HNG DN BO CO CH TIU LI TRN 1 C PHIU PH THNG (EPS)

Cc ni dung chnh:
-

Quy c ca S Giao dch Chng khon Tp.HCM.

Phng php tnh EPS c bn v cc v d c th.

Phng php tnh EPS iu chnh v cc v d c th.

Li ni u:
Hin nay, B Ti chnh ban hnh Quyt nh s 100/2005/Q-BTC ngy 28/12/2005 v
Thng t s 21/2006/TT-BTC ngy 20/03/2006 hng dn v Chun mc k ton s 30: Li
trn c phiu. Theo quy nh mi ny, ch tiu li (thu nhp) trn c phiu s c phn nh hp
l hn trong cc trng hp c bin ng s lng c phiu lu hnh trong nm.
i vi cc cng ty c phn ang nim yt c phiu ph thng (gi tt l CP) trn S Giao
dch Chng khon Tp.HCM (HOSE), thi im cng b cc BCTC nh k l cui cc qu 1, 2,
3 v cui nm. Do HOSE s s dng s liu tng cng ca 4 BCTC qu lin tip gn nht
tnh ch s EPS c bn, tip theo s tnh EPS iu chnh (nu c pht sinh bin ng v vn c
phn sau thi im ). Trng hp 4 qu gn nht trng vi thi im cui nm, HOSE s ly
s liu ca BCTC nm. Di y l mt s cc quy c khc trc khi HOSE cng b phng
php tnh EPS c bn v EPS iu chnh.
II.

Quy c ca S Giao dch Chng khon Tp.HCM:

a. Li chia c ng c phiu ph thng:

-

EPS c bn = li chia cho c ng / s lng CP ang lu hnh bnh qun trong k.

Li chia c ng c tm tnh t mc li sau thu tr cho li phi tr cho c ng CP u

i v phn chia cho i tc trong lin doanh, gp vn khc. Cha tr phn trch lp cc qu
(Qu d phng ti chnh, u t pht trin,) nu cha c quy nh ca php lut.

b. S lng CP ang lu hnh:

-

S lng CP ang lu hnh bnh qun trong k l i lng bnh qun trng s theo s ngy.
Tng s ngy trong k l s ngy thc t theo lch, bao gm c ngy l v ngy ngh.

Nhng trng hp pht sinh trong thc t nhng cha c hng dn trong Q s
100/2005/Q-BTC ngy 28/12/2005 v Thng t s 21/2006/TT-BTC ngy 20/03/2006 th
HOSE s tham chiu theo Chun mc K ton Quc t s 33 (IAS33). C th, c 4 trng
hp hi t theo nh IAS33 nh sau:
-

Tr c tc bng c phiu c phiu thng.

Chia tch c phiu.

Sp nhp c phiu.
(3 trng hp trn lm thay i khi lng CP ang lu hnh nhng khng lm thay i
tng ng v ngun vn).

Pht hnh quyn mua c phiu mi. Trng hp ny dn n s thay i v ngun vn

tuy nhin nu c yu t thng (gi pht hnh c phiu mi thp hn gi th trng ca
c phiu ti thi im l ngy giao dch khng hng quyn) th HOSE s iu chnh S
lng CP ang lu hnh theo t l iu chnh gi tham chiu trong ngy giao dch khng
hng quyn v hi t t l iu chnh cho S lng CP ang lu hnh u k v S
lng CP ang lu hnh ca cc s kin din ra trc trong k.

S lng CP ang lu hnh = S lng CP pht hnh - CP qu, trong S lng CP pht
hnh bao gm S lng CP ang NY + S lng CP cha NY (nu c, trng hp ca cc
cng ty NY c yu t nc ngoi).

Trng hp cc thi im c phiu c mnh gi khc nhau, S lng CP ang lu hnh s

c iu chnh theo t l gia mnh gi c v mnh gi hin ti c quy nh trong Lut
Chng khon (10.000 /cp).

Trng hp cng ty nim yt ang thc hin mua, bn CP qu nhng cha hon tt th cha
ghi nhn t mua, bn ny.

Trng hp cng ty nim yt pht hnh c phiu ring l (v d cho mt s i tc chin

lc) th ch ghi nhn t ngy giao dch u tin s c phiu .

