KHANG DIEN FINANCIAL ANALYSIS group 3 topic khang dien house trading and investment joint stock company

WESTERN SYDNEY UNIVERSITY VIETNAM KHANG DIEN FINANCIAL ANALYSIS Group Topic: Khang Dien House Trading and Investment Joint Stock Company TIEU LUAN MOI download : skknchat123@gmail.com moi nhat Table of Contents Introduction Analysis of profit/loss and balance sheet Balance sheet Profit and loss statement Ratio analysis 10 Short- term solvency/Liquidity ratios 10 Long-term solvency/Leverage ratios 11 Profitability ratios 12 Efficiency ratios 14 Conclusion 15 Appendix 17 References list 23 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat I Introduction Established in December 2001 by Mr Ly Dien Son, Khang Dien Housing Trading and Investment Joint Stock Company (Stock code: KDH), formerly known as Khang Dien Housing Trading and Investment Company Limited, is one of the top 50 excellent companies in Vietnam with its main focuses are on investment, development and trading residential real estates Also, over the period of 20 years, Khang Dien House has grown exponentially and become one of the 30 largest companies in terms of market capital on the Ho Chi Minh Stock Exchange (HOSE) Operating with the goals of providing comprehensive housing solutions and services, creating a preeminent modern lifestyle, over its course of sustainable development, Khang Dien, with the growing experiences, has brought to the market 50 quality real estate projects including 20,000 products such as residential land lots, condos, townhouses, villas, industrial land lots etc with the absorption rates above 90% KDH’s real estate projects are attractive to the investors with the favored location, excellent infrastructure, and low population density Moreover, Khang Dien has built an excellent trust, and reputation within its customers, as well as created solid relationships with its business partner Furthermore, by accompanying Earnst and Young as its main audit firm since 2007, KDH has proven its ambition to maintain the transparency within the corporation for its internal and external stakeholders Hence, it has gained the trust, as received the investment from the organization shareholders such as Dragon Capital, Vina Capital, whose cumulative shareholding maintained greater than 45% At the moment, Khang Dien House is applying the governance model of a Joint Stock Company (Appendix 1) Beside complying with the regulations from the Vietnamese authorities, the Company strictly complies with the provisions of the Company's charter of organization and operation approved by the General Meeting of Shareholders Annually, the general shareholders meeting (GSM) is organized with the purpose of approving the annual resolutions, development orientations, and business plan Also from the general shareholders meeting, every years, the BOD would be elected in order to represent the shareholders to direct the company GSM also elects the member of Inspection Committee (IC) which is in charge of supervising the activities of BOD and the General Director Team during their course of managing the company KDH’s General Director Team, elected by the BOD, will be responsible to the BOD for implementing rights and assigned duties Thanks to KDH’s constant efforts, the company has won many Vietnamese, and international awards For the consecutive years, the Khang Dien House has been voted by Forbes Vietnam as one of the top 50 best-listed companies In 2019, during Vietnam Property Awards, Khang Dien Project honorably received: Best Housing Development (HCMC) and Best Housing Landscape Architectural Design – Winner Also in the year of 2019, Khang Dien was named as the Typical Real Estate Developer and chosen as Top 50 Best Enterprises In 2020, Khang Dien Group was given the title of "Most Favorite Vietnamese Brand and Gold Brand" while maintaining its solid position in the Top 10 prestigious Vietnamese real estate investors In this report, we choose Phat Dat corporation (PDR), as our subject of comparison, for it shares many common characteristics, such as: market capital, owner’s equity’s size, location of operation TIEU LUAN MOI download : skknchat123@gmail.com moi nhat II Analysis of profit/loss and balance sheet The balance sheet is one in every of the three core financial statements that are accustomed to evaluating a business It could be a tool that gives a snapshot of what an organization owns and owes, as well as the amount of money invested by shareholders Balance sheets are often used with the financial statement to conduct fundamental analysis or to calculate financial ratios 2.1 Balance sheet 2.1.1 Total assets Overall, the total assets of KDH had remained unchanged in the last three consecutive years with the current assets accounting for most of its total assets, at 93.45% From 2018 to 2019, there was a slight decrease in the total current asset, from 93.57% in 2018 to 93.12% in 2019 From 2019 to 2020, the growth rate went up a little bit to 93.45% (Figure 01) There are slight changes in both the current assets and non-current assets, aimed to reach balance