CORPORATE FINANCE REPORT KINHDO’SFINANCIALSTATEMENTANALYSIS2018 – 2020

CORPORATE FINANCE REPORT KINH DO’S FINANCIAL STATEMENT ANALYSIS 2018 – 2020 WESTERN SYDNEY UNIVERSITY VIETNAM CF-T321WSB-4 LECTURE: VO HONG DUC TU THI KIM THOA Group 3_CF-T321WSB-4 GROUP MEMBER: PHAM NGOC MINH NGUYEN DUC MINH NGUYEN THANH UYEN DAO NGUYEN ANH THU NGUYEN NGOC NHA QUYNH Table of Contents INTRODUCTION Company Overview Primary Business Line .4 Business Network Board of Directors Subsidiaries ANALYSIS OF PROFIT/LOSS AND BALANCE SHEET YEAR-END BALANCE SHEET OF KDC CORPORATION a Total current assets b Total non-current assets c Total currents liabilities d Total non-current liabilities 10 e Total Stockholders’ equity 10 INCOME STATEMENT 11 a Total operating revenues 11 b Cost of goods sold 12 c Total expenses (before income taxes) .13 d Non-operating (or extraordinary) gains and losses 13 e Earnings per common share (EPS) 14 RATIOS ANALYSIS 15 a Liquidity Ratios 15 b Leverage Ratios (Efficiency ratios) .16 c Leverage Ratios (Long-term solvency ratios) 17 d Profitability Ratios 18 e Market Value Ratios 20 CONCLUSION 21 REFERENCES 22 Group 3_CF-T321WSB-4 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 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IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 INTRODUCTION \ Company Overview Company Name: KIDO GROUP CORPORATION Stock Trading Code: KDC Listing Information: listed on the Ho Chi Minh City Stock Exchange under the Listing License No 39 / UBCK-GPNY issued by the State Securities Commission on November 18th, 2005 External Audit Firm: Ernst & Young Vietnam Global Limited (E&Y) Postal Address: 138-142 Hai Ba Trung St., Da Kao, District 1, Ho Chi Minh City, Vietnam Internet Address:  Email: info@kdc.vn  Website: www.kdc.vn  Customer Support: customerservice_kido@kdc.vn Charter capital (as of 31st December 2020): 2,797,413,560,000 VND KIDO, formerly known as Kinh Do Construction and Food Processing Co., Ltd, was founded in 1993 in Ho Chi Minh City, Vietnam Since then, it has become one of the largest food flavoring companies in the domestic market It was in 2001 when the company’s products were strongly exported to America, France, Germany and other Asian countries In October 2015, the firm officially changed its name to KIDO Group Joint Stock Company By 2020, KIDO has been recognized as a National Brand for 12 consecutive years and continues to be in the Top 10 prestigious food companies Primary Business Line Over 27 years of development, KDC has operated mainly in the field of manufacturing, processing, trading and exporting consumer food products such as cooking oil, ice cream, confectionery, snack food and beverage In 2020, it is reported that KIDO successfully maintained its position in the ice cream industry, accounting for 43.5% of market share with popular brands Merino and Celano Additionally, owning 30% of market share in the cooking oil market, the company continued Group 3_CF-T321WSB-4 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 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IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 to be No.2 in the industry with honored products including Tuong An Cooking Oil and Seasonal Tuong An Cooking Oil Business Network Currently, KIDO operates with main head office located in Ho Chi Minh City and major subsidiaries The company owns 02 frozen food factories in Bac Ninh and Cu Chi as well as 05 oil factories in Nghe An, Ba Ria - Vung Tau and Nha Be Each year, the total capacity supplied includes more than 20 million liters of yogurt and ice cream individually; over 400,000 tons of oil products, 130,000 tons of refined oil, 120,000 tons of finished oil and 4,000 tons of sesame oil Additionally, KIDO also has a huge tank system of nearly 8,000 m2; liquid storage tank of 22,300 m3 and 04 Jetties at Nha Be Port bearing load capacity: 20,000 DWT, 5,000 tons of oil In order to reach customers throughout the country, KIDO has built a nationwide distribution network of 15 transit warehouses, 