TPH.VN WACC - Weighted Average Cost of Capital
The WACC of Hanoi Textbook Printing JSC (TPH.VN) is 6.2%.
| Range | Selected | |
| Cost of equity | 6.6% - 10.3% | 8.45% |
| Tax rate | 21.5% - 21.9% | 21.7% |
| Cost of debt | 5.0% - 5.0% | 5% |
| WACC | 5.3% - 7.1% | 6.2% |
| Category | Low | High |
| Long-term bond rate | 2.7% | 3.2% |
| Equity market risk premium | 9.5% | 10.5% |
| Adjusted beta | 0.41 | 0.63 |
| Additional risk adjustments | 0.0% | 0.5% |
| Cost of equity | 6.6% | 10.3% |
| Tax rate | 21.5% | 21.9% |
| Debt/Equity ratio | 1 | 1 |
| Cost of debt | 5.0% | 5.0% |
| After-tax WACC | 5.3% | 7.1% |
| Selected WACC | 6.2% | |
| Debt/Equity | Unlevered | |||
| Peers | Company Name | ratio | Beta | beta |
| TPH.VN | Hanoi Textbook Printing JSC | 1.13 | 0.15 | 0.08 |
| 534190.BO | Olympic Cards Ltd | 5.11 | 0.15 | 0.03 |
| 539228.BO | Gala Global Products Ltd | 1.41 | 0.7 | 0.33 |
| 8450.HK | EDICO Holdings Ltd | 0.02 | -0.81 | -0.79 |
| BQC.SI | A-Smart Holdings Ltd | 0.16 | 0.81 | 0.72 |
| CFM.KL | Computer Forms (Malaysia) Bhd | 0.18 | 0.87 | 0.77 |
| HTP.VN | Hoaphat Textbook Printing JSC | 4.2 | 0.38 | 0.09 |
| INN.VN | Agriculture Printing and Packaging JSC | 0.12 | -0.02 | -0.02 |
| SAP.VN | Textbook Printing JSC in Ho Chi Minh City | 0.02 | 0.19 | 0.19 |
| SGD.VN | Educational Book JSC in Ho Chi Minh City | 0.4 | 0.02 | 0.02 |
| SLP.BK | Salee Printing PCL | 0.13 | 0.94 | 0.86 |
| Low | High | |
| Unlevered beta | 0.08 | 0.19 |
| Relevered beta | 0.12 | 0.45 |
| Adjusted relevered beta | 0.41 | 0.63 |
TPH.VN's CAPM model and how its cost of Equity is calculated
The Cost of Equity reflects the return a company needs to deliver to shareholders to justify the risk of investing in its shares. It’s computed using the Capital Asset Pricing Model (CAPM), which blends the risk-free rate, the stock’s beta, and the market risk premium.
This method evaluates the stock’s risk compared to a safe investment and the market’s overall volatility.
Here’s how we figure out the cost of equity for TPH.VN:
cost_of_equity (8.45%) = risk_free_rate (2.95%) + equity_risk_premium (10.00%) * adjusted_beta (0.41) + risk_adjustments (0.25%)
We include the risk adjustments, which range from 0% to 1%, to keep our WACC conservatives, especially for companies traded in developing markets.