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Company
LOGO ALPHANAM JSC
INDUSTRIAL COMBINATION
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Content
1. Company Overview.
2. Relationship between Vietnamese financial market and Alphanam’s financial management.
3. Company’s Profitability and Risks.
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Company Overview
• Established in 1995 as Alphanam Co., Ltd• 2002: Alphanam JSC• Industry: Industrial Combination• Business Fields:- Manufacturing Industrial Equipment, Material and Products- Installation and Contruction of Industrial Infrastructure- Real Estate Business- Financial Investment• ALP was listed on HOSE on December 18, 2007• Chartered Capital: 438,203,930,000 VND
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Company Overview
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Company Overview
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Financial Relationship
EXAMPLE #1:- In 2010, Alphanam JSC and GEM signed
a term sheet in which GEM committed to invest 30 million in Alphanam in shares, with the purchasing price at 90% of market price.
- Financial market:+ Ineffective administrative procedures+ Stock prices fell
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Example #1 (cont.)
- Effects: Alphanam did not want to sell their shares at 90% market price as agreed 6 months ago.
- Financial Decision: put off the deal temporarily.
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Example #2
EXAMPLE #2- 10/2010: Alphanam intended to issue 200 bil.
worth in bonds for MB purchase with a 15% annual interest rate.
- Financial Market:
+ Ineffective administrative procedures.
+ Interest rate increased from 12-13% to 19-20% after 3 months.
- Effects: High interest rate caused the bond offering to fail.
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Balance Sheet
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Income Statement
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Liquidity Ratios
• Rather low liquidity risks.
• 2008: maintained a good capability of paying short-term debts.
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Leverage Ratios
• Very low risks in insolvency.
• May have failed to take advantage of financial leverage
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Efficiency Ratios
• Capital Management might have problems.
• Not a generous creditor.
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Profitability Ratios
• Quite effective through years
• Relatively low profitability compared to the industry’s
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Market Value Ratios
• Business Performance is getting better
• Attract investors
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DuPont Analysis
• ROE = Profit Margin (NI/Sales) * Total Asset Turnover (Sales/Assets) * Equity Multiplier (Assets/Equity)
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DuPont Analysis
• Profit Margin affects ROE the most