INTRODUCTION OF CT LAND CORPORATION
Overview of CT Land Corporation
1.1.1 General information of CT Land Corporation
Legal Vietnamese name: Công ty Cổ phần Bất động sản CT Legal English name: CT LAND CORPORATION
Abbreviated name: CTLAND Head Office: 117 Nguyen Dinh Chieu Street, Vo Thi Sau Ward, District 3, Ho Chi Minh City, Vietnam
Business Registration Certificate No 0306240094 Tel: 08 6297 1936
Fax: 08 6297 2000 Email: infor@ctland.com.vn Website: ctland.com.vn Charter capital: 4.200.000.000.000 VND Main business activities: CT Land engages in real estate sector, including renting, leasing and managing properties
1.1.2 Brief history and development of CT Land Joint Stock Company
CT Land Corporation, a subsidiary of CT Group Joint Stock Company, specializes in real estate development The company is currently concentrating on four primary sectors: residential, retail, logistics, and tourism.
With over 30 years of experience, CT Land stands as one of Vietnam's longest-running private enterprises, specializing in a diverse array of real estate developments Their portfolio includes luxury, high-end, mid-range, and affordable residential projects, as well as supermarkets, shopping malls, offices, and logistics facilities.
CT Land has experienced significant growth, boasting over 36 member companies and employing 2,000 individuals across various sectors The organization has garnered more than 100 awards on both domestic and international stages, including the prestigious First-class Labor Medal from the President of Vietnam, Agoda.com's 2018 Gold Circle Awards, and accolades such as the "Best Innovative Green Building" and "Best Mixed-use Architecture Design" from Dot Property Vietnam, along with numerous recognitions from the Government and media outlets.
Moving forward, CT Land aims to utilize its unique competitive advantages in addititon to its extensive experience and capabilities to become the larrgest Real
Estate Developer in Southern Vietnam with focus on Transportation Oriented and
Integrated Townships Development Following international best practices, CT
Land recently adopted current IFC Corporate Governance standards Given its clear vision and dedication, CT Land's development strategy revolves around the 6 golden words Culture, Speed, Technology, Globalization, Differentiation, and
1.1.3 Structure of the Finance Department at CT Land Corporation
Financial Force is divided into two main departments: Finance and Accounting.
Due to the specific nature of the report, I only focus on Finance Department The
Structure Hierarchy Chart of Finance Department at CT Land Corp is structured as figure 1.1 below
The diagram briefly illustrates the functions and responsibilities of each team in
Financial Deparment as well as clearly point out how each department related to other departments There are four teams in total, which are: Back Office (BO) team,
Front Office (FO) team, Initial Public Offering (IPO) team and International
The Product Development (IPD) team relies on the Back Office to prepare essential plans, reports, statements, and documents related to the project, which are then provided to the Front Office This collaboration ensures that all necessary information is collected and organized effectively for successful project execution.
The BO team, specifically the Front Office, plays a crucial role in managing communications and relationships with partners regarding business cooperation and capital raising initiatives This team is also responsible for overseeing the IPO team and the IPD team, ensuring effective collaboration and strategic alignment in their efforts.
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Figure 1 1 Organizational structure of the Finance Department at CT Land
CT land is currently developing 4 main product lines, including: CT Homes, CT Town, CT World, CT Com Each product lines are described as folows:
DIYAS is the pioneering housing product line utilizing 4.0 technology to address the significant demand for affordable housing Aimed specifically at young individuals, this innovative solution seeks to bridge the gap in the affordable housing market, ensuring that quality homes are accessible to those in need.
This product line targets projects on land sizes under 3 hectares, situated in prime locations within Ho Chi Minh City’s districts and along key arterial roads, including Pham Van Dong Avenue, Ha Noi Highway, Ring Road 2, and the upcoming Metro Lines No 1 and 2.
CT World, the flagship long-term strategy product line of CT Land, harnesses the extensive strengths developed by CT Group over three decades to create vibrant ecosystems within its townships and mega townships.
CT Com provides a variety of commercial assets tailored to meet diverse business needs, with floor areas ranging from 10 m² to 200,000 m² Their offerings include commercial, office, and logistical spaces strategically located along the bustling commercial and financial hubs of major cities Additionally, CT Com develops tourism projects that reflect a philosophy of solidarity and harmony between people and nature.
