vietnam securities investment fund annual report 2015

1Vietnam Securities Investment Fund - VF1 • Annual Report 2016

VIETNAM SECURITIES INVESTMENT FUND

ANNUAL REPORT 2015

2 Annual Report 2016 • Vietnam Securities Investment Fund - VF1

CONTENT

VF1 1

Abbreviation 3

Fund information 4

Financial highlights 6

Statement by CEO of VFM 6

MANAGEMENT DISCUSSION AND ANALYSIS 7

Investment environment of 2015 8

Fund performance report of 2015 10

Outlook for 2016 13

TOP HOLDINGS 15

BOARD OF REPRESENTATIVES 26

VIETFUND MANAGEMENT (VFM) 28

VFM introduction 29

Distributor agents & Authorized Participants 30

AUDITED FINANCIAL REPORT 32

BÁO CÁO TÀI CHÍNH TÓM TẮT CỦA QUỸ 13


ABBREVIATION

BOR : Board of Representative

C.E.O :ChiefExecutiveOfficer

CPI : Consumer Price Indexes

EPS : Earning per share

HNX : Hanoi Stock Exchange

HSX : Ho Chi Minh Stock Exchange

JSC : Joint Stock Company

MSCI : maintained by MSCI Inc., formerly Morgan Stanley Capital International, and is used as a common benchmark for ‘world’ or ‘global’ stock funds.

NAV : Net Asset Value

P/E : Price-Earnings Ratio

ROE : Return on Equity

SSC : State Securities of Commission of Vietnam

UPCOM : The Unlisted Public Companies Market

VFM : VietFund Management

VND : Vietnam Dong


FUND INFORMATION

Fund name VIETNAM SECURITIES INVESTMENT FUND

Fund Code VFMVF1

Fund Type Open-ended fund

Investment objectiveTo seek long-term earnings from equity growth and income through investing into a balanced and diversified portfolio, including equity, convertible and debt securities in Vietnam.

Currency Viet Nam Dong (VND)

Inception date 20/05/2004

Conversion date 08/10/2013

Fund Manager VietFund Management (VFM)

Custodian Bank Standard Chartered Bank (Vietnam)

Transfer Agency Vietnam Securities Depository Center (VSD)

Distributors ABS, HSC, KIS, FPTS, MSBS, SBS, SSI, VDSC, VCSC, VCBS, VND, VSC, VFM

Fees

• Management fee Up to 2%/NAV/year

• Subscription fee From 0.2% to 1% based on total subscribed amount (million dong)

• Redemption fee From 0% to 1.5% based on holding period since subscription date (days)

• Conversion fee 0% total switched amount

Minimum subscription order 1 million VND

Minimum account balance 100 units

Trading cycle Everyday (T day)

Cut-off time Before 10:30, T-1 day

Dividend Dividend reinvested

Risk level Average

Investment performance benchmark 80% based on VN-Index and 20% based on the interest rate of 1-year bond


Net Asset Value of VFMVF1 2016 2015

NAV (bn VND) 773.6 646.7

Number of outstanding shares (mn) 27.5 27.4

NAV/unit (VND) 28,148.7 23,599.0

NAV/unit 52 weeks high (VND) 29,392.2 24,660.0

NAV/unit 52 weeks low (VND) 22,094.1 19,846.4

Operation expense ratio (%) 2.2 2.2

Asset turnover ratio (%) 74.2 93.2

Annual growth (%)

VN-Index 14.8 6.1

HNX -Index 0.2 (3.6)

0120162004 2006 2008 2010 2012 2014 2016

022016

032016

042016

052016

062016

072016

082016

092016

102016

112016

122016

-15

-10

-5

0

5

10

15

25

20

30

VF1 VF1VF1-Benchmark VF1-BenchmarkVN-Index VN-Index

300

200

100

-100

0

400

500

Ratios VF1 VN-Index

P/E 12,4 15,8

P/B 2,6 1,1

Dividend Yield (%) 3 3

Number of holding stocks 20 50

Beta 0,7 1

Annualized Standard Deviation (%) 10,6 13,7

Sharpe ratio 1,4 0,7

Average holding size (%NAV) 3,5 n/a

Top 10 holdings (%NAV) 53,5 n/a

FINANCIAL HIGHLIGHTS

Cumulative growth since inception (20/05/2004 = 100)

Yearly growth 2016 (01/01/2016 = 100)


Dear Valued Investors,

2016isaturbulentyearforglobalfinancialmarketwhichalsoimpactstoVietnamwithnoteworthyeventsi.eBrexit, US election, etc. For VFM, 2016 is also a year of dramatic change when we launch the new brand identity; decisively shift our strategy to focus more into mass retail market and expand our ETF fund further to foreign markets. Despite the twists and turns of the market, we still prove our investment capability, ensuring VF1’s performance and NAV growth in top 3 of the market with year end return at 19.3%. Also in 2016, VFM deploys directions agreed in the AGM 2015 in improving staff performance via new KPI system, investing robustly for fund core system in compliance with international standards and increasing marketing and market education activities. With those efforts, we have received encouraging signals from the market when the number of individual investors grows remarkably compared with previous years. Based on what we have built in 2016, we hope to continue receive your support for another success year of 2017.

Thank you for your trust and accompanying with VF1 and VFM and we wish you good health, success and happiness in both work and life.

TRAN THANH TAN C.E.O

SPEECH FROM CEO OF VFM

MANAGEMENT DISCUSSION AND ANALYSIS


MACRO ECONOMY IN 2016

All the macroeconomic indicators meet the objectives and within control. Inflationfor the whole year is 4.74% while core inflation is 1.87%. The Vietnamese Donghas depreciated 1.2% against USD on the interbank market, which is lower than the plan of 2%. Credit growth is 18.71% and M2 growth is 17.88%, which are the suitable increase to support the growing economy. Deposit rate has decreased to the lowest base in May 2016, its recovery in the ending months of the year was not abnormal despite astrongmovementof inflation in thefourthquarter of 2016. Lending rates of different terms are kept within the 9-11% band, which greatly support the business development. Total economy investment exceeds the objective with total value of investments achieved VND 1,485.1 billions, equivalent to 33% of the GDP in 2016. Capital investment from non-public sector accounted for the highest weighting (39%) in total investment, this is consistent with a strong growth in new business registered (110.1 thousands new companies) with an average capital per company at VND 8.1 billion, increased 27.5% compared to 2015. The stability of macro-economic environment in 2016 has greatly contributed to the improvement of businessconfidencewithintheeconomy.

MACROECONOMICS INDICATOR IN 2016 AND PLAN OF 2017

GDP GROWTH BY QUARTER IN 2013-2016

8

7

6

5

4

3

2

1

0

Source: GSO/VFM

INVESTMENT ENVIRONMENT

Vietnam’s economy has retained a positive growth rate in 2016 under the circumstances that agriculture sector meets a lot ofdifficultiesfromnaturaldisastersandminingsectorhavingitsvaluedeclinedduetooilpricemovements.Asaresultoftheattempts of the new Government with a constructive mindset and encouragement towards business and the economy intrinsic capacity, economic growth has recovered in the second half of the year. Macro-economy established a notable stability in long termasthefiscalandmonetarypoliciesfocusonstabilization.2017isexpectedtobeanotheryearwithstablemacroeconomicfactors and strong growth of business activities.

Đơn vị Kế hoạch 2016 (*) Thực tế 2016 Kế hoạch

2017(*)

GDP Growth % 6,7 6,21% 6.7% (*)

Inflation % <5 4,74% <4%

Export growth % 10 8,36% 6%-7%

Import growth % 12 4,60%

Trade Balance TỷUS$ -8 2,68 -6.6

FDI Disbursements TỷUS$ 15-16 15,9

Foreign Reserves TỷUS$ 31 41

Total investments %GDP 31 33

Credit growth % 18 18,71 18-20

Money supply growth % 16-18 17,88

(*) Plan approved by the National Assemply


The Government has been successful in managing the macro-economic policies in 2016 and enhancing the stability. This is the result of both the Government’s determination in managing the economy and the suitability of monetary policies. The change of exchange rate policies from a fixedrate toadaily-announcedcentral ratehassignificantlyalterthepracticeofforeigncurrency amassing, this is also the critical policy that stabilize the exchange rate and maintain the interbank market liquidity. Other indicators related to credit provided to the economy shows an appropriate rise to strengthen economic growth. The fiscaland monetary policies have been used in conformity to fully support the business activities.

INFLATION AND DEPOSIT, LENDING RATES IN 2015-2016

GDP GROWTH, CREDIT AND MONEY SUPPLY (M2) OVER YEARS (%)

11

35

9

30

7

25

5

20

3

15

1

10

-1

5

0

012015

012016

032015

032016

022015

2010 2011 2012 2013 2014 2015 2016 2017 (F)

022016

042015

042016

052015

052016

062015

062016

072015

072016

082015

082016

092015

092016

102015

102016

112015

112016

122015

122016

Lãisuấttiềngửibìnhquân

GDP Tăngtrưởngtíndụng M2

Lãisuấtchovaybìnhquân

Lạmphát

Source: HSC/VFM

Source: SBV/VFM

2522,4

10

16

13,55

17,88 17


VFMVF1 FUND REPORT 2016

In 2016, VFMVF1 closely followed its investment strategy and plan approved by shareholders.We identified 2016 asthe year of opportunities in equity. Therefore, we flexiblychanged equity allocation around 80% of the fund’s NAV to get an optimal asset mix in consideration of changes in economic market conditions. Weighting of cash and fixed-incomefluctuated from15.2% to30.8%NAV,average48%ofwhichwasallocatedincertificatesofdepositwithattractiveyield from 11.5% to 14%.

