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VCSC Firm Introduction

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  • 1. Firm Overview June 2010 Sales Research Investment Banking Mr Nam Nguyen Mr Can Trinh  Mr Hoan Dinh nam.nguyen@vcsc.com.vn can.trinh@vcsc.com.vn hoan.dinh@vcsc.com.vn T +84 8 3914 3588 T +84 8 3914 3588 T +84 8 3914 3588
  • 2. Table of content 1. Introduction 3 VCSC at a Glance 4 Core Businesses Core Businesses 7 Board of Directors 8 Key Personnel 9  2. Brokerage 11 A Full Range of Services A F ll R fS i 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 g 4. Investment Banking Credentials  23 Market Leader 24 Full Range of Services 26  Past Deals  27
  • 3. 1. Introduction
  • 4. VCSC at a glance VCSC is a top tier brokerage firm offering a full range of services Non-Conflicting Accurate Unrivalled Trade Execution Research Deal Flow First Class Strong Financial Proactive Staff Corporate Stability and Management Access
  • 5. VCSC at a glance What it means to you Non-Conflicting g Accurate Research Unrivalled Deal Flow Trade Execution • True chinese walls between • Rated on Bloomberg, our • Over 60 IB deals been client and prop trading desks calls are overwelmingly first worked on at any given time • We beat VWAP more often in ranking • #1 securities house in terms than our competitors of revenues from IB First Class Strong Financial Proactive Staff and Corporate Access Stability Management • Our work brings us close to • Profitable every year since • Means we listen to you and almost any major company the first year of adapt quickly to your needs in Vietnam establishment
  • 6. VCSC at a glance Fully licensed prime broker and investment bank #1 in investment banking Revenue Structure 2009 #3 in research #3 in research i Proprietary  Trading 44% #5 in institutional brokerage Advisory 20 million USD share capital 20 illi USD h it l 14% 3 offices across Vietnam Brokerage 13% Other  Revenues  Revenues Over 100 employees (Interest) 29% Source: VCSC Audited Financial Statement 2009
  • 7. Core business Equities is our core business Brokerage Investment Banking Listed, OTC, Private Equity Privatisation and Equitization (IPO) Institutions, Corporates, Individuals Strategic Placement Corporate Access & Events Underwriting Research Listing  M&A Macro Advisory  Advisory Sectors Valuation Strategy Restructuring Companies Capital raising and structuring Portfolio analysis Investors relations
  • 8. Board of directors Experienced Team Ms. Nguyen Thanh Phuong Mr. To Hai Co‐founder & Chairwoman – VietCapital Securities Co‐founder, Member of BoD & CEO Co‐founder & Chairwoman – VietCapital Asset Management Past positions Past positions Deputy General Director & Ho Chi Minh Branch  Investment Co‐director – Vietnam Holding, a Swiss‐ Director – Bao Viet Securities based investment fund listed on the London AIM Business Development Manager – Dong A  Deputy CFO – Holcim (Vietnam) Ltd., a Swiss  Securities multinational conglomerate Mr. Pham Gia Tuan Mr. Huynh Richard Le Minh Head of Inspection Committee Head of Inspection Committee Member of BoD & Chief Operating Officer Member of BoD & Chief Operating Officer Past positions Past positions Managing Partner – Viet Capital Asset  Management Board Member and Chief Operating Officer – Chief Financial Officer – VinaCapital Asset  Management Viet Capital Securities Tax Manager – PWC (Vietnam and Australia) Director of Audit – PricewaterhouseCoopers  Business Assurance Manager – Dutch Lady Vietnam  (Vietnam and USA) Mr. Tran Quyet Thang Dr. Tran Bao Toan Member of BoD Member of BoD Co‐founder & Vice‐Chairman– VietCapital Asset  Management Past positions Chairman – Real Estate Finance Corporation (Refico) Past positions Founder – Thang & Associates Law Office Investment Co‐director – Vietnam Holding, a Swiss‐ Co‐founder – Saigon Securities Corporation (SSI)  based investment fund listed on the London AIM Co‐founder – Investment Consultancy and Technology  Senior Portfolio Manager and Head of Research ‐ Transfer Company  Aargauische Kantonal Bank (AKB) Chairman – Investment Committee of Aureos Fund (UK) Investment Banker – Credit Suisse, Switzerland
