TIP Stock Analysis

Research Report: TIP
Includes Q4/2019 Financials

Vietnam Edition Monday, May 11, 2020
Last Updated: Friday, April 17, 2020
Tin Nghia Industrial Park Development JSC

VND18,500.0
(TIP)
Tin Nghia Industrial Park Development JSC climbs 13% in past quarter
Tin Nghia Industrial Park Development JSC, Vietnam's 8th

largest Construction/Real Estate company by market cap, has
In this Report:
climbed VND2,100.0 (or 12.8%) in the past quarter to close at Click here to export Financials table in xls
VND18,500.0. Compared with the VN Index which fell 106.3 Highlights: (Click tab for direct access) Page
points (or 11.4%) in the past quarter, this represented a relative Summary 1
price increase of 24.2%. The volume was 1.1 times average
News In The Past Quarter 2
trading per quarter of 4.1 million shares.
Corporate Profile 3
Fig 1: Stock Summary Bullish Signals 3
Ongoing Bullish Parameters 5

Currency 1 USD = 23,255.81 VND
Bearish Signals 9
May 11 close VND18,500.0
Ongoing Bearish Parameters 10
Ave Daily Volume 66,597 shares Tin Nghia Industrial Park Development JSC Board of 11
52-Week Range 13,500.00 - 38,072.81 Directors
Tax & Dividend 13
Dividend Yield 10.8%
Financials Q4 2019, FY 2019 14
Sector Construction/Real Estate
Peer Group Analysis & Ranking 29
Shares Outstanding 26,000,000
News Archives (Aug 2018 - Jan 2020) 32
Market Cap VND481 billion [USD20.7
Index 35
million]
Glossary 37
Fig 2: Financials Summary:
Note also:
Sales were up 10.1% from USD8.5 million in FY2018 to USD9.3 Section Headers and Figures are mapped as Bookmarks in the PDF
million in FY2019. menu (left, top)
Net profit was down 3.3% from USD4 million in FY2018 to USD3.8
million in FY2019.
Year ended Dec FY2019 FY2018 FY2017
Sales (USD M) 9.3 8.5 8.2
Pretax (USD M) 5 5 3.2
Net (USD M) 3.8 4 2.4
EPS (VND) 2,145
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www.BuySellSignals.com Index and Glossary at end of this Report.

News In The Past Quarter

Fig 3: Financial News
Annual Report (FY 2019):
January 29, 2020
FY2019 Annual Report: Tin Nghia Industrial Park Development JSC Net Profit down 3.3%
Tin Nghia Industrial Park Development JSC (HOSE:TIP) reported net profit for the year-ended 31 December 2019 [FY2019] of
VND89.1b ($US3.8m), down 3.3% from VND92.2b ($US4.0m) in the previous year [FY2018].
Read more in SECTION on Financials Q4 2019, FY 2019
Quarterly Report (Q4/2019):

February 03, 2020
Quarterly Report Analysis Q4 2019: Tin Nghia Industrial Park Development JSC reports 69% sequential rise in Quarterly Net Profit
Tin Nghia Industrial Park Development JSC (HOSE:TIP), announced net profit of VND29.9b ($US1.3m) for the quarter-ended 31
December 2019 [Q4/2019], up 68.6% from the previous quarter [Q3/2019] and down 45.7% from the year-earlier period
[Q4/2018].
Compared with the previous corresponding period [PCP; Q4/2018], year-over-year [y.o.y.] Revenue was down 26.3% and Net
Profit was down 45.7%.
Read more in SECTION on Financials Q4 2019, FY 2019
Fig 4: Changes in Board (TTM)

March 31 TIP: Change of personnel
Tin Nghia Industrial Park Development Joint Stock Company announced personnel change as follows:
Source: FPT Securities
Fig 5: Meetings
April 08 TIP: Notice of change of the time to hold AGM 2020
On April 03, 2020, the Hochiminh Stock Exchange issued Announcement No.536/TB-SGDHCM about the
change of the time to hold the Annual General Meeting 2020 of Tin Nghia Industrial Park Development
Joint Stock Company before June 30, 2020.
April 04 TIP: BOD approved to extend the time to hold AGM 2020
Due to the outbreak of Coronavirus (Covid - 19) pandemic, the BOD of Tin Nghia Industrial Park
Development Joint Stock Company approved to extend the time to hold the Annual General Meeting
2020, but no later than June 30, 2020. The details will be informed later.
February 27 TIP: Record date for Annual General Meeting 2020
On February 25, 2020, the Hochiminh Stock Exchange issued Announcement No.218/TB-SGDHCM about
the record date of Tin Nghia Industrial Park Development Joint Stock Company (stock code: TIP) as
follows:
February 24 TIP: BOD resolution on holding AGM 2020
The Board resolution dated February 20, 2020, the Board of Directors of Tin Nghia Industrial Park
Development Joint Stock Company approved the holding of Annual General Meeting 2020 as follows:

www.BuySellSignals.com Page 2
Corporate Profile
Fig 6: Activities
As a subsidiary of Tin Nghia Corporation, Tin Nghia Industrial Park Development Joint Stock Company enjoys many advantages
thanks to the corporationâ€™s support and connections with other subsidiaries. All industrial land area in Tam Phuoc Industrial
Park has been rent, providing stable income for the company; it also attracts great...
Fig 7: Contact Details

Website http://www.tinnghiaip.com.vn
Physical Address Road No.6, Tam Phuoc Industrial Park, Tam Phuoc Commune, Long Thanh District, Dong Nai
Province
Fig 8: Industry & Sector

Classification Level Name of Sector
Industry Group Construction Materials
Industry Construction Materials
Economic Sector Basic Materials
Business Sector Mineral Resources
Bullish Signals
Momentum Up 24.6% Past Month
In the past quarter the week beginning Monday February 17 saw the highest weekly rise of 13.8% for a relative price increase of
14.2%.
The Best 3 weeks in the past quarter:

Mon-Fri Change % VN index Change % RPC % Vol Ind [1 is avg]
Feb 17-21 13.8 -0.5 14.2 0.9
Apr 13-17 11.5 4.2 7.3 0.7
Apr 06-10 2.1 8 -5.9 0.3
Fig 9: Rank in the top 25% by Price Performance in the Vietnam market
Description Value Rank
1-month Price Change % 24.6 In Top 11%
Price/MAP50 1.07 In Top 25%
Uptrend
Exponential Moving Average Price of 1.1 and positive MACD:

• The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of
17,768.51 minus the 26-day EMA of 16,954.61 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-
day EMA are rising, another bullish signal.
• The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, five times
suggesting further upside. The 50-day EMAP has increased to VND16,755.83. An increase is another bullish indicator.
Past Month:
• Rises to Falls: In the past month the number of rises outnumbered falls 13:6 or 2.2:1.
Undervaluation
Dividend Yield > Bond Yield:
The dividend yield of 10.81% is 3.62 times the triple-A bond yield
of 2.99%. The times factor of 3.62 is above the benchmark
factor of 0.67 times set by Benjamin Graham.
(All figures in %)
Dividend Yield 10.81
Bond Yield 2.99
Spread 7.82
Dividend Yield of 10.8% > Index avg of 2.1%:

• The relative yield of the stock, defined by its yield of 10.8%, divided by average yield of dividend yielding stocks in the VN
Index of 2.1% is 519.7%. This suggests the stock is undervalued in dividend yield terms.
MCap/Total Assets:
• Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.6. Compared with the rest of the market the stock is
undervalued.
• The company is cash rich with Cash to Market Capitalisation at 14.1%.
Other Bullish Signals

• Return on Equity of 17.8% versus sector average of 10.7% and market average of 12.3%.
• Total Liabilities/EBITDA of 2.5 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.
• Return on Assets of 11.3% versus sector average of 5.8% and market average of 2.5%.
• Return on Capital Employed of 16.6% versus sector average of 12.7% and market average of 7.0%.
• Net profit margin has averaged 40.8% in the last 3 years. This is considered superior and suggests a high margin of safety.
• As per the Du Pont analysis, Return on Equity of 17.8% is better than sector average of 10.7%. This is computed as net profit
margin of 42.2% times asset turnover [sales/assets] of 0.27 times leverage factor [total assets/shareholders' equity] of 1.6.

