The document provides an overview of Vietnam's securities sector outlook. It notes that while the sector is down, consolidation efforts are underway to reduce the number of securities companies from 159 to around 25-30. The winners in the brokerage services space will be those with strong research capabilities and relationships with local companies. Successful investment advisory and banking will depend on a solid track record, relationships with local firms and foreign investors. Proprietary trading and other non-core income streams may not provide a sustainable strategy for securities companies.
The goal of this project is combine meta-tutoring technology with the technology of affective learning companions in order to develop an Affective Meta Tutor. This Meta tutor does tutor meta-cognitive practices for learning a specific scientific domain, trying to get long term lasting benefits by changing students' cost-benefits beliefs; changes that are more easily accomplished in a supportive social context provided by the affective learning companions.
Studii Magazine - early career orientation and leadership training for students
Tạp chí Studii về hướng nghiệp và khóa học lãnh đạo cho học sinh chuẩn bị du học và vào đại học
The goal of this project is combine meta-tutoring technology with the technology of affective learning companions in order to develop an Affective Meta Tutor. This Meta tutor does tutor meta-cognitive practices for learning a specific scientific domain, trying to get long term lasting benefits by changing students' cost-benefits beliefs; changes that are more easily accomplished in a supportive social context provided by the affective learning companions.
Studii Magazine - early career orientation and leadership training for students
Tạp chí Studii về hướng nghiệp và khóa học lãnh đạo cho học sinh chuẩn bị du học và vào đại học
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
#pi network #pi coins #legit #passive income
#US
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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Rubber Materials Nike
Ethylene Vinyl Acetate Nike
Genuine Leather Nike
Synthetic Leather Nike
Cotton in Nike Apparel
Nike Shops Worldwide
Nike Manufacturing Countries
Cold Cement Assembly Nike
3D Printing Nike Shoes
Nike Product Development
Nike Marketing Strategies
Nike Customer Feedback
Nike Distribution Centers
Automation in Nike Manufacturing
Nike Consumer Direct Acceleration
Nike Logistics and Transport
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
#pi network #pi coins #legit #passive income
#US
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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India
IInnddoonneessiiaa
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TTuurrkkeeyy
USA
VViieettnnaamm
NNiikkee SSuuppppllyy CChhaaiinn
RRuubbbbeerr,, FFaabbrriicc
aanndd ootthheerr rraaww
mmaatteerriiaallss
Shoe
MMaannuuffaaccttuurriinngg
aanndd AAsssseemmbbllyy
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SSppoorrttiinngg ggooooddss,,
ddeevveellooppmmeenntt
aanndd SShhooee ssttoorreess
OOnnlliinnee,, CCaattaalloogg
aanndd ootthheerr rreettaaiill
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shoes
PPrroodduucctt
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CCuussttoommeerr nneeeeddss//wwaannttss ffeeeeddbbaacckk
NNiikk
Nike Supply Chain
Globalization of Nike
Nike Manufacturing Process
Rubber Materials Nike
Ethylene Vinyl Acetate Nike
Genuine Leather Nike
Synthetic Leather Nike
Cotton in Nike Apparel
Nike Shops Worldwide
Nike Manufacturing Countries
Cold Cement Assembly Nike
3D Printing Nike Shoes
Nike Product Development
Nike Marketing Strategies
Nike Customer Feedback
Nike Distribution Centers
Automation in Nike Manufacturing
Nike Consumer Direct Acceleration
Nike Logistics and Transport
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
2. TABLE OF CONTENTS
Securities Sector: Down but not out
Harsh competition: Who will be winners?
Brokerage Services
Investment Advisory and Investment Banking
Proprietary trading and other business
3. SECURITIES SECTOR: DOWN BUT NOT OUT
GDP Growth vs. VnIndex in 5 years HSX Trading Volume in 5 years
Stock market led by macro-
economic signals
(Source: Bloomberg as of July 12, 2012)
4. SECURITIES SECTOR: DOWN BUT NOT OUT
Market cap to GDP 2003 - 2011 (%) Efforts to overhaul the stock market
Request securities companies to sustain a capital
200
adequacy ratio and disclose information as much
as a listed company does.
150
Target to reduce number of securities companies
from 159 to around 25 – 30 companies
100
Merge Ho Chi Minh Stock Exchange (HSX) and Ha
Noi Stock Exchange (HNX)
50
Key dates to follow: from July 2012, the authority
-
will review the 2nd quarterly business result of
2003 2004 2005 2006 2007 2008 2009 2010 2011 securities companies to urge the consolidation
Indonesia Malaysia process
Thailand Vietnam
Low Mid Income
(Source: World Bank)
5. HARSH COMPETITION: WHO WILL BE THE WINNERS?
Revenue drivers for securities company
NFJHED MBLJ BDYVKL EEIFN DJDT
From Equity Trading
Brokerage fee
From Bond Trading
IPOs, Listing, Issuing (Private Placement)
Investment Banking M&A Advisory
Business Restructuring
Equity (Listed and Unlisted)
Proprietary Trading
Bond
Interest Income
Other Margin Lending
6. HARSH COMPETITION: WHO WILL BE THE WINNERS?
Agriseco: Agribank Securities Top 20 players – who are they?
