(Luận văn) factors affecting price to earnings ratios of listed companies on ho chi minh city stock market period 2008 2016

MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY HO CHI MINH CITY lu an NGUYEN MINH NGUYET n va tn to FACTORS AFFECTING PRICE-TO-EARNINGS RATIOS OF LISTED gh COMPANIES ON HO CHI MINH CITY STOCK MARKET: ie p PERIOD 2008 - 2016 d oa nl w lu nf va an GRADUATION DISSERTATION MAJOR: FINANCE - BANKING z at nh oi lm ul CODE: 7340201 z m co l gm @ HO CHI MINH CITY, 2018 an Lu n va ac th si MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY HO CHI MINH CITY lu an NGUYEN MINH NGUYET n va FACTORS AFFECTING PRICE-TO-EARNINGS RATIOS OF LISTED PERIOD 2008-2016 p ie gh tn to COMPANIES ON HO CHI MINH CITY STOCK MARKET: MAJOR: FINANCE - BANKING nl w GRADUATION DISSERTATION d oa CODE: 7340201 an lu SUPERVISOR nf va DR NGUYEN TRAN PHUC z at nh oi lm ul z m co l gm @ HO CHI MINH CITY, 2018 an Lu n va ac th si i ABSTRACT This dissertation studies the impact of influence factors on P/E ratios and to build regression models for estimating and forecasting P/E ratios It employs data of 123 listed companies on HOSE over the period 2008 -2016 Besides, the purpose of the study is to provide empirical model foundations for investigating whether portfolios consisting of low P/E ratio stocks provide better than average returns The empirical researches are divided into two parts Firstly, descriptive analysis, correlation analysis and regression process are used to examine the correlations Regression estimation and selection of estimation are built up the lu an estimation model Finally, the author build up empirical model that investment in n va low P/E ratio stocks provides higher returns than that in high P/E ratio stocks by using the comparison between mean of overvalued stock return and undervalued to The empirical results demonstrate that dividend payout ratios, growth rate, gh tn ones p ie beta and return on equity have effect on P/E ratios and it is possible to invest in low P/E ratios to beat the market Moreover, the research effect will be better with more d oa nl w factors employed nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si ii DECLARATION OF AUTHENTICITY I declare that this dissertation is my original work, gathered and utilized especially to fulfil the purposes and objectives of this study, and has not been previously submitted to any other university for a higher degree I have mentioned all people who were significant facilitators of the work Ho Chi Minh City, May, 2018 lu an va Nguyen Minh Nguyet n p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si iii ACKNOWLEDGEMENTS First of all, I want to send my gratitude and respect to Doctor Nguyen Tran Phuc for his sharing, understandings and considerate supports to give me useful recommendations and guidances during my study Finally, best regards to my lecturers, my friends, my classmates and my beloved BUH for their sharing and supports during my Bachelor program Ho Chi Minh City, May, 2018 lu an n va p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si iv TABLE OF CONTENTS ABSTRACT i ACKNOWLEDGEMENTS iii TABLE OF CONTENTS iv LIST OF ABBREVIATIONS vii LIST OF TABLES viii LIST OF FIGURES ix lu Chapter : INTRODUCTION an 1.1 THE NECESSITY OF THE THESIS va 1.2 