76% 104.78% 27.85% 25.32% 18.51% 18.27%
    46.76% 104.78% 27.85% 25.32% 18.51% 18.27%
    23.23% 168.66% 10.38% 7.54% 5.22% 4.33%
    -22.62% -125.01% 0.00% 0.08% 0.01% 0.00%
    19.36% 26.47% 1.11% 1.84% 1.24% 1.00%
    0.00% 0.00% 0.99% 0.67% 0.43% 0.29%
    #DIV/0! -6.31% 0.00% 0.00% 0.00% 6.20%
    #DIV/0! -4.94% 0.00% 0.00% 0.00% 1.97%
    #DIV/0! -6.95% 0.00% 0.00% 0.00% 4.23%
    2184.41% 60.92% 0.66% 0.51% 0.35% 5.42%
    48.69% 64.53% 100.00% 100.00% 100.00% 100.00%
    2018

    52.99%
    8.57%
    2.86%
    5.68%
    9.57%
    9.57%
    21.42%
    9.19%
    7.06%
    3.90%
    1.27%
    11.46%
    11.50%
    -0.04%
    1.96%
    0.28%
    1.64%
    0.04%
    0.00%
    47.01%
    0.28%
    0.28%
    29.20%
    28.08%
    37.96%
    -9.89%
    1.13%
    1.26%
    -0.13%
    16.04%
    16.04%
    0.64%
    0.64%
    0.84%
    0.83%
    0.01%
    100.00%
    0.00%
    60.42%
    42.58%
    8.27% x
    0.58%
    0.19%
    0.26%
    0.12%
    0.01%
    0.04%
    33.10% x
    0.01%
    17.83%
    17.83% x
    0.00%
    0.00%
    39.58%
    39.58% x
    22.74% x
    22.74% x
    7.07%
    0.00%
    0.77%
    0.18%
    3.53%
    1.14%
    2.39%
    5.30%
    100.00%
    STATEMENT OF CASH FLOW 2014 2015
    I. CF from operating activities
    1. (Loss)/Profit before tax 57,200,304,377 50,614,922,554
    2. Adjustment
    Depreciation for:
    and amortisation of fixed assets and investment
    properties 64,200,062,759 83,358,285,094
    Provisions
    (Profit)/Loss from exchange rate difference of re-evaluation 162,105,381 -
    monetary items dominated in foreign currencies 2,986,534,493 1,211,216,521
    (Profit)/Loss from investment (4,761,808,398) (11,078,921,256)
    Interest expense 17,187,219,661 24,065,811,358
    Other adjustments
    3. Operating profit before movements in working capital 136,974,418,273 148,171,314,271
    (Increase)/Decrease receivables (50,808,261,982) (118,649,260,136)
    (Increase)/Decrease inventories 62,503,909,157 (76,664,467,661)
    (Increase)/Decrease payables (37,991,421,956) (54,674,388,479)
    (Increase)/Decrease prepayment (1,541,945,933) (11,267,697,290)
    (Increase)/Decrease in trading securities - -
    Interest paid (22,686,784,106) (24,065,811,358)
    Corporate income tax paid (14,191,339,022) (3,294,062,793)
    Other receipts from operating activities 34,680,407,297 73,798,102,941
    Other payments from operating activities (7,639,446,655) (6,702,806,645)
    Net cash generated by/(used in) operating activities 99,299,535,073 (73,349,077,150)
    II. CF
    1. Acquisition and from investing
    construction of fixedactivities
    assets and other long-
    term assets
    2. Proceeds from sale, disposal of fixed assets and other long- (109,290,786,977) (290,399,851,419)
    term assets 3,524,270,590 5,661,363,636
    3. Cash outflow for lending, buying debt instruments (30,000,000,000) -
    4. Cash recovered from lending, selling debt instruments 1,500,000,000 30,000,000,000
    5. Equities investment in other entities - -
    6. Cash recovered from investments in other entities - -
    7. Interest earned, dividends and profits received 6,706,659,544 10,369,304,107
    Net cash generated by/(used in) investing activities (127,559,856,843) (244,369,183,676)
    III. CF from financing activities
    1. Proceeds from share issue and owner's contributed capital 217,798,900,000 -
    2. Proceeds from borrowings 1,317,734,346,905 1,858,860,744,893
    3. Repayment of borrowings (1,281,349,175,035) (1,406,090,290,912)
    4. Dividend and profits paid (19,761,631,208) (1,935,000,000)
    Net cash generated by/(used in) financing activities 234,422,440,662 450,835,453,981
    Net increase/(decrease) in cash 206,162,118,892 133,117,193,155
    Cash and cash equivalents at the beginning of the year 130,266,723,762 336,807,716,067
    Effects of changes in foregin exchange rates 378,873,413 136,808,898
    Cash and cash equivalents at the end of the year 336,807,716,067 470,061,718,120
    2016 2017 2018 2015 2016

    166,596,782,039 328,054,307,275 253,984,323,184 -11.51% 229.15%

    92,958,744,347 168,028,491,091 244,951,380,881 29.84% 11.52%


    536,604,972 - 2,750,517,531 #VALUE! #VALUE!
    10,808,822,854 2,615,280,443 1,909,941,812 -59.44% 792.39%
    (11,793,166,593) (36,302,695,230) (40,198,487,758) 132.66% 6.45%
    27,284,472,139 80,592,049,351 125,980,474,352 40.02% 13.37%

    286,392,259,758 542,987,432,930 589,378,150,002 8.17% 93.28%


    (193,606,733,582) (571,052,443,106) (52,240,057,820) 133.52% 63.18%
    (236,404,726,287) (86,090,443,336) (329,364,330,177) -222.66% 208.36%
    211,621,840,946 35,067,814,485 10,950,476,407 43.91% -487.06%
    (15,992,562,452) (10,902,229,447) (29,044,239,788) 630.75% 41.93%
    - - -
    (27,284,472,139) (76,736,436,738) (124,095,548,599) 6.08% 13.37%
    (22,514,289,760) (57,458,213,418) (46,142,737,521) -76.79% 583.48%
    82,589,244,341 156,340,055,694 70,000,000,000 112.79% 11.91%
    (4,631,006,599) (12,819,141,106) (50,900,934,560) -12.26% -30.91%
    80,169,554,226 (80,663,604,042) 38,540,777,944 -173.87% 209.30%

    (1,077,441,959,310) (695,959,760,341) (1,698,518,453,380) 165.71% 271.02%


    53,621,100,893 486,363,637 - 60.64% 847.14%
    - (349,729,000,000) (1,226,962,062,976) #VALUE! #VALUE!
    - 183,570,000,000 343,706,433,033 1900.00% #VALUE!
    - (88,309,009,946) #VALUE! #VALUE!
    - 150,547,322,000 18,325,718,550 #VALUE! #VALUE!
    12,131,982,986 12,513,190,829 23,529,713,725 54.61% 17.00%
    (1,011,688,875,431) (698,571,883,875) (2,628,227,660,994) -91.57% -314.00%

    84,247,500,000 406,752,500,000 1,418,241,802,000 #VALUE! #VALUE!


    2,598,523,339,565 4,109,992,694,442 7,841,445,629,972 41.06% 39.79%
    (1,728,371,348,611) (3,534,755,293,294) (6,397,797,068,409) 9.74% 22.92%
    (86,362,442,100) (99,782,597,750) (136,131,874,500) -90.21% 4363.18%
    868,037,048,854 882,207,303,398 2,725,758,489,063 92.32% 92.54%
    (63,482,272,351) 102,971,815,481 136,071,606,013 -35.43% -147.69%
    470,061,718,120 406,676,809,154 509,577,636,533 158.55% 39.56%
    97,363,385 (70,988,102) (174,399,121) -63.89% -28.83%
    406,676,809,154 509,577,636,533 645,474,843,425 39.56% -13.48%
    2017 2018

    96.92% -22.58%

    80.76% 45.78%
    #VALUE! #VALUE!
    -75.80% -26.97%
    207.83% 10.73%
    195.38% 56.32%

    89.60% 8.54%
    194.95% -90.85%
    -63.58% 282.58%
    -83.43% -68.77%
    -31.83% 166.41%

    181.25% 61.72%
    155.21% -19.69%
    89.30% -55.23%
    176.81% 297.07%
    -200.62% 147.78%

    -35.41% 144.05%
    -99.09% #VALUE!
    #VALUE! 250.83%
    #VALUE! 87.23%
    #VALUE! #DIV/0!
    #VALUE! -87.83%
    3.14% 88.04%
    30.95% -276.23%

    382.81% 248.67%
    58.17% 90.79%
    104.51% 81.00%
    15.54% 36.43%
    1.63% 208.97%
    -262.21% 32.14%
    -13.48% 25.30%
    -172.91% 145.67%
    25.30% 26.67%
    Ratio 2014 2015 2016
    1/ Liquidity ratio
    Current (Current Assets / Current Liabilities) 1.37 1.61 1.19
    Quick (Current Assets - Inventory / Current Liabilitie 1.10 1.29 0.80

    2/ Activity ratio
    Account Receivable Turnover (Sale / Av.AR) 13.53 14.30 13.21
    Inventory Turnover (COGS / Av.Inventory) 8.16 8.10 5.53
    Account Payable Turnover (COGS / Av.AP) 6.79 5.38 7.27
    Days Receivable Outstanding 26.98 25.53 27.63
    Days Inventory Outstanding 44.71 45.05 66.05
    Days Payables Outstanding 53.73 67.88 50.19
    Tangible Fixed Asset Turnover 2.71 2.66 2.22
    Total Asset Turnover 1.21 0.96 0.85
    Cash Coversion Cycle (Net days financing required 17.96 2.70 43.49

    3/ Solvency ratio
    Debt to Equity 0.23 0.90 2.32
    LT Debt to Equity 0.16 0.21 1.03
    Debt ratio (Liabilities to Assets) 0.45 0.58 0.69
    CFO to Liabilities 0.16 -0.06 0.04
    CFO to CAPEX 7.56 3.20 0.11
    Interest Coverage (EBIT / Interest expense) 4.33 3.10 7.11

    4/ Profitability ratio
    Gross profit Margin (%) 11.71% 11.76% 14.32%
    Operating Margin (%) 4.77% 4.63% 9.04%
    Profit Margin (%) 3.06% 2.51% 6.67%
    ROA (%) 3.72% 2.40% 5.68%
    ROE(%) 7.24% 5.08% 16.11%
    NI / Sale 0.03 0.03 0.07
    Sale / Asset 1.10 0.83 0.70
    Asset / Equity 1.83 2.39 3.22
    5/ Market value
    P/E 9.28 11.77 8.03
    M/B 0.35 0.45 0.93
    2017 2018 Industry Competitors: TTP, VBC, RDP, SPP, TPC

    1.08 1.24 1.23


    0.81 0.98 0.76

    12.74 14.45 6.55


    7.13 10.49 5.78
    8.55 12.85 9.98
    28.64 25.27 73.61
    51.20 34.80 81.39
    42.71 28.40 41.17
    2.30 3.71 6.86
    1.06 1.32 1.3
    37.13 31.67 107.29

    1.74 1.49 1.56


    0.59 0.45 0.25
    0.64 0.60 0.62
    -0.03 0.01 -0.03
    -0.09 -0.43 1.23
    5.07 3.02 8.25

    13.52% 8.40% 9.35%


    10.04% 4.74% 5.44%
    6.47% 2.65% 2.43%
    6.88% 3.51% 3.40%
    20.42% 9.21% 9.90%
    0.06 0.03 0.02
    0.89 1.06 1.21
    2.82 2.53 2.99

    9.94 11.86 11.25


    1.24 0.84
    2014 2015 2016 2017
    Interest Rate 6.73% 6.52% 2.28% 3.87%
    Interest Expense 17,187,219,661 24,065,811,358 27,284,472,139 80,592,049,351
    Total Debt 127,650,991,402 610,032,559,962 1,783,373,985,536 2,377,612,970,586

    Short term loans 2014 2015 2016 2017


    Begin - 438,769,898,696 800,794,847,498
    Net Borrowing 438,769,898,696 362,024,948,802 616,891,544,736
    % of Net Sales 27.2% 16.9% 15.2%
    End - 438,769,898,696 800,794,847,498 1,417,686,392,234
    % change #DIV/0! 82.51% 77.03%

    Long term Loan 2014 2015 2016 2017


    Begin 83,082,921,652 127,650,991,402 171,262,661,266 982,579,138,038
    Net Borrowing 44,568,069,750 43,611,669,864 811,316,476,772 (22,652,559,686)
    % of Net Sales 2.86% 2.70% 37.85% -0.56%
    End 127,650,991,402 171,262,661,266 982,579,138,038 959,926,578,352
    % change 34.16% 473.73% -2.31%

    Note: short term loan 4-7%, long term loan 7.5-10%


    Company replaces maturing debt with new debt to maintain capital structure
    2018 2019F 2020F 2021F
    4.06% 4.69% 5.51% 5.40%
    125,980,474,352 245,315,852,445 399,690,767,241 533,434,737,391
    3,835,210,582,623 5,227,053,626,857 7,259,629,832,619 9,872,354,148,029

    2018 2019F 2020F 2021F


    1,417,686,392,234 2,492,406,692,801 3,705,088,228,883 5,475,970,125,887
    1,074,720,300,567 1,212,681,536,082 1,770,881,897,004 2,276,335,902,636
    13.4% 14.29% 14.29% 14.29%
    2,492,406,692,801 3,705,088,228,883 5,475,970,125,887 7,752,306,028,523
    75.81% 48.66% 47.80% 41.57%

    2018 2019F 2020F 2021F


    959,926,578,352 1,342,803,889,822 1,521,965,397,974 1,783,659,706,732
    382,877,311,470 179,161,508,152 261,694,308,759 336,388,412,774
    4.78% 2.11% 2.11% 2.11%
    1,342,803,889,822 1,521,965,397,974 1,783,659,706,732 2,120,048,119,506
    39.89% 13.34% 17.19% 18.86%
    2022F 2023F
    5.33% 5.28%
    696,876,181,172 896,740,099,213
    13,065,226,573,085 16,969,621,798,144

