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    V Ghi Môn PTTC

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    V Ghi Môn PTTC

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    a. © u > a sat me RE me d (hoje N ison: s* aoe SoG ¥ { cu NCO) ty vee %qtay 4 STralahie vale ~ pare.) “satel ser vial al ghar Néim Nea rv =4 Aaa Percent C7.) ROA 6,035 0,05 0,085 fan 025 _ yey 0/05 a eat 6 _ 3 SG nil foi Lato : a ae th pe - wt cht Alay pe jena — 3 ame: T noun vindoihan = Uiolchy davon + vén chu sé ity jai san dau. yan ar ath darlin Lrwrorer Annet teh Se gop) ——______ [Seay aT bea cha en a aig van anihd (ak ata itn Aly thalin bir fait ku fa Dugc quét bing CamScanner wold sal / sell anniv, ratio - Vinchinss hin ft ‘ey au san “cys ob (didnt taut? onan sin = vEhelutss ily Toy dhe ‘ty vl a / ee cic. DN ve '60 yp ee aac bs gaa > tig | aun sub spoupa OE CHD + tye (tet TY] x G-4) L ! { —_ Ravie goimirgs Hes ng lic vids. Aa AWe, Re es ae Van woking . : EEbIT aha I te > EEPST > wh Rall € in ROE T li | ditcorl er <7 9 {rien [_ caheaybde dah auiure Avia, ‘ 5 7 usc quét bang CamScanner carton oudit von atta Larqaning, | tictinhse ch di = Weakness as se aepecie ing Gok alan Len EE —————— (! a NV Cw } \eADL_OUL e Aieust 4 stem een titi hcg. len cut pone i bf spades inepony ensuh—— ia et an ait btachaed iki sin ine te DNC > yao ———— breathe hn fl ty — . cdevlasn thi i dually TC? drys Sugar fou Heol (hee dwhichaey Duge quét bing CamScanner ) (Chapter 1: Overview of Financial Analysis @ Frrwion errant anays GT desicpnent ot soonemie management meinds > eon manages casita econonlemnagenen! naa os «beet nae fecve management tos > ac ecanamle manager meta! has ste neon, > Fania ana comal, procetes, proves franc Inbmaton fr rmanagan to maa econ, > Economic management methods teste, sccoung. rues, ecco... are bass fr te devlepment of anc rai a Chapter 1: Overview of Financial Analysis @ © ces anspor rnc aaa 112.1. Concepts of Financial Analysis. 112.2. Principles of Financial Analysis @ + cement trace G ivrewons: > Capitalism, nancial markets and economic globalzaton > Association of Professional Financial Analysis In Vietnam: > The development of market economy > Training needs of financial analysis for professional management team and senior ead nan entity Chapter (G » Araysis: cagorsing on research ebect into diferent groups based on erent bass to study the relates, determine the nature of te ebjec. ne stakeholders ofeach entity as well asthe stakeholfers inthe economy 19 make decsion. Pre > Finance: syst of economic relatives related to aoqenng, aocatng. and eee ting resources (money rSuead} WIALST tne quirements of stakeholders i = 8g, lhe, unlee naseden > achuron gh (wrare 7 6S leah, ley \ / i; Areoreal. ne Fivanne ama slabcahin ef ras Yas ecoverme puhow ecoremie "atahves 7 vaytubak Ba gy han ‘Dude quét bang CamScanner. Chwson PATE Jr, i ee ven FTE wd vali, cli Rots (wnt TIE Neda Hay, gat ohh Chapter 1: Overview of Financial Analysis > @ oresiscrrancatanayse G * Financia Anaya «© The total of methods and techniques used 19 coleet and proces data related to the fnance of 2 A re Aah cdc Ale Aa a,1C ° ly evaluate the past Sid curent francalsiuaon and aoe Nees «Provides relevant formation tothe stakeholders ofeach ently as well 2 decisions the stakeholders in the economy to make Overview of Financial Analysis Chapter > d @ Pirie tno arayet ‘Thrge maln principles of Financial analysis: 3 Flnanil anes” orgeizatons practing financial eras have f be in conplance wih profesional tical standerts: codes and 6 stone (6 codes of ethics: Objective, Integrity, Independence, Professional competence snd dve core, Contdentaliy, Professional behave) (5 professional standards: Proesslonasn, Inegriyof cpt mart, Dati fo fonts, employees and professional Isttute, Complence with pression! Procedures, Conflict of interest) > cates = guideline eying in, duh) . Stacks, Tenasaeewel - doa blehddors bon omen shonitdors qin, -wravaqp + Wad quanti, - ll > Als Chapter 1: Overview of Financial Analysis © re or rrocana ‘Three maln principles of Financial analysis: 4) Cotecing, processing and proving information of financial analysis must be ‘comprehensive; scientific and objective ‘3, Managing and evalating the effectiveness of financial analysis should be Chapter 4: Overview of Financial Analysis @ fret cncves an ctr aestng rani Anyi 13.1, Research objectives 1.3.2, Factors affecting Financial Analysis. Frnancish indicators Rescaridh chyecds > Finaretol shuabion << Jacks of an ea “alah ‘Dude quét bang CamScanner. Baal Cow shabcbarhdoe dawg cfg cn {PVC AE fam yy fai dur > pai ta Wie dary dai Pea an in a “Lund thlbmg ed = Hh duo, 1.6 A sets ni sg ow ih aa sj, Us a) iy Lan ful 1G ci, Chapter t: Ne reliant ‘analy Chapter 1: Overview of Financial Analysis RAR reoeneh SSIES © 1: stectng Franc anne > Financial analysis provide appropriate Information about financial sltuation of entity enabling stakeholders to make efficient decisions. > Diferent stakeholders have diferent esearch objectives ‘© Internal