As of 31 December 2016, the Fund’s portfolio have 20 stocks in 11industries,whichisamorediversifiedallocationcomparedto last year, which has 20 stocks in 8 industries. Our new 3 industries are Utilities, Retailing and Pharmaceuticals. The Fund’s asset turnover achieved approximately 80% during 12 months of 2016, in which there are 9 stocks sold off and 9 new bought in the year. Stocks listed on HOSE and Large-cap stocks hold the majority allocation in VF1’s portfolio with the proportion of 66.1% and 61.2% NAV respectively. There are three industries that are largest contributors to VF1’s return: Materials, Capital Goods and Retailing.

Capital Goods and Materialsarebenefitedfromtherecoveryof the Real Esate market, together with a growth in public investment into infrastructure. The stocks picked by VF1 related to the building materials which are strongly support by the Real Estate growth and consumer retail such as steel, plastics, lightning equipments... accounted for 20.5% of the NAV. In 2016, these industries contribute 1/3 to the returns of the portfolio with two notable representatives: HSG and BMP, which has its share price grown by 106% and 52% respectively within a year.

Retailing ranks 2 in the top contributors, only behind Materials, with MWG as the market leader. This is the company that holds Thegioididong.com and Dien May Xanh (dienmayxanh.com), which acquired 35% marketshare of mobile phones retail and 17% of consumer electronics. The Compound Annual Growth Rate(CAGR)ofrevenueandnetprofitsofMWGexceed50%during the 2010-2016 period. In 2016, the investment in MWG contribute 18% to the fund’s return.

The Food & Beverages (F&B) sector continues to be emphasized in 2016 as the portfolio companies that belong to this industry are benefited from the drop of materials’prices while the output prices remain constant, which improve profit margin under the circumstances of high demand forconsumption. The market leader Vinamilk (VNM) is always accounted for a significant allocation in the portfolio. Thedivestment of SCIC from VNM will be a opportunity for them to attract new strategic investors, which have alway be interested in the company. The stocks in Food & Beverage Sector contribute about 10% to VF1’s return with a 20% growth in price, which is similar to the market performance of this industry.

Real Estate is the industry that received a lot of benefitsfrom policy changes in 2016 after the issuance of Circular 32, amendment of real estate business law and housing law in 2014 under the circumstances of low interest rate. Besides, thesignificantFDIinflowhasfosteredtheriseindemandforreal estate, including industrial zones, residental and leisure housing. The real estate stocks in VF1 portfolio all have significant land banks, decent sales volume and healthycashflows or benefited from the FDI inflows. Real Estateindustry achieved a total return of 15% in 2016, contribute 7.2% in VF1’s return.

With regards to Transportation sector, the Fund invests in companiesinthefieldsofdomestictransportation,bridgesandroads,seaports,benefitingfromtheFTAs,TPP,andFDIflowsto Vietnam, pushing the growth of import-export activities and logistics. We recognize that this is a sector with high growth potential for the companies are undervalued compared to the intrinsic value; therefore, we have increased gradually the weighting from 4.8% to 12% of NAV at the end of the year. In 2015, the sector has impressive growth of 31.4%, contributing 6.5%toinvestmentprofit.

Banking is the industry with highest market capitalization in 2016 but recorded a negative return this year, causing negative effects on VN-Index. In 2016, there was a notable divergent of earnings in the banking industry, however, the general situation of the sector is negative due to the fact that banks have to increased their provision for non-performing loan (NPL) in 2016. The NPL ratio of the banking system remains high if the VAMC bonds are included. In the same time, the resolution for NPl solely come from provision for doubtful debts, as a result, the progress of resolving bad debts is slow without any strong movement. Therefore, the Fund has been actively decrease the weighting of this sector from 12% to 5.6% NAV. Considering the whole year of 2016, the Banking stocks in our portfolio still grows by 10.8% as VF1 has chosen VCB to invest, which is the market leader with sound business results. In VN-Index, total banking sector declined by 8.9%

The Consumer Discreationary industry and Pharmaceuticals with stocks such as PNJ, DHG are recently invested and thus did not have any notable contribution to the Fund’s return. Besides, VF1 also chose to hold good-fundamental stocks belong to the industry that utilizes Vietnam’s competitive advantage such as FPT (in Technology & Hardware Equipment) with an average weighting at approximately 6.6% and achieved 11.3 % growth in 2016, outperforming the industry averages by 4%. The Fund also underweighted Utilities industry due to gloomy outlook of oil price in 2017. However, during 2016 VF1 has invested into GAS to capture the oil price recovery. This generated a 63% return of this position and contributed 8.7% to the fund’s return.

Asset allocation strategy and Fund performance


2016

Asof31December2016,VF1hasreturnof19.3%YTD,significantlyoutperformVF1-Benchmark(12.8%)andVN-Index(bothat 14.8%). This outstanding result is attributed to the fund’s appropriate allocation into high-growth sectors and limit its exposure tothesluggishsectos.Furthermore,theFundmaintainitsactiveandflexiblestock-pickingandmarkettiming,positivelyimproveitsinvestmentprofits.

Asset Allocation

Asset Allocation by Industry (%)

Asset Allocation by Exchange (%)

Asset Allocation by Market Capitalization (%)

Food, Beverage & TobaccoReal EstateFixed IncomeBanksTransportationMaterialsTechnology Hardware & EquipmentCapital GoodsConsumer Durables & ApparelPharmaceuticals, Biotechnology & Life SciencesRetailingUtilitiesCash

HOSE HNX UPCOM Cash & Fixed Income

Large-cap stock Mid-cap stock Cash & Fixed Income

15,4 8,5 7,8 5,6 8,3 7,0 6,3

10,5 3,5 0,4 1,3 2,4

23,0

66,1 1,4 1,7

30,8

61,2 11,5 30,8

15,1 13,7 12,2 12,0 11,1 8,4 8,4 8,0 3,4

- - -

7,7

75,9 4,1

- 20,0

61,3 18,7 20,0

2016

2016

2016

2015

2015

2015

2016 2015

2015

2016 2015


FUND PERFORMANCE REPORT OF 2016

Return and contribution to profit in 2016

Source of Income

Sector

Weight at 31 Dec

2016 (NAV)

Weight in VN Index at

31 Dec 2015 (%)

Return (%)Return in VN-Index

(%)

Contribution profit (%)

Attribution to return

(%)

Food Beverage & Tobacco 15,4 27,8 20,1 19,8 10,1 2,0

Real Estate 10,5 8,6 38,5 72,8 14,1 2,9

Banks 8,5 12,9 15,0 14,2 7,2 1,5

Transportation 8,3 2,3 11,6 4,9 7,2 1,5

Materials 7,0 6,6 56,4 36,4 18,4 3,8

Technology Hardware & Equipment 6,3 1,4 11,3 7,4 3,0 0,6

Capital Goods 5,6 18,9 8,7 (8,9) 0,1 0,0

Consumer Durables & Apparel 3,5 0,9 (15,0) (8,0) (2,6) (0,5)

Pharmaceuticals 2,4 10,1 63,1 61,0 8,4 1,7

Utilities 1,3 1,8 31,4 (58,2) 18,0 3,7

Retailing 0,4 1,3 5,1 67,1 0,0 0,0

Cash & Fixed Income 30,8 0 13,3 0,0 13,8 2,3

(VND billion) 2016 2015 Change (%)

Gains/(Losses) on disposals of investments 97,1 122,9 -21.0%

Gains/(Losses) on securities investments revaluation 7,3 (42,3) -117.2%

Dividends 17,6 27,4 -35.7%

Other income - 0,2

Gains/(Losses) from investment activities 122,0 108,1 12.8%

Interest income 11,9 11,5 3.9%

Total Expense (17,1) (20,3) -15.7%

Net Profit 116,8 99,3 17.6%

Net Profit/fund certificate (VND) 4.549,7 2.830,2 60.8%


2017 OUTLOOK

2017 OUTLOOK

Vietnam is still in the middle of a medium-term growth phase, starting from 2016. GDP growth target for 2017 that was approved by the National Assembly is 6.7%. This goal is a challenge under the circumstances that Vietnam is experiencing abnormal political and economical changes in 2017. However, the expansion of production, the attraction of FDI capital and a growing consumption power of the middle-class, together with benefits from theFreeTradeAgreementswill become themain catalystsfor the rapid growth of Vietnam Economy. The most important goals of the Government are to maintain macro-economic stability in 2017. Therefore, there would not be any extraordinary movement in terms of exchange rate or interest rate policies in the first months of next year. The State Bankof Vietnam would continue to apply the central rate policy and to assume its role as the buyer of last resort on the market to stabilize the exchange rate. Deposit and lending rates are slightly increasing but are preserved by the good liquidity of interbank market. The State Bank of Vietnam would maintain a loosening monetary policy to support growth. The equitization and divestment of State-owned enterprise will be pushed. Public investment would become more rigorous and efficient. Production activities wouldcontinue to expand together with consumption. GDP growth in 2017 will be higher than 2016 with the recovery of Agriculture and mining industries as well as the determination of the Government, especially in changing the public administration mechanism.

2017 will be the year of blue-chip stocks. The reason for this is a wave of new listings, which create a much more diversed investment universe for investors. Therefore, only the market-leading stocks with strong business results would appear to be attractive to investors. At the same time, VF1 will also invest into mid-cap stocks with good liquidity. The Fund will focus on seeking new opportunities with good fundamental factors, maintained growth,strongcashflows,adequatecorporategovernanceandattractivetoinvestors, high dividend yield stocks are prioritized.

