CTCP NG BIN HA - BHS

Ngnh: ng Bo co cp nht

K vng mc ng gp kh quan trong qu cui nm

MUA
Gi mc tiu
Gi hin ti

VND 16,400
VND 14,500

Nguyen Hoang Bich Ngoc

(+84-8) 5413-5478
ngocnguyen@phs.vn

Kh nng hon thnh k hoch nm ti chnh 2012: BHS t tin v kh nng hon
thnh k hoch doanh thu nm 2012, v k vng mc vt khong 10% i vi ch tiu
ny. Tuy nhin, cng ty nhn nhn vic t mc tiu li nhun ch trong qu cui nm l
tng i kh khn, tr khi gi bn vn gi c mc cao nh Q3/2012.

13.11.2012

S lc cng ty
M CP

BHS

Vn iu l (t ng)

300

CP ang lu hnh (triu)

30

Vn ha (t ng)

459

Bin 52 tun (ng)

24,600 11,200

KLGD trung bnh 3 thng

37,510

Beta

1.04

S hu nc ngoi

6.35%

Ngy nim yt u tin

20/12/2006

HOSE- Vietnam

C ng ln
SBT

22.7%

Vinasugar II Co, Ltd.

11.3%

Thai Thi Thanh Tuyen

6.2%

Gia Lai Electricity Jsc (GEC)

5.3%

SBT, 22.7%

C ng
khc,
54.6%

Li nhun st gim trong 9M12 mc d kh nng tiu th ci thin ng k: BHS

ghi nhn doanh thu t 654 t ng, tng 26% so vi cng k, nhng LN trc thu ch
t 33 t ng, tng ng vi li nhun rng mc 28 t ng (gim mnh 25% so
vi cng k nhng tng gp 2.4 ln so vi qu trc ). So vi cng k, tng trng
doanh thu ch yu n t tng trng sn lng hng bn. Tuy nhin, bin li nhun
gp gim lm cho kt qu li nhun tng trng m so vi cng k. Mt khc, so vi
quy trc, nhu cu tiu th cao trong ma Trung Thu gip BHS ci thin gi bn. Li
nhun gp bin, theo , ghi nhn s tng trng ng k tr li mc bnh qun trong
qu kh, gp phn gia tng LNST so vi Q2/2012. Ly k 9M12, BHS t 2,037 t
ng doanh thu (+25% so vi cng k), tng ng vi 84 t ng LNTT (-6% so vi
cng k), hon thnh ln lt 71% v 52% k hoch doanh thu v LNTT nm ti chnh
2012.

Vinasuga
r II,
11.3%
Thai
Thi
Thanh
Tuyen,
GEC, 5.3%
6.2%

Li nhun nm ti chnh 2012 d phng t 129 t ng (-13% so vi cng k):

Chng ti d kin doanh thu Q4/2012 ca BHS t mc 1,050 t ng (+12% so vi
cng k hoc +60% so vi Q3/2012), da trn k vng sn lng tiu th tip tc ci
thin theo nhu cu sn xut cao cho dp Tt. Tuy nhin, mng kinh doanh v tm nhp
ti xut, vi li nhun gp bin thp hn nhiu so vi t sut li nhun gp ca hot
ng sn xut ng, chim mt t trng khng nh trong tng sn lng tiu th.
Theo , t sut li nhun gp c kh nng gim v mc 8.3%. Mt khc, chng ti k
vng s ng gp kh quan t hot ng ti chnh, da trn vic ghi nhn li u t
trng ma ch yu trong qu cui nm. LNTT Q4/2012 c t 64 t ng (-9% so vi
cng k v +93% so vi qu trc). Ly k c nm, LNTT d phng t mc 148 t
ng (-7.5% so vi cng k), em li 129 t ng LNST tng ng (-13% so vi cng
k).
Kh nng ci thin li nhun thp trong 2013: Doanh thu ng ca BHS d phng
t 2,464 t ng trong nm 2013, da trn gi bn bnh qun d kin tip tc st
gim. Theo , tng doanh thu thun c t 3,036 t ng (khng khc bit nhiu so
vi d phng 2012). Tuy nhin, chng ti k vng bin li nhun gp vn c duy tr
do chi ph sn xut d phng gim. V vy, hot ng kinh doanh chnh d kin em li
142 t ng LNTT, da trn t sut li nhun mc 4.7%. Kt qu trn c kh nng b
p s gia tng chi ph li vay theo s d v vay di hn cao hn. Tng kt, LNST c
t 98 t ng, thp hn 24% so vi d phng nm 2012.
Khuyn ngh MUA, vi gi mc tiu l 16,400 ng. Chng ti nh gi c phiu
BHS mc 16,400 ng, da trn hai phng php: P/E (t trng 70%, theo P/E k
vng l 4.5x v EPS d phng nm 2013) v P/B (t trng 30%, theo P/B k vng l
1.0x v gi tr s sch d phng nm 2013). Gi mc tiu ca chng ti cao hn hn
7% so vi hin gi (14,500 ng). V vy, chng ti khuyn ngh MUA vi c phiu
BHS.
(t ng)
Doanh thu thun
Bin LN gp

