Phân tích cổ phiếu thế giới di động sơ lược năm 2021

TỔNG LIÊN ĐOÀN LAO ĐỘNG VIỆT NAM TON DUC THANG UNIVERSITY FACULTY OF FINANCE AND BANKING - FINAL REPORT SUBJECT: MONEY AND CAPITAL MARKETS (Company : MWG) Lecture: PhD Do Thi Thanh Nhan Student: Võ Duy Thắng - B20K0134 Ho Chi Minh City, 24th November 2021 Contents I OVERVIEW 1.1 General Information • • • • • • • • • • • • Company’s name: Mobile World Investment corporation Abbreviation : MWG Date of establishment: March 2004 Business registration number: 0306731335 Tax identification number: 0306731335 Business structure: Joint stock company Owner’s equity : 18,807 billion VND Charter capital : 7,131 billioin VND Tel: +84 (28) 381-25960 Fax: +84 (28) 381-25961 Website: https://mwg.vn/ Head office: Information Technology One Member Limited Company The Gioi Di Dong Suite T2-1.2, D1 Street, Saigon Hi-tech Park, Tan Phu Ward, Thu Duc City, Ho Chi Minh City • Number of employees: 65549 1.2 Development milestones • March 2004 the precedent of mobilei world was established • June 2007, one of the biggest capital at the present time ( Mekong capital ) made an agreement with The Gioi Mobile to invest capital into the company From now, The Gioi Mobile changed its name into The Gioi Di Dong ( Mobile World ) and marked a milestone in its rapid development • 2010, Dienmay.com – the precursor of Dien May Xanh was established, which was the second retail brand of Mobile World • March 2012, Mobile World officially reached the milestone for presenting in 63 provinces nationwide • At the end of the year 2012, when the number of its retailer reached the number 200, the company also face the fact that revenue per store decreased, even profit per store was negative • In 2013, 2014, Mobile World constantly opened new stores in the Southeast region, especially stores of Dien May Xanh retail • In July 2014, Mobile World officially became listed compy on HOSE with the symbol MWG, right after that, MWG was one of the most attractive companies while its price was purchased at the ceiling price in a long period After 10 years of being established, Mobile World always marked its success in Vietnam retail market: It became the retailer that had the biggest market share in Viet Nam market as GFK concerned, the time constantly being th top 500 biggest retailer corporation in Pacific – Asia region as retail Asia th magazine concerned, is the only retailer in Vietnam was honoured by World Economic Forum 2014 as one of the most dynamic and rapidly-developing companies in the Asian region • In May 2016, TGDĐ.COM reached the number of 825 retail stores nationwide • In October 2016, MWG set a new retail model in the food and beverage market From • December 2016 MWG established a new e-commerce forum “vuivui.com” with the target of being the best e-commerce website in Vietnam • June 2017 MWG set up the first store in the capital Phnom Penh, Campuchia This is the biggest and most professional website in the aspect of retailing mobile and electric equipment • MWG has been the Champion in TOP 50 best-performing companies in Vietnam (The Business Review – Nhip Cau Dau Tu) MWG’s success story was considered as an interesting case study for researchers at Harvard University, UC Berkeley, Tuck Business School (US) MWG also gains trust from employees given the fact that the Company has been times consecutively in the TOP 50 Best Places To Work in Vietnam and won the “Best Winner” in the HR Award for Effective HR Policies 1.3 Operating Section 1.3.1 Trading electronic and communication equipments and components Thegioididong.com, Bluetronics and Dienmayxanh- formerly known as Bigphone Thegioididong.com Established in 2004 to become the leading mobile phone retail chain in Vietnam by market share with more than 2,500 points-of-scale ( including nearly 1,000 Thegioididong stores and 1,500 Dienmayxanh stores ) nationwide It sells mobile phones tablets, laptops, accessories, wearables devices and value-added services Dienmayxanh launched in 2010 with the initial name “Dienmay.com” and then renamed Dien May Xanh in 2015, Dienmayxanh.com has become the leading consumer electronics retail chain in Vietnam by market share with more than 1,500 stores nationwide It sells phones, electronics (brown goods), white goods and small appliances Bluetronics ( formerly known as Big phone was born in 2017 ) is the first consumer electronics retail chain of MWG in overseas markets Bluetronics is operating 20 stores, specializing in selling authentic mobile devices and consumer electronics in Cambodia, offering high-quality after-sales services and cooperating with consumer finance institutions for instalment sales, which customers in this market have no experience in mom & pop shops 1.3.2 Retailing food, consumer