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COMPANY VALUATION REPORT - Kinh Do Corp (KDC) (Dam Hanh Tam)
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We initiate our research on Kinh Do Corp with a SELL rating. Due to the strong competition in the ice cream market that will melt KDC’s market share away and the remaining operational difficulties after the company sold its confectionery business.
CONTENT:
EXECUTIVE SUMMARY................................................................................................................................................... 2
BUSINESS DESCRIPTION................................................................................................................................................. 3
1. OVERVIEW ............................................................................................................................................................... 3
2. REVENUE BREAKDOWN ....................................................................................................................................... 3
3. DISTRIBUTION STRATEGIES ................................................................................................................................ 4
4. COMPANY STRATEGIES ........................................................................................................................................ 4
INDUSTRY OVERVIEW.................................................................................................................................................... 4
1. MACROECONOMICS .............................................................................................................................................. 4
2. INDUSTRY ANALYSIS –EDIBLE OIL INDUSTRY ............................................................................................. 6
3. INDUSTRY ANALYSIS –ICE CREAM INDUSTRY ............................................................................................. 7
4. CUSTOMER BUYING DECISION ........................................................................................................................... 8
5. COMPETITORS ......................................................................................................................................................... 9
6. COMPETITIVE POSITIONING ................................................................................................................................ 9
FINANCIAL ANALYSIS................................................................................................................................................... 11
1. FINANCIAL PERFORMANCE ............................................................................................................................... 11
2. FINANCIAL POSITION .......................................................................................................................................... 12
3. CASH FLOWS ......................................................................................................................................................... 13
4. DUPONT ROE ANALYSIS..................................................................................................................................... 13
CAPM MODEL.................................................................................................................................................................. 15
1. BETA ........................................................................................................................................................................ 15
2. RISK FREE RATE ................................................................................................................................................... 15
3. MARKET RISK PREMIUM .................................................................................................................................... 15
VALUATION...................................................................................................................................................................... 15
1. DISCOUNTED CASH FLOW (DCF) ...................................................................................................................... 15
2. COMPARABLE COMPANIES’ ANALYSIS (CCA)............................................................................................. 16
3. DIFFERENCES IN THE VALUATION METHODS ............................................................................................. 16
INVESTMENT DECISION............................................................................................................................................... 16
1. FINAL VALUATION .............................................................................................................................................. 16
2. DIFFERENCES BETWEEN THE MARKET PRICE AND OUR TARGET PRICE ............................................. 16
APPENDICES..................................................................................................................................................................... 18
REFERENCES.....
We initiate our research on Kinh Do Corp with a SELL rating. Due to the strong competition in the ice cream market that will melt KDC’s market share away and the remaining operational difficulties after the company sold its confectionery business.
CONTENT:
EXECUTIVE SUMMARY................................................................................................................................................... 2
BUSINESS DESCRIPTION................................................................................................................................................. 3
1. OVERVIEW ............................................................................................................................................................... 3
2. REVENUE BREAKDOWN ....................................................................................................................................... 3
3. DISTRIBUTION STRATEGIES ................................................................................................................................ 4
4. COMPANY STRATEGIES ........................................................................................................................................ 4
INDUSTRY OVERVIEW.................................................................................................................................................... 4
1. MACROECONOMICS .............................................................................................................................................. 4
2. INDUSTRY ANALYSIS –EDIBLE OIL INDUSTRY ............................................................................................. 6
3. INDUSTRY ANALYSIS –ICE CREAM INDUSTRY ............................................................................................. 7
4. CUSTOMER BUYING DECISION ........................................................................................................................... 8
5. COMPETITORS ......................................................................................................................................................... 9
6. COMPETITIVE POSITIONING ................................................................................................................................ 9
FINANCIAL ANALYSIS................................................................................................................................................... 11
1. FINANCIAL PERFORMANCE ............................................................................................................................... 11
2. FINANCIAL POSITION .......................................................................................................................................... 12
3. CASH FLOWS ......................................................................................................................................................... 13
4. DUPONT ROE ANALYSIS..................................................................................................................................... 13
CAPM MODEL.................................................................................................................................................................. 15
1. BETA ........................................................................................................................................................................ 15
2. RISK FREE RATE ................................................................................................................................................... 15
3. MARKET RISK PREMIUM .................................................................................................................................... 15
VALUATION...................................................................................................................................................................... 15
1. DISCOUNTED CASH FLOW (DCF) ...................................................................................................................... 15
2. COMPARABLE COMPANIES’ ANALYSIS (CCA)............................................................................................. 16
3. DIFFERENCES IN THE VALUATION METHODS ............................................................................................. 16
INVESTMENT DECISION............................................................................................................................................... 16
1. FINAL VALUATION .............................................................................................................................................. 16
2. DIFFERENCES BETWEEN THE MARKET PRICE AND OUR TARGET PRICE ............................................. 16
APPENDICES..................................................................................................................................................................... 18
REFERENCES.....
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