Bin ng gi

www.phs.vn

Tuyt i
Phn trm (%)

3 thng

6 thng

12 thng

-1.4

-2.6

-0.5

-8.4%

-14.5%

-3.2%

1H11

3Q11

1H12

3Q12

KH
2012

2012E

2013E

1,108

518

1,383

654

2,880

3,087

3,036

11%

13%

7%

11%

8%

8%

Bin LN HKD

4%

8%

4%

5%

5%

4%

LN trc thu

47

42

51

33

148

131

LN sau thu

43

38

44

28

129

98

-16%

5%

4%

-25%

-13%

-24%

Tng trng so
vi cng k
Tng trng so
vi qu trc
EPS (TTM)
Gi tr s sch
P/E

9.7x

162

2.4x

7,432

7,526

4,971

4,660

4,087

3,124

26,682

28,715

18,099

19,043

20,489

21,613

4.1

4.1

3.7

3.7

3.7

4.9

P/B
1.1
1.1
1.0
0.9
0.7
0.7
(*) EPS v gi tr s sch d phng 2012 v 2013 da trn s lng c phiu cao hn 5% so
vi lng c phiu ang lu hnh hin ti, do BHS d kin pht hnh c phiu cho cn b
cng nhn vin (ESOP) trong Q4/2012
Ngun: BHS, PHS

Bo co ny ch c tnh tham kho v nh u t phi t chu trch nhim vi nhng quyt nh u t ca mnh.

CTCP Chng khon Ph Hng

Cp nht kt qu kinh doanh qu 3/2012
S ci thin
sn lng tiu
th vn l ng
lc tng trng
chnh

S ci thin doanh thu trong qu 3/2012, so vi cng k, ch yu n t:

Bin li nhun
gp tr li xp
x mc bnh
qun qu kh

Li nhun gp bin gim 1.9 im phn trm (t 13.1% trong Q3/2011 xung 11.2% trong Q3/2012), da trn:

Mc tng trng 26% ca doanh thu ng so vi cng k, ch yu do sn lng tiu th tng 28% (t 27,500
tn ln 35,094 tn ng), b p mc gim 2% ca gi bn bnh qun.
Doanh thu khc t gp 2.4 ln (t 10 t ng ln 24 t ng).

T sut li nhun gp hot ng kinh doanh ng (chim t trng ln lt 5% v 13% tng doanh thu trong
Q3/2011 v Q3/2012) gim ng k t 7.7% xung 0.7% do gi bn bnh qun thp hn, trong khi hot ng
sn xut ng (chim t trng ln lt 92% v 83% tng doanh thu trong Q3/2011 v Q3/2012) vn gi
c bin li nhun gp mc 13%.
Hot ng khc (chim t trng ln lt 2% v 4% tng doanh thu trong Q3/2011 v Q3/2012) ch t bin
li nhun gp mc 4% (so vi 10% trong Q3/2011).

Tuy nhin, so vi Q2/2012, li nhun gp bin c ci thin ng k sau khi gim su v mc 6.2% trong qu
trc. S ci thin ny n t tc tng trng 5% ca gi ng sn xut ni a ca cng ty, mc d gi ng
trn th trng ghi nhn mc gim 6% trong cng khong thi gian. Kh nng gia tng gi bn ca BHS trong
Q3/2012 l kt qu t:

Thu sut thu

TNDN tng

Cc khch hng cng nghip nh VNM, VCF, v.v ng gp nhu cu tiu th cao v gi bn n nh cho
BHS trong ma Trung Thu va qua. Gi ng bn s ca cng ty c gi mc 18,200 ng/kg.
Li th thng hiu vi th phn ln trn th trng bn l gip BHS gi gi ng ti mc 20,000 ng/kg.

