Phân tích tính hình tài chính công ty vincom thông qua phân tích báo cáo tài chính từ đó đưa ra quyết định đầu tư – BT tài chính doanh nghiệp e

PHÂN TÍCH TÍNH HÌNH TÀI CHÍNH CƠNG TY VINCOM THƠNG QUA PHÂN TÍCH BÁO CÁO TÀI CHÍNH TỪ ĐĨ ĐƯA RA QUYẾT ĐỊNH ĐẦU TƯ – BT TÀI CHÍNH DOANH NGHIỆP I Opening Currently, under state policy the socialization of industry in society The attraction of investment capital not only from the budget, capital of the owners that are diversified funds, create conditions has enough capital to businesses operate, has created conditions for all subjects involved in social investment, generate income from the money identify sources of each family, organizations and individuals in social This is the right policy, full of practical to try to market the business of an effort to Vietnamese and Vietnams will become market economies at the end of the second decade of the 21st century In this context, the activities of stock market investment and the participation of organizations and individuals have no equity in the enterprise is an activity of paramount practical However, to participate in investment performance, avoid the loss of his little capital, the organizations and individuals intending to participate in investing in the stock market should assess the situation of the business activities they want to join the investment This can only be useful when analyzing the financial statements of enterprises scientifically and properly Group two select VINCOM companies for research, analysis in order to make the decision to invest in this business II Introduction VINCOM Company 2.1 History and development company VINCOM Joint Stock Company formerly JSC Vietnam General Commercial, which was formally established on 03.05.2002 in Hanoi, VINCOM major activities in the field of investment, construction, business services Real Estate, Retail and the owner of the scale projects throughout the city in the country such as Combination VINCOM Center Hanoi, VINCOM Center City, Royal City, Times City, VINCOM Village, The milestones of VINCOM 05/2002: Establishment of Joint Stock Company Vietnam General Commercial with initial capital of 196 billion, the first project the company is to build and manage retail podium - Services - Office for rent at 191 Ba Trieu Street, Hai Ba Trung, Hanoi (Hanoi Vincom Center); 11/2004: VINCOM Center Hanoi formally put into operation, contributing to building a modern shopping centre 08/2009: With the events leading VINCOM Trade Center II at in Hanoi, VINCOM Center confirmed Hanoi is one of the largest commercial centers of Vietnam, the "paradise of Vietnam's procurement” Quarterly 4/2009: Complete the construction and handover of apartments in Hanoi apartments VIMCOM Center; the first Vietnam enterprises successfully issued U.S $ 100 million convertible bonds listed on the International Securities Exchange Singapore Exchange 04/2010: Of office and commercial center of VINCOM Center B TP Ho Chi Minh City started its activities; 10/2010: Complete VINCOM Financial Tower building in District 1, HCMC Ho Chi Minh City; 02/2011: penning VINCOM Real Estate Trading Center - Real estate trading floors new international standards at Level 4, Hanoi VINCOM Center, 191 Ba Trieu, Hanoi officially opened VINCOM Real Estate Trading Center; 03/2011: Disclosure form chains and large commercial center in Vietnam-class brand: VINCOM Center and Mega Mall, built in major cities throughout Vietnam; 6/2011: U.S $ 100 million convertible bonds of international distribution company in 2009 have been converted into shares or settle; 10/2011: Merger announced on Vinpearl JSC JSC Vincom; 11/2011: - Handover villa Vincom Village (partly completed) for investors; - Hand over the Long Bien Vincom Center for tenants 12/2011: - Vincom Center opened in Hanoi, Long Bien - Vincom Village; - Transfer the whole head office on Vincom Village - Long Bien - Hanoi Scope of business, characteristics of service providers: Real Estate Business Exploit the business center - offices and apartments for rent with utility most advanced ideas of modern design, luxury and top quality service in the heart of the city ; business hotel; recreation services and recreation investment consulting, advertising and other services related to advertising organize fairs, exhibitions; keeping service cars, car machines, bicycles, building, business golf courses and other services related to golf courses, building, business parks and other tourism related services to the tourism, business park trees blue, water parks, farm parks recreation service real estate brokers, real estate valuation, real estate transactions, real estate consultancy, real estate auctions, real estate advertising, real estate management Characteristics of production and organizational structure: Because business in various fields should be the organization