Phân tích tài chính báo cáo tài chính Công ty cổ phần Thế giới di động các năm: tổng quan, phân tích báo cáo tài chính, phân tích chỉ số, dự báo tài chính tương lai... Assets structure: Total assets of Mobile World Investment Joint Stock Company in 2019 increased compared to 2018 and 2017, inventory accounts for the largest proportion in the enterprises asset structure. Total asset value in 2017 has the lowest value with the amount of 22,822,664,215,220 VND. In 2018, the total asset value increased to the amount of 28,122,531,486,856 VND. By 2019, the total asset value increased rapidly with a value of VND 41,708,095,544,883 (accounting for 83.95%), an increase of VND 13,585,564,058,027 compared to 2018. 9 The shortterm assets of the Company have increased over the years in both value and proportion, but not much, specifically in 2017 with the proportion of 82.65%, in 2018 it was 83.11%, in 2018 the value was 35,011,896,908,246VND, proportion 83.95%. Inventories account for the largest proportion in the assets structure of the enterprise and increase steadily over the years. Due to the characteristics of the company as a commercial business, the companys inventory is quite large. The increase in the proportion of the companys inventory is a strategic target of the market which is in the development stage. However, the amount of inventory will greatly affect many items such as inventory costs, interest expenses ... so the company should consider and consider to reserve a reasonable amount of inventory. Longterm assets do not have significant fluctuations.
INTRODUCTION About the topic With the advantage of being a country with the highest GDP growth rate in the region, a large population and a growing middle class, the retail industry in Vietnam is really the most promising industry Not only that, retail businesses also have the advantage of being quite agile, ready to enter new fields, bring high profit margins instead of focusing on a media product that has been saturated or heavily competitive with low profit margins In particular, in terms of capitalization growth rate, MWG (Mobile World Investment Investment Joint Stock Company) is a "speedy" stock with an increase of more than 800% since its listing date (2014) So far, from about 220 million USD to more than billion USD, equivalent to an average growth of market capitalization of nearly 164%/year As a leading retailer in the retail industry, MWG's capitalization is forecasted to continue to increase in the near future as the stock's upward momentum shows no sign of stopping Only from the beginning of 2019 until now, MWG has recorded an increase of 46% from VND 85,553/share (adjusted price) to VND 125,000/share (session on November 1, 2019) In addition, according to some securities companies, the price of MWG doesn't stop there, but it will go further, the share price of MWG may reach more than 160,000 VND/share The topic "Analyzing the financial statements of Mobile World Joint Stock Company" was selected for research to help investors have a specific and accurate view in many aspects through the company's financial parameters to make sound investment decisions Analysis process Collect information: financial statements (Balance sheet, Income statement, Cash flow statement, note for financial statement in years 2017-2021) - Internal information (department relationship: other departments, business cycle, business plan, corporate policies…) - External information (general information/ macro economy: inflation, government policy, global information by sector: business sector, average ratios, competitor, market share, alternative products, and other information) - Accounting and managing information Information processing - Comparison - Explanation and evaluation - Finding reasons Forecast and decisions making - To invest - To finance in short term and long term Analysis method - Comparative method (time series) + Time-series analysis + Cross-sectional analysis + Common-size analysis - Dupont method: separated segment analysis Analysis technique: Ratio analysis Contents INTRODUCTION About the topic Analysis process Analysis method Analysis technique ABOUT MOBILE WORLD JOINT STOCK COMPANY General information History Business area SWOT Analysis FINANCIAL ANALYSIS OF MOBILE WORLD COMPANY A FINANCIAL STATEMENTS ANALYSIS I Balance sheet analysis II Income statement analysis 13 III Cash flow statement analysis 15 B FINANCIAL RATIOS ANALYSIS 17 I Profitability analysis 17 II Efficiency analysis 22 III Cash flow analysis 25 III Risk analysis 32 FUTURE PERSPECTIVE AND RECOMMENDATIONS 38 I The outlook for Mobile World 38 II Market outlook ratios 39 Dividend yield 39 Earnings per share EPS 40 III Short term financial plan 41 Strategic leverage 42 CONCLUSION 44 REFERENCES 45 ABOUT MOBILE