300 distributors Providing a variety of consumer food from 450,000 points of sale for dried products and 120,000 selling points for frozen items Board of Directors The Board of Directors (BOD) of KIDO Group has members, including independent members Independent members are selected from thousands of candidates based on qualifications, experiences, and professional qualifications Mr Tran Kim Thanh Chairman, Co-founder Mr Tran Le Nguyen Vice Chairman, Co-founder Ms Vuong Buu Linh Member, Co-founder Ms Vuong Ngoc Xiem Member, Co-founder Ms Nguyen Thi Xuan Lieu Member (appointed from June 15th, 2020) Mr Tran Quoc Nguyen Member Mr Nguyen Van Thuan Independent Member Mr Nguyen Gia Huy Chuong Independent Member Mr Nguyen Duc Tri Independent Member Mr Wang Ching Hua Member, Co-founder (resigns from June 15th, 2020) Group 3_CF-T321WSB-4 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 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IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 Subsidiaries Charter Capital Ownership Rate TAC Vegetable Oil Animal Fat Products 338,796,480,000 VND 75.44% equity 88.44% voting right KDF Food & Beverages Products (ice cream, milk and dairy products, non-alcoholic drinks, frozen foods, ) 560,000,000,000 VND 100% equity VOC Vegetable Oil Animal Fat Products 1,218,000,000,000 VND 51% equity KDNB Vegetable Oil Animal Fat Products 97,702,126,518 VND 75.99% equity 100% voting right Subsidiaries     Product Supplied Tuong An Vegetable Oil Joint Stock Company (TAC) KIDO Frozen Food Co., Ltd (KDF) Vietnam Vegetable Oils Industry Corporation (VOC) KIDO Nha Be Co., Ltd (KDNB) Group 3_CF-T321WSB-4 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 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IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 ANALYSIS OF PROFIT/LOSS AND BALANCE SHEET KDC BALANCE SHEET Year Unit 2018 VNĐ 2019 % VNĐ 2020 % VNĐ % Assets Total current assets Total noncurrent assets Total assets 5,331,754,617,709 42.54% 4,912,948,952,221 41.17% 5,477,496,873,438 44.36% 7,202,662,602,321 57.46% 7,019,204,675,784 58.83% 6,871,658,282,809 55.64% 12,534,417,220,030 100% 11,932,153,628,005 100% 12,349,155,156,247 100% Liabilities and Owners’ equity Total 2,635,818,701,208 21.03% current liabilities Total non1,540,182,295,283 12.29% current liabilities Total stockholder 8,358,416,223,539 66.68% s' equity Total liabilities 12,534,417,220,030 100% and owners’ equity 2,684,940,017,299 22.50% 3,805,344,840,749 30.81% 1,091,562,096,617 9.15% 844,422,862,758 6.84% 8,155,651,514,089 68.35% 7,699,387,452,740 62.35% 11,932,153,628,005 100% 12,349,155,156,247 100% TABLE 1: illustrates the amount and percentage of current assets, non-current assets, current liabilities, noncurrent liabilities, and stockholders' equity of Kinh Do Corporation from 2018 to 2020 Group 3_CF-T321WSB-4 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYS IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 Cash ratio of KIDO slightly went up with the initial index of 0.27 times in 2018 and reached its highest of 0.29 in 2020 In contrast, BIBICA’s cash ratio continuously plummeted from 0.94 in 2018 to 0.74 in 2019 and hit the bottom at 0.26 in 2020, which was even lower than KIDO’s stats in spite of a higher starting point b Assets Management (Efficiency ratios) Table 4: KDC BBC Unit: times 2018 2019 2020 2018 2019 2020 Total debt ratio 0.33 0.32 0.38 0.27 0.36 0.29 Debt / Equity (D/E) 0.50 0.46 0.60 0.37 0.56 0.41 1.46 1.60 1.37 1.56 1.41 2.99 4.36 102.09 69.38 24.36 Equity multipliers 1.50 (EM) Times interest 2.05 earned (TIE) Cash coverage 4.14 Apart from determining KIDO's 4.85 6.50 137.20 91.91 38.45 capacity to satisfy its short-term commitments, the company's long-term solvency should also be brought into consideration through several financial leverage ratios If this ratio surpasses the value of 1.0 (or 100 percent), it suggests that the financial system of the company is fragile and the ability to meet obligations is weakened Noticeably, the total debt ratios