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Japan - Vietnam Medical Instrument

Joint Stock Company


(JV, JSC)

INVESTMENT PROPOSAL
HSX: JVC
Contents

1 Medical Equipment Sector

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.

USD mn Medical equipment and supplies market

1400 2013 – 2018:


1200 CARG 17%
1000

800

600

400

200

0
2008A 2009A 2010A 2011A 2012A 2013A 2014F 2015F 2016F 2017F 2018F

Source: Business Monitor International


Diagnostic imaging equipment
and supply segment
USD mn
350

300 ‘13 – 18’ CAR 12 %

250

200 ‘08 – 13’ CAR 6%

150

100

50

0
2008A 2009A 2010A 2011A 2012A 2013A 2014F 2015F 2016F 2017F 2018F

Source: Business Monitor International


Medical consumable segment
USD mn
250

‘13 – 18’ CAR 24%


200

150

‘ 08 – 13’ CAR 6%
100

50

0
2008A 2009A 2010A 2011A 2012A 2013A 2014F 2015F 2016F 2017F 2018F

Source: Business Monitor International


Prices medical equipment investment in Vietnam is estimated to grow strongly at a rate
of 15.3% / year, which makes medical equipment market VN worth more than $ 1 billion
in 2015 (according to Report of the International UBTM US).

These Public hospital in Vietnam are often overcrowded patients because of outdate
medical equipment due to poor funding.

Public Investment polices in Heath: Decision 184/QD-TTg on 24 Jan 2014, Prime


Ministe apporved healthcare spending of VND 12 Trillion for the period from 2014 to
2016 with the funding coming from proceed received from newly issued government
Bonds
Contents

1 Medical Equipment Sector

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 27 Jun 2011: Listing on HOSE with JVC stock

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

1 Medical Equipment Sector

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

SPD Modeling Business and New Business Plan


Contents

1 Medical Equipment Sector

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

Sales of medial equipment and consumable medical supplies


Co -op ventures Investment
Servies

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.

600,000 515,817 - Revenue in 2014 turnover


477,891 VND 764,01 bil, increase
500,000 59,87 percent as 2013

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.

120,000 - In 2015, JVC has co –


op ventures invest
plan with more
100,000
hospital
80,000
128,000
60,000
96,976
85,771
77,966
40,000 62,461

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

Servies - Mobile clinic

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

Q 4/13 Q 1/14 Q 2/14 Q 3/14 Q 4/14

Source: JVC
Quarterly Revenue
VND mn

350
7.8 19.7
300 38.3 31.1

250
3.1
200 30.3

150 1.1 256.2 254.3


28
100 156.7
96.4
50

0
Q 1/14 Q 2/14 Q 3/14 Q 4/14

Sales of medical Equiment and consumable medical supplies


Co-op Ventures Investment
Services (incl. mobile clinics)

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

1 Medical Equipment Sector

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

1,157,872 - Inventory reduce from


1,024,526 VND 455 bil to VND
307 bil

472,343 490,093
307,586

2012 2013 2014


Source: JVC
Assets
Structure of Total Asstes

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.

- Other, in 2014 JVC


has successful
increase charter
951,456 capital to VND 1.125
bil.
854,888
697,444 678,760
634,667

2012 2013 2014

Source: JVC
Equity
Structure of Equity

Liabillities Shareholder's Equity Liabillities Shareholder's Equity

37%
58% 42%
63%

2013 2014
Source: JVC
Ratios

ROE and ROA Operation Efficiency


Inventory Turnover Receivables Turnover
ROE (%) ROA (%)
Asset Turnover Interest Coverage Ratio

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

1 Medical Equipment Sector

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

Co – op Ventures Diagnostic imaging machine, 426


Investment agreements reach with 21 Hospitals
Clinical chemical analyser machines, 69
ongoing negotiation with 18 hospitals

CNC High tech clinics Investments in 3 Hospitals: 115 158


hospital, Gia Dinh hospital, 7A hospital
and Other Potential partner as: Bach
Mai Hospital, K Hospital
SPD Business Potential custumers: 2 publics hospitals 215
and 8 private hospitals

Total 1,008
Mobile Clinic

Now: 30 Mobile Cilnic Activities


(North: 10 and South: 20)

- Investment Plan : 100 Mobile Cilnic


(North: 20 and South: 80)
- Total: VND 140 bil

Now JVC has big contract with 18


Industry Zone in Binh Duong and
Ho Chi Minh city
CNC High – Tech Center

115 Hospital Gia Dinh Hospital 7A Hospital

- Area: 700 m2 - Area: 520 m2 - Area: 720 m2


- Infrastruture: VND 3 bil - Infrastruture: VND 63 bil - Infrastruture: VND 47 bil
- Equipment: VND 93 bil - Equipment: VND 126 bil - Equipment: VND 95 bil
+ 128 CT Scanner + 640 CT Scanner + 640 CT Scanner
+ MRI 1.5 Testla + MRI 1.5 Testla + MRI 1.5 Testla
+ DR machine + DR machine + DR machine
+ Endoscope + Endoscope + Endoscope
+ Dialysis Machine + Dialysis Machine + Dialysis Machine
- Total: VND 96 bil - Total: VND 189 bil - Total: VND 142 bil
SPD Model

JVC
Supplier 1

Supplier 2
SPD

Supplier 3
Partner

- Investment Plan: VND 215 bil

- Now JVC has agrement contract with 10 hospital to put SPD Model Project
Financial Plan 2015 - 2018

Unit: VND Billion 2015 2016 2017 2018


Revenue 1,271 1,466 1,602 1,740
- Cost of goods sold 762 856 956 1,056
Gross profit 509 610 646 684
- Sales and marketing exp 25 29 32 35
- General and administrative exp 73 84 92 100
Operating profit 411 497 522 549
EBIT 412 502 534 569
- Net Interest (Expense)/ Income 44 32 29 27
EBT 367 469 505 542
- Income tax expense 73 94 101 108
Profit after tax 294 375 404 434
EBITDA 575 670 707 747
Contents

1 Medical Equipment Sector

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