WORLD JOINT STOCK COMPANY General information · Trading name: MOBILE WORLD INVESTMENT JSC · Certificate of business registration number: 0306731335 issued by Binh Duong Department of Planning and Investment on January 16, 2009 · Charter capital (as of December 31, 2019): 12,143,592,194,353 VND · Head office address: 222 Yersin, Phu Cuong Ward, Thu Dau Mot City, Binh Duong Province, Vietnam and operating office at MWG Building, Lot T2-1.2, Road D1, Hi-Tech Park, District 9, Ho Chi Minh City, Vietnam · Phone number: (84.28)39 125 960 · Fax number: (84.28)38 125 96077 · Website: www.mwg.vn · Stock code: MWG History 2004 · Mobile World Investment Corporation was established · Opening the first supermarket 2007 · Receive investment capital from the Mekong Capital, convert it into a joint stock company 2010 · “The gioi di dong” supermarkets are continuously born all over the country · At the end of 2010, the retail system of DMX home appliances was born 2011 · At the end of 2011, the number of 200 supermarkets increased times compared to 2009 2012 · "The gioi di dong” became the first and only mobile device retail system present in 63 provinces and cities · Dien May Xanh is present in provinces and cities, with 12 supermarkets 2014 · Listed on HOSE · The number of supermarkets increased by 60%, profit after tax increased by 160% compared to 2013 2016 · New retail chain pilot phase begins Bach hoa xaanh 2017 · TGDD maintains its leading position with 1000 supermarkets · Dien May Xanh reached 640 supermarkets nationwide · Bach Hoa Xanh accelerated with more than 280 stores 2018 · TGDD and DMX dominate the Vietnamese market with 45% of the mobile phone market and 35% of the electronics market · Completed the acquisition of Tran Anh electronics retail chain · BHX reached EBITDA breakeven at the store level · Completed the investment inAn Khang retail company, the operator of An Khang pharmacy 2019 · Announced that DMX has surpassed 1000 supermarkets nationwide · The mini DMX model is also upgraded with the ability to optimize the area · BHX ranks 2nd in terms of number of stores in the retail chain of food and consumer goods 2021 · Launched Topzone by TGDD partnering with Apple to sell Apple products Business area The main field of activity of the TGDD is buying, selling, warranty and repair: computer equipment, phones, phone components and accessories, computers, cameras, digital devices, equipment electronics, electrical appliances and related accessories; and retail in stores including food items, beverages, meat products, seafood, vegetables In MWG's ecosystem, besides the subsidiaries running the retail chains (thegioididong.com, Dien May Xanh, Bach Hoa Xanh, An Khang pharmacies ), there are other subsidiaries providing related services such as: after sales - installation services, last-mile delivery, logistics and warehousing services, distribution of safely grown agricultural products 4KFarm In addition, MWG has expanded to regional markets with the consumer electronics retail chain in Cambodia and a JV in Indonesia · “Thế giới di động”: Established in 2004 to become the leading mobile phone retail chain in Vietnam by market share with more than 3,200 points-of-sales (including over 1,000 Thegioididong stores and more than 2,200 Dienmayxanh stores) nationwide It sells mobile phones, tablets, laptops, accessories, wearable devices and value-added services · “Điện máy Xanh”: Launched in 2010 with the initial name “Dienmay.com” and then renamed to Dien May Xanh in 2015, Dienmayxanh.com has become the leading consumer electronics retail chain in Vietnam by market share with more than 2,200 stores nationwide It sells phones, electronics (brown goods), white goods and small appliances · “Bách hóa Xanh”: Piloted in late 2015, Bach Hoa Xanh is a minimart chain specializing in selling fresh foods and daily basic needs This chain of more than 1,700 stores in Southern and South-Central provinces offers a wide range of fresh, high-quality, and traceable-origin products, at competitive prices All Bach Hoa Xanh stores with hygiene space are located in accessible locations for homemakers Since 2021, BHX has become in the Top biggest modern grocery retailers by revenue and BHX online has been the only dedicated website selling foods and FMCGs in the top 10 E-commerce websites in Vietnam · “Bluetronics”: formerly known as Bigphone was born in 2017, is the first consumer electronics retail chain of MWG in overseas markets Bluetronics is operating more than 40 stores, specializing in selling authentic mobile devices and consumer electronics in Cambodia, offering high quality after-sales services, and cooperating with consumer finance institutions for installment sales, which customers in this market have not experienced in mom & pop shops · “4K