stakeholders: am at making nancie! menagernent decisions Fecal thunan towcepafoming Goer crt nd Pres related to entity's objectives ~ watenp\, co fO4eWOWAL aaah, owe FA | rancal Anaya Aas 0 External stakeholders: aim at making financial management decisions, Efficiency of organizing Finenciel Analysis Database system | ‘mainly on msking funcing, investment decisions, partnership, imacroeconemie management sverson surfs, wnat ong, ep comtnton and eperrg eaten Roe, se a opprabon awh wry, cap lane efeva) wba l= cieraatlons < vol = a dha wicnawt | 8% ach) ao oye oe ae “ Mel Kha Carga | oo ta tein hens > al > ss oak oto es a a) Tat, AS Bhaji quo alc ely chal ga Aro ts VS dag ON Crete avalyss) eee Vs Sega, emi “ @ esosren sojct and Contents oF Fnac Ansys ea EEGcnen = Ance = A ehas ca FA ns =o (a) syne Hak edt > The entire financial situations and activites of entities in tre economy WES commana 5 a ent he fea mation ‘ ts — RO a ‘© The economic elatons related to acquiring, allocating and yifzing i Lukin de eo pramend eR OE mrnyana ena aces meee EE 0 ROA = a Fay bk wos a, ‘eo __ Nett ‘Factors affecting fnancilstvaions ~ affecting te tend patemns of stalin dr TDN Indicators. phan hich, gi wna Sele bai auony apaton : Sheree ae 4 rat on us osek, stall Nah et See * dg = Heat bln gh deh nc ng at nese vin uban oki Mandar da mented ‘aa (AN, vevote a sna 3 chy in Dude quét bang CamScanner. amps wey Ga . i Aha coe ded HTC witb. A 3 i ag ed diay TC gga ~ oe Haga ke hood Ave Mhtrg *2¢ LOO. opiate ‘ ihe dara oe b) Chapter 1: Overview of Financial Analysis ) Chapter 1: Overview of Financial Analysis a @ eer tec errata (G > Prarctaindeatrs cach intent ds Ha TC @ Feces or Frc ayes @ > System of Financial analysis indicators ©. Asya offnancia inca of nites uted oanaye franc station «Based onthe reaionshp of quantity and quety: Quanitative indicators and © Shuster: Steer pom Stesake wo fenh 2 Femur «.Seadon te rt os gonetind nd pec qririaytiyg 7 Database (nyatncumsp atin) -csb ARMs fancial indicators chi RTCA Far “cht RaLTEdhi feb sat Quan'neR, <7 Economic content INDIO = i yh KT > fein dh on hd cand fen © Sapa on he matod of calelatn andthe exgesson abso nat : Bind strate : ae skdvinit Alle nacim snow cnr Tha cg asc bon eh ‘ herrea ies | coy |i, © Based on Database: Paming Inceators,aal Indicators 3 Sig id ca eng oo aie Ldaaatd eal = asst) . _ hibit Tet og deo iach@)* gh ct fat TC Hig _ wat ie a veep sale nate a > prarvant ce is eae > onda > Chapter 1: Overview of Financial Analysis athe cicahos » idk Aan vps, COKE pint > Chapter 4: Overview of Financial Analysis © ers cts otra anay @ reer cnect Franca anass G > Based on spocinc ertoriato classy factors influencing entt’s financial situation into altferent groups: ° see hart of ato end ntatr cunta fae 4 , qualitative factors G > Solutions to improve financial situation ofan entity ‘© Financial solufons: restructure nancial structure, improve financial relations ‘© Nen-fnancial solutions: public relations, marketing, research and development, ©. Based on cause ~ eft relationship: causal factors and afecte factors Ahir wEpromtain £96, CSA © Besed on efectdtecon offactors on analyzed objects: pstive facto, negate, = ae ant ang oan pl Ss © Based on impact veo factors on anayzed chet: pay ecto, secondary factors “aps Fat fet ‘© Based on the ably to contol of ently: subactive factor, objoctve factors, ah es G eos ann dct ae “Tease ‘Dude quét bang CamScanner. ’ Chapter 1: Overview of Financial Analysis > Chapter 1: Overview of Financial Analysis @ covers trina nay , ee 4 > Criteria to classify different types of Financial analysis’s content: 4 > Criterato classify eiferent types of Financial analyat's content: «tue one ati ofr eget gn as 2 Sadan anc maagenreinman EAS oy anspec sai 12a pve nye ony a gow a nc Sed ont re en: nl pal ean: snk aah en an ct vecent ane a rl i fo + ggg nt arn nt eaten t ees cel nadia aap «Sua one apa ab an sete aoa o Bandon pope naa art-fd an ‘analysis; industry analysis; company analysis a voy, Conch ewvtenest vate upg char auralyss cowngpuion? yon cane? / ony Frew aches [ Ceperale cpportal Fad emidtonest CSwoT> es agees> y 2 prey = £2 =e ——— qusownce eenitroninen Hoven, - ; dah a pranloél valve avy XA. quote avelysis tue Sifu € chyechies Eon scl ass riateds »TwtwOWTT ND An team Chap 4 4 Deen hy He Yank Ds ged iach ht spe d ovels Avni ig a ranmerehn CR \ vast ‘hy \y gororal ewbvomert > chi 9 thantd. dia node and & Men ving rat D meanhil rg = Todas, ayrolisis ner Kany Lda nadeloel igang powor i ee ok thi cowl rig wll eget) CONTENT \y danse, ergo (E>. Coenqanshatey ie 5 Guasstrieariox oF ssment VS ‘ay ‘ 4) iasenettis ae ay) Aengquas f “focal dicks racrons wavs Linesip LEARNING OBJECTIVES > Understand the definition nd classification of financial assis metods > Understand the condition to apply, conte, implementation proces ofeach nancial analysis method make sure the appli’ methods beatae wi eolected data and mangers requitement > Use proficemly each nancial analy method. make sure the applied methods tobe suitable