BIDV SECURITIES JSC

10th Floor, Building A, Vincom

Tower

191 BA TRIEU, HA NOI

T: 04. 222 00 672

F: 04. 222 00 669

W: www.bsc.com.vn

INTRODUCTION OF INVESTMENT OPPORTUNITY

HA GIANG MINERAL MECHANICS JSC

 Owning proprietary right of large open-cast mine reserves of Antimony ore, HGM is the only
significant producer of Antimony in Vietnam. Rich resources and the ongoing positive
movement of Antimony price are the key to HGM’s impressive earnings, and promise good
propects for the Company in the coming years.

 Supply is still showing signs of being tightened on concern Chinese authorities may establish
strategic reserves of rare metals, a move which reflects the country’s growing concern over
scarce resources. This, as a consequence, keeps Antimony price continually extend records,
and currently surpassing USD12,000 per ton, an 80% increase compared to the same time
period last year.

 Strong financial health with abundant cash allows the Company to self-finance its production
expansion with internal capital, without resort to external borrowings, and maintain a stable
and high cash dividend payout policy.

 Forward revenue for 2010 is estimated at nearly VND 100 billion, which almost doubles that of
2009; forward EPS at VND 10,000, roughly 2.5 times as high as that of 2009.
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EXECUTIVE SUMMARY

COMPANY NAME
Generals
 Vietnamese name: CTCP Cơ khí và Khoáng sản Hà Giang
Shares (millions) 6.0
 English name: Ha Giang Mineral Mechanics JSC
Market cap (VND b) 540
 Abbreviation: HGM
Book value (VND b) 112
Foreign ownership (%) 0%
Adjusted EPS _TTM (VND) 8,510 BASIC INFORMATION
Trading Summary
 Address: No.390 Nguyen Trai Road, Ha Giang Town, Ha Giang
Price (VND) 90.0
Province
10 day average volume (share) 1,200
52-week low (VND) 52.3  Tel: +84 (219) 386-6708 - Fax: +84 (219) 386-7068
52-week high (VND) 121.4  Website: http://www.hgm.vn
+/- 7 day change 5.8%
 Charter capital: VND 60 billion
+/- 1 month change 4.7%
Dividend yield (%) 15%  Major business: Exploring, mining, processing and exporting
Fundamentals 2008 2009 9T.10 minerals
Net Revenue (VND b) 56 52 68
% y-o-y growth -26% -8%
Total Asset (VND b) 113 106 129 PRODUCT
Owner’s Equity (VNDb) 73 87 112
Core product is metallic Antimony with A-H brandname (A-H stands
CharterCapital (VND b) 10 60 60 for Antimony-Ha Giang)
Average Float (shares) 3
Earnings (VND b) 26 23 40
% y-o-y growth -37% -10% INDUSTRY POSITION
Basic EPS (VND) 6,867
Diluted EPS (VND) 25,524 3,833 4
 HGM is the leading Antimony manufacturer in Vietnam. With
BVPS (VND) 0 14,436 18,677 99.95% Antimony content, HGM product meets the most rigorous
Key ratios 2008 2009 9T.10 criteria by Japan and EU markets.
Financial leverage
Debt/Equity 0.0 0.0 0.0
Total Asset/Equity 1.6 1.2 1.2
Asset structure PRODUCTION PROCESS
Current Asset/Total Asset 0.9 0.2 0.1
Long-term Asset/Total Asset
 Mining  Prequalification  Volatization roasting into oxide
0.1 0.8 0.9
Liquidity
powder  Refining  Antimony metal.
Quick ratio 2.4 4.6 6.8
Current ratio 2.6 5.1 7.2
Operating performance TAXES LEVIED ON HGM ANTIMONY PRODUCT
day)
Days in receivables 190 229 129
Days in payables 89 119 69
Days in inventory 78 66 39
Taxes Tax rate
Profitability (%) Resource tax 7%
Gross profit margin 43% 44% 62%
ROS 45% 44% 58% Export Tariff 5%
ROE 35% 27% 35% Corporate income tax 10%
ROA 23% 22% 31%
Valuation ratios 2008 2009 2010E
Average P/E 9.9 9.2
End-of-period P/E 9.9 9.2
Sector P/E (end-of-period) 17.3
P/B (end-of-period) 4.5
Sector P/B 3.1

Phạm Xuân Anh, Head of Corporate Research Phạm Minh Lan, Equity Research Analyst
Email: pxuananh@bsc.com.vn Email: lanpm@bsc.com.vn