    2022F 2023F
    7,752,306,028,523 10,534,095,936,790
    2,781,789,908,267 3,401,704,104,970
    14.29% 14.29%
    10,534,095,936,790 13,935,800,041,760
    35.88% 32.29%

    2022F 2023F
    2,120,048,119,506 2,531,130,636,294
    411,082,516,789 502,691,120,090
    2.11% 2.11%
    2,531,130,636,294 3,033,821,756,384
    19.39% 19.86%
    2014 2015
    CAPEX 109,290,786,977 290,399,851,419
    CAPEX % of Net Sales 7.00% 17.99%
    Depreciation 64,178,474,174 83,358,285,094
    % change 29.89%

    Tangible Fixed Assets 2014 2015


    Begin 709,289,929,529 851,063,493,212
    Addition 152,970,479,810 64,324,303,971
    % of Net Sales 9.802% 3.984%
    Disposal (11,196,916,127) (14,158,719,694)
    % of Net Sales 0.717% 0.877%
    End 851,063,493,212 901,229,077,489
    %Growth 19.99% 5.89%
    Tangible Fixed Assets Accumulated
    Depreciation 2014 2015
    Begin 175,116,169,898 232,760,588,456
    Depreciation 63,372,212,949 82,370,040,284
    Depreciation/ Tangible Fixed Asset 8.12% 9.40%
    Disposal (5,727,794,391) (9,206,973,207)
    Disposal/ Tangible Fixed Asset 0.73% 1.05%
    End 232,760,588,456 305,923,655,533
    32.92% 31.43%

    Intangible Assets 2014 2015


    Begin 36,153,869,936 36,153,869,936
    Addition 9,052,261,568
    % Net Sales 0.00% 0.56%
    Disposal - -
    % of Net Sales 0.000% 0.000%
    End 36,153,869,936 45,206,131,504

    Intangible Assets Accumulated Depreciation 2014 2015


    Begin 2,254,838,792 3,061,100,017
    Addition 806,261,225 988,244,810
    Addition/ Intangible Assets Accumulated 2.23% 2.43%
    Disposal - -
    End 3,061,100,017 4,049,344,827

    Construction in progress 2014 2015


    Begin 37,086,965,523 28,573,163,310
    Addition 162,586,214,102
    % of Net Sales 0.0% 10.1%
    Convert to Fixed Asset (8,513,802,213) -
    % of Net Sales 4.49% 0.00%
    End 28,573,163,310 191,159,377,412
    2016 2017 2018 2019F
    1,077,441,959,310 695,959,760,341 1,698,518,453,380
    50.26% 17.10% 21.20%
    92,936,443,113 168,028,491,091 244,951,380,881 225,550,926,914
    11.49% 80.80% 45.78% -7.92%

    2016 2017 2018 2019F


    901,229,077,489 1,703,369,654,599 2,707,435,817,410 2,858,372,141,820
    888,583,033,307 1,033,158,690,523 155,253,890,004 444,780,064,492
    41.450% 25.387% 1.938% 5.24%
    (86,442,456,197) (29,092,527,712) (4,317,565,594) (32,619,405,448)
    4.032% 0.715% 0.054%
    1,703,369,654,599 2,707,435,817,410 2,858,372,141,820 3,270,532,800,865
    89.01% 58.95% 5.57% 14.42%

    2016 2017 2018 2019F


    305,923,655,533 364,891,703,937 504,461,719,734 744,550,604,807
    91,947,222,853 166,133,709,221 241,976,097,695 223,604,026,116
    7.06% 7.53% 8.70% 7.30%
    (32,979,174,449) (26,563,693,424) (1,887,212,622) (34,258,695,500)
    2.53% 1.20% 0.07% 1.12%
    364,891,703,937 504,461,719,734 744,550,604,807 933,895,935,422
    19.28% 38.25% 47.59% 25.43%

    2016 2017 2018 2019F


    45,206,131,504 100,838,674,433 103,445,820,433 94,894,558,865
    55,632,542,929 2,607,146,000 54,647,866,362
    2.60% 0.06% 0.00%
    - - (8,551,261,568) (1,811,569,965)
    0.000% 0.000% -0.107%
    100,838,674,433 103,445,820,433 94,894,558,865 147,730,855,261

    2016 2017 2018 2019F


    4,049,344,827 5,038,565,087 6,933,346,957 9,908,630,143
    989,220,260 1,894,781,870 2,975,283,186 1,946,900,798.76
    1.35% 1.86% 3.00% 1.60%
    - - - -
    5,038,565,087 6,933,346,957 9,908,630,143 11,855,530,942

    2016 2017 2018 2019F


    191,159,377,412 214,999,542,284 98,121,103,897 1,208,008,703,897
    23,840,164,872 - 1,109,887,600,000
    1.1% 0.0% 13.9%
    - (116,878,438,387) - -
    0.00% 17.37% 0.00%
    214,999,542,284 98,121,103,897 1,208,008,703,897 1,208,008,703,897
    2020F 2021F 2022F 2023F

    354,531,886,250 505,703,258,771 602,301,027,238 709,925,289,009


    57.18% 42.64% 19.10% 17.87%

    2020F 2021F 2022F 2023F


    3,270,532,800,865 6,365,243,448,559 7,375,935,747,626 8,966,339,809,948
    3,142,356,555,840 1,071,937,541,628 1,665,248,639,296 1,397,634,086,167
    25.35% 6.73% 8.55% 5.87%
    (47,645,908,146) (61,245,242,560) (74,844,576,974) (91,523,484,203)

    6,365,243,448,559 7,375,935,747,626 8,966,339,809,948 10,272,450,411,912


    94.62% 15.88% 21.56% 14.57%

    2020F 2021F 2022F 2023F


    933,895,935,422 1,231,581,942,425 1,656,099,558,912 2,160,974,997,085
    351,547,035,607 501,326,586,164 596,223,737,313 701,898,788,027
    7.30% 7.30% 7.30% 7.30%
    (53,861,028,605) (76,808,969,677) (91,348,299,140) (107,538,926,148)
    1.12% 1.12% 1.12% 1.12%
    1,231,581,942,425 1,656,099,558,912 2,160,974,997,085 2,755,334,858,963
    31.88% 34.47% 30.49% 27.50%

    2020F 2021F 2022F 2022F


    147,730,855,261 224,245,274,105 321,181,593,169 436,178,507,417
    79,822,031,865 102,605,237,121 125,388,442,377 153,330,910,391

    (3,307,613,021) (5,668,918,057) (10,391,528,129) (25,414,502,935)

    224,245,274,105 321,181,593,169 436,178,507,417 564,094,914,873

    2020F 2021F 2022F 2022F


    11,855,530,942 14,840,381,585 19,217,054,191 25,294,344,116
    2,984,850,643.08 4,376,672,606.14 6,077,289,924.83 8,026,500,982.37
    1.60% 1.60% 1.60% 1.60%
    - - - -
    14,840,381,585 19,217,054,191 25,294,344,116 33,320,845,098

    2020F 2021F 2022F 2023F


    1,208,008,703,897 38,008,703,897 38,008,703,897 38,008,703,897
    - - - -

    (1,170,000,000,000) -

    38,008,703,897 38,008,703,897 38,008,703,897 38,008,703,897


    Factory First year of operation Products
    No. 1 2005 Garbage bags, shopping bags, roll bags
    No. 2 2008 Garbage bags, shopping bags, roll bags
    No. 3 2009 Biodegradable bags, roll bags
    An Phat Yen Bai Factory 2017 Calbest beads, CaCO3 powder
    No. 5 2012 T-shirt bags
    No. 6 2016 Garbage bags, shopping bags, food bags
    No. 7 2017 Drawstring bags
    No. 8 2020E Multilayer packaging
    No. 9 2020E Industrial plastic packaging (jumbo bags, sling bags, etc.)
    2020E Technical plastics (plastic parts for industrial supporting industry) (units)
    Other services 2018 Assume constant of 1% sale 2018
    Total
    IS

    Note
    33 gallon = 1 ton
    1 USD = 23500 VND
    Designed production capacity (tons) Price (VND/ton) Volume (tons)
    12,000 45,000,000 10,800
    16,800 45,000,000 15,624
    10,800 60,000,000 10,476
    162,000 33,000,000 4,860
    11,000 34,075,000 8,800
    34,800 45,000,000 34,800
    9,600 100,000,000 1,920
    30,000 45,250,000
    14,000 80,000,000
    210,000,000 300,000
    80,188,271,458
    87,280
    Utilization rate 2017 Volume (tons) Utilization rate 2018 Volume (tons) Utilization rate 2019
    90% 486,000,000,000 11,400 95% 513,000,000,000 12,000 100% 540,000,000,000
    93% 703,080,000,000 15,960 95% 718,200,000,000 16,800 100% 756,000,000,000
    97% 628,560,000,000 10,800 100% 648,000,000,000 10,800 100% 648,000,000,000
    3% 160,380,000,000 100,440 62% 3,314,520,000,000 105,300 65% 3,474,900,000,000
    80% 299,860,000,000 11,000 100% 374,825,000,000 11,000 100% 374,825,000,000
    100% 1,566,000,000,000 36,888 106% 1,659,960,000,000 36,888 106% 1,659,960,000,000
    20% 192,000,000,000 7,008 73% 700,800,000,000 9,600 100% 960,000,000,000

    80,188,271,458 80,188,271,458
    4,035,880,000,000.00 193,496 8,009,493,271,458 202,388 8,493,873,271,458
    4,069,608,303,141 8,011,572,613,389
    Volume (tons) Utilization rate 2020 Volume (tons) Utilization rate 2021 Volume (tons) Utilization rate
    12,000 100% 540,000,000,000 12000 100% 540,000,000,000 12000 100%
    16,800 100% 756,000,000,000 16800 100% 756,000,000,000 16800 100%
    10,800 100% 648,000,000,000 10800 100% 648,000,000,000 10800 100%
    113,400 70% 3,742,200,000,000 121500 75% 4,009,500,000,000 129600 80%
    11,000 100% 374,825,000,000 11000 100% 374,825,000,000 11000 100%
    36,888 106% 1,659,960,000,000 36888 106% 1,659,960,000,000 36888 106%
    9,600 100% 960,000,000,000 9600 100% 960,000,000,000 9600 100%
    6,000 20% 271,500,000,000 7500 25% 339,375,000,000 9000 30%
    2,800 20% 224,000,000,000 3500 25% 280,000,000,000 4200 30%
    10,500,000 5% 3,150,000,000,000 21000000 10% 6,300,000,000,000 31500000 15%
    80,188,271,458 80,188,271,458
    12,406,673,271,458 21229588 15,947,848,271,458 31739888
    2022 Volume (tons) Utilization rate 2023
    540,000,000,000 12000 100% 540,000,000,000
    756,000,000,000 16800 100% 756,000,000,000
    648,000,000,000 10800 100% 648,000,000,000
    4,276,800,000,000 162000 100% 5,346,000,000,000
    374,825,000,000 11000 100% 374,825,000,000
    1,659,960,000,000 36888 106% 1,659,960,000,000
    960,000,000,000 9600 100% 960,000,000,000
    407,250,000,000 10500 35% 475,125,000,000
    336,000,000,000 4900 35% 392,000,000,000
    9,450,000,000,000 42000000 20% 12,600,000,000,000
    80,188,271,458 80,188,271,458
    19,489,023,271,458 42274488 23,832,098,271,458
    INCOME STATEMENT 2014 2015
    1. Gross revenue 1,564,763,399,903 1,616,048,818,116
    2. Deduction 4,119,790,812 1,499,870,215
    3. Net revenue 1,560,643,609,091 1,614,548,947,901
    Revenue growth 3.45%
    4. Cost of goods sold 1,377,898,703,125 1,424,741,156,735
    % of Revenue 88% 88%
    5. Gross profit 182,744,905,966 189,807,791,166
    6. Financial income 8,331,971,297 22,394,967,435
    7. Financial expense 25,896,787,122 49,991,756,319
    - In which, interest expense 17,187,219,661 24,065,811,358
    - Other expense 8,709,567,461 25,925,944,961
    8. Selling expense 78,937,784,265 75,230,050,612
    S/Revenue 5.06% 4.66%
    9. General and administrative expense 35,977,045,351 41,608,410,264
    G&A/Revenue 2.31% 2.58%
    10. Operating profit / (loss) 50,265,260,525 48,754,415,156
    11. Other income 6,176,730,992 1,864,669,013
    12. Other expenses 5,524,254,412 4,161,615
    13. Profit from other activities 652,476,580 1,860,507,398
    14. Profit/loss from joint venture and associate compan 6,282,567,272 3,381,873,750
    15. Profit before taxes 57,200,304,377 50,614,922,554
    16. Current corporate income tax expense 9,175,466,515 10,029,634,651
    Tax rate 16.04% 19.82%
    17. Deferred corporate tax (income)/expense 243,962,755 36,474,306
    18. Net profit after tax 47,780,875,107 40,548,813,597
    19. Earnings per share 744 631
    Book value per share 19,619 16,555
    Price per share 6,899 7,428
    D&A 64,200,062,759 83,358,285,094
    EBITDA 138,587,586,797 158,039,019,006
    Number of shares outstanding 64,263,000 64,263,000
    Dividend
    EBIT
    2016 2017 2018
    2,145,496,749,447 4,076,763,652,003 8,018,827,145,835
    1,726,940,597 7,155,348,862 7,254,532,446
    2,143,769,808,850 4,069,608,303,141 8,011,572,613,389
    32.78% 89.83% 96.86%
    1,836,734,397,150 3,519,223,197,973 7,338,636,540,198
    86% 86% 92%
    307,035,411,700 550,385,105,168 672,936,073,191
    30,198,848,862 55,755,260,107 61,517,601,742
    53,927,481,929 95,052,847,758 208,587,237,486
    27,284,472,139 80,592,049,351 125,980,474,352
    26,643,009,790 14,460,798,407 82,606,763,134
    56,882,135,462 105,724,321,494 156,562,809,984
    2.65% 2.60% 1.95%
    62,622,750,100 79,322,555,685 123,618,312,196
    2.92% 1.95% 1.54%
    165,553,232,870 326,060,640,338 245,685,315,267
    8,081,453,308 2,388,598,927 11,209,698,006
    7,037,904,139 394,931,990 2,910,690,089
    1,043,549,169 1,993,666,937 8,299,007,917
    1,751,339,799 - -
    166,596,782,039 328,054,307,275 253,984,323,184
    23,692,445,025 64,433,475,421 42,772,027,927
    14.22% 19.64% 16.84%
    20,680,603 256,725,898 936,618,304
    142,925,017,617 263,364,105,956 212,148,913,561
    1,933 2,427 1,239
    16,760 19,437 17,408
    15,528 24,125 14,700
    92,958,744,347 168,028,491,091 244,951,380,881
    286,839,998,525 576,674,847,717 624,916,178,417
    73,955,000 108,533,000 171,200,000
    136,131,874,500
    Forecasting assumption Ratio Formula 2019F
    Refer to F-Revenue 8,493,873,271,458
    Constant at rate 0.09% Deduction / Gross revenue 0.09% 7,684,300,723.71
    8,486,188,970,735
    6%
    7,555,940,257,014
    2-year average at 89% COGS/Revenue 89% 89%
    930,248,713,720
    Constant 61,517,601,742
    Financial exp = Interest exp + Other exp 326,665,919,358
    245,315,852,445
    5 year average at 0.96% Other expense/Revenue 0.96% 81,350,066,913
    193,150,218,541
    2-year average at 2.25% Selling expense/Revenue 2.28% 2.28%
    148,174,866,254
    2-year average at 1.75% G&A expense/Revenue 1.75% 1.75%
    527,406,027,184
    Constant 11,209,698,006
    Constant 2,910,690,089
    Constant 8,299,007,917
    Constant 0 0
    504,986,631,172
    100,997,326,234
    Tax rate at 20% 20% 20.00%
    Constant 936,618,304
    404,925,923,242
    2,365.22
    Shares outstanding 171,200,000
    Constant Dividend 136,131,874,500 136,131,874,500