In terms of industry, VF1 will look for opportunities in Consumer Goods and Retailing sector, which are benefited from the growth of domesticconsumption as a result of golden population demographics and strong increaseinearnings.Besides,inordertocapturethebenefitfromnewtradeagreements and increased volume of international trade, the industries related to infrastructure, construction, transportation, logistic…. will be our main choices in seeking for investment opportunities of the Fund.

The Bond market in 2017 continue to be affected by the monetary policy, the bondyieldisatalowlevelandincreaseduetothepressurefrominflation,foreign exchange movements and deposit rates. Under this circumstance, VF1 will focus on allocating into high-yield assets such as certificate ofdeposits, short-term corporate bonds, and will decrease the proportion in cash at bank to increase the Fund’s return.


TOP HOLDINGS


VIETNAM DIARY PRODUCTS COMPANY - VNM

COMPANY PROFILE■ Vietnam Diary Products Company (VNM) is the largest milk & dairy manufacturer in

Vietnam, producing more than 200 products and leading favorite brands in market. VNM produces four main product lines: powder milk, condensed milk, liquid milk and yogurt.

■ VNMleadingpositionandfinancialefficiencyattractinvestors.AccordingtoEuromonitorInternational, VNM accounts for 55% of Vietnam milk market: prevailing yogurt and condensed milk market with 80% market share, dominating liquid milk market with 53% market share, being ranked the second in powder milk market with 26% of market share (only one step behind Abbott, a foreign milk company).

■ VNM success in domestic market is attributed to product innovation, superb marketing campaign and strong distribution network. Vinamilk possesses a nation-wide network of morethan225,000retailersandsupermarkets.With thesoundfinancialpotential,VNMhas become the second largest market capitalization company in Vietnamese stock market.

OUTLOOK ■ According to the OECD report, each Vietnamese only consumes approximately 18kg

milk and diary annually, the lowest consumption level in the world. Hence, we expect that consumption for milk and dairy products will grow stably high in the upcoming years.

■ To control raw material and ensure its quality, VNM expanded the cow herd, from 8,200 cows to 25,500 cows in 2015, and to 28,000 cows in 2016. VNM also reduces the reliance on both farmers and other foreign suppliers thanks to this strategy.

■ In addition, VNM always seeks to improve nutrition level of dairy products to meet international standards, a strategy that serves to capture market share of powdered milk which is currently dominated by foreign brands.

2016 BUSINESS RESULT AND 2017 FORECAST ■ VNMhasaveryimpressivefinancialresultfor2016,inwhichsalesandprofitaftertaxreached

USD 2061 million and USD 413 million respectively, equivalent to an 17% increase in sales, and 21% increase in earning.

■ Since the third quarter of 2016, whole milk and skimmed milk, two major raw materials, has been bouncing back. In 2016, whole milk price has increased nearly 50%. Even the company said that they has locked materials for production until May 2017, we think the increase of raw materials will affect their margin.

■ We expect the company’s revenue will increased 13% in 2017. But earning will grow lower at 4% mainly due to the increase of milk powder price. Being a company of good core business and transparent corporate governance with forward PE = 20.9x, lower than industry PE at 23x andoutstandingprofitabilityratios(netmargin~20%,ROE~43.8%),VNMisstilloneofthebest stickers in our portfolio.

FINANCIAL SUMMARY 2014 2015 2016 2017F

Net Revenue (USD Mil.) 1,541 1,766 2,061 2,327

Revenue Growth (%) 13% 15% 17% 13%

NetProfit(USDMil.) 267 342 413 428

NetProfitGrowth(%) -7% 28% 21% 4%

Gross Margin (%) 35.2% 40.6% 47.7% 39.2%

Net Margin (%) 17.4% 19.4% 20.0% 18.4%

ROE (%) 32.6% 38.5% 43.8% 42.1%

ROA (%) 25.0% 29.2% 32.9% 31.1%

EPS (USD) 0.32 0.29 0.26 0.27

EPS Change (%) -7% -11% -10% 4%

DPS (USD) - - 0.26 0.20

BVPS (USD) 1.03 0.75 0.66 0.72

P/E (x) 13.1 19.8 21.7 20.9

P/B (x) 4.1 7.5 8.4 7.7

Total Debt/Equity (x) 8.3% 8.9% 8.5% 7.8%

Current Ratio (x) 2.8 2.8 2.7 2.7

PRICE CHART

PE RATIO CHART

KEY INDICATORS AS AT 31 DEC 2016

CurrentPrice(US$) 5.5

YTD Return (%) 22.2

Outperform/(Underperform) (%) 7.4

MarketCap(US$Mil.) 8,009.3

Shares Outstanding (Mil.) 1,451.5

State Ownership (%) 44.7

Available Foreign Room (%) 2.2

Index Weight (%) 12.3

VN30 Weight (%) 9.1

P/E Trailing (x) 21.7

P/B (x) 8.4

Dividend Yield (%) 3.8


FPT CORPORATION - FPT

COMPANY PROFILE

■ FPTcorporationisaholdingcompany,controllingcompaniesoperatingfivebusinesses:mobilephone and IT products distribution, telecommunications, software outsourcing, information system integration, and education.

■ FPT is well-known with excellent high-skill work forces, leading in Vietnam in software outsourcing services, software solutions and systems integrations. Furthermore, with expertise in IT-telecom industry, FPT also is the leader in wholesale distributor of ICT products in Vietnam.

POTENTIAL OUTLOOK ■ For long-term, key segments (software outsourcing and telecommunication) will have

double-digit growth as market of these segments have strong potential growth with large scale for FPT’s growth. In addition, FPT has concentrated on increasing global revenue to enhance the company’s growth.

■ In 2017, FPT is expected to continue the strong performance with sales will increase by 14%in linewithnetprofitwillgoup16%YoY.Alongwithfocusondailybasisbusinessoperation, FPT also build their long term strategy with the participation of two experienced professionals in the Board of Directors for strategy to expand their business in Japan, US, EU and Singapore.

2016 BUSINESS RESULT AND 2017 FORECAST

■ In2016,FPTpresenteda4.3%and3.1%growthinRevenueandnetprofit,equivalenttoUSD$1.76billioninRevenueandUSD$88.5millioninnetprofit.SoftwareandTelecomcontinueasthe main key drivers for FPT development, but the only surprise this year is Education sector with 112% growth in PAT .

■ In 2017, FPT is expected to continue the strong performance with sales will increase by 14% in line withnetprofitwillgoup16%YoY.

■ For more details, in 2017 the most prominent sector— software outsourcing is planned to increase by22%YoYinprofitbeforetaxasthedevelopmentofnewmarketscontinuetogrow.Meanwhiletelecomanddigitalsector isexpect toslowdown in2017withplannedprofitbefore taxonlygrowing by 1%, as a potential expense for Vietnam Public-utility Telecommunication Service Fund -VTF(~1.5%ofRevenue).Consideringthelowbasein2017,Distribution&Retailingsegmentisexpectedtogrowby36%and34%inprofitbeforetax,respectively.


NetRevenue(US$Mil.) 1,451 1,687 1,759 2,005

Revenue Growth (%) 20.8% 16.3% 4.3% 14.0%

NetProfit(US$Mil.) 72.5 85.8 88.5 102.5

NetProfitGrowth(%) 1.5% 18.3% 3.1% 15.8%

Gross Margin (%) 19.2% 19.7% 20.1% 19.9%

Net Margin (%) 5.0% 5.1% 5.0% 5.0%

ROE (%) 21.6% 21.3% 18.8% 20.0%

ROA (%) 8.1% 7.9% 7.6% 8.4%

EPS(US$) 211 195 174 208

EPS Change (%) -19.0% -7.6% -10.5% 19.0%

DPS(US$) 111 111 89 89

BVPS(US$) 1,003 1,164 1,022 1,138

P/E (x) 9.2 9.3 11.5 9.6

P/B (x) 2.1 1.9 2.0 1.8

Total Debt/Equity (x) 1.2 1.3 1.3 1.3

Current Ratio (x) 1.5 1.4 1.4 1.4



YTD Return (%) 9.6

Outperform/(Underperform) (%) (5.2)

MarketCap(US$Mil.) 888.0

Shares Outstanding (Mil.) 459.3




VN30 Weight (%) 7.2


P/B (x) 2.2


PRICE CHART

PE RATIO CHART

80

85

90

95

100

105

110

115

120

125

1/2016 3/2016 5/2016 7/2016 9/2016 11/2016FPT VN-Index

5

7

9

11

13

15

17

19

01/2016 03/2016 05/2016 07/2016 09/2016 11/2016

FPT VN-Index


BINH MINH PLASTIC JOINT STOCK COMPANY - BMP

COMPANY PROFILE■ Over 38 years since establishment, Binh Minh Plastic (BMP) has become the leading

manufacturers of plastic pipes for construction in Vietnam. BMP holds over 30% nationwide market share with over 1,400 outlets and designed capacity of over 85,000 tons. The company’sflagshipproductisuPVCwhichcontributesover90%oftotalrevenues.

■ Demand for BMP products continuously increases thanks to the company’s commitment on quality and its strict and reliable quality control. Therefore, BMP is among a few plastic pipe manufacturers whose customer demand always exceeds BMP supply.

