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

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - HUỲNH ANH KIỆT CAPITAL STRUCTURE AND FIRM PERFORMANCE: CASE STUDY: LISTED COMPANIES IN HOCHIMINH STOCK EXCHANGE MASTER THESIS Ho Chi Minh City – 2010 TIEU LUAN MOI download : skknchat@gmail.com MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - HUỲNH ANH KIỆT CAPITAL STRUCTURE AND FIRM PERFORMANCE: CASE STUDY: LISTED COMPANIES IN HOCHIMINH STOCK EXCHANGE MAJOR: BUSINESS ADMINISTRATION MAJOR CODE: 60.34.05 MASTER THESIS INSTRUCTOR : PROFESSOR NGUYỄN ĐÔNG PHONG Ho Chi Minh City – 2010 TIEU LUAN MOI download : skknchat@gmail.com ACKNOWLEDGEMENT 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 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 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 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 I would like to specially express my thanks to all of my classmates, my friends from www.caohockinhte.vn for their support and encouragement I would also like to avail this opportunity to express my appreciation to Professor Nguyen Dong Phong, UEH Board of Directors for creating MBA program in English and Dr Tran Ha Minh Quan for his support during the course Finally, I heartily dedicate this study to my beloved parents and my wife, Vu Thi Huyen who have always sacrificed to encourage and support me during my study i TIEU LUAN MOI download : skknchat@gmail.com ABSTRACT This study investigates the relationship between firm capital structure and firm 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 performance using cross-sectional data representing of 162 Vietnamese companies in Hochiminh Stock Exchange for 2008 According to the results, a firm profitability is found to have a significant and negative impact on all firm capital structure This finding support pecking order theory of Myers and Majluf (1984) An interesting finding is that firm size has a positive and significant impact on the leverage, which consistent with a previous study of Rajan and Zingales (1995), and indicating that a firm size is an important determinant of corporate capital structure Firm capital structure is confirmed to have positive and significant impacts on firm market performance which is measured by Tobin’s Q The author also finds that firm growth opportunities have a positive and significant impact on the firm value Tobin’s Q Keywords: Capital structure, corporate performance, Vietnam, HOSE ii TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage TABLE OF CONTENTS 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 iii TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage 5.3 RECOMMENDATIONS 39 5.4 LIMITATIONS 40 REFERENCES 41 APPENDIX A .44 APPENDIX B 45 APPENDIX C 51 iv TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage LIST OF FIGURES Figure 1: The Leverage Model 14 Figure 2: The Firm Value Model 17 Figure 3: Research Process 19 Figure 4: Framework of the study 23 v TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage Capital Structure and Firm Performance APPENDIX C Research Data Set Company name Sector PROF (%) TOBIN'S Q No Ticker ABT BenTre Aquaproduct Import & Export JSC Food Producers 