Ongoing Bullish Parameters

Fig 10: Rank in the top 20% by Size in the Vietnam market
Ave daily Turnover VND4.7 billion (US$201,962) In Top 20%
Fig 11: Present Value of VND1000 Invested in the Past [3 Mo, 1 Yr]; The
Best Periods with PVVND1000 > 1,127
PVVND1,000 3 mo ago 1 yr ago
TIP.HOSE VND1,128 VND1,149
VN Index VND888 VND870
Fig 12: The Best Periods [3 Mo, 1 Yr] with Price Change % > 4
1-Year price change of 4.1% for Tin Nghia Industrial Park Development JSC outperformed the change of -13% in the VN index
for a relative price change of 17.1%.
Price Change % Quarter Year
Tin Nghia Industrial Park Development JSC 12.8 4.1
Construction/Real Estate sector
VN index -11.4 -13
Fig 13: MCap: 2-Year Increase of VND99 billion [USD4 million]

In the past 2 years Market Capitalization has increased by
VND98.8 billion (26%) from VND382.2 billion to VND481 billion.
MCap MCap
Price
(VND B) (US$ M)
Last VND18,500.0 481 20.7
1 Year ago VND17,779.72 496.6 21.4
2 Years ago VND13,683.87 382.2 16.8

Fig 14: Created Market Value [CMV] past 2 yrs of VND34.3 billion
(US$1.5 million)
• Market Capitalization has increased by VND98.8 billion
from VND382.2 billion to VND481 billion in the last 2 years.
This increase comprises cumulative retained earnings
(RETE) of VND64.5 billion and Created Market Value of
VND34.3 billion. The Created Market Value multiple,
defined by the change in MCap for every VND1 of
retained earnings is VND1.53.
Fig 15: Increased Volume, up 870% in 3 years

In the past three years, Average Daily Volume of Trading
(ADVT) has increased 870.1% to 66,597 shares.
Avg. Daily Volume Traded 12 months ended May 11, thousand
shares
Year ADVT
2020 66.6
2019 8.8
2018 6.9
Fig 16: Increased VWAP, up 63% in 3 years

In the past three years Volume Weighted Average Price
(VWAP) has increased by 63.4% to VND24,450.24. Based on a
dynamic start date of three years ago, there has been no
decline in VWAP over the last 3 years.
Past three years, 12 months ended May 11 (VND)
Year High Price VWAP Low Price
2020 38072.81 24450.24 13500.0
2019 20106.91 17424.4 12566.82
2018 17128.11 14966.06 13497.7

Fig 17: Increased share turnover, up 2,140% in 3 years

In the past three years, average daily share turnover has
increased 2140.4% to VND1.6 billion (US$68,494). This suggests
increased liquidity.
Past three years, 12 months ended May 11 (VND billion)
Year Average Daily Turnover
2020 1.6
2019 0.12
2018 0.07
Fig 18: Growth > 68% for Revenue and Net Profit:
• Net Profit margin is positive and has seen consecutive rises in recent quarters. [All figures in %]
Qtr-ended Revenue Growth Net Profit Growth Net Profit Margin
Dec 19 [Q4 vs Q3] 80.8 68.6 44.4
Sep 19 [Q3 vs Q1] 44.3
Fig 19: Revenue, EPS, and EBITDA:

• Revenue growth rate has shown signs of recovery in recent years. [compared with previous year, all figures in %]
FY Revenue Growth EPS Growth EBITDA Growth
2019 10
2018 4 57
2017 -1 -11 -7
Fig 20: Satisfies three criteria of Benjamin Graham

• "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 3.6 times the triple-A bond yield
of 3%.
• "Total debt less than tangible book value"; total debt of VND88.7 billion (US$3.8 million) is less than tangible book value of
VND517 billion (US$22.2 million).-"Current ratio of two or more"; current assets are 3.8 times current liabilities.
• "Total debt equal or less than twice the net quick liquidation value"; total debt of VND88.7 billion (US$3.8 million) is 0.3 times
the net liquidation value of VND322.02 billion (US$13.8 million).

Fig 21: Rising Relative Strength

In the Vietnam market, the stock's relative price strength Quotes from Legends: Relative Strength
percentile is rising at 34 for 6 months, 83 for 3 months and 90 for
30 days..

Bearish Signals
Fig 22: Rank in the bottom 16% by Relative Valuation in the Vietnam
market
Price to Sales 2.2 In Bottom 16%
EV/EBITDA 5.1 In Bottom 15%
Downtrend
Price/Moving Average Price of 0.87:
• The price to 200-day MAP ratio is 0.87, a bearish indicator. In the past 200 days this ratio has been under 0.87, 99 times
suggesting further downside. The 50-day MAP of VND17,344.40 is lower than the 200-day MAP of VND21,284.78, another
bearish indicator.
Past Quarter:
• In the last three months the stock has hit a new 52-week low five times, pointing to a downtrend.
Trailing Relative Strength (6 months) at 34 percentile:

• The stock has a 6-month relative strength of 34 in the Vietnam market of 591 stocks which means it has underperformed
66% of the market.
Overvaluation
Price/Sales of 2.2 > sector avg of 0.8:
• Price/Sales of 2.2 versus sector average of 0.8 and market average of 1.0.
Overbought/Bearish Signals:
• The stock is overbought according to the Williams % R indicator of -11.9, suggesting the price is close to its 14-day high of
VND19,000.0.
• The Money Flow Index [MFI] is 80.2 suggesting an overbought 14-day trend, being above 80. The Money Ratio of 4.1
suggests positive money flow was 4.1 times negative money flow.
• The Stochastic indicator of 90.1 has broken through the overbought line of 80; this indicates the price is close to its 14-day
high and is likely to revert to a downtrend.

Ongoing Bearish Parameters

Fig 23: Satisfies 3 out of 9 criteria of Joseph Piotroski [pass mark 5]:
• Positive net income.
• Positive operating cashflow.
• Improvement in gross margin [from 53.6% to 60.5%].
Fig 24: Turnover Period Below Average

Fig 25: Global Rank [out of 47,367 stocks]

Description Value Rank Quartile
MCap (US$ M) 20.7 31,651 Third
Total Assets (US$ M) 34.9 31,223 Third
Revenue (US$ M) 9.3 31,858 Third
Net Profit (US$ M) 3.8 19,936 Second
Return on Equity % 17.8 4,849 Top
Net Profit Margin % 42.2 2,726 Top
Price to Book 0.9 15,681 Second
Yield % 10.7 1,803 Top
PV$1000 (1Year) US$* 1,149 6,959 Top
US$* Change (1Year) % 8.3 8,941 Top
Rel Strength 6 Mo (US$) 54 21,580 Second
* 1 year ago USD 1 = VND 23,255.81; May 11, 2020: USD 1 = VND 23,255.81
Tin Nghia Industrial Park Development JSC Board of Directors

Fig 26: Board and Management
Name Designation Since Appointment
Quach Van Duc Chairman, Director 2 Yrs, 1 Mo
Nguyen Van Lieu Director 2 Yrs, 1 Mo
Le Huu Tinh Director 2 Yrs, 1 Mo
Do Thu Ha Director 2 Yrs, 1 Mo
Pham Hoa Cuong Non-Executive Director 2 Yrs, 1 Mo
Duong Thi Minh Hong Non-Executive Director 2 Yrs, 1 Mo
Dang Ngoc Giau Non-Executive Director 2 Yrs, 1 Mo
Fig 27: Profiles
Quach Van Duc (Chairman & Director)

Shareholder Value:
Creation of shareholder value in Tin Nghia Industrial Park Development JSC:
Since appointment as Director: The present value of VND1,000 invested on the appointment date of April 04, 2018 at close
price of VND14,614.75 is VND1,453, including a capital gain of VND266 and dividend reinvested of VND187.

