[investment] - groupwork2.pptx

Reasons for choosing this strategy the mass audience

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Reasons for choosing this strategy: The mass audience The broad target environment
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Financial Analysis
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31 Financial condition 2013 2014 2015 2016 2017 Profitability ROE 26% 20% 23% 28.7% 33.7% ROA 7.1% 6.0% 8.1% 10.6% 12.5% Gross margin 19.61% 21.23% 18.11% 20.54% 27.44% Net profit margin 3.73% 2.52% 3.52% 5.00% 6.54% Liquidity ratio Current ratio 1.25 1.17 1.24 1.26 1.33 Quick ratio 0.57 0.48 0.55 0.69 0.89 AR turnover 11.41 12.15 12.36 11.63 6.74 Inventory turnover 2.64 2.32 2.89 3.76 4.53 AP turnover 33.71 21.35 22.03 20.41 20.80 Assets turnover 1.29 1.28 1.25 1.44 1.46 Financial leverage Debt/equity 2.53 3.61 2.68 2.40 2.22 Debt/capital 72% 78% 73% 71% 69% Coverage ratios 1.96 2.04 3.41 5.10 6.31
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32 2013 2014 2015 2016 2017 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Capital structure Debt Equity
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33 2013 2014 2015 2016 2017 0 5 10 15 20 25 30 35 40 Turnover ratios AR Turnover AP turnover
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34 2013 2014 2015 2016 2017 0 0.2 0.4 0.6 0.8 1 1.2 1.4 Liquidity ratios Current ratio Quick ratio
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35 2013 2014 2015 2016 2017 Net profit margin 5.7% 3.81% 4.6% 6.01% 7.6% Total asset turnover 1.30 1.14 1.34 1.4 1.38 Financial leverage 3.53 4.64 3.68 3.4 3.22 ROE 0.26 0.2 0.23 0.29 0.34 DuPont Analysis
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36 2013 2014 2015 2016 2017 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 ROE ROE
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37 Revenue Projection C c u doanh thu c a RAL ơ 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E Bóng đèn 1409 1546 1709 1813 2055 2395 2,489 2639 2820 3038 3190 Đèn LED 1037 1225 1448 1712 2024 2125 Đèn truy n th ng 1329 1264 1190 1108 1014 1065 Phích n c ướ 435 490 585 585 643 695 709 744 781 820 861 Gia công 209 257 306 262 241 180 241 241 241 241 253.1 T ng c ng 2053 2293 2600 2659 2939 3270 3439 3624 3842 4099 4304 Growth 5.17% 5.38% 6.02% 6.69% 5.00%
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38 Valuati on MRP SURVEY APPROACH Rf 5.38% Market Risk Premium 9.90% Adjusted Beta 0.423 Cost of Equity (Ke) 9.57% DAMODARAN APPROACH Rf 5.38% Equity Risk Premium 12.09% Cost of Equity (Ke) 10.50% Cost of Equity (Ke) 10.03% Rd 8.00% t 22% Cost of debt 6.24% Weight of debt (target) 70% Weight of equity (target) 30% WACC 7.34%
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39 FCFF approach 118,688.37 FCFE approach 158,900 Average 138,794 Valuati on
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40
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Investment Risk
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42 Competition risk Legal risk Fire risk Financial risk Counterfeit Integration risk Others Impact Probability Point Competition 5 5 25 Laws 3 2 6 Fire 4 1 4 Finance 4 3 12 Counterfeit 2 3 6 Integration 2 4 8 Others 1 1 1 Risk
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43 Likelih ood 5 Competition 4 Integration 3 Counterfeit Finance 2 Laws/Legal issues 1 Others Fire 1 2 3 4 5 Impact
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44 Total revenue 3270 billion VND (11,3% growth). After-tax profit 214 billion VND (45,6% growth). EPS 18,611 VND/share, top highest EPS in VN. Positive business result in 2017 Second dividend payment at the rate of 30% is paid in cash and due on 27/4/2018. Prior to that, first advance dividend payment of 2017 also was in cash at the rate of 25%. In total RAL pays 55% dividend for 2017. High dividend Reasons for investment decisions
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45 Reasons for investment decisions From 2017 to 2022, average productivity is expected to increase by an average of 8% annually. Technological innovation that reduces the number of employees.
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