  • 9. Key personnel Experienced Team Mr. Nguyen Hoai Nam Mr. Trinh Thanh Can Director – Institutional Sales Director ‐ Research Past positions Past positions Director of Institutional Brokerage – Bao Viet Securities  Investment Director – VietCapital Asset Management Deputy Head of Corporate Finance – Bao Viet Securities Corporate and Institutional Banking Manager – HSBC Financial Advisor – A Fi i l Ad i Ameriprise (A i i (American Express  i E Investment Analyst – Vi C it l I t t A l t VinaCapital Financial Advisor Company), Irvine, California, USA Financial Analyst – Tower Asset Management – ML  Project Manager – Xelleration LLC, California, USA Stern, Beverly Hills, California, USA Sales Manager – AT&T Wireless Corporation, USA Mr. Michel Tosto, M.Sc. Mr. Dinh Quang Hoan Associate Director Institutional Sales Associate Director – Institutional Sales Director of Corporate Finance Director of Corporate Finance Past positions Past positions Senior Manager, Institutional Sales – VinaSecurities Head of Corporate Finance – Bao Viet Securities Business Development Manager, LuatViet Law Firm Audit Manager – KPMG Vietnam Laurentian Bank, Service Specialist (Canada) Audit Manager – Arthur Anderson Quebec Loisirs, IT Project Manager (Canada) Canada Direct Marketing, Account Coordinator (Canada) Canada Direct Marketing Account Coordinator (Canada) Ms. Chau Thien Truc Quynh Mr. Nguyen Duc Phuong Director ‐ Securities Brokerage – HCM Branch Director of Corporate Finance – HN Branch Past positions Past positions Past positions Past positions Director of Brokerage – Vietcombank Securities Senior Investment Officer – Viet Capital Asset   Deputy Manager of Corporate Finance – Vietcombank Management Securities Assistant of Investment Manager – PPF Asset  Management
  • 10. 2. Brokerage
  • 11. Full‐service brokerage Committed – Knowledgeable  Two (2) hands‐on senior Three (3) sales traders  sales executives dedicated  dedicated to institutional  to institutional clients only i i i l li l clients’ orders only li ’ d l One (1) Vietnamese  Proactive, responsive  educated in the USA educated in the USA and fluent in English and fluent in English One (1) foreigner with  Known for it’s ability to  over 5 years  over 5 years execute, source and  execute source and experience in Vietnam place blocks Deep understanding of  p g Vietnam
  • 12. Full‐service brokerage Full range of brokerage services Advisory Obtain securities trading  code for foreign investors  Corporate access (road Corporate access (road  shows, company visits, etc) Custody and depository  services Listed market brokerage  Auction agency OTC market brokerage  Shareholders’ book  Block building  for large orders Block building for large orders management Dedicated traders
  • 13. Full‐service brokerage Advanced Trading Technology Tier 1 Order Management  Full integration between  System (OMS) by Tong Yang  trading accounts and third  (Korea) (K ) party bank accounts b k Full DMA (Direct Market  Intelligent alerts (via  Access) and STP (Straight‐ Access) and STP (Straight terminal, email or SMS) terminal email or SMS) Through Processing) Order execution via  Order execution via Bloomberg Electronic Order  Routing (EOR), our OMS  platform or phone l tf h
  • 14. Institutional clients Selected Institutional Clients PXP Vietnam Asset Management Korea Investment Trust  Tong Yang Group Management Co., Ltd ‐ KITMC Bank Invest Standard Bank Asia & London Cube Capital Group Franklin Templeton Institutional Mirae Asset Masan Group
  • 15. 3. Research
