(Luận văn HV chính sách và phát triển) alternative methods to evaluate VSC stock price

ACADEMY OF POLICY AND DEVELOPMENT INTERNATIONAL SCHOOL OF ECONOMICS AND FINANCE GRADUATION THESIS Topic: “ ALTERNATIVE METHODS TO EVALUATE VSC STOCK PRICE” Supervisor: Dr Pham My Hang Phuong Student: Nguyen Viet Long Student ID: 5083402207 Class: TC CLC 8.3 Hanoi, 6/2021 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ACKNOWLEDGE Without the persistent support and cooperation of the persons I sought over the many stages of producing this report, it would not have been feasible First and foremost, I want to express my heartfelt gratitude to Ms Hang Phuong Lecturer, Academy of Policy and Development, for her invaluable advice, encouragement, guidance, and help Without her assistance, completing this report would have been impossible LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com TABLE OF CONTENT ACKNOWLEDGE LIST OF ACRONYMS LIST OF FIGURES AND TABLES PREFACE Objectives of the study and research question Subjects of study scope .4 Research Methodology 4 Structure of the thesis CHAPTER 1: LITERATURE REVIEW 1.1 Definitions 1.1.1 Stock market 1.1.2 Stock 1.1.3 Valuation 1.1.4 Intrinsic value 1.1.5 Valuation methods 1.2 Company analysis’ methods 16 1.2.1 Macroeconomics analysis 16 1.2.2 Industry Analysis 18 1.2.3 Financial Statement Analysis 19 1.2.4 Dupont Analysis 21 1.2.5 SWOT Analysis 23 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com CHAPTER 2: GLOBAL & DOMESTIC CONTEXT AND PERFORMANCE OF VSC 27 2.1 Macroeconomic analysis 27 2.1.2 Domestic macroeconomic 29 2.2 Logistic Industry 32 2.2.1 Global logistic Industry 32 2.2.2 Domestic logistic industry 33 2.2.2.1 Overview of logistic industry 2020 33 2.2.2.2 Domestic logistic industry prospect in 2021 34 2.3 VSG Viconship (VSG) information .35 2.3.1 Information 35 2.3.2 Vision 36 2.3.3 Mission 36 2.3.4 Target 36 2.3.5 History and development process 36 2.3.6 The position of the company compared to other enterprises in the same industry 37 2.3.7 Business area 38 2.3.7.1 Seaport service 38 2.3.8 Shareholder structure 44 2.3.9 Corporate structure 45 2.4 Viconship analysis .46 2.4.1 Business results and financial analysis 46 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 2.4.1.1 Business results 46 2.4.1.2 Financial ratios analysis 48 2.4.2 DUPONT analysis 54 2.5 Analysis major risk related to operating activities .57 2.5.1 Policy 57 2.5.2 Overprice and unreasonable expense 58 2.5.3 Risk of Covid-19 59 2.5.4 Risk of competiors 60 2.5.5 Risk of exchange rate 60 2.6 VSC's strategy and plan 2021-2025 .61 2.7 SWOT analysis 61 CHAPTER 3: VICONSHIP STOCK VALUATION AND RECOMMENDATION 63 3.1 Estimating and valuation 63 3.1.1 FCFE: Free Cash Flow to Equity 63 3.1.2 P/E and P/B valuation method 66 3.1.3 Weighting of the models 67 3.2 Recommendation 67 3.2.1 For Investors 67 3.2.2 For State Securities Committee 68 CONCLUSION 73 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com LIST OF ACRONYMS VSC: Stock code of Vietnam Container Shipping Joint Stock Corporation DCF: Discounted cash flow EPS: Earning per share P/B: Price-book value P/E: Price-earning (or Price-EPS) ROA: Return on asset ROE: Return on equity LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com LIST OF FIGURES AND TABLES Figure 2.1: Container throughput in some ports Figure 2.2: Location advantage diminishes Figure 2.3: Number of containers and number of ships passing through VIP port Figure 2.4: Location of containers Figure 2.5: Shareholder structure Figure 2.6: Corporate structure Figure 2.7: Profitability Ratio Figure 2.8: ROE of top companies Figure 2.9: Gross profit margin and net profit margin Figure 2.10: cash ratio, quick ratio and current ratio Figure 2.11: Receivable Turnover Figure 2.12: Inventory turnover Figure 2.13: Debt to equity and Debt to asset Figure 2.14: DUPONT Table 3.1: FCFE method Table 3.2: P/E and P/B method Table 3.3: Valuation matrix LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com PREFACE Vietnam's stock market in recent years has hidden risky and still affected by crowd psychology, but there are strong development step and attract the attention of foreign investors as well as in the country From the end of 2006 to the end of 2007 the market growth exceeded Steps leading to the movement of house players playing the stock market, stock players securities Up to now, although the market has not regained its previous growth momentum However, it still attracts a large number of domestic investors from all walks of life reside in society However, currently on the Vietnamese stock market there are the fact is that the analysis and valuation of stocks has not been given much importance right level Analyzing and valuing stocks to help listed companies determine obtain a reasonable price when issuing shares, determine the cost of capital as well as such as costs of mergers and acquisitions Besides, the determination of Stock prices also help commercial banks determine the value of shares votes before deciding to lend for securities investment, mortgage loans shares For individual investors, the role of analysis and valuation is also very important By 2010, although Vietnamese investors also paid attention business results as well as the real development potential of the business