POTENTIAL OUTLOOK ■ Real estate sector has recovered considerably since early 2014; this recovery cycle is

widely expected to remain in the next 2-3 years. Such recovery will result in the that of construction activities and thereby, increase demand for infrastructure projects. Therefore, plastic pipes for construction are expected to have a promising growth.

■ PVC, the main ingredient for plastic pipe manufacturing, hovers at its lowest level over the past 5 years, partly due to the low oil prices. Both U.S Energy Information Administration (EIA) and OPEC do not expect a strong recovery of oil prices soon, which is thus advantageous for BMP business.

■ Besides, the key to BMP growth prospects lie on the new factory Binh Minh Long An (phrase 1) that commenced operation from early Q4 2015, thus until 2018, capacity is expected to grow by 1.5 times in comparison with the current level. The new factory is also expected to meet the high demand in the Southern market, saving transportation costs from the North.

■ Besides, BMP continues to expand distribution network and plans to take part in other major projects including Sala township (Dai Quang Minh), Thuan Viet, Thu Thiem new urban township (District 2), etc. The company also plans to acquire Danang Plastic (DPC) with the aim to occupy the market shares in the Central region.

2016 BUSINESS RESULT AND 2017 FORECAST ■ 2016 started with full-year revenue from the new factory. Though the first phase only

added15,000 tonsof fittingswhichare in short, thenew factoryenhancedcapacityofpipe production lines thanks to better space utilization, advanced layout and shorter time of installing/uninstalling moulding. Hence, the problems of capacity and consumption were resolved.Revenuein2016reachUSD$147.1million,up18.5%,andNPATtoachieveitshistoricalhighestatUSD$27.7million,up20%from2015.

■ In 2017, Revenue is projected to reach USD$ 169.1million (+15% yoy) and NPAT isexpected to continue the growth trend achieving USD$ 31.8 million (+15% yoy). ThisgrowthissupportedbytheRealEstatemarketwithlargenumberofprojectswillbefinishedthis year and BMP has also increased the capacity to 120,000 ton of products which will ensure the supply for upcoming demand this year.


NetRevenue(US$Mil.) 107.4 124.1 147.1 169.1

Revenue Growth (%) 15.7% 15.6% 18.5% 15.0%

NetProfit(US$Mil.) 16.7 23.1 27.7 31.8

NetProfitGrowth(%) 1.9% 37.7% 20.0% 15.0%

Gross Margin (%) 26.8% 30.0% 31.0% 31.0%

Net Margin (%) 15.6% 18.6% 18.8% 18.8%

ROE (%) 23.5% 27.8% 9.6% 6.2%

ROA (%) 20.9% 23.8% 4.3% 2.6%

EPS(US$) 368 507 608 700

EPS Change (%) 1.9% 37.7% 20.0% 15.0%

DPS(US$) 133 178 289 n/a

BVPS(US$) 1,619 1,455 1,679 1,969

P/E (x) 8.8 11.5 14.0 12.1

P/B (x) 1.9 3.0 5.1 4.3


Current Ratio (x) 7.1 6.4 6.4 6.4



YTD Return (%) 52.0







VN30 Weight (%) NA


P/B (x) 3.8


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HOA PHAT GROUP JSC - HPG

COMPANY PROFILE

■ HPG is a private industrial enterprise which has core business in construction steel and steel pipe manufacturing. Besides, the company also involves in office furniture manufacturing,refrigeration engineering, real estate development and livestock feeding. Steel business contributesmorethan80%ofconsolidatedrevenueandprofit.

■ In 2016, HPG put into operation its third basic oxygen furnace (BOF) at Hai Duong steel complex with capacity of 750,000 tons/year, increasing the Company’s total construction steel capacity up to two million tons/year. Therefore, HPG consistently holds its market leader position in domestic steel industry with 25% market share.

■ TheCompany is in progress of building its first pre-painted galvanized steel sheet factory,with total investment of VND4,000 bil, capacity of 400,000 tons/year, expected to commence operation by late 2017. Accordingly, HPG shall compete directly with current market leaders in galvanized steel sheet such as Hoa Sen, Nam Kim and Dong A.

POTENTIAL OUTLOOK ■ Vietnam steel industry continually maintains excellent growth rate in 2016 with 22% YoY. The

recovery of Vietnam economy and real estate market remain the key drivers for high growth in steel industry in upcoming years. According to the Vietnam Steel Association 2017 forecast, domestic steel industry shall grow at 12% compared with 2016.

■ In 2016, the Ministry of Industry and Trade of Vietnam imposed safeguard tariff on steel billet and steel bar to protect the domestic market from imported steel especially from China. Domestic steelmakerswillbenefitfromthisprotectioninthelong-termofwhich,fullvaluechainmakerwillbenefitthemost.


■ FY2016,HPGachievednetrevenueofUS$1.5bilandnetprofitofUS$293mil,up21%and 89% yoy respectively. Sale volume is excellent above the plan. For 2016, HPG sold total 1.8 mil tons of construction steel and over 480 thousands tons of steel pipe, increasing 31% and 8% yoy.

■ In 2017 and early 2018, feed factory No. 2 and No. 3 shall commence operation. However, agriculturesegmenthardlymakesstrongprofitabilitymargin inupcomingyearsasHPGcontinues to invest in pig farm. Steel pipe segment potential looks bright as HPG will complete the upgrade of steel pipe factory, increasing 80% capacity. Revenue and sale volume have strong potential to grow as demand from real estate market is still recovering. Average selling price of steel products is expected to increase in 2017 as a delay effect of the increasing prices of input raw materials. HPG as a full value chain manufacturer shall bethemainbeneficiaryofthesafeguardtariffimposedbytheMoIT.

■ In 2017, Hoa Phat is going to start the Steel complex project in Dung Quat with total capacityof4miltons/yearandtotalinvestmentuptoUS$3bil.Becausesalevolumeisapproaching total designed capacity, Dung Quat project is essential for HPG as the main sourceofrevenuefortheCompany’sfuture,fulfillingthehugedemandofdomesticsteelmarket, especially for hot roll steel products.


NetRevenue(US$Mil.) 1,121 1,206 1,462 1,708

Revenue Growth (%) 34.8 7.6 21.2 16.8

NetProfit(US$Mil.) 138 153 290 290

NetProfitGrowth(%) 60.9 10.9 89.4 0.0

Gross Margin (%) 20.3 20.4 26.3 23.0

Net Margin (%) 12.3 12.7 19.8 17.0

ROE (%) 29.2 26.4 38.5 29.3

ROA (%) 13.9 14.6 22.5 17.1

EPS(US$) 0.3 0.2 0.3 0.3

EPS Change (%) 39.9 -27.1 64.7 0.0

DPS(US$) 0.0 0.1 0.1 0.1

BVPS(US$) 1.1 0.9 1.0 1.3

P/E (x) 6.5 8.9 5.7 5.7

P/B (x) 1.7 2.1 1.9 1.5


Current Ratio (x) 1.3 1.2 1.5 1.2



YTD Return (%) 72.9







VN30 Weight (%) 8.9


P/B (x) 1.5


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NOVALAND GROUP JSC – NVL

COMPANY PROFILE■ Novaland (NVL) is one of the leading real estate developers of Vietnam with products ranging

from apartment, shophouse and villa in mid-end and high-end segment. In Ho Chi Minh city, NVL and Vingroup are two biggest developers in terms of number of unit opened and traded in the market.

■ Starting from Sunrise City project is District 7, so far Novaland has continually acquired and developed more than 40 projects at prime locations and well-established brand name in line with quality and construction progress. Flagship projects in city central can be named such as Madison, Saigon Melinh, Saigon Royal, Icon 56. In the East, NVL is managing and developing various key projects such as Sun Avenue, Lakeview City, Lexington and Lucky Dragon. In the West of HCMC, there are many medium and small-size projects of NVL with good location such as The Botanica, Botanica Premier, Newton, Prince, Richstar, GardenGate. In the South, except Sunrise City which has been completed and transferred to clients in 2016, NVL is developing Sunrise Cityview and Sunrise Riverside.

OUTLOOK■ In 2016, outstanding loan in real estate sector showed decreasing trend, property inventory

isalsoreducedquicklyascomparedwith2015andinterestratebasewasnotfluctuatingso much, therefore, the possibility of real estate bubble in 2017-2018 is quite low. Real estatecapitalflowshallbemoreselective,focusingmoreonnotonlyprimelocationbutalso quality of projects and brand name of developers.

■ The East part of HCMC, including District 2, 9 and Thu Duc, is the strategic location for development and investment. The recent built Long Thanh—Dau Giay Expressway along with several key projects such as Ben Thanh-Suoi Tien Metro, Thu Thiem new urban area, Thu Thiem and Cat Lai bridges, Ring road 2 and 3, will change the face of the East, directly supporting the prospect of real estate projects in this area.

■ Low-rise segment, (including land lot, shophouse and villa) will play well in 2017 because demand of this type of products is still high while supply has yet met.

2016 BUSINESS RESULT AND 2017 FORECAST ■ FY2016,NovalandachievednetrevenueofUS$327mil,increased10.3%yoy;netprofit

wasrecordedatUS$73.9milfourtimeshigherthanlastyear.2016revenuemostlycamefrom completed projects, which are Galaxy 9, Lexington Residence and Tropic Garden, accounted for the majority of apartment sale. Commercial podium and officetel hasimpressive growth through Sunrise City Central and North.

■ In the period of 2016-2017, NVL continues to develop series of projects, of which the strategy movement to shophouse developing (with Lakeview City and Harbor City) is expected to generate positive result as demand of this segment is still high.



