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BO CO PHN TCH CTCP TP ON FPT - FPT

Ngy : 02/03/2012
Gi ng ca

55,500

P/E 2012
Gi mc tiu

5.3x

CTCP TP ON FPT

Khuyn ngh

MUA

69,000

Khuyn ngh u t:

Thng tin c bn
Sn phm chnh

CNTT

Vn iu l (t VND)
Vn ha th trng (t VND)

1,934
11,884

S hu nc ngoi

47.3%

S hu nh nc

7.16%

T l HQT v BKS
Khuyn ngh gn nht
Ngy
Gi ng ca ti
xut bn
ngy khuyn ngh

Tn cng ty

%
Khuy
n ngh

C cu doanh thu 2011

Sau 30 nm hnh thnh v pht trin, FPT tr thnh doanh nghip hng
u trong lnh vc CNTT v l 1 tn tui ln trong ngnh vin thng. Cc
lnh vc hot ng nh h thng thng tin, phn mm, vin thng v thng
mi u chim th phn ln ti th trng trong nc.
Ngnh CNTT VT cn rt nhiu tim nng pht trin do nhu cu ng
dng CNTT l bc bch i vi cc doanh nghip Vit Nam trong thi bui
hi nhp. Ngoi ra, s lng ngi s dng internet ngy cng tng, mng
ni dung s t c iu kin tng trng.
Nm 2011, FPT ti cu trc cc n v thnh vin, ra chin lc
pht trin di hn nhm vo lnh vc chnh l CNTT-VT, y vn d l lnh
vc c sut sinh li cao. Do ha hn 1 trin vng pht trin ca FPT
trong di hn. Nm 2012, chng ti d phng EPS ca FPT t 10,374 ng,
tng 37.26% so vi nm 2011. Chng ti khuyn ngh nh u t la chn
mc gi hp l u t c phiu FPT trong di hn, gi k vng t 69,000
ng.

Nhng im ch :
Thng mi l mng ng gp doanh thu chnh nhng CNTT VT l
lnh vc ng gp li nhun cao nht do sut sinh li cao hn nhiu.
So snh c phiu vi th trng

FPT l cng ty tin phong s 1 trong lnh vc xut khu phn mm, FPT
Online l doanh nghip hng u trong lnh vc ni dung s trong nc.
Nm 2011, FPT t mc tng trng cao nht trong 3 nm tr li y, li
nhun rng t 1,691 t, tng 33.75% so vi nm 2010.
Hng pht trin di hn ca tp on ch yu tp trung vo lnh vc
CNTT VT, c bit l dch v ERP v ni dung s, tp on ang c
bc i hng ra th gii trong lnh vc vin thng.
D phng nm 2012, FPT t 2,241 t li nhun rng, tng 32.54%.

Ch tiu

Q4 2011

Q1 2012F

Q2 2012F

Q3 2012F

Q4 2012F

2011

2012F

Doanh thu (triu ng)


Tng trng
T l li nhun gp trn doanh thu
T l li nhun thun trn doanh thu
Li nhun trc thu (triu ng)
Li nhun rng (triu ng)
Tng trng

7,218,827

6,409,875

8,364,413

7,925,026

9,107,994

25,940,856

31,807,308

90.74%
22.91%
9.16%
648,646

26.31%
23.01%
9.11%
595,589

17.56%
20.30%
10.35%
870,839

21.32%
21.88%
12.13%
965,477

26.17%
22.89%
9.86%
901,336

29.59%
20.62%
9.29%
2,515,024

22.61%
21.98%
10.10%
3,233,344

462,745

396,956

603,359

690,129

631,008

1,691,266

2,241,617

52.30%

33.82%

45.23%

34.44%

36.36%

33.75%

32.54%

EPS (ng)

