VNM-20151104-MUA.pdf

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    VNM [MUA +22%] -nh gi li c phiu hng u Vit Nam- Cp nht

    18 March 2011

    Vinamilk (VNM), Sa v cc sn phm t sa

    Gi: 123.000 VND Gi mc tiu: 146.000 VND Tng mc sinh li: 22,3%GTVH: 6.561tr USD GTGD/ngy (30 ngy): 3,4tr USD Room KN: 0%

    Cc ch s chnh 2013A 2014A 2015F 2016F

    Doanh thu, t ng 30.949 34.977 39.953 44.230

    LNST tr li ch CTS, t ng 6.534 6.069 7.763 8.763

    Tng trng doanh thu 16,5% 13,0% 14,2% 10,7%

    Tng trng LN trc thu 17,6% -6,6% 26,3% 11,6%

    Tng trngEPS (*) 12,4% -7,1% 27,8% 12,9%

    PER theo gi th trng 25,1 27,0 21,1 18,7

    PBR theo gi thi trng 8,4 7,5 7,1 6,3

    ROE 39,6% 32,6% 38,5% 39,9%

    Li su t c tc theo gi th trng 3,3% 3,0% 3,5% 3,6%

    N rng/V n CSH % -37% -37% -39% -41%

    Ghi ch: (*) Tng trng EPS c tnh da trn EPS c iu chnh (khng tnh n thu nhp btthng v c khu tr khon trch vo qu khen thng v phc li cho nhn vin theo Thng t 200).VNM trch 10% LNST hng nm ca cng ty m vo qu khen thng v phc li cho nhn vin.

    * Vi vic t l s hu ti a dnh cho khi ngoi ca CTCP Sa Vit Nam (VNM) nhiukh nng s c nng v s vt tri ca VNM v cc ch bo c bn, chng ti chorng c phiu VNM xng ng c nh gi li thu hp mc chit khu so vi cccng ty cng ngnh trong khu vc.

    * Chng ti tng gi mc tiu 21% vi vic nng PER mc tiu ln 22 ln t mc 19-20ln trc . Trong khi , chng ti d bo EPS 2016 s tng 13% so vi nm 2015.

    * KQLN 9 thng u nm n tng, cao hn mt cht so vi d bo ca chng ti nhdoanh thu t xut khu vt d bo.

    * Chng ti iu chnh gim 7% d bo EPS 2016 vi vic tng gi nh chi ph bt sau vo do sn lng ti New Zealand d kin s gim.

    KQLN 9 thng u nm 2015 n tng nh doanh thu tng tcv bin li nhun gptng ng k.Doanh thu v LNST tng ln lt 15,8% v 35,5% so vi cng k nm ngoi.Chng ti nhn thy tng trng doanh thu t th trng trong nc tng mnh, xut khuphc hi sau khi chm mc thp nm 2014 v bin li nhun gp tng 825 im c bn nhchi ph bt sa u vo gim (vui lng xem nhn nh chi tit ti Trang 2).

    Chng ti gi nh chi ph bt sa u vo ca VNM sang nm 2016 l tng ng

    nm 2015, trung bnh 2.400 USD/tn gia sa bt gy (skim milk powder) v sa bt nguyn kem (whole milk powder) trong khi d bo trc y ca chng ti l gim 15% trong nm2016 so vi nm 2015. K t khi chng ti a ra bo co cp nht gn y nht, gi sa tng mnh lin tip bn t trc khi c du hiu gim tr li trong thi gian qua. D bosn lng ma ny ti New Zealand s gim, cng vi chin lc gim sn lng cho bnca Fonterra thng qua knh bn u gi h tr gi sa, trong khi sn lng ti cc khuvc khcci thin v d bo nhu cu th gii tip tcyu l cc l do chnh km hm gisa. Nhn chung, cc kin c lp cho rng im phc hi ca gi sa s nm trong 6thng u nm 2016, v vy VNMvn cn c hi mua trc btsa nguyn liu ti vnggi thp. Ti cuc hp gn y vi VNM, cng ty cho bit cht gi cho mt phn nhu cusn xut nm 2016, nhng khng cng b con s c th.

