HOA PHAT JOINT STOCK COMPANY

Income Statement

2020 2019 2018 2017 2016

Revenue from sales of goods

and provision of services
2,655,227 332,716 144,750 78,391 77,560
COGS ( Costs of Goods sold) (2,405,167) (287,362) (113,528) (58,904) (64,206)
Other expenes (93,208) (71,140) (67,170) (48,565) (62,277)
EBIT 156,852 (25,786) (35,948) (29,078) (48,923)
Dep. and Amort. - - - - -
EBIT 156,852 (25,786) (35,948) (29,078) (48,923)
Interest (334,593) (253,733) (5,494) 0 (21)
Operating income (177,741) (279,519) (41,442) (29,078) (48,944)
Financial income 16,397,652 10,782,184 7,336,149 8,704,550 5,750,294
Other income 12 5,255 5,878 6,123 7,665
EBT 16,219,923 10,507,920 7,300,585 8,681,595 5,709,015
Tax (5,054) 0 (4,005) 0 (18,358)
Net incom 16,214,869 10,507,920 7,296,580 8,681,595 5,690,657
 HOA PHAT GROUP JOINT STOCK COMPANY
Balance Sheet
ASSETS 2020 2019
Current Assets
Cash 2,129,879 837,623
Accounts receivable 3,627,788 75,700
Inventories 439 689
Short-term financial investments 2,355,200 0
Other current assets 24,250 29,448
Total current assets 8,137,556 943,460
Long term Assets
Gross fixed assets 165,457 163,620
Accumulated depreciation (89,173) (71,406)
Net fixed assets 76,284 92,212
Invesment property 175,171 186,686
Accounts receivable – long-term 8,323,423 1,151,465
Long-term work in progress 0 1,250
Long-term financial investments 47,756,470 47,606,467
Other long-term assets 51392 75,711
Total long term assets 56,382,740 49,113,791
Total assets 64,520,296 50,057,251

Liabilities 2020 2019

Current liabilities
Accounts payable 140,004 30,941
Notes Payables 1,428,615 356,923
Accrued expenses 738,670 643,404
Total current liabilities 2,307,289 1,031,268
Long-term liabilities
Long-term borrowings 2,857,230 4,283,078
Total long-term liabilities 2,857,230 4,283,078
Total Liabilities 5,164,519 5,314,346
Stockholders's Equity 2020 2019
Common equity 37,246,387 31,724,297
Retained profits 22,109,389 13,018,608
Total Stockholders's Equity 59,355,776 44,742,905
TOTAL LIABILITIES & 64,520,295 50,057,251
STOCKHOLDER'S EQUITY
P JOINT STOCK COMPANY
Balance Sheet
2018 2017 2016

299,197 515,263 664,810

546,430 947,704 2,006,611
1,003 673 494
0 0 0
36,385 46,809 6,462
883,015 1,510,449 2,678,377

152,968 101,172 95,736

(60,103) (45,655) (37,707)
92,864 55,517 58,029
201,177 167,000 226,572
4,099 4,099 148,004
0 20,500 0
34,803,904 26,046,405 11,071,287
93,422 6,481,123 1,742
35,195,466 26,349,038 11,505,634
36,078,481 27,859,487 14,184,011

2018 2017 2016

8,998 36,601 7,409

376,000 490,541 0
540,352 2,066 204,051
925,350 529,208 211,460

699,000 0 0
699,000 0 0
1,624,350 529,208 211,460
2018 2017 2016
25,352,629 18,873,296 9,603,806
9,101,502 8,456,983 4,368,745
34,454,131 27,330,279 13,972,551

36,078,481 27,859,487 14,184,011

 HOA PHAT JOINT STOCK COMPANY
Retained Earning Statement

RE at the beginning 2020 2019 2018 2017

( Retained earning , 01 Jan ) 13,018,608 9,101,502 8,456,983 4,368,745
Add:
Net Income 16,214,869 10,507,920 7,296,580 8,681,595
Less:
Dividends paid (1,380,537) 0 0 0
Benefits belongs to
shareholders -5742085 (6,586,818) (6,652,061) (224,612)
RE at the end, 31 Dec 22,110,855 13,022,604 9,101,502 8,456,983