2,142

1,837

* EPS 2010, 2011 c tnh trn 216,080,072 CPLH

2,792

3,194

2,920

7,827

10,374

BO CO PHN TCH CTCP TP ON FPT - FPT

GII THIU CNG TY


1/ Gii thiu cng ty:
Tn cng ty : Cng ty C phn FPT.
M giao dch : FPT
Nim yt: HOSE
a ch
: S 89 Lng H, Qun ng a, H Ni.
in thoi : (84-4)8 560300
Website
: www.fpt.com.vn.
Tin thn ca FPT l Cng Ty Cng Ngh Thc Phm c thnh lp ngy
13/09/1988. Thng 03/2002, cng ty c phn ha vi vn iu l ban u l
20 t ng, FPT v chnh thc nim yt trn sn HOSE vo nm 2006. Sau
20 nm hot ng, FPT tr thnh tp on hng u trong lnh vc cng
ngh thng tin ti Vit Nam v l mt tn tui ln trong lnh vc vin thng.
3/ Hot ng kinh doanh chnh:
Lnh vc thng mi - FTG
Phn phi in thoi di ng, laptop, FPT c bit n nh l tp on v lnh vc cng ngh thng tin nhng
thit b in t l hot ng chnh thng mi li l mng ng gp doanh thu cao nht cho c Tp on, chim
63% trong tng doanh thu. Cc hot ng chnh trong lnh vc thng mi l
ca lnh vc thng mi
phn phi in thoi di ng, laptop, thit b cng ngh thng tin, sn xut
v kinh doanh in thoi FPT. D ng u v t trng ng gp doanh thu
T trng ng gp li nhun ca cc n 63% nhng y li l mng ng gp li nhun thp, ch chim 22%.
lnh vc nm 2011.
Lnh vc h thng thng tin - FIS
H thng thng tin chim 13% trong tng doanh thu v ng th 2 sau mng
thng mi. Hot ng chnh trong lnh vc ny gm c:
Cung cp cc dch v phn mm nh x l in t, tch hp h thng.,
trong dch v ERP (Phn mm qun l tng th doanh nghip) l dch
v chnh trong lnh vc h thng thng tin ca FIS.
Cung cp phn cng: h thng phn cng nh server, thit b vi tnh, dch
v bo tr, lp trnh board mch.
(Ngun: BCTC FPT)
Khch hng ch yu ca FIS l cc c quan hnh chnh, ngn hng, chng
Khch hng truyn thng ca FIS l
khon, vin thng, siu th. H thng thng tin ng gp 16% li nhun.
c quan hnh chnh Nh nc, cc
Lnh vc vin thng - Ftel
ngn hng
Vin thng ng gp 13% tng doanh thu ton Tp on. Dch v internet
v Online Service l 2 mng hot ng chnh. Trong , dch v internet
Trong lnh vc vin thng, FPT cung gm internet c dy, khng dy ; Online Service bao gm ni dung s,
cp dch v internet, ni dung s, qung co trc tuyn, thng mi in t, ..
thng mi in t.
Lnh vc phn mm - Fsoft
Hot ng kinh doanh chnh trong lnh vc ny gia cng v xut khu phn
Nht l th trng chnh trong lnh mm, th trng chnh ca Fsoft l Nht Bn, EU, M v th trng APAC
vc gia cng phn mm ca FPT.
(Singapor, Malaysia, Thi Lan, c.).
Ngoi thng mi v cng ngh thng tin, cc lnh vc khc nh chng
khon, bt ng sn, ngn hng, gio dc d t trng doanh thu thp, 4%
trong tng doanh thu song u l cc ngnh cn nhiu tim nng pht trin
ti Vit Nam.

BO CO PHN TCH CTCP TP ON FPT - FPT

PHN TCH TNG QUAN NGNH


1. Phn loi cc lnh vc:
Ngnh CNTT- VT c chia thnh 3 Ngnh CNTT- VT c chia nh gm 3 lnh vc ch cht:
lnh vc chnh l phn mm, ni Phn mm: bao gm mng gia cng, xut khu phn mm, gia cng quy
dung s v phn cng.
trnh kinh doanh (BPO), h tng d liu, dch v hosting, ngn hng in
t, thng mi in t, .
Tc tng trng Doanh thu ton
Ni dung s (chuyn v mng): cc loi tr chi in t, sn phm gii tr
ngnh CNTT
trn mng, phim, nh, nhc, qung co cho in thoi v my tnh ...
Phn cng: ch yu l sa cha, lp rp thit b vi tnh, my mc, cc loi
lp trnh board mch.
Trong , lnh vc ni dung s c tc tng trng doanh thu mnh nht
trong 2 nm tr li y, trung bnh t 45% mi nm, tip l lnh vc
phn mm vi tc 25%/nm, lnh vc phn cng t 17%/nm.
2. V th v nhng bc tin trong ngnh:
V th ngnh CNTT Vit Nam dn c hin r t nm 2009 n nay khi
nhng xp hng ca nc ta trong tng lnh vc c ci thin. Trong nm
ny, Vit Nam bc ra khi danh sch 10 quc gia vi phm bn quyn
Vit Nam xp hng th 8 trong 50 nhiu nht trn th gii. Nm 2011, Tp on A.T.Kearney xp hng nc
nc hp dn nht v gia cng phn ta ng hng th 8 trong 50 nc hp dn nht v gia cng phn mm,
trong khi nm 2009, nc ta xp hng th 10.
mm.
Ngun:B Thng Tin- Truyn Thng