Farm”: is the new member of Mobile World Group, established in 2020 4K Farm's longterm vision is to become the biggest company providing safely grown agricultural products and semi-processed foods for consumers · “Tận Tâm”: Conscientious Installation - Repair - Maintenance Service Joint Stock Company (Tan Tam) was formerly The Conscientious Installation - Repair - Maintenance Service Company Limited, mainly provided services in delivery, installation, warranty, repair, and construction to subsidiaries of MWG Since 2021, a small revenue of Tan Tam has come from external customers From 2022, Tan Tam will continue to offer external customers warranty services for consumer electronics and repair services for electricity and water Tan Tam’s longterm vision is to become the number Company in Installation - Warranty & Repair services for consumer electronics - Repair services for electricity & water in Vietnam · “An Khang Pharmacy”: is a pharmacy chain, specializing in selling pharmaceuticals, functional foods, medical equipment, cosmetics, and other healthcare products.In 2017, MWG invested in Phuc An Khang chain with 14 pharmacies in Ho Chi Minh City and changed its name to An Khang Pharmacy with the new brand identity Now, An Khang has more than 500 pharmacies across many provinces An Khang has been continuously invested by MMWG to expand its network and promote its core values: All the medicine you need - Transparent source - Dedicated consultation - Peace of mind pricing An Khang's vision is to become the leading modern pharmacy chain in Vietnam by 2024 · “AVAKids“: officially available in early 2022, AVAKids is a chain of stores specializing in mom and baby products The chain offers various products such as milk, diapers, food, safe cosmetics, daily necessities, toys, fashion items, and so on The AVAKids currently has more than 50 stores in Ho Chi Minh City and will continue to expand in the Southeast and Southwest regions · “AVASport”: officially launched on January 10, 2022 AVASport is a retail chain specializing in sports products, including clothing, shoes, bicycles, sports accessories, sports watches, etc., from famous brands such as Adidas, Nike, Puma, etc AVASport currently has more than ten stores in Ho Chi Minh City and is expected to expand further · “TopZone”: TopZone's first store was launched on October 22, 2021, a prestigious place providing Apple products such as the iPhone, iPad, Apple Watch, MacBook, and Apple accessories TopZone's shopping space is designed in a classy and modern style in keeping with Apple's engraved standard Up to now, TopZone has rapidly grown, reaching an impressive milestone of more than 50 stores opening nationwide Revenue components of Mobile World Joint Stock Company in 2021 SWOT Analysis STRENGTHS WEAKNESS - As a long-standing brand, gaining the trust of users - Highest market share in phone retail (45%) and electronics (35%) - There is a chain of supermarkets and stores covering the whole country - The airline's customer service is always highly appreciated - Successful application of enterprise resource management system – ERP - Affordable - Professional warranty system for the products that the company sells - Ability to communicate and market more effectively than competitors - Owning famous and potential chain stores including: Mobile World, Bach Hoa Xanh, Dien May Xanh - More and more businesses large and small compete for market share - About Bach Hoa Xanh, which has just run out of break-even losses in the fourth quarter of 2018, it also has to directly fight with long-term giants in the same industry such as SatraFood, CoopFood, Winmart… - Inventory turnover decreased: with more than 80% of inventory in the form of electronic products at the end of the first quarter of 2019 (VND 7,581 billion of electronic devices, VND 5,288 billion of mobile phones, VND 348 billion of laptops, VND 171 billion of tablets ), the control and rapid circulation of inventory is a problem that MWG must pay attention to, before this inventory decreased in value due to the launch of new models on the market OPPORTUNITIES THREATENS -The retail market is still predicted to increase in the near future - Watches are mostly luxury items, the demand for them is great but not everyone is willing to pay a large number to own -Participate in the watch distribution market With the Vietnamese watch market being valued at about VND 17,000 billion in 2018, this is a big potential market, for many years when only small chain stores in the high-end segment distributed watches only - Complete conversion of the entire store into a standard store of Bach Hoa Xanh - Pressure in the retail industry comes from domestic and foreign enterprises - Mobile World's competitors have high growth, direct confrontation, gaining market