FPT UNIVERSITY- CAMPUS CAN THO



Topic: FIN202-Financial statement analysis

INDIVIDUAL ASSIGNMENT

Student name (ID):

Trần Trung Linh

CS170655

Class: BA1705

Table of Contents
Part 1: Introduction...........................................................................................................

1. About Mobile World JSSC............................................................................................

2. Company position……………………………………………………………………

3. Main products and services ………………………………………………………..

4. Strategic vision……………………………………………………………………………….

Part 2: Financial statement analysis.................................................................................

1. Perform Common-size analysis for Balance sheet:......................................................

2. Perform Common-size analysis for Income Statement:..............................................

3. Calculate, comment on trend, and compare with peer group or industry average:.

4. Perform Ratios analysis. Calculate, comment on trend and compare with peer
group or industry average:................................................................................................

5. Perform Dupont analysis. Calculate, comment on trend, and compare with peer
group or industry average. What are the main factors that drive ROE?......................

Part 3: Conclusion..............................................................................................................

Part 4: References..............................................................................................................
Part 1: Introduction
1. About Mobile World JSSC

The official name of The Gioi Di Dong is Mobile World Joint Stock Company, which was founded in
March 2004. Mobile World JSSC is the full name of the business; its ticker symbol is MWG. This
Vietnamese retail company specializes on selling consumer electronics, digital devices, and mobile
phones.

The largest company in this industry, Mobile World, had a market share of 25% in the retail sale of
mobile devices in Vietnam in 2014, according to statistics. The company made it into the list of the Top
100 biggest retailers in Asia-Pacific in 2018. The Dien May Xanh and Tran Anh electronics shop chains,
the Bach Hoa Xanh grocery chain, and the Mobile World Joint Stock Company are all owned by Mobile
World Joint Stock Company in addition to the chain of mobile phone stores owned by thegioididong.com.

Vietnamese nationals formed and run the private enterprise Mobile World Joint Stock enterprise. The
company's headquarters are situated in Tan Phu Ward, District 9, City of Ho Chi Minh at MWG Building
- Lot T2 - 1.2, D1 Street, Hi-Tech Park.

The company currently employs more than 50,000 people nationwide in a variety of positions. More than
3,400 outlets are part of the company's countrywide network. The company not only enters the
Vietnamese market but also global markets with a mobile and electronic retail chain in Cambodia. The
company currently operates more than 20 retail locations throughout Cambodia.

2. Company position

Thegioidong.com also attained amazing leading numbers as the only retailer in Vietnam present in all 63
provinces and cities:
More than 300,000 phones were sold in a single month by the vendor in Vietnam.

The merchant in the nation with the most laptops sold in a single month sold over 10,000 units.

Fastest Growing Retailer in Asia Pacific For four years in a row, consumers chose 2010 Retailer. The
most dependable retailer: in 2007, 2008, 2009, and 2010

3. Main products and services

Most of the products from well-known companies are offered by the company's Thegioididong.com
supermarket system, including: smartphones, laptops, tablets, electronic accessories, smart watches,
copper fashion watches, jewelry, glasses, PCs, printers, computers, and sim card scratches.

Retail , mobile phone repair, digital device repair, and consumer e-commerce are the company's major
businesses.

4.Strategic vision

The Gioi Di Dong is the top-performing and most creative retail group in Vietnam, consistently providing
consumers with engaging, affable, and reliable experiences that serve as a tribute to the business's
commitment to integrity everywhere. that the business is active and has an impact in Vietnam

Part 2: Financial statement analysis

1. Perform Common-size analysis for Balance sheet:

ITEMS 2020 %  2021 %  2022  %

100.0 62,971,405.0 100.0 100.0
TOTAL ASSETS 46,030,880.00 55,834,096.00
0 0 0 0
CURRENT 51,955,258.0
37,317,234.00 81.07 82.51 44,577,607.00 79.84
ASSETS 0
Cash and cash
7,347,857.00 15.96 4,142,016.00 6.58 5,061,021.00 9.06
equivalents
Short-term 14,236,626.0
8,057,319.00 17.50 22.61 10,069,250.00 18.03
investments 0
Accounts
1,595,251.00 3.47 3,162,122.00 5.02 3,000,817.00 5.37
receivable
29,167,232.0
Inventories 19,422,177.00 42.19 46.32 25,696,078.00 46.02
0
Other current
894,629.00 1.94 1,247,261.00 1.98 750,442.00 1.34
assets
LONG-TERM 11,016,147.0
8,713,646.00 18.93 17.49 11,256,488.00 20.16
ASSETS 0
Fixed assets 7,294,962.00 15.85 9,647,169.00 15.32 9,727,503.00 17.42

