CORPORATE FINANCE ASSIGNMENT REPORT VIETNAM NATIONAL UNIVERSITY HO CHI MINH CITY HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY FACULTY OF ENVIRONMENT AND NATURAL RESOURCES CORPORATE FINANCE ASSIGNMENT REP.
VIETNAM NATIONAL Ho UNIVERSITY Chi Minh CityHO CHI MINH CITY April, 2022 OF TECHNOLOGY HO CHI MINH CITY UNIVERSITY FACULTY OF ENVIRONMENT AND NATURAL RESOURCES PETROLIMEX GAS CORPORATION JSC FINANCIAL STATEMENT ANALYSIS CORPORATE FINANCE Lecturer: Dr Nguyễn Thu Hiền ASSIGNMENT REPORT Class: CC01 TABLE OF CONTENT LIST OF FIGURES 2 LIST OF TABLES ABSTRACT The primary goal of this project is to apply what we have learned to examine the financial performance of PETROLIMEX GAS CORPORATION - JOINT STOCK COMPANY (PGC) We will calculate, analyze, and comment on PGC's financial ratios (Liquidity Ratio, Leverage Ratio, Efficiency Ratio, Profitability, and Market Performance Ratio) from 2019 to 2021 by collecting data from the Balance Sheet, Income Statement, and other sources on finance websites Following that, PGC's financial ratios in 2021 were compared to those of three other companies: VIETNAM NATIONAL PETROLEUM GROUP (PLX), PETROVIETNAM GAS JOINT STOCK CORPORATION (GAS), and PETROVIETNAM TECHNICAL SERVICES CORPORATION (PVS) to provide comparative reviews related to the company's operations, thereby recommending whether to buy or sell those companies to investors In addition, we also calculate PGC's BETA and company value We can determine the risk performance of PGC investments based on these figures By combining analytical data from PGC's financial ratios, BETA, and company value, we can make comments and reviews on PGC's financial performance, and from there, we can thoroughly evaluate PETROLIMEX GAS CORPORATION - JOINT STOCK COMPANY (PGC’s future) development direction PART 1: COMPANY OVERVIEW COMPANY OVERVIEW 1.1 Company introduction Petrolimex Gas JSC (PGJ), or Vietnam National Petroleum Group, is known as a stateowned petroleum company that was established in 2006 and is headquartered in Hanoi, Vietnam 1.2 Company activities Petrolimex is involved in the business of importing, exporting and trading petroleum and petrochemical products It also provides other related products such as oils, greases, 3 asphalt, and liquefied petroleum gas (LPG) for commercial, residential as well as industrial uses Besides, Petrolimex has invested in other sectors, which can be named as engineering, installation, mechanical and oil equipment, insurance, banking and other commercial and services activities offered by its member units 1.3 Business scope 1.3.1 Storage system There are storages set up all over the country to make sure the fluent supply over market demand, which are located in Duc Giang Oil Depot (Ha Noi), Thuong Ly Oil Depot (Hai Phong), Nha Be Oil Terminal (HCM City), Central Oil Storage Cluster (Phu Khanh Binh Dinh - Da Nang - Nghe An), Southwestern Oil Storage Cluster (Can Tho), B12 Oil Terminal, etc1 1.3.2 Product Being a corporation that makes up approximately 50% out of total national market share, Petrolimex has taken the lead in petroleum business downstream, including refining and marketing It is also the first and only enterprise that supplies high-standard eco-friendly fuel in the country, including Euro 5-standard Diesel (DO 0.001S-V), Euro 4-standard Ron 95 (RON 95-IV), etc 1.3.3 Supply system Petrolimex has 43 out of 69 member units that directly trade oil products in 62 out of 63 provinces and cities nationally Abroad, it has Petrolimex Singapore One Member Co., Ltd and Petrolimex Laos One Member Co., Ltd and an office in Cambodia recently Having distributed 2,471 stations across the country 2, Petrolimex along with other domestic oil source companies and petro-oil distributors to satisfy the demand of the country’s