BHS chu thu sut thu thu nhp doanh nghip (TNDN) mc 15% i vi hot ng kinh doanh chnh trong nm
nay, gp i so vi mc 7.5% trong nm 2011.
Bin li nhun gp ca BHS

16%
14%
12%
10%
8%
6%
4%
2%
0%

14.4%

13.1%
10.4%

13.3%

13.1%

11.7%

11.2%
8.9%

8.1%

7.8%
6.2%

Ngun: BHS, PHS

D phng kt qu kinh doanh Q4/2012

Hot ng
thng mi v
tm nhp ti
xut lm thu
hp bin li
nhun gp

Chng ti k vng sn lng tiu th s tip tc tng trng mc 17% trong Q4/2012 so vi cng k nm ngoi.
Bn cnh , gi bn trong nc vn mc n nh nh qu trc da trn nhu cu cao v ng nguyn liu cho
dp Tt Nguyn n. Tuy nhin, mng kinh doanh v tm nhp ti xut, vi li nhun gp bin thp hn nhiu so vi
t sut li nhun gp ca hot ng sn xut ng, chim mt t trng khng nh trong tng sn lng tiu th, da
trn:

Sn lng ng thng mi t khong 18,000 tn trong 9 thng u 2012, vt 3% so vi mc tiu c

nm ca BHS.
Khong 17,000 tn ng tm nhp trong Q1/2012 cn c ti xut trong Q4 ny, nu khng cng ty s
chu thu nhp khu ngoi hn ngch mc 80% - 100%.

Theo , mc d doanh thu Q4/2012 chng ti d phng mc 1,050 t (+12% so vi cng k v +60% so vi qu
trc), li nhun t hot ng kinh doanh chnh nhiu kh nng tng trng mc chm hn vi bin li nhun hot
ng kinh doanh chnh mc thp hn. Doanh thu Q4 thng thng chim t trng 32% - 37% tng doanh thu hng
nm.

Bo co ny ch c tnh tham kho v nh u t phi t chu trch nhim vi nhng quyt nh u t ca mnh.

CTCP Chng khon Ph Hng

C cu doanh thu ca BHS theo t trng ng gp ca tng qu

40%
35%
30%
25%
20%
15%
10%
5%
0%

37%

34%

32%
23%

25%
20%

24%
19%

20%

22%

22%

21%

Ngun: BHS, PHS

Hot ng ti
chnh c kh
nng ghi nhn
li nhun
dng

Chng ti d phng li nhun ti chnh kh quan, da trn li u t trng ma cao trong qu ny. BHS ti tr khong
45% - 55% tng chi ph trng ma cho nng dn. Theo , cng ty thng ghi nhn li nhun t hot ng ny ch
yu vo qu 4 v qu 1 hng nm, khi ngi dn bt u thu hoch ma.

Li u t trng ma ca BHS (VNDt)

20
15
10
5
-

Ngun: BHS, PHS

Gim thu
TNDN trong
2012

BHS c hng u i gim 30% thu TNDN 2012, theo Ngh Quyt 29/2012/QH13 (i vi cc doanh nghip sn
xut nng nghip s dng nhiu lao ng) ban hnh ngy 21/06/2012.
Ly k c nm 2012, doanh thu BHS d phng t 3,087 t ng (+20% so vi cng k) v LNTT c t 148
t ng (-7.5% so vi cng k), tng ng vi LNST mc 129 t ng (-13% so vi cng k). So vi k
hoch 2012 ca cng ty, d phng ca chng ti cao hn 7.2% ch tiu doanh thu nhng thp hn 8.4% k
hoch LNTT.

Trin vng 2013

Nng cao nng
lc sn xut

Tng din tch trng ma (bao gm c din tch u t v din tch ca nhng ngi nng dn thng giao dch vi
BHS) d kin t 11,000ha (+10% so vi cng k) trong v 2012/2013. Phn din tch tng thm ch yu c m
rng ti bin gii Campuchia. Chng ti k vng nng sut v ny c th t 61 65 tn/ha vi tnh hnh thi tit
tng i thun li n thi im hin ti. Theo , kt hp vi lng ma bao tiu hng nm, tng sn lng ma p
v ny d kin t 749,600 tn (+19% so vi cng k), tng ng xp x 64,400 tn ng thnh phm.
Bn cnh vic m rng vng nguyn liu, cng ty cng u t vo hai d n sau:

Nng cp dy chuyn sn xut ti hai nh my Ty Ninh v Tr An sn xut trc tip 100% ng tinh
luyn t thng 12/2012.
Gia tng cng sut nh my Tr An ln 2,500 tn ma/ngy (+25% so vi cng k), nng tng cng sut p

Bo co ny ch c tnh tham kho v nh u t phi t chu trch nhim vi nhng quyt nh u t ca mnh.