in proportion where they are 93.45% and 6.66%, respectively (Table A) 2.1.2 Current asset Over three years, the inventory made up the highest proportion in Khang Dien’s total current assets, from 56.88% in 2018 before slightly decreasing to 53.16% in 2019 and reaching 52.66% in 2020 (Table A) In the real estate industry, having high inventory accounts for many reasons First, from the financial statement, we could see that the company land bank had been acquired and became under-developed projects Also, in 2018, Khang Dien completed its merger with Khang Phuc House and launched two high-end condo projects Jamila and Safira in Thu Duc City, following this, it continued to launch other strategic projects such as Verosa Park - high-end townhouses and villas and Lovera Vista condo Furthermore, due to the outbreak of the Covid-19, there had been many delays in the ongoing projects, which contributed to the higher amount of inventory It is not to mention that there were completed projects but yet not sold to customers as they faced many financial problems due to Covid 19, which led to less money invested in real estate This was the common issue of the real estate industry over the course of the pandemic 2.1.3 Non-current assets The growth rate of non-current assets in the period 2018 was 6.43% but then increased to 6.88% in 2019 due to the strong growth of investment properties and long-term assets in progress and finally reached 6.55% in 2020 (Figure 01) There are not many fluctuations in non-current assets over the three-year period It could be indicated from the growth of longterm assets from 4.56% in 2018 to 4.98% in 2019 that Khang Dien increased charter capital and launched a large number of huge projects, marking its milestone after the merger TIEU LUAN MOI download : skknchat123@gmail.com moi nhat 2.1.4 Total liabilities Generally, the company’s liabilities showed a downward trend in both current and noncurrent liabilities Over this period, Khang Dien might have restructured its liabilities, which could be explained by alteration in current and non-current liabilities, it attempted to decrease its liabilities, which could control its outflow efficiently (Figure 02) 2.1.5 Current liabilities The largest changes belonged to short-term advances from customers, which achieved 62.64% in total changes from 2018 to 2019 before experiencing a significant downturn to 296.05% between 2019 and 2020 (Table B) This decrease could be explained as in 2020, more projects had been finished which led to the decrease in advance from the customers and recognition of revenue It is clearly seen that Covid 19 had a profound impact on the industry It hindered the operations of the company and slowed down the process Most notably, the short-term trade payables showed a downward trend between 2018 and 2019 (18.32%, Table B) Therefore, in 2020, after the projects were finished, the payable amount will be less, as the company pays off the debts to the contractor In adverse, short-term loans showed an opposite trend The changes of 2018 and 2019 were around -11% then climbed significantly to 201.38% (Table B) One significant factor in the rise of short-term loans might come from the financing activities of the company Due to the impact of the pandemic, the company needed money to finance its operating capital, which is why short-term loans had a slope increase 2.1.6 Non-current liabilities As mentioned above, it is easily noticeable that long-term loans gained 321.05% over the total of changes from 2019 to 2020 since it borrowed more from the financial institutions In addition, long-term advances from customers fell to -12.95% in the changes from 2019 to 2020, compared to 1.18% in the changes from 2018 to 2019 since more projects had been completed (Table B) In short, Khang Dien’s liability structure changed according to the pandemic situation 2.1.7 Total equity It could be seen that the share capital holds the largest proportion of owner’s equity with nearly 60% in 2018 and more than 70% in 2019 and 2020, which has the biggest change in 2018 and 2019 with more than 170% increase (Table C) To run new projects and mergers as mentioned above, Khang Dien had an upswing of its share capital, which led to a surge between 2018 and 2019, and this continued to be raised in 2020 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat Some various reasons could be mentioned that during this period, the company conducted a large number of projects, which required a large amount of capital As a result, the company decided to pay fewer dividends in cash and issued stocks for the shareholders Besides, the treasury shares showed a sharp increase as in 2020, Khang Dien bought twenty million treasury shares, this was because the market value its stocks fell sharply from the outbreak the market value of KDH’s stocks fell sharply from the outbreak of Covid-19 in Vietnam In addition, shares premium declined by -321.27% between 2018 and 2019 as the company paid its dividends by stocks to its shareholders 2.1.8 Comparison with competitor- PDR According to the tables above, it