FINANCIAL

ANALYSIS

Lecture: M.Fin Le Thi Khuyen

Class: D02

TEAM 2
Hồ Sĩ Cư Lê Thị Mỹ Hạnh
Trần Thị Mỹ Duyên Đặng Thị Hồng Hạnh
Võ Thị Mỹ Duyên Trần Thị Mỹ Hảo
Nguyễn Trần Dũng Nguyễn Minh Hậu
Lê Thị Hồng Điệp Trần Thị Diệu Hiền
EXECUTIVE SUMMARY NOVALAND
& RECOMMENDATION
Novaland Group (NVL) is a company operating in the field of Investment and Development in Real Estate.
The report consists of 3 main parts:
1. Macro Analysis: Analyze the factors of interest rate, GDP, FDI... affecting the real estate industry.
2.Industry Analysis: An overview of the real estate market in Vietnam, competitive pressures among
enterprises in the industry.
3.Business activities of NVL: analysis of balance sheet, income sheet, and financial ratios of NVL.
From the perspective of investors, we suggest a NOT BUY recommendation on NVL. The following factors warrant
the NOT BUY recommendation:
1. THE SITUATION OF COVID-19 EPIDEMIC AFFECTS THE REAL ESTATE
The COVID-19 pandemic has gravely wounded the world economy with serious consequences. The real estate
was also affected, making profits decreased sharply. Real estate businesses have faced high competition with
other businesses in the market. Therefore, the rate of enterprise dissolution is very high. Besides, Real Estate
Markets Freeze Amid a Global Lockdown. The real estate market has not identified potential customers, leading to
high-end apartments accounting for a large proportion, but cheap apartments serving the majority are rare. Thus,
Covid-19 has restrained investors, causing investors to worry that investing in real estate at this time will face many
risks and low returns.

2. THE COMPANY HAS NOT MANAGED EXPENSES WELL

Selling expenses in 2018 were high, 2019 decreased by 41% compared to 2018. But selling expenses in 2020
increased to 98% compared to 2019. This showed that in 2020 NVL has allocated selling expenses for the number
of consumed products so much. In 2018-2020, administrative expenses also increased over the years. Thus, the
company's expenses fluctuate constantly, so the company has not managed expenses well. To maximize profits,
revenue must be maximized and costs must be minimized.

3. FINANCIAL RISK AND LIQUIDITY RISK ARE HIGH

The net working capital was negative and decreasing continuously in 2018-2020. It showed that NVL's the
volatility of Current Ratio and the company's financial standing also became less safe. Long-term capital didn’t
enough to invest total long-term assets. The company’s financial structure was unstable.
The Current Ratio of NVL was lower than 1, only 1/3 compared to VHM. The quick ratio of the public was also less
than 1, and tent to decreased, only 35% compared to VHM. It showed that the company was still limited in using
cash and inventory to pay current liabilities.
The DOH of Novaland was still very large, and tent to decrease. However, it was still higher the average DOH of
VHM (about 206 days on average). Therefore, the business took a lot of time in selling inventory.
In 2018-2020, NVL's Interest Coverage Ratio was at an average level and tent to increase. However, this coefficient
of NVL was lower than VMH’s.

4. PROFITABILITY HAS GREAT VARIABILITY AND WAS BELOW THE COMPETITORS FOR ALMOST
RATIOS
In the period 2018-2020, the impact of the Covid-19 pandemic has had a great impact on the real estate industry
in general and Novaland in particular.
NVL's return on invested capital (ROI) has fluctuated continuously, especially due to market volatility, which has
caused this index to decrease by nearly half in 2019 compared to 2018. In 2020, although there was an increase by
10.21%, still lower than VHM (12.78%). The ROA and ROE ratios were also more volatile than the competitor, VHM's.
In 2020, NVL's ROA was lower than 4.29%, and ROE was lower than 10.02% compared to VHM's
Market Ratios: The company's Price to Book ratio (P/B) decreased over the years, but only slightly decreased
(down 0.45% from 2018 to 2020). Similar to P/B, P/E also decreased over the years. But P/E dropped sharply,
especially in 2019 and 2020 (down 6.68). Compared to Vinhomes, the company's P/E is still lower and the P/E
difference has widened.
BUSINESS DESCRIPTION NOVALAND

Chairman of
BUI the Board of
THANH Directors of
NHON Novaland
group

COMPANY PROFILE
Company’s name: NOVALAND GROUP
Stock code: NVL
Field of activities: real estate
Vision:
Leading economic groups in the fields of:
Real Estate, Creating a tourist destination,
Development of transport infrastructure.
Mission: Community building, Build
destination, Cultivate joy.