CTCP Chng khon Ph Hng

ma ca hai nh my ln 6,500 tn ma/ngy (+8% so vi cng k).
Theo chng ti, tng din tch ma c m rng c kh nng p ng hn 90% cng sut ca hai nh my Ty Ninh
v Tr An. Tuy nhin, nh my ng luyn Bin Ha c kh nng ch t hiu sut hn 60% trong nm ti do (i)
khng c ngun ng th nguyn liu t nh my Ty Ninh v Tr An nh mi nm, v (ii) BHS cng kh y mnh
vic thu mua ng th bn ngoi gia tng hiu sut nh my ng luyn Bin Ha trong khi nhu cu th trng
u ra ang chng li.
V vy, chng ti d phng sn lng ng th thu mua khong 76,000 tn, trong 20,000 tn c nhp khu
theo quota c cp trong nm 2012. Theo , tng lng ng sn xut trong v ti d kin t 140,400 tn.

Din tch trng ma ca BHS (ha)

12,000
10,000
8,000
6,000
4,000
2,000
0
2008/09

2009/10

2010/11

2011/12

2012/13

Ngun: BHS, PHS

Duy tr c
bin li nhun
gp do chi ph
sn xut gim

Mc d d phng sn lng ng sn xut t ma tng 19%, chng ti khng k vng tc tng trng tng ng
i vi sn lng tiu th. Nguyn nhn do BHS ang nh hng thu hp mng tm nhp ti xut. Theo , doanh
thu ng c t 2,858 t ng (-2% so vi cng k, da trn gi bn d kin thp hn), em li tng doanh thu
mc 3,036 t ng (-2% so vi cng k).
Tuy nhin, mc d gi ng trong xu hng gim, li nhun gp bin vn c kh nng duy tr mc 8.4%, da trn
chi ph sn xut thp hn sau khi tin hnh nng cp hai nh my Ty Ninh v Tr An.

Li vay gia tng

tr li

D kin BHS s gia tng n vay di hn ti tr hai d n ni trn. Tng vn u t cho cc d n c t 130 t
ng, trong khong 70% c ti tr t vn vay.

Chi ph li vay ca BHS (VNDt)

80
60
40
20
0
2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Ngun: BHS, PHS

Ht thi hn u
i thu TNDN

Nm ti chnh 2012 l nm cui cng BHS c hng u i gim thu TNDN. T nm 2013, cng ty s chu thu
sut thu TNDN y mc 25%.
Tng kt, LNTT d phng 2013 mc 131 t ng, tng ng vi LNST c t 98 t ng. Theo , cc
ch tiu trn thp hn ln lt 11% v 24% d phng trong nm 2012 ca chng ti.

Bo co ny ch c tnh tham kho v nh u t phi t chu trch nhim vi nhng quyt nh u t ca mnh.

CTCP Chng khon Ph Hng

nh gi v khuyn ngh
Phng php
nh gi

Din bin gi c phiu BHS trong xu hng gim t thng 5/2012 vi thanh khon tng i thp trong nhng thng
gn y. Chng ti s dng mc P/E 4.5x v P/B 1.0x chit khu 10% so vi mc k vng ca ngnh nh gi
c phiu ny. Mc chit khu ny da trn tng quan so snh vi cc cng ty khc trong ngnh khng nhng v
nhng li th ca BHS nh quy m hot ng, v th v thng hiu, cng nh t sut c tc, m cn xt n cc
bt li nh (i) thanh khon c phiu thp, v (ii) nhng thong tin gn y lin quan n gia nh ng ng Vn Thnh
c kh nng tc ng n tnh hnh qun tr ca cng ty.
Mc d kt qu kinh doanh d phng tng i tt trong nm 2012, chng ti khng s dng cc con s trong
vic nh gi. Theo quan im ca chng ti, gi hin ti phn nh trin vng ca BHS trong nm nay. Theo ,
chng ti s dng EPS (3,124 ng) v gi tr s sch (21,613 ng) d phng cho nm 2013 nh gi BHS (cc
ch tiu ny c tnh da trn s lng c phiu cao hn 5% so vi mc hin ti do cng ty d kin pht hnh c
phiu cho cn b cng nhn vin (ESOP) vo Q4/2012). Gi mc tiu c thit lp ti mc 16,400 ng (trong ,
phng php P/E chim 70% t trng v P/B chim 30% t trng). Gi mc tiu cao hn 12% so vi hin gi (14,500
ng). V vy, chng ti khuyn ngh MUA vi c phiu BHS.