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1. WORLD ANTIMONY SUPPLY-DEMAND ANALYSIS

1.1. DEMAND

- Brief description: Antimony ore is a non-renewable mineral. Often

APPLICATION OF PRIMARY called a metal, Antimony is in fact a metalloid with mixed metallic and
ANTIMONY nonmetallic characteristics. Unlike metals, Antimony is not malleable
but brittle and hard and can be crushed into powder. Compared to
metals, it is a poor conductor of electricity and heat. Therefore,
Antimony has little use as a metal but instead acts as a component in
Others many lead- and tin-based alloys to which it lends its strength and
20% Flame hardness.
retarda - Application and consumption: Antimony is used in three popular
Batterie nts forms which are Antimony trioxide, Antimonial lead alloys, and Sodium
s and 60%
Antimonade.
alloys
20% No. Form Major application Major industry
1 Antimon Flame retardants Electricity and electronic
trioxide equipment
Plastics
Source: Roskill Information Services Construction
Wires and Cables
2 Antimonial Batteries Transportation and
lead alloys Communication
3 Sodium - Clarification of Ceramics and glass
antimonite specialty glasses
- Pigments

Amongst many application, Antimony is used most widely in the

production of flame retardants. Recent statistics show that flame
retardants account for 60% of primary antimony demand and 90% of
the demand for Antimony trioxide. More stringent flammability
standards and safety legislation, together with increased demand for
plastics and IT-related products, will result in higher demand for flame
retardants. Demand for flame retardants in the U.S market alone is
estimated to grow at 2.7% per year.
The major industries where Antimony finds most of its application are
the basic industries in the economy, namely construction, electricity
and electronic equipment, transportation and communication, etc. The
sustainable growth of these industries is expected to bolster Antimony
demand.
1.2. SUPPLY

Reserve Reserve base According to statistics of U.S.Geological Survey in 2009, world

Country Tons % Tons % Antimony reserve base is more than 4.3 million metric tons, heavily
World 2,114,000 100% 4,310,000 100% concentrated in China (56%), Thailand (10%), Russia (9%), Bolivia
China 790,000 37% 2,400,000 56%
(7%) and South Africa (5%).
Thailand 420,000 20% 450,000 10%
Russia 350,000 17% 370,000 9% China tops in both reserve and reserve base, leaving the rest of the
Bolivia 310,000 15% 320,000 7% world far behind. It is also the world leading producer of Antimony with
South Africa 44,000 2% 200,000 5%
average annual output making up 88% of the world total,
Tajikistan 50,000 2% 150,000 3%
U.S 80,000 4% 90,000 2% outperforming the other countries such as South Africa (3%), Russia
Others 70,000 3% 330,000 8% (2%), and Bolivia (2%).
Source: U.S.Geological Survey Therefore, China dominates the world Antimony industry. Changes
in China’s production and regulation directly affect Antimony price.

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Annual Output (tons)

Country 2001 2002 2003 2004 2005 2006 2007 2008 Average %
World 151,000 147,800 81,600 113,100 137,400 134,040 169,400 196,800 141,393 100%
China 135,000 130,000 70,000 100,000 120,000 110,000 150,000 180,000 124,375 88%
South Africa 3,900 5,800 5,300 5,300 3,000 6,000 4,400 2,800 4,563 3%
Bolivia 2,000 2,000 2,300 3,000 3,100 6,600 5,500 3,500 3,500 2%
Russia 4,500 5,000 1,000 3,500 3,500 3,500 3,500 2%
Tajikistan 2,500 3,000 1,800 2,000 5,000 2,000 2,000 2,000 2,538 2%
Thailand 2,000 940 1,470 1%
Others 3,100 2,000 2,200 2,800 3,300 5,000 4,000 5,000 3,425 2%
Source: U.S.Geological Survey
- Subjective factor causing Antimony price to rise is China’s policy to
curb production: China has set a plan to establish strategic reserves
of 10 rare metals including Antimony on concern that reserves of
precious metals will soon run out and and that overwhelming mining
activities is causing severe consequences to the environment. The
country is taking bold actions to curb mining and production.
 Production capping using quotas: China limits Antimony
production output for the year 2010 at 100,000 tons, a reduction
of 44% compared to that in 2008 (most recent year with
statistics available), and 20% compare to the decade average.
Antimony production will serve mainly domestic demand rather
than for exporting to the world.
 Shutting production facilities down: China closed about 100
Antimony smelters based in Lengshuijiang City, Huna Province
in March 2010 in an uncompromising action to stop illegal mines
and curb production. The city has been a major source of over a
hundred years with output accounting for about 80% of China’s
and 60% of the world’s total output. Therefore, this action has
effectively cut down on Antimony supply and triggered the
extension of record prices
- Objective factors: Severe drought, flooding and prolonged heavy
st nd
rainfall in the south of China in 1 and 2 Quarter 2010 have
interrupted the exploitation and transportation of mining products,
forcing Antimony producers to scale back production.