share FINANCIAL ANALYSIS OF MOBILE WORLD COMPANY A FINANCIAL STATEMENTS ANALYSIS I Balance sheet analysis Common-size balance sheet of MWG in 2017-2021 Assets structure: Total assets of Mobile World Investment Joint Stock Company in 2019 increased compared to 2018 and 2017, inventory accounts for the largest proportion in the enterprise's asset structure Total asset value in 2017 has the lowest value with the amount of 22,822,664,215,220 VND In 2018, the total asset value increased to the amount of 28,122,531,486,856 VND By 2019, the total asset value increased rapidly with a value of VND 41,708,095,544,883 (accounting for 83.95%), an increase of VND 13,585,564,058,027 compared to 2018 The short-term assets of the Company have increased over the years in both value and proportion, but not much, specifically in 2017 with the proportion of 82.65%, in 2018 it was 83.11%, in 2018 the value was 35,011,896,908,246VND, proportion 83.95% Inventories account for the largest proportion in the assets structure of the enterprise and increase steadily over the years Due to the characteristics of the company as a commercial business, the company's inventory is quite large The increase in the proportion of the company's inventory is a strategic target of the market which is in the development stage However, the amount of inventory will greatly affect many items such as inventory costs, interest expenses so the company should consider and consider to reserve a reasonable amount of inventory Long-term assets not have significant fluctuations Capital structure Liabilities in 2017 accounted for 74.11% (of which short-term debt accounted for 68.85%), in 2018 the proportion decreased to 68.08% (short-term debt accounted for 63.75%), by 2019, proportion increased to 70.88% (short-term debt accounted for 68.19%) In 2019, liabilities increased sharply compared to 2018 because the company expanded its business scale but the increase in equity could not keep up with the growth rate of scale Therefore, the company has increased the amount of money borrowed, making the liabilities increase, making the company's financial autonomy decrease 10 Equity increased sharply over the years: in 2017 equity was worth 5,908,916,335,215VND, in 2018 it increased to 8,983,035,331,342VND, by 2019 it reached 12,143,592,194,353VND This is a good thing for the company because the company is operating profitably and tends to be financially tight In 2020-2021, the assets amount decreased in parallel with the fluctuation of economy because of covid 19 The relationship between assets and capital 11 • Quick ratio: Stable over the years The quick ratio of the company in 2018-2019 was stable but always maintained at less than 0.5 because inventory accounts for a large proportion of total current assets, which shows the liquidity situation The company's quick payout is not high In 2020, this index increases to over 0.5, which significantly improves the quick liquidity of the business • Total debt to total assets (TD/TA) A leverage ratio that determines the total amount of debt relative to assets, allowing comparisons of leverage used across different companies The higher the TD/TA ratio, the higher the leverage (DoL) a company has and, therefore, the greater the financial risk From the table, we can see that the TD/TA ratio of MWG is relatively stable over the years, 1, and is not quite high when compared with rival companies (Debt to Service Coverage Ratio of FPT and VIC are 4.694 and 0.426) This ratio shows that given its current financial position, the company can have enough income and size to cover its current debt obligations Because the company has many sources of income from business activities and potential financial activities, earning a lot of profits in the future 36 In short, the "Mobile World" business is not facing any financial risk, but the company's finances are not stable enough to help the company develop in the long term and there are some problems in paying short-term profits that the company should consider Specifically, the risk to MWG is that this company mainly invests in 3-year bonds of credit institutions with interest rates from to 9% and about VND 665 billion for loans to HSC securities (at September 30, 2021 In case MWG invests in bonds of small banks, the risk is relatively large Financial risk ratios of some competitors 37 FUTURE PERSPECTIVE AND RECOMMENDATIONS I The outlook for Mobile World Dien May Xanh will be more positive in the second half of 2022 Entering the Apple market from the end of 2021, MWG does not hide its ambition to dominate this market even though it is a latecomer MWG has just announced that it has reached the milestone of 50 TopZone stores - a high-end store system dedicated to Apple products - which is expected to create new