GROUP REPORT ANALYSIS OF FINANCIAL STATEMENTS TOPIC CUU LONG PHARMACEUTICAL JOINT STOCK COMPANY

VIETNAM GENERAL CONFEDERATION OF LABOR TON DUC THANG UNIVERSITY FACULTY OF FINANCE AND BANKING FINANCIAL PLANNING AND POLICY GROUP REPORT ANALYSIS OF FINANCIAL STATEMENTS TOPIC CUU LONG PHARMACEUTICAL JOINT STOCK COMPANY Instructors : Ha Tuan Anh Members: Nguyen Thi Kim Cuc – B19H0010 Tran My Huyen – B19H0208 Nguyen Trung Hieu – B19H0194 Ta Tan Hoang - B19H0198 TP.HCM, Ngày 05 tháng 08 năm 2022 0 TEACHER'S COMMENTS 0 OVERVIEW 10 1.1 General information .10 1.2 Development milestones 10 1.3 Operational Status 11 1.3.1 Distribution system 12 1.3.2 Company Position 13 1.3.3 Company's Outlook 13 1.3.4 Development Strategy 13 1.3.5 Core Values and Mission Vision 14 1.4 Companies in the same industry 14 1.5 Equity and Shareholding Information 15 BUSINESS PERFORMANCE ANALYSIS 21 COMMENTAIRE 26 3.1 Asset use efficiency analysis: 31 3.2 Inventory ratios 31 3.3 Vòng quay tài sản 31 3.4 Vòng quay tài sản cố định 32 3.5 Vòng quay tài sản ngắn hạn 33 3.6 Phân tích tỷ suất sinh lời 34 3.7 Tỷ suất lợi nhuận sau thuế doanh thu (ROS) .35 3.8 Tỷ suất sinh lời tài sản bình quân (ROA) .36 3.9 Tỷ suất sinh lời vốn chủ sở hữu bình quân (ROE) .37 3.10 Hệ số giá thu nhập (P/E) .37 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY OVERVIEW 1.1 General information • Company name: Cuu Long Pharmaceutical Joint Stock Company • Short name: DCL • Established date: 1976 • Securities: DCL • Business registration number: 0311124093 • Charter capital: VND 730,410,300,000 • Owner of investment capital: VND 1,414,387,000,000 • Tax code: 1500202535 • Head office: 150 Street 14/9, Ward 5, Vinh Long City, Vinh Long Province, Vietnam • Phone: (+84) 27038225 • Fax: (+84) 27038221 • Website: http://dcl.com.vn/ • Domain: Healthcare • Parent company: F.I.T Group Joint Stock Company • Subsidiaries: Benovas Pharmaceutical Joint Stock Company, VPC - SG PHARMA Co., Ltd 1.2 Development milestones  In early 1976, Vinh Long and Tra Vinh provinces merged to form Cuu Long province, the health sector of Cuu Long province was established, Cuu Long Pharmaceutical Factory and Cuu Long Pharmaceutical Company were born on the basis of the book "Pharmaceuticals" of Cuu Long Tra Vinh province together with a number of pharmaceuticals of Vinh Long province were reorganized to the task of producing and distributing pharmaceutical products;  1984 Cuu Long Pharmaceutical Enterprise and Cuu Long Pharmaceutical Company merged into Cuu Long Pharmaceutical Union Enterprise 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY  1992 Cuu Long province was separated into provinces of Vinh Long and Tra Vinh, Cuu Long Pharmaceutical Union Enterprise continued to divide assets to establish Tra Vinh Pharmaceutical Company and re-established Cuu Long Pharmaceutical Company, then Renamed Cuu Long Pharmaceutical and Medical Consulting Company (Pharimexco) according to Decision No 538/QD-YBT dated 20/11/1992 of YBND of Vinh Long province  08/ 2004 Cuu Long Pharmaceutical Company transformed from a Stateowned enterprise into a joint-stock company with the new name of Cuu Long Pharmaceutical Joint Stock Company under Decision No 2314/QDUB dated August 9, 2004 of Chairman of Vinh Long Provincial People's Committee with initial capital of 56 Billion VND  2007 Issuing additional shares for existing shareholders, Key, outside auction with 2,500,000 shares, raising charter capital to VND 81,000,000,000  17/ 9/ 2008 DCL shares were officially listed and traded on Ho Chi Minh City Stock Exchange  2008 Issuing more 1,619,308 shares to pay dividends and bonus shares, raising charter capital to VND 97,193,080,000  2009 The company implemented the first ESOP program for employees with the amount of 194,384 to upgrade the charter capital to 99,136,920,000 VND  19/ 05/ 2015 charter capital increased to VND 