Trng hp cng ty pht hnh c phiu thc hin nhiu quyn cng lc (thng CP +
pht hnh quyn mua CP mi) nhng khi nim yt th li nim yt tng phn, HOSE s
khng a s lng CP pht hnh tng phn vo cng thc tnh S lng CP ang lu hnh
bnh qun m coi nh s c phiu c tm cng thm t ngy giao dch khng hng
quyn.

c. EPS iu chnh:
-

HOSE s iu chnh EPS c bn trc khi tnh P/E trong trng hp pht sinh bin ng v
s lng CP ang lu hnh trong khong thi gian sau ngy kt thc k tnh ton EPS c
bn cho n ngy hin ti.

H s iu chnh c p dng chnh l h s iu chnh gi tham chiu ti ngy giao dch

khng hng quyn, mc ch: m bo P/E cui ngy trc = P/E u ngy giao dch
khng hng quyn.

H s iu
chnh

Gi tham
chiu ngy
(XR)

Gi ng ca ca ngy giao dch trc ngy XR c tc tin mt (nu c)

Gi tham chiu ca ngy XR

Gi ng ca trc ngy (XR) x KL c phiu c nhn quyn mua + Gi

pht hnh x KL c phiu pht hnh thm
Tng khi lng c phiu sau khi pht hnh

Trng hp vic pht hnh quyn c thc hin ko di trong 2 k (cht ngy hng
quyn trong k trc v lng c phiu pht hnh thm chnh thc giao dch vo k sau): s
lng c phiu lu hnh u k sau cng phi c iu chnh cho h s gi nh trn.

III.Cc v d v EPS theo cch tnh mi i vi cc cng ty nim yt trn TTGDCK

Tp.HCM:
1. Trng hp tr c tc bng c phiu ca Cty c phn FPT giai on 01/07/2006-30/06/2007:

Ngy

S kin

01/07/06
24/10/06

KLLH thc t u k: 54.729.200 cp.

Pht hnh thm 6.081.030 cp.

21/05/07

GD khng hng c tc bng c phiu, t l

2:1. H s: 1,5000.
Nim yt b sung 30.405.114 cp .
KLLH thc t cui k: 91.215.344 cp.

19/06/07
30/06/07

Trng s s ngy (A)

115
238

KLLH
thc t (B)
54.729.200
60.810.230

12

91.215.344
91.215.344

H s (C)
x 1,5000
x 1,5000

(D) = (B) x
(C)
82.093.800
91.215.345

91.215.344

H s iu chnh ca ngy 21/5 c tnh hi t cho KLLH u k v cc s kin din ra

trc trong k.

S ngy c tnh l khong thi gian gia hai s kin c bin ng thc t ca KLLH.

KLLH bnh qun = [(D) x (A)] / [(A)] = 88.341.434 cp

Trong k ny, HOSE nhn c BCTC 4 qu ca Cty FPT c cc mc li tm tnh cho c

ng nh sau:
Li chia c ng (triu ng)

Tng li chia c ng = 622.676.000.000

EPS c bn = 7.501 /cp

q2-2007
210.922

q1-2007
155.047

q4-2006
228.362

q3-2006
68.346

2. Trng hp thng c phiu ca Cty c phn ITACO nm 2006:

KLLH
thc t (B)
30.000.000

17/08/06

Trng s s ngy (A)

KLLH thc t u k: 30.000.000 cp.
228
Cht danh sch c ng hng c phiu thng,
t l 30:7. H s: 1,2333.
Pht hnh thm 15.000.000 cp.
137

31/12/06

KLLH thc t cui k: 45.000.000 cp.

45.000.000

Ngy
01/01/06
31/07/06

S kin

H s (C)
x 1,2333

45.000.000

(D) = (B) x
(C)
36.999.000

45.000.000

H s iu chnh ca ngy 31/7 c tnh hi t cho KLLH u k v cc s kin din ra

trc trong k.

KLLH bnh qun = [(D) x (A)] / [(A)] = 40.002.115 cp

Trong k ny, HOSE nhn c BCTC nm 2006 kim ton ca Cty ITACO c cc mc
li chia cho c ng = 148.773.000.000

EPS c bn = 3.719 /cp

n ngy 02/03/2007, c phiu ITA giao dch khng hng quyn nhn c tc bng c
phiu vi t l phn phi cho c ng hin hu l 5:1. Khi gi tham chiu c tnh vi
h s iu chnh = 5 / (5 + 1). EPS c bn cng c iu chnh tng ng = (3.719 x 5) / (5
+ 1) = 3.099 /cp. y chnh l EPS iu chnh.