is clearly seen that the total assets of Phat Dat (PDR) are slightly higher than that of KDH Conversely, Khang Dien’s owner equity is superior, which was around 1.5 times higher than the owner’s equity of PDR Moreover, there was a significant difference between the liabilities of these two companies KDH used less leverage in order to finance its projects, whilst PDR mainly used leverage for its operation 2.2 Income statement: Income Statement is used to report the revenue, profit (or loss) of companies over a period of time The profit or loss of the firm is calculated by combining revenues and subtracting all expenses from both operating and non-operating activities 2018 201 202 CHANGE 2018&2019 CHANGE 2019&2020 TOTAL REVENUE REVENUE DEDUCTION NET REVENUE COGS GROSS PROFIT NET OPERATING PROFIT TOTAL EXPENSES NET INCOME EPS EPS GROWTH RATE TIEU LUAN MOI download : skknchat123@gmail.com moi nhat 2.2.1 Revenue As a real estate developer, Khang Dien House creates and obtains profit and revenue from selling commercial real estate properties varying from high-end apartment complexes to luxurious villa compounds During the stage of 2018, the firm’s revenue reached VND 2,920 billion, which was 2.57% higher than the previous year In 2019, the company only accumulated VND 2,845 billion in revenue, which was the lowest in the three years period from 2018 to 2020 Moving on to 2020, the firm saw a drastic increase with a whopping VND 4,617 billion of revenue, or 62.28% increase, triumphant all the obtained total revenue from the previous period 2.2.2 Cost of goods sold (COGS) For a company of developing real estates, most of the costs for their goods sold (COGS) are mostly attributed to activities relating to land clearance, infrastructure development, fees/taxes for changing the usage of land Throughout the three selected years, Khang Dien managed to keep all total costs of goods sold to be below 60% of the total revenue, during this, the year with the highest figure of COGS was 2018, with the COGS were f VND 1,677 billion, which was 57.43 % of the total revenue Overall, the company has managed to keep the consistency in the COGS to generate excessive profit for the shareholders and finance its growth 2.2.3 Earnings per share (EPS) Khang Dien House’s annual earnings per share (EPS) had a stable and well-rounded performance throughout the three years The firm’s EPS encountered a minor decline in 2019, and received a massive increase of EPS in 2020, in terms of value and growth rate Despite its earnings per share seeing a sharp decrease of -16.33% growth in the second year, its overall net income and net revenue in 2019 still hold up to its previous year data In 2020, the firm’s EPS was able to obtain a recovery and increased by VND 350 2.2.4 Net Income As of 2020, Khang Dien firm had amounted their total revenue around VND 4,617 billion, reaching VND 1,498 billion in net operating profits Among the three years from 2018 to 2020, the company saw extensive growth in the net income 2.2.5 Comparison with competitors Comparing Khang Dien House (KDH) financial position with its competitor, Phat Dat corporation (PDR) through the respective financial statements, it could be seen that both of the companies managed to achieve explosive and continuous growth In 2020, Khang Dien firm’s overall revenue was VND 4,616,848,443,000 which is 162.28% higher than the previous year, and Phat Dat corporation was able to accumulate VND 1,540,220,143,183 of total revenue, 139.34% higher than the prior figures TIEU LUAN MOI download : skknchat123@gmail.com moi nhat However, taking into account the overall scale, Khang Dien is superior to Phat Dat regarding many aspects, such as organizational scale, revenue and profit, operating range, and most importantly, experiences III Ratio's analysis 3.1 Short-term solvency/Liquidity ratios Liquidity ratios are considered as parameters in order to measure a company’s ability to pay off its short-term debt and liabilities (Adam, 2021) For a company, the higher liquidity ratios, the stronger it is, as it can repay its current liabilities without any further financial assistance Liquidity ratios are also an important indicator of the going concern viability of a company The company which has lower liquidity ratios may not be favored by the potential investors Liquidity ratios often include: current ratio, quick ratio, and cash ratio Ratio Current Ratio Quick Ratio Cash Ratio 3.1.1 Current ratio: Current ratio is used as a tool to identify whether a company can pay off its short-term liabilities without needing any external assistance (Adam,2021) Current ratio is termed current as it considers the current asset over the current liabilities In 2018, the current ratio of KDH was 3,45, which means that the company held the current asset that could pay off three times its current liabilities, which was a strong ratio for a real estate company In 2019, this ratio declined by 0,75 to 2,7 This was the result of in the year of 2019, the pace of increasing in current liabilities was higher than the pace of increasing in the current