“TECHCOMBANK @> CONG HOA XA HOI CHU NGHIA VIET NAM NGAN HANG TMCP KY THUONG VIET NAM ‘Doe I9p - Ty do- Hanh phic 6: Q..9.45/2018/TB-WBMN TP.HCM, ngay 24 thang 05 ndm 2018 THONG BAO Viv: Két qué dinh gid Iai tai sin bao dam cho trdi phiéu c6 tong ménh gid 1.300 0% VND, Ado han nim 2021 do Céng ty Cé phan Dinh Duong Nong Nghi¢p Quée Té (“T6 Chite Phiét Hank”) phat hanh ngay 01/09/2016 (tén trdi phiéu: ANCO09202102, ma niém yét: ANCI1601) (“Trai Phiéu”) - CONG TY TNHH CHUNG KHOAN KY THUONG (Dai Dign Chit Sé Hitu Trai Phiéu”) - CAC CHU SO HOU TRAIPHIEU (Chit Sé Hiru Trai Phiéu”) - CONG TY CO PHAN MASAN NUTRI- SCIENCE (“Bén cm 66”) - CONG TY CO PHAN DINH DUONG NONG NGHIEP QUOC TE (“Té chire phat hanh”) Can ck: - Céec diéu khocin va diéu kién ciia Trdi Phiéu trong ban cong bé thong tin do Té Chute Phét Hanh ban hanh ngdy 31/08/2016 (“Cac Diéu Kign Trai Phiéu”); - Hop déng cdm cé cé phan ngdy 31/08/2016 va céc phy luc/théa thudn siea d6i/b6 sung kém theo gitta Cong ty Cé phan Masan Nutri-Science va Ngén hang TMCP KY thong Vigt Nam (“Hop Dong Cam C3”), Ngan hang TMCP Ky Thuong Vigt Nam véi tu céch la Dai Ly Nhdn Tai Sin Bao Bam nhén danh va vi lgi ich cia cdc Chit So Hitu Trai Phiéu d6i vi Trai Phiéu duge dé cép trong Cac Digu Kign Trai Phiéu va Hop Dang Cam Cé, Cac thudt ngit viét hoa duge sir dung trong théng béo nay, trir khi duge dinh nghia hdc tai théng bdo nay, sé c6 nghia tong ty nhu dirge quy dinh trong Hop Déng Cam C6. Theo quy dinh tai Hop Déng Cam Cé, Tai San Cam Cé sé duge dinh gid lai mbi 6 (séu) thang ké tit Ngay Phat Hanh trong suét ky han cia Trai Phiéu. Vige dinh gid lai Tai San Cam Cé sé durge thy hign béi Dai Ly Nh§n Tai San Bao Bam hoge m6t trong cde Chuyén Gia ge Lap theo quy dinh tai Dibu 40 cia Hop Déng Cam C6. Theo dé, bing vin bin nay, ching t6i xin thong bo dén Dai Dign Chi Sa Hitu Tréi Phiéu, Céic Chi So Hou Tréi Phiéu,Bén cm 6 va Té chite phat hanh vé két qua dinh gid lai Tai San Cm C6 nhu sau: 1. Thong tin vé Cé Phin Cam C6: = Téchite phat hanh cd phan: Céng ty Cé phan Dinh Dudng Nong Nghiép Quéc Té; - Bén Cim Cé: Céng Ty Cé Phin Masan Nutri-Science;86 Iugng Cé Phin Cim Cé: 4.127.771 (Bén trigu m6t trim hai mugi bay ngan bay trim bay muoi mét) Cé Phin; Logi cé phan: Cé phan phd thong; M@nh gid: 10.000 VND/C6 Phan. 2. ThOng tin vé két qua djnh gid Cé Phin Clim Cé: = Chuyén Gia Déc Lap: Cong Ty Cé Phin Chitng Khoan Ban Viét; = Phuong phap dinh gif: Phuong phép Forward P/E. (gid tri doanh nghiép duge xéc dinh dya vio chi 6 forward P/E cia mét s6 céng ty cling nganb thite an chin nudi gia sic trong khu vye theo ngudn dir ligu tir Bloomberg vao ngiy 02/04/2018) - Nga dinh gid: 04/2018; = Gid trj cia mdi Cé Phin Cam Cé: 475.752 (bén tram bay muoi Lim ngan bay tram nam mui hai) VND/C6 Phan; + Xée dinh Gia Tr Tai San Cam Cé: re ae as Gia tr) mdi C8 Phin Gia Tri Tai Sin Cm C6 (C3 Phan) (VND/C6 Phan) (VND) =A = Gid Tri ANCO/Tong S8C8_| = Ax (Gid Tri ANCO/Téng SO Phan C6 Phan) / 150% 427.771 478.752 1.309.196.872.528 Gia Tri Tai San Cm Cé bing chir: M6t ngan ba tram 1é chin ty m6t tram chin mui sau trigu tam trim bay mui hai ngan nim trim hai mugi tim dong. Nhu véy, Gié Tri Tai Sin CAm Cé sau khi dinh gié Igi dip sing duge Yéu Ciu Gié Tri Tai San Bao Dam Téi Thiéu tai Cac Diéu Kign Tréi Phiéu (Téng Gid Trj Tai San Bao Dam tai bat ky thdi diém nao it nhdt bing tng ménh gid ciia cdc Trai Phiéu dang Iu hanh), Tran trong théng bdo! Nor nh: = Nhe tren Lara VP. GAM 06¢ VAN HANH TIN DUNGVIET CAPITAL ‘SECURITIES Tp. Hé Chi Minh, ngay 21 thang 05 ném 2018 Kinh gii —_: Céng ty Cé phan Masan Nutri-Science Bja chi : Lau 10, Téa nha Central Plaza, 36 17 Lé Dudn, Quan 1, TP. HOM. Céng ty C8 phdn Chimg khodn Ban Viét ("VCSC") rdt han hanh duge cung c&p ne cao. xc dinh gia tri doanh nghiép ciia Cong ty Cé Phan Dinh Duéng Nong Nghiép ("Cong ty’). trin, dae diém va trién vong phat trién kinh doanh nganh ngh& cla Céng