VN-INDEX

A. Close Price and Rate of Return

The closed price of VN-INDEX over 63 months from January 2016 to March 2021 are
described in the graph and table below:

Price of VN-INDEX over 63 months from January 2016 to March 2021 (1,000 VND)
1400

1200

1000

800

600

400

200

VNINDEX
Price in 1,000 VND

In general, VN-INDEX’s price has increased from 545.25 to 1191.44 2016 through March 2021
and the annual average return is 14.17%

In 2017, According to Bloomberg, Vietnam market, a frontier market, is the one that has the
highest growth rate in Asia. Meaningly, the annual return of VN-INDEX in 2017 is 40.58% which
is the highest rate over the analyzed period.

Also, VN-INDEX’s price hit a peak of 1174.64 thousand VND in March,2018 but then went into
free fall in the last quarter in the same year which led to the negative annual return of -7.28%.
In 2019, its price fluctuated around 900 thousand VND and could not repeatedly reach the peak
though the annual return is 7.76%.
However, considering the Covid-19 outbreak in January, March, and July 2020, the monthly rate
of return recorded a negative decline at -2.54%, -24.9%, and -4.55%, respectively. Additionally,
the effect of Covid-19 pandemic leaded to the lowest price over the analyzed period of 662.53
thousand VND in March 2020. Fortunately, the price then rose rapidly to around 1,000
thousand VND through the last quarter of 2020 and the first quarter of 2021.

B. Total Risk and Systematic risk:

Monthly Return over 63 months from January 2016 to March 2021

20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
-30.00%

VN-INDEX

Variance 0.003875
Standard Deviation 6.23%
(Total Risk)
Beta Coefficient 1
(Systematic Risk)

For standard deviation, VN-INDEX’s stock has the rate of 6.23% which is a measurement of the
stock’s total risk. Also, now that Beta coefficient measures the stock’s movement in the market
portfolio, VN-INDEX’s beta possibly equals to 1.

FPT CORPORATION
A. INTRODUCTION
FPT Corporation (The Corporation for Financing and Promoting Technology) founded in
1988 with its first name of The Food Processing Technology Company, is the largest
information technology service company in Vietnam. Currently, FPT have 7,839.87 billion
VND of Charter Capital and 64,358.61 billion VND of Market Capitalization. Also, the
number of listed (quoted) share and outstanding shares are 783,987,486 shares and
783,905,110 shares, respectively. According to CAFEF, FPT’s listed advisory organization and
the audit organization are Bank for Investment and Development of Vietnam Securities
Joint Stock Company and Deloitte Vietnam Limited Liability Company.

In 2002, the company equitized with the name of The Corporation for Financing and
Promoting Technology. Additionally, FPT was officially listed under the code of FPT on Ho
Chi Minh City Stock Exchange (HOSE) on December 13, 2006. In 2008, the company has
changed its name as FPT Corporation.

As noted by CAFEF, FPT has 11 subsidiaries and 3 affiliated company whose number of
employees has reached 9.027. also, FPT Corporation is currently working at many sectors
such as Providing Software and Internet Service, Private Rental Service, Landline Phone,
Distribution of Information Technology and Telecommunications Products, Financial
Banking Services, Real Estate, and Education and Training.

Here is FPT Corporation’s financial performance from 2018 to 2020:

Business Outcomes (in 1000 VND)

Financial Statement (in 1000 VND)

Financial Indicators (in %)

B. STOCK PRICE AND RATE OF RETURN

The price of FPT over 63 months from January 2016 to March 2021 are described in the
graph and table below:
 Stock Price of FPT over 63 months from January, 2016 to March, 2021 (1,000 VND)
90

80

70

60

50

40

30

20

10

Stock Price of FPT

(price in 1000 VND)

As can be seen from the graph, FPT’s stock price increased from 19.47 to 77.70 thousand
VND over the analyzed period which result in a positive annual average return (expected
return) of 29.17%.

In 2017, a report from The World and Vietnam (2020) stated that there was a sharp
increase of 41% in FPT’s profit growth due to the fact that FPT Corporation divested from
FPT Trading and FPT Retail in order to be specialized in Technology and Telecommunication.