socioeconomic development as well as the consumption of residents ANALYSIS OF PETROLEUM MARKET IN VIETNAM 2.1 Petroleum supply Nguyen Quang Dung, Petroleum Trading, https://www.petrolimex.com.vn/petroleum-trading.html Nguyen Quang Dung, Vietnam National Petroleum Group (Petrolimex), https://public.petrolimex.com.vn/introduction/about-petrolimex/history_and_development.html 4 2.1.1 Import source In order to meet the need for petroleum, Vietnam has mainly imported petroleum from abroad At the moment, there are 36 companies3 are licensed by the government to import and distribute petroleum and petrochemical products, in which Petrolimex accounts for the largest weight, approximately 50%, followed by PV Oil, Saigon Petro, Mipecorp and Thalexim with 21%, 7%, 5% and 3%4 respectively 2.1.2 Domestic supply Vietnam currently has only Condensate plants producing gasoline for domestic use, which are the Binh Son and Nghi Son factory Both plants can supply about 70-75% gasoline demand, which is 13 million tons of petroleum a year while the demand is about 20 million tons5 2.2 Petroleum demand The demand of petroleum has a tendency to increase since gasoline and oil products are strategic essential fuels and play a significant role in the operation of most fields in the national economy 2.3 Competitions in the petroleum market in Vietnam The petroleum market in Vietnam has gradually limited its monopoly in the business since the appearance of many enterprises entering the petroleum industry On the contrary, this makes the Vietnamese petroleum market become vibrant Enterprises positively solidify their goods sources, strongly satisfy the gasoline consumption demand of customers and business effectively 2.4 Assessment of the petroleum industry in Vietnam 2.4.1 Advantages The scale is increasing, proving that the petroleum market is blooming Cổng thông tin điện tử Bộ Công Thương (MOIT), Import and Export Petroleum Company, http://minhbach.moit.gov.vn/? page=petroleum_define&key=petroleum_daumoi&menu_id=66 Nguyen Minh Ngoc, Petroleum market share in Vietnam in 2020, by brand, https://www.statista.com/statistics/811633/petroleum-market-share-by-brand-vietnam/ Phan Phương, Phó Thủ tướng Lê Văn Thành: Làm chủ nguồn xăng dầu sản xuất nước, https://www.vietnamplus.vn/pho-thu-tuong-le-van-thanh-lam-chu-nguon-xang-dau-san-xuat-trong-nuoc/778458.vnp 5 There are many new participants and competition in the petroleum business 2.4.2 Disadvantages The Vietnamese petroleum market in the beginning until now is still dependent on the import sources The market is still monopolized by the government The distribution system is limited The petroleum market has developed recently, therefore it is still deficient. 6 PART 2: FINANCIAL STATEMENT ANALYSIS I TREND ANALYSIS Table 1: GAS PETROLIMEX’S Financial Performance in 2019, 2020 and 2021 (PGC) PGC’s Financial Performance No Financial Ratio 2019 2020 2021 Liquidity ratios 1.1 Current Ratio 1.77 1.70 1.56 1.2 Quick Ratio 1.14 1.13 1.11 1.3 Cash Ratio 0.04 0.05 0.04 1.4 Short-term Ratio 1.31 1.25 1.24 1.5 Interest Coverage 5.33 5.92 9.65 15.36 15.18 17.67 24 24 21 10.10 8.71 9.85 36 42 37 Efficiency ratios 2.1 Inventory Turnover 2.2 Day’s Sale in Inventory 2.3 Receivables Turnover 2.4 Days of Sales Outstanding 2.5 Fixed Assets Turnover 8.18 7.80 10.01 2.6 Total Assets Turnover 1.59 1.45 1.55 2.7 Equity Turnover 3.69 3.43 4.08 Leverage ratios 3.1 Debt to Assets 32.55% 35.97% 42.14% 3.2 Debt to Equity 74.86% 87.74% 117.74% 3.3 Total Debt Ratio 0.57 0.60 0.64 3.4 Equity Multiplier 2.30 2.44 2.80 Profitability ratios 4.1 Gross Profit Margin 21.15% 22.42% 17.05% 4.2 Net Profit Margin 4.89% 4.44% 7.31% 4.3 EBIT margin 7.56% 6.68% 9.29% 4.4 Return of Assets (ROA) 7.41% 6.03% 5.81% 4.5 Return of Equity (ROE) 17.21% 14.27% 15.25% 