8,7353 1,3479 ACL Cuulong Fish JSC Food Producers 25,6759 AGF An Giang Fisheries Import & Export JSC Food Producers 6,9761 ALP Alphanam JSC ALT ALTA Company ANV Nam Viet Corporation ASP AN PHA S.G PETROL JSC Gas, Water & Multiutilities 13,1285 BAS BASACO Food Producers 10,2066 Industrial Engineering Household Goods Food Producers PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 7,8541 0,1115 0,1254 0,0000 0,1115 0,5708 26,8833 0,1035 0,8650 2,6019 0,6266 1,6780 0,1073 0,5193 1,1182 27,2021 0,1085 0,6114 15,5980 0,5260 1,1458 0,0349 0,4911 0,6841 28,3736 0,2903 5,9434 1,1639 17,2308 0,2564 0,3682 0,0059 0,2506 0,7162 27,9005 0,0816 5,7385 1,1674 8,6802 0,2089 0,2641 0,0000 0,2089 0,5853 25,9619 0,3654 13,0363 1,0686 12,6941 0,3979 0,6609 0,0287 0,3692 0,8644 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 BBC Bien Hoa Confectionery Corp Food Producers 7,7031 1,1769 10,5017 0,1843 0,2260 0,0175 0,1668 0,5456 27,0244 0,2301 10 BHS Bien Hoa Sugar JSC Food Producers 3,3041 1,0705 (7,1512) 0,4466 0,8070 0,2613 0,1853 0,9637 27,3981 0,2962 11 BMC Binh Dinh Minerals JSC 42,9825 5,2734 12,2302 0,0579 0,0614 0,0016 0,0563 4,3892 25,5921 0,1480 12 BMP Binh Minh Plastics JSC 28,2367 1,7735 5,3737 0,1372 0,1590 0,0013 0,1359 1,0479 27,4466 0,3297 13 BPC Bim Son Packaging JSC Mining Household Goods General Industrials 18,3364 1,3007 4,1709 0,1685 0,2026 0,0077 0,1608 0,6376 25,9485 0,3239 14 BT6 Chau Thoi Concrete Corporation No.620 Construction & Materials 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 24,2976 0,9551 4,0000 0,5742 1,3483 0,0004 0,5737 1,1035 27,5516 0,1594 9,0315 1,7965 15,5361 0,1193 0,1355 0,0196 0,0997 1,0351 28,7532 0,0546 11,7921 0,6296 5,7070 0,6304 1,7056 0,3191 0,3113 0,8903 26,3333 0,3218 16 CLC Cat Loi JSC Tobacco 17 COM Materials - Petroleum JSC Gas, Water & Multiutilities 18 CYC Chang Yih Ceramic JSC Construction & Materials Page 51 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage Capital Structure and Firm Performance No Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 19 DCC DESCON Construction Corp Construction & Materials 20 DCL Cuu Long Pharmaceutical Corp Pharmaceuticals & Biotechnology 21 DCT Dongnai Roofsheet & Construction Material JSC Construction & Materials 14,4630 1,2662 3,9001 0,1495 0,1758 0,0415 0,1080 0,5620 26,0065 0,0820 22 DDM Dong Do Marine JSC Industrial Transportation 10,1197 0,2419 9,7379 0,8665 6,4898 0,6184 0,2480 0,9749 26,3215 0,6706 23 DHA 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 24 DHG 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 25 DIC DIC Investment & Trading JSC Construction & Materials 11,0404 0,5498 5,2808 0,6705 2,2703 0,0322 0,6383 0,9403 27,2268 0,2122 26 DMC 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 27 DNP DongNai Plastic Construction JSC 28 DPC 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 33 DTT DoThanh Technology Corporation 34 DXV 35 Construction & Materials Household Goods Chemicals Chemicals Household Goods Automobiles & Parts 5,1190 0,7877 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 13,5955 0,7011 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 5,1956 0,3456 0,5305 0,0383 0,3072 1,5121 27,3147 0,3983 4,6601 0,6168 