RESEARCH OBJECTIVES n 1.3 RESEARCH QUESTIONS tn to 1.4 THE RESEARCH SUBJECT AND SCOPE OF THE STUDY gh 1.4.1 The research subject p ie 1.4.2 Scope of the study .5 1.5 RESEARCH METHOD 1.6 RESEARCH CONTRIBUTION w oa nl 1.6.1 The scientific contribution .6 1.6.2 The practical contribution .6 d lu 1.7 RESEARCH STRUCTURE an Chapter : LITERATURE REVIEWS nf va 2.1 Introduction 2.2 Theoretical background .8 lm ul 2.2.1 The concept of P/E ratio 2.2.2 Use of P/E ratio for stock selection z at nh oi 2.2.3 Factors affecting P/E ratios 10 2.3 Previous empirical studies 15 2.3.1 Previous empirical studies in the international context 15 z 2.3.2 Previous empirical studies in the Vietnamese context 22 @ m co l gm 2.4 The position of this dissertation 25 an Lu n va ac th si v 2.5 Chapter conclusion .26 Chapter : RESEARCH METHOD AND DATA .27 3.1 Introduction 27 3.2 Estimation model 27 3.3 Measurement of variables and hypothesis 28 3.3.1 Measurement of variables 28 3.3.2 Hypothesis .30 3.4 Source of data .33 3.5 Steps of data analysis and estimation 33 3.5.1 Descriptive statistics .33 lu 3.5.2 Multicollinearity Test .33 an 3.5.3 Residual Diagnostics .34 va 3.5.4 Selection of estimation method 34 n 3.6 Chapter conclusion .35 gh tn to 3.5.5 Test of the obtained empirical model 35 Chapter EMPIRICAL RESULTS AND DISCUSSIONS 36 ie 4.1 Introduction 36 p 4.2 Descriptive statistics .36 nl w 4.3 Test of multicollinearity .42 4.4 Residual Diagnostics 42 oa 4.5 Selection of estimation method 43 d an lu 4.5.1 Pooled OLS .43 4.5.2 Random Effect Model (REM) .44 nf va 4.5.3 Fixed Effect Model (FEM) .45 lm ul 4.5.4 Redundant Fixed Effect-Likelihood Ratio 46 4.5.5 Correlated Random Effects Hausman Test 47 z at nh oi 4.6 Test of the obtained empirical model 51 4.7 Chapter conclusion .52 Chapter : CONCLUSIONS AND RECOMMENDATIONS 53 5.1 Conclusion .53 z @ 5.2 Recommendations 54 m co l gm 5.3 Limitations of this dissertation and new approaches in the future 55 an Lu n va ac th si vi 5.3.1 Limitations 55 5.3.2 Future studies 55 REFERENCE 57 APPENDIX 60 APPENDIX 1: The descriptive statistics for all variables .60 APPENDIX 2: The covariance of variables 60 APPENDIX 3: Breusch-Godfrey Serial Correlation LM Test .60 APPENDIX 4: Heteroskedasticity Test: White's result for empirical model61 APPENDIX 5: Pooled OLS's result for empirical model 61 APPENDIX 6: Random Effect Mode's result for empirical model 62 lu APPENDIX 7: Fixed Effect Mode's result for empirical model .63 an APPENDIX 8: Fixed Effect-Likelihood Test' result for empirical model .63 va APPENDIX 9: Hausman Test's result for empirical model 63 n APPENDIX 10: Data for estimating P/E from the empirical model 65 p ie gh tn to APPENDIX 10: Data for estimating mean of ‘higher than normal’ P/E ratio stocks and ‘lower than normal’ 66 d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si vii LIST OF ABBREVIATIONS an n va EPS Earnings per share FEM Fixed effect model g Expected growth rate GDP Gross domestic product HOSE Ho Chi Minh stock exchange NYSE New York Stock Exchange OLS Ordinary Least squares P/E Price-to-earnings POLS Pooled OLS R Required rate of return Random effect model ROE Return on equity to Capital asset pricing model tn lu CAPM REM p ie gh S&P 500 The Standard & Poor‟s 500 market index d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si viii LIST OF TABLES Figure 3.1 : Factors affecting P/E raios………………………….