Do Thu Ha (Director)
Shareholder Value:
Nguyen Van Lieu (Director)

Shareholder Value:
Le Huu Tinh (Director)

Shareholder Value:
Duong Thi Minh Hong (Non-Executive Director)

Shareholder Value:
Since appointment as Non-Executive Director: The present value of VND1,000 invested on the appointment date of April 04,
2018 at close price of VND14,614.75 is VND1,453, including a capital gain of VND266 and dividend reinvested of VND187.
Pham Hoa Cuong (Non-Executive Director)

Shareholder Value:
Dang Ngoc Giau (Non-Executive Director)

Shareholder Value:

Tax & Dividend

Fig 28: Average Income Tax Paid (Past 4 Years)
In the past 4 years, Income Tax as % of profit before tax increased from 20.5% to 21.1% and Income Tax as % of operating cash
flow increased from 20.3% to 21.1%.
Description 2019 2018 2017 2016 4-yr avg
As % of profit before tax 21.1 17.4 19.1 20.5 19.5
As % of operating cash flow 21.1 17.4 19.1 20.3 19.5
Fig 29: Dividend History

In the past 5 years annual dividends have increased by VND1,000.0 from VND1,000.0 to VND2,000.0. Based on a start date of 5
years ago, there has been only two decline in dividends over the last 5 years.
Date Paid Value (VND) Type
30 Dec 2019 1,500 Cash
15 May 2019 500 Cash
Tr 12 Months 2,000
11 Jan 2019 1,500 Cash
2018 - 2019 1,500
20 Apr 2018 500 Cash
28 Feb 2018 1,000 Cash
2017 - 2018 1,500
12 Apr 2017 500 Cash
21 Dec 2016 1,000 Cash
13 May 2016 500 Cash
2016 - 2017 2,000
14 Jan 2016 1,000 Cash
2015 - 2016 1,000

Financials Q4 2019, FY 2019

Fig 30: Quarterly Report (Q4/2019): Key Parameters
Tin Nghia Industrial Park Development JSC reports 69% sequential rise in Quarterly Net Profit
Release Date: February 03, 2020
Tin Nghia Industrial Park Development JSC (HOSE:TIP), announced net profit of VND29.9b ($US1.3m) for the quarter-ended 31
December 2019 [Q4/2019], up 68.6% from the previous quarter [Q3/2019] and down 45.7% from the year-earlier period
[Q4/2018].
Quarter-ended 31 Dec [Q4/2019] 30 Sep [Q3/2019] 31 Mar [Q1/2019]

EPS VND682 VND801
Revenue, VND billion 72.6 40.1 49.7
Revenue, $US million 3.1 1.7 2.1
Sequential growth in Revenue % 81 -49.6
Net Profit, VND billion 29.9 17.7 20.8
Net Profit, $US 1.3million 765,977 899,666
Sequential growth in Net Profit % 69 -62
Compared with the previous corresponding period [PCP; Q4/2018], year-over-year [y.o.y.] Revenue was down 26.3% and Net
Profit was down 45.7%.
Quarter-ended 31 Dec [Q4/2019] 31 Dec [Q4/2018]
EPS VND2,117
PCP growth in EPS % 276
Revenue, VND billion 72.6 98.5
Revenue, $US million 3.1 4.3
PCP growth in Revenue % -26.3 22.7
Net Profit, VND billion 29.9 55.1
Net Profit, $US million 1.3 2.4
PCP growth in Net Profit % -45.7 276
Currency Conversion (December 31, 2019): $US1 = VND23150.82

Click here to export Financials table in xls
Fig 31: Financial Results as reported (Q4/2019)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In VND Million, except per share data and shares outstanding)

Fig 32: INCOME STATEMENT AS REPORTED (Q4/2019)

Description VND Million
Dec 31 2019
Income Statement
Revenue 72,609
Deduction from revenue
Net revenue 72,609
Cost of goods sold 31,100
Gross profit 41,509
Financial income 4,951
Financial expenses 89
Of which: Interest expenses 89
Share of associates and joint 1,030
ventures' result
Selling expenses
General and administrative 6,219
expenses
Operating profit 41,181
Other income
Other expenses 725
Other profit -725
Share of associates and joint ventures' result
Profit before tax 40,456
Current corporate income tax 7,481
expenses
Deferred income tax expenses 708
Net profit after tax 32,267
Minority's interest 2,371
Profit after tax for shareholders of 29,896
parent company
Earnings per share (VND) VND1,150.0
Diluted earnings per share

Fig 33: BALANCE SHEET AS REPORTED (Q4/2019)

Dec 31 2019
ASSETS
SHORT-TERM ASSETS 410,702
Cash and cash equivalents 78,635
Cash 9,585
Cash equivalents 69,050
Short-term financial investments 58,432
Available for sale securities
Provision for diminution in value of available for sale securities
Held to maturity investments 58,432
Short-term receivables 128,177
Short-term trade accounts 37,854
receivable
Short-term prepayments to suppliers 2,377
Short-term inter-company receivables
Construction contract progress receipts due from customers
Short-term loan receivables 73,610
Other short-term receivables 14,345
Provision for short-term doubtful -9
debts
Assets awaiting resolution
Inventories 143,465
Inventories 143,465
Provision for decline in value of inventories
Other short-term assets 1,994
Short-term prepayments 243
Value added tax to be reclaimed 39
Taxes and other receivables from 1,712
state authorities
Government bonds
Other short-term assets
LONG-TERM ASSETS 401,798
Long-term receivables 21,825
Long-term trade receivables
Long-term prepayments to suppliers
Capital at inter-company
Long-term inter-company receivables
Long-term loan receivables

Other long-term receivables 21,825

Provision for long-term doubtful debts
Fixed assets 22,966
Tangible fixed assets 22,966
Cost 87,544
Accumulated depreciation -64,578
Financial leased fixed assets
Cost
Accumulated depreciation
Intangible fixed assets
Cost
Investment properties 17,075
Cost 129,798
Accumulated depreciation -112,723
Long-term assets in progress 5,105
Long-term production in progress
Construction in progress 5,105
Long-term financial investments 291,586
Investments in subsidiaries
Investments in associates joint- 268,353
ventures
Investments in other entities 23,233
Provision for diminution in value of long-term investments
Held to maturity investments
Other long-term investments
Other long-term assets 43,241
Long-term prepayments 43,241
Deferred income tax assets
Long-term equipment supplies spare parts
Other long-term assets
Goodwill
TOTAL ASSETS 812,500
OWNER'S EQUITY
LIABILITIES 295,455
Short -term liabilities 108,642
Short-term trade accounts payable 5,707
Short-term advances from 5,644
customers
Taxes and other payables to state 7,746
authorities

