BO CO NHANH M C PHIU GAS

PNS Research Thng 08/2013

TNG CNG TY C PHN KH VIT NAM

MT S CH TIU CHNH





































Vng gi h tr: 60-65
Vng gi khng c: 75-80

Ngy phn tch :15/08/2013
M chng khon GAS
Gi ngy 15/08/2013 70,000
Gi thp nht 52 tun 35,600
Gi cao nht 52 tun 70,000
Khi lng trung bnh 10 ngy 390,922
Khi lng CPLH (triu) 1,895
Gi tr vn ha th trng (triu) 132,650,000
Tp on Du kh Vit Nam (PVN) 96.72%
Cng ty c phn CNG Vit Nam 0.01%
C ng nc ngoi 2.13%
C ng khc 1.14%
EPS 5,175
P/E 7
E/P 13%
BV (ng) 14,350
ROE 35%
ROA 22%
Beta 0.82
Ga tr ni ti (ng) 81,464
TH GI
THNG TIN C PHIU
C CU S HU
CH S C BN

T s kh nng thanh ton (ln) N/2011 N/2012 6T/2012 6T/2013
T s thanh ton hin thi 1.86 2.53 1.81 3.41
T s thanh ton nhanh 1.76 2.33 1.74 3.23
T s thanh ton tng qut 2.22 2.77 2.18 3.79
T s c cu ti chnh (%) N/2011 N/2012 6T/2012 6T/2013
T s ti sn m bo N /VCSH 82% 57% 85% 36%
T s ti sn ngn hn / Tng TS 42% 45% 50% 54%
T s n = Tng n/ Tng ti sn 45% 36% 46% 26%
T s VCSH/ Tng ngun vn 55% 64% 54% 74%
T s hot ng N/2011 N/2012 6T/2012 6T/2013
Vng quay hng tn kho (vng) 52 38 29 16
S ngy vng quay hng tn kho (ngy) 7 9 6 11
Vng quay cc khon phi thu (vng) 9 11 6 3
S ngy vng quay cc khon phi thu (ngy) 40 32 28 55
Vng quay cc khon phi tr (vng) 5.6 6.5 5 2
S ngy vng quay cc khon phi tr (ngy) 64 56 38 83
T s kh nng sinh li (%) N/2011 N/2012 6T/2012 6T/2013
T l li gp 16% 22% 20% 30%
ROS (Doanh li tiu th) 10% 15% 13% 25%
ROA (Doanh li ti sn) 14% 22% 10% 16%
ROE (Doanh li VCSH) 26% 35% 18% 22%
T s gi th trng N/2011 N/2012 6T/2012 6T/2013
BV (ng) 12,392 14,350 13,581 16,823
EPS (ng) 3,120 5,175 2,464 3,715
P/E 7 16 19
E/P (%) 13% 6% 5%
Gi tr ni ti (ng) 81,464
Ch tiu tng trng (%) N/2011 N/2012 6T/2012 6T/2013
Tng trng doanh thu 34% 6% -24%
Tng trng li nhun gp 41% 41% 14%
Tng trng li nhun sau thu 30% 57% 43%
Tng trng tng ti sn 15% -1% -15%
Tng trng vn CSH 10% 15% 16%
Ch tiu chi ph (%) N/2011 N/2012 6T/2012 6T/2013
Chi ph bn hng 75% 3% -71%
Chi ph qun l doanh nghip 50% 20% -23%
NHM CH S TI CHNH