of KIDO remained a proportion of about onethird to the total asset Therefore, during the three-year period, KIDO’s debt-equity value fluctuated around 0.5 indicating that the firm is in good financial position and in the case of a corporate downturn, KIDO would be capable of utilizing shareholder equity to satisfy the existing obligations Turning to BIBICA, it also witnessed quite similar statistics of total debt ratios and debt-equity value in the same period The greatest difference is that in 2018, BIBICA’s liability was 26.87% of its assets and equaled only 36.74% of the shareholders equity Regarding times interest earned (TIE), it seems that KIDO had enough ability to meet its debt obligations based on its current income This ratio was merely 2.05 times in 2018 but then increased to double in 2020 (4.36 times) Likewise, a similar trend was witnessed in KIDO’s cash coverage rate with 4.14, 4.85, and 6.50 times in the three-year period However, it is notable that BIBICA’s TIE and cash coverage ratio were significantly higher than those of KIDO despite experiencing a plunge over three years In 2018, those ratios were 102.09 and 137.20 respectively, but then in 2020, the record showed that there was merely a-fourth of the starting index with 23.34 and 38.45 times respectively Group 3_CF-T321WSB-4 16 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IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 c Leverage Ratios (Long-term solvency ratios) Table 5: KDC Unit: times & days Inventory Turnover (times) Days' sales in Inventory (days) Receivables Turnover (times) Days' sales in Receivables (days) Total assets turnover (TAT) (times) BBC 2018 2019 2020 2018 2019 2020 5.28 6.14 5.41 9.85 8.79 7.05 69.14 59.40 67.42 37.04 41.54 51.80 8.20 2.69 3.64 10.05 9.93 3.52 44.51 135.67 100.37 36.31 36.76 103.57 0.61 0.60 0.67 1.13 0.96 0.79 Leverage ratios, or so-called assets management, are important to determine whether the company is operating efficiently It can be observed from the table that the inventory turnover of KIDO came through a fluctuation between 2018 and 2020 BIBICA’s index, however, steadily decreased, thus its turnovers in inventory were still higher than KIDO’s in three consecutive years of the same period In detail, BIBICA mostly doubled KIDO in 2018 with its 9.85 times compared to 5.28 times of KIDO; however, this difference was narrowed in 2019 and 2020 when BIBICA’s index deducted in general while KIDO illustrated a greater efficient inventory management (2019: 8.79-6.14 times, 2020: 7.05-5.41 times) The higher a company’s inventory turnover ratio, the less days are required to renew its goods in stock Therefore, since KIDO had a lower turnover, it needed up to 67.42 days to sell all of its inventory, while BIBICA spent only 51.8 days to so in 2020 Turning to the capability of collecting receivables, KIDO also seems to be weaker than BIBICA Its initial receivables turnover was 8.20 times in 2018, slightly less than 10.05 times of the competitor, but then shinked deeply to 2.69 times in 2019 and recovered inconsiderably to 3.64 times in 2020 In explaining the sudden decline in receivables turnover rate, in 2019, the value of account receivables of KIDO surged from around 941 million at the year beginning to over 2,724 million at the end of fiscal year BIBICA, meanwhile, maintained good ability to collect receivables from customers in 2019 with 9.93 times, equaled to 369.14% of KIDO’s index in the same year Nevertheless, this statistics in 2020 was ultimately recorded to drop to 3.52 times, even lesser than that of KIDO Group 3_CF-T321WSB-4 17 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYS IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 This line chart indicates the total asset turnover rate (TAT) of the two enterprises, BIBICA KIDO Overally, and KIDO experienced a slight increase from 0.6 to nearly 0.7 while the opposite BIBICA, trend occurred making its to TAT decrease from 1.13 in 2018 to 0.79 in 2020 These indexes manifest that although BIBICA was