    PER mc tiu 22 ln ca chng ti dnh cho VNM thp hn khong 10% so vi cccng ty sa khc trong khu vc, m chng ti cho rng l hp l do cc ch s cbn caVNM l vt tri.

    ng Vn PhpChuyn vin cao cp

    04/11/2015

    Cc ch s chnhS hu ca kh i ngoi 49%Room t i a cho kh i ngoi 49%SL c phi u lu hnh 1.200,1 triu

    S CP pha long hon ton 1.200,1 triuMc cao nh t 12 thng VN 124.000Mc th p nh t 12 thng VN 73.100

    M t cng tySCIC 45,2%

    F&N Dairy 11,0%

    Khc 43,8%

    M t cng tyVinamilk (VNM) l cng ty sa ln nht VitNam vi th phn50%. Vi hn 30 nm hotng, Vinamilk thit lp c thng hiucho cc danh mc sn phm bao gm sabt, sa ti, sa chua, sa c v nc ptri cy. Cc sn phm c sn xut vphn phi ton quc. VNM nim yt trn snHOSE vi ngy giao dch u tin l ngy19/1/2006.

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    HOLDKQLN 9 thng u nm 2015 khquan, ph hp vi kvng ca chng ti

    Hnh 1: Nhn nh v KQLN 9 thng u nm ca VNM

    t ng

    9 thngunm2015

    Tngtrngso vicng k2014

    % so vid boccaVCSC

    Nhn nh

    Trong nc 23.904 10,3% 74,1%Tng trng (hon ton nh sn lng) ln n11,7% trong Qu 3/2015

    Xut khu 4.036 94,4% 82,7%Gi bn trung bnh tng ng k v hiu ng cs thp nm 2014

    Driftwood 1.826 -7,5% 65,6%

    T ng doanhthu

    29.765 15,8% 74,6%

    Trong nc 9.430 28,7% 74,4%

    Xut khu 1.957 340,8% 85,4%Bin li nhun gp tng mnhnh chi ph uvo thp v gi bn trung bnh tng

    Driftwood 458 33,2% 58,8%

    LN gp 11.846 46,0% 75,2%

    Chi ph bn

    hng(4.504) 77,1% 70,0%

    Tng cng cc hot ng qung co v khuynmi m rng th phn. Chi ph bn hngthng t nh trong Qu 4.

    Chi ph qun lv hnh chnh

    (677) 17,5% 72,1%

    LN t HKD 6.665 33,5% 79,6%LN trc thu 7.081 30,3% 77,5%LNST 5.877 35,5% 77,6%

    Ngun: Bo co ti chnh v VCSC

    Gi sac kvng sphc hi trong 6 thng unm 2016 khicung cu dn cn bng trli

    Hnh 2: Din bin gi sa bt gy/sa bt nguyn kem (USD/tn)

    Ngun: Global Dairy Trade

    Sa bt gy -2.178USD/tn

    Gi tng nh k vng gim

    sn lng ti New Zealandv Fonterra gim d bosn lng cho bn u gi

    Sa bt nguynkem - 2.694USD/tn

    0

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    5Nov

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    4Fe

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    HOLDHnh 3: Gi tng lai ca sa bt nguyn kem v sa bt gy (ngy o hn 19/01/2016)

    Ngun: Reuters

    Hnh 4: Th trng cn mt thi gian na tiu th lng sa tn kho hin ti trc khigi sa c th phc hi vng chc hn

    n v Nhn nh v tnh hnh gi sa

    Dairy Australia

    Tr New Zealand, tng trng sn lng sa khng b nhhng tvic gi gim mnh trong mtnm ri qua. Trong khi

    tc tng trng sn lng ti nhiu khu vc s chm li, vncn thm thi gian th trng iu chnh cn bng hn.

    Rabobank

    Lng sa c th gii sn xut cao hn so vi nhu cu th trngtrong Qu 3 v mt lng ln hng tn kho u tin nm bnmua th by gi n lt bn bn d tn kho. Mc dth gii angd tha sa, c v sp n thi im th trng ti lp s cnbng.Rabobank d kin lng tn kho sa d tha s gim trong 6thng u nm 2016 dogi sa thp ti New Zealand v cc khuvc khc lm gim sn lng, trong khi gi thp s kch thch nhucu.

