(Luận văn) capital structure and firm performance, case study , listed companies in hochiminh stock exchage

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - ng hi ep w n lo ad y th ju HUỲNH ANH KIỆT yi pl n ua al va n CAPITAL STRUCTURE AND FIRM PERFORMANCE: fu ll CASE STUDY: LISTED COMPANIES IN HOCHIMINH STOCK EXCHANGE oi m at nh z z ht vb k jm om l.c gm MASTER THESIS n a Lu n va y te re Ho Chi Minh City – 2010 th MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - ng hi ep w n lo ad y th ju HUỲNH ANH KIỆT yi pl al n ua CAPITAL STRUCTURE AND FIRM PERFORMANCE: n va CASE STUDY: LISTED COMPANIES IN HOCHIMINH STOCK EXCHANGE ll fu oi m nh at MAJOR: BUSINESS ADMINISTRATION z z MAJOR CODE: 60.34.05 ht vb k jm MASTER THESIS : PROFESSOR NGUYỄN ĐÔNG PHONG om l.c gm INSTRUCTOR n a Lu n va y te re th Ho Chi Minh City – 2010 ACKNOWLEDGEMENT ng I would like to express my deepest gratitude to my research Instructor, Professor Nguyen Dong Phong for his intensive support, valuable suggestions, guidance and encouragement during the course of my study hi ep w My sincere thanks are also due to Dr Vo Thi Quy and Dr Tran Ha Minh Quan for their valuable time as the members of the proposal examination committee Their comments and constructive suggestions were of great help in my completing this study n lo ad ju y th My sincere thanks is extended to Assistant Professor Nguyen Dinh Tho, Dr Tran Ha Minh Quan, Dr Truong Tan Thanh, Dr Pham Huu Hong Thai, Dr Bui Thanh Trang for their valuable time as members of examination committee Their comments and suggestions were of great value for my study yi pl ua al n I would like to express my sincere gratitude to all of my teachers at Faculty of Business Administration and Postgraduate Faculty, University of Econimics Hochiminh City for their teaching and guidance during my MBA course n va fu ll I would like to specially express my thanks to all of my classmates, my friends from www.caohockinhte.vn for their support and encouragement oi m nh at I would also like to avail this opportunity to express my appreciation to Professor z Nguyen Dong Phong, UEH Board of Directors for creating MBA program in z ht vb English and Dr Tran Ha Minh Quan for his support during the course jm Finally, I heartily dedicate this study to my beloved parents and my wife, Vu Thi k om l.c gm Huyen who have always sacrificed to encourage and support me during my study n a Lu n va y te re th i ABSTRACT ng This study investigates the relationship between firm capital structure and firm hi ep performance The author explores both the effect of firm performance on firm captial structure as well as the effect of capital structure on firm market w performance using cross-sectional data representing of 162 Vietnamese companies n lo in Hochiminh Stock Exchange for 2008 According to the results, a firm ad y th profitability is found to have a significant and negative impact on all firm capital ju structure This finding support pecking order theory of Myers and Majluf (1984) yi An interesting finding is that firm size has a positive and significant impact on the pl ua al leverage, which consistent with a previous study of Rajan and Zingales (1995), and n indicating that a firm size is an important determinant of corporate capital n va structure Firm capital structure is confirmed to have positive and significant ll fu impacts on firm market performance which is measured by Tobin’s Q The author at nh the firm value Tobin’s Q oi m also finds that firm growth opportunities have a positive and significant impact on z z ht vb Keywords: Capital structure, corporate performance, Vietnam, HOSE k jm om l.c gm n a Lu n va y te re th ii TABLE OF CONTENTS ng hi ep ACKNOWLEDGEMENT .i ABSTRACT ii TABLE OF CONTENTS iii LIST OF FIGURES v LIST OF TABLES vi ABBREVIATIONS vii CHAPTER 1: INTRODUCTION 1.1 BACKGROUND 1.2 RESEARCH PROBLEMS 1.3 RESEARCH OBJECTIVES 1.4 RESEARCH METHODOLOGY AND SCOPE 1.5 STRUCTURE OF THE STUDY CHAPTER 2: LITERATURE REVIEW 2.1 INTRODUCTION 2.2 CAPITAL STRUCTURE 2.3 FIRM PERFORMANCE 11 2.4 HYPOTHESIS AND EMPIRICAL MODEL 12 2.4.1 Model 1: The Leverage Model 12 2.4.2 Model 2: The Firm Value Model .15 CHAPTER 3: RESEARCH DESIGN 18 3.1 INTRODUCTION 18 3.2 DATA 18 3.3 RESEARCH DESIGN 18 3.3.1 Research Sample 19 3.3.2 Data Analysis Method 20 3.4 VARIABLES MEASUREMENT FOR MODEL 20 3.4.1 Dependent Variables 20 3.4.2 Independent Variables 21 3.5 VARIABLES MEASUREMENT FOR MODEL 21 3.5.1 Dependent Variables 21 3.5.2 Independent Variables 22 3.6 FRAMEWORK OF THE STUDY 23 3.7 SUMMARY 24 CHAPTER 4: EMPIRICAL RESULTS OF THE RESEARCH 25 4.1 INTRODUCTION 25 4.2 CHARACTERISTICS OF RESEARCH SAMPLES 25 4.3 DESCRIPTIVE STATISTICS 26 4.4 REGRESSION ANALYSIS 29 4.4.1 Model 1: The Leverage Model 29 4.4.2 Model 2: The Firm Value Model 32 CHAPTER 5: CONCLUSIONS, RECOMMENDATIONS AND LIMITATIONS 38 5.1 INTRODUCTION 38 5.2 CONCLUSIONS 38 w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re th iii ng 5.3 RECOMMENDATIONS 39 5.4 LIMITATIONS 40 REFERENCES 41 APPENDIX A .44 