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Firm Overview
June 2010
Sales Research Investment BankingMr Nam Nguyen Mr Can Trinh Mr Hoan [email protected] [email protected] [email protected] +84 8 3914 3588 T +84 8 3914 3588 T +84 8 3914 3588
Table of content
1. Introduction 3
VCSC at a Glance 4
Core Businesses 7Core Businesses 7
Board of Directors 8
Key Personnel 9
2. Brokerage 11
A F ll R f S i 12A Full Range of Services 12
Advanced Trading Technology 13
Selected Institutional Clients 14
3. Equity Research 15
Research Team 16
Client Driven Research 17
A Modified Top‐Down Approach 18
1: Macro Analysis 19
2: Industry and Strategy Watch 20
3: Sector Strategy Guidance 21
4: Company Analysis and Metrics Assignment 22
4. Investment Banking Credentials 23g
Market Leader 24
Full Range of Services 26
Past Deals 27
1. Introduction
VCSC at a glance
VCSC is a top tier brokerage firm offering a full range of services
Non-Conflicting Trade ExecutionNon-Conflicting Trade Execution
Accurate ResearchAccurate Research
Unrivalled Deal FlowUnrivalled Deal Flow
First ClassFirst ClassFirst ClassCorporate
Access
First ClassCorporate
AccessStrong Financial
StabilityStrong Financial
StabilityProactive Staff
and ManagementProactive Staff
and Management
VCSC at a glance
What it means to you
Non-Conflicting Non-Conflicting Accurate ResearchAccurate Research Unrivalled Deal FlowUnrivalled Deal FlowgTrade Execution• True chinese walls between
client and prop trading desks• We beat VWAP more often
gTrade Execution• True chinese walls between
client and prop trading desks• We beat VWAP more often
• Rated on Bloomberg, ourcalls are overwelmingly first in ranking
• Rated on Bloomberg, ourcalls are overwelmingly first in ranking
• Over 60 IB deals been worked on at any given time
• #1 securities house in terms
• Over 60 IB deals been worked on at any given time
• #1 securities house in terms than our competitorsthan our competitors of revenues from IBof revenues from IB
First Class Corporate AccessFirst Class Corporate Access
Strong Financial StabilityStrong Financial Stability
Proactive Staff and ManagementProactive Staff and ManagementCorporate Access
• Our work brings us close to almost any major companyin Vietnam
Corporate Access• Our work brings us close to
almost any major companyin Vietnam
Stability• Profitable every year since
the first year of establishment
Stability• Profitable every year since
the first year of establishment
Management• Means we listen to you and
adapt quickly to your needs
Management• Means we listen to you and
adapt quickly to your needs
VCSC at a glance
Fully licensed prime broker and investment bank
#1 in investment banking
#3 in research i
Revenue Structure 2009
#3 in research
#5 in institutional brokerage
20 illi USD h it l
Proprietary Trading44%
Advisory14%20 million USD share capital
3 offices across Vietnam
14%
Other Revenues
Brokerage13%
Over 100 employeesRevenues (Interest)
29%
Source: VCSC Audited Financial Statement 2009
Core business
Equities is our core business
Brokerage
Listed, OTC, Private Equity
Investment Banking
Privatisation and Equitization (IPO)
Institutions, Corporates, Individuals
Corporate Access & Events
Strategic Placement
Underwriting
Research
Macro
Listing
M&A
AdvisorySectors
Strategy
Companies
Advisory
Valuation
RestructuringCompanies
Portfolio analysisCapital raising and structuring
Investors relations
Board of directors
Experienced Team
Ms. Nguyen Thanh PhuongCo‐founder & Chairwoman – VietCapital SecuritiesCo‐founder & Chairwoman – VietCapital Asset Management
Past positionsInvestment Co‐director – Vietnam Holding, a Swiss‐
Mr. To HaiCo‐founder, Member of BoD & CEO
Past positionsDeputy General Director & Ho Chi Minh Branch Director – Bao Viet Securities
based investment fund listed on the London AIMDeputy CFO – Holcim (Vietnam) Ltd., a Swiss multinational conglomerate
Business Development Manager – Dong A Securities
Mr. Huynh Richard Le MinhMember of BoD & Chief Operating Officer
Mr. Pham Gia TuanHead of Inspection Committee Member of BoD & Chief Operating Officer
Past positionsBoard Member and Chief Operating Officer –Viet Capital SecuritiesDirector of Audit – PricewaterhouseCoopers (Vietnam and USA)
Head of Inspection Committee