Cột đối chiếu 22,109,389 13,018,608 9,101,502 8,456,983

CÁCH TÍNH MẪU

Begin 13,018,608
Net Income 16,214,869
Devidend (1,380,537)
Quỹ khen thưởng, phúc lợi (5,522,085) 2 mục này ta gộp vào thành 1 mục :benefits
Trả cổ tức bằng cổ phiếu (220,000) belongs to shareholder nhé
RE at end 22,110,855
RE at end đối chiếu 22,109,389

0
2016
0
 HOA PHAT GROUP JOINT STOCK COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS

CASH FLOWS FROM OPERATING 2020 2019 2018 2017 2016

ACTIVITIES
. Net Income 16,214,869 10,507,920 7,296,580 8,681,595
. Change in Depre. n. Amort. 17,767 11,303 14,448 7,948
. Change in Account Payable 109,063 21,943 (27,603) 29,192
. Change in Accruals 95,266 103,052 538,286 -201,985
. Change in Account Receivable -3,552,088 470,730 401,274 1,058,907
. Change in Inventories 250 314 (330) (179)
. Change in other Current Assets (5,198) (6,937) (10,424) 40,347

Net cash flows from operating (3,334,940) 600,405 915,651 934,230

CASH FLOWS FROM INVESTING ACTIVITIES

. Invesment in fixed assets -1,837 -10,652 -51,796 -5,436

. Change in Long term Receivables 7,171,958 1,147,366 0 (143,905)

Change in Long-term work in
. progress (1,250) 1,250 (20,500) 20,500
. Change in invesment property (11,515) (14,491) 34,177 (59,572)
Change in other Long term
. assets (24,319) (17,711) (6,387,701) 6,479,381
Net cash flows from investing
activities 7,133,037 1,105,762 -6,425,820 6,290,968

CASH FLOWS FROM FINANCING ACTIVITIES

. Change in LT Fin. Investment 150,003 12,802,563 8,757,499 14,975,118
. Change in ST Fin.Investment 2,355,200 0 0 0
. Change in notes payables 1,071,692 -19,077 -114,541 490,541
. Change in longterm debt -1,425,848 3,584,078 699,000 0
. Benefits belong to shareholders (1,380,537) 0 0 0 0
. Change in Common equity 5,522,090 6,371,668 6,479,333 9,269,490

Net cash flows from financing 6,292,600 22,739,232 15,821,291 24,735,149

Net
Cash cash flows during the year 10,090,697 24,445,399 10,311,122 31,960,347
Effectand cash equivalents
of exchange rate at the
beginning of the year
fluctuations on cash and cash 837,623 299,197 515,263 664,810
equivalents
Cash and cash equivalents at the 2769 -14900 0 0
end of the year 10,931,089 24,729,696 10,826,385 32,625,157
* Caculate Ke-Cost of Equity according to CAPM MODEL
CACULATE : Ke - Caculate Ke-Cost of Equity of HPG according to CAP
Ke=Rf+Beta*Risk Premium
Ke=Rf+Beta*(Rm – Rf)
Where: Rf: Lãi suất phi rủi ro (Risk free rate) PART 1 CHOOSE Rf
The risk-free rate is the rate of return paid on risk- PART 2 CACULATE BETA
free investments such as Treasuries.
Beta: đại được đo lường mức độ biến động của PART 3 CACULATE Rm
cổ phiếu
Beta is a so với thịof
measure trường chung as a
risk calculated PART 4 GENERATE Ke
regression on the company’s stock price.
Risk premium = Rm – Rf
Risk
Rm: premium
Tỷ suất sinhlà khoản
lời yêuthưởng khi bạn market
cầu (Required đầu tư vào
cổ phiếu
return) (rủi ro cao), so với cầm giữ các tài sản
khác (có rủi ro thấp).