Trong thi bui suy thoi kinh t, khi nhng ngnh ngh khc phi gng
mnh chu ng kh khn th ngnh CNTT vn duy tr c tc tng
trng ca mnh, do ng dng CNTT rng ri trong hot ng sn xut
cng l cch thc ct gim chi ph lu di. Trong nm 2011, theo s liu
ca B Thng tin v Truyn thng, doanh thu t ngnh ny t hn 8.5 t
USD, y c xem l con s kh cao so vi bi cnh kh khn chung.
Theo s liu thng k n cui nm 2010, c nc c 2 doanh nghip t
chng ch qun l cht lng quc t CMMi5, hng chc cng ty t mc
CMMi 4, 3 hoc t tiu chun ISO 9001.
3. Phn tch m hnh SWOT:
3.1 im mnh:
Nhn cng r l li th ln cho Nhn cng r l li th ln nht cho ngnh CNTT ca Vit Nam. n v
Trung Quc vn c bit n l im ngm hp dn cho lnh vc gia cng
ngnh CNTT ca nc ta.
phn mm. Tuy nhin, so vi 2 quc gia ny, gi nhn cng trong ngnh ti
Vit Nam ch bng 50% so vi n v thp hn Trung Quc t 30-50%.
3.2 im yu:
Sc cnh tranh ca cc doanh nghip cn yu, cha c mt sn phm CNTT
no ca Vit Nam c thng hiu trn th gii. Nhng sn phm trong
ngnh phn mm ca nc ta ch dng li mc gia cng. V nhng sn
phm phn cng, ch yu l nhp khu linh kin, thit b in t ca nc
ngoi.
H tng cho ngnh CNTT ca Vit Cc t chc ln trn th gii nh hng nghin cu M Brown&Wilson cho
Nam mc thp
rng h tng cho ngnh CNTT ca Vit Nam mc thp. C th nh: nhn

BO CO PHN TCH CTCP TP ON FPT - FPT


lc tuy di do v gi r nhng thiu cht lng, k nng ngoi ng km, h
thng gio dc, s n nh kinh t v m u mc thp.
3.3 C hi :
S thm nhp ca nhng tp on Ngy cng nhiu cc tp on CNTT ln trn th gii tp trung m rng vo
CNTT ln trn th gii l mt c hi Vit Nam nh Intel, Canon, Samsung Electronics, Nokiay l c hi tt
cho Vit Nam c hi hc hi.
cho Vit Nam.
Chnh Ph khng ngng quan tm, pht trin. C th nh n a Vit
Nam sm tr thnh nc mnh v CNTT ph duyt ngy 22/9/2010 a
ra nhng nh hng r cho ngnh CNTT Vit Nam n nm 2015: nm
trong s 15 nc dn u v gia cng phn mm v ni dung s, n nm
2020, hnh thnh cc t chc nghin cu v pht trin cng ngh thng tin v
truyn thng mnh.
3.4 Thch thc:
Tnh trng gian ln cn cao: Vit Nam cn nm trong nhm gian ln trong
qung co trc tuyn, pht tn th rc thuc dng cao trn th gii. Ngoi ra,
h thng an ninh mng nc ta cn lng lo.
Vn gio dc nhn lc cng l thch thc ln khi hin nay c rt nhiu
trng i hc, c s gio dc CNTT nhng nhn lc ngnh ny vn b nh
gi l thiu cht lng.
4. Th trng nc ngoi
Trong cc lnh vc ngnh CNTT, phn mm ng gp doanh thu cao nht
Xut khu chim 35% trong tng cho ngnh, vo cui nm 2010, cn mc 1 t USD, trong xut khu chim
doanh thu ngnh CNTT.
35% tng doanh thu. Th trng xut khu chnh ca Vit Nam l Nht Bn,
Bc M v 1 phn nh ca Chu u. Cc sn phm xut khu ca nc ta
ch yu l cc hp ng gia cng phn mm. Ring lnh vc ni dung s,
cc doanh nghip trong nc ang hng dch v game online, th vin in
t, bo in t sang cc nc ln cn nh Lo, Campuchia