    750,302,483,617
    2020F 2021F 2022F 2023F
    12,406,673,271,458 15,947,848,271,458 19,489,023,271,458 23,832,098,271,458
    11,224,161,857.82 14,427,818,510.75 17,631,475,163.68 21,560,600,699.11
    12,395,449,109,601 15,933,420,452,948 19,471,391,796,295 23,810,537,670,759
    46% 29% 22% 22%
    11,036,670,672,076 14,186,812,649,063 17,336,954,626,051 21,200,447,073,248
    89% 89% 89% 89%
    1,358,778,437,525 1,746,607,803,884 2,134,437,170,244 2,610,090,597,511
    61,517,601,742 61,517,601,742 61,517,601,742 61,517,601,742
    518,515,674,153 686,175,246,055 883,532,291,587 1,124,992,008,219
    399,690,767,241 533,434,737,391 696,876,181,172 896,740,099,213
    118,824,906,912 152,740,508,663 186,656,110,415 228,251,909,006
    282,127,078,797 362,653,206,664 443,179,334,531 541,940,625,002
    2.28% 2.28% 2.28% 2.28%
    216,433,315,391 278,208,799,347 339,984,283,303 415,748,841,672
    1.75% 1.75% 1.75% 1.75%
    798,700,441,595 1,044,228,196,132 1,289,755,950,669 1,590,883,529,095
    11,209,698,006 11,209,698,006 11,209,698,006 11,209,698,006
    2,910,690,089 2,910,690,089 2,910,690,089 2,910,690,089
    8,299,007,917 8,299,007,917 8,299,007,917 8,299,007,917
    0 0 0 0
    776,281,045,583 1,021,808,800,120 1,267,336,554,657 1,568,464,133,083
    155,256,209,117 204,361,760,024 253,467,310,931 313,692,826,617
    20.00% 20.00% 20.00% 20.00%
    936,618,304 936,618,304 936,618,304 936,618,304
    621,961,454,770 818,383,658,400 1,014,805,862,029 1,255,707,924,771
    3,632.95 4,780.28 5,927.60 7,334.74

    136,131,874,500 136,131,874,500 136,131,874,500 136,131,874,500

    1,175,971,812,823 1,555,243,537,511 1,964,212,735,829 2,465,204,232,296


    CAGR
    22.92%
    BALANCE SHEET 2014 2015
    ASSETS
    A. CURRENT ASSET 694,379,188,147 1,071,561,008,455
    I. Cash and cash equivalent 336,807,716,067 470,061,718,120
    1. Cash 122,985,042,067 242,393,182,850
    2. Cash equivalents 213,822,674,000 227,668,535,270
    II. Short term investments 30,000,000,000
    % change #DIV/0! -100.00%
    1. Held to maturity investments 30,000,000,000
    III. Short term receivables 154,088,536,599 363,509,670,487
    1. Short-term trade receivables 122,485,772,971 103,363,445,699
    2. Short-term advances to supplier 4,571,973,920 169,259,565,534
    3. Short-term loan receivables (162,105,381) (162,105,381)
    4. Other short-term receivables 27,192,895,089 91,048,764,635
    IV. Inventories 137,522,087,909 214,186,555,570
    1. Inventories 137,522,087,909 214,186,555,570
    2. Provision for devaluation of inventories
    V. Other short term assets 35,960,847,572 23,803,064,278
    1. Short-term repayments 8,286,725,798 14,690,447,772
    2. Value added tax deductibles 1,177,133,335 9,112,616,506
    3. Taxes and amount receivable from the State budget 1,292,888,969
    4. Others 25,204,099,470
    B. NON CURRENT ASSETS 727,271,546,766 883,203,669,585
    I. Long term receivables
    1. Other long term receivables
    II. Fixed assets 679,968,837,985 636,532,208,533
    1. Tangible fixed assets 618,302,904,756 595,375,421,956
    - Cost 851,063,493,212 901,229,077,489
    - Accumulated depreciation (232,760,588,456) (305,923,655,533)
    2. Intangible asset 33,092,769,919 41,156,786,677
    - Cost 36,153,869,936 45,206,131,504
    - Accumulated depreciation (3,061,100,017) (4,049,344,827)
    III. Long term assets in progress 28,573,163,310 191,159,377,412
    % LT in progress 569.02%
    1. Long term construction in progress 28,573,163,310 191,159,377,412
    IV. Long term investments 39,205,453,451 42,587,327,201
    1. Held to maturity investments 39,205,453,451 42,587,327,201
    V. Other long term assets 8,097,255,330 12,924,756,339
    1. Long term repayments 8,061,140,389 12,905,115,705
    2. Deferred income tax assets 36,114,941 (359,366)
    TOTAL ASSETS 1,421,650,734,913 1,954,764,678,040
    RESOURCES
    C. LIABILITIES 635,324,911,650 1,135,279,409,795
    I. Current liabilities 507,673,920,248 667,079,248,529
    1. Short term trade account payable 329,022,191,692 200,885,707,160
    2. Short term advances from customers 160,688,554,128 12,300,795,564
    3. Tax and amounts payable to the State budget 330,215,456 5,746,819,042
    4. Payable to employees 7,125,469,132 4,560,270,983
    5. Short term accrued expense
    6. Short term unearned revenue 6,541,650,794
    7. Other short term payable 3,104,251,244 3,856,673,854
    8. Other short term loans and obligation under finance leases 438,769,898,696
    9. Bonus and welfare funds 861,587,802 959,083,230
    II. Long term liabilities 127,650,991,402 468,200,161,266
    1. Long term loans and obligation under finance leases 127,650,991,402 171,262,661,266
    2. Deferred income tax liabilities
    3. Convertible bonds 296,637,500,000
    D. EQUITY 776,936,974,055 819,485,268,245
    I. Owner's equity 776,936,974,055 819,485,268,245
    1. Owner's contributed capital 396,000,000,000 494,999,880,000
    - Ordinary shares carrying voting rights 396,000,000,000 494,999,880,000
    2. Share premium 147,501,567,329 147,408,567,389
    3. Foreign exchange rate difference 1,587,734,457
    4. Investments and development funds 15,755,216,989 35,950,759,648
    5. Other funds under owner's equity 14,053,617,323 13,177,404,323
    6. Retained earnings
    - Retained earnings accumulated to the prior year
    - Retained earnings of the current year
    7. Non-controlling interest 9,388,849,208 9,921,791,820
    TOTAL RESOURCES 1,421,650,734,913 1,954,764,678,040
    2016 2017 2018 Forecasting assumption

    1,361,646,469,010 2,142,716,548,893 3,989,369,447,153


    406,676,809,154 509,577,636,533 645,474,843,425
    121,149,572,757 120,809,634,969 215,635,249,378
    285,527,236,397 388,768,001,564 427,839,594,047
    50,000,000,000 720,906,460,274 Invest in ST investment
    1341.81%
    50,000,000,000 720,906,460,274
    455,567,565,640 961,381,022,420 1,612,785,115,376
    221,225,458,631 417,516,053,153 691,606,956,768 2-year average turnover at 12.98
    184,015,378,614 325,870,456,358 531,565,397,491 Constant
    129,729,000,000 293,698,169,669 Constant
    51,025,438,748 88,265,512,909 95,914,591,448 Constant
    450,591,281,857 536,681,725,193 862,749,230,434 2-year average turnover at 8.81
    450,591,281,857 536,681,725,193 865,499,747,965
    (2,750,517,531)
    48,810,812,359 85,076,164,747 147,453,797,644 Constant
    21,275,206,737 18,897,599,281 21,081,856,490
    27,535,605,622 65,917,582,112 123,666,085,695
    260,983,354 2,705,855,459

    1,715,969,509,727 2,433,440,579,906 3,539,797,275,250


    21,384,352,467 Constant
    21,384,352,467
    1,434,278,060,008 2,299,486,571,152 2,198,807,465,735
    1,338,477,950,662 2,202,974,097,676 2,113,821,537,013
    1,703,369,654,599 2,707,435,817,410 2,858,372,141,820 3 year average
    (364,891,703,937) (504,461,719,734) (744,550,604,807)
    95,800,109,346 96,512,473,476 84,985,928,722
    100,838,674,433 103,445,820,433 94,894,558,865
    (5,038,565,087) (6,933,346,957) (9,908,630,143)
    214,999,542,284 98,121,103,897 1,208,008,703,897
    12.47% -54.36% 1131.14%
    214,999,542,284 98,121,103,897 1,208,008,703,897
    44,338,667,000 48,380,000,000 Constant
    44,338,667,000 48,380,000,000
    22,353,240,435 35,832,904,857 63,216,753,151 Constant
    22,332,919,192 35,612,756,095 62,507,261,342
    20,321,243 220,148,762 709,491,809
    3,077,615,978,737 4,576,157,128,799 7,529,166,722,403

    2,122,863,876,413 2,951,186,840,177 4,548,916,573,712


    1,140,284,738,375 1,990,803,708,402 3,206,103,405,725
    304,263,540,143 519,298,194,029 622,778,663,874 2-year average turnover at 10.70
    11,280,630,943 17,127,077,695 43,876,545,842 2-year average turnover at 274.59
    6,947,288,639 14,232,960,650 14,084,998,080 Constant
    9,184,831,648 13,308,406,810 19,601,493,769 Constant
    6,422,195,946 8,985,258,785 2-year average turnover at 32.59
    453,141,818 Constant
    5,705,003,625 2,702,175,863 3,292,201,538 Constant
    800,794,847,498 1,417,686,392,234 2,492,406,692,801 .
    28,595,879 26,305,175 624,409,218 Constant
    982,579,138,038 960,383,131,775 1,342,813,167,987
    982,579,138,038 959,926,578,352 1,342,803,889,822
    456,553,423 9,278,165 Constant
    Constant
    954,752,102,324 1,624,970,288,622 2,980,250,148,691
    954,752,102,324 1,624,970,288,622 2,980,250,148,691
    569,649,880,000 835,999,880,000 1,711,999,760,000
    569,649,880,000 835,999,880,000 1,711,999,760,000 Constant Q3/2019
    160,721,267,329 198,063,767,389 532,112,689,329 Constant Q3/2019
    205,250,085 158,818,819 (39,715,243) Constant
    38,274,886,929 45,683,661,717 57,775,383,144 Constant
    13,177,404,323 13,177,404,323 13,177,404,323 Constant
    283,769,575,300 265,860,134,664
    90,051,907,554 85,599,659,664
    193,717,667,746 180,260,475,000
    10,861,333,472 248,117,181,134 399,264,491,474 Constant
    3,077,615,978,737 4,576,157,128,799 7,529,166,722,403
    Ratio Formula 2019F 2020F

    5,448,176,764,599 6,610,425,946,231
    1,867,755,789,394 2,133,582,045,429

    1,000,000,000,000 1,200,000,000,000
    38.71% 20.00%

    1,575,176,330,579 1,876,448,078,521
    Sale/Average AR 12.98 653,998,171,971 955,269,919,913
    531,565,397,491 531,565,397,491
    293,698,169,669 293,698,169,669
    95,914,591,448 95,914,591,448
    COGS/Average Inventories 8.81 857,790,846,982 1,252,942,024,637

