1

2
INTRODUCTION
During the process of studying and participating in EFEP projects, I am group and work with
four wonderful members of the class. They are peers from prior subjects and now, luckily,
we gather together in this final subject. Throughout the process, I have learned and
improved both professional knowledge and soft skills as well as expanded relationships
with teachers and friends in the same major. I have had the opportunity to synthesize
professional knowledge and practically apply it to analyze large corporations in Vietnam.
Besides, I have also improved my soft skills such as teamwork, leadership skills, and
problem-solving skills. Although there are times when the group has disagreements and
conflicts arising from the discussion, we all eventually find a satisfactory solution and
together complete the set goals. Finally, I can connect not only with classmates who shared
similar career orientations but also meet enthusiastic and experienced lecturers as well as
guest speakers in multiple workshops, through which I have learned a lot of new things.

LEARNING FROM SERVICES

The EFEP project has a defined framework and set of guidelines, much like every other
project I've completed at my university. In particular, the project has given me a thorough
understanding of stock price valuation, the evaluation of financial statements, and financial
ratio analysis. In addition, I concentrate on data consolidation, writing skills development,
and outcomes presentation.

The first stage is to find out information about the company's background and analyze
strategic products taking large market shares of QNS. This stage helps me to improve my
research skills and sugar industry knowledge when I need to define SWOT as well as the
main product portfolio. After that, I participated in the consultation workshop meeting with
the guest speaker at session 2 and was given instruction on QNS share valuation based on
financial indicators in the most recent years, through which I learned how to analyze the
market at a macro-level (for example, he predicted revenue would be affected by El-Nino
and the ban from Indian sugar exports). With the final task of defining the main competitors
in the sugar and confectionary industry, the group selection criteria were the similarity
between the industry type and market share of the competitors compared to QNS.

The next stage is data collection and methodology, besides internal sources which are
websites of corporations and competitors such as qns.com.vn, bibica.com.vn, or
vinamilk.com.vn, my team also uses external sources such as CafeF, Vietstock, IMF, and
World Bank for analysis. This step takes a lot of time but we ensure the data collected
comes from verified sources and matches the defined timeline. Then the team perform the
step of in-text citation each time it was used and created a complete reference table of links
used in the article. In addition, based on core assumptions created from historical data, I
create pro-forma financial statements for the period 2023-2027.

With the third phase, empirical analysis, we use data from financial statements to calculate
five forms of ratio, including Liquidity Ratio, Long-term solvency Ratio, Profitability Ratio,
Efficiency Ratio, and Market Value Ratio. My group also included the financial ratios of
Vinamilk and Bibica to have the most general comparison. Financial ratios are one of the
most crucial metrics since they give business owners a means to assess the success of
their business while comparing it to other companies in their sector.

3
At the risk analysis stage, the team identifies potential risks that originate from internal
sources and are caused by issues with data accessibility and quality, the difficulty of
projecting QNS pricing, the interpretation of the statistical framework outcomes, and the
effective communication of findings and external sources including climate change, interest
rate, market, liquidity, and politics. After that, we will control the risks by creating a Risk
matrix table and sorting them from Likely to Very Likely and from Insignificant to
Catastrophic.

Once all the stages are completed, I will start writing the Executive summary section, then
perform the final analysis and give recommendations for the project problem and the risks
mentioned above. Finally, investors are advised to buy QNS stock to profit from the
difference between intrinsic value and the current low trading levels. The successful
completion of this last stage involves much research, editing, and improvement as well as
numerous meetings held throughout the working day. As a result, my team produced
working files for calculations and slide presentations in addition to a comprehensive report.

LEARNING FROM LEARNING

Economics and Finance Engagement Project is a subject that applies a lot of knowledge
and skills from Stage 2 subjects. You can directly apply knowledge from Security Analysis
and Business Valuation, International Finance, or Economic and Finance Modeling. For
example, to analyze the value of a corporation based on Free Cash Flow, I apply Chapter
08. Enterprise Valuation from Valuation: The Art and Science of Corporate Investment
Decisions (Titman, 2014) for the Discounted Cash Flow and Adjusted Present Value
methods. Making a projection table for the financial accounts from 2018 to 2022 is one of
the intriguing tasks I handle. To confirm that the data was reasonable, I practiced analysis
while creating Core Assumptions for projecting. For example, when averaging the revenue
growth rate of the years, I have to exclude the negative growth rate of 2020 (the peak time
of COVID-19) so it will not affect the overall rate. Students serving as analysts need to have
a deep awareness of the industry, competitors, markets, and macroeconomic factors to
validate and estimate future data.