PHN TCH CNH TRANH


Trong lnh vc thng mi:
FPT c h thng bn l ln nht Vit Nam, hn 900 chi nhnh trn 53 tnh
thnh ca c nc. FPT ang l i tc phn phi ca cc nhn hng ln trn
FPT chim 55% th phn phn phi th gii nh: IBM, Lenovo, Microsoft, Nokia, HP, Oracle, Samsung,...FPT
chim 55% th phn phn phi cc sn phm cng ngh thng tin ti Vit
cc sn phm, thit b CNTT.
Nam, trong , th phn in thoi di ng chim n 80% trong c nc.
Lnh vc vin thng:
Trong lnh vc ny FPT l mt trong 4 nh cung cp ng truyn Internet
u tin ti Vit Nam, hin chim 7% th phn thu bao internet; ng th 3
sau VNPT (72.56%) v Viettel (15.41%).
FPT Online l n v qung co trc tuyn s 1 v ang chim th phn 50%
FPT Online l n v qung co trc ti Vit Nam. Cng ty c quyn khai thc qung co trc tuyn trn cc
tuyn s 1 ti Vit Nam.
trang web nh: vnexpress.net, nhacso.net, ngoisao.net, sohoa.net,
gamethu.net.

BO CO PHN TCH CTCP TP ON FPT - FPT


Lnh vc phn mm:
FPT ng v tr s 1 trong lnh vc gia cng, xut khu phn mm. V cng
FPT ng s 1 v gia cng xut khu
l doanh nghip trong s 2 doanh nghip trn c nc c chng ch CMMIphn mm.
5, l mc cao nht nh gi nng lc quy trnh sn xut trong mt t chc
pht trin phn mm - do Vin Cng ngh phn mm M (SEI) cp. CMMi
c coi nh mt bng chng trn trng quc t nhm khng nh nng lc
v uy tn ca doanh nghip gia cng xut khu phn mm. FPT hin t tr
s ti nhiu nc v chu lc trn th gii nh: Nht, M, Chu u,
Singapore, Malaysia, c, Thi Lan, Philipin.

PHN TCH TNG TRNG


1. Hot ng kinh doanh chnh
Nm 2011, kt qu kinh doanh ca Trong khong thi gian t 2008 n nm 2010, FPT kinh doanh vi tc
FPT khi sc khi doanh thu tng chm, khng xng tm nh l tp on hng u trong nc. Tuy nhin
nm 2011, theo kt qu cha kim ton, hot ng kinh doanh ca FPT
30%, li nhun rng tng 34%.
khi sc khi doanh thu tng 30%, li nhun rng tng 34%.
Tc tng doanh thu v li nhun Doanh thu nm 2011 tng trng hu ht tt c cc lnh vc hot ng,
trc thu nm 2011.
trong vin thng tng trng mnh nht, t mc 42%, cc lnh vc tch
hp h thng v phn mm tng trng doanh thu ln lt l 33% v 30%.
Ring i vi mng thng mi, do ch trng ca cng ty l s tp trung
kinh doanh vo lnh vc CNTT v VT nn tng trng lnh vc thng mi
thp nht, t 22%.
Tng ng vi mc tng trng doanh thu l tng trng li nhun trc
thu. Vin thng v CNTT cng t mc tng trng cao nht, mc
33.78%, k tip l phn mm t mc 30%, thng mi t 24.46%.

Bin li nhun trc thu cc lnh


vc

CNTT VT lun l nhm ngnh c sut bin li nhun li nhun trc thu
cao hn hn thng mi, cao nht l lnh vc phn mm, t 26.49% trong
nm 2011, vin thng xp th 2 vi t sut gn 23%, mc t sut bin li
nhun trc thu ca mng vin thng ang c du hiu st gim trong 2
nm tr li y, ch yu do chi ph gi vn tng cao qua cc nm, dn n t
sut bin li nhun gp gim. Tch hp h thng t 12%, thng mi c
bin li nhun trc thu thp nht, mc 3.2%.
a. Vin thng:

Ngun : PNS tng hp


Thay cho dch v internet ang dn
bo ha, ni dung s c tc pht
trin nhanh, doanh thu tng hn
200%, li nhun trc thu tng
133%.