    147,453,797,644 147,453,797,644

    3,813,501,999,277 5,514,056,208,169
    21,384,352,467 21,384,352,467
    21,384,352,467 21,384,352,467
    Referred to F-FA 2,472,512,189,762 5,343,066,398,654
    2,336,636,865,442 5,133,661,506,134
    3,270,532,800,865 6,365,243,448,559
    (933,895,935,422) (1,231,581,942,425)
    135,875,324,320 209,404,892,520
    147,730,855,261 224,245,274,105
    (11,855,530,942) (14,840,381,585)
    1,208,008,703,897 38,008,703,897

    1,208,008,703,897 38,008,703,897
    48,380,000,000 48,380,000,000
    48,380,000,000 48,380,000,000
    63,216,753,151 63,216,753,151
    62,507,261,342 62,507,261,342
    709,491,809 709,491,809
    9,261,678,763,876 12,124,482,154,401

    6,012,734,567,444 8,389,708,377,698
    4,490,759,891,305 6,606,039,392,800
    COGS/Average AP 10.70 706,237,300,722 1,031,573,601,600
    Sale/Average ST advances from customers 274.59 30,905,323,926 45,142,215,341
    14,084,998,080 14,084,998,080
    19,601,493,769 19,601,493,769
    SG&A/Average accrued expense 32.59 10,472,793,351 15,297,205,549
    453,141,818 453,141,818
    3,292,201,538 3,292,201,538
    Referred to F-Loan 3,705,088,228,883 5,475,970,125,887
    624,409,218 624,409,218
    1,521,974,676,139 1,783,668,984,897
    Referred to F-Loan 1,521,965,397,974 1,783,659,706,732
    9,278,165 9,278,165
    0
    3,248,944,196,433 3,734,773,776,703
    3,248,944,196,433 3,734,773,776,703
    1,711,999,760,000 1,711,999,760,000
    1,711,999,760,000 1,711,999,760,000
    532,112,689,329 532,112,689,329
    (39,715,243) (39,715,243)
    57,775,383,144 57,775,383,144
    13,177,404,323 13,177,404,323
    Ending RE = Beginning RE + NI - Dividend 534,654,183,406 1,020,483,763,676

    399,264,491,474 399,264,491,474
    9,261,678,763,876 12,124,482,154,401
    2021F 2022F 2023F

    9,538,355,558,224 12,727,141,564,057 17,301,741,827,394


    4,231,232,713,047 6,589,739,774,505 10,191,334,262,544

    1,400,000,000,000 1,600,000,000,000 1,800,000,000,000


    16.67% 14.29% 12.50%

    2,149,106,017,086 2,421,763,955,651 2,756,165,355,337


    1,227,927,858,478 1,500,585,797,043 1,834,987,196,729 x
    531,565,397,491 531,565,397,491 531,565,397,491
    293,698,169,669 293,698,169,669 293,698,169,669
    95,914,591,448 95,914,591,448 95,914,591,448
    1,610,563,030,447 1,968,184,036,257 2,406,788,411,869 x

    147,453,797,644 147,453,797,644 147,453,797,644

    6,192,790,537,207 7,387,238,785,679 8,218,879,432,238


    21,384,352,467 21,384,352,467 21,384,352,467
    21,384,352,467 21,384,352,467 21,384,352,467
    6,021,800,727,692 7,216,248,976,164 8,047,889,622,723
    5,719,836,188,714 6,805,364,812,863 7,517,115,552,949
    7,375,935,747,626 8,966,339,809,948 10,272,450,411,912
    (1,656,099,558,912) (2,160,974,997,085) (2,755,334,858,963)
    301,964,538,978 410,884,163,301 530,774,069,774
    321,181,593,169 436,178,507,417 564,094,914,873
    (19,217,054,191) (25,294,344,116) (33,320,845,098)
    38,008,703,897 38,008,703,897 38,008,703,897

    38,008,703,897 38,008,703,897 38,008,703,897


    48,380,000,000 48,380,000,000 48,380,000,000
    48,380,000,000 48,380,000,000 48,380,000,000
    63,216,753,151 63,216,753,151 63,216,753,151
    62,507,261,342 62,507,261,342 62,507,261,342
    709,491,809 709,491,809 709,491,809
    15,731,146,095,430 20,114,380,349,737 25,520,621,259,632

    11,314,120,534,828 14,818,680,801,604 19,105,345,661,229 x


    9,194,063,137,157 12,287,540,887,145 16,071,514,626,680
    1,326,010,520,242 1,620,447,438,884 1,981,559,674,352
    58,026,933,178 70,911,651,016 86,714,116,561
    14,084,998,080 14,084,998,080 14,084,998,080
    19,601,493,769 19,601,493,769 19,601,493,769
    19,663,410,790 24,029,616,031 29,384,549,585
    453,141,818 453,141,818 453,141,818
    3,292,201,538 3,292,201,538 3,292,201,538
    7,752,306,028,523 10,534,095,936,790 13,935,800,041,760
    624,409,218 624,409,218 624,409,218
    2,120,057,397,671 2,531,139,914,459 3,033,831,034,549
    2,120,048,119,506 2,531,130,636,294 3,033,821,756,384
    9,278,165 9,278,165 9,278,165

    4,417,025,560,603 5,295,699,548,132 6,415,275,598,403


    4,417,025,560,603 5,295,699,548,132 6,415,275,598,403
    1,711,999,760,000 1,711,999,760,000 1,711,999,760,000
    1,711,999,760,000 1,711,999,760,000 1,711,999,760,000
    532,112,689,329 532,112,689,329 532,112,689,329
    (39,715,243) (39,715,243) (39,715,243)
    57,775,383,144 57,775,383,144 57,775,383,144
    13,177,404,323 13,177,404,323 13,177,404,323
    1,702,735,547,576 2,581,409,535,105 3,700,985,585,376

    399,264,491,474 399,264,491,474 399,264,491,474


    15,731,146,095,430 20,114,380,349,737 25,520,621,259,632
    STATEMENT OF CASH FLOW
    I. CF from operating activities
    1. (Loss)/Profit before tax
    2. Adjustment for:
    Depreciation and amortisation of fixed assets and investment properties

    Provisions from exchange rate difference of re-evaluation monetary items dominated in


    (Profit)/Loss
    foreign currencies
    (Profit)/Loss from investment
    Interest expense
    Other adjustments
    3. Operating profit before movements in working capital
    (Increase)/Decrease receivables
    (Increase)/Decrease inventories
    Increase/(Decrease) payables
    (Increase)/Decrease prepayment
    (Increase)/Decrease in trading securities
    Interest paid
    Corporate income tax paid
    Others from operating activities
    Net cash generated by/(used in) operating activities
    II. CF from investing activities
    1. Acquisition and construction of fixed assets and other long-term assets
    2. Proceeds from sale, disposal of fixed assets and other long-term assets
    3. Cash outflow for lending, buying debt instruments
    4. Cash recovered from lending, selling debt instruments
    5. Equities investment in other entities
    6. Cash recovered from investments in other entities
    7. Interest earned, dividends and profits received
    Net cash generated by/(used in) investing activities
    III. CF from financing activities
    1. Proceeds from share issue and owner's contributed capital
    2. Proceeds from borrowings
    3. Repayment of borrowings
    4. Dividend and profits paid
    Net cash generated by/(used in) financing activities
    Net increase/(decrease) in cash
    Cash and cash equivalents at the beginning of the year
    Effects of changes in foregin exchange rates
    Cash and cash equivalents at the end of the year

    I. Cash flows from operating activities


    1. Profit before tax
    2. Adjustments for:
    - Depreciation
    - Provisions
    - Gains/losses from unrealised foreign Exchange
    - Gains/losses from investing activities
    - Interest expenses
    - Other adjustments
    3. Profit from operating activities before changes in working capital:
    - Increase/Decrease in receivables
    - Increase/Decrease in inventory
    - Increase/Decrease in payables
    - Increase/Decrease in prepaid expenses
    - Increase/Decrease in trading securites
    - Interest paid
    - Enteprise income tax paid
    - Other receipts/Expense from operating activities
    - Other expenses from operating activities
    Net cash flows from operating activities
    II. Cash flow from investing activities
    1. Purchase of fied assets and other long-term assets
    2. Proceeds from disposals offcied assets and other long-term assets
    3. Loans to other entities and purchase of debt instruments of other entities
    4. Repayment from borrowers and proceeds from sales of debt instruments of other entities
    5. Investments in other entities
    6. Investment returns from other entities
    7. Interest, dividends and profit received

    Net cash flows from investing activities


    III. Cash flows from fiancing activities
    1. Receipts from stocks issuing and capital contribution from owners
    2. Fund returned to equity owners, issued stock redemption
    3. Long-term and short-term borrowings received
    4. Loan repayment
    5. Finance lease principle paid
    6. Dividends, profi paid to equity owners
    Dividend/ Share Capital
    Net cash flows from fiancing activities
    Net cash flows within the period
    Cash and cash equivalents at the beginning of year
    Impact of foreign exchange fluctuation
    Cash and cash equivalents at the end of year
    2019 2020 2021 2022

    504,986,631,172 776,281,045,583 1,021,808,800,120 1,267,336,554,657

    225,550,926,914 354,531,886,250 505,703,258,771 602,301,027,238

    245,315,852,445 399,690,767,241 533,434,737,391 696,876,181,172

    975,853,410,531 1,530,503,699,074 2,060,946,796,282 2,566,513,763,067


    37,608,784,797 (301,271,747,942) (272,657,938,565) (272,657,938,565)
    4,958,383,452 (395,151,177,655) (357,621,005,810) (357,621,005,810)
    71,974,949,498 344,397,604,492 311,687,841,721 311,687,841,721
    0
    (279,093,539,726) (200,000,000,000) (200,000,000,000) -200,000,000,000
    -245,315,852,445 -399,690,767,241 -533,434,737,391 -696,876,181,172
    -100,997,326,234 -155,256,209,117 -204,361,760,024 -253,467,310,931
    836,617,304 936,618,304 936,618,304 936,618,304
    465,825,427,177 424,468,019,915 805,495,814,516 1,098,515,786,613

    (499,255,650,941) (2,055,086,095,143) (1,184,437,587,808) (1,796,749,275,710)


    0

    (499,255,650,941) (2,055,086,095,143) (1,184,437,587,808) (1,796,749,275,710)

    0
    1,391,843,044,234 2,032,576,205,762 2,612,724,315,409 3,192,872,425,056

    (136,131,874,500) (136,131,874,500) (136,131,874,500) (136,131,874,500)


    1,255,711,169,734 1896444331262.46 2476592440909.16 3056740550555.87
    1,222,280,945,969 265,826,256,035 2,097,650,667,617 2,358,507,061,458
    645,474,843,425 1,867,755,789,394 2,133,582,045,429 4,231,232,713,047

    1,867,755,789,394 2,133,582,045,429 4,231,232,713,047 6,589,739,774,505


    1,867,755,789,394 2,133,582,045,429 4,231,232,713,047 6,589,739,774,505

    504,986,631,172

    225,550,926,914
    0

    245,315,852,445

    975,853,410,531
    37,608,784,797
    4,958,383,452
    71,974,949,498
    0
    (279,093,539,726)
    -245,315,852,445
    100,997,326,234
    0
    0
    666,983,462,341

    (499,255,650,941)

    (499,255,650,941)

    1,391,843,044,234

    (136,131,874,500)

    1255711169733.96
    1423438981134.21
    645,474,843,425

    2068913824559.21

    2034499038090
    -34414786469.2144
    2023

    1,568,464,133,083

    709,925,289,009

    896,740,099,213

    3,175,129,521,305
    (334,401,399,686)
    (438,604,375,612)
    382,269,634,565

    -200,000,000,000
    -896,740,099,213
    -313,692,826,617
    936,618,304
    1,374,897,073,047

    (1,541,565,935,567)

    (1,541,565,935,567)

    3,904,395,225,060

    (136,131,874,500)
    3768263350559.78
    3,601,594,488,039
    6,589,739,774,505

    10,191,334,262,544
    10,191,334,262,544
    TWO-STAGE FCFF VALUATION MODEL
    Free Cash Flow To Firm 2019E 2020F 2021F 2022F
    1 2 3 4
    EBIT*(1-Tax rate) 601,178,605,197 941,714,068,563 1,245,131,448,313 1,572,306,806,967
    Depreciation 225,550,926,914 354,531,886,250 505,703,258,771 602,301,027,238
    Changes in WC 115,378,735,051 (351,088,702,801) (317,654,484,350) (317,654,484,350)
    Less CAPEX (499,255,650,941) (2,055,086,095,143) (1,184,437,587,808) (1,796,749,275,710)

    FCFF 442,852,616,221 (1,109,928,843,131) 248,742,634,925 60,204,074,144


    Present value of FCFF 410,775,018,227 (954,959,063,889) 198,511,036,603 44,566,149,987
    Two-stage FCFF valuation model
    Terminal value of year 2022 11,914,007,080,130
    PV of terminal value of year 2022 8180538603344.01
    Total value of the first 4 year (from 2019) 7,879,431,744,272
    Debt value 3,835,210,582,623
    Equity value 4,044,221,161,649
    Expected price 23,650
    current price 14700
    Upside 60.89%

    AVERAGE PE
    Company name Stock code Market capitalization NI P/E
    Công ty cổ phần bao bì Nhựa Tân Tiến TTP 315,707,518,350 47,219,029,679 6.686
    Công ty cổ phần nhựa bao bì Vinh VBC 132,396,793,880 27,877,520,419 4.749
    Công ty cổ phần Rạng Đông Holdings RDP 357,723,822,618 12,095,737,771 29.574
    Công ty cổ phần bao bì nhựa Sài Gòn SPP 97,942,880,000 12,439,554,212 7.874
    Công ty cổ phần nhựa Tân Đại Hưng TPC 203,458,833,096 30,143,231,298 6.750
    Công ty cổ phần nhựa An Phát Xanh AAA 2,516,640,000,000 212,148,913,561 11.863
    Average PE 11.249

