‹#›
2
Content is removed for demo purpose
Date: 21st May 2017
Dear clients
Re: The publication of Vietnam Cement Market Report, 2017
StoxPlus has been issuing the annually updated Vietnam Cement Market
Report in the last fifth years, providing the first and most
comprehensive report on this sector. Taking into account feedbacks
from our clients, in addition to the comprehensive analysis of the
market itself, we updated Vietnam Cement Market Report this year with
the focus on analyzing end-users demands and domestic supply capacity
together with highlights and price of cement in Vietnam.
The purpose of research work is to have an in-depth understanding of
Vietnam cement market and assessing potentiality of the market and
how to penetrate the market for current players. We also highlighted
the cement end-users segment in which driving the market movement,
including the domestic construction demands.
In addition to our experience in this industry, we have conducted
various discussions and interviews with industry players, cement end-
customers at executive levels to grasp local insights and the practical
ways of doing cement business in Vietnam.
We understand that this is a targeted but also an open research. We
would be happy to provide any further information to address any
questions that you may have, for any specific sector or target business
in Vietnam.
Should you have any questions, please contact I myself or our Biinform
Managing Director, Ms. Lan Nguyen at +84 (8) 3823 3485 or her email:
Yours sincerely,
Nguyen Quang Thuan
CEO
StoxPlus Corporation
StoxPlus Joint Stock Company
Head Office
5th Floor, Anh Minh Building
36 Hoang Cau, Dong Da
Hanoi, Vietnam
telephone: +84 (4) 3562 6962
facsimile: +84 (4) 3562 5055
stoxplus.com
Ho Chi Minh City Branch
2nd Floor, May Plaza
63D Vo Van Tan Street, District 3
Ho Chi Minh City, Vietnam
telephone: +84 (8) 3823 3485
facsimile: +84 (8) 3827 3068
@ 2017 StoxPlus Corporation.
All rights reserved. All information contained in this publication is copyrighted in the name of StoxPlus, and as such no part of this publication may be
reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including
photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher.
3
Content is removed for demo purpose
Table of Contents
Part Content Page
Abbreviation 4
Executive Summary 5 - 7
1 Vietnam Cement Sector Analysis 8 - 28
1.1 Consumption 8 - 13
1.2 Supply Analysis 14 - 25
1.3 Forecast Analysis 26 – 28
2 Competition Dynamics 29 - 50
2.1 Market shares 29 - 31
2.2 Cement Pricing 32 – 43
2.3 Industrial Performance of Listed Companies 44 – 50
3 Vietnam Cement Demand Analysis 51 – 67
3.1 Summary 51 – 52
3.1 Demand from Residential Construction 53 – 55
3.2 Demand from Non-Residential Construction 56 - 60
Part Content Page
3.3 Demand from Infrastructure 61 - 64
3.4 Analysis of Selected Construction Hub 65 - 67
4 Foreign Interest on the sector 68 – 72
4.1 Significant M&A in the Sector 68 - 72
5 Macroeconomics 73 -90
5.1 Macroeconomics in Vietnam 73 - 76
5.2 Driving Force 77 - 86
5.3 Regulatory Framework 87 - 90
Appendices 91 - 109
Appendix 1: Listed Cement Companies’ Factsheet 91 – 99
Appendix 2: Profiling of selected cement
companies100 – 109
4
Content is removed for demo purpose
Abbreviation
No. Abbreviation Stand for
1 CAGR Compound Annual Growth Rate
2 CFO Cash Flow from Operating Activities
3 D/E Debt over Equity
4 EBIT Earnings Before Interest and Taxes
5 EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization
6 FDI Foreign Direct Investment
7 FOB Freight on Board
8 IPO Initial Public Offering
9 mn million
10 p.a per annum
11 RMC Ready-mixed concrete
12 SOEs state-owned enterprises
13 TPP The Trans-Pacific Partnership
14 US$ United States dollar
15 VAT value-added tax
16 VICEM Vietnam Cement Industry Corporation
17 VNCA Vietnam National Cement Association
18 y-o-y year-over-year
5
Content is removed for demo purpose
We have completed the review of the cement
market in Vietnam. Information covered
includes market size and potentiality,
competition dynamics and profiles of major key
end-users and major players.
Below are the most critical findings that could
be important for your consideration.
1) Cement market in Vietnam has followed
the upward trend since 2013, especially in
domestic consumption
Of which, total consumption of cement market
in Vietnam reached 76.9mn tons in 2016, grew
4.5% compared with 2015. However, the driver
of the market only came from the domestic
consumption meanwhile the export witnessed
the negative growth recently.
Cement Sales Volume Growth in Vietnam, 2008-
2016
2) The market perceived the high growth
rate in the North, moderate growth rate in
the South and unexpectedly watched the
negative growth in Central of Vietnam
Executive Summary
3) Export in both clinker and cement
suffered notable fell as result of high
competitive landscape from China as well as
the rise of export tax
China and India were the main competitors in
exporting cement. China has facilitated the
exporting clinker and cement since 2014 due to
the excess of domestic supply. The price of
products remained low for which Vietnamese
cement could not beat.
Cement & Clinker Export by Value, 2016
Philippines and Bangladesh maintained the
main countries in which imported cement and
clinker from Vietnam, accounted for more than
60 percent of total market.
Notwithstanding, the price of clinker was
falling but it still considered as a solution for
excess supply in Vietnam.
4) Production capacity of Vietnam surged in
2016, reached 100.3mn tons.
2008 2009 2010 2011 2012 2013 2014 2015 2016
Export Domestic TOTAL
Content is removed for demo purpose
6
Content is removed for demo purpose
5) The majority of cement facilities in
Vietnam are small-scaled with the
production capacity of less than 1 MTPY
Cement Facilities in Vietnam by Production Scale,
2016
As observed by StoxPlus, a number of mega
“delayed” cement projects in Vietnamese
Government’s Master Plan on cement industry
development are commenced given increasing
cement demand thanks to the heat-up of real
estates and construction market
6) Cement market in Vietnam was very
fragmented with four main group of players
of which VICEM was the biggest players from
Vietnam
Executive Summary
Production Capacity in Vietnam by Group of
Players, 2016
7) Cement price remained stable in both
PCB30 and PCB40. The price in the South
presented a higher rate compared with the
rest
8) Despite contributing only 7% of total
consumption, infrastructure development is
a fundamental cement demand source in
Vietnam
Estimated cement market size in 2016 by end-use
sector
9) Amongst list of mega city in Vietnam, Da
Nang appeared as the most potential
construction hub in 2017
Content is removed for demo purpose
7
Content is removed for demo purpose
Da Nang is a dynamic city with good
infrastructure, skyscrapers, luxury hotels,
commercial centres and bridges. While Grade A
occupancy is high, Da Nang’s office market
continues to be dominated by sub-standard
Grade B and C buildings.
