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Analysis Reports
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Summary:
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A major amount of net cash and equivalents (an estimated VND 3,621bn as at YE10) also contributes net interest income of VND200-300bn. Net cash on our projections rises over 2011-15, allowing for only dividends and the $65m capex for the NPK project. In the absence of company guidance, we currently do not take into account capital expenditure for the following project in Figure 6. This is a major issue because the possible capex on it amounts to twice DPM’s current net cash position; in other words, DPM would go from being heavily net cash to having net debt to equity of perhaps around 50%.
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