    RELATIVE VALUATION
    Net income 212,148,913,561
    Number of shares outstanding 171,200,000
    Earning per share (EPS) 1239
    Average PE of the industry 11.249
    Price 13,940
    VALUATION PRICE TARGET
    Expected price Percentage
    FCFF valuation model 23,650 70%
    Relative valuation 13,940 30%
    Expected price 20,737 100%
    Current price 14,700
    Upside 41.07%
    2023F
    5 Debt 3,835,210,582,623 No. of shares 171,200,000
    1,973,100,004,141 Equity 2,516,640,000,000 Current price 14,700
    709,925,289,009
    (389,799,522,429)
    (1,541,565,935,567) Equity/(Debt + equity) 0.396205793
    Debt/(Debt+equity) 0.603794207
    751,659,835,154
    516,113,701,855

    D/E 1.52394088253505
    Beta 0.818001
    Risk free rate 5.80% T12/2018

    Risk premium 10.96%


    Cost of equity 14.77%
    Cost of debt 4.06%
    Tax rate 20%
    WACC 7.81%
    Sustainable growth rate 1.50%
    Column1 Date AAA Price AAA Return VN-Index Market Return SUMMARY OUTPUT
    1 28-12-18 14,700.00 -1.01% 892.5 -3.67%
    2 30-11-18 14,850.00 1.71% 926.5 1.29% Regression Statistics
    3 31-10-18 14,600.00 -16.57% 914.8 -10.06% Multiple R 0.37207698
    4 28-09-18 17,500.00 -1.69% 1,017.10 2.79% R Square 0.13844128
    5 31-08-18 17,800.00 3.79% 989.5 3.47% Adjusted R Square 0.12358682
    6 31-07-18 17,150.00 -9.26% 956.4 -0.46% Standard Error 0.10194462
    7 29-06-18 18,900.00 -6.44% 960.8 -1.08% Observations 60
    8 31-05-18 20,200.00 1.00% 971.3 -7.52%
    9 27-04-18 20,000.00 -19.35% 1,050.30 -10.58% ANOVA
    10 30-03-18 24,800.00 -12.06% 1,174.50 4.72% df
    11 28-02-18 28,200.00 -5.69% 1,121.50 1.01% Regression 1
    12 31-01-18 29,900.00 -8.70% 1,110.40 12.81% Residual 58
    13 29-12-17 32,750.00 2.02% 984.2 3.61% Total 59
    14 30-11-17 32,100.00 3.88% 949.9 13.45%
    15 31-10-17 30,900.00 -8.98% 837.3 4.08% Coefficients
    16 29-09-17 33,950.00 5.76% 804.4 2.77% Intercept -0.00892197
    17 31-08-17 32,100.00 -3.46% 782.8 -0.10% X Variable 1 0.81800104
    18 31-07-17 33,250.00 -5.00% 783.6 0.91%
    19 30-06-17 35,000.00 11.64% 776.5 5.24%
    20 31-05-17 31,350.00 22.70% 737.8 2.80%
    21 28-04-17 25,550.00 4.93% 717.7 -0.63%
    22 31-03-17 24,350.00 -5.62% 722.3 1.62%
    23 28-02-17 25,800.00 18.35% 710.8 1.94%
    24 25-01-17 21,800.00 -2.02% 697.3 4.87%
    25 30-12-16 22,250.00 -24.32% 664.9 -0.03%
    26 30-11-16 29,400.00 -0.34% 665.1 -1.59%
    27 31-10-16 29,500.00 -3.91% 675.8 -1.45%
    28 30-09-16 30,700.00 -6.69% 685.7 1.65%
    29 31-08-16 32,900.00 -7.58% 674.6 3.43%
    30 29-07-16 35,600.00 18.27% 652.2 3.16%
    31 30-06-16 30,100.00 23.97% 632.3 2.23%
    32 31-05-16 24,281.00 29.42% 618.4 3.35%
    33 29-04-16 18,762.00 11.31% 598.4 6.62%
    34 31-03-16 16,856.00 15.94% 561.2 0.33%
    35 29-02-16 14,539.00 5.88% 559.4 2.59%
    36 29-01-16 13,731.00 11.63% 545.3 -5.83%
    37 31-12-15 12,300.00 13.89% 579.03 1.02%
    38 30-11-15 10,800.00 -4.42% 573.2 -5.63%
    39 30-10-15 11,300.00 9.71% 607.4 7.94%
    40 30-09-15 10,300.00 -16.94% 562.7 -0.37%
    41 31-08-15 12,400.00 -8.15% 564.8 -9.06%
    42 31-07-15 13,500.00 3.85% 621.1 4.72%
    43 30-06-15 13,000.00 -2.26% 593.1 4.13%
    44 29-05-15 13,300.00 2.31% 569.6 1.28%
    45 27-04-15 13,000.00 3.17% 562.4 2.05%
    46 31-03-15 12,600.00 -7.35% 551.1 -7.00%
    47 27-02-15 13,600.00 4.62% 592.6 2.86%
    48 30-01-15 13,000.00 -6.47% 576.1 5.59%
    49 31-12-14 13,900.00 -4.14% 545.6 -3.71%
    50 28-11-14 14,500.00 -3.33% 566.6 -5.69%
    51 31-10-14 15,000.00 -10.18% 600.8 0.33%
    52 30-09-14 16,700.00 -18.14% 598.8 -5.94%
    53 29-08-14 20,400.00 10.87% 636.6 6.79%
    54 30-07-14 18,400.00 -1.08% 596.1 3.11%
    55 30-06-14 18,600.00 -4.12% 578.1 2.86%
    56 30-05-14 19,400.00 -3.00% 562 -2.77%
    57 29-04-14 20,000.00 -12.28% 578 -2.30%
    58 31-03-14 22,800.00 -1.30% 591.6 0.87%
    59 28-02-14 23,100.00 -0.43% 586.5 5.39%
    60 01-14-19 23,200.00 11.00% 556.5 10.42%
    31-12-13 20,900.00 #DIV/0! 504.00 #DIV/0!
    62 04-10-18 17,150.00 0.29% 1,023.60 0.32%
    63 03-10-18 17,100.00 0.88% 1,020.40 0.16%
    64 02-10-18 16,950.00 -1.74% 1,018.80 0.58%
    65 01-10-18 17,250.00 -1.43% 1,012.90 -0.42%
    66 28-09-18 17,500.00 -1.69% 1,017.10 0.17%
    67 27-09-18 17,800.00 1.14% 1,015.40 0.57%
    68 26-09-18 17,600.00 -0.56% 1,009.60 -0.11%
    69 25-09-18 17,700.00 1.14% 1,010.70 -0.05%
    70 24-09-18 17,500.00 2.04% 1,011.30 0.83%
    71 21-09-18 17,150.00 -1.15% 1,003.00 -0.18%
    72 20-09-18 17,350.00 0.29% 1,004.70 0.92%
    73 19-09-18 17,300.00 1.76% 995.5 0.21%
    74 18-09-18 17,000.00 1.80% 993.5 0.60%
    75 17-09-18 16,700.00 -0.89% 987.6 -0.38%
    76 14-09-18 16,850.00 -0.59% 991.3 0.34%
    77 13-09-18 16,950.00 0.30% 988 0.10%
    78 12-09-18 16,900.00 -1.17% 987 0.20%
    79 11-09-18 17,100.00 0.59% 985.1 1.52%
    80 10-09-18 17,000.00 -1.73% 970.3 0.15%
    81 07-09-18 17,300.00 0.58% 968.9 1.12%
    82 06-09-18 17,200.00 -2.27% 958.2 -1.06%
    83 05-09-18 17,600.00 1.73% 968.4 -0.77%
    84 04-09-18 17,300.00 -2.81% 975.9 -1.37%
    85 31-08-18 17,800.00 -1.66% 989.5 -0.85%
    86 30-08-18 18,100.00 4.32% 998.1 1.00%
    87 29-08-18 17,350.00 2.66% 988.2 -0.71%
    88 28-08-18 16,900.00 -0.59% 995.2 0.33%
    89 27-08-18 17,000.00 -0.87% 991.9 0.49%
    90 24-08-18 17,150.00 0.59% 987.1 -0.03%
    91 23-08-18 17,050.00 -0.29% 987.4 0.53%
    92 22-08-18 17,100.00 4.59% 982.2 0.30%
    93 21-08-18 16,350.00 0.62% 979.2 0.99%
    94 20-08-18 16,250.00 -1.22% 969.6 0.08%
    95 17-08-18 16,450.00 -1.50% 968.9 0.48%
    96 16-08-18 16,700.00 0.00% 964.3 0.30%
    97 15-08-18 16,700.00 0.30% 961.4 -1.73%
    98 14-08-18 16,650.00 -1.19% 978.3 0.02%
    99 13-08-18 16,850.00 2.74% 978 0.99%
    100 10-08-18 16,400.00 -2.09% 968.5 0.52%
    101 09-08-18 16,750.00 0.00% 963.5 -0.29%
    102 08-08-18 16,750.00 -0.30% 966.3 0.99%
    103 07-08-18 16,800.00 -0.88% 956.8 -0.36%
    104 06-08-18 16,950.00 -0.88% 960.2 0.07%
    105 03-08-18 17,100.00 -0.58% 959.6 0.63%
    106 02-08-18 17,200.00 -0.58% 953.6 0.08%
    107 01-08-18 17,300.00 0.87% 952.8 -0.38%
    108 31-07-18 17,150.00 -1.72% 956.4 0.70%
    109 30-07-18 17,450.00 0.29% 949.7 1.52%
    110 27-07-18 17,400.00 2.35% 935.5 0.58%
    111 26-07-18 17,000.00 -2.02% 930.2 0.28%
    112 25-07-18 17,350.00 -2.53% 927.6 -0.70%
    113 24-07-18 17,800.00 0.56% 934.1 -0.28%
    114 23-07-18 17,700.00 -0.56% 936.7 0.36%
    115 20-07-18 17,800.00 -1.66% 933.4 -1.12%
    116 19-07-18 18,100.00 -0.55% 944 0.17%
    117 18-07-18 18,200.00 1.96% 942.4 2.29%
    118 17-07-18 17,850.00 4.39% 921.3 1.12%
    119 16-07-18 17,100.00 -0.29% 911.1 0.15%
    120 13-07-18 17,150.00 0.88% 909.7 1.25%
    121 12-07-18 17,000.00 1.19% 898.5 0.60%
    122 11-07-18 16,800.00 -5.88% 893.2 -1.97%
    123 10-07-18 17,850.00 0.00% 911.1 -0.44%
    124 09-07-18 17,850.00 -2.19% 915.1 -0.26%
    125 06-07-18 18,250.00 4.29% 917.5 2.01%
    126 05-07-18 17,500.00 -3.58% 899.4 -1.70%
    127 04-07-18 18,150.00 -0.82% 915 0.99%
    128 03-07-18 18,300.00 0.27% 906 -4.34%
    129 02-07-18 18,250.00 -3.44% 947.2 -1.42%
    130 29-06-18 18,900.00 0.00% 960.8 0.36%
    131 28-06-18 18,900.00 0.27% 957.4 -1.19%
    132 27-06-18 18,850.00 -2.33% 968.9 -1.44%
    133 26-06-18 19,300.00 -0.77% 983 -0.76%
    134 25-06-18 19,450.00 -0.77% 990.5 0.75%
    135 22-06-18 19,600.00 2.08% 983.2 1.42%
    136 21-06-18 19,200.00 -2.29% 969.4 -1.18%
    137 20-06-18 19,650.00 5.08% 981 1.95%
    138 19-06-18 18,700.00 -5.56% 962.2 -2.55%
    139 18-06-18 19,800.00 -5.49% 987.3 -2.87%
    140 15-06-18 20,950.00 -1.64% 1,016.50 0.08%
    141 14-06-18 21,300.00 1.67% 1,015.70 -1.44%
    142 13-06-18 20,950.00 1.95% 1,030.50 0.96%
    143 12-06-18 20,550.00 -2.61% 1,020.80 -1.76%
    144 11-06-18 21,100.00 -3.65% 1,039.00 0.00%
    145 08-06-18 21,900.00 -0.45% 1,039.00 0.22%
    146 07-06-18 22,000.00 -4.35% 1,036.70 0.21%
    147 06-06-18 23,000.00 2.00% 1,034.50 1.15%
    148 05-06-18 22,550.00 0.00% 1,022.70 0.88%
    149 04-06-18 22,550.00 6.87% 1,013.80 2.11%
    150 01-06-18 21,100.00 4.46% 992.9 2.23%
    151 31-05-18 20,200.00 1.51% 971.3 2.40%
    152 30-05-18 19,900.00 -1.00% 948.5 -0.39%
    153 29-05-18 20,100.00 0.50% 952.2 2.19%
    154 28-05-18 20,000.00 -3.38% 931.8 -3.34%
    155 25-05-18 20,700.00 1.47% 963.9 -2.23%
    156 24-05-18 20,400.00 4.08% 985.9 -0.31%
    157 23-05-18 19,600.00 6.81% 988.9 0.31%
    158 22-05-18 18,350.00 -3.17% 985.9 -2.86%
    159 21-05-18 18,950.00 -1.30% 1,015.00 -2.46%
    160 18-05-18 19,200.00 -2.04% 1,040.50 0.96%
    161 17-05-18 19,600.00 0.00% 1,030.60 -2.27%
    162 16-05-18 19,600.00 0.00% 1,054.60 -1.76%
    163 15-05-18 19,600.00 1.55% 1,073.50 0.61%
    164 14-05-18 19,300.00 0.26% 1,067.00 2.12%
    165 11-05-18 19,250.00 1.32% 1,044.90 1.55%