3. Trng hp pht hnh thm c phiu ca Cty c phn VINAMILK giai on 01/07/2006
30/06/2007:
Trng s s ngy (A)
213
94

Ngy

S kin

01/07/06
30/01/07

KLLH thc t u k: 159.000.000 cp.

Nim yt b sung 7.950.000 cp .

31/01/07

GD khng hng c tc 1.000 /cp v quyn

mua c phiu mi gi 10.000 /cp, gi ng ca
gn nht: 176.000 /cp, t l 20:1. H s:
1,0470.
Nim yt b sung 8.325.670 cp .
KLLH thc t cui k: 175.275.670 cp.

04/05/07
30/06/07

58

KLLH
thc t (B)
159.000.000
166.950.000

175.275.670
175.275.670

H s (C)
x 1,0470
x 1,0470

(D) = (B) x
(C)
166.473.000
174.796.650

175.275.670

H s iu chnh ca ngy 31/1 c tnh hi t cho KLLH u k v cc s kin din ra

trc trong k.

KLLH bnh qun = [(D) x (A)] / [(A)] = 170.015.405 cp

Trong k ny, HOSE nhn c BCTC 4 qu ca Cty VINAMILK c cc mc li tm tnh

cho c ng nh sau:
3

Li chia c ng (triu ng)

-

Tng li chia c ng = 880.235.000.000

EPS c bn = 5.117 /cp

q2-2007
248.366

q1-2007
318.792

q4-2006
162.936

q3-2006
150.141

4. Trng hp kt hp cc loi iu chnh: Cty c phn DOMESCO giai on 01/07/2006

30/06/2007:
Trng s s ngy (A)
30

Ngy

S kin

01/07/06

KLLH thc t u k: 8.000.000 cp.

30/07/06

Cht danh sch c ng hng c phiu thng,

t l 100:23,75. H s: 1,2375.
Pht hnh thm 1.900.000 cp.

31/07/06
30/10/06
30/05/07

20/06/07
29/06/07
30/06/07

Pht hnh thm 800.000 cp.

GD khng hng c tc bng c phiu 10% +
quyn mua c phiu mi gi 35.000 /cp, gi
ng ca gn nht: 118.000 /cp, t l 20:1. H
s: 1,1332. S lng LH tm tnh tng thm l
1.605.000 cp.
Nim yt b sung 1.069.999 cp phn pht hnh
ring l (cha k n 1.605.000 cp tm tnh k
t ngy cht d/s c ng).
Nim yt b sung 1.465.000 cp (cha k n
535.000 cp tm tnh k t ngy cht d/s c
ng).
KLLH thc t cui k: 13.234.999 cp.

KLLH
thc t (B)
8.000.000

H s (C)
x 1,2375
x 1,1332

(D) = (B) x
(C)
11.218.680

91

9.900.000

x 1,1332

11.218.680

233

10.700.000

x 1,1332

12.125.240

11.769.999

13.374.999

13.234.999

13.769.999

13.234.999

Ngy 30/5/2007, c phiu DMC giao dch khng hng quyn (XA): khi lng c phiu
tm tnh tng thm l 1.605.000 cp. Phn tng thm ny sau c pht hnh v ng k
giao dch 2 ln vo cc ngy 20/6 v 29/6/2007, tuy nhin HOSE gi nh s lng c
phiu c cng thm t ngy 30/5/2007.

KLLH bnh qun = [(D) x (A)] / [(A)] = 11.864.538 cp

Trong k ny, HOSE nhn c BCTC 4 qu ca Cty DOMESCO c cc mc li tm tnh

cho c ng nh sau:
Li chia c ng (triu ng)

Tng li chia c ng = 50.691.000.000

EPS c bn = 4.272 /cp

q2-2007
16.386

q1-2007
9.149

q4-2006
11.061

q3-2006
14.095

Trn y l cc v d in hnh t thc t ca cc cng ty nim yt trn HOSE. to thun

li cho nh u t trong vic cp nht cc ch s lin quan n ch tiu li trn c phiu (EPS),
Bn tin Th trng Chng khon s thc hin tnh ton ch tiu EPS cho 4 qu gn nht theo
ng cc qui c nu trn. Rt mong nhn c s quan tm theo di v gp ca Qu v c
gi.