with specie situation in terms of data, methods, research objects > Combine ein, suitably, slenialy diferent aancial analysis methods wo provide the bst nancial araysis performance for stakeboées Tork B Ue qhinbia in fn he ts! 2.1, DEFINITION, CLASSIFICATION OF FINANCIAL ANALYSIS METHOD ie 2.12. Classification of Sani ays ‘Dude quét bang CamScanner 2.1.1. Definition of financial analysis methods Swpahwus Vb E Financial analysis methods are methods;techniques and tools used by ial analysts to collect-and-process data related to the entity’ financial analysts to 0 P m7 ce finance in order to assess-and-forecast an entity's finance and extract information for its stakeholders. appro} 2.1.1. Definition of financial analysis methods + Basic requirements ~ Ensuring the basic conditions to apply and appropriateness ~ Assuming that the interests of each participant in the financial relationship are optimized. - Approaching and be compatible with intemational practices, ensuring that financial information is provided in an objective, honest and verifiable manner. - The financial analysis methods must be open, simple, easy to apply and appropriate to the context of deep and wide economic integrati 2.1.1. Definition of financial analysis methods + Basic properties of the financial analysis methods - Methods that financial analysts use in order to achieve an entity's financial analysis objectives. - Techniques torcollect-and process data to clarify the situation, trend and financial forecast of the entity. - Tools-torextract appropriate information for making decisions of an entity’s stakeholders. 2.1.2. Classification of financial analysis methods (and Forecast | ng Dude quét bang CamScanner. 2.2. ASSESSMENT METHODS * Objectives: Assess the current financial situation, the fluctuation-trend of financial activities, thereby identifying the problems that need to be focused and find-solutions to enhance financial management of the entity. + Types of assessment methods + Comparative method + Division method + Correlation Ranking method + Gropi Trend analysis method + SWOT analysis Example 2.1.a. Analyzing Company X’s financing policy [1 Owner equity 4.9) [2 Long-term capital resources ‘arg0q] 13% 5 Non-carrent arate Tas] __1.15) i Toralansew 7,520,360] 2,342,300] 177,860) 7335] 5. Selffinancing rao a3732| 03854) -00rn] 3.1 15. Permanent financing ratio 07867] 07416) a08sil Gea} f rr 2.2.1. Comparative method Conditions to apply + Atleasttwo comparable indicators * Consistency of scope, economic contents, calculation methods, time and unit of measurement. O Content: + Comparative benchmark: eross'section or time + Types of comparison: absolute comparison, relative comparison, ‘comparison with the industry average, vertical comparison, horizontal comparison Nara vairg wrt ven hd Shika Example 2.1.b. Analyzing ROE of Nike, Inc. P A vencem, | See ee aa cea =a sud eu | | cS a 2s aman amie a seq etal real, \> cai Ranhhalitay ‘sk 0 va Dude quét bang CamScanner sta 2 dom taint oat ) Doak thw Haid 5p a Boonbefan Qa Me Ch Sere tum (ae x clue) ae ge Sth, 3 fi etneiand Man i " ‘a)-cales) me thes, Division method > wohenea MON vuds PEP peallth a aan in 3 Sour of apa S04 vii Coat Omen MA cls qn a + Evaluate the distribution of analytical objects according to specific and ya nha, Wad Ato detailed criteria to meet the objective ofeach stakeholder. meee \Swf@t TT aconditions to apply all ak aren, tense 6562161235 age na re ton ran AD mar ate ey ag tonzae srafist taseas Tear “(ast nies sae his amust1o choose appropriate criti forthe analytical objet ie ea hacia Tara aie ars 2339 ain amiss ees » Deals by SSSA spor 3438 S288T 2488 45457 ana 980 + Details by time e 9.014 100,00 ‘52557 100.00 46457 88,39 0,00 2 eal ers soln gaya : rae warqandinte BEE ono am ron inno nin xm an) eee nity ee sen Srmenees ri Rexall wa Rats atl, ., wil chet Rai ia XD: Ne\qfantch, 7 unc Any Fach emoners fae cre ch lr SoHE Sr jaa time : Ate ti ike TWN: i ana aj spac: ed oli i, vg Tae & Agen, Riche / =f he sh ete HE i ey HO 2.2.3, Correlation/Ranking fethod Example 2.3.a. Credit Scoring Model Godjectives Analyst aseses the macro cavronment, industry environment snd scores (0-30 points) +n he mi ejb eo nd csi of ics pe aces Aralyt evaluates the liquidity and slveney sores (0-30 poins) <> Sipser tp {Anitesh stn boul sataens and sees (040 oomdons ape ca4cy et pm) ape ee aaa ieee >> Total score (A) ™ + <2> + <3>, IfA2 70 points, the credit risk of the business is low; ee eee ‘If S0 tee 2 pA VwUee, oh Weta tin Yc fl dB one fas ‘david rain, ain ad me ee a venchiss bindery (Odo Baritiehv a ea again Rk eatbedhyylasn es ang L eye sith 4 gE fe ninhiury daa si wn spate Dude quét bang CamScanner 2.2.4. Graph/Trend analysis method 2 Objectives + Assis the auentsiuton and wend ofthe nail objec especialy he ener tend ofthe market orth rie fluctuation o april ss tee recesing the on of anaes bjt nh ore CiConditons to apply + Ther is eough dts ove time and rsssetondpace «Tere are suppor fits: ome pop, + Basic-understandings of analytical