1947.00 2085.00 5.1 Market performance ratios Earnings Per Share (EPS) 2448.00 7 5.2 Price Earnings Ratio (PE) 6.09 10.27 11.41 5.3 Dividend Yield 0.13% 0.16% 0.01% 5.4 Book Value per Share (BVPS) 14330 12950 14398 5.5 Beta 0.28 0.70 0.82 4.89% 4.44% 7.31% Dupont Analysis 6.1 Profit Margin 6.2 Assets Turnover Ratio 1.61 3.15 2.03 6.3 Total Assets Turnover 161.24% 314.51% 202.79% 6.4 Equity Multiplier 2.30 2.44 2.80 6.5 Financial Leverage 299.94% 244.05% 279.40% Liquidity ratios Figure 1: Liquidity Performance of PGC in 2019, 2020 and 2021 Looking at the current ratio, we can see that this index is larger than one over the years, which proves that Gas Petrolimex has the ability to repay debts and use assets quite effectively However, this rate tends to decrease slightly in the past three years The Quick Ratio also shows that the company can afford to pay its short-term debts on time without relying on inventory But the Cash Ratio shows a rather low result and tends to be volatile This means that the solvency of the business is at an average level GPC is still able to pay debts without having to depend on other money sources Efficiency ratios Figure 2: Efficiency Performance of PGC in 2019, 2020 and 2021 In Inventory Turnover, we can see a moderate increase of 2.31 from 2019 to 2021, in addition to that Day's Sale in Inventory also tends to decrease, PGC has also made inventory management efforts at a pretty good level Along with that, Fixed Assets Turnover also tended to increase and Total Assets Turnover fluctuated, the company's performance seems to be positive but more efforts are needed Receivables Turnover had a slight decrease, making the ability to collect debts of customers and receivables decreased On this ratio GPC still maintains a fairly good level of converting various items into revenue or cash except for collection of debts from customers or accounts receivable 8 Leverage ratios With a significant increase in Debt to Assets from 32.55% (in 2019) to 42.12% in (2021), signaling a not very positive direction because of the ability to pay off debt In addition, by 2021, GPC's D/E falls in the range of 1.17, which is greater than 1, which proves that the company's assets are financed largely by liabilities And from there it is likely that the company will have to face some difficulties in paying its debts And a high Equity Multiplier also means that the business is also having a high level Adoption of Leverage ratios for GPC is still heavily dependent on liabilities Profitability ratios Figure 3: Leverage Performance of PGC in 2019, 2020 and 2021 Regarding the Gross Profit Margin ratio of GPC when compared with other companies, namely PLX, GAS and PVS in 2021, it shows that the company still has good sales performance because this index is far ahead of two rival companies, PLX and PVS, only 0.66 lower than GAS The profitability of GPC is also on a positive trend with a strong increase from 4.89% to 7.31% between 2019 and 2021 In contrast, Return of Assets and Return of Equity saw a slight decrease, This indicates that the company has a setback in using the assets and capital of its shareholders to earn profit effectively, however, when compared to companies in the same industry, the ratio of GPC is lower on average Figure 4: Profitability Performance of PGC in 2019, 2020 and 2021 In terms of Profitability ratios and comparison with other three companies in the same industry, GPC is still a company with decent growth potential Market Performance ratios With the fluctuation trend over the years of Earning Per Shares, it shows that the business situation of the business is not very positive Along with that is the Dividend Yield continuously falling sharply and at the lowest level in the same industry, showing that investors