ORGANIZATION ANALYSIS 1 SWOT analysis
; “* Lack of diversification sources c ¥ Technological systems revenue v Emphasizing on human development oo ;
“* Lack of activities in marketing stratec
OPPORTUNITIES THREATS ¥ Growing demand for financial services ¢* Volatility in the global financial
Vietnam markets v Increase the adoption of digital platforr “* Intense competition from bot for securities trading and investment domestic and foreign securities firms
Technology has always been a priority since FPTS 's founding, which has always invested in and researched it in order to serve customers with safe, easy-to-use utility products and a stable operating system
The trading system can be optimally handled in all circumstances and is synchronized for both the underlying and derivative markets The fact that the system maintains stability even when traffic increases during times of high market activity is the most clearly proof Additionally, in the market, FPTS 's trading system is often appreciated by investors for its outstanding advantages including stability, high processing capacity, and real-time processing to assist clients in making decisions the best possible and especially confidentiality for customers
FPTS has developed an EZHRM human resource management system using its expertise in technology A human resource management tool called EZHRM aids in the professional and organized handling of all employee data by corporate executives such as personnel reports,
12 employee income reports, management reporting system, etc This human resource management software system has effectively supported FPTS 's Board of Directors and Human Resources Department in human resource management and building a professional working environment
Moreover, the technological system will eventually be modified, added to, and upgraded on a regular basis by FPTS 's technological center to better serve the demands of investors as well as self-employed That is considered FPTS ‘s core competitive advantage
Regarding staff development, FPTS has been persistent in establishing policies and procedures to ensure absolutely everyone has high standards for professional ethics Along with that, all staff receive ongoing training in Knowledge and skills development so that FPTS becomes more and more a professional financial consulting service organization
First of all, FPTS always concentrated resources to create the greatest consulting team throughout the potential internship program, which is held about a few times annually in the finance and securities industry nationwide Through these training programs, FPTS is looking for talented and enthusiastic employees to continuously supplement the Company's staff
Along with encouraging internal training initiatives to help staff members advance their professional credentials and professional ethics, FPTS works to create a fair, open, and honest work environment The FPTS has created a clear roadmap for officers and workers to strive for and progress in all sectors and positions, from interns, apprentices, specialists, and experts to management levels Furthermore, in order to foster a sense of unity and improve communication among the company's employees, FPTS is also passionate about and supportive of the group activities infused with the FPT culture
Therefore, human development is anticipated to helo FPTS put together a team of highly skilled individuals with strong work ethics who can successfully support investors
1.2 Weaknesses ằ Lack of diversification sources of revenue Revenue structure
In recent years, FPTS has been concentrating on the 2 main revenue-generating services are brokerage and margin activities
Specifically, revenue from securities brokerage reached over VNB:
408 billion, accounting for more than 48% of the revenue structuré a ] in 2022, and revenue from interest from lending activities was m
VND 519 billion, accounting for 60.15% of the revenue structure 2020 2021 2022 in 2021 Meanwhile, securities consulting services only account for a quite small part of nearly 4 billion VND and underwriting and securities issuance activities are unlikely to record revenue in 2022 m@ Revenue from financial advisory Due to its primary attention on these two income streams, FPTS Í8Rovenue from custody securities significantly impacted by the poor stock market environment, ands Revenue from securities investment investors’ expectations are pessimistic This demonstrates tharevenue trom guarantee, securities FPTS 's revenue diversification is not actually ideal for a securities’ Revenue from brokerage services business
> Lack of activities in marketing strategy
When compared to other businesses in the same sector, FPTS has not run particularly effective media marketing campaigns for attracting in customers Promotion is essential for introducing goods and services to clients, even though the quality of services and systems is crucial for businesses in the securities sector
Some securities firms partner with universities to hold competitions to find up-and-coming talent such as SSI - SSI Securities Corporation, VCBS - Vietcombank Securities Limited Company, attracting considerable attention to their marketing campaigns on Facebook or YouTube However, apart from the annual potential trainee program that is advertised on the company's official Facebook page to promote the brand, it is extremely uncommon to see FPTS with advertisements on these social networking sites This might be viewed as a restriction on FPTS ' ability to use media campaigns to generate interest in consumers