asset This considerable increase could be explained as in the year of 2019, the company received more money from the customers for purchasing their properties In 2020, this ratio was 3,09, which was 115% in comparison with the previous year Over this period, the current assets of the company, especially cash and cash equivalents, and inventory increased 10 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat 3.1.2 Quick Ratio Quick ratio plays an essential role in analyzing a company’s ability to meet its shortterm liabilities with its most liquid asset Liquid assets are the assets that can be converted into cash within 90 days whilst current liabilities are those debts that require the company to pay within a span of a year (Adam,2021) In 2018, the ratio of KDH was 1,30 However, this ratio declined to 1,09 in 2019 as the cash and cash equivalents decreased whilst the increase in account receivable could not keep up with the increase in current liability This ratio increased to 1,27 in 2020, as the current liability of KDH decreased in terms of short-term trade payables and short-term advances from customers Quick ratios of KDH over 2018,2019,2020 were always above 1, which means that KDH could meet its short-term liabilities with its most current asset These figures of KDH were highly favored by the investors, as well as the creditors 3.1.3 Cash Ratio: Cash ratio illustrates how a company can pay off its current liabilities using only its cash and cash equivalents (Will,2021) This ratio can be calculated by dividing cash and cash equivalents to current liabilities This ratio is most favored by creditors, when it shows them how a company can maintain an adequate amount of cash in order to pay off all of their due debt However, this ratio is not favored by the investors, when the cash ratio is too high, it shows that the company is not using its abundant amount of cash effectively The cash ratio of 2019 witnessed a sharp decline by 0,4, this was of the result that in this year, the company spent more money on inventory, as well as the current account receivable increased In 2020, this ratio pulled back to 0,44, as the cash of KDH increased When compared with PDR, the current ratio of KDH was almost the same in 2019 and 2020 with the ratios varying around 2.0-3.0 However, there were huge differences among the quick ratios of KDH and PDR, while KDH maintained the above quick ratio, PDR’s ratios were below in 2019 and 2020, which means that PDR will face difficulties paying off its liabilities using its liquid assets KDH showed its superiority in maintaining the cash ratio significantly higher than PDR from 2018 to 2020 Especially, the cash ratio of PDR was only 0,01 while KDH’s ratio was 44 times higher 3.2 Long-term solvency/Leverage ratios Long-term Solvency refers to a firm’s ability to pay its long-term financial obligations along with the associated interest 11 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat TIEU LUAN MOI download : skknchat123@gmail.com moi nhat Discussing the TIE, both of the real estate companies did not face any difficulties paying off their interest expenses, since the interest expenses only accounted for a small amount of their EBITA 3.3 Profitability ratios Profitability ratios are a class of financial metrics that are used to assess a business's capacity to generate earnings relative to its revenue, operating costs, balance sheet assets, or shareholders' equity over time, using data from a specific point in time Profitability ratios can be compared with efficiency ratios, which consider how well a company creates profit and value for its owners (Adam, 2021) Ratio ROA ROE Net profit margin 3.2.1 ROA (return on asset): ROA is an indicator of how profitable a company is relative to its total assets In general, a higher the ROA, the more efficient the company is at generating profits (Marshall, 2021) Khang Dien experienced the alteration in ROA Firstly, it dropped 12.5% in the 2018-2019 period, then this ratio increased 1% to 8% in 2020 Overall, Khang Dien shows the efficiency of gaining profit as when being compared with competitor - Phat Dat Corp, Khang Dien had a higher percentage of ROA, which showed that Khang Dien’s business activities created more profits than that of Phat Dat 3.2.2 ROE (Return on Equity): Return on equity (ROE) is a financial ratio that tells you how much profit a public company earns in comparison to the net assets it holds In addition, it is used to compare the performance of businesses in the same industry as well as to measure management's capacity to create income from available equity (Jason, 2021) It is considered that ROE ratio in the range of 15 to 20 percent is good for companies as it will be less competitive and does not require substantial assets to generate revenues As can be seen from the table, the average ratio of the company is below the good range The ROE ratio in 2018 was 12%, then it maintained the same in 2019, which means that the company was stable at creating profits through the activities However, the ratio increased slightly from 2019 