    Ngun: Dairy Australia & Rabobank (10/2015)

    Gi hp ngtng lai ca sa

    bt nguyn kem vsa bt gy chodu hiu gi btsa s iu chnhtrong ngn hn Sa bt nguyn

    kem -2.575USD/tn

    Sa bt gy -2.150USD/tn

    2,000

    2,200

    2,400

    2,600

    2,800

    3,000

    3,200

    3,400

    05/10/15

    07/10/15

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    21/10/15

    23/10/15

    25/10/15

    27/10/15

    29/10/15

    31/10/15

    02/11/15

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    HOLDHnh 5: Tr New Zealand, d bo sn lng sa ti cc nc khc s tng

    Ngun: Dairy Australia

    nh gi ca VNM vn rso vi cc cng ty khc trongkhu vc

    Hnh 6: VNM so vi cc cng ty sa khc trong khu vc

    M

    Gi trvn

    ha(triuUSD)

    ROE2014

    Bin

    LNHKD2014

    Bin

    LNrng2014

    N/CSH

    2014(%)

    Tngtrng

    LNST6T u2015(YoY)

    Tngtrng

    LNST2016F(YoY)

    PER2015 PER2016

    VNM VN Equity 6.561 32,7 19,5 17,4 8,2 26% 13% 21,1 18,7

    Trung bnh cccng ty khc

    4.347 17,1 8,5 8,0 62,3 57% 26% 32,4 26,4

    Trung v cc cngty khc

    2.296 14,5 6,7 6,8 61,8 9% 20% 30,3 24,1

    600887 CH Equity 14.673 25,4 8,5 7,6 48,0 16% 20% 18,8 15,7

    2269 JP Equity 11.837 12,8 4,4 2,7 58,9 29% 81% 46,1 26,1

    151 HK Equity 10.548 29,3 20,6 16,4 68,8 NA 11% 17,3 15,6

    2319 HK Equity 6.946 12,7 5,2 4,7 40,5 NA 12% 16,9 15,0

    6863 HK Equity 5.042 6,5 -2,6 22,4 64,6 NA -13% 24,7 42,3NESTLE PA Equity 3.968 68,2 13,3 8,2 158,4 34% 13% 29,8 26,9

    600597 CH Equity 3.036 16,1 4,0 2,8 51,4 -4% 28% 30,7 24,1

    002329 CH Equity 2.349 8,9 9,7 6,7 18,8 126% 51% 71,1 49,8

    FNN SP Equity 2.244 1,9 10,9 6,1 7,1 -65% -1% 22,6 22,8

    FNH MK Equity 1.538 16,9 8,3 6,8 20,7 3% 5% 22,1 21,0

    2270 JP Equity 1.446 4,6 1,7 0,7 93,0 -42% 52% 34,9 22,9

    1112 HK Equity 1.330 25,9 23,2 17,1 82,8 NA 19% 16,1 13,3

    1230 HK Equity 1.261 2,3 3,6 8,8 25,0 NA 50% 39,2 26,3

    2264 JP Equity 1.118 5,1 1,1 0,7 96,5 -32% NA 35,7 NA

    EFOODS PA Equity 1.088 20,4 3,5 2,0 81,3 501% 31% 31,4 24,6

    002770 CH Equity 1.121 16,7 21,0 14,2 81,0 NA 23% 60,4 49,9

    Ngun: Bloomberg v VCSC (S liu ngy03/11/2015)

    NZ

    US Aus

    EU-28

    -4%

    -3%

    -2%

    -1%

    0%

    1%

    2%

    3%

    0% 1% 2% 3% 4%

    D

    botngtrng(2016)

    Tng trng thc t/d bo (2015)

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    HOLDBo co Ti chnh

    KT QU LI NHUN 2014A 2015F 2016F BNG CKT 2014A 2015F 2016F

    t ng t ng

    Doanh thu thun 34.977 39.953 44.230 Tin v tng ng 1.528 3.047 3.210

    Gi vn hng bn -22.668 -24.054 -26.296 u t TC ngn hn 7.468 6.618 6.768

    Li nhun gp 12.308 15.899 17.934 Cc khon phi thu 1.983 2.210 2.447Chi ph bn hng -4.696 -6.357 -7.340 Hng tn kho 3.620 3.628 3.966