ty, pt cdc dO liu tai chinh qué khé va cdc usc tinh cia Ban Giém Béc v8 tinh hinh Cac phan tich ca ching tdi bao gdm vic thao lugn voi Ban Gim Déc va om phat ude 16 n tich ong inh doanh trong tong lai cia Céng ty. Chiing t6i cting tién hanh phan tich thém|vétinh, hinh kinh 6, tai chinh, nganh nghé cla Céng ty va céc phan tich khde ma ching cn thiét. i thy Theo nhu cc phuong php dinh gié cla ching tbi due mé ta & béo céo dint gid thi gia tri mot cb phan ciia Céng ty n&im trong khoding 475.752 déng/cé phan dén ddngicd phan, 168.293 Ching t0i rét han hanh cd co hdi dug thyc hién dich vy nay cho Quy Céng ty. Néu Quy Céng ty cé van dé gi cn trao déi thém, xin vui long lién lac véi ching téi. Dinh Quang Hoan Phé Téng Gidm abc MBREF RRB BBR ERR RRB RRR RRR eeeeee||e BAO CAO XAC BINH GIA TRI DOANH NGHIEP CTCP DINH DUGNG NONG NGHIEP QUOC TE A300 |in l BIET CAPITAL & Ez Bao cao dinh gia Anco CTCP DINH DUON NONG NGHIEP QUOC TE (ANCO) | BAO CAO BINH GIA 42018 icawer carat a Ss B a & Bao cao dinh gia Anco Khuyén cao Bao cdo nay dugc viét va phat hanh bai Cong ty Cd phan Chizng khodn Ban| nay duge viet dya tren ngubn thong tin ng tin cby vao thoi cid cong bb. C ‘Chéng khoan Ban Viét khéng chiu trach nhiém va 40 chinh xéc cia nhéng Quan diém, dy bao va nhtng wire lxong trong béo co nay chi thé hién ¥ kién| thar idm phat han. Nhdng quan diém nay khong thé hin quan giém chung phn Ching khodn Ban Vit va c6 thé thay a8i ma khng cn thong bao tub chi nhim mye aieh cung c&p thong tin cho cc t8 chire du tu cting nhur cdc \Miet. Bo cdo ty C8 phan ng tin nay. fa tac gid tai 1a Cong ty C8 Bao cdo nay nd du tr cd ‘nhan eila Cong ty 8 phan ching khoan Bn Viét vi Khong mang tinh chét thei chao mua hay ban bat ky cheng khoan nao dugc thdo luan trong bao cdo nay. Quyét din tu nén dya vao nhong sy ty van 6dc Igp va thich hgp vdi tinh hinh tal chin ‘ieu ddu tu riéng bigt. Béo cdo nay khéng 6uxgc phép sao chép, tai tao, phat phi voi bét ky mye dich néo néu khong éurge sy chap thugn bing van bai c phn Chong khodn Ban Viet. Xin vu long ghir® ngudn trich din nu si du ‘rong bao cao nay. cia nha dau ng nhur myc hhanh va phan ia Cong ty CB ‘cdc thong tinwWIET CAPITAL ‘SECURITIES eECemer (OMe EW Clee) Myc luc TONG QUAN VE CONG TY Qua trinh hinh thanh va phat trién. Gi6i thidu Céng ty. Nganh nghd host cong Danh sach nha may Céng ty... $0 B18 hie. 6. Tinhhinh tao dong... THONG TIN TAI CHINH 1. Bo co két qua hoat dng kinh dant 2. Bang cfn d6i ké toan......... 3, Hoat dong kinh doanh . PHAN TICH BINH GIA. 4. Phuong phap dong tn chiét khdu. 2. Phuong phap forward P/E ... 3. Kétiuan.... neibeesnen Phy lye: Ch thich tr vit tt SOO oe he.TONG QUAN VE CONG TY 4. Qué trinh hinh than va phat trién 2. Gidi thigu Céng ty 3. Nganh nghé hoat dong 4, Danh séch nha may 5. So dd td chic 6. Tinh hinh lao dong AM MAST Ia get CAPITAL ‘SECURITIES Bao cao dinh gia Anc: 4. Qué trinh hinh thanh va phat trién ‘Cong ty C& phn Dinh dizing Nong nghiép Qué té (Anco) due thanh lp tir am 2003, tbn than la ign doanh gia Malaysia va Viet Nam véi nha may du Un dat tal Png Nal. Anco 68 khong ngig phat trién dé mang dén cho khéch hang rihding sé phém eft ivong ain cao ma gid thanh luén hop Iy dem lal sy ky vong va tin yéu cla khdch hang. Tai Anco, hoat dong nghién ciru phat trién ludn dugc quan tm chi trong. Nam 2015, Vien Khoa hoc Dinh duéng Masan ra di voi nhiém vy duge chia lam hai mang: nghién cou phat ‘rin va kg thuat thuong mai, Hoat dong nghién ciru va phat trién due phan nhanh cho ting toal vat nudi bao gm: gia cd, heo, thiy sén, bo. Téng nhan sy’ céng tac tei bb phn nghitn ‘iru va phat trién khodng 50 ngudi voi trinh 46 tir dal hoc tré len tal cc trudn Gai hoc danh tién tai Vigt Nam va thé gi6i. Nam 2015, voi sir ménh la mot cdng ty sén xual, cung cp thie an gia suc fee ugng t6t 2a ITH tren th rwéng, Cong ty thu higu ndi Kho khan ngu@i chan nubi heo, 46 ia, ba) toan ve "higu {qua