APPENDIX B 45 APPENDIX C 51 hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re th iv LIST OF FIGURES Figure 1: The Leverage Model 14 ng hi Figure 2: The Firm Value Model 17 ep Figure 3: Research Process 19 w Figure 4: Framework of the study 23 n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re th v LIST OF TABLES Table 1: Dependent variables for model 20 ng hi Table 2: Independent variables for model 21 ep Table 3: Dependent variables for model 22 w Table 4: Independent variables for model 22 n lo ad Table 5: Summary Statistics of the Explanatory Variables 26 ju y th Table 6: Correlation Matrix of the Explanatory Variables for Model 28 yi Table 7: Correlation Matrix of the Explanatory Variables for Model 28 pl Table 8: Estimate Results for Model 29 ua al Table 9: Estimate Results for Model Using TDTA 32 n va Table 10: Estimate Results for Model Using TDTE 33 n fu Table 11: Estimate Results for Model Using LTDTA 34 ll m oi Table 12: Estimate Results for Model Using STDTA 35 at nh z z ht vb k jm om l.c gm n a Lu n va y te re th vi ABBREVIATIONS ng hi ep Hochiminh Stock Exchange GROWTH Growth opportunities LTDTA Long-term debt to total assets PE Price-to-Earnings Ratio w HOSE n Profitability lo PROF ad Return on equity ju ROE Return on assets y th ROA yi al Firm Size n ua SIZE Return on investment pl ROI Short-term debt to total assets TA Asset tangibility TDTE Total debt to total equity TDTA Total debt to total assets TOBIN Tobin’s Q n va STDTA ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re th vii Capital Structure and Firm Performance CHAPTER 1: INTRODUCTION ng 1.1 BACKGROUND hi ep w The theory of the capital structure is an important reference theory in firm's financing policy The capital structure refers to firm includes mixture of debt and equity financing The topic of optimal capital structure has been the subject of many studies n lo ad ju y th The modern theory of the capital structure originate from the contribution of Modigliani and Miller in 1958, under the perfect capital market assumption that if there is no bankrupt cost and capital markets are frictionless, if without taxes, the firm value is independent with the structure of the capital In 1963, under considering the corporate taxes, Modigliani and Miller modified the conclusion to recognize tax shield Because debt can reduce the tax to pay, so the best capital structure of enterprises should be 100% of the debt But this seems to be unreasonable in the real world yi pl n ua al n va fu ll Jensen and Meckling (1976) introduce the concept of agency costs and investigate the nature of the agency costs generated by the existence of debt and outside equity When considering corporation tax, bankrupt costs and agency costs at the same time, trade-off theory can be introduced to derive the existence of the optimum capital structure Leland (1994) extends the results of Merton (1974) and Black and Cox (1976) to include taxes, bankruptcy costs to derive the optimal capital structure Deangelo and Masulis (1980) argue that the existence of non-debt corporate tax shields such as depreciation deductions is sufficient to overturn the leverages irrelevancy theorem Hovakimian, Opler, and Titman (2001) test the hypothesis that firms tend to a target ratio when they either raise new capital or retire or repurchase existing capital They found firms should use relatively more debt to finance assets in place and relatively more equity to finance growth opportunities oi m at nh z z ht vb k jm om l.c gm a Lu n It has also been argued that profitable firms are less likely to depend on debt in their capital structure than less profitable ones It has been argued that firms with a high growth rate have a high debt to equity ratio Bankruptcy costs (proxied by firm size) are also found to be an important effect on capital structure (Kraus and n va y te re Perfect capital markets means that the following assumptions hold: (a) there are no taxes, (b) there are no transaction costs, (c) there is symmetrical information, (d) there are homogenous expectations, and (e) investors can borrow at the same rate as corporations Page th Capital Structure and Firm Performance APPENDIX A Variable definitions ng The Variables are defined as the following formulas: hi ep Price-to-Earnings Ratio (PE) Market Price of Common Stock Earnings Per Share = w n lo Tobin’s Q ( Equity Market Value + Liabilities Book Value ) ( Equity Book Value + Liabilities Book Value ) = EBIT + Depreciation Total Assets ad = y th ju Profitability (PROF) yi pl ua al Total Debt to Total Assets (TDTA) Total Debt Total Assets n = n va fu = Total Debt Total Equity ll Total Debt to Total Equity (TDTE) oi m Short-term Debt to Total Equity (STDTA) = Long-term Debt Total Assets z = at nh Long-term Debt to Total Assets (LTDTA) z vb ht Short-term Debt Total Assets k jm gm Total Assets – Book value of Equity + Market value of Equity Total Assets om l.c Growth opportunities = (GROWTH) = ln (Sales) n a Lu Size (SIZE) y te re Fixed Tangible Assets