Luận văn Capital structure and firm performance: case study: listed companies in hochiminh stock exchange

used in the study. Another reason could be that most investors still depended on the accounting measure of performance rather than the PE measure due to the investor favored payment of dividends or the inactivity of the stock market. Furthermore, including some firms in our sample that had negative PE affects the validity of the PE as a measure of performance. The results of the estimation of the model 2 made the Tobin’s Q the most powerful measures of performance in Vietnamese firm case, because the R-squared value of model 2 using TDTA, TDTE, LTDTA, STDTA to test the relationship between capital structure and Tobin’s Q were 99.93%, 91.1%, 77.73%, 85.10%, respectively. Therefore, my discussion would concentrate on this measure of market performance. Hypothesis 5 predicted that a firm capital structure does influence its market performance. From the regression results in Table 9, Table 10, Table 11, and Table 12, as expected the coefficient of TDTA, TDTE, LTDTA, STDTA, were significantly and negatively related to the market performance measure Tobin’s Q. For example, the LTDTA was significantly and negatively related to Tobin’s Q. This result showed that higher long-term debt lead to lower Tobin’s Q. Furthermore, it might provide support for the proposition that due to agency conflicts, companies over-leveraged themselves, thus affecting their performance negatively. My results were consistent with the findings of previous study such as Krishnan and Moyer (1997), Tian & Zeitun (2007). The negative and significant coefficient of LTDTA did not support Brick and Ravid’s (1985) argument that long-term debt increased a firm value, which could be due to the low ratio of long- term debt in the capital structure of Vietnamese companies. According to the results, I accepted the Hypothesis 5: A firm capital structure does influence its market performance. From Hypothesis 6, growth opportunities increase firm market performance. From the regression results from Table 9 to Table 12, Growth was found to have a positive and significant effect on the market performance measure Tobin’s Q. The high growth rates were associated with the lower cost of capital and high firm value Tobin’s Q. This finding was not consistent with Myers (1977), but supports the pecking order theory that high growth firms had a greater need for funds and therefore could be expected to borrow more. According to the result, I accepted the Capital Structure and Firm Performance Page 37 hypotheses that growth opportunities increase firm market performance (Tobin’s Q). Hypothesis 7 predicted that a firm size is expected to have a positive influence on a firm market performance. From the regression results from Table 9 to Table 12, the coefficient of firm size was significantly and negatively related with Tobin’s Q for model 2 using TDTE and LTDTA. The significant of firm size indicated that large firm had lower market value compared to smaller firm. This result was inconsistent with previous findings of Gleason, Mathur, and Mathur (2000) and Tian & Zeitun (2007). However, the coefficient of firm size was insignificantly and negatively related with Tobin’s Q for model 2 using TDTA and STDTA. The insignificant effect of firm size on firm market value was consistent with previous studies of many researchers such as Mudambi and Nicosia (1998), Lauterbach and Vaninsky (1999), Durand and Coeuderoy (2001), and Tzelepis and Skuras (2004). Based on the regression results, I rejected the Hypotheses that a firm size is expected to have a positive influence on a firm market performance. To summarize, the firm capital structure was a significant determinant of firm market performance. A firm leverage had negative and significant effect on firm value Tobin’s Q. The insignificance of the market performance measure PE indicated that the Vietnamese equity market was not efficient, so the best market performance measure was Tobin’s Q. Firm growth opportunities had a positive and significant impact on the firm value Tobin’s Q. Furthermore, firm size had a negative impact on firm value. This finding was not support the argument that bankruptcy costs decreased with size, as well as economies of scale in transactions costs associated with long-term debt that were not available to smaller firms. Capital Structure and Firm Performance Page 38 CHAPTER 5: CONCLUSIONS, RECOMMENDATIONS AND LIMITATIONS 5.1 INTRODUCTION Chapter 4 particularly discussed about the results of the research. Chapter 5 presents main conclusions and recommendations based on the results of the previous chapters, as well as the limitations of this study. 