Revenue Growth (%) 75.1 138.2 10.3 134.2

NetProfit(US$Mil.) 4.1 18.3 73.0 189.3

NetProfitGrowth(%) 1,184.8 343.4 300.1 159.3

Gross Margin (%) 17.0 20.1 21.8 20.8

Net Margin (%) 3.3 6.2 22.6 25.0

ROE (%) 3.9 8.8 20.6 28.8

ROA (%) 0.8 1.9 5.3 8.4

EPS(US$) 0.02 0.05 0.12 0.32

EPS Change (%) 570.4 176.9 150.0 159.3

DPS(US$) 0.0 0.0 0.0 0.0

BVPS(US$) 0.5 0.6 0.7 0.8

P/E (x) 147.5 53.3 21.3 8.2

P/B (x) 5.2 4.3 3.5 3.3


Current Ratio (x) 1.4 1.4 2.0 2.3



YTD Return (%) 0.0

Outperform/(Underperform) (%) -0.2






VN30 Weight (%) n.a


P/B (x) 4.1


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COMPANY PROFILE■ Originally established as Foreign Exchange Control Department of State Bank of Vietnam,

VCB is one of the dominant service providers for import and export banking products. Utilizing this competitive advantage, VCB pursues an advanced business model, in which the bank concentrates to increase non-interest income components, such as service and foreign currency dealings.

■ VCB is the biggest listed bank and usually drives the performance of banking sector. The participation of foreign strategic shareholder Mizuho Corporate Bank contributes to improve VCB position among the leading group in size and earnings ability. By ending 2016 VCB possessedanetworkof460branchesandtransactionoffices,andaccountsfor8.4%creditmarket.

■ VCB is favorable and appealing because not only of its leading position but also of its reliability. VCB demonstrates a leap forward in management, governance and transparency. VCB is the bank which aggressively writes off bad debts, resulting in a reliable reported Non-performing loan (NPL).

OUTLOOK ■ The bank balances among superior asset quality, high quality earning and sustainable

growth. In 2017, VCB targets asset growth at 11%, credit growth at 18%, deposit growth at 15%andpretaxprofitgrowthat12%meanwhilemaintainingNPLbelow1.5%.

■ VCB has made a strategic move when focusing on retail banking, in line to the global trend to increase contribution in total loan from 31% to 36%, retail banking is expected to improve net interest margin (NIM) for VCB.

■ VCBrecently ranksat thefirstplace inVietnambankingsystems in termsofprofitandstrivestobecomethe leading localbankthathasregional influence.Thebankplanstoincrease its asset to 55 billion USD in 2020 from currently 26 billion USD.

2016 BUSINESS RESULT AND 2017 FORECAST ■ In2016,VCBpostedthesoundpretaxprofitgrowthat+25%YoYandovershotthewhole

year target 3%. The key drivers for better than expected earnings came from the strong growthofnetinterestincome(+20%YoY)coupledwithprovisionforNPLsslightlyincreasedby 7% YoY. NIM remained strong at 2.6% largely driven by the credit growth outpaced the deposit growth.

■ Byending2016,VCBisthefirstbankthatfullybookedprovisionforVAMCbond.Hence,webelieveVCBwillcontinuetoacceleratetheirbottomlinein2017.VCBwillbethefirstone to enter the recovery phase after crisis period of banking sector. Applying the target of credit and deposit growth in line with strict control of NPL, we think VCB will overshoot their initial target for 2017.


Net Interest Income (USD Mil.) 528.8 680.5 815.9 968.0 Interest Income Growth (%) 8.4 28.7 19.9 18.6 NetProfit(USDMil.) 201.1 234.0 300.6 369.6 NetProfitGrowth(%) 4.8 16.4 28.4 23.0 Loan Growth (%) 17.9 19.7 18.6 18.0 Deposit Growth (%) 27.2 18.3 17.9 18.1 Loan/Deposit (x) 0.7 0.8 0.8 0.8 Capital Adequacy Ratio (%) 12.7 11.0 10.3 10.3 Non-Performing Loans (%) 2.3 1.8 1.5 1.7 Net Interest Margin (%) 2.3 2.5 2.6 2.6 ROE (%) 10.7 12.0 14.5 15.0 ROA (%) 0.9 0.8 0.9 1.0 EPS (USD) 0.07 0.07 0.08 0.09 EPS Change (%) (3.2) 6.1 16.7 10.7 DPS (USD) 0.05 0.04 0.04 0.04 BVPS (USD) 0.72 0.74 0.60 0.77 P/E (x) 22.5 21.2 18.2 16.4 P/B (x) 2.1 2.0 2.5 2.0



YTD Return (%) 11.1

Outperform/(Underperform) (%) (3.7)


Shares Outstanding (Mil.) 3,597.8




VN30 Weight (%) 5.7


P/B (x) 2.7


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VIETNAM COMMERCIAL JOINT STOCK BANK - VCB


KIEN GIANG SUPERDONG SPEEDBOAT JSC - SKG

COMPANY PROFILE

■ Kien Giang Superdong (SKG) was established in 2007 in Phu Quoc Island, Kien Giang Province, specializing in cargo and passenger transport business. The Company provides transport services in three routes: (i) exclusive Rach Gia - Phu Quoc route, (ii) dominating on Ha Tien - Phu Quoc route with more than 75% market share and (iii) fast growing on new route Rach Gia - Nam Du. Two major types of customers include tourists and laborers, as local labor force on the island could not meet the increasing demand of Phu Quoc development.

■ As a result, SKG’s performance is closely tied to the development stage of Phu Quoc Island, which is known as The Pearl Island of Vietnam. National Geographic (US) voted Phu Quoc Island as one of the most attractive destinations for winter vacation as well as best honeymoon destination (Roughguides, UK).

OUTLOOK ■ In recent years, Phu Quoc Island has become the most favorite investment place in Vietnam

and attracted infrastructure investment with over 220 projects worth more than VND222,000 bil. Someflagshipprojectsincludes:Casino(VND90,000bil),VinpearlPhuQuoc(VND17,200bil),Cable project (VND 10,000bil), etc. These projects are expected to change Phu Quoc’s socioeconomics in the long-term but result in labor shortage in the short run and thereby, pull the workforce from the mainland to the island.

■ Besides, Phu Quoc Island is emerging as one of the most attractive places for tourism, when visitors, both local and foreigners, keep coming to the island. In the tourism year of 2016, the number of visitors to Phu Quoc reached 1.45 mil, increased 63% YoY. In 2017, Phu Quoc pearl island is expected to welcome 1.8 mil visitors, up 26% compared with 2016. When all tourism and infrastructure projects come into operation, number of visitors will continue to surge in the next 2-3 years.

■ In cost structure, gasoline account for 50% of total cost. Global crude oil price has recovered in 2016, from 26 USD/barrel, the lowest level in 14 years, to 50 –60 USD/barrel. Oil price is forecasted to be traded around 55—65 USD/barrel in 2017. In case fuel price increase much higher than forecasted, SKG as the market leader, is able to raise ticket fare to cover its rising cost.


■ FY2016,SKG’snetrevenueandnetprofitincreased17%and22%YoYtoUS$15.8milandUS$9.4mil,achieving97%ofyearplan.

■ The Company is also building plan to open a new highspeed route Soc Trang—Con Dao. The seaway distance of this route is much shorter than the current route from Vung Tau, therefore provide more supply to the increasing demand of Con Dao tourism.

■ For FY2017, SKG continue to maintain its market leader position in cargo and passenger transport to Phu Quoc market by putting into operation two ferries departing from Ha Tien andupgrading baiVongport.Net revenueandnet profit are forecasted to increase toUS$19.4milandUS$11milrespectively.

FINANCIAL 2014 2015 2016 2017F

NetRevenue(US$mn) 9.8 13.4 16.0 19.4

Revenue Growth (%) 36.2 36.3 16.6 19.6

NetIncome(US$mn) 4.5 7.7 9.5 11.0

Net Income Growth (%) 85.4 69.5 21.7 18.1

Gross Margin (%) 56.4 66.7 68.0 62.3

Net Margin (%) 46.1 57.4 59.9 56.6

ROE (%) 34.1 40.7 34.9 29.8

ROA (%) 33.1 39.7 34.3 29.3

EPS(US$) 0.2 0.3 0.3 0.3

EPS Growth (%) 0.0 0.0 -13.1 0.0

Dividend(US$) 0.04 0.04 0.0 0.04

BookValuePerShare(US$) 0.8 0.9 0.9 1.2

P/E (x) 8.6 12.3 12.6 11.4

P/B (x) 2.3 4.2 3.8 3.2

Total Debts/Total Equity (x) 0.0 0.0 0.0 0.0

Current Ratio (x) 15.2 26.5 34.9 39.8



YTD Return (%) 17.4







VN30 Weight (%) n.a


P/B (x) 4.2


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KHANG DIEN HOUSE JSC - KDH

COMPANY PROFILE■ Khang Dien House (KDH) was established in 2001 with core business focusing on

investment and consulting in real estate sector. The company’s mission is to bring best products with high construction quality and attractive design to customers and community. It alsomaintainsgood relationshipwith local banks toprovide flexibility and liquidity tocustomers. Recently, KDH signed strategic agreement with Vietinbank to lend mortgage to borrowers.