Investment
0.00 0.00 0.00 0.00 0.00 0.00
properties

Long-term
52,758.00 0.11 0.00 0.00 231,035.00 0.41
investments
42,593,159.0
LIABILITIES 30,549,190.00 66.37 67.64 31,901,514.00 57.14
0
42,593,159.0
Current liabilities 29,422,513.00 63.92 67.64 26,000,264.00 46.57
0
Long-term
1,126,677.00 2.45 0.00 0.00 5,901,250.00 10.57
liabilities
OWNER'S 20,378,246.0
15,481,690.00 33.63 32.36 23,932,582.00 42.86
EQUITY 0
Capital and 20,378,246.0
15,481,690.00 33.63 32.36 23,932,582.00 42.86
reserves 0

Common shares 4,532,100.00 9.85 7,130,655.00 11.32 14,638,793.00 26.22

Owner's other
0.00 0.00 0.00 0.00 0.00 0.00
capitals
 Investment and
0.00 0.00 0.00 0.00 0.00 0.00
development funds
Undistributed 12,674,574.0
10,389,684.00 22.57 20.13 8,723,934.00 15.62
earnings 0
Beginning
accumulated
6,470,785.00 14.06 7,775,705.00 12.35 4,624,171.00 8.28
undistributed
earnings
Current period
undistributed 3,918,898.00 8.51 4,898,869.00 7.78 4,624,171.00 8.28
earnings
Minority interests 9,281.00 0.02 11,838.00 0.02 14,508.00 0.03
TOTAL 100.0 62,971,405.0 100.0 100.0
46,030,880.00 55,834,096.00
RESOURCES 0 0 0 0

- Total assets of MWG in 2020 are (46,030.880.00 million VND) and increase by 9,803,216.00 million
VND in the year 2022(55,834,096.00 million VND).

- MGW's liabilities are increasing as MGW continuously expands its business year by year, in 2022
MWG's liabilities are (31,901,514.00 million VND), MWG is still receiving the trust and investment of
investors. when debt still accounts for 57.14% of total debt and owners)

- It must be recognized that MWG has built a strategy and used the currency in the most useful way to
expand its business and gain investors' confidence when the amount of liabilities increases every year but
compensates for it. go there. MWG's revenue is also proportional to it.

- OWNER'S CAPITAL is also invested continuously over the years and in 3 years the invested equity has
increased by more than 8,450,892.00 million VND from 2020 ( 15,481,690.00 million VND ) to
23,932,582.00 million VND )

2. Perform Common-size analysis for Income Statement:

ITEMS 2020  % 2021 %  2022  %

 108,546,020.0 100.0 100.0 133,404,778.0
Net sales 122,958,106.00 100.00
0 0 0 0
102,542,735.0
Cost of sales 84,591,522.00 77.93 95,325,974.00 77.53 76.87
0
Gross Profit 23,954,497.00 22.07 27,632,132.00 22.47 30,862,042.00 23.13
Financial income 794,122.00 0.73 1,287,956.00 1.05 1,313,137.00 0.98
Financial
594,152.00 0.55 714,707.00 0.58 1,382,620.00 1.04
expense
of which:
594,004.00 0.55 674,428.00 0.55 1,362,144.00 1.02
interest expenses

Gain/(loss) from
-3,707.00 0.00 -2,211.00 0.00 0.00 0.00
joint ventures

Selling expenses 15,333,799.00 14.13 17,914,173.00 14.57 22,336,838.00 16.74

General and
3,404,432.00 3.14 3,823,390.00 3.11 1,881,028.00 1.41
admin expenses

Operating
5,412,530.00 4.99 6,465,607.00 5.26 6,574,694.00 4.93
profit/(loss)

Other incomes 43,513.00 0.04 54,873.00 0.04 61,607.00 0.05

Other expenses 46,307.00 0.04 48,896.00 0.04 579,945.00 0.43

Net other
income/(expense -2,795.00 0.00 5,977.00 0.00 -518,338.00 -0.39
s)

Net accounting
profit/(loss) 5,409,735.00 4.98 6,471,584.00 5.26 6,056,355.00 4.54
before tax