1.1.5 Financial health and business outcomes of CT Land Corporation in 2018-2020
Table 1.1 presents the business outcomes of CT Land Corp for the period of 2018-
Between 2018 and 2021, the company's growth rate fluctuated significantly, influenced by the progress of construction projects and the timely handover of completed work to customers, as reflected in its consolidated financial statements.
Table 1 1 The business outcome of CT Land Corporation in 2018-2020
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Source: Consolidated Financial Statements in 2018, 2019, 2020 of CT Land
In 2019, CT Land experienced significant growth, with total assets reaching VND 7,167.3 billion, a 33.11% increase from 2018, largely due to mergers and acquisitions of its subsidiaries The company's operating revenues also saw an extraordinary growth rate of 2,121.9%, attributed to the launch of new projects, the operational commencement of existing projects, and the collection of short-term receivables from sales and services.
In 2020, CT Land experienced significant financial challenges, with revenues plummeting over 57.6% compared to the previous year, resulting in a profit before tax of only VND 95.78 billion—an 85% decrease from 2019 This downturn is primarily attributed to the severe impact of the COVID-19 pandemic, which adversely affected the entire beer industry and reflected broader economic struggles.
Informed by the lessons learned from 2020 and the development of contingency plans, CT Land's Board of Directors assessed market conditions and financial implications, leading to a modest yet positive outlook for 2021.
As of March 2021, CT Land reported no debt with financial or credit institutions, showcasing exceptional financial management and a strong potential for future growth The consolidated financial statements indicate that the company's subsidiary firms also maintain very low debt levels, reinforcing its solid financial standing.
CT Land is developing 80 projects, of which only 15/80 projects have been valued at more than USD 1.27 billion by Colliers International (UK) (equivalent to more than VND 29.265 billion).
CT Land currently possesses a substantial land bank of approximately 8,875,000 m², which is set to expand between 2021 and 2025 This extensive land bank not only demonstrates investment efficiency but also positions CT Land as an attractive opportunity for both domestic and international investors, particularly in light of the emerging "cheap capital" flow in the market.
Projected Revenue and Cash Flow for the period of 2021-2025
This projection is only based on the 20 projects mentioned below As can be seen from Table 1.2, projected revenue has a significant growth rate, especially from
2023 By 2025, the total projected revenue from 20 projects will reach more than
USD 3.200 million (VND 75.000 billion), the total projected revenue from before
2021 to 2025 will reach the level of more than USD 9.000 million (VND 210.000 billion) This number will increase significantly when the land bank is developed every year.
Table 1 2 Projected Revenue for the period of 2021-2025
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In addition to the above 20 projects, CT Land continues to develop many other new projects, which are expected to bring in additional revenue of 5.000 – 10.000 billion VND per year.
Figure 1.2 Projected Cash Flow for the period of 2021-2025
Summary of internship activities
As a Finance Intern in the Financial Department at CT Land JSC since March 14th, 2022, I have gained valuable practical knowledge over the past four months My experience in the Back Office has allowed me to learn from my manager and colleagues, particularly in the area of capital raising through the issuance of corporate bonds.
Initially, I reviewed the legal documents for all completed and ongoing projects within the Company to gain a comprehensive understanding of their key information, legal status, and construction progress This knowledge is essential for assisting my manager in the preparation of loan and debt applications.
After that, I was trained on how to analyze financial statements and learned about
A feasibility study is essential for developing effective financial and fundraising strategies for projects Key ratios within the study provide valuable insights that assist in evaluating funding options such as domestic bank loans, bond issuance, and international fund borrowing These analyses ensure informed decision-making and enhance the project's financial viability.
I assist my team by drafting and translating essential documents into English for international transactions Additionally, I organize and compile all necessary paperwork into a comprehensive file for the Front Office team, facilitating their interactions with partners regarding capital raising, including the preparation of bond issuance documentation.
In just four months of my internship, I gained valuable insights into the professional working environment and the intricacies of the bond issuance process This experience allowed me to apply my university knowledge in a real-world context, serving as a crucial stepping stone in determining my future career path after graduation next year.
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PROCESS OF CORPORATE BONDS PRINCIPAL AND
Overview of corporate bonds issuance at CT Land Corporation
Issuing bonds is an effective strategy for non-IPO real estate companies to raise capital for project development, leveraging benefits such as attractive interest rates and brief interest payment timelines.