■ In the past, KDH introduced the concept of ‘new standard living’ successfully, in which every house should include front garden and 24/24 security. KDH has built its brand throughmajorprojects,suchasVillaPark,MegaResidence,MegaRuby,MegaVillage,TríKiệt,andrecentlyMelosaandLucasta.KDHisthebiggestrealestatedeveloperinDistrict9, one of the most active areas in HCMC.

OUTLOOK ■ According to the master plan of HCMC’s People’s Committee, the East area, including

District 2, 9 and Thu Duc, is the strategic location for development and investment. The recent built Long Thanh—Dau Giay Expressway will bring further support to the area’s development.Asaresult,KDHwillbethemostbeneficialcompanyasmostofitsprojectsare located nearby this road,

■ KDH has large bank land, approximate 130ha with more than 16 on-going projects. The company is looking to acquire more land at strategic locations for further projects, including residential and villas, in the future. KDH’s main target customers is upper middle income family. Khang Dien House is expected to maintain high growth in next 2-3 years with its strong pipeline.

■ Recently, KDH has acquired up to 57% of Binh Chanh Construction & Investments JSC (BCI) in order to expand its bank land to the West area. BCI is known as one of the largest bank-land developers in Binh Chanh. The company has introduced many outstanding projects, such as An Lac Plaza, Nhat Lan Residence, Phong Phu Residence, etc, to the market successfully.

2016 BUSINESS RESULT AND 2017 FORECAST■ FY2016,revenueachievedUS$169.2mil,almostthreetimeshigherthanFY2015,while

NPATincreased45%YoYtoUS$16.6mil.Earningsmainlycomefrom:(i)theremainingrevenue from Mega Village project, (ii) Lucasta project: luxury villa with selling price at US$400,000each,(iii)Melosa:440houseswithsellingpriceatUS$150,000each,grandopening on 12 May 2015; (iv) Marina: a project with 43 luxury villas near Long Thanh Expressway,90%completion,soldatUS$600,000-US$1mileach.

■ 2017 revenue’s main sources are Mega Sapphire and Quoc Te Moi, with average selling pricerangingfrom1,000—3,000USD/m2,classifiedasmid-endapartmentwhichisstillahot segment in residential market.

FINANCIAL 2014 2015 2016 2017F

NetRevenue(US$mn) 27.3 46.1 169.2 119.2

Revenue Growth (%) 452.1 69.1 266.8 20.6

NetIncome(US$mn) 4.5 11.4 16.6 26.3

Net Income Growth (%) n.a 155.0 45.2 53.7

Gross Margin (%) 14.6 32.2 25.3 34.6

Net Margin (%) 16.4 24.8 9.8 22.0

ROE (%) 8.3 10.9 8.8 12.1

ROA (%) 4.2 4.5 4.6 6.5

EPS(US$) 0.0 0.1 0.1 0.1

EPS Growth (%) n.a 156.1 9.0 32.8

Dividend(US$) - 0.1 0.1 0.1

BookValuePerShare(US$) 0.8 0.9 0.8 1.1

P/E (x) 34.5 13.5 12.4 8.0

P/B (x) 1.0 1.0 1.1 0.8

Total Debts/Total Equity (x) 0.9 0.9 0.4 0.6

Current Ratio (x) 5.9 7.5 5.8 5.2



YTD Return (%) 22.0







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P/B (x) 1.2


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CTCP ĐẦU TƯ HẠ TẦNG KỸ THUẬT TP.HCM - CII



Revenue Growth (%) 268.91 (32.82) (30.49) 368.34

NetProfit(US$Mil.) 17.1 27.5 37.7 63.0

NetProfitGrowth(%) 350.98 60.91 36.97 67.15

Gross Margin (%) 19.52 33.65 32.86 55.75

Net Margin (%) 14.89 35.67 70.29 25.09

ROE (%) 18.00 17.06 17.86 22.12

ROA (%) 4.55 5.18 6.52 8.22

EPS(US$) 0 0 0 0

EPS Change (%) 561.14 24.55 24.19 88.50

DPS(US$) 0 0 0 0

BVPS(US$) 1 1 1 1

P/E (x) 15.54 12.48 10.05 5.33

P/B (x) 2.20 1.55 1.75 1.44


Current Ratio (x) 1.26 2.80 1.67 2.29

COMPANY PROFILE■ Ho Chi Minh Infrastructure Investment JSC was established in 2001 and listed in 2016.

CII has transformed into holding structure with 4 key businesses: water, infrastructure (investing under BOT and BT contract), construction and real estate.

■ CII is now the leading infrastructure investment company in Vietnam with two key concentration on bridge& road and water supply. For bridge& road segment, CII has 6 projects generating earnings. For water supply segment, most of key projects are under construction and start contributing earnings from 2018 onwards.

■ For 2015 sales breakdown, toll fee collection (under bridge& road segment) and constructionwas flag-ship contributorswith 66% to sales (33%each), followingwastrading water equipment with 24% and the rest of 10% was balanced by other services.

OUTLOOK■ For long-term strategy, CII aims to achieve the steady growth over next couple years by

acquiring more bridge& road projects to enhance contribution of toll fee collection. With the strongoutlookofautomobilesalesinnext5years,thetrafficflowviatollgatesacrossthecountry will increase by 7% YoY. In addition, CII will accelerate M&A deals in water supply business to capture the strong growth of this segment.

■ CII has lifted the foreign ownership limit from 49% to 70% recently that will expand the channel forfundraisingfromabroadsourcetofinancetheirpipeline.

■ In termof financial goals,CII targets to improve capital structure by scaling downdebt,maintaining strong CAGR of 20% for earnings and minimum cash dividend of 16% on face value.

2016 BUSINESS RESULT AND 2017 FORECAST ■ In 2016, CII posted the decent result with sales plunging by 30% due to slump of

construction sector which dropped 76% YoY. However thanks to the stake selling at subsidiary LGC in line with revaluation of Rach Mieu BOT, the company achieved the hugefinancial incomethathelpedmaintain thestronggrowthof28%forbottom line.2016resultsfulfilled40%forsalestargetand144%fornetprofit,respectively.

■ For 2017 prospect, CII will increase the ownership at two current associate companies (CII B&R and CII E&C) to more than 51% hence the two will be consolidated into 2017’s CIIearnings.Thereforeoverallsaleswillstronglyjumpby368%y/ymeanwhilenetprofitwill also record impressive growth of 67% YoY.



YTD Return (%) 36.6







VN30 Weight (%) 2.1


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CÔNG TY CP VÀNG BẠC ĐÁ QUÝ PHÚ NHUẬN - PNJ

COMPANY PROFILE

■ JSC Phu Nhuan Jewelry (HSX: PNJ) is an enterprise manufacturing and trading of gold and silver jewelry, precious stones, gold bar and other types of fashion accessories. PNJ has 03 sales channels including retails, wholesales and export. Of which, the retail of gold jewelry plays themost important role,accounting forabout42%of total revenueand80%ofgrossprofit(2015).Atthesametime,goldjewelryretailsalsobringsthehighestprofitmargin,approximately27% compared to the wholesale segment (3-5%), exports (10-12%). Regarding the gold jewelry sales, its estimated market share is about 28% at the end of 2016 (provided by the company).

OUTLOOK ■ AccordingtodatafromtheGeneralStatisticsOffice,thegrowthrateofPerCapitaIncomein

the period from 2011 to 2015 is positive, reaching 12.9%. In particular, the average income of HochiminhCityis$5,538/person,2.6timeshigherthanthenationalaverage.AccordingtotheMinistry of Planning and Investment, by 2020, per capita income is expected to be 50% higher andthatofHCMCwillreach$9,800/person,anincreaseofnearly80%comparedto2015.Therefore the target customer group of PNJ will increase in the near future.

■ Current market share is mainly concentrated in the mom-and-pop shops, while the trend of using high-quality, branded product which increases with rising per capita income, positively impacts the demand for jewelry. According to Nielsen’s market research, consumers in Vietnam now have (i) higher shopping demand and (2) preferred high quality and convenient products.


■ Sales FY2016 increased by 11.1%, in which gold jewelry increased up to 29% thanks to expanding market share. Core earning gained 18.1% because of high margin of gold jewelry.Besides,netprofitaftertaxincreasedupto195.5%duetolowerprovisionforDongA Bank in 2016 at around VND 95bn compared to approximately 300 billion in 2015.

■ In2016,therewere31storesnewlyopened,bringingthetotalfigureto220in40provincesand cities nationwide, leading Vietnam jewelry market in term of distribution network.

■ The board of directors plans to open more 40 stores in 2017. We expect the company’s top line and bottom line will grow 19.8% and 34.7% respectively in 2017, coming from gaining market shares from mom-and-pop shop in the context of high growth potential of the whole market.


Net Revenue (USD Mil.) 405 340 377 452

Revenue Growth (%) 3.2% -16.2% 11.1% 19.8%

NetProfit(USDMil.) 11 7 20 27

NetProfitGrowth(%) 51.4% -40.5% 195.5% 34.7%

Gross Margin (%) 9.7% 15.2% 16.5% 16.3%

Net Margin (%) 0.0% 0.0% 0.0% 0.0%

ROE (%) 0.0% 0.0% 0.0% 0.0%

ROA (%) 0.0% 0.0% 0.0% 0.0%

EPS (USD) 0.141 0.061 0.162 0.245

EPS Change (%) 41.5% -56.5% 163.7% 51.0%

DPS (USD) 0.141 0.035 0.066 0.070

BVPS (USD) 0.756 0.625 0.673 0.847

P/E (x) 12.4 30.8 18.1 12.0

P/B (x) 2.3 3.0 4.4 3.5


Current Ratio (x) 1.3 1.5 1.5 1.6



YTD Return (%) 59.7







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P/B (x) 4.4


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MR. LUU DUC KHANH

Chairman

CEOVietjet Air

Vice Chairman of the BoardHD Bank

MS. LE THI THU HUONG

Member

Deputy General DirectorĐạiTínAuditingCo.Ltd

MS. PHAM THI THANH THUY

Member

Legal - Compliance DirectorVFM

BOARD OF REPRESENTATIVES

MR. DANG THAI NGUYEN

Member

CEOViet Securities Company


GlobaleconomyinQ4andtheyearof2016haswitnessedthehugeandunstablefluctuations.The remarkable events include: (i) surprising winning of Donald Trump in the presidential election of USA; (ii) price of global energy and food has recovered stably; (iii) American interest rate has beenraisedintheconfidenceofovercomingeconomicrecession.Brexithasbeenalsooneoffactors that create humors and different predicts about the future.