will receive less dividends Regarding the Beta ratio being less than 1, it shows that the volatility in price is lower than the volatility of the market Through the three years of 2019, 2020 and 2021, businesses are still not very positive in the market, so they need to make more efforts to improve these indicators 9 Figure 5: Market Performance of PGC in 2019, 2020 and 2021 II INDUSTRY-BENCHMARK ANALYSIS Table 2: Financial Performance Comparison among companies in 2021 No 1.1 1.2 1.3 1.4 1.5 2.1 2.2 2.3 2.4 2.5 2.6 2.7 3.1 3.2 3.3 3.4 4.1 4.2 4.3 4.4 4.5 5.1 5.2 5.3 5.4 5.5 6.1 6.2 6.3 6.4 Financial ratio PGC PLX Liquidity ratios Current ratio 1.56 1.78 Quick ratio 1.11 0.79 Cash ratio 0.04 0.18 Short-term ratio 1.24 1.17 Interest coverage 9.65 7.28 Efficiency ratios Inventory turnover 17.67 13.87 Day’s sale in inventory 21 26 Receivables turnover 9.85 24.46 Days of sales outstanding 37 15 Fixed assets turnover 10.01 11.15 Total assets turnover 1.55 2.70 Equity turnover 4.08 6.46 Leverage ratios Debt to assets 42.14% 23.02% Debt to equity 117.74% 52.42% Total debt ratio 0.64 0.56 Equity multiplier 2.80 2.28 Profitability ratios Gross profit margin 17.05% 7.51% Net profit margin 7.31% 1.84% Ebit margin 9.29% 2.59% Return of assets (ROA) 5.81% 4.51% Return of equity (ROE) 15.25% 10.81% Market performance ratios Earnings per share (EPS) 2085.00 2269 Price earnings ratio (PE) 11.41 23.76 Dividend yield 0.01% 0.02% Book value per share (BVPS) 14398 22222 Beta 0.82 0.95 Dupont analysis Profit margin 7.31% 1.84% Assets turnover ratio 1.39 2.63 Equity multiplier 2.80 2.28 Financial leverage 279.40% 227.72% GAS PVS 2.96 2.91 0.34 3.10 37.84 2.03 1.54 0.67 1.79 18.89 26.51 14 9.77 37 4.17 1.11 1.55 6.25 58 3.13 117 4.65 0.56 1.12 10.15% 15.32% 0.34 1.51 5.04% 9.94% 0.49 1.97 17.71% 11.21% 14.57% 12.22% 17.06% 6.16% 4.77% 6.06% 2.36% 4.74% 45311 21.23 0.03% 27270 1.30 1260 21.67 0.04% 26197 1.33 11.21% 1.00 1.51 150.92% 4.77% 0.58 1.97 197.21% Liquidity ratios 10 10 period, the worst reduction ever GDP would expand by 2.58% in 2021 compared to 2020, far less than the 6.5% objective set by the government at the start of the year Domestic demand for LPG will fall dramatically in all areas in 2021 as a result of the pandemic's overall economic impact According to numerous LPG trading firms in Vietnam, the impact of the Covid-19 pandemic on LPG demand this year is many times more than the period of drop caused by the Covid-19 epidemic in the same period last year With the involvement of hundreds of gas trading firms representing hundreds of various brands, the output LPG market continues to confront strong competition Unfair competition in the sector (mixed commodities of low quality, unlawful extraction, appropriation of each other's cylinders, etc.) continues to be a problem for major gas enterprises Nevertheless, despite the aforementioned difficulties, the Corporation still has a number of favourable elements, most notably the Corporation's continued backing from the Vietnam National Petroleum Group and other petroleum firms In terms of assisting the Corporation in meeting its business objectives and expanding its market share in the next years, the industry's involvement in the development of the LPG market is critical In terms of brand, Gas Petrolimex has established a name in the industry and is well regarded by customers and consumers for both product and service quality Furthermore, the Corporation's contracting processes and business rules have been enhanced and will have a good impact, providing motivation for employees to boost labour productivity and productivity and business efficiency Although production and business activities in 2021 will continue to face many challenges, LPG price fluctuations will have a negative impact on the