……………………30 Figure 4.1: The value of average Dividend Payout Ratio and P/E ratio on 2008 2016 period.……………………………………………………………………………… 37 Figure 4.2: The value of average Growth Rate and P/E ratio on 2008 -2016 period……………………………………………………………………………………… 38 Figure 4.3: The value of average ROE and P/E ratio on 2008 -2016 period ……………………………………………………………………………………………… 39 lu an Figure 4.4: The value of average Dividend Payout Ratio and P/E ratio on 2008 2016 period………………………………………………………………………………….40 n va p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si 57 REFERENCE Afza, T., Tahir, S., 2012 Determinants of Price-Earnings Ratio: The Case of Chemical Sector of Pakistan International Journal of Academic Research in Business and Social Sciences, Vol 2(No.8), pp 331 - 343 Basu, S., 1977 Investment Performance Of Common Stocks In Relation To Their Price-Earnings Ratios: A Test Of The Efficient Market Hypothesis The Journal Of Finance, Vol Xxxii(No 3), p 663 – 682 Bhadu, Kumar, S and Warne, D P, 2009 Parametric Determinants of Price- lu an Earnings Ratio in Indian Capital Markets The IUP Journal of Applied Finance, Vol 15(No 9), pp 63-82 n va Bodie, Z., Marcus, A., Kane, A., 2014 Investments Global Edition New York: MC tn to Graw – Hill Education Gill, S., 2003 Price-Earnings Ratio Revisited Finance India, Vol XVII(No 3), pp gh ie 937-951 p Gordon, M., Shapiro, E.,, 1956 Capital Equipment Analysis: The Required Capital Equipment Analysis: The Required, Volume Vol 3, pp 102-112 w oa nl Gordon, M., 1959 Dividends, Earnings, and Stock Prices The Review of Economics and Statistics, Vol 41(No 2), pp 99-105 d an lu Gottwald, R., 2012 The Use of the P/E Ratio to Stock Valuation GRANT Journal, Issue 1805-0638 (online), pp 21-24 nf va http://www.grantjournal.com/issue/0102/PDF/0102gottwald.pdf Companies z at nh oi lm ul Graham, B., 1934 Security Analysis 1st ed New York: The McGraw-Hill Hong Thai, Nguyen., Thanh Den, Pham., 2017 Factors affecting P/E ratios on HOSE Financial Journal online, Volume vol http://tapchitaichinh.vn/kinh-te-vi-mo/yeu-to-tac-dong-den-chi-so-p-e-cua-cac- z cong-ty-niem-yet-tren-thi-truong-chung-khoan-113451.html m co l gm @ an Lu n va ac th si 58 Kane, A., Marcus, A., & Noh, J., 1996) The P/E Multiple and Market Volatility Financial Analysts Journal, Vol.52(No.4), pp 16-24 Keown, A.J., Pinkerton, J.M., Chen, S.N., 1987 Portfolio Selection Based Upon P/E Ratios: Diversification, Risk Decomposition and Implication Journal of Business Finance and Accounting, Volume vol 14, pp 187-198 Kumar, S., Warne, D.P.,, 2009 Parametric Determinants of Price-Earnings The ICFAI Journal of Applied Finance, Vol.15(No.9), pp 63-82 Loc, Truong Dong, 2014 Factors affecting stock price changes: Evidence from the Ho Chi Minh City Stock Exchange Scientific Journal of Can Tho University, pp lu 73-78 an Loughlin, J., 1996 Determinants of the Price-earnings Multiple for the Doctoral va dissertation, St Louis University n tn to Markowitz, H., 1952 Portfolio Selection The Journal of Finance, Vol 7(No 1), pp 77-91 gh Muhammad, A., 2010 Factors Influencing the Price-earning Multiples ie p Interdisciplinary Journal of Contemporary Research In , Vol.2(No.5), pp 105-139 