Consequently, its 2017 stock price recorded a high at 46.14%. However, the pressure of
America-China trade war in 2018 result in selling stocks of foreign investors in Vietnamese
stocks market which marked a negative annual rate of FPT at -9.12%. At the end of 2019,
Profit Before Taxes (EBT) of the company reached 4,665 billion VND which increase 21% and
the annual rate saw a noticeable turnaround at 47.56%. In 2020, the 3 outbreaks of Covid-
19 pandemic occurring in January, March, and July, result in a decline in stock price. The
monthly rates of return for these 3 Covid outbreak were -10.80%, -25.41%, and -2.53%, in
turn. Fortunately, after the Covid-19 outbreak, the stock price saw a noticeable turnaround.
To conclude, FPT’s stock is top choice for stockholder now that it maintains the profit
growth rate during Covid period and has a methodical business strategy so that FPT’s stock
is predicted to increase and the profit growth rate will maintain between 15% and 18% in
2021 followed by EPS and P/E method (Dat, 2020)

C. TOTAL RISK AND SYSTEMATIC RISK

Monthly Return for 63 months from January, 2016 to March, 2021

(FPT versus VN-INDEX)
60.00%

40.00%

20.00%

0.00%

-20.00%

-40.00%

-60.00%

FPT VNINDEX
Variance 0.0055603
Standard Deviation 7.46%
(Total Risk)
Beta Coefficient 0.9555428
(Systematic Risk)

As can be seen from the graph, the rate of return of FPT stocks fluctuate closely with the
fluctuation in the rate of return of VNINDEX stocks over the analyzed period.

FPT’s standard deviation is 1.23% higher in comparison with the market portfolio’s standard
deviation of 6.23%. By contrast, FPT’s stock has the slowest standard deviation compared to
the others in the portfolio so FPT’s stock seem less risk than the others.

For systematic risk, the beta coefficient of FPT is about 0.9555428, which is lower than 1. In
other words, the FPT’s rate of return is 0.9555428 times of the market’s rate of return with
regard to fluctuation. For example, if the market rate of return reduces 10%, FPT’s rate of
 return will reduce 9.56%. As a result, investing in FPT have less systematic risk in
comparison with investing in the market portfolio.

In Conclusion, FPT’s stock has higher total risk, but lower systematic risk comparing to the
market stock so FPT corporation has the high level of unsystematic risk

MASAN
A. INTRODUCTION
Masan Group Corporation is a holding company that has multiple subsidiaries
working on different fields. Although the diversity, their prior business sector includes
consumer goods and resources. The business is currently listed on HOSE stock
market with its stock sticker MSN.

Owning Masan Consumer Holding which is includes Masan Consumer and Masan
Brewery known as one of the biggest producer for consumer goods which currently
take 70% of market share. Others company like Masan MEATLife, Masan
Resources – operating in mining and processing tungsten and other niche industrial
minerals, and VCM Services and Trading Development JSC. . The conglomerate
company keeps on expanding when owned 83.74 per cent of the total outstanding
ordinary shares of Vingroup’s subsidiary on 2020 and extended their products
supply chain with VCM. Also, with 20 percentage ownership of charter capital of
Techcombank, they involve in economic and finance segment.

Masan first started operations in 1996 when the chief director Mr. Nguyen Dang
Quang had his instant noddle factory in Russia. Later in 2001, he brought Masan
Food to his home country which was a checkmark for the present of Masan on
Vietnam’s market.

November 2004 Ma San Shipping Corporation was established with 3.2 billion
authorized capital and until August 2009 the company was merged and changed the
name to Ma San Group Corporation. At the end of the year, they officially have their
company listed on the Ho Chi Minh Stock Exchange on 5 November 2009. To be
consistent with their brand and activities, they continue to change Masan Group
Corporation in July 2015.

The company’s ownership structure

Shareholder Share Ratio (%)

Other shareholders in the country and foreign 473,143,597 40.48

Big shareholders in the country and foreign 695,802,850 59.52

Financial performance (the last 3 years)
BUSINESS OUTCOMES 2018 2019 2020
Profit before tax
6,243,824 7,105,090 2,324,839
(Million VND) a
Net profit after tax
5,621,505 6,364,615 1,395,013
(Million VND) b
Profit after tax for
shareholders of the parent
4,916,497 5,557,571 1,233,982
company
(Million VND)

FINANCIAL STATEMENT 2018 2019 2020

Total assets 64,578,613 97,297,251 115,736,562
(Million VND)
Total liabilities 30,498,935 45,408,844 90,706,283
(Million VND)
Total equity 34,079,678 51,888,407 25,030,279
(Million VND)

