www.zaluu.

com
www.zaluu.com

.
/4-23/
1.1
1.2 ,

1.3 ,
1.4
1.5
1.6
1.7
1.8
. -
: /24-46/
2.1

2.2

2.3

2.4

/47/

www.zaluu.com
www.zaluu.com
[Type text]

,
,

.
.

www.zaluu.com
www.zaluu.com
[Type text]

:

,

.
:
,
, ,

2005,

2006

.
:

:
:
- 2005, 2006.
:

www.zaluu.com
www.zaluu.com
[Type text]

:
,
2 .
1.

()

2.

,
,

.
.

..

,
.

.,
,
,
.

www.zaluu.com
www.zaluu.com
[Type text]

.:

.,

.
,

.
.
.
1.

.
2.
. .
3.

.
4.
.
5.
.

www.zaluu.com
www.zaluu.com
[Type text]

..
,

1. ,
.
)
)
)

) ,
) .
2. ,
.
) , ,

) .
-,
,
-,

) .
- ,
- ,
- ,
- ,
- ,

-
-
6

www.zaluu.com
www.zaluu.com
[Type text]
) ,
:
4 .:
1.
2.
3.
4..
,

,
.
,
.

.
,
.

.:
1.
2.
3.
() :

.
7

www.zaluu.com
www.zaluu.com
[Type text]

.
.
() :

100

100

.
() :

.
.
,

.
.

www.zaluu.com
www.zaluu.com
[Type text]

,
.

.
() :

.
.

360

365

www.zaluu.com
www.zaluu.com
[Type text]

=( / ) * 360

.
.

.
= /

.
= /

.
.
,
.

.,

.
10

www.zaluu.com
www.zaluu.com
[Type text]
,

.
.
:
1.
2..

,
.

.
,

.
.
.
,
.
:

.
:

..

11

www.zaluu.com
www.zaluu.com
[Type text]
.,
,

.
3 .
1.
2.
3.
:

.
,

.
:
=

.
:
=

.
(RO) :
12

www.zaluu.com
www.zaluu.com
[Type text]

..
(ROE) :

.
.
(EPS) :

.
.

.
.
(/):

.
.
,

.
13

www.zaluu.com
www.zaluu.com
[Type text]

.
:
1. Du Pont
2..
Du Pont

Du

Pont
,

Du

Pont

,
,
.
.Du Pont :
ROA =
:
ROA =

Du Pont ,
,
.

,
14

www.zaluu.com
www.zaluu.com
[Type text]

,
.
.

.
.

.,

,
.
.

.
.
.
.
.
.

15

www.zaluu.com
www.zaluu.com
[Type text]
.
.
.
.
.

. , ,
,

. ,
.
, ,

.
.

.

. , , ,
.

.

. .
, ,
.
, ,

.
,
.
,
.
16

www.zaluu.com
www.zaluu.com
[Type text]

. :
1. , ,
, , ,

.


.
, ,

.
2.
,
.
, ,
,

. ,
.

.

.

7 . :
1. ,
2.
3.
4.
17

www.zaluu.com
www.zaluu.com
[Type text]
5.
6.
7.
,

:
1.
2.
3.
4.
5.
6.
7. .


.
,
, , ,
.
, :

, .
, , ,

.
. ,

.
:

18

www.zaluu.com
www.zaluu.com
[Type text]

.

:

.

, ,
.


.

.



.

. , ,

,
.
,
.
, :

.
, ,

19

www.zaluu.com
www.zaluu.com
[Type text]

.

.
.
:


.
:
,

,
.
:

,
.

.
:

.
,
20

www.zaluu.com
www.zaluu.com
[Type text]
.


.
:

,
.


.

..
1.
,

.
2. ,

.
3.
.
,
,

,
,

,
.
:
,
.
.
21

www.zaluu.com
www.zaluu.com
[Type text]
1.

,
2.

.
.
1. ,
,
.
2. ,

.
3.