Nicholson, F., 1968 Price Ratios in Relation to Investment Results Financial w oa nl Analysts Journal, Issue January-February 1968, pp 105-109 Penman, S H., 1996 The Articulation of Price–Earnings Ratios Journal of d an lu Accounting Research, vol 34(no 2), pp 235-259 Premkanth, P., 2013 Determinant of price earning multiple in Sir Lankan listed nf va companies European Journal of Business and Innovation Research , Vol.1(No 2), lm ul pp 44-56 Reilly F, Griggs F, Wong W , 1983 Determinants of the aggregate stock market z at nh oi earnings multiple Journal of Portfolio Management, Volume 1, p 36–45 Reilly, F.K., Griggs, F.T., Wong, W.,, 1983 Determinants of the aggregate Journal of Portfolio Management, Vol.1(No.1), pp 36-45 z Shamsuddin, A., Hiller, A J.,, 2004 Fundamental determinants of the Australian @ m co l gm price-earnings multiple Pacific-Basin Finance Journal, Vol.12(No.5), pp 565-576 an Lu n va ac th si 59 Tri, H Q., 2013 Các yếu tố định đến hệ số p/e công ty phi tài niêm yết sở giao dịch chứng khốn thành phố Hồ Chí Minh Master thesis of University of Economic Watsham, T J., 1993 International Portfolio Management: A Modern Approach London: Longman Group UK Ltd White, C B., 2000 What P/E will the U.S Stock Market Support? Financial Analysts Journal, Vol.56(No.6), pp 30-38 Vu Phuc Thinh, 2008, "Các yếu tố tác động tới hệ số P/E HOSE", Master Thesis of Da Nang University lu an n va p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si 60 APPENDIX APPENDIX 1: The descriptive statistics for all variables lu an n va gh tn to APPENDIX 2: The covariance of variables p ie d oa nl w lu nf va an APPENDIX 3: Breusch-Godfrey Serial Correlation LM Test z at nh oi lm ul z m co l gm @ an Lu n va ac th si 61 APPENDIX 4: Heteroskedasticity Test: White's result for empirical model APPENDIX 5: Pooled OLS's result for empirical model lu an n va p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si 62 APPENDIX 6: Random Effect Mode's result for empirical model lu an n va p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si 63 APPENDIX 7: Fixed Effect Mode's result for empirical model lu an n va p ie gh tn to w d oa nl APPENDIX 8: Fixed Effect-Likelihood Test' result for empirical model nf va an lu z at nh oi lm ul APPENDIX 9: Hausman Test's result for empirical model z m co l gm @ an Lu n va ac th si 64 lu an n va p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va ac th si lu an va 65 n gh tn to APPENDIX 10: Data for estimating P/E from the empirical model p ie No Stock ll fu an nv a lu oi m 15.66 7.56 9.32 5.41 13.27 8.51 13.35 6.97 6.72 5.62 4.49 7.04 14.27 8.4 54.03 7.47 10.91 10.5 9.56 11.49 9.18 m 16.43912021 9.783644969 26.99434736 6.541575611 14.15979549 35.52715304 21.35912154 19.8693644 11.21473828 8.162414404 4.920543169 96.84533895 15.89765503 14.8783512 150.1542792 10.05689042 44.28309253 14.68791441 13.34997797 16.9589873 17.33171424 undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued an Lu 0.58 0.44 0.81 0.33 0.77 1.06 0.53 1.19 0.78 1.03 0.29 0.71 0.98 0.57 1.42 0.49 0.41 0.39 0.49 0.31 0.53 o l.c 15.95 7.68 2.08 1.58 14.04 35.21 18.72 4.09 7.11 1.71 0.83 4.14 14.83 13.78 9.74 11.25 10.79 9.97 13.14 16.1 gm 0.951 0.63 10.008 1.223 0.675 0.686 0.836 7.306 0.907 0.79 0.818 1.193 1.236 0.598 54.56 0.711 11.217 0.859 