In addition, I gained a lot of knowledge from the group members. Tien is a reserved
individual who has very sound judgment with direct contributions to the brainstorming stage.
Long can solve problems very well and will look out for flaws, and Khoa tends to connect
with everyone since he is an outgoing, lively, and hilarious person. games, so there's
always laughter in our bunch. Engaging in class sessions facilitates not only communication
within my group but also with other groups. Everyone in the class is excellent, and they are
always willing to talk and share. We frequently take quick breaks amid the lesson to discuss
the material. In addition, we frequently communicate with one another and stay in touch via
social networking sites. I gained fresh insights and methods for data analysis from the
lectures, which helped me better implement them in my group classes.

LEARNING FROM CRITICAL THINKING

When calculating the financial ratio and analyzing to find project problems, at first I
encounter difficulties when QNS Group did not have clear problems, because the business
indicators all showed positive growth momentum and the obligation to pay dividends to
investors remains very regular. To determine whether there had been any odd parameters
in recent years, my team had to arrange numerous meetings. Fortunately, after spending a
long time researching, I found that the company's net profit margin has dropped
considerably from 2018. Furthermore, the company has not yet optimized the process of

4
collecting receivables from debtors, as seen by the Number of days in the Account
Receivable index of Efficiency ratio.

When in charge of forecasting the financial statements, I am responsible for creating core
assumptions based on historical data with the method of determining the percentage
distribution according to gross sales and then averaging these indicators according to the
defined timeline, thus the final result will be used as a forecasting index for future years.
When analyzing competitors, I will duplicate QNS's working file for the Financial ratio
section. However, when I took the step, I discovered there were errors in the P/E ratio and
Market-to-book ratio when the stock price closing at the last session of each year was still
QNS's and not the competitor's. I immediately went to CafeF to extract the correct data
needed.

Besides, in the process of applying the Discount Cash Flow (DCF) method to the
company's Net Operating Income, when checking Tien's template for Changes in Net
Working Capital section, I discovered a flawed formula leading to an unusually high Firm
Free Cash Flow and small valuation. More specifically, Tien’s formula for Net working
capital is equal to Current Assets deducted by Total Debt, while the correct one should be
Current Assets deducted by Current Debt. Upon realizing this error, I worked with him to fix
the calculation that was underlined and modify the beta value. I then proceeded to re-insert
the updated table onto the presentation slide.

LEARNING FROM CULTURAL DIVERSITY

When individuals have distinct cultures and lives and come from various places, the
diversity in the classroom setting is immense. Students in the same class may differ in age
and major, which adds to the excitement and diversity of the learning environment. Tutors
should incorporate different learning and teaching to preserve diversity in the academic
environment. Diversity creates a distinctive work culture and a worldwide perspective in a
professional setting, particularly in international organizations, enabling members to access
global challenges and offer worldwide resolutions.

Even though the members of my group have diverse working and personal styles, we are
nevertheless able to get along and work well together to accomplish goals. Khoa is a
knowledgeable individual with strong project management skills, thus he is frequently the
main communicator, the one who suggests alternative approaches and proactively sets up
tasks based on deadlines. The person most capable of data collection and designing
templates is Tien, as he is in charge of filtering collected data, putting it into working files,
and ensuring smooth operation throughout the process. Lastly, there are Long and me, the
two individuals responsible for searching for business insights in financial data from
competitors and QNS. After splitting up our first duties, we work together to complete
efficiently and quickly exchanged messages when we ran into issues. My group members
taught me a lot about problem-solving skills and having a strong feeling of responsibility.