objects content + Opering the exe soar on pop and exesing dla + Choosing the type of mph + Bvalating and forecasting on the sled raph 2.2.4. Graph/Trend analysis method O Technical analysis tools ‘chants ‘ne ot Garden Geant chat 1 Volant OPatems 1 Reveal pane S beaten Snir cenit oer ‘Sao Sanne indicators [Moving avenge (MA) ating Be ‘Share 100 penn EB taaretrgninae 1D cycle: Elor Wave 4 2.2.4. Graph/Trend analysis ee "se resin ad end of ha ct te gee ket or the price fluctuation of f particular assct, thereby forecasting + Thee ae support sie: Computer, laptop + Basic understangf sof analytical objects tering data + Baluting and forecasting on the selected gro Technical Analysis Tools - Charts Qbiinerchart > (gu 76 nat |O The horizontal axis representing the time, and vertical axis representing the price The closing price of each trading session as a continuous line. ‘Chart 2.1. Une chart showing the desing pie trend of Vletcombank's stock (VCE) In the "Beinning 6 months of year 2029 ‘Dude quét bang CamScanner. Technical Analysis Tools - Charts OQ Barchart Each session is represented by a vertical bar with the following Information: Top of the bar: highest price (peak) 1 stand flec Bottom of the bar: lowest price (bottom) Left horizontal line: opening price ~ cuss — tale dala ft 1 a ip Right horizontal line: closing price ~ or pla + ae High chart 22. Bar chart showing the price trend of Vetcomban stock (CB) une 2019 Technical Analysis Tools - Charts a Wotumecact, bi ds & + Show the trading volume teach price level ia the sesion or the tading volume of ech session + Assess he iuiiy of sets aswel ws the market + Conine with he price chro forecast the wend of tock price, 1 Presented 2 bar chart wil horizontal line presenting tie nd verte axi presetnganection volume | (har 2.3, Candlestick chart and volume chat showing the price and volume tend of Vletzmbanis tock (VCB)In ne 2019 Technical Analysis Tools - Charts Candlestick chart, = The Rel body (Hin v6) * The top and bottom ofthe ral body represents the opening and closing prices, + Thecoler ofthe realbody ~ifits white or green, then te op represents the cose: tia ore ndetes that the op was the opening pice . + so wite ral bodies ndste nas, whe lack el Bois inst Brides + Te siti (nh wn * The top ofthe upper shadol represent the high pice, while the botom ofthe lower shadow represens the ow pice nan.23. andere chartshowng the ple wend of Veteombank’s stock (VC) In une 2019 4 chan (ile) ey yuan dai > bio gu sang rch (OEE cay F Hr seh nig ith wd : Technical Analysis Tools - Patterns > +4 d¢ At \nv Reverse pattern * A transitional phase that marks the turing point between a rising and a falling market * Occur when a trend approaches a range of prices but fails to continue beyond that range + The most important reversal paterns are * Head and Shoulders & Inverse Head and Shoulders, * Double Tops, + Triple Tops. Dude quét bang CamScanner. Sri baw, Technical Analysis Tools - Patterns oa Technical Analysis Tools - Indicators Continuation patter = Seis cpa. alain an alas ages, as oman regan Phy ted ayy ou ee + FAs Vania waapauateciccGaualue eee! 14 si Te “+ Identify wend direction and to determine el isin olanarcamaremaaraarerrnsc rani Sa ee Thee irc Rectangle Patton shows ott ikl & SPabnatedsercyntse) ‘upportand resistance aa edema Ma cones : es, + key og ty ti ies. cobalt + Theater NA gone: an, ow ‘aclu Ghtg dom). * eh Ssahnincht vid Lee ra f teat opiate i fn gle alent Technical Analysis Tools - Indicators Technical Analysis Tools - Indicators O Oscillators Bollinger band «+ Ase oftendines plotted two standard devaons (postvely and negate) aay from 2 ‘simple moving average (SMA of secur’ price ‘= Thepxices move tothe upper band, the more orerbougtthe market andthe dose the prices move tothe lower ban, the more oversold the market. * constructs high-end low: bands between two extreme values, and then builds = end Indiztor that fuctates within these Bounds * When the velue of the ofclater approaches the upper extreme value, the asset is ‘overbought and ast approaches the lower extreme, the assets oversold. + The most common oscilatrs are: rice Rate OF Change Indicator (ROC), Relative Strength 2) petted Dest : + the percentage chonge pie between the curentprice and he pice 2 cerain numberof * persone = + ploted anaes ero, with the Iicator modng upward into posioe termony I pice 2 teehee ‘nee ar tothe upside and mowing in negative tory Wf pice hangs 2 whe : owe ‘eon Ag Wig Wy Sp He ae ew Dimenemen ee Ere ere et pede om CFA Ine 208 ‘Dude quét bang CamScanner. Technical Analysis Tools - Indicators 9 Oscillators ast + Ane gap at moves bennen Eetolenlane ene homo ' + ile 70 9 abo nda ate 4 ve en (peace om CFA Ite 2018) (23) 2.2.5. SWOT Analysis ig “Hg Jyiain? Technical An: 72 fran dle fe 2 The Elio Ware Theory * Recurrence long-term pce patterns {elated to persistent changes In Investor sentient and pychology * Consists of mpute (ve sub-wares) and coectve waves (three sb wares at score gis Tools 5, Grete theory enn Way + The