Total Assets n = va Asset Tangibility (TA) th Page 44 Capital Structure and Firm Performance APPENDIX B Multiple Regression Results ng hi ep Dependent Variable: TDTA Method: Least Squares Date: 11/03/09 Time: 10:25 Sample: 162 Included observations: 162 w Coefficient Std Error t-Statistic Prob C PROF GROWTH SIZE TA -0.873102 -0.005438 0.022092 0.048965 0.178830 0.379030 0.001494 0.030388 0.013938 0.080815 -2.303516 -3.640823 0.726986 3.512934 2.212831 0.0226 0.0004 0.4683 0.0006 0.0284 n Variable lo ad ju y th yi pl 0.162133 0.140786 0.207970 6.790464 27.07020 7.595122 0.000013 n ua al Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.432888 0.224362 -0.272472 -0.177175 -0.233780 1.964366 n va R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) ll fu oi m at nh Dependent Variable: TDTE Method: Least Squares Date: 11/03/09 Time: 10:26 Sample: 162 Included observations: 162 z z 2.340928 0.009225 0.187682 0.086085 0.499122 -1.974646 -3.985310 2.244020 2.483681 1.562532 n va 1.246424 1.364461 3.368901 3.464198 3.407593 1.876261 n Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat a Lu 0.135869 0.113853 1.284441 259.0166 -267.8810 6.171335 0.000123 om R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.0501 0.0001 0.0262 0.0141 0.1202 l.c -4.622503 -0.036765 0.421161 0.213809 0.779893 C PROF GROWTH SIZE TA Prob gm t-Statistic k Std Error jm Coefficient ht vb Variable y te re th Page 45 Capital Structure and Firm Performance Dependent Variable: LTDTA Method: Least Squares Date: 11/03/09 Time: 10:27 Sample: 162 Included observations: 162 ng hi ep w n Variable Coefficient Std Error t-Statistic Prob C PROF GROWTH SIZE TA -0.241070 -0.002539 0.026783 0.009991 0.362726 0.245542 0.000968 0.019686 0.009030 0.052353 -0.981789 -2.623803 1.360481 1.106431 6.928428 0.3277 0.0096 0.1756 0.2702 0.0000 lo 0.252491 0.233446 0.134726 2.849721 97.40235 13.25770 0.000000 ad R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) ju y th yi Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.104263 0.153879 -1.140770 -1.045474 -1.102078 1.955806 pl n ua al n va ll fu oi m Dependent Variable: STDTA Method: Least Squares Date: 11/03/09 Time: 10:27 Sample: 162 Included observations: 162 0.328623 0.196542 -0.529784 -0.434488 -0.491092 2.203875 om l.c gm Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat k 0.155863 0.134356 0.182863 5.249888 47.91251 7.247170 0.000022 0.0597 0.0287 0.8609 0.0018 0.0106 jm R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) -1.896825 -2.207294 -0.175562 3.180438 -2.587811 ht 0.333272 0.001313 0.026720 0.012256 0.071059 vb -0.632159 -0.002899 -0.004691 0.038979 -0.183887 Prob z C PROF GROWTH SIZE TA t-Statistic z Std Error at Coefficient nh Variable n a Lu n va y te re th Page 46 Capital Structure and Firm Performance Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:35 Sample: 162 Included observations: 162 ng hi ep Variable Coefficient Std Error t-Statistic Prob C TDTA GROWTH SIZE 136.8876 26.45088 4.676144 -4.796432 206.2340 41.26309 14.66740 7.786767 0.663749 0.641030 0.318812 -0.615972 0.5078 0.5224 0.7503 0.5388 w n 0.004436 -0.014467 113.1355 2022342 -993.8739 0.234694 0.872090 lo R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) ad ju y th Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 24.30095 112.3259 12.31943 12.39567 12.35038 2.063560 yi pl n ua al n va ll fu oi m Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:36 Sample: 162 Included observations: 162 205.8325 6.675112 14.66050 7.668298 24.30095 112.3259 12.32059 12.39683 12.35154 2.062094 k om l.c gm Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat jm 0.003282 -0.015643 113.2010 2024687 -993.9677 0.173423 0.914242 0.6344 0.6341 0.7651 0.7185 ht R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.476460 -0.476915 0.299294 -0.361165 vb 98.07088 -3.183458 4.387799 -2.769519 Prob z C TDTE GROWTH SIZE t-Statistic z Std Error at Coefficient nh Variable n a Lu n va y te re th Page 47 Capital Structure and Firm Performance Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:38 Sample: 162 Included observations: 162 ng Coefficient Std Error t-Statistic Prob C LTDTA GROWTH SIZE 113.9763 4.967570 3.989722 -3.511319 203.3320 58.16361 14.68251 7.529029 0.560542 0.085407 0.271733 -0.466371 0.5759 0.9320 0.7862 0.6416 hi Variable ep w n lo 0.001893 -0.017058 113.2799 2027508 -994.0805 0.099903 0.959959 ad R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) ju y th yi Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 24.30095 112.3259 12.32198 12.39822 12.35293 2.058518 pl n ua al n va ll fu oi m Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:38 Sample: 162 Included observations: 162 206.8730 47.48387 14.74833 7.808725 0.678019 0.667846 0.358382 -0.628534 0.4988 0.5052 0.7205 0.5306 ht vb 140.2637 31.71192 5.285529 -4.908051 Prob z C STDTA GROWTH SIZE t-Statistic z Std Error at Coefficient nh Variable 24.30095 112.3259 12.31921 12.39545 12.35016 2.073206 om l.c gm Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat k 0.004657 -0.014242 113.1229 2021894 -993.8559 0.246415 0.863794 jm R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) n a Lu n va y te re th Page 48 Capital Structure and Firm Performance Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:30 Sample: 162 Included observations: 162 ng hi ep Variable Coefficient Std Error t-Statistic Prob C TDTA GROWTH SIZE 1.020104 -2.011764 1.005241 -0.000993 0.035688 0.007140 0.002538 0.001347 28.58391 -281.7428 396.0540 -0.737274 0.0000 0.0000 0.0000 0.4620 w n 0.999388 0.999376 0.019578 0.060559 409.3622 85960.14 0.000000 lo R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) ad ju y th Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.205579 0.783774 -5.004471 -4.928234 -4.973518 2.209864 yi pl n ua al n va ll fu oi m Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:33 Sample: 162 Included observations: 162 0.429173 0.013918 0.030568 0.015989 1.205579 0.783774 -0.025326 0.050911 0.005628 1.977042 k om l.c gm Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat jm 0.911000 0.909311 0.236031 8.802281 6.051375 539.0962 0.000000 0.0011 0.0000 0.0000 0.0171 ht R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 3.313047 -19.72840 35.31043 -2.410103 vb 1.421871 -0.274580 1.079370 -0.038535 Prob z C TDTE GROWTH SIZE t-Statistic z Std Error at Coefficient nh Variable n a Lu n va y te re th Page 49 Capital Structure and Firm Performance Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:34 Sample: 162 Included observations: 162 ng hi ep Variable Coefficient Std Error t-Statistic Prob C LTDTA GROWTH SIZE 2.719633 -1.494015 1.074631 -0.093499 0.670071 0.191675 0.048385 0.024812 4.058726 -7.794511 22.20977 -3.768377 0.0001 0.0000 0.0000 0.0002 w n 0.777369 0.773142 0.373308 22.01873 -68.21609 183.8985 0.000000 lo R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) ad ju y th Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.205579 0.783774 0.891557 0.967794 0.922510 2.157704 yi pl n ua al n va ll fu oi m Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:34 Sample: 162 Included observations: 162 0.558382 0.128166 0.039808 0.021077 1.205579 0.783774 0.489574 0.565811 0.520527 1.967021 k om l.c gm Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat jm 0.851062 0.848234 0.305336 14.73036 -35.65551 300.9475 0.000000 0.0141 0.0000 0.0000 0.2210 ht R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 2.482251 -12.99965 24.80830 -1.228819 vb 1.386044 -1.666116 0.987569 -0.025900 Prob z C STDTA GROWTH SIZE t-Statistic z Std Error at Coefficient nh Variable n a Lu n va y te re th Page 50 ad ju y th Capital Structure and Firm Performance yi pl ua al APPENDIX C n va n Research Data Set oi m ll fu Company name PROF (%) ABT BenTre Aquaproduct Import & Export JSC Food Producers 8,7353 1,3479 7,8541 0,1115 ACL Cuulong Fish JSC Food Producers 25,6759 0,8650 2,6019 0,6266 AGF An Giang Fisheries Import & Export JSC Food Producers 6,9761 0,6114 15,5980 1,1639 ANV Nam Viet Corporation 25,9619 0,3654 28,8358 0,1835 0,6420 6,7131 0,5454 1,3422 0,1040 0,4414 0,7983 27,9921 0,1306 0,8561 559,25 0,5573 1,2591 0,0576 0,4997 0,9708 26,2193 0,1916 10,5017 0,1843 0,2260 0,0175 0,1668 0,5456 27,0244 0,2301 (7,1512) 0,4466 0,8070 0,2613 0,1853 0,9637 27,3981 0,2962 12,2302 0,0579 0,0614 0,0016 0,0563 4,3892 25,5921 0,1480 0,1372 0,1590 0,0013 0,1359 1,0479 27,4466 0,3297 0,1685 0,2026 0,0077 0,1608 0,6376 25,9485 0,3239 13,1285 3,3041 1,0705 42,9825 5,2734 28,2367 1,7735 5,3737 18,3364 1,3007 4,1709 an Lu BT6 Chau Thoi Concrete Corporation No.620 10,7989 1,5036 17,9650 0,4943 0,9773 0,1282 0,3660 1,4921 27,4617 0,0936 15 CAN Canfoco Halong Canned Food Corporation Food Producers 14,9065 0,8258 4,1484 0,4934 0,9771 0,0888 0,4045 0,8146 26,7611 0,1730 16 CLC Cat Loi JSC Tobacco 24,2976 0,9551 4,0000 0,5742 1,3483 0,0004 0,5737 1,1035 27,5516 0,1594 Materials - Petroleum JSC Gas, Water & Multiutilities 9,0315 1,7965 15,5361 0,1193 0,1355 0,0196 0,0997 1,0351 28,7532 0,0546 Chang Yih Ceramic JSC Construction & Materials 11,7921 0,6296 5,7070 0,6304 1,7056 0,3191 0,3113 0,8903 26,3333 0,3218 si CYC ac th 18 COM y te 17 n 14 Construction & Materials re va Bim Son Packaging JSC 0,0816 0,8644 om BPC 27,9005 0,3682 l.c 13 0,7162 0,2564 0,5853 Binh Minh Plastics JSC 0,2506 17,2308 0,3692 gm BMP 0,0059 0,0349 0,2089 k 12 Mining Household Goods General Industrials 0,2903 1,1458 0,0287 1,1769 Binh Dinh Minerals JSC 28,3736 0,5260 0,0000 7,7031 BMC 0,6841 0,5193 0,6609 10,2066 11 0,1085 0,4911 0,1115 0,1073 0,2641 Food Producers Food Producers 0,1035 27,2021 0,0000 1,6780 0,3979 BASACO Food Producers 26,8833 1,1182 0,1254 0,2089 BAS Bien Hoa Confectionery Corp 0,5708 GROWTH 8,6802 Bien Hoa Sugar JSC TA STDTA 12,6941 AN PHA S.G PETROL JSC BHS SIZE (Sales) LTDTA 1,0686 ASP BBC TDTE 1,1674 TDTA 5,7385 Gas, Water & Multiutilities 10 PE 13,0363 jm 5,9434 ht ALTA Company Industrial Engineering Household Goods Food Producers vb ALT z z Alphanam JSC at ALP nh Ticker Sector TOBIN'S Q No g e cd jg Page 51 hg ad ju y th Capital Structure and