Accumulated FDI in Da Nang, break down by
sector, 4M2016
10) Is this a good time for M&A in cement
market in Vietnam?
Only two acquisitions of cement business from
Thai companies in 2016 - 2017 with deal value
up to US$736 million, are proving that cement
is always an attractive industry in Vietnam.
In the past five years, M&A in cement industry
has become more and more popular as foreign
businesses tented to acquired local businesses
and some local firms acquired under-performed
companies. The difference is that foreign
companies step into the large market share,
strong brand. Domestic M&A deals were mostly
mergers of small projects.
Executive Summary
11) Vietnam cement is facing the new tax
export tariff – 5% which may reduce the
competitiveness of Vietnamese cement
It is estimated that cement enterprises export
cement will be subject to 5% export tax and
not be refunded 10% VAT, but foreign
enterprises when buying cement is not subject
to VAT 10 %. Meanwhile, if calculated
according to new regulations, the cost of
export may increase to US$4.5 per ton of
clinker (the average FOB price of US$30 per
ton) and US$7.5 per ton of cement in which
FOB price is US$50/ton. At this price,
Vietnamese cement can not compete in
exporting market with China and India.
12) Higher efficiency in operation helped
cement companies have sufficient cash flows
from operation to not only pay the interest
expenses but also return the initial
No. FDI Sectors
2015 4M/2016 Change
Investment
Capital %
Investment
Capital %
(%)
(US$ mil) (US$ mil)
1 Real Estate
2 Manufacture
3 Education
4 Hospitality
5 Construction
6 Others
Listed Cement Companies in Vietnam
Content is removed for demo purpose
8
Content is removed for demo purpose
Section 1: Vietnam Cement Market Highlights 2016
Contents
1.1 Consumption
1.2 Supply Analysis
1.3 Forecast Analysis
9
Content is removed for demo purpose
Total cement sales volume in Vietnam followed the upward trend with a moderate growth
of xx% in 2016
Section 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
Source: StoxPlus
Note: Export data takes into account of both cement & clinker (translated into cement)
Figure xx: Cement Sales Volume Growth in Vietnam, 2008-2016
Source: StoxPlus
Vietnam cement sales volume reached 76.9 million tonnes in 2016,
posting a moderate increase of 4.5% compared to the previous
year. It is noted that data takes into account of two main
components including (i) domestic consumption and (ii) export.
• (i) Domestic consumption:
• (ii) Export:
Figure 1: Cement Sales Volume in Vietnam, 2007-2016
2016 vs. 2015
Sales Volume Growth
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Domestic Export
~
10
Content is removed for demo purpose
Source: StoxPlus
Section 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
Despite slower growth rate, domestic market continued to be the sector’s key driver
Figure 2: Sales Volume & Growth – DOMESTIC MARKET
Q1.2017 vs. Q1.2016
Sales Volume Growth
17.8million tonnes
~
DOMESTIC CONSUMPTION Q1/2017
11
Content is removed for demo purpose
Meanwhile, clinker and cement export suffered in 2016…
Figure 3: Clinker and Cement Export From Vietnam - Mn Tonnes
Source: StoxPlus
Note: Export data takes into account of both cement & clinker (translated into
cement)
Figure 4: xxx
Source: StoxPlus
Section 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
12
Content is removed for demo purpose
The significant increase of cement and clinker export to …
Figure 5: Cement & Clinker Export by Value, 2016
Source: StoxPlus
Note: Export data takes into account of both cement & clinker (translated into
cement)
Figure 6: Volume of Top 10 Clinker & Cement Export Destination , 2016,
in thousand tonnes
Source: StoxPlus
Section 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
13
Content is removed for demo purpose
Is clinker export a solution to moderate domestic market while price is falling?
Figure 7: Average FOB Clinker Export Price at Cam Pha Port in US$ per ton, 2015 - 2016
Source: StoxPlus
Section 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
Is clinker export a solution to moderate domestic market while price is falling?
14
Content is removed for demo purpose
Section 1: Vietnam Cement Market Highlights 2016
Contents
1.1 Consumption
1.2 Supply Analysis
1.3 Forecast Analysis
15
Content is removed for demo purpose
Section 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
The market is very fragmented with four main groups of players
Figure 8: Production Capacity (Million Tonnes per annum) in Vietnam by Group of Players, 2016
Source: StoxPlus
The fragmented of market has led
to the fierce competition not only
between each group of players but
also between companies within
groups
16
Content is removed for demo purpose
Fuel
Supplier
Quarries
Other raw
materials
suppliers
Clinker
production
Clinker
StorageGrinding
Cement
Bulk
Storage
Packing
Cement
bags
storage
Wholesalers
Retailers
DIY Builders
Small &
Individual
Contractors
Government & Large
Construction Companies
Concrete
Companies
Lack of Clinker in the
South
Grinding stations in
Vietnam are small-
scaled
Vietnam remained clinker storage in the South
Figure 9: Production Flow of Vietnam Cement Sector
Source: StoxPlus
Section 1: Vietnam Cement Market Highlights 2016
1.2 Supply Analysis
17
Content is removed for demo purpose
Bulk cement has become more and more preference
Figure 10: Difference in supply chain of Bulk and Bag cement in Vietnam
Source: StoxPlus
*Disclaimer: the proportion of Bag and Bulk cement is calculated based on the proportion of Lafarge Holcim in Vietnam
Projects in remote areas &
“transportation difficulties” area“Mega” projectsReady-Mixed concrete & Precast
2. Bulk cement
1. Bag cement
What type of supplying cement?
DEM
AN
D
SO
UR
CE
While bag cement is very popular in civil construction resulted on its mobilization and based on the scale of the projects, bulk cement is more
preferred from ready mixed concrete and precast companies, as well as from the mega project in which requires the huge amount of cement.
Section 1: Vietnam Cement Market Highlights 2016
1.2 Supply Analysis
18
Content is removed for demo purpose
The majority of cement facilities in Vietnam are small-scaled with the production
capacity of less than 1 MTPY
Figure 11: xxx
Source: StoxPlus
Figure 12: Cement Facilities in Vietnam by Production Scale, 2016
Source: StoxPlus
Fragmentation in production – the possible answer for insufficient operation of Vietnam cement companies:
Section 1: Vietnam Cement Market Highlights 2016
1.2 Supply Analysis
19
Content is removed for demo purpose
Source: StoxPlus
Section 1: Vietnam Cement Market Highlights 2016
1.2 Supply Analysis
Vietnam cement production capacity increased by ….
Figure 13: Cement Production Capacity of Vietnam, 2015 - 2016
Launch of …
LAUNCH ….