    Chi ph qun l DN -795 -934 -986 TS ngn hn 924 924 924

    LN thun HKD 6.817 8.608 9.607 Tng TS ngn hn 15.522 16.427 17.315

    Doanh thu ti chnh 574 702 871 TS di hn (gp) 13.457 14.918 16.880

    Chi ph ti chnh -82 -183 -167 - Khu hao ly k -4.420 -5.572 -6.845

    Trong , ch ph li vay -40 -33 -17 TS di hn (rng) 9.038 9.346 10.035

    Li nhun t cng ty LDLK 60 47 48 u t TC di hn 700 576 776

    Li nhun/(chi ph) khc 245 190 209 TS di hn khc 510 857 881

    LNTT 7.613 9.363 10.568 Tng TS di hn 10.248 10.778 11.692

    Thu TNDN -1.545 -1.592 -1.797 Tng Ti sn 25.770 27.205 29.006

    LNST 6.068 7.771 8.772 Phi tr ngn hn 1.899 2.016 2.204

    Li ch C thiu s 1 -8 -9 N ngn hn 1.280 1.280 0LN rng tr CTS , bo co 6.069 7.763 8.763 N ngn hn khc 2.275 2.599 2.877

    LN rng tr CTS, iu chnh 6.069 7.763 8.763 Tng n ngn hn 5.453 5.894 5.081

    EBITDA 7.850 9.760 10.880 Vay v n di hn 346 346 346

    Phi tr di hn khc 170 170 170

    EPS c bn bo co, VND 5.057 6.469 7.302 Tng n di hn 517 517 517

    EPS c bn iu chnh (1), VND 4.557 5.822 6.571 Tng n 5.970 6.411 5.597EPS pha long hon ton (2),

    VND 4.557 5.822 6.571 C phiu u i 0 0 0

    Vn c phn 10.006 12.008 12.008

    T L 2014A 2015F 2016F Thng d vn CP 0 0 0

    Tng trng Li nhun gi li 7.158 6.367 8.097

    Tng trng doanh thu 13,0% 14,2% 10,7% Vn khc 2.516 2.292 3.168

    Tng trng LN HKD -6,6% 26,3% 11,6% Li ch CTS 120 128 136

    Tng trng LNTT -5,0% 23,0% 12,9% Vn ch s hu 19.800 20.794 23.409

    Tng trng EPS -7,1% 27,8% 12,9% Tng cng ngun vn 25.770 27.205 29.006

    Kh nng sinh li

    Bin LN gp % 35,2% 39,8% 40,5% LU CHUYN TIN T 2014A 2015F 2016F

    Bin LN t H % 19,5% 21,5% 21,7% t ng

    Bin EBITDA 22,4% 24,4% 24,6% Tin u nm 2.746 1.528 3.047

    LN rng tr CTS iu chnh 17,4% 19,4% 19,8% Li nhun sau thu 6.069 7.763 8.763

    ROE 32,6% 38,5% 39,9% Khu hao 1.033 1.153 1.273

    ROA 24,9% 29,3% 31,2% Thay i vn lu ng -1.024 206 -109

    iu chnh khc -189 -1.116 -892

    Ch s hiu qu vn hnh Tin t hot ng KD 5.889 8.006 9.035S ngy tn kho 55,0 55,0 52,7 Chi mua sm TSC -805 -1.461 -1.962

    S ngy phi thu 20,2 19,2 19,2 u t -3.628 975 -350

    S ngy phi tr 30,6 29,7 28,9 Tin t H u t -4.433 -486 -2.312

    TG lun chuyn tin 44,7 44,5 43,0 C tc tr -4.001 -6.001 -5.281

    Tng (gim) vn 0 0 0

    Thanh khon Tng (gim) ni di hn 162 0 0

    CS thanh ton hin hnh 2,8 2,8 3,4 Tng (gim) n ngn hn 1.101 0 -1.280

    CS thanh ton nhanh 2,0 2,0 2,4 Tin t cc hot ng TC khc 65 0 0

    CS thanh ton tin mt 1,6 1,6 2,0 Tin t hot ng TC -2.673 -6.001 -6.560

    N/Ti sn 0,1 0,1 0,0 Tng lu chuyn tin t -1.218 1.519 163

    N/Vn s dng 0,1 0,1 0,0 Tin cui nm 1.528 3.047 3.210

    N/Vn CSH (0,4) (0,4) (0,4)

    Kh nng thanh ton li vay 172.2 258.4 554.7

    Ngun: Bo co ti chnh ca ngn hng, d bo ca VCSC. (1) EPS iu chnh c khu tr li nhun bt thng v khon trch vo qu khenthng v phc li theo Thng t 200.