goods and pharmacy MWG started piloting the “modern wet market” Bach Hoa Xanh concept in late 2015 Bach Hoa Xanh is a minimart/food-store chain specializing in fresh foods and daily basic needs This chain of nearly 2,000 stores in Southern and South-Central provinces offers a wide range of fresh, high-quality and traceableorigin products, at a very competitive price compared to the traditional wet market and mom-and-pop grocery stores All Bach Hoa Xanh stores with hygiene space are located in accessible locations for homemakers 4Kfarm is the high-tech agricultural branch of Bach Hoa Xanh 4Kfarm’s agricultural expert’s transfer technology and support farmers to grow vegetables of “4 No” policies of zero pesticides, non-GMO seeds, zero preservatives and zero growth substances, which are important promises to deliver safe products to end consumers 4Kfarm commits to purchasing 100% of these safely-grown vegetables from farmers and provides them exclusively for the Bach Hoa Xanh retail chain 4KFảm’s mission is to provide safely-grown fresh produce for customers’ health and bring prosperity for Vietnamese farmers 4Kfarm’s vegetables are fully traceable with information about the farmer’s name, seed type, sowing date and harvest date An Khang pharmacy is a chain of pharmacies specializing in selling pharmaceuticals, functional foods, medical equipment This is a Affiliated company of MWG 1.4 Companies in the same industry On the stock exchange, there are a few companies in the same retail trade, electronics and appliance store industry with MWG For an instant, FRT – FPT Digital Retail Joint Stock Company, which is listed on HOSE and the second company is TAG – Tran Anh Digital World JSC, which is listed on UPCoM The other companies can be referred such as TMC ( listed on HNX), HTM (listed on UPCoM), PNJ, DGW,…FRT includes : 601 FPT Shop stores, mainly trading in ICT products, contributed 83% of total FRT revenue and 222 Long Chau pharmacies, mainly trading in nonprescription drugs and functinoal foods • PNJ includes 340 stores specializing in trading gold, silver, diamond and gold jewellery The business segment of watches display the shop-in-shop model • FRT includes: 601 FPT Shop stores, mainly trading in ICT products, contributed 83% of total FRT revenue and 222 Long Chau pharmacies, mainly trading in nonprescription drugs and functional foods • MGW is the leader in exclusive wholesale distribution of ICT products source : phs.vn 1.5 MWG position MWG is the leading retailer in Vietnam, accounting for over 50% and 40% of the retail market for phones and electronics, with key catalysts : • Increasing market share of Dien May Xanh chain • Double-digit revenue growth of Bach Hoa Xanh • Maintaining stable revenue and increasing market share of The Gioi Di Dong chain MWG owns and operates a retail system with a scale of more than 4,000 stores In which, Dien May Xanh chain surpassed 1,400 stores, Bach Hoa Xanh chain surpassed 1,700 stores by the end of December 2020 Furthermore, MWG will maintain its position as the number retailer in Vietnam, the company with the largest sales in the total value of the online retail market in Vietnam Being the only Vietnamese company in the top 100 retailers in Asia – Pacific, MWG owns The Gioi Di Dong and Dien May Xanh – these companies are currently in the No position in technology equipment retail and consumer electrocics in Vietnam Bluetronics is the No.1 retailer of phones and electronics in Cambodia with over 30 stores As of 2020, MWG has more than 500 watch sale points with 1,2 million products sold MWG is the largest retailer of watches and wearables in Vietnam MWG also has more than 1,000 laptop display sale points, which account for nearly 30% of the laptop market share in Vietnam in 2020 1.6 MWG vision and prospects More than 96 million people with a young population structure along with an urban population rate of more than 34% and continued growth are the driving forces to increase the value of the retail market in Vietnam 40% of the electronics market share in Vietnam still belongs to retail stores, so this is an opportunity for MWG to continue to increase its market share in the coming years by expanding the Dien May Xanh Supermini model ( target for this model of business is 1000 stores – this is the number that MWG regards as the equilibrium point ) The traditional retail market still accounts for about 90% of the total retail value of food and FMCGs in Vietnam and is an opportunity for early modern retailers to enter the market such as Bach Hoa Xanh’s market share in the near future The rate of using the internet and mobile devices in Vietnam is already high, along with the strong development of online payment tools, which is the basis for MWG to continue to