0.904 0.528 0.596 10.29 6.67 Beta:YP/E P/E from the market empirical model 0.45 9.65 14.73424732 undervalued 0.09 7.55 12.63329198 undervalued @ 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 ROE z 1.159 1.091 Growth rate 36.433036 26.366675 36.364994 10.540405 9.1553341 29.136503 4.2154187 48.962244 21.389771 17.25174 98.600359 211.5639 28.743059 2462.2504 22.320406 4.6243569 4.3264651 11.253119 75.343717 33.718633 32.526432 42.210468 1.4111957 z at nh 2016 2016 d BBC COM DRC GMC GMD HBC HDG HPG HTI KHA L10 NNC PAC PGC PVD RDP SC5 SCD SJD TBC TCL Payout oa nl w 10 19 28 29 32 34 35 37 42 45 55 59 63 69 71 76 77 82 92 93 ABT ACL Year n va ac th si lu an va 66 n gh tn to oa nl w 2016 2016 2016 2016 2016 2016 2016 2016 2016 1.172 6.479 0.603 0.902 1.151 1.338 0.792 14.126 0.85 d 13.656996 73.500655 229.78866 30.335119 106.93051 9.0753209 64.898749 17.520873 7.7065301 11.14 3.13 10.79 12.97 22.67 42.18 8.22 7.35 6.61 0.65 0.72 0.69 0.47 0.75 0.89 0.82 0.44 0.88 10.48 5.8 10.46 12.64 19.22 21.36 7.7 13.55 6.41 13.61280886 21.52294924 19.49970546 16.41074939 28.06705375 43.83133687 10.5468537 45.8104223 6.608191614 undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued an nv a lu TCT TDH TMS TNC TRA VNM VNS VSH VTO p ie 96 98 105 107 109 117 118 121 123 oi 7.18 -0.494366 overvalued ANV 7.90 5.55 BBC 56.00 85.30 -0.297468 overvalued 0.523214 overvalued BMC 16.60 15.20 BMP 128.00 171.00 CII 22.80 28.15 CLC COM D2D 44.60 53.00 32.50 53.00 48.00 22.50 z at nh 14.20 44.00 ACL 9.60 10.00 DRC 43.50 39.00 HBC 19.00 36.40 HDG 28.50 23.85 gm overvalued @ overvalued z overvalued HPG 28.80 43.15 overvalued overvalued overvalued HTI KHA NNC 14.40 17.90 m Lu 57.00 72.90 an -0.084337 0.335937 0.234649 0.188340 -0.09434 -0.307692 48.50 o l.c undervalue d ABT m overvalue d AGF ll fu APPENDIX 10: Data for estimating mean of ‘higher than normal’ P/E ratio stocks and ‘lower than normal’ -0.093 undervalued 0.041 undervalued -0.103 undervalued 0.915 undervalued -0.163 undervalued 0.498 undervalued 0.243 undervalued undervalued 0.278 undervalued n va ac th si lu an va 67 n 65.50 6.60 98.00 5.24 41.20 47.50 10 PGC 10.80 36.20 overvalued overvalued 11 PVD 12 RDP 26.30 29.60 29.40 36.20 overvalued 13 SC5 26.90 27.70 -0.213028 overvalued 0.104477 overvalued 0.107142 overvalued 14 SCD 45.90 47.50 15 SJD 25.90 25.50 16 TBC 26.00 27.00 overvalued 17 TCL 30.20 31.70 18 TCT 50.20 58.60 19 TDH 20 TMS 13.40 93.00 12.30 82.00 21 TNC 9.60 22 TRA 23 VNM 90.00 126.0 10.50 114.0 127.0 24 VNS 30.00 33.20 16.00 18.50 d overvalued oi 29.60 oa nl w 13 DMC 11 DHG 12 DIC 20.40 ll p ie gh tn to 10 DHA 0.450980 0.496183 -0.206061 0.152912 37.00 16 DQC 56.00 62.00 17 DSN 80.00 51.80 18 DVP 63.50 72.00 19 ELC 20 FDC 22.50 18.80 26.50 28.20 21 FMC 25.00 19.20 -0.232 overvalued 22 FPT 47.80 41.00 -0.142259 overvalued 23 GDT 37.70 52.90 24 GIL 34.50 45.00 0.403183 overvalued 0.304347 overvalued 25 GMC 26 GMD 37.00 43.00 25.20 27.00 -0.318919 overvalued -0.372093 overvalued fu an nv m overvalued z at nh -0.3525 0.133858 0.177777 0.5 overvalued overvalued z gm @ 25 VSH an 33.50 Lu 15 DPR m 22.35 o l.c 28.40 a lu 14 DPM 2.351 0.117 0.223 0.029 0.034 undervalued undervalued undervalued undervalued undervalued -0.015 0.038 0.049 0.167 undervalued -0.082 -0.118 0.093 0.266 0.007 0.106 0.156 