Corporate
income tax - 1,598,414.00 1.47 1,632,976.00 1.33 1,792,999.00 1.34
current
 Corporate
income tax - -108,551.00 -0.10 -62,819.00 -0.05 161,642.00 0.12
deferred

Corporate
income tax 1,489,863 1.37 1,570,157 1.28 1,954,641 1.47
expenses

Net profit/(loss)
3,919,873.00 3.61 4,901,427.00 3.99 4,101,714.00 3.07
after tax

Minority
2,105.00 0.00 2,557.00 0.00 1,951.00 0.00
interest

Attributable to
3,917,768.00 3.61 4,898,869.00 3.98 4,099,763.00 3.07
parent company

EPS 8,654.00 0.01 6,897.00 0.01 2,810.00 0.00

EPS diluted 8,654.00 0.01 6,897.00 0.01 2,810.00 0.00

- MWG is net selling from 2020 (108,546,020.00 VND)

million dong ) gradually increased over the following years until 2022 reaching an amazing figure
(133,404,778.00 million dong), MWG's business is growing and profitable. Profits are increasing, the
market is expanding.

- The gross profit of MWG in 2020 is (VND 23,954,497.00 million) and has increased (VND
30,862,042.00) in 2022, this figure shows that the enterprise has a large profit fluctuation, the larger the
company's profit after tax, meaning is an enterprise with good management and control of costs, which
shows that this company is a place with great development potential that investors should pay attention to.

- Profit from business activities is also an important indicator that MWG has in 2021 (VND 6,465,607.00
million, accounting for 5.26% of revenue) This is the net profit from business activities, which is
important information for assess the future prospects of the business.

3. Calculate, comment on trend, and compare with peer group or industry average:
 FPT MWG
ITEMS 2021  % 2021 %
TOTAL ASSETS 53,697,940,895,875 100 62,971,404,814,942 100
CURRENT ASSETS 35,118,372,900,846 65.4 51,955,257,770,657 82.51
Cash and cash equivalents 5,417,845,293,242 10.1 4,142,015,762,555 6.58
Short-term investments 20,730,720,735,456 38.6 14,236,626,334,707 22.61
Accounts receivable 6,882,182,894,987 12.8 3,162,121,971,586 5.02
Inventories 1,507,342,901,619 2.8 29,167,232,293,922 46.32
Other current assets 580,281,075,542 1.1 1,247,261,407,887 1.98
LONG-TERM ASSETS 18,579,567,995,029 34.6 11,016,147,044,285 17.49
Fixed assets 10,398,837,546,784 19.4 9,647,168,873,232 15.32

Investment properties 0 0 0
0
Long-term incomplete assets 1,290,598,745,684 2.4 79,697,939,172 0.13
Long-term investments 3,101,993,693,319 5.8 0 0
Other long-term assets 3,620,893,889,359 6.7 806,891,052,417 1.28
LIABILITIES 32,279,955,665,838 60.1 42,593,158,815,096 67.64
Current liabilities 29,761,106,035,257 55.4 42,593,158,815,096 67.64
Long-term liabilities 2,518,849,630,581 4.7 0 0
OWNER'S EQUITY 21,417,985,230,037 39.9 20,378,245,999,846 32.36
Capital and reserves 21,415,235,230,037 39.9 20,378,245,999,846 32.36
Common shares 9,075,516,490,000 16.9 7,130,654,950,000 11.32
Owner's other capitals 1,178,174,776,366 2.2 0 0
Investment and development funds 570,491,625,643 1.1 0 0
Undistributed earnings 7,000,480,585,004 13 12,674,574,164,065 20.13
Beginning accumulated undistributed
3,967,085,558,748 7.4 7,775,704,885,845 12.35
earnings
Current period undistributed earnings 3,033,395,026,256 5.6 4,898,869,278,220 7.78
Minority interests 3,477,041,138,837 6.5 11,838,029,496 0.02
TOTAL RESOURCES 53,697,940,895,875 100 62,971,404,814,942 100
- The business scale of FPT and MGW is quite different from each other, it can be seen
and compared that FPT's CURRENT ASSETS only accounts for 65.4% of TOTAL
ASSETS while MGW's CURRENT ASSETS accounts for 82.5% of TOTAL ASSETS.
However, FPT's LONG-TERM ASSETS number exceeds that of MGW by about VND
7,000,000,000,000

- The liabilities and equity of the two companies are roughly the same according to the 6-
4 division formula. FPT and MGW are the two big players in the electronics industry in
Vietnam. Recently, the competition has increased even more in the pieces that are
considered the "own territory" of these two "giants". In the middle of the year, FPT Shop
entered the household appliances and smart electronics segment with the support of the
"giant" Xiaomi to distribute the entire Mi Eco ecosystem. This is the field that is
considered as the "home ground" of The Gioi Di Dong with a chain of hundreds of Dien
May Xanh stores. Each company has its own development strategy to increasingly
expand the market.

