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1

Chuyn vin phn tch: Nguyn Xun Vin

BO CO PHN TCH NGNH SM LP

Ngy 01/08/2011
Khuyn ngh: mua

TNG QUAN V NGNH SM LP THI GIAN QUA

Hin nay nhu cu tiu th lp t trn th gii tng bnh qun vo
khong 2.5%. Nhu cu lp xe trn th gii trn 1,3 t chic lp/ 1
Ba chu
chimTY
88% sn lng tiu th trn ton th gii
GIInm.
THIU
Vlc
CNG

HOT NG GIAO DCH

l : Chu , Chu u, Chu M. Doanh thu ngnh sm lp tng

trng mnh qua cc nm. Theo nh gi ca cng ty Michelin th
lng t sn xut ra trn th gii c gi tr khong 90 t, vo
nm 2015 khong 95 t USD, v 2020 l khong 100 t USD. Do
ngnh sm lp trn th gii c tim nng tng trng tt trong

Gi cao su thin nhin thi gian qua

tng lai. Trn sn chng khon hin nay c 3 cng ty chuyn sn

xut sm lp nim yt l Cng ty c phn cao su Nng (
DRC), cng ty c phn cao su Min Nam( CSM) v cng ty c
phn cao su Sao Vng. Tnh trng c chim th trng lp xe
Radial ca doanh nghip nc ngoi ti Vit Nam gn nh chm
dt t thng 9.2003, khi Cng ty Cng nghip Cao su Min Nam
(Casumina) tung ra sn phm lp xe Radial bn thp, cht lng
Ngun Sicom

tng ng nhng gi ch bng 80%. Thi gian gn y, mt

ngi anh em cng h Vinachem (Tp on Ha cht Vit Nam)
ca Casumina l Cng ty Cao su Nng (DRC), cng chuyn
hng u t lp xe Radial (loi ton thp). Theo d kin, trong 23 nm ti, c hai s tung ra th trng khong 2 triu lp/nm.
Theo Cng ty Cao su Nng, mi nm lp xe Radial c th
mang li cho h gn 2.500 t ng doanh thu. Vi u im bn,
nh, an ton cao khi chy xe vi tc nhanh v t sinh nhit
trn ng, xu hng Radial ha trong lnh vc lp xe ang lan
rng.

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Ch s ti chnh cc cng ty chng khon nim yt

Khon mc
Tng TS ( t)
Tng n ( t)
Vn CSH ( t)
Vn iu l ( t)
Thng d vn ( t )
S CP lu hnh( triu)
Tng DT ( t)
LNST ( t)
ROE
EPS (ng)
P (cui k) ( ng)
P/E
BV ( ng)
Li nhn/VL
C tc

Nm
2008

Nm 2009

558
415
144
108
20
11
926
1
1%
93

13,333
1%

Nm 2010

582
341
241
108
20
11
1,096
102
42%
9,444
63,500
7
22,315
94%
43%(31% CP)

571
333
238
162
16
1,153
14
6%
864
26,200
30
14,691
9%
15%

SRC
Trung
bnh (03
nm)
570
363
208
126
13
13
1,058
39
0
3,467
29,900
12
16,780
35%
29%

Qu 1
2011

Qu 2
2011

KH 2011

607
368
239
162

590
383
207
162

16
304
1

16
298
(7.4)

1,346
42

15%

CSM
Khon mc

Nm
2008

Nm 2009

Nm 2010

Trung
bnh

Qu 1
2011

Qu 2
2011

KH 2011

Tng TS ( t)

1,151

1,162

1,181

1,165

1551

1494

Tng n ( t)

879

606

506

664

869

902

Vn CSH ( t)

272

556

675

501

683

593

Vn iu l ( t)

200

250

422

291

422

422.5

20.0

25.0

42.2

29

42

42

2,151

2,504

2,701

2,452

663

732

3,285

291

141

147

7.6

6.7

120

3%

52%

21%

450

11,640

3,341

5,144

73,500

32,000

35,167

10

13,600

22,240

15,995

17,278

5%

116%

33%

51%

40%( CP)

