IN T R O D U C T IO N
Background
The development of Hanoi and Ho Chi Minh City’s major securities trading centers is closely linked to their affiliation with the State Securities Committee (SSC), the governing organization responsible for overseeing their growth Understanding the role of the SSC is essential to grasp the evolution and organization of these key financial hubs in Vietnam.
Since the early 1990s, the Communist Party and Vietnamese government have focused on creating and developing a healthy stock market as a new source of funding to support economic growth and investment development in Vietnam.
The creation of Vietnam's stock market began with the establishment of the Research and Development Department for the capital market under the State Bank of Vietnam (SBV), tasked with researching and planning the necessary steps for its launch However, this process required collaboration across various industries and organizations, which posed significant challenges As a result, the SBV department faced limitations in effectively preparing for the country's first stock market.
In September 1994, the Vietnamese government established a committee for securities and stock market law preparation, led by the Vice Minister of Finance, to develop a comprehensive regulatory framework By 1999, the National Securities Exchange Committee was formed to facilitate the creation of Vietnam's first securities trading center After five years of operation, in 2007, the committee was merged with the Ministry of Finance to enhance efficiency and streamline oversight of the securities market.
On July 28th, 2000, Vietnam's first securities trading center officially opened in Ho Chi Minh City, marking a historic milestone for the country's financial sector This groundbreaking event generated a new source of funding and facilitated the circulation of investment capital to support Vietnam’s national industrialization and modernization efforts The establishment of the securities trading center signified Vietnam’s commitment to developing a robust capital market to promote economic growth and attract foreign investment This anniversary highlights the importance of the securities market in fueling Vietnam's economic transformation and strengthening its position in the global economy.
Initially, the Ho Chi Minh Stock Trading Center (HoSTC) faced numerous challenges due to an incomplete Vietnamese legal framework, with inconsistent and overlapping guidance and circulars Additionally, the management team lacked practical experience and comprehensive knowledge of stock investment and market operations, hindering the development of the stock trading environment.
The official launch of Hanoi's second securities trading center on March 8, 2005, marked a significant milestone in the development of the Vietnamese stock market This event represented an important turning point, highlighting the growth and increasing maturity of Vietnam's financial markets since the successful launch of the first stock exchange.
The Hanoi Securities Trading Center (HASTC) initially specialized in conducting auctions for state-owned companies’ shares, government bonds, and facilitating stock transactions through a registered system Its primary traded products included stocks of companies with a charter capital exceeding 5 billion Vietnamese Dong (VND), along with government and local bonds.
Up to now, there are 88 companies listed on HASTC and 119 listed ones on HOSTC
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Jôanoi ^UitiũịfriiiỉẬ ~ (^aeaítỊẬ of Jiluna(¡ement and ^ĩonrìim - 2007
Overview o f the problems
Recently, we have seen many fluctuations in stock markets It is very common to hear:
The V N Index decreased by 6 points compared to yesterday, with the top five securities experiencing the largest price declines However, whether stock price fluctuations truly reflect company performance remains controversial Many journals and TV news outlets highlight that Vietnamese investors often overlook the actual financial health of companies, instead following instinct, mimicking foreign investors, or following popular trends This behavior stems from the relatively new development of the Vietnamese stock market, where investors lack access to formal training and primarily learn through self-discovery, shaping their buying and selling habits over time Additionally, the Vietnamese market is not efficient; in an efficient market, all investors would easily access comprehensive information such as financial statements, plans, strategies, and other company-related data.
Listed companies often hesitate to disclose detailed information, and when they do share data, it is frequently too general or lacking crucial specifics This limited transparency deprives investors of comprehensive technical and financial insights necessary for thorough personal analysis As a result, investors struggle to accurately assess a company's performance, operational control, and investment potential, hindering informed decision-making.
During the research, all securities companies’ websites, including HASTC and HOSTC, were analyzed to examine industry classification methods and financial indicators The study found that only a few securities firms, such as Bien Viet, VN Direct, ACBS, and BSC, have implemented industry classification systems to assist investors with accessing professional insights online In contrast, most other companies have yet to develop or adopt a formal system for classifying listed companies by industry.
This thesis aims to establish a new benchmark across all listed industries, providing investors with a valuable source of information and tools to enhance their stock and company analyses By developing a comprehensive framework, it seeks to improve investment decision-making processes and support more accurate industry comparisons This innovative approach offers investors advanced insights, enabling better assessment of company performance and market trends Ultimately, the study contributes to more informed investments and fosters efficiency in financial analysis within diverse industries.
Attempts to solve the problems
This study aims to conduct a comprehensive industry analysis by developing key financial indicators for all listed companies across various industries in Vietnam The goal is to assess whether these companies are well-managed based on their financial performance Significant effort and time have been dedicated to generating insights from this analysis, providing valuable evidence on the overall financial health and management effectiveness of Vietnamese listed companies.