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    HOLDD BO

    D bo

    2015 (c)

    D bo2015 (iu

    chnh)

    D bo

    2016

    D bo2016 sovi d

    bo 2015

    iu chnh

    Ghi ch

    Doanh thu 39.902 39.953 44.230 10,7%

    Trong nc 32.242 32.242 35.434 9,9% Tt c l tng trng sn lng

    Xut khu4.879 5.174 6.209 20,0%

    Tng trng hu c ti cc th trng hintiv m rng vo cc th trng mi, cbit l Myanmar.

    Nh my Driftwood 2.782 2.536 2.587 2,0%

    LN gp 15.749 15.899 17.934 12,8%

    Trong nc 12.678 12.678 13.872 9,4%

    Xut khu 2.293 2.587 3.415 32,0%

    Nh my Driftwood 779 634 647 2,0%

    Chi ph bn hng -6.437 -6.357 -7.340 15,5%

    Thc y qung co v khuyn mi lythm th phn

    Chi ph hnh chnh -939 -934 -986 5,6%

    LN t HKD 8.373 8.608 9.607 11,6%

    Chi ph li vay-33 -33 -17 -48,0%

    Gi nh thanh ton ht n ngn hn trongnm 2016

    LN ngoi HKD797 789 978 24,1%

    Thu nhp t li cao hn t s d tin mtcao hn

    LN trcthu 9.136 9.363 10.568 12,9%

    LN sau thu 7.583 7.771 8.772 12,9%

    LNST (sau li chCTS) 7.575 7.763 8.763 12,9%EBITDA 9.525 9.760 10.880 11,5%

    Bin LN gp % 39,5% 39,8% 40,5%

    Ni a % 39,3% 39,3% 39,1% Gi nh chi ph bt sa bng nm 2015

    Xut khu % 47,0% 50,0% 55,0% Gi nh chi ph bt sa bng nm 2015

    Nh my Driftwood % 28,0% 25,0% 25,0%

    Chi ph bn hng v ti pth/Doanh thu 16,1% 15,9% 16,6%

    Thc y qung co vkhuyn mi lythm th phn

    Chi ph hnh chnh/Doanh

    thu 2,4% 2,3% 2,2%

    Bin LN t HKD 21,0% 21,5% 21,7%

    Bin EBITDA 23,9% 24,4% 24,6%

    Bin LNST 19,0% 19,4% 19,8%

    Thu sut 17,0% 17,0% 17,0%

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    HOLDLCH SKHUYN NGH

    Vui lng xem Phng php nh gi v H thng khuyn ngh ca VCSC ti trang k tip

    MUA 74,000

    KH QUAN103.000

    KH QUAN108.000

    MUA 117.000

    PH HPTH TRNG

    98.000

    MUA 121.000MUA112.000

    MUA 108.000

    MUA 146.000

    50,000

    60,000

    70,000

    80,000

    90,000

    100,000

    110,000

    120,000

    130,000

    140,000

    150,000

    T10/12

    T12/12

    T02/13

    T04/13

    T06/13

    T08/13

    T10/13

    T12/13

    T02/14

    T04/14

    T06/14

    T08/14

    T10/14

    T12/14

    T02/15

    T04/15

    T06/15

    T08/15

    T10/15

    Actual Price Target Price

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    HOLDXc nhn ca chuyn vin phn tchTi,ng Vn Php, xc nhn rng nhng quan im c trnh by trong bo co ny phn nh ng quan im cnhn ca chng ti v cngty ny. Chng ti cng xc nhn rng khng c phn th lao no ca chng ti , ang,hoc s trc tip hay gin tip c lin quan n cc khuyn ngh hay quan im th hin trong bo co ny. Cc chuynvin phn tch nghin cu ph trch cc bo co ny nhn c th lao da trn nhiu yu t khc nhau, bao gm cht

    lng, tnh chnh xc ca nghin cu, v doanh thu ca cng ty, trong bao gm doanh thu t cc n v kinh doanhkhc nh b phn Mi gii t chc, hoc T vn doanh nghip.