To fully grasp the process of paying principal and interest on corporate bonds, it's essential to first understand the bond issuance procedure at CT Land Corp As illustrated in Chart 2.1, the steps involved in issuing corporate bonds are clearly outlined This article provides a concise overview of the overall procedure, accompanied by a practical example of how bonds are issued to raise capital for the Léman Cap Residence project, developed by Casablanca Joint Stock Company, a subsidiary of CT Land Corp and the bond issuer.
CT Land Corp.'s corporate bond issuance process adheres to the Law on Enterprises No 59/2020/QH14 and Decree No 163/2018/ND-CP, which govern corporate bond issuance, along with the regulations and requirements set forth by the Ha Noi Stock Exchange.
Figure 2 1 Corporate bond issuance flowchart at CT Land Corporation
Step People in charge Flowchart
- Issuer + FD prepares + BOD approves
Source: Bond Issuance Procedure at CT Land Corporation, 2022
Prior to issuing bonds, the Issuer performs an asset valuation, typically focusing on land use rights and off-plan properties, to assess the necessity for capital raising and establish the maximum amount that can be raised To initiate the bond issuance process, the Issuer must
Issuer disclose information on bond issuance results and report results
Issuer disclose information before the issuance
Issuer prepare bonds issuance documents
Issuer make bond principal and interest payments
Issuer disclose information and report periodically until the maturity date
To register its business information on the HNX, the issuer must first download the necessary documents from TIEU LUAN MOI at skknchat123@gmail.com Following this, the issuer will enter into a contract with a securities company for consultation on the bond issuance plan and to facilitate the issuance process This plan will detail essential information such as the purpose of the issuance, issuer details, bond name, bond code, quantity, par value, bond type, term, interest rate, and payment schedule Additionally, the issuer is required to sign a separate contract with a bank to manage the bond account effectively.
After completing the bond issuance documents, the issuer must disclose relevant information to investors and submit it to HNX at least three working days prior to the expected issuance date Following the sale of bonds, the issuer and investors will enter into bond sale and purchase contracts, after which investors will make deposits and payments to the issuer The issuer is then required to disclose the bond issuance results to bondholders and report these results to HNX within five working days after the issuance concludes Once this information is published on the HNX corporate bonds page, the securities company and securities depository center will issue bond ownership certificates to the bondholders.
On the scheduled payment date, the Issuer disburses principal and interest to bondholders, while also providing ongoing disclosures and periodic reports on the utilization of the capital raised from the bond issuance until maturity, enabling HNX to effectively monitor and manage the bond's status.
The bond issuance process for the Léman Cap Residence (LCR) project serves as a practical example of capital raising in the real estate sector Casablanca JSC contracted with Vietnam Assessment and Evaluation Assets JSC (VAAE) to appraise the LCR project, resulting in a valuation of VND 598,909,000,000 Utilizing this valuation, Casablanca JSC aimed to raise VND 240 million through corporate bond issuance To facilitate this, the company entered into a bond issuance advisory and underwriting contract with Bao Viet Securities JSC and established a bond account management service with Nam A Commercial Joint Stock Bank The primary goal of this bond issuance is to enhance capital for investments in the company’s projects.
Casablanca JSC will use the entire proceeds to develop Léman Cap Residence project CT Land coordinated with BVSC to prepare a bond issuance plan with informations as follows:
Table 2 1 Information of Casablanca Bonds
Issuer Casablanca Joint Stock Company
Type of bond Corporate, non-convertible and secured bonds
Currency Viet Nam Dong (VND)
Coupon rate Fix interest rate 11.5%/ year
Source: Casablanca JSC – CT Land
At the end of the issuance, the Bonds are issued to a total of 4 investors, including 1 institutional investor and 3 individual investors.
Table 2 2 Information of Casablanca Bondholders
No Name Volume Value (VND) Proportion (%)
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Source: Report on bond issuance results-Casablanca JSC
CT Land periodically disclosed information on the use of capital mobilized from bonds to the bondholders and report on HNX:
Table 2 3 Situation of using capital raised from Bonds
No Project using capital from bonds
1 Invest to develop Léman Cap Residence project.
January 2022: Pay to X Joint Stock Company.
2 Invest to develop Léman Cap Residence project.
February 2022: Pay to X Joint Stock Company.