to 2020 from 12% to 14%, reaching the highest value in three years A remarkable ROE extended from 12% to 14% despite increasing in owner's equity because the company achieved profit-growth 13 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat 3.2.3 Net profit margin: The net profit margin, also known as the net margin, measures how much net income or profit is generated as a percentage of revenue The ratio shows how much of a company's income is converted into profit per dollar of revenue collected (Chris, 2021) As clearly seen from the table, in 2019, Khang Dien had the highest net profit margin ratio while 2018 and 2020 share nearly the same ratio Thus, this indicates that from 2018 to 2019, Khang Dien generated much profit from its sales However, the company had a sharp decrease from 33% to 25% in 2020 which was nearly back to the same ratio as in 2018 This showed that the company experienced difficulties in generating profits from its revenue In comparison to its competitor (Phat Dat), Khang Dien had nearly the same number, which meant both companies' profitability was high and on a growing trend In comparison to the other companies, Khang Dien’s efficiency ratio is stable The company’s strong financial background, market insights, and legal transparency will help it ensure safety and sustainability in business operations The company is constantly expanding its existing land bank at reasonable costs to ensure resources for generating stable revenue and profits, and sustainable growth in the coming years in order to optimize benefits for the shareholders (Figure & 4) 3.4 Efficiency ratios Ratio ASSET TURNOVER RATIO INVENTORY TURNOVER RATIO RECEIVABLE TURNOVER RATIO The efficiency ratio is commonly used to assess how well a firm uses its assets and liabilities on an internal basis, mainly generating income (Will, 2021) Therefore, an increase in efficiency ratios generally leads to increased profitability 3.4.1 Asset turnover ratio: The asset turnover ratio evaluates the effectiveness of a company's assets in generating revenue or sales As we can see from the table, all three ratios from 2018 to 2020 were less than 14 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat 1, which indicates that it is not good for the company as its total assets were not able to produce enough revenue at the end of each year On the other hand, the asset turnover ratio remained nearly the same number through the three years, it only had a slight fall in 2019 from 0.3 to 0.2 This indicates that the company was having difficulties in using its assets to generate sales efficiently However, the ratio had a small increase in 2020, from 0.2 back to 0.3 and this means that the company managed to perform better in generating sales from their assets 3.4.2 Inventory turnover: The inventory turnover ratio represents the ability to manage inventory Khang Dien’s years average inventory turnover was too low compared to the competitor due to a decrease in land demand in the COVID-19 pandemic Low inventory turnover throughout years in Khang Dien was a sign of lower sales and declining demand Also, in 2018, KDH merged with Khang Phuc House to expand its business As a result, the inventory of KDH increased Moreover, from 2019, KDH conducted many projects leading to the surge in the inventory 3.4.3 Receivable turnover ratio: The receivables turnover ratio helps assess a company's ability to manage its receivables and collect capital on its receivables The receivable turnover of Khang Dien decreased through the period of years 2018-2019 from 1.7 to 0.7 and then went up to 1.3 in 2020 This illustrated that Khang Dien was unable to collect receivables and debts from customers because of the customer's financial burden due to the Covid-19 pandemic With inventory turnover ratio, Phat Dat had a slight increase from 2018 to 2019 and then reached the lowest point in 2020 It indicates that the company experienced weaker sales and a decrease in demand for its products In contrast, Khang Dien experienced minor changes through years which means the firm generated more sales and attracted more consumer demand In asset turnover ratio, Khang Dien had a higher ratio than its competitor - Phat Dat which means that Phat Dat had not had their usage of the assets to generate revenue as well as Khang Dien (Figure 5&6) III Conclusion KDH is a reputable real estate developer in Vietnam with its core value of transparency, quality and sustainability With a humble beginning, it has developed exponentially and become one of the biggest real estate developers in Vietnam, especially in the South of this country, as well as one of the 30th largest companies in the Ho Chi Minh Stock Exchange in terms of market capital After conducting a financial analysis about KDH, we believe that KDH has a solid financial foundation based on a safe financial structure For example, its debt-ratio was always maintained in a safe region Over the period from 2018 to 2020, the company faced no difficulties in paying off its current liabilities since it maintained an appropriate amount of liquid assets