5.2 CONCLUSIONS This paper examines the impact which firm performance has had on corporate capital structure combined with others variables such as firm size, growth opportunities and asset tangibility, and the impact which firm capital structure has had on corporate firm value. There is no single study formulated in Vietnam that investigates the impact of capital structure on a firm market performance and lack of study formulated in Vietnam that investigate the impact of profitability, growth opportunities, size, asset tangibility on a firm capital structure. This study tries to fill the gap in this field by investigating the effect of firm performance on capital structure, as well as the effect of capital structure on firm market performance by taking listed firm on Hochiminh Stock Exchange as a case study. Furthermore, this paper employ different measures of capital structure such as short-term debt to total assets, long- term debt to total assets, total debt to total assets, and total debt to total equity in order to investigate the effect of the debt structure on corporate market performance. Investigating the effect of capital structure on corporate performance using market measures can be valuable as it provides evidence about whether the stock market is efficient or not. A cross-sectional data of 162 companies is studied in this paper. A firm profitability is found to have a significant and negative impact on all firm capital structure measures TDTA, TDTE, LTDTA, STDTA. These findings could to some extent support pecking order theory of Myers and Majluf (1984). They argue that internal funds are used first, and when that is depleted, debt is issued, and when it is not sensible to issue any more debt, equity is issued. An interesting finding is that firm size has a positive and significant impact on the leverage measures TDTA, TDTE, STDTA. This finding is consistent with a previous study of Rajan and Zingales (1995), and indicating that a firm size is an important determinant of corporate capital structure. Firm asset tangibility is found to have positive and significant impact on TDTA and LTDTA, while have insignificant impact on Capital Structure and Firm Performance Page 39 TDTE. This finding supports the argument of previous researchers such as Rajan and Zingales (1995), Margaritis and Psillaki (2007). They argue that the greater the proportion of tangible assets on the balance sheet, the more willing should lenders be to supply loans, and leverage should be higher. Firm growth opportunities have significant impact only on Vietnamese firm TDTE, which is inconsistent with Myers (1977). For the model testing the relationship between firm capital structure and firm value, the result from this paper shows that firm capital structure is a significant determinant of firm value, Tobin’s Q, in Vietnam. The insignificance of the market performance measure PE indicates that the Vietnamese equity market is not efficient. Firm growth opportunities have a positive and significant impact on the firm value Tobin’s Q. This finding supports the pecking order theory of Myers and Majluf (1984) that high growth firms can be expected to have high leverage level. Firm size, which is measured by log of sales, is negatively related to firm value Tobin’s Q. This result is not support the argument that bankruptcy costs decrease with size, as well as economies of scale in transactions costs associate with long- term debt that are not available to smaller firms. 5.3 RECOMMENDATIONS From the regression results of model 1, exploring the relationship between firm leverage and four factors; profitability, growth opportunities, size and asset tangibility, a firm total debt to total assets is affected strongly by firm size, measured by log of sales (Beta is 0.049). Hence, if a manager wants to decrease a company’s ratio of debt, he should pay attention to sales volume. For example, if a manager is planning to increase the sales volume in the next month budgeting, he should be prepared for an increasing in debt of a company. Focus on the detail, asset tangibility impact strongest on long-term debt to total assets (Beta is 0.363) and short-term debt to total assets (Beta is -0.184). Therefore, if a manager invests more in tangible assets, he should notice on the increasing in long-term debt, but decreasing in short-term debt. In reality, this results seem to be reasonable in Vietnam, for a reason that Vietnam stock markets, bond markets and mutual funds markets is undeveloped, so commercial banking systems play an important role in providing lending to Vietnamese firms. From the regression results, firm’s profitability plays an important determinant of firm leverage. So, manager also should notice that if in the short run, dividends and investments are fixed, and if debt financing is the dominant mode of external financing, then changes in profitability will be negatively correlated with changes in leverage. From the regression results from the model 2, exploring the relationship between firm value and three factors: firm leverage, growth opportunities and size, firm leverage affect strongly on firm’s value, which is measured by Tobin’s Q (Beta is - Capital Structure and Firm Performance Page 40 2.01, -0.27, -1.49, -1.66 respectively for four models using four proxies of firm capital structure: total debt to total assets, total debt to total equity, long-term debt to total assets, short-term debt to total assets). Thus, a manager can increase the firm value by decreasing the ratio of using debt financing. 