2012 KPMG 决赛PPT

StrategicAnalysisofHoChiMinhCitySecuritiesCorporationBreaktheUnknownF(x)TheEvolvingExternalEnvironmentDomesticCompetitionSituationInternalStateAnalysisSuggestionsTheEvolvingExternalEnvironmentTheEvolvingExternalEnvironmentTheEvolvingExternalEnvironmentTransitiontobuyer’smarketIncreaseinDemandforDirectFinancingInnovationinFinancialProductsandInstrumentsShiftoftheRoleofSecuritiesCompaniesTransitiontobuyer’smarket90%92%94%96%98%100%200620072008200920102011Investors'StructureIndividualInvestorInstitutionalInvestor8000150002500060000160000330000050000100000150000200000250000300000350000Mid-2002Mid-2003End-2005Mid-2006End-2007End-2008Totalnumberofaccounts91.49257624221623327524456702350100002000030000400005000060000700008000020002001200220032004200520062007Totaltradingamount(BillionD)ChinaVietnamExternalEnvironmentIncreaseinDemandforDirectFinancing3.411.953.946.688.188.197.278.2421.690510152025200020012002200320042005200620072008InflationRateofVietnam(%)511202228411322673400100200300400200020012002200320042005200620072008Totalnumberoflistedcompanies020040060080010001200140016001800TotalnumberoflistedcompaniesVietnamChinaExternalEnvironmentInnovationinFinancialProductsandInstrumentsLimitedFinancialProducts(2006)StocksBondsFundsTotalNumber1063672SpotTradingOnlyNoFutureTradingDoLongOnlyNoShortMechanismLessTradingProduct.LackofRiskHedgingMechanism.ExternalEnvironmentShiftoftheroleofSecuritiescompaniesIntermediaryofCapitalMarketParticipantofCapitalMarketGuiderofCapitalMarketDirectionofthetransformationStrengthentheIntermediaryFunctionBrokerageInvestmentBankingAssetsManagementParticipateinMarketTransactionActivelyPrincipalTradingDirectInvestmentExternalEnvironmentTheEvolvingExternalEnvironmentTransitiontobuyer’smarketIncreaseinDemandforDirectFinancingInnovationinFinancialProductsandInstrumentsShiftoftheRoleofSecuritiesCompaniesDomesticCompetitionSituationDomesticCompetitionSituationLoose-typeoligopolymarketindicatesmoreopportunitiesBrokerage:RelativeadvantagePrincipaltrading:AcautiousapproachInvestmentBanking:WeakFoundationCoreCompetitiveness:HumancapitalandInnovation“top10securitiesfirmsaccountfor57%Brokeragemarketshare”——VietnamChamberofCommerceandIndustryLoose-typeoligopolymarketindicatesmoreopportunitiesTheConcentrationRatio:30%＜CR4＜35%IntenselyQuicklyCompetitionSituationBrokerage:RelativeadvantageCorporationSSIBVSCHSC200720082007200820072008RevenuefromBrokerage(B)250.38147.81149,6858,3732.8328,97TotalRevenue(B)1184.821402.36399.97214.00230.51285.60Proportion21%11%37%27%14%10%CompetitionSituationPrincipaltrading:AcautiousapproachCorporationRevenuefromPrincipalTrading(Billion-D)Short-termposition(%)2007200820072008HSC325.24228.9149.0114.93SSI695.39478.8859.3120.68BVSC143.4631.9943.8334.33CompetitionSituationInvestmentBanking:WeakFoundationCorporationRevenuefromAdvisoryService(Billion-D)RevenuefromUnderwriting,IssuanceAgencyandAuction(Billion-D)2007200820072008HSC3.415.1347.3214.25SSI23.3024.6451.6224.12BVSC7.215.5552.0711.61CompetitionSituationCoreCompetitiveness:HumancapitalandInnovationhumancapitalmanagementteamresearchcapabilitylocalcharacteristicsinnovationCompetitionSituationDomesticCompetitionSituationLoose-typeoligopolymarketindicatesmoreopportunitiesBrokerage:RelativeadvantagePrincipaltrading:AcautiousapproachInvestmentBanking:WeakFoundationCoreCompetitiveness:HumancapitalandInnovationInternalStateAnalysisInternalStateAnalysisShareholdersRelationshipNewFacilitiesandServicesRevenueSourcesCapitalConditionCapitalConditionTotalassetsincreasedD157billionandequityincreasedD674billionduring2007to2008.Reducedtheirshort-termandincreasedtheirlong-termassetsandliabilities.Arelativelyconservativeapproachtofinancialmanagement.2008(D)2007(D)ChangeChangeRatioTOTALASSETS(B)1479.211322.16157.0511.88%EQUITY(B)1323.48649.43674.00103.78%2008(D)2007(D)ChangeChangeRatioASSETCurrentAssetsandShort-termInvestment(B)424.511258.23(833.72)-66.26%FixedAssetsAndLong-termInvestments(B)1054.7063.93990.771549.76%CurrentLiabilities(B)154.24672.32(518.07)-77.06%Long-termLiabilities(B)1,530.401,13281.41%Year20082007Short-termsolvencyCurrentratio2.751.87Long-termsolvencyAsset-liabilityratio10.53%50.88%InternalStateRevenueSourcesCurrentrevenuesourcesandtargetin2010.HSCincreasedtherangeofsectorsinwhichitheldinvestments.44%35%15%6%2010Revenuetargetsbrokeragetradingcorporatefinanceoperatingcapital33%14%12%9%32%2007InvestmentActivitiesRealEstateAgriculturalproductsMedicineConstructionOther23%15%8%5%18%15%10%6%2008PlaningInvestmentActivitiesRealestateAgricultureproductsMedicineConstructionFinance,Banking,andInsuranceConsumerproducts14%73%1%9%3%2007RevenuebrokeragetradingcorporatefinanceoperatingcapitalinvestmentactivitiesInternalStateShareholdersRelationshipHIFUhelpedHSCcreateamarketnicheandgeneratebusiness.DragonCapitalopenedupachannelofnewclientsandopportunitiesforHSCandalsohelpedHSCwithalotofintelligence.InternalStateNewFacilitiesandServicesInsistedinastrategythatCreatingValueforClientsandchargingpremiumprices.ThefirstcompanyinVietna