Investment Manager

Vinamilk JSC (VNM)| Impressive track records and potential reaping | * Leading follow in the dairy labor and nutritional products with more(prenominal) than both hundred items. The product line focuses into four master(prenominal) groups: powder milk, condensed milk, articulate milk, and yogurt. * * Vinamilk is the largest dairy producer in Vietnam in terms of securities industry sh atomic number 18, brand name, turnout capacity and distribution ne 2rk with more than 140.000 points of sales. * * 2011 has marked a new phase of result for VNM by important investments in oversea raw materials sources: Miraka Powder make do 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 capitalization (VND bn)| | 30.358,00 | Revenue (VND bn)| | 15.752,86| NPAT (VND bn)| | 3.

616,18 | bring in 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 exploitation * Vinamilk continues to invest to a great extent in expanding production capacity in two main projects Megafactory and Dielac 02, which are judge to go into operation in slow 2012 and 2013. * Milk expenditure in Vietnam is still low, about 14kg/ mortal/yea! r compared to almost 60kg/person/year in Asia. check to the forecast of Tetrapak, dairy products consumption in Vietnam would grow 15%/year from straight 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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