cao ~ chi phi thd va nim gidp nguer chan nui gla ting higu qua kin} t6 bang c&ch ‘4p dung cdc tién bd khoa hoc kj thudt méi nhat, Cong ty 68 nghién ctu, phat tridn va cung cp san phim Cam bé sung Bio-zeemTM- Bot pha trong cdng nghé chan oo. cai thien higu qua chain nudi qua viéc gidm thiéu heo bénh va tidt kigm dén 6% long 80 Voi khi dung cam thong thudng va, Cam 6 BiozeemTM duoc danh gid |la bude dot pha mei trong inh vue chan nui, gidp ngui chin nud cé thé lam giau tr ngh nub heo. ‘hu nim 2016, Cong ty bp tue nghién ctu va cho ra db dong san phim edm khong chat ; cm. Gubi nim 2018, Cong ty 48 cho ra 601 dong san phdm cm knéng c6 nang sinh vor Biozeem Super, gidp ba con néng dén nui heo xubt chudng sém 12 ngay va tet kim chi phi, dong san phdm nay cling gip gidm viée sir dyng khang sinh trong chan uel | ‘Qua hen 14 nam hinh thanh va phat trién, cOng ty Anco da gat hal duge nh than ty to om vi i cOng ty sén xudt thac dn chan nubi hang dau tai Vigt Nam. Sau day fa cc cbt mbc G4ng nhé trong lich sit hinh thanh va phat trién cia Anco. ketene Nam Thanh tyu hoe 2003» Thanh gp Cng ty Lién doanh Dinh dutng Néng nghigp Qube 16 ttn fnBn cia Anco) + Xly dyng nha may thre &n gia sGe dBu tien tpi Bbng Nal. 2006 «Thanh Ip chi nhanh du tibn tai Khu Cng nghiép Bing Vin, Ha Nam 2007 «Thanh fp ANI Vinh Long tal tuyén Cong nghiep C8 Chién, Huyn Long HA, tinh Vinh Long 2008 «Nha iy chang nhn Top 600 doanh nghigp lon nt Vigt Nam the xbp hang cia ‘Vietnam Report 600 = Chuybn 48 hinh thie doann nghigp sang cdng ty ob phn wéi t8n gol Cong ty CB phan Dinh duting Nong nghigp Qubc 16 2011 + _Nn§n Gidithuing “Doanh nghiép qui ly thie &n chan nub 18 nhl nim 2011" do ‘Cyc Chan nud tra0 tingr ET CAPITAL ‘SECURITIES Sena Bao cao dinh gia Anco 2012 2013 2015 2018 2, Gi6i thigu Cong ty Tan tiéng Viet : CONG TY CO PHAN DINH DUONG NONG NGHIE} Ten vidt tt “ANCO: Trusd-chinh_: LOA4, KCN Séng May, Tring Bom, ng Nai ign thos! = 0251-3988705 3. Nganh nghé hoat dong Nganh nghé host ang kinh doanh chinh cia Cong ty bao gdm: ‘ché bién thre an gia soc CChé bién thee an gia cAm Fax Gidy CNT $6: 472033000720 dang ky ldn au ngay 24 théng 04 thay obi An thir m6 hai ngdy 08 thang 08 nam 2014 \Vén gidu lg: 200.000.000.000 dng (Hai ram ty dng) Nin Bang khen do‘Th turing Chinh phi trae ting cho cd how ng Vi nan chin chit ade da cam 'Nhin Gidi thang “San phim néng nghigp xudt ste nt nim 2012"}do Cye Chin ‘nubitrao ting ‘Thanh Igp Anco Binh Binh va Anco Thai Nguyén Thanh !8p Anco Tid Giang ‘Thanh lap Anco Nghe An va Anco Hu Giang Cong ty C8 phn Masan Nutr-Science du tu 70% cB phibn vio Ancd va 6 nhong bude hi try phat tridn mann m8 ‘Anco mua 14% cb phan Vissan va rd thanh nha dBu tu chién hrge Gil thuréng “Cong ty sn xubt thc Bn cho ign tbt nhét ndm 2015-201 chim thi gil thing Vietstock tree tng cong ty nay P do Hei ang Cong ty C8 phin Masan Nutr-Science mua tibp 29,00% e& phn Ace, nng t7 4 sé ‘nu tei Anco len 99,69% ‘Thanh lap MNF, ohm hoan thign nbn ting 3 ‘Anco tbp tye mua thém 10,0% Vissan, nang ty If s8 hu ela Anco 24.9% Nam 2016, C®ng ty 68 tidn Kal va oan thanh dura vao sir dyng di Resource Planning Sofware, vidt td la ERP, la mot gil phép phan {ich NB tr vibe quant Cong ty. Chire ning chinh cba ERP latch pphdng ban, moi chic ndng cde Céng ty ll trong mot hg théng may ti Itai Vissen len an Enterprise ibm vot moc tht cd moi h dy nnd a8 4 theo d8i har, nhung dng th6% cing a linh hoat a8 dap cng nhl nu chu Khe ‘hau. ‘Bat danh higu Hang Viét Nam Chit Lirgng Cao :0251-396817 P Quoc TE nim 2003 vaa a! ET CAPITAL ‘SECURITIES Bao cao dinh gia Anco | 4, Danh séch nha may Céng ty ‘Anco hign c6 OT nha may sn xubt tal Viet Nam voi tng cong sut hon 4,7 trigu tn / nm Nna miy viet cong subt tide ké (tin) ‘Bdng Nai Trg Bom, 88ng Nab | 276.000 ‘Vinh Long: Long Hd, Vinh Long ‘276.000 | HaNem Duy Tit, Hé Nam ‘80000 i Thal Nguyen ‘Thal Nguyen ‘82.000 | Tibn Giang Long Giang, Titn