10 lý do mua HAS gấp:急にＨＡＳ買う十理由


1. Được phân tích và xếp vào top-list investment porfoliobởi Econsof　Ｅｃｏｎｓｏｆ　に　分析さ� ��て、ＴＬＩＰにランクされています 。


2. Price is still verycheap compared to its intrisic value. While other shares soaredwithin last few weeks, HAS has not. This reserves the potential to catch up, once it has reached the centerof the stage. Notice the growing quantity rallied recently


3. Book value: 28.000


4. Last four quarter's EPS: 2200


5. First Quarter's financial performance showed significantimprovement ofefficiency:Revenue decreased sharply, however, after tax profits stay about the same as 2008's first quarter. Roughly, costs reduced from 89.3% in 2008 to 75% of revenues in the first quarter. In other words, the global recessionbrings chance for HAS to reduce input costs as well as enhance efficiency rather than worsen profitability as seen in the majority of shares.


6. 2009's after tax profitis estimated for three scenarios ( assume efficencyis maintained for the restof the year)


a) Optimistic view: revenues are achieved as planned in the annual report


(100%-75%)* bil.160=VNDbil.40 => forward EPS = 6600


b) Neutral View: revenuesare achieved similarly to 2008


(100%-75%)* bil.120=VNDbil.30 => forward EPS = 5500


c) Totally pessimistic View: No new contracts signed in 2009, revenues come only from contracts signed in the last two years. It means it only achieves VNDbil.90 already signed,as clearly stated in the annual report.


(100%-75%)* bil.90=VNDbil22.5 => forward EPS = 3750


in short, even in the worst sennarios, HAS has a veryhigh forward EPS. It is oneof the best shares to buy for the time being.


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