2020 2019 2018 2017

Period Ending:
31/12 31/12 31/12 31/12
Total Revenue 1854944.92 1575879.32 1113320.99 1990883.52
Revenue 1854944.92 1575879.32 1113320.99 1990883.52
Other Revenue, Total - - - -
Cost of Revenue, Total 1434689.3 1296835.97 881947.15 1758010.03
Gross Profit 420255.62 279043.35 231373.85 232873.48
Total Operating Expenses 1521867.87 1388318.69 1072279.97 1910638.83
Selling/General/Admin.
234069.42 178132.38 140989.3 170655.01
Expenses, Total
Research & Development - - - -
Depreciation / Amortization 63803.17 33525.53 28429.15 2968.65
Interest Expense (Income) - Net
-296588.8 -158559.07 19836.67 -206769.42
Operating
Unusual Expense (Income) 1566.39 1968.74 - -
Other Operating Expenses, Total 84328.39 36415.15 1077.69 185774.56
Operating Income 333077.06 187560.63 41041.03 80244.68
Interest Income (Expense),
- - - -
Net Non-Operating
Gain (Loss) on Sale of Assets 15.78 4051.26 - -
Other, Net 156.15 722.56 -5438.9 -1149.55
Net Income Before Taxes 333248.99 192334.45 35602.12 79095.13
Provision for Income Taxes 66829.81 51812.62 24275.95 19426.98
Net Income After Taxes 266419.18 140521.83 11326.17 59668.15
Minority Interest -55092.28 -26104.01 -27167.06 -46053.15
Equity In Affiliates - - - -
U.S GAAP Adjustment - - - -
Net Income Before
211326.9 114417.82 -15840.89 13615.01
Extraordinary Items
Total Extraordinary Items - - - -
Net Income 211326.9 114417.82 -15840.89 13615.01
Total Adjustments to Net
- - - -
Income
Income Available to
Common Excluding 211326.9 114417.82 -15840.89 13615.01
Extraordinary Items
 Dilution Adjustment - - - -
Diluted Net Income 211326.9 114417.82 -15840.89 13615.01
Diluted Weighted Average
127.75 117.74 108.01 108.01
Shares
Diluted EPS Excluding
1654.19 971.75 -146.67 126.06
Extraordinary Items
DPS - Common Stock
- 697.14 - -
Primary Issue
Diluted Normalized EPS 2096.09 1187.23 78.81 126.06
Income statement

Average Growth Rates Bamboo Capital JSC

Past Five Years Ending 12/31/2020 (Fiscal Year)

Revenue+3.08% Net Income+202.59% Earnings Per Share-

Capital
Gross Margin+19.04% Cash Flow-48.35%
Spending+1020.19%

BCG Ratios
 

Name Company Industry

   

P/E Ratio TTM 4.92 10.43

Price to Sales TTM 1.51 2.05

Price to Cash Flow MRQ - 33.31

Price to Free Cash Flow TTM - 5.05

Price to Book MRQ 1.3 1.61

Price to Tangible Book MRQ 3.44 1.93

Vietnamese Economic Performance

Overview
Vietnam’s development over the past 30 years has been remarkable.
Economic and political reforms under Đổi Mới, launched in 1986, have
spurred rapid economic growth, transforming what was then one of the
world’s poorest nations into a lower middle-income country. Between
2002 and 2018, GDP per capita increased by 2.7 times, reaching over
US$2,700 in 2019, and more than 45 million people were lifted out of
poverty. Poverty rates declined sharply from over 70 percent to below 6
percent (US$3.2/day PPP). The vast majority of Vietnam’s remaining poor –
86 percent –are ethnic minorities.
Strong GDP Growth Despite covid 19 pandemic

Given its deep integration with the global economy, the Vietnamese
economy  has been hit by the ongoing COVID-19 pandemic, but has
shown remarkable resilience.  GDP grew by 2.9 percent in 2020. It was one
of the few countries in the world to do so, but the crisis also left a lasting
impact on households, with with 45 percent of households reporting
lower household income in January 2021 than in January 2020. Vietnam’s
economy is set to grow 6.6 percent in 2021 on the back of successful
control of COVID-19 infections, strong performance by export-oriented
manufacturing and robust recovery in domestic demand.

