We heard from time to time that financial analysis cannot make a difference anymore nowadays when it comes to picking the best stocks. Well, this is not totally false but not 100% right either. Diligent financial analysis can still make a difference! However, you should keep in mind that a spreadsheet is a mean and not an end and that the main purpose of financial reporting is to obtain cheap capital not helping analysts! When it comes to a country like Vietnam, things can even become harder. But once again, diligent financial analysis can still make a difference!