1.3. PRICE TREND

ANTIMONY PRICE MOVEMENT As a consequence of both subjective and objective factors

2010 mentioned above, Antimony supply has been tight for most
14,000 of this year. The fact that supply is drying up, while
12,000 downstream consumption, bolstered by major industry of
10,000 the economy, remains robust keeps the price soaring.
USD/ton

8,000
6,000 Supposed the price remains at around USD12,000 per ton
4,000 in December, the 2010 price will average at above USD
2,000 9,000 per ton, to our estimate, the 2011 price is expected
- grow at no less than 20% that of 2010 average.
Mar

Nov
Oct
Apr

Jun
Jan

Aug
Jul
May

Dec
Feb

Sep

Source: Bloomberg

2. MINE INFORMATION

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2.1. MAU DUE ANTIMONY MINE RESERVE

- Ore Body II:

 Mining License No.3910/QĐ/ĐCKS by Ministry of Industry dated 27/12/1996
 Reserve: 371,818 tons of ore
 Estimated output: 36,000 tons of 99.5% content Antimony metal.
 Licensed mining period: 30 years
 Mining started in: December 2002
 Licensed mining capacity: 10,500 tons of ore per annum
 Current mining capacity: 60-70% licensed capacity
- Ore bodies I and III: are the area in the management of HGM so it is at the
Company’s discretion to decide when to explore without having to seek permission.
The reserve of the two bodies is unofficially estimated to equal that of body II.
HGM owns mining proprietary of the largest Antimony mine in Vietnam. The total
reserve of the three bodies suffices long lasting mining activity.

2.2. BO MOI-THAM TIENG ANTIMONY MINE RESERVE

 Bo Moi – Tham Tieng reserve exploration project: as per Planning of Prime

Minister, Bo Moi area is in Mau Due Industrial Zone.
 Exploration license No.1033/GP-BTNMT by Ministry of Resource and
Environment dated 11/06/2010.
 Exploration area: 257 hectares
 Exploration period: 24 months
 Exploration expenditure estimate: VND 27 billion
The exploration of Bo Moi mine, which is in progress, lays the precondition for
HGM to supplement total reserve and expand mining and production activities.
3. RISKS
a. Input-related factors
- Weather: is the main threat to the operation of HGM, as heavy and prolonged
rainfall can interrupt mining activity. In fact, mining output often plunges in rainy
season (normally from July to September)
- Fuel supply: The major thermal power fuel in the production of Antimony is
Chinese-origin coking coal, which may be subject to natural resource export
restriction policy of China.
However, the Company has sucessfully tested the use of the domestic antrasit coal
and therefore can substitute antrasit for coking coal in its operation in the future.
Therefore, this risk is not substantial in medium and long term.
b. Output-related factors
- Price risk: The determinant of HGM’s revenue and profit is Antimony price.
Unfavorable movement of Antimony price poses a downside risk to the Company’s
business performance.
- Policy risk: as a processed product, HGM Antimony is not subject to export
restriction applied on raw minerals. The export tariff levied on HGM product is only
st
5% from 1 January 2010. However, as a non-renewable, there is still a likelihood
that the Government will impose restriction on Antimon to preserve the
environment and stop precious minerals from flowing out of the country.