Lnh vc vin thng ang c s phn ha r nt gia cc dch v. Dch v


internet theo mng c dy th c mc tng trng ch mc 13% doanh thu
v 12% v li nhun. Nguyn nhn do lnh vc ny bo ha, mng ADSL
ang dn c thay th bi cng ngh 3G, 4G. S h gia nh c kt ni
internet ti cc thnh ph ln i vo n nh, ti cc tnh thnh, tc kt
ni internet tng i chm hn so vi cc thnh ph ln. Thay cho mng
internet bng thng rng, internet cp quang l s bnh trng ca lnh vc
ni dung s, vi mc tng hn 200% doanh thu v 133% li nhun trc
thu trong nm 2011. Cc dch v th game online, qung co trc tuyn,
thng mi in t, dch v 3G, 4G trn in thoi di ngngy cng tr
nn ph bin, vi v th l doanh nghip ln trong ngnh gip FPT tng
doanh s lnh vc ny nhanh chng.

BO CO PHN TCH CTCP TP ON FPT - FPT


b. H thng thng tin:
Tc tng doanh thu v li nhun ca hot ng ny ngang nhau mc
33%. Ngay t u nm 2011, FIS trng nhiu gi thu tr gi ln nh Xy
dng Trung Tm D Liu H Ni, Thit b v h thng h tng cho d n
ng dng qun l thu thu nhp c nhn, trin khai h thng EPR cho
Petrolimex v nhiu d n khc. Trong nm 2011, gi tr gi thu mang li
doanh thu v li nhun ln nht cho FPT l xy dng h thng email cho
chnh ph vi gi tr 6.6 t ng.
c. Phn mm:
Nht Bn vn l th trng ch yu ca F-soft, chim gn 50% doanh thu,
tuy nhin, tc tng trng ca th trng ny trong 2 nm tr li y thp
Tc tng trng ti th trng
hn hn so vi M, EU v th trng APAC, c th, mc tng trng Nht
Nht Bn st gim, thp hn M dao ng quanh mc 20 25%, trong khi M tng hn 60%, ti th
v EU trong 2 nm tr li y.
trng APAC tng trung bnh 30 40%/nm.
Trong nhng ngnh c xem l tay tri ca FPT th gio dc c tc
tng mnh nht, t 31.37%, v y cng l lnh vc c bin li nhun trc
thu cao nht so vi ti chnh, bt ng sn, nm 2011 con s ny t mc
12%.
2.

Hot ng ti chnh:

Hot ng ti chnh ca cng ty lin tc l trong sut t nm 2006, nguyn


nhn do l t chnh lch t gi, chim hn 50% tng chi ph ti chnh ca
Hot ng ti chnh l t nm 2006 cng ty. K tip l chi ph li vay chim 30% tng chi ph. T gi v li
n nay do chnh lch t gi.
sut trong nm 2010 v 2011 lun trong tnh trng cng thng cng lm 2
loi chi ph ny tng ln, trong khi doanh thu ti chnh ch yu ch l li tin
gi, tin cho vay v u t tri phiu, khng b p vo chi ph.

TRIN VNG KINH DOANH


1. Trin vng ngnh
Hin nay, mc ng dng CNTT trong nc cn thp so vi cc nc
S lng ng dng dch v ERP ti khc trn th gii. C th, vi dch v ERP, theo s liu thng k nm 2010,
s doanh nghip ng dng dch v ny ch hn 1%, trong khi , ERP l 1
vit Nam ch hn 1%.
ng dng minh chng r cho vic nng cao hiu qu hot ng qun l cho
cc doanh nghip. Hin ti, trong nc ch mi nhng doanh nghip ln ng
dng dch v ny nh Cng ty Phn Bn m Ph M, Petrolimex, Ngn
hng BIDV, Vietinbank
T l ngi s dng internet ti Vit
Nam cao nht trong khu vc chu .
iu ny to iu kin m rng lnh
vc ni dung s.

