Monthly Report Feb 2012
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Transcript of Monthly Report Feb 2012
Monthly Report Feb 2012Accounting, Finance, Investment
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Contents
ActivitiesActivities
Market WatchMarket Watch
Investment / Financial ResultsInvestment / Financial Results
PlansPlans
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Accounting & Finance
2011 financial statement Working with E&Y auditor to release the final version from the year-end auditing.
2011 financial statement Working with E&Y auditor to release the final version from the year-end auditing.
Automatic booking of CS tasks Working with IT to launch the automatic accounting booking of CS functions.
Automatic booking of CS tasks Working with IT to launch the automatic accounting booking of CS functions.
2011 Budget performance: All departments have given the departmental commentaries prior to reporting to BOD.
2011 Budget performance: All departments have given the departmental commentaries prior to reporting to BOD.
ActivitiesActivities
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Investment
Enhance Investment Yield Moving money to the highest return assets
Enhance Investment Yield Moving money to the highest return assets
Send Mr. Phong to Parent Company Learning how to evaluate stocks, knowledge ofreal estate & risk management
Send Mr. Phong to Parent Company Learning how to evaluate stocks, knowledge ofreal estate & risk management
Train newcomer Developing ability of analyzing economic indicators.
Train newcomer Developing ability of analyzing economic indicators.
ActivitiesActivities
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Market WatchMarket Watch
NY S&P 500YTD: 8.3%; MTD: 3.8%
US labor market conditions improved but slowly. Fedwill maintain exceptionally low rate through late 2014.
Frankfurt DAXYTD: 17.3%; MTD: 7.0%
Greece finally receives €130bln bailout from EU andprevents a default in March
Shanghai SHXYTD: 8.3%; MTD: 3.9%
PBoC cut reserve requirement rate 0.5% even thoughJanuary’s CPI rose to 4.5%.
Taipei TWSEYTD: 12.0%; MTD: 5.4%
The ruling party won president election. Market reboundsas political uncertainty disappeared.
HCMC HCMYTD: 16.9 %; MTD: 5.9%
In Jan inflation slowed down to 17.27% and Vietnam surprisingly recorded $170 mln trade surplus
(As of Feb. 21th)
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Interest Rate & Inflation
Market WatchMarket Watch
Interest Rate (As of Feb. 21th)Interest Rate (As of Feb. 21th)
Note: Rate for institutions.
CPI YOY(%)CPI YOY(%)
Interest rates are still high and will decrease if inflation is successfully curbed.
DD 3M 6 M 12 M
SOCBVND 4.0 14 14 14
USD 0.2 0.5 0.5 0.5
JSCBVND 5.0 14 14 14
USD 0.3 0.5 0.5 0.5
17.27
0
5
10
15
20
25
12/09 06/10 12/10 06/11 12/11
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Exchange Rate
Market WatchMarket Watch
VND strengthens under official price 20,828 because demand on USD decreased.
source: Bloomberg
18,000
18,500
19,000
19,500
20,000
20,500
21,000
21,500
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12
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Asset Allocation & Revenue
Investment ResultInvestment Result
Gov. Bonds: Ave. yield 15.3%; Duration 4.7Gov. Bonds: Ave. yield 15.3%; Duration 4.7
USD TD:Weighted rate 0.9%; Tenor: 0.1 USD TD:Weighted rate 0.9%; Tenor: 0.1
VND TD:Weighted rate 13.6%; Tenor: 5.2 VND TD:Weighted rate 13.6%; Tenor: 5.2
Cash/DD:Target amount of 1.5 billionCash/DD:Target amount of 1.5 billion
Gov. Bonds (64.3%) USD TD
(7.1%)
VND TD (28.3%)
Cash / DD (0.3%)
Note: As of Feb. 21th.
Bonds account for the highest proportion of our assets.
Weighted average yield is around 13.7%. We achieve 11.1 billion VND Investment Return in January.
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2011 budget performance
Financial ResultFinancial Result
Millions VND ActualOriginal budget
Variance %
Marketing 149,639 106,826 42,813 140%
Human Resources
42,245 41,337 908 102%
Training 1,721 1,316 405 131%
Legal 363 266 97 136%
Investment 950 867 83 110%
Finance & Accounting
1,010 995 15 102%
Total expenses had exceeded VND 37.9 billion or 16% the original budget.
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2011 budget performance
Financial ResultFinancial Result
Millions VND ActualOriginal budget
Variance %
General Administration
53,711 57,193 -3,482 94%
Public Relation 10,213 11,821 -1,608 86%
IT 18,145 19,159 -1,014 95%
Policy Administration
937 1,130 -193 83%
Audit 83 146 -63 57%
Planning 199 260 -61 77%
GA, Public Relation & IT totally saved 6bn VND.
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Accounting & Finance
The 2011 tax finalization Working with Marketing & HR on the 2011 tax (PIT) as well as completing the CIT.
The 2011 tax finalization Working with Marketing & HR on the 2011 tax (PIT) as well as completing the CIT.
Information disclosure Publishing and announcing the 2011 results of Cathay Life Vietnam on newspapers
Information disclosure Publishing and announcing the 2011 results of Cathay Life Vietnam on newspapers
System improvement Working with IT on the automatic allocation of the pre-payment
System improvement Working with IT on the automatic allocation of the pre-payment
PlansPlans
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Investment
Matured bonds reinvestment Planning to reinvest 30bn in 10yrs bonds toextend duration of assets. The yield is 11.2% now.
Matured bonds reinvestment Planning to reinvest 30bn in 10yrs bonds toextend duration of assets. The yield is 11.2% now.
Interest rate forecast Based on our view, deciding whether to sell 110bn bond that will mature in December.
Interest rate forecast Based on our view, deciding whether to sell 110bn bond that will mature in December.
PlansPlans
Thank You