.
FIGURE 1: Ownership Structure
In the current shareholder structure of
Novaland, Chairman Bui Thanh Nhon is the
largest shareholder with 21.28% of the
shares. In addition, his wife and son also
own a total of 10% of the family's company.
 NOVALAND

MACRO - ECONOMIC
ANALYSIS

1. GDP Resource: data.worldbank.org

The GDP growth rate constantly fluctuated
over the years. In 2016-2018 increased from
6.21% to 7.08%, gradually decreasing from
2019 until 2020 sharply to 2.91%. It shows
that the flow of money into Real Estate is
less because in 2020 there is a Covid-19
epidemic, which is become a year with lots
of difficulties for the real estate industry.

FIGURE 2: GDP growth rate in VietNam in recent

2. INTEREST RATES
years The Covid-19 situation has made interest
rates rise, hindering the demand for home
loans, investment also increases financial
costs, creating leverage risks for businesses.
In 2019, the lending interest rate of 7.71%
showed signs of a slight decrease to 7.65%,
showing that monetary policy is gradually
loosening, leading to low interest rates,
people, investors, and businesses borrow
more money. . That means more money will
Resource: data.worldbank.org flow into the real estate channel, causing
FIGURE 3: The lending interets rates in the price market to change. Thereby
VietNam in recent years increasing the competitiveness of

3. FDI IN REAL ESTATE

enterprises in the industry.

Although the real estate sector still

maintains a high order, Vietnam has
not recently had new projects, with a
huge capital pouring into real estate
as in previous years. It has caused
foreign capital to decrease sharply
over the past time. Net FDI inflows
into Vietnam from 2015-2018
increased from 6.11% to 6.32%, but by
Resource: data.worldbank.org
2019 it had decreased to 6.16%.
FIGURE 4: Net FDI inflows for VietNam in recent years
 MACRO - NOVALAND
ECONOMIC
4. MARKET CONDITIONS OF
ANALYSIS
REAL ESTATE IN THE
SURROUNDING AREA TODAY
Southern real estate market: land in Ho Chi Minh City and
some satellite areas such as Long An, Dong Nai, Binh Duong,
etc. It's the focus of the investors. Besides, due to the impact
of the epidemic, the prolonged gaps make the market in this
area now almost "standing". Land decreased both supply and
demand. In May, the market had more than 1,000 land
products offered for sales, but the consumption was less than
45%. Through June 2021, the supply of lands has decreased to
less than 500 platforms, but the purchasing power still does
not exceed 25% of the total supply. Resort real estate is the
only segment that has recorded a sharp increase in the
number of products offered in the past month. Nearly 200
products were offered in July 2021 go up 2.5 times from June.
However, the consumption of resort villas is less than 12%, and
townhouses are only about 3% of the existing supply.
These factors affect the real estate industry, which is a basis
for investors to consider whether to invest or not to invest in
real estate businesses.

5. ENVIRONMENTAL ANALYSIS
In the field of real estate, businesses must pay attention
to factors affecting the industry such as: climate,
working enviroment, legal compliance, technology
improvement.
After the land fever to the beginning of Q2 2021, the
market began to level off. In Dong Nai: Through the
review to 2021, Dong Nai has so far had 39 projects
delayed putting land into use with a total area of
507.53ha. In particular, the People's Committee of Dong
Nai province has issued decisions and documents
directing the recovery and cancellation of decisions on
land allocation and leasing for 12 projects with a total
area of 33.85ha. Real estate projects are simultaneously
revoked most violations of delays, delays in land use,
delays in putting into use.
INDUSTRY NOVALAND

ANALYSIS
GLOBAL REAL ESTATE MARKET

Real estate is an industry that can generate lots of

money each year. It is an opportunity for individuals to
make a profit. According to "The Real Estate Global
Market Report 2021: COVID-19 Impact and Recovery to
2030", The global real estate market is expected to grow
from $2687.35 billion in 2020 to $2774.45 billion in 2021
and $3717.03 billion in 2025. The Asia Pacific had the
largest share in global real estate with 40% in 2020,
Western Europe with 24%, and Africa's smallest share.
Because of the impact of the Covid-19 epidemic, the
real estate market has been seriously damaged in 2020.

THE REAL ESTATE MARKET IS IMPERFECT.