5.4 LIMITATIONS The limitations of this study are restrictions in the research scope. There are only 162 companies in HOSE are used as cross-sectional data in the study. The research measures the effect of firm performance on firm capital structure combine with firm size, growth and asset tangibility on firm leverage, but it seems not to be enough variables. From the regression results, the adjusted R-Squared of the leverage model using 4 leverage proxies (TDTA, TDTE, LTDTA, STDTA) are respectively 0.14, 0.11, 0.23, 0.13. These results prove that there are others factors; besides profitability, size, growth opportunities, asset tangibility; have an impact on the firm leverage variables in Vietnam. For example, Abdel Shahid, S. (2003) find that firm ownership structure have a significant impact on firm accounting performance measures, but insignificant relate to firm market performance measures. If this factor has an impact on firm performance, then it may have an impact on firm capital structure. The study also has limitations that the author does not test the correlation between the distribution of debt ratio and corporate performance to each type of companies, as well as each industry. And the author has not explored the optimal capital structure to maximize the market value of a firm. Hence, more research should be implemented to explore these above limitations. This study is only stopped as an academic research. It shows us a relationship between firm capital structure and firm performance, and a generally initial assessment about the effect of firm performance on firm capital structure, as well as the effect of firm capital structure on firm market performance. Based on this research, researchers and corporate managers can be continue to implement more research, in order to evaluate more precisely about the relationship between firm capital structure and firm performance in Vietnam. Capital Structure and Firm Performance Page 41 REFERENCES Abdel Shahid, S. (2003). Does Ownership Structure Affect Firm Value? Evidence from The Egyptian Stock Market. Working paper, (www.ssrn.com). Barclay, M. J., and Smith, C. W. (1995). The Maturity Structure of Corporate Debt. Journal of Finance 50, 609-32. Berger, A. N. and E. Bonaccorsi di Patti (2006). 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Capital Structure and Firm Performance Page 44 APPENDIX A Variable definitions The Variables are defined as the following formulas: Price-to-Earnings Ratio (PE) = Market Price of Common Stock Earnings Per Share Tobin’s Q = ( Equity Market Value + Liabilities Book Value ) ( Equity Book Value + Liabilities Book Value ) Profitability (PROF) = EBIT + Depreciation Total Assets Total Debt to Total Assets (TDTA) = Total Debt Total Assets Total Debt to Total Equity (TDTE) = Total Debt Total Equity Long-term Debt to Total Assets (LTDTA) = Long-term Debt Total Assets Short-term Debt to Total Equity (STDTA) = Short-term Debt Total Assets Growth opportunities (GROWTH) = Total Assets – Book value of Equity + Market value of Equity Total Assets Size (SIZE) = ln (Sales) Asset Tangibility (TA) = Fixed Tangible Assets Total Assets Capital Structure and Firm Performance Page 45 APPENDIX B Multiple Regression Results Dependent Variable: TDTA Method: Least Squares Date: 11/03/09 Time: 10:25 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C -0.873102 0.379030 -2.303516 0.0226 PROF -0.005438 0.001494 -3.640823 0.0004 GROWTH 0.022092 0.030388 0.726986 0.4683 SIZE 0.048965 0.013938 3.512934 0.0006 TA 0.178830 0.080815 2.212831 0.0284 R-squared 0.162133 Mean dependent var 0.432888 Adjusted R-squared 0.140786 S.D. dependent var 0.224362 S.E. of regression 0.207970 Akaike info criterion -0.272472 Sum squared resid 6.790464 Schwarz criterion -0.177175 Log likelihood 27.07020 Hannan-Quinn criter. -0.233780 F-statistic 7.595122 Durbin-Watson stat 1.964366 Prob(F-statistic) 0.000013 Dependent Variable: TDTE Method: Least Squares Date: 11/03/09 Time: 10:26 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C -4.622503 2.340928 -1.974646 0.0501 PROF -0.036765 0.009225 -3.985310 0.0001 GROWTH 0.421161 0.187682 2.244020 0.0262 SIZE 0.213809 0.086085 2.483681 0.0141 TA 0.779893 0.499122 1.562532 0.1202 R-squared 0.135869 Mean dependent var 1.246424 Adjusted R-squared 0.113853 S.D. dependent var 1.364461 S.E. of regression 1.284441 Akaike info criterion 3.368901 Sum squared resid 259.0166 Schwarz criterion 3.464198 Log likelihood -267.8810 Hannan-Quinn criter. 3.407593 F-statistic 6.171335 Durbin-Watson stat 1.876261 Prob(F-statistic) 0.000123 Capital Structure and Firm Performance Page 46 Dependent Variable: LTDTA Method: Least Squares Date: 11/03/09 Time: 10:27 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C -0.241070 0.245542 -0.981789 0.3277 PROF -0.002539 0.000968 -2.623803 0.0096 GROWTH 0.026783 0.019686 1.360481 0.1756 SIZE 0.009991 0.009030 1.106431 0.2702 TA 0.362726 0.052353 6.928428 0.0000 R-squared 0.252491 Mean dependent var 0.104263 Adjusted R-squared 0.233446 S.D. dependent var 0.153879 S.E. of regression 0.134726 Akaike info criterion -1.140770 Sum squared resid 2.849721 Schwarz criterion -1.045474 Log likelihood 97.40235 Hannan-Quinn criter. -1.102078 F-statistic 13.25770 Durbin-Watson stat 1.955806 Prob(F-statistic) 0.000000 Dependent Variable: STDTA Method: Least Squares Date: 11/03/09 Time: 10:27 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C -0.632159 0.333272 -1.896825 0.0597 PROF -0.002899 0.001313 -2.207294 0.0287 GROWTH -0.004691 0.026720 -0.175562 0.8609 SIZE 0.038979 0.012256 3.180438 0.0018 TA -0.183887 0.071059 -2.587811 0.0106 R-squared 0.155863 Mean dependent var 0.328623 Adjusted R-squared 0.134356 S.D. dependent var 0.196542 S.E. of regression 0.182863 Akaike info criterion -0.529784 Sum squared resid 5.249888 Schwarz criterion -0.434488 Log likelihood 47.91251 Hannan-Quinn criter. -0.491092 F-statistic 7.247170 Durbin-Watson stat 2.203875 Prob(F-statistic) 0.000022 Capital Structure and Firm Performance Page 47 Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:35 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C 136.8876 206.2340 0.663749 0.5078 TDTA 26.45088 41.26309 0.641030 0.5224 GROWTH 4.676144 14.66740 0.318812 0.7503 SIZE -4.796432 7.786767 -0.615972 0.5388 R-squared 0.004436 Mean dependent var 24.30095 Adjusted R-squared -0.014467 S.D. dependent var 112.3259 S.E. of regression 113.1355 Akaike info criterion 12.31943 Sum squared resid 2022342. Schwarz criterion 12.39567 Log likelihood -993.8739 Hannan-Quinn criter. 