Fltonaedl sequence denotes the ‘numberof waves in impulses and corrections (Repodsced rom CFA Insite (201 [23] 2.2.5. SWOT Analysis — Coherent strategies G Objectives 7 ‘SWOT | Fosidve/ Beneficiary | Negative/ Harmful | + Ages the core vale ofan orgenization a a bass for making long-term | aauwmen| Qowdicrectjecie) | to active eben strategies. Essentially, SWOT analysis ses a dtiled analyse of internal» | {factor to assess the strengths and weaknesses of an organization; end | Tea Seeeaite Wataase cextemal-factors to identify opportunities and challenges that an organization Me imieeiehetes||mtonerse || confronts ndiecregeforen | imromceiciny | organization's Conditions to apply development i Identify and understand four key factors of SWOT = meat + Collect sufficient data on external and intemal factors of an organization ati Neve ceiaioets Content prioritcing promptly | preven avoid. and | + Evaluation ofeach factor raping formand | overcome dfs | + Recommend coherent strategies towards the management objectives icpeodon remeaton| 4 lain quod led % Lanedotah ang dt ohbohaadnis DN OM His, E%G Aelaiy lian > ghiva de civd a agcéuel féagy the “buge quét bing CamScanner 2.2.5. SWOT Analysis — Coherent strategies ‘SWOT | 0: Oppornitis Toe L 1% 2 2 - hs. je [a0 sr siren | L fi 2. 2. 1 roo 2 > |omesrong potas ute | nt xen pase | | ronager of partes | orerome neers we ]Wo wre fogs Westaes |p . rp : ls 2 eS Minimize weaknesses to use| Minimize weaknesies 0 ics | ro ie 2.2.5. SWOT Analysis — Case study: Apple. Inc + Strong Brand Image teleghs Liquac ptt beauty + Rapid and effective innovation process ieented detec netrec ‘Cees durdany hag ba + Expensive/ High selling price dept’ + Extensively depending onthe revenues from the luxury mastet segment }+ Expansion of distribution channels + Boost the demand, increase the sales volume + New product development + Intense competition + Counterfeit products, copycat + Rising labor costs in many countries + whiny yale faa 2.2.5. SWOT Analysis — Case study: Apple. Inc ‘772 Discussion ‘SWOT analysis of Apple, Inc is — Case study: Apple. Inc TTheeas | Expansion of dstibuion channels 1 Intense empesion | 2 Boos the demand inerese the sales) 2 Counterfeit profes cope {votume 4. Risiag bor coms in many couries om [xplotogtchestogy te prev 8: Sirens 1, Song Brand tage 2. High Profitable 3. Rapid ad eective innovation develop new products 1, Limited distribution network 2. Exeniv High sling rice 2. Etemily epningo teers an explore ne edt ines o eee lm ey mae aS ck of mldlnge es [peeduets {tea fot 2b Id thhciniece te Aioay AC Aon thudada gly | ike Samsung, Huawei, ete. aioe toh cost olodhy ‘Dude quét bang CamScanner. Noon 2.3. FACTOR ANALYSIS METHODS 2.3. FACTOR ANALYSIS METHODS eee | +2.3.1. Features Eel itera caine pasnsiereneeierrtns + Examining the impact of a particular factor, given other factors keep awe |. Porter's five forces unchanged. * Porter's value chain model (f"caitighn’) + Combination of qualitative & quantitative technique + Dupont analyst (acintda abe Fiyquat daca Watcitvbio fis ish) = recta tomate iad + Determining factors’ degree of impact day? + Method of sequential replacement (7 shay Ri ern) Ja\Ache } + Method of differences (q<8 chéilh tid) syn" TTC! + Method of balance (¢-xan dit) 4 . Analyzing factors’ degree of impact Ses Identifying factors of analytical objectives 2.3.2. Identifying factors of analytical objectives + PESTEL analysis + A method analyzing macroeconomic drivers affecting the performance; finance: ofan organization Six fundamental macroeconomic factors + Political + Economic + Socal + Technological + Environmental ‘ Legal analysis 29? Discussion + The nature of each factor? + The impacts of each factor? * Components of each factor? gS a, ‘es PESTEL 8 Bude quét bang CamScanner Aduila vide 0 ant Aad as Ol Voluthyé widi tg vita ndiné ola! 2.3.2, Identifying factors of analytical objectives + 2.3.2. Identifying factors of analytical objectives through PESTEL. analysis: + Political Factors >aeln Ni aankin tt} ino Ait fd + Nature: method, procedure, and to what degree a government.intervenes in the hole econary, dusts, companies ond oer ent. + Impacts: the attractiveness of the current operating-environment |, » Component: permet pote pike atm, of SRLS policies, tax policies, labor policies, etc. (B2C, 2016). tgp att vn, Housyin che 8 clit 2.3.2. Identifying factors of analytical objectives + 2.3.2, Identifying factors of analytical objectives through PESTEL analysis, + Social Factors + Nature: the characteristics ofthe population, customs, social norms, values ofthe sosiety and community where the organization operates. + Impacts: the features of the labor force, the willingness to work in particular circumstances, characteristics of consumer clusters, and other managers of the organization. + Components: the population growth rate, working-age population, working atitude, working safety, health consciousness, lifestyle, cultural barrier, etc (B2C, ool, ok emitomenl facts dus ‘be inflation pate then