Firm Performance yi pl 19 DCC Company name DESCON Construction Corp n va TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 7,9478 0,4690 0,8833 0,0552 0,4138 0,7257 26,8796 0,0159 14,7503 1,0536 6,6813 0,5051 1,0185 0,1959 0,3091 1,0629 26,9057 0,3894 Construction & Materials 14,4630 1,2662 3,9001 0,1495 0,1758 0,0415 0,1080 0,5620 26,0065 0,0820 Industrial Transportation 10,1197 0,2419 9,7379 0,8665 6,4898 0,6184 0,2480 0,9749 26,3215 0,6706 Hoa An JSC Construction & Materials 17,1894 1,5612 5,0456 0,0711 0,0766 0,0057 0,0654 0,7034 25,7905 0,0424 Hau Giang Pharmaceutial JSC Pharmaceuticals & Biotechnology 16,4223 2,8513 18,4649 0,3537 0,5498 0,0140 0,3397 2,5562 28,0487 0,9870 DIC Investment & Trading JSC Construction & Materials 0,5498 5,2808 0,6705 2,2703 0,0322 0,6383 0,9403 27,2268 0,2122 Domesco Medical Import & Export JSC Pharmaceuticals & Biotechnology 15,5193 1,8944 10,9113 0,2237 0,2881 0,0027 0,2210 1,3417 27,5704 0,1605 13,5955 4,2489 0,5276 1,1167 0,0799 0,4477 0,7562 25,9850 0,2262 16,2710 1,4782 6,2715 0,1182 0,1340 0,0055 0,1127 0,7146 24,9881 0,2137 103,09 3,4436 9,4554 0,0868 0,0956 0,0024 0,0845 2,6111 29,5018 0,3241 25,1025 1,8204 om 0,7877 gm 5,1190 Pharmaceuticals & Biotechnology 0,3456 0,5305 0,0383 0,3072 1,5121 27,3147 0,3983 4,6601 0,6168 235,19 1,3265 0,1170 0,4501 0,7584 26,6894 0,0741 1,8446 0,1551 0,4933 1,0691 27,9064 0,2546 0,0519 0,0002 0,0492 0,5383 25,4444 0,1689 Dong Do Marine JSC at DHA TDTA ht DDM PE Construction & Materials nh 23 DCT Dongnai Roofsheet & Construction Material JSC TOBIN'S Q oi 22 Cuu Long Pharmaceutical Corp m ll 21 DCL fu 20 PROF (%) Sector n Ticker ua al No z DMC Da Nang Plastic JSC 29 DPM Petrovietnam Fertilizer and Chemical JSC 30 DPR DONG PHU RUBBER JSC 31 DQC Dien Quang JSC 32 DRC DaNang Rubber JSC Chemicals Household Goods Automobiles & Parts Food Producers 36 FMC Sao Ta Foods JSC 37 FPT FPT Corp Food Producers Software & Computer Services 8,6368 1,4395 8,8707 0,0494 7,3180 0,4750 9,1269 0,7207 2,5804 0,2281 0,9164 27,4807 0,1564 0,5087 0,8497 27,4313 0,2263 0,0016 0,5395 0,8131 27,6482 0,1858 1,7439 30,4301 0,1134 0,4926 5,3329 0,7724 27,1831 0,5386 1,1675 0,0299 13,5105 0,7310 7,5031 0,5411 1,1791 23,1101 1,6830 8,3578 0,5168 1,3009 0,0008 si FBT 0,6485 ac th 35 Ben Tre Forestry And Aquaproduct Import Export 34 4,9907 y te Construction & Materials 0,7721 re DXV Da Nang Construction Building Materials And Cement 20,3363 n DoThanh Technology Corporation 33 0,5671 va DTT General Industrials 5,1956 an DPC Lu 28 0,7011 l.c DongNai Plastic Construction JSC DNP k 27 Construction & Materials Household Goods Chemicals 11,0404 jm 26 DIC vb 25 DHG z 24 0,5160 g e cd jg Page 52 hg ad ju y th Capital Structure and Firm Performance yi pl ua al Company name PROF (%) Ticker Sector 38 GIL 39 GMC Garmex Saigon JSC 40 GMD General Forwarding & Agency Corporation Industrial Transportation 41 HAP Hapaco Hai Phong Paper JSC Forest & Paper 42 HAX Hangxanh Motors Service JSC n No n Personal Goods oi m ll fu General Retailers nh Hoa Binh Construction& Real Easte Corp Construction & Materials at HBC Personal Goods va 43 Binh Thanh Im-export, production & trade JSC TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 11,9409 1,2244 4,6905 0,1605 0,1912 0,0035 0,1570 0,5454 26,8489 0,0556 15,9135 0,9625 3,8699 0,3938 0,6497 0,0023 0,3915 0,7501 26,7746 0,3012 0,8532 0,9829 (8,5338) 0,4191 0,7294 0,2247 0,1944 0,8276 28,2797 0,3701 (3,8609) 0,9737 (3,2230) 0,3547 0,5797 0,1120 0,2427 0,7174 26,4947 0,3313 13,6694 0,9002 4,1692 0,4114 0,6990 0,0034 0,4080 0,7230 27,0597 0,1679 3,4664 0,7040 30,9616 0,4927 1,0702 0,0948 0,3978 0,7502 27,2686 0,1108 24,8223 1,2545 4,4369 0,3303 0,4933 0,0000 0,3303 0,9152 24,7730 0,2153 9,3617 0,5236 5,0517 0,7795 3,5342 0,1905 0,5890 1,0825 26,4304 0,0324 8,5718 0,4991 (12,0312) 0,7423 3,0604 0,0316 0,7107 1,0064 28,2425 0,1131 HBD Binh Duong PP Pack Marking JSC 45 HDC Ba Ria – Vung Tau House Development JSC Real Estate 46 HLA Asia Huu Lien Industrial Metals 47 HMC Hochiminh City Metal Corporation General Retailers 11,4129 0,6630 5,8401 0,6466 1,8294 0,0008 0,6457 0,9561 29,0866 0,0485 1,9049 z 44 General Industrials z Industrial Metals 22,4451 HoaBinh Rubber JSC Chemicals 24,9673 HSI General Materials Biochemistry Fertilizer JSC Chemicals 50 10,6282 7,2413 0,2295 0,3148 0,0067 0,2228 1,3678 29,7713 0,1556 1,9171 4,7847 0,1693 0,2038 0,0093 0,1600 1,2558 26,3932 0,1333 0,2787 5,8858 0,8559 5,9393 0,0006 0,8553 0,9905 27,1753 0,0701 20,1700 0,8273 4,7902 0,5308 0,2965 1,1044 28,5700 0,0626 HT1 Ha Tien Cement JSC 2,7380 0,4498 52 ICF Investment Commerce Fisheries Corporation Food Producers 7,5911 0,6349 6,6443 0,5900 1,4390 0,0284 0,5616 0,8149 26,8526 0,1591 53 IFS Interfood Shareholding Co Food Producers (14,572) 0,3235 (1,0172) 0,8419 6,2416 0,0243 0,8176 1,0462 27,5444 0,3498 l.c 51 Construction & Materials om Hoa Phat Group JSC HRC gm HPG 49 k jm ht vb 48 Lu IMP Imexpharm Pharmaceutical JSC 13,8812 2,3311 15,0086 0,1562 0,0032 0,1319 1,6014 27,0672 0,0757 55 ITA Tan