momentum The milestone of 50 stores is just the beginning of the journey of expanding 200 stores by the end of 2022, aiming for billion USD in revenue by the end of 2023, and the ambition to upgrade the Apple ecosystem retail market in Vietnam to the same level as Singapore Thailand In particular, the recently launched iPhone 14 product with many product changes such as design, configuration, will be an important factor supporting the revenue of Topzone and Mobile World Revenue from the electronics segment is forecasted to return to upward momentum at the end of the year as the World Cup season is about to take place (November 21, December 18, 2022) and the Lunar New Year also comes earlier this year (January/January) 2023) The revenue of the Apple product group at MWG also recorded a galloping growth rate year over year In 2020, thegioididong.com channel reached 230 million USD In 2021, although there are only 20 more TopZone stores, the revenue nearly doubled, reaching 450 million USD It is expected that by the end of 2022, the retail chain will reach $ 650 million and in 2023 is expected to reach the milestone of $ billion DMS (Dien May Xanh Supermini) continues to be a bright spot With 926 points of sale, DMS recorded 1.8 times more revenue over the same period and increased the contribution proportion in MWG's revenue structure from 7% in Q2/2021 to 10% in Q2/2022 Revenue per store remained stable at billion dong per month, 6M2022 DMS brought MWG 5,300 billion dong MWG expects DMS to continue to make a positive contribution to this year's business results with a target revenue of VND 10,000 billion for this chain Bach Hoa Xanh: The restructuring process gradually completed with positive signals The new model of BHX after restructuring will operate effectively, making this chain profitable and expanding this model to many provinces; From April 2022, MWG has started implementing a plan to change the layout of BHX stores, and at the same time cut out inefficient stores By the end of July 2022, BHX has closed a total of about 400 stores compared to the beginning of the year and completed the change of new layout for almost all existing stores The BHX innovation strategy has initially shown positive signals According to MWG, in the second quarter of 2022, the volume of goods sold at the BHX chain increased by 15-20% and the number of visitors to shop increased by 20-25% compared to the first quarter of 2021 Average revenue per store reached 1.1 billion dong per month in the second quarter of 2022, in July alone, this figure reached 1.3 billion dong Thus, compared to the beginning of the year, the average monthly revenue of BHX stores has increased by 30% From now until the end of the year, MWG will focus on operating stores with new pilot models to prepare to expand to other provinces in 2023 and 2024 The Board of Directors also revealed that MWG is planning to prepare for the capital sale and IPO chain of 38 BHX The company has selected an advisor to prepare the documents, it is expected that in the first quarter of 2023, it will complete the transaction of selling up to 20% of the shares of BHX The same BHX chain IPO plan will be implemented next year Chain of An Khang: The new opening speed of An Khang chain exceeded initial expectations Entering the market later than competitors, MWG has focused on expanding the An Khang chain more strongly in 2022 In the first months of this year, An Khang chain has 365 pharmacies across provinces By July 15, the number of pharmacies had increased to more than 500 stores, far exceeding the milestone of 400 stores before the third quarter of 2022 In the second quarter, the revenue of pharmacies returned to normal, down 20-30% from the peak recorded in the first quarter when the Covid-19 epidemic broke out again Average revenue of pharmacies is 500-550 million VND/month (independent model) and 350-400 million VND/month (next to BHX stores) For drugstore chains, the cost of space rental and management is also lower than that of departmental or electronics chains because the average size of each pharmacy is only about 30-40 m2 Therefore, MWG expects to be able to raise the average revenue of each store to 500 million dong/month and if it can, the An Khang chain will break even in the fourth quarter of this year Ava chain expansion plan will continue to be expanded After testing and recording positive results, by the end of June 2022, MWG had 50 AVAKids stores and 10 AVASport stores The Board of Directors said that from now until the end of the year, the company will increase the number of AVAKids stores to 100 stores and 15 AVASport stores II Market outlook ratios: Dividend yield, Earnings per share, price-to-earnings ratio, and dividend payout ratio Dividend yield According to the documents