A clear understanding of the term "industry" is essential, which can be achieved by consulting textbooks and conducting online research Since this thesis aims to establish the first financial "benchmark" for all industries listed on the Vietnamese stock market, a precise and comprehensive definition of "industry" is crucial for accurate analysis and assessment.
A clear industry classification guideline is essential to ensure all listed companies are accurately categorized into their respective industries It is important to carefully study and apply both international and domestic industry classification standards to maintain consistency and accuracy Reliable industry classification practices enhance data analysis and support informed decision-making across markets.
Based on comprehensive data analysis, the most effective and widely used method for classifying listed companies into industries has been adopted All relevant financial data and related information are meticulously collected and processed to generate insightful findings The results provide key financial indicators across various industries, offering valuable insights for investors and stakeholders.
Extensive time has been dedicated to collecting financial statements from all publicly listed companies on Vietnamese stock markets, sourcing data from reputable securities companies such as ACBS, BSC, and VNDirect, as well as trading centers like HASTC and HOSTC Once the relevant financial figures and data are gathered, they are systematically entered into a detailed database This database serves as the foundation for calculating various financial ratios, which underpin the analysis and findings presented in this thesis.
M ethodology
This study aims to develop a comprehensive set of industry financial ratios to serve as initial benchmarks in the Vietnam market A thorough literature review was conducted to understand global and local industry classification methods, utilizing data primarily sourced from reputable websites These benchmarks will help investors and analysts assess industry performance effectively within Vietnam’s unique economic context.
The literature review involves analyzing textbooks, lecture outlines, and journal articles from reputable websites to identify commonly used financial ratios This approach helps to understand how industry indicators are calculated and applied in financial analysis, providing a comprehensive foundation for accurate and effective evaluations.
From all information collected from most o f companies listed on stock markets, data extracted from companies’ financial statements are used to calculate all ratios required.
Then, these ratios are grouped to give out industry indicators.
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An overview o f the thesis
The thesis is divided into 8 main sections, from introduction to conclusion.
Chapter 2 highlights the importance of this research by emphasizing its role in enhancing awareness among stock market participants, including investors, listed companies, and policymakers This study aims to contribute significantly to the development of stock markets by providing valuable insights that support informed decision-making and promote market growth.
Chapter 3 w ill discuss the literature review which w ill support readers basic information about what industry classification standards are used in the world and in Vietnam, what ratios are used in planning an analysis, and let readers know how ratios are calculated, explanations that are used in this study The ratios and others explanations are cited from textbooks, lecture outlines and from websites.
The follow ing chapter addresses the method o f research used in this study.
This chapter presents research findings that reveal various classification methods used by securities companies in Vietnam, enabling investors and companies to better understand industry categorization By analyzing these methods, investors can identify the specific industry a company belongs to, facilitating more informed investment decisions Additionally, industry-average financial ratios offer valuable insights into industry fundamentals, supporting comprehensive industry analysis The chapter also addresses limitations and potential disadvantages of the study, providing a balanced perspective on the research outcomes.
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Chapter 6 deals with the implications or thesis’s findings to the investors, companies and policy makers.
Chapter 7 talks about the future opportunities for other researcher and analysts to investigate deeper and wider this topic to build up a perfect and more professional tool for investors.
The last chapter w ill briefly summary the thesis, what were expected, what were done and what are the outcomes o f this thesis.
This thesis includes an appendix containing all supporting documents, industry ratio calculations, and relevant data sources to enhance the credibility of the research All materials and data sources referenced in the study are comprehensively listed at the end, ensuring transparency and ease of verification for readers.
S IG N IF IC A N C E O F T H E R E S E A R C H
The significance o f the research to p ic
In developed stock markets such as the U.S., Japan, Australia, and Singapore, investors have easy access to comprehensive information about companies and their stocks Industry benchmarks serve as standards that companies are expected to meet or exceed, providing a basis for performance comparison Investors should analyze key financial ratios of target companies and compare them to industry averages; if a company's ratios are equal to or above the industry benchmarks, it indicates strong performance and potential suitability for inclusion in their investment portfolio Conversely, ratios below industry standards may suggest that the company is facing difficulties or underperforming, highlighting possible risks for investors.
Industry benchmarks are essential tools for investors in making informed investment decisions; however, their awareness and understanding remain limited in Vietnam The nascent state of Vietnam's stock market, coupled with a general lack of familiarity with stocks and securities, contributes to this gap Additionally, the scarcity and low quality of publicly available company information—such as strategies, financial statements, and news—further hinder investors' ability to utilize industry benchmarks effectively The absence of dedicated research or studies on industry benchmarks in Vietnam also means that investors lack the necessary resources to adopt this approach confidently.
In recent years, investor awareness of stocks and their characteristics has increased significantly Today, investors base their buy or sell decisions not solely on intuition or market rumors but also on a deeper understanding of stock fundamentals and market analysis, leading to more informed and strategic investment choices.