    166 10-05-18 19,000.00 -1.04% 1,028.90 -2.66%
    167 09-05-18 19,200.00 -1.03% 1,057.00 -0.33%
    168 08-05-18 19,400.00 2.37% 1,060.50 -0.17%
    169 07-05-18 18,950.00 -2.57% 1,062.30 3.45%
    170 04-05-18 19,450.00 0.26% 1,026.80 0.03%
    171 03-05-18 19,400.00 -2.51% 1,026.50 -0.25%
    172 02-05-18 19,900.00 -0.50% 1,029.10 -2.02%
    173 27-04-18 20,000.00 1.27% 1,050.30 0.52%
    174 26-04-18 19,750.00 -4.36% 1,044.90 -3.32%
    175 24-04-18 20,650.00 -1.90% 1,080.70 0.37%
    176 23-04-18 21,050.00 1.20% 1,076.80 -3.85%
    177 20-04-18 20,800.00 -0.48% 1,119.90 2.30%
    178 19-04-18 20,900.00 -1.88% 1,094.60 -3.86%
    179 18-04-18 21,300.00 -2.52% 1,138.50 -1.28%
    180 17-04-18 21,850.00 -0.23% 1,153.30 0.42%
    181 16-04-18 21,900.00 6.31% 1,148.50 -0.75%
    182 13-04-18 20,600.00 -0.96% 1,157.10 -1.35%
    183 12-04-18 20,800.00 -1.65% 1,173.00 0.51%
    184 11-04-18 21,150.00 -3.86% 1,167.10 -2.59%
    185 10-04-18 22,000.00 3.29% 1,198.10 -0.52%
    186 09-04-18 21,300.00 -17.76% 1,204.30 0.36%
    187 06-04-18 25,900.00 -0.19% 1,200.00 0.57%
    188 05-04-18 25,950.00 -2.08% 1,193.20 0.14%
    189 04-04-18 26,500.00 5.58% 1,191.50 0.27%
    190 03-04-18 25,100.00 6.81% 1,188.30 -0.70%
    191 02-04-18 23,500.00 -5.24% 1,196.60 1.89%
    192 30-03-18 24,800.00 -3.13% 1,174.50 0.64%
    193 29-03-18 25,600.00 -1.73% 1,167.00 -0.44%
    194 28-03-18 26,050.00 -0.95% 1,172.20 0.04%
    195 27-03-18 26,300.00 0.77% 1,171.70 0.04%
    196 26-03-18 26,100.00 -2.97% 1,171.20 1.53%
    197 23-03-18 26,900.00 -2.00% 1,153.60 -1.60%
    198 22-03-18 27,450.00 1.67% 1,172.40 0.26%
    199 21-03-18 27,000.00 1.69% 1,169.40 0.86%
    200 20-03-18 26,550.00 0.38% 1,159.40 0.01%
    201 19-03-18 26,450.00 -0.94% 1,159.20 0.79%
    202 16-03-18 26,700.00 -0.56% 1,150.20 1.00%
    203 15-03-18 26,850.00 -2.19% 1,138.80 0.06%
    204 14-03-18 27,450.00 3.39% 1,138.10 0.42%
    205 13-03-18 26,550.00 -0.93% 1,133.30 0.62%
    206 12-03-18 26,800.00 0.00% 1,126.30 0.26%
    207 09-03-18 26,800.00 -1.11% 1,123.40 -0.07%
    208 08-03-18 27,100.00 -2.52% 1,124.20 1.07%
    209 07-03-18 27,800.00 3.35% 1,112.30 -0.72%
    210 06-03-18 26,900.00 0.00% 1,120.30 2.45%
    211 05-03-18 26,900.00 -2.54% 1,093.50 -2.47%
    212 02-03-18 27,600.00 -0.36% 1,121.20 0.49%
    213 01-03-18 27,700.00 -1.77% 1,115.80 -0.51%
    214 28-02-18 28,200.00 1.08% 1,121.50 0.17%
    215 27-02-18 27,900.00 -2.62% 1,119.60 0.46%
    216 26-02-18 28,650.00 0.00% 1,114.50 1.06%
    217 23-02-18 28,650.00 0.70% 1,102.90 2.49%
    218 22-02-18 28,450.00 -3.07% 1,076.00 -1.02%
    219 21-02-18 29,350.00 -0.84% 1,087.20 2.59%
    220 13-02-18 29,600.00 6.86% 1,059.70 1.72%
    221 12-02-18 27,700.00 2.59% 1,041.80 3.77%
    222 09-02-18 27,000.00 -1.46% 1,003.90 -1.89%
    223 08-02-18 27,400.00 2.43% 1,023.30 -1.66%
    224 07-02-18 26,750.00 7.00% 1,040.60 2.86%
    225 06-02-18 25,000.00 -6.89% 1,011.60 -3.54%
    226 05-02-18 26,850.00 -6.93% 1,048.70 -5.10%
    227 02-02-18 28,850.00 0.00% 1,105.00 0.49%
    228 01-02-18 28,850.00 -3.51% 1,099.70 -0.96%
    229 31-01-18 29,900.00 4.18% 1,110.40 -0.02%
    230 30-01-18 28,700.00 -4.33% 1,110.60 0.07%
    231 29-01-18 30,000.00 -5.96% 1,109.80 -0.52%
    232 26-01-18 31,900.00 -1.85% 1,115.60 1.00%
    233 25-01-18 32,500.00 -0.76% 1,104.60 1.58%
    234 24-01-18 32,750.00 -0.46% 1,087.40 0.00%
    235 22-01-18 32,900.00 0.30% 1,087.40 2.39%
    236 19-01-18 32,800.00 -0.30% 1,062.10 1.13%
    237 18-01-18 32,900.00 -4.22% 1,050.30 1.50%
    238 17-01-18 34,350.00 -1.72% 1,034.70 -2.66%
    239 16-01-18 34,950.00 1.30% 1,063.00 -0.05%
    240 15-01-18 34,500.00 0.29% 1,063.50 1.27%
    241 12-01-18 34,400.00 1.18% 1,050.10 0.19%
    242 11-01-18 34,000.00 0.15% 1,048.20 0.97%
    243 10-01-18 33,950.00 1.19% 1,038.10 0.44%
    244 09-01-18 33,550.00 2.91% 1,033.60 1.04%
    245 08-01-18 32,600.00 -0.61% 1,022.90 1.01%
    246 05-01-18 32,800.00 -0.46% 1,012.70 -0.70%
    247 04-01-18 32,950.00 0.30% 1,019.80 1.40%
    248 03-01-18 32,850.00 -0.76% 1,005.70 0.99%
    249 02-01-18 33,100.00 1.07% 995.8 1.17%
    250 29-12-17 32,750.00 0.00% 984.2 0.77%
    251 28-12-17 32,750.00 -0.15% 976.7 0.85%
    252 27-12-17 32,800.00 0.00% 968.5 0.26%
    253 26-12-17 32,800.00 -0.91% 965.9 0.80%
    254 25-12-17 33,100.00 1.22% 958.3 0.63%
    255 22-12-17 32,700.00 0.62% 952.3 0.66%
    256 21-12-17 32,500.00 0.31% 946.1 -0.78%
    257 20-12-17 32,400.00 -0.15% 953.5 0.22%
    258 19-12-17 32,450.00 0.62% 951.4 -0.69%
    259 18-12-17 32,250.00 3.70% 958.1 2.45%
    260 15-12-17 31,100.00 1.80% 935.2 -0.07%
    261 14-12-17 30,550.00 -0.65% 935.9 1.24%
    262 13-12-17 30,750.00 0.65% 924.4 -0.31%
    263 12-12-17 30,550.00 -2.08% 927.3 1.07%
    264 11-12-17 31,200.00 0.00% 917.5 -2.42%
    265 08-12-17 31,200.00 0.16% 940.2 0.16%
    266 07-12-17 31,150.00 -2.35% 938.7 -0.95%
    267 06-12-17 31,900.00 -1.39% 947.6 -0.59%
    268 05-12-17 32,350.00 1.09% 953.3 -1.72%
    269 04-12-17 32,000.00 -0.31% 970 1.01%
    270 01-12-17 32,100.00 0.00% 960.3 1.09%
    271 30-11-17 32,100.00 0.94% 949.9 -0.23%
    272 29-11-17 31,800.00 -1.24% 952.1 1.16%
    273 28-11-17 32,200.00 2.71% 941.2 0.28%
    274 27-11-17 31,350.00 0.48% 938.6 0.32%
    275 24-11-17 31,200.00 0.81% 935.6 0.20%
    276 23-11-17 30,950.00 -1.43% 933.7 0.11%
    277 22-11-17 31,400.00 0.32% 932.7 1.56%
    278 21-11-17 31,300.00 2.96% 918.3 1.63%
    279 20-11-17 30,400.00 -1.94% 903.6 1.44%
    280 17-11-17 31,000.00 0.00% 890.7 -0.24%
    281 16-11-17 31,000.00 4.20% 892.8 1.16%
    282 15-11-17 29,750.00 5.87% 882.6 0.19%
    283 14-11-17 28,100.00 -6.95% 880.9 0.18%
    284 13-11-17 30,200.00 0.50% 879.3 1.28%
    285 10-11-17 30,050.00 0.17% 868.2 0.91%
    286 09-11-17 30,000.00 -2.91% 860.4 0.08%
    287 08-11-17 30,900.00 0.32% 859.7 1.10%
    288 07-11-17 30,800.00 0.98% 850.3 0.15%
    289 06-11-17 30,500.00 1.67% 849.1 0.64%
    290 03-11-17 30,000.00 -1.48% 843.7 1.28%
    291 02-11-17 30,450.00 0.50% 833.1 -1.14%
    292 01-11-17 30,300.00 -1.94% 842.7 0.65%
    293 31-10-17 30,900.00 -5.79% 837.3 -0.94%
    294 30-10-17 32,800.00 -1.35% 845.2 0.57%
    295 27-10-17 33,250.00 -1.77% 840.4 1.24%
    296 26-10-17 33,850.00 0.89% 830.1 -0.07%
    297 25-10-17 33,550.00 0.75% 830.7 0.66%
    298 24-10-17 33,300.00 -2.06% 825.2 0.63%
    299 23-10-17 34,000.00 -1.88% 820 -0.82%
    300 20-10-17 34,650.00 -0.72% 826.8 -0.25%
    301 19-10-17 34,900.00 -0.99% 828.9 0.15%
    302 18-10-17 35,250.00 1.59% 827.7 -0.07%
    303 17-10-17 34,700.00 0.00% 828.3 1.08%
    304 16-10-17 34,700.00 0.14% 819.4 -0.19%
    305 13-10-17 34,650.00 -0.29% 821 0.62%
    306 12-10-17 34,750.00 -1.14% 815.9 0.24%
    307 11-10-17 35,150.00 2.33% 814 0.41%
    308 10-10-17 34,350.00 1.18% 810.7 0.21%
    309 09-10-17 33,950.00 -0.15% 809 0.14%
    310 06-10-17 34,000.00 -0.87% 807.8 0.32%
    311 05-10-17 34,300.00 2.69% 805.2 -0.05%
    312 04-10-17 33,400.00 -1.33% 805.7 0.96%
    313 03-10-17 33,850.00 -1.17% 798 -0.53%
    314 02-10-17 34,250.00 0.88% 802.2 -0.27%
    315 29-09-17 33,950.00 -2.16% 804.4 -0.05%
    316 28-09-17 34,700.00 0.00% 804.8 0.13%
    317 27-09-17 34,700.00 -1.14% 803.8 -0.20%
    318 26-09-17 35,100.00 -0.71% 805.4 -0.03%
    319 25-09-17 35,350.00 1.00% 805.6 -0.19%
    320 22-09-17 35,000.00 0.86% 807.1 0.40%
    321 21-09-17 34,700.00 0.29% 803.9 -0.24%
    322 20-09-17 34,600.00 -0.57% 805.9 -0.01%
    323 19-09-17 34,800.00 -1.42% 805.9 -0.24%
    324 18-09-17 35,300.00 2.17% 807.9 0.25%
    325 15-09-17 34,550.00 -1.57% 805.8 -0.06%
    326 14-09-17 35,100.00 0.86% 806.3 0.44%
    327 13-09-17 34,800.00 6.58% 802.8 0.36%
    328 12-09-17 32,650.00 0.15% 799.9 0.31%
    329 11-09-17 32,600.00 -1.36% 797.5 -0.47%
    330 08-09-17 33,050.00 1.85% 801.2 0.56%
    331 07-09-17 32,450.00 1.25% 796.7 0.40%
    332 06-09-17 32,050.00 -1.23% 793.6 0.16%
    333 05-09-17 32,450.00 0.15% 792.3 0.45%
    334 01-09-17 32,400.00 0.93% 788.7 0.76%
    335 31-08-17 32,100.00 -0.31% 782.8 0.53%
    336 30-08-17 32,200.00 0.94% 778.7 0.60%
    337 29-08-17 31,900.00 -0.16% 774 -0.42%
    338 28-08-17 31,950.00 -0.62% 777.3 0.73%
    339 25-08-17 32,150.00 0.16% 771.6 0.24%
    340 24-08-17 32,100.00 0.31% 769.8 0.49%
    341 23-08-17 32,000.00 -2.44% 766 0.62%
    342 22-08-17 32,800.00 -0.61% 761.3 -0.98%
    343 21-08-17 33,000.00 -0.30% 768.8 -0.02%
    344 18-08-17 33,100.00 -2.22% 769 0.18%
    345 17-08-17 33,850.00 2.27% 767.6 -0.77%
    346 16-08-17 33,100.00 -0.90% 773.6 0.33%
    347 15-08-17 33,400.00 3.73% 771.1 -0.66%
    348 14-08-17 32,200.00 0.00% 776.2 0.53%
    349 11-08-17 32,200.00 0.00% 772.1 -0.17%
    350 10-08-17 32,200.00 -1.23% 773.4 -0.03%
    351 09-08-17 32,600.00 1.09% 773.7 -2.26%
    352 08-08-17 32,250.00 0.16% 791.6 -0.18%
    353 07-08-17 32,200.00 -1.23% 793 0.55%
