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Company Visit õ?" Tien Phong Plastic (NTP)

Analyst - Doan Thi Van Anh

Tien Phong Plastic (NTP) - Snapshot VND mil

2004 2005 2006 2007e
Sales 533,59 619,7077 716,461 839,341
Growth 16. 4% 15.6 % 17. 5%
After-tax profit 10,684 101,62 118,946 140,376
Growth 851.14% 17.05% 18.02%
Net Margin 2.00% 6.40% 6.60% 6.72%
ROE 85.80% 57.09% 44.23%
EPS 11,291.06 9,417.20 6,478.21
P/E 10.63 15.45
BMP P/E 29.00 19.4

Investment conclusion õ?" We like NTP due to its famous brand name and extensive distribution system. The forward P/E is reasonable at 15.3 times compared to its biggest competitor BMP which is valued at 19.4 times. However we have some small concerns about communication amongst the management. When this improves the company will grow a lot faster.

õ? We paid a visit to Tien Phong (NTP) last week and spoke to the Chairman Hoang Van Ngoc and the Chief Accountant Mr Nguyen Trung Kien. NTP is producing a range of diverse plastic pipes for use in construction and water supply projects. The company has grown revenues at around 16% per year over the last two years and forecasted to grow at 17% this year to reach VND 839 billion based on the first half result. However this is somewhat lower than BMP, which has grown at over 20% y/y in the past three years.

õ? NTP is the main supplier of u.PVC and HDPE pipe for many project required high quality pipes such as: Industrial zones, thermo electric plants, and fresh water supply and sanitation projects. Revenue from PVC pipe accounts for 71% of total revenue. At the beginning of 2004, NTP introduced a major new product to market; a heat-resistant PP-R pipe with preeminent properties. This does not represent a major technological breakthrough but is an attempt to diversify the product line-up and establish a leading position in the market.

õ? The current chartered capital totals VND216,689,980,000 after the additional listing of 7,222,998 shares to pay a dividend for 2006. The current room for foreigners is 36.25%

õ? NTPõ?Ts current forward P/E for FY2007 is 15.3 times while the forward P/E of their main competitor, BMP is 19.4 times. Net margin of both BMP and NTP is both close to 17%. NTPõ?Ts ROE is superior. In FY2006 it stood at 57.1% while BMPõ?Ts came in at 30.2%.

õ? NTPõ?Ts machinery is almost all imported from Europe and is nearly fully depreciated as NTP rapidly depreciated its assets whilst still under state ownership. In 2005, NTP depreciated at 19.33% while BMP depreciated at a more modest rate of 13.41%.

õ? Tien Phong is the biggest player in the plastic pipes and holds a 31% total market share. The others like Binh Minh (21%), Dat Hoa (15%), Minh Hung (12%), De Nhat (9%) together dominate the south while NTP is dominant in the northern market. Although Minh Hung and De Nhat have expanded to the north but they have found itõ?Ts difficult to take share away from NTP.

õ? In 2006, the market share of NTP in the north accounted for 71.3% of total revenue and sales from the centre accounted for a further 27%. Sales from the south came to a mere 1.13%. NTP has a project to expand production in the south in order to improve this number and also react to Binh Minhõ?Ts new factory in the north which will come into operation this November.

õ? NTPõ?Ts annual general meeting has just approved a proposal to contribute capital to build two new factories, one in the South and one in Laos. The one in the South will have a total capital of VND 100 billion and NTP will contribute 51% of this. The other partners are Tan Hoang Minh Trading and Export &Import Ltd. (20%), Khai Toan JSC (19%), Binh Trung House JSC (5%) and Tin My Plastic JSC (5%).

õ? These two projects will be debt- financed as the management is aware of investor concern about further dilution. This is a very healthy development.

õ? The southern factory will be located on a 3.6ha plot in Binh Duong. One key feature of this plastic factory is that the initial production line will be fixed at a fairly low capacity and raising the capacity will simply require expanding the factory and adding additional machines. Therefore NTP will move cautiously in the south to begin with.

õ? The other factory in Laos will require a total investment of VND 20 billion, of which NTP will contributes 70%.