Real estate prices are not entirely competitive prices and are equal to compared in the
market. Entering this market is also not completely easy for both buyers and sellers, so to make
a favorable transaction, it is necessary to have a professional broker who meets the conditions
for buyers and sellers to be able to trade successfully.

THE REAL ESTATE MARKET IS CONNECTED TO ANOTHER MARKET OF THE

ECONOMY, ESPECIALLY THE CAPITAL MARKET.
Stemming from the value of the real estate is of great value, so when investing in real estate
construction, it is necessary to have a relatively large amount of money. When real estate
circulated in the market, it solves problems related to currency, recovers investment capital,
brings profits to the parties involved in trading, etc. As you can see, the real estate market is the
output of the capital market. On the other hand, the well-functioning real estate market is the
basis for mobilizing financial resources for economic development through mortgages and
disbursements. In addition, the real estate market also has a relationship with other markets in
the economy, such as the Construction market, labor market, etc.
 VIETNAM REAL ESTATE MARKET NOVALAND

In the real estate market in Vietnam in

the period of 2018 - 2020, very few new
licensed projects, especially affordable and
social housing projects. In addition, the
Covid-19 pandemic adds to the difficulties
for the market. The real estate market
seems to be falling into silence as
oversupply continues, with the market
almost standing still. But the reality shows
that the current difficult period is also an
opportunity to screen and reposition
businesses in the real estate industry.
FIGURE 5: Supply and transactions of new real estate
products offered for sale nationwide in 2018-2020

Resource: Figures from the Ministry of Planning and Investment

FIGURE 6: Number of newly established enterprises and enterprises
completing dissolution procedures in 2018-2020

According to a report by the Foreign Investment Agency, the amount of FDI into domestic
real estate in the first seven months of 2021 only reached 1.17 billion USD, decreased more than
1.6 billion USD, corresponding to -58% over the same period last year. Therefore, the real estate
business ranks third among the investment attraction sectors.
The number of enterprises completing dissolution procedures increased, and newly
established enterprises decreased in 2020. The registered capital of freshly licensed projects
from foreign investment was also reduced significantly. In 2020, despite the pandemic, Vietnam
still had several real estate projects with capital increases by foreign investors. However, in the
first seven months of this year, in the face of the increasingly complicated situation of the
Covid-19 outbreak, Vietnam did not have new projects; huge capital poured in as in previous
years, only new projects, waiting for new projects, Start-up plan.
 NOVALAND

PORTER’S
FIVE
FORCES
MODEL

1. Degree of rivalry 4. Bargaining power of buyers

A series of real estate projects from mid-end to high- Customers can put a lot of pressure on
end and land plots in the suburbs are simultaneously product quality and price. It is challenging
being launched onto the market. In the future, the real to meet customers' needs because it
estate industry will be more and more expanded, so the affects many factors such as culture,
competition is increasing. society, feng shui, etc. Therefore, it's hard
2. Threat of new entrants for the company to meet all customer
With the increasing amount of investment capital in expectations.
Vietnam, many companies appear in the real estate 5. Threat of substitutes
sector, which puts pressure on the company, so they The pressure of substitute products limits
need to put more effort. the profit potential of the industry. Real
3. Bargaining power of suppliers estate substitutes compete fiercely with
each other because they provide the same
They cause a lot of trouble in terms of time, money, and
essential value for the customers.
legal problems. One of the typical risks of the real estate
Therefore, companies should regularly
business is the risk related to the progress of projects.
research the market and potential
Therefore, the company needs to come up with many substitutes so as not to fall behind the
solutions to deal with problems quickly and effectively. competition.
OVERVIEW ABOUT BUSINESS ACTIVITIES NOVALAND

Compare the profit structure of Novaland in 2018 - 2020

Profit of financial activities in 2018 was only 1,476,803,929,685 VND and increased year by year. In 2020,
operating profit was very high, it is almost as high as EBIT and exceeded the net operating profit of NVL. The
proportion of profit from financial activities began to increase over the years from 42.13% in 2014 to 95.7%.
Thus, it showed that the enterprise had not focused on Operating Profit. However, the financial investment
capacity of NVL improved.