235,19 0,5671 1,3265 0,1170 0,4501 0,7584 26,6894 0,0741 20,3363 0,7721 4,9907 0,6485 1,8446 0,1551 0,4933 1,0691 27,9064 0,2546 General Industrials 8,6368 1,4395 8,8707 0,0494 0,0519 0,0002 0,0492 0,5383 25,4444 0,1689 Da Nang Construction Building Materials And Cement Construction & Materials 7,3180 0,4750 9,1269 0,7207 2,5804 0,4926 0,2281 0,9164 27,4807 0,1564 FBT Ben Tre Forestry And Aquaproduct Import Export Food Producers 36 FMC Sao Ta Foods JSC 37 FPT FPT Corp Food Producers Software & Computer Services 5,3329 0,7724 27,1831 0,5386 1,1675 0,0299 0,5087 0,8497 27,4313 0,2263 13,5105 0,7310 7,5031 0,5411 1,1791 0,0016 0,5395 0,8131 27,6482 0,1858 23,1101 1,6830 8,3578 0,5168 1,3009 0,0008 0,5160 1,7439 30,4301 0,1134 Page 52 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study 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case.study listed.companies.in.hochiminh.stock.exchage Capital Structure and Firm Performance No Ticker Company name Sector Binh Thanh Im-export, production & trade JSC Personal Goods 38 GIL 39 GMC Garmex Saigon JSC Personal Goods 40 GMD General Forwarding & Agency Corporation Industrial Transportation 41 HAP Hapaco Hai Phong Paper JSC Forest & Paper 42 HAX Hangxanh Motors Service JSC General Retailers 43 HBC Hoa Binh Construction& Real Easte Corp Construction & Materials 44 HBD Binh Duong PP Pack Marking JSC General Industrials 45 HDC Ba Ria – Vung Tau House Development JSC Real Estate PROF (%) 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 46 HLA Asia Huu Lien Industrial Metals 8,5718 0,4991 (12,0312) 0,7423 3,0604 0,0316 0,7107 1,0064 28,2425 0,1131 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 48 HPG Hoa Phat Group JSC Industrial Metals 22,4451 1,9049 7,2413 0,2295 0,3148 0,0067 0,2228 1,3678 29,7713 0,1556 49 HRC HoaBinh Rubber JSC Chemicals 24,9673 1,9171 4,7847 0,1693 0,2038 0,0093 0,1600 1,2558 26,3932 0,1333 50 HSI General Materials Biochemistry Fertilizer JSC Chemicals 10,6282 0,2787 5,8858 0,8559 5,9393 0,0006 0,8553 0,9905 27,1753 0,0701 51 HT1 Ha Tien Cement JSC Construction & Materials 2,7380 0,4498 20,1700 0,8273 4,7902 0,5308 0,2965 1,1044 28,5700 0,0626 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 54 IMP Imexpharm Pharmaceutical JSC Pharmaceuticals & Biotechnology 13,8812 2,3311 15,0086 0,1351 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 56 KDC Kinh Do JSC Food Producers 2,1341 1,3033 (20,1506) 0,2802 0,4027 0,0577 0,2225 0,8804 28,0137 0,1169 57 KHA Khahomex Khanh Hoi Import Export JSC General Retailers 15,6238 1,0797 3,9139 0,3540 0,5480 0,0123 0,3417 0,7877 26,1568 0,0356 58 KHP Khanh Hoa Power JSC Electricity 35,7012 0,5239 4,0884 0,7051 2,3911 0,5346 0,1706 0,9341 27,4598 0,6142 59 L10 LILAMA 10 JSC Industrial Engineering 13,2668 0,6205 4,7751 0,6775 2,1009 0,0392 0,6384 0,9755 26,5158 0,0706 60 LAF Lafooco Long An Food Processing Export JSC Food Producers 9,3893 0,6741 14,0570 0,5850 1,4095 0,0016 0,5834 0,8440 27,0639 0,0852 Page 53 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage Capital Structure and Firm Performance No Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH 0,2627 0,2938 0,9360 SIZE (Sales) TA 25,6013 0,3098 61 LBM LamDong Buiding Materials JSC