In addition, it maintained its sustainable growth by effectively using its owner’s capital than the other leverages The suitable inventory policy also contributed to its growth, since most of its inventory include under-construction projects or clean and clear land banks In 2020, during the downturn of the economy, KDH still maintained its position and achieved out-standing performance thanks to its strong financial 15 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat structure, in which the cash ratio always maintained a safe margin, and the capital was used effectively 16 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat Appendix Figure Figure 02 17 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat Figure Figure 18 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat Figure Figure 19 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat Table A Table B Table C 20 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat Table Table Table Net Income Table 21 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat 22 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat References list Khang Dien (2021, January 11) KHANG ĐIỀN ĐƯỢC VINH DANH TOP 50 DOANH NGHIỆP VIỆT NAM XUẤT SẮC NĂM 2020 Retrieved December 1, 2021, from http://www.khangdien.com.vn/tin-tuc-su-kien/tin-khang-dien/khangdien-duoc-vinh-danh-top-50-doanh-nghiep-viet-nam-xuat-sac-nam-2020 Khang Dien (2021, May 11) KHANG ĐIỀN (KDH): 20 NĂM PHÁT TRIỂN BỀN VỮNG - NÂNG TẦM THƯƠNG HIỆU Retrieved December 1, 2021, from http://www.khangdien.com.vn/tin-tuc-su-kien/tin-khang-dien/khang-dien-kdh-20-namphat-trien-ben-vung-nang-tam-thuong-hieu Khang Dien (2020) KDH - Báo Cáo Thường Niên 2020 Retrieved December 1, 2021, from http://www.khangdien.com.vn/Data/Sites/1/media/co-dong/bao-caothuong-nien/20210409_kdh_bao-cao-thuong-nien-2020.pdf Khang Điền Group - Các Dự Án Bất Động Sản Năm 2021 (2021) Retrieved December 1, 2021, from https://tdtv.com.vn/khang-dien/ Khang Dien (2010, January 28) Khang Điền lên sàn chứng khoán TP HCM Retrieved December 1, 2021, from https://vnexpress.net/khang-dien-len-sanchung-khoan-tp-hcm-2703421.html Vietstock (2021) CTCP Đầu tư Kinh doanh Nhà Khang Điền Retrieved December 1, 2021, from https://finance.vietstock.vn/KDH/financials.htm?tab=KQKD Khang Dien (2020a) Giới Thiệu Khang Điền Retrieved December 1, 2021, from https://khangdiengroup.com.vn/gioi-thieu-khang-dien Phat Dat (2020) PDR - Annual Report 2020 Retrieved December 1, 2021, from https://www.phatdat.com.vn/wp-content/uploads/2021/03/PDR_AnnualReport_Final-English.pdf 23 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat Khang Dien (2020a) Financial Statements Retrieved December 1, 2021, from http://www.khangdien.com.vn/en-US/shareholders-investors1/reports-prospectus/financial-statements Hayes, A (2021, April 9) The Importance of Profitability Ratios Retrieved December 1, 2021, from https://www.investopedia.com/terms/p/profitabilityratios.asp Hargrave, M (2021, April 8) Return on Assets Definition Retrieved December 1, 2021, from https://www.investopedia.com/terms/r/returnonassets.asp 10 Fernando, J (2021, November 30) How Return on Equity (ROE) Works Retrieved December 1, 2021, from https://www.investopedia.com/terms/r/returnonequity.asp 11 Murphy, C B (2021, October 18) How to Calculate Net Profit Margin Retrieved December 1, 2021, from https://www.investopedia.com/terms/n/net_margin.asp Kenton, W (2021, May 7) Efficiency Ratio Retrieved December 1, 2021, from https://www.investopedia.com/terms/e/efficiencyratio.asp 12 Hayes, A (2020, August 15) What You Should Know About Solvency Retrieved December 1, 2021, from https://www.investopedia.com/terms/s/solvency.asp 13 Kenton, W (2021, April 12) Understanding the Cash Ratio Retrieved December 1, 2021, from https://www.investopedia.com/terms/c/cash-ratio.asp 14 Hayes, A (2021b, August 30) What Are Liquidity Ratios? Retrieved December 1, 2021, from https://www.investopedia.com/terms/l/liquidityratios.asp 15 Fernando, J (2021a, February 4) What Is a Balance Sheet? Retrieved December 1, 2021, from https://www.investopedia.com/terms/b/balancesheet.asp 16 Cafef (n.d.) Nhà Khang điền (KDH) Vừa Chi Hơn 418 tỷ đồng mua gần 20 Triệu CỔ Phiếu Quỹ: Tăng vốn - CỔ Phiếu Quỹ: CafeF.vn Retrieved December 2, 2021, from https://s.cafef.vn/kdh-354108/nha-khang-dien-kdh-vua-chi-hon-418-tydong-mua-gan-20-trieu-co-phieu-quy.chn 24 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat 25 TIEU LUAN MOI download : skknchat123@gmail.com moi nhat ... 23 TIEU LUAN MOI download : skknchat1 23@ gmail.com moi nhat I Introduction Established in December 2001 by Mr Ly Dien Son, Khang Dien Housing Trading and Investment Joint Stock Company (Stock. .. formerly known as Khang Dien Housing Trading and Investment Company Limited, is one of the top 50 excellent companies in Vietnam with its main focuses are on investment, development and trading residential... the financial statement, we could see that the company land bank had been acquired and became under-developed projects Also, in 2018, Khang Dien completed its merger with Khang Phuc House and