(Luận văn thạc sĩ) financial analysis of vietnam lpg trading joint stock company

VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL *************** LE THAI HUNG FINANCIAL ANALYSIS OF VIETNAM LPG TRADING JOINT STOCK COMPANY MASTER THESIS HA NOI - 2022 VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL *************** LE THAI HUNG FINANCIAL ANALYSIS OF VIETNAM LPG TRADING JOINT STOCK COMPANY PHÂN TÍCH TÀI CHÍNH CƠNG TY CỔ PHẦN KINH DOANH LPG VIỆT NAM Major: Financial Management Code: 8340202.01QTD MASTER THESIS Supervisor: Assoc.Prof Dr Nguyen Thi Minh Hue HA NOI - 2022 COMMITMENT I hereby declare that this is my own research work, with the support of my instructor The research contents and results in this topic are true and have never been published in any other works I take responsibility for my research topic Author Le Thai Hung i ABSTRACT Thesis Title: Financial analysis of Vietnam LPG Trading joint stock company Pages: 75 University: Vietnam National University Graduate School: International School Date: Jan., 2022 Degree: Master Graduate Student: Le Thai Hung Supervisor: Assoc Prof Dr Nguyen Thi Minh Hue This study focuses on analyzing the overview of the financial situation of Vietnam LPG trading joint stock company in the period 2018-2020 based on the data announced by the company and checked annually The study also offers solutions to improve the company's financial position in the period 2021-2025 By applying financial analysis methods such as: comparative method, division method, factor analysis method, comparative relationship method, forecasting method, Dupont method, and the collection of primary and secondary data, analysis results have shown the current status of assets and capital of the Company, considered the financial indicators of the company and compared with the group of competitors same sector Through these tables and data, the thesis also shows some achieved results, limitations and causes The thesis also proposes solutions to improve the financial situation of Vietnam LPG trading joint stock company such as: Company development orientation in the coming time; Manage reasonable expenses and expenses incurred in the company; Reasonable and effective debt recovery; Improve efficiency of capital use and strengthen capital management; Completing the financial analysis of the Company; Completing the organizational process and content analysis of the Company's financial position ii ACKNOWLEDGMENT During researching and writing this thesis, I have received enthusiastic help from agencies, organizations and individuals On this occasion, I would like to express my deep gratitude and sincere gratitude to the groups and individuals who have facilitated and helped me during this thesis First of all, I would like to thank the Executive Board of the International School and all the teachers who have equipped me with knowledge during my study and research at the university With the most sincere and profound gratitude, I would like to thank Assoc.Prof.Dr Nguyen Thi Minh Hue, who directly guided me throughout the process of researching and completing the thesis I would like to thank the Leaders and employees at Vietnam LPG Trading joint stock company for spending their time to help me obtain information and synthesize data for analysis during my researching and completing this thesis Due to the limited research time and knowledge, it is inevitable that mistakes and omissions can be avoided in the completion of the thesis I look forward to receiving your comments and feedback Thank you sincerely! Hanoi, , 2022 Thesis author Le Thai Hung iii TABLE OF CONTENTS CHAPTER 1: GENERAL INTRODUCTION .1 1.1 Research topic: 1.2 Research purposes 1.3 Research object and research scope 1.4 Research methodology 1.5 Research paper overview: CHAPTER THEORETICAL BASIS OF CORPORATE FINANCIAL ANALYSIS 2.1 An overview of corporate financial analysis 2.1.1 Concepts and objectives of corporate financial analysis 2.1.1.1 Concept 2.1.1.2 Meaning of corporate financial analysis 2.1.1.3 Objectives of corporate financial analysis 2.1.2 Data in corporate financial analysis 2.1.3 Corporate financial analysis method .8 2.1.3.1 Comparative method 2.1.3.2 Split method 2.1.3.3 Factor analysis method 2.1.3.4 Relation and comparison method .10 2.1.3.5 Predictive method 10 