  • 16. Research team Wide Coverage Trustworthy Team 8 analysts, covering: Long experience in finance Macro‐economy 5 to 7 years for senior managers All industries 3 to 5 years for senior analysts 3t 5 f i l t Oil & Gas, Industrials, Consumer Goods  Strong academic background with  Consumer Services, Basic Materials,  degrees from well known Universities Health Care, Utilities, Financials, Technology Health Care, Utilities, Financials, Technology USA (5 analysts) 55 companies (40 with models) ACL, ANV, BBC, BCI, BMP, BVH, CTD,  Europe (2) DCL, DHG, DIG, DMC, DPM, DPR, DVD, , , , , , , , FPT, GDT, GMD, HAG, HBC, HLA, HPG,  Australia (1) Australia (1) HSG, HT1, HT2, IMP, ITC, KDC, LCG, LHG,  Some also have overseas working  MSN, NTP, PAC, PET, PHR,PNJ, PPC, PVD,  PVI, SJS, TAC, TBC, TDH, TMP, TRC,  experience TTF, TTP, VHC, VIP, VNM, VNS, VPH,  TTF TTP VHC VIP VNM VNS VPH VSH, VST
  • 17. Research philosophy Client Driven Research Research is tailored for institutional investors We understand there’s no substitute for integrity there s Frequent market insights: Macro reports Sector reports Semi-annual strategy report Company initiations Company updates and visit notes Daily D il market updates k t d t
  • 18. Research methodology Methodology Bottom‐Up stock picking Top‐Down overlay In an emerging country like In an emerging country like  Vietnam s fundamental Vietnam’s fundamental  Vietnam, it happens that  growth drivers enticing sectors are in effect  Current government  uninvestible. uninvestible priorities, and fiscal and  Fertilisers monetary policies Fisheries Industry fundamentals and  Sometimes, average sectors  drivers harbour winners. Investment strategies I t t t t i Real estate Small caps, Value vs. Growth, …
  • 19. 4. Investment Banking
  • 20. Investment banking Market Leader Trusted advisor, book-runner and underwriter thanks to: Team of highly trained and experienced professionals Largest number of landmark transactions in the market Long-term and t ust based relationships with: o g te a d trust-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
  • 21. Investment banking Industry IB Revenues 2008 vs 2009 50 46.4 Unit : VND Billion 45 Sources: KLS, HSC , BVSC, SSI, VCSC 40 35.2 35 2 35 28.2 30 27.1 25 2008 18.6 20 2009 15 8.7 9.0 10 3.2 5 1.6 1.3 0 KLS HSC BVSC SSI VCSC 6/8/2010 21 50% of SSI’s revenues in 2009 come from bond issuance for HAG and HPG
  • 22. Investment banking Full range of investment banking services M&A Underwriting Strategic Placements Strategic Placements Restructuring Advisory  Capital raising and structuring Valuation l i Corporate due diligence C d dili Privatisations (IPO) Investors relations Listing 
  • 23. Investment banking credentials Masan Group Vietnam Mobile Telecom Services Ownership and Investment in Masan Food Mobile telecom service provider and Techcombank Charter Capital: VND 9,000 billion Charter capital: VND 4,853 billion Equitization and Strategic Investors Selection Advisory Restructuring and Listing Advisory Co-advisor for equitization; Co-advisor for selection of strategic investors Petrovietnam Fertilizer and Chemical ALC Group Joint Stock Company Logistics, international transportation and Produce and trade urea fertilizer, liquid distribution for Iteka and Casta ammoniac Charter capital: VND 100 billion Charter Capital: VND 3,800 billion Equitization and Equity Placement Advisory M&A Advisory Sole advisor for equitization; Sole financial advisor for Sole advisor for Merger transaction issuance of 2 million shares PVD IInvestt COTEC Group Leasing offshore rigs, land rigs, and Construction and Construction materials equipments Charter Capital: VND 1,000 billion M&A Advisory Equity Pl E it Placement and M&A Advisory t d Ad i Sole advisor for Merger transaction Sole book runner; sole advisor for M&A transaction