FPT MWG
ITEMS 2021 %  2021 %
35,657,262, 122,958,106,103,174.
Net sales 100
545,027 100.0 00
-
(22,025,298,3
Cost of sales 95,325,974,107,640.0 -77.53
08,249) (61.8)
0
13,631,964, 27,632,131,995,534.0
Gross Profit 22.47
236,778 38.2 0
1,270,789,
Financial income 1,287,956,026,163.00 1.05
386,267 3.6
(1,144,187,4
Financial income 714,707,225,745.00 0.58
46,845) (3.2)
 of which: interest (483,995,8
674,427,746,189.00 0.55
expenses 46,804) (1.4)
Gain/(loss) from joint 686,864,
-2,210,500,486.00 0.00
ventures 681,119 1.9
-
(3,604,610,7
Selling expenses 17,914,173,302,345.0 14.57
84,981) (10.1)
0
General and admin (4,612,325,9
3,823,390,074,765.00 3.11
expenses 35,574) (12.9)
6,228,494,
Operating profit/(loss) 6,465,606,918,356.00 5.26
136,764 17.5
133,219,
Other incomes 54,872,797,433.00 0.04
177,622 0.4
(24,506,8
Other expenses 48,895,965,246.00 0.04
73,428) (0.1)
Net other 108,712,
5,976,832,187.00 0.00
income/(expenses) 304,194 0.3
Net accounting 6,337,206,
6,471,583,750,543.00 5.26
profit/(loss) before tax 440,958 17.8
Corporate income tax - (954,883,2
1,632,975,695,694.00 -1.33
current 80,274) (2.7)
Corporate income tax - (33,022,0
-62,818,619,041.00 -0.05
deferred 61,188) (0.1)
Corporate income tax (987,905,3
1,570,157,076,653.00 -1.28
expenses 41,462) (2.8)
5,349,301,
Net profit/(loss) after tax 4,901,426,673,890.00 3.99
099,496 15.0
1,011,889,
Minority interest 2,557,395,670.00 0.00
219,694 2.8
 Attributable to parent 4,337,411,
4,898,869,278,220.00 3.98
company 879,802 12.2

EPS 6,897.00 0.00

4,349 0.0

EPS diluted 6,897.00 0.00

4,349 0.0

- Although the two giants are always competing with each other from a customer
perspective, when looking directly at the financial statements of these two
companies' business activities, MGW actually far outstrips FPT's revenue when
Net MWG sales are 1.8 times higher than FPT's, which also implicitly confirms
that MWG loyal customer base is superior when both sell equipment with long-
term use value.

- Talking about Gross Profit, although FPT owns a smaller number than MGW, it
accounts for a larger percentage of net sales (FPT 38.2% > MWG 22.4%)

- Although FPT's net sale is lower than that of MGW, one thing worth noting here
is the Net profit/(loss) after tax index. FPT suddenly has a larger number than
MGW and accounts for 5 times the percentage of MGW. More specifically, FPT's
net profit/(loss) after tax is 5,349,301,099,496 VND and MGW is only
(4,901,426,673,890 VND)

4. Perform Ratios analysis. Calculate, comment on trend and compare with

peer group or industry average:
 FPT MWG
2021 2021
1.18 1.22 Current ratio
1.13 0.54 Quick ratio
0.15 0.02 Net profit margin
Return on assets
0.09 0.09
(ROA)
Return on equity
0.24 0.27
(ROE)
0.0004 0.20 Price-earnings ratio
5,894.21 6,870.15 Earnings per share
Part 3: Conclusion

Part 4: References

https://news.timviec.com.vn/cong-ty-the-gioi-di-dong-la-gi-lich-su-hinh-thanh-va-phat-trien-65538.html
https://finance.vietstock.vn/MWG/tai-chinh.htm?tab=CDKT

https://mwg.vn/eng/