PART 2 CACULATE BETA From: 21/9/20 To: 17/9/21 PART 1

Cách 1: Dựa trên Varience và Co-varience

Change % (VN Change %(HPG)
0.50% 0.97% Var(VNINDEX)= 0.0001750548
0.00% -0.58% COVAR(VNI,HPG)= 0.000221144
0.46% 2.58% Beta= 1.2632842011
-0.13% -0.98%
-0.29% -1.36%
0.10% -0.77% Cách 2: Dùng hàm SLOPE
0.78% 1.17%
-0.62% 1.18% Beta= 1.26328420109
-0.33% -0.98%
0.88% 4.07% Cách 3: Dùng đồ thị Trendline
0.24% -0.20%
0.25% 1.23% 8.00%
1.14% 2.31%
6.00%
0.93% -0.21%
-0.64% -1.45% f(x) = 1.26328420109208
4.00%
x + 0.002127091421892
0.83% 1.36%
2.00%
Column B
0.00% Linear (Column B)
-10.00% -5.00% 0.00% 5.00%
Linear (Column B)
-2.00%
 6.00%

f(x) = 1.26328420109208
4.00%
x + 0.002127091421892

2.00%
-0.01% 0.53%
Column B
-2.30% -3.06% 0.00% Linear (Column B)
-10.00% -5.00% 0.00% 5.00%
-3.30% -3.73% Linear (Column B)
1.02% 0.99% -2.00%