chibi sd 7, 2.3.2. Identifying factors of analytical objectives + 2.3.2, Identifying factors of analytical objectives through PESTEL analysis : ‘conomic Factors + Nature: the drivers ofthe outputs and efficiency of an economy + Impacts: the supply and demand, consumer purchasing power, business strategies in the long run. + Components: government policies, political sablity, the level of corruption, trade tax policies, labor policies, ete. (B2C, 2016). pol 2.3.2. Identifying factors of analytical objectives + 2.3.2. Identifying factors of analytical objectives through PESTEL analysis mnological Factors + Nature: the technological imovation affecting the operation ofthe industry, the ‘market, and the companies. + Impacts: the decision of entering the market or not, new product development, outsourcing, ete. These factors assist the organization in preventing itself from ‘spending excessive cash on easy-to-replace machinery + Components: the degree of innovation, automation, R&D, changes and perception oftechnology, ete. (B2C, 2016). Dude quét bang CamScanner. 2.3.2. Identifying factors of analytical objectives + 2.3.2, Identifying factors of analytical objectives through PESTEL analysis + Environmental Factors + Natures the scary of rw malas, olan, andthe love of gas exhaust regulated by the government >> fo he cling awareness ofthe environment, especialy polion and cmate-changin, organizations, + Impacts: companies have adjusted ther operation and products to environment protection and conduct action plans towards Corporate Social Responsibility and Sustainable Development + Components: climate changing, pollution, gas emission, environmental policies, 2.3.2. Identifying factors of analytical objectives + 2.3.2, Identifying factors of analytical objectives through PESTEL analysis ? Discussi PESTEL analysis of Apple, Inc. 2.3.2. Identifying factors of analytical objectives + 2.3.2. Identifying factors of analytical objectives through PESTEL analysis har fey + Legal Factors > lt Suara OG pee nang Sin lit bute + Nature: how do the companies and organizations comply withthe laws + Irapacs: hw the changes in the legal system inthe fatureafect organizational performance. These factors are becoming increasingly important inthe context of slobaliaton when company operates in the oversea market and must obey the legal requirements ofthe destination countries. + Components: legal requirements on labor forces, equality, consumer and investor protection, copyright law, occupational safety and health, ete. (B2C, 2016). objectives the + Ientiving tetra of ann SR) | — Ra NPT genannten terng an apm eeeeran arene Tey Pe eri ap oem nm Bude quét bang CamScanner ra ope euch PO rt a edi let wn iin lomeiy w ehace mons fon Ape Bow wel of nore gn Pay FACTOR NAS NNT aa ere lt, Son af enemy pos Kept sw is par walt Ov we ep bi ig wl 2.3.2. Identifying factors of analytical objectives + 2.3.2, Identifying factors of analytical objectives through Porter’s Five Fe on. = cach) mans 1292 Discussion: Apple, Ine reer (be tne) 2.3.2, rites factors of analytical objectives 2, Identifying factors of analytical objectives through Porter’s yorialstt ons} ug hi vos ) Five Forces. SFomes: Cowent oomaehtans = pr dd pre, 227 Discussion puns Porter's FiveForces Analysis S¥ylWIs . a loo ls eo iews very ontarl AGcA erie dig rap) Bc | memioten eset NAS me Rise diam, en) Impacts on level of competition, profitability and market attractiveness. agdhves : te whut, ons ra, AoAtne Alora pea ik fore on an ol ony egal rpg own ae prevwohiy Ke leerthcial ef Toy Safar all combing ort aes bry frees 2.3.2. Identifying factors of analytical objectives +2.32. Identifying factors of analytical objectives through Porter’s Five Forces Borpinrg power afsuppers ow =" Wide reo spre fca)|- Bete anpaer centavos ae a ald GR aon aD) Scenes ceton T Firstar subeiteTow Fewstnersieme Modest] Tayanonteasingconpaion ma’ | | iczummannn of > pene beading a erg cas re pt ble ste tman po tow setting to ststy no rees 1 Ricgreeegetnsamnee 1 lene reac bagi) (dra din | EE oyddntopaggen) Baranng power ol commen Wah ow sich cos 4 ness cute tnbaduchon > opin > vrchutihy, = cashing Bude quét bang CamScanner 2.3.2. Identifying factors of analytical objectives + 2.3.2, Identifying factors of analytical objectives through Porter's Valuechain: > \heywal Snat + Objectives: ada _pitdany gh hh + entity te bighnialinadaasinien us well athe eftomecntiencf 4 valve chain; their determinants; the main fators providing stimulus for managers’ decisions on investment and value chain's operations. Focusing on the most value added a es, outtsourcing the least effective strategy and combing activities. « >qaat neo reais ov weaknesses 2.3.2. Identifying factors of analytical objectives . Identifying factors of analytical objectives through Value chain, ustcacsiacuant sr , Propel, Coach duh prscatunent: Hace A Ray den ld (yan qu (a we Meath dose BA PR ea A va faefl dcbondands weenie - ah Mop! damn ike vei 2.3.2. Identifying factors of analytical objectives + 