Past positionsManaging Partner – Viet Capital Asset ManagementChief Financial Officer – VinaCapital Asset ManagementTax Manager – PWC (Vietnam and Australia)Business Assurance Manager – Dutch Lady Vietnam
Dr. Tran Bao ToanMember of BoDCo‐founder & Vice‐Chairman– VietCapital Asset Management
Mr. Tran Quyet ThangMember of BoD
Past positionsPast positions
Investment Co‐director – Vietnam Holding, a Swiss‐based investment fund listed on the London AIMSenior Portfolio Manager and Head of Research ‐Aargauische Kantonal Bank (AKB)Investment Banker – Credit Suisse, Switzerland
Chairman – Real Estate Finance Corporation (Refico)Founder – Thang & Associates Law OfficeCo‐founder – Saigon Securities Corporation (SSI) Co‐founder – Investment Consultancy and Technology Transfer Company Chairman – Investment Committee of Aureos Fund (UK)
Key personnel
Experienced Team
Mr. Trinh Thanh CanDirector ‐ Research
Past positionsInvestment Director – VietCapital Asset ManagementCorporate and Institutional Banking Manager – HSBCI t t A l t Vi C it l
Mr. Nguyen Hoai NamDirector – Institutional Sales
Past positionsDirector of Institutional Brokerage – Bao Viet Securities Deputy Head of Corporate Finance – Bao Viet SecuritiesFi i l Ad i A i i (A i E Investment Analyst – VinaCapital
Financial Analyst – Tower Asset Management – ML Stern, Beverly Hills, California, USA
Financial Advisor – Ameriprise (American Express Financial Advisor Company), Irvine, California, USAProject Manager – Xelleration LLC, California, USASales Manager – AT&T Wireless Corporation, USA
Mr. Michel Tosto, M.Sc.Associate Director Institutional Sales
Mr. Dinh Quang HoanDirector of Corporate FinanceAssociate Director – Institutional Sales
Past positionsSenior Manager, Institutional Sales – VinaSecuritiesBusiness Development Manager, LuatViet Law FirmLaurentian Bank, Service Specialist (Canada)Quebec Loisirs, IT Project Manager (Canada)Canada Direct Marketing Account Coordinator (Canada)
Director of Corporate Finance
Past positionsHead of Corporate Finance – Bao Viet SecuritiesAudit Manager – KPMG VietnamAudit Manager – Arthur Anderson
Ms. Chau Thien Truc QuynhDirector ‐ Securities Brokerage – HCM Branch
Past positions
Canada Direct Marketing, Account Coordinator (Canada)
Mr. Nguyen Duc PhuongDirector of Corporate Finance – HN Branch
Past positionsPast positionsDirector of Brokerage – Vietcombank SecuritiesDeputy Manager of Corporate Finance – VietcombankSecurities
Past positionsSenior Investment Officer – Viet Capital Asset ManagementAssistant of Investment Manager – PPF Asset Management
2. Brokerage
Full‐service brokerage
Committed – Knowledgeable
Two (2) hands‐on seniorsales executives dedicated
i i i l li l
Three (3) sales traders dedicated to institutional li ’ d lto institutional clients only
One (1) Vietnamese educated in the USA
clients’ orders only
Proactive, responsive and fluent in Englisheducated in the USA
One (1) foreigner with over 5 years
and fluent in English
Known for it’s ability to execute source andover 5 years
experience in Vietnam
Deep understanding of
execute, source and place blocks
p gVietnam
Full‐service brokerage
Full range of brokerage services
Advisory
Corporate access (road
Obtain securities trading code for foreign investors
Corporate access (roadshows, company visits, etc)
Listed market brokerage
Custody and depository services
OTC market brokerage
Block building for large orders
Auction agency
Shareholders’ book Block building for large orders
Dedicated tradersmanagement
Full‐service brokerage
Advanced Trading Technology
Tier 1 Order Management System (OMS) by Tong Yang (K )
Full integration between trading accounts and third
b k(Korea)
Full DMA (Direct Market Access) and STP (Straight
party bank accounts
Intelligent alerts (via terminal email or SMS)Access) and STP (Straight‐
Through Processing)
Order execution via
terminal, email or SMS)
Order execution via Bloomberg Electronic Order Routing (EOR), our OMS l tf hplatform or phone
Institutional clients
Selected Institutional Clients
Tong Yang GroupKorea Investment Trust Management Co., Ltd ‐ KITMC
PXP Vietnam Asset Management
Cube Capital GroupStandard Bank Asia & LondonBank Invest
Masan GroupFranklin Templeton Institutional Mirae Asset
3. Research
Research team
Trustworthy TeamWide Coverage
Long experience in finance
5 to 7 years for senior managers
3 t 5 f i l t