more efficiently using its assets to generate sales, KIDO was improving the ability to utilize its assets However, the statistics of both companies are merely over or even less showing their weakness in their asset management d Profitability Ratios Table 6: KDC BBC Unit: precent (%) 2018 2019 2020 2018 2019 2020 Profit margin 1.91 2.83 3.9 7.64 6.3 7.86 ROA 1.18 1.74 2.67 8.73 6.08 6.26 ROE 1.77 2.54 4.29 8.73 9.51 8.82 EBITDA Margin 8.32 10.16 9.49 12.46 10.75 16.56 Profitability ratios evaluate the company’s ability to generate profits from its revenues, operating cost, balance sheet assets, or shareholders' equity Profitability ratios is an index showing how a company efficiently earns profit and value for shareholders Overall, the proportion of KIDO’s profit margin considerably increased from 2018 to 2020 On the contrary, the percentage of BIBICA just remained steady after years However, in the same period, the profit margin of BIBICA is much higher than KIDO, it’s proved that KIDO is less profitable and controls costs less effectively than its competitors According to According to Mr Tran Kim Thanh - Chairman of the Board of Directors of KIDO Corporation, because of Group 3_CF-T321WSB-4 18 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYS IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 the level of competition among food businesses is becoming more and more fierce, so KIDO has to continuously invest in the distribution system, increase the cost of promotions to keep the market, and this makes operating costs went up, make KIDO's business results go down and that's also the reason KIDO's stats are low in 2018 Although BIBICA's profit margin declined significantly in 2019, it has returned strongly with a profit margin of 7.86%, higher than the ratio it achieved in 2018 As for KIDO corporation, its profit margin in 2018 was only 1.91% and after years it has doubled the original index Return on Assets (ROA) is an indicator correlation that shows the between a company's profitability relative to its assets ROA indicates the efficiency of the company in using assets to make a profit In general, the return on assets of KIDO is many times lower than BIBICA’s ROA In 2018, the percentage of BIBICA was times higher than KIDO’s return on assets Although by 2020, KIDO's index has improved and BIBICA's return on assets ratio has decreased slightly, the proportion of KIDO is still well under than BIBICA almost times Therefore, the ability of KIDO in using assets to make a profit is ineffective compared to BIBICA Return on Equity (ROE) reflects the ratio of net return to shareholders' equity This index is the most accurate measure to evaluate a capital spent and how much profit is accumulated Once again, in another index, BIBICA’s return on equity percentage is much higher than KIDO with the zenith being 9.51% In 2018, the ratio of BIBICA is roughly times than KIDO return on equity After years, although the growth coefficient of this index of KIDO is higher than BIBICA, the return of equity of BIBICA is still times higher This proves that BIBICA's ability to use investors' capital to generate profits is still Group 3_CF-T321WSB-4 19 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYS IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 much better However, the bright point is, KIDO has gradually narrowed the gap compared to its opponent Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) Margin evaluates a company's operating profit as a ratio of its revenue Overall, the EBITDA Margin of two corporations fluctuated mildly from 2018 to 2020 In years, although there are still certain disparities, in 2019, the ratio of the two sides is approximately equal Although it has caught up, after only one year, BIBICA is far ahead of KIDO in terms of the company's real performance efficiency (9.49% compared to 16.56%) e Market Value Ratios Table 7: KDC Unit: (VND) & (%) EPS PE Ratio BBC 2018 2019 2020 2018 2019 2020 190 284 987 6,747 5,832 5,952 127.69 64.84 37.72 9.81 9.4 11.9 Market