CORPORATE FINANCE ASSIGNMENT FINANCIAL ANALYSIS CASE OF PHAT DAT CORPORATION REAL ESTATE DEVELOPMENT JSC (TICKER SYMBOL PDR)

VIETNAM NATIONAL UNIVERSITY HO CHI MINH CITY HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY CORPORATE FINANCE ASSIGNMENT FINANCIAL ANALYSIS CASE OF PHAT DAT CORPORATION REAL ESTATE DEVELOPMENT JSC (TICKER[.]

VIETNAM NATIONAL UNIVERSITY HO CHI MINH CITY HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY - CORPORATE FINANCE ASSIGNMENT FINANCIAL ANALYSIS: CASE OF PHAT DAT CORPORATION REAL ESTATE DEVELOPMENT JSC (TICKER SYMBOL: PDR) STUDENT NAME : HCM City, January 2023 -1- -2- CHAPTER 1: INTRODUCTION OF PHAT DAT CORPORATION REAL ESTATE DEVELOPMENT JSC (Tú) General Introduction: Phat Dat Corporation Real Estate Development Joint Stock Company was established in 2004 The company’s main business lines: are investment and development of the real estate, hotels, and luxury resorts (Phat Dat, 2022) The company has been constantly developing, investing, and trading in many real estate projects in key cities and has become one of the leading high-end real estate investors today (Phat Dat, 2022) Industry group: Real estate development Charter capital: 4,220,875,970,000 VND Listed shares: 396,169,897 shares Outstanding shares: 396,169,897 shares Phat Dat, 2020) Listing consulting organization:- Viet Capital Securities Joint Stock Company – MCK: VCI Auditing organization: - Ernst & Young Vietnam Co., Ltd – 2010 - Ernst & Young Vietnam Co., Ltd – 2011 - Ernst & Young Vietnam Co., Ltd – 2012 - Ernst & Young Vietnam Co., Ltd – 2013 - Ernst & Young Vietnam Co., Ltd – 2014 - Ernst & Young Vietnam Co., Ltd – 2015 - Ernst & Young Vietnam Co., Ltd – 2016 - Ernst & Young Vietnam Co., Ltd – 2017 - Ernst & Young Vietnam Co., Ltd – 2018 - Ernst & Young Vietnam Co., Ltd – 2019 History of formation and development: Phat Dat Corporation Real Estate Development Joint Stock Company (formerly known as Phat Dat Housing Construction and Trading Joint Stock Company) was established from the beginning in the form of a joint stock company in 2004 under the Business Registration License No 4103002655 issued by the Department of Planning and Investment of Ho Chi Minh City on September 13, 2004 (Phat Dat, 2004) 2004: Cooperation in investment and implementation of Trung Son residential projects in Binh Chanh District; Sao Mai luxury apartment project in District 5, Ho Chi Minh City (Phat Dat, 2004) 2006: Started construction of The EverRich project in District 11, Ho Chi Minh City, with an investment of 1,100 billion VND, the project consists of 25-storey towers including basements, floors of shopping mall, 300 apartments high-end and 50 offices (Phat Dat, 2006) 2007: Continuing the construction of The EverRich 1, at the same time focusing on developing land fund for new projects in District 6, District 7, District 9, Nha Be, HCMC (Phat Dat, 2007) 2008: Investing in luxury resorts in Cam Ranh, Hoi An and Phu Quoc Signed a contract with Starwood Group and Marriott to form The Westin Resort & Spa Cam Ranh project, Hoi An (Phat Dat, 2008) 2009: Investing in luxury resorts in Cam Ranh, Hoi An and Phu Quoc Signed a contract with Starwood Group and Marriott to form The Westin Resort & Spa Cam Ranh project, Hoi An (Phat Dat, 2009) 2010: Commencement of construction and opening of model house system of The EverRich project The project has a scale of 3,125 apartments, total investment capital of 11,000 billion VND Construction of Phu Thuan Bridge started from Phu My Hung through The EverRich project At the same time, on July 30, 2011, Phat Dat