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Phân tích tài chính dự án bđs của công ty TM THành công e

I. Introduce about: Thanh Cong Textile Garment Investment Trading JSC
* Thanh Cong Textile Garment Investment Trading JSC
36 Tay Thanh, Tay Thanh ward, Tan Phu district, Ho Chi Minh city.
Phone: +84 (8) 381-53962
Fax: +84 (8) 381-52757
E-mail: tcm@thanhcong.net
During the 30 years constantly evolving to enrich themselves and contributing to state
budget, Thanh Cong Textile Garment Investment Trading JSC overcome the strong
waves of Textile enterprises in the country. The same the equitization process
business, with the desire to give domestic consumers TCM product line represents the
high-end cotton has brought pride brand, mark Success in export markets; dynamic
outfit TCM, is returning to the field, who love fashion consciousness.
COMPANY HISTORY
+ Thanh Cong Textile Garment Investment Trading JSC star as a small private textile
company which name “ Tai Thanh Ky Nghe Det” was foundation in 1967.
- On Agust, 1976 was taken over by the Government and turned into state –owned
enterprise with name Tai Thanh Textile Factory, then turn was renamed Thanh Cong
Textile Factory, Thanh Cong Textile Factory and in 2000 was renamed Thanh Cong
Textile Garment Investment Trading JSC.
- 07/2006, conversion into the active form Thanh Cong Textile Garment JSC.
-10/2007, The Company listed on the Stock Exchange, Ho Chi Minh City.

- 5/ 2008, Company changed name Thanh Cong Textile Garment Investment Trading
JSC.
- 4/2009 E-land Singapore group becoming strategic partners and participating
companies operating.
BUSINESS
- Manufacturing sector and Traditional business: Manufacturing and trading products of
spinning, weaving, knitting, dyeing and garment,

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-

Other field of activity: Investments in securities, real estate, travel, Real Estate,

industrial, warehouse, commercial, housing, raw materials import and export,
machinery, textiles, Textile-garment industry equipment.
SPECIFIC
+ Garments, shoes production.
+ Fiber production.
+ Fabric production.
+ Buying and selling cotton, fiber, Fiber, machinery, equipment, spare parts,
accessories materials, supplies, materials, chemicals, dyes, textile packaging, Buying
and selling refrigeration equipment, air conditioning, computer, radio - recording,
construction materials, transport.
+ Cotton, fiber, fiber production.
+ Buying and selling fabrics, garments, shoes.
+ Machinery and equipment repair.
+ Machinery and equipment rent.
+ Preparation of civil engineering projects and industrial infrastructure of industrial
parks, tourist resort.
+ Installation of other building systems.
+ Installation of civil and industrial infrastructure in the tourism industry.
+ Installation of machinery and industrial equipment.
+ Commercial Brokerage, purchasing agent, consignment.
+ Freight transport by road.
+ Construction and repair of civil and industrial infrastructure of industrial parks,
tourist resort.
* Position of company.
- Company has advantage about closed production line. The most major active in


the processing and sewing fabric material imports, the TCM has developed an
integrated production process from yarn production, weaving, knitting, dyeing and
sewing. TCM is strength compared with competitors, helping companies control cost
and quality of output. With the support of strategic partners in the E-land
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management, TCM has adopted Balanced ScoreCard model and management system
ERP human resources. Therefore, TCM helps improve credibility with customers and
consumers.
- High production capacity. Compared with the listed companies in the same industry,
TCM is unique business to have the ability to meet the needs 100% cotton for your
business. In addition, TCM is also now capable of manufacturing exports and the
industry is the largest. High production capacity is the basis for TCM can get large
orders and extended customers
- Diversification.export market: Consumption market of TCM is quite diverse and not
dependent on a single customer or a major market, thereby helping to reduce the risk
TCM market volatility and pressure on prices and delivery time from our customers
large. TCM's main products are T-shirt pants, an outfit so popular is less affected by
seasonality and economic cycles, so the company's output is relatively stable
compared to some other companies produce items such as jackets or shorts.
ORGANIZATION STRUCTURE:

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PARTNERS CLIENTS:

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II. Overview about TC1 Tower real estate projects
1. Necessity of the project.
- Thanh Cong Textile Garment Investment Trading JSC has now leading enterprise in
Vietnam in the textile industry. The company has large-scale asset the advantages of
and equity and closed production lines and is the only company with the ability to
provide 100% cotton needs to operate its business. Leveraging on the advantages,
business operations of the company last year effectively therefore needs to expand the
scale of production is a matter of business necessity today .
May, 27th, 2013, Thanh Cong Textile Garment Investment Trading JSC (TCM) signed
a memorandum records on cooperation with E-land Asia Holdings company to develop
TC1 Tower real estate projects on 9.898,3 m2 land area located at Tay Thanh ward,
Tan Phu distric, Ho Chi Minh city
Accordingly, the two sides will establish a joint venture company to directly manage
and develop the project consortium of commercial service center located at the 1st
floor to the 5th floor, the apartment complex from level 6 to level 14 , with 385
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apartments ... is expected to establish a joint venture to be completed in 2013 and
began construction of the project in 2014. As planned, the project will be done by ELand Construction – is unit which has a lot of experience implementing large projects
in Korea.

Perspective of TC1 Towe real estate project:
1. The goal of project
- Investment in construction projects will bring business efficiency high, increasing
assets and profits for the company. At the same time increasing business scale,
keeping the leading position of the business sector.
- Create jobs for over 1,000 local workers, contributing to local economic
development.

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- With this project the company desired customers have experienced the true standard
of residential culture and enjoy the happiest time with his family.
2. Investment type
Investment in new building
3. Investment scale
The project realtime: 24 months (Estimate)
Area: 9.898 m2
Location: Tay Thach ward, Tan phu distric, Ho Chi Minh city
Plan: Residential (Apartments)
Progress: Construction procedures stage
TC1 Tower is built on has an area of land is 9.898,3m2 located at Tay Thanh ward,
Tan phu distric, Ho Chi Minh city. This project has been started from 11/2007 the
name Thanh Cong Tower 1 and a total investment of over 400 billion with 4 blocks:
have 3 apartments block and 1 public block, 2 basement is area supermarkets, parking.
4. Investment capital
- Investment capital for the project was raised from two sources are retained earnings
and issuance of bonds with conversion. In that:
150 billion raised from retained earnings
250 billion raised from issuing bonds have conversion
5. Construction time and the project payback period
- The construction time of project expected 24 months. The project is stage procedure
construction. Accordingly, the two sides will establish a joint venture company direct
management and project development for the purpose of trade and service center
combining condominiums. Expected that the establishment of the joint venture will be
completed in 2013
Stage 1 from the project starting point is on 11/2007 and funded from retained
earnings. Stage 2 is expected to begin from 3/2014, funded by capital raised from the
issuance of conversion bonds. The time for finished and put into operation the project
is on 3/2015. The project was put into operation and payback period is 5 years after.
6. Operating efficiency of project

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- By the cost calculating average the project (WACC) and internal rate of the project
profitability (IRR), we can evaluate the project performance.
* The average capital cost.
+ Cost of using and retained earnings:

+g = + 5% = 16.03%

In that:
+ D1: expected dividend received last year 2013
+ P0: Year-end stock price in 2012
+g: Regular annual dividend expected growth consistent
+ The cost of borrowed funds by issuing bonds: 15% x 0.75 = 11,25 %
(Assuming the cost of issuing bonds before tax is 15%, the tax rate is the corporate
income tax 25%)
Average capital cost using: x 16.03% + x 11,25% = 16.65%
* Profitability ratio internal:
Turnover equity entire = Net income / Average Capital
In that: Average business capital = 400 billion
Turnover equity entire

= 1.136

So that: net sales = 2009 * 1.136 = 454.4 billion đồng (số liệu 2012)
* Expected net sales growth:
Unit: billion
Target

1.Net sales

First year

490

Second

Third

Fourth

year

year

year

540

653,4

849,42

Fifth year

1200

(Data is expected on the assumption of the first year of operation revenue growth at a
low level and after 2 years of operation, the company will expand the market and
growth rate of consumption is higher)
* Estimate variable cost: 60% sales (cost basis data on revenue 2012)

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*

Estimates eepreciation time: ten years (accordance with Circular 203/2009/C

-BTC, businesses amortized straight-line method)
Net sales from sale goods and services
Working capital turnover =
Average working capital
In that: Net sales: 490 billion
Working capital turnover: 2,5 round
So that

Average working capital

: 490: 2.5 = 196 billion

Assuming short-term financial investments in equal 0
Lead to short-term assets = working capital = 196 billion
 Long-term assets = 204 billion
Accounting estimates balance sheet
Unit: billion
Assets
Money
Short-term assets
196
Long-term assets
204
Total sum
400
Revenue table - estimates cost

