Investment Manager

Vinamilk JSC (VNM)| Impressive track records and potential offshoot | * Leading connection in the dairy fabrication and nutritional products with much than both hundred items. The product line focuses into four master(prenominal) groups: powder milk, condensed milk, argent milk, and yogurt. * * Vinamilk is the largest dairy producer in Vietnam in terms of securities industry sh be, brand name, output capacity and distribution nedeucerk with more than 140.000 points of sales. * * 2011 has marked a new phase of return for VNM by important investments in oversea raw materials sources: Miraka Powder fritter away out Plant in New Zealand (19,3% owned by VNM) has survey into operation in August 2011. * * Sales are communicate to reach the cap of VND 21.000 bn and the NPAT more than VND 4.100 bn, a growth ramble of 39.3% and 14% respectively, compared to 2010. * | Items| 2011| 2010| Market ca pitalization (VND bn)| | 30.358,00 | Revenue (VND bn)| | 15.752,86| NPAT (VND bn)| | 3.

616,18 | crystallise pull in margin (%)| | 22,96| ROE (%)| | 50,15| EPS Growth (%)| | 51,39| P/E (x)| | 8,10 | P/B (x)| | 3,68 | Dividend yield (%)| | 4,82| (*):VFM estimates| | POTENTIAL egression * Vinamilk continues to invest to a great extent in expanding production capacity in two main projects Megafactory and Dielac 02, which are evaluate to go into operation in slow 2012 and 2013. * Milk phthisis in Vietnam is sti ll low, about 14kg/ mortal/year compared to ! approximately 60kg/person/year in Asia. check to the forecast of Tetrapak, dairy products consumption in Vietnam would grow 15%/year from right away to 2015. * * In addition, improving consumers perception of milks benefits on health and rising per capita income are among factors change to VNMs future growth potential * DOWNSIDE RISKS * * * Competition is extremely fierce, curiously in the two segments of liquid...If you want to get a all-embracing essay, order it on our website: OrderCustomPaper.com

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