> Growing demand for financial services in Vietnam
According to VinaCapital 's assessment, Vietnam has one of the fastest growing economies in the world, with an average GDP growth rate of roughly 6.5% per year in the years prior to the COVID- 19 epidemic Positive effects from strong economic development will be seen in the operations of stock market-listed corporations That is considered the bright spot of Vietnam's economy in the next 3-5 years and the prospect of upgrading the stock market will be an important driving force to attract cash flow from both domestic and foreign investors
The stock market in Vietnam still has a lot of space to grow Only 4.93 million domestic individual investor accounts existed as of the end of March 2022, which is 5% of the total population of the nation Compared to other countries in Southeast Asia region, Thailand is an example with approximately 50% of the Taiwan population invest in securities and 5.3 million securities accounts, (about 8% of the populations), Vietnam “s stock market is a promising market
Furthermore, Morgan Stanley Capital International (MSCl) in its annual market classification assessmentin June 2022 has classified the Vietnamese stock market as continuing to be in the state of Marginal Market However, at the beginning of 2023, the Stock Exchange and securities companies are testing the new trading system KRX, which can meet the requirements of new and shortened product deployment transaction time, helping Vietnam's stock market meet the requirements of upgrading to emerging markets As a result, more investors will have exposure to the stock market and financial services, and securities businesses will experience a sharp rise in demand for these services So that is an opportunity for FPTS and other securities companies in the industry to develop in the far future
>ằ Increase the adoption of digital platforms for securities trading and investment
Along with the development of Vietnam ‘s stock market and the State Securities Commission (SSC), the application of modern technology in the management of the securities market has continuously improved and gained many achievements For example, building technology infrastructure to ensure safety and security, improving the management and supervision capacity of the stock market to protect investors, improving the transparency and fairness of the market in
REFLECTION ON THE INTERNSHIP
The company's internship program is a wonderful chance for students to apply the theories what it has acquired to the actual world of work Personally, I've had some success via my internship with the firm, as below
The knowledge gained from academic courses was relatively helpful in completing the internship program First of all, the foundation knowledge of microeconomics and macroeconomics such as GDP growth, the business cycle, monetary and fiscal policy, inflation, etc., which is the base to obtain a comprehensive view of how the economy works, helped me assess whether the stock market increased or decreased, what industries increased, and select the potential stocks having an uptrend in the future Furthermore, some courses like Financial Management and Corporate Finance assisted in understanding and evaluating the financial situation, the way of cash flow management in business, combined with Principles of Accounting Financial Statement Analysis to analyze the financial statement, forecast, and evaluate the enterprise Additionally, knowledge of Financial Derivatives plays a crucial role in understanding Vietnam's derivatives market and the value of future contracts Especially for banking industries, thanks to the knowledge | have gained in Treasury Management and Bank Management, it has been less difficult for me to analyze stocks in the banking industry, especially when reading financial statements, because the banking industry is a specific industry and more difficult than the banking industry's enterprises
In addition to acquiring knowledge, | also learned many valuable skills from real-world work and the seniors in FPTS This allows me to process and lay the groundwork for my future profession even if | decide not to pursue this position Working in a professional environment helps me develop soft skills such as communication skills, problem-solving skills, the ability to exchange ideas in internal meetings, presentation skills to attract audiences, and teamwork skills Because of working with many different types of customers (both experienced investors and newcomers to trading for the first time), this job requires the ability to present and explain investment strategies clearly, which helps to increase creditability and build better relationships with clients Therefore, not only did | learn soft skills, but | also learned many helpful skills in the workplace, such as information mining skills, the ways of finding, consulting, and persuading clients, the abilities to analyze a business, creating business analysis reports, etc
With any job, attitude is very important, especially for those who do not have much prior work experience In the circumstance of not really having excellent abilities, a good attitude still helps you create values at work through more learning After a 2-month internship, | realized that being eager to learn is the most important mindset since, in a professional environment, each person is always busy with their work and hardly anyone actively requires to be assisted or taught