S lng ngi tip cn CNTT, c th l internet ngy cng gia tng. Nm


2010, Vit Nam c 26.7 triu ngi s dng internet, t khong gn 30%
dn s, tng 10 ln so vi nm 2003 v ng th 2 trong khu vc ng Nam
, th 6 khu vc Chu v th 18 th gii. Trong giai on 2000 - 2010, t
l tng tng ngi s dng Internet ti Vit Nam t mc 12.04%, y l
con s tng trng nhanh nht trong khu vc. iu ny s dn n s m
rng ca lnh vc ni dung s. Ngoi ra, ni dung s l dch v cn rt mi
Vit Nam, nhng ng dng ca n khng ch lnh vc game online, bo
in t, ng dng trn di ng, ni dung s cn c ng dng rng trong
h thng ngn hng nh internet banking, tin nhn SMS bnh chn, thanh

BO CO PHN TCH CTCP TP ON FPT - FPT


ton quc t, chng khon,.
T l ngi dn s dng my tnh c nhn vn cn rt thp trong tng dn s
hin nay, nhu cu tip cn cc thit b in t vin thng ca ngi dn s
tip tc gia tng.
2. Trin vng FPT:
H thng thng tin FIS
Bn cnh nhm khch hng truyn thng l C quan Nh Nc, theo chng
(Ngun : Sch trng CNTT) ti, nm 2012, FPT s y mnh dch v ERP vo nhm khch hng bn l
do trong nm 2011, cng ty trin khai rt thnh cng 1 s i gia bn l
ca Vit Nam nh siu th Big C, Tp on Trung Nguyn, Cng ty Th gii
Nm 2012, bn cnh nhm khch s Trn Anh,.....Theo FIS, vi nhng thnh cng trn, cng ty c rt nhiu
hng truyn thng, FIS s y mnh c hi dch v ERP trong th trng bn l, trong khi , ngnh bn l c
nh gi l mt trong nhng ngnh cn rt nhiu tim nng pht trin ti
dch v ERP vo ngnh bn l.
nc ta v c tc pht trin n tng trong nhng nm qua d ang trong
tnh hnh kinh t kh khn.
Ngoi ra, nm 2011, FIS k nhiu hp ng mang tnh ton cu ha, thi
gian d n di, hch ton theo tin d n, do doanh thu v li nhun
trong nm 2012 c duy tr tt. C th: D n ton cu ha vi Hitachi tr
gi 1.73 triu USD, chuyn i h thng Core banking cho Ngn hng Lo
Vit vi tng tr gi hn 4.3 triu USD, d n ny ko di n ht qu
2/2012, Trin khai phn mm core vin thng cho Telecom Cambodia c tr
gi hn 1 triu USD.
FPT ang n lc vn ra th trng Vo u nm 2012, FPT k hp ng hp tc vi Neusoft trong lnh vc
th gii, hp tc vi nhng tp on y t in t, bo him y t, x hi, chm sc sc khe t xa. c bit
Neusoft l tp on CNTT ln nht ca Trung Quc c mt ti hn 40 thnh
ln trn ton cu.
ph trn khp Trung Quc v th trng Bc M, Chu , Chu u v
Trung ng. Tip theo l hp tc vi Intel pht trin th trng ti chu
Phi, c th l Nigieria trong lnh vc gio dc.
Vin thng:
Sau khi t b thng v M&A vi EVN Telecom, FPT li tip tc tm kim
c hi nhm pht trin th trng vin thng di ng, vn l lnh vc FPT
cha c th phn trong nc. Trong nm 2012, mc tiu FPT hng n l
mng vin thng trn di ng v hng ra nc ngoi, trc mt l th
trng Lo Campuchia, xa hn l lc a en Chu Phi. Theo Ban lnh
o ca FPT, mng vin thng trong nc ngy cng tr nn bo ha, m
bo cho s pht trin th cng ty phi u t ra nc ngoi.
Mt s d n u t trong nm 2012 ca Ftel
D n u t
Tuyn ng trc cp quang bin quc t APG