2.3.2. Identifying factors of analytical objectives through Value chain * Content: ater, + Step 1: Describe each activity ofthe value chain, pay attention to the ‘intercorrelation among stages of a value chain + Step 2: Determine and analyze the most valuable activities + For the cost leadership strategies, indicating which activity minimize costs and how to cutoff expense + For the differentiation strategu considering the most competitive activity which make an entity distinct & create value for its operations 2.3.2. Identifying factors of analytical objectives Identifying factors of analytical objectives through Value chain + Primary activities include: + Inbound logst stage refers to warehousing, transporting, and inventory managing. about receiving, processing, storing the inputs for manufacture. This + Operations: Produce finished goods using resources, which could be materials, labor fore + Outbound logistics: Storing the finished goods an distribution system to customers. This setiviy includes packaging, warchousing, product convolling ansportation and product ‘management, output products of the organization, etc + Marketing and sales: advert activities, promotion, and selling. + Services: Installing, repairing, upgrading, et. ‘Dude quét bang CamScanner. 2.3.2, Identifying factors of analytical objectives + 2.3.2. Identifying factors of analytical objectives through Value chain + Support activities include: + Procurement: refers to acquiring input resources for main activities. + Human resource management: recruitment, training, promotion, rewarding. + Technology development: produ design, improving mance proeses and resnures exploitation + Infrastructure: planning, finance, quality control. Th analysts consider that these activites play an important role in the success ofan organization, SFR SPR: BAe SAE Levent deel > Aeycpua ret yor eon sop: shot -lown inv catio CAT. useunl ave howeet 2.3.2. Identifying factors of analytical objectives + 2.3.2, Identifying factors of analytical objectives through Dupont, analysis. chi apc ‘TOA, oi bea. eae Mw Cui lary ei + Objectives has TC TENG GUAT + Determining the factors of efficiency and profitability of a company, through decomposing each ratio into many components + Help the analysts identify the drivers based on the mutual relationship of intemal components of each financial ratio. * Conditions to apply + Merely for identifying factors of efficiency and profitability WE. A x ste x GAT x us 70 \ 5 ‘avohett eva, inns opine ey ae son a my “— ary heer 2.3.2. Identifying factors of analytical objectives + 2.3.2. Identifying factors of analytical objectives through Dupont 2.3.2. Identifying factors of analytical objectives + 2.3.2, Identifying factors of analytical objectives through Dupont analysis analysis + Content ; * Example ha eb aban p chelate arene ROA = —Netincome___Netincome y,_Net Revenues ‘denominator with a-multipier, which has constraint or dependent relationship on eaci v8\ ee Rvs Average Assets Net Revenues “Average Assets other to constitute a chain ofeausality relation + Combine this method with the empirical method to determine not only financial drivers ROE = Net income _ _Net Income Net Revenues \, Average Assets butalso non-financial ones affecting the analytical objects, whichis used widely in the pain oem ome eae Average assets” Average equity oe gon = etapa _ Avorone emu varaosel Serene Nek RN con tls averages * ‘epangcane als Revenue sD (eat) = Sal eae x tumalavels (eye x ROS (hi wok nyeshinert nabig: vata an) anes Autuding) Ai Wt) ‘Dude quét bang CamScanner. 2.3.2. Identifying factors of analytical objectives + Identifying factors of analytical objectives through Dupont analysis + Example: Apple, Ine Tek tnt were px 7s as, 2.3.3. Determining the factors’ degree of impact + Method of sequential replacement + Conditions te apply (2%=9 lex) + The welatonsipberween analytic indicators and thei affecting factors can be expressed in ‘product ox quotient equations. “> Alchenpft + Those factors are aranged insscenan order. The quantity factors are supposed to stand in front ‘of the quality ones. In case of multiple quantity or quality factors, the primary factors are supposed to stand in front of the secondary factors. ( K* de. hoy of wt COguatntih) (9 + Method of sequential replacement (¢* eau,“ (0+ Method of differences (0° vi orf Gh.) + Method of balance ¢p* ein ) Foaw seul 2.3.3. Determining the factors’ degree of impact 4 gn bean) Seon epee aptrq otro ha whee 2.3.3. Determining the factors’ degree of impact + Method of sequential replacement + Content ++ To determine the influence of those factors, we in tur replace respectively the original value ‘of each factor wit its actual valve. It should be noticed that factors that already replaced would carry on with the actual value while the others remain at their original value. The outcome should be dave straight away ater each replacement. + + The difference between a result oF each replacement with that ofthe previous replacement is the effet ofthe factor which has been just replaced, ‘Dude quét bang CamScanner. + Method of balance 2.4. FORECASTING METHODS, + Regression model + Probabilistic method + Sensitivity analysis method £ C8 ry ye ttc ap cis oi fy 2.3.4, Analyzing the factors’ degree of impact | + Contents Alt nag tgs itn titi Maigret presion for cso making ts equi conde! the aalyalson ctor fics. The seh a gh tg |The dreson an deg of aee Sete ejector It eration |. pecommendions an ire + Foal anys cn ke sdvanage of seats end minimis weakneses of coch fcr that Inne in ony edo 2.4. FORECASTING METHODS + Regression model + Probabilistic method + Sensitivity analysis method ‘Dude quét bang CamScanner. 