Information/Year 2019 2020 2021 2022

Net revenue 3826 4299 4330 4218

(bil. VND)
% Y-o-Y growth 4% = (4299- 12,36% 0,72% (-)2,58%
3826)/3826
Total asset 4539 4128 3876 4099
(bil. VND)
Equity (bil. VND) 2007 2116 2119 2132

Authorized capital 1100 1232 1232 1232

(bil. VND)
Profit after tax 123 145 78 63
(bil. VND)
%Y-o-Y growth 17,8% 17,8% (-)46,2% (-)19,2%
EPS (VNĐ/ share) 1186,29 1339,78 648,63 562,68
Book value 18240,49 17171,62 17195,47 17277,87
(VNĐ/ share)

4600 145 160

123 140
4400
120
4200
100
78
4000 63 80
60
3800
40
3600
20
3400 0
2019 2020 2021 2022

Total asset Net revenue PAT

Figure 1: Revenue growth

I. Growth analysis:

Facing the challenging economic cycle 2019-2022, businesses in all industries face many
common difficulties. Faced with such reality, the company is also affected by the general
market. Total assets related sharply decreased during the same period of the economic
chain until 2022, total assets tend to increase again. Although revenue exceeded total
assets in the same period at the beginning of the cycle, profit after tax could not exceed
VND 100 billion (except in 2020). During this period, except for the year 2020, the
growth rate is quite good, the rates tend to decrease, even down nearly 50%. This is also
true when the investment capital poured in from the owner increased from 2019-2020 but
remained the same for the next 3 years, despite the difficult situation leading to
undesirable results when the investment rate was not as expected. growth rate is negative.
The economy entered the post-pandemic recovery phase, the improvement ratio, although
still negative, is a positive sign for the company. The reasons for the situation are due to
objective impacts such as the quiet of the real estate market make supply more than
demand; disruption of supply chains, high interest rates, pushing up raw material prices.

200

150

100

50

0
2019 2020 2021 2022

-50

-100

profit growth Rate growth

Figure 2 Profit growth

The fact that the growth ability dropped heavily, even negative, reflects the reason why
the company's EPS decreased continuously in the period of 2019-2022. In the index book
value increased slightly year by year expert highly decreased 2019. This partly reflects
the negative view of the company's current growth indicators. On the other hand, part of
the reason is the company's not very positive information on the market such as fines and
tax arrears of VND 3.4 billion (April 15, 2021). Loss of 36 billion VND (11/2022).
From 2021 to 2022, poor company success resulted in negative EPS increase. The figures
at the end of 2022 are more positive than the prior sharp drop. However, this is not a plus
for the business

EPS
1,600.00
1,400.00 1,186.29 1,339.78
1,200.00
1,000.00
684.63
800.00
562.68
600.00
400.00
200.00
0.00
2019 2020 2021 2022

Figure 3 EPS growth

EBITDA growth

31/12/2020

31/12/2022
EBITDA= Profit before Tax+ Depreciation+ interest expenses
 2019 2020 2021 2022
EBITDA 536 547 489 427
(bil VND)
%y-o-y growth n.a 2% (-)10,6% (-)12,7%

EBITDA growth

600 4%
2%
500
0%
400 -2%
-4%
300
-6%
200 -8%
-10%
100
-12%
0 -14%
2019 2020 2021 2022

EBITDA Growth

Figure 4 EBITDA growth

The consideration of profit target when excluding depreciation costs reflects deeper
business performance because in fact, the enterprise has already spent on buying fixed
assets before, the depreciation expense is actually not a new expense that the enterprise
has paid for during the period. In particular, the depreciation expense depends on which
method the enterprise chooses to deduct. So EBITDA shows whether the business is
operating efficiently or not. If you look at the negative numbers, this situation is quite
alarming for the company, especially these indicators have not improved. EBITDA is
perfectly in line with the trend of earnings from EPS, as both have dropped significantly.
To fulfill the objective of growth , the corporation also focuses on constructing mining
development, mining development, reviewing corporate governance information, and
conducting research.

II. ROE analysis based on DUPONT. Method

 2019 2020 2021 2022
Profit (123/3826)*100= (145/4299)*100= (78/4330)*100= (63/4218)*100=
margin 3,2% 3,3% 1,8% 1,4%
TAT 3826/4539=0,84 4299/4128=1,04 4330/3876=1,12 4218/4099=1,03
ROA 2,7% 3,4% 2% 1,4%
A/E 4539/2007=2,26 4128/2116=1,95 3876/2119=1,83 4099/2132=1,92
ROE 6,1% 6,7% 3,7% 2,7%

The rate of return to shareholders is one indicator of a company's growth. Shareholder

investment allows the firm to raise more funds to invest in operations, which is especially
important for a company in the manufacturing industry. However, these indicators are
extremely concerning when ROA and ROE only increased in 2019-2020 but then
decreased continuously, indicating that the company's profitability is declining and also
mentioning declining revenue, the company's efficiency is currently low, especially since
this situation has lasted over two years. If this trend continues, shareholders will stop
investing in the firm.