Payable to employees 923

Short-term acrrued expenses 1,897
Short-term inter-company payables
Construction contract progress payments due to suppliers
Short-term unearned revenue 4,589
Other short-term payables 51,871
Short-term borrowings and financial 25,980
leases
Provision for short-term liabilities
Bonus and welfare fund 4,285
Price stabilization fund
Government bonds
Long-term liabilities 186,812
Long-term trade payables
Long-term advances from customers
Long-term acrrued expenses
Inter-company payables on business capital
Long-term inter-company payables
Long-term unearned revenue 96,723
Other long-term liabilities 26,674
Long-term borrowings and financial 62,707
leases
Convertible bonds
Preferred stock (Debts)
Deferred income tax liabilities 708
Provision for long-term liabilities
Fund for technology development
Provision for severance allowances
OWNER'S EQUITY 517,045
Owner's equity 517,045
Owner's capital 260,031
Common stock with voting right 260,031
Preferred stock
Share premium 66,266
Convertible bond option
Other capital of owners
Treasury shares
Assets revaluation differences
Foreign exchange differences
Investment and development fund 22,015

Fund to support corporate restructuring

Other funds from owner's equity 709
Undistributed earnings after tax 133,448
Accumulated retained earning at 51,657
the end of the previous period
Undistributed earnings in this period 81,790
Reserves for investment in construction
Minority's interest 34,576
Financial reserves
Other resources and funds
Subsidized not-for-profit funds
Funds invested in fixed assets
MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND 812,500
LIABILITIES
Fig 34: CASH FLOW AS REPORTED (Q4/2019)

Dec 31 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 26,482
Adjustments for:
Depreciation of fixed assets and 4,371
properties investment
(Reversal of provisions)/provisions -682
Foreign exchange (gain)/loss from revaluation of monetary items denominated in foreign currencies
Loss/(profit) from investment -3,160
activities
Interest expense 117
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
Operating profit before changes in 27,128
working capital
(Increase)/decrease in receivables 52,862
(Increase)/decrease in inventories -10,607
Increase/(decrease) in payables 20,426
(other than interest corporate
income tax)
(Increase)/decrease in prepaid -392
expenses

Changes in available for sale securities

Interest paid -117
Corporate income tax paid -2,398
Other receipts from operating activities
Other payments for operating -2,646
activities
NET CASH FLOWS FROM OPERATING 84,255
ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for fixed assets 5
constructions and other long-term
assets
Receipts from disposal of fixed assets and other long-term assets
Loans purchases of other entities' -41,670
debt instruments
Receipts from loan repayments sale 79,880
of other entities' debt instruments
Payments for investment in other -50,000
entities
Collections on investment in other entities
Dividends interest and profit 6,343
received
Increase/(Decrease) in term deposit
Purchases of minority shares of subsidiaries
Other receipts from investing activities
Other payments for investing activities
NET CASH FLOWS FROM INVESTING -5,442
ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Receipts from equity issue and owner's capital contribution
Payment for share repurchases
Proceeds from borrowings 1,200
Principal repayments -1,200
Repayment of financial leases
Dividends paid profits distributed to -45,971
owners
Other receipts from financing activities
Other payments for financing activities
NET CASH FLOWS FROM FINANCING -45,971
ACTIVITIES
Net cash flows during the period 32,842
Cash and cash equivalents at 155,737
beginning of the period

Exchange difference due to re-valuation of ending balances

Cash and cash equivalents at end 188,579
of the period
Fig 35: Annual Report (FY 2019): Key Parameters

Tin Nghia Industrial Park Development JSC Net Profit down 3.3%
Release Date: January 29, 2020
Tin Nghia Industrial Park Development JSC (HOSE:TIP) reported net profit for the year-ended 31 December 2019 [FY2019] of
VND89.1b ($US3.8m), down 3.3% from VND92.2b ($US4.0m) in the previous year [FY2018].
Major changes compared with previous year (FY2019 vs FY2018):

Favourable Changes:
• Total revenue up 10.1% from VND196.9b ($US8.5m) to VND216.9b ($US9.4m)
• Cost of Goods Sold to Sales down from 45.8% to 38.9%
• Retained earnings to total assets up from 11.5% to 16.4%
• Total non-current assets to Total Assets up from 27.8% to 49.5%
• Long-term investments to Total Assets up from 12.7% to 38%
• Total Liabilities to EBITDA of 2.5 compares favourably with the Joseph Piotroski benchmark of <5. However, it has
deteriorated by 60.1% from the previous year's ratio of 1.6.
Unfavourable Changes:
• Net profit down 3.3% from VND92.2b ($US4.0m) to VND89.1b ($US3.8m)
• EBIT Margin down from 58.9% to 53.5%
• EBIT to total assets down from 17.3% to 14.4%
• Profit before tax to Sales down from 58.9% to 53.5%
• Administration expenses to Sales up from 10.6% to 10.8%
• Total liabilities to Total assets up 33.3% from 0.3 to 0.4
• Current ratio down 8.5% from 4.1 to 3.8
• Working capital to total assets down from 54.7% to 37.2%
• Total current assets to Total Assets down from 72.2% to 50.5%
• Current Debtors to Total Assets down from 18.5% to 16%
Note:
• Total revenue to total assets steady at 0.3
• Tax expenses to Sales up from 10.2% to 11.3%
• Current Inventory to Total Assets down from 20.5% to 17.7%

Fig 36: Year-on-year comparison of Performance Ratios [FY2019 vs

FY2018]
December 31 FY2019 FY2018 Change (%)
Return on Equity (%) 17.8 19.6 Down 9.2
Return on Assets (%) 11.3 14.3 Down 21
Total debt to net tangible assets (%) 17.2 na
Total Liabilities to EBITDA 2.5 1.6 Up 60.1
Debt/Equity 0.2 na
Total Liabilities/Total Assets 0.4 0.3 Up 33.3
Current Ratio 3.8 4.1 Down 8.5
Common Size Ratios by Assets %
Total current assets to Total Assets 50.5 72.2 Down 30.1
Total non-current assets to Total Assets 49.5 27.8 Up 78.1
Long-term investments to Total Assets 38.0 12.7 Up 199.7
Current Inventory to Total Assets 17.7 20.5 Down 13.5
Current Debtors to Total Assets 16.0 18.5 Down 13.7
Common Size Ratios by Sales %
Profit before tax to Sales 53.5 58.9 Down 9.1
Cost of Goods Sold to Sales 38.9 45.8 Down 15.1
Tax expenses to Sales 11.3 10.2 Up 10.2
Administration expenses to Sales 10.8 10.6 Up 2.2

Three-year record of growth and performance:

In the last 3 years Total Revenue averaged VND201.2B ($US8.7M), EBITDA averaged VND102.5B ($US4.4M) and Net Profit
averaged VND79B ($US3.4M). Compound Annual Growth Rate (CAGR) averaged 4.2% for Total Revenue, 12.5% for Net Profit
and 13.7% for EBITDA.
Annual Annual ($US 3-year Avg 3-year Avg 3-year CAGR
Description
(VND B) M) (VND B) ($US M) %
Total Revenue 216.9 9.4 201.2 8.7 4.2
EBITDA 116.8 5 102.5 4.4 13.7
Operating Profit 116.8 5 102.5 4.4 13.7
Net Profit 89.1 3.8 79 3.4 12.5
Three-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE
In 2019 Net Profit Margin of 42.2% was above its 3-year Avg of 40.8% (All Figures in %)