Giang 276.00 HuGing TanP Thr, Nu Grg oe a Nahe An Nahi Lp, Nahe An 279.000 ¥ “Teng c6ng sult thibt cb | 4.762.000 q ig 5. So dd tb chic 6. Tinh hinh lao dong ‘B&n thoi cide cubi ndm 2017, Cong ty £6 t8ng cong Khodng 1.500 nhan vien|dinh gia Anco THONG TIN TAI CHINH 4. Két qua hoat d6ng kinh doanh 2. Bang can d6iké toan 3. Hoat dong kinh doanh Ln sans| Bao cao dinh gia Anco 1, Bao céo két qua hot dng kinh doanh VT: tity abng 2018 2016 2017 “Doanhthuguln ~*~ OOW!SC*C«CH OT] «CaO BN (i vin hang bin (6.025910) (@104.957) | (5.763.840) Loi nhutn ate 1368758 2asaoso | 1.638.004 Gh phi ban hang (414085) (1.053.258) | (1.698.922) Chi phi quan ty doanh nghiép: (119.613) (152.212) (194.646) “Thu nhdp ti chinn 95.620 secs | 217924 Chi phi tai chinh (10.689) (187.819) (396.538) Lol nhugan tv hogt d6ng SXKD si9s89 4.278.845 ses.02t “Thu nhdp kde 5.049 14418 5.402 Chi phi kn e214) (esr) (9.265) Loi nhubn trade thud saa tansags | sri.t3e Tub TNON 152.705) (134.723) | 44.010) Lot hus sau thob 19 4.201425 | 827.129 'Ngudn: BCTC kiém todn hp nhdt Cong ty 2. Bang can déi ké toan BVT: trifu ding wis i207 nmin Ts oo Me cele i Tibn va tuong duong ibn 1.176.385 1.136.584, 602.451 lv nado han om 0 Cc kn pth 1067101 Tes. 504091 Phi tu nus bn zrasi 2054 342608 Phat Khée sige 11450) 242195, ‘Hang thn kho- 859.561 1.220.771 (544.668 Taisdn agin hen be e028 1025] 26973 “Téng cng ti sb ngfn han stseisa 10489 1.750024 Taledn ange Pair dt han 0 276072} 1010247 Taisancbain senso Ta211e 087.590 Tal sn of dinn hou hinh 456.788 702.653 598.523 MoEa wt CAPITAL ‘SECURITIES Cee Bao cao dinh gia Anco Noun oid 697.624 940,304 ‘Khdu hao (180,836) (237.740}) ‘Tal s8n 06 inh v8 inh inh 0 2a.ed Nauyen oi ° Kndu hao o Xy dung ca ban a8 dang 470220057 ‘Bau tu tai chinh dai han 0 2138.4 Tals da han kn r1e79 172: ‘Téng céng tal sin dai han 662.429 Tong eng ti 829.501 (270.97) 99.067 Tem ong khéch hang an 6.300 Pha a tb 464 15.125 Phair CBCNY ° hal td ngin han kde 2.748478 205.680 Téng cng phal tra ngin han 043.044 1.157.288 Phat td dl han No dai nen 0 2.408.939 2.805.880 Ce Kron phd tr di han kn ee Téng cong phai tra dal hen ‘46.174 = 2.480.758 2.824.921 “Tang eOng ede khoan pha tri 1205486 7.824704 3.962209. Ngudn vén chd 86 hou (2.596.126 1.699. (2.041.875 Vb dibu i 200.000 200. 200.000 Lyi nhuso gil 2304200 1497.90) 1.830978 bn khde 1.890 1. 1.899 “Ting ebng ng phal tri vi ngudn von chi 9& how Bet se2 oazazeh 6024008 ‘Ngubn: BCTC kibm ton hop nbbt Cong ty 10fer CAPITAL & Bao cao dinh gia Anco 3. Hogt dng kinh doanh ‘én thoi diém hién tai, Cong ty dang van hanh 7 nha may tai Dong Nai, Vit Nouyén, Ha Nam,Tién Giang, Nohé An va Hau Giang vi t8ng cong su Ki trigu tana, Doanh thu thudin va Ii nhugn gp 12,000.000 yt: tidu ang 10,806,007 10,000,000, 8,000,000 8,000,000 4,917,991 besecieal 15.8% 2,000,000 1258 5 a 2014 2015 2016 2017 == Doonh thu thud smmL.gi nhugn gop —Bién igi nhuén go ‘ac bigt ty suat loi nhugn gdp cal thign r6 rét va dat mirc 21,4% chi yéu do h Long, Thai joang hon 1,7 INgubn: Cong ty ié cac nguyen Nam 2018, Hoat dong cla Céng ty ai vao &n dinh, doanh thu ting 30% sad nam 2014 va vvat lgu dau vao nhur dau nanh, bap trén thi turéng gidm twang ding trong nd Nam 2016, doanh thu tang tring manh 65% va igi nhuan g6p dat 23,3%. Nam 2017, doanh thu giém 30% va igi nhugn gop dat 22,7%. Nguyen nha Iugng ban gidm 32% anh héng bd! King hodng gia heo. gid do san 1"a a TET CAPITAL. ‘SECURITIES | Bao cao dinh gia Anco Chi phi host 6ong 2017 =i vén hang ban "Chi phi ban hang *=Chi phi quan j doar ‘Chi phi ti chinh 2016 CChiém cha yu trong chi phi hoat dong ca Cong ty 18 chi phi gid vin hang chidm khoding 78% trong ba ném gan nh&t. Gia vin ban hang nam 2017 2015 (tir 76,5% len 77,9%) do ty trong cém gia c&m tang tir 10% trong nam itp jn: Cg ty , trung bin 0 voi nam 016 len 14% trong nam 2017, chi phi ban hang va quan ly doanh nghiép tir 11.4% dén 12|0% va chi phi tai chinh tang tir 1,5% lén 5.4% do khodn lai vay hai h¢p déng trai phidu voi tng ménh gid 2.000 ty dng phat hann vao thang 09 nm 2076 nim hi tro vin cdc dy an dau te. Lei nhugn sau thud DVT: trigu ding 2015 2016 2017 ‘Loi nhudn sau thud 768.519 4201425 | 627.129 Bién igi nhdn sau thé 12,0% 12,1% 7.1% WWoudn: Cong ty Ty sudt igi nhugn sau thud tran doanh thu cia Cong ty n&m 2017 gidm so véilndm 2016 ve dat mac 7,1%. 