3.1. OVERVIEW OF DOCUMENTS FOR FINANCIALANALYSIS 5 3.1.1. CONCEPTS Ci —€@ 3.1.2. REQUIREMENTS 3.1.3. CLASSIFICATION es 3.1.2. REQUIREMENTS FOR DOCUMENTS FOR: . FINANCIALANALYSIS * COMPLETENESS: having enough data, figures, at different periods, des, and suiabe space to be able exlculat th nce as well 8 detemine he infener ofthe ates. = TIMELINESS: data have to be consistent with the time schedule of the work scoring tthe Financial nls proces. SUITABILITY: ds allow the financial aml dently and propery evaluate the financial content of the subject of analysis. UPDATE AND TORICALITY: dat ae updated with changes inthe market, the economic situation and their entity itself. Data are needed to ‘ensure topicality and related parties interests. = Natmonink emeemishins den ssinde ve innamnaiinn ekavoneed 3.1.1. CONCEPTS OF DOCUMENTS FOR FINANCIAL ANALYSI + DATA: Qualttives“Quantative varibles that present themscives with the penal o be developed nto des or malyticalconcesions —— iit cin date INFORMATION: Data tat is struct and collated to further its meaning and contextual sefune. DATABASE: a stof-ytemailly integrated data tat is stored, managed eased rinttined, and developed by using design-techniques and. formal-odeling (Gutabase management system) to sats the demand of information exploitation of eo preteens sealhaton DOCUMENTS: contains data related tothe financial situation formed during the cpertion of agencies, owanizations and individuals within the research scope and ‘objects of financial analysis. 9 Oe) 3.13 CLASSIFICATION OF DOCUMENTS FOR FINANCIAL ANALYSIS + Based on document-content: economic documents, politcal documents social documents and environmental doguments.. + Based on: oe OT of macro regulatory agencies (e.8. documeats on government policies, guidlines, laws and written directions of all levels of govemmen), industry documents, documents of entities, documents from the mass media... rs flupels + Based op the loglitofthe-docament: there are okanos documents, n han haul A coca, sat SS + Based on the method of collecting, processing and archiving documents of cate: eccountng documents and noeaccomting docaments. sino iybncity sed : { oti ) (Clay Dude quét bang CamScanner. DIAGRAM 3.1: DOCUMENTS FOR FINANCIAL ANALYSIS Documents for financial analysis ‘Accounting documents ‘Non-accounting documents Financial | { Management Statistical Other accounting| | accounting documents documents documents » 3.2.1. CHARACTERISTICS AND REQUIREMENTS > Fereted oy \W/ « d 3.2. ACCOUNTING DOCUMENTS - CHARACTERISTICS REQIREMENTS \ of 3.2.1.1. CHARACTERISTICS OF ACCOUNTING DOCUMENTS Accounting documents are accounting vouchers, journals, ledgers, financial Statements, management accounting Vet statements, audited” "*Satements, kina. F gae cacoming mln port ond cue cdg veto other accounting-related documents (According to Article 3, Section 18, Accounting Law [17]) ‘Dude quét bang CamScanner. seanatig ed sorta hn * urytve accounting Accounting process ‘Source Documents pa oH 7 ‘Subsidiary eager " fi oe 3. - Honesty: Accounting documents and data have to be recorded and reported on the basis of complete, objective and realistic evidence about the current state, the nature of the content and the value of the economic transactions. - Objectivity: Accounting documents and data have to be recorded and reported in accordance with reality, not distorted. - Sufficiency: Ail arising economic and financial transactions related to the accounting period have to be recorded and reported filly, not be omitted. Fania dina ode i hati 3.2.1.1. CHARACTERISTICS OF ACCOUNTING DOCUMENTS * Accounting vouchers “are documents and information carriers reflecting arising and completed economic and financial transactions, serving as a legal basis for accounting entries.” * Accounting books “are used! fo record, systemize and keep all arising economic and financial transactions related to the accounting entity.”” + Accounting reports “are the products of the accounting process, are the main means (0 impart accounting information 10 users 10 serve the economic and financial management of the entity.”” A 3.2.1.2. REQUIREMENTS OF ACCOUNTING DOCUMENTS = Timeliness: Accounting documents and data have to be recorded and reported on time, on or before the prescribed time limit, without delay. -

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