value ratios are used to assess the market share price of a company’s outstanding stock Investors used these ratios to check whether this company is worth investing in Earning per Share (EPS) is one of the most important things for investors to decide if the amount of money they will spend on that company is worth or not According to the EPS data in Table 7, KIDO’s EPS increased considerably during 2018 to 2020 Nevertheless, although the number of shares is very large and the market price is also very high, when compared to BIBICA’s EPS, KIDO can only receive failure with the EPS is much lower On the other Group 3_CF-T321WSB-4 20 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYS IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 hand, the Price to Earning (PE) ratio of KIDO is much higher than BIBICA's PE Especially in 2018, it is 13 times higher It is demonstrated corporation that KIDO business is less efficient than BIBICA, so it has such low EPS and high PE However, in 2020, the gap in PE ratio has been narrowed, which proves that KIDO has managed business more efficiently CONCLUSION In conclusion, KDC operating performances and its potential development has been evaluated through financial statements analysis, including the comparison with BBC From 2018 to 2020, KDC successfully achieved a significant growth in net profit margin even though some negative statistics appeared in financial capability and operating productivity Taking advantage of strong financial resources, the company strongly invests in M&A activities as well as new product development to strengthen its retail channels and diversify customer’s product baskets Thus, leading to the increase of operating cost in 2019; however, the company recovered the situation as its cost control activities were highly controlled and optimized in 2020 Additionally, the drop in current and quick ratios also indicated the reduction in KDC’s ability to fulfil the short-term obligations Although long-term solvency ratios were slightly increased throughout the period, the firm always maintained the safe total debt ratios at around 0.3 times In terms of operating efficiency, it seems that KDC was less effective than BBC due to the huge difference in business size Despite some limitations, the significant growth in KDC market value, approximately times during the three-year period, makes it reasonable for investors to expect the remarkable developments of KIDO in the future Group 3_CF-T321WSB-4 21 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYS IS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 REFERENCE S Báo cáo thường niên 2018 (2019) kdc https://www.kdc.vn/files/documents/20190516%20-%20KDC%20%20AR%202018%20-%20VN%20(up%20web%20final).pdf Báo cáo thường niên 2019 (2020) kdc https://www.kdc.vn/files/documents/KDC_AR%202019%20VN.pdf Báo cáo thường niên 2020 (2021) kdc https://www.kdc.vn/files/documents/20210601_KDC_AR_2020_VN%20(Website).pdf Báo cáo tài hợp 2018 (2019) bibica http://www.bibica.com.vn/templates/pictures/files/21_BAO%20CAO%20TAI%20CHINH%20HOP%20NH AT%20NAM%202018.pdf Báo cáo tài hợp 2019 (2020) bibica http://bibica.com.vn/templates/pictures/files/660_Final%20BCTN%202019.pdf Báo cáo tài hợp 2020 (2021) bibica http://www.bibica.com.vn/templates/pictures/files/73_BBC%20%20BCTC%20Hop%20Nhat%20nam%202020.pdf Phuc, H (2019, May 6) Tổng Giám đốc Kido: Chúng đa lac Quan đánh giá chưa diên biên thi trường thưc Phâm đông lanh baodautu.vn Retrieved November 26, 2021, from https://baodautu.vn/tonggiam-doc-kido-chung-toi-da-lac-quan-va-danh-gia-chua-dung-dien-bien-thi-truong-thuc-pham-donglanh-d99746.html KDC: CTCP TẬP đoàn Kido - Kinhdo VietstockFinance Retrieved November 25, 2021, from https://finance.vietstock.vn/KDC-ctcp-tap-doan-kido.htm?tab=BCTN Group 3_CF-T321WSB-4 22 CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2 020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020CORPORATE.FINANCE.REPORT.KINHDO’SFINANCIALSTATEMENTANALYSIS2018.–.2020 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