itself, however, they still mainly invest in the movement, invest in "herds", they still are "playing stock" but not really "investing in securities" With the desire to find reasonable valuation methods for the stocks on the Vietnamese stock market and from there, it is possible to propose measures to improve the quality of the valuation of listed shares on the stock market Therefor, I would like to choose the topic " ALTERNATIVE METHODS TO EVALUATE VSC STOCK PRICE " to analysis Objectives of the study and research question - Systematize basic theoretical issues on stock analysis and valuation, business experience using the methods LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com - Analysis and valuation of VSC shares by applying some methods It then draws on the experience of the analysis and valuation to be able to properly value the value of the business - Proposing a solution system as well as making recommendations to develop in order to facilitate the analysis and valuation of stocks Subjects of study scope The thesis focuses on the application of valuation methods to VICONSHIP Joint Stock Company, which stems from a study of the company's business activities from 2017 to 2020, as well as the company's future plans to assess its financial position and determine its value using future cash flow projections and comparisons to other peers And apply financial analysis methods to valuate company finance to evaluate VSC stock Research Methodology To clarify the research topic, the thesis mainly uses the following methods: • Literature Review • Ratio analysis • FCFE • Valuation by comparable Structure of the thesis In addition to the table of contents, preamble, conclusion, list of references and annex tables, the thesis consists of three chapters: Chapter 1: Literature review Chapter 2: VICONSHIP financial analysis LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com CHAPTER 1: LITERATURE REVIEW 1.1 Definitions 1.1.1 Stock market A stock market is a collection of buyers and sellers of stocks (or securities), which represent their ownership of a business; they can include stocks that are listed on a public stock exchange, or those that are not publicly traded, such as shares of a private company sold to investors through crowdfunding platforms Stock market investments are mostly made through stockbrokers and electronic trading platforms Shares: Shares are the sole product of a joint stock company The charter capital of a joint-stock company is divided into equal parts called shares The buyer called shareholder equity Shareholders are issued with a certificate of ownership of shares called shares Shares are evidence and certificates certifying shareholders' ownership of a joint stock company Ownership of shareholders in a joint-stock company corresponds to the number of shares held by shareholders Therefore, stocks are also known as equity securities When considering Shares of a Joint Stock Company, there is usually a distinction between authorized shares, issued shares, treasury shares, and outstanding shares ( https://www.investopedia.com/terms/s/stockmarket.asp) 1.1.2 Stock Stock (also known as equity) is a security that represents the ownership of a fraction of a corporation This entitles the owner of the stock to a proportion of the corporation's assets and profits equal to how much stock they own Units of stock are called "shares." Stocks are bought and sold predominantly on stock exchanges, though there can be private sales as well, and are the foundation of many individual investors' portfolios LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com delivery of goods in the supply chain, greatly affecting the activities of business enterprises transportation and logistics service business In addition, in the current epidemic situation, enterprises lack raw materials for production and find it difficult to find outputs for products in Asia and some other regions, causing overproduction can be exported 2.5.4 Risk of competitors Vietnam has officially become a member of WTO in 2006 This also means that competition in all sectors of the economy in general and in the field of maritime service provision in particular will increase that becomes more and more intense Along with highway the process that Vietnam must make after joining the WTO, foreign shipping lines are allowed to open branches with 100% foreign capital in Vietnam, thus the market share of domestic enterprises in container agency services, agency Ships and cargo brokers will be increasingly narrowed This is also the common risk that all shipping service providers have to face 2.5.5 Risk of exchange rate The Company's business activities are associated with import and export activities of enterprises domestic industry, the activities of major shipping lines are partners of the Company Therefore, fluctuations in the business of large customers, regular customers in particular and fluctuations of the world maritime market in general will have certain effects to the Company's business However, now the Company's partnership with customers who are major shipping lines which are in the process of very active development Therefore, fluctuations in the negative direction are less likely to occur, at least in the next years Due to the nature of the business, the fees for the