20
Content is removed for demo purpose
WHOLECOUNTRY
Source: StoxPlus
Section 1: Vietnam Cement Market Highlights 2016
1.2 Supply Analysis
..., which enlarges the supply surplus situation of domestic market
Figure 14: Capacity vs. Domestic Demand – CLINKER (mn Tonnes), 2016 Figure 15: Capacity vs. Domestic Demand – CEMENT (mn Tonnes), 2016
Source: StoxPlus
21
Content is removed for demo purpose
Source: StoxPlus
NORTH
CENTRAL
SOUTH
SupplySection 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
Even though there are more factories in the South, the ones in the North have bigger
capacity since they were built more recently thus owning better technology
Figure 16: Major Cement Manufacturers’ CEMENT Production Capacity (mn Tonnes), 2016
22
Content is removed for demo purposeSource: StoxPlus
SupplySection 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
Supply cement in the North … while domestic consumption …
Figure 17: Production Capacity vs. Demand (mn Tonnes) in the North – CEMENT, 2016
SUPPLY SURPLUS TO REDUCE
23
Content is removed for demo purpose
Source: StoxPlus
SupplySection 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
Supply in Central area … in 2016, …
Figure 18: Production Capacity vs. Demand (mn Tonnes) in the CENTRAL – CEMENT, 2016
SUPPLY SURPLUS TO ENLARGE
24
Content is removed for demo purpose
Source: StoxPlus
SupplySection 1: Vietnam Cement Market Highlights 2016
1.1 Consumption
Demand in the South …
Figure 19: Production Capacity vs. Demand (mn Tonnes) in the SOUTH – CEMENT, 2016
SUPPLY SURPLUS TO REDUCE
25
Content is removed for demo purposeNorthern Midlands & Mountainous:
Source: StoxPlus
Red River Delta:
North Central Coast:
Section 1: Vietnam Cement Market Highlights 2016
1.2 Supply Analysis
A zoom in cement & clinker production capacity in each economy zone
Figure 20: Production Capacity in Vietnam – CLINKER & CEMENT, 2016
26
Content is removed for demo purpose
Section 1: Vietnam Cement Market Highlights 2016
Contents
1.1 Consumption
1.2 Supply Analysis
1.3 Forecast Analysis
27
Content is removed for demo purpose
Section 1: Vietnam Cement Market Highlights 2016
1.3 Forecast Analysis - Methodology
Figure 21: Forecast of Domestic Production Capacity and Domestic Consumption in Vietnam
Our methodology to forecast – base case
• Based on our analysis of macroeconomics and historical cement demand from 2000, associated with impact of related factors such as the status
of infrastructure development and residential sector in recently, we project a 7% annual demand growth for cement until 2030. The
consumption of cement depends on the demand of concrete and construction sector, thus, we evaluate the growth of construction sector in
Master Plan of Government, also we check the export demand of major export destination to come up with this figure.
• In terms of supply side, StoxPlus observed and updated the status of Master Plan updated by Government, calculated the number of “delayed”
cement which officially announced. Additionally, a number of “mega” cement plant shall launch in the next following year also is taken into
account of forecasting.
Vietnam is expected to face with continuous supply surplus before …
Source: StoxPlus’s estimated
28
Content is removed for demo purpose
Source: StoxPlus’s estimated
Section 1: Vietnam Cement Market Highlights 2016
1.3 Forecast Analysis
Vietnam cement manufacturers …
Figure 22: Utilization rate of Cement industry in Vietnam, forecast 2018Even though the market can be cyclical depending on real
estate boom and burst, Vietnam cement is still expected to
enjoy healthy growth in the next decade.
29
Content is removed for demo purpose
Section 2: Competition Dynamics
Contents
2.1 Market shares
2.2 Cement Pricing
2.3 Industrial Performance of Listed Companies
30
Content is removed for demo purpose
VICEM remains its leading position with 36% market share in terms of sales volume in 2016
Source: StoxPlus
Section 2: Competition Dynamics
2.1 Market Share
Local others companies …
Figure 23: Production Capacity vs. Sales Volume (mn Tonnes) of Selected Cement Players, 2016
31
Content is removed for demo purpose
Zoom in efficiency rate of selected companies in each group of players…
Source: StoxPlus
Section 2: Competition Dynamics
2.1 Market Share
Figure 24: Production Capacity Share vs. Sales Volume Share of Selected Cement Players, 2016
32
Content is removed for demo purpose
Section 2: Competition Dynamics
Contents
2.1 Market shares
2.2 Cement Pricing
2.3 Industrial Performance of Listed Companies
33
Content is removed for demo purpose
Cement price in 2016 witnessed the downtrend among 3 regions of Vietnam
Figure 25: Average price of cement in different regions in Vietnam 2016, US$ per ton
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Jan-0
9
Mar-
09
May-0
9
Jul-
09
Sep-0
9
Nov-0
9
Jan-1
0
Mar-
10
May-1
0
Jul-
10
Sep-1
0
Nov-1
0
Jan-1
1
Mar-
11
May-1
1
Jul-
11
Sep-1
1
Nov-1
1
Jan-1
2
Mar-
12
May-1
2
Jul-
12
Sep-1
2
Nov-1
2
Jan-1
3
Mar-
13
May-1
3
Jul-
13
Sep-1
3
Nov-1
3
Jan-1
4
Mar-
14
May-1
4
Jul-
14
Sep-1
4
Nov-1
4
Jan-1
5
Mar-
15
May-1
5
Jul-
15
Sep-1
5
Nov-1
5
Jan-1
6
Mar-
16
May-1
6
Jul-
16
Sep-1
6
Nov-1
6
North
Cement price started declined since the beginning of 2016, and witnessed a stable year afterward.
Section 2: Competition Dynamics
2.2 Cement Pricing
34
Content is removed for demo purpose
The cement price was stable compared to previous years because of the input material
price was stable, the cement factory basically stabilized the selling price
Figure 26: Average price of cement PCB30 in different regions in Vietnam 2016
Source: StoxPlus
Section 2: Competition Dynamics
2.2 Cement Pricing
Our methodology to collect regional historical price
• We use the historical prices of cement plants from reports of
Cement Association.
• Based on the location of the cement plants, we categorize the
historical prices into North / Central / South, and compute
the average price for the region.