Therefore, learning actively every time and every place from the seniors and colleagues is crucial to gaining more knowledge and skills In addition, enthusiasm, honesty, and dynamic skills are also appreciated in building the necessary attitudes for interns as well as official investment advisors
| am generally pleased with the outcomes of my manager's evaluation of my major task However, as | have already mentioned, | encountered difficulties forecasting a firm's financial statement during my internship because there was a lot of new information available, including grassroots or Delphi methods for forecasting, both of which | had never heard of before As a result, | require a
20 lot of time to comprehend and assimilate information, and throughout those two months, | was momentarily unable to practice well
Secondly, | found the task that was considered the most challenging was analyzing the business activities in the firm analysis reports Specifically, | need to look for a lot of information from a variety of sources in order to analyze the enterprise's value chain from input to output, production, and business position It took a while to gather all the necessary details, including the availability and cost of raw materials, the factory's present capacity, and the initiatives the firm was funding
Since there was no information accessible, | had to actively seek out information about that firm from former coworkers, and if | was still unable to do so, | would need to get in touch with the business itself Because of being a trainee, accessing information from the business is not really effective
To sum up, the 8-week internship period passed quickly, and being exposed to the professional working environment for the first time as an intern at FPTS was a very meaningful and valuable experience for me Through this event, | discovered my strengths and weaknesses and developed many new knowledge and skills In addition to being a location where | can study and practice, FPTS also helps me become more outgoing and eager to interact with plenty of new individuals of all ages and majors As a result of the chance to interact with and learn from the seniors in the company, my network and relationships have also grown In addition, | have acquired several crucial skills and knowledge that are listed above All of them help me advance my knowledge and expertise and obtain more unique experience so | can pursue a different future career in accordance with my major
In addition to pros that the internship has provided, it helps me to fully comprehend my limitations that | have not ever Known before When I'm in charge of an investment adviser job at a professional environment, also somewhat forged my own tolerance and taught me how to persevere through those pressures As a senior with only the information acquired in college, it will be challenging to start out in this role without initially feeling overwhelmed and anxious due to the gap between reality and theory However, such concerns were rapidly allayed by the energetic and devoted guidance of the seniors and managers in FPTS
| understand that | need to constantly learn and improve to overcome my limitations and improve my professional knowledge in order to pursue work in the securities field Although the work of an investment advisor is not really the job that | am passionate about and intend to stick with for a long time, it also helps partly to build the foundation to become a financial analyst, which | wish to achieve in the near future
REFERENCES Financial Statement of FPTS (2019 — 2022), Retrieve from: htfps:/www.fp†s.com.vn/quan-he-co-dong/thong-tin-tai-chinh/
Annual Report of FPTS (2019 — 2022) Retrieve from: https:/Awww.fots.com.vn/quan-he-co-dong/bao-cao-thuong-nien/
Hang Huong (2022), FPTS: Giving up short-term profits in exchange for safety and sustainability
Retrieve from: https:/Awww.tinnhanhchungkhoan.vn/fpts-tu-bo-loi-nhuan-ngan-han-de-doi-lay-su-an-toan-ben- vung-post310792.html
Hoang Anh (2022), eKYC: The key to competing for new customers Retrieve from: https:/Awww.tinnhanhchungkhoan.vn/ekyc-chia-khoa-canh-tranh-gianh-khach-hang-moi- post288350.html
APPENDICES Appendix 1: Internship Evaluation ph
HANOI UNIVERSITY FACULTY OF MANAGEMENT AND TOURISM mt
(to be completed by the intern)
Student name olMguy i Mi loa (3x1) Student ID: {804@1.004( ệ Student email: 4 904040046 Ws : Aanu.: £du:wstudent phone number: 0.3: 950At 599
Major: cata cand gonial Í Internship semester: $e a d033
Internship employer name: EEPles ‘ieee ie Sate Bock ompanay.- Mamar Hleael Offre Dates of internship: ~Atbruary Ast - Manche 24S=
Instructions: ¢ Complete this evaluation form in its entirety, attach a copy of your internship job description and submit with the internship report in MS Teams no later than May 8, 2023 e This evaluation will be important in determining the value of your internship experience, both for you and for future student interns Your evaluation should be honest and constructive and should include both challenges and successes Please provide detailed remarks so that your Faculty Coordinator can discuss them with the employer to improve and maintain the program