officially listed shares on HoSE, marking a new development step of the company (Phat Dat, 2010) In 2011: Inaugurated Phu Thuan Bridge in Tan Phu Ward, District 7, directly connecting residential areas in the North of District such as Tan Phu, Phu Thuan with the new urban area of Saigon South At the same time, implementing The EverRich Project – Villas and high-rise apartments in Tan Phu ward, District (Phat Dat, 2011) 2012: Continue to carry out construction activities at The EverRich to hand over to customers; urgently complete the necessary legal and investment procedures to bring The EverRich project into business soon and focus on implementing key projects In addition, the Company continues to strive to create suitable new products and new sales programs to meet customer needs, and at the same time, seek investment opportunities to bring stable income for the business (Phat Dat, 2012) 2013: Building and topping out Block C of The EverRich project; infrastructure investment, landscaping items inside The EverRich project (Phat Dat, 2013) 2014: The company continues its efforts to create suitable new products and new programs to meet the needs of customers; At the same time, looking for investment opportunities to bring profits to shareholders such as transferring the project 290 An Duong Vuong, Ward 4, District 5, City Ho Chi Minh Completed the construction of Block C – The EverRich Project November 2014 handed over nearly 100 apartments to customers (Phat Dat, 2014) 2015: Inaugurated My Loi Bridge on August 29, 2015, started The EverRich Infinity project (290 Anh Duong Vuong, District 5), signed a business cooperation contract and developed The EverRich with An Gia Investment , transferring The Westin Resort & Spa Cam Ranh project to T.A.M Service Trading Investment Joint Stock Company (Phat Dat, 2015) 2016: The beginning of Phat Dat’s outstanding development this year are impressive numbers from the River City project, jointly developed by Phat Dat in cooperation with An Gia Investment-Creed Group River City with 4,800 apartments on an area of 11.25ha, total investment capital of over 500 million USD Project 239 CMTS cooperates with T.A.M Investment Trading Service Joint Stock Company, in 2016 has fully compensated and cleared 100% of the project area The EverRich Infnity project was completed on schedule, handing over the apartment to the first customer in November 2016 (Phat Dat, 2016) Bussiness activities: According to Phat Dat (2022), business activities include: - Construction and sale of houses - Real estate broker -Housing services -Construction of civil, industrial, bridges and roads - House for rent, warehouse, parking -Commercial brokerage -Purchase: interior decoration goods, machinery and equipment, construction materials - Mining of stone, sand, gravel, clay, kaolin (not mined at the office) - Hotel and restaurant business (not operating in hotels and restaurants at the head office) - Real estate trading floor; - Real estate valuation - Real estate consulting (except for legal advice) - Real estate auction - Investment consulting, project formulation (except financial, accounting and legal consulting) CHAPTER 2: FINANCIAL ANALYSIS CASE IN PHAT DAT CORPORATION REAL ESTATE DEVELOPMENT JSC (3-YEAR TRENDS FROM 2019 TO 2021) 2.1 Analysis of financial situation by methods of volatility analysis and structural analysis: 2.1.1 Balance sheet analysis:   ASSET 2019 2020 2021       10,354,694,188,254 10,929,134,432,965 15,337,063,138,49 646,334,409,446 53,166,353,724 494,030,256,209 Money 646,334,409,446 47,166,353,724 488,030,256,209 