MEAN undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued undervalued 0.071709437 n va ac th si lu an va 68 n gh tn to GTA HAI HDC HRC p ie 14.60 16.00 7.10 7.80 d 32 IJC 13.20 4.20 10.80 28.70 oa nl w 31 HTV 16.50 5.10 13.80 39.80 27 28 29 30 overvalued overvalued overvalued overvalued overvalued overvalued a lu -0.2 -0.176471 -0.217391 -0.278894 0.095890 0.098591 0.510810 0.546808 -0.132456 0.741333 -0.125 0.513043 0.08 -0.168478 -0.181197 -0.11583 0.25 0.27 -0.373737 -0.23445 -0.140741 -0.241935 0.111428 49 OPC 35.00 38.90 overvalued overvalued overvalued overvalued overvalued overvalued overvalued overvalued overvalued overvalued overvalued overvalued an Lu 34.80 24.30 15.30 47.90 22.90 11.75 12.70 6.20 16.00 81.20 9.40 m 23.00 22.50 18.40 58.50 25.90 9.40 10.00 9.90 20.90 94.50 12.40 o l.c LBM LGC LHG LIX LM8 LSS MCP NAV NBB NSC NTL gm 38 39 40 41 42 43 44 45 46 47 48 overvalued overvalued @ 65.30 14.00 z 37.50 16.00 z at nh 36 KSB 37 L10 overvalued overvalued oi 36.35 9.89 m 23.50 11.40 ll 34 KDC 35 KHP overvalued fu 55.90 an 37.00 nv 33 IMP n va ac th si lu an va 69 n gh tn to 32.90 32.80 32.90 42.80 52 PDN 53 PET 38.70 13.20 58.40 10.30 36.20 16.30 10.00 39.20 13.54 12.90 p ie 50 PAC 51 PAN d oa nl w overvalued overvalued overvalued overvalued overvalued overvalued overvalued a lu 54 PGD 55 PHR 56 PJT 0.304878 0.509043 -0.219697 0.082872 -0.169325 0.29 0.546511 -0.142077 0.483018 -0.219124 -0.318966 0.182291 -0.02 0.272727 -0.097179 -0.254464 -0.057895 -0.482143 0.0625 -0.314035 0.333333 0.422857 71 ST8 72 STG 21.00 17.50 28.00 24.90 overvalued overvalued overvalued overvalued overvalued overvalued overvalued overvalued overvalued an Lu 28.00 28.80 8.35 17.90 17.40 15.30 39.10 m 22.00 31.90 11.20 19.00 33.60 14.40 57.00 o l.c SFC SFI SHI SHP SRC SRF SSC gm 64 65 66 67 68 69 70 overvalued overvalued @ 11.35 24.50 z 9.60 25.00 z at nh 62 SBA 63 SBT overvalued overvalued overvalued oi 78.60 19.60 7.90 m 53.00 25.10 11.60 ll 59 RAL 60 REE 61 SAV overvalued overvalued fu 66.50 15.70 an 43.00 18.30 nv 57 PNJ 58 PPC n va ac th si lu an va 70 n p ie gh tn to 33.80 38.50 30.40 11.20 6.70 57.30 14.50 8.70 5.90 overvalued overvalued overvalued overvalued overvalued overvalued overvalued 86 TNA 37.70 57.50 87 TPC 88 TRC 89 TS4 6.20 20.00 8.10 7.60 26.75 4.80 90 UIC 20.70 29.00 91 VFG 58.00 76.00 overvalued overvalued overvalued overvalued overvalued overvalued overvalued overvalued an Lu 4.20 24.00 m 4.10 28.20 o l.c 84 TLH 85 TMP overvalued gm 101.00 @ 85.00 z 83 TLG overvalued overvalued z at nh 10.90 34.00 oi 10.60 25.00 m 81 TIE 82 TIX overvalued ll 28.00 fu 23.90 an 80 TDW nv a lu TAC TCM TCO TDC 20.50 d 76 77 78 79 48.00 44.50 oa nl w 75 SZL 43.80 33.80 73 SVC 74 SVI 0.095890 0.316568 0.648780 0.488311 -0.523026 -0.223214 -0.119403 0.171548 0.028301 0.36 0.188235 0.024390 -0.148936 0.525198 0.225806 0.3375 -0.407407 0.400966 0.310344 n va ac th si lu an va 71 n gh tn to 0.076363 -0.268817 -0.158249 -0.170984 -0.267974 0.049180 12.80 0.173529 7.98 MEAN 29.60 6.80 25.00 16.00 56.00 overvalued overvalued overvalued overvalued overvalued 12.20 a lu 6.80 overvalued d 98 VTO 97 VTB 27.50 9.30 29.70 19.30 76.50 oa nl w VHC VIP VNL VPK VSC p ie 92 93 94 95 96 ll fu an nv overvalued 0.0558402 oi m z at nh z m o l.c gm @ an Lu n va ac th si