    354 04-08-17 32,600.00 1.24% 788.7 0.02%
    355 03-08-17 32,200.00 -0.31% 788.5 0.29%
    356 02-08-17 32,300.00 -1.82% 786.2 -0.07%
    357 01-08-17 32,900.00 -1.05% 786.8 0.42%
    358 31-07-17 33,250.00 0.15% 783.6 0.83%
    359 28-07-17 33,200.00 0.61% 777.1 0.72%
    360 27-07-17 33,000.00 2.01% 771.5 -0.31%
    361 26-07-17 32,350.00 2.37% 773.9 0.86%
    362 25-07-17 31,600.00 -1.56% 767.3 0.99%
    363 24-07-17 32,100.00 -2.13% 759.7 -0.28%
    364 21-07-17 32,800.00 1.23% 761.9 -0.85%
    365 20-07-17 32,400.00 2.86% 768.4 -0.37%
    366 19-07-17 31,500.00 -3.67% 771.3 0.50%
    367 18-07-17 32,700.00 -3.25% 767.5 -0.18%
    368 17-07-17 33,800.00 -1.02% 768.9 -1.12%
    369 14-07-17 34,150.00 1.34% 777.6 -0.09%
    370 13-07-17 33,700.00 0.90% 778.3 0.53%
    371 12-07-17 33,400.00 -1.18% 774.2 0.63%
    372 11-07-17 33,800.00 -1.74% 769.4 0.37%
    373 10-07-17 34,400.00 -0.86% 766.6 -1.18%
    374 07-07-17 34,700.00 1.17% 775.7 -0.88%
    375 06-07-17 34,300.00 1.63% 782.7 0.56%
    376 05-07-17 33,750.00 -1.32% 778.3 0.36%
    377 04-07-17 34,200.00 -1.01% 775.5 -0.43%
    378 03-07-17 34,550.00 -1.29% 778.9 0.31%
    379 30-06-17 35,000.00 1.74% 776.5 0.61%
    380 29-06-17 34,400.00 0.00% 771.8 0.35%
    381 28-06-17 34,400.00 -1.99% 769 0.20%
    382 27-06-17 35,100.00 0.00% 767.5 -0.65%
    383 26-06-17 35,100.00 0.29% 772.5 0.46%
    384 23-06-17 35,000.00 -0.57% 769 0.35%
    385 22-06-17 35,200.00 5.71% 766.3 -0.14%
    386 21-06-17 33,300.00 0.91% 767.4 -0.08%
    387 20-06-17 33,000.00 5.77% 768 0.15%
    388 19-06-17 31,200.00 -0.48% 766.8 0.73%
    389 16-06-17 31,350.00 -0.16% 761.2 0.09%
    390 15-06-17 31,400.00 0.32% 760.6 -0.03%
    391 14-06-17 31,300.00 1.95% 760.8 0.51%
    392 13-06-17 30,700.00 -4.06% 756.9 0.77%
    393 12-06-17 32,000.00 0.00% 751.1 0.18%
    394 09-06-17 32,000.00 -1.54% 749.7 -0.05%
    395 08-06-17 32,500.00 0.00% 750.1 -0.44%
    396 07-06-17 32,500.00 0.93% 753.5 0.29%
    397 06-06-17 32,200.00 -0.31% 751.3 1.05%
    398 05-06-17 32,300.00 0.00% 743.5 0.63%
    399 02-06-17 32,300.00 5.90% 738.8 -0.40%
    400 01-06-17 30,500.00 -2.71% 741.8 0.54%
    401 31-05-17 31,350.00 -6.97% 737.8 -0.05%
    402 30-05-17 33,700.00 2.12% 738.2 -1.08%
    403 29-05-17 33,000.00 1.54% 746.3 0.38%
    404 26-05-17 32,500.00 0.31% 743.4 0.20%
    405 25-05-17 32,400.00 6.93% 741.9 -0.11%
    406 24-05-17 30,300.00 1.00% 742.7 0.24%
    407 23-05-17 30,000.00 -1.80% 740.9 -0.43%
    408 22-05-17 30,550.00 4.98% 744.1 1.40%
    409 19-05-17 29,100.00 -1.85% 733.8 0.94%
    410 18-05-17 29,650.00 2.95% 727 -0.03%
    411 17-05-17 28,800.00 -4.95% 727.2 0.30%
    412 16-05-17 30,300.00 -1.94% 725 -0.04%
    413 15-05-17 30,900.00 -0.32% 725.4 0.00%
    414 12-05-17 31,000.00 4.20% 725.4 0.05%
    415 11-05-17 29,750.00 4.02% 725 0.09%
    416 10-05-17 28,600.00 0.18% 724.3 0.30%
    417 09-05-17 28,550.00 1.96% 722.1 0.45%
    418 08-05-17 28,000.00 3.70% 718.9 -0.16%
    419 05-05-17 27,000.00 -2.17% 720 -0.28%
    420 04-05-17 27,600.00 6.98% 722 0.34%
    421 03-05-17 25,800.00 0.98% 719.5 0.25%
    422 28-04-17 25,550.00 0.59% 717.7 0.17%
    423 27-04-17 25,400.00 1.60% 716.5 0.91%
    424 26-04-17 25,000.00 0.00% 710 0.35%
    425 25-04-17 25,000.00 0.60% 707.6 -0.26%
    426 24-04-17 24,850.00 -0.60% 709.4 -0.42%
    427 21-04-17 25,000.00 0.00% 712.4 -0.04%
    428 20-04-17 25,000.00 0.00% 712.7 -0.57%
    429 19-04-17 25,000.00 2.88% 716.8 0.26%
    430 18-04-17 24,300.00 -4.14% 714.9 0.58%
    431 17-04-17 25,350.00 -0.20% 710.8 -1.06%
    432 14-04-17 25,400.00 -2.31% 718.5 -0.81%
    433 13-04-17 26,000.00 1.96% 724.4 -0.17%
    434 12-04-17 25,500.00 -0.78% 725.6 -0.79%
    435 11-04-17 25,700.00 1.38% 731.3 0.20%
    436 10-04-17 25,350.00 1.00% 729.9 0.26%
    437 07-04-17 25,100.00 1.21% 728 0.65%
    438 05-04-17 24,800.00 2.48% 723.2 -0.13%
    439 04-04-17 24,200.00 -1.22% 724.1 0.24%
    440 03-04-17 24,500.00 0.62% 722.4 0.01%
    441 31-03-17 24,350.00 1.46% 722.3 -0.21%
    442 30-03-17 24,000.00 1.05% 723.9 0.47%
    443 29-03-17 23,750.00 0.21% 720.5 0.17%
    444 28-03-17 23,700.00 -1.66% 719.3 -0.59%
    445 27-03-17 24,100.00 -0.62% 723.5 0.19%
    446 24-03-17 24,250.00 0.00% 722.1 0.36%
    447 23-03-17 24,250.00 0.00% 719.6 0.93%
    448 22-03-17 24,250.00 -2.02% 712.9 -0.45%
    449 21-03-17 24,750.00 0.00% 716.2 0.16%
    450 20-03-17 24,750.00 2.06% 715.1 0.64%
    451 17-03-17 24,250.00 0.21% 710.5 -0.61%
    452 16-03-17 24,200.00 -1.63% 714.9 0.25%
    453 15-03-17 24,600.00 0.61% 713.1 -0.22%
    454 14-03-17 24,450.00 -2.40% 714.7 0.64%
    455 13-03-17 25,050.00 -1.38% 710.2 -0.29%
    456 10-03-17 25,400.00 1.60% 712.2 -0.50%
    457 09-03-17 25,000.00 -3.29% 715.8 -0.11%
    458 08-03-17 25,850.00 0.19% 716.6 0.01%
    459 07-03-17 25,800.00 -2.82% 716.5 0.03%
    460 06-03-17 26,550.00 1.92% 716.3 0.52%
    461 03-03-17 26,050.00 3.37% 712.6 0.72%
    462 02-03-17 25,200.00 0.80% 707.5 -0.28%
    463 01-03-17 25,000.00 -3.10% 709.5 -0.18%
    464 28-02-17 25,800.00 -1.71% 710.8 -0.93%
    465 27-02-17 26,250.00 -0.94% 717.4 0.42%
    466 24-02-17 26,500.00 0.76% 714.5 -0.33%
    467 23-02-17 26,300.00 -0.75% 716.9 -0.05%
    468 22-02-17 26,500.00 -1.12% 717.2 0.10%
    469 21-02-17 26,800.00 3.08% 716.6 0.84%
    470 20-02-17 26,000.00 3.59% 710.6 0.39%
    471 17-02-17 25,100.00 -3.09% 707.8 -0.21%
    472 16-02-17 25,900.00 2.78% 709.4 -0.31%
    473 15-02-17 25,200.00 2.23% 711.6 0.75%
    474 14-02-17 24,650.00 4.67% 706.3 0.05%
    475 13-02-17 23,550.00 0.43% 705.9 0.30%
    476 10-02-17 23,450.00 -0.64% 703.8 0.45%
    477 09-02-17 23,600.00 -1.26% 700.7 -0.20%
    478 08-02-17 23,900.00 0.84% 702 0.02%
    479 07-02-17 23,700.00 1.50% 701.9 0.27%
    480 06-02-17 23,350.00 -0.21% 700 -0.04%
    481 03-02-17 23,400.00 6.85% 700.4 -0.40%
    482 02-02-17 21,900.00 0.46% 703.2 0.85%
    483 25-01-17 21,800.00 -3.75% 697.3 0.86%
    484 24-01-17 22,650.00 -0.22% 691.4 0.61%
    485 23-01-17 22,700.00 -4.22% 687.2 0.13%
    486 20-01-17 23,700.00 1.94% 686.3 0.58%
    487 19-01-17 23,250.00 -7.00% 682.3 -0.14%
    488 18-01-17 25,000.00 6.38% 683.3 -0.21%
    489 17-01-17 23,500.00 -5.24% 684.7 1.00%
    490 16-01-17 24,800.00 -1.59% 677.9 -1.04%
    491 13-01-17 25,200.00 1.00% 685.1 -0.28%
    492 12-01-17 24,950.00 -0.99% 687 -0.03%
    493 11-01-17 25,200.00 -3.08% 687.2 0.89%
    494 10-01-17 26,000.00 6.12% 681.1 -0.22%
    495 09-01-17 24,500.00 -3.54% 682.6 0.41%
    496 06-01-17 25,400.00 2.01% 679.8 0.59%
    497 05-01-17 24,900.00 1.22% 675.8 0.16%
    498 04-01-17 24,600.00 5.13% 674.7 0.40%
    499 03-01-17 23,400.00 5.17% 672 1.07%
    500 30-12-16 22,250.00 -3.26% 664.9 0.02%
    501 29-12-16 23,000.00 -1.71% 664.7 0.18%
    502 28-12-16 23,400.00 -0.43% 663.5 -0.05%
    503 27-12-16 23,500.00 -2.08% 663.9 0.21%
    504 26-12-16 24,000.00 -2.83% 662.5 -0.29%
    505 23-12-16 24,700.00 -0.80% 664.4 0.03%
    506 22-12-16 24,900.00 0.00% 664.2 -0.42%
    507 21-12-16 24,900.00 -0.40% 666.9 0.65%
    508 20-12-16 25,000.00 0.00% 662.7 -1.73%
    509 19-12-16 25,000.00 0.00% 674.3 -0.12%
    510 16-12-16 25,000.00 0.00% 675.2 1.39%
    511 15-12-16 25,000.00 0.00% 665.9 0.12%
    512 14-12-16 25,000.00 0.00% 665.1 1.60%
    513 13-12-16 25,000.00 -4.21% 654.7 -0.76%
    514 12-12-16 26,100.00 -4.04% 659.7 -0.51%
    515 09-12-16 27,200.00 0.37% 663.1 0.63%
    516 08-12-16 27,100.00 -0.37% 658.9 0.82%
    517 07-12-16 27,200.00 -0.37% 653.5 0.31%
    518 06-12-16 27,300.00 -3.19% 651.5 -1.32%
    519 05-12-16 28,200.00 0.00% 660.2 -0.74%
    520 02-12-16 28,200.00 -4.08% 665.1 -0.21%
    521 01-12-16 29,400.00 0.00% 666.5 0.22%
    522 30-11-16 29,400.00 0.00% 665.1 1.03%
    523 29-11-16 29,400.00 -1.67% 658.3 -1.06%
    524 28-11-16 29,900.00 0.00% 665.3 -1.57%
    525 25-11-16 29,900 2.05% 675.9 0.19%
    531 17-11-16 29,300.00 1.74% 674.6 0.00%
    532 16-11-16 28,800.00 -0.35% 674.6 0.05%
    533 15-11-16 28,900.00 0.35% 674.3 0.18%
    534 14-11-16 28,800.00 -0.69% 673.1 -0.91%
    535 11-11-16 29,000.00 -0.34% 679.2 0.15%
    536 10-11-16 29,100.00 0.34% 678.2 1.18%
    537 09-11-16 29,000.00 -1.02% 670.3 -0.92%
    538 08-11-16 29,300.00 -0.68% 676.5 0.34%
    539 07-11-16 29,500.00 3.87% 674.1 1.11%
    540 04-11-16 28,400.00 0.00% 666.7 -0.13%
    541 03-11-16 28,400.00 -2.07% 667.6 -0.56%
    542 02-11-16 29,000.00 -1.69% 671.4 -0.77%
    543 01-11-16 29,500.00 0.00% 676.6 0.12%
    544 31-10-16 29,500.00 0.00% 675.8 -0.95%
    545 28-10-16 29,500.00 -0.34% 682.3 0.79%
    546 27-10-16 29,600.00 -0.34% 676.9 0.49%
    547 26-10-16 29,700.00 0.34% 673.6 -0.38%
    548 25-10-16 29,600.00 -0.67% 676.2 -0.27%
    549 24-10-16 29,800.00 -0.67% 678 -0.99%
    550 21-10-16 30,000.00 -2.60% 684.8 -0.23%
    551 20-10-16 30,800.00 -0.96% 686.4 -0.36%