Capital
Payable debts
Equity
Capital plus

Money
250
150
400

Unit: billion
Target

First year

Second

Third year

Fourth

year

Fifth year

year

1.Net sales

490

540

653,4

849,42

1200

2. Variable costs

294

324

392,04

509,65

720

3. Interest

37,5

37,5

37,5

37,5

37,5

4. Depreciation

20.4

20.4

20.4

20.4

20.4

5. Other fixed costs

30

30

30

30

30

6. Tax before profit

108.1

128,1

173.46

251.87

392.1

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7. Tax after profit

81.075

96,075

130.095

188.901

294.075

The expected cash flows
Unit: billion
Target

First

Second

Third

Fourth

Fifth

year

year

year

year

year

II. Cash inflows

101.475

116.475

150.475

209.3

314.475

1. Net cash flow from

101.475

116.475

150.475

209.3

314.475

a.Net sales

490

540

653,4

849,42

1200

b. Production costs

432,5

464,9

500,54

618,25

828,5

- The variable costs

294

324

392,04

509,65

720

- Depreciation expenses

20.4

20.4

20.4

20.4

20.4

- Interest

37,5

37,5

37,5

37,5

37,5

- Other fixed costs

30

30

30

30

30

- Tax before profit

108.1

128,1

173.46

251.87

392.1

- Tax after profit

81.075

96,075

130.095

188.901

294.075

101.475

116.475

150.475

209.3

314.475

I. Cash outflow

400

1. Fixed assets

204

2. Mobile Assets

196

Target

business operating

1.

Cash

flow

from

received from liquidation
2.

Cash

flow

from

working capital recovery
III. Annual net cash flow

(400)

+ In that:
- Interest expense: 15%*250=37.5 (billion)
- Amortized on a straight-line depreciation 20.4 (billion / year)
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- The variable costs 60% revenue
- Other fixed cost (sales, business management, advertising and marketing costs ....)
is calculated based on the fee scale which corresponds)
Average capital cost: WACC = 16.65%
CFo = 400
NPV =

101,475
116 ,475
150,475
209,3
314,475




 400
2
3
4
(1  16,65%)
(1  16,65%)
(1  16,65%)
(1  16,65%)
(1  16,65%) 5

= 40,98 (billion) >0
Calculate IRR
Choose r1 =23 % à NPV1 = 43.5 billion
Choose r2 = 28% à NPV2 = -8.38 billion
| NPV1 |

IRR = r1 + (r2 – r1) | NPV |  | NPV |
1
2
= 23% + (28% - 23%)

| 43.5 |
| 43.5 |  |  8.38 |

= 27.2%
From the above calculation shows that the internal rate (IRR = 27.2%) is greater cost
capital (WACC = 16.65%), the upcoming projects will achieve high efficiency.
7. Raising capital from bond issuance is converted.
-

Convertible bonds are bonds that can be converted into common shares of the

same issuer under the conditions defined in the issuance corporate bonds are issued
and denominated Vietnam.
-

TMC Company is fully qualified in accordance to raise capital through the

issuance of convertible bonds.
1. As enterprises are allowed bond issuance (corporate form: joint-stock company).
2. There is a minimum uptime of 01 years from the date of official business in
operation.
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3. There are reports of the financial year the year of issue audited.
4. Results manufacturing operations, business year preceding the year of issue to be
profitable.
5. There are issuances bond method through organizations or individuals authorized.
Specifically, the mobilization of investment capital for this project through the issue of
convertible bonds as follows:
- The purpose bond issuance: raising capital for investment projects TC1
- Industry and business areas of the company: production and sales of traditional
products fabric, fiber, weaving, dyeing, garments, textile raw materials.
-

Subjects issued Release for strategic partners

-

Payment method: one-time payment along with principal amount at maturity

-

Denomination bonds: 5.000.000 dong

-

Bond interest rates : 15%

-

Issue volume : 50.000 bonds

-

Issue time : 8/1/2014

-

Maturities time

-

Conversion time : 8/1/2017

- Conversion rates

: 8/1/2017
: 1 bonds change 100 shares

Accordingly TMC firm commitment:
1. Using money from the issuance of bonds for the purpose of commitments with
investo.
2. Payment in full and timely principal and interest upon maturity bonds.
3. To fulfill disclosure obligations and is responsible for the accuracy and truthfulness
of the information published.
4. To fulfill its commitment to responsible underwriting organizations, issuing agent,
paying agent and organizations authorized bond auction.
5. Perform financial management mode, accounting reports and statistics according to
prescribed of law.
III. Overview about financial position of the business:
To assess financial viability of business in project implementation to consider a
number indicator about revenue, profit after:
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REVENUE
2010

