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INVESTMENT PROPOSAL
HSX: JVC
Contents
2 Indotruction to JVC
3 Business Strategy
4 Business Overview
5 Financial Overview
6 Investment Highlights
7 Trading Performance
16% CARG expected for medical equipment and supplies market in VietNam
between 2014 through 2018
Healthcare Spending growth will drive demand for medical equipment and
medical supplies.
800
600
400
200
0
2008A 2009A 2010A 2011A 2012A 2013A 2014F 2015F 2016F 2017F 2018F
250
150
100
50
0
2008A 2009A 2010A 2011A 2012A 2013A 2014F 2015F 2016F 2017F 2018F
150
‘ 08 – 13’ CAR 6%
100
50
0
2008A 2009A 2010A 2011A 2012A 2013A 2014F 2015F 2016F 2017F 2018F
These Public hospital in Vietnam are often overcrowded patients because of outdate
medical equipment due to poor funding.
2 Indotruction to JVC
3 Business Strategy
4 Business Overview
5 Financial Overview
6 Investment Highlights
7 Trading Performance
History of Milestones
On 27 sep 2001: Japan Vietnam Medical Instrument Limited Compay has established with 6 billion VND
On 27 Sep 2010: The Company Rename Japan Vietnam Medical Instrument Joint Stock Company and
Increase capital until 6 billion VND to 242 billion VND
On 11 May 2013: The Company increase the charterd capital of 568,18 billion VND
On 23 Oct 2014: Company increase the charterd capital of 1.125 billion VND
Management Team
- JVC has a management team with experience in the field of health care and medical
devices is the official training of medical devices in Japan, France, Singapore ...
- Mr Le Van Huong has nearly 10 years of study and research at the university's top
engineering Japan. He is the founder, executive and developed JVC from charter
capital VND 6 bil to VND 1,125 bil now.
Contents
2 Indotruction to JVC
3 Business Strategy
4 Business Overview
5 Financial Overview
6 Investment Highlights
7 Trading Performance
Continue Leading in Sales of medical equipment and medical cosumable
Continued development of the hospital system link
Development some services , model business to supplier good services to consumer
2 Indotruction to JVC
3 Business Strategy
4 Business Overview
5 Financial Overview
6 Investment Highlights
7 Trading Performance
Suffer from Government Policy in 2013 Year
Suffer from Government Policy in 2013 Year
Growth Revenue in 2014 Year
VND mn Revenue at 31/12/2014 is
1,000,000 VND 923.077 Bil
31,000
900,000 increase 55.3 percent as
128,000
2013.
800,000 10,362
85,771
700,000
11,598 19,189
600,000 77,966
96,976
500,000
4,333
62,461 764,077
400,000
665,607
300,000 515,817 477,891
200,000 354,961
100,000
-
2010 2011 2012 2013 2014
Source: JVC
Sales of medical equipment and consumable medical supplies
- Sales of medical
VND mn equipment and consumable
764,077 medical supplies has
800,000 increase in 2014 cause of
some deferred project in
665,607 2013 were carried out in
700,000
2014.
400,000 354,961
300,000
200,000
100,000
-
2010 2011 2012 2013 2014
Sales of medial Equipment and medical consumable supplies
Source: JVC
Co – op Ventures Investment
- In 2014, revenue of
VND mn Co – op Ventures
increase 32 percent as
140,000 2013 year.
20,000
-
2010 2011 2012 2013 2014
Co -op ventures Investment
Source: JVC
Services – Mobile Clinic
VND mn
- Growth of Servies
increase 31 percent as
35,000
2013 year and
proportion 3,4 percent
30,000 in total revenue
strucure.
25,000
- In 2015, JVC expect
revenue of services -
20,000
mobile clinic has
31,000 increase 5- 10% of
15,000 Total Revenue
10,000 19,189
11,598 10,362
5,000
4,333
-
2010 2011 2012 2013 2014
Source: JVC
Quarterly Revenue
Revenues Net profit after tax
- Revenue Q3/ 2014 increase 59
percent as Q2/ 2014
VND mn 302,336 305,150
- Revenue and net profit
maintain stability in Q3/ 2014
246,173 and Q 4/2014
190,068
125,523
74,168 70,502
17,761 22,031
11,088
Source: JVC
Quarterly Revenue
VND mn
350
7.8 19.7
300 38.3 31.1
250
3.1
200 30.3
0
Q 1/14 Q 2/14 Q 3/14 Q 4/14
Source: JVC
Quarterly Gross profit margin
Services has highetst gross
margin in 2014:
100.00%
- Q1/ 2014: 63.6 %
90.00%
- Q2/ 2014: 74,2%
80.00%
- Q3/2014: 87,2%
70.00% - Q4/ 2014: 93,9%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
Q 1/14 Q 2/14 Q 3/14 Q 4/14
Sales of medical equiment and cosumable medical
supplies
Co-o Ventures Investment
Source: JVC
Contents
2 Indotruction to JVC
3 Business Strategy
4 Business Overview
5 Financial Overview
6 Investment Highlights
7 Trading Performance
Assets
Growth of Asstes
Unit: VND mn
Current assets Long term assets
1,794,487
- Current assets increase
55% as 2013 years,
turnover VND 1,794
bil
472,343 490,093
307,586
Current assets Long term assets Current assets Long term assets
29% 21%
71% 79%
2013 2014
Source: JVC
Equity
Growth of Equity - In 2014, Shareholder’s
Equity accounted for
Liabillities Shareholder's Equity large proportion in
total Equity, turn over
1,429,692 VND 1,429 bil.
Source: JVC
Equity
Structure of Equity
37%
58% 42%
63%
2013 2014
Source: JVC
Ratios
45.60%
14.8
40.50%
31.70% 10.3
22.00% 7.8
6.6
17.60% 16.30%
14.90% 4.7
4.4
3.6
9.10% 3.1 3
5.10% 2 1.7
1.6
2.80% 1 1 1.3 1.2
1
0.7 0.4 0.5
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Source: JVC
Ratios
Gross Margin
Liquidity Ratios Gross Profit Margin (%) Pre-tax profit margin
Current Ratio Quick Ratio Cash Ratio Net Profit Margin (%)
2.6
40.10%
39.40%
38.80%
37.90%
2.2
32.90% 33.40%
33.10%
31.70%
1.9 29.30%
1.7 1.7 27.60%
1.6
22.30% 22.30%
1.3
1.2 19.30%
1.1 1.1 18.20%
0.8
7.00%
0.1 0.1
0 0
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Source: JVC
Contents
2 Indotruction to JVC
3 Business Strategy
4 Business Overview
5 Financial Overview
6 Investment Highlights
7 Trading Performance
Investment Project in 2015
Projects Notes VND Bn
Mobile Clinics 100 new mobile clinics buses, bringing 140
total to 130 buses
Total 1,008
Mobile Clinic
JVC
Supplier 1
Supplier 2
SPD
Supplier 3
Partner
- Now JVC has agrement contract with 10 hospital to put SPD Model Project
Financial Plan 2015 - 2018
2 Indotruction to JVC
3 Business Strategy
4 Business Overview
5 Financial Overview
6 Investment Highlights
7 Trading Performance
History of Prices
Compare with VNI and HNX
JVC
VNI
HNX
THANK YOU