services that the Company currently provides are mainly paid by customers in foreign currencies At the same time, the Company must also use foreign currency to pay for purchases and renewal of 60 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com specialized equipment Therefore, the Company often faces the risk of exchange rate fluctuations, this may have certain effects on the business results of the Company 2.6 VSC's strategy and plan 2021-2025 In terms of finance, improve profitability and ensure sustainable revenue growth by continuing to maintain and develop existing markets, while conducting market research, approaching and exploiting new markets potential field Good management of resources and costs; thoroughly thrifty; ensure effective business; ratio dividends from 20% and accumulated to invest in business expansion For customers, enhance distinct competitive advantages by pricing strategies suitable to target customer segments and specificity of each market; constantly innovating and developing new services, continuously improve and innovate to improve service quality and added values, in order to improve customer satisfaction, trust and attachment to Viconship Review personnel, salary and reasonable transfer of labor between units for management and use most effective use of labor Strengthening inspection and supervision of subsidiaries and member units Developing sustainable human resources and building a happy working environment for employees; implementation of planning and capacity development for the next leadership team; strengthen training, proactively equip employees with necessary knowledge and skills to effectively respond to the digital transformation process and the trend of increasing the proportion of technology 2.7 SWOT analysis 61 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com • The distribution system is widespread in Vietnam compared to the domestic and foreign competitors S • Leading position in market share, reputation, and brand position in transportation and warehousing industry in Viet Nam • Strong financial resource, effective enables the Company to implement modern strategies to attract skillful personnel, R&D investment, capital mobilization, M&A, and Joint-Venture • Viconship has grown and trained passionate and enthusiastic staffs • The link between logistics service enterprises with each other and with import-export enterprises is still limited, not tight and trusting W • They have high logistic expense • The application of new technology in services but is not highly effective • The Vietnamese economy is expected to maintain its growth rate for many years to come Commercial activities thrive in Vietnam with the total trade value in 2021 reaching hundreds O of billions of dollars • Institutions such as customs procedures, administrative reform, speeding up the process of deep integration… continue to be consolidated and improved • Institutions and policies for the logistics industry are not clear, asynchronous, inadequate, and have not created favorable conditions to support the fledgling logistics industry to T develop In many places, the cost of informal business is still high • Competition with foreign and domestic service providers is increasingly fierce • Regarding the supply of logistics human resources from society, up to this point, only a few 62 universities across the country have specialized in logistics training combined with transportation LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com CHAPTER 3: VICONSHIP STOCK VALUATION AND RECOMMENDATION 3.1 Estimating and valuation I am aware of the benefits and drawbacks of every approach that I compare in Chapter ( Literature review) In this section, I use the valuations FCFE, P/E, and P/B For three reasons: - First, the FCFE results is indicator of intrinsic value for stockholders - Based on the owner's net cash flow (FCFE), we will determine the owner's business value using the discounted cash flow method Of course, when discounting this cash flow we must use the cost of equity - The determination of FCFE is also to adjust the financial policies of enterprises If FCFE < 0, it means that cash flow is not available to shareholders, so the shortfall will not pay dividends on the one hand, and on the other hand will raise more money from issuing new shares Or vice versa, if the company wants to maintain its dividend policy, it must adjust its debt policy and investment policy - Second, P/E is a financial indicator that evaluates the link between a stock's current market price and its earnings-to-shares ratio The P/B ratio is used to compare market and book prices These two indexes are critical for investors to understand a company's profitability and compare pricing to the market As a result, I also use P/E and P/B for comparison and to improve the accuracy of the outcome 3.1.1 FCFE: Free Cash Flow to Equity Cost of equity: The CAPM was used to calculate the cost of equity The risk-free rate is 6.25 percent, as determined by the interest rate of banks The annualized VN-Index return from 2013 to 2020 yielded an 8.54 percent market return I used VSC's current beta of 63 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 0.55, which was estimated after 120 weeks When CAPM was applied to the aforesaid components, the cost