12 leSrercgprtan | ‘SECURITIES Bao cao dinh gia PHAN TICH BINH GIA 4. Phwong phap chiét khdu dong tién 2. Phwong phap hé sé gia thu nhgp (P/E) 3. KétlugnRier ‘CAPITAL. ‘SECURITIES ® Bao cao dinh gia Anco Dya trén nhong nguyén téc co ban cia viée dinh gid néi chung, cdc phyong phap dinh gia 6 th duge xép thanh ba nom sau: | ‘+ Nhom phurong phap chiét khdu lubng tin hodc ludng 0B tre © Chit Kru ludng 0 toc © Chibtkhdu ling tin (Discounted Cash Flows ~ DCF) | ‘© Nhom phuong phap dya trén gid tri tai san 0 Binh gié theo gié tj sb séch (Book value ~ BV) ‘© Binh gid theo tal san rong (Net asset value): gia fr cong ty xudt phét}upe: do bing higu qua si dung va khal thé tl sin nhdm teo ra nhOng lo Ich kot trong tong tak. + Nhom phurong phap da vao cdc ne sb 0 -H6 86 gid trén thu nhép (PIE); © He sh gid tron gid tr 88 sch (PB); © H6-s6 gd trén lof nun ti duty (PEG ~ Price/Eamings to Growth) Tuy nhién, dua vao nhing dac diém riéng cia Cong ty vé co cdu hoat dong, tinh chat nganh nghé, co cu tai san, t8 chirc cia bd may ké todn-tai chinh, két qua hoat dog kinh doanh trong nm 2018, 2016, 2017... va tinh hinh chung ca thj truéng, chiing t6i han thay ce phurong php DCF va Forward P/E la phd hop nhét. Do 46, ching tdi 8 sir dung cdc phuong phdp nay 48 xc dinh gid tri Cong ty. 4. Phuong phap déng tién chiét khdu Phuong phép lugn Dong tidn thuin dy bao ela vén chi sé hau trong tong lal (FFE) due chit khéu ve gid tr bion tai a8 tinh gia tr] vn 8 phn. Che gid thiét sir dung trong mé hinh dinh gid db x4e djnh dong tin ‘Chon tar nam 2018 dén ném 2022 a8 tién hanh phan tich, danh gia va dy bao dong tidn ty 60 olla Cong ty. 188 vibe phan tich durge dB dang va chinh xc, gid dinh ring host d6ng cla cog ty 88 4 v80 n Ginh tir nem 2023 vei tbe a9 tang truding binh quan 1a 5% mBingm. | Phuong phép tinh gla trj cb phan Gia tri Von 68 phan tai thdi dibm hign tai duge tinh nur sau: 14wher CAPITAL & Bao cao dinh gia Anco Uy ence grate (+R) +R)" cr Déng tidn ty do cia Vin chi sé hau (Free Cash Flow to Equity) R Chi ph sit dung vén chi 86 how a Ky dy béo ti 2018 abn 2022 ve Gi tri ca Cong ty tai thot aide t Dang tidn ty do vén chi 8 hou (FCFE) + Loi nhugn cong ti vay sau thud: EBIT*(1-T) + Khdu hao TSCD = Thay d8i vén luu dong + plutwTS0B + Thanh Wy TSCD + (Ng mi huy dong — Hoan tré ng vay) Chi phi khdu hao tai edn ¢6 ajnh: ‘Buge cong vao Dong tidn ty do vn od phan vi Loi nhugn sau thud duge xé¢ dinh dyva trén ‘ede khodn mye doanh thu, chi phi va trong Khon myc chi phi 3 tinh dn ch phi Khu hao tai sn cb dinh. Tuy nhién, khdu hao tai sin cb dinh Iai khdng phai la dong tien chi ra thyc sy ‘cla doanh nghigp, do 46 68 phan anh chinh xae phal Ong khdu hao tai sn cf dinh vao dong titn tyr do vin ob phan, | ‘Thay 441 dau ty vao vén luu dng rong: | ‘uge iby Ia phn chénn ich v8 vén lx dong rong cia ha nim dn Ke nhau cure xd dnh bang NWC;— NWCr1. (Net Working Capital: von zu dng rong); trong 46 ‘Vén lu dong rong (NWC) = Cac khodin phai thut Hang tén kho + TSLO- khde - Cac khodn rng ngSn han (khong bao gdm khodn vay ngéin han va ng dai han dén han tr) Thay 481 dau tw vao tal sin 66 djnh: | ‘Bug hibu la phn tai sdn ob dinh Doanh nghigp du tu them hang nam, dugg xéc dinh bang ‘chén igch nguyén gia tai sn o6 dinh va Chi phi xay dyng ea ban d& dang cha hai nam Wn kd nhau (Nguyén gid TSC + Chi phi XDCB a dang)t - (Nguyén gid TSCD+CPXDCE dé dang)t-1 5Bao cao dinh gia Anco He s6 chide khdu He sb chit khdu durge si dung 4 chit khdu c&c dong tién