GELEX GROUP

JOINT STOCK
COMPANY

Instructor: Ph.D Do Thi Thanh Nhan

Group members:
Nguyen Le My Hanh B1900385
Tran Duong Mai Phuong B19H0285
Table of Contents

01 02 03
GELEX SWOT Macro environment
Overview Analysis analysis

04 05 06
Analysis of Analysis of changes in Financial
changes in items in items in Income ratios
Balance Sheet Statement

2
01 GELEX
Overview
3
 Vietnam Electrical Equipment
GELEX Overview Joint Stock Corporation (GELEX)
❖ Founded: July 20,1990
❖ Stock code: GEX
❖ Market capitalization: 39.841.000.000.000 VND
Development ❖ Charter capital: 4,882,440,000,000 VND (31/12/2020)
history
1990 Foundation
Industrial
2006 Transformation
production
2010 Privatization ❖ Wires and cables
❖ Transformers
2015 Ownership restructuring ❖ Electric motor
❖ Electrical measuring equipment
2017 Operation expansions ❖ Building materials
Infrastructure
2018 Restructuring ❖ Utilities
❖ Real Estate
2020 Core business expansion
4
 SWOT
Analysis 02 5
 SWOT Analysis
+ Built a good brand, position, business reputation
+ Large market share
Strengths
+ Good products, reputable, popular at home and abroad
+ Healthy financial situation, good solvency, large capital
+ Has buildings and projects land located in HN and HCM
+ High and stable GDP growth
+ Stable political environment, safe social environment
Opportunities
+ High demand for repair, replacement electrical equipment
+ Supported by the State's incentive policy
+ Product cost high
+ Marketing is still spread, not methodical
Weaknesses
+ Company's customer portfolio is not diversified
+ Machinery and equipment system is not synchronized
+ Research and development activities are still weak
+ Competitors easily enter the market
+ Economic growth rate shows signs of decline
Threats
+ Government policy change
+ Rapid change of science and technology
6
03
Macro
environment
analysis
7
 + GDP: In 2020 increased by
2.91%
Economic
environment
+ Inflation: Average CPI in 2020
increased by 3.23%, respectively,
core inflation increased by 2.31%
+ Interest rate: Deposit interest The general technology level
rates and interbank interest rates of our country is still 2 to 3
have decreased sharply generations behind the world.
Legal
political
+ Quite stable, sustainable + Natural elements:
+ Legal framework has Location of Vietnam: In the center of Asia
not yet been innovated and its long coastline Technological
Considered as a country rich in natural environment
resources
Macro Natural + Working population: Vietnam is a populous
environment - Social country with a young population structure

analysis environment
8
 04
Analysis of
changes in items
in Balance Sheet
9
 2019 - 2018 2020 - 2019
Balance Sheet
r r% r r%

Analysis of ASSETS

changes in items
A. SHORT-TERM ASSETS 278,107,857 3.43% 4,688,912,413 55.94%

I. Cash and cash equivalents -2,694,802 -0.29% 638,267,380 69.30%

in Balance Sheet II. Short-term financial investments

-667,690,677 -35.82% 555,002,032 46.39%

III. Short-term receivables 380,445,103 12.34% 2,796,959,230 80.73%

IV. Inventories 567,810,006 26.90% 557,316,435 20.80%

V. Other short-term assets 238,227 0.20% 141,367,338 116.42%

We see that Total assets in B. LONG-TERM ASSETS 3,737,319,599 40.88% 1,201,264,619 9.33%

2019 compared to 2018

I. Long-term receivables -18,390,521 -86.55% 27,607,395 966.09%
increased by 4,015,427,456
thousand VND, equivalent II. Fixed assets 1,700,187,717 37.99% -298,599,303 -4.84%

to 23.28%. In 2020, there If you want to modify this graph, click on it, follow the link, change the data and replace it
III. Investment properties -14,171,519 -6.08% -2,581,959 -1.18%
was an increase of
5,890,177,032 thousand IV. Long-term assets in progress -514,129,555 -49.43% 605,550,506 115.12%

VND, equivalent to 27.7%. V. Long-term financial investments 2,630,866,289 151.29% 1,439,588,359 32.94%

VI. Other long-term assets 83,507,113 17.46% -123,212,556 -21.93%

VII. Goodwill -130,549,928 -11.29% -447,087,823 -43.61%

TOTAL ASSETS 4,015,427,456 23.28% 5,890,177,032 27.70% 10

05
Analysis of changes in
items in Income
Statement

11
 Analysis of
2019-2018 2020-2019
changes in items in
Income Statement
r r% r r%
Balance Sheet
1. Revenue 1,611,704,819 11.65% 2,645,842,894 17.14%