Vn u t (t)
220

H tng mng ng trc vin thng Bc - Nam

350

M rng dch v vin thng ni a thm 8 tnh thnh

100

Cung cp dch v cho 4 thnh ph ln Campuchia

200

BO CO PHN TCH CTCP TP ON FPT - FPT


Thng mi:
Nhn thy, thng mi l mng ng gp doanh thu cao nht cho FPT trong
nhng nm qua, tuy nhin, hng i di hn ca cng ty l CNTT VT, do
cng ty ang tp trung ngun lc cho 2 lnh vc ny. V vy, cc lnh vc
FIS, Ftel v F-soft c tc cao hn nhiu so vi lnh vc thng mi FTG
Nm 2012, FPT chi 250 t ng m c v doanh thu v li nhun. Tuy nhin, lnh vc thng mi khng hn
thm 150 ca hng cho chui bn l dm chn ti ch. Nm 2012, FTG quyt nh xm nhp hng in t gia
k thut s, nhm pht trin cho dng, b sung thm cho cc sn phm truyn thng l thit b vi tnh, laptop,
in thoi. ng thi, cng ty cng chi 250 t ng m thm 150 ca hng
mng thng mi.
cho chui bn l k thut s.
Vi nhng d n, tim nng ngnh, nhng bc i r rng cng vi s ci
cch qun l, ti cu trc ca cc cng ty thnh vin, FPT v ra 1 vin cnh
pht trin mnh, bn vng.
Nm 2012, FPT t k hoch theo 3 mc k vng. Theo , nu mc thp
nht, FPT t li nhun trc thu 3,000 t, tng 19%; nu mc cao nht,
tc tng li nhun trc thu tng 25%, t 3,134 t.
Theo chng ti nhn thy, cc lnh vc CNTT VT lun c t sut li nhun
cao hn hn mng thng mi, tc pht trin ca lnh vc ny ngy cng
cao hn nhiu so vi thng mi, do , trong nm 2012, chng ti d
phng bin li nhun gp tip tc tng t 20.62% ln 21.98%. Trong nm
2011, chi ph qun l doanh nghip tng mnh. Trong nm 2012, vi s ci
Nm 2012, d phng FPT t 31,807 cch ca cc cng ty thnh vin, d phng tc chi ph qun l doanh
t doanh thu, tng 22.61%, li nhun nghip tng t hn, t mc 26%, thp hn so vi mc 44% ca nm 2011.
rng t 2,321 t ng, tng 37.26% Tng kt, nm 2012, d kin FPT t 31,807 t doanh thu, tng 22.61%, li
nhun trc thu t 3,233 t, tng 28.5%, li nhun rng t 2,321 t ng,
so vi nm 2011.
tng 37.26% so vi nm 2011.
D phng bin li nhun gp nm
2012 tip tc tng t 20.62% ln
21.98% do tc tng mng CNTTVT mnh hn thng mi.

BO CO PHN TCH CTCP TP ON FPT - FPT

BO CO TI CHNH
n v tnh: triu ng
Kt qu kinh doanh
Doanh thu thun
Gi vn hng bn
Li nhun gp
Chi ph bn hng
Chi ph qun l
Li nhun ti chnh
Li nhun thun HKD
Li nhun khc
Li nhun trc thu
Thu thu nhp
Li nhun sau thu
EPS