-0.16% 0.00% Lãi suất danh nghĩa sẽ là

-4.00%
-0.57% 1.92% giữ.Như vậy L
1.03% 1.64% -6.00%
0.30% 0.52% Rf =
-8.00%
-0.35% -1.12% PART 3
-0.34% -0.91%
0.19% -0.60% Rm = Total equity risk p
1.37% 2.69%
-0.30% -0.82% Link:
0.81% 2.74% Beta= 1.2633
0.17% 0.53%
1.39% 0.00% Rm =
0.32% -0.11% Rm =
1.27% 0.42% Rm =
1.29% 0.86%
0.01% 1.08% PART 4
0.33% 1.32%
0.31% -0.44% Ke=Rf
-1.92% -2.97%
1.80% 0.96% Ke =
-0.20% -1.16%
2.39% 6.77%
-4.29% -5.24%
0.42% 0.54%
1.09% 3.33%
-1.36% -1.10%
0.10% 1.22%
-3.77% -4.97%
-2.00% -3.47%
-1.00% -1.80%
2.49% 3.96%
-3.99% -6.25%
-0.64% -2.10%
0.23% -0.95%
0.61% 2.52%
-0.11% -0.58%
0.30% -1.15%
1.13% 3.35%
0.75% 0.20%
0.21% -1.56%
-0.22% -0.58%
0.53% 0.98%
-0.37% -1.73%
1.31% 1.36%
0.25% -0.77%
-0.79% -2.63%
0.41% -0.75%
0.74% 0.94%
2.13% 2.91%
-0.70% 2.58%
0.99% 0.60%
-2.86% -5.12%
-1.11% -3.30%
0.72% 0.37%
1.75% 0.56%
0.22% -2.70%
0.73% 5.31%
0.57% 6.62%
1.30% 0.45%
-1.00% -1.47%
 0.62% 0.59%
0.82% 3.06%
1.09% -0.31%
0.45% -1.50%
1.25% 0.76%
0.78% 4.26%
-0.48% 2.42%
-0.60% 0.81%
0.35% -0.16%
-0.56% -1.91%
1.04% 1.13%
-0.28% -1.59%
1.43% 3.62%
-0.70% 2.36%
-0.47% 0.17%
1.15% -0.84%
0.23% 2.93%
0.80% 3.75%
0.80% -0.53%
0.33% 2.18%
-2.62% -2.31%
1.69% 2.55%
-3.19% -3.85%
0.61% -1.04%
1.77% 5.86%
-0.68% 0.18%
-0.69% 2.83%
0.60% 5.79%
-0.33% -2.15%
1.69% 3.33%
-0.26% 0.41%
-0.60% -0.20%
 0.20% 0.10%
0.32% 0.20%
0.95% 0.51%
0.69% 1.13%
2.07% 3.63%
0.43% 0.75%
0.91% 0.32%
1.16% 0.22%
-0.08% 2.67%
0.11% -0.99%
-1.83% -2.47%
-0.92% -0.32%
0.03% -0.85%
-0.57% 1.18%
1.25% 0.65%
0.52% 0.43%
-0.39% -0.86%
0.25% 0.11%
-0.01% 0.11%
1.00% 1.75%
0.70% -0.55%
-0.54% -0.97%
-0.04% 0.65%
0.01% 0.22%
-1.55% -1.92%
0.03% 0.21%
0.04% 1.08%
1.51% 1.32%
0.26% 3.28%
0.29% 1.26%
-1.33% 0.69%
0.22% -0.23%
 0.13% -0.11%
-0.07% -0.91%
1.61% 0.92%
3.66% 3.95%
2.93% 2.20%
-3.88% -3.76%
1.32% 1.67%
0.08% -0.48%
3.32% 3.70%
3.86% 5.61%
-2.00% -2.04%
3.19% 4.40%
-6.67% -6.95%
-3.43% -4.73%
-2.57% -3.20%
-0.06% 0.11%
0.22% -1.24%
2.60% 6.00%
0.33% 0.24%
-5.11% -6.73%
-0.19% 0.22%
0.57% 0.11%
0.11% -0.56%
-0.52% -0.45%
0.62% 4.30%
1.47% 0.70%
0.97% -0.12%
1.16% 0.00%
0.94% 1.06%
1.08% 0.12%
1.50% 2.05%
0.58% 1.34%
-0.18% -1.68%
0.75% 0.12%
0.64% 1.96%
1.58% 2.00%
-1.05% -0.12%
-0.42% 1.65%
0.22% 2.08%
1.28% -0.13%
1.49% 2.52%
-1.43% -2.96%
1.11% 0.52%
-0.83% -1.66%
1.73% 1.16%
1.46% 3.19%
-0.79% -2.34%
0.96% 0.26%
-0.07% 0.52%
0.83% 3.38%
0.17% 0.27%
0.54% 4.39%
0.54% -0.84%
0.58% 0.28%
-0.71% -2.07%
0.42% 3.28%
0.60% -1.40%
0.42% -5.07%
0.16% 0.00%
0.42% 5.04%
0.69% 1.42%
1.00% 1.73%
0.48% 3.75%
1.90% 3.41%
-1.60% 0.94%
0.73% 1.59%
0.74% 0.48%
0.03% 0.00%
-0.01% -0.63%
1.46% 3.62%
0.06% 0.50%
-0.21% -1.31%
0.47% -0.16%
0.19% 0.33%
0.89% 0.16%
0.70% -0.16%
-0.21% 0.66%
-2.69% -3.18%
-0.46% 1.95%
-1.09% -0.32%
1.20% 4.39%
1.16% 1.72%
-0.57% -0.85%
0.08% 1.56%
0.04% -0.69%
0.06% 0.17%
0.27% 2.47%
1.11% 1.25%
0.44% -0.88%
0.20% -0.88%
0.56% 1.42%
-0.10% 1.08%
0.44% -1.59%
0.11% 3.29%
0.52% 2.43%
-0.46% -1.11%
 0.98% 2.27%
0.14% 0.19%
-0.93% -0.19%
0.47% 2.52%
-0.03% 0.39%
-0.43% -0.58%
0.70% 0.98%
-0.19% -0.58%
0.78% 0.00%
G according to CAPM MODEL

CHOOSE Rf
uất danh nghĩa sẽ là khoản lãi suất thực mà Ngân hàng trung ương dùng để tính trái tức cho người nắm
giữ.Như vậy Lãi suất phi rủi ro trong thời điểm hiện tại (Tháng 9 – 2021) bằng 2,10 %.