FINANCIAL INDICATORS 2018 2019 2020

ROA (%) 8.7 7.3 2.01
ROE (%) 16.49 12.26 5.57
DAR (%) 47.23 46.67 78.37

B. STOCK PRICE AND RATE OF RETURN

Stock Price of Masan over 63 month from Jan 2016 to Mar 2021
(1,000 vnd)
120

100

80

60

40

20

MSN
Following by the graph, we witness Masan’s stock price increasing over the period from
43.3 to 91.3 thousand VND, which resulted in a positive average annual return of
18.94%. During the time, MSN’s price reached the boom period at 112.18 thousands in
March, 2018 which was the highest rate the company ever had in the past 6 years.
According to Masan’s information to explain for the achievement, their successful
introduction of Meat Deli and convert Masan Nutri-Sicence into the top company in
Fast-moving consumer goods in Viet Nam, contributing to 57.1% higher in revenue than
2017 (Thanhnien, 2018). After the boom stage, Masan suffered a decline throughout
2019 and 2020 when they had to cope with hog cholera, tungsten price dropping and
the outbreak of Covid (TheLeader, 2020). With right business strategy, the prices began
to recover at the end of 2020 and had a positive way up at the first 3 months of 2021.
To round up, MSN is still a considerable choice for stockholder with the increasing
growth rate and predicted to have significant improvement.

C. TOTAL RISK AND SYSTEMATIC RISK

Monthly Return for 63 months from Jan 2016 to Mar 2021

(FPT versus VN-INDEX)

60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
-30.00%

MSN VNINDEX
VARIANCE 0.0126116
STANDARD DEVIATION 11.23%
BETA COEFFICIENT 0.852556
 According to the graph, MSN’s stock has its rate of return fluctuates a lot
comparing to the stock of VNINDEX over 63 months from January 2016 to the end of
first quarter of 2021. In comparison with group portfolio’s standard deviation and market
portfolio, we can see there is a big gap between Masan’s stock and the two others data.
With 11.23%, MSN’s standard deviation is almost double 6.23% of market portfolio and
higher than among companies in the group portfolio, expressing MSN has higher risk
when investing in. In contrast, Beta coefficient of 0.096388918 which is less than 1 and
remaining at a small rate, has indicated MSN’s low rate of return with regards to
fluctuation. In conclusion, other stock like FPT can be a better choice to be invested
because it is both less total risk and systematic risk.

VIETCOMBANK
A. INTRODUCTION
Joint Stock Commercial Bank for Foreign Trade of Vietnam was established in 1963 called
Vietcombank whose main industry is financial, and Vietcombank is having 16.800
employees. Also, Vietcombank was the first commercial bank to be chosen to become a
state-owned enterprise equitization in 2007. In addition, the shareholder structure of
Vietcombank includes 3 main categories which are State Holding, Foreign Holding, and
Other with 74.8%, 23.31% and 1.88% respectively. VCB Securities reports that Vietcombank
owned 5 subsidiaries and 5 affiliates, which is operating in Finance Leasing, Securities,
Building, and so on.

The stock ticker of Vietncombank is VCB which was listed at Ho Chi Minh Stock Exchange
on June 13, 2019. According to CafeF, the code of Vietcombank was the most influential
code in VNIIDEX June 2015 whose value of the listed stock was 122,000 Billion VND.

According to financial performance, Vietcombank’s profit annually increased from 2018-

2020, which leads to the increase in assets and equity. The proportion of ROA and ROE is
stable. The table below is the financial performance of VCB from 2018 to 2020:
Business Outcomes 2018 2019 2020
(Million VND)
Total Revenue before 18,269,226 23,122,377 23,049,561
taxes
Profits after taxes 14,622,062 18,525,988 18,472,518
Profits after taxes of 14,605,578 18,510,898 18,451,311
the holding company
Financial Statement
2018 2019 2020
(Million VND)
Total Assets 1,074,026,560 1,222,718,858 1,326,230,092
Total Liabilities 1,011,847,181 1,141,835,876 1,232,135,113
Equity 62,719,379 80,882,982 94,094,979

Financial Indicators 2018 2019 2020

ROA (%) 1.39% 1.61% 1.45%
ROE (%) 25.46 % 25.88 % 21.09 %
DAR 94.21% 93.38% 92.91%
 B. STOCK PRICE AND RATE OF RETURN

Stock Price of VCB over 63 months from January, 2016 to March, 2021
(1,000 VND)
120