Construction & Materials 62 LCG LICOGI 16 Construction & Materials 16,7756 0,9580 4,1504 0,5428 1,1872 0,1057 0,4371 1,0436 26,8204 0,0136 63 LSS Lam Son Sugar JSC Food Producers 17,7897 1,2280 6,6855 0,3183 0,4838 0,0877 0,2306 0,8830 27,7548 0,2524 64 MCP My Chau Printing& Packing Holdings Co General Industrials 18,2576 0,9870 4,2786 0,3969 0,6581 0,2240 0,1729 0,7809 26,0611 0,4313 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 0,1094 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 8,3444 0,8328 8,8166 0,7314 2,7234 0,0003 0,7311 1,2956 26,6403 0,0061 15,7124 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 Real Estate 27,6272 0,7711 6,2997 0,5565 1,3870 68 NTL TU LIEM URBAN DEVELOPMENT 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 1,0180 183,64 0,3162 0,4732 0,1240 0,1922 0,6657 28,1557 0,1823 73 PIT Petrolimex International Trading JSC General Retailers 12,2134 0,8832 8,1074 0,4341 0,7672 0,0000 0,4341 0,7515 28,1658 0,0280 74 PJT Petrolimex Joint Stock Tanker Com Industrial Transportation 11,6147 0,8843 11,5417 0,5021 1,0086 0,0014 0,5008 0,8885 27,4087 0,3839 75 PMS Petroleum Mechanical JSC Gas, Water & Multiutilities 5,5942 1,1625 21,4496 0,4599 0,8515 0,0018 0,4581 1,0823 26,3210 0,0487 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 2,8163 0,2452 0,4508 1,9550 28,9471 0,2331 79 PVT PETROVIETNAM TRANSPORTATION CORP Industrial Transportation 80 RAL Rangdong Light source and Vacuum flash JSC Household Goods 81 REE Refrigeration Electrical Engineering Corporation Real Estate Pharmaceuticals & Biotechnology Household Goods General Retailers 6,4536 2,5355 173,95 0,7300 5,7308 0,3210 0,4090 2,9192 27,7345 0,4315 12,4438 0,7178 4,6089 0,5340 1,1457 0,0493 0,4846 0,7858 27,4544 0,1974 (4,6172) 1,4530 (10,9638) 0,1951 0,2437 0,0404 0,1547 0,8456 27,7917 0,0076 Page 54 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage Capital Structure and Firm Performance Company name Sector PROF (%) TOBIN'S Q SIZE (Sales) TA 1,0920 26,7423 0,2826 0,0308 0,4298 27,8906 0,0497 0,4738 0,7406 27,0561 0,1048 0,2138 0,6272 1,0227 27,4479 0,0407 0,0023 0,2569 1,0525 26,3380 0,0503 1,0541 0,0646 0,4486 1,1982 24,8385 0,0996 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 4,0097 0,0857 0,0938 0,0091 0,0766 0,7906 25,4186 0,2180 0,0840 0,0918 0,0063 0,0778 4,5495 24,1191 0,4721 No Ticker 82 SAF SAFOCO Foodstuff JSC Food Producers 21,7201 1,4487 4,2592 0,3216 83 SAM Sacom Cables & Telecom Materials JSC Electronic & Electrical Equipment (1,8504) 1,3679 (11,9774) 84 SAV Im-Export & Economic Co-Operation JSC 6,5588 0,7508 9,9433 85 SC5 Construction Join Stock Company No.5 4,1233 0,3365 86 SCD Chuong Duong Beverages Co Beverages 21,8353 1,5340 87 SDN Dongnai Paint Corporation Construction & Materials 17,4671 88 SFC Saigon Fuel JSC Gas, Water & Multiutilities 20,7005 89 SFN Saigon Fishing Net JSC General Industrials 27,7094 90 SGC Sagiang Import Export Corporation Food Producers 21,5815 91 SGH Saigon Hotel Corporation Travel & Leisure 38,1243 5,3814 92 SGT Saigon Telecommunication & Technologies Corp Technology Hardware & Equipment 6,2735 1,8921 22,1498 0,4446 0,8045 0,1074 0,3372 1,7817 27,7119 0,0394 93 SJD CanDon Hydro Power JSC Electricity 17,5475 