Tao Investment Industry Corp Real Estate 6,6436 1,3392 220,83 0,2391 0,3138 0,0634 0,1757 0,8166 27,9376 0,0082 0,4027 0,0577 0,2225 0,8804 28,0137 0,1169 0,5480 0,3417 0,7877 26,1568 0,0356 0,1706 0,9341 27,4598 0,6142 0,0392 0,6384 0,9755 26,5158 0,0706 0,0016 0,5834 0,8440 27,0639 0,0852 an 54 Pharmaceuticals & Biotechnology 0,1351 Kinh Do JSC Food Producers 2,1341 1,3033 (20,1506) 0,2802 KHA Khahomex Khanh Hoi Import Export JSC General Retailers 15,6238 1,0797 3,9139 0,3540 0,0123 58 KHP Khanh Hoa Power JSC Electricity 35,7012 0,5239 4,0884 0,7051 2,3911 0,5346 L10 LILAMA 10 JSC Industrial Engineering 13,2668 0,6205 4,7751 0,6775 2,1009 LAF Lafooco Long An Food Processing Export JSC Food Producers 9,3893 0,6741 14,0570 0,5850 1,4095 ac th 60 y te 59 n KDC 57 re va 56 si g e cd jg Page 53 hg ad ju y th Capital Structure and Firm Performance yi pl 61 LBM Company name n va LamDong Buiding Materials JSC LICOGI 16 63 LSS Lam Son Sugar JSC m ll LCG fu 62 PROF (%) Sector n Ticker ua al No TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA Construction & Materials 27,6272 0,7711 6,2997 0,5565 1,3870 0,2627 0,2938 0,9360 25,6013 0,3098 Construction & Materials 16,7756 0,9580 4,1504 0,5428 1,1872 0,1057 0,4371 1,0436 26,8204 0,0136 Food Producers 17,7897 1,2280 6,6855 0,3183 0,4838 0,0877 0,2306 0,8830 27,7548 0,2524 General Industrials 18,2576 0,9870 4,2786 0,3969 0,6581 0,2240 0,1729 0,7809 26,0611 0,4313 0,1094 MCP My Chau Printing& Packing Holdings Co 65 MPC MINH PHU SEADFOOD CORP Food Producers 7,5059 0,7865 (19,297) 0,5641 1,3600 0,0945 0,4696 0,9403 28,6969 66 NKD North Kinhdo Food JSC Food Producers 8,9960 0,9096 330,68 0,6282 1,6910 0,0429 0,5853 1,1663 27,2625 0,3226 67 NSC National Seed JSC Food Producers 14,2132 1,3505 4,5769 0,2878 0,4041 0,0031 0,2847 0,9260 26,1324 0,0594 68 NTL TU LIEM URBAN DEVELOPMENT 8,3444 0,8328 8,8166 0,7314 2,7234 0,0003 0,7311 1,2956 26,6403 0,0061 1,7997 7,1545 0,0716 0,0772 0,0032 0,0684 0,9429 26,1124 0,2551 22,0431 1,6988 7,0603 0,3865 0,6299 0,0029 0,3836 1,4718 27,8476 0,1153 6,0428 0,7984 7,8641 0,6364 1,7504 0,0066 0,6298 1,0712 29,3175 0,0614 0,3162 0,4732 0,1240 0,1922 0,6657 28,1557 0,1823 0,4341 0,7672 0,0000 0,4341 0,7515 28,1658 0,0280 0,5021 1,0086 0,0014 0,5008 0,8885 27,4087 0,3839 0,0487 oi 64 at nh z z Real Estate 69 OPC OPC Pharmaceutial JSC 70 PAC Dry Cell and Storage Battery JSC 71 PET PetroVietnam General Services Js Corporation 72 PGC Petrolimex Gas JSC Gas, Water & Multiutilities 3,9007 gm 183,64 73 PIT Petrolimex International Trading JSC General Retailers 12,2134 0,8832 8,1074 Petrolimex Joint Stock Tanker Com Industrial Transportation 11,6147 0,8843 om vb Pharmaceuticals & Biotechnology Household Goods General Retailers k jm 1,0180 l.c PJT ht 74 15,7124 11,5417 PMS Petroleum Mechanical JSC 5,5942 1,1625 21,4496 0,4599 0,8515 0,0018 0,4581 1,0823 26,3210 76 PNC Phuong Nam Cultural JSC Media 4,3622 0,6215 16,3408 0,5822 1,3938 0,0450 0,5372 0,7860 26,3438 0,1209 77 PPC PhaLai Thermal Power JSC Electricity 4,1365 0,8815 (28,5800) 0,6817 2,1421 0,5886 0,0932 1,2450 28,9873 0,4737 78 PVD PetroVietnam Drilling and well services JSC Oil Equipment, Services & Distribution 12,8764 1,5366 11,2523 0,6960 re 0,2452 0,4508 1,9550 28,9471 0,2331 PVT PETROVIETNAM TRANSPORTATION CORP Industrial Transportation 6,4536 2,5355 173,95 0,7300 5,7308 0,3210 0,4090 2,9192 27,7345 0,4315 RAL Rangdong Light source and Vacuum flash JSC Household Goods 12,4438 0,7178 4,6089 0,5340 1,1457 0,4846 0,7858 27,4544 0,1974 REE Refrigeration Electrical Engineering Corporation Real Estate (4,6172) 1,4530 (10,9638) 0,1951 0,2437 0,8456 27,7917 0,0076 n 2,8163 y te ac th 0,0493 0,0404 si 81 va 80 an 79 Lu 75 Gas, Water & Multiutilities 0,1547 g e cd jg Page 54 hg ad ju y th Capital Structure and Firm Performance yi pl SAF SAM n 83 SAFOCO Foodstuff JSC PROF (%) Sector va 82 Company name n Ticker ua al No Sacom Cables & Telecom Materials JSC LTDTA STDTA GROWTH SIZE (Sales) TA m ll fu 1,4487 4,2592 0,3216 0,4742 0,0052 0,3164 1,0920 26,7423 0,2826 (1,8504) 1,3679 (11,9774) 0,0309 0,0319 0,0002 0,0308 0,4298 27,8906 0,0497 6,5588 0,7508 9,9433 0,4953 0,9801 0,0215 0,4738 0,7406 27,0561 0,1048 Household Goods Construction & Materials SC5 Construction Join Stock Company No.5 86 SCD Chuong Duong Beverages Co Beverages Dongnai Paint Corporation Construction & Materials Saigon Fuel JSC Gas, Water & Multiutilities oi 85 at nh z 4,1233 0,3365 6,2375 0,8410 5,3746 0,2138 0,6272 1,0227 27,4479 0,0407 21,8353 1,5340 5,3097 0,2592 0,3499 0,0023 0,2569 1,0525 26,3380 0,0503 17,4671 1,1719 6,7847 0,5132 1,0541 0,0646 0,4486 1,1982 24,8385 0,0996 1,8263 9,6787 0,3717 0,5916 0,0013 0,3704 1,5696 27,8171 0,1672 3,5293 0,0924 0,1019 0,0644 0,0281 0,6912 25,5451 0,2881 z vb SFC TDTE 21,7201 Im-Export & Economic Co-Operation JSC 88 TDTA Electronic & Electrical Equipment SAV SDN PE Food Producers 84 87 TOBIN'S Q 20,7005 SFN Saigon Fishing Net JSC 27,7094 1,5063 90 SGC Sagiang Import Export Corporation Food Producers 21,5815 1,6191 