100

80

60

40

20

(Price in 1,000VND)
Month 2016 2017 2018 2019 2020 2021
Price Monthl Price Monthl Price Monthly Price Monthl Price Monthl Pric Monthly
y y Return y y e Return
Return Return Return Return
January 28.5 -5.71% 37.3 10.87% 64.6 22.65% 55.8 6.16% 87.9 -1.67% 93 -5.01%
6 4 5 4 8

February 28.2 -0.98% 35.5 -4.85% 71.6 10.81% 59.4 6.52% 81.7 -7.10% 98.2 5.59%
8 3 4 8 3

March 28.2 0.00% 35.0 -1.32% 68.4 -4.48% 66.1 11.25% 61.5 -24.75% 94.8 -3.46%
8 6 3 7

April 31.7 12.20% 33.3 -4.88% 58.2 -14.89% 66.7 0.89% 67.4 9.67%
3 5 4 6 5

May 32.2 1.54% 34.3 3.12% 52.5 -9.84% 66.0 -1.03% 84.5 25.59%
2 9 1 7 1

June 32.6 1.27% 36.5 6.37% 56.3 7.22% 69.3 4.9% 79.6 -5.75%
3 8 0 1 5

July 37.2 14.16% 35.8 -1.94% 56.7 0.87% 78.8 13.76% 75.7 -4.86%
5 7 9 5 8
August 37.2 0.00% 35.2 -1.73% 60.6 6.83% 76.3 -3.12% 82.3 8.64%
5 5 7 9 3

Septembe 36.3 -2.31% 36.5 3.55% 61.1 0.79% 80.7 5.67% 83.4 1.32%
r 9 0 5 2 2

October 34.2 -6.02% 40.1 10.11% 54.6 -10.61% 86.2 6.81% 82.3 -1.31%
0 9 6 2 3

November 33.4 -2.22% 47.0 17.14% 54.4 -0.35% 83.8 -2.74% 92.2 12.05%
4 8 7 6 5

December 33.6 0.72% 52.7 11.96% 52.6 -3.43% 89.4 6.69% 97.9 6.12%
8 1 0 7

Total 1.05% 4.03% 0.46% 4.65% 1.47% -0.96%

Monthly
Return
Annual 12.65% 48.39% 5.57% 55.77% 17.67% -2.88%
Return

The price of VCB increased from 28.56 to 94.8 thousand VND from January 2016 to March
2021. The stock price of VCB is higher than other companies and it annually increased with
stable numbers. There was a sharp decrease in the price of VCB in March and April, at 61.5 and
66.76 thousand VND respectively because of the pandemic. At that time, VCB also recorded the
highest negative percentage for monthly return, at -24.75%. After that declining time, VCB
increased and was higher than another period. Moreover, the annual return of VCB is positive
with a high percentage. As a result, the annual average return of VCB over the period is
26.13%. which is higher than the AAR of the market portfolio, at 16.19%.

C. TOTAL RISK AND SYSTEMATIC RISK

 Variance 0.007067142
Standard Deviation 6.23%
(Total Risk)
Beta Coefficient 1.117338337
(Systematic Risk)
The monthly return of VCB was strong fluctuate to the market portfolio in 63 months from 2016
to the first three months of 2021. The variance of VCB is higher than its Market Portfolio
between 0.007067142 and 0.003875 respectively. Moreover, the Standard Deviation (Total Risk)
between VCB and Market portfolio are 0.084066294 and 0.0623 respectively. Moreover, the
total risk of VCB seems to be high compared to other company The Beta (Systematic Risk) is
higher than one, at1.117338337. This means that the fluctuation of VCB’s price is higher than
the fluctuation of the market. The total risk and systematic risk of VCB are noticeable for
investors if they tend to purchase VCB’s stock.