2008

2009

2010

2011

2012F

16,381,840

18,404,026

20,017,304

25,940,856

31,807,308

13,403,404

14,718,673

16,028,811

20,591,375

24,815,605

2,978,436

3,685,353

3,988,493

5,349,481

6,991,704

526,659

527,091

646,360

819,844

1,026,687

963,266

1,306,345

1,370,581

1,970,696

2,477,270

-297,764

-257,430

-94,868

-150,020

-275,841

1,190,746

1,594,487

1,876,684

2,408,921

3,211,905

89,298

33,368

38,676

45,341

21,439

1,240,085

1,697,522

2,023,193

2,515,024

3,233,344

212,404

329,029

346,754

424,722

505,216

836,271

1,063,349

1,264,506

1,691,266

2,241,617

3,870

4,921

5,852

7,827

10,374

Bng cn i k ton

2008

Tng ti sn

6,124,834

10,395,415

12,304,544

15,024,908

19,757,380

Ti sn ngn hn

4,658,263

7,678,505

8,839,022

11,410,324

15,310,729

Tin

1,242,503

2,310,510

1,436,128

2,900,388

4,076,152

Khon phi thu

1,994,170

2,545,551

3,248,876

3,835,502

4,905,214

Hng tn kho

1,223,958

1,426,043

2,448,472

3,265,652

4,349,487

u t di hn

290,070

909,809

978,170

885,742

1,244,806

Ti sn c nh

960,726

1,638,512

2,000,339

2,185,959

2,438,887

Tng n

3,222,366

6,677,493

7,255,513

8,528,728

11,986,117

N ngn hn

3,217,437

4,765,833

5,214,206

8,296,037

11,659,098

Khon phi tr

1,905,879

2,423,410

2,350,362

2,813,133

3,953,525

4,929

1,911,660

2,041,307

232,691

327,020

Vn ch s hu

2,376,233

3,002,251

3,983,401

5,529,646

7,771,263

Vn iu l

1,411,621

1,438,320

1,934,805

2,160,826

2,160,826

798,009

1,391,088

1,856,200

3,181,654

5,423,271

6,124,834

10,395,415

12,304,544

15,024,908

19,757,380

N di hn
N khc

Li nhun gi li
Ngun vn

2009

2010

2011

2012F

BO CO PHN TCH CTCP TP ON FPT - FPT

Lu chuyn tin t

2008

Dng tin t HKD


Li nhun sau thu

1,370,636

530,323

485,515

1,457,430

901,524

836,271

1,063,349

1,264,506

1,691,266

2,241,617

Khu hao

239,580

215,395

329,406

355,437

396,563

Thay i v vn kinh doanh

406,355

-641,875

-995,265

-459,625

-1,577,619

Tin mt kinh doanh khc

-111,570

-106,546

-113,132

-129,648

-159,037

Dng tin u t
Chi vn u t
FCF
u t bng ngun tin khc

-683,116

-511,728

-1,478,913

257,520

341,319

-708,045

-504,235

-875,985

-523,413

-693,736

662,591

26,088

-390,470

934,017

207,789

24,929

-7,493

-602,928

780,933

1,035,054

Dng tin hot ng ti chnh


Chi c tc
Chi qun l ti chnh khc

-340,532

358,499

119,016

-250,689

-67,080

-389,312

-512,184

-286,254

-491,277

-385,958

48,780

870,683

405,270

240,588

318,877

346,988

377,094

-874,382

1,464,261

1,175,763

895,515

1,933,416

2,310,510

1,436,128

2,900,389

1,242,503

2,310,510

1,436,128

2,900,389

4,076,152

2007

2008

2009

2010

2011F

Doanh thu
Li nhun gp

21.36%

12.34%

8.77%

29.59%

22.61%

51.85%

23.73%

8.23%

34.12%

30.70%

Li nhun kinh doanh

24.93%

33.91%

17.70%

28.36%

33.33%

Li nhun rng

13.40%

27.15%

18.92%

33.75%

32.54%

18.18%

20.02%

19.93%

20.62%

21.98%

7.27%

8.66%

9.38%

9.29%

10.10%

5.10%

5.78%

6.32%

6.52%

7.05%

ROA

13.65%

10.23%

10.28%

11.26%

11.35%

ROE

35.19%

35.42%

31.74%

30.59%

28.84%

T l N/Vn ch s hu
T l N/ Tng ti sn

52.61%

64.23%

58.97%

56.76%

60.67%

52.53%

45.85%

42.38%

55.22%

59.01%

T l N NH/Tng n

76.06%

73.86%

71.84%

75.94%

77.49%

S ngy tn kho
S ngy phi thu

33

35

55

57

63

44

50

58

53

56

S ngy phi tr

51

59

53

49

57

Pht sinh tin mt trong k


Tin mt u k
Tin mt cui k
Phn tch t l

2009

2010

2011

2012F

Tng trng

Kh nng sinh li
T l li nhun gp bin
T l LN HKD/doanh thu
T l li sau thu/doanh thu

C cu ngun vn

Phn tch t l khc

10

BO CO PHN TCH CTCP TP ON FPT - FPT

KHUYN CO:
Ni dung bn tin ny 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 bn tin
ny.
Cc kin, d bo v c tnh ch th hin quan im ca ngi vit ti thi im pht hnh, bo co 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.
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 bo co ny v bt c mc ch no nu khng c s ng ca PNS.
Xin vui lng ghi r ngun khi trch dn cc thng tin trong bo co ny.

PNS RESEARCH
C vn
Trng phng
Chuyn vin phn tch

: Jerry Chen
: T Bnh Quyn
: ng Th Khnh Duyn
: Hunh Th Diu Linh
: L Th Thch Tho
: L Th T Uyn

jerry.c@capital.com.tw
quyen.to@ chungkhoanphuongnam.com.vn
duyen.dang@ chungkhoanphuongnam.com.vn
linh.huynh@ chungkhoanphuongnam.com.vn
thao.le@ chungkhoanphuongnam.com.vn
uyen.tu@ chungkhoanphuongnam.com.vn

LIN H
Phng Phn tch Cng ty c phn chng khon Phng Nam
a ch: 28 30 32 Nguyn Th Ngha, P. Bn Thnh, Q.1, Tp.HCM.
Tel: (848) 62556518 Fax: (848) 62556519
Email: info@chungkhoanphuongnam.com.vn
Website : www.chungkhoanphuongnam.com.vn

11