  • 24. Investment banking credentials Phat Dat Corporation Saigon Thuong Tin Real Estates Real estates developement and trading Real estates developer and broker Charter Capital: VND 1,302 billion Charter Capital: VND 500 billion Equity Placement Advisory Equity Placement Advisory Sole advisor for business-type conversion. Sole book Sole book runner, manager and underwriter for the private runner, manager and underwriter for the private placement placement Ha Tien 1 Cement Company Ha Tien 2 Cement Company Cement manufactuing Cement manufactuing Charter Capital: VND 870 billion Charter Capital: VND 880 billion Issuance and M&A Advisory Issuance and Listing Advisory Sole book runner, manager and underwriter for the private Sole book runner, manager and underwriter for the private placement. Sole advisor for strategic investors selection and placement. Sole advisor for listing for the merger with Ha Tien 2 Cement Company Kien Long Bank Masan Trading Corporation Banking services Manufacturing and trading culinary products Chartered Capital: Charter Capital: VND 139 billion Equity Placement Advisory Issuance Advisory Sole book S l b k runner, manager and underwriter f th private d d it for the i t Sole advisor for the issuance of 100 million shares placement. Sole advisor for listing
  • 25. Investment banking credentials Hoa Phat Group Company Van Phat Hung Company Multi-industry manufacturing Real estate investment Charter Capital: VND 4,514.5 billion Charter Capital: VND 200.8 billion Issuance Advisory Project Sale & Listing Advisory Sole advisor for the issuance of 64.5 million shares Sole advisor for project sale and listing 20.08 million shares Interfood Shareholding Company Long Hau Company Food and beverage manufacturing Real estates developerment and infrastructure Charter Capital: VND 291 billion investment Charter Capital: VND 200 billion Equity Placement Advisory Listing Advisory Sole advisor for equity placement of the company’s subsidiary Sole advisor for listing Pharmaceutical & Medicinal Public Company Steel Material Company Manufacturing and trading pharmaceutical Manufacturing and trading steel products products Charter Capital: VND 250 billion Charter Capital: VND 200 billion Listing Advisory Issuance Advisory Sole advisor for issue of 1.9 million shares and listing Sole advisor for issue of 10 million shares
  • 26. Investment banking credentials Mirae Joint Stock Company Producing, processing and trading Nam Viet Corporation materials for garments and textile Processing and exporting aquaculture industry products Charter Capital: VND 273 billion Charter Capital: VND 660 billion M&A Advisory Corporate Finance Advisory Sole advisor for M&A of KMR and KMF Sole advisor for corporate restructuring and corporate finance Indochina Minerals Holcim Group Support Ltd. Clinker exploitation and minerals trading Cement, aggregates, ready-mix Charter Capital: VND 22 billion concrete and asphalt Equity Placement Advisory M&A Advisory Sole advisor for the company’s equity placement Sole advisor for Merger transaction. Ninh Van Bay Travel Real Estate JSC ADC Architecture, Decoration and Holiday resorts and travel residential Construction properties Architecture, decoration, construction and real Charter Capital: VND 555 billion estate trading Charter capital: VND 100 billion Equity Placement and Financial Advisory Equity Placement and Financial Advisory Sole advisor for the company’s capital raising p y p g Sole advisor for corporate restructuring and capital raising p g p g
  • 27. Investment banking credentials Viet A Bank Ngo Han JSC Gold trading and gold exchange, retail Manufacturer of magnet wire in Vietnam banking, smart-card and other banking activities M&A Advisory Private Placement Advisory Sole advisor for Merger transaction, sole book runner and Sub contractor for advisor of business structuring, evaluation lead manager report and private placement Viet Nam Sea Transport and Chartering JSC Gemadept Shipping and sea transportation services Shipping Industry Chartered Capital: Listing Advisory Private Placement Advisory, Issuance Advisory Sole advisor for listing 40 million shares Vinamilk Corporation Petrovietnam Gas Corporation Produce and distribute dairy products Gas distribution Charter Capital: VND 6,000 billion M&A Ad i Advisory Equitization and IPO Advisory Sole advisor for Merger transaction. Sole advisor for equitization, company valuation, IPO auction agent.
  • 28. Sales Research Investment Banking Mr Nam Nguyen Mr Can Trinh  Mr Hoan Dinh nam.nguyen@vcsc.com.vn can.trinh@vcsc.com.vn hoan.dinh@vcsc.com.vn T +84 8 3914 3588 T +84 8 3914 3588 T +84 8 3914 3588