VINAMILK DAIRY PRODUCT JOINT STOCK COMPANY

A. INTRODUCTION
 Business lines
- The main activities that generate the company's revenue and profit are as follows:
Processing, manufacturing and trading in fresh milk, canned milk, powdered milk,
nutritious powder, yogurt, condensed milk, fresh milk, soft drinks and other dairy
products.
- Breeding: Raising dairy cows. The main goal of nurturing is to provide input materials for
the company's dairy products.
- There are over 200 products divided into the following categories: Liquid Milk, Yogurt,
Milk Powder, Snack Powder, Cocoa Barley, Condensed Milk, Ice Cream, Cheese, Soy
Milk, Beverage
 Brief history of the company
- The company was founded in 1976 as a state-owned Sothern Coffee-Dairy Company.
- In 1978 it was renamed United Enterprises of Milk Coffee Cookies and Candies. After
joining the Ho Chi Minh Stock Exchange in 2006, the company then legally changed its
name to Vietnam Dairy Products Joint Stock Company (Vinamilk).
- April 2004: The Company merged the Saigon Dairy Factory (SAIGONMILK), increasing the
company's charter capital to VND 1,590 billion.
- June 2005: The Company acquired the capital contribution of its partner in Binh Dinh
Dairy Company and merged with Vinamilk. The company's shares were officially traded
on the Ho Chi Minh City Stock Exchange on January 19, 2006 with a listing volume of 159
million shares.
- 2009: September, inauguration of Nghe An dairy farm. This is the most modern dairy
farm in Vietnam with a farm size of 3,000 dairy cows
- 2015: On July 6, 2015, the Ministry of Planning and Investment issued the Certificate of
Outward Investment Registration No. 201500001, allowing Vinamilk to increase its
investment capital at Miraka Limited from 19.3% to 22, 81%.
The Company’s ownership structure:
Shareholder Number of Share Ratio (%)

Other foreign shareholders 487,431,571 27.99

Other shareholders in the country
93,478,464 5.37
Big shareholders in the country
627,063,835 36
Foreign shareholders
533,403,824 30.63
Treasury shares
310,099 0.02

Sharholders
Other foreign shareholders
0% Other shareholders in the
28% country
31%
Big shareholders in the
country
5% Foreign shareholders
Treasury shares
36%
According to chart, the major local has the highest proportion of Vinamilk’s ownership structure
of 36%. Following this, the major foreign and other foreign respectively take up 31% and 26.7%
of the company ownership. Meanwhile, other local and treasury shares constitute just a small
part of Vinamilk’s ownership structure.
BUSINESS OUTCOMES 2018 2019 2020
Profit before tax
12,051,696 12,795,710 13,518,536
(Million VND)
Net profit after tax
10,205,630 10,554,332 11,235,732
(Million VND)
Profit after tax for
shareholders of the parent
10,227,281 10,581,176 11,098,937
company
(Million VND)

FINANCIAL STATEMENT 2018 2019 2020

Total assets 37,366,109 44,699,873 48,432,481
(Million VND)
Total liabilities 11,094,739 14,968,618 14,785,358
(Million VND)
Total equity 26,271,369 29,731,255 33,647,122
(Million VND)

FINANCIAL INDICATORS 2018 2019 2020

ROA (%) 28.40 25.79 23.83
ROE (%) 40.79 37.79 35.02
DAR (%) 29.69 33.49 30.53

B. STOCK PRICE AND RATE OF RETURN

 Stock Price of VNM over 63 months from January, 2016 to March, 2021 (1,000 VND)

140

120

100

80

60

40

20

VNM
(Price in 1000VND)

VNM shows its AAR over 5 years at 12.65%, which is lower than the AAR of the market
portfolio (14.17%). As a total result, according to the AAR, investments should be made in VNM
because this is close to the AAR market portfolio. However, to be more accurate, the yearly
performance should be carefully considered since it still shows the companies’ long-term
performance as well as takes compounding into account, which is not related to AAR.

C. TOTAL RISK AND SYSTEMATIC RISK

 Monthly Return over 63 months from January 2016 to March 2021
(VNM versus VN-INDEX)

50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
-30.00%
-40.00%
-50.00%

VNM VN-INDEX
Variance 0.0061780
Standard Deviation 7.86%
(Total Risk)
Beta Coefficient 0.7893133
(Systematic Risk)
VNM showed its stability with only 1,63% higher than the market portfolio (7.86% and 6.23%).
Therefore, it can be appropriate for investors demanding a moderate risk and moderate return
within the local market.

HOA PHAT GROUP CORPORATION

A. INTRODUCTION
Business lines:
Hoa Phat is the leading industrial manufacturing group in Vietnam. Originating as a
construction machine and equipment trading company in August 1992, Hoa Phat has
gradually expanded its business to trading and production of Furniture, Steel Pipe, Steel,
Refrigeration, Real Estate and Agriculture. Steel production is the core, accounting for
over 80% revenue and profit of the Group. The main products in Hoa Phat' s steel
production chain include construction steel, hot rolled coil (HRC), prestressed concrete
steel, drawn steel wire, steel pipe and color-coated corrugated iron. 
Brief History:
Looking back at the history of the company, Hoa Phat, whose stock code is HPG,
officially listed shares on the Vietnam Stock Exchange (HOSE) in November 2007.