Vietnam economy is on the recovery thanks to manufacturing industry and agricultural stability in Q4. The growth rate of economy gained 6.68% in Q4 and 6.21% throughout the year of 2016. VEPIindextremendouslygainedinQ4thatconfirmedrecoverytrendofVietnameconomy.

Inordertosupportmaximumforthefundefficiency,BoRhaveconductedmeetingsduringtheyear of 2016:

- On March 30th, 2016, BoR has had the preparatory meeting for Annual meeting 2015 which wasincluding:annualmeetingschedule,thecustodianreport,auditedfinancialreport,auditorselection in 2016, revision of Fund Charter and candidate for BoR in new term.

- On March 31st. 2016, BoR approved the meeting via papers to agree fund activities in Q1, investment plan in Q2, risk management report in Q1 and revision of Fund valuation book (Resolution no. 01.16/NQ-BDD-VF1).

- On June 10th, 2016, BoR have met in Da Lat province to go through the fund report in Q2, investment plan in Q3, risk management report in Q2, updates of negotiation trading scheme valid until July 2017, chose PwC to be the auditor of the fund (Resolution no. 02.16/NQ-BDD-VF1).

- On October 18th, 2016, BoR meeting in Q3 has been organized via teleconference to understand the quarterly report of the fund and investment plan in Q4, risk management report and budget proposal for Annual report and meeting 2016.

- On January 20th, 2017, BoR approved via papers for the Q4 meeting those contents of fund report inthewholeyearof2016,profitdistributionplanin2016,investmentplanin2017,riskmanagement report, cost report of fund 2016, BoR costing report and BoR budget in the new year, auditor selection for 2017, updates of annual report and meeting organization.

Besides those meetings, BoR also support the investment process of the fund in the purpose of givingbestbenefitstothefund,suchasresolvedseveralinvestmentdecisioni.eResolutionno.5, 7, 9a, 9, 11, 13, 15, 17, 19.16/NQ and Resolution No. 2 and 4.17/VF1-2017/NQ).

BOARD OF REPRESENTATIVES


VIETFUND MANAGEMENT (VFM)


VietFundManagement(VFM)isthefirstdomesticinvestmentfundmanagementcompanytobeestablishedinVietnamin2003which is also a member of Dragon Capital Group – the prestigious integrated foreign investment group with total asset under management up to USD 2 billion. After 12 years of operation, VFM has become the leading domestic fund management company withlargestassetundermanagement.VFMalsoprovidesthemostdiversifiedproductsuitesonthemarket,fromequityfunds,bond funds to ETF and portfolio management service to meet the increasing demand from investors.

Awards of VFM:

Product suite of VFM:

CURRENT PRODUCTS

UPCOMING PRODUCTS

Active

Passive

VF1Established in 2004Balanced strategy

VF4

PROVIDENT FUND

REAL ESTATE

FUND

ETF VFMVN30

VFBEstablised in 2008

Growth/Value blue-chips strategy

ThefirstdomesticETF,establishedin2014Replicating performance of VN30 Index

Established in 2013 Quant strategy

Best Fund Management Company Vietnam 2016 by International Finance Magazine.Investment Elite 2016 by Wealth & Finance International. Best Fund Management Company Vietnam 2014 by International Finance Magazine & Global Banking & Finance Review.Best Fund Management Company Vietnam 2014 by International Finance and Asia Asset Management.Best Fund House Vietnam 2014 by Asia Asset Management.

VIETFUND MANAGEMENT


DISTRIBUTORS

Name of Distributors Abb. Name

VF1 VF4 VFB ETF VFMVN30

Head quarters Branch officeBank Account number for subscription (*)

VietFund Management VFM 90183711704 1020650-055 1020155-055

17th Floor, Room 1701-04, Melinh Point Tower, 02 Ngo Duc Ke St., Dist. 1, HCMCTel: (028) 3825 1488 - Fax: (028) 3825 1489

Room 903, 9th Floor, BIDV Tower, 194 Tran Quang Khai St., Hoan Kiem Dist., Ha NoiTel: (024) 3942 8168 - Fax: (024) 3942 8169

Ho Chi Minh City Securities Corporation HSC 90183711705 1020650-031 1020155-031 901 961 22 504 Level 5&6, AB Tower, 76 Le Lai St., Ben Thanh Wd, Dist. 1, HCMCTel: (028) 3823 3299 Fax:(028) 3823 3301

Level 4&5, Building 66A Tran Hung Dao, Hoan Kiem Dist., Ha NoiTel: (024) 3933 4693 - Fax: (024) 3933 4822

KIS Vietnam Securities Corporation KIS 90183711706 1020650-035 1020155-032

3th Floor, Maritime Bank Tower, 180-192 Nguyen Cong Tru St., Nguyen Thai Binh Wd, Dist. 1, HCMCTel: (028) 3914 8585 - Fax: (028) 3821 6898

6th Floor, CTM Tower, 299 Cau Giay St., Cau Giay Dist., Ha NoiTel: (024) 3974 4448 - Fax: (024) 3974 4501

Viet Dragon Securities Corporation VDSC 90183711707 1020650-034 1020155-033

141 Nguyen Du St., Dist. 1, HCMCTel: (028) 6299 2006 - Fax: (028) 6291 7986

2C Thai Phien St., Hai Ba Trung Dist., Ha NoiTel: (024) 6288 2006 - Fax: (024) 6288 2008

Viet Capital Securities VCS 90183711708 1020650-032 1020155-034

Bitexco Financial Tower, 15th Floor, 2 Hai Trieu St., Dist. 1, HCMCTel: (028) 3914 3588 - Fax: (028) 3914 3209

Capital Building, 109 Tran Hung Dao St., Hoan Kiem Dist., Ha NoiTel: (024) 6262 6999 - Fax: (024) 6278 2688

Vietcombank Securities Limited Company VSLC 90183711709 1020650-03712th & 17th Floor, Vietcombank Tower, 198 Tran Quang Khai St., Hoan Kiem Dist., Ha NoiTel: (024) 3936 6426 - Fax: (024) 3936 0262

1st & 7th Floor, Green Star Building, 70 Pham Ngoc Thach St., Ward 6, Dist. 3, HCMCTel: (028) 3820 8116 - Fax: (028) 3820 8117

Viet Securities Joint Stock Company VSJSC 90183711710 3rd Floor, 117 Quang Trung St., Vinh City, Nghe AnTel: (038) 383 7606 - Fax: (038) 358 8271

Sacombank Securities Joint Stock Company SSJC 90183711711 1020650-036 278 Nam Ky Khoi Nghia St., Ward 8, Dist. 3, HCMCTel: (028) 6268 6868 - Fax: (028) 6255 5939

6-7 Floor, 88 Ly Thuong Kiet St., Hoan Kiem Dist., Ha NoiTel: (024) 3942 8076 - Fax: (024) 3942 8075

Saigon Securities Inc. SSI 90183711712 1020650-033 72 Nguyen Hue, Dist. 1, HCMCTel: (028) 3824 2897 - Fax: (028) 3824 2997

1C Ngo Quyen St., Hoan Kiem Dist., Ha NoiTel: (024) 3936 6321 - Fax: (024) 3936 6311

FPT Securities Joint Stock Company FPTS 90183711713 1020650-038 1020155-035 2nd Floor, 71 Nguyen Chi Thanh St., Dong Da Dist., Ha NoiTel: (024) 3773 7070 - Fax: (024) 3773 9058

3rd Floor, Ben Thanh Times Square Building, 136-138 Le Thi Hong Gam St., Nguyen Thai Binh Wd, Dist. 1, HCMCTel: (028) 6290 8686 - Fax: (028) 6291 0607

VNDIRECT Securities JSC VND 90183711714 1020650-039 1020155-036 1 Nguyen Thuong Hien St., Hai Ba Trung Dist., Ha NoiTel: (024) 3972 4568 - Fax: (024) 3972 4600

Building THE 90th PASTEUR, 90 Pasteur St., Dist. 1, HCMCTel: (028) 7300 0688 - Fax: (028) 3914 6924

An Binh Securities Joint Stock Company ABS 90183711715 1020650-040 1020155-037 101 Lang Ha St., Dong Da Dist., Ha NoiTel: (024) 3562 4626 - Fax: (024) 3562 4628

Room 201, Smart View Building161A-163-165 Tran Hung Dao St., Dist. 1, HCMCTel: (028) 3838 9655 - Fax: (028) 3838 9656

Maritime Bank Securities Company MBSC 90183711716 1020650-041 1020155-038 1st & 3rd Floor, Sky City Tower,88 Lang Ha St., Dong Da Dist., Ha Noi Tel: (024) 3776 5929 - Fax: (024) 3776 5928