    Phng php nh gi v H thng khuyn ngh ca VCSC

    Ni dung chnh trong h thng khuyn ngh: Khuyn ngh c a ra da trn mc tng/gim tuyt i ca gi cphiu t n gi mc tiu, c xc nh bng cng thc (gi mc tiu - gi hin ti)/gi hin ti v khng lin quann hot ng th trng. Cng thc ny c p dng t ngy 1/1/2014.

    Cc khuyn ngh nh ngha

    MUA Tng li nhun cng (bao gm ctc) trong 12 thng ti dbo strn 20%

    KHQUANT ng li nhun c ng (bao g m c tc) trong 12 thng ti dbo sdng t10%-20%

    PH HP THTRNG T ng li nhun c ng (bao g m c tc) trong 12 thng ti dbo sdao nggia m 10% v dng 10%

    KM KHQUANT ng li nhun c ng (bao g m c tc) trong 12 thng ti dbo sm t10-20%

    BNT ng li nhun c ng (bao g m c tc) trong 12 thng ti dbo sm trn20%

    KH NG NH GI Bphn nghin cu ang hoc c th snghin cu c phi u ny nhng khnga ra khuyn nghhay gi mc tiu v l do tnguyn hoc chtun thccquy nh ca lut v/hoc chnh sch cng ty trong trng hp nht nh, bao gmkhi VCSC ang thc hin dch vt vn trong giao dch sp nhp hoc chin lcc lin quan n cng ty .

    KHUY N NGH TMHON

    Hnh thc nh gi ny xy ra khi cha c y thng tin c s xc nhkhuyn nghu t hoc gi mc tiu. Khuyn nghu t hoc gi mc tiu trc, nu c, khng cn hiu lc i vi cphiu ny.

    Tr khi c khuyn co khc, nhng khuyn ngh u t ch c gi tr trong vng 12 thng. Nhng bin ng gi trongtng lai c th lm cho cc khuyn ngh tm thi khng khp vi mc chnh lch gia gi th trng ca c phiu vgi mc tiu nn vic vic din gii cc khuyn ngh u t cn c thc hin mt cch linh hot.

    Gi mc tiu:Trong hu ht trng hp, gi mc tiu s tng ng vi nh gi ca chuyn vin phn tch v gi trhp l hin ti ca c phiu. Gi mc tiu l mc gi c phiu nn c giao dch hin ti nu th trng n g quanim ca chuyn vin phn tch v c nhng yu t xc tc cn thit to ra s thay i nhn thc trong thi hn nhtnh. Tuy nhin, nu chuyn vin phn tin rng trong thi hn xc nh s khng c tin tc, s kin hoc yu t thc ycn thit c phiu c th t n gi tr hp l th gi mc tiu c th khc vi gi tr hp l. V th, trong hu httrng hp, khuyn ngh ca chng ti ch l nh gi s cha ph hp gia gi th trng hin ti v gi tr hp l hinti ca c phiu theo quan im ca chng ti.

    Phng php nh gi: xc nh gi mc tiu, chuyn vin phn tch c th s dng nhiu phng php nh gikhc nhau, bao gm nhng khng gii hn, phng php chit khu dng tin t do v nh gi so snh. Vic la ch nphng php ty thuc vo tng ngnh, cng ty, tnh cht c phiu v nhiu yu t khc. Kt qu nh gi c th da

    trn mt hoc kt hp nhiu phng php sau: 1)nh gi da trn nhiu ch s (P/E, P/CF, EV/doanh thu, EV/EBIT,EV/EBITA, EV/EBITDA), so snh nhm cng ty v da vo s liu qu kh, 2) M hnh chit khu(DCF, DVMA, DDM);3) Phng php tnh tng gi tr cc thnh phn hoc cc phng php nh gi da vo ti sn; v 4) Phngphp nh gi s dng li nhun kinh t(Li nhun thng d,EVA). Cc m hnh nh gi ny ph thuc vo cc yut kinh t v m nh tng trng GDP, li sut, t gi, nguyn liu vi cc gi nh khc v nn kinh t cng nh nhngri ro vn c trong cng ty ang xem xt. Ngoi ra, tm l th trng cng c th nh hng n vic nh gi cng ty.Qu trnh nh gi cn cn c vo nhng k vng c th thay i nhanh chng m khng cn thng bo, ty vo s phttrin ring ca tng ngnh.