Changes

Vietnam is experiencing rapid demographic and social change. Its

population reached 96.5 million in 2019 (up from about 60 million in 1986)
and is expected to expand to 120 million by 2050. According to the 2019
Population Census Report, 55.5 percent of the population is under 35
years of age, with a life expectancy of 76 years, the highest among
countries in the region at similar income levels. But the population is
rapidly aging. And Vietnam’s emerging middle class, currently accounting
for 13 percent of the population, is expected to reach 26 percent by 2026.

Vietnam’s human capital index (HCI) stands at 0.69, meaning a child born
in Vietnam today will be 69 percent as productive when she grows up as
she could be if she enjoyed complete education and full health. This is
higher than the average for East Asia and the Pacific region and lower
middle income countries. Between 2010 and 2020, the HCI value for
Vietnam increased from 0.66 to 0.69, but there are some disparities within
the country, especially for ethnic minorities. There is also a need to
upgrade the skills of the workforce to create productive jobs at a large
scale in the future.

Health outcomes have improved in tandem with rising living standards.

From 1993 to 2017, the infant mortality rate decreased from 32.6 to 16.7
(per 1,000 live births). Between 1990 and 2016, life expectancy increased
from 70.5 to 76.3 years, and is the highest in the region for countries at a
similar income level. Vietnam’s universal health coverage index is at 73—
higher than regional and global averages—with 87 percent of the
population covered. However, the high and widening sex ratio at birth
(115 in 2018) shows that fundamental gender discrimination persists. At
the same time, Vietnam is one of the most rapidly aging countries and the
65+ age group is expected to increase 2.5 times by 2050.

Overrall

Over the past 30 years, the provision of basic services has improved
significantly. Access of households to infrastructure services has increased
dramatically. As of 2016, 99 percent of the population uses electricity as
their main source of lighting, up from just 14 percent in 1993. Access to
clean water in rural areas has also improved, up from 17 percent in 1993
to 70 percent in 2016, while that figure for urban areas is above 95
percent. However, in recent years, Vietnam’s physical capital investment
as a percentage of GDP has been among the lowest in the ASEAN region.
This will create challenges for continued growth of modern infrastructure
services required for the next phase of growth.

Vietnam’s rapid growth and industrialization have had detrimental

impacts on the environment and natural assets.  Electricity consumption
has tripled over the past decade, growing faster than output. Given the
increasing reliance of fossil fuels, the power sector itself accounts for
nearly two-thirds of the country’s greenhouse gas emissions. There is an
urgent need to accelerate the clean energy transition. Over the past two
decades, Vietnam has emerged as the fastest growing per-capita
greenhouse gas emitters in the world – growing at about 5 percent
annually. Demand for water continues to increase, while water
productivity is low, about 12 percent of global benchmarks. Unsustainable
exploitation of natural assets such as sand, fisheries, and timber could
negatively affect prospects for long-term growth. Compounding the
problem is the reality that much of Vietnam’s population and economy is
highly vulnerable to climate impacts.

Urbanization and strong economic and population growth are causing

rapidly increasing waste management and pollution challenges. Waste
generation in Vietnam is expected to double in less than 15 years. Linked
to this is the issue of marine plastics. Ninety percent of global marine
plastic pollution is estimated to come from just 10 in-land rivers, and the
Mekong river is one of them. Vietnam is among the 10 countries
worldwide that are most affected by air pollution. Water pollution has
significant costs on productivity of key sectors and human health.

The government is working to lower the environmental footprint of the

country’s growth and effectively mitigate and adapt to climate change. Key
strategies and plans to stimulate green growth and sustainable use of its
natural assets are in place.