35
Content is removed for demo purpose
Cement PCB 30 pricing by type of players and selected manufactures
Figure 27: Cement PCB30 price in VND per tonne by Players
Source: StoxPlus
Section 2: Competition Dynamics
2.2 Cement Pricing
36
Content is removed for demo purpose
Similar to PCB30, PCB40 also showed the highest price in the South, especially in South
East
Figure 28: Average price of cement PCB40 in different regions in Vietnam 2016
Source: StoxPlus
Section 2: Competition Dynamics
2.2 Cement Pricing
37
Content is removed for demo purpose
Cement PCB 40 pricing by type of player and selected manufacturers
Figure 29: Cement PCB40 historical price in US$ per tonne, 2016
Source: StoxPlus
Section 2: Competition Dynamics
2.2 Cement Pricing
38
Content is removed for demo purpose
…was the group had the highest price in the North
Figure 30: Overview of PCB30 price in the North in VND per ton, 2016
Source: StoxPlus
TYPE OF PLAYERS REGIONS
PREMIUM COMPANIES
PCB30
NORTH – PCB30Section 2: Competition Dynamics
2.2 Cement Pricing
39
Content is removed for demo purpose
In PCB 40, …
Figure 31: Overview of PCB40 price in the North in VND per ton, 2016
Source: StoxPlus
TYPE OF PLAYERS REGIONS
PREMIUM COMPANIES
PCB40
NORTH – PCB40Section 2: Competition Dynamics
2.2 Cement Pricing
40
Content is removed for demo purpose
Similar to the North, …
Figure 32: Overview of PCB30 price in CENTRAL in VND per ton, 2016
Source: StoxPlus
TYPE OF PLAYERS REGIONS
PREMIUM COMPANIES
PCB30
CENTRAL – PCB30Section 2: Competition Dynamics
2.2 Cement Pricing
41
Content is removed for demo purpose
…got the highest price, at …
Source: StoxPlus
CENTRAL – PCB40
TYPE OF PLAYERS REGIONS
PREMIUM COMPANIES
PCB40
Section 2: Competition Dynamics
2.2 Cement Pricing
Figure 33: Overview of PCB40 price in CENTRAL in VND per ton, 2016
42
Content is removed for demo purpose
..was being the price leader while .. presented price much under the average
Figure 34: Overview of PCB30 price in the South in VND per ton, 2016
Source: StoxPlus
TYPE OF PLAYERS REGIONS
PREMIUM COMPANIES
PCB30
SOUTH - PCB30Section 2: Competition Dynamics
2.2 Cement Pricing
43
Content is removed for demo purpose
There was a clear distinctly distributed in cement price in the South….
Source: StoxPlus
REGIONSPCB40
TYPE OF PLAYERS COMPANIES
PCB40
SOUTH – PCB40Section 2: Competition Dynamics
2.2 Cement Pricing
Figure 35: Overview of PCB40 price in the South in VND per ton, 2016
44
Content is removed for demo purpose
Section 2: Competition Dynamics
Contents
2.1 Market shares
2.2 Cement Pricing
2.3 Industrial Performance of Listed Companies
45
Content is removed for demo purpose
Section 2: Competition Dynamics
2.3 Industrial Performance of Listed Companies
Methodology
• Our analysis on listed cement companies’ financial performance is empowered by the most comprehensive and
insightful financial database for Vietnam – our FiinPro Platform.
• Particularly, there are 46 public cement companies in Vietnam (14 listed companies on HOSE & HNX, 10 and 22
companies registered on UPCOM and OTC, respectively). Of which, 5-year (2011 – 2016) historical data is available
for 17 cement companies including VICEM, Quang Ninh Construction & Cement, Yen Binh Cement, Song Da Yaly
Cement, La Hien Cement, VICEM But Son, Thai Binh Cement, Ha Tien 1 Cement, Can Tho Cement, Bim Son Cement,
Sai Son Cement, VICEM Hoang Mai Cement, Tien Trung Construction, Cement Trading, Gypsum & Cement, Bac
Giang Cement. The analysis hereafter is based on these 16 companies which accounted for approximately 40% of
cement domestic sales volume in 2016.
Methodology
46
Content is removed for demo purpose
Section 2: Competition Dynamics
2.3 Industrial Performance of Listed Companies
Listed cement companies remained its financial performance in 2016
Figure 36: Listed Cement Companies in Vietnam - PROFITABILITY Figure 37: xxx
EBITDA
Net Profit
Margin
47
Content is removed for demo purpose
Section 2: Competition Dynamics
2.3 Industrial Performance of Listed Companies
Source: StoxPlus
Zoomed in D/E ratio of whole cement industry
Figure 38:
48
Content is removed for demo purpose
Section 2: Competition Dynamics
2.3 Industrial Performance of Listed Companies
Source: StoxPlus
D/E ratios of selected cement facilities in Vietnam
Figure 39: Financial Leverage of Listed Cement Companies, 2011 - 2016
49
Content is removed for demo purpose
Section 2: Competition Dynamics
2.3 Industrial Performance of Listed Companies
Source: StoxPlus
D/E ratios snapshot in 2016
Figure 40:
50
Content is removed for demo purpose
Section 2: Competition Dynamics
2.3 Industrial Performance of Listed Companies
Source: StoxPlus
Cost structure
Figure 41: Cost Structure of Listed Cement Companies, 2016
2016
51
Content is removed for demo purpose
Section 3: Vietnam Cement Demand Analysis
Contents
3.1 Summary
3.2 Demand from Residential Construction
3.3 Demand from Non-Residential Construction
3.4 Demand from Infrastructure
3.5 Analysis of Selected Construction Hub
52
Content is removed for demo purpose
Summary
Section 3: Vietnam Cement Demand Analysis
3.1 Summary
Source: StoxPlus, GSO
Demand
source
Cement
value in
2016
Growth trendImplications
for cement
Infrastructure
Non-
residential
Residential
Cement
Export
Figure 42: Estimated cement market size in 2016 by
end-use sector
53
Content is removed for demo purpose
Section 3: Vietnam Cement Demand Analysis
Contents
3.1 Summary
3.2 Demand from Residential Construction
3.3 Demand from Non-Residential Construction
3.4 Demand from Infrastructure
3.5 Analysis of Selected Construction Hub
54
Content is removed for demo purpose
In 2016, the residential market continued in its positive trend, following 2015’s signs of
resurgence.
Residential
Figure 43: Cement value from residential construction in Vietnam
Source: StoxPlus, GSO
StoxPlus methodology for estimation:
• According to our analysis, cement value accounts for 10 – 12% of
residential buildings’ construction value, depending on each
category (town house, condos or villas).
• In the course of this report, we estimated the cement value at
11% of residential construction.
Section 3: Vietnam Cement Demand Analysis
3.2 Demand from Residential Construction
2016
55
Content is removed for demo purpose
Demand for affordable housing continues to rise due to the limited supply, however,
banking system tents to tighten the real estate loans
Residential
Figure 45: Net leasable area ('000 sqm) of residential projects under
construction in
Source: StoxPlus
Figure 46: Net leasable area ('000 sqm) of residential projects under
construction in
Source: StoxPlus
Section 3: Vietnam Cement Demand Analysis
3.2 Demand from Residential Construction
56
Content is removed for demo purpose
Section 3: Vietnam Cement Demand Analysis
Contents
3.1 Summary
3.2 Demand from Residential Construction
3.3 Demand from Non-Residential Construction
3.4 Demand from Infrastructure
3.5 Analysis of Selected Construction Hub
57
Content is removed for demo purpose
StoxPlus methodology for estimation:
• According to our analysis, cement value accounts for 10 – 12% of
residential buildings’ construction value. In the course of this
report, we estimated the cement value at 12% of non-residential
construction.
