COMPETITIVENESS ANALYSIS OF KAZAKHSTAN CONFECTIONARY SECTOR USING FINANCIAL DISCRIMINANT MODELS

Petr Hájek, Gulnar Zhunissova, Taťjana Čábelová, Adilya Baidildina

Abstract


Measuring competitiveness offers hundreds of analytical options. We have chosen to analyze and compare companies of confectionery sector in Kazakhstan. We opted to use bankruptcy and creditworthiness models and compare competitiveness through the financial situation of main competitors on that market. Companies analyzed comprise of two Ukrainian companies (Konti and Roshen), Russian companies (Nestlé Russian branch serving also Central Asian markets and KDV - Yaskino) and three local corporations Rakhat, Bayan Sulu and Konfety Karagandy. Models used for analysis are Altman z-score model, Taffler z-score model, IN99, IN01, IN05, and creditworthiness model. The IN models were created in the Czech Republic based on companies' data from the 1990s which was the period of higher inflation, small currency an big banking crisis, massive imports, developing competition and infrequent political turmoil. These models have comparably much greater benefits for analyzing companies in Kazakhstan because they are based on hundreds of companies in contrast to tens of companies on which Altman or Taffler based their famous and highly predictive models. We present an analysis of models in 2007 – 2016 period based on publicly accessible data. We show the IN models have valuable benefits for comparison compared with other older models and that they can disclose certain events or corporate situations in a clearer way than other Altman or Taffler z-score models and should be used in Kazakhstan and improved to suit better the local market environment.


Keywords


bankruptcy, valuation, sweets, creditworthiness, IN models, Altman, competitiveness, Taffler, z-score model

Full Text:

PDF

References


Agarwal, V., & Taffler, R. J. (2007). Twenty‐five years of the Taffler z‐score model: Does it really have predictive ability? Accounting and Business Research(4), pp. 285-300. doi:http://dx.doi.org/10.1080/00014788.2007.9663313

Atlantis. (2017). Used bankruptcy and creditworthy models. Retrieved from http://www.finanalysis.cz/pouzite-bankrotni-modely.html

Bayan Sulu reporting. (2017). Bayan Sulu documents. Retrieved from http://www.kase.kz/ru/emitters/show/BSUL

BBC. (20. March 2014). Retrieved from http://www.bbc.com/russian/international/2014/03/140320_roschen_lipetsk_troubles

CHRIS-ICE. (2017). Historical Futures Prices: Cocoa Futures, Continuous Contract #1. Non-adjusted price based on spot-month continuous contract calculations. Raw data from ICE. Retrieved from Quandl.com: https://www.quandl.com/data/CHRIS/ICE_CC1-Cocoa-Futures-Continuous-Contract-1-CC1-Front-Month

CRF. (2017). Ratios and Formulas in Customer Financial Analysis. Retrieved from CRF online: https://www.crfonline.org/orc/cro/cro-16.html

Euromonitor. (2016). Confectionery in Kazakhstan. Executive Summary of Country report. Retrieved from http://www.euromonitor.com/confectionery-in-kazakhstan/report

Focus. (24. October 2010). Roshen postroit yeshche odnu konditerskuyu fabriku v Rossii [Roshen will build another confectionary factory in Russia]. Retrieved from https://focus.ua/money/145303/

Grünwald, R. H. (2007). Finanční analýza a plánování podniku [Financial analysis and business planning]. Praha: Ekopress.

IMF. (2017). International Financial Statistics. Retrieved from International Monetary Fund: http://data.imf.org/regular.aspx?key=61545857

KDV - Yaskino reporting. (2017). KDV - Yaskino documents. Retrieved from http://www.list-org.com/company/9040

Kislingerová E. et al. (2010). Manažerské finance [Managerial Finance] (3 ed.). Praha: C.H. Beck.

Kislingerová, E. H. (2008). Finanční analýza: krok za krokem [Financial analysis step by step]. Praha: C.H. Beck.

Konfety Karagandy reporting. (2017). Depository of financial reporting for Konfety Karagandy JSC at MoF of the RK. Retrieved from https://dfo.kz/ru/DfoObjects/objects/teaser-view/25976?ElDossierTabId=AuditReports

Konfety Karagandy. (2015). 2014 Audit report. Retrieved from https://dfo.kz/ru/DfoObjects/objects/teaser-view/25976?ElDossierTabId=AuditReports

Konti Group. (2012, March 2). Retrieved from http://www.konti.com/upload/konti/content/26/Konti_october_2012_eng.pdf

Konti reporting. (2017). Konti documents. pp. http://www.list-org.com/company/5787.

MPO. (2007). Bechmarking diagnostic system of INFA Financial Indicators. Retrieved from Ministry of Industry and Trade: https://www.mpo.cz/cz/rozcestnik/analyticke-materialy-a-statistiky/benchmarkingovy-diagnosticky-system-financnich-indikatoru-infa--30195/

NBK. (2017). USDKZT Daily Exchange Rate. Retrieved from National Bank of Kazakhstan: http://www.nationalbank.kz/?furl=cursFull&switch=eng

Nestle reporting. (2017). Nestle documents. Retrieved from http://www.list-org.com/company/4366331

Neumaier, I., & Neumaierová, I. (2002). Výkonnost a tržní hodnota firmy [Performance and market value of the company]. Praha: Grada Publishing.

Neumaierová, I., & Neumaier, I. (2005). Index IN05. Sborník příspěvků z mezinárodní vědecké konference "Evropské finanční systémy" [Proceedings of the International Scientific Conference "European Financial Systems"] (pp. 143-148). Brno: Masaryk University.

NovoeTV. (2016, June 15). "Candies of Karaganda" suspend their production. Retrieved from http://novoetv.kz/2016/06/konfety-karagandy-priostanavlivayut-svoe-proizvodstvo/

Rakhat reporting. (2017). Rakhat documents. Retrieved from http://www.kase.kz/ru/emitters/show/RAHT

Rakhat. (2017). JSC Rakhat 2016 Annual Report. Retrieved from http://www.kase.kz/files/emitters/RAHT/rahtp_2016_rus.pdf

Roshen reporting. (2017). Roshen documents. Retrieved from http://www.list-org.com/company/584976

Růčková, P. (2011). Finanční analýza: metody, ukazatele, využití v praxi [Financial analysis: methods, indicators, use in practice]. Praha: Grada Publishing.

Vochozka, M. (2011). Metody komplexního hodnocení podniku [Methods of comprehensive enterprise evaluation]. Praha: Grada Publishing.

World Bank. (2017). World Development Indicators. Retrieved from World Bank: https://data.worldbank.org/




DOI: http://dx.doi.org/10.12955/cbup.v5.916

Refbacks

  • There are currently no refbacks.


Print ISSN 1805-997X, Online ISSN 1805-9961

(c) 2017 Central Bohemia University