3. Net revenue 1,615,856,407 11.80% 2,633,727,003 17.20%

4. COGS 1,092,559,338 9.51% 2,745,520,296 21.83%

5. Gross profit 523,297,068 23.62% -111,793,292 -4.08%

11. Operating profit -324,867,377 -21.80% -32,652,268 -2.80%

From 2018 to 2020, we see a slight
increase in Revenue. Besides, the
14. Other profit -105,742,057 -246.81% 127,383,758 202.52% company's profit also increased. To
better understand the Income
15. Profit before tax -430,609,434 -28.09% 94,731,490 8.59%
Statement volatility, we will analyze
18. Net profit after tax -431,016,686 -33.58% 127,184,690 14.92% each item in the above table in detail.

19. Earnings per share

-1,211 -47.73% 356 26.85%
(VND)

12
Financial
ratios 06 13
 Liquidity ratios

Year 2018 2019 2020 Industry

Current Assets 8,104,003,385 8,382,111,242 13,071,023,655

Inventories 2,111,126,554 2,678,936,560 3,236,252,995

0.75
Investing.com
Current Liabilities 6,826,523,433 7,655,136,785 10,831,294,478

Quick ratio 0.88 0.75 0.91

Year 2018 2019 2020 Industry

Current Assets 8,104,003,385 8,382,111,242 13,071,023,655

1.26
Current Liabilities 6,826,523,433 7,655,136,785 10,831,294,478
Investing.com

Current ratio 1.19 1.09 1.21

40%

14
Year 2018 2019 2020 Industry

COGS 11,483,443,422 12,576,002,760 15,321,523,056

Inventories 2,111,126,554 2,678,936,560 3,236,252,995

Activity
Investing.com

Average

ratios
1,982,994,449 2,395,031,557 2,957,594,778
inventories

Inventories
5.79 5.25 5.18 3.54
turnover

Days' sales in
63.03 69.51 70.46 103.12
inventories

15
 Activity ratios
Year 2018 2019 2020 Industry

Net revenue 13,699,129,512 15,314,985,919 17,948,712,922

Accounts receivable 2,028,883,831 2,056,273,114 4,104,680,173

Investing.com

Average accounts
1,944,777,638 2,042,578,473 3,080,476,644
receivable

Receivable turnover 7.04 7.50 5.83 6.10

Days' collect in Year 2018 2019 2020

51.82 48.68 62.64 59.84
receivable
COGS 11,483,443,422 12,576,002,760 15,321,523,056

Accounts payable 2,046,857,840 1,132,885,871 2,964,515,738

Average accounts payable 1,448,637,506 1,589,871,856 2,048,700,805

40% Payable turnover 7.93 7.91 7.48

Days' payment in payable 46.04 46.14 48.81

16
 Leverage
ratios

In general, the company's

Debt-to-asset ratio and
Debt-to-equity ratio has
increased over the years.

17
Year 2019 2020 Year 2019 2020

Net income 634,682,131 801,705,009 Net income 634,682,131 801,705,009

Sales 15,314,985,919 17,948,712,922 Sales 15,314,985,919 17,948,712,922

Average assets 19,254,201,900 24,207,004,144 Average assets 19,254,201,900 24,207,004,144

Profitability
Assets turnover 0.80 0.74 Average equity 8,320,996,362 8,446,112,405

ROS 4.144% 4.467%

ROA 3.296% 3.312%

ratios Financial
leverage
2.31 2.87

Assets turnover 0.80 0.74

ROAAsset turnover -0.224%

ROS 4.144% 4.467%

ROAROS 0.239%
ROE 7.627% 9.492%
ROA 0.016%
ROEFinancial leverage 1.820%

ROEAsset turnover -0.641%

ROEROS 0.685%

ROE 1.865%

18
Market
ratios

Year 2018 2019 2020 Industry

Net income 942,442,354 634,682,131 801,705,009

3.75
Number of shares outstanding 336,680,000 447,402,000 485,106,525
Investing.com
EPS 2.80 1.42 1.65

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Year 2018 (28/12) 2019 (31/12) 2020 (31/12) Industry

Market price 22.15 19.35 22.50

27.63
EPS 2.80 1.42 1.65
Investing.com

P/E 7.91 13.64 13.40

Current P/E 23.96 Finance.vietstock

10:10 AM
Forward P/E 24.50 14/12/2021

Market
ratios

Year 2018 (28/12) 2019 (31/12) 2020 (31/12) Industry

Market price 22.15 19.35 22.50

2.15
BVPS 23.66 19.39 16.93
Investing.com

P/B 0.94 1.00 1.33

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Thank you for
listening! 21