trong tuong lal ‘phan (Re) durgr tinh tod theo céng thire sau: Re = Rf + Bx(Rm-R) Re Chi phi so dung vn a Bota Rf Lai sudt phi rio Rm + LB sudt ni ro cde th] trrong Rm-Rt ‘Phan bo nti ro vn 6 phan (Equity risk premium) bhi phi vén ob Rt diva trén thong tin eile S& giao dich Chang khodn Ha Ni, ching toi sir dung lai suat trai phidu Chinh phd ky han 15 ném dang giao dich trén tri trong ta 7%. B: he sé Beta phan anh mirc 66 rii ro cla cb phiéu Céng ty 80 véithi trréng, tin tir Bloomberg (ngay 02/04/2018) cia nhimg Céng ty cing nganh tuong a nim yét trén thi trzong ching khodn tai Khu we Chau A thi beta diroe w6c th Bn. ya tren thong 19 dang dug h khong 0.8 Cong ty (Ma ching khodr shee Bota in cong. n (eigu UBD) “apa Comfoed Indonesia Tok PT JPFAW EQUITY 3 CCharoen Pokphand Indonesia Tok PT. CPIN EQUITY shee tte New Hope Livhe Co Lid ooo87e cH EQUITY p19 08x (GP Pokghand Co Lid 4a HK EQUITY tps 1.0 CCharoen Pokphand Foods PCL ‘PF TB EQUITY ys 12 Baling Debsiona Tens Seu" CP gozses CH EQUITY akoe om LUnoning Welhope Agr-Tech JSC Lid 603608 CH EQUITY 17m osx Guangdong Haid Group Co Lid 002311 cH EQUITY shor oe Jiangxi Znengbang Technology Co Lid 002187 CH EQUITY tbe 12 Tonguel Cord 0049 CH EQUITY tps 10 gE a ed gs SUR Trung binh nhém Guge e ome seam SS a Rem-Rf. Thi trrdng tai chinh hign nay o6 nhidu yéu té nh hung nhur ii sud, 17 gid Ndi dos ty 1¢ tam phat, gid c& phiéu trén thi trvdng chong khoan da tac dong manh abn anh vi 6du 16 Aol EE NMBao cao dinh gia Anco tu va mic 6 chdp nhan rdi ro cla céc nha dau tu. Chung toi woe tinh phan bt rai ro vbn 08 phn khoding 6% | hw vay chi phi st dung vin 8 phan ta: > Re= 7% + (0,8 x 8%) = 13,4% Gis tr doanh nghitp tq tha cidmm cubt nd 2022 | (Céng thite tng quét 48 tinh gia tr cba Cong ty tal thoi did cubi nm 2022 nf sau: CF: (149) Me = Reo Crt : Déng tién thudn coda ném t 9 760 ting trvéng eda dong ti8ngial oan sau nam 2022 Dy bao tbe 49 tang trxéng dong tin (g) sau nde 2022 Ia S%indm. Vibe ay ao nay duge ‘diva trén the 6 lam phat trong turong Iai ca Viet Nam va khd nang ting trugng céc nganh hang ca Cong ty. Trén co s@ 46, gid tl cbn lel sau ndm 2022 la 13.833.256 wigu ding. Dy phéng tal chinh Doanh thu: ‘VT. iby dng a mm a “Ginwwona tan Giey 20g zB BAT —«TaaDOS*=«CARSAT«—«SONSRS/ 1027758 Ting tring hing tm 0% om 1% 10% 10% 10% (i ban Binh qua the tn gia soe (uibu Boghin) 108 107 107 107 107] 107 ‘Tang ting hig nim % ~~ on 0% on om Git ban inn quan the tn gia chm (du bngrtn) 102 108 13 ne 123) sa "7 ee IED.Ser CAPITAL ‘SECURITIES Bao cao dinh gia Anco Ting tg hing ‘am 1% 5% om * % % ‘oan thu thudn (itu abn9) 7402844 7852015 8.817.389 10.114861 11.123321 | 12246-9022 Thing turing hog 10.1% aim 300% 30% TK TH 10.0% ‘San lugng ban nam 2017 gidm 37% so vi 2016, chi yéu do giém sn kong thie én cho theo 38% $0 véi 2016, cdc loai cam gia cm (98, vt) cing gidm 12% vé san lrong ban so 612016. Anco nbitiéng voi cée déng sn phim thir n cho heo nén thir Bn cho heo chiém ‘chi yu trong ty trong san long ban ra (86% trong tng sn long ban ra nam 2017). ‘Trong gial doen 2018, Cong ty dy khéng tng san lugng ban so v6 2017 do| dy béo tng ‘dan heo trén thi rung khOng tang cho dén hét 2018. Giai dogn 2019-2022 Cong ty dy bao san Iugng ban cla Céng ty s& tang tring trong Khodng 10% én hon 17% hang nam. Gia ban sn pham thie an gia sc binh quan duge diy béo khong thay a8i nay, trong khi sin pm danh cho gia chm dy bo tng khong 5%6/nm. Nhu vay, tren co sé than trong, ching ti w6c tinh doanh thu thudn cia Cohg ty 88 tang trudng véi ty I ting tryéng binh quan kép CAGR 2018 -2022 khong 12% val Gat 12 nghin ng gial Goan 49 vao nim 2022. Loi nhuan gop: VT: tipu cdg 27 teat Lot aan ote Tes. 1.628229 1 7eL727 2089.920 20043]1 2.640.509 itn lot nudn gto (chung) —«22.7K——BQOK 209K OER 20, 208% CChiém ty trong lon nt trong gia vin hang ban la nguyén vat ligu (bép, 64u rianh, 990.) Bien lol nhugn gp nam 2017 chung la 22,1%. Trén co’ sé thn trong chang ti dir phong ‘mic igi nhugn gp san phim thie &n gia sic & mc 24,7% va sn phim danh cho gia c&m & mic 13,7% trong sudt c&c nam dy phéng. 