12.35038 F-statistic 0.234694 Durbin-Watson stat 2.063560 Prob(F-statistic) 0.872090 Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:36 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C 98.07088 205.8325 0.476460 0.6344 TDTE -3.183458 6.675112 -0.476915 0.6341 GROWTH 4.387799 14.66050 0.299294 0.7651 SIZE -2.769519 7.668298 -0.361165 0.7185 R-squared 0.003282 Mean dependent var 24.30095 Adjusted R-squared -0.015643 S.D. dependent var 112.3259 S.E. of regression 113.2010 Akaike info criterion 12.32059 Sum squared resid 2024687. Schwarz criterion 12.39683 Log likelihood -993.9677 Hannan-Quinn criter. 12.35154 F-statistic 0.173423 Durbin-Watson stat 2.062094 Prob(F-statistic) 0.914242 . Capital Structure and Firm Performance Page 48 Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:38 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C 113.9763 203.3320 0.560542 0.5759 LTDTA 4.967570 58.16361 0.085407 0.9320 GROWTH 3.989722 14.68251 0.271733 0.7862 SIZE -3.511319 7.529029 -0.466371 0.6416 R-squared 0.001893 Mean dependent var 24.30095 Adjusted R-squared -0.017058 S.D. dependent var 112.3259 S.E. of regression 113.2799 Akaike info criterion 12.32198 Sum squared resid 2027508. Schwarz criterion 12.39822 Log likelihood -994.0805 Hannan-Quinn criter. 12.35293 F-statistic 0.099903 Durbin-Watson stat 2.058518 Prob(F-statistic) 0.959959 Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:38 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C 140.2637 206.8730 0.678019 0.4988 STDTA 31.71192 47.48387 0.667846 0.5052 GROWTH 5.285529 14.74833 0.358382 0.7205 SIZE -4.908051 7.808725 -0.628534 0.5306 R-squared 0.004657 Mean dependent var 24.30095 Adjusted R-squared -0.014242 S.D. dependent var 112.3259 S.E. of regression 113.1229 Akaike info criterion 12.31921 Sum squared resid 2021894. Schwarz criterion 12.39545 Log likelihood -993.8559 Hannan-Quinn criter. 12.35016 F-statistic 0.246415 Durbin-Watson stat 2.073206 Prob(F-statistic) 0.863794 Capital Structure and Firm Performance Page 49 Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:30 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C 1.020104 0.035688 28.58391 0.0000 TDTA -2.011764 0.007140 -281.7428 0.0000 GROWTH 1.005241 0.002538 396.0540 0.0000 SIZE -0.000993 0.001347 -0.737274 0.4620 R-squared 0.999388 Mean dependent var 1.205579 Adjusted R-squared 0.999376 S.D. dependent var 0.783774 S.E. of regression 0.019578 Akaike info criterion -5.004471 Sum squared resid 0.060559 Schwarz criterion -4.928234 Log likelihood 409.3622 Hannan-Quinn criter. -4.973518 F-statistic 85960.14 Durbin-Watson stat 2.209864 Prob(F-statistic) 0.000000 Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:33 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C 1.421871 0.429173 3.313047 0.0011 TDTE -0.274580 0.013918 -19.72840 0.0000 GROWTH 1.079370 0.030568 35.31043 0.0000 SIZE -0.038535 0.015989 -2.410103 0.0171 R-squared 0.911000 Mean dependent var 1.205579 Adjusted R-squared 0.909311 S.D. dependent var 0.783774 S.E. of regression 0.236031 Akaike info criterion -0.025326 Sum squared resid 8.802281 Schwarz criterion 0.050911 Log likelihood 6.051375 Hannan-Quinn criter. 0.005628 F-statistic 539.0962 Durbin-Watson stat 1.977042 Prob(F-statistic) 0.000000 Capital Structure and Firm Performance Page 50 Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:34 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C 2.719633 0.670071 4.058726 0.0001 LTDTA -1.494015 0.191675 -7.794511 0.0000 GROWTH 1.074631 0.048385 22.20977 0.0000 SIZE -0.093499 0.024812 -3.768377 0.0002 R-squared 0.777369 Mean dependent var 1.205579 Adjusted R-squared 0.773142 S.D. dependent var 0.783774 S.E. of regression 0.373308 Akaike info criterion 0.891557 Sum squared resid 22.01873 Schwarz criterion 0.967794 Log likelihood -68.21609 Hannan-Quinn criter. 0.922510 F-statistic 183.8985 Durbin-Watson stat 2.157704 Prob(F-statistic) 0.000000 Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:34 Sample: 1 162 Included observations: 162 Variable Coefficient Std. Error t-Statistic Prob. C 1.386044 0.558382 2.482251 0.0141 STDTA -1.666116 0.128166 -12.99965 0.0000 GROWTH 0.987569 0.039808 24.80830 0.0000 SIZE -0.025900 0.021077 -1.228819 0.2210 R-squared 0.851062 Mean dependent var 1.205579 Adjusted R-squared 0.848234 S.D. dependent var 0.783774 S.E. of regression 0.305336 Akaike info criterion 0.489574 Sum squared resid 14.73036 Schwarz criterion 0.565811 Log likelihood -35.65551 Hannan-Quinn criter. 