Cash equivalents   6,000,000,000 6,000,000,000 12,180,299,200 21,590,348,619 A- SHORTTERM ASSETS I Cash and cash equivalents II Short-term financial investments Investment held to maturity date III Shortterm receivables Shortterm receivables of customers Prepayment   12,180,299,200 21,590,348,619 1,705,319,506,303 1,516,084,550,001 2,533,355,002,642 795,203,585,316 170,232,056,537 664,411,129,660 755,175,650,677 1,070,601,322,639 756,486,348,133   for short-term Other short-term receivables Shortterm receivables are difficult to claim 2019 2020 2021 158,048,756,336 276,292,715,200 1,113,499,069,224 -3,108,486,026 -1,041,544,375 -1,041,544,375 IV Inventory 7,994,802,959,880 9,331,028,013,395 12,192,038,057,98 Inventory 7,994,802,959,880 9,331,028,013,395 12,192,038,057,98 8,237,312,625 16,675,216,645 96,049,473,037 2,535,665,201 4,699,725,667 5,578,157,137 VAT deducted 3,055,335,504 11,804,834,925 78,537,589,148 Taxes and other accounts receivable by the State 2,642,764,611 170,656,053 11,933,726,752 Other short-term assets 3,547,309     B LONGTERM ASSETS 3,606,685,291,937 4,688,355,121,724 5,214,815,831,493 I Long-term receivables 1,566,429,244,555 988,174,914,270 1,831,398,046,580 100,000,000,000 50,000,000,000 1,028,000,000,000 1,466,429,244,555 938,174,914,270 803,398,046,580 V Other short-term assets Shortterm upfront costs Longterm receivables of customers Other   2019 2020 2021 long-term II.Fixed assets 17,573,105,541 34,077,217,131 139,850,329,124 Tangible fixed assets 16,528,118,651 33,676,251,475 129,939,272,564 - Cost 29,436,544,082 69,544,998,761 179,289,402,423 -12,908,425,431 -35,868,747,286 -49,350,129,859 Intangible fixed assets 1,044,986,890 400,965,656 9,911,056,560 - Cost 3,171,378,036 3,357,367,536 13,444,724,096 - Cumulative wear value -2,126,391,146 -2,956,401,880 -3,533,667,536 III Investment real estate 75,415,499,883 69,391,784,192 67,855,665,152 Cost 82,664,270,272 75,664,270,272 75,664,270,272 Cumulative wear value -7,248,770,389 -6,272,486,080 -7,808,605,120 908,369,586,162 898,176,435,935 960,351,728,671 908,369,586,162 898,176,435,935 960,351,728,671 5,502,000,000 1,733,949,000,000 1,129,427,677,595       - Cumulative wear value IV Longterm unfinished assets Unfinished basic construction costs V Long-term financial investments Invest in   2019 2020 2021 subsidiaries Invest in affiliates and joint ventures 2,692,000,000 1,733,949,000,000 1,126,617,677,595 Investment held to maturity date 2,810,000,000   2,810,000,000 VI Other Long-Term Assets 1,033,395,855,796 964,585,770,196 1,085,932,384,371 Long-term upfront costs 1,033,362,960,251 964,520,684,604 1,085,254,424,114 32,895,545 65,085,592 677,960,257 13,961,379,480,191 15,617,489,554,689 20,551,878,969,98 C LIABILITIE S 9,592,450,613,317 10,423,212,058,012 12,407,367,762,86 I Current liabilities 3,072,749,465,963 4,386,260,247,758 8,731,172,971,194 Pay shortterm seller 260,918,338,771 288,279,900,889 147,769,187,984 Short-term prepaid buyers 651,149,337,644 619,995,008,225 1,691,847,194,190 Taxes and state payables 178,844,784,958 489,894,325,264 281,643,194,901 4,531,081,501 13,130,285,261 20,836,277,684 Short-term costs 145,704,680,565 78,205,851,801 98,254,395,527 Short-term unrealized revenue     3,064,373,327 Deferred income tax assets TOTAL ASSETS Pay the employee 10   2019 2020 2021 Other shortterm payables 623,410,262,001 1,480,519,543,789 5,671,500,780,282 Short-term financial loans and leases 1,201,598,912,000 1,413,560,061,129 806,850,000,000 6,592,068,523 2,675,271,400 9,407,567,299 6,519,701,147,354 6,036,951,810,254 3,676,194,791,672     