4,0097 0,0857 0,0938 0,0091 0,0766 0,7906 25,4186 0,2180 91 SGH Saigon Hotel Corporation Travel & Leisure 38,1243 5,3814 17,6978 0,0840 0,0918 0,0063 0,0778 4,5495 24,1191 0,4721 6,2735 1,8921 17,5475 0,7012 k jm ht 89 General Industrials gm SGT Saigon Telecommunication & Technologies Corp 93 SJD CanDon Hydro Power JSC Electricity 94 SJS Song Da Urban & IZ Investment & Development JSC Real Estate 11,2123 2,0708 95 SMC SMC Investment- Trading JSC General Retailers 16,4834 0,6464 96 SSC Southern Seed JSC Food Producers 22,5885 1,8717 5,8766 97 ST8 Sieu Thanh Joint Stock Corp General Retailers 29,8995 1,3772 3,8407 98 TAC Tuong An Oil JSC Food Producers 22,9291 1,1022 22,1498 0,4446 0,8045 0,1074 0,3372 1,7817 27,7119 0,0394 12,0656 0,6738 2,0660 0,4519 0,2219 1,0488 26,2058 0,9381 18,0555 0,2782 0,3854 0,0819 0,1963 1,6272 26,4731 0,0116 3,1271 0,6523 1,8899 0,0383 0,6140 0,9545 29,0697 0,0626 0,1790 0,2181 0,0279 0,1511 1,2298 26,0813 0,1250 0,3246 0,5595 0,0004 0,3242 1,0857 27,4379 0,0841 37,8383 0,5498 1,2213 0,1142 0,4356 1,2019 28,7273 0,1969 2,6904 0,4804 0,8965 27,6582 0,2935 0,4113 0,1471 0,1402 0,7808 27,1339 0,0407 0,5814 1,0327 27,9234 0,0934 0,0287 0,1070 1,2523 25,8875 0,4032 0,0141 0,5099 0,7862 27,2859 0,0100 0,1657 0,7602 25,9261 0,3390 om l.c 92 Technology Hardware & Equipment an Lu va n THANH CONG TEXTILE GARMENT Personal Goods 7,5007 0,4359 72,5796 0,7112 Thu Duc House JSC Real Estate 20,0574 1,1948 3,4627 0,2873 re 0,2308 TDH 101 TMC Thu Duc Trading and Import Export JSC General Retailers 16,7974 0,8659 4,2096 0,5834 1,4005 0,0020 102 TMS Trans-Forwarding & Warehousing Corp Industrial Transportation 23,2176 1,9808 9,2287 0,1357 0,1571 103 TNA Thien Nam Trading Im-Export Corp General Retailers 19,8729 0,7383 3,7201 0,5240 1,1008 104 TNC Thong Nhat Rubber JSC Chemicals 6,0029 1,4265 18,8083 0,1669 0,2003 ac th si 0,0012 g e cd TCM y te 99 100 jg Page 55 hg ad ju y th Capital Structure and Firm Performance yi pl TPC PROF (%) Sector General Industrials n va TAN DAI HUNG PLASTIC JSC TRA TRAPHACO 107 TRC Tay Ninh Rubber JSC 108 TSC Techno – Agricultural Supplying JSC Truong Thanh Furniture Corporation 111 TTP Tan Tien Plastic Packaging JSC LTDTA STDTA GROWTH SIZE (Sales) TA (2,4111) 0,2015 0,2523 0,0076 0,1939 0,6533 26,8437 0,1710 19,3840 1,4906 6,0430 0,2836 0,3960 0,0102 0,2735 1,0579 27,3894 0,0980 Chemicals 32,8792 1,8670 3,6777 0,2364 0,3096 0,0441 0,1924 1,3399 27,0316 0,3881 General Retailers 20,0334 0,5075 4,0012 0,8004 4,0247 0,0001 0,8003 1,1094 28,6370 0,0347 15,5834 0,6142 5,9526 0,6290 1,6953 0,0278 0,6012 0,8721 26,3739 0,3687 7,1791 0,5046 10,1157 0,6053 1,5818 0,0134 0,5919 0,7332 27,2646 0,0529 22,7404 1,3928 3,8216 0,1368 0,1584 0,0004 0,1364 0,6663 27,6813 0,2130 0,7481 (2,7374) 0,6994 2,3271 0,0315 0,6680 1,1470 27,8018 0,3472 0,4518 4,5304 0,7233 2,6144 0,0428 0,6806 0,8985 27,2473 0,1200 12,0704 0,1921 0,2378 0,0431 0,1490 0,6169 26,8277 0,1583 Construction & Materials Household Goods General Industrials z TTF TDTE 1,2504 at 110 TDTA (14,9823) nh Thanh Thanh JSC PE Pharmaceuticals & Biotechnology oi TTC m ll 109 fu 106 TOBIN'S Q gm 105 Company name n Ticker ua al No Idico Urban and House Development JSC Construction & Materials 7,8150 VINAFCO JSC Industrial Transportation 6,8069 18,2242 1,6786 13,2318 0,8071 om (12,6401) k jm VFC Taya Electric Wire and Cable JSC ht 114 UIC vb 113 TYA z 112 Electronic & Electrical Equipment 1,2327 VGP The Vegetexco Port JSC 116 VHC Vinh Hoan Corp Food Producers 117 VHG Viet-Han Corporation Electronic & Electrical Equipment 2,2556 1,2358 (9,3290) 118 VIC VINCOM JSC Real Estate 7,3046 1,8716 76,4775 119 VID Viendong Paper JSC Forest & Paper 10,8140 0,9381 13,9978 22,9475 VINASHIP Industrial Transportation 122 123 VKP VNA 0,0890 0,3713 0,0979 0,1085 0,0000 0,0979 0,4316 26,3901 0,2439 0,7306 2,9368 0,5475 0,1830 2,3353 26,2005 0,0045 7,9055 0,4593 0,8493 0,1023 0,3570 0,8566 27,0431 0,0755 0,9547 7,9084 0,4547 0,4060 0,0488 0,8642 27,8543 0,5927 0,6745 2,7437 0,6493 2,4634 0,3145 0,3347 1,0886 28,1713 0,1453 3,9356 0,6946 61,6734 0,4813 0,9279 0,1033 0,3780 0,6572 26,6951 0,1175 23,3389 0,8576 3,6373 0,5677 1,3131 0,2665 0,3012 0,9930 27,5251 0,7092 0,8340 si VIKY PLASTIC Co General Industrials 25,6844 28,5240 ac th Industrial Metals 0,9281 1,1466 y te Vietnam - Italy Steel JSC 0,1242 0,4830 re VIS 0,0005 0,1753 n 121 0,1425 2,0411 va Vietnam Petroleum Transport JSC 0,1247 0,6583 an VIP 5,9480 7,1212 Lu 120 Industrial Transportation l.c 115 Industrial Transportation g e cd jg Page 56 hg ad ju y th Capital Structure and Firm Performance yi pl ua al Ticker Company name 124 VNE Vietnam Electricity Construction JSC 125 VNM Vietnam Dairy Products JSC 126 VNS Vietnam Sun Corp PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 0,2854 -436,78 0,8111 5,1927 0,4784 0,3327 0,9637 26,6348 0,2554 25,6423 3,2638 11,6371 0,1935 0,2424 0,0305 0,1630 2,6400 29,7569 0,2563 Travel & Leisure 17,5754 0,8804 5,2951 0,4326 0,7624 0,3609 0,0717 0,7456 27,4425 0,5594 General Industrials 10,5396 0,8048 