0.520527 F-statistic 300.9475 Durbin-Watson stat 1.967021 Prob(F-statistic) 0.000000 Capital Structure and Firm Performance Page 51 APPENDIX C Research Data Set No. Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 1 ABT BenTre Aquaproduct Import & Export JSC. Food Producers 8,7353 1,3479 7,8541 0,1115 0,1254 0,0000 0,1115 0,5708 26,8833 0,1035 2 ACL Cuulong Fish JSC. Food Producers 25,6759 0,8650 2,6019 0,6266 1,6780 0,1073 0,5193 1,1182 27,2021 0,1085 3 AGF An Giang Fisheries Import & Export JSC. Food Producers 6,9761 0,6114 15,5980 0,5260 1,1458 0,0349 0,4911 0,6841 28,3736 0,2903 4 ALP Alphanam JSC Industrial Engineering 5,9434 1,1639 17,2308 0,2564 0,3682 0,0059 0,2506 0,7162 27,9005 0,0816 5 ALT ALTA Company Household Goods 5,7385 1,1674 8,6802 0,2089 0,2641 0,0000 0,2089 0,5853 25,9619 0,3654 6 ANV Nam Viet Corporation Food Producers 13,0363 1,0686 12,6941 0,3979 0,6609 0,0287 0,3692 0,8644 28,8358 0,1835 7 ASP AN PHA S.G PETROL JSC. Gas, Water & Multiutilities 13,1285 0,6420 6,7131 0,5454 1,3422 0,1040 0,4414 0,7983 27,9921 0,1306 8 BAS BASACO Food Producers 10,2066 0,8561 559,25 0,5573 1,2591 0,0576 0,4997 0,9708 26,2193 0,1916 9 BBC Bien Hoa Confectionery Corp. Food Producers 7,7031 1,1769 10,5017 0,1843 0,2260 0,0175 0,1668 0,5456 27,0244 0,2301 10 BHS Bien Hoa Sugar JSC. Food Producers 3,3041 1,0705 (7,1512) 0,4466 0,8070 0,2613 0,1853 0,9637 27,3981 0,2962 11 BMC Binh Dinh Minerals JSC Mining 42,9825 5,2734 12,2302 0,0579 0,0614 0,0016 0,0563 4,3892 25,5921 0,1480 12 BMP Binh Minh Plastics JSC Household Goods 28,2367 1,7735 5,3737 0,1372 0,1590 0,0013 0,1359 1,0479 27,4466 0,3297 13 BPC Bim Son Packaging JSC. General Industrials 18,3364 1,3007 4,1709 0,1685 0,2026 0,0077 0,1608 0,6376 25,9485 0,3239 14 BT6 Chau Thoi Concrete Corporation No.620 Construction & Materials 10,7989 1,5036 17,9650 0,4943 0,9773 0,1282 0,3660 1,4921 27,4617 0,0936 15 CAN Canfoco Halong Canned Food Corporation Food Producers 14,9065 0,8258 4,1484 0,4934 0,9771 0,0888 0,4045 0,8146 26,7611 0,1730 16 CLC Cat Loi JSC Tobacco 24,2976 0,9551 4,0000 0,5742 1,3483 0,0004 0,5737 1,1035 27,5516 0,1594 17 COM Materials - Petroleum JSC Gas, Water & Multiutilities 9,0315 1,7965 15,5361 0,1193 0,1355 0,0196 0,0997 1,0351 28,7532 0,0546 18 CYC Chang Yih Ceramic JSC Construction & Materials 11,7921 0,6296 5,7070 0,6304 1,7056 0,3191 0,3113 0,8903 26,3333 0,3218 Capital Structure and Firm Performance Page 52 No. Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 19 DCC DESCON Construction Corp. Construction & Materials 5,1190 0,7877 7,9478 0,4690 0,8833 0,0552 0,4138 0,7257 26,8796 0,0159 20 DCL Cuu Long Pharmaceutical Corp. Pharmaceuticals & Biotechnology 14,7503 1,0536 6,6813 0,5051 1,0185 0,1959 0,3091 1,0629 26,9057 0,3894 21 DCT Dongnai Roofsheet & Construction Material JSC Construction & Materials 14,4630 1,2662 3,9001 0,1495 0,1758 0,0415 0,1080 0,5620 26,0065 0,0820 22 DDM Dong Do Marine JSC. Industrial Transportation 10,1197 0,2419 9,7379 0,8665 6,4898 0,6184 0,2480 0,9749 26,3215 0,6706 23 DHA Hoa An JSC Construction & Materials 17,1894 1,5612 5,0456 0,0711 0,0766 0,0057 0,0654 0,7034 25,7905 0,0424 24 DHG Hau Giang Pharmaceutial JSC. Pharmaceuticals & Biotechnology 16,4223 2,8513 18,4649 0,3537 0,5498 0,0140 0,3397 2,5562 28,0487 0,9870 25 DIC DIC Investment & Trading JSC Construction & Materials 11,0404 0,5498 5,2808 0,6705 2,2703 0,0322 0,6383 0,9403 27,2268 0,2122 26 DMC Domesco Medical Import & Export JSC. Pharmaceuticals & Biotechnology 15,5193 1,8944 10,9113 0,2237 0,2881 0,0027 0,2210 1,3417 27,5704 0,1605 27 DNP DongNai Plastic Construction JSC. Construction & Materials 13,5955 0,7011 4,2489 0,5276 1,1167 0,0799 0,4477 0,7562 25,9850 0,2262 28 DPC Da Nang Plastic JSC Household Goods 16,2710 1,4782 6,2715 0,1182 0,1340 0,0055 0,1127 0,7146 24,9881 0,2137 29 DPM Petrovietnam Fertilizer and Chemical JSC. Chemicals 103,09 3,4436 9,4554 0,0868 0,0956 0,0024 0,0845 2,6111 29,5018 0,3241 30 DPR DONG PHU RUBBER JSC. Chemicals 25,1025 1,8204 5,1956 0,3456 0,5305 0,0383 0,3072 1,5121 27,3147 0,3983 31 DQC Dien Quang JSC. Household Goods 4,6601 0,6168 235,19 0,5671 1,3265 0,1170 0,4501 0,7584 26,6894 0,0741 32 DRC DaNang Rubber JSC Automobiles & Parts 20,3363 0,7721 4,9907 0,6485 1,8446 0,1551 0,4933 1,0691 27,9064 0,2546 33 DTT DoThanh Technology Corporation General Industrials 8,6368 1,4395 8,8707 0,0494 0,0519 0,0002 0,0492 0,5383 25,4444 0,1689 34 DXV Da Nang Construction Building Materials And Cement Construction & Materials 7,3180 0,4750 9,1269 0,7207 2,5804 0,4926 0,2281 0,9164 27,4807 0,1564 35 FBT Ben Tre Forestry And Aquaproduct Import - Export Food Producers 5,3329 0,7724 27,1831 0,5386 1,1675 0,0299 0,5087 0,8497 27,4313 0,2263 36 FMC Sao Ta Foods JSC. Food Producers 13,5105 0,7310 7,5031 0,5411 1,1791 0,0016 0,5395 0,8131 27,6482 0,1858 37 FPT FPT Corp. Software & Computer Services 23,1101 1,6830 8,3578 0,5168 1,3009 0,0008 0,5160 1,7439 30,4301 0,1134 Capital Structure and Firm Performance Page 53 No. Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 38 GIL Binh Thanh Im-export, production & trade JSC Personal Goods 11,9409 1,2244 4,6905 0,1605 0,1912 0,0035 0,1570 0,5454 26,8489 0,0556 39 GMC Garmex Saigon JSC. Personal Goods 15,9135 0,9625 3,8699 0,3938 0,6497 0,0023 0,3915 0,7501 26,7746 0,3012 40 GMD General Forwarding & Agency Corporation Industrial Transportation 0,8532 0,9829 (8,5338) 0,4191 0,7294 0,2247 0,1944 0,8276 28,2797 0,3701 41 HAP Hapaco Hai Phong Paper JSC Forest & Paper (3,8609) 0,9737 (3,2230) 0,3547 0,5797 0,1120 0,2427 0,7174 26,4947 0,3313 42 HAX Hangxanh Motors Service JSC. General Retailers 13,6694 0,9002 4,1692 0,4114 0,6990 0,0034 0,4080 0,7230 27,0597 0,1679 43 HBC Hoa Binh Construction& Real Easte Corp. Construction & Materials 3,4664 0,7040 30,9616 0,4927 1,0702 0,0948 0,3978 0,7502 27,2686 0,1108 44 HBD Binh Duong PP Pack Marking JSC General Industrials 24,8223 1,2545 4,4369 0,3303 0,4933 0,0000 0,3303 0,9152 24,7730 0,2153 45 HDC Ba Ria – Vung Tau House Development JSC. Real Estate 9,3617 0,5236 5,0517 0,7795 3,5342 0,1905 0,5890 1,0825 26,4304 0,0324 46 HLA Asia Huu Lien Industrial Metals 8,5718 0,4991 (12,0312) 0,7423 3,0604 0,0316 0,7107 1,0064 28,2425 0,1131 47 HMC Hochiminh City Metal Corporation General Retailers 11,4129 0,6630 5,8401 0,6466 1,8294 0,0008 0,6457 0,9561 29,0866 0,0485 48 HPG Hoa Phat Group JSC. Industrial Metals 22,4451 1,9049 7,2413 0,2295 0,3148 0,0067 0,2228 1,3678 29,7713 0,1556 49 HRC HoaBinh Rubber JSC. Chemicals 24,9673 1,9171 4,7847 0,1693 0,2038 0,0093 0,1600 1,2558 26,3932 0,1333 50 HSI General Materials Biochemistry Fertilizer JSC. Chemicals 10,6282 0,2787 5,8858 0,8559 5,9393 0,0006 0,8553 0,9905 27,1753 0,0701 51 HT1 Ha Tien 1 Cement JSC. Construction & Materials 2,7380 0,4498 20,1700 0,8273 4,7902 0,5308 0,2965 1,1044 28,5700 0,0626 52 ICF Investment Commerce Fisheries Corporation Food Producers 7,5911 0,6349 6,6443 0,5900 1,4390 0,0284 0,5616 0,8149 26,8526 0,1591 53 IFS Interfood Shareholding Co. Food Producers (14,572) 0,3235 (1,0172) 0,8419 6,2416 0,0243 0,8176 1,0462 27,5444 0,3498 54 IMP Imexpharm Pharmaceutical JSC. Pharmaceuticals & Biotechnology 13,8812 2,3311 15,0086 0,1351 0,1562 0,0032 0,1319 1,6014 27,0672 0,0757 55 ITA Tan Tao Investment Industry Corp. Real Estate 6,6436 1,3392 220,83 0,2391 0,3138 0,0634 0,1757 0,8166 27,9376 0,0082 56 KDC Kinh Do JSC Food Producers 2,1341 1,3033 (20,1506) 0,2802 0,4027 0,0577 0,2225 0,8804 28,0137 0,1169 57 KHA Khahomex Khanh Hoi Import Export JSC General Retailers 15,6238 1,0797 3,9139 0,3540 0,5480 0,0123 0,3417 0,7877 26,1568 0,0356 58 KHP Khanh Hoa Power JSC Electricity 35,7012 0,5239 4,0884 0,7051 2,3911 0,5346 0,1706 0,9341 27,4598 0,6142 59 L10 LILAMA 10 JSC. Industrial Engineering 13,2668 0,6205 4,7751 0,6775 2,1009 0,0392 0,6384 0,9755 26,5158 0,0706 60 LAF Lafooco Long An Food Processing Export JSC Food Producers 9,3893 0,6741 14,0570 0,5850 1,4095 0,0016 0,5834 0,8440 27,0639 0,0852 Capital Structure and Firm Performance Page 54 No. Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 61 LBM LamDong Buiding Materials JSC. Construction & Materials 27,6272 0,7711 6,2997 0,5565 1,3870 0,2627 0,2938 0,9360 25,6013 0,3098 62 LCG LICOGI 16 Construction & Materials 16,7756 0,9580 4,1504 0,5428 1,1872 0,1057 0,4371 1,0436 26,8204 0,0136 63 LSS Lam Son Sugar JSC. Food Producers 17,7897 1,2280 6,6855 0,3183 0,4838 0,0877 0,2306 0,8830 27,7548 0,2524 64 MCP My Chau Printing& Packing Holdings Co. General Industrials 18,2576 0,9870 4,2786 0,3969 0,6581 0,2240 0,1729 0,7809 26,0611 0,4313 65 MPC MINH PHU SEADFOOD CORP. Food Producers 7,5059 0,7865 (19,297) 0,5641 1,3600 0,0945 0,4696 0,9403 28,6969 0,1094 66 NKD North Kinhdo Food JSC Food Producers 8,9960 0,9096 330,68 0,6282 1,6910 0,0429 0,5853 1,1663 27,2625 0,3226 67 NSC National Seed JSC. Food Producers 14,2132 1,3505 4,5769 0,2878 0,4041 0,0031 0,2847 0,9260 26,1324 0,0594 68 NTL TU LIEM URBAN DEVELOPMENT Real Estate 8,3444 0,8328 8,8166 0,7314 2,7234 0,0003 0,7311 1,2956 26,6403 0,0061 69 OPC OPC Pharmaceutial JSC. Pharmaceuticals & Biotechnology 15,7124 1,7997 7,1545 0,0716 0,0772 0,0032 0,0684 0,9429 26,1124 0,2551 70 PAC Dry Cell and Storage Battery JSC. Household Goods 22,0431 1,6988 7,0603 0,3865 0,6299 0,0029 0,3836 1,4718 27,8476 0,1153 71 PET PetroVietnam General Services Js Corporation General Retailers 6,0428 0,7984 7,8641 0,6364 1,7504 0,0066 0,6298 1,0712 29,3175 0,0614 72 PGC Petrolimex Gas JSC. Gas, Water & Multiutilities 3,9007 1,0180 183,64 0,3162 0,4732 0,1240 0,1922 0,6657 28,1557 0,1823 73 PIT Petrolimex International Trading JSC. General Retailers 12,2134 0,8832 8,1074 0,4341 0,7672 0,0000 0,4341 0,7515 28,1658 0,0280 74 PJT Petrolimex Joint Stock Tanker Com. Industrial Transportation 11,6147 0,8843 11,5417 0,5021 1,0086 0,0014 0,5008 0,8885 27,4087 0,3839 75 PMS Petroleum Mechanical JSC. Gas, Water & Multiutilities 5,5942 1,1625 21,4496 0,4599 0,8515 0,0018 0,4581 1,0823 26,3210 0,0487 76 PNC Phuong Nam Cultural JSC Media 4,3622 0,6215 16,3408 0,5822 1,3938 0,0450 0,5372 0,7860 26,3438 0,1209 77 PPC PhaLai Thermal Power JSC Electricity 4,1365 0,8815 (28,5800) 0,6817 2,1421 0,5886 0,0932 1,2450 28,9873 0,4737 78 PVD PetroVietnam Drilling and well services JSC. Oil Equipment, Services & Distribution 12,8764 1,5366 11,2523 0,6960 2,8163 0,2452 0,4508 1,9550 28,9471 0,2331 79 PVT PETROVIETNAM TRANSPORTATION CORP. Industrial Transportation 6,4536 2,5355 173,95 0,7300 5,7308 0,3210 0,4090 2,9192 27,7345 0,4315 80 RAL Rangdong Light source and Vacuum flash JSC. Household Goods 12,4438 0,7178 4,6089 0,5340 1,1457 0,0493 0,4846 0,7858 27,4544 0,1974 81 REE Refrigeration Electrical Engineering Corporation Real Estate (4,6172) 1,4530 (10,9638) 0,1951 0,2437 0,0404 0,1547 0,8456 27,7917 0,0076 Capital Structure and Firm Performance Page 55 No. Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 82 SAF SAFOCO Foodstuff JSC Food Producers 21,7201 1,4487 4,2592 0,3216 0,4742 0,0052 0,3164 1,0920 26,7423 0,2826 83 SAM Sacom Cables & Telecom Materials JSC Electronic & Electrical Equipment (1,8504) 1,3679 (11,9774) 0,0309 0,0319 0,0002 0,0308 0,4298 27,8906 0,0497 84 SAV Im-Export & Economic Co-Operation JSC Household Goods 6,5588 0,7508 9,9433 0,4953 0,9801 0,0215 0,4738 0,7406 27,0561 0,1048 85 SC5 Construction Join Stock Company No.5 Construction & Materials 4,1233 0,3365 6,2375 0,8410 5,3746 0,2138 0,6272 1,0227 27,4479 0,0407 86 SCD Chuong Duong Beverages Co. Beverages 21,8353 1,5340 5,3097 0,2592 0,3499 0,0023 0,2569 1,0525 26,3380 0,0503 87 SDN Dongnai Paint Corporation Construction & Materials 17,4671 1,1719 6,7847 0,5132 1,0541 0,0646 0,4486 1,1982 24,8385 0,0996 88 SFC Saigon Fuel JSC Gas, Water & Multiutilities 20,7005 1,8263 9,6787 0,3717 0,5916 0,0013 0,3704 1,5696 27,8171 0,1672 89 SFN Saigon Fishing Net JSC General Industrials 27,7094 1,5063 3,5293 0,0924 0,1019 0,0644 0,0281 0,6912 25,5451 0,2881 90 SGC Sagiang Import Export Corporation Food Producers 21,5815 1,6191 4,0097 0,0857 0,0938 0,0091 0,0766 0,7906 25,4186 0,2180 91 SGH Saigon Hotel Corporation Travel & Leisure 38,1243 5,3814 17,6978 0,0840 0,0918 0,0063 0,0778 4,5495 24,1191 0,4721 92 SGT Saigon Telecommunication & Technologies Corp. Technology Hardware & Equipment 6,2735 1,8921 22,1498 0,4446 0,8045 0,1074 0,3372 1,7817 27,7119 0,0394 93 SJD CanDon Hydro Power JSC. Electricity 17,5475 0,7012 12,0656 0,6738 2,0660 0,4519 0,2219 1,0488 26,2058 0,9381 94 SJS Song Da Urban & IZ Investment & Development JSC Real Estate 11,2123 2,0708 18,0555 0,2782 0,3854 0,0819 0,1963 1,6272 26,4731 0,0116 95 SMC SMC Investment- Trading JSC General Retailers 16,4834 0,6464 3,1271 0,6523 1,8899 0,0383 0,6140 0,9545 29,0697 0,0626 96 SSC Southern Seed JSC Food Producers 22,5885 1,8717 5,8766 0,1790 0,2181 0,0279 0,1511 1,2298 26,0813 0,1250 97 ST8 Sieu Thanh Joint Stock Corp. General Retailers 29,8995 1,3772 3,8407 0,3246 0,5595 0,0004 0,3242 1,0857 27,4379 0,0841 98 TAC Tuong An Oil JSC. Food Producers 22,9291 1,1022 37,8383 0,5498 1,2213 0,1142 0,4356 1,2019 28,7273 0,1969 99 TCM THANH CONG TEXTILE GARMENT Personal Goods 7,5007 0,4359 72,5796 0,7112 2,6904 0,2308 0,4804 0,8965 27,6582 0,2935 100 TDH Thu Duc House JSC. Real Estate 20,0574 1,1948 3,4627 0,2873 0,4113 0,1471 0,1402 0,7808 27,1339 0,0407 101 TMC Thu Duc Trading and Import Export JSC. General Retailers 16,7974 0,8659 4,2096 0,5834 1,4005 0,0020 0,5814 1,0327 27,9234 0,0934 102 TMS Trans-Forwarding & Warehousing Corp. Industrial Transportation 23,2176 1,9808 9,2287 0,1357 0,1571 0,0287 0,1070 1,2523 25,8875 0,4032 103 TNA Thien Nam Trading Im-Export Corp. General Retailers 19,8729 0,7383 3,7201 0,5240 1,1008 0,0141 0,5099 0,7862 27,2859 0,0100 104 TNC Thong Nhat Rubber JSC. Chemicals 6,0029 1,4265 18,8083 0,1669 0,2003 0,0012 0,1657 0,7602 25,9261 0,3390 Capital Structure and Firm Performance Page 56 No. Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 105 TPC TAN DAI HUNG PLASTIC JSC. General Industrials (14,9823) 1,2504 (2,4111) 0,2015 0,2523 0,0076 0,1939 0,6533 26,8437 0,1710 106 TRA TRAPHACO Pharmaceuticals & Biotechnology 19,3840 1,4906 6,0430 0,2836 0,3960 0,0102 0,2735 1,0579 27,3894 0,0980 107 TRC Tay Ninh Rubber JSC. Chemicals 32,8792 1,8670 3,6777 0,2364 0,3096 0,0441 0,1924 1,3399 27,0316 0,3881 108 TSC Techno – Agricultural Supplying JSC. General Retailers 20,0334 0,5075 4,0012 0,8004 4,0247 0,0001 0,8003 1,1094 28,6370 0,0347 109 TTC Thanh Thanh JSC Construction & Materials 15,5834 0,6142 5,9526 0,6290 1,6953 0,0278 0,6012 0,8721 26,3739 0,3687 110 TTF Truong Thanh Furniture Corporation Household Goods 7,1791 0,5046 10,1157 0,6053 1,5818 0,0134 0,5919 0,7332 27,2646 0,0529 111 TTP Tan Tien Plastic Packaging JSC. General Industrials 22,7404 1,3928 3,8216 0,1368 0,1584 0,0004 0,1364 0,6663 27,6813 0,2130 112 TYA Taya Electric Wire and Cable JSC Electronic & Electrical Equipment (12,6401) 0,7481 (2,7374) 0,6994 2,3271 0,0315 0,6680 1,1470 27,8018 0,3472 113 UIC Idico Urban and House Development JSC. Construction & Materials 7,8150 0,4518 4,5304 0,7233 2,6144 0,0428 0,6806 0,8985 27,2473 0,1200 114 VFC VINAFCO JSC Industrial Transportation 6,8069 1,2327 12,0704 0,1921 0,2378 0,0431 0,1490 0,6169 26,8277 0,1583 115 VGP The Vegetexco Port JSC. Industrial Transportation 18,2242 1,6786 5,9480 0,1247 0,1425 0,0005 0,1242 0,9281 25,6844 0,0890 116 VHC Vinh Hoan Corp. Food Producers 13,2318 0,8071 7,1212 0,6583 2,0411 0,1753 0,4830 1,1466 28,5240 0,3713 117 VHG Viet-Han Corporation Electronic & Electrical Equipment 2,2556 1,2358 (9,3290) 0,0979 0,1085 0,0000 0,0979 0,4316 26,3901 0,2439 118 VIC VINCOM JSC. Real Estate 7,3046 1,8716 76,4775 0,7306 2,9368 0,5475 0,1830 2,3353 26,2005 0,0045 119 VID Viendong Paper JSC. Forest & Paper 10,8140 0,9381 7,9055 0,4593 0,8493 0,1023 0,3570 0,8566 27,0431 0,0755 120 VIP Vietnam Petroleum Transport JSC. Industrial Transportation 13,9978 0,9547 7,9084 0,4547 0,8340 0,4060 0,0488 0,8642 27,8543 0,5927 121 VIS Vietnam - Italy Steel JSC. Industrial Metals 22,9475 0,6745 2,7437 0,6493 2,4634 0,3145 0,3347 1,0886 28,1713 0,1453 122 VKP VIKY PLASTIC Co. General Industrials 3,9356 0,6946 61,6734 0,4813 0,9279 0,1033 0,3780 0,6572 26,6951 0,1175 123 VNA VINASHIP Industrial Transportation 23,3389 0,8576 3,6373 0,5677 1,3131 0,2665 0,3012 0,9930 27,5251 0,7092 Capital Structure and Firm Performance Page 57 No. Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 124 VNE Vietnam Electricity Construction JSC Construction & Materials 5,1092 0,2854 -436,78 0,8111 5,1927 0,4784 0,3327 0,9637 26,6348 0,2554 125 VNM Vietnam Dairy Products JSC Food Producers 25,6423 3,2638 11,6371 0,1935 0,2424 0,0305 0,1630 2,6400 29,7569 0,2563 126 VNS Vietnam Sun Corp Travel & Leisure 17,5754 0,8804 5,2951 0,4326 0,7624 0,3609 0,0717 0,7456 27,4425 0,5594 127 VPK Vegetable Oil Packing JSC. General Industrials 10,5396 0,8048 16,2386 0,5351 1,1509 0,1686 0,3664 0,8749 25,9722 0,5086 128 VPL Vinpearl Tourism and Trading JSC. Travel & Leisure 8,4797 2,5180 158,32 0,6235 1,8478 0,4850 0,1385 2,7446 26,8787 0,3796 129 VSC Vietnam container shipping JSC Industrial Transportation 32,0148 1,6522 4,1728 0,3411 0,5176 0,0411 0,2999 1,3344 26,4687 0,3301 130 VSG Viconship Saigon Industrial Transportation 11,9570 0,4678 18,8290 0,7199 2,5707 0,5918 0,1281 0,9077 25,6252 0,8663 131 VSH Vinh Son Song Hinh Hydro Power JSC Electricity 21,4101 2,4131 10,3785 0,1373 0,1591 0,0906 0,0466 1,6876 26,9047 0,5726 132 VTA VITALY JSC Construction & Materials 8,3646 0,3667 (8,2729) 0,7686 3,3214 0,2335 0,5351 0,9039 25,8395 0,4901 133 VTB Viettronics Tanbinh JSC Leisure Goods 11,2223 1,3742 6,5496 0,2360 0,3089 0,0289 0,2071 0,8462 26,1128 0,0136 134 VTC VTC Telecommunications JSC Technology Hardware & Equipment 10,2042 0,8695 11,3716 0,4057 0,8342 0,0741 0,3316 0,8030 25,2535 0,1849 135 VTO Viet Nam Tanker JSC. Industrial Transportation 8,2139 0,4345 19,5395 0,7716 3,3782 0,6930 0,0786 0,9777 27,3475 0,9356 136 BTC Binh Trieu Construction & Engineering JSC Construction & Materials 8,0921 0,5753 5,3805 0,8339 5,0189 0,0116 0,8223 1,2430 24,8868 0,0107 137 CII HCMC Infrastructure Investment JSC - CII Construction & Materials 12,9519 0,9651 8,1338 0,5705 1,4645 0,4559 0,1146 1,1474 26,1572 0,0011 138 CNT Construction and Materials Trading JSC Construction & Materials 8,8398 0,2131 4,0345 0,8377 6,1404 0,1692 0,6686 0,9347 28,6162 0,0306 139 DXP DoanXa Port JSC Industrial Transportation 40,2218 1,6094 3,8183 0,3243 0,4799 0,1311 0,1932 1,2580 25,3102 0,6676 140 FPC Full Power JSC Electronic & Electrical Equipment (4,4671) 1,1734 (8,1362) 0,3397 0,5106 0,0003 0,3394 0,8487 26,8785 0,0682 141 GTA Thuan An Wood Processing JSC. Household Goods 9,9116 1,3474 13,6726 0,1917 0,2371 0,0001 0,1915 0,7308 25,8206 0,4254 142 HAS Hanoi P&T Construction & Installation JSC Construction & Materials 6,8682 0,8343 4,9967 0,4047 0,6798 0,0034 0,4013 0,6437 25,4520 0,0253 Capital Structure and Firm Performance Page 58 No. Ticker Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 143 HTV Hatien Transport JSC Industrial Transportation 5,4960 1,4078 20,3706 0,0402 0,0419 0,0010 0,0392 0,4881 25,1797 0,1366 144 KMR Mirae Personal Goods 9,5966 0,8383 2,6511 0,3077 0,4445 0,0086 0,2991 0,4538 25,8633 0,4962 145 KSH Ha Nam Mineral JSC. Mining 10,5764 1,8561 16,7878 0,2733 0,3760 0,1123 0,1609 1,4026 24,5508 0,5178 146 LGC LuGia Mechanical Electric JSC Electronic & Electrical Equipment 6,4476 0,9165 12,5289 0,5913 1,4471 0,3534 0,2379 1,0992 25,2191 0,0075 147 MCV Cavico Vietnam Mining & Construction JSC Mining 10,7095 0,6109 7,0595 0,5996 1,4977 0,0803 0,5193 0,8102 25,7168 0,2245 148 MHC Hanoi Maritime Holding JSC Industrial Transportation 9,5633 0,6733 1.128,5 0,5614 1,2800 0,2058 0,3556 0,7961 26,1609 0,4930 149 NAV NamViet JSC. Construction & Materials 19,3028 1,1837 4,7600 0,3537 0,5474 0,0000 0,3537 0,8912 25,8989 0,1435 150 NHC Nhi Hiep Brick-Tile JSC Construction & Materials 59,1321 2,1210 3,0910 0,2141 0,2724 0,0023 0,2118 1,5492 24,7393 0,0671 151 PTC Post and Telecommunications Investment and Construction JSC. Industrial Transportation 4,9159 0,6638 15,2308 0,4953 0,9812 0,0037 0,4915 0,6543 26,8136 0,1397 152 RHC Ry Ninh II Hydroelectric JSC Electricity 24,5910 1,1096 5,7191 0,4382 0,7801 0,3098 0,1285 0,9861 24,3155 0,7909 153 RIC Royal International Corporation Travel & Leisure 3,4319 1,6425 116,24 0,1821 0,2226 0,0178 0,1642 1,0067 25,8491 0,3277 154 SBT Sucrerie De Bourbon Tay Ninh Food Producers 8,8963 1,5016 14,7977 0,1814 0,2216 0,0179 0,1635 0,8645 27,0571 0,4316 155 SFI Sea & Air Freight International Industrial Transportation 14,8776 0,8238 2,8400 0,5123 1,1089 0,0006 0,5116 0,8786 25,5213 0,2999 156 SHC SaiGon Maritime JS Co.Ltd Industrial Transportation 23,2751 0,6906 4,3314 0,6257 1,6715 0,2855 0,3402 0,9420 25,8873 0,7783 157 SJ1 Seafood JSC No.1 Food Producers 22,6913 1,3014 3,0642 0,1659 0,1988 0,0025 0,1633 0,6331 25,8250 0,0411 158 SZL Sonadezi Long Thanh Construction & Materials 24,8508 1,1092 6,0338 0,6884 2,2092 0,0153 0,6731 1,4860 26,1493 0,2200 159 TCR TAICERA Enterprise LTD Co. Construction & Materials 12,2901 0,7615 7,5221 0,4787 0,9184 0,1517 0,3271 0,7189 27,7148 0,4028 160 TCT Tay Ninh Cable Car Tour Company Travel & Leisure 45,8400 4,7264 11,1613 0,0508 0,0536 0,0090 0,0418 3,8281 24,3286 0,0501 161 TS4 Seapriexco 4 Sea Food JS Company No. 4 Food Producers 6,2775 0,9621 7,6343 0,3564 0,5538 0,1948 0,1616 0,6749 25,9351 0,1298 162 UNI Vien Lien JSC General Retailers 1,4786 1,2863 39,0987 0,2173 0,2777 0,0000 0,2173 0,7210 24,9737 0,0369