of production, the company's services are open and flexible With its headquarters, the staff and senior executives and staff assisting in Hanoi, Vincom also organized branch, unit management and administration tasks in each project area from III The financial situation the company Vincom 3.1 The solvency ratio 3.1.1 (Current Ratio) Meaning: This is the only measure of ability to meet corporate short-term financial obligations In general, the factor is considered at best 23 This index refers to the lower business will be difficult for the implementation of their obligations but an indicator of current payments are too high is not always a good sign, because it shows their assets tied career in "liquid assets" so much and so the efficiency of the business assets is not high 3.1.2 Formula: Current ratio = current TSLD / Current liabilities The quick ratio measures the liquidity higher Only assets with high liquidity were included in the calculations Inventories and other current assets should be removed because the money to pay debts, our liquidity is very low The Quick ratio = (cash + trade + securities to receivables) / current liabilities 3.1.3 (Quick Ratio) The quick ratio measures the liquidity higher Only assets with high liquidity were included in the calculations Inventories and other current assets should be removed because the money to pay debts, our liquidity is very low The Quick ratio = (cash + trade + securities to receivables) / current liabilities 3.1.4 (Instant Payment Index) Index measures how much cash and securities to trading of the business to meet short-term debt obligations In other words it is said just a short-term debt contract, how many cash and securities to ensure payment of business? Cash index = (cash + securities to trade) / current liabilities 3.2 The ratio of activity 3.2.1 The cash flow from operations of Only the cash flow from operations: Accounts receivable less and limit cycle inventory information can make the payment of current indicators and fast payment does not really mean expectation of the use of financial statements So cash flow activity indicator at this time is a better indication of the company's ability to perform short-term financial obligations with cash from operations Only the operating cash flow = operating cash flow / current liabilities The number of spins in receivables This is an indicator of the effectiveness of credit policies that apply to businesses with customers, Only the higher revs will show enterprise customers as quickly repay But compared to the peers that this index is too high, there may be businesses will lose customers because the customers will switch to consuming products of competitors provide time longer credit Our business will reduce sales collapsed When comparing this index over the years, found that the decline is likely that businesses are struggling with debt collection from customers and may also be a sign that sales have exceeded Accounts receivable turnover = net annual sales / average accounts receivable Among them: the average accounts receivable = (receivables remaining in the report of last year and this year's accounts receivable) / The average number of days accounts receivable turnover: Similar to past recording of accounts receivable, there is this indicator tells us the average number of days that money is collected from business customers average number of days = 365 / receivables turnover The index cycle inventory This index represents the ability to inventory management how effective Only revs higher inventory shows rapid sales and business inventory accumulation is not much in the business That means businesses will be less risky than if seen in the financial statements, inventory items are valued down through the years However this index too high is not good as this means that stocks in the warehouse is not much, if market demand increases very suddenly lost the ability to enterprise customers and competitors are winning market share In addition, reserves of raw materials inputs for production are not enough lines can cause disruption Inventory turnover = cost of goods sold / average inventory = Average inventory (inventory in previous annual reports this year + inventory) / 2.The average number days of inventory turnover Similar to the inventory cycle have interested indices days Average number of days of inventory turnover = 365 / inventory turnover The number of spins in accounts payable The index for used business credit policies of suppliers like The revs are too low to receivables may well not affect the credit rating of enterprises Payables Turnover = Annual sales purchase / pay on average which annual sales purchase = cost of goods sold + ending inventory - beginning inventory = average pay (paid during previous reporting year to pay this year +) / The average number of days accounts payable