    Ri ro: Tnh hnh hot ng trong qu kh khng nht thit s din ra tng t cho cc kt qu trong tng lai. T gingoi t c th nh hng bt li n gi tr, gi hoc li nhun ca bt k chng khon hay cng c ti chnh no clin quan c ni n trong bo co ny. c t vn u t, thc hin giao dch hoc cc yu cu khc, khchhng nn lin h vi n v i din kinh doanh ca khu vc c gii p.

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    HOLDLin h

    CTCP Chng khon Bn Vit (VCSC)www.vcsc.com.vn

    Tr s chnh Chi nhnh H Ni

    Bitexco, Lu 15, S 2 Hi Triu 109 Trn Hng o

    Qun 1, Tp. HCM Qun Hon Kim, H Ni

    +848 3914 3588 +844 6262 6999

    Phng giao dch Phng giao dch

    S 10 Nguyn Hu 236 - 238 Nguyn Cng Tr

    Qun 1, TP. HCM Qun 1, Tp. HCM

    +848 3914 3588 +848 3914 3588

    Phng Nghin cu v Phn tch

    Gim c Phng Nghin cu v Phn tchV Thanh T, +848 3914 3588 ext 105 +848 3914 3588

    [email protected] [email protected]

    Ti chnh, Cng nghip, Tp on a ngnh Bt ng sn, Hng tiu dng

    Trng phng cao cp Trng phng cao cp

    Ng Hong Long, ext 145 Anirban Lahiri, ext 130

    ng Vn Php, CV cao cp ext 143 Nguyn Tho Vy, Chuyn vin ext 147

    inh Th Thy Dng, CV cao cp ext 140 Hong Minh Hi, Chuyn vin ext 138

    Nguyn L Hong Yn, CV cao cp ext 124

    L Minh Thy, Chuyn vin ext 116

    L Th M Dung, Chuyn vin ext 149

    Nguyn Thanh Nga, Chuyn vin ext 199

    V m v Th trng Du kh

    Nguyn Th Minh, Trng phng ext 142 Nguyn c Tun, Trng phng ext 185

    L Ngc Trm, CV cao cp ext 194 Ng Thy Trm, Chuyn vin ext 135

    L Trng Ngha, Chuyn vin ext 181 Nguyn Th Kim Chung, Chuyn vin ext 132

    Dng M Thanh, CV v mext 173

    Phng Giao dch chng khon khch hng t chc& C nhn nc ngoiT chc nc ngoi T chc trong nc

    Michel Tosto, M. Sc. Nguyn Quc Dng

    +848 3914 3588 ext 102 +848 3914 3588 ext 136

    [email protected] [email protected]

    Phng Mi gii khch hng trong ncH Ch Minh H Ni

    Chu Thin Trc Qunh Nguyn Huy Quang

    +848 3914 3588 ext 222 +844 6262 6999 ext 312

    [email protected] [email protected]

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    HOLDKhuyn coBo co ny c vit v pht hnh bi Cng ty C phn Chng khon Bn Vit. Bo co ny c vit da trnngun thng tin ng tin cy vo thi im cng b. Cngty C phn Chng khon Bn Vit khng chu trch nhim v chnh xc ca nhng thng tin ny. Quan im, d bo v nhng c lng trong bo co ny ch th hin kinca tc gi ti thi im pht hnh. Nhng quan im ny khng th hin quan im chung ca Cng ty C phn

    Chng khon Bn Vit v c th thay i m khng cn thng bo trc. Bo co ny ch nhm mc ch cung cpthng tin cho cc t chc u t cng nh cc nh u t c nhn ca Cng ty c phn chng khon Bn Vit vkhng mang tnh cht mi cho mua hay bn bt k chng khon no c tho lun trong bo co ny. Quyt nhca nh u t nn da vo nhng s t vn c lp v thch hp vi tnh hnh ti chnh cng nh mc tiu u tring bit. Bo co ny khng c php sao chp, ti to, pht hnh v phn phi vi bt k mc ch no nu khngc s chp thun bng vn bn ca Cng ty C phn Chng khon Bn Vit. Xin vui lng ghi r ngun trch dn nus dng cc thng tin trong bo co ny.

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