EDTITED FILE

[Anna Tran]

Hi Mr.Viet,

This is our last updated report. We hope that this is a better one though maybe there are still some mistakes that we don't realize.
Looking forward to receiving your reply.
Have a nice day!

Best regards,

Trần Đặng Phương Oanh

Finance and Banking Faculty

University of Economics and Law

Ho Chi Minh National University
Tel: 0987049325
Skype: fangying_chen

Yahoo: pink_teen_rain_921

Email: phuongoa...@gmail.com
oanhtd...@st.uel.edu.vn
pink_teen...@yahoo.com
Facebook: http://www.facebook.com/fangyingchen129

[Anna Tran]

---------- Forwarded message ----------
From: Chu Hoang Viet <hvie...@yahoo.com>
Date: Fri, Oct 26, 2012 at 12:48 AM
Subject: Re: EDTITED FILE
To: Anna Tran <phuongoa...@gmail.com>, Chu-Hoang Viet <chu-hoa...@db.com>, nguyễn đình nghĩa <dinhng...@gmail.com>
Cc: "Hoàng Thọ Phú K.TCNH" <ph...@uel.edu.vn>, "min...@uel.edu.vn" <min...@uel.edu.vn>

Hi team,

Well, I see some improvements but there are still a lot of works. Please find below my comments

1. Writing

- Where is the DHG's stock analysis part?

- Please try to write simple. I see some sentences with 3 - 4 lines.

- I need more comparisons (domestic, foreign, regional players)

- Please add more charts.

- The financial analysis must be rewritten. You should focus on the margins, ratios, cash flow, capex ... and analyze, explain if there is any unusual number. Are the DHG's profit margins getting lower?

- The part of corporate governance, management team, shareholders' structure must be rewritten.

- Others will be discussed tomorrow.

- I think you all should reread the example reports in 2011 and 2010 to learn how winning teams structured their thesis. I attach here the report of the Technologies University team last year. Their analysis in milk sub sectors and Vinamilk's corporate governance were quiet good.

2. Excel

- Ratios sheet must be rebuilt. You miss a lot of ratios (current, quick, receivable, inventory, ...)

- Your forecast of revenue growth is wrong. The total capacity is 121% in 2016.

- We need at least 3 scenarios.

- Numbers' format must be consistent (formula: black color, plug in: blue color ...). The P/L sheet is a terrible example. You can see the COGS numbers with negative and positive values.

- ALL ASSUMPTIONS must be put in 1 sheet.

- Where is the comparables sheet?

- Could you have the quarterly financial report?

Viet

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From: Anna Tran <phuongoa...@gmail.com>
To: Chu Hoang Viet <hvie...@yahoo.com>; Chu-Hoang Viet <chu-hoa...@db.com>
Cc: cfa_u...@googlegroups.com; Hoàng Thọ Phú K.TCNH <ph...@uel.edu.vn>; min...@uel.edu.vn
Sent: Wednesday, October 24, 2012 7:31 AM
Subject: EDTITED FILE

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