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VGU RESEARCH REPOSITORY


Please use this identifier to cite or link to this item: https://epub.vgu.edu.vn/handle/dlibvgu/696
Title: The bull stock market: overvaluation of HAXACO?
Authors: Lu Hy Hien 
Keywords: Bull stock market;Overvaluation;Capital cash flow
Issue Date: 2017
Publisher: Vietnamese-German University
Abstract: 
The stock market and interest rate has long proved to possess negative correlation throughout economic theories. This study seeks to prove it quantitatively by performing regression analysis on both variables. Hence, downward lending rate in Vietnam produces golden mines for investor to put capital in numerous fertile sectors in Vietnam, one category of which is automotive retailing. Statistical evidence proves such dynamic and positive in this industry, which somehow justified aggressive growth in terms of stock price of automotive retailing firms, especially HAXACO, henceforth HAX as the price increase almost two-fold in less than six month. Such movement motivates the valuation included in our study with the purpose of intensive analyzing of firm performance to seek target price. The method we obtain for valuation is the harmonization of old-schooled multiples method and innovative capital cash flow method, which initially published by (Ruback, 2002). Additionally, we replicate valuation analysis previously discussed in (Kaplan & Ruback, 1995) studies for intention to put more weight on capital cash flow method in final conclusion. As the results, the estimated price is relatively equivalent to market price, which holding or selling action of investor seemingly best scenario based on our perspective.
URI(1): http://epub.vgu.edu.vn/handle/dlibvgu/696
Rights: Attribution-NonCommercial 4.0 International
Appears in Collections:Finance & Accounting (FA)

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