0,7012 12,0656 0,6738 2,0660 0,4519 0,2219 1,0488 26,2058 0,9381 94 SJS Song Da Urban & IZ Investment & Development JSC Real Estate 11,2123 2,0708 18,0555 0,2782 0,3854 0,0819 0,1963 1,6272 26,4731 0,0116 95 SMC SMC Investment- Trading JSC General Retailers 16,4834 0,6464 3,1271 0,6523 1,8899 0,0383 0,6140 0,9545 29,0697 0,0626 96 SSC Southern Seed JSC Food Producers 22,5885 1,8717 5,8766 0,1790 0,2181 0,0279 0,1511 1,2298 26,0813 0,1250 97 ST8 Sieu Thanh Joint Stock Corp General Retailers 29,8995 1,3772 3,8407 0,3246 0,5595 0,0004 0,3242 1,0857 27,4379 0,0841 98 TAC Tuong An Oil JSC Food Producers 22,9291 1,1022 37,8383 0,5498 1,2213 0,1142 0,4356 1,2019 28,7273 0,1969 0,2935 Household Goods Construction & Materials PE TDTA TDTE LTDTA STDTA GROWTH 0,4742 0,0052 0,3164 0,0309 0,0319 0,0002 0,4953 0,9801 0,0215 6,2375 0,8410 5,3746 5,3097 0,2592 0,3499 1,1719 6,7847 0,5132 1,8263 9,6787 1,5063 1,6191 17,6978 99 TCM THANH CONG TEXTILE GARMENT Personal Goods 7,5007 0,4359 72,5796 0,7112 2,6904 0,2308 0,4804 0,8965 27,6582 100 TDH Thu Duc House JSC Real Estate 20,0574 1,1948 3,4627 0,2873 0,4113 0,1471 0,1402 0,7808 27,1339 0,0407 101 TMC Thu Duc Trading and Import Export JSC General Retailers 16,7974 0,8659 4,2096 0,5834 1,4005 0,0020 0,5814 1,0327 27,9234 0,0934 102 TMS Trans-Forwarding & Warehousing Corp Industrial Transportation 23,2176 1,9808 9,2287 0,1357 0,1571 0,0287 0,1070 1,2523 25,8875 0,4032 103 TNA Thien Nam Trading Im-Export Corp General Retailers 19,8729 0,7383 3,7201 0,5240 1,1008 0,0141 0,5099 0,7862 27,2859 0,0100 104 TNC Thong Nhat Rubber JSC Chemicals 6,0029 1,4265 18,8083 0,1669 0,2003 0,0012 0,1657 0,7602 25,9261 0,3390 Page 55 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage Capital Structure and Firm Performance No Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH 0,0076 0,1939 0,6533 SIZE (Sales) TA 26,8437 0,1710 105 TPC TAN DAI HUNG PLASTIC JSC General Industrials 106 TRA TRAPHACO Pharmaceuticals & Biotechnology 19,3840 1,4906 6,0430 0,2836 0,3960 0,0102 0,2735 1,0579 27,3894 0,0980 107 TRC Tay Ninh Rubber JSC 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 (12,6401) 0,7481 (2,7374) 0,6994 2,3271 0,0315 0,6680 1,1470 27,8018 0,3472 108 TSC Techno – Agricultural Supplying JSC 109 TTC Thanh Thanh JSC 110 TTF Truong Thanh Furniture Corporation 111 TTP Tan Tien Plastic Packaging JSC Construction & Materials Household Goods General Industrials (14,9823) 1,2504 (2,4111) 0,2015 0,2523 112 TYA Taya Electric Wire and Cable JSC Electronic & Electrical Equipment 113 UIC Idico Urban and House Development JSC Construction & Materials 7,8150 0,4518 4,5304 0,7233 2,6144 0,0428 0,6806 0,8985 27,2473 0,1200 114 VFC VINAFCO JSC Industrial Transportation 6,8069 1,2327 12,0704 0,1921 0,2378 0,0431 0,1490 0,6169 26,8277 0,1583 115 VGP The Vegetexco Port JSC Industrial Transportation 18,2242 1,6786 5,9480 0,1247 0,1425 0,0005 0,1242 0,9281 25,6844 0,0890 116 VHC Vinh Hoan Corp Food Producers 13,2318 0,8071 7,1212 0,6583 2,0411 0,1753 0,4830 1,1466 28,5240 0,3713 117 VHG Viet-Han Corporation Electronic & Electrical Equipment 2,2556 1,2358 (9,3290) 0,0979 0,1085 0,0000 0,0979 0,4316 26,3901 0,2439 118 VIC VINCOM JSC Real Estate 7,3046 1,8716 76,4775 