Description 2019 3-year Avg

EBITDA Margin 53.5 50.5
Operating Profit Margin 53.5 50.5
Net Profit Margin 42.2 40.8
Return on Equity 17.8 16.7
Return on Assets 11.3 12.1
Return on Capital Employed 16.6 17.3
Fig 37: Financial Results as reported (FY 2019)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In VND Million, except per share data and shares outstanding)
Fig 38: INCOME STATEMENT AS REPORTED (FY 2019)

Description VND Million VND Million
Dec 31 2019 2018 Change %
Revenue 218,200 198,001 Up 10.2
Deduction from revenue 1,295 1,078 Up 20.1
Net revenue 216,905 196,923 Up 10.1
Cost of goods sold 84,927 90,757 Down 6.4
Gross profit 131,978 106,166 Up 24.3
Financial income 16,354 34,414 Down 52.5
Financial expenses 480 341 Up 40.8
Of which: Interest expenses 480 341 Up 40.8
Share of associates and joint ventures' result -4,967 100 Deterioration
Selling expenses 21
General and administrative expenses 23,631 20,927 Up 12.9
Operating profit 119,253 119,391 Down 0.1
Other income 368 121 Up 204.1
Other expenses 2,827 2,916 Down 3.1
Other profit -2,460 -2,794 Improved 12.0
Share of associates and joint ventures' result
Profit before tax 116,794 116,597 Up 0.2
Current corporate income tax expenses 23,973 20,295 Up 18.1
Deferred income tax expenses 708
Net profit after tax 92,112 96,302 Down 4.4
Minority's interest 3,010 4,126 Down 27.0
Profit after tax for shareholders of parent company 89,102 92,175 Down 3.3
Earnings per share (VND) VND3,427.0 VND3,545.0 Down 3.3
Diluted earnings per share

Fig 39: BALANCE SHEET AS REPORTED (FY 2019)

Dec 31 2019 2018 Change %
ASSETS
SHORT-TERM ASSETS 410,702 487,482 Down 15.8
Cash and cash equivalents 78,635 155,737 Down 49.5
Cash 9,585 5,101 Up 87.9
Cash equivalents 69,050 150,636 Down 54.2
Short-term financial investments 58,432 67,784 Down 13.8
Available for sale securities
Provision for diminution in value of available for sale securities
Held to maturity investments 58,432 67,784 Down 13.8
Short-term receivables 128,177 118,808 Up 7.9
Short-term trade accounts receivable 37,854 23,078 Up 64.0
Short-term prepayments to suppliers 2,377 4,290 Down 44.6
Short-term inter-company receivables
Construction contract progress receipts due from customers
Short-term loan receivables 73,610 74,525 Down 1.2
Other short-term receivables 14,345 16,923 Down 15.2
Provision for short-term doubtful debts -9 -9 Steady
Assets awaiting resolution
Inventories 143,465 138,134 Up 3.9
Inventories 143,465 138,134 Up 3.9
Provision for decline in value of inventories
Other short-term assets 1,994 7,018 Down 71.6
Short-term prepayments 243 608 Down 60.0
Value added tax to be reclaimed 39
Taxes and other receivables from state authorities 1,712 6,410 Down 73.3
Government bonds
Other short-term assets
LONG-TERM ASSETS 401,798 187,590 Up 114.2
Long-term receivables 21,825 21,825 Steady
Long-term trade receivables
Long-term prepayments to suppliers
Capital at inter-company
Long-term inter-company receivables
Long-term loan receivables
Other long-term receivables 21,825 21,825 Steady
Provision for long-term doubtful debts

Fixed assets 22,966 27,995 Down 18.0

Tangible fixed assets 22,966 27,995 Down 18.0
Cost 87,544 84,233 Up 3.9
Accumulated depreciation -64,578 -56,238 Deterioration 14.8
Financial leased fixed assets
Cost
Intangible fixed assets
Cost
Investment properties 17,075 20,593 Down 17.1
Cost 129,798 125,998 Up 3.0
Accumulated depreciation -112,723 -105,405 Deterioration 6.9
Long-term assets in progress 5,105 6,523 Down 21.7
Long-term production in progress
Construction in progress 5,105 6,523 Down 21.7
Long-term financial investments 291,586 64,988 Up 348.7
Investments in subsidiaries
Investments in associates joint-ventures 268,353 41,755 Up 542.7
Investments in other entities 23,233 23,233 Steady
Provision for diminution in value of long-term investments
Held to maturity investments
Other long-term investments
Other long-term assets 43,241 45,667 Down 5.3
Long-term prepayments 43,241 45,667 Down 5.3
Deferred income tax assets
Long-term equipment supplies spare parts
Other long-term assets
Goodwill
TOTAL ASSETS 812,500 675,072 Up 20.4
OWNER'S EQUITY
LIABILITIES 295,455 184,488 Up 60.1
Short -term liabilities 108,642 118,068 Down 8.0
Short-term trade accounts payable 5,707 3,619 Up 57.7
Short-term advances from customers 5,644 53,034 Down 89.4
Taxes and other payables to state authorities 7,746 2,531 Up 206.0
Payable to employees 923 754 Up 22.4
Short-term acrrued expenses 1,897 1,760 Up 7.8
Short-term inter-company payables
Construction contract progress payments due to suppliers

Short-term unearned revenue 4,589 5,039 Down 8.9

Other short-term payables 51,871 47,729 Up 8.7
Short-term borrowings and financial leases 25,980
Provision for short-term liabilities
Bonus and welfare fund 4,285 3,601 Up 19.0
Price stabilization fund
Government bonds
Long-term liabilities 186,812 66,420 Up 181.3
Long-term trade payables
Long-term advances from customers
Long-term acrrued expenses
Inter-company payables on business capital
Long-term inter-company payables
Long-term unearned revenue 96,723 39,746 Up 143.4
Other long-term liabilities 26,674 26,674 Steady
Long-term borrowings and financial leases 62,707
Convertible bonds
Preferred stock (Debts)
Deferred income tax liabilities 708
Provision for long-term liabilities
Fund for technology development
Provision for severance allowances
OWNER'S EQUITY 517,045 490,584 Up 5.4
Owner's equity 517,045 490,584 Up 5.4
Owner's capital 260,031 260,031 Steady
Common stock with voting right 260,031 260,031 Steady
Preferred stock
Share premium 66,266 66,266 Steady
Convertible bond option
Other capital of owners
Treasury shares
Assets revaluation differences
Foreign exchange differences
Investment and development fund 22,015 50,949 Down 56.8
Fund to support corporate restructuring
Other funds from owner's equity 709 709 Steady
Undistributed earnings after tax 133,448 77,362 Up 72.5
Accumulated retained earning at the end of the previous 51,657 24,191 Up 113.5
period
Undistributed earnings in this period 81,790 53,171 Up 53.8

Reserves for investment in construction

Minority's interest 34,576 35,267 Down 2.0
Financial reserves
Other resources and funds
Subsidized not-for-profit funds
Funds invested in fixed assets
MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 812,500 675,072 Up 20.4
Fig 40: CASH FLOW AS REPORTED (FY 2019)