4. BUSINESS OPERATION ANALYSIS

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4.1. REVENUE ANALYSIS

4.1.1 Antimony price:

 World price uptrend: as mentioned above, affected by supply-tightening action
and policy of China, Antimony price is moving in an uptrend. This trend benefits all
price-taking producers, including HGM.
 Traditional customer base: Products of HGM are consumed by Japanese
customers with whom the Company has developed a long lasting relationship. The
trust in product quality together with delivery time the Company has built allows the
Company to negotiate a premium over reference price in favourable periods of
time.
 Favourable exchange movement: HGM specifies its contract price in USD, but
receives payment in VND at Vietcombank exchange rate. The falling trend of VND
against USD generates a gain from exchange rate difference.
4.2.2 Output quantity: HGM’s operation is highly stable in terms of productivity and
quality.
 Reserves: Mining operation is currently concentrated at Mau Due Body II to
leverage on the mine’s rich reserve and advantageous mining condition. The
remained reserve of the body is estimated to afford over-30-year-period operation
at the licensed capacity and 50-year-period operation at the current mining
capacity.
Besides, ore bodies I and III, which are also in the proprietorship of HGM, are
expected to have similar ore reserve to the body II. In addition, Bo Moi mine will
add to the total reserve of HGM on completion of the exploration process.
The huge reserve of ore in Mau Due’s three ore bodies and Bo Moi mine ensure
the supply of ore for HGM’s operation in many decades to come.
 Capacity:
Mining capacity: Mining capacity per license is 10,500 tons of ore per year.
However, to stabilise mining output rather than to push it up, HGM is currently
operating at 60%-70% of licensed capacity, so there is still room to raise
capacity.
Processing capacity: Designed capacity of the processing factory is 1000 tons
of metallic HGM per year, equivalent to an input quantity of 10,500 tons of ore.
The current mining output requires the factory to operate at only 60%-70% of its
designed capacity.
 Seasonality: Being heavily affected by weather is one of the characteristics of
mining industry. Output often plunges in rainy season as rainfall can interrupt
mining activity. This is also the case for the operation of HGM. However, with
sufficient inventories stockpile in dry season, the Company is still able to maintain
export output, thereby reducing the effect of seasonality.
The weather is quite favourable in 2010 with less rain in the third quarter, therefore
HGM’s operation is hardly affected. Revenue and earnings saw no negative
seasonality effect as in previous years.
 No export restriction: HGM’s Antimony product is not subject to export restriction
applied on raw minerals because it has been processed and refined to 99.5%
content.

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4.2. COGS ANALYSIS

HGM’s Antimony COGS averages around USD 3,000 per ton and is expected
to remain stable in the years to come.
In typical mining companies, license application expense and exploration expense
will be capitalised on sucessful completion of the exploration process and then
periodically expensed into cost. However, in the case of HGM, these expense,
which is often a significant part of cost, has been expensed mostly when the
Company is still state-owned. Therefore, when restructured into the current
corporation form, little cost remains to allocate, resulting in a low COGS.
This low COGS effects a high gross margin for HGM, even amids economic
downturn as in 2008 and 2009. In the period of economic growth, COGS accounts
for only 38% of revenue, leaving gross margin as high as 62%.

ANTIMONY COGS BREAKDOWN

COGS AS PERCENTAGE OF
REVENUE
Others
COGS Gross profit 5%
Service
expense
19%
45% 48%
62% 62% Depreciat Raw
ion materials
3% Cost of and fuels
55% 52% labour 53%
38% 38%
20%

2007 2008 2009 9M.2010

5. FINANCIAL ANALYSIS

5.1. CROSS-SECTOR ANALYSIS

Scale Comparison
5.1.1. Scale comparison
Unit: VND b illion HGM MMC BMC KSS HGM is of small and medium scale compared to other peer
Revenue 52.1 24.8 87.3 190.8 companies, in terms of revenue, total assets, equity, and maket
Total assets 106.1 37.7 151.9 428.1 capitalisation.
Equity 86.6 22.6 120.2 149.2
Regarding total asset scale, it should be noted that the most
Market cap 540.0 66.4 223.1 604.8
Source: BSC valuable resource of mining companies is their proprietary right
to mine reserves granted by the Authority and this is not
reflected in book value. Therefore the balance sheet, which
accounts mostly the value of PP&E, reflects only a part of the
value of the resources of mining companies.
5.1.2. Financials
- Financial health: Metallic minerals companies in general have
strong financial health, with low debt ratio, of which HGM is the
typical case using no debt to leverage its operation. While this
no-borrowings status prevents HGM from taking advantage of
tax shield, it benefits the Company in two more important
caveats: Firstly, it shelters the Company from interest risk and
burden in times when interest is tense as recently. Secondly, the
Company saves it borrowing capacity for financial needs in the
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future. Capital structure theories imply that, all else being equal,
Financials comparison
HGM MMC BMC KSS the higher debt a company resort to, the higher their financial
Asset utilisation (LFY) risk is, and the harder it is for them to obtain more financing.
ROE 26.6% 16.0% 18.0%
- 20.3% Profitability: HGM is able to maintain impressive profit margin,
ROA 21.7% 9.6% 14.2% 7.1% even in turmoil period during 2008 and 2009, thanks to low
ROIC 26.6% 16.0% 16.5% 14.2%
COGS and stable financial revenue from deposit savings interest
Sales/Asset 0.49 0.66 0.57 0.45
Profitability (LFY) income. In 2010, supported by the rebouncing Antimony price,
Gross margin 44.2% 37.4% 40.8% 26.7% average profit margin in the first nine months of the Company
Operating Margin 46.8% 15.9% 29.3% 19.2% has topped above 55%.
Net margin 44.1% 14.6% 24.8% 15.9%
- Asset utilisation: HGM have been outperforming its peers in
Financial leverage (LFY)
terms of capital utilization indicated by ROE, ROA and ROIC.
Asset/Equity 1.22 1.67 1.26 2.87
Source: BSC