0,7306 2,9368 0,5475 0,1830 2,3353 26,2005 0,0045 119 VID Viendong Paper JSC Forest & Paper 10,8140 0,9381 7,9055 0,4593 0,8493 0,1023 0,3570 0,8566 27,0431 0,0755 120 VIP Vietnam Petroleum Transport JSC Industrial Transportation 13,9978 0,9547 7,9084 0,4547 0,8340 0,4060 0,0488 0,8642 27,8543 0,5927 121 VIS Vietnam - Italy Steel JSC Industrial Metals 22,9475 0,6745 2,7437 0,6493 2,4634 0,3145 0,3347 1,0886 28,1713 0,1453 122 VKP VIKY PLASTIC Co General Industrials 3,9356 0,6946 61,6734 0,4813 0,9279 0,1033 0,3780 0,6572 26,6951 0,1175 123 VNA VINASHIP Industrial Transportation 23,3389 0,8576 3,6373 0,5677 1,3131 0,2665 0,3012 0,9930 27,5251 0,7092 Page 56 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage (LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage(LUAN.van.THAC.si).capital.structure.and.firm.performance case.study listed.companies.in.hochiminh.stock.exchage Capital Structure and Firm Performance No Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 124 VNE Vietnam Electricity Construction JSC Construction & Materials 5,1092 0,2854 -436,78 0,8111 5,1927 0,4784 0,3327 0,9637 26,6348 0,2554 125 VNM Vietnam Dairy Products JSC Food Producers 25,6423 3,2638 11,6371 0,1935 0,2424 0,0305 0,1630 2,6400 29,7569 0,2563 126 VNS Vietnam Sun Corp Travel & Leisure 17,5754 0,8804 5,2951 0,4326 0,7624 0,3609 0,0717 0,7456 27,4425 0,5594 127 VPK Vegetable Oil Packing JSC General Industrials 10,5396 0,8048 16,2386 0,5351 1,1509 0,1686 0,3664 0,8749 25,9722 0,5086 128 VPL Vinpearl Tourism and Trading JSC Travel & Leisure 8,4797 2,5180 158,32 0,6235 1,8478 0,4850 0,1385 2,7446 26,8787 0,3796 129 VSC Vietnam container shipping JSC Industrial Transportation 32,0148 1,6522 4,1728 0,3411 0,5176 0,0411 0,2999 1,3344 26,4687 0,3301 130 VSG Viconship Saigon Industrial Transportation 11,9570 0,4678 18,8290 0,7199 2,5707 0,5918 0,1281 0,9077 25,6252 0,8663 131 VSH Vinh Son Song Hinh Hydro Power JSC Electricity 21,4101 2,4131 10,3785 0,1373 0,1591 0,0906 0,0466 1,6876 26,9047 0,5726 132 VTA VITALY JSC Construction & Materials 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 0,8695 11,3716 0,4057 0,8342 0,0741 0,3316 0,8030 25,2535 0,1849 135 VTO 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 136 BTC Binh Trieu Construction & Engineering JSC Construction & Materials 8,0921 0,5753 5,3805 0,8339 5,0189 0,0116 0,8223 1,2430 24,8868 0,0107 137 CII HCMC Infrastructure Investment JSC - CII Construction & Materials 12,9519 0,9651 8,1338 0,5705 1,4645 0,4559 0,1146 1,1474 26,1572 0,0011 138 CNT 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 139 DXP DoanXa Port JSC Industrial Transportation 40,2218 1,6094 3,8183 0,3243 0,4799 0,1311 0,1932 1,2580 25,3102 0,6676 140 FPC Full Power JSC Electronic & Electrical Equipment (4,4671) 1,1734 (8,1362) 0,3397 0,5106 0,0003 0,3394 0,8487 26,8785 0,0682 141 GTA Thuan An Wood Processing JSC 9,9116 1,3474 13,6726 0,1917 0,2371 0,0001 0,1915 0,7308 25,8206 0,4254 142 HAS Hanoi P&T Construction & Installation JSC 6,8682 0,8343 4,9967 0,4047 0,6798 0,0034 0,4013 0,6437 25,4520 0,0253 Household Goods Construction & Materials Page 57 TIEU LUAN MOI download : skknchat@gmail.com 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