BO CO NHANH M C PHIU GAS


PNS Research Thng 08/2013













































TH C CU TI CHNH



TH KH NNG SINH LI



TH TNG TRNG DOANH THU &
LI NHUN




TNG CTCP KH VIT NAM (GAS)
GAS l thnh vin ca Tp on Du Kh Vit Nam
(PVN), cng ty chuyn kinh doanh 2 loi kh ch yu
l kh kh v kh LPG, trong kh kh chim khong
50%, kh LPG chim 45% tng doanh thu hng nm.
Ngoi ra GAS cn kinh doanh consendate v cung cp
dch v vn chuyn kh thng qua h thng ng dn
kh, bn cnh GAS cn cung cp dch v cho thu
vn phng ti ton nh PVGAS, nhng hot ng nh
ny chim 5% tng doanh thu hng nm.
L cng ty u ngnh trong ngnh kh, c h tr t
PVN nn tnh hnh hot ng kinh doanh ca GAS
nhn chung l kh thun li trong sut 3 nm qua.
Nm 2012, cng ty t doanh thu 68,420 t ng, tng
nh 6%, nh gi v tr l cng ty u ngnh nn GAS
c xc lp gi bn kh trong nc, nm 2012 gi
hu ht cc loi kh u tng dn n bin li nhun
gp tng mnh t 16% ln 22%, t gip li nhun
sau thu t 10,102 t ng, tng 57% so vi nm
2011. Kt thc nm 2012, cng ty vt 91% k hoch
li nhun sau thu, trong nm cng ty thc hin chia
c tc 20% bng tin mt.
Ly k 6 thng u nm 2013, GAS t doanh thu
27,789 t ng, gim 24%, do doanh thu bn kh t
hp ng bn kh PM3 C Mau khng c ghi nhn
cho GAS m chuyn qua ghi nhn cho Tp on
PVN. Trong 6 thng u nm 2013 mc d doanh thu
gim nhng gi bn kh vn tng so vi cng k 6
thng u nm 2012 trong khi gi kh u vo
c c nh vi cc m kh, do bin li nhun gp
tng t 20% ln 30%, ngoi ra GAS cn c hon
nhp Qu Pht Trin Khoa Hc Cng Ngh 1,146 t
ng nn gip li nhun sau thu t 7,040 t ng,
tng 43% so vi 6 thng u nm 2012. Tnh n ht
thng 6/2013, GAS hon thnh c 92% k hoch li
nhun sau thu trong nm 2013. GAS cng t k
hoch c tc nm 2013 l 20% bng tin mt.

