Simple investment case on cement company no capex

by finandlife23/06/2019 22:04

Dòng tiền kinh doanh mỗi năm gần 1850 tỷ, không capex, trả trái tức và cổ tức 1350 tỷ. EV hơn 9000 tỷ, tỷ suất sinh lời mỗi năm hơn 15%. Kinh doanh tăng trưởng ổn định 5%/năm, hoạt động trong ngành gắn với hạ tầng xây dựng.

Case đầu tư như vậy có hấp dẫn hơn phong trào mua trái phiếu doanh nghiệp bất động sản không đảm bảo, lãi suất 12%-14%/năm hiện nay?


Free cash flow is nearly 1850 billion dong annually, no capex, interests and dividends are 1350 billion dong. EV is more than 9000 billion dong. Return on Investment is over 15%. Earnings grows steadily 5% per year.

Is that investment case more attractive than buying unsecured real estate corporate bonds (interest rate is 12% -14% per year) now?




MWG announced the first 5 months of 2019, NPAT +39%yoy

by finandlife21/06/2019 16:14

MWG: Revenue and NPAT in the first 5 months of 2019 increased by 15% and 39% yoy. This result is mainly driven by the strong growth of the chain of malls, with revenue increasing by 23% over the same period. In addition, average sales per store went up 11% yoy, but the operating costs didn’t change lots.

BHX continued to grow well with an average sales / store estimate of VND 1.5 billion in May 2019, an increase of 7% compared to April 2019 and an increase of 22% compared to Q4 / 2018.

The consensus fair per share is around 160,000 dong, upside 80%.

We are issuing cover warrant for MWG. You are not Vietnamese, and you want to buy MWG stock. Please contact me via email




Flute before work "Độ Ta Không Độ Nàng"

by finandlife20/06/2019 13:10

Camera: My Kids



Thị trường nước uống cà phê

by finandlife14/06/2019 09:13



UDINDEX 11/6/2019

by finandlife11/06/2019 16:36





I am a Senior Associate – Investment at TOP 2 Securities Co., in Vietnam. I started working in investment field as a junior analyst at a Fund in 2007. I have more than 12 years of experience in investment analysis. I have a deep understanding of Vietnam macroeconomics, equity research, and seeking investment opportunities. This is my private Blog. I use this Blog to store information and share my personal views. I don't guarantee the certainty. And I am not responsible when the user uses the information from the Blog for trading/investing activities. If you have any questions, please feel free to contact me via email 

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