of the 2022 Annual General Meeting of Shareholders, the Mobile World Investment Board (HoSE: MWG) submitted a plan to pay cash dividends at the rate of 10% and shares at the rate of 100% Accordingly, the company issued 732 million shares to pay dividends, doubling capital to 14,644 billion dong MWG pays 50% stock dividend for 2020 Thus, after completing dividend payment in 2021, MWG's charter capital will triple after only At the same time, the Board of Directors proposed to issue a maximum of 2.5% of the total number of shares outstanding at the time of issuance under the ESOP 2022 program The offering price is 10,000 VND/share, the issuance time is in 2023 Shares The ESOP is restricted from being transferred for years, after which 25% of the shares are freely transferable Regarding business activities, MWG's leaders set a revenue plan of VND 140,000 billion, up 14%; profit after tax is 6,350 billion dong, up 30% compared to the implementation in 2021 The plan is based on the assumption that the epidemic will continue to develop in a complicated way, but it will not lead to large-scale blockades or have a worse impact on production and business activities compared to the past years 39 Mobile World Chain (TGDD) and Dien May Xanh (DXM) are still the main pillars contributing 75% to 80% of revenue Enterprises plan to open new Electronics Center, DMX Supermini, Topzone and develop a network of agency collaborators; increase store size; trading in new products and services; boost revenue to bring Bluetronics to breakeven and enter the Indonesian market According to the documents of the 2022 Annual General Meeting of Shareholders, the Mobile World Investment Board (HoSE: MWG) submitted a plan to pay cash dividends at the rate of 10% and shares at the rate of 100% Accordingly, the company issued 732 million shares to pay dividends, doubling capital to 14,644 billion dong MWG pays 50% stock dividend for 2020 Thus, after completing dividend payment in 2021, MWG's charter capital will triple after only At the same time, the Board of Directors proposed to issue a maximum of 2.5% of the total number of shares outstanding at the time of issuance under the ESOP 2022 program The offering price is 10,000 VND/share, the issuance time is in 2023 Shares The ESOP is restricted from being transferred for years, after which 25% of the shares are freely transferable Regarding business activities, MWG's leaders set a revenue plan of VND 140,000 billion, up 14%; profit after tax is 6,350 billion dong, up 30% compared to the implementation in 2021 The plan is based on the assumption that the epidemic will continue to develop in a complicated way, but it will not lead to large-scale blockades or have a worse impact on production and business activities compared to the past years Mobile World Chain (TGDD) and Dien May Xanh (DXM) are still the main pillars contributing 75% to 80% of revenue Enterprises plan to open new Electronics Center, DMX Supermini, Topzone and develop a network of agency collaborators; increase store size; trading in new products and services; boost revenue to bring Bluetronics to breakeven and enter the Indonesian market Earnings per share EPS MWG pays dividends in 2021 by shares at the ratio of 1:1 After announcing the plan to pay dividends in cash, recently, Mobile World Investment Joint Stock Company (HOSE: MWG) also announced the plan to pay dividends in 2021 in shares Accordingly, MWG will issue shares to pay 2021 dividends at the ratio of 1:1, corresponding to each share owned by shareholders will receive additional share The last registration date is June 17, which means that the ex-rights date is June 16 In the market, MWG's stock price is on the verge of a strong recovery after bottoming in midMay 2022 From the last bottom (May 16) to 9:45 a.m on June 6, MWG's share price has increased by more than 26%, to 155,000 VND/share In addition to stock dividends, MWG also pays 2021 cash dividends at the rate of 10%, equivalent to share receiving 1,000 VND With more than 732 million shares outstanding, MWG has to spend more than VND 732 billion for the 2021 dividend payment MWG pays dividends in 2021 by shares at the ratio of 1:1 40 After announcing the plan to pay dividends in cash, recently, Mobile World Investment Joint Stock Company (HOSE: MWG) also announced the plan to pay dividends in 2021 in shares Accordingly, MWG will issue shares to pay 2021 dividends at the ratio of 1:1, corresponding to each share owned by shareholders will receive additional share The last registration date is June 17, which means that the ex-rights date is June 16 In the market, MWG's stock price is on the verge of a strong recovery after bottoming in midMay 2022 From the last bottom (May 16) to 9:45 a.m on June 6, MWG's share price has increased