Cc ch tiu so snh (ly k 4 qu gn nht VNDt)

Ti sn
Vn ch s hu
Doanh thu
Bin li nhun gp
Bin li nhun rng
ROA
ROE
C tc (VND/c phiu)
EPS
Gi tr s sch
Gi th trng (13/11/2012)
T sut c tc
P/E
P/BV

BHS
1,772
571
2,976
8%
5%
9%
25%
2,000
4,660
19,043
14,500
14%
3.1

SBT
2,389
1,719
2,088
21%
19%
18%
23%
2,000
3,139
13,440
15,900
13%
5.1

LSS (*)
2,785
1,276
2,187
21%
13%
12%
23%
2,500
5,812
25,513
14,400
17%
2.5

NHS (**)
929
341
749
15%
11%
11%
26%
3,000
2,653
11,225
12,600
24%
4.7

SEC
633
266
639
20%
10%
10%
24%
2,200
3,590
15,307
19,800
11%
5.5

KTS
142
119
260
17%
10%
18%
22%
n/a
6,638
30,523
36,200

0.8

1.2

0.6

1.1

1.3

1.2

5.5

(*) D liu ca LSS da trn Bo co ti chnh sot xt 6 thng 2012, do cng ty cha cng b kt qu kinh doanh Q3/2012.
(**) D liu ca NHS da trn Bo co ti chnh Q3/2012 ca cng ty m, tuy nhin kt qu kinh doanh cng ty m thng khng khc
bit nhiu so vi kt qu hp nht i vi NHS.
Ngun: PHS thu thp v tnh ton da trn Bo ci ti chnh Q3/2012 ca cc cng ty

Bo co ny ch c tnh tham kho v nh u t phi t chu trch nhim vi nhng quyt nh u t ca mnh.

CTCP Chng khon Ph Hng

Ch s ti chnh (t ng)
Kt qu kinh doanh

2010

2011

2012E

2013E

Ch s ti chnh

Doanh thu thun

2,005

2,565

3,087

3,036

Ch tiu tng trng

Gi vn hng bn

1,756

2,295

2,830

2,780

249

270

257

Chi ph hot ng

55

75

Doanh thu ti chnh

18

35

Chi ph ti chnh

46

Li nhun ti chnh

2010

2011

2012E

2013E

T l tng trng doanh thu

69%

28%

20%

-2%

256

T l tng trng li nhun gp

54%

8%

-5%

-1%

117

113

T l tng trng li nhun rng

21%

1%

-13%

-24%

44

45

T l tng tng ti sn

15%

26%

13%

4%

80

36

57

T l tng vn ch s hu

17%

13%

14%

5%

43

72

38

57

Ch tiu hiu qu

LN hot ng kinh doanh

166

149

148

131

Bin li nhun gp

12%

11%

8%

8%

Li nhun trc thu

166

160

148

131

Bin LN trc thu

8%

6%

5%

4%

Li nhun sau thu

146

147

129

98

Li nhun rng bin

7%

6%

4%

3%

Cn i k ton

2010

2011

2012E

2013E

ROA

15%

13%

9%

7%

Tng ti sn

1,015

1,282

1,451

1,506

ROE

31%

28%

21%

15%

618

770

809

878

59

179

77

82

Li nhun rng bin (1)

7%

6%

4%

3%

Khon phi thu

255

252

269

294

Vng quay tng ti sn (2)

2.1

2.2

2.3

2.1

Tn kho

299

333

389

381

n by (3)

2.0

2.3

2.2

2.2

Ti sn di hn

397

512

643

628

ROE = (1)x(2)x(3)