develop the online retail market by taking advantage of the omnichannel model MWG long-term vision up to 2030, will be the pride of Vietnam Their target is to be the No.1 company in retail, e-commerce, and related services in Southeast Asia, to attain customer trust and love by serving them wholeheartedly with outstanding products and services MWG also aim of providing employees with kindness, happiness, wealthiness and pride, making a significant impact on corporate social responsibility and demonstrating integrity and humanity whenever MWG operates Source: MWG.vn 1.7 Equity and Shareholding Information 1.7.1 Equity and stock information • Number of listed shares : 713,605,495 10 21 We see that ROE in 2019 decreased compared to 2018 because ROA in 2019 decreased compared to 2018 Despite the revenue and profit in 2019 increased rapidly, but the number of inventories was much higher than the previous year, which lead to the decrease in ROA and consequently in ROE In 2020, although the operating expenses increased rapidly and financial expenses increased slightly, the total income of the company just increased rapidly which lead to the decrease of ROA, and ROE as the result From years above, we can make the conclusion that: the increase in profit mainly thanks to the diversification of products they sell and accumulation of inventories But we should notice that the amount of increase in profit doesn’t catch up with the increase in assets of MWG According to this corporation, the increase in inventories was mainly due to the Tet holiday In the early year, they had to hold a large number of inventories to meet the satisfaction of customers who had a desire to hold goods But we should keep in mind that Tet occurs every year, this explanation seemed to make no sense In short, MWG has increased revenue and profit over years, which is good news for investors But a large number of inventories, which is the main factor of the decrease in ROA, ROE, can be a potential risk for this company and investors 3.4 Audited consolidated financial statement Q3 2021 Lately, MWG has launched its audited consolidated financial statement There are many details that we need to emphasize The source of the financial statement 22 can be seen in https://mwg.vn/eng/reports Compared to the previous year, the total revenue of MWG decreased, mainly due to the outbreak of COVID-19 in Vietnam MWG have many retailers which can be divided into main groups: essential commodities (Bachhoaxanh) and nonessential commodities (dienmayxanh, thegioididong,…) During the pandemic, the Vietnam government issued different directives such as directive 15, directive 16, directive 16+,… All of them included not permitting the company to retail nonessential commodities opening Looking into more detail, it is clear that the Bachhoaxanh has just been established while thegioididong or dienmayxanh, which are the main income of MWG, was established many years ago In the pandemic situation, most of the main retailer MWG had to be closed Luckily, food and beverage retailers in general had a great opportunity to soar their revenue, due to the demand of hoarding food, so bachhoaxanh also had the highest revenue in this period of time compared to the same period of many years before 23 In short, the main retailer of MWG made less revenue despite of the fact that Bachhoaxanh produced the highest revenue in its history, but it can not make up for the loss of revenue that MWG lost So the revenue of 2021 is lower than that of 2020 But surprisingly, the gross profit of 2021 is higher than that of 2020 while the total revenue of 2021 is lower than 2020 It seems that this company also have another income, not from retailing but from another activity 24 Source : vcbs.com.vn Profit after taxes of this company in 2021 is lower than that of 2020 despite having gross profit of 2021 higher than that of 2020 As in the early of the year 2021, this corporation has increased their charter capital times, which means that their average outstanding common shares increased while their net income (profit) of them decreased This is the main reason why the earning per share decreased from 2.100 to 1.298 25 Take a look to their balance sheet, their financial income at the of Q3 2020 was 550,977,691,032 and financial expenses was 447,475,710,820 VND, while that of 2021 was respectively 881,622,622,257 VND and 488,323,451,687VND If we calculate financial profit = financial income – financial expenses, we can calculate the financial profit of 2020 and 2021 respectively equal to 26 103,501,980,212 VND and 393,299,170,570 VND This means that the financial profit in 2021 is nearly times higher than that in 2020 Furthermore, in 2020, this corporation only had 80 billion VND for shortterm loan