by more than 26%, to 155,000 VND/share In addition to stock dividends, MWG also pays 2021 cash dividends at the rate of 10%, equivalent to share receiving 1,000 VND With more than 732 million shares outstanding, MWG has to spend more than VND 732 billion for the 2021 dividend payment III Short term financial plan The business activities of The Gioi Di Dong and Dien May Xanh chains are expected to grow positively in the remaining months of this year as the market enters the peak season and from market consolidation Specifically, revenue growth in the third quarter of 2022 of the Mobile World and Dien May Xanh chains will be supported by a rebound in demand for electronics and information technology products due to the back-to-school season and consumers used again from the summer For the fourth quarter of 2022, the 2023 Lunar New Year will come early in the 3rd week of January 2023 and the World Cup takes place from the end of November to the middle of December, so the revenue of these two store chains is expected to increase strong breakout Regarding the assessment that Apple cut the launch time between Vietnam and higher-end markets to weeks compared to months ago, and further diversifying the production of some products to Vietnam will help Mobile World's market share of Apple products increased by 30% compared to the current one In addition, the portable market, which accounts for 50% of Apple's market share in Vietnam, is likely to continue to shrink further, bringing advantages to Mobile World Recently, Mobile World has been preparing to expand its market share, aiming to increase the number of TopZone stores from the current 50 to 100, along with upgrading the existing stores of the World chain Mobile and Dien May Xanh before the launch of iPhone 14 Accordingly, Mobile World sets a target that Apple's revenue in 2022 will increase by 70.6% to $ 750 million from $ 425 million in 2021, and continue to increase to $ billion in 2023 Besides, Dien May Xanh Supermini stores are proving their business efficiency The share of Dien May Xanh Supermini in total sales of Dien May Xanh chain has skyrocketed from 13.7% in the first half of last year to 91.3% in the first half of 2022 Dien May Xanh Supermini was launched in August 2020 with the smallest store in the Dien May Xanh system, targeting commune and village markets that not have a professional retail system MWG's goal for 2022 is to operate 1,000 stores with revenue of VND 12,500 billion, contributing 9% of the system's revenue 41 The advantages of Dien May Xanh Supermini model are small shop area, low rent, easy to find premises and replicate in remote areas, while construction cost is not high, staff is lean and system management system, logistics is to take advantage of the availability of two chains The Gioi Di Dong and Dien May Xanh nationwide The business activities of The Gioi Di Dong and Dien May Xanh chains are expected to grow positively in the remaining months of this year as the market enters the peak season and from market consolidation Specifically, revenue growth in the third quarter of 2022 of the Mobile World and Dien May Xanh chains will be supported by a rebound in demand for electronics and information technology products due to the back-to-school season and consumers used again from the summer For the fourth quarter of 2022, the 2023 Lunar New Year will come early in the 3rd week of January 2023 and the World Cup takes place from the end of November to the middle of December, so the revenue of these two store chains is expected to increase strong breakout Regarding the assessment that Apple cut the launch time between Vietnam and higher-end markets to weeks compared to months ago, and further diversifying the production of some products to Vietnam will help Mobile World's market share of Apple products increased by 30% compared to the current one In addition, the portable market, which accounts for 50% of Apple's market share in Vietnam, is likely to continue to shrink further, bringing advantages to Mobile World Recently, Mobile World has been preparing to expand its market share, aiming to increase the number of TopZone stores from the current 50 to 100, along with upgrading the existing stores of the World chain Mobile and Dien May Xanh before the launch of iPhone 14 Accordingly, Mobile World sets a target that Apple's revenue in 2022 will increase by 70.6% to $ 750 million from $ 425 million in 2021, and continue to increase to $ billion in 2023 Besides, Dien May Xanh Supermini stores are proving their business efficiency The share of Dien May Xanh Supermini in total sales of Dien May Xanh chain has skyrocketed from 13.7% in the first half of last year to 91.3% in the first half of 2022 Dien May Xanh Supermini was launched in August 2020 with the smallest