õ? The current factory which takes up 3.1ha in the centre Hai Phong will be moved to new 13.6 ha plot in the industrial zone near Do Son. NTP also plans to construct an office building to replace the current factory based on the extendable leasing contract which has just been approved by the Hai Phong Peoples Committee.

õ? Regarding WTO entry, the Management is not terribly concerned as their own products are regarded as very high quality. NTPõ?Ts products currently have an advantage over imported and FDI enterprisesõ?T products. For imported products, though the import tax may reduce, the transportation cost will still be high.

õ? Production know-how is really not a barrier to entry in the plastic industry but new joiners will have to build a brand name and hire away skilled labour. This would take time.

õ? NTP has no plans to increase the current very low export rate. Currently they export mainly to Laos and they do not promote their products in any other market. They may have to revisit this in future.

õ? COGS is about 70% of total revenue, which consists mostly of material cost. The raw material for plastic industry in Vietnam is mainly imported. NTP has direct contact with international suppliers and have a little control over its input pricing as a big customer.

õ? When talking with the Chief Accountant we have the impression that the internal control system is rather good. 80% of transactions is settled through banks and not in cash which is still popular with many Vietnamese enterprises.

õ? The management would like to move NTP to the HoSTC and this is currently under discussion in the BOM.

Các bác tham khảo!

hôm nay về cuối phiên NTP đã đạt giá 108 (trần là 112)

Hình như thằng này đã từng lên đến 3xx rùi, chia tách 2:1 thôi, thế mà bây giờ có 108, down đã quá nhiều. Vừa rùi có tin đầu tư vào Căm pu Chia và miền Nam. Bọn này đầu tư thì chắc nhanh thôi ăn nhau là nó có đội ngũ thợ lành nghề, nó là nhựa hàng đầu của VN.

8 tháng, Nhựa Tiền Phong đạt lợi nhuận 80 tỷ đồng
Gần 8 tháng qua, Công ty cổ phần Nhựa Thiếu niên Tiền phong (mã chứng khoán NTP) đã sản xuất và bán ra thị trường hơn 20.000 tấn sản phẩm các loại với doanh thu gần 540 tỷ đồng, tăng 10% so với cùng kỳ năm ngoái, đạt lợi nhuận gần 80 tỷ đồng, cao nhất từ trước đến nay.

Để tăng năng lực sản xuất và đa dạng hoá sản phẩm ống nhựa, Công ty đã đầu tư 10 tỷ đồng mua sắm máy ép phun thuỷ lực để sản xuất phụ tùng đường kính lớn đang có nhu cầu tiêu thụ cao trên thị trường. Trong lĩnh vực quản lý, Công ty tiếp tục hoàn thiện các định mức kinh tế, kĩ thuật trong các công đoạn sản xuất và thực hiện phân cấp quản lý cho các phân xưởng thông qua cơ chế khoán sản phẩm và đơn giá tiền lương.

Nhằm tiếp tục phát triển sản xuất sau cổ phần hoá, Công ty đã đầu tư 51 tỷ đồng xây dựng thêm một nhà máy sản xuất ống nhựa kĩ thuật cao tại phía Nam và đầu tư 14 tỷ đồng vào một liên doanh sản xuất ống nhựa tại Lào. Năm 2007, Công ty phấn đấu đạt lợi nhuận từ 120 tỷ đồng đến 130 tỷ đồng.

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Mỗi tháng ká kiếm 10 tỷ, mỗi ngày ká kiếm cho các cổ đông 333 triệu đồng. Ke ke

[/quote]
Hình như thằng này đã từng lên đến 3xx rùi, chia tách 2:1 thôi, thế mà bây giờ có 108, down đã quá nhiều. Vừa rùi có tin đầu tư vào Căm pu Chia và miền Nam. Bọn này đầu tư thì chắc nhanh thôi ăn nhau là nó có đội ngũ thợ lành nghề, nó là nhựa hàng đầu của VN.


[/quote]

Xuống hơn 50% so với thời kỳ đỉnh cao rùi bác à!

mới up đến có 108, chưa thể nói điều gì! có thể mai lên, cũng có thể mai xuống!

Hôm nay bên HOS down thì NTP lại xuống thoai