    552 19-10-16 31,100.00 0.00% 688.9 1.01%
    553 18-10-16 31,100.00 0.65% 682 0.16%
    554 17-10-16 30,900.00 -1.59% 681 -0.88%
    555 14-10-16 31,400.00 0.00% 687 0.26%
    556 13-10-16 31,400.00 0.00% 685.2 0.41%
    557 12-10-16 31,400.00 0.96% 682.5 0.01%
    558 11-10-16 31,100.00 0.32% 682.4 1.21%
    559 10-10-16 31,000.00 0.00% 674.2 -1.43%
    560 07-10-16 31,000.00 0.00% 684 -0.49%
    561 06-10-16 31,000.00 1.64% 687.3 0.04%
    562 05-10-16 30,500.00 0.33% 687 0.42%
    563 04-10-16 30,400.00 -0.98% 684.2 0.17%
    564 03-10-16 30,700.00 0.00% 683.1 -0.39%
    565 30-09-16 30,700.00 -1.29% 685.7 -0.41%
    566 29-09-16 31,100.00 0.65% 688.6 0.27%
    567 28-09-16 30,900.00 1.31% 686.7 0.27%
    568 27-09-16 30,500.00 2.01% 684.9 1.16%
    569 26-09-16 29,900.00 -1.97% 677 0.44%
    570 23-09-16 30,500.00 -1.93% 674.1 0.40%
    571 22-09-16 31,100.00 0.32% 671.4 0.43%
    572 21-09-16 31,000.00 4.73% 668.5 0.77%
    573 20-09-16 29,600.00 1.02% 663.4 0.83%
    574 19-09-16 29,300.00 1.38% 657.9 1.01%
    575 16-09-16 28,900.00 -1.03% 651.3 -0.74%
    576 15-09-16 29,200.00 1.39% 656.2 -0.07%
    577 14-09-16 28,800.00 -0.69% 656.6 -0.47%
    578 13-09-16 29,000.00 -9.38% 659.7 -0.01%
    579 12-09-16 32,000.00 -2.74% 659.8 -1.07%
    580 09-09-16 32,900.00 0.00% 666.9 0.12%
    581 08-09-16 32,900.00 -0.30% 666.1 0.72%
    582 07-09-16 33,000.00 0.00% 661.3 -0.39%
    583 06-09-16 33,000.00 -0.30% 663.9 -0.10%
    584 05-09-16 33,100.00 0.30% 664.6 -0.69%
    585 01-09-16 33,000.00 0.30% 669.2 -0.81%
    586 31-08-16 32,900.00 -0.60% 674.6 0.29%
    587 30-08-16 33,100.00 0.00% 672.7 0.48%
    588 29-08-16 33,100.00 0.00% 669.4 0.25%
    589 26-08-16 33,100.00 -1.49% 667.8 1.40%
    590 25-08-16 33600 -0.88% 658.5 -0.34%
    591 24-08-16 33900 0.30% 660.8 0.24%
    592 23-08-16 33800 1.50% 659.2 0.23%
    593 22-08-16 33300 -1.48% 657.7 -0.69%
    594 19-08-16 33800 -1.17% 662.3 0.25%
    595 18-08-16 34200 0.59% 660.7 0.02%
    596 17-08-16 34000 -0.29% 660.5 0.36%
    597 16-08-16 34100 0.29% 658.1 -0.21%
    598 15-08-16 34000 0.00% 659.5 0.57%
    599 12-08-16 34000 1.19% 655.7 -0.69%
    600 11-08-16 33600 -1.75% 660.2 1.84%
    601 10-08-16 34200 0.29% 648.3 1.72%
    602 09-08-16 34100 2.71% 637.3 1.25%
    603 08-08-16 33200 0.30% 629.5 0.33%
    604 05-08-16 33100 0.00% 627.4 -0.72%
    605 04-08-16 33100 0.00% 631.9 0.05%
    606 03-08-16 33100 0.30% 631.6 -0.70%
    607 02-08-16 33000 -2.94% 636.1 -1.90%
    608 01-08-16 34000 -4.49% 648.4 -0.59%
    609 29-07-16 35600 0.28% 652.2 -0.75%
    610 28-07-16 35500 2.90% 657.1 0.16%
    611 27-07-16 34500 1.47% 656.1 1.16%
    612 26-07-16 34000 -0.29% 648.6 -0.11%
    613 25-07-16 34100 2.40% 649.3 -0.09%
    614 22-07-16 33300 0.30% 649.9 -1.47%
    615 21-07-16 33200 3.11% 659.6 -0.10%
    616 20-07-16 32200 0.31% 660.3 -1.12%
    617 19-07-16 32100 -1.53% 667.8 -0.85%
    618 18-07-16 32600 8.67% 673.5 1.35%
    619 15-07-16 30000 0.00% 664.6 -0.32%
    620 14-07-16 30000 -3.23% 666.7 -1.25%
    621 13-07-16 31000 0.32% 675.1 2.46%
    622 12-07-16 30900 6.19% 658.9 1.02%
    623 11-07-16 29100 -5.21% 652.3 -0.97%
    624 08-07-16 30700 -2.85% 658.7 -0.37%
    625 07-07-16 31600 1.94% 661.1 1.80%
    626 06-07-16 31000 -1.59% 649.5 -0.22%
    627 05-07-16 31500 -0.94% 650.9 0.45%
    628 04-07-16 31800 4.95% 648 1.20%
    629 01-07-16 30300 0.66% 640.3 1.27%
    630 30-06-16 30100 1.70% 632.3 0.34%
    631 29-06-16 29598 -0.34% 630.1 1.27%
    632 28-06-16 29699 6.86% 622.2 0.15%
    633 27-06-16 27792 2.97% 621.3 0.08%
    634 24-06-16 26990 -2.18% 620.8 -1.82%
    635 23-06-16 27592 -0.72% 632.3 0.94%
    636 22-06-16 27792 -0.36% 626.4 -0.25%
    637 21-06-16 27893 2.59% 628 0.25%
    638 20-06-16 27190 -0.73% 626.5 1.16%
    639 17-06-16 27391 -3.53% 619.3 -0.94%
    640 16-06-16 28394 4.04% 625.1 -0.30%
    641 15-06-16 27291 -1.80% 627 0.25%
    642 14-06-16 27792 -0.36% 625.4 0.30%
    643 13-06-16 27893 -2.11% 623.6 -0.99%
    644 10-06-16 28495 3.27% 629.8 -0.22%
    645 09-06-16 27592 10.00% 631.3 0.54%
    646 08-06-16 25083 -0.79% 627.9 0.52%
    647 07-06-16 25284 2.03% 624.7 0.74%
    648 06-06-16 24782 -0.80% 620.1 -0.29%
    649 03-06-16 24983 0.00% 621.9 -0.24%
    650 02-06-16 24983 2.89% 623.4 0.57%
    651 01-06-16 24281 0.00% 619.9 0.23%
    652 31-05-16 24281 -2.42% 618.4 0.64%
    653 30-05-16 24883 0.00% 614.5 1.05%
    654 27-05-16 24883 2.91% 608.1 0.62%
    655 26-05-16 24180 0.00% 604.3 -1.23%
    656 25-05-16 24180 0.00% 611.9 0.04%
    657 24-05-16 24180 7.11% 611.6 0.10%
    658 23-05-16 22575 0.00% 611 -0.61%
    659 20-05-16 22575 -0.88% 614.8 -0.71%
    660 19-05-16 22776 0.45% 619.2 -0.52%
    661 18-05-16 22675 -3.42% 622.5 -0.37%
    662 17-05-16 23478 0.00% 624.8 1.46%
    663 16-05-16 23478 7.84% 615.8 0.81%
    664 13-05-16 21772 -0.91% 610.8 -0.21%
    665 12-05-16 21973 -0.45% 612.1 -0.32%
    666 11-05-16 22073 9.45% 614.1 1.49%
    667 10-05-16 20167 4.15% 605.1 0.20%
    668 09-05-16 19364 1.04% 603.9 -0.44%
    669 06-05-16 19164 0.00% 606.5 0.83%
    670 05-05-16 19164 -0.52% 601.5 0.41%
    671 04-05-16 19264 2.68% 599.1 0.12%
    672 29-04-16 18762 0.00% 598.4 1.13%
    673 28-04-16 18762 2.18% 591.7 -0.39%
    674 27-04-16 18361 0.00% 594 -0.76%
    675 26-04-16 18361 1.11% 598.5 1.17%
    676 25-04-16 18160 -1.63% 591.6 -0.15%
    677 22-04-16 18461 0.00% 592.5 2.91%
    678 21-04-16 18461 1.10% 575.7 1.36%
    679 20-04-16 18261 8.34% 568 -0.04%
    680 19-04-16 16856 -0.59% 568.3 -2.00%
    681 15-04-16 16956 0.00% 579.9 0.06%
    682 14-04-16 16956 0.00% 579.5 0.25%
    683 13-04-16 16956 2.42% 578 -0.31%
    684 12-04-16 16555 -0.60% 579.8 0.10%
    685 11-04-16 16655 1.22% 579.3 1.21%
    686 08-04-16 16455 -2.38% 572.3 0.13%
    687 07-04-16 16856 -2.89% 571.6 0.67%
    688 06-04-16 17357 0.59% 567.8 1.33%
    689 05-04-16 17256 2.37% 560.3 0.81%
    690 04-04-16 16856 0.00% 555.8 -0.47%
    691 01-04-16 16856 0.00% 558.4 -0.50%
    692 31-03-16 16856 -3.99% 561.2 -1.52%
    693 30-03-16 17557 2.93% 569.9 0.29%
    694 29-03-16 17057 0.00% 568.3 -1.29%
    695 28-03-16 17057 0.60% 575.7 0.64%
    696 25-03-16 16956 0.59% 572.1 0.25%
    697 24-03-16 16856 -3.44% 570.7 -0.70%
    698 23-03-16 17457 1.16% 574.7 0.67%
    699 22-03-16 17256 4.23% 570.9 -0.24%
    700 21-03-16 16555 0.61% 572.3 -0.62%
    701 18-03-16 16454 0.61% 575.8 -0.59%
    702 17-03-16 16354 3.17% 579.3 0.38%
    703 16-03-16 15852 -0.63% 577.1 0.53%
    704 15-03-16 15952 -1.25% 574 -0.68%
    705 14-03-16 16154 1.27% 578 0.12%
    706 11-03-16 15952 -1.25% 577.3 0.23%
    707 10-03-16 16154 7.38% 575.9 0.73%
    708 09-03-16 15044 0.00% 571.7 -0.52%
    709 08-03-16 15044 -0.67% 574.7 -0.26%
    710 07-03-16 15145 0.67% 576.2 0.44%
    711 04-03-16 15044 0.00% 573.7 0.57%
    712 03-03-16 15044 -0.67% 570.4 0.04%
    713 02-03-16 15145 3.45% 570.2 1.54%
    714 01-03-16 14640 0.69% 561.6 0.39%
    715 29-02-16 14539 -1.37% 559.4 -1.19%
    716 26-02-16 14741 -0.68% 566.1 0.58%
    717 25-02-16 14842 0.69% 562.8 -0.92%
    718 24-02-16 14741 0.69% 568 1.20%
    719 23-02-16 14640 -2.03% 561.3 0.10%
    720 22-02-16 14943 -1.33% 560.7 1.21%
    721 19-02-16 15145 -0.66% 554 0.28%
    722 18-02-16 15246 0.67% 552.5 0.99%
    723 17-02-16 15145 1.35% 547.1 -0.18%
    724 16-02-16 14943 0.00% 548.1 0.78%
    725 15-02-16 14943 4.23% 543.8 -0.18%
    726 05-02-16 14337 -0.70% 544.8 0.48%
    727 04-02-16 14438 0.70% 542.2 0.57%
    728 03-02-16 14337 -1.39% 539.1 0.49%
    729 02-02-16 14539 1.41% 536.5 -0.76%
    730 01-02-16 14337 4.41% 540.6 -0.86%
    731 29-01-16 13731 -4.23% 545.3 1.07%
    732 28-01-16 14337 0.71% 539.5 -0.59%
    733 27-01-16 14236 0.71% 542.7 0.92%
    734 26-01-16 14135 -9.67% 537.7 -0.85%
    735 25-01-16 15649 0.00% 542.4 3.85%
    736 22-01-16 15649 -1.27% 522.2 0.07%
    737 21-01-16 15851 6.80% 521.9 -1.43%
    738 20-01-16 14842 1.38% 529.4 -1.18%
    739 19-01-16 14640 0.69% 535.8 1.79%
    740 18-01-16 14539 -3.36% 526.4 -3.07%
    741 15-01-16 15044 2.76% 543 -1.81%
    742 14-01-16 14640 4.32% 553 -1.31%
    743 13-01-16 14034 -2.80% 560.4 -0.69%
    744 12-01-16 14438 3.62% 564.3 1.15%
    745 11-01-16 13933 5.34% 557.9 -0.39%
    746 08-01-16 13227 -0.75% 560.1 -0.94%
    747 07-01-16 13327 0.00% 565.4 -1.60%
    748 06-01-16 13327 -2.22% 574.6 0.81%
    749 05-01-16 13630 7.14% 569.9 -0.78%
    750 04-01-16 12722 #DIV/0! 574.4 #DIV/0!
    SS MS F Significance F
    0.0968584 0.0968584 9.31984564 3.42E-03
    0.60277686 0.01039271
    0.69963527

    Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
    0.01347395 -0.66216488 0.51048813 -0.035893 0.01804906 -0.035893 0.01804906
    0.26794737 3.05284222 3.42E-03 0.28164611 1.35435597 0.28164611 1.35435597

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