.
4. ,
,
.
:
1. ,

,
,
.
2. ,
,
.
3. ,

II. - -
:

22

www.zaluu.com
www.zaluu.com
[Type text]

1941

1992

40%

.
,

1996

1997

40%-

,
,
.
,

, .
,

, .

350

24

,
,
.

,
,
,

2000
-10

23

www.zaluu.com
www.zaluu.com
[Type text]

-
:
1.

=
2005 =1,695,113.0 - 307,694.7=1,387,418.3
2006 =1,809,070.5 478,012.5=1,331,058.0

73,57
81,8

: 2006

24

www.zaluu.com
www.zaluu.com
[Type text]

.
2.
=

2005 =

1,695,113.0
= 5,50
307,694.7

2006 =

1,809,070.5
= 3,78
478,012.5

3,78
5,5

2005
5,50

2006

3,78
.

.
3.
=

25

www.zaluu.com
www.zaluu.com
[Type text]

2005 =

1,695,113.0 1,077,655.3
= 2,006
307,694.7

2006 =

1,809,070.5 1,274,575.7
= 1,118
478,012.5

00

1,118
2,006

:
2005 2,006 , 2006
1,118 . 1-.
2006

. =

//

2005 =

4,197,200,4
= 3,894//
1,077,655.3

2006 =

4,098,924.8
= 3,215//
1,274,575.7

26

www.zaluu.com
www.zaluu.com
[Type text]

3,215
3,894

2005 3,894 2006 3,215 .

.
2.
. =
2005 =

365
= 93,733//
3,894

2006 =
0

365
//

365
= 110,841//
3,293

93,733
110,841

27

www.zaluu.com
www.zaluu.com
[Type text]
2005

93,733

2006

110,841.
.
1.

//

2005 =

5,151,207.9
= 9,472 //
543,781.1

2006 =

4,919045.2
= 12,461 //
394,723.9

12,461

2006
9,472

2005

: 2005 9,472

2006

12,461

.
2. :
=
2005 =
2006 =

365
//

365
= 38,53//
9,472

365
= 29,29 //
12,461

28

www.zaluu.com
www.zaluu.com
[Type text]

0 0

29,29
38,53

: 2006
.

2005 38,53

2006 29,29 .

1.
=

//

2005 =

5,151,207.9
= 1,279//
4,026,643.8

2006 =

4,919,045.2
= 1,219//
4,035,072.0

00

1,219
1,279

29

www.zaluu.com
www.zaluu.com
[Type text]
:
2006 2005 .

2.

=
2005 =

5,151,207.9
= 2,218//
2,321,942.4

2006 =
0

//

4,919,045.2
= 2,217//
2,217,934.2

2,217
2,218

2006

.
:
1. :
=

/%/

30

www.zaluu.com
www.zaluu.com
[Type text]

2005 =

808,304.7
= 0,201 = 20,1%
4,026,643.8

2006 =

850,812.5
= 0,210 = 21,08%
4,035,072.0

00

0,201
0,21

: 2005 20,1%

2006

21,1%
.
2.
=

2005 =

500,610.0
= 0,156 = 15,6 %
3,218,339.1

2006 =

37,800.0
= 0,117 = 11,7%
3,184,259.6

0,117
0,156

31

www.zaluu.com
www.zaluu.com
[Type text]

:2005

15,6%- 2006

11,7%

.
:
1.
=

=
/%/

2005 =

5,151,207.9 4,197,200.4
= 0,185 = 18,5%
5,151,207,9

2006 =

4,919,045.2 4,098,924.8
= 0,167 = 16,7%
4,919,045.2

0,167
0,185

: 2006

2005

2006
16,7%

.
2.
. =

/%/

2005 =

272,788.5
= 0,052 = 5,2%
5,151,207,9
32

www.zaluu.com
www.zaluu.com
[Type text]

2006 =

69,390.1
= 0,014 = 1,4%
4,919,045.2

0,014

0,052

: 2005
5,2% 2006 1,4 .