20%

30%

Thng d vn ( t )
S CP lu hnh( triu)
Tng DT ( t)
LNST ( t)
ROE
EPS (ng)

21

P (cui k) ( ng)
P/E
BV ( ng)
Li nhn/VL
C tc

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>10%

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DRC
Khon mc
Tng ti sn
Tng n
Vn ch SH
Vn iu l
Thng d vn c phn
S c phn lu hnh
Tng Doanh thu
Li nhn sau thu
Tng trng so vi cng k
ROE
EPS (ng)
P (cui k)
P/E
BV
Li nhn/VL
C tc

Nm
2008

Nm 2009

615
398
216
154
3
15
1,317
51.8
-27%
24%
3,364
17,200
5
14,026
34%

785
227
558
154
3
15
1,855
393
659%
70%
25,519
118,000
5
36,234
255%

19%

115%(100%CP)

Nm 2010
1,064
333
731
308
3
31
2,218
196
-50%
27%
6,364
40,000
6
23,734
64%
60%(50%
CP)

Trung
bnh (3
nm)
821
319
502
205
3
21
1,797
214
194%
40%
11,749
58,400
5
24,665
117%

Qu
1/2011
1,216
464
752
308
3
31
586
41
-18%

Qu
2/2011
1,269
488
781
462
3
46
725
59.5
23%

KH 2011

462
3
46.2
2,350
150

32%

65%

Biu cc ch tiu ti chnh ly s liu bn qu gn nht

So vi cc cng ty trong ngnh th t l ROE
v EPS ca DRC l ni bt hn c nh tnh
hnh hot ng kinh doanh trong hai qu va
qua kh tt

Ngun: BCTC cng ty

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Phn tch m c phiu DRC:

Tn cng ty:
M Chng khon:
Nm thnh lp:
Nm chuyn i:
Vn iu l:
C cu s hu:
- S hu nh nc:
- S hu nc ngoi:
- S hu khc
Nm nim yt:
Gi cao nht 52
tun:
Gi thp nht 52
tun:
Gi hm nay:
01/08/2011:
Khi lng khp
lnh TB 10 ngy:
Gi s sch (BV):
Ngnh ngh kinh
doanh em li li
nhun chnh:

CNG TY C PHN CAO SU NNG

DRC
1993
2005
461.5

Din bin gi c phiu DRC trong thi gian qua

50.50%
17.04%
32.46%
2006
29,600
15,800
20,300
36,000
16,900

Ngun ROSE

Sn xut sm lp

Yu t nh hng
n doanh thu v li
nhun:

Gi cao su thin nhin, ha cht, thp, t gi, li sut

Nh cung cp
nguyn vt liu:

Cc cng ty thuc tng cng ty Cao su Vit Nam, cc nh sn xut cao su tng hp ln ca
Chu u, Chu , Chu M, v nhp khu vi mnh t Trung Quc, i Loan

Th trng sn
phm u ra:

Cung cp sn phm cho cc doanh nghip nh TMT, Trng Hi, Huyndai, Vinamotor ngoi
ra cn xut khu sang cc nc khc trn th gii

V th cng ty trong
ngnh:

Bng s linh hot v sng to DRC to c li th cnh tranh trn th trng .Tc tng
trng cao, lin tc trong nhiu nm v ngy nay DRC chim th phn lp t ti hng u
Vit Nam. Thng hiu DRC c cc t chc trong nc v quc t bnh chn, trao tng
nhiu danh hiu nh: Sao Vng t Vit, Hng VN cht lng cao, Thng hiu mnh Vit
Nam...v c Nh nc khen thng nhiu hun chng lao ng , hun chng c lp ..

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Cng sut, sn
lng

DRC cng sut sn xut lp Radial ton thp 0,6 triu chic/ 1 nm

Cng sut, sn
lng ca cc cng
ty trong ngnh

SRC sm lp t l 0.5 triu chic/ 1 nm, CSM sn xut lp