cycle: Average number of days accounts payable turnover = 365 / Payables turnover 5.1 Leverage ratio debt-capital ratio (DER) (Total debt / equity) = DER As indicators of financial scale of the company, showing the financial strength of the business The ratio of profit on total assets (ROA) As an indication of correlation between the profitability of a company compared to its assets ROA will tell us that the company's efficiency in using assets for profit Recipe: ROA = (Net income / total assets) 5.2 The ratio of market value Earnings per share (EPS) Concept: This is the profit that the company allocated per common share is being circulated in the market EPS is used as an indication of the ability of business profits, calculated by the formula: EPS = Net income - preferred stock dividends / average amount of shares in circulation 5.3 Coefficient on price earnings (P / E) Concept: As one of the important indicators in the analysis of securities investment decisions of investors Income from shares will have a decisive effect on the price of the stock market The formula: EPS = (Market price per share / earnings per share) Table 1: Balance Sheet summary Balance sheet summary Year 2011 Year 2010 Different TOTAL ASSETS 35,512,635 26,146,849 9,365,786 Short Assets 20,039,498 13,326,422 6,713,076 Long Assets 15,473,137 12,820,427 2,652,710 Total Resources 35,512,635 26,146,849 9,365,786 total debt 27,260,458 16,593,209 10,667,249 Current liabilities 21,630,198 5,250,152 16,380,046 Long-term debt 5,630,260 11,343,057 -5,712,797 Equity 6,501,238 6,842,651 -341,413 Interests of minority shareholders 1,750,939 2,710,989 -960,050 No Financial ratios Year 2011 Year 2010 Different Assets / Total Assets 56% 51% + 5% Assets / Total Assets 44% 49% - 5% Liabilities / Total Liabilities 77% 63% + 14% Liabilities / Equity 419% 242% + 177% Equity / Total Liabilities 18% 26% - 8% Current ratio 93% 254% - 161% Quick payment 50% 211% - 161% Payment of short term debt 6% 29% - 23% Total Asset Turnover 8% 19% - 11% 10 Inventory Turnover 23% 81% - 58% 11 Profit before tax / net profit 64% 81% - 17% 12 Profit after tax / net profit 46% 63% - 17% 13 Profit before tax / Total assets (ROA) 3% 12% - 9% 14 Profit after tax / equity (ROE) 16% 55% - 39% Table 2: Finance ratio Table 3: Table growth rate of financial No The rate of financial growth (over the same period) Year 2011 Year 2010 Return on invested capital (ROIC) 82% 262% The rate of revenue growth -40% 96% Profit per share (EPS) -66% 151% Equity -5% 231% cash -19% 6% Evaluation:  The coefficients on profitability: The ratio of gross profit on assets (ROA): ROA of companies decreased from 12% to 3% The main reason is profit before tax decreased from 3,143,055 in 2010 down to 1,471,471 in 2011, while total assets, rose high in 2010 to 35,512,635 from 26,146,849 in 2011 This shows the performance using assets to generate profits of the company is not good, profitable growth while keeping a modest distance over the rate of company assets o profitability ratio of equity (ROE): Just like ROA, ROE of the company plummeted 39%, from 55% in 2010 only reached 16% in 2011 This decrease is due to the decline of the profit after tax of the company from 2,306,899 in 2010 only 821.286 in 2011 This decline partly due to business performance of enterprises in 2011 is not good, partly because the cost of business increases Therefore, even though equity decreased slightly, the company's ROE declined dramatically o Conclusion: The above criteria reflect the company during the period 2010 - 2011 production is not good business, financial advantage is not effective  The coefficients of the solvency liabilities: Quick debt ratio decreased from 211% in 2010 to 50% in 2011 This rate is also known as a "litmus test acid" is designed to measure the relationship between the properties known as flexible (i.e part of the property can be quickly converted into cash) with shortterm debt This shows that the financial capacity of enterprises is very limited, and risk delays in payment of debts in the short term o Debt ratio is reduced from 254% in 2010 down to 93% in 2011 This rate is designed to measure the relationship or "balance" between current assets (primarily cash, securities sold in the market, receivables and cash reserves) to liabilities (primarily accounts payable, vouchers payable and Current liabilities coming due to pay part of the long-term debt), the most experience that this ratio should be at least 2/1 for most businesses, this coefficient for the solvency of the company debts This coefficient becomes larger, the solvency of the company as possible Ratio is less than the allowable limit for the lack of liquidity, will affect the company's debt repayment plan The decrease in the current rate paid by the enterprise to see the financial difficulties that businesses are facing o Conclusion: Thus, the ability to pay existing debt of the company during the period 2010 2011 difficult: Current liabilities increased faster than current assets, accounts receivable and inventory tends to increase and proportion of current assets while reducing long-term debt ratio, cash ratio and cash equivalents decreased o The activity coefficients: Score asset turnover down 11% from 19% in 2010 to 8% in 2011 The reason sales dropped from 3,872,980 in 2010 down to 2,313,740, while assets rose sharply in 2010 from 26,146,849 to 35,512,635 in 2011 This suggests that use of the property company's effectiveness and scale of fixed assets not commensurate with revenue, the company has not generated enough revenue than property  Score revolving inventory turns decreased from 81% to 23% A closer analysis we see cost of goods sold increased from 927.026 to 1,306,237 in 2011 (equivalent to 41%) but the value of inventories increased from 2,264,170 in 2010 to 9,282,403 in 2011 (equivalent to 310%) proved reserves companies are more long-term inventories, commodity structure may lead to reasonable buried investments is ineffective In this case, the company should change its policy to sell, the promotion to be able to quickly sell the inventory in order to collect money for the company and reduce inventory costs Score asset turnover fell 11% from 19% in 2010 to 8% in 2011 Root cause is due to increase in total assets but the plans are not used properly o Conclusion: Thus, the asset management company in the period 2010 - 2011 is not effective So companies need to change sales policies to reduce the debts, conducting * Solvency ratio - A mobility measure most commonly used; which is the ratio of overall pay This rate is designed to measure the relationship or "balance" between current assets (primarily cash, securities sold in the market, receivables and cash reserves) to liabilities (primarily accounts payable, vouchers payable and current liabilities coming due to pay part of the long-term debt), the most experience that this ratio should be at least 2/1 for most businesses, this coefficient for the solvency of the companies debts This coefficient becomes larger, the solvency of the company as possible Ratio is less than the allowable limit for the lack of liquidity, will affect the company's debt repayment plan Thus the analysis of this ratio in two years has decreased from 1:58 -> 1:30 but have not reached the 2/1 and this shows the financial ability of the enterprise is limited - A ratio associated with the overall payment rate (current) is also commonly used fast payout rate This rate is also known as a "litmus test acid" is designed to measure the relationship between the properties known as flexible (ie part of the property can be quickly converted into cash ) with short-term debt As reported by the enterprises this rate continued to decline from 2.11> 0.5 and the coefficient is smaller than the permitted level of safety is one of the industry, and is the alarming debt situation of enterprises in while total liabilities increased from 5,250,152 continuous-> 21,630,198 an increase of 320% while the level of current assets increased by 13 -> 20 only reached 50.37% and this trend is just one copper assets mobility increases by nearly will bear the short-term debt This coefficient reflects the solvency liabilities of the company in cash and short-term securities can be quickly converted into cash, - Solvency ratio solvency short-term reduced from 2:54-> 0.93, down 63% this coefficient for the complete ability to repay short-term debt of companies with short-term assets is the greater number co.He the ability to repay short term debt as possible In contrast coefficient is smaller than the allowed limit will alert the solvency liabilities of companies in trouble, potentially unable to pay their debts on time, and calculated coefficients show declining expression of financial difficulties of enterprises, so enterprises should take measures to limit the state less difficult for their liquidity problems - Cash index, the index measures how much cash cash and securities to trading of the business to meet short-term debt obligations, in other words it is said, just a short-term debt contract, how many cash and securities to ensure payment of trade, the index for the ability to raise capital by borrowing money to pay short term debt in the near-instant, This is a decision only the survival of the enterprise as falling into bankruptcy, this index will allow instant liquidity, according to a report that this index is too low not enough security for loans short when the time limit for repayment, making the financial situation became more difficult - Cause: Due to the volatility of market economy, the state policy of the bubble is real estate so this item becomes very difficult to sell, liquidity is not high due to the