25.0%
30.0%
20.0% 25.0%
15.0% 20.0%
15.0%
10.0%
10.0%
5.0%
5.0%
0.0% 0.0%
HGM TCS NBC THT TDN HGM MMC BMC KSS BKC

5.2. ROE ANALYSIS

Dupont Q1/2010 Q2/2010 Q3/2010 TTM

Tax incentive: Operated in a remote area, HGM is entitled an
Tax burden 94.2% 92.3% 93.9% 92.7% as low as 10% corporate tax rate, as opposed to the normal rate
Interest burden 100% 100% 100% 100% of 25%; moreover the Company is entitled a 50% tax reduction
EBIT margin 43.3% 63.3% 60.6% 53.4% within 10 years from 2008, lowering its effective tax rate to only
Asset turnover 0.1 0.2 0.2 0.8
5%.
Financial leverage 1.3 1.2 1.2 1.2
ROA 5.9% 15.0% 13.0% 44.5% No interest burden: HGM’s steady cash flow from operation
ROE 7.6% 17.8% 14.9% 53.3% allows it to self-finance production expansion projects without
Net margin (ROS) 43.3% 63.3% 60.6% 53.4% having to resort to external borrowings. Therefore the Company
Source: BSC
bears no interest burden. In recent years, interest burden ratio
remains zero.
High profit margin: Profit margin accelerated to above 63.3% in
Quarter 2 and 3 on record Antimony prices, and TTM averaged
over 53%. Analysis of the business model of HGM indicates that
it is the stable and rather low cost of goods sold that explains the
high margin of the Company over the years.
High asset turnover: Asset turnover leveled at 0.2 times during
most recent four quarters, accumulated to a TTM rate as high as
0.8.
The above factors are key drivers of HGM’s high profitability.
The sustainability of these factors will support the long term
prospect of the Company.

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6. OPERATING PERFORMANCE FORECAST – QUARTER 4 and FY2010

The dry weather in the fourth quarter is advantageous for the mining and transportation
of minerals. Therefore mining and export output quantity often surges in this quarter.
This advantage, supported by the positive movement of Antimony price, currently
breaking over USD 12,000 per ton, make it feasible for revenue to reach VND 30 billion
and net earnings to top VND 19 billion in the last quarter. 2010 revenue is estimated at
nearly VND 100 billion, net earnings at nearly VND 60 billion, and EPS at nearly VND
10,000.

Operating result forecast - Q4 and FY2010

VND billion Q1/2010 Q2/2010 Q3/2010 Q4/2010-F 2010-F %Revenue

Revenue 14.1 26.7 27.6 30.7 99.1 100%

COGS (7.6) (8.9) (9.3) (10.2) (35.9) -36%
Gross profit 6.6 17.9 18.3 20.4 63.2 64%
Earnings before tax 6.5 18.4 17.8 20.4 63.1 64%
Net earnings 6.1 16.9 16.7 19.0 58.8 59%
EPS (VND) 1,020.4 2,823.1 2,786.2 3,171.8 9,801.5
Source: BSC