Dec 31 2019 2018 Change %
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 116,794 116,597 Up 0.2
Adjustments for:
Depreciation of fixed assets and properties investment 15,657 17,143 Down 8.7
(Reversal of provisions)/provisions 8,211
Foreign exchange (gain)/loss from revaluation of monetary items denominated in foreign currencies
Loss/(profit) from investment activities -19,700 -33,455 Improved 41.1
Interest expense 1,099 341 Up 222.3
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
Operating profit before changes in working capital 122,061 100,625 Up 21.3
(Increase)/decrease in receivables 20,408 -48,269 Recovery
(Increase)/decrease in inventories -39,610 32,365 Deterioration
Increase/(decrease) in payables (other than interest 10,562 69,305 Down 84.8
corporate income tax)
(Increase)/decrease in prepaid expenses -1,825 -7,195 Improved 74.6
Changes in available for sale securities -60,800
Interest paid -1,099 -341 Deterioration 222.3
Corporate income tax paid -18,347 -20,004 Improved 8.3
Other receipts from operating activities
Other payments for operating activities -7,480 -2,398 Deterioration 211.9
NET CASH FLOWS FROM OPERATING ACTIVITIES 23,869 124,089 Down 80.8
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for fixed assets constructions and other long-term -5,693 -18,217 Improved 68.7
assets
Receipts from disposal of fixed assets and other long-term assets

Loans purchases of other entities' debt instruments -164,451 -253,248 Improved 35.1
Receipts from loan repayments sale of other entities' debt 193,350 182,598 Up 5.9
instruments
Payments for investment in other entities -173,777
Collections on investment in other entities 3,000
Dividends interest and profit received 21,293 20,020 Up 6.4
Increase/(Decrease) in term deposit
Purchases of minority shares of subsidiaries
Other receipts from investing activities
Other payments for investing activities
NET CASH FLOWS FROM INVESTING ACTIVITIES -129,278 -65,848 Deterioration 96.3
CASH FLOWS FROM FINANCING ACTIVITIES
Receipts from equity issue and owner's capital contribution
Payment for share repurchases -90
Proceeds from borrowings 256,487 55,000 Up 366.3
Principal repayments -167,800 -57,000 Deterioration 194.4
Repayment of financial leases
Dividends paid profits distributed to owners -60,381 -43,297 Deterioration 39.5
Other receipts from financing activities
Other payments for financing activities
NET CASH FLOWS FROM FINANCING ACTIVITIES 28,307 -45,387 Recovery
Net cash flows during the period -77,102 12,853 Deterioration
Cash and cash equivalents at beginning of the period 155,737 142,884 Up 9.0
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period 78,635 155,737 Down 49.5

Peer Group Analysis & Ranking

Fig 41: Global Peer Group (all figures in USD): Key Financials
In its Global Peer Group of 9 companies TIP is ranked second by PV $1000 (1 yr), third by Net Profit, fifth by Relative Str. (6 mo),
MCap and eighth by Revenue, Total Assets.
Relati
PV
ve Revenu Total
Name (Code) MCap $1000 Net Profit
Str. (6 e Assets
(1 yr)
mo)
Rank of TIP 5 5 2 8 3 8
Tin Nghia Industrial Park Development JSC (TIP) 54 20.7M 1,149.2 9.3M 3.8M 34.9M
I. Kloukinas - I. Lappas SA Construction and Commercial (KLM) 27 21.6M 703.6 32.9M 69,175.4 86.8M
Gujarat Sidhee Cement (GSCLCEMENT) 60 21.5M 886.9 76.7M (776,789) 82.1M
Egyptian Tourah Portland Cement (TORA) 39 21.1M 393.2 110.9M (1.6M) 129.8M
Cematrix (CVX) 96 20.8M 2,310.0 16.2M (505,565.7) 21.6M
Eled Contracting and Real Estate Investment (UEGC) 65 20.3M 1,039.3 47.2M 8.4M 93.8M
General Engineering (GEL) 26 20.1M 456.4 2.7M (8.5M) 182.7M
Thai Wire Products (TWP) 63 18M 643.3 62.9M 571,984.6 55.8M
Paints and Chemical Industries (PACH) 22 17.2M 513.0 131.4M 8.4M 115.5M
Global Peer Group: Relative Value Indicators

TIP is ranked fourth by P/S and Turnover Rate.
Count % Disc
Turnover
Name (Code) ry Last Price P/S to 52-w
Rate (%)
Code Hi
Rank of TIP 4 4
Tin Nghia Industrial Park Development JSC (TIP) VN VND18,50 2.2 80.6 50.8
0.0
I. Kloukinas - I. Lappas SA Construction and Commercial (KLM) GR 49.50c 24.4 54.2
Gujarat Sidhee Cement (GSCLCEMENT) IN Rs18.50 0.3 17.6 28.2
Egyptian Tourah Portland Cement (TORA) EG LE4.64 41.2
Cematrix (CVX) CA 48.0c 1.3 14.7 18.6
Eled Contracting and Real Estate Investment (UEGC) EG 46.0 qirsh 112.0 28.1
General Engineering (GEL) TH 12.0 7.4 1,050.2
satang
Thai Wire Products (TWP) TH THB2.14 0.3 7.1 37.9
Paints and Chemical Industries (PACH) EG LE11.26 104.2 59.2

Fig 42: BuySellSignals Fundamentals Valuation Ranking: Tin Nghia

Industrial Park Development JSC vs Vietnam Market
Out of 591 stocks in the Vietnam Market, Tin Nghia Industrial Park Development JSC is ranked Thirtieth by EBITDA Margin, Ninety-
fifth by Discount to 52-Wk High, Ninety-sixth by ROA and 120th by Yield.
Vietna Lowest
TIP Rank Rank 1 Rank 2 Rank 3
m Avg Rank
EBITDA Margin 10.2 53.5 30 82.7 MH3 69.1 TMP 67.9 TVB (83.04)
HAG
Discount to 52-Wk High (%) 17.7 51.4 95 91.3 SPP 89.97 ROS 88.4 TTB 0.1 SAF
ROA (%) 2.5 11.3 96 37.7 NCT 34.5 DSN 32.1 NNC 0.001 UNI
Yield (%) 2.3 10.8 120 20 HAP 20 MAC 18.97 TCW 0.7 CLL
ROE (%) 12.3 17.8 146 51.8 D2D 51.4 HSI 48.4 VNA
Total Debt/Equity (the lower the 0.7x 0.2x 164 0.002x PVI 0.002x SGD 0.003x SPI 11.6x
better) VGP
Net Profit 226.5 89.1 B 222 18,513.9 B 11,940.8 B 10,581.2 B (2,308.4
billion VCB GAS VNM B) HNG
Price/Net Tangible Assets 1.7x 0.9x 352 0.1x ACM 0.1x ATG 0.1x NHP
Premium to 52-Wk Low (%) 26.4 37.04 471 0.3 TMC 1.4 CPC 1.4 SCD 346.1
VCX
Negative values are shown in brackets.
Fig 43: Market Share

Tin Nghia Industrial Park Development JSC vs Construction/Real Estate sector [Construction/Real Estate sector Total in Brackets]
Revenue of VND216.9 billion (US$9.3 million)[1.1% of aggregate sector revenue of VND19,563 billion; down from 1.1% in the
previous year.]
Net Profit of VND89.1 billion (US$3.8 million) [2.9% of aggregate sector net profit of VND2,873.3 billion; down from 3.6% in the
previous year.]