amount of goods sold increased from 2,264,170 in stock-> 9,282,403, while the Enterprise customers not paid through the reporting period to make the money in circulation fell from 1,515,009-> 1231729 However, a sign quite satisfactory when the accounts receivable turnover decreased 0.68-> 0.45, the number of days inventory than the industry average, suggesting that the capital of the enterprise customers have been appropriated - Recommendations; should push for enterprise promotion programs to accelerate the advertising inventory on the market, and must have a plan to reduce the sales charge receivables down, while reducing the short-term debt , reduce inventory cycle time to avoid fluctuations in interest rates, dollar exchange rate when buying raw materials in order to this should encourage enterprise customers if money is collected prior to maturity will philosophy credited to the customer, and also to expand the market to other provinces, regions and remote areas to accelerate the inventory comes out, on the other hand enterprises should also pay attention to the assets involved in production production, if redundant, is not effective, the calculation of business to sell their property or have plans hoa85ch technological innovation, participation needs to attract consumers' tastes like liquid ensure that new balance * Financial goals with business - Target usage coefficient assets (asset turnover ratio) = sales / total assets, it declined from 0.15-> 0:07 is because revenue fell from 3,872,980-> 2,313,740 40% reduction while the total assets decreased from 26,146,849-> 35,512,635 down 36%, suggesting that companies use less efficient assets Cause: The index is low, businesses untapped power of existing assets, therefore, need to increase sales or sell their properties, a problem often encountered with this indicator is making full use the old asset by most accounting value of these assets is always lower than the new property and has the same usage, however, to note the issue of girls as well as the technology building, road amnesty has become whether or not class There are also specific firms by the level of business that have relatively little investment property Commercial enterprises often have only the turnover of total assets compared to smaller production companies, this ratio reflects the dynamism of the enterprise, said total investment in assets is converted how much times the turnover and low coefficients, which means that capital is not used effectively; companies are capable of redundant inventory, sanpham goods are not sold or idle assets or borrowing too much real capital needs - Accounts receivable turnover = net annual sales / average accounts receivable, this rate decreased 0.68-> 0.45, revenue down 33%, amounts to no increase, so not show whole course enterprise customers row While increasing the number of days from 533 days pre-test to 810 days Possible causes of the business which the goods of inferior quality that the customer does not want to pay, or by the production technology does not match the tastes of consumers so customers can not sell its products lead to sales nhiep not paid according to schedule clients and customers not want mua.va also be due to causes of inflation, rising prices made investors reluctant to buy because interest rates are subject to high , people really want to buy can not be due to exposure to bank many banks offer favorable conditions for the loan contract - Inventory turnover = cost of goods sold / average inventory, cost of goods sold increased from 0:41-> 12:14 up 65%, while inventory is up from 2,264,170-> 310% 9,282,403 equivalent, this proves incapable enterprises sold by the economic effects of inflation, the number of days inventory increased from 891 -> 2.593… Enterprises producing a lot but not making a sale inventory increased, the company is in a buried state capital, investment spread and inefficient, this is an indicator of the effectiveness credit policies that apply to businesses with customers, only the higher revs will show enterprise customers as quickly repay But compared to the peers that this index is too high, there may be businesses will lose customers because the customers will switch to consuming products of competitors provide time longer credit business and so, we will reduce sales collapsed When comparing this index over the years, found that the decline is likely that businesses are struggling with debt collection from customers and may also be a sign that sales have exceeded -Fixed Assets Turnover = Net Sales / fixed assets, revenue increased 40%, fixed assets increased from 4,714,386-> 6,508,943 38% equivalents, equivalent to 0.82-> 0:36, only this measures the ability of businesses to generate revenue from investments in total assets This indicator means: for every dollar invested in total assets, the firm