Source: Report on capital using - Casablanca JSC
Payment of bond principal and interest process
The payment of bond principal and interest at CT Land Corp occurs in step 6 of the bond issuance procedure, following the bonds' market release This process spans from the initial planning stages of bond issuance to the maturity date Consequently, the analysis of bond principal and interest payments is divided into three stages: prior to bond issuance, immediately after the bonds are issued, and during the interest payment period.
Corporate bonds are issued by companies based on self-borrowing and self-repayment principles, highlighting their responsibility for debt repayment Given the high risk associated with real estate bonds, investors prioritize understanding the bond issuance purpose, secured properties, and the issuer's ability to repay debt to safeguard their principal and interest Consequently, issuers must not only adhere to legal regulations but also demonstrate their creditworthiness and repayment capacity to attract bond investors.
Finance Department is in charge of projecting the cash flow of the project from the time issuing the bond until the bonds matures
The bond issuance for the LCR project is backed by 2,322 m² of land use rights and future assets in Ward 2, Vung Tau City, which hold significant value.
VND 598.909.000.000 according to the Valuation Certificate of Viet Nam
Assessment and Evaluation Assets JSC - Ho Chi Minh branch (Annex 1) and guaranteed payment by CT Land Corp.
Casablanca JSC will use the two main cash flows to pay bond principal and interest.
The company's ability to meet bond principal and interest payments relies on its available cash and cash flow generated from operating activities, particularly from the sale of apartments and shophouses in the LCR project Utilizing projected revenue data from ASD and construction cost information from the Project Development Department, I collaborated with my manager and colleagues in the Feasibility Study team to forecast cash flow for the period of 2021-2023, as illustrated in Table 2 below.
Table 2 4 Projected cash flow plan for bond principal and interest payment
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Dividend Cashflow from financing activities 244.980 - - - - (240.000)
2.2.2 When the bonds have just been issued.
The Issuer will pay the Buyer an interest rate of 8.0% per year on the Deposit from the date of payment until the day before the Signing Date of the Bond Purchase Agreement The interest will be disbursed to the Buyer within three working days following the Signing Date, calculated based on a specified formula.
Interest = [Deposits] * [Interest Period] * [Interest rate]
The interest period is determined by the number of days from the date the Buyer pays the Deposit, or the following working day if the Deposit is paid after 4:00 p.m., up to, but not including, the Signing Date of the Bond Purchase Agreement The applicable interest rate is set at 8.0% per year.
The time to receive deposit will be from 8:30 to 16:00, all working days from the deposit registration date to 01 (one) day before the signing date of the Bond
Purchase Agreement In case the Buyer transfers the deposit after 16:00, the Deposit
Date will be recorded as the next working day.
The principal of the Bonds is paid on the maturity date, unless redeemed early, while interest is paid every six months from the issuance date through BVSC – Ho Chi Minh City branch until all payment obligations are met If the Interest Payment Date falls on a non-working day, it will be adjusted to the next working day For 18-month bonds issued on November 22, 2021, the final interest payment coincides with the maturity date.
(three) times with the first payment period on 22/05/2022, the second payment period on 22/11/2022 and the last payment period on 22/05/2023.
Periodic interest is calculated according to the following formula:
Interest received in each period = Interest before Tax – Personal income Tax
In which, the Buyer who is an institutional investor is not subject to Personal
For individual investors, the Issuer will withhold 5% of the profits to cover personal income tax obligations, as mandated by law This withholding rate is subject to change based on applicable laws at the time of payment.
[Number of bonds] * [Par value] * [Interest rate] *
In which, the number of holding days is counted from the beginning of interest period to the date of interest payment
The issuer is required to fully and timely repay the principal amount of the Bonds, totaling VND 240 billion, to the Bondholders on the maturity date of May 22, 2023, based on the actual holding amount at that time.
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At each interest payment period, the interest payment process for bondholders carried out by Finance Department takes place as follows:
The Finance Department of Casablanca JSC has formally requested BVSC to provide a notice regarding interest payments, enabling the company to allocate funds for timely payments to bondholders In response, BVSC supplied a detailed list of bondholders, including their investor type, name, ID number, address, bank account number, and the number of bonds held, along with an official letter concerning the interest payment to the Issuer.