18 i AhBao cao dinh gia Anco Thud: mre thué TNON toan Cong ty nhu sau: 2017-208 2182020 Thub sulttwh TNONdy Kin 7.7% =—«75% 78%. ‘Béu tu tai sn 06 dind CChi phi xy ding nha may éuxge ude tinh khoding 0,9 trigu dng cho mét the thie én gia ‘s0c. Cong ty si? dung phuong php khdu hao dutng théng 66i voi tai sin moi xay dung vei tho’ gian khdu hao 10 nam. Nhu vay TSCD duge dy béo nh sau: BVT: trigu adng 201 2020 2022 Tai sin 08 dink 61.469 650.767 788. ‘Ta sn ob nh hou hin 520370 428.677 192282 Nauyén ois 1.033.274 1.067.236 1.082.707 kndu hao (988.544) (612.903) (640.650) (900.416) Tai sind dinh vO inh hinh §— 96.121. 83.175 90.228 24338 Nguyen oie 101.406 101.486 101.496 101.486 ndu hao (6365) (8311) (11.288) (17.180) Xty dyng co bin dédang «136.849 «67.924 33,962 401 Vbn lu dong: ‘Trong gai Goan dy phéng, 86 ngay phai thu duoc dy phong la 17,2 ngay (bing voi nim 2017), 86 ngay hang tin kho durge dy phong 34,5 ngay (bang so véi nm 2017) va s6 ngay phi ta la 18,6 ngay (bang so véi nam 2017) Vay ngéin va dai hen: | Ng ngén hen dug dy phong chiém khodng 8% doanh thu nam 2018 va gidm xubng 0% tir nam 2019. G&c Khon vay nay duge véec tinh €6 Iai sudt ngén han kholing S%inam. “Trong ném 2016, Cong ty cb phat sinh khodn vay 1.966 tj dbng tir phat hhinh tei phibu doann nghiép. Khoan vay nay o6 Iai sudt 8%inam va duce dy kién tr ht a9 2024, 19 Lo‘SECURITIES wer CAPITAL & Bao cao dinh gia Anco Dy bio Bio co két qua hogt dng kinh doanh ania ee ee Doan thu thuln 7882.0 7308 aed 4473920 | 12200920 ates Fee ay emer ome) mabal|laewno SUE ||| eee aes dreae igs Suter toa Epa cd eels eat capetead cron | (Gano cama ca gee) serene rans || are ast Eee Gn casita ba eee Sean |. Coa ae eseaasi pant. meee | ipaan ‘Lot nhug tir host cca eee ecarenmnaealie emer fike ee evi we ale ne jee eect ete pe Gree gangs rs sme sare Cees, aoa a en ‘Lot nhugn sau thud ‘476.752 626977 783.165 914.602 1.004.401 Dy béo Bang can 661 ké toan (VT: trig Bbng_ 2018 2019 2020 2022 gael “Tin vi tirong durong tan 1.846.287 © 2.704.319 3.714.042 el ‘5.785.743 aes pee ey og oe a saan ial sae Gin) ees Saean Sayers al me [Phi thu kh 202498 242135242195 ARI 24D oe go aot rales wash, cee Amelie, Se lain ais wee as Téng egng tal sin agén hen (3.056.451 4.063.853 6.218.888 6,307.01 1.849.472 ape Sau ee das Sere een sen cami ee eee tee faint cae Seas peter ech ci rene ae Bee ea ceey aa Tee 20 noi sma S32 folWEE ape ee BVT: tt ddng 2018 2019 Faiein eben vonioning «ORINOCO 28 4338 Nowy gid rorase 101486 101.486 ‘101.4 101.486 Knbu hoo (6365) @311)—— 14.258) (14.204) (17.180) ay dng oo bin d& dang 13584967924 33.862 ‘18.08) 8481 ‘Bu uta chien dai nen 2135490 2135480 2.136490 2.13540) 2.136.490 ‘Tal sin i han kn 190195 100.196 190195 190.194 190.135 “Tbog cfg tl sn a nan ssseos 3.207. 2arese2 2.743.994 2.410.748 ‘Téng e6ng tl sin ‘Geoiats 7261764 6.096.280 9.061.004 t0-180216 Phat tra ngin han ‘Vay ngtin han erate: 6261 tates 6128) 62.181 halted ng bin 312643 3887454100096 aso 495.069 Tam dng khch hang 13329 13382813820 1382) 13.829 Pha thud teimst6as 62H ah 8 28 Phat CBCNY - . . b . Plt ngdn nan ke 205678 285.878 295678 «285.678 (205.878 ‘Tong e6ng phal tra nol han 1248.93 4.206.038 1.346.289 1.0681) 1.434.382 Pal trd alban. No dai ban 2.806.880 2.905.880 © 2.806.880 2.808. 