274,000,000,000 Other longterm payables 5,549,400,552,616 5,551,706,991,616 782,100,000,000 Long-term financial loans and leases 970,300,594,738 485,244,818,638 2,620,094,791,672 D.EQUITY 4,368,928,866,874 5,194,277,496,677 8,144,511,207,117 I Equity 4,368,928,866,874 5,194,277,496,677 8,144,511,207,117 Owner's contributed capital 3,276,579,720,000 3,961,698,970,000 4,927,719,160,000 - Voting common stock 3,276,579,720,000 3,961,698,970,000 4,927,719,160,000 11,680,300,000 11,680,300,000 71,680,300,000 137,513,584,076 155,013,584,076 179,413,584,076 871,304,238,377 973,918,145,839 1,875,193,074,780 Welfare Reward Fund II Long-term debt Pay the long-term seller Equity surplus Development Investment Fund Undistributed profit after tax 11   - Profit after tax has not been distributed until the end of the previous period - Profit after tax has not distributed this period Noncontrollin g Shareholder Benefits TOTAL FUNDING 2019 2020 2021 866,939,156,354 956,308,537,643 1,862,195,118,941 4,365,082,023 17,609,608,196 12,997,955,839 71,851,024,421 91,966,496,762 1,090,505,088,261 13,961,379,480,191 15,617,489,554,689 20,551,878,969,98 (Đánh giá TÀI SẢN) TÀI SẢN Qua cấu nguồn vốn tài sản giai đoạn nămm 2019-2021, ta thấy cấu tài sản công ty thay đổi theo hướng (giảm/ tăng) tỷ trọng tài sản ngắn hạn tăng tỷ trọng tài sản dài hạn Tài sản ngắn hạn công ty chiếm tỷ trọng (cao/ thấp) cấu tổng tài sản công ty Điều cho thấy tài sản có tính khoản cao chuyển hóa thành tiền Năm 2019, tài sản ngắn hạn chiếm đến năm 2021 chiếm Mức (giảm/ tăng) tỷ trọng tài sản ngắn hạn qua năm tỷ trọng khoản phải thu ngắn hạn hàng tồn kho giảm mạnh năm Trong tiêu lại tài sản ngắn hạn giảm nhẹ tăng nhẹ tiền khoản tương đương tiền hàng tồn kho Tài sản ngắn hạn chiếm tỷ trọng (cao/thấp) tài sản dài hạn khoản phải tu hàng tồn kho lớn Điều phù hợp cơng ty thuộc lĩnh vực bât động sản bao gồm đất đai, hộ Các khoản phải thu giảm tiền thu từ khoản mua giới thương mại, đầu tư, cho thuê….(tăng/giảm) Cụ thể tiền khoản tương đương tiền tăng %.Bên cạnh tài sản dài hạn tăng cho thấy công ty đầu tư vào lĩnh vực lớn xây dựng cơng trình, biệt thự… với khoản thu lại dài hạn Chỉ số hàng tồn kho (giảm/tăng) cho thấy thị trường bất động sản có dấu hiệu phục hồi, bất động sản giảm cho thấy doanh nghiệp nhanh chóng thích ứng với điêù kiện bối cảnh Do việc kinh tế mức suy giảm, hàng tồn kho giảm làm giảm chi phí bảo quản cho cơng ty làm tăng lợi nhuận công ty  thêm ý vô dựa theo BCTC 12 (Đánh giá NGUỒN VỐN) NGUỒN VỐN Nhìn vào tỷ trọng nguồn vốn cơng ty ta thấy (THẤY GÌ TỰ GHI NHA) Trong cấu nợ phải trả nợ dài hạn chiếm tỷ trọng (lớn/nhỏ), nợ ngắn hạn chiếm tỷ trọng (nhỏ/lớn) có xu hướng tăng Năm 2020 ta thấy tỷ trọng vốn chủ sở hữu (NHƯ THẾ NÀO?) Điều cho thấy cấu nguồn vốn cơng ty có chuyển biến (không tốt/tốt) theo hướng tăng tỷ trọng nợ phải trả giảm vốn chủ sở hữu Có thể thấy công ty đầu tư nhiều vào lĩnh vực lớn mua đất, đầu tư xây dựng hộ… Năm 2021,  thêm ý vô dựa theo BCTC 2.1.2 Income statement analysis:   Sales revenue and service provision 2019 2020 2021 3,410,467,569,021 3,911,211,875,460   10,281,555,066     Net revenue on sales and service provision (10 = 01 - 02) 3,400,186,013,955 3,911,211,875,460 3,620,224,205,834 Cost of goods sold 2,082,172,994,694 2,089,297,271,479 856,767,612,137 Gross profit on sales and service provision(20=1 0-11) 1,318,013,019,261 1,821,914,603,981 2,763,456,593,697 8,191,043,675 6,122,334,350 6,738,807,513 101,578,949 31,064,169,156 163,341,661,278 Revenue deductions Revenue from financial activities Financial 13   2019 2020 2021 costs - Where: Interest expense   