=
2005 =

/%/

138,706.4
= 0,026 = 2,6%
5,151,207,9

2006 =

8,282.6
= 0,002 = 0,2%
4,919,045.2

33

www.zaluu.com
www.zaluu.com
[Type text]

2006
2005
-0,005

0,005

0,01

0,015

0,02

0,025

2006

-0,2%

2005

0,03

2,5%

.
/ROA/
=

/%
.

2005 =
2006 =

138,706.4
= 0,034 = 3,44%
4,026,643.8

8,282.6
= 0,002 = 0,205%
4,035,072.1

-0,002
0 0

0,0344

34

www.zaluu.com
www.zaluu.com
[Type text]
:

2005 3,44% 2006 0,205%-.

/ROE/
=
2005 =
2006 =

/%/

138,706.4
= 0,043 = 4,309%
3,218,339.1

8,282.6
= 0,0026 = 0,26%
3,184,259.6

2006
2005
-0,01

0,01

0,02

0,03

0,04

0,05

:
2006

-0,26%

//

2005 =

138,706.4
= 796.54
174,136

2006 =

8,282,6
= 47.56
174,136

35

www.zaluu.com
www.zaluu.com
[Type text]
47,56

796,54

2005

2006

.
1. P/E
=

1026
= 1.288
796.540
1929
=
= 40.55
47.563

/2005 =
/2006
0

0
1,288

-40,55

36

www.zaluu.com
www.zaluu.com
[Type text]
2006 40,55 .

,
Du-Pont
Du- Pont
:
4919045.2

:
4098924.8

:
-8282.7

:
4919045.
2

: 0.002

: 750730.3

:
84154.9
:
10949.9
:
1809070.5
:
2226001.6
:
478012.5
: 372800

ROA: 0.205

:
4919045.
2

:
1.219

ROE: 0.26

:
4035072.1

:
850812.5
:
3184259.
6

:
3184259.
6

:
4035072.1

:
1.267

37

www.zaluu.com
www.zaluu.com
[Type text]

//

2005 :
199,820.1
1 =
= 0,050
4,026,643.8

2006 :
1 =

2,667.3
= 0,001
4,035,072.0

2 =

5,151,207.9
= 1,279
4,026,643.8

2 =

3 =

3,218,339.1
= 0,799
4,026,643.8

4,919,045.2
= 1,219
4,035,072.0

3 =

4 =

138,706.4
= 0,034
4,026,643.8

3,184,259.6
= 0,789
4,035,072.0

4 =

5 =

1,387,418.3
= 0,345
4,026,643.8

1,280,342.9
= 0,317
4,035,072.0

5 =

1,331,058.0
= 0,330
4,035,072.0

Z = 3,3 1 + 1,0 2 + 0,6 3 + 1,4 4 + 1,2 5

Z2005 =3,3*0,050 + 1,0*1,279 + 0,6*0,799 + 1,4*0,034 + 1,2*0,345= 2,385
Z2006=3,3*0,001 + 1,0*1,219 + 0,6*0,789 + 1,4*0,317 + 1,2*0,330= 3,7545
Z2005

2,385>

1,8

2005

.
Z2006 3,7545 > 1,8

2006 2005

38

www.zaluu.com
www.zaluu.com

2005

2006

:
-

1,387,41

1,331,05

8.3

8.0

5,50

3,78

2,006

1,118

9,472

12,461

38,53

29,29

3,894

3,215

93,733

110,841

2,218

2,217

1,279

1,219

/-

18,5%

16,7%

5,2%

1,4%

2,6%

-0,2%

/ROA/

3,444%

-0,205%

/
4,309%

0,26%

796,54

1,288

-47,56

/EPS/

/ROE/
-

-40,55%

20,1%

21,08%

15,6%

11,7%

39

www.zaluu.com
www.zaluu.com

,
.

2
3,784

.
:

3,216

2005

93,73

2006

110,8

. .

.
:

40

www.zaluu.com
www.zaluu.com
.

2006

16,7%

.-

2006

1,4%

,
.
,

.
.

//:

41

www.zaluu.com
www.zaluu.com

2005

2006

1,695,113.

1,809,070.

