Financial Vinamilk Analysis

VIETNAM I EQUITY RESEARCH Initiation of Coverage hosiery spikelet: VNM | Including 5-year forecasts for 2012-2016 16/04/2012 BUY CURRENT value sign PRICE LAST T.PRICE STOCK STATISTICS Bloomberg Ticker Outstanding shares (m) market place ceiling (VNDbn) 52W Price range 3M Average Volume of import alien ownership (%) Source: Bloomberg VNM VN Equity 555.8 50,855 96-61.3 86,666 0.83 49% VINAMILK VINAMILK has been virtually for 30 years and is now leading the dairy application in Vietnam with more than 40% market place shares and a intersection pointion cleverness far beyond that of other competitors. VNMs processing plants and closely 178,000 retailers are scattered throughout the terra firma at handy locations, which helps distributing perishable milk products to end-consumers in a timely fashion. around half of domestic raw milk supply goes to VNMs factories, giving the order immense billet over product pricing. VNM offers a diverse product choice along with cheap prices, which explains its total domination on nearly segments such as condensed milk (~85% market shares) and yoghourt (~90% market shares). Last but not least, the play along is highly precious for its experienced management team, especially brothel keeper Mai Kieu Lien.

2011 was an important uncovering for VNM, as the Company brought home its long-awaited 1 billion long horse revenue. The 2006-2011 periods were considered the golden era for VNM: revenue was expanding at 28.2% CAGR while primitive profit was growing speedily at 33.3% CAGR; yet, the most majestic development was the 44.9% CAGR of net p rofit. The Company finances its capital exp! ression mostly by equity, therefrom liquidity has never been an get laid for VNM. VINAMILK plans for revenue of USD3billion dollars by 2017, which is both ambitious and achievable in our opinions. Rapid urbanization in Vietnam and its improving living delimitate will be the impetus for dairy demands. VNM will localize VND10,000bn to ramp up its capacity from 677,150 (2010) to 1.6 million tonnes (2016) among other things....If you fate to get a full essay, order it on our website: BestEssayCheap.com

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