3. Investment Summary

a. Agriculture & Manufacturing

Nguyen Hoang Development JSC

Nguyen Hoang Development JSC is one of the leading companies in producing and selling
wooden products in the Central of Vietnam. Main exporting products of Nguyen Hoang include
both outdoor and indoor furniture, which are exported to leading markets such as: the USA,
Europe, Australia, Singapore, Japan…

In 2007, Nguyen Hoang was awarded the FSC-CoC Certificate by SGS Group. In 2015, Nguyen
Hoang became a member of Business Social Compliance Initiative.

In 2018, Nguyen Hoang was restructured to become a head company managing its subsidiaries
and affiliates operating in agricultural & manufacturing sector.
Aiming to acheive sustainable production, Nguyen Hoang is gradually improving its
manufacturing and business processes while committing to select appropriate materials.

PRODUCTION CAPACITY:

Total area: 60.000 m2
Number of employees: 160
Annual production: 3.000 m3 wooden outcome, processed to final complete furniture products. 

Thanh Phuc Joint Stock Company

Established in 2004, so far, Thanh Phuc Joint Stock Company is a member company under
Nguyen Hoang with the main product line is hardwood flooring. With modern production line
and skillful employee, Thanh Phuc is gradually proving its position, capacity and reputation in
the domestic and foreign markets.

BCS TARGET MARKETS:

France, Germany, Australia, Singapore

Vinacafe Dalat

Vinacafe Dalat is the only unit under the Vietnam Coffee Corporation (Vinacafe) with a total area
of 42,318m2. Possessing a coffee output of 60,000 tons/year, Vinacafe Dalat is the largest
exporter of the Group, a member of the Top 20 coffee exporting enterprises in Vietnam.

Currently, Vinacafe Dalat coffee’s products have been exported and available in all markets:
USA, EU, Germany, France, UK, Switzerland, Netherlands, Russia, Japan,... with various kinds of
coffee: roasted coffee, ground coffee, coffee tablets, …

With more than 20 years of experience in the coffee processing and export sector, Vinacafe
Dalat always innovates and develops to process high quality coffee products, meeting the most
stringent requirements of the market domestically and internationally.

PRODUCTION CAPACITY : 60,000 MTs per annum

CAPITAL STRUCTURE

Vinacafe – 65.5%
BGC – 34.2%
Others – 0.3%

CONSTRUCTION & TRADING

TRACODI

In 2015, BCG acquired and restructured Transport and Industry Development Investment
orporation (Tracodi) into a core member company operating in Construction & Trading sector
of the Group which has 7 subsidiaries and affiliates. 

After more than 30 years of operation, Tracodi has become a top reputable brand in the fields
of construction, quarrying, trading, and labor export services. In order to acheive this current
position, Tracodi has always respected the values of sustainability and stability in business.

In recent years, Tracodi has focused on the trading segment. The Company has launched the
Dr. Nam coffee franchise. Since 2017, Tracodi has collaborated with Indoba - a German
company to export Dr. Nam coffee as well as other products of Nguyen Hoang to the European
market.

In the following five years, revenue growth is expected to derived mainly from:

Construction for Real Estate Projects:

Mostly hospitality and residential projects.

Construction for Infrastructure Projects: 

e.g Social house, construction of toll roads and renewable energy.

DR. NAM

In 2017, BCG launched the Dr.Nam franchise coffee brand. Dr. Nam’s main products are the
combination of premium quality Robusta and Arabica coffee beans that incorporates modern
technology - roasters integrating measurement, monitoring, batch control and maintaining the
best quality for customers. 

The key products of Dr. Nam include: Roasted and ground coffee, instant coffee.

Currently, the products of Dr. Nam have been exported and available in Europe, America,
Singapore, China & Malaysia.

OUR TARGET MARKETS: Europe, U.S, Singapore, China, Malaysia

.