Analyze the cost-effective of Novaland in 2018-2020

1. NET REVENUES: In general, net revenue from 2018 to 2020 tends to increase. However, net
revenue fell sharply in 2019.

Net revenue from sales and service provision of the company at the end of 2019 is
1,263,810,484,524 VND, decreased 2,539,863,828,738 VND (corresponding -66.77%) compared to
2018.
By the end of 2020, net revenue from sales and service provision reached 2,576,906,682,211 VND,
increased 1,313,096,197,687 VND (corresponding 103.90%) over the same period last year.
OVERVIEW ABOUT BUSINESS ACTIVITIES NOVALAND

2. EBIT: In general, EBIT from 2018 to 2020 tends to increase. However, EBIT has dropped seriously.

Total Earnings Before Interest and Taxes (EBIT) at the end of 2019 of Novaland was 2,086,332,496,200 VND,
decreased 1,419,345,225,224 VND (corresponding -50.11%) compared to 2018. Because of:
1. Operating Profit decreased by 2,005,786,172,289VND (corresponding -99.1%) compared to 2018 so EBIT
decreased.
2. Profits from financial activities, external investments increased 647,211,413,208 VND (corresponding 44%)
compared to 2018. Because in 2019, Novaland Group decided to transfer Phuoc Long Investment and
Development Company Limited, Van Phat Real Estate Development and Investment Joint Stock Company
and Nova Real Estate Company Limited.
3. The company incurred many unusual expenses, causing other expenses and losses increased by nearly
11 times compared to 2018 (of which 90% came from fines).
However, by the end of 2020, EBIT reached 5,097,945,794,527 VND, increased 3,011,613,298,327 VND
(corresponding 144%) compared to 2019. The reason came from the growth in Operating profit, increased
646,213,486,490 VND (corresponding 36 times) compared to 2018. Moreover, revenue from financial activities
also grew strongly (increased 81%) compared to the same period last year. However, the company's other
expenses in 2020 were still huge, causing other investment activities decreased 6.74 times compared to 2019
due to the sudden increase in penalties and the value of recovered investment properties.

3. EBT:

Earnings Before Tax (EBT) in 2019 was 434,354,242,894 VND, a sharp decrease of 1,375,039,924,475 VND,
corresponding -76% compared to 2018. The reason for the decrease in EBT came from the decrease in EBIT.
Interest expenses also decreased but not significantly, only 2.6%.
By the end of 2020, EBT reached 3,133,763,691,638 VND, an increase of 2,699,409,448,744 VND, increase amount
of 6.21 times compared to 2019. The reason is that interest expenses increased and EBIT also increased again,
showing that NVL has expanded loans for profitable investment purposes and improved the company's financial
position.
 OVERVIEW ABOUT BUSINESS ACTIVITIES NOVALAND

4. EAT: General conclusion, EAT from 2018 to 2020 had an impressive growth. EAT has
doubled in 2018-2020.

Earnings After Tax (EAT) in 2019 was

434,354,242,894 VND, a sharp decrease of
1,035,206,136,453 VND, corresponding decrease
70.4% compared to 2018. Due to a sharp drop
in EBT. Although in 2019, Novaland didn’t pay
corporate income tax (CIT).
By the end of 2020, EAT reached
3,072,446,006,606 VND, increased
2,638,091,763,712 VND, corresponding 6.07
times compared to 2019.

Although this year, the enterprise has paid CIT and other expenses also increased significantly, but due to
a sharp increase in revenue from financial activities by 81%, NVL's EAT still increased. And EAT of NVL in
2018-2020 has been volatile.

ROS (RETURN ON SALES)

Return On Sales of Novaland in 2018-2020

Return On Sales (ROS) In 2018, the company’s ROS was 25,5%, and 10,1% in 2019, decreased 15,4% compared
to 2018. The reason for the decrease in ROS came from the decrease of 41% in sales expenses. It was lower
than the decrease of 70% in EBT compared to 2018.
In 2020, ROS was 38,4%, increased by 28,3% compared to 2019. Because EBT in 2020 compared to 2019
increased 621%, higher than the increase of 98% in sales expenses.
ROS in 2018-2020 increased 12,8%, corresponding 50%. Because of: In 2018-2020, Economies of Scale of the
company had improved and inventory decreased. But the volatility of ROS showed that the company's
business situation was still risk and unstable.