In 2007, investors shifted their focus from crowd behavior to detailed stock analysis, carefully studying companies and related information before making investment decisions This change reflects a more informed and strategic approach to investing, emphasizing thorough research over following the crowd.
The thesis aimed to develop the first industry-specific financial indicators, providing a valuable new data source to support investors and companies in their analytical processes These innovative indicators enhance decision-making by offering more targeted and comprehensive financial insights within the industry.
Rationale for the topic selection
Industry benchmarks are well-known to foreign investors and companies in developed stock markets, serving as essential tools for making informed investment decisions Investors use these benchmarks to compare a company's financial ratios with industry averages, helping determine if a company is well-managed or requires improvement When a company performs well, its ratios typically match or exceed industry standards Overall, industry benchmarks provide a reference point for investors to assess company performance and for companies to identify areas needing timely corrective actions.
Domestic investors in the Vietnamese stock market often overlook comprehensive stock analysis before making investment decisions, which hampers market efficiency The use of benchmark or industry average indicators can serve as a valuable tool for investors to evaluate stocks and make informed choices However, the Vietnam stock market currently lacks standardized benchmark indicators or industry average metrics, highlighting a significant gap in supporting investor decision-making and market development.
To assist investors and related parties in their stock analysis and investment decision-making, this study develops the first comprehensive set of financial ratios, or benchmarks, applicable across all industries listed on Vietnam's stock markets.
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Contribution o f the research
This thesis aims to establish Vietnam's first industry benchmark, providing valuable stock information to enhance market transparency The findings will support investors and companies by enabling more informed decision-making, ultimately contributing to the development of an efficient market in Vietnam.
These findings enable investors to more easily evaluate potential investments by comparing a company's financial ratios to industry benchmarks This approach helps determine whether a company is being managed effectively and monitored appropriately, facilitating more informed investment decisions.
Companies can use comprehensive industry benchmarks to evaluate their performance and identify whether they are aligned with or diverging from industry trends These insights enable businesses to make informed decisions, allowing those lagging behind to catch up and those leading to sustain their competitive advantage By analyzing comparative data, companies can accurately position themselves within their industry and respond proactively to market dynamics This strategic approach ensures ongoing competitiveness and long-term growth in a competitive landscape.
This thesis highlights the crucial role of information availability in the development of stock markets, guiding policymakers to take targeted actions to enhance market efficiency It provides valuable insights for designing strategies that support sustainable growth and stability within the Vietnamese stock markets Additionally, policymakers can utilize these findings as a benchmark to establish industry standards applicable to all listed companies, fostering transparency and consistency across the market.
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LIT E R A T U R E R E V IE W
This thesis involved collecting and analyzing industry definitions and classification methods used globally and in Vietnam to provide a comprehensive understanding of industry standards Additionally, a review of analysis tools was conducted to establish essential financial analysis techniques, including financial ratios—how to calculate them, their significance, and practical applications These insights served as the foundation for performing accurate and insightful industry analysis in this research.
An industry is primarily defined as a segment of the economy involved in the production of goods and services, a term derived from the Latin word "industrius." It can refer to specific business activities, such as semiconductors, or broader sectors like consumer durables When a company operates across multiple industries, it is typically classified based on where it generates the majority of its revenue.
In the easiest way to understand, ‘‘an industry is defined as a category used to describe a company’s primary business activity, usually determined by the largest source o f a company's revenues ’’ (p 1 o f 1 )•
Investors have long been concerned with categorizing securities by sectors and industries to better understand market dynamics Traditionally, they grouped securities based on countries and regions, but as stock markets have evolved, the limitations of this approach became evident Despite the development of more sophisticated classification methods over the years, some investors continue to rely on regional and country-based categorizations due to familiarity or specific strategic preferences.
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There are 4 main approaches to group securities:
- First: Base on statistic: From statistical data, they categorized correlated securities into high correlated and low correlated groups.
- Second: Base on define financial market-oriented groups or themes like cyclical, non cyclical and interest rate sensitivity groups.
- The 2 last approaches: Base on economic perspective on companies: production oriented and market perspective (focus on demand).
In global stock markets, securities are primarily classified into industries using two main standards: GICS (Global Industry Classification Standard) and ICB (Industry Classification Benchmark) Developed by leading financial indexes—Standard & Poor’s and MSCI for GICS, and Dow Jones & Company Inc alongside FTSE International Limited for ICB—these frameworks help organize industries systematically Generally, companies are classified into an industry if at least 60% of their revenue is derived from activities within that sector.
In today’s market, the boundaries between industries have become increasingly transparent, making transactions more complex due to the integration of services and the emergence of new sectors like Information Technology Consequently, accurately distinguishing and classifying industries has become challenging, as companies often diversify their product lines to mitigate risks associated with reliance on a single product While GICS (Global Industry Classification Standard) has traditionally been rooted in the microstructure of industries, it has evolved to better reflect market realities, emphasizing the importance of adaptable industry definitions in a dynamic global economy.
JCanoi (Mitiiurrùiụ - (^íiCiilÌiẬ of JNíiitíKjement (iítíl ᄀ mưhm - 2007 oriented perspective As can be refer in the appendices, GICS consists o f 10 mains sectors,
The comprehensive classification system includes 23 industry groups, 54 industries, and 122 sub-industries, all with clear definitions and detailed explanations to enhance user understanding Its universal, accurate, flexible, and evolving structure has been widely adopted by users as a reliable industry analysis framework This framework facilitates in-depth investment research and decision-making, making complex industry data more accessible and easier to interpret.
The ICB (Industry Classification Benchmark), used by the NYSE, was developed and owned by Dow Jones & Company, Inc., and FTSE International Limited This standard classifies the economy into 10 major industries, 18 super sectors, 39 sectors, and 104 sub-sectors, providing a comprehensive framework for industry analysis For detailed information on the specific industries and sub-sectors included, please refer to the appendices at the end of this study.
In Vietnam, the stock market is primarily centered around two main trading centers, HOSTC and HASTC, supported by 14 member securities companies However, this number is expected to grow as more companies enter the market driven by the lucrative profits opportunities A brief review reveals that few securities firms have established their own industry classifications, although notable companies such as Bien Viet, Sacombank, VNDirect, BIDV, and ACB are beginning to develop their own classifications based on these renowned standards, with some adjustments.
Financial analysis, particularly ratio analysis, plays a crucial role in evaluating the worth of investments, ensuring that investors understand whether their dollars are effectively utilised Despite its importance, many investors remain unaware of the vital role financial analysis, especially ratios analysis, plays in making informed investment decisions Conducting comprehensive financial analysis is essential for investors to assess the true value of their investments and maximize returns.
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Conducting a thorough financial analysis enables investors and companies to determine accurate stock prices, identify mispriced stocks, and make informed investment decisions This process helps ensure proper valuation of assets and can lead to better portfolio management strategies By leveraging financial insights, stakeholders can enhance their ability to recognize undervalued or overvalued stocks, ultimately optimizing their investment outcomes Incorporating financial analysis into decision-making processes is essential for maintaining market efficiency and achieving long-term financial success.
Financial analysis relies on essential ratios categorized into three main groups: liquidity, solvency, and profitability These ratios, derived from textbooks, handouts, and online resources, are indispensable for comprehensive financial assessment Each group encompasses specific ratios that aid analysts in evaluating a company's financial health, with detailed explanations of their meanings and applications provided in Chapter 5 Proper utilization of these ratios ensures accurate insights into a company's liquidity position, long-term solvency, and profitability performance. -Master financial analysis with essential liquidity, solvency, and profitability ratios—dive deeper in Chapter 5 now! [Learn more](https://pollinations.ai/redirect/397623)
ハ , Current assets — inventories — other current assets
CFO/current liabilities = Cashjl0ws fw m 0perati0으
Net sales on credit Account receivable turnover = - average A IR
Days A IR outs tan ding = -
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Days AI p outs tan ding = -
- Long term debt ratio r , , Long 一 term debt
Long 一 term debt -f Shareholders' equity
- Interest coverage r N 1 4- Int Expenses + Incometax exp ense + Minority exp enses Interest cov erage = - -— -
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ハ厂ハ / T， ; /• I •/• Cashflows from operation CFO / Total liabilities = -느 -
A7 + (1 - Tax rate) * Interest exp-f Minority Interest
+ - [disaggregated ) Sales Average Total Assets ᄋ Profit margin
Sales ᄋ Fixed Asset Turnover (Assets Turnover)
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RESEARCH M E T H O D
Vietnamese stock markets, despite their long development, remain relatively inefficient An efficient stock market should provide all relevant company information transparently and accessibly to investors, enabling them to make well-informed decisions Investors can leverage various analysis tools and consult financial experts to evaluate stocks accurately before executing buy or sell orders These practices are essential to ensure that each transaction genuinely reflects the company's true performance and the overall industry health.
Vietnamese stock markets currently lack effective industry indicators that assist investors in thorough stock and company analysis while supporting companies' decision-making processes Industry indicators serve as essential benchmarks for companies assessing their performance and for investors identifying the most promising opportunities to include in their investment portfolios Implementing such tools can enhance market transparency and aid stakeholders in making more informed investment and business decisions.
Thus, this thesis targets to build the first industry financial indicators that can contribute to the available analyzing tools in Vietnam.
A ll information related to industry classification methods available and listed companies’ financial statements, prospectus used in this thesis are collected from securities companies, r òui ầJIti ^hiiOớiớẬ сЛпІг _ ^сЛФОЗ 26
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Most of the financial statements collected were audited, ensuring the data's credibility is reasonably high However, some financial statements provided by securities companies show discrepancies when compared to other sources, which raises concerns about their accuracy Consequently, the reliability of data from these companies is relatively lower.
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F IN D IN G S
Industry classification methods
Investors' classification of securities into asset classes is a crucial decision with significant implications for the investment community A clear industry classification system facilitates analysts in comparing company valuations and developing accurate return and risk forecasts for different industries Aligning security research and portfolio management with consistent asset class definitions streamlines analysis and enhances decision-making.
Historically, market trends showed that stocks within the same geographic area tended to perform similarly, making regional or country-based comparisons valuable for investors However, while geographic performance remains relevant, analyzing stock performance by industry provides deeper insights into market dynamics Focusing on industry-specific comparisons allows investors to make more informed decisions and better understand sector trends in today's evolving market landscape.
Investors often classify companies based on various criteria, including country assignment, value versus growth focus, and market capitalization such as small versus large cap, as well as industry classification When it comes to industry categorization, there are four primary approaches that help investors analyze and compare companies within specific sectors effectively These classification methods enhance investment strategies by providing a clearer understanding of industry dynamics and company positioning Adopting the appropriate industry classification approach can significantly improve decision-making and portfolio management.
The first approach relies purely on statistical methods, utilizing past returns and focusing solely on financial market data It groups securities within each country or region based on their correlations, forming clusters with high internal correlation and low correlation with other groups However, this method has notable drawbacks, including inconsistent groupings across different countries or regions, reliance solely on historical data, and the tendency to produce illogical or non-intuitive clusters.
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A practical approach to investment analysis involves defining prior financial market-oriented groups or themes, such as cyclical, non-cyclical, and interest rate sensitivity categories The key challenge lies in identifying groups that are widely recognized by investors, applicable across different countries and regions, and remain relatively stable over time, ensuring reliable and consistent investment strategies.
The final two approaches to analyzing companies include a production-oriented perspective and a demand or market-focused view However, these classifications have limitations due to the evolving structure of the global economy and the emergence of numerous new industries.
Standard & Poor’s and MSCI have developed an alternative classification system designed to meet the demands of the evolving global economy This system accounts for the rise in discretionary income driven by economic development, the advent of the service era, and enhanced global communication, shifting focus from producers to consumers While the GICS methodology continues to be based on the microstructure of industries, it now emphasizes a more market-oriented perspective to reflect current economic realities.
In today's economy, distinguishing between goods and services has become increasingly difficult and often arbitrary, as most goods are now sold with accompanying services As a result, the traditional separation between consumer goods and services has evolved into broader, market-oriented sectors such as "Consumer Discretionary" and "Consumer Staples," which encompass both goods and services sub-industries.
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The development of key economic sectors like Healthcare, Information Technology, and Telecommunication Services reflects industries that deliver significant value to consumers in today’s global and integrated economy This diversification promotes a more balanced distribution of sector weights within the 10 GICS sectors, offering investors clearly defined industry categories for better portfolio management.
The GICS methodology classifies each company into a specific sub-industry, which is then categorized into an industry, industry group, and sector based on its principal business activity This hierarchical classification ensures that each company is uniquely assigned to one grouping at each level.
The classification offers a comprehensive, long-term view of the global investment universe from an industrial perspective, emphasizing the importance of revenues as a primary metric because they better reflect company activity and are less volatile than earnings While detailed industrial and geographic revenue breakdowns are widely available, many companies do not provide earnings segment data, making revenues the primary classification criterion However, since company valuations are more closely tied to earnings and market perception, these factors are also crucial in analysis Overall, companies are classified mainly based on revenues, with earnings and market outlook serving as significant supplementary considerations.
Primary sources for classifying companies include annual reports and financial statements, while additional information can be obtained from investment research reports and industry data Typically, a company is categorized within the sub-industry that best reflects the main business activities responsible for generating the majority of its revenue.
Companies engaged in two or more substantially different business activities are classified based on the industry that contributes the majority of their revenues and earnings If no single sub-industry provides at least 60% of the company's revenues, the classification is determined through further analysis This method ensures accurate industry categorization when a company's revenue sources are diversified across multiple sectors.
A company that is significantly diversified across three or more sectors, with no single sector contributing the majority of its revenues or earnings, is classified as either an Industrial Conglomerate within the Industrials Sector or a Multi-Sector Holdings organization within the Financials Sector.
In the case o f a new company issue, the classification w ill be determined based prim arily on the description o f the company’s activities and pro-forma results as given in the prospectus.
A company's industry classification is reviewed during significant corporate restructuring or upon the release of new financial reports To ensure stability, the classification aims to minimize frequent changes by ignoring temporary fluctuations in a company's various business activities, providing a consistent industry categorization.
Liquidity groups
A successful business must do more than simply demonstrate profitability; it also needs to provide clear indicators of its ability to meet its financial obligations on time Profitability alone does not guarantee sufficient cash flow to settle liabilities A company can be profitable yet still face insolvency if it fails to generate enough cash to pay its creditors and expenses when due Ensuring adequate cash flow is essential for maintaining financial stability and avoiding insolvency.
Liquidity analysis is a crucial tool for investors, creditors, and other stakeholders to assess a company's ability to meet its short-term financial obligations By evaluating a company's liquidity, stakeholders can determine whether it has sufficient resources to pay off short-term loans and financial commitments Understanding liquidity helps in making informed investment and lending decisions, ensuring the company's financial stability and operational continuity.
Liquidity is a critical measure of a company's financial health, representing its ability to meet short-term obligations promptly It indicates how effectively a firm can convert assets into cash or access cash when needed Maintaining adequate liquidity ensures operational stability and enhances a company's capacity to handle unforeseen financial challenges, making it an essential aspect of effective financial management.
Suppliers and providers o f short term finance are interested in these ratios as they are used in assessing the a b ility o f the business to settle its current liabilities.
For this analysis, we have some ratios that can be used as indicators, they are:
The current ratio measures a company's ability to pay its short-term financial obligations by comparing its available cash and current assets expected to be converted into cash within one year to its upcoming liabilities A healthy current ratio indicates sufficient liquidity to meet short-term obligations, reflecting overall financial stability Typically, a current ratio around 1.5 to 2 is considered acceptable, demonstrating a good balance between current assets and liabilities.
A 2:1 current ratio is generally considered healthy for a company A lower ratio may indicate potential difficulties in meeting short-term obligations, highlighting liquidity concerns Conversely, an excessively high current ratio does not necessarily signify optimal financial health, as it could suggest inefficient asset management or excessive idle cash Maintaining a balanced current ratio is crucial for ensuring both liquidity and operational efficiency.
In 2007, resource management revealed that too many resources are tied to current assets, leading to decreased efficiency and effectiveness in asset utilization This issue can be assessed using a specific formula that highlights the level of resource allocation, emphasizing the need for better asset management practices to improve overall business performance and optimize asset use.
From data collected, current ratios o f 9 main industries on stock markets are calculated and displayed as shown in the chart below:
Figure 1: Current ratios of nine industries
The average current ratios across various industries are generally strong, with the lowest being 1.85 in the consumer staples sector Although this ratio is slightly below the conventional Rule of Thumb benchmark of 2, it remains reasonable when considering industry-specific characteristics Additionally, two other industries also have current ratios below 2, indicating a generally healthy liquidity position in the context of their sector norms.
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In 2007, the industrials and healthcare sectors had debt-to-equity ratios of 1.97 and 1.93, respectively, indicating a high reliance on debt financing The utilities industry exhibited the highest ratio at 2.78, reflecting its dependence on long-term debt to fund significant infrastructure investments This high ratio demonstrates that utilities can comfortably settle current liabilities using their current assets, ensuring financial stability.
The quick ratio, also known as the acid-test ratio, is a variation of the current ratio that assesses a company's ability to meet its short-term obligations in a worst-case scenario, assuming none of the inventory can be sold It focuses on high-liquidity assets by excluding inventories and other less liquid current assets, providing a more conservative measure of short-term financial health This ratio indicates how effectively a firm can settle its near-term liabilities using its most liquid assets The calculation involves dividing quick assets, such as cash and receivables, by current liabilities.
ハ , Current assets 一 inventories - other current assets
As a rule o f Thumb, a quick ratio o f 1.0 is considered indicative o f adequate liquidity.
The chart indicates that all industries can meet their short-term obligations, even in the worst-case scenario where no inventories are sold Notably, the Healthcare industry has a low ratio of 0.95, which remains strong compared to the Rule of Thumb benchmark of 1.0 The Utilities industry exhibits the highest ratio at 2.42, reflecting its near-monopoly status in Vietnam, resulting in stable demand and a high ability to collect accounts receivable Overall, these liquidity ratios demonstrate the financial resilience of various sectors in managing short-term liabilities.
Utilities exhibit the highest ratio at 2.10, indicating their significant influence within the investment landscape Following utilities, the Materials, Consumer Discretionary, Energy, Information Technology, Industrials, and Consumer Staples sectors also demonstrate notable ratios, as depicted in the accompanying chart This distribution highlights the relative performance and importance of these industries in today's market environment.
(Bui ầ7hJ ^ỴyhuOễtạ сJtnh rò Account receivable turnover and Days account receivable outstanding:
Solvency ratios groups
Gearing ratios, also known as debt-to-equity ratios, are essential tools used by financial providers to evaluate a business's financial risk A company with a high proportion of debt relative to equity is considered highly geared, indicating a higher level of financial leverage and potential risk These ratios help assess the company's ability to meet its financial obligations and inform investment decisions.
Long-term solvency is essential for a business’s ability to sustain operations over many years Analyzing long-term solvency helps identify early signs of financial distress, enabling proactive measures to ensure business continuity This assessment focuses on a company's capacity to meet its long-term obligations, safeguarding its financial stability and growth prospects.
Jôanoi ^ỈẲniiìersitíỊ 一 카 aeultụ ()< Ị /Hunuíịemeiỉt íiíií/ ^ĩonrum - 2007 bankruptcy Declining profitability and liquidity ratios are key signs o f possible business failure.
Increasing debt within a company's capital structure indicates a higher level of financial gearing, which can negatively impact long-term solvency As the business takes on more debt, it faces escalating legal obligations to pay interest regularly and repay the principal at maturity Failure to meet these debt obligations can lead to bankruptcy, highlighting the risks associated with high financial leverage.
Despite its risks, debt remains a vital and flexible financing option for businesses, offering advantages such as tax-deductible interest payments compared to equity dividends Debt also prevents ownership dilution for original owners, unlike issuing new shares, and its fixed interest charges help limit financing costs, allowing effective use of financial leverage When a business's return on assets exceeds the cost of debt, it can generate overall profit; however, if returns fall short, the company faces the risk of incurring losses due to inadequate earnings relative to financing expenses.
So, the role o f a solvency analysis is very important when investors conducting their investment decisions Solvency analysis often includes the analysis o f the follow ing ratios:
Debt ratios measure the proportion of long-term debt within a company's capital structure Companies often prefer debt over equity because interest payments are tax-deductible, and leveraging debt can increase Return on Equity (ROE) due to fixed interest rates Additionally, it is generally easier to access debt markets than equity markets However, excessive reliance on debt can pose significant financial risks and impact the company's stability.
Debt financing can pose long-term solvency risks, especially if not managed carefully It is important to monitor key financial ratios to assess financial health Three main measures used to evaluate this type of ratio include debt-to-equity ratio, interest coverage ratio, and debt ratio, which help determine a company's ability to meet its long-term obligations and ensure financial stability Proper analysis of these ratios is essential for making informed financial decisions and maintaining sustainable growth.
It is calculated by: r Long - term debt
Long - term debt + Snareholders' equity
^ r ᅳ Long - term debt Debt / Equityratio = -
A debt/equity ratio higher than 1.0 is not unusual as debt financing is used more than equity financing.
Long term debt ratio and Debt/Equity ratio have a positive correlation.
I t ’s abnormal to have this ratio higher than 1.0 as it requires a negative shareholders’ equity.
Analysis of the first three rows of Table 2 indicates that most industries have minimal reliance on long-term debt, with the percentage of long-term debt relative to total long-term liabilities remaining low Specifically, the proportion of long-term debt plus total shareholders’ equity is generally small across industries, with the highest being 39% in the Utilities sector and the lowest at just 2% in the Information Technology industry Data extracted from the financial statements of listed companies in various sectors confirm that many companies maintain a conservative approach to leveraging long-term debt, reflecting a focus on financial stability and low debt dependence.
2006 maintain no long - term debt or settle their entire long - term obligations That explains why long 一 term debt ratios o f industries are not very high.
Solvency ratios analysis L-T debt ratio
The capital structure of industries typically shows that the proportion of total liabilities to total assets remains around 60:40 This consistent ratio highlights the common practice of leveraging debt to fund operations while maintaining a solid equity base Understanding this balance is essential for effective financial management and industry comparison, as identified by ChaeuUij and colleagues in their 2007 study on management and financial practices.
In stock markets, a common financial structure for listed companies is approximately 40% equity and 60% debt financing The industries with the highest financial leverage include Financials, where 61% of funding comes from debt, and Energy, with 60% debt-based funding Industrials have a slightly lower debt usage, with about 58% financed through debt and 42% through equity, reflecting a moderate level of financial leverage compared to the highly leveraged sectors.
, N1 + Int Expenses + Incometax exp ense + Minority exp enses interest cov erage = - — - - -
I f this ratio is less than 2 then it is likely that the industry have difficulty in paying its financial expenses.
As can be seen on the fourth column on the table:
The majority of industries demonstrate strong interest coverage ratios well above the expected threshold of 2, with Consumer Staples leading at the highest ratio, indicating robust financial health Materials, Utilities, and Consumer Discretionary sectors follow with ratios of 61.34, 33.97, and 23.68 respectively, suggesting they comfortably manage their financial expenses Industries such as Industrials (18.13), Information Technology (9.46), and Energy (5.39) also show positive signals despite lower ratios, reflecting their ability to meet debt obligations Conversely, the Financial industry exhibits the lowest interest coverage ratio at 1.40, falling below the standard threshold, which indicates potential financial vulnerability.
Solvency ratios analysis L-T debt ratio
CF 이 Total liabilities = ỗ ^ f l o ^ s from operation
This ratio is expected to be higher than 20% (0.2)
The last column of the table shows the CFO/Total liabilities ratio, with the IT industry displaying a negative value of -6%, primarily due to negative cash flows and missing information for some companies Compared to the expected presetting rate of 20%, the Energy and Healthcare industries have lower ratios of 11% and 18%, respectively, indicating weaker cash flow performance relative to their total liabilities.
^CỉớHỡtỡỡ (ỊẪớiiiỡ^rằĂtụ — Cỷ-iitnỉỉiẬ o f JUiiitiujemetii am i ầJựitrẻMu - 2007 top in this ratio is Materials (80%) 38% is the ratio o f both Industrials and Consumer Discretionary industries.
Based on comprehensive ratio analysis, the listed industries exhibit low solvency risk due to their minimal reliance on long-term debts and financial obligations These industries demonstrate strong financial resilience, ensuring they can efficiently meet interest payments and principal repayments when due Overall, their robust ability to settle financial expenses indicates sound financial health and stability.
Profitability ratios group
Profitability reflects a company's ability to generate satisfactory profits, encouraging investors and shareholders to continue providing capital It is closely tied to liquidity, as earnings ultimately translate into cash flows essential for sustained business operations Therefore, profitability ratios are crucial metrics for both investors and shareholders to assess the company's financial health and growth potential.
To assess the profitability of a company or industry, it is essential to analyze key financial ratios that indicate how effectively resources are used to generate profit The two primary metrics used for this purpose are Return on Assets (ROA) and Return on Equity (ROE), which provide valuable insights into operational efficiency and shareholder value.
The Rate of Return on Assets (ROA) measures a company's success in effectively utilizing its assets to generate earnings, regardless of how those assets are financed This important metric indicates the efficiency of asset utilization in driving profitability It is calculated using specific formulas that provide insight into the company's overall financial performance and asset management effectiveness.
^ C ớtitở ỉ (ỊltiỡiĩerộittẬ — Cj^ớietiitij o f / ỡ l i tn in je ttte tii tu t i l ầ Jo u rẻA m - 2007
ROA м + (1 - Tax rate) * Interest exp+ Minority Interest
Where: ROA: Return on Assets
EBIT: Earning Before Interest and Tax
The ROA ratio can be disaggregated into components o f Profit margin and Assets Turnover (Total assets turnover) as above to obtain further insights into the behavior o f
Profit margin measures a company's ability to generate operating income from its sales, highlighting that a portion of each dollar earned ultimately contributes to net profit It indicates how much profit is made from every dollar of revenue, reflecting the efficiency of the business in converting sales into profit A higher profit margin signifies better profitability and financial health, making it a crucial metric for assessing business performance.
Based on this formula, the profit margin for all industries are as on the chart below:
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The Utilities industry in Vietnam boasts the highest profit margin at 0.48, primarily because most utilities companies operate as monopolists under government control These companies invest heavily in infrastructure, and their nearly monopolistic position ensures stable demand that often exceeds supply Consequently, prices for essential services like water and electricity have risen significantly in recent years, contributing to the industry's high profit margins compared to other sectors.
The second highest ratio o f 0.37 belongs to Financials industry Follow next are Consumer Discretionary, Industrials, Materials and Healthcare industries with the ratios respectively are 0.17 - 0.14 - 1.10 and 0.09
Industries with the lowest profit margins include Consumer Staples and Energy, both at 0.07, and Information Technology at 0.08 Despite their low profit margins, these sectors generate substantial sales and high revenues, making their slim profit margins acceptable within their business models.
Assets turnover is a key metric that evaluates how efficiently a company utilizes its assets to generate revenue, reflecting the relationship between sales and investments in property, plant, and equipment Firms strategically invest in fixed assets to support future sales growth, aiming to improve asset utilization and overall financial performance.
Assets turnover ratio is calculated by taking Sales divided by Average total assets as the following formula:
And the chart below represents all assets turnover: rò i i l ЯІГі ^p h iiiifU ò c J liih ᅳ e o o>u oo leclsnpu l os ol oCNI
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S pecialty Chem icals Forestry Paper
Our industry covers a diverse range of sectors including coal, diamonds, and gemstones, highlighting their significance in global markets We also focus on general mining activities, with a strong emphasis on gold mining and platinum & precious metals, which are vital for investment and industrial applications Additionally, we provide expertise in building materials and fixtures, supporting construction projects across various scales Heavy construction services cater to large infrastructure developments, while our aerospace and defense divisions serve the needs of advanced technology and national security We also specialize in containers and packaging solutions, as well as diversified industrial sectors Our electrical components and equipment, along with electronic equipment, are essential for modern technological infrastructure, ensuring innovation and efficiency in multiple industries.
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Fixed Line Telecom m unications Mobile Telecommunications
M u ltiu tilitie s Water Banks Full Line Insurance Insurance Brokers Property & Casualty Insurance Reinsurance
Life Insurance Real Estate Holding & Development Real Estate Investm ent Trusts Asset M anagers
Consumer Finance Specialty Finance Investm ent Services
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Internet Software Com puter Hardware Electro 미 с O ffice Equipm ent Sem iconductors Telecom m unications Equipm ent r th e r in fo r m a tio n p le a s e v is it w w w ic b e n c h m a r k c o m
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Marine Ports & Services VGP HOSTC
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