Hoa Phat has maintained the leading position in steel manufacturing since 2016. In
2019, Hoa Phat Construction Steel recorded the highest business record ever with 2.77
million tons of finished products, an increase of more than 16.7% compared to 2018. In
the fourth quarter of 2020, Hoa Phat Group recorded VND 26,166 billion in revenue and
VND 4,660 billion in profit after tax, respectively, up 43% and 142% compared to the
same quarter last year. This is the historic record profit in a quarter of Hoa Phat.
 Ownership:
Hoa Phat Group Joint Stock Company is a holding company with 18 member companies
and associated companies.
BUSINESS OUTCOMES 2018 2019 2020
Profit before tax 10,071,073 9,096,662 15,356,967
(Million VND)
Net profit after tax 8,600,551 7,578,248 13,506,164
(Million VND)
Profit after tax for 8,573,014 7,527,443 13,450,300
shareholders of the parent
company
(Million VND)

FINANCIAL STATEMENT 2018 2019 2020

Total assets
(Million VND) 78,223,008 101,776,030 131,511,434
Total liabilities 37,600,058 53,989,394 72,291,64
(Million VND)
Total equity 40,622,950 47,786,636 59,219,786
(Million VND)

FINANCIAL INDICATORS 2018 2019 2020

ROA (%) 13.06 8.36 11.53
ROE (%) 23.48 17.03 25.14
DAR (%) 48.07 53.05 54.97

B. STOCK PRICE AND RATE OF RETURN

Stock Price of HPG over 63 months from January 2016 to March 2021 (1,000 VND)

50
45
40
35
30
25
20
15
10
5
0

HPG
(Price in 1000VND)
 The annual average return of HPG over 5 years is considered as the highest rate, at
43.61%, which means has the best long-term performances. As a total result, according to
the AAR, investments should be made in HPG, which can bring the higher returns for the
investors
C. TOTAL RISK AND SYSTEMATIC RISK

Monthly Return over 63 months from January 2016 to March 2021

(VNM versus VN-INDEX)

60.00%

40.00%

20.00%

0.00%

-20.00%

-40.00%

-60.00%

HPG VN-INDEX
Variance 0,0116727
Standard Deviation 10.80%
(Total Risk)
Beta Coefficient 1.2724108
(Systematic Risk)
The standard deviation HPG stays around at 10.8%, which still representing a sizable proportion
of the market portfolio. As a result, the trade-off of risk and return on this stock is good to be
made. HPG is the stock having a beta coefficient of bigger than1, demonstrating it could be
inferred that this stock is more volatile, or at higher levels of risk, than the market. Thus, VNM is
the stock having the least volatility among the five chosen stocks. Furthermore, it also means
that this stock possesses the highest volatility compared to the benchmark market. As a result,
the investors can expect higher return as well as higher risk compared to the market.
 THE PORTFOLIO
A. Annual Average Return (Expected Return):

In general, the portfolio annual return has the same fluctuation with the market annual
return though the Portfolio’s rate seems higher than the Market rate over the analyzed
period except 2021.

The annual average of return in the portfolio is 22.84% which is 8.67% higher than the
annual average of return of the market of 14.17%. In explanation, in case the risk remains
similarly, it would be more profitable in investing in the portfolio.
B. Total Risk and Systematic Risk:

Monthly Return over 63 months from January 2016 to March 2021

(Portfolio versus VN-INDEX)
40.00%

30.00%

20.00%

10.00%

0.00%

-10.00%

-20.00%

-30.00%

-40.00%

-50.00%

Portfolio VNINDEX
Variance 0,0047181
Standard Deviation 6.87%
 (Total Risk)
Beta Coefficient 0.9981667
(Systematic Risk)
To compare with the market, the portfolio’s standard deviation of 6.87% seem slightly
higher than 0.64%. Also, the portfolio’s beta coefficient of 0.9981667 is nearly 1 means that
if the rate of return in VN-INDEX rises 10%, the rate of return in portfolio increases 9.98%.

In conclusion, Portfolio’s stock has higher total risk, but lower systematic risk comparing to
the market stock so FPT corporation has the high level of unsystematic risk. Hence, it is
evident that investing the portfolio is more profitable than investing in the market.