MERAL Myanmar Education Research and Learning Portal
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Business Valuation of First Private Bank in Yangon Stock Exchange
https://meral.edu.mm/records/8867
https://meral.edu.mm/records/8867e1fc80e7-484c-4d6e-aa3b-8c7a1572cd4d
444d5f74-2b36-4aa1-ae3c-64d7a7c9a302
Name / File | License | Actions |
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Mya Thandar Phyu, MBF-38, (DAY)3rd Batch.pdf (3.3 MB)
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Title | ||||||
Title | Business Valuation of First Private Bank in Yangon Stock Exchange | |||||
Language | en | |||||
Publication date | 2023-02-01 | |||||
Authors | ||||||
Mya Thandar Phyu | ||||||
Description | ||||||
The main objective is to derive the Intrinsic Value of First Private Bank which is listed on Yangon Stock Market using discounted cash flow method with a financial model, and compare to the current market price. Finding the intrinsic value of First Private Bank limited using discounted cash flow Method. We built a financial model to project five years financial projections using the assumptions mainly based on management’s plan and strategy which are publicly available on YSX website, management interviews and discussions posted as disclosures and announcements and using historical trends. We also derived at proper discount rates by using CAPM method based on most recent risk factors. The results we got has shown that Intrinsic Value of FPB shares is extremely higher than Current share price. That meant the Current Share Value is undervalued. To mitigate the impact of potential risks, calculate the sensitivity and scenario analysis. For sensitivity analysis of FPB share, considered the impact of WACC and Terminal Growth rate changes. Based on the changes, the intrinsic value is extremely higher than current share price. For scenario analysis, the three cases scenario, Good case, Base case and Bad case, intrinsic value of all cases is significantly higher than current share price. First Private Bank should consider to do revaluation of its building and property since most of them were recorded at cost price decades ago. The bank also should work closely with Yangon Stock Exchange to promote the stock to drive up volume and stimulate the market by drawing investor’s attention to how much undervalued is the First Private Bank’s shares are. The last suggestion for FPB bank is to hire some of the local talents and expatriates to fill the need for human resources and strategic moves for its transformation to a visionary and leading bank. |
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Thesis/dissertations | ||||||
Yangon University of Economics | ||||||
Dr. Thynn Thynn Myint |