SSI: Saigon Securities
16,000
ACBS: ACB Securities Total asset in 2011
VPBS: VP Bank Securities 14,000
SBS: Sacombank Securities 12,000
VND billions
VCBS: Vietcombank Securities
10,000
BSC: BIDV Securities
TLS/MBS: MB Securities 8,000
HSC: Ho Chi Minh City Securities
6,000
KLS: Kim Long Securities
VCS: VietCapital Securities 4,000
VNDS: VNDirect Securities 2,000
Vietinbank Securities
-
FPTS: FPT Securities
BSC
TVS
SSI
VPBS
PSI
KEVS
VCS
BVSC
KLS
VDSC
FPTS
SBS
TLS
ACBS
VCBS
HSC
VNDS
Dong A Bank Sec
Agriseco
Vietinbank Sec
BVSC: Bao Viet Securities
PSI: Petrol Securities, VDSC, Dong A
Banking Securities, TVS – Thien Viet
Securities, KEVS – Kim Eng
Securities
(Source: Company Financial Statements)
7. THE WINNERS IN BROKERAGE SERVICES
Equity brokerage market share Q2.2011 Brokerage revenue in 2011 (VND Bn)
120
100
SSI
8% HSC
12% 80
Other ACBS 60
42% 6%
40
KEVS
6%
VDSC 20
5%
PNS TLS 0
6% 4%
BSC
SSI
PSI
VCS
BVSC
KEVS
VPBS
VDSC
TLS
HSC
FPTS
VNDS
SBS
ACBS
VCBS
Dong A Bank Sec
Agriseco
Vietinbank Sec
Golden Bridge
FPTS VNDS
3% 4%
AGRISECO
4%
(Source: HSX, July 2012) (Source: Companies Financial Statements)
8. THE WINNERS IN BROKERAGE SERVICES
Winners Runner-ups Losers
HSC VNDS SBS
SSI KEVS
ACBS VCS
FPTS VDS
TLS/MBS VP Bank Sec
BVSC
Golden Bridge
Vietinbank Securities
9. THE WINNERS IN BROKERAGE SERVICES
What do clients need? High quality research houses
Experience No. of
Reputation of the head of research Company Head of RSE
(Yrs) Analysts
Coverage of local companies/ Relationships Fiachra 15 10
HSC
with local companies
Linh, Phuong 7 14
Dynamic of brokerage team SSI
Technology KEVS Michael 15 6
ACBS Anh 5 N.A.
VCSC Tu 3 10
Hi-tech companies
Online trade Mobile trade
No. of companies
out of 20 big 20 6
players
(Source: Company website and Interview)
10. WINNERS IN INVESTMENT ADVISORY & INVESTMENT BANKING SERVICES
Companies with high advisory Advisory Revenue in 2011 (VND Bn)
revenue can be divided into three 300
groups:
Group 1: Successful M&A 250
advisors including
TVS, SSI, VCS and HSC 200
Group 2: Bond underwriter:
Vietinbank Securities, VPBS 150
Group 3: Revenue from margin
lending. FPTS, VDSC. 100
50
-
TVS
VPBS
SSI
PSI
Vietinbank
FPTS
VDSC
VCS
SBS
HSC
Sec
(Source: Companies Financial Statement)