Based on information from BVSC, FD checks and together with BVSC calculate the interest payable to bondholders
For example, in the first interest payment period, an institutional investor, Logistic
F Limited Liability Company, buys 2.100 bonds and the interest is calculated starting from 17/02/2022 As of 22/05/2022, the bondholder has held the bond for
94 days Logistic F LLC, does not have to pay personal income tax, so the interest profit received is VND 6.219.452.055 (calculated by 2.100*100.000.000 * 11.5% *
Individual investor Ms Nguyen Ha A purchased 200 bonds, with interest calculations commencing on December 2, 2022 By the time of the first interest payment, she had held the bonds for a total of 171 days, resulting in a significant profit before tax.
Ms Nguyen Ha A have to pay the personal income tax of 5%, equivalent to the amount of 53.876.712 ((5%* 1.077.534.247) so the actual interest profit received is VND 1.023.657.535.
The above figures will be update in a table with specific information on how to calculate and the final amount of interest to be paid to each bondholder (Annex 2).
The interest calculation sheet will be included with the payment request submitted to the Board of Directors Once the final amount is determined, FD will propose the payment to the BOD (Annex 3) Following BOD approval, the Accounting Department will process the payment to BVSC for the benefit of the bondholders.
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Table 2 5 Interest paid to bondholders on the first interest payment period
No Name Interest begin date
Source: Casablanca JSC – CT Land
After completing the payment of interest to the Bondholders, BVSC sends theIssuer an official letter notifying the bond payment.
Overall assessment of issuing corporate bonds procedure at CT Land Corporation
CT Land ensures a rigorous bond issuance process that fully complies with state laws and HNX requirements This process is supported by BVSC, a reputable securities company, which enhances efficiency in connecting with potential bond investors By leveraging BVSC's extensive customer network, CT Land accelerates the issuance timeline The company adheres to a "24-hour principle," allowing for rapid review and approval of submissions by the Board of Directors, ensuring that all processes are completed within one day of submission.
The interest payment process is enhanced by a comprehensive appraisal of the project's value conducted by a reputable organization prior to bond issuance, which mitigates risk and assures investors of a reliable debt repayment source This diligence not only boosts the company's creditworthiness but also instills greater confidence in investors when purchasing bonds Furthermore, all interest calculations are meticulously verified by both the issuer and the securities company, with written notifications provided to ensure accuracy.
The Back Office of the Finance Department oversees the process, with each project assigned to a specific employee All tasks associated with each step are submitted accordingly.
Manager and then CFO and BOD for review, evaluation and correction if there are mistakes
CT Land faces significant risk control challenges in its corporate bond issuance, primarily due to the nature of its secured properties, which are predominantly real estate The lengthy timelines associated with real estate projects result in uncertain revenue streams tied to construction progress, leading to a low liquidity ratio for the company Furthermore, for secured properties that are yet to be developed, fluctuations in the real estate market can diminish their value, potentially hindering CT Land's ability to meet bond principal and interest obligations.
CT Land Corp, being a private entity, can only issue bonds through private placement, as it is not a public company This process differs from public corporate bonds, which require certificates of registration issued by the State Securities.
Corporate bonds issued through private placement are not regulated by authorities and are typically limited to individual investors, which leads CT Land to offer significantly higher interest rates to attract these investors.
Download the latest TIEU LUAN MOI by contacting skknchat123@gmail.com Bondholders face increased rates and must incur substantial additional fees for essential services, including appraisal, advisory, underwriting, and account management provided by the agency.
THE OUTLOOK, RECOMMENDATIONS FOR
Outlook of CT Land Corporation
Firstly, the bonds market potential is huge due to the complete legal framework.
The regulations governing bond issuance have evolved significantly to enhance its role as a vital capital-raising avenue for enterprises Since the implementation of Decree No 163 until the end of 2019, there have been 848 corporate bond issuances, totaling an impressive VND 259,377 billion This remarkable achievement underscores the bond market's substantial potential and its effectiveness in addressing the financial needs of businesses.
The demand for corporate bonds is increasing among investors, including individuals, due to their higher returns compared to traditional savings deposits With corporate bond yields exceeding commercial bank deposit interest rates by 0.8%, investors are increasingly drawn to the potential for greater earnings.
1.7%/year higher in 2020 and this gap will widen in 2021 and 2022, especially when commercial banks simultaneously decrease interest rates.