of equity came out to be 8.20 percent Rf 6.25% Rm 8.54% Beta 0.55 Cost of Equity 8.20% • Terminal growth rate: The terminal growth rate is obtained by projecting free cash flow using VSC's 2019-2024 plan and the logistic industry's prediction in Vietnam The ultimate terminal growth rate is 3.91 percent, and based on market conditions, the logistic industry will increase in the near future, since demand for logistics in Vietnam is usually high And in currently, the epidemic in Vietnam is decrease sharply because all over the world are trying to make vaccine After applying FCFE method I valuate VSC price is 71.203 VND by discounting cash flow from future to 2020 64 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Table 3.1: FCFE method 2019 Net income Depreciation 2022F 2023F 2024F 285,795,269 296,404,440 308,002,746 320,054,893 232,078,927 233,231,393 242,357,737 251,841,196 320,054,893 261,695,742 320,054,893 271,935,896 232,078,927 Change in depreciation Working capital Invest in wc Fixed asset Invest in fixed capital Total liabilities Net borowing FCFE Discounted FCFE V0 Share outstanding Price Growth rate (2020 - 2024) Growth rate (2024 - oo) Cost of equity Risk free rate Expected market return Equity risk premium Beta Cost of equity 2020 233,231,393 2021F 242,357,737 251,841,196 261,695,742 271,935,896 0 0 1,152,466 9,126,344 376,508,596 608,341,685 632,146,095 231,833,089 23,804,410 1,082,397,987 921,585,734 957,647,384 160,812,253 36,061,650 323,166,769 287,446,269 298,694,042 -35,720,500 11,247,773 190,815,570 268,510,803 9,483,458 9,854,546 10,240,154 656,881,972 682,585,763 709,295,344 24,735,877 25,703,792 26,709,581 995,120,126 1,034,059,176 1,074,521,912 37,472,742 310,381,939 11,687,898 279,017,630 38,939,051 322,527,185 12,145,245 277,411,842 40,462,736 335,147,673 12,620,489 275,743,220 177,487,171 232,310,093 224,538,657 207,652,722 191,986,474 3,924,913,744 55,122,798 71.203 3.91% 3.91% 8.20% 6.25% 8.54% 2.29% 0.55 8.20% 65 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 3.1.2 P/E and P/B valuation method Table 3.2: P/E and P/B method Chartered capital Average PE Earning FY 2020 Number of share Price of VCB valuing via PE $551,227,980,000 9.67 $296,404,440 $55,122,798 52 Equity FY 2020 Average PB price of VCB valuing via PB $2,170,698,213 1.40 55.13 GROWTH RATE 3.91% In general, a high P/E indicates that investors anticipate higher future profits growth than companies with a lower P/E A low P/E ratio can imply that a firm is currently cheap or that it is performing extremely well in comparison to its historical patterns The P/E of 9.67 that I calculated is comparable to other companies in the same industry That P/E ratio is extremely high and can see the expectation of higher earn in the near future P/E and P/B I took from VIETCAPITAL securities A stock with a lower P/B ratio may be undervalued It could, however, indicate that something is fundamentally wrong with the business VSC's P/B is 1.40, which indicates that the company is growing and producing more money each year More information can be found in the appendix table Company PE PB VSC 9.67 1.40 TMS 7.53 1.09 Finally, I estimated stock price of VSC by P/E is 52.000 and by P/B is 55.130 66 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 3.1.3 Weighting of the models Table 3.3: Valuation matrix Valuation Matrix Methods Present value of a share Weighted applied Estimated price of VSC share FCFE P/E P/B 71.203 52 50% 25% 55.13 25% 62.38 Because each method has distinctive strengths, both DCF and multiples pricing are important As a result, I allocate a half weight to FCFE because the DCF method allows a ready comparison to be made between projects having different lives and different timings of each flow by facilitating comparison at the same point of time and by comparing the rates of return of projects with the cost of capital ratios, decisions can be taken quickly and safely I set 50% weight to multiples because the P/E ratio is useful in accessing the relative attractiveness of a potential investment It helps investors analyze how much they should pay for a stock on the basis of its current earnings and also shows if the market is overvaluing or undervaluing the company, and the P/B ratio measures the market's valuation of a company relative to its book value The market value of equity is typically higher than the book value of a company It provides an idea of whether an investor is paying too much to buy a stock Therefore, I found the target price is 62.380 VND 3.2 Recommendation 3.2.1 For Investors Currently on the market, VSC shares are being traded at the price of 51000VND According to FCFE method, the intrinsic price of VSC shares is 71203VND which is higher than the trading price on the stock market Investors can buy and hold this stock On the other hand, because the estimation of the discount coefficient gives high discount coefficient results and the beta is not accurate, because the Vietnamese stock market is not efficient and undeveloped, the real value of the shares is not commensurate 67 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com with the potential , financial strength and profitability of the company Therefore, in the long term with the company's bright prospects, especially in the next years, when the projects come into