Corporation's business performance, but the production and business results will still ensure the completion of the plan assigned by the General Meeting of Shareholders Total net revenue from products and services reached VND 3,393.9 billion, representing 121% of the plan and 118% of the performance in 2020; consolidated pre-tax profit reached VND 160 billion, representing 100% of the plan and 102% of the 2020 implementation 21 21 REFERENCE [1] (n.d.) Retrieved from Vietstock: https://vietstock.vn/ [2] Consolidated Financial Report for the year 2019 (2020, March 24) Retrieved from Petrolimex Gas Corporation JSC: https://fs.petrolimex.com.vn/Files/709024F37E2E4AE893821D0564F2FB3E/application=pd f/434804ab69d34661903d4dad427903a7/PGC-31%20Dec%202019-CFS-VN.pdf [3] Consolidated Financial Report for the year 2020 (2021, March 29) Retrieved from Petrolimex Gas Corporation JSC: https://fs.petrolimex.com.vn/Files/709024F37E2E4AE893821D0564F2FB3E/application=pd f/78a56130641b4915a7f8f500130be532/PGC-31Dec20-CFS-VN-Hop%20nhat%20final.pdf [4] (2022, March 19) Retrieved March 19, 2022, from CafeF: https://s.cafef.vn/hose/PGC-tong- cong-ty-gas-petrolimexctcp.chn [5] Consolidated Financial Report for the year 2021 (2022, March 31) Retrieved from Petrolimex Gas Corporation JSC: https://fs.petrolimex.com.vn/Files/709024F37E2E4AE893821D0564F2FB3E/application=pd f/467203a10ba6419fb1a0a0d621f360b6/20220331-PGC-Bao%20cao%20tai%20chinh %20hop%20nhat%202021%20da%20kiem%20toan.pdf [6] PGC - TCT Gas Petrolimex (2022, March 19) Retrieved March 19, 2022, from Dstock: https://dstock.vndirect.com.vn/tong-quan/PGC [7] Vietnam Government Bond 10y (2022, April 24) Retrieved April 24, 2022, from Trading Economics: https://tradingeconomics.com/vietnam/government-bond-yield [8] Beta (n.d.) Retrieved from Corporate Finance Institute: https://corporatefinanceinstitute.com/resources/knowledge/valuation/what-is-beta-guide/ [9] Calculate Beta (n.d.) Retrieved March https://www.cophieu68.vn/calculate_beta.php?id=pgc 19, 2022, from Cophieu68: [10] Damodaran, A (2022, January 5) Retrieved from Country Default Spreads and Risk Premiums: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html [11] Dũng, N Q (n.d.) Vietnam National Petroleum Group (Petrolimex) Retrieved from PETROLIMEX: https://public.petrolimex.com.vn/introduction/aboutpetrolimex/history_and_development.html [12] Dzung, N Q (n.d.) Petroleum trading Retrieved https://www.petrolimex.com.vn/petroleum-trading.html from PETROLIMEX: [13] Import and Export Petroleum Company (n.d.) Retrieved from Cổng thông tin điện tử Bộ Công Thương (MOIT): http://minhbach.moit.gov.vn/? page=petroleum_define&key=petroleum_daumoi&menu_id=66 [14] NICKOLAS, S (2021, January 18) The Formula for Calculating Beta Retrieved from Investopedia: https://www.investopedia.com/ask/answers/070615/what-formula-calculatingbeta.asp [15] Phương, V Đ (2022, April 22) Đại hội đồng cổ đông Tổng Công ty Gas Petrolimex năm 2022 Retrieved from Petrolimex Gas Corporation JSC: 22 22 https://www.pgas.petrolimex.com.vn/nd/tin-hd/dai-hoi-dong-co-dong-tong-cong-ty-gaspetrolimex-nam-2022-22-04-2022-777531318.html APPENDIX Daily Return for VN-INDEX & PGC in 2021 N.O Date Ticket Close Price 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 2021-12-31 2021-12-30 2021-12-29 2021-12-28 2021-12-27 2021-12-24 2021-12-23 2021-12-22 2021-12-21 2021-12-20 2021-12-17 2021-12-16 2021-12-15 2021-12-14 2021-12-13 2021-12-10 2021-12-09 2021-12-08 2021-12-07 2021-12-06 2021-12-03 2021-12-02 2021-12-01 2021-11-30 2021-11-29 2021-11-26 2021-11-25 2021-11-24 2021-11-23 2021-11-22 2021-11-19 2021-11-18 2021-11-17 2021-11-16 2021-11-15 2021-11-12 2021-11-11 VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX 1498.28 1485.97 1485.8199 1494.39 1488.88 1477.03 1456.96 1477.67 