31%

28%

21%

15%

Phi thu di hn

66

42

59

64

Ti sn c nh

277

407

539

520

S ngy phi thu

45

36

32

35

1,015

1,282

1,451

1,506

S ngy tn kho

52

50

50

50

N phi tr

514

717

806

825

S ngy phi tr

26

34

34

34

Vay ngn hn

225

362

311

313

Vng quay tng ti sn

2.1

2.2

2.3

2.1

Khon phi tr

174

250

262

257

Vng quay ti sn di hn

5.4

5.6

5.3

4.8

Vay di hn

115

104

232

254

Vng quay ti sn c nh

7.4

7.5

6.5

5.7

Vn ch s hu

501

565

645

681

H s thanh ton

Vn iu l

185

300

315

315

Thanh ton hin ti

1.5

1.3

1.4

1.5

Thng d vn

154

40

40

40

Thanh ton nhanh

0.8

0.7

0.7

0.9

43

65

85

100

Thanh ton tin mt

0.1

0.3

0.1

0.1

103

125

150

153

C cu vn

2010

2011

2012E

2013E

103%

127%

125%

121%

147

165

(7)

58

51%

56%

56%

55%

(40)

(106)

(124)

(14)

Tng ti sn/vn ch s hu

203%

227%

225%

221%

(134)

61

29

(39)

Ch tiu trn c phn

(27)

120

(102)

PE

4.1

3.5

3.7

4.9

Li nhun gp

Ti sn ngn hn
Tin v tng ng tin

Tng ngun vn

Qu u t pht trin
Li nhun gi li
Dng tin
Tin thun t hot ng
kinh doanh
Tin thun t hot ng
u t
Tin thun t hot ng
ti chnh
Dng tin thun trong k

Phn tch DuPont

Ch tiu qun l

Tng n/vn ch s hu
Tng n/tng ti sn

Tin u k

86

59

179

77

PBV

1.2

0.9

0.7

0.7

Tin cui k

59

179

77

82

PS

0.3

0.2

0.2

0.2

EPS

7,871

4,908

4,087

3,124

Tin/c phiu

3,171

5,960

2,438

2,598

Gi tr s sch

27,023

18,821

20,489

21,613

Ngun: BHS, PHS d phng

Bo co ny ch c tnh tham kho v nh u t phi t chu trch nhim vi nhng quyt nh u t ca mnh.

CTCP Chng khon Ph Hng

m bo phn tch
Mi nhn vin ph trch v phn tch, chin lc hay nghin cu chu trch nhim cho s chun b v ni dung ca tt c cc phn c trong bn bo co nghin
cu ny m bo rng, tt c cc kin ca nhng ngi phn tch, chin lc hay nghin cu u phn nh trung thc v chnh xc kin c nhn ca h v
nhng vn trong bn bo co. Mi nhn vin phn tch, chin lc hay nghin cu m bo rng h khng c hngr bt c khon chi tr no trong qu
kh, hin ti cng nh tng lai lin quan n cc khuyn co hay kin th hin trong bn bo co ny.
nh ngha xp loi
Overweight (OW) = cao hn th trng ni a trn 10%
Neutral (N) = bng th trng ni a vi t l t +10%~ -10%
Underweight (UW) = thp hn th trng ni a di 10%.
Not Rated (NR) = c phiu khng c xp loi trong Ph Hng hoc cha nim yt.
Biu hin c xc nh bng tng thu hi trong 12 thng (gm c c tc).
Min trch
Thng tin ny c tng hp t cc ngun m chng ti cho rng ng tin cy, nhng chng ti khng chu trch nhim v s hon chnh hay tnh chnh xc
ca n. y khng phi l bn cho hng hay s ni khn mua ca bt c c phiu no. Chng khon Ph Hng v cc chi nhnh v vn phng v nhn vin
ca mnh c th c hoc khng c v tr lin quan n cc c phiu c nhc ti y. Chng khon Ph Hng (hoc chi nhnh) i khi c th c u t hoc
cc dch v khc hay thu ht u t hoc cc hot ng kinh doanh khc cho bt k cng ty no c nhc n trong bo co ny. Tt c cc kin v d on
c trong bo co ny c to thnh t cc nh gi ca chng ti vo ngy ny v c th thay i khng cn bo trc.

Phu Hung Securities Corporation.

5th Fl., Lawrence S. Ting Bldg.,
801 Nguyen Van Linh St, Tan Phu Ward, Dist 7, HCMC
Tel: (+84-8) 5413-5479 Fax: +84 8 54135472
Web: www.phs.vn

Bo co ny ch c tnh tham kho v nh u t phi t chu trch nhim vi nhng quyt nh u t ca mnh.