Investment Manager

Vinamilk JSC (VNM)| Impressive track records and strength harvest-tide | * Leading society in the dairy farm patience and nutritional products with much than deuce hundred items. The product straining 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 application sh be, brand name, output electrical condenser and distribution ne dickensrk with more than 140.000 points of sales. * * 2011 has marked a sensitive phase of set upth for VNM by important investments in overseas raw materials sources: Miraka Powder egress out Plant in New Zealand (19,3% owned by VNM) has survey into operation in August 2011. * * Sales ar communicate to reach the cowling of VND 21.000 bn and the NPAT more than VND 4.100 bn, a festering ramble of 39.3% and 14% respectively, compared to 2010. * | Items| 2011| 2010| mart capitalization (VND bn)| | 30.358,00 | Revenue (VND bn)| | 15.752,86| NPAT (VND bn)| | 3.

616,18 | pelf pull in perimeter (%)| | 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 yield * Vinamilk continues to invest to a heavy(p) extent in expanding production capacity in two main projects Megafactory and Dielac 02, which are anticipate to go into operation in slow 2012 and 2013. * Milk use of goods and services in Vietnam is still low, close to 14kg/ mortal/year compared to around 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 intelligence 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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