CT Land boasts 30 years of expertise in real estate development and is set to launch an IPO in 2022-2023 This strategic move will enable the company to secure long-term capital while boosting brand awareness and market value Additionally, as Vietnam enhances credit ratings for both private and public bonds, CT Land is positioned to capitalize on the growing demand for transparency and visibility in the corporate bond market.
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Figure 3 1 Corporate bonds issuance in the first 6 months of 2022
January February March April May June
The Vietnamese bond market presents a significant challenge for the company, particularly concerning real estate bonds, which are currently embroiled in numerous issues related to legal violations in capital mobilization during bond issuance This situation marks a critical turning point for corporate bond fundraising, imposing pressure on banks and adversely impacting real estate businesses and investors involved in the market.
The Ministry of Finance is set to enhance regulations surrounding corporate bond issuance to address existing issues, focusing on stricter conditions, increased deterrence measures, and empowering the State Securities Commission to oversee cash flow and capital mobilization The upcoming revised Decree 153 mandates that businesses must register and trade their issued bonds on the official market, presenting a challenge for CT Land, which is currently not a public company and can only issue private placement corporate bonds.
A significant challenge for enterprises, especially CT Land, in the bond issuance process is the necessity for self-improvement in governance, financial practices, and information transparency to align with market demands.
3.2 Recommendations for improvement of Corporate Bonds Principal and Interest Payment Process at CT Land Corporation
CT Land will coordinate with relevant parties to enhance corporate bond transactions in the secondary market A vibrant secondary market allows for wholesale and retail bond sales to a broader audience, boosting bond liquidity This increased liquidity enhances market appeal and facilitates primary issuances, enabling businesses to raise capital for production and growth.
CT Land must enhance its risk management by strictly adhering to financial governance through effective risk control measures and compliance with regulations for financing and investing activities Additionally, the company should closely monitor its liquidity and implement a robust risk assessment mechanism to track actual cash flows of ongoing projects This approach will help identify cash flow risks, ultimately increasing creditworthiness and bolstering investor confidence in bond purchases.
To optimize its cost of capital, CT Land should enhance relationships with both domestic and international financial institutions, including banks and investment funds This approach will enable the company to access a variety of funding sources through appropriate channels, such as credit, equity, bonds, and derivatives.
The department responsible for developing the capital raising plan must consistently update their knowledge of newly issued circulars, regulations, and laws pertaining to bond issuance They should also monitor the bond issuance market closely to make informed investment decisions Additionally, they need to prepare for upcoming issuances and promptly revise and enhance documentation as necessary.
Regarding human resources, CT Land needs to stabilize personnel structure of
Finance Force in general and Finance Department in particular; provide ongoing
To enhance the capabilities of Finance Force staff across all levels, the company should implement advanced training programs and develop a comprehensive HR plan for the next five years Collaborating with leading universities in Ho Chi Minh City, such as Foreign Trade University, University of Economics Ho Chi Minh City, and Banking University of Ho Chi Minh City, will enable the company to tap into a pool of young and talented human resources.
Corporate bonds have emerged as a highly effective capital mobilization channel globally, particularly in developed countries In Vietnam's current financial landscape, issuing bonds is an optimal choice, especially for real estate businesses requiring substantial investments for housing projects, commercial centers, office buildings, and infrastructure development Notably, bond capital remains a primary source of funding for many real estate companies, including CT Land, underscoring its significance in the industry.
Although there are still many shortcomings in mobilizing capital through corporate bonds issuance, in both the external market and the company’s internal process, CT
Land will make the most of its advantages in optimizing the bond issuance process, ensuring the principal and interest payments to Bondholders To achieve that goal,
CT Land must implement coordinated measures that involve the Company's primary efforts, supported by the Government, the Ministry of Finance, the State Securities Commission, and the stock exchanges in Ha Noi and Ho Chi Minh City, along with other relevant agencies.
This mid-course internship report outlines the corporate bond issuance procedure, with a particular focus on the bond principal and interest payment process at CT Land Corporation It integrates insights gained from university studies and five weeks of hands-on experience at the company.
During my internship in the Finance Department, I faced challenges due to the short duration, but I am grateful for the invaluable experience I sincerely appreciate the thoughtful guidance from the staff and the supportive instruction from my professor, which greatly enhanced my learning.