23,044,589,042 156,996,811,651 Profit and loss in joint ventures and affiliates     -113,322,405 Cost of Sales 124,034,028,139 117,902,117,428 18,007,966,070 10 Enterprise management costs 93,003,741,165 130,208,516,284 220,925,703,989 1,109,064,714,683 1,548,862,135,463 2,367,806,747,468 12 Other income 4,447,792,353 77,457,535 7,192,563,381 13 Other costs 8,201,664,074 8,719,449,815 30,647,504,797 14 Other profits(40=3132) -3,753,871,721 -8,641,992,280 -23,454,941,416 15 Total accounting profit before tax(50=30+40) 1,105,310,842,962 1,540,220,143,183 2,344,351,806,052 230,723,252,719 319,999,845,246 484,357,894,838 444,203,896 -32,190,047 -612,874,665 11 Net profit from business activities{30=20 +(21-22) + 24 (25+26)} 16 Current CIT costs 17 Deferred income tax 14   2019 2020 2021 expense 18 Profit after corporate income tax(60=50-5152) 874,143,386,347 1,220,252,487,984 1,860,606,785,879 19 Profit after tax parent company 874,138,744,149 1,220,323,637,643 1,865,003,864,267 4,642,198 -71,149,659 -4,397,078,388 2,534 2,926 3,656 2,534 2,926 3,656 20 Noncontrolling Parent Company Profit After Tax 21 Basic Return on Shares(*) 22 Declining interest on shares (*) (Phân tích mục dựa theo income statement) • Revenue from sales and service provision • Cost of goods sold • Gross profit • Profit from business activities • Profit after corporate income tax 2.2 Analyze financial situation using financial ratio analysis method (Phần copy từ excel qua, rùi phân tích đánh giá) Đánh giá so sánh số PDR với số trung bình ngành) 15 2.3 General Assessment Theo báo cáo thường niên giai đoạn đầu năm 2019 -2021 Có nhận xét chung tình hình công ty sau: HĐQT Bất động sản Phát Đạt (PDR) vừa thơng qua việc góp vốn thành lập CTCP Đầu tư Phát triển Khu Công nghiệp Phát Đạt với vốn điều lệ tỷ đồng, PDR sở hữu vốn  Trong năm 2019 lợi nhuận công ty Phát Đạt ghi nhận từ việc chuyển nhượng bàn giao cho khách hang số sản phẩm Dự án Phát ĐạtBàu Cả Thành phố Quảng Ngãi Dự án Phân Khu số thuộc Khu đô thị sinh thái Nhơn Hội tỉnh Bình Định  thêm tiếp vơ theo ý kiến liên quan tới kết ratio  Trong năm 2020, Cơng ty đẩy nhanh tiến độ hồn thiện sở hạ tầng để tiếp tục bàn giao số Nền đất Dự án Phân Khu số thuộc Khu thị Nhơn Hội tỉnh Bình Định cho khách hang nên Công ty ghi nhân danh thu lợi nhuận đến từ việc bàn giao sản phẩm đất từ dự án Vì vậy, lợi nhuận sau thuế quý năm 2020 theo quý Công ty tăng so với kỳ năm trước chủ yếu đến từ việc ghi nhận doanh thu đất bàn giao dự án Phân Khu số thuộc khu đô thị sinh thái Nhơn Hội – tỉnh Bình Định  Ghi thêm thông tin năm 2020 liên quan tới mục báo cáo tài chính, báo cáo kết kinh doanh tỷ số tài  Năm 2021, Vốn điều lệ tăng lên thành 4,867,719,160,000 đồng Phát Đạt tất toán lơ trái phiếu phát hành Lần 2021 (PDRH2123009), có tổng mệnh giá phát hành 150 tỷ đồng Đây lơ trái phiếu phát hành ngày 16/12/2021 có kỳ hạn năm  Muốn thêm thêm nho =))) 16 CHAPTER 3: MARKET RISK (BETA) CALCULATION OF A STOCK USING THE CAPM MODEL (Tú) CHAPTER 4: BUSINESS VALUATION REFFERENCES 17 ... CHAPTER 2: FINANCIAL ANALYSIS CASE IN PHAT DAT CORPORATION REAL ESTATE DEVELOPMENT JSC (3-YEAR TRENDS FROM 2019 TO 2021) 2.1 Analysis of financial situation by methods of volatility analysis and...-2- CHAPTER 1: INTRODUCTION OF PHAT DAT CORPORATION REAL ESTATE DEVELOPMENT JSC (Tú) General Introduction: Phat Dat Corporation Real Estate Development Joint Stock Company was established... Young Vietnam Co., Ltd – 2019 History of formation and development: Phat Dat Corporation Real Estate Development Joint Stock Company (formerly known as Phat Dat Housing Construction and Trading