2.10%
CACULATE Rm

= Total equity risk premium (kèm thêm phần Default spread) + Rf

http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html

Total equity risk premium +( thêm phần Default spread) +Rf

8.21% 3.18% 2.10%
13.49% 13.49 %

GENERATE Ke

Ke=Rf+Beta*(Rm – Rf)

16.49%
 Stock RIC HPG HOA PHAT JOINT STOCK COMPANY

Weighted Average Cost of Capital (WACC) Model

Metric Value Identifier / Expression

Chi phí sử dụng vốn bình quân WACC, (%) WACC = KE . WE + KD . WD
Chi phí sử dụng vốn cổ phần KE, (%) KE = Rf + β . (Rm - Rf)
Chi phí sử dụng vốn vay KD, (%) KD = RD . (1 - tax)
Tỷ suất sinh lời kỳ vọng của thị trường Rm, (%) 13.49 ERP (Vietnam)
Tỷ suất sinh lời phi rủi ro Rf, (%) 2.10 Rf : Lãi suất Trái phiếu chính phủ10 năm
Beta 1.26 β
Lãi suất vay, (%) 6.48 RD
Thuế suất thuế TNDN, (%) 20.00 tax
Tỷ trọng tối ưu của Nợ vay, (%) 8.00 WD
Tỷ trọng tối ưu của Vốn chủ sở hữu, (%) 92.00 WE

SOURCES OF CAP. VALUE (VND)

EQUITY 59,355,776
DEBT 5,164,519
SUM 64,520,295
Recalculated
15.58
16.49
5.18

WEIGHTED
92.00%
8.00%
100.00%
 2020 2019 2018 2017 2016
Sales 2,655,227 332,716 144,750 78,391 77,560
NOPAT (172,687) (279,519) (37,437) (29,078) (30,586)
NOWC 3,450,817 (117,256) (78,720) 934,432 2,460,455
Operating Capital 3,527,101 (25,044) 14,144 989,949 2,518,484
Net Income 16,214,869 10,507,920 7,296,580 8,681,595 5,690,657
 2020 2019 2018 2017 2016
Liquidity ??? source fr internet?
Current ratio 3.53 X 0.91 X 0.95 X 2.85 X 12.67 X
Quick ratio 3.53 X 0.91 X 0.95 X 2.85 X 12.66 X

Asset Management
Inv. Turnover 6048.35 X 482.90 X 144.32 X 116.48 X 157.00 X
DSO 498.69 days 83.05 days 1377.87 days 4412.65 days 9443.18 days
FA Turnover 34.81 X 3.61 X 1.56 X 1.41 X 1.34 X
TA Turnover 0.04 X 0.01 X 0.00 X 0.00 X 0.01 X
Debt Managemetn
Debt ratio 8.00% 10.62% 4.50% 1.90% 1.49%
TIE -0.47 X 0.10 X 6.54 X #DIV/0! 2329.67 X
EBITDA coverage
Profitablility
ROA 25.13% 20.99% 20.22% 31.16% 40.12%
ROE 43.53% 33.12% 28.78% 46.00% 59.25%
PM 610.68% 3158.23% 5040.82% 11074.73% 7337.10%
BEP 0.24% -0.05% -0.10% -0.10% -0.34%

Market value
P/E
P/CF
M/B
HSG (2020) NKG (2020) POM (2020)

1.26 X 1.11 X 0.87 X

0.64 X 0.56 X 0.38 X

0.05 X 3.44 X 3.09 X

53.42 days 51.38 days 109.21 days
0.11 X 3.90 X 3.16 X
0.01 X 1.49 X 0.62 X

54.00% 59.00% 52.35%

2,579X 2.90 X 0,47X

0,080X 3.23% 0.49%

0,174X 9.49% 1.22%
8,142X 3.23% 0.79%
0,046X 8.18% 0,012X