EBIT MARGIN (EBIT/NET SALES)

EBIT Margin of Novaland in 2018-2020

EBIT Margin in 2018 was 92%, and 165% in 2019, increased 73% compared to 2018. Because the decrease of
67% in Net Sales 2019 compared to 2018.
In 2020, EBIT Margin increased 33% compared to 2019. The reason for the increase in EBIT Margin came
from the increase of 144% in EBIT 2020 compared to 2019, this coefficient was higher than the increase of
104% in 2020 compared to 2019.
Generally, the EBIT Margin has increased but the growth rate of EBIT Margin has decreased for the 3 last
years.
 OVERVIEW ABOUT BUSINESS ACTIVITIES NOVALAND

NET WORKING CAPITAL

In 2018, the company’s net working capital reached -1,774,655,695,204 VND. In comparison with the last
year, net working capital of NVL in 2019 down to -116,177,931,325 VND, and continued to fall sharply to
-1,639,053,317,166 VND in 2020.
The net working capital was negative and decreasing continuously in 2018-2020. It showed that NVL's the
volatility of Current Ratio and the company's financial standing also became less safe.
Because Long-term capital didn’t enough to invest total long-term assets, the company used bank capital
to sponsor for long-term assets (low WACC).

NET WORKING CAPITAL/ LONG-TERM ASSETS

In 2018, Net working capital ratio on Long-term Assets was 5.96%. This ratio was 0.31% in 2019 and 3.32%% in
2020.
The trend of decrease in ratio of net working capital on Long-term assets showed that the company’s
financial structure is unstable, financial risk and liquidity risk became higher and higher.

FINANCIAL RATIOS ANALYSIS

In 2018-2020, Debt ratio tent to increase

from 59% to 64%: Debt ratio reflected the
proportion of debt capital in the total
capital of the company. The increase in
debt ratio showed that the business was
increasingly dependent on creditors.

In 2018-2020, Equity Ratio decreased from 41% to 36%: showing that the owner's contribution is still quite
low compared to the debt. The company was dependent on debts.
Debt to Equity Ratio (D/E) from 2018 to 2020 is 143%, 156% and 179%, respectively. This ratio is a financial
ratio that measures a company's use and management of debt. The increase in the company's D/E showed
that the company depended on high risk debt financing.
Financial Leverage Ratio tent to increase gradually. From 2018 to 2020 increased by 27%. Financial Leverage
Ratio is the extent to which debt is used in the total capital of a business to increase ROE or EPS. The
increase in financial leverage ratio made the company's debt burden was larger and larger.
Short-term debt to Total Assets Ratio in 2020 was 15.6%, increasing by 1.6% compared to 2019 but decreasing
by 13.7% compared to 2018. This ratio measures the company's short-term debt to finance total assets.
FINANCIAL RATIOS ANALYSIS NOVALAND

INVENTORY
TURNOVER

Through the calculation results, it showed that the inventory turnover of NVL in 2019 decreased compared
to 2018. Inventory turnover was 0.596 and 0.4318 times, respectively.
Inventory turnover in 2020 reached 0.713 times, increased by 0.2815 compared to 2019. Due to the decreased
of inventory compared to 2019. It showed the company's business situation has gradually improved.
However, the inventory turnover was volatile, showing the company's business situation is vulnerable to
changes in the market. Therefore, it will cause many risks for NVL as well as investors.

INVENTORY

The value of inventory at the end of 2019 increased by 3,432,851,187 (corresponding 0.15%) compared to the
end of 2018. The reason for the increase in Inventory was that the value of the real estate for sale sharply
increased (corresponding 300.17%).
Inventories at the end of 2020 decreased by 23,594,936,456 VND (corresponding 1%) compared to the end
of 2020. The decrease came from the decrease in real estate goods (corresponding 17.15%) and a decrease in
real estate for sale ( corresponding 47.83%) while other factors increased less.
FINANCIAL RATIOS ANALYSIS NOVALAND

CURRENT RATIO: Thus, looking at the ratio of short-term debt solvency, short-term solvency of the company
wasn't good. The ratio of short-term debt solvency is lower than 1, proving that current assets are incapable
of ability to offset debts when incurred. In 2019, the company's short-term debt ratio was 0.98 times. That is,
1 dong of short-term debt is guaranteed by 0.98 dong of current assets that the business has. This indicator
increased by 0.13 times, corresponding 15.29% compared to 2018. By 2020, this coefficient decreased, only
0.81 times, lower than 2018.
This coefficient of NLV was lower than VMH and by 2020 only 1/3 of VMH. It proved that current assets was
incapable of ability to offset debts when incurred of NVL was higher than VHM.

QUICK RATIO: The quick liquidity of the public is less than 1 at a time and is about 0.58 on average, and
tends to decrease, only 35% when compared with VHM. Quick ratio shows that current assets have low
liquidity, equivalent to 58% of current assets, and are relatively stable.