16,2386 0,5351 1,1509 0,1686 0,3664 0,8749 25,9722 0,5086 8,4797 2,5180 158,32 0,6235 1,8478 0,4850 0,1385 2,7446 26,8787 0,3796 Vietnam container shipping JSC Industrial Transportation 1,6522 4,1728 0,3411 0,5176 0,0411 0,2999 1,3344 26,4687 0,3301 0,4678 18,8290 0,7199 2,5707 0,5918 0,1281 0,9077 25,6252 0,8663 21,4101 2,4131 10,3785 0,1373 0,1591 0,0906 0,0466 1,6876 26,9047 0,5726 n va 5,1092 Food Producers VPL Vinpearl Tourism and Trading JSC oi 128 m ll Vegetable Oil Packing JSC fu VPK Travel & Leisure 32,0148 130 VSG Viconship Saigon Industrial Transportation 11,9570 131 VSH Vinh Son Song Hinh Hydro Power JSC Electricity z at nh VSC TOBIN'S Q Construction & Materials 127 129 PROF (%) Sector n No z VITALY JSC 8,3646 0,3667 (8,2729) 0,7686 3,3214 0,2335 0,5351 0,9039 25,8395 0,4901 133 VTB Viettronics Tanbinh JSC Leisure Goods 11,2223 1,3742 6,5496 0,2360 0,3089 0,0289 0,2071 0,8462 26,1128 0,0136 134 VTC VTC Telecommunications JSC Technology Hardware & Equipment 10,2042 gm 11,3716 0,4057 0,8342 0,0741 0,3316 0,8030 25,2535 0,1849 Viet Nam Tanker JSC Industrial Transportation 8,2139 0,4345 19,5395 0,7716 3,3782 0,6930 0,0786 0,9777 27,3475 0,9356 Binh Trieu Construction & Engineering JSC Construction & Materials 8,0921 0,5753 om 0,8339 5,0189 0,0116 0,8223 1,2430 24,8868 0,0107 HCMC Infrastructure Investment JSC - CII Construction & Materials 12,9519 0,9651 8,1338 1,4645 0,4559 0,1146 1,1474 26,1572 0,0011 Construction and Materials Trading JSC Construction & Materials 8,8398 0,2131 4,0345 0,8377 6,1404 0,1692 0,6686 0,9347 28,6162 0,0306 40,2218 1,6094 3,8183 0,3243 re 0,1311 0,1932 1,2580 25,3102 0,6676 (4,4671) 1,1734 (8,1362) 0,3397 0,5106 0,0003 0,3394 0,8487 26,8785 0,0682 9,9116 1,3474 13,6726 0,1917 0,2371 0,0001 0,1915 0,7308 25,8206 0,4254 6,8682 0,8343 4,9967 0,4047 0,6798 0,6437 25,4520 0,0253 Full Power JSC Electronic & Electrical Equipment 141 GTA Thuan An Wood Processing JSC 142 HAS Hanoi P&T Construction & Installation JSC Household Goods Construction & Materials 0,4013 g e cd 0,0034 si FPC ac th 140 0,4799 y te DoanXa Port JSC n DXP va 139 Industrial Transportation 0,5705 an CNT 5,3805 Lu 138 CII l.c 137 BTC 0,8695 136 VTO k 135 jm VTA ht vb 132 Construction & Materials jg Page 57 hg ad ju y th Capital Structure and Firm Performance yi pl ua al Ticker Company name 143 HTV Hatien Transport JSC 144 KMR Mirae 145 KSH Ha Nam Mineral JSC PROF (%) Sector n No n va Industrial Transportation Personal Goods fu Mining LTDTA STDTA GROWTH SIZE (Sales) TA 20,3706 0,0402 0,0419 0,0010 0,0392 0,4881 25,1797 0,1366 0,8383 2,6511 0,3077 0,4445 0,0086 0,2991 0,4538 25,8633 0,4962 1,8561 16,7878 0,2733 0,3760 0,1123 0,1609 1,4026 24,5508 0,5178 0,9165 12,5289 0,5913 1,4471 0,3534 0,2379 1,0992 25,2191 0,0075 nh 0,6109 7,0595 0,5996 1,4977 0,0803 0,5193 0,8102 25,7168 0,2245 9,5633 0,6733 1.128,5 0,5614 1,2800 0,2058 0,3556 0,7961 26,1609 0,4930 19,3028 1,1837 4,7600 0,3537 0,5474 0,0000 0,3537 0,8912 25,8989 0,1435 ht m ll 9,5966 10,5764 TDTE 6,4476 59,1321 2,1210 3,0910 0,2141 0,2724 0,0023 0,2118 1,5492 24,7393 0,0671 4,9159 0,6638 15,2308 0,4953 0,9812 0,0037 0,4915 0,6543 26,8136 0,1397 0,4382 0,7801 0,3098 0,1285 0,9861 24,3155 0,7909 147 MCV Cavico Vietnam Mining & Construction JSC Mining 148 MHC Hanoi Maritime Holding JSC Industrial Transportation NamViet JSC Construction & Materials NHC Nhi Hiep Brick-Tile JSC Construction & Materials 151 PTC Post and Telecommunications Investment and Construction JSC Industrial Transportation 152 RHC Ry Ninh II Hydroelectric JSC Electricity oi LuGia Mechanical Electric JSC at z z vb 150 1,4078 TDTA 10,7095 LGC NAV 5,4960 PE Electronic & Electrical Equipment 146 149 TOBIN'S Q k jm 153 RIC Royal International Corporation Travel & Leisure 3,4319 gm 5,7191 1,6425 116,24 0,1821 0,2226 0,0178 0,1642 1,0067 25,8491 0,3277 154 SBT Sucrerie De Bourbon Tay Ninh Food Producers 8,8963 1,5016 14,7977 0,1814 0,2216 0,0179 0,1635 0,8645 27,0571 0,4316 Sea & Air Freight International Industrial Transportation 14,8776 0,8238 om 0,5123 1,1089 0,0006 0,5116 0,8786 25,5213 0,2999 1,6715 0,2855 0,3402 0,9420 25,8873 0,7783 0,1988 0,0025 0,1633 0,6331 25,8250 0,0411 2,2092 0,0153 0,6731 1,4860 26,1493 0,2200 0,3271 0,7189 27,7148 0,4028 l.c SFI 1,1096 155 24,5910 2,8400 SHC SaiGon Maritime JS Co.Ltd 23,2751 0,6906 4,3314 157 SJ1 Seafood JSC No.1 Food Producers 22,6913 1,3014 3,0642 Sonadezi Long Thanh Construction & Materials 24,8508 1,1092 6,0338 0,6884 0,1659 va SZL 0,6257 an 158 Lu 156 Industrial Transportation TCR TAICERA Enterprise LTD Co 12,2901 0,7615 7,5221 0,4787 re n 159 Construction & Materials 0,1517 160 TCT Tay Ninh Cable Car Tour Company Travel & Leisure 45,8400 4,7264 11,1613 0,0508 0,0536 0,0090 0,0418 3,8281 24,3286 0,0501 161 TS4 Seapriexco Sea Food JS Company No Food Producers 6,2775 0,9621 7,6343 0,3564 0,5538 0,1948 0,1616 0,6749 25,9351 0,1298 162 UNI Vien Lien JSC General Retailers 1,4786 1,2863 39,0987 0,2173 0,2777 0,2173 0,7210 24,9737 0,0369 0,9184 y te ac th 0,0000 si g e cd jg Page 58 hg