business and high profitability along with the development prospect of the logistics industry when doing business, If the economy recovers in the long term, VSC stock is worth investing in because of its bright potential If investors intend to invest for a long time, they should hold this stock VSC's price at P/E and P/B is relatively high According to this method, VSC's price is 52000 and VND 55130 respectively is undervalued by the market, and after applied valuation matrix I found price of stock is 62380 VND which higher than market trading, therefor, investors should buy and hold this stock price 3.2.2 For State Securities Committee Improve efficiency: An efficient capital market is one where the price of a security adjusts rapidly as new information becomes available, and so the current price of any security is the result of reflecting all relevant information Strictly speaking, this is an information efficient market For an efficient market, it is necessary to: Enhance information transparency, tighten information disclosure activities by: Building an information disclosure system on the Vietnamese stock market: As we all know, information disclosure is an indispensable requirement to ensure trust and fairness for investors on the stock market This is the principle of publicity, considered the most important principle of the stock market It can be said that if there is no information disclosure system operating according to the requirements, the stock market cannot operate Vietnam's stock market is still small and primitive, however, legal documents regulating the issue of information disclosure on the stock market have been developed to ensure the principle of publicity and transparency of information in the market and 68 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com maintain the integrity of the market maintain and strengthen investor confidence In terms of the form and quality of information disclosure, the current input stream from listed and trading organizations is still mainly in text form because there is no unified software system connecting to the market networks between these organizations Meanwhile, the output information stream lacks diversity and low quality The process of processing and disclosing information on the market still takes a long time In terms of the market as a whole, there is not yet a unified database system and smooth information disclosure software from issuers, listing and trading organizations to securities trading centers and other securities companies mass media In the not too distant future, when the market size is large, the current information disclosure system will hardly be able to handle its tasks well because it takes a lot of time and effort to process Currently, companies listed on the Vietnam Stock Exchange must submit disclosure information to the Vietnam Stock Exchange in written form That's because each company has its own way of handling digitized information, uses different editing tools, and is unique in the form of text that is common to all companies At the Vietnam Stock Exchange, the disclosed information will then be manually entered into the system before performing other data processing tasks (e.g storage, processing and distribution) At the same time, these data must then be checked and detected manually, this method has the disadvantages of: error control and data entry are labor intensive and time consuming can only be announced to the mass media and to investors Therefore, the Vietnam Stock Exchange needs to apply information technology quickly and proactively in order to apply the system of information disclosure to the public and to investors Strengthen coordination with the mass media in disseminating information about the stock market : 69 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com The disclosure of information on the mass media is very necessary, especially those who are interested in the stock market It can be seen that this is a very effective information transmission channel, ensuring the publicity and easy access of information Therefore, the Government needs to direct and assign responsibility to the mass media such as television stations, newspapers, etc to coordinate with the State Securities Commission in reporting on activities related to the issue Stock market, propagating and educating the public on securities and stock market knowledge in order to attract the public's attention and improve their understanding of this new field This is work that needs to be done on a regular and long-term basis, not just focused on a certain time Build a mechanism to monitor information : Currently in Vietnam, there is almost no agency to monitor and ensure the quality of information published on the stock market With the current situation, information leakage is inevitable, but there is some incorrect information This is further exaggerated when investors in our country are mostly non-professional investors, they are easily swayed by rumors Since then, stock prices have fluctuated wildly Who benefits in these cases? Who spread the rumour ? All are unregulated and stock prices are heavily influenced by human factors Therefore, strictly handle individuals, organizations and businesses that use media (newspapers, newspapers, news sites ) to give