2.1.3.6 Dupont method 11 2.2 Financial analysis content 11 2.2.1 Overall assessment of the company’s financial situation 11 2.2.2 Analysis of financial indicators 12 2.2.2.1 Liquidity ratio - the company’s ability to pay 12 2.2.2.2 Activity Ratios - measures the level of activity relative to a company’s assets .13 2.2.2.3 Financial leverage ratios - show how a company’s use of debt affects its operating performance 14 2.2.2.4 Profitability ratios - represent the ability of assets and equity to generate profits 16 2.2.2.5 The market value ratio shows how the company is valued by investors 17 2.3 Factors affecting corporate financial analysis .18 2.3.1 Factors from inside the business 18 2.3.2 Factors from outside the business 20 CHAPTER 22 iv RESEARCH APPROACH AND METHODOLOGY 22 3.1 Research process 22 3.2 Data in the research 23 3.3 Preliminary research and formal research 23 3.4 Data analysis method 24 CHAPTER 4: RESEARCH RESULTS 25 4.1 Overview of Vietnam LPG Trading Joint Stock Company 25 4.1.1 History of formation and development 25 4.1.2 Main business lines 25 4.1.3 Organizational structure and financial management apparatus 27 4.1.4 In term of the financial management mechanism of the Company 28 4.1.5 Organization of the accounting apparatus and accounting work 29 4.2 Financial analysis results of Vietnam LPG Trading Joint Stock Company 31 4.2.1 Analyze the current state of assets and capital of the company 31 4.2.2 Analysis of business results of Vietnam LPG Trading Joint Stock Company in the period of 2018 - 2020 33 4.2.2.1 General financial situation of the company (as of December 31, 20220): 33 4.2.2.2 Analysis of the company’s business performance: 34 4.2.2.3 Analysis of debt situation and solvency 35 4.2.3 Dupont analysis 37 4.3 Comparative analysis with companies in the same industry 38 4.3.1 Compare business results: 40 4.3.2 General comment: 46 4.4 Evaluation of the financial situation of Vietnam LPG Trading Joint Stock Company 47 4.4.1 Some results achieved 47 4.4.2 Limited and causes 48 4.4.2.1 Restrictions 48 4.4.2.2 The cause of the restriction 49 CHAPTER 5: SOLUTIONS TO IMPROVE THE FINANCIAL SITUATION OF VIETNAM LPG TRADING JOINT STOCK COMPANY 51 5.1 The development direction of the company in the coming time 51 5.1.1 Production growth: 51 5.1.2 Financial plan targets for the period of 2021 – 2025: 53 5.2 Solutions to improve the financial situation of Vietnam LPG Trading Joint Stock Company 56 5.2.1 Manage reasonable cost, amount arising in the company v 56 5.2.2 Recover debts in a reasonable and effective manner 56 5.2.3 Improve capital efficiency and strengthen capital management 56 5.2.4 Complete the financial analysis of the company 57 5.2.5 Improve the organizational process and complete content analysis of the company’s financial position .58 5.3 Other recommendations 60 CONCLUSIONS .61 REFERENCES 62 vi LIST OF FIGURE Figure 4.1.2 Main business lines PVGAS LPG 26 Figure 4.1.3 DIAGRAM OF ORGANISATIONAL STRUCTURE 27 Figure 4.1.5 Organization of the accounting apparatus and accounting work 30 Figure 4.2.: Accounting form at Vietnam LPG Trading Joint Stock Company .31 Figure 4.2.2.2 : Business results of Vietnam LPG Trading Joint Stock Company in 2018 - 2020 35 Figure 4.3.1.1 Compare business results 40 Figure 4.3.1.2 Compare business results 41 Figure 4.3.1.3 Compare business results 42 Figure 4.3.1.4 Compare business results 43 Figure 4.3.1.5 Compare business results 44 Figure 4.3.1.6 Compare business results 45 Figure 5.2.4 Dupont financial analysis chart 58 vii LIST OF TABLE Table 3.1 – Progress of research steps 22 Table 4.2.1: Analysis of company assets and capital for the period of 2018 - 2020 32 Table 4.2.2: Capital structure of Vietnam LPG Trading Joint Stock Company in 2020 33 Table 4.2.2.2: Revenue and operating expenses of the company 34 Table 4.2.2.3: Analysis of the company’s performance in the period of 2018 - 2020 .36 Table 4.2.3 Dupont analysis 37 Table 5.1.1 Production growth (North) 51 Table 5.1.1.2 Production growth (Sounth) 51 Table 5.1.1.3 Production growth (Whole market) 52 Table 5.1.2.1 Financial plan targets for the period of 2021 – 2025 (North) .53 Table 5.1.2.2 Financial plan targets for the period of 2021 – 2025 (Sounth) .54 Table 5.1.2.3 Financial plan targets for the period of 2021 – 2025 (PVGAS LPG) 55 viii