100,594,800,000  15/ 7/ 2015 the company's charter capital increased to 201,189,600,000 VND  04/ 8/ 2016 charter capital increased to 563,328,240,000 VND  2017 charter capital increased to VND 568,328,240,000  2021 The company issues shares for employees, upgrading its charter capital to VND 588,328,240,000  03/2022: Company charter upgraded to VND 730,410,300,000 Information through the form of issuing shares to investors 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY 1.3 Operational Status  Cuu Long Pharmaceutical Joint Stock Company (DCL) was established in 1997, based on the merger and separation of two units: Cuu Long Pharmaceutical Enterprise and Cuu Long Pharmaceutical Company In 2004, the company switched to operating under model shares DCL currently owns factories in operation, including factories meeting GMP-WHO standards and a 40-hectare pharmaceutical farm in Binh Phuoc, a medical instrument factory, and a capsule factory Vicancap DCL's main business activities are manufacturing, trading, importing and exporting pharmaceuticals, capsules, medical equipment for the pharmaceutical industry, medical, manufacturing cosmetics, nutritional foods, medicinal herbs, chemicals, raw materials and other pharmaceutical products, Manufacture of packaging used in the pharmaceutical industry, Cultivation of pharmaceutical products 1.3.1 Distribution system  DCL's product distribution network spans all provinces and cities of Vietnam This is also a reputable and long-standing pharmaceutical supplier for many large hospitals in Vietnam Currently, Cuu Long Pharmaceutical has expanded its network with a distribution system of 13 branches and more than 55 distributors across the country  Since the first quarter of 2015, DCL has officially become a subsidiary of F.I.T Group JSC As a strategic sector in F.I.T's investment structure, DCL is heavily invested in both capital and human resources by the parent company Accordingly, along with the comprehensive restructuring plan, DCL has been supplemented with key human resources in administration, operation, production, sales in order to develop production and business activities business, along with good control of debt management of the company At the same time, DCL continues to receive capital investment to expand and upgrade the factory and increase capacity  With the strong investment from the parent company, DCL has set the goal to become the leading pharmaceutical enterprise in Vietnam in the production of pharmaceuticals and medical equipment through continuous research and development of product lines new, owning advanced 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY from short-term investments We can see the proportion of cash in 2020 is 2.33% and go down to 2.32% in 2021  Short-term investments: The main reason for the slight decrease in shortterm investments from 877,875 million VND to 655,923 million VND with a decreasing percentage difference of -25.28%  Short-term receivables: receivables decreased dramaticaly by 55,102,585 million VND, the difference decreased by -19.08%  Inventory: concentrating primarily on raw material items, the company reserves in advance and provides some before the goods Inventory increased enormously and remained at a difference of 35.78% about 81,208 million VND chart 4.4: PMC's long-term ratio for the period 2019-2021 Chart Title N ợ / T Tài S ản 15.66% 13.54% 2019 N ợ/ Vốốn Chủ S Hữu 17.82% 15.12% 16.10% 13.87% 2020 2021 In general, the company has good debt management and utilization ability PMC has taken a safe, low-risk step when taking on a risk of borrowing and using its own capital to invest and accordingly the loan is not too large to take advantage of the tax shield It can be seen that the business is in a period of good business operation, the items are always safe and under control in a timely manner 