BO CO NHANH M C PHIU GAS


PNS Research Thng 08/2013














































Qua cc nm cho thy ch s thanh ton n ngn hn ca GAS t mc thanh ton an ton. 6 thng u nm
2013 t s thanh ton hin thi tng ln 3.41 ln v t s thanh ton nhanh cng tng ln 3.23 ln. Qua ta
thy kh nng thanh ton n ca GAS l kh tt, cc khon tin v tng ng tin 16.142 t ng, tng
27% so vi u nm
Nm 2011, n chim t l 82% trn vn ch s hu so vi nm 2012 gim cn 57%, ta thy t l n trn vn
ch s hu gim xung, ch yu do vay n di hn mc 6,189 t ng, gim 24% so vi nm 2011. 6
thng u nm 2012, n chim t l 85% vn ch s hu so vi 6 thng u nm 2013 gim cn 36%. Nh
vy, mc s dng n by ti chnh ca GAS ngy cng gim v mc thp, kh nng t ti tr ngun
vn ch s hu tt.
Nm 2011, n chim 45% trn tng ti sn so vi nm 2012 gim cn 36%. 6 thng u nm 2012, n chim
46% tng ti sn so vi 6 thng u nm 2013 gim cn 26%. Qua ta thy, t l n trn tng ti sn gim,
n c duy tr mc thp, kh nng thanh ton n c m bo an ton.
Nm 2012, vng quay tn kho t 38 ng vi 9 ngy tn kho, tng ng vi nm 2011, qua ta thy
thi gian tn kho thp chng t cng ty bn hng rt nhanh, hng tn kho khng b ng. 6 thng u nm
2012 vng quay tn kho t 29 vng ng vi 6 ngy so vi 6 thng u nm 2013 gim cn 16 vng ng vi
11 ngy cho thy trong 6 thng u nm tin bn hng chm hn 6 thng u nm 2012. Tuy nhin, s
ngy tn kho vn mc thp, nhn chung vng quay hng tn kho ca GAS lun chuyn nhanh, khng b
ng hng tn kho.
Nm 2011, vng quay phi thu t 9 vng ng vi 40 ngy so vi nm 2012 tng ln 11 vng ng vi 32
ngy thu n, cho thy tnh hnh thu n nm 2012 tin trin nhanh hn nm 2011. 6 thng u nm 2012
vng quay phi thu t 6 vng ng vi 28 ngy so vi 6 thng u nm 2013 gim cn 3 vng ng vi 55
ngy, nh vy, trong 6 thng u nm 2013 tc thu n gim so vi 6 thng u nm 2012, xt thy, cng
ty vn duy tr thi gian thu hi cng n kh tt.
Nm 2011, vng quay phi tr t 5.6 vng ng vi 64 ngy, so vi nm 2012 tng ln 6.5 vng ng vi 56
ngy, cho thy nm 2012 cng ty tr n nhanh hn nm 2011. 6 thng u nm 2012 vng quay phi tr t
5 vng ng vi 38 ngy so vi 6 thng u nm 2013 gim cn 2 vng ng vi 83 ngy, cho thy trong 6
thng u nm 2013 cng ty ko di thi gian tr n nhiu hn 6 thng u nm 2012, tuy nhin, s ngy tr
n khng qu cao cho thy tnh hnh thanh ton cng n vn c duy tr tt.
Qua cc vng quay hot ng, ta thy tnh hnh hot ng ca GAS tin trin tt, iu ny gip dng vn lu
ng lun c khi thng, cng ty qun tr dng tin kh hiu qu.
Nm 2012, qui m ti sn v vn ch s hu din bin tri chiu. C th, vn ch s hu mc 28,835 t
ng, tng 15%, tng ti sn mc 45,146 t ng, gim nh 1% so vi nm 2011. Mc d qui m ti sn
v vn ch s hu khng tng trng mnh nhng kt qu li nhun li tng trng vt bc chng t cng
sut s dng ti sn v vn ch s hu rt hiu qu, iu ny th hin qua cc t sut sinh li trn ti sn
ROA v t sut sinh li trn vn ch s hu ROE tng mnh. C th, ROA nm 2011 t 14% so vi nm
2012 tng ln 22%, ROE nm 2011 t 26% so vi nm 2012 tng ln 35%. Qua ta thy, hiu sut s
dng ti sn ca cng ty rt tt.
BO CO NHANH M C PHIU GAS


PNS Research Thng 08/2013














































EPS nm 2012 t 3,120 ng/cp so vi nm 2012 tng 65% v t 5,175 ng/cp. Nm 2012, GAS c t
sut E/P mc 13%, tng ng vi li sut ngn hng. Xt thy, GAS l doanh nghip c qui m rt ln
khng ch trong ngnh cng nghip kh m cn c trn th trng chng khon, vi kt qu kinh doanh duy
tr mc tng trng n nh, tnh hnh ti chnh ca GAS lnh mnh, th hin qua kh nng thanh ton an
ton, t l n gim, cc t sut sinh li hp hn, cc vng quay hot ng tin trin tt. Vi nhng yu t
trn cho thy GAS l c phiu rt ng quan tm u t trong trung v di hn.
BO CO NHANH M C PHIU GAS


PNS Research Thng 08/2013



KHUYN CO:

Ni dung bo co nhanh m c phiu l do Cng ty C phn Chng khon Phng Nam (PNS) cung cp
ch mang tnh cht tham kho. Mc d mi thng tin u c thu thp t cc ngun tin ng tin cy,
nhng PNS khng m bo tuyt i chnh xc ca thng tin v khng chu trch nhim i vi bt k
vn no lin quan n vic s dng bo co ny.
Cc kin, d bo v c tnh ch th hin quan im ca ngi vit ti thi im pht hnh, bo co ny
ch nhm mc ch cung cp thng tin tham kho ch khng mang tnh cht mi cho mua hay bn v
nm gi bt c c phiu no.
Bi bo co ny l ti sn ca Cng ty C phn Chng khon Phng Nam (PNSC). Khng ai c php
sao chp, ti sn xut, pht hnh cng nh ti phn phi ni dng bo co ny v bt c mc ch no nu
khng c s ng ca PNS.







PNS RESEARCH


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