2011 2012 2013 2014 2015 2016f
Figure 47: Cement value from non-residential construction in Vietnam
Non- Residential
Took over the first place from residential, non-residential contributed the largest part
to cement value in 2016
Section 3: Vietnam Cement Demand Analysis
3.3 Demand from Non-residential Construction
58
Content is removed for demo purpose
Industrial zones posed a healthy growth over the years across the country
Industrial
Figure 48: New industrial supply (Gross leasable area)
Source: StoxPlus, CBRE
Industrial Market in Ho Chi Minh City
Name Type Location Area Unit Status
Industrial Ha noi 340ha Under Construction
Industrial Ha noi 430ha Site Clearance
Industrial Ha noi 266ha Site Clearance
Industrial Ha noi 300ha Planning
Industrial Ha noi 100ha Planning
Industrial HCMC 231ha Under Construction
Industrial HCMC 173ha Under Construction
Industrial HCMC 1,000ha
Clearance &
Compensation
Industrial HCMC 200ha
Clearance &
Compensation
Figure 49: Future industrial project in selected cities
Industrial Market in Hanoi
Section 3: Vietnam Cement Demand Analysis
3.3 Demand from Non-residential Construction
59
Content is removed for demo purpose
There was a boom in shopping center supply in …
Shopping Center
Figure 50:
Source: StoxPlus, CBRE
Figure 51:
Source: StoxPlus, CBRE
'000 s
qm
Positive take-up in shopping center and retail podium segments
Section 3: Vietnam Cement Demand Analysis
3.3 Demand from Non-residential Construction
60
Content is removed for demo purpose
2012 2013 2014 2015 2016
Figure 52: Total Stock of Key destinations of Vietnam office market
Figure 54: Average rent of office market in selected cities,
US$/m2/month
OFFICE
2012 2013 2014 2015 2016
Figure 53: Growth of key destinations of Vietnamese office
Foreign investors’ increased optimism also triggered more merger and acquisitions, which
further increases demand for office space.
Section 3: Vietnam Cement Demand Analysis
3.3 Demand from Non-residential Construction
61
Content is removed for demo purpose
Section 3: Vietnam Cement Demand Analysis
Contents
3.1 Summary
3.2 Demand from Residential Construction
3.3 Demand from Non-Residential Construction
3.4 Demand from Infrastructure
3.5 Analysis of Selected Construction Hub
62
Content is removed for demo purpose
2011 2012 2013 2014 2015 2016f
US$bn
Demand from Infrastructure
Infrastructure
Figure 55: Cement value from infrastructure construction in Vietnam
Source: StoxPlus, GSO
StoxPlus methodology for estimation:
• As observed by StoxPlus, cement consumption rate varies for
difference type of infrastructure projects. Particularly, the
cement value proportion over total investment value is as
followed:
− Roads & Bridges, Ports, Airports: 5 – 7%
− Other types: less than 3%
• Based on StoxPlus’s data on infrastructure and cement value
proportion above, we estimate cement value at 4% of
infrastructure construction value which is obtained from GSO.
Please refer to Figure 30 for more details.
Section 3: Vietnam Cement Demand Analysis
3.4 Demand from Infrastructure
63
Content is removed for demo purpose
South East is ranked the first with total number of …
Infrastructure
Figure 56: Number of Vietnam infrastructure projects by economic
zone
Source: StoxPlus
Section 3: Vietnam Cement Demand Analysis
3.4 Demand from Infrastructure
64
Content is removed for demo purpose
The exposure of investment in development of transportation system
Infrastructure
Figure 57: Infrastructure projects’ investment value in Vietnam
Source: StoxPlus
Figure 58: Infrastructure projects’ investment value in Vietnam by
status
Source: StoxPlus
Section 3: Vietnam Cement Demand Analysis
3.4 Demand from Infrastructure
65
Content is removed for demo purpose
Section 3: Vietnam Cement Demand Analysis
Contents
3.1 Summary
3.2 Demand from Residential Construction
3.3 Demand from Non-Residential Construction
3.4 Demand from Infrastructure
3.5 Analysis of Selected Construction Hub
66
Content is removed for demo purpose
Da Nang was ranked first as one of the most attractive investment locations.
• According to the Vietnam Chamber of Commerce and Industry (VCCI), in 2015,
Da Nang was ranked first in the Provincial Competitiveness Index (PCI) and
gained status as one of the most attractive investment locations.
DA NANG
2010 2011 2012 2013 2014 2015
Figure 59: Total FDI flow into market in Da Nang
No. FDI Sectors
2015 4M/2016 Change
Investment
Capital %
Investment
Capital %(%)
(US$ mil) (US$ mil)
1 Real Estate
2 Manufacture
3 Education
4 Hospitality
5 Construction
6 Others
Figure 60: Accumulated FDI in Da Nang, break down by sector,
4M2016
Source: IPC Da Nang
Source: IPC Da Nang
In first 4 months of 2016, real estate remained the main FDI source …
Section 3: Vietnam Cement Demand Analysis
3.5 Analysis of Selected Construction Hub
67
Content is removed for demo purpose
Da Nang is a pioneer in the Vietnamese condotel market.
DA NANG
Figure 61: Condotel in Da Nang Summary
Figure 62: Number of Condotel in selected cities, 2016
Source: Savills
Source: IPC Da Nang
Da Nang is a pioneer in the Vietnamese condotel market, with biggest number of
condotel unit in 2016
Section 3: Vietnam Cement Demand Analysis
3.5 Analysis of Selected Construction Hub
Project type Projects Units
Active projects
Fully sold projects
Future projects
Total
68
Content is removed for demo purpose
Section 4: Foreign interest on the sector
Contents
4.1 Significant M&A in the Sector
69
Content is removed for demo purpose
M&A Transactions in Vietnam Cement Sector
Figure 63: M&A Transactions in Vietnam Cement Industry
Source: StoxPlus
Section 4: Interest from Foreign Players
4.1 Significant M&A in the Sector
69
2011BTA Holdings – 51% COSEVCO
SCG (Thailand) – 99% Buu Long Cement
2012Vissai – 100% Do Luong
Semen Indonesia – 70% Thang Long
2013 - 2014VIETTEL – 100% Ha Long
VIETTEL – 70% Cam Pha
2015Kusto – 51% Song Gianh
2016SCCC – 65% LafargeHolcim
2017SCG – 100% VCM
70
Content is removed for demo purpose
Selected M&A Transactions in Vietnam Cement Sector
Figure 64: Selected M&A Valuation Review by Comparable Transaction Method
Source: StoxPlus
EV Debt EV/EBITDA Note
SEMENT
INDONESIA-
THANG
LONG
VIETTEL –
CAM PHA
AVERAGE
Section 4: Interest from Foreign Players
4.1 Significant M&A in the Sector
71
Content is removed for demo purpose
Average M&A valuation in Vietnam cement industry stays at …
Figure 65: Valuation per tonne of M&A Transaction in Vietnam Cement
Source: StoxPlus
GOOD TIMING FOR M&A IN VIETNAM
Section 4: Interest from Foreign Players
4.1 Significant M&A in the Sector
72
Content is removed for demo purpose
Cement companies are trading at low EBITDA multiple of 5.79x on Vietnam stock market
Figure 66: Valuation of Cement Companies in Stock Market
Source: StoxPlus, Fiinpro
Review is conducted on 08/16 listed cement companies in Vietnam. 08 listed companies are not put in the sample due to their huge losses which make
them inappropriate for valuation review.