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY 3.1 Asset use efficiency analysis: Evaluate the efficiency of assets use, operation cycle and ability to convert into money of short-term assets in business production and business activities of enterprises Duty cycle is the period associated with activities related to inventory, accounts receivable and payable through purchase and sale of goods Performance ratios can be calculated for inventories, trade receivables and trade payables 3.2 Inventory ratios Table of inventory turnover ratios Năm 2019 2020 2021 Vòng quay hàng 3.14 tồn kho 3.11 3.32 Thời gian trung 116.1 117.29 110.01 bình xử lý HTK (ngày) The inventory management situation of PMC company is all greater than Although there is a inlfuence over the years, the difference is about 0.03 0.21% Thereby, we can see that the company performs good inventory management at a safe level On average, the medicinal product has a shelf life of about 3-4 years, PMC has chosen to keep a little inventory to keep it at a safe level, by 2021, the inventory will be 110.01 days On average a company can turn around 1.05 times the company's average inventory 3.3 Vòng quay tài sản Bảng tỷ số vòng quay tài sản (Đơn vị giá x1000 (VND) Chỉ tiêu 2019 2020 2021 Doanh thu 464,772 460,764 414,232 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY Tổng tài sản bình 384,110 quân 429,053 451,494 Hệ số vòng quay 1.26 1.13 0.94 tổng tài sản (lần) The turnover of fixed assets over the years tends to decrease gradually and is more than and less than in 2021 showing that the company using assets has really achieved high efficiency Although Net sales are net sales over the years, these numbers are stable but decreasing In 2019, from VND of assets, it can generate VND 1.26 in revenue 3.4 Vòng quay tài sản cố định Bảng tỷ số vòng quay tài sản cố định (Đơn vị giá x1000 (VND) Chỉ tiêu 2019 2020 2021 Doanh thu 464,772 460,764 414,232 Tài sản Cố định 47,610 68,344 56,891 Vòng quay tài 9.76 6.74 7.28 sản cố định Fixed asset turnover decreased over the years 2019-2021, from 9.76 to 7.28 For every dong of fixed asset, it generates 7.28 dong of net revenue, part of the main reason comes from the fact that the company is exploiting via OTC channel after some new policy changes in the pharmaceutical industry, prioritizing the selection of low-priced drugs with high prices and A part of the company is not operating at full capacity due to quality inspection and upgrading of transmission lines In general, the company's revenue increased slightly over the years as shown by the above figures and assets 3.5 Vòng quay tài sản ngắn hạn Bảng tỷ số vòng quay tài sản ngắn hạn (Đơn vị giá x1000 (VND) Chỉ tiêu 2019 2020 2021 Doanh thu 464,772 460,764 414,232 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY Tài sản ngắn hạn 328,699 355,934 389,042 Vòng quay tài 1.41 sản ngắn hạn 1.29 1.06 PMC's efficiency in using short-term assets gradually decreases over the years and decreases decrease in the year 2019-2021 When seeing that short-term assets increase and short-term asset turnover communicates when the company starts short-term restructuring long-term assets and assets, but the company is still efficient in the short-term Asset turnover is still high more than and bring in revenue for the company Source PMC management is taking place effectively when converting from short-term assets Long-term assets Chart Title 12 10 2019 vòng quay tài s nả cốố đ ịnh 2020 2021 vòng quay tài s nả ngắốn hạn vòng quay tổng tài s ản Vòng quay Tài 9.76 sản cố định 6.74 7.28 Vòng quay tài sản 1.41 ngắn hạn 1.29 1.06 Vòng quay tổng 1.26 1.13 0.94 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY tài sản 3.6 Phân tích tỷ suất sinh lời 3.6.1 Biên độ lợi nhuận Net income is the first thing that many investors look at to gauge a company's profitability On the contrary, margins can provide