73,976.6

69,565.0

113,957.5

%- /%/

6,72%

/%/

2005

2006

42,09

44,83

%
- 4411.6

-5,96% 1,83%

29,011.7

1,72%
0,71%

543,481.1

394,723.9

-148,757.2

13,49

27,37

9,78%

1,077,655.

1,274,575.

18,27

26,76

31,58

41,194.2

1,02%

2,331,530.

2,226,001.

5,490,385.

136,0

196,920.4

3,174,480.
6

-105,529,2

-97,970.4

-4,52% 57,90

3,08%

3,272,451.

78,83

81,10

5,496,423.

136,5

9,588.4

55,16

8,067.4

-1,521.0

15,86

0,23%

0,19%

%
42

www.zaluu.com
www.zaluu.com
/+/
.

4,026,643.

4,035,072,

307,694.7

478,012.5

65,715.6

27,048.7

8,428.2

0,20%

100%

100%

170,407.8

55,38

38,06

56,18

1,63%

0,67%

-38,666.9

58,83
%

2,818.6

26,876.8

0,06%
23,949.9

-2,926.9

0,66%

0,59%

0,007

0,52%

10,89
%

311.4

21,246.9

20,935.5

6723%

%
-

1,244.7

2,029.1

784.4

63,01

0,03%

0,05%

2,421.1

0,06%

207,570.0

400000.0

192,430.0

92,70

5,15%

9,91%

0,06%

0,005

%
2,605.6

228.7

-2,376.9

91,22

552.0

1,088.0

536.0

97,10

0,01%

0,02%

12,43

9,23%

25,53

%
.

500,610.0

372,800.0

-127,810.0

500,610.0

372,800.0

-127,810.0

12,43

25,53

9,23%

808,304.7

850,812.5

42,507.8

/+/
.

5,25%

20,07

21,8%

%
3,218,339.

3,184,259.

-34,079.5

-1,05% 79,92

78,91
43

www.zaluu.com
www.zaluu.com
1

17,413.6

17,413.6

0,43%

0,43%

-250.9

-250.9

0,006

0,006

-2,490.2

-2,490.2

3,064,960.

1,889,244.

1175,719,9 38,35

-0,06% -0,06%
-

76,11

46,82

3,44%

-0,2%

%
/

138,706.4

-8,282.6

-146,989.0

105,9
%

1,288,625.

31,93

4,026,643.

4,035,072.

/+/

8,428.2

0,20%

100%

100%

1. 2006

2005

113,957.5 -

170,407.8- 55,38%-.
2.

5,96%-,

18,27%-.
3. 58,83%-, 10,9%-,
25,53%
6723%-.

1.
,
44

www.zaluu.com
www.zaluu.com

.
2. ,
,

,
.
3. ,

.
2005

0,007% 2006 0,52%

2005

2006

/%/

/%/

2005

2006

100%

100%

%-

1.

5,151,207.

4,919,04

5.2

232.162.

-4,5%

5,151,207.

4,946,99

2.3

204.215.

-3,96% 0%

100,56
%

9,070.2

0,18%

18,876.9

0,38%

2. 4,197,200.

4,098,92

-98,275.6

-2,34% 81,47%

83,32%

4.8

3./1-2/

954,007.6

820,120.

16,67%

133,887.

14,03

18,52%

45

www.zaluu.com
www.zaluu.com
4.

681,219.1

750,730.

69,511.2

10,2%

13,22%

15,26%

38,820.2

17,38

4,33%

5,32%

0,83%

1,22%

0,69%

0,85%

3
223,276.7

262,096.
9

42,782.4

60,179.2

%
17,396.8

40,66
%

35,804.7

42,015.2

6,210.5

17,34

4,476.8
17,352.3

21,629.1

0,09%
4,276.8

24,64

0,33%

0,43%

0,21%

0,27%

1,33%

1,06%

11,209.4

13,439.6

2,230.2

19,89
%

68,529.6

53,919.6

-14,609.7

21,31
%

4,308.3

10,828.9

0,08%
15,143.7

4,314.8

39,84

0,21%

0,30%

25,480.6

23,853.2

-1,627.4

-6,38% 0,49%

0,48%

135,768.5

144,960.