2nd Floor, Maritime Bank Tower, 180-192 Nguyen Cong Tru St., Dist. 1, HCMCTel: (028) 3521 4299 - Fax: (028) 3914 1969

Bao Viet Securities Joint Stock Company BVSJSC 901 961 22 505 8 Le Thai To St., Hoan Kiem Dist., Ha Noi

Tel: (024) 3928 8080 - Fax: (024) 3928 9888Level 8, Bao Viet Building, 233 Dong Khoi St., Dist. 1, HCMC Tel: (028) 3914 6888 - Fax: (028) 3914 7999

ACBS Securities Company ACBS 901 961 22 506 41 Mac Dinh Chi St., Dakao Ward, Dist. 1, HCMC

Tel: (028) 3823 4160 - Fax: (028) 3928 988810 Phan Chu Trinh St., Hoan Kiem Dist., Ha NoiTel: (024) 3942 9395 - Fax: (024) 3942 9407

Tan Viet Securities Incorporation TVSI 901 961 22 507 6th Floor, 79 Ly Thuong Kiet St., Hoan Kiem Dist., Ha Noi

Tel: (024) 3728 0921 - Fax: (024) 3728 0920193-203 Tran Hung Dao St., Co Giang Ward, Dist. 1, HCMCTel: (028) 3838 6868 - Fax: (028) 3920 7542

InvestorsshallfindmoreinformationandregisterfortradingonfundsmanagedbyVFMthroughourDistributor’snetwork or Authorized Participants (for ETF) as the following list:


Name of Distributors Abb. Name

VF1 VF4 VFB ETF VFMVN30

Head quarters Branch officeBank Account number for subscription (*)

VietFund Management VFM 90183711704 1020650-055 1020155-055

17th Floor, Room 1701-04, Melinh Point Tower, 02 Ngo Duc Ke St., Dist. 1, HCMCTel: (028) 3825 1488 - Fax: (028) 3825 1489

Room 903, 9th Floor, BIDV Tower, 194 Tran Quang Khai St., Hoan Kiem Dist., Ha NoiTel: (024) 3942 8168 - Fax: (024) 3942 8169

Ho Chi Minh City Securities Corporation HSC 90183711705 1020650-031 1020155-031 901 961 22 504 Level 5&6, AB Tower, 76 Le Lai St., Ben Thanh Wd, Dist. 1, HCMCTel: (028) 3823 3299 Fax:(028) 3823 3301

Level 4&5, Building 66A Tran Hung Dao, Hoan Kiem Dist., Ha NoiTel: (024) 3933 4693 - Fax: (024) 3933 4822

KIS Vietnam Securities Corporation KIS 90183711706 1020650-035 1020155-032

3th Floor, Maritime Bank Tower, 180-192 Nguyen Cong Tru St., Nguyen Thai Binh Wd, Dist. 1, HCMCTel: (028) 3914 8585 - Fax: (028) 3821 6898

6th Floor, CTM Tower, 299 Cau Giay St., Cau Giay Dist., Ha NoiTel: (024) 3974 4448 - Fax: (024) 3974 4501

Viet Dragon Securities Corporation VDSC 90183711707 1020650-034 1020155-033

141 Nguyen Du St., Dist. 1, HCMCTel: (028) 6299 2006 - Fax: (028) 6291 7986

2C Thai Phien St., Hai Ba Trung Dist., Ha NoiTel: (024) 6288 2006 - Fax: (024) 6288 2008

Viet Capital Securities VCS 90183711708 1020650-032 1020155-034

Bitexco Financial Tower, 15th Floor, 2 Hai Trieu St., Dist. 1, HCMCTel: (028) 3914 3588 - Fax: (028) 3914 3209

Capital Building, 109 Tran Hung Dao St., Hoan Kiem Dist., Ha NoiTel: (024) 6262 6999 - Fax: (024) 6278 2688

Vietcombank Securities Limited Company VSLC 90183711709 1020650-03712th & 17th Floor, Vietcombank Tower, 198 Tran Quang Khai St., Hoan Kiem Dist., Ha NoiTel: (024) 3936 6426 - Fax: (024) 3936 0262

1st & 7th Floor, Green Star Building, 70 Pham Ngoc Thach St., Ward 6, Dist. 3, HCMCTel: (028) 3820 8116 - Fax: (028) 3820 8117

Viet Securities Joint Stock Company VSJSC 90183711710 3rd Floor, 117 Quang Trung St., Vinh City, Nghe AnTel: (038) 383 7606 - Fax: (038) 358 8271

Sacombank Securities Joint Stock Company SSJC 90183711711 1020650-036 278 Nam Ky Khoi Nghia St., Ward 8, Dist. 3, HCMCTel: (028) 6268 6868 - Fax: (028) 6255 5939

6-7 Floor, 88 Ly Thuong Kiet St., Hoan Kiem Dist., Ha NoiTel: (024) 3942 8076 - Fax: (024) 3942 8075

Saigon Securities Inc. SSI 90183711712 1020650-033 72 Nguyen Hue, Dist. 1, HCMCTel: (028) 3824 2897 - Fax: (028) 3824 2997

1C Ngo Quyen St., Hoan Kiem Dist., Ha NoiTel: (024) 3936 6321 - Fax: (024) 3936 6311

FPT Securities Joint Stock Company FPTS 90183711713 1020650-038 1020155-035 2nd Floor, 71 Nguyen Chi Thanh St., Dong Da Dist., Ha NoiTel: (024) 3773 7070 - Fax: (024) 3773 9058

3rd Floor, Ben Thanh Times Square Building, 136-138 Le Thi Hong Gam St., Nguyen Thai Binh Wd, Dist. 1, HCMCTel: (028) 6290 8686 - Fax: (028) 6291 0607

VNDIRECT Securities JSC VND 90183711714 1020650-039 1020155-036 1 Nguyen Thuong Hien St., Hai Ba Trung Dist., Ha NoiTel: (024) 3972 4568 - Fax: (024) 3972 4600

Building THE 90th PASTEUR, 90 Pasteur St., Dist. 1, HCMCTel: (028) 7300 0688 - Fax: (028) 3914 6924

An Binh Securities Joint Stock Company ABS 90183711715 1020650-040 1020155-037 101 Lang Ha St., Dong Da Dist., Ha NoiTel: (024) 3562 4626 - Fax: (024) 3562 4628

Room 201, Smart View Building161A-163-165 Tran Hung Dao St., Dist. 1, HCMCTel: (028) 3838 9655 - Fax: (028) 3838 9656

Maritime Bank Securities Company MBSC 90183711716 1020650-041 1020155-038 1st & 3rd Floor, Sky City Tower,88 Lang Ha St., Dong Da Dist., Ha Noi Tel: (024) 3776 5929 - Fax: (024) 3776 5928

2nd Floor, Maritime Bank Tower, 180-192 Nguyen Cong Tru St., Dist. 1, HCMCTel: (028) 3521 4299 - Fax: (028) 3914 1969

Bao Viet Securities Joint Stock Company BVSJSC 901 961 22 505 8 Le Thai To St., Hoan Kiem Dist., Ha Noi

Tel: (024) 3928 8080 - Fax: (024) 3928 9888Level 8, Bao Viet Building, 233 Dong Khoi St., Dist. 1, HCMC Tel: (028) 3914 6888 - Fax: (028) 3914 7999

ACBS Securities Company ACBS 901 961 22 506 41 Mac Dinh Chi St., Dakao Ward, Dist. 1, HCMC

Tel: (028) 3823 4160 - Fax: (028) 3928 988810 Phan Chu Trinh St., Hoan Kiem Dist., Ha NoiTel: (024) 3942 9395 - Fax: (024) 3942 9407

Tan Viet Securities Incorporation TVSI 901 961 22 507 6th Floor, 79 Ly Thuong Kiet St., Hoan Kiem Dist., Ha Noi

Tel: (024) 3728 0921 - Fax: (024) 3728 0920193-203 Tran Hung Dao St., Co Giang Ward, Dist. 1, HCMCTel: (028) 3838 6868 - Fax: (028) 3920 7542


AUDITED FINANCIAL REPORT

Please kindly find the full version of the audited financial statement

of VF1 investment fund on our website at www.vinafund.com

DISCLAIMERThis Annual report is issued by VietFund Management (VFM). All statistics relating to Fund’s financial report are approved by Custodian. This Annual report is aimed to provide information on activities of VF1, VF4 investment funds and other services. The other mentioned statistics relating to Vietnam stock market are collected from reliable sources; however, VFM does not ensure that all these statistics are totally adequate and exact. Any opinion or estimate contained in this material is subject to change without notice and accordingly, no warranty is given and no liability is accepted for any loss arising whether directly or indirectly. The use of any information herein (partly or totally), except for reference purpose, shall be approved in writing by VFM.


HEAD OFFICE IN HO CHI MINH CITY17th Floor, Room 1701-04, Melinh Point Tower, 02 Ngo Duc Ke Street, District 1, Ho Chi Minh City, Vietnam Tel: (+84-28) 3825 1488 Fax: (+84-28) 3825 1489Email: [email protected] Support: [email protected] Website: www.vfm.com.vn BRANCH OFFICE IN HANOI9th Floor, Room 903, BIDV Building, 194 Tran Quang Khai, Dist Hoan Kiem, HanoiTel: (+84-24) 3942 8168Fax: (+84-24) 3942 8169

vietnam securities investment fund annual report 2015

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