7. VALUATION

To derive HGM value in different investment time horizon, we use P/E method and
FCFE model.
7.1. P/E Valuation
- P/E method is suitable for assessing investment opportunity in short-term horizon.
- Fair value: At the time of the report, average P/E of metallic minerals mining sector is
9.9 times. Given EPS forward for 2010 of VND9,801.5, the market value of HGM is
VND 97,000 per share.
7.2. FCFE model
- FCFE model is suitable to evaluate an investment opportunity in long-term horizon.
- Assumptions:
 Remained reserves: as the information from the Company, the total reserve of Mau
Due Ore Body II is approximately 36,000 tons’ worth of Antimony metal. The
Company started its operation on industrial scale from 2002 with average output of
600-700 tons of Antimony metal per year. Therefore, in our estimate, the remained
reserve of Body II is around 30,000 tons at the beginning of 2011. The reserves of
Body I and III are estimated to be roughly the same as Body II’s. With these
assumptions, the total reserve of Mau Due mine reserve is 102,000 tons’ worth of
Antimony metal.
Beside Mau Due, HGM has obtained the exploration license and is almost certain
to get the exploitation license of Bo Moi mine reserve. However, since the
exploration is still underway, and reliable estimate of the reserve is not available at
the time of the report so we do not take this mine into account in valuation.
 Annual output: As per 2010-2015 period plan of People Committee of Ha Giang,
the Company is planned to raise its production capacity to 2000 tons’ worth of
Antimony metal. We project the capacity lifting progress will lag for two years, so
from 2017 afterwards, annual output will be 2000 tons.
 Profit margin of the business is heavily concentrated at around 50% so we adopt
this ratio to derive net income from revenues.
- Fair value: HGM is valued at VND 157,000 per share.

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The valuation result does not take into account the value of:

 Bo Moi mine reserve, because exploration result and reliable reserve forecast are
not available at the time of the report;
 Ha Van lead and zinc factory, because the value of the factory has yet to be
appraised. In addition, at the moment the Company temporarily suspends mining
activities at lead and zinc mines to consider post-partnership contract strategy for
Ha Van factory

8. INVESTMENT RECOMMENDATION

The investment recommendation is summarised as below:

Time horizon Target price Current price Expected rate of Recommendation
(VND) range (VND) return

Short term 97,000 <5% Not invest

90,000
Long term 157,000 >70% Buy and hold
HGM is not suitable for short-term investment. However, the current price range is an
opportunity for long-term investment, with a target price of VND 157,000.

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BIDV SECURITIES COMPANY (BSC)

BSC Head Office BSC HCMC Branch
th th
10 Floor –Vincom Tower A 9 Floor – 146 Nguyen Cong Tru
191 Ba Trieu Str. – Hai Ba Trung Dist. – Hanoi District 1, Ho Chi Minh city
Tel: 84 4 22200668 Tel: 84 8 3 8128885
Fax: 84 4 22200669 Fax: 84 8 3 8128510
Website: www.bsc.com.vn

BSC Nam Ky Khoi Nghia Transaction Office Hàng Tre Transaction Office
12-14 Nam Ky Khoi Nghia 20 Hang Tre Str. - Hoan Kiem Dist. - Hanoi
District 1, Ho Chi Minh city Tel: 3 9261278, 3 9261276
Tel: 84 8 8214803 Fax: 3 9261279
Fax: 84 8 8214804

Corporate Research Group

Bui Nguyet Anh Vu Phuong Nga Đinh The Phuc

Tran Thang Long Tran Kim Oanh Pham Thi Thu Hang
Nguyen Thanh Hoa Pham Minh Lan Le The Linh
Hoang Minh Thai Tran Thi Bich Nhung

Head of Corporate Research

Pham Xuan Anh

Disclaimer: The information, statements, forecasts and projections contained herein, including any expression of
opinion, are based upon sources believed to be reliable but their accuracy completeness or correctness are not
guaranteed. Expressions of opinion herein were arrived at after due and careful consideration and they were based
upon the best information then known to us, and in our opinion are fair and reasonable in the circumstances prevailing
at the time. Expressions of opinion contained herein are subject to change without notice. This document is not, and
should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. BSC and other
companies in the BSC and/or their officers, directors and employees may have positions and may affect transactions
in securities of companies mentioned herein and may also perform or seek to perform investment banking services for
these companies. This document is for private circulation only and is not for publication in the press or elsewhere.
BSC accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or its
content. The use of any information, statements forecasts and projections contained herein shall be at the sole
discretion and risk of the user.

Conflict of interests: BSC may trade on its own account using the recommendation in this research and may also
engage in securities transactions in a manner inconsistent with opinions expressed therein.

Copyright of BIDV Securities Company (BSC), 2009.

BIDV Securities Company (BSC)

No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii) redistributed
without the prior written consent of BIDV Securities Company (BSC).

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