DAYS OF INVENTORY ON HAND (DOH): The calculation results showed that the DOH of Novaland was still
very large (about 657 days on average), and tent to decrease. However, it was still higher than the average
DOH of VHM (about 206 days on average). Therefore, the business took a lot of time in selling inventory.
From 2018-2020, DSO of NVL tent to increase from 178 days to 320
DAYS SALES OUTSTANDING (DSO):
days, corresponding 80%. However, the DSO of NVL was still lower than the average DSO of VMH (about 873
days). Thus, it showed that NVL's credit policy is quite strict, which affected the company's business
situation. In addition, it showed that appropriation of the company also decreased.

LOAN REPAYMENT ABILITY RATIO INTEREST COVERAGE RATIO:

In 2018-2020, this ratio was at an average level and
tent to increase from 2.07 to 2.60 (corresponding
25.6%). It showed that the company's debt in 2018-
2020 tends to increase, leading to tax shield also
increase. Compared with VMH, this coefficient of NVL
was lower, but the difference in the interest coverage
PROFIT MARGIN
ratio of VMH compared with NVL decreased from
2,227 to 0.443 (corresponding -80.1%) in 2018-2020.

RETURN ON INVESTMENT (ROI):

Through analyzing the company's ROI in 2018-2020,
the efficiency of the group's general capital use
decreased from 10.53% to 10.21%. It showed the ability
to create a low return on capital investment.
Compared with competitors Vinhomes, ROI of NVL
was lower. However, the difference tent to decrease,
showing that the Group's capital saving efficiency is
better.

RETURN ON EQUITY (ROE): RETURN ON ASSETS (ROA):

ROE of the company increased over the years. In 2019 ROE Although, ROA of the company was still low, it was
decreased by 4 times compared to 2018 (from 10.7% to 2.62%). positive. Thus, the company was efficient and have
In 2020, ROE increased by 6 times compared to 2015 (from profits. In 2019, ROA decreased by half compared to
2.62% to 16.55%). By 2020, 1 investor's equity in the company 2018, and increased by half in 2020. Compared with
gives the owner of 0.1655 profit after deducting CIT. Vinhomes' ROA, the Group's ROA is lower. However,
Compared with Vinhomes, in 2019 and 2020, the ROE of the the ROA difference between VHM and NVL
corporation is always lower, proving the efficiency of the decreased, showing that the gap between the two
equity of the investor in the group is lower than that of the companies narrowed.
competition.
FINANCIAL RATIOS ANALYSIS NOVALAND

EARNINGS PER SHARE (EPS):

The Earnings Per Share (EPS) of the company have increased over the years. In 2018-2020, this ratio of
NVL increase from 3.719 to 6.556. Especially in 2020, it increased nearly 2 times compared to 2019.
Compared with VMH, in 2018-2019, the EPS average of NVL was still lower. However, in 2020, EPS of NVL
was higher by 2 times than VHM’s.

PRICE TO BOOK RATIO (P/B):

In 2018-2020, the company’s P/B decreased from 3.68 to 3.23, corresponding 12%.
Compared with Vinhomes, the company's P/B was extremely lower. The market price index
compared to the book price reflects that NVL did not do well in increasing the assets for the
owners and the maximum market value of the company. From the perspective of the owner, a
low P/B ratio may be a sign that the company is undervalued.

PRICE-EARNINGS RATIO (P/E):

The company’s P/E decreased from early 2018 to and end of 2020.
As of 31/12/2018, the company's P/E of 17.26 means that to have a profit of the company, the
market has to invest 17.26 dong.
As of 31/12/2019, the company's P/E of 16.93 means that to have a profit of the company, the
market must invest 16.93 dong. The market dropped 0.33 dong due to a decrease in the market
price of one share.
As of 31/12/2020, the company's P/E of 10.07 means that to have a profit of the company, the
market has to invest 10.07 dong.
Compared with Vinhomes, the company's P/E is still lower and the P/E difference has widened.
 NOVALAND

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triển kinh tế - xã hội 5 năm 2021 - 2025.
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https://static2.vietstock.vn/data/HOSE/2018/BCTC/VN/NAM/VHM_Baocaotaichinh_2018_
Kiemtoan_Congtyme.PDF
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bất động sản. Retrieved from
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20210822092304282.chn
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tư như "ngồi trên đống lửa", hiện tượng cắt lỗ xuất hiện. Retrieved from
https://cafef.vn/thi-truong-bds-phia-nam-am-dam-nha-dau-tu-nhu-ngoi-tren-dong-
lua-hien-tuong-cat-lo-xuat-hien-20210822085259067.chn
 NOVALAND

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