Part 1 Internship Reflection Use more space if needed
1 In what ways did your classes and campus activities prepare you for your internship?
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2 What other campus activities, courses and/or work experience do you think would have helped you with this internship?
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4 Prior to beginning your job, did the company give you adequate information about your project?
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5 Do you consider the program you participated in to be relevant and meaningful to your short- and 1% -term career interests? eae Oe ae "TT th fen Ù (đAtlanz4 4 đu 9Ê — #ỉNm CAhđero
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7 List three things you plan to do differently as the result of this program s imestment rallye
Circle the statement that best describes your answer (you can circle more than one choice when applicable)
1 What kind of impact has this program had on you?
Provided me with a better understanding of my career goals
Increased my skills and knowledge in performing a particular activity c Changed my attitudes or feelings about myself and other people
Provided me with the opportunity to apply theoretical concepts to the actual work environment
2 How would you rate the educational value of your internship? a Exceptional opportunity
Worthwhile experience c Generally not too useful but might help some
Internship — Course Outline 10 d Probably of no value (please comment)
Si ‘as the experience related to your major field orcareer goals?
Very closely related 7 b, Related through occasional assignments ' cs ationship exists = X
HANOI UNIVERSITY FACULTY OF MANAGEMENT AND TOURISM
ĐÁNH GIÁ THỰC TẬP
(do cán bộ quản lý trực tiếp đánh giá) Họ và tờn/Student Name: ẹlhuyd “The IDG 3
Tén doanh nghiép/Employer Name: iq ty ef han Chute he Eff
Thời hạn thực tap/internship Dates: bd LOd A AOLS = JA SMEL AGS Hướng dẫn/Instruction:
Phiếu đánh giá này được thực hiện bởi cán bộ quản lý/phụ trách trực tiếp sinh viên thực tập tại thời điểm kết thúc kỳ thực tập Chúng tôi khuyến khích cán bộ quản lý/phụ trách thực hiện đánh giá này cùng với sinh viên thực tập Đánh giá này sẽ đóng vai trò quan trọng đối với phát triển cá nhân và nghề nghiệp trong tương lai của sinh viên Hãy sử dụng nhưng phần để trống dưới đây để đưa ra những nhận xét chỉ tiết, đặc biệt đối với những đánh giá ở mức độ hạn chế hoặc không đáp ứng được yêu cầu
This evaluation is to be completed by the direct supervisor of the student intern at the end of the internship We encourage each evaluating supervisor to review the student's performance together with him/her This joint evaluation is important to the student's future professional and personal development Additional space is provided for your comments, specially for those criteria marked marginal or unsatisfactory