Fig 44: Global Rank [out of 47,368 stocks] and Rank of Tin Nghia
Industrial Park Development JSC in the Asia Region [out of 23,887
stocks]
Description Value Global Rank In Asia Region
MCap (US$) 20.7M 31,651 17,194
Total Assets (US$) 34.9M 31,223 17,789
Revenue (US$) 9.3M 31,858 19,200
Net Profit (US$) 3.8M 19,936 11,551
Return on Equity % 17.8 4,849 2,379
Net Profit Margin % 42.2 2,726 1,000
Price to Book 0.9 15,681 9,787
Yield % 10.7 1,803 656
PV1000 (1Year) USD* 1,149 6,959 3,260
US$* Change (1Year) % 8.3 8,941 4,422
* 1 year ago USD 1 = VND 23,255.81

May 11, 2020: USD 1 equals VND 23,255.81
Fig 45: Rank of Tin Nghia Industrial Park Development JSC in the Total
Vietnam Market [out of 855 stocks] and in the Construction/Real estate
sector [out of 16 stocks]
Description Value In Total Vietnam Market In Construction/Real estate sector
MCap (VND) 481B 295 8
Total Assets (VND) 812.5B 417 10
Revenue (VND) 216.9B 565 9
Net Profit (VND) 89.1B 218 7
Return on Equity % 17.8 142 3
Net Profit Margin % 42.2 53 3
Price to Book 0.9 524 14
Yield % 10.8 165 4
PV1000 (1Year) VND 1,149 204 5

Fig 46: Long-Term Fundamental Ranking: 4 out of 5 [5 is best]

Tin Nghia Industrial Park Development JSC is ranked number 8
out of 17 listed construction/real estate companies in the
Vietnam with a market capitalization of VND481 billion (US$20.7
million).
In the construction/real estate companies it has the 12th
highest total assets and 9th highest revenues.
Within its sector it has a relatively moderate Price/Sales of 2.2.
It has a strong relative ROE of 17.8% and ROA of 11.3%. The

company paid a dividend of VND1,500.0 in the last twelve
months. The dividend yield is high at 10.8%.
Stocks are scored on a set of parameters reflecting
fundamental analytical tools involving valuation, size and
financial performance. They are ranked according to the
average values of those parameters. The highest ranking is 5
and the lowest ranking is 1.
News Archives (Aug 2018 - Jan 2020)

Price Volume Dynamics (Past Year)
Fig 47: Dividends
December 30 2019 Tin Nghia Industrial Park Development JSC announces dividend
Tin Nghia Industrial Park Development JSC today announced a cash dividend of VND1,500.0 per share.
The ex dividend date is Monday, December 30 and the record date is Tuesday, December 31, 2019 and
it is payable on Tuesday, January 14, 2020.
December 19 2019 Record date for 1st cash dividend of 2019
On December 17, 2019 the Hochiminh Stock Exchange issued Announcement No.1494/TB-SGDHCM
about the record date of TIN NGHIA INDUSTRIAL PARK DEVELOPMENT JOINT STOCK COMPANY as follows:
May 03 2019 TIP: Second Payment of 2018 Cash Dividend
Vietnam Securities Depository (VSD) - Hochiminh Branch would like to announce the record date as
follows:
May 03 2019 Tin Nghia Industrial Park Development JSC announces dividend
Tin Nghia Industrial Park Development JSC today announced a cash dividend of VND500.0 per share. The
record date is Wednesday, May 15, 2019 and it is payable on Tuesday, May 28.
December 28 2018 TIP: First advance payment of 2018 cash dividend
Vietnam Securities Depository (VSD) - Hochiminh Branch would like to announce the record date as
follows: Issuser's name: Tin Nghia Industrial Park Development Joint Stock Company
December 25 2018 Tin Nghia Industrial Park Development JSC announces dividend
Tin Nghia Industrial Park Development JSC today announced a cash dividend of VND1,500.0 per share.
The record date is Friday, January 11, 2019 and it is payable on Thursday, January 24, 2019.

December 20 2018 TIP: BOD resolution on the first 2018 dividend payment
The Board resolution dated December 17, 2018, Tin Nghia Industrial Park Development Joint Stock
Company approved to pay first dividend for 2018 as follows:
- Exercise ratio: 15%
- Payment time: expected January 2019.
Fig 48: Meetings

April 01 2019 TIP: Holding AGM 2019
Tin Nghia Industrial Park Development Joint Stock Company announces the holding of Annual General
Meeting 2019 as follows:
March 04 2019 Tin Nghia Industrial Park Development JSC announces AGM
Tin Nghia Industrial Park Development JSC has announced its Annual General Meeting will take place on
Friday, April 12.
February 27 2019 TIP: Notice of the holding of Annual General Meeting 2019
Tin Nghia Industrial Park Development Joint Stock Company announces the holding of the 2019 Annual
General Meeting of Shareholders as follows:
Fig 49: Press Releases

January 08 TIP: TIP allowed to extend the submission of financial statements
On January 02, 2020, the State Securities Commission issued a document allowing Tin Nghia Industrial
Park Development Joint Stock Company to extend submission date of financial statements.
November 16 2019 TIP: Change of personnel
November 13 2019 TIP: Change of personnel
October 24 2019 TIP: Information on FS in Q3.2019 via the website
Tin Nghia Industrial Park Development Joint Stock Company announces the financial statements for the
third quarter of 2019 via the company's website: www.tinnghia.com.vn.
June 22 2019 TIP: Signing the audit contract
On June 18, 2019, Tin Nghia Industrial Park Development Joint Stock Company signed an audit services
agreement with AASC Auditing Com Ltd to audit its financial statements in 2019.
May 28 2019 TIP: Resolution on the reappointment Deputy CEO
The Board of Directors of Tin Nghia Industrial Park Development Joint Stock Company approved the
reappointment of Mr. Le Dinh Son as Deputy CEO in 03 years as May 26, 2019.
April 16 2019 TIP: Board approves to increase the capital of Phuoc Tan
The Board of Directors of Tin Nghia Industrial Park Development Joint Stock Company approved to
contribute VND70 billion to increase the charter capital of Phuoc Tan Trading and Construction Joint
Stock Company. The capital contribution will be executed in Quarter 2/2019.
August 16 2018 TIP: Resolution on the reappointment Chief Accountant
On August 14, 2018, The Board of Directors of Tin Nghia Industrial Park Development Joint Stock Company
approved the reappointment of Mr. Nguyen Quoc Hung as Chief Accountant in 03 years as from August
15, 2018.


INDEX (Click tab for direct access)

Section 1 Tin Nghia Industrial Park Development JSC (TIP) 1
Section 2 News In The Past Quarter 2
Fig 3: Financial News 2
Fig 4: Changes in Board (TTM) 2
Fig 5: Meetings 2
Section 3 Corporate Profile 3
Fig 6: Activities 3
Fig 7: Contact Details 3
Fig 8: Industry & Sector 3
Section 4 Bullish Signals 3
Momentum Up 24.6% Past Month 3
Fig 9: Rank in the top 25% by Price Performance in the Vietnam market 3
Uptrend 3
Undervaluation 4
Other Bullish Signals 4
Section 5 Ongoing Bullish Parameters 5
Fig 10: Rank in the top 20% by Size in the Vietnam market 5
Fig 11: Present Value of VND1000 Invested in the Past [3 Mo, 1 Yr]; The Best Periods with PVVND1000 > 1,127 5
Fig 12: The Best Periods [3 Mo, 1 Yr] with Price Change % > 4 5
Fig 13: MCap: 2-Year Increase of VND99 billion [USD4 million] 5
Fig 14: Created Market Value [CMV] past 2 yrs of VND34.3 billion (US$1.5 million) 6
Fig 15: Increased Volume, up 870% in 3 years 6
Fig 16: Increased VWAP, up 63% in 3 years 6
Fig 17: Increased share turnover, up 2,140% in 3 years 7
Fig 18: Growth > 68% for Revenue and Net Profit: 7
Fig 19: Revenue, EPS, and EBITDA: 7
Fig 20: Satisfies three criteria of Benjamin Graham 7
Fig 21: Rising Relative Strength 8
Section 6 Bearish Signals 9
Fig 22: Rank in the bottom 16% by Relative Valuation in the Vietnam market 9
Downtrend 9
Overvaluation 9
Overbought/Bearish Signals: 9
Section 7 Ongoing Bearish Parameters 10
Fig 23: Satisfies 3 out of 9 criteria of Joseph Piotroski [pass mark 5]: 10
Fig 24: Turnover Period Below Average 10
Fig 25: Global Rank [out of 47,367 stocks] 11
Section 8 Tin Nghia Industrial Park Development JSC Board of Directors 11
Fig 26: Board and Management 11
Fig 27: Profiles 11
Quach Van Duc (Chairman & Director) 11
Do Thu Ha (Director) 12
Nguyen Van Lieu (Director) 12