store in the Dien May Xanh system, targeting commune and village markets that not have a professional retail system MWG's goal for 2022 is to operate 1,000 stores with revenue of VND 12,500 billion, contributing 9% of the system's revenue The advantages of Dien May Xanh Supermini model are small shop area, low rent, easy to find premises and replicate in remote areas, while construction cost is not high, staff is lean and system management system, logistics is to take advantage of the availability of two chains The Gioi Di Dong and Dien May Xanh nationwide Strategic leverage The average revenue target of Bach Hoa Xanh store is 1.5-1.6 billion dong MWG's revenue and profit growth strongly increased in July and August 2022 compared to the same period last year, due to the impact of the gap period in the third quarter of 2021 in comparison 42 Net sales and NPAT in these two months increased by more than 30% over the same period In the months of 2022, revenue and net profit reached 92.3 trillion (+18%) and 3.2 trillion (+6%), respectively, completing 66% and 50% of the year plan Notably, net profit margin decreased to 3.4%, down 0.4 percentage points compared to months of 2021, which can be attributed to an increase in the proportion of online revenue (14% in months of 2022 compared to months of 2022) 8.9% in months of 2021) With Bach Hoa Xanh (BHX), by closing inefficient stores as well as redesigning stores both in terms of display and product categories, revenue per store has grown significantly in a short time) Since April 2022 when MWG launched the BHX restructuring campaign, 414 stores have closed, accounting for 19.3% of the number of peak stores By August, the average monthly revenue per store reached 1.36 billion, an increase of approximately 33% compared to the first quarter of 2022 From now until the end of the year, the management has set a target to increase the store's monthly revenue to 1.5-1.6 billion In addition to the goal of increasing revenue, BHX also expects to reach break-even point by the end of 2022 thanks to standardizing operating processes, reducing loss and cancellation of goods, and optimizing costs Expect low financial leverage and a breakthrough of BHX to maintain better business results than competitors Compared to peers like FRT, MWG's debt-to-equity is nearly times lower Net debt accounted for only about 87% of equity at the end of Q2 2022 With relatively low financial leverage, MWG's profit will be less affected by interest rate hikes In addition, if BHX is able to break even and continue to maintain, MWG can restart the chain expansion in the near future However, the increase in revenue per store can be partly attributed to traffic from older stores that have closed, so the sustainability of the increased revenue still requires more observation MWG's NPAT forecast in 2022 may increase by 14.94% to VND5,634 billion EPS of 2022 is 3,906 VND/share, respectively Thereby, PE and PB of MWG are at 17 times and times respectively 43 CONCLUSION Through analyzing the financial situation, we find that Mobile World Joint Stock Company in recent years has achieved impressive and positive indicators, so it is worth considering investment Although the profit growth rate of some store chains Mobile World and DMX has somewhat decreased and slowed down compared to previous years, BHX is still on a strong growth track and rising to the top position in the departmental retail industry in Vietnam Besides, MWG still has a steady increase in revenue and total assets, maintaining its position in the retail sector in Vietnam In 2022-2023, MWG plans to continue to expand its business scale, especially the BHX chain of stores, not only in the country but also in foreign markets Prioritize finding and developing new industries, merging and expanding strong cooperative relationships 44 REFERENCES Book Financial Statement Analysis_10th edition, K.R Subramanyam & John J.Wild Book CFA Level 1, Schweser Notes Book 3 Information about Mobile World Joint Stock Company https://mwg.vn/eng/company/introduction Financial statements of Mobile World Joint Stock Company https://mwg.vn/eng/reports Other articles and news related 45 ... high growth, direct confrontation, gaining market share FINANCIAL ANALYSIS OF MOBILE WORLD COMPANY A FINANCIAL STATEMENTS ANALYSIS I Balance sheet analysis Common-size balance sheet of MWG in 2017-2021... focus on increasing financial leverage for fast growth in the coming time The ratios of MWG, FPT, VIC Financial risk ratios 33 Financial risk ratios of MWG Financial risk ratios of some competitors... completing dividend payment in 2021, MWG'' s charter capital will triple after only At the same time, the Board of Directors proposed to issue a maximum of 2.5% of the total number of shares outstanding