8 analysts, covering:
Macro‐economy
3 to 5 years for senior analysts
Strong academic background with degrees from well known Universities
All industries
Oil & Gas, Industrials, Consumer Goods Consumer Services, Basic Materials, Health Care, Utilities, Financials, Technology
USA (5 analysts)
Europe (2)
Australia (1)
Health Care, Utilities, Financials, Technology
55 companies (40 with models)
ACL, ANV, BBC, BCI, BMP, BVH, CTD, DCL, DHG, DIG, DMC, DPM, DPR, DVD, Australia (1)
Some also have overseas working experience
, , , , , , ,FPT, GDT, GMD, HAG, HBC, HLA, HPG, HSG, HT1, HT2, IMP, ITC, KDC, LCG, LHG, MSN, NTP, PAC, PET, PHR,PNJ, PPC, PVD, PVI, SJS, TAC, TBC, TDH, TMP, TRC, TTF TTP VHC VIP VNM VNS VPHTTF, TTP, VHC, VIP, VNM, VNS, VPH, VSH, VST
Research philosophy
Client Driven Research
Research is tailored for institutional investors
We understand there’s no substitute for integrityWe understand there s no substitute for integrity
Frequent market insights: Macro reportsMacro reports
Sector reports
Semi-annual strategy report
Company initiations
Company updates and visit notes
D il k t d tDaily market updates
Research methodology
Methodology
Bottom‐Up stock picking
In an emerging country like
Top‐Down overlay
Vietnam’s fundamental In an emerging country likeVietnam, it happens that enticing sectors are in effect uninvestible
Vietnam s fundamentalgrowth drivers
Current government uninvestible.
Fertilisers
Fisheries
priorities, and fiscal and monetary policies
Fisheries
Sometimes, average sectors harbour winners.
Industry fundamentals and drivers
I t t t t iReal estate
Investment strategies
Small caps, Value vs. Growth, …
4. Investment Banking
Investment banking
Market Leader
Trusted advisor, book-runner and underwriter thanks to:
Team of highly trained and experienced professionalsTeam of highly trained and experienced professionals
Largest number of landmark transactions in the market
Long-term and trust-based relationships with:o g te a d t ust based e at o s ps t
Government ministries and departments
State-owned groups and leading corporations
International and Vietnamese institutions
Company’s strong financial position
Investment banking
Industry IB Revenues2008 vs 2009
Sources: KLS, HSC , BVSC, SSI, VCSC
35 2
46.4
404550
Unit : VND Billion
27.1
35.2
28.2
253035
2008
8.7
18.6
9.0101520
20082009
1.6 1.33.2
05
10
KLS HSC BVSC SSI VCSCKLS HSC BVSC SSI VCSC
6/8/2010 2150% of SSI’s revenues in 2009 come from bond issuance for HAG and HPG
Investment banking
Full range of investment banking services
M&A
Strategic Placements
Underwriting
RestructuringStrategic Placements
Advisory
l i
Restructuring
Capital raising and structuring
C d diliValuation
Privatisations (IPO)
Corporate due diligence
Investors relations
Listing
Investment banking credentials
Vietnam Mobile Telecom ServicesMobile telecom service providerCharter Capital: VND 9,000 billion
Masan GroupOwnership and Investment in Masan Food and TechcombankCharter capital: VND 4,853 billion
Restructuring and Listing AdvisoryEquitization and Strategic Investors Selection AdvisoryCo-advisor for equitization; Co-advisor for selection of strategic investors
ALC GroupLogistics, international transportation and distribution for Iteka and CastaCharter capital: VND 100 billion
Petrovietnam Fertilizer and Chemical Joint Stock CompanyProduce and trade urea fertilizer, liquid ammoniacCharter Capital: VND 3,800 billion
Equitization and Equity Placement AdvisorySole advisor for equitization; Sole financial advisor for issuance of 2 million shares
PVD I t
M&A AdvisorySole advisor for Merger transaction
PVD InvestLeasing offshore rigs, land rigs, and equipments Charter Capital: VND 1,000 billion
COTEC GroupConstruction and Construction materials
E it Pl t d M&A Ad iM&A Advisory Sole advisor for Merger transaction
Equity Placement and M&A AdvisorySole book runner; sole advisor for M&A transaction
Investment banking credentials
Phat Dat CorporationReal estates developement and tradingCharter Capital: VND 1,302 billion
Saigon Thuong Tin Real EstatesReal estates developer and brokerCharter Capital: VND 500 billion
Equity Placement AdvisorySole advisor for business-type conversion. Sole book runner, manager and underwriter for the private placement
Equity Placement AdvisorySole book runner, manager and underwriter for the private placement