investors with insight into management performance The margin is the income expressed as a percentage or percentage of sales Percentages allow investors to compare the profitability of different companies There are three types of margins: gross margin, operating margin, and net profit margin 3.6.1.1 Tỷ suất lợi nhuận gộp Bảng tỷ suất lợi nhuận gộp (ĐVT: Triệu đồng) Chỉ tiêu 2019 2020 2021 Lợi Nhuận gộp 178,138 176,488 147,492 Doanh thu 464,772 460,764 414,232 Biên Lợi Nhuận 38.32 38.30 35.60 gộp 2019 was the year with the highest gross profit margin with 38.32%, that is100 VND of revenue will generate 38.32 VND of profit The above version shows that operating company has a slight decrease in gross profit margin from 38.32% to 38.30%, but in 2021, gross margin will decrease to 35.60% as the main reason leading to gross profit margin In 2021, the company decreased because net revenue and gross profit decreased 3.7 Tỷ suất lợi nhuận sau thuế doanh thu (ROS) Tỷ suất lợi nhuận sau thuế doanh thu Chỉ tiêu 2019 Lợi Nhuận Sau 74,420 2020 2021 74,618 64,760 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY Thuế Doanh thu 464,772 460,764 414,232 ROS 16.01 16.19 15.63 In recent years, 2020 has been the year with the most outstanding profit margins.16.19% means that 100 VND of revenue will generate 16.19 VND of profit Through ROS index by which we can assess the company is maintaining stable and profitable business through the analysis of the last years 2019-2021 from 16.01% to 15.63% of the rating ROS index analysis shows that the company is doing business sustainably and develop PMC is trying to catch up with companies in the same industry and develop regularly through ROS when in 2020 the ROS index is 16.19% compared to In the pharmaceutical and medical sectors, the company is now a strong company 3.8 Tỷ suất sinh lời tài sản bình quân (ROA) Tỷ suất sinh lời tài sản bình quân (ROA) Chỉ tiêu 2019 2020 2021 Lợi Nhuận Sau 74,420 Thuế 74,618 64,760 Tổng Tài Bình Quân 429,053 451,494 Sản 384,110 ROA 20.15 18.35 14.71 The period 2019-2021 decreases over the years, showing a signal that by 2021, for every 100 dong of assets, the company will get 14.71 dong of profit ROA is a ratio used to assess the profitability of an investment this is a a measure of a firm's performance regardless of its financial structure It also shows How much profit the company generates for every penny of assets specifically, in 2021, ROA decreased year-on-year, ie in 2010 it decreased by 1.8% to 18.35% and decreased by 13.64% to 14.71% in 2021 3.9 Tỷ suất sinh lời vốn chủ sở hữu bình quân (ROE) Tỷ suất sinh lời vốn chủ sở hữu bình quân (ROE) 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY Chỉ tiêu 2019 2020 2021 Lợi Nhuận Sau 74,420 Thuế 74,618 64,760 Vốn chủ sở hữu 332,096 bình quân 364,173 388,877 ROE 23.54 21.43 17.2 From 2019 to 2021, ROE plummets to 2021 from 23.54% to 21.43% and continue to decrease to 17.2% in 2021 This shows 100 equity of the company ability energy generated 17.2 dong of profit 3.10 Hệ số giá thu nhập (P/E) Hệ số giá thu nhập (P/E) Chỉ tiêu 2019 2020 2021 EPS 7,954.38 7,970.21 6,994.30 Giá trị thị trường 52,700 58,000 65,500 6.625 7.277 9.364 P/E P / E measures the relationship between the market price and the earnings for each security The P/E also shows how many times the current stock price is higher than its income, or how much an investor must pay for a penny of income The company's P/E ratio increased partially year over year from 6,625 to 9,364 shows dividend growth REFERENCES VietnamCredit (2021) Overview of vietnam’s pharmaceutical industry Báo cáo tài hợp kiểm tốn 2018 DCL Báo cáo tài hợp kiểm tốn 2019 DCL 0 GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY GROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANYGROUP.REPORT.ANALYSIS.OF.FINANCIAL.STATEMENTS.TOPIC.CUU.LONG.PHARMACEUTICAL.JOINT.STOCK.COMPANY