false information, or distort information, or information that is unfavorable to the market The Vietnamese stock market is in a transition period to become a part of the global financial market A modern and integrated stock market cannot lack transparency in the information system Information transparency plays an important role in promoting the effectiveness of securities investment and trading and is a driving force for the development of the stock market in the future Sustainable and stable development: 70 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Firstly, continue to restructure the stock market deeply and widely in the direction of transparency, synchronization and consistency in accordance with international standards: The transformation from Ho Chi Minh City and Hanoi Trading Center into a Stock Exchange operating under the model of one member State limited company; separating the depository department into an independent securities depository center operating under the model of a one-member state limited liability company, building a specialized money market that is also the initial result of the stock market restructuring Although very important, it is not enough for a transparent and stable development of the stock market The restructuring principle must ensure the stability of the system, thereby effectively building and operating a financial information system, implementing the best standards in corporate governance, accounting standards and information disclosure For securities companies, it is also necessary to carry out restructuring in the direction of improving the requirements of minimum charter capital, requirements on facilities, corporate governance capacity and human resources, in parallel with the carry out mergers and acquisitions to reduce the number of securities companies, directing some large securities companies to develop into groups, as well as market makers Develop a number of market-making organizations In some countries, market makers are usually commercial banks, securities companies, insurance companies, investment funds, pension funds, financial companies These are organizations with strong financial capacity, professional business, and high connectivity But in Vietnam today, not all organizations can become market makers Therefore, in the immediate future, select a number of large commercial banks and securities companies that meet the prescribed conditions to perform the function of market makers The dynamism and transparency of the market depends in no small part on the activities of market makers 71 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Secondly, complete legal documents, mechanisms and policies for the development of the stock market: Consider amending and supplementing the Law on Securities in the direction of expanding the regulatory scope of the law to suit the integration trend of the economy; promulgating guiding documents on a number of securities operations such as short selling, borrowing and lending securities, and derivatives trading; transfer transactions of founding shareholders Finally, create good quality goods for the market Continue to carry out equitization to create high-quality goods for the stock market Creating conditions for strategic investors (domestic and foreign) to buy shares of Vietnamese enterprises by agreement method, or auction among strategic investors, for faster improvement financial capacity and quality of corporate governance 72 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com CONCLUSION When it comes to investing in stocks, business valuation is critical And all investors find evaluating and analyzing the market to a detailed understanding of the meaning of the numbers in order to see an overview of a company's stock valuation difficult Furthermore, each investor will have a different method of analyzing and producing different results, but the company's market trend is only one, so it is simple to give a trend, but catching the opportunity to buy and sell is a different matter that depends on agility and market experience This topic covers industry analysis, VSC details, and appropriately valuing the company's stock Giving VSC predictions for the years 2017-2020 and predicting the rapid development of the logistics industry and VSC in the future Finally, show future trends and values of VSC using valuation methods In addition, make recommendations to investors on what to buy and to the state on how to value investors better 73 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com REFERENCES Stockbiz.vn Cafef.vn Vietstock.vn VSC annual report FPT securities “VSC valuation report 2021” 74 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ... measures to improve the quality of the valuation of listed shares on the stock market Therefor, I would like to choose the topic " ALTERNATIVE METHODS TO EVALUATE VSC STOCK PRICE " to analysis... to other peers And apply financial analysis methods to valuate company finance to evaluate VSC stock Research Methodology To clarify the research topic, the thesis mainly uses the following methods: ... list shares on the Stock Exchange Ho Chi Minh City Stock Exchange On January 9, 2008, Viconship stock was officially traded with the stock code VSC and was the 139th company to list shares on