9,191.9

6,77%

2,63%

2,94%

3,138.8

2,96%

2,05%

2,21%

5,29%

1,41%

203,398.

74,56

8,504.4

4019%

0,004%

0,17%

105,877.7

109,016.
5

5.

272,788.5

69,390.1

// /3-4/

6.

211.6

8,716.0

7,337.4

-0,14%

1,378.7

-0,02%

7. 284.5

75,438.9

75,154.4

26,416

0,005%

1,53%

,3%
46

www.zaluu.com
www.zaluu.com

75,438.9

8.

272,715.5

270,048.

99,02

// /5+6-7/

197,152.

98,66

-50,163.8

9.

2,667.3

1,53%

0.0

0.0

0.0

0.0

199,820.1

2,667.3

5,29%

0,05%

3,87%

0,05%

1,18%

0,22%

2,69%

-0,16%

10.

11.
/8+9+10/

12. 61,113.7

10,949.9

82,08
%

13.

138,706.4

-8,282.6

// /11-12/

146,989.

105,9

1.

4,5%-

. .
2.

4019,0%-

26416,3%-

.
3.

69,511.2-

10,2%-

,
.

47

www.zaluu.com
www.zaluu.com
1.
,

.
2. 2005

13,22%-

2006

15,26%

.
3.

.
4.

2005

2006 .
.

,
.
,

48

www.zaluu.com
www.zaluu.com

. 2001

. 1998

., .
2008

www.google.mn

www.sanhuu.mn

49

www.zaluu.com
www.zaluu.com

:
- , :
:
:
- :
:
:
:

174136
.
.
:342130

.-
2005

2006

1,695,113.0

1,809,070.5

73,976.6

69,565.0

29,011.7
543,481.1

394,723.9
50

www.zaluu.com
www.zaluu.com

1,077,655.3

41,194.2
2,331,530.8

2,226,001.6
5,490,385.2

-3,174,480.6

5,496,423.0

1,274,575.7

-3,272,451.0

9,588.4

8,067.4

4,026,643.8

4,035,072,0

307,694.7

478,012.5

65,715.6

27,048.7

2,818.6

26,876.8

23,949.9

311.4

21,246.9

1,244.7

2,029.1

/+/

2,421.1
207,570.0

400000.0

2,605.6

228.7

552.0

1,088.0

500,610.0

372,800.0

500,610.0

372,800.0

808,304.7

850,812.5

3,218,339.1

3,184,259.6

17,413.6

17,413.6

-250.9

-250.9

-2,490.2

-2,490.2

3,064,960.1

1,889,244.2

138,706.4

-8,282.6

/+/
.

//
//

1,288,625.5

51

www.zaluu.com
www.zaluu.com
/+/

4,026,643.8

4,035,072.0

2005

2006

1.

5,151,207.9

4,919,045.2

5,151,207.9

4,946,992.3

9,070.2

18,876.9

2.

4,197,200.4

4,098,924.8

3./1-2/

954,007.6

820,120.4

4.

681,219.1

750,730.3

223,276.7

262,096.9

42,782.4

60,179.2

35,804.7

42,015.2

4,476.8

17,352.3

21,629.1

11,209.4

13,439.6

68,529.6

53,919.6

4,308.3

10,828.9

15,143.7

25,480.6

23,853.2

135,768.5

144,960.4

105,877.7

109,016.5

272,788.5

69,390.1

211.6

8,716.0

5.

// /3-4/

6.

7,337.4

1,378.7

7.

284.5

8.

75,438.9
75,438.9

//

272,715.5

2,667.3
52

www.zaluu.com
www.zaluu.com
/5+6-7/
9.

0.0

0.0

10.

0.0

0.0

11. /8+9+10/

199,820.1

2,667.3

12.

61,113.7

10,949.9

13. // /11-

138,706.4

-8,282.6

12/

53