1478.74 1477.33 1479.79 1476.61 1475.5 1476.02 1476.21 1463.54 1467.98 1452.87 1446.77 1413.58 1443.3199 1482.05 1485.1899 1478.4399 1484.84 1493.03 1500.8101 1488.87 1463.63 1447.25 1452.35 1469.83 1475.85 1466.45 1476.5699 1473.37 1462.35 VN-INDEX Returns 0.828% 0.010% -0.573% 0.370% 0.802% 1.378% -1.402% -0.072% 0.095% -0.166% 0.215% 0.075% -0.035% -0.013% 0.866% -0.302% 1.040% 0.422% 2.348% -2.061% -2.613% -0.211% 0.457% -0.431% -0.549% -0.518% 0.802% 1.724% 1.132% -0.351% -1.189% -0.408% 0.641% -0.685% 0.217% 0.754% -0.182% Ticket PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC Close Price 23.8 23.7 22.9 22.85 22.8 22.7 22.7 22.6 22.6 22.5 22.8 23.2 23.05 23.5 23.95 23.95 24.4 23.45 21.95 20.55 22 23.2 23.1 23.9 23.7 24.3 24.55 24.55 24.6 23.45 25.2 27 27.9 27.6 27.4 28.7 29.3 PGC Returns 0.422% 3.493% 0.219% 0.219% 0.441% 0.000% 0.442% 0.000% 0.444% -1.316% -1.724% 0.651% -1.915% -1.879% 0.000% -1.844% 4.051% 6.834% 6.813% -6.591% -5.172% 0.433% -3.347% 0.844% -2.469% -1.018% 0.000% -0.203% 4.904% -6.944% -6.667% -3.226% 1.087% 0.730% -4.530% -2.048% 0.000% 23 23 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 2021-11-10 2021-11-09 2021-11-08 2021-11-05 2021-11-04 2021-11-03 2021-11-02 2021-11-01 2021-10-29 2021-10-28 2021-10-27 2021-10-26 2021-10-25 2021-10-22 2021-10-21 2021-10-20 2021-10-19 2021-10-18 2021-10-15 2021-10-14 2021-10-13 2021-10-12 2021-10-11 2021-10-08 2021-10-07 2021-10-06 2021-10-05 2021-10-04 2021-10-01 2021-09-30 2021-09-29 2021-09-28 2021-09-27 2021-09-24 2021-09-23 2021-09-22 2021-09-21 2021-09-20 2021-09-17 2021-09-16 2021-09-15 2021-09-14 2021-09-13 2021-09-10 2021-09-09 2021-09-08 VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX 1465.02 1461.5 1467.5699 1456.51 1448.34 1444.3 1452.46 1438.97 1444.27 1438.01 1423.02 1391.63 1385.4 1389.24 1384.77 1393.8 1395.33 1395.53 1392.7 1391.85 1391.91 1394.8 1394.09 1372.73 1365.99 1362.8199 1354.63 1339.54 1334.89 1342.0601 1339.21 1339.3101 1324.99 1351.17 1352.76 1350.6801 1339.84 1350.48 1352.64 1345.87 1345.83 1339.7 1341.4301 1345.3101 1343.98 1333.61 0.241% -0.414% 0.759% 0.564% 0.280% -0.562% 0.937% -0.367% 0.435% 1.053% 2.256% 0.450% -0.276% 0.323% -0.648% -0.110% -0.014% 0.203% 0.061% -0.004% -0.207% 0.051% 1.556% 0.493% 0.233% 0.605% 1.127% 0.348% -0.534% 0.213% -0.007% 1.081% -1.938% -0.118% 0.154% 0.809% -0.788% -0.160% 0.503% 0.003% 0.458% -0.129% -0.288% 0.099% 0.778% -0.618% PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC 29.3 27.4 27.2 26.8 26.7 27.2 27.9 27.55 28.5 28.95 29 28.45 28.45 27.6 26.4 27.45 28.15 28.5 29.1 29.4 28.6 28.7 28.7 30 28.6 30.3 30.7 31 29.2 27.3 26.55 24.85 23.25 24.45 24.85 24.7 25.4 26.1 24.4 22.85 21.4 20.6 20.8 21.45 21.25 21 6.934% 0.735% 1.493% 0.375% -1.838% -2.509% 1.270% -3.333% -1.554% -0.172% 1.933% 0.000% 3.080% 4.545% -3.825% -2.487% -1.228% -2.062% -1.020% 2.797% -0.348% 0.000% -4.333% 4.895% -5.611% -1.303% -0.968% 6.164% 6.960% 2.825% 6.841% 6.882% -4.908% -1.610% 0.607% -2.756% -2.682% 6.967% 6.783% 6.776% 3.883% -0.962% -3.030% 0.941% 1.190% -0.943% 24 24 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 2021-09-07 2021-09-06 2021-09-01 2021-08-31 2021-08-30 2021-08-27 2021-08-26 2021-08-25 2021-08-24 2021-08-23 2021-08-20 2021-08-19 2021-08-18 2021-08-17 2021-08-16 2021-08-13 2021-08-12 2021-08-11 2021-08-10 2021-08-09 2021-08-06 2021-08-05 2021-08-04 2021-08-03 2021-08-02 2021-07-30 2021-07-29 2021-07-28 2021-07-27 2021-07-26 2021-07-23 2021-07-22 2021-07-21 2021-07-20 2021-07-19 2021-07-16 2021-07-15 2021-07-14 2021-07-13 2021-07-12 2021-07-09 2021-07-08 2021-07-07 2021-07-06 2021-07-05 2021-07-02 VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX 1341.9 1346.39 1334.65 1331.47 1328.14 1313.2 1301.12 1309.55 1298.74 1298.86 1329.4301 1374.85 1360.9399 1363.09 1370.96 