Listed cement companies do not attract financial investors’ interest, resulting in low EBITDA multiple due to
Highly geared
Supply surplus of Vietnam cement until 2022
Ticker Name ExchangeAverage trading
volume in 6M (share)Beta EV/Sales EV/EBIT EV/EBITDA EPS (VND)
BCC Bim Son Cement HNX
BTS VICEM ButSon HNX
HCC Hoa Cam Concrete HNX
HOM VICEM Hoang Mai cement HNX
HT1 Ha Tien 1 Cement HOSE
HVX Vicem Hai Van HOSE
TBX Thai Binh Cement HNX
CLH La Hien Cement HNX
AVERAGE
Section 4: Interest from Foreign Players
4.1 Significant M&A in the Sector
73
Content is removed for demo purpose
Section 4: Macroeconomics
Contents
4.1 Macroeconomics in Vietnam
4.2 Driving forces
4.3 Regulatory Framework
74
Content is removed for demo purpose
Section 4: Macroeconomics
4.1 Macroeconomics in Vietnam
Figure 67: Vietnam GDP Growth and CPI
Source: StoxPlus, GSO
Growth has been robust with low inflation. Economic growth strongly depends on export
activities, which was contributed by FDI.
Figure 68: Foreign Direct Investment in Vietnam (US$bn)
Source: StoxPlus, MPI
• Vietnam's GDP expanded 6.2 % YoY in Dec 2016, following 6.7
% in the previous year. Real GDP Growth YoY data in Vietnam
is updated yearly, available from Dec 2005 to Dec 2016, with
an average rate of 6.2 %.
• However, annual economic growth was only 6.21%, lower than
the 6.68% in 2015 and the 6.3-6.5% target set by the
Government in the September regular meeting.
• FDI capital increase significantly: By the end of 2016, Vietnam
has attracted $ 24.4 billion FDI, up 7.1% over the same period
last year. Disbursed FDI reached $ 15.8 billion, up 9% over last
year.
0%
5%
10%
15%
20%
25%
30%
GDP Growth CPI
75
Content is removed for demo purpose
Section 4: Macroeconomics
4.1 Macroeconomics in Vietnam
Figure 69: Vietnam State Deficits, 2006 - 2015
Source: StoxPlus from General Statistics Office of Vietnam
Figure 70
Source: StoxPlus from General Statistics Office of Vietnam
With persistently high deficits, public debt has risen sharply and the risk of debt distress
has climbed.
Source: MOF
• Vietnam’s fiscal position has deteriorated in recent years due
to both cyclical and structural factors. However, the single
most important reason is the rapid increase of recurrent
expenditures. Other important reasons include falling oil
prices, diminishing foreign grants, and the increasing debt
service burden.
• Vietnam’s public debt will likely continue rising as the
government increasingly relies on borrowing to fuel economic
growth and to finance its budget deficit.
Implication for cement market:
76
Content is removed for demo purpose
Section 4: Macroeconomics
4.1 Macroeconomics in Vietnam
Figure 71: Trend of Coal 3B and Electricity in Vietnam, 2014 - 2017
With stable electric price and coal price stays low, cement industry is in good stage to
growth
• Even though electric price slightly increased in 2014, the
Government are keeping the price stable in these following
years. Nonetheless, according to Ministry of Industry and
Trading, the price of electricity will increase during the year
2017, associated with the higher price in Coal 6a.
Implication for cement market:
77
Content is removed for demo purpose
Section 4: Macroeconomics
Contents
4.1 Macroeconomics in Vietnam
4.2 Driving forces
4.3 Regulatory Framework
78
Content is removed for demo purpose
Section 4: Macroeconomics
4.2 Driving Forces
Figure 72: FDI in Vietnam construction industry
Source: StoxPlus, GSO
The Construction Sector experienced a dramatic leap in 2015, driven by the housing
segment & civil engineering segment
Figure 73: Construction value by source of funding in 2015
Source: StoxPlus, GSO
79
Content is removed for demo purpose
Domestically, Vietnam cement consumption grew synchronically with construction
industry
Construction
Figure 75:
Source: StoxPlus, GSO
Figure 74: Growth of Vietnam construction sector
Source: StoxPlus, GSO
GSO’s definition on construction value by segment:
• Construction sector is segmented into a fourfold classification
including (i) residential, (ii) non-residential, (iii) civil-
engineering, and (iv) specialized.
i. residential: condos, houses and villas;
ii. non-residential: institutional buildings such as hospital,
school, industrial (warehouse, plant), hotel & resorts,
offices;
iii. civil-engineering: infrastructures (road & bridge,
railway, utility works such as water, electricity).
iv. Specialized: site preparation, drainage, installment of
electrical systems and other works.
Section 4: Macroeconomics
4.2 Driving Forces
80
Content is removed for demo purpose
Methodology
• Our analysis on listed cement companies’ financial performance is empowered by the most comprehensive and
insightful financial database for Vietnam – our FiinPro Flatform. The sample for the analysis includes 117 public
companies in HOSE, HNX, UPCOM and OTC.
• A construction may be involved in many business lines including residential construction, non-residential
construction and civil construction. We categorize construction companies into three main groups of players
including Residential, Non-residential and Civil construction (Infrastructure) based on their key business line which
contributes the highest proportion to the company’s total net sales.
• The analysis hereafter takes into account consolidated financial data for construction companies’ all business lines.
