20170831_BSC_Vietnam Company Visit Note_EN_JVC

On 31/8/2017, JVC stock was traded at 3,600 VND / share, equivalent to P / B of 0.79x. We attended the 2017 AGM and have the following notes:
Business results in 2016: Net sales reached VND 499 billion (-1.56% yoy). The company recorded an after tax loss of VND 32 billion (2015 loss of VND 1,336 billion). Excluding the company's provisioning expense, the company's after-tax loss is VND9 billion (VND 29 billion in 2015). Remarkably, since the third quarter of 2016 (equivalent to Q4/2016 calendar year), the company has recorded profits. Business results in 1H2016 (according to JVC's financial year) are losses as the company has to sell inventories at low prices and make provisions for the receivables.