1357.05 1353.05 1357.79 1362.4301 1359.86 1341.45 1345.55 1334.74 1332.4399 1314.22 1310.05 1293.6 1277.0699 1276.9301 1272.71 1268.83 1293.67 1270.79 1273.29 1243.51 1299.3101 1293.92 1279.91 1297.54 1296.3 1347.14 1374.6801 1388.55 1354.79 1411.13 1420.27 -0.333% 0.880% 0.239% 0.251% 1.138% 0.928% -0.644% 0.832% -0.009% -2.299% -3.304% 1.022% -0.158% -0.574% 1.025% 0.296% -0.349% -0.341% 0.189% 1.372% -0.305% 0.810% 0.173% 1.386% 0.318% 1.272% 1.294% 0.011% 0.332% 0.306% -1.920% 1.800% -0.196% 2.395% -4.295% 0.417% 1.095% -1.359% 0.096% -3.774% -2.003% -0.999% 2.492% -3.993% -0.644% 0.225% PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC 21.2 21.15 19.8 19.7 19.4 18.35 18.15 17.85 17.85 18 18.1 18.7 18.85 18.45 19 19.35 19.7 19.65 18.3 17.2 17 17.2 17 16.9 16.9 16.8 16.7 16.6 16.6 16.5 16.6 16.7 16.4 16.3 16 16.5 16.6 16.3 16.2 16.05 17.15 17.3 17.9 17.9 18.2 17.65 0.236% 6.818% 0.508% 1.546% 5.722% 1.102% 1.681% 0.000% -0.833% -0.552% -3.209% -0.796% 2.168% -2.895% -1.809% -1.777% 0.254% 7.377% 6.395% 1.176% -1.163% 1.176% 0.592% 0.000% 0.595% 0.599% 0.602% 0.000% 0.606% -0.602% -0.599% 1.829% 0.613% 1.875% -3.030% -0.602% 1.840% 0.617% 0.935% -6.414% -0.867% -3.352% 0.000% -1.648% 3.116% 1.146% 25 25 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 2021-07-01 2021-06-30 2021-06-29 2021-06-28 2021-06-25 2021-06-24 2021-06-23 2021-06-22 2021-06-21 2021-06-18 2021-06-17 2021-06-16 2021-06-15 2021-06-14 2021-06-11 2021-06-10 2021-06-09 2021-06-08 2021-06-07 2021-06-04 2021-06-03 2021-06-02 2021-06-01 2021-05-31 2021-05-28 2021-05-27 2021-05-26 2021-05-25 2021-05-24 2021-05-21 2021-05-20 2021-05-19 2021-05-18 2021-05-17 2021-05-14 2021-05-13 2021-05-12 2021-05-11 2021-05-10 2021-05-07 2021-05-06 2021-05-05 2021-05-04 2021-04-29 2021-04-28 2021-04-27 VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX 1417.08 1408.55 1410.04 1405.8101 1390.12 1379.72 1376.87 1379.97 1372.63 1377.77 1359.92 1356.52 1367.36 1361.72 1351.74 1323.58 1332.9 1319.88 1358.78 1374.05 1364.28 1340.78 1337.78 1328.05 1320.46 1303.5699 1316.7 1308.58 1297.98 1283.9301 1278.22 1262.49 1252.6801 1258.7 1266.36 1261.99 1269.09 1256.04 1259.58 1241.8101 1250.5699 1256.4301 1242.2 1239.39 1229.55 1219.75 0.606% -0.106% 0.301% 1.129% 0.754% 0.207% -0.225% 0.535% -0.373% 1.313% 0.251% -0.793% 0.414% 0.738% 2.128% -0.699% 0.986% -2.863% -1.111% 0.716% 1.753% 0.224% 0.733% 0.575% 1.296% -0.997% 0.621% 0.817% 1.094% 0.447% 1.246% 0.783% -0.478% -0.605% 0.346% -0.559% 1.039% -0.281% 1.431% -0.700% -0.466% 1.146% 0.227% 0.800% 0.803% 0.327% PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC 17.45 17.35 17.15 17.3 17.25 17.2 17.3 17.45 17.3 17.2 17.5 17.6 17.1 17.4 17 16.9 17.2 17.4 17.9 17.9 17.9 17.55 16.8 16.65 16.7 16.6008 16.7984 16.8478 16.502 16.4032 16.4032 16.3043 16.6008 16.502 16.7984 16.7984 16.6996 16.6996 16.5514 16.6008 16.7984 16.996 16.5514 17.2431 16.6008 16.4032 0.576% 1.166% -0.867% 0.290% 0.291% -0.578% -0.860% 0.867% 0.581% -1.714% -0.568% 2.924% -1.724% 2.353% 0.592% -1.744% -1.149% -2.793% 0.000% 0.000% 1.994% 4.464% 0.901% -0.299% 0.598% -1.176% -0.293% 2.096% 0.602% 0.000% 0.607% -1.786% 0.599% -1.764% 0.000% 0.592% 0.000% 0.895% -0.298% -1.176% -1.163% 2.686% -4.011% 3.869% 1.205% 3.750% 26 26 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 2021-04-26 2021-04-23 2021-04-22 2021-04-20 2021-04-19 2021-04-16 2021-04-15 2021-04-14 2021-04-13 2021-04-12 2021-04-09 2021-04-08 2021-04-07 2021-04-06 2021-04-05 2021-04-02 2021-04-01 2021-03-31 2021-03-30 2021-03-29 2021-03-26 2021-03-25 2021-03-24 2021-03-23 2021-03-22 2021-03-19 2021-03-18 2021-03-17 2021-03-16 2021-03-15 2021-03-12 2021-03-11 2021-03-10 2021-03-09 2021-03-08 2021-03-05 2021-03-04 2021-03-03 2021-03-02 2021-03-01 2021-02-26 2021-02-25 2021-02-24 2021-02-23 2021-02-22 