11. WINNERS IN INVESTMENT BANKING SERVICES
Key factors for success Successful deals in 2011
Solid track record (Successful Company Famous deals Awards
deals, Team, Awards) Goldman The Asset AAA
TVS
Relationships with local companies Sachs, CII Award
Relationships with foreign investors (esp. SSI HAG Bond Asia Finance
industry investors) The Asset AAA
HSC CJ, Galaxy
Award
VCSC Masan, VCF South East Asia
BVSC Kinh Do Merger Local awards
12. PROPRIETARY TRADING, MARGINS AND BEYOND – A SOUND STRATEGY?
Prop trading and other income in 2011 (VND Billions)
1200
1000
800
600 Prop
Other
400
200
0
SBS Agriseco ACBS SSI VCS TVS TLS VPBS BVSC BSC
(Source: Companies Statements)
13. THANK YOU
Contact information:
Thanh Le – Email: thanh.banking@gmail.com
Mobile phone: + 84 9888 6185
Editor's Notes
Analysis: For last 5 years, the local stock market was affected heavily by macro-economic factors. The inconsistency in governing the economy made both local and foreign investors mistrust in the ability of the government to grow the economy. A good example is the case in year 2010. From 2008, inflation started hiking and the government was struggling to tame the speedy rate. And after several efforts, the economy did witness a slower inflation growth but the government then became very rushing and the State Bank of Vietnam (SBV) ease the money supply. This consequently caused very high inflation rate in the later year. Fortunately, recently, the officials in government became more cooperative. With a clear target to curve the inflation, they did make the CPI go down significantly. Even, there are arguments that the result came from the lower demand of the economy. And this is an explainable effect after the drop in sales orders of many companies and even bankruptcies. However, it does not change the fact that people now believe the high CPI is over, and it is time to reconstruct a new business. In addition, SBV is now encouraging state-related banks to reduce lending rates. Even the fact that, the lending rate cannot go down soon but with lower CPI, banks will find themselves confident to lend out at lower rate in this year. As a result, the stock market which tends to move 3 months ahead the earning results of companies is more like to recover early next year. Aside from the macro-economic issue, the low liquidity makes investors frustrated. The low liquidity comes from many reasons such as ownership concentration, the perception of investors about the value of holding stocks and eagerness of new investors in the stock market. These issues can be sorted out by more transparent information disclosure, increasing power of minority investors and financial literature. In order to achieve these changes, securities authorities need to take actions. Fortunately, authorities put stricter requirements on securities companies to prevent frauds and urge small securities companies to be consolidated. This is a small step but signaling that the authorities can take further actions to boost the stock market. The action which investors expect to see next is about the regulation on better information disclosure from listed companies and their affiliates. This will remove significantly conflicts of interest, then win the trust of investors and make them invest into stock market.
Analysis:In long run, the stock market of Vietnam looks bright because low – mid income countries still have Market Cap to GDP of 46.7%. In 2011, Market Cap to GDP of Vietnam was 14.78%, it means the capital market can growth approximately double to reach the above figure. However, actions by local government are needed to grow the stock market. In this transition stage, every positive move of government should be watched and evaluated so that investors can enter the market in the right time.
The selection of 20 active players are based on both capital and the position in their business segments. For examples, some companies which have smaller capital but are in top 10 brokerage market share list will be in the short list.
Brokerage services are divided into retail and institutional clients. Even 70% transaction value comes from individual trade but 30% fees from institutional clients benefit significantly some companies such as HSC, SSI, VCSC and BVSC. Even all of these players still serve individual clients, but they always focus on winning institutional clients by investing into facilities such as Bloomberg, Corporate Access, and in-depth investment research in English. For the group of firms serving mainly retail investors, Kim Eng Securities, VnDirect Securities (VNDS), and Thang Long Securities (TLS) are considerably more popular than their peers. However, the strategy of these firms can be categorized into two main streams. For KimEng securities, they invited experience foreign technical analysts to speak to investors. This helps to increase the trading skills of local investors and build an image of professional working style. HSC and SSI are also in this group. For TLS and VNDS, investors see them as market markers who are able to create ‘waves’ and investors can make huge profits if they have good relationships with brokers from these firms. Aside from the above reasons, securities companies which are subsidiaries of banks take advantages of the wide network in order increase their sales. In this group, ACBS, Agriseco and VCBS can be good examples. Besides this, companies with strong technology can provide clients many modern methods of trading and attract a number of retail clients. FPTS can prove that their technology adds significant value into their high brokerage revenue.
As the rankings change very quickly after three years, and it is not reasonable to choose the most recent market share to depict the position of companies in this business segment. I decided to divided companies into three groups which are winners, runner-ups and losers. Winners are those who can stay in the top 10 for last 3 years and last 4 quarters. It means their position can be sustainable. For runner-ups, companies can maintain its top 10 position in last four quarters. And losers are those cannot meet the above criteria. For the first group, HSC, SSI, ACBS, FPTS and TLS are in. This means all four business strategy mentioned earlier still works. However, there is an argument about the sustainable growth of TLS/MBS after the SBS failure story recently. Two companies share many similar straits such as subsidiaries of banks, using high leverage to act as market leaders, and finally got big loses. But SBS is going to go busted, meanwhile TLS is now saved by Military Bank (MB). Will TLS still be successful after the takeover? The investors consensus show little confident on this business strategy.
By interviewing investors, I found four key factors affecting the process of selecting brokerage firms. Reputation of head of research or in-house experts are important to investors. Fiachra is a good example about helping HSC to acquire numerous clients. The good relationship between securities companies and listed companies can help to benefit investors by getting internal/or hard-to-access information ahead of the market. SSI and VCSC are in this group. The dynamics of brokerage team can been seen easily by looking at HSC and KEVS model. They successfully built up teams of high capable brokers. For companies which use technology to leverage its sales, FPTS, Dong A Securities, VP Bank Securities and Golden Bridge should be counted.
In investment banking business, TVS, SSI, VCS and HSC have reputation in advising private placement and M&A deals. Other companies generate revenue from this business segment through underwriting bonds, such as Vietinbank and VPBS. There are a big surprise about FPTS and VDSC who are not famous in the advisory business segment. This revenue can be manipulated by transferring revenues from margin lending or some unofficial derivative services.
Last year, many companies enjoy high prop trading and other incomes due to the recover of the market and the high interest rate on margin lending. Nevertheless, it is easy to see that SBS, Agriseco and ACBS are maintaining risky financial position with high net debt (cash)-to-equity ratio. In early this year, when there are margin calls, the market declines and loans became bad debts. SBS is a good example on using too much leverage to lend out.