receivables but in 2021 this number was 12,5 times higher, up to thousand billion VND In the long-term investment category, last year the corporation even have no held-to-maturity investments while the number for this category in 2021 was up to billion Money for short-term receivables mainly was divided into groups • The first group (about 745 billion VND) is lent for Ho Chi Minh Securities Corporation After receiving money from MWG, this corporation will lend money to another finally, MWG played the role of a financial institution in the market • The second group (about 262 billion VND) is for a related party ( An Khang pharmacy joint-stock company ) This can be concerned as an amount of investment of MWG for An Khang pharmacy company In short, via its audited consolidated financial statement Q3 2021 we can find out that MWG seems to have a tendency to broaden its business, as the corporation has more and more activities of investing and lending as a financial institution This can be a new source of income for the corporation in the future the longer term 27 IV TECHNOLOGICAL ANALYSIS (Source: fireant.vn) 4.1 Trend Support and Resistance Levels 28 4.3 MACD 4.4 Fibonacci 29 Through technical indicators, we can make some conclusions as below : • In the short-term, and long-term, the price of MWG was still in an upward trend • The support level was identified at the prices around 128,00 – 132,00 as when the price reached this level, investors tend to buy MWG stock rapidly, which means that the demand is much more than the supply • Via Fibonacci, we can define main support levels: 135,94 (23.6); 130,03 (38.2); 125,26 (0.5); 120,49 (0.618); 113,20 (0.786) With the present price (around 132,00 – 134,00), the next support level is 130,03 ( 38.2) V STOCK VALUATION ( source : BCS.com.vn ) Weighted Average Cost of Capital Rf 4.00% Beta 1.00 Ke 14.96% Kd 3.00% E/A 65.38% Tax rate 23% WACC 10.58% g 3% 30 2021 Free cash flow to the firm 21,627 2022 20,381 2023 14,915 2024 9,134 2025 4,895 Present value 92,830 83,946 59,459 53,766 48,621 Total firm value Debt Currency value 109,164 19,491 14,198 719,9 Total outstanding shares Price per share (VND) million 153,125 Price per Weighted Valuation Model share 153,60 Percent Average P/E 155,12 50% 77,800 FCFF FPT Price 50% 100% 76,563 154,400 31 VI Recommendation Source:investing.com As the P/E ratio of the company is lower than that of the retail industry, which means that in the long term, the value of this company is still higher than its market price at the moment This upward trend is also reclaimed by its uptrend line 32 But when we use technical analysis, it is remarkable that MA50 now surpasses MA10 and MACD line was surpassed by a signal line Also with that, MACD no is under value The three reasons above reveal that although in the long term, the value of MWG is higher than its price at the moment, in the short term its price will decrease slightly So in the short-term, we should not buy this stock but in the long-term, this is a potential stock that investors can consider to invest 33 VII Reference materials: https://vcbs.com.vn/en/Research/AnalysisReports?stocksymbol=MWG https://www.investing.com/equities/mobile-world-investment-corphistorical-data https://mwg.vn/eng/analyst-reports https://www.academia.edu/ https://www.pwc.com/vn/en/publications/vietnampublications/economy-covid19.html https://vietnamcredit.com.vn/news/vietnams-retail-industry-torebound-in-2021_14244 https://www.mordorintelligence.com/ http://ezsearch.fpts.com.vn/Services/EzData/default2.aspx?s=1146 https://finance.vietstock.vn/MWG-mobile-world-investmentcorporation.htm 10.https://www.bsc.com.vn/Companies/InsiderTransactions/MWG 11.https://s.cafef.vn/hose/MWG-cong-ty-co-phan-dau-tu-the-gioi-didong.chn 12.https://fireant.vn/home/content/symbols/MWG 13.https://drive.google.com/file/d/1v6BEylGPs2PoMv2Pye91l0MO5lmYEJ Lp/view 14.https://www.phs.vn/data/research/PDF_Files/analysis_report/en/202 10526/Retail%20Industry 20210525-E.pdf 15.https://mwg.vn/uploads/eng/2021/11/audited-consolidated-fs3q2021-1.pdf 16.https://www.youtube.com/watch?v=bhbDDSohJ84 17.https://www.youtube.com/watch?v=wCyM3q9AxSU -The End - 34 ... can be divided into main groups: essential commodities (Bachhoaxanh) and nonessential commodities (dienmayxanh, thegioididong,…) During the pandemic, the Vietnam government issued different directives... Trading electronic and communication equipments and components Thegioididong.com, Bluetronics and Dienmayxanh- formerly known as Bigphone Thegioididong.com Established in 2004 to become the leading... Dienmayxanh launched in 2010 with the initial name “Dienmay.com” and then renamed Dien May Xanh in 2015, Dienmayxanh.com has become the leading consumer electronics retail chain in Vietnam by