2021-02-19 VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX 1215.77 1248.53 1227.8199 1268.28 1260.58 1238.71 1247.25 1255.87 1248.33 1252.45 1231.66 1234.89 1242.38 1239.96 1236.05 1224.45 1216.1 1191.4399 1186.36 1175.6801 1162.21 1163.1 1161.8101 1183.45 1194.4301 1194.05 1200.9399 1186.09 1179.9 1184.5601 1181.5601 1181.73 1170.08 1161.97 1168.27 1168.6899 1168.52 1186.95 1186.61 1186.17 1168.47 1165.4301 1162.01 1177.64 1175.04 1173.5 -2.624% 1.687% -3.190% 0.611% 1.766% -0.685% -0.686% 0.604% -0.329% 1.688% -0.262% -0.603% 0.195% 0.316% 0.947% 0.687% 2.070% 0.428% 0.908% 1.159% -0.077% 0.111% -1.829% -0.919% 0.032% -0.574% 1.252% 0.525% -0.393% 0.254% -0.014% 0.996% 0.698% -0.539% -0.036% 0.015% -1.553% 0.029% 0.037% 1.515% 0.261% 0.294% -1.327% 0.221% 0.131% -0.075% PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC 15.8103 16.7984 16.7984 17.1937 17.2925 17.2925 17.7372 17.7372 17.7866 17.9842 18.083 17.9842 17.9842 17.8854 18.1818 18.2312 18.083 18.1324 18.0336 18.2312 17.6877 17.9842 17.9842 18.3794 18.3794 18.4783 18.7253 18.7747 18.7747 18.8735 18.8241 18.8735 19.3676 20.0099 19.9111 18.6265 17.4407 17.4407 17.3913 17.5889 17.3913 17.5889 17.3913 17.7866 17.4901 17.8854 -5.882% 0.000% -2.299% -0.571% 0.000% -2.507% 0.000% -0.278% -1.099% -0.546% 0.549% 0.000% 0.552% -1.630% -0.271% 0.820% -0.272% 0.548% -1.084% 3.073% -1.649% 0.000% -2.150% 0.000% -0.535% -1.319% -0.263% 0.000% -0.523% 0.262% -0.262% -2.551% -3.210% 0.496% 6.897% 6.799% 0.000% 0.284% -1.123% 1.136% -1.123% 1.136% -2.222% 1.695% -2.210% 0.555% 27 27 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 2021-02-18 2021-02-17 2021-02-09 2021-02-08 2021-02-05 2021-02-04 2021-02-03 2021-02-02 2021-02-01 2021-01-29 2021-01-28 2021-01-27 2021-01-26 2021-01-25 2021-01-22 2021-01-21 2021-01-20 2021-01-19 2021-01-18 2021-01-15 2021-01-14 2021-01-13 2021-01-12 2021-01-11 2021-01-08 2021-01-07 2021-01-06 2021-01-05 2021-01-04 2020-12-31 VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX VN-INDEX 1174.38 1155.78 1114.9301 1083.1801 1126.91 1112.1899 1111.29 1075.53 1035.51 1056.61 1023.94 1097.17 1136.12 1166.05 1166.78 1164.21 1134.6801 1131 1191.9399 1194.2 1187.4 1186.05 1192.28 1184.89 1167.6899 1156.49 1143.21 1132.55 1120.47 1103.87 1.609% 3.664% 2.931% -3.881% 1.324% 0.081% 3.325% 3.865% -1.997% 3.191% -6.674% -3.428% -2.567% -0.063% 0.221% 2.602% 0.325% -5.113% -0.189% 0.573% 0.114% -0.523% 0.624% 1.473% 0.968% 1.162% 0.941% 1.078% 1.504% PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC PGC 17.7866 16.6996 16.502 16.6008 16.7984 16.7984 16.6008 16.7984 16.996 16.4526 16.4526 17.6383 17.7866 18.1818 18.083 18.33 18.3794 18.3794 19.2688 19.1206 18.7747 19.17 19.3676 19.3676 19.5158 19.3676 19.8617 19.9605 19.9605 19.7628 6.509% 1.197% -0.595% -1.176% 0.000% 1.190% -1.176% -1.163% 3.303% 0.000% -6.722% -0.834% -2.174% 0.546% -1.348% -0.269% 0.000% -4.616% 0.775% 1.842% -2.062% -1.020% 0.000% -0.759% 0.765% -2.488% -0.495% 0.000% 1.000% Using Excel and its formular for calculation VN-INDEX Returns 0.001311413 0.000175579 0.013250641 0.0001214234 28 28 ... đông Tổng Công ty Gas Petrolimex năm 2022 Retrieved from Petrolimex Gas Corporation JSC: 22 22 https://www.pgas .petrolimex. com.vn/nd/tin-hd/dai-hoi-dong-co-dong-tong-cong-ty-gaspetrolimex-nam-2022-22-04-2022-777531318.html... https://s.cafef.vn/hose/PGC-tong- cong-ty -gas- petrolimexctcp.chn [5] Consolidated Financial Report for the year 2021 (2022, March 31) Retrieved from Petrolimex Gas Corporation JSC: https://fs .petrolimex. com.vn/Files/709024F37E2E4AE893821D0564F2FB3E/application=pd... financial performance of Petrolimex Gas Corporation - Joint Stock Company (PGC) with other competitors, namely Vietnam Gas Corporation (GAS) , PetroVietnam Technical Services Corporation, Vietnam