CONCLUSION
I have gained a lot of personal knowledge after working and studying for about 12 weeks.
Along with learning about specialized knowledge and business in general, I can also
collaborate in groups, take part in workshops, and develop new connections in the business
world. Not only is the instructor very understanding and helpful when we run into problems,
but he always makes himself available outside the class hours to respond to our inquiries.
In addition to being a great person, he serves as a case study for me in terms of knowledge
5
and life experience that I may use in my future career. Ultimately, I would like to give
sincere gratitude, on behalf of the group, for your companionship on the final steps of my
collegiate journey.

REFERENCE

Brailsford, T., Heaney, R., & Bilson, C. (2015). Investments: Concepts and applications.
Melbourne: Cengage Learning Australia.

Joan, G. (n.d.). Diversity in the classroom. UCLA Diversity & Faculty Development.
https://equity.ucla.edu/wp-content/uploads/2016/06/DiversityintheClassroom2014Web.pdf/

Đại, Đ. (2023, September 19). QNS hưởng lợi từ giá đường thế giới tăng cao.Dien dan
doanh nghiep. https://diendandoanhnghiep.vn/qns-huong-loi-tu-gia-duong-the-gioi-tang-cao-
250893.html

Titman, S., & Martin, J. D. (2011). Valuation: The art and science of making strategic
investments. Boston: Pearson Addison Wesley.

Vipond, T. (2023, November 29). Net working capital. Corporate Finance Institute.
https://corporatefinanceinstitute.com/resources/valuation/what-is-net-working-capital/

6
 Reference

Baodautu.vn. (n.d.). Tin Tức Đầu Tư, Kinh Tế Cập Nhật 24h. Retrieved December 4, 2022,
from https://baodautu.vn/

Báo Bình Dương online - tin tức binh dương cập nhật liên tục trong ngày. (n.d.). Retrieved
December 4, 2022, from https://baobinhduong.vn/

Financial Reporting, Financial Statement Analysis and Valuation: 9781285190907:

Economics Books @ Amazon.com. (n.d.). Retrieved October 8, 2022, from
https://www.amazon.com/Financial-Reporting-Statement-Analysis-Valuation/dp/
1285190904

Truyen Hinh Thong Tan. (n.d.). Retrieved December 4, 2022, from https://vnews.gov.vn/

Huyen, T. (2022, November 22). Kinh Doanh Khó Khăn Sau Khi ông Đỗ thành nhân BỊ tạm
giam , Angimex (AGM) Xin lùi Lịch trả lãi trái phiếu. Retrieved December 4, 2022, from
https://cafef.vn/kinh-doanh-kho-khan-sau-khi-ong-do-thanh-nhan-bi-tam-giam-
angimex-agm-xin-lui-lich-tra-lai-trai-phieu-20221122183536252.chn

Businesses struggle to fulfil export orders amid COVID woes. (n.d.). Retrieved October 8,
2022, from https://vietnamnews.vn/economy/1076638/businesses-struggle-to-fulfil-
export-orders-amid-covid-woes.html

Story, I. (2022b, August 12). What’s behind the violent protests in Sierra Leone? Retrieved
October 8, 2022, from
https://www.aljazeera.com/program/inside-story/2022/8/12/whats-behind-the-violent-
protests-in-sierra-leone

Overview. (n.d.-b). Retrieved October 8, 2022, from

https://www.worldbank.org/en/country/sierraleone/overview

Angimex Signs Billion-Dollar Rice Export Contract with the Republic of Sierra Leone. (n.d.).
Retrieved October 8, 2022, from
https://vietnamnews.vn/brand-info/1166181/angimex-signs-billion-dollar-rice-export-
contract-with-the-republic-of-sierra-leone.html

Duy Khang - A.Hong / Tuoi Tre News. (2022, October 25). Vietnam’s central bank raises
operating interest rates to control inflation. Tuoi Tre News. Retrieved from

7
 https://tuoitrenews.vn/news/business/20221025/vietnams-central-bank-raises-
operating-interest-rates-to-control-inflation/69728.html

Bakry, W. (2016). Chapter 7: Financial Analysis. In Financing enterprises 200910. Sydney:

Pearson Australia and Western Sydney University.

Titman, S., & Martin, J. D. (2011). Valuation: The art and science of making strategic
investments. Boston: Pearson Addison Wesley.

Brailsford, T., Heaney, R., & Bilson, C. (2015). Investments: Concepts and applications.
Melbourne: Cengage Learning Australia.