Methodology
Section 4: Macroeconomics
4.2 Driving Forces
81
Content is removed for demo purpose
Source: StoxPlus
Figure 76: Vietnam Residential Market size Growth
Residential segment posted a robust growth since 2015 and the trend remained in 2016
2012 2013 2014 2015 2016
Section 4: Macroeconomics
4.2 Driving Forces
82
Content is removed for demo purpose
Listed residential construction companies’ performance moved synchronically with average
sector
Source: StoxPlus, Fiinpro
Source: StoxPlus
Figure 77: Net Profit After Tax Margin of Residential Segment Figure 78: ROA & ROE of Residential Segment
Figure 79: EBITDA of Residential Segment
Residential
Source: StoxPlus, Fiinpro
2011 2012 2013 2014 2015 2016
Section 4: Macroeconomics
4.2 Driving Forces
83
Content is removed for demo purpose
Source: StoxPlus
Non-Residential
Figure 80: Vietnam Non-Residential Market Growth
The market segment for offices and retail space for lease in Vietnam is expected to
become fiercely competitive as supply increases, but still suffered the negative growth
2012 2013 2014 2015 2016
Section 4: Macroeconomics
4.2 Driving Forces
84
Content is removed for demo purpose
Listed companies in non-residential segment have improved the profitability, however, gap
remained compared to average figure of construction sector
Source: StoxPlus, Fiinpro
Source: StoxPlus
Figure 81: Net Profit After Tax Margin of Non-Residential Segment Figure 82: ROA & ROE of Non-Residential Segment
Figure 83: EBITDA of Non-Residential Segment
Non-Residential
Source: StoxPlus, Fiinpro
AVERAGE GAP
OF …
2011 2012 2013 2014 2015 2016
Section 4: Macroeconomics
4.2 Driving Forces
85
Content is removed for demo purpose
Source: StoxPlus
Figure 84: Vietnam Civil Construction Market Growth
Civil Construction
Similar to non-residential segment, civil construction in Vietnam suffered a negative
growth in 2016
2012 2013 2014 2015 2016
Section 4: Macroeconomics
4.2 Driving Forces
86
Content is removed for demo purpose
Listed companies in civil construction segment posted a stable profitability with positive
net profit margin over the period 2011 – 2016
Source: StoxPlus, Fiinpro
Source: StoxPlus
Figure 85: Net Profit After Tax Margin of Civil Construction Segment
Figure 87: EBITDA of Civil Construction Segment
Civil Construction
Source: StoxPlus, Fiinpro
Figure 86: ROA & ROE of Civil Construction Segment
2011 2012 2013 2014 2015 2016
PREMIUM OF …COMPARED TO
AVERAGE SECTOR
Section 4: Macroeconomics
4.2 Driving Forces
87
Content is removed for demo purpose
Section 4: Macroeconomics
Contents
4.1 Macroeconomics in Vietnam
4.2 Driving forces
4.3 Regulatory Framework
88
Content is removed for demo purpose
Section 4: Macroeconomics
4.3 Regulatory Framework
There are more barriers for new players to enter into cement market
• The applied of the Waste Heat Recovery Power Generation (WHRPG)
system is a leveraging system referred to heat exhaust gas furnace
to generate electricity remains a constraint to the new entry
players as:
• The projects have come into operation or under
construction with capacity of 2,500 tons
• Clinker every day will be forced to complete the investment
of the WHRPG system the slowest December 31, 2014; And
all cement projects with a capacity of 2,500 tons clinker per
day must be equipped with WHRPG, except for cement
production line use industrial waste and other waste such as
fuel.
Decision No. 1488 / QD-TTG established stricter conditions for new
entrants by establishing different technical requirements:
- Capacity: minimum 2,500 tons of clinker per day
- Thermal energy consumption: Less than or equal to 730 Kcal/kg clinker
- Power: Less than or equal to 90kWh/ton of cement
- Emission dust concentration: less than or equal to 30 mg / Nm³. -
Emission of exhaust gas shall be applied to meet the electricity
consumption of at least 20%.
Investors are also required to have strong financial positions, with a
minimum charter capital of at least 20% of the project's total investment.
89
Content is removed for demo purpose
Vietnam cement is facing the new tax export tariff – …
• After announced Decree No. 100/2016 / ND-CP on detailing and
guiding the implementation of a number of articles of the Law
amending and supplementing a number of articles of the Law on
Value Added Tax, the Law on Special Consumption Tax and the Law
Tax Administration and Decree No. 122/2016 / ND-CP on export
tariffs, preferential import tariffs, list of commodities and absolute
tariffs, mixed taxes and tariffs outside tariff quotas Effective from
July 1 to September 1, 2007, exports of cement are facing difficult.
Implication on Cement market:
According to the VNCA, the price of clinker and cement will change as
following:
Clinker:
Cement:
Whole market:
Section 4: Macroeconomics
4.3 Regulatory Framework
90
Content is removed for demo purpose
Augmented in natural resource severance tax of limestone, has made the material cost
of cement company increased significantly
• In 2016, Government announced the Resolution on promulgating the
severance tax of natural resources in order to improve the efficiency of
using natural resource in manufacturing process.