Le Huu Tinh (Director) 12

Duong Thi Minh Hong (Non-Executive Director) 12
Pham Hoa Cuong (Non-Executive Director) 12
Dang Ngoc Giau (Non-Executive Director) 12
Section 9 Tax & Dividend 13
Fig 28: Average Income Tax Paid (Past 4 Years) 13
Fig 29: Dividend History 13
Section 10 Financials Q4 2019, FY 2019 14
Fig 30: Quarterly Report (Q4/2019): Key Parameters 14
Fig 31: Financial Results as reported (Q4/2019) 14
Fig 32: INCOME STATEMENT AS REPORTED (Q4/2019) 15
Fig 33: BALANCE SHEET AS REPORTED (Q4/2019) 16
Fig 34: CASH FLOW AS REPORTED (Q4/2019) 19
Fig 35: Annual Report (FY 2019): Key Parameters 21
Fig 36: Year-on-year comparison of Performance Ratios [FY2019 vs FY2018] 22
Fig 37: Financial Results as reported (FY 2019) 23
Fig 38: INCOME STATEMENT AS REPORTED (FY 2019) 23
Fig 39: BALANCE SHEET AS REPORTED (FY 2019) 24
Fig 40: CASH FLOW AS REPORTED (FY 2019) 27
Section 11 Peer Group Analysis & Ranking 29
Fig 41: Global Peer Group (all figures in USD): Key Financials 29
Global Peer Group: Relative Value Indicators 29
Fig 42: BuySellSignals Fundamentals Valuation Ranking: Tin Nghia Industrial Park Development JSC vs Vietnam
Market 30
Fig 43: Market Share 30
Fig 44: Global Rank [out of 47,368 stocks] and Rank of Tin Nghia Industrial Park Development JSC in the Asia
Region [out of 23,887 stocks] 31
Fig 45: Rank of Tin Nghia Industrial Park Development JSC in the Total Vietnam Market [out of 855 stocks] and in
the Construction/Real estate sector [out of 16 stocks] 31
Fig 46: Long-Term Fundamental Ranking: 4 out of 5 [5 is best] 32
Section 12 News Archives (Aug 2018 - Jan 2020) 32
Price Volume Dynamics (Past Year) 32
Fig 47: Dividends 32
Fig 48: Meetings 33
Fig 49: Press Releases 33

Glossary
Capital Gain/Loss from n Years Ago to n-1 Years Ago: Relative Strength (n-th Period) (Fig 21, 25):
Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) Price close today/Price close 'n' periods ago, then ranked by
Cash/MCap: percentile within the entire market.
Cash plus Liquids/Market Capitalisation (times) Return on Assets (Fig 36):
Current Ratio (Fig 36): Net Profit/Total Assets (%)
Current Assets/Current Liabiliites (times) Return on Equity (Shareholders' Funds) (Fig 25, 36, 44, 45):
Dividend Yield (Fig 0, 9): Net Profit/Net Assets (%)
Dividend Per Share/Share Price (%) TTM (Fig 4):
Income during the n years (3/2/1) (Fig 29): Trailing 12 Months
Dividends received during the Period Turnover Period (Fig 24):
Moving Average Price (n periods) (Fig 9): Time Period required for trading all Outstanding Shares
Sum of Prices for each Period/Number of Periods Turnover Rate (Fig 24):
PCP (Fig 30): Vietnamese Dong value of annual trading volume as a percentage of
Previous Corresponding Period market capitalisation
PVVND1000 (Fig 44, 45, 11): Volatility:
Present value of VND1000 invested 1 year/'n' years ago Highest Price minus Lowest Price/Lowest Price (%)
Price Close/Moving Avg Price (Fig 9): Volume Index (VI):
Latest Price/Moving Average Price Number of shares traded in the period/Average number of shares
Price/NTA (Fig 25, 44, 45): traded for the period
Closing Share Price/Net Tangible Assets Per Share (times) Volume Weighted Average Price (VWAP) (Fig 16):
Price/Sales: The Volume Weighted Average Price (VWAP) is the summation of
Share Price/Sales Per Share (times) turnover divided by total volume in the same period.
Momentum Up Price increase fuelled by above average Volume
Weak Momentum Up Price increase on below average Volume
Momentum Down Price decrease fuelled by above average Volume
Weak Momentum Down Price decrease on below average Volume
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TIP Stock Analysis

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TIP Stock Analysis

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Research Report: TIP

Includes Q4/2019 Financials

Tin Nghia Industrial Park Development JSC

Tin Nghia Industrial Park Development JSC, Vietnam's 8th

Ongoing Bullish Parameters 5

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www.BuySellSignals.com Index and Glossary at end of this Report.

News In The Past Quarter

Quarterly Report (Q4/2019):

Fig 4: Changes in Board (TTM)

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Fig 7: Contact Details

Fig 8: Industry & Sector

The Best 3 weeks in the past quarter:

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Dividend Yield of 10.8% > Index avg of 2.1%:

Other Bullish Signals

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Ongoing Bullish Parameters

Fig 13: MCap: 2-Year Increase of VND99 billion [USD4 million]

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Fig 15: Increased Volume, up 870% in 3 years

Fig 16: Increased VWAP, up 63% in 3 years

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Fig 17: Increased share turnover, up 2,140% in 3 years

Fig 19: Revenue, EPS, and EBITDA:

Fig 20: Satisfies three criteria of Benjamin Graham

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Fig 21: Rising Relative Strength

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Trailing Relative Strength (6 months) at 34 percentile:

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Ongoing Bearish Parameters

Fig 24: Turnover Period Below Average

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Fig 25: Global Rank [out of 47,367 stocks]

Tin Nghia Industrial Park Development JSC Board of Directors

Fig 27: Profiles

Quach Van Duc (Chairman & Director)

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Nguyen Van Lieu (Director)

Le Huu Tinh (Director)

Duong Thi Minh Hong (Non-Executive Director)

Pham Hoa Cuong (Non-Executive Director)

Dang Ngoc Giau (Non-Executive Director)

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Tax & Dividend

Fig 29: Dividend History

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Financials Q4 2019, FY 2019

Quarter-ended 31 Dec [Q4/2019] 30 Sep [Q3/2019] 31 Mar [Q1/2019]

Currency Conversion (December 31, 2019): $US1 = VND23150.82

Fig 31: Financial Results as reported (Q4/2019)

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Fig 32: INCOME STATEMENT AS REPORTED (Q4/2019)

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Fig 33: BALANCE SHEET AS REPORTED (Q4/2019)

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Other long-term receivables 21,825

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Payable to employees 923

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Fund to support corporate restructuring