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INVESTMENT ANALYSIS

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INVESTMENT ANALYSIS
DTU401(1-1213).4_LT
Chapter 1: Using financial statements for valuation

Lecturer: Kien Do

Outlines
• What to read in the financial statements?
• Financial statements in different
presentation: IFRS, Vietnam’s GAAP
• Book value and earnings are important?

Outlines
• Components of a standard financial
statements
• Comprehensive income and dirty-surplus
relation
=> The accounting relations!

What to read in the financial
statements?
•
•
•
•
•
•
•
•

Earnings / Income
Cash flows
Shareholders’ equity
Total Assets
Total Liabilities
HR
Legal disputes?
Corporate governance….



IFRS and Vietnamese GAAP
• Vietnamese Accounting Standards : more
of IAS rather than IFRS
• IFRS – International Financial Reporting
Standards by the IASB – International
Accounting Standards Board (2001)
• IFRS replaces the IAS – International
Accounting Standards
• Standard setting bodies around the world

IFRS as a Global standard



IFRS as a Global standard



Comparison of IFRS and
Vietnamese GAAP
Some examples
• IAS 1 vs. VAS 21 - Presentation of
Financial Statements: VAS21, disclosure
of management’s key judgements… not
required
• IAS8 & VAS29: Accounting policies,
changes…: fully compatible





Components of a Financial
Statement
•
•
•
•
•

Balance sheet
Income statement
Shareholders’ equity
Statement of cash flows
Others: corporate governance report,
sustainability report…

Components of a Financial
Statement

• Examples: Vinamilk (VNM) Annual Report
2011:

• Overview of items in the report above.

Book value and earnings
• Main sources for P/E and P/B calculation
• Book value method: Value = BV
• Earnings capitalization method: capitalized
at a rate = required return
• BV and E are amongst most noticed
features

Book value and earnings
• P/B Approach: Value = Book Value +
Extra Value Not in Book Value
•
P/E Approach: Value = Capitalized
Earnings + Extra Value Not Indicated by
Earnings

Book value and Earnings
• Example 1
• A firm’s balance sheet lists $3,067 million
in shareholders’ equity and $1,204 million
in liabilities. What is the carrying value of
its assets?
• This firm’s equity trades at $4,569 million.
What is its price-to-book rat...
INVESTMENT ANALYSIS
DTU401(1-1213).4_LT
Chapter 1: Using financial statements for valuation
Lecturer: Kien Do
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