• The new tax rate calculation will be adjusted as stated in Circular
152/2015/TT-BTC regarding the Guidance on severance tax from Ministry
of Finance:
• The basis for calculation of severance tax is the taxable extraction
quantity of natural resources, unit price, and tax rate as below:
Severance tax payable in the period
= Taxable extraction quantity of natural resources * Unit price * Tax rate
Implication on cement market:
Product Old tax New Tax
rate
Difference
Limestone for
cement
production
Section 4: Macroeconomics
4.3 Regulatory Framework
91
Content is removed for demo purpose
Appendices
Contents
Appendix 1 Listed Cement Companies’ Factsheet
Appendix 2 Profiling of selected cement companies
92
Content is removed for demo purpose
Appendices
Appendix 1: Listed Cement Companies’ Factsheet
BIM SON CEMENT PX1 PX1 PX1 PX1 BCC
VND Millions 2011 2012 2013 2014 2015 2016
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
93
Content is removed for demo purpose
Appendices
Appendix 1: Listed Cement Companies’ Factsheet
HA TIEN CEMENT PX1 PX1 PX1 PX1 HT1
VND Millions 2011 2012 2013 2014 2015 2016
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
94
Content is removed for demo purpose
Appendices
Appendix 1: Listed Cement Companies’ Factsheet
CEMEENT MATERIALS & TRANSPORT PX1 PX1 PX1 PX1 VTV
VND Millions 2011 2012 2013 2014 2015 2016
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
95
Content is removed for demo purpose
Appendices
Appendix 1: Listed Cement Companies’ Factsheet
BUT SON CEMENT PX1 PX1 PX1 PX1 BTS
VND Millions 2011 2012 2013 2014 2015 2016
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
96
Content is removed for demo purpose
Appendices
Appendix 1: Listed Cement Companies’ Factsheet
QUANG NINH CONSTRUCTION & CEMENTPX1 PX1 PX1 PX1 QNC
VND Millions 2011 2012 2013 2014 2015 2016
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
97
Content is removed for demo purpose
Appendices
Appendix 1: Listed Cement Companies’ Factsheet
VICEM HAI VAN PX1 PX1 PX1 PX1 HVX
VND Millions 2011 2012 2013 2014 2015 2016
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
98
Content is removed for demo purpose
Appendices
Appendix 1: Listed Cement Companies’ Factsheet
GYPSUM & CEMENT PX1 PX1 PX1 PX1 TXM
VND Millions 2011 2012 2013 2014 2015 2016
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
99
Content is removed for demo purpose
Appendices
Appendix 1: Listed Cement Companies’ Factsheet
DA NANG MATERIALS & CEMENT PX1 PX1 PX1 PX1 DXV
VND Millions 2011 2012 2013 2014 2015 2016
Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
100
Content is removed for demo purpose
Appendices
Contents
Appendix 1 Listed Cement Companies’ Factsheet
Appendix 2 Profiling of selected cement companies
101
Content is removed for demo purpose
• Registered name: Hai Phong Cement Company
• Head office: Minh Duc Commune, Minh Tan Ward, Thuy Nguyen
District, Hai Phong City
• Company type: One member Company Limited
• Year of establishment: 1899
• Principal businesses:
VICEM – HAI PHONG
Facilities
Company Profiling Targeted market
Products/ Sales strategies
Source: StoxPlus
Name Facilities LocationCapacity
Clinker Cement
Appendices
Appendix 4: Profiling of selected cement companies
102
Content is removed for demo purpose
• Registered name: Vicem Hoang Thach Cement Company Limited
• Head office: Minh Tan Commune, Kinh Mon District, Hai Duong
Province
• Company type: Company Limited
• Year of establishment: 1977
• Principal businesses:
VICEM – HOANG THACH
Facilities
Company Profiling Targeted market
Products/ Sales strategies
Source: StoxPlus
Name Facilities LocationCapacity
Clinker Cement
Appendices
Appendix 4: Profiling of selected cement companies
103
Content is removed for demo purpose
• Registered name: Vicem Tam Diep One Member Company Limited.
• Head office: No. 27 Chi Lang street, Quang Son Ward, Tam Diep
Town, Ninh Binh Province.
• Company type: One Member Company Limited
• Year of establishment: 1996
• Principal businesses:
VICEM – TAM DIEP
Facilities
Company Profiling Targeted market
Products/ Sale strategies
Source: StoxPlus
Name Facilities LocationCapacity
Clinker Cement
Appendices
Appendix 4: Profiling of selected cement companies
104
Content is removed for demo purpose
• Registered name: Ha Tien Cement Joint Stock Company
• Head office: No. 218, Provincial road 11, Binh An Commune, Kien
Luong District, Kien Giang Province
• Company type: Joint Stock Company
• Year of establishment: 1964
• Principal businesses:
VICEM – HA TIEN
Facilities
Company Profiling Targeted market
Products/ Sale strategies
Source: StoxPlus, Euromonitor
Source: StoxPlus
Name Facilities LocationCapacity
Clinker Cement
Appendices
Appendix 4: Profiling of selected cement companies
105
Content is removed for demo purpose
• Registered name: Holcim (Vietnam) Ltd.
• Head office: 9th Floor, Fideco Building, No. 81-85 Ham Nghi Street,
District 1, Ho Chi Minh City.
• Company type: Joint venture company
• Year of establishment: 1994
• Principal businesses:
HOLCIM (VIETNAM) LTD
Facilities
Company Profiling Targeted market
Products/ Sale strategies
Source: StoxPlus
Name Facilities LocationCapacity
Clinker Cement
Appendices
Appendix 4: Profiling of selected cement companies
106
Content is removed for demo purpose
• Registered name: Song Gianh Cement Co., Ltd
• Head office: Tien Hoa Ward, Tuyen Hoa District, Quang Binh
Province.
• Company type: Joint-stock company
• Year of establishment: 2005
• Principal businesses:
SONG GIANH CEMENT CO., LTD
Facilities
Company Profiling Targeted market
Products/ Sale strategies
Source: StoxPlus
Source: StoxPlus
Name Facilities LocationCapacity
Clinker Cement
Appendices
Appendix 4: Profiling of selected cement companies
107
Content is removed for demo purpose
• Registered name: Thang Long Cement Joint Stock Company
• Head office: De E Hamlet, Le Loi Commune, Hoanh Bo District,
Quang Ninh Province.
• Company type: Joint-stock company
• Year of establishment: 2008
• Principal businesses
THANG LONG CEMENT JOINT STOCK COMPANY
Facilities
Company Profiling Targeted market
Products/ Sale strategies
Source: StoxPlus
Source: StoxPlus
Name Facilities LocationCapacity
Clinker Cement
Appendices
Appendix 4: Profiling of selected cement companies
108
Content is removed for demo purpose
• Registered name: Vinakansai Cement Company Limited
• Head office: Lot C7, Gian Khau Industrial Zone, Gia Tan Ward, Gia
Vien District, Ninh Binh Province.
• Company type: Company Limited
• Year of establishment: 2005
• Principal businesses
VINAKANSAI CEMENT COMPANY LIMITED
Facilities
Company Profiling Targeted market
Products/ Sale strategies
Source: StoxPlus
Source: StoxPlus
Name Facilities LocationCapacity
Clinker Cement
Appendices
Appendix 4: Profiling of selected cement companies
109
Content is removed for demo purpose
• Registered name: Cong Thanh Cement Joint Stock Company
• Head office: Tam Son Commune, Tinh Gia Ward, Thanh Hoa
Province
• Company type: Joint-stock company
• Year of establishment: 2006
• Principal businesses
CONG THANH CEMENT JOINT STOCK COMPANY
Facilities
Company Profiling Targeted market
Products/ Sale strategies
Source: StoxPlus
Source: StoxPlus
Name Facilities LocationCapacity
Clinker Cement
Appendices
Appendix 4: Profiling of selected cement companies
110
Content is removed for demo purpose
This page is intentionally left blank
‹#›
Contact us at StoxPlus
Hai Khieu
Associate, Biinform
+84 (0) 43562 69 62 (ext. 108)
+84 (0) 966 510 388
Head Office
5th Floor, Anh Minh Building
36 Hoang Cau Street
Hanoi, Vietnam
+ 84 (4) 3562 6962
Ho Chi Minh City Branch
2nd Floor, 63D Vo Van Tan
Ward 06, District 03
Ho Chi Minh City, Vietnam
+84 (8) 3823 3485
Lan Nguyen
Managing Director, Biinform
+84 (0) 43562 69 62 (ext. 109)
+84 (0) 964 946 760
Top Related