will create as many dollars in revenue The business sector is capital intensive, often only revs total assets lower than the rate used khac.Hieu enterprise fixed assets: revenue generated from the fixed assets, and this the fun with your fixed assets to generate revenue is not effective, companies need to take measures to reconsider - Working capital turnover = Net income / TSLD, revenue increased 40%, 50% TSLD This rate for working capital was moved many times to sales, the higher ratio of capital to be proved the more efficient use In contrast, this ratio may be lower DN inefficient capital use (idle assets, excess inventory, borrowing too much money compared to the real needs ) - Recommendation: companies need to change sales policies to reduce the debts, conducting collection manager, clearing inventory to market while enhancing the ability to recover capital liquidity, and businesses should also look for measures such as promotion, advertising, or investment in technology, production lines to increase competition with industry rivals, speed and market shares on the market schools, which help small multi increasingly sustainable development * Index leverage - Debt ratio = total debt / total assets, total debt increased from 16,593,209-> 27,260,458 up 64%, or increased 63.46-> 76.76%, while total assets increased 36%, a co-financial assets by how much support the debt, that a co-sponsored by two property loan, the index is very risky to financial statements -The debt on equity = total debt / equity Total liabilities increased 64%, while equity increased from 6,842,651 no-> 6501238 and this ratio reached 242.50-> 419.31%, generally not fluctuate much An equity contract how much the debt, this ratio shows the ability to pay debts with equity sources; factor less the value of greater equity as a source of equity sources capital is not repaid, the possibility that the financial autonomy of enterprises as possible However, if this ratio the higher the likelihood that a company is unable to repay debts by tightening financial conditions or deficiencies in management, or business cash flow less the burden will weight from the payment of interest, in the case of dissolution of the company, this coefficient indicates the degree of protection to creditors - Equity ratio compared to total capital = equity / total capital, equity does not increase, total capital increased by 36%, ratio of equity capital used to measure stability of the capital increase To add to the capital contributed by shareholders reserves and equity capital, also contributed to the reserve for statutory capital and surplus (including retained earnings of the company.) This fund is not should be returned, so the higher this ratio, the more businesses are highly, this coefficient are basically purposeful assessment as the debt, and an overview of the financial review, low coefficient of this document show business does not work * Profitability - Net profit margin (profit consumer-ROS) = Net profit after tax / business revenue, profit after tax decreased from 2,306,899-> 821,286, down 64%, business revenue decreased 40%, thus reducing the rate of this indicator is 59.56% -> 35.50%, target said average revenue generated much net profit Revenue from cost reduction but also down 41%, operating expenses rose1256588> 1449004 rose 15%, 44% tax cost to profit after tax decreased significantly due to excessive costs, businesses should consider the issue of cost control - Profit on assets (ROA) = Profit after tax / total assets, after tax profit up 64%, total assets increased 36% equivalent to 8.82% -> 31.2%, the index for that a dollar invested assets generate much net income, this ratio higher profitability from growing the company's assets, however this rate reached below the industry standard, this proves invested assets to create profits are ineffective, making after-tax profits plummeted is because businesses not know how to control costs, the effect of TS make a profit is not effective - Earnings equity (ROE) = Profit after tax / equity and profit after tax fell 64%, rising equity decreased from 33.71% equivalent -> 12.63%, this indicator for an equity co-create as many net profit, with indicators that business capital spending is very low margin business, businesses should find remedies - Rate of return on total capital employed = EBIT / Total assets, EBIT decreased 53%, total capital increased by 36%, equivalent to an increase from 12.2% -> 14.4%, this index decreased, due out in capital more profitable again, but very low, this rate does not match - Profit on sales = Net profit before tax / revenue, profit before tax decreased 53%, while revenue fell about 39% equivalent to 81.15% -> 63.60%, the target rate of return received on the evaluation criteria of the general financial situation and performance of enterprise business performance The larger the ratio of business enterprise is more efficient; vice versa, suggesting that companies are facing difficulties in production and business activities, warning potential risks, which requires companies to have remedy COMPANY VALUATION VINCOM Using the CAPM model (Capital Asset Pricing Model - asset pricing model capital) for business valuation: CAPM model describing the relationship between risk and interest rate expectations:   E ( ri ) r f  E (rm )  r f *  i In cluding: E(ri) : expected yield of the stock rf : interest rate risk of the market E(rm) : interest rate expectations of market  i : measure the level of risk Using string yield of a stock price on the stock market VIC Vietnam in session 245 days from the date 25/03/2010 to 12/03/2011 identify the risk factor as follows: Coefficientsa Standardiz ed Unstandardized Coefficient 95% Confidence Interval Coefficients for B s Std Model (Constan t) lsvninde x B Error 003 002 326 121 Beta 171 t Lower Upper Sig Bound Bound 1.271 205 -.002 008 2.701 007 088 564 a Dependent Variable: lsvic We see : VIC The coefficient of risk equity at the time of issuance is  L  0.326 Using computer software eview yield market during this period http://idr.edu.vn/diendannghiencuu/showthread.php?t=676 Yields on the day of the market during this period is defined asrm = 0.000568  Yields in the: Rm = (1+0.00568)245 – = 0,1493  Interest rate risk in 2012 was the State Bank announced are: 8% / year  The market risk premium is half of the year: Report on business results in 2011 Rp = Rm – Rf = 14.93%– 11.3% = 3.63 %  Interest expense: 807.484.484.862 VNĐ  Profit after tax: 1.073.560.198.764 VNĐ According to the Government on the exemption of enterprise income tax reduction for companies whose securities are listed, in the period of enterprise income tax of the company Vincom is: 25% Operating profit of the VIC is: NOI = 807.484.484.862 *2 + 1.073.560.198.764 = 2.688.529.168.488VNĐ  Market value of debt is VIC: B = (Kd*D) / Rf = 807.484.484.862 / 0.113 = 7,145,880,397,009 VND  Application of M & M theory combined CAPM model to value VIC:  L We have the formula  U 1  (1   ) * B c S (1) In particular, have been identified above,  L = 0.326  The cost of equity capital in case the company does not use debt is determined by the CAPM model:  R f  R p * U (2)  The M & M, the value of companies is determined by the formula: VL  E ( NOI ) * (1   c )  c * B  (3) On the other hand we have: (4) V L B  S From (1), (2), (3) and (4) we have the equation is a link between the values V L B  S  NOI * (1   c )  R f  RP *  L /  (1   c ) B S  (5) Solving the equation (5) we find the market value of equity of VIC is : S = 7.247.309.472.000 VNĐ Number of shares present (at the time of calculation) of the VIC is 331,474,000 shares and the issuance of this additional number of shares issued is intended to 160,976 President of the VIN number of shares in issue will be 492,450,000 shares  Stock price is: P =7.247.309.472.000 / 492.450.000 =14.716 VNĐ In this issue VINCOM Company adopted on 12.03.2010, the total capital 1,603,006,740,000, equivalent to issuing more shares is 160,300,674 shares, shall comply method dividend shares and selling shares to existing shareholders, including dividends source is 1,199,759,710,000 from the 2011 profit after tax of joint stock companies VinCom Type of shares: Denomination: Common Stock 10.000 dông Total number of shares expected to release more: 160.300.674 stock including Dividends paid in shares: 119.975.971 Stock Offering shares to increase charter capital : 40.324.703 stock Conclusions and recommendations According to the results of valuation, the company's stock price at the time Vincom is issued 14.716d / stock The price level is higher than the price of 10,000 and is much lower than the market value of these shares at that time Recommended investors should buy stocks invest in stocks time before the official release will have the opportunity to earn high profits Interest rate risk is assumed by investing in financial instruments without the risk of default (default risk) However, these financial instruments may face other risks, such as market risk (changes in market interest rates), liquidity risk (the tool can not be sold for an amount side only) ... intensive, often only revs total assets lower than the rate used khac.Hieu enterprise fixed assets: revenue generated from the fixed assets, and this the fun with your fixed assets to generate... This suggests that use of the property company's effectiveness and scale of fixed assets not commensurate with revenue, the company has not generated enough revenue than property  Score revolving... recreation service real estate brokers, real estate valuation, real estate transactions, real estate consultancy, real estate auctions, real estate advertising, real estate management Characteristics