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Company Profile - Doan Xa Port - Q3 2009
Thư mục: Tổng hợp | Đăng ngày: 21:20 26-06-2009
Vietnam - Water - 22 Jun 2009

SWOT Analysis

Strengths

Given Vietnam''s strong growth record in recent years, and the country''s sharply increasing foreign trade, the port sector is expected to remain broadly profitable
Weaknesses

Global trade can fluctuate and, as in the 2009-2010 recession, fall in absolute terms, exposing Doan Xa to cyclical donwturns
Opportunities

Haiphong''s strategic location means Doan Xa can benefit from growing trade with China (it is close to Hong Kong, Macau, Kunming and Guangzhou); it also can act as an eastern port for Myanamar and Laos
Threats

The port handles frozen foodstuffs and is therefore at risk of a loss of business during health scares, such as the H1N1 ''swine flu'' scare of April/May 2009
Overview

Doan Xa Port Joint Stock Company is a Vietnam-based port operation company in Hai Phong. It mainly manages operations at Doan Xa Port, and provides port services, including loading/discharging cargo, warehousing, inland transportation and shipping agency. The company also offers minor supporting services, such as customs declaration, wholesales of handling machinery, and construction and maintenance of marine infrastructure. The company is affiliate of Vietnam National Shipping Lines (Vinalines).

Financial Performance

Doan Xa Port said in January that it netted a profit of VND29.99bn (US$1.77mn) last year, nearly doubling 2007''s figure on gross revenues of VND98.19bn, up 30% y-o-y. Doan Xa unloaded 3.3mn tonnes of cargo, fulfilling 143% of the year''s target, up 43% y-o-y. The firm said it incurred costs of an additional VND441mn due to Vietnam''s central bank devaluing the dong by 3%.

Latest Activity

Thousands of frozen food containers imported for re-export were stuck at several ports in the northern city of Hai Phong, with unconfirmed reports saying importers were balking at accepting shipments on swine flu fears, Thanh Nien reported in early May. The containers, stocking frozen chicken legs, pig stomachs and beef were lying at the Dinh Vu Port in Hai Phong City. Air conditioners had to be run round the clock to prevent the food from spoiling. ''We can''t receive any more cargo as we are already stocked with five times our storage capacity. The cost of power for storing the frozen food containers has gone sky-high,'' said Nguyen Ngoc Hong, director of the port. Hong added he was very worried that owners of those containers might abandon the goods if the cost exceeds the shipment''s value. Chua Ve Port, one of the city''s largest ports, shared Dinh Vu''s plight, with nearly 1,000 frozen food containers stuck at the port. ''Customers keep asking to delay exporting while others seek permission to import,'' said Vu Nam Thang, director of the port''s cargo handling agency. Frozen food imported for the domestic market was also stuck at the city''s ports. ''We have just received two frozen food containers imported for domestic markets, which had struggled to find a port to unload,'' said Vu Tuan Duong, director of the Doan Xa Port. ''But both have to be moved out of the port within two days as we are already overloaded.'' Duong showed Thanh Nien many text messages local food importers sent to his cell phone, asking to postpone their shipments'' delivery dates.

Table: Doan Xa Port Financial Performance
Q408 Annual (2008) Annual (TTM)
Net profit margin, % 35.14 30.79 30.79
Operating margin, % 37.67 33.67 33.67
EBITD margin, % - 48.47 48.46
Return on average assets, % 31.45 26.68 26.68
Return on average equity, % 46.31 41.00 41.00
Employees 291
Source: Company data, Google Finance