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Mong muốn và sẵn sàng nhận nhiêm vụ mới/Desire and willingness to take on new assignments Tiềm nãng pháp trién/Potential for further di ment
Quan tâm đến nhu cầu của đồng nghiệp/Concern for needs of fellow employees
Sẵn sàng làm việc đế hoàn thành nhiệm vụ được
= | ®| + | w w N N |” ey > w N _ giao/Willingness to work through an assignment to 6) 4 3 2 1 completion
Năng lực giao tiép/Ability to communicate 5 (2 3 2 1
Năng lực học tập/Ability to learn Ấ 4 3 2 1
Chất lượng công việc/Quality of work 5 “ 3 2 1
Appendix 3: Work Examples Note: because of the length of my report and presentation, | can only attach some parts of its as example
Sỹ, |, FPT Securities BÁO CÁO PHÂN TÍCH DOANH NGHIỆP
NGHÀNH: DỆT MAY Ngày 23 tháng 2 năm 2022
CÔNG TY CỐ PHẦN ĐẦU TƯ VÀ THƯƠNG MẠI TNG
Nguyễn Thị Hoa Giá hiện tại 15,200 Khuyến Nghị Phòng Tư Vấn Đầu Tư số 06 inh gia
Email: hoant4@fpts.com.vn Địnhg 20,783 MUA
Số điện thoại: 0395017598 ĐỘNG LỰC TĂNG TRƯỞNG sau khi phân tích và định giá, dự phóng doanh thu và lợi nhuận năm ti 2022 đạt 634,28 tỷ đồng (+17% yoy) va 284 tỷ đồng , ~” (+22/4%) EPS pha loãng năm 2022 đạt 2.705
== đồng/cp, P/E là 5,15 lần Chúng tôi đưa ra khuyến z=> nghị MUA đối với cổ phiếu TNG với mức giá mục tiêu là 20.783 đồng/cp, chiếu khấu 37% giá thị
Thông tin giao dịch ngày 13/12/2022 ằ,200 Giá hiện tại (VND/cp) 16, ĐIỂM NHẤN ĐẦU TƯ _ Hưởng lợi từ các hiệp định: Giá trị xuất khẩu hàng may mặc của Việt Nam sang các khối nước Giá cao nhất 52 tuần 37,500 EU, Anh và ASEAN hương lợi nhờ các hiệp định Giá thấp nhất 52 tuần ,600 mới (EVFTA, UKVFTA và RCEP) Số lượng CP niêm yết 100,112,151 Y Tidp tục gia tăng công suất, đáp ứng nhu cầu
Di 007%1010 hư đặt may giai đoạn 2022- 2026: số lượng chuyền Von hóa (tÿ đồng) 15972 may dự kiến trong năm 2022 là 324, hoạt động EPS traling (đồng) 2913 với hiệu suất 90% khi đưa vào vận hành P/E trailing 5.15 ¥ Ky vọng doanh thu đột biến từ lĩnh vực
BĐS, triển khai xây dựng dự án khu Nhà ở Village Il va BĐS Khu Công nghiệp Cấm Sơn
TONG HOP BINH GIÁ TNG Chúng tôi định giá cổ phiếu TNG sử dụng 100% thu được giá trị cổ
S8 - - m PHAN TICH HOẠT ĐỘNG KINH DOANH CUA DOANG NGHIỆP
CHUỖI GIÁ TRỊ CỦA DOANH NGHIEP
| ĐẦU VÀO | trọ sAN XUẤT Lã ĐẦU RA | er Phương thức sản xuất ` 1 © FOB chiém 80% + © CMT chit 18%
Chỉ phí chủ yếu đến từ Nguyên vật liệu và Nhãn công, chiếm khoáng 87% tống số chỉ phí cho hoạt động sản xuất kinh doanh của doanh nghiệp
Cơ cấu chi phí cho hoạt động sản xuất Chỉ phí khóc
HNX: TNG lếu TNG là 19.472 đồng/cp, cao hơn 37% so với mức giá đóng cửa ngày 12/12/2021 Chúng tôi khuyến nghị MUA cố phiếu này cho cho mục tiêu trung hạn
Kết quả định giá TNG theo phương pháp so sánh hệ số P/E:
Tiêu chí lựa chọn doanh nghié ánh: Hoạt động mức vốn hóa lớn hơn 1000 tỷ đồng, lợi nhuận lớn hơn 100 tỷ đồng lệt may niêm yết trên sàn chứng khoán, có