Ha Tien 1 Cement CompanyCement manufactuingCharter Capital: VND 870 billion
Ha Tien 2 Cement CompanyCement manufactuingCharter Capital: VND 880 billion
Issuance and M&A AdvisorySole book runner, manager and underwriter for the private placement. Sole advisor for strategic investors selection and for the merger with Ha Tien 2 Cement Company
Issuance and Listing AdvisorySole book runner, manager and underwriter for the private placement. Sole advisor for listing
Masan Trading CorporationManufacturing and trading culinary productsCharter Capital: VND 139 billion
Equity Placement AdvisoryS l b k d d it f th i t
Kien Long BankBanking servicesChartered Capital:
Issuance Advisory Sole book runner, manager and underwriter for the private placement. Sole advisor for listing
Issuance Advisory Sole advisor for the issuance of 100 million shares
Investment banking credentials
Van Phat Hung CompanyReal estate investmentCharter Capital: VND 200.8 billion
Hoa Phat Group CompanyMulti-industry manufacturingCharter Capital: VND 4,514.5 billion
Project Sale & Listing AdvisorySole advisor for project sale and listing 20.08 million shares
Issuance AdvisorySole advisor for the issuance of 64.5 million shares
Long Hau CompanyReal estates developerment and infrastructure investmentCharter Capital: VND 200 billion
Interfood Shareholding CompanyFood and beverage manufacturingCharter Capital: VND 291 billion
Listing AdvisorySole advisor for listing
Pharmaceutical & Medicinal Public Company
Equity Placement AdvisorySole advisor for equity placement of the company’s subsidiary
Pharmaceutical & Medicinal Public CompanyManufacturing and trading pharmaceutical productsCharter Capital: VND 200 billion
Listing Advisory
Steel Material CompanyManufacturing and trading steel productsCharter Capital: VND 250 billion
Listing AdvisorySole advisor for issue of 1.9 million shares and listingIssuance Advisory
Sole advisor for issue of 10 million shares
Investment banking credentials
Nam Viet CorporationProcessing and exporting aquaculture productsCharter Capital: VND 660 billion
Mirae Joint Stock CompanyProducing, processing and trading materials for garments and textile industryCharter Capital: VND 273 billion
M&A Advisory Sole advisor for M&A of KMR and KMF
Charter Capital: VND 660 billion
Corporate Finance AdvisorySole advisor for corporate restructuring and corporate finance
Holcim Group Support Ltd.Cement, aggregates, ready-mix concrete and asphalt
Indochina MineralsClinker exploitation and minerals tradingCharter Capital: VND 22 billion
ADC Architecture, Decoration and Construction
M&A Advisory Sole advisor for Merger transaction.
Ninh Van Bay Travel Real Estate JSCHoliday resorts and travel residential
Equity Placement AdvisorySole advisor for the company’s equity placement
Equity Placement and Financial AdvisorySole advisor for the company’s capital raising
Construction Architecture, decoration, construction and real estate tradingCharter capital: VND 100 billion
Equity Placement and Financial AdvisorySole advisor for corporate restructuring and capital raising
Holiday resorts and travel residential properties Charter Capital: VND 555 billion
p y p g p g p g
Investment banking credentials
Viet A BankGold trading and gold exchange, retail banking, smart-card and other banking activities
Ngo Han JSCManufacturer of magnet wire in Vietnam
Private Placement AdvisorySub contractor for advisor of business structuring, evaluation report and private placement
M&A Advisory Sole advisor for Merger transaction, sole book runner and lead manager
Viet Nam Sea Transport and Chartering JSCShipping and sea transportation services
GemadeptShipping IndustryChartered Capital:
Listing AdvisorySole advisor for listing 40 million shares
Private Placement Advisory, Issuance Advisory
Vinamilk CorporationProduce and distribute dairy products
M&A Ad i
Petrovietnam Gas CorporationGas distributionCharter Capital: VND 6,000 billion
Equitization and IPO AdvisoryM&A Advisory Sole advisor for Merger transaction.
Equitization and IPO AdvisorySole advisor for equitization, company valuation, IPO auction agent.
Sales Research Investment BankingMr Nam Nguyen Mr Can Trinh Mr Hoan [email protected] [email protected] [email protected] +84 8 3914 3588 T +84 8 3914 3588 T +84 8 3914 3588