2011

2012

1st Quarter

419,57 billion

630,76 billion

538,46 billion

2nd Quarter

442,68 billion

576,12 billion

708,48 billion

3rd Quarter

509,23 billion

509,45 billion

520,53 billion

4th Quarter

521,26 billion

478,45 billion

516,04 billion

Total

1.892,74 billion

2.194,77 billion

2.283,50 billion

The chart: revenue growth over the years
PROFIT
2010

2011

2012

2013

1st Quarter

29,17 billion

73,13 billion

-13,89 billion

22,63 billion

2nd Quarter

21,40 billion

54,65 billion

14,76 billion

---

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3rd Quarter

44,14 billion

1,90 billion

-541,73 triệu

---

4th Quarter

72,15 billion

-16,72 billion

-19,22 billion

---

Total

166,86 billion

112,95 billion

-18,89 billion

22,63 billion

The chart: profit growth over the years

GROWTH (DATA ON QUARTER 1/2013)
Quarter nearest

Q.nearly two

Four Q

One year

Three year

Revenue

1,42%

7,86%

8,97%

4,04%

29,36%

Profit

-262,96%

14,96%

-32,05%

-116,72%

52,93%

Basis EPS

-260,90%

13,47%

-33,38%

-117,99%

35,81%

diluted EPS

-260,90%

13,47%

-33,38%

-117,99%

35,81%

Assets total

-1,31%

-4,26%

-2,71%

-4,26%

5,08%

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Thus we can identify the following:
Generally, The company's revenue stability over the years, especially the business results of
TCM in the first 6 months of 2013 was impressed by the significant growth in profits. Gross
profit margins through improved strength, the company's profit after Tax increased over the
same period last year. Previously, in order to ensure the production of raw materials and reduce
the risk of price fluctuations, TCM has applied to buy 70% of the cotton futures market and
30% in the futures market. However, with large price fluctuations in 2011 has affected the
operations of the company, leading to consequences that TCM has the right amount of
inventory decision-high cotton prices during the past period. Cotton inventories fell much
appreciated help margins of 40% fiber products improved from negative revenue len7%. With
changes in the current stable, we can trust completely on the break in the business results of
TCM in the near future
In order to expand production and meet domestic demand as well as exports, the company has
invested some new washing machines and dyeing machines, expected to complete the
installation and put into use in July and May 8/2013 to outsource and reduce production cost
savings. Besides, the company also plans to expand further 6 production lines in the future to
increase the productivity of the garment industry, contributing to revenue growth and
profitability for the company.
A SOME FINANCIAL RATIOS AT PRESENT TIME OF COMPANY
Valuation
P/E

42,19

P/S

0,30

P/B

1,24

EPS

336,61

Financial Strength
Quick payment
Current payment
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0,37
0,99


Debt Total / equity

1,67

Debt Total / Total Assets

0,67

Ability to operate

1,14

Asset total turnover
Inventory turnover

3,45

Receivables turnover

9,52

Profit ability

8,98%

Gross margin
Interest rate from business operating

0,49%

EBIT rate

3,07%

Net interest rate

0,77%

Management Efficiency

0,88%

ROA
ROE

2,60%

ROIC

6,06%

Stock prices comparing and market value of the company compared to other firms in the
industry:
Volume

Price

Change

EVE

1.560

19,30

0,52%

GMC

4.190

22,00

0,00%

HDM

300

19,20

0,00%

NPS

0

17,60

0,00%

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PTG

0

4,20

0,00%

It can be seen, stock price of TCM has being tends to increase, with the development
situation and business results in the past month in 2013, investors can be fully assured
and confidence in the feasibility as well as the proceeds derived
REFERENCES
1. Eugene F.Bringham, Joel F. Houston Florida of University
2. PGSM Documentation for internal circulation
3. Slide lecture of Dr.Nguyen Van Dinh
3. Website: http/cophieu68.vn
5. Share Code of Thanh Cong Textile Garment Investment Trading JSC on HCM
trading floor

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