2.805.880 (Che kholn ph tr gn ke v0 19042 te 19.042 ‘Téng eng phal tr dal han aaron, 2004022 2824922 2.824) 224.922 ‘Téng cong céc khodn phal tri ‘4073858 (4.419.960 4.171.911 4.211, 4.258.264 [Nguén wén ch 98 honw Vin bug zoo 200000 200000200 200 000 Lot mnuan 90 a 23is727 2999900 3720080 4637571 S702002 Vbn kc 1,900 1.900 1,900 1.900 1.900 ‘Tong egng Ngudn vin cho so how 2siraar 3.41900 3mAse0Asse4tt 5.90292 Me ol ee Tong etna nguba vin ‘eaoians Tani rea soneze0 wosioda 0.0018 nee 2 LDa ViET CAPITAL a ‘SECURITIES Bao cao dinh gia Anco | Bang tinh chiét khdu dong tien. VT: titu dbng 28 218 2020 ont ma ‘Dong tba twintoandoenh noha CFR) ‘.A77.516 868.09 1.000.723 986.040/ 1.106.660 Nar ron9 essa : 3 4 Fs Ding udm thu vin e& phn (FCFE} 1243838 as8033 1.000.723 9es.040| 1.108.660 Gi er eub ky (Terminal Value) 13953286 ‘Ting cona FFE. 424338 sea 1.008.723 e840] 149300917 ult enidtrisbu 09 08 o7 0s oe FCFE age ent knbu taszeo eases «tase cozsrs| 8.226.176 Cia wn phn 11.908.487 ‘sb ugg ob phn dang ivu nih tigu ep) 200 Cit tr] mgt cb phn (vNDIed prin) ss.293 id ti mote8 phan theo phuong phd chiétkhbu dong tin i $88,299 adng/gé phan 2, Phuong phap forward P/E | Gia tr] doanh nghigp duge xde dinh da vao chi sb forward PIE cia mot s6)cbng ty cing rnganh thie an chin nudi gia s0c trong khu vc. Ching tdi ding ngubn tir Blopmberg (gay 02/04/2018) 06 duge chi s6 forward P/E cla cdc cing ty cing nganh nhu sau} von héa rine wichineitein WOM | ure “qn Continent TRAE aT [ate Charan Potpand Ions TPT CPNUEQUTY aoe | asm Aewop Le Cod omerscneaury aro | 127% ce Plan Cots {34K EQUTY soe | 21% Charen Potsand Fonds PCL —«=_«CPFTBEDLITY ems | 101m being buboom Tetsiny GOP cescyecury a8 | 158 Lorne Waltepe Atte sscis cosocnecury art | 80m GunpiongHaccrupco.ss —omearicHequTy «aaa | tte cawoenPgarénonslaTOKPT CPM EQUITY seco | 240% VonpizrenturgTednoopycous omsroncoury 2000 | 178 Teno cwncnecury saan | _ ate SECM 22 lle enBer CAPITAL & Bao cao dinh gia Anco ‘Tan Cong ty (Ma ching khoan ae LTM PIE (eigu uso) Trung Binh Ngudn: Bloomberg 02/04/2018 PYE 12 thang gdm nhdt trung bin (ln) 20,00 Lol nun Céng ty 2018 (tidu VND) 475.752 Gi tr vén cb phn Céng ty (rigu VND) 9.515.033 | ‘sb hrgng o8 phn dang hvu nh (tibu cp) 20 Gia tr mot 08 phn (VNDIed phn) 475.782 | Gia tri mot cb phan theo phurong phap so sénh P/E 1a 476.782 ddngicb phan. 3. Kétiuan Han ché cia vige dinh gid Vikc dinh gid diva trén cde dy béo két qua host dong kinh doanh va cac thay d6itrén bang can 46iké toa tr nm 2018 abn nam 2022. Ce dy bdo nay céin ot trén tinh tinh hogt dong inh doanh ciia doanh nghiép qua cac nam trude va céc ké hoach hoat dng cho nhding nam tidp theo. Tuy nhien, c&e thdng s6 diva ra cb kha ning khong didn ra theo dang nhw hing dy bo do cée rill ro khéng luéng true di voi hogt Gong kinh doanh cla dognh nghiép. ‘Vibe dinh gia bang phurong phap forward P/E co mot ‘8 han ché vi phuong pphap nay cya trén old tht Cong ty c6 thé s0 sénh vei cdc doanh nghigp dang niém yét trong Khu we v8 quy m8, mac 46 tang trudng cong nhu host déng kinh doann. Tuy nhién albu nay Khong duge dm bao do méi quéc gia cd nh’ng thuan igi va kho khéin khéc nhau. Ngudn co s& d0-lidu phyc vy vite dinh glé gié tr] doanh nghigp [B40 c&o tai chinh kiém toan nam 2015, 2016 va 2017. | Cée tal lieu, bang dy toan hoat dong va din huéng phat trién do doanh nghidp cung cp thong qua vite phéng vn va cdc tl liu trao 4Bi voi VCSC trong qua trinh tip hint vin. 23& a TET CAPITAL, ‘SECURITIES Bao cao dinh gia Anco Két qua xtc djnh glé trl mgt o8 phn Cong ty Nhu vay, t8ng hop cae phuong phap xée dinh gid gi ti cb phn cla Cong ty theo phuong php déng tin ty do trong tiwang lal va phurong phép forward PE két qua gi ty mot cB phan Cong ty 88 dao dong nh sau: | Rorward P/E Gia tr| mot ob phin theo eke phurong phap (ang) 558.203 475.782 Phy yc: Cha thich tir vidt tt (Ce inh nghta du6i aay duce str dung xuyén sudt trong Bao céo dinh gid mbukhong co mot int nghta a1 kém kde: cTcr ‘Cong ty ob phan Cong ty CTCP Dinh Duting Nong nghigp Quée tb Anco TCP Dinh Dutng Nong nghiep Qué tb vese CTCP Ching khoan Ban Vide ND Bing Viet Nam uso BO la My a Tcb TBng Giam abc | Heat Hoi ang quai tr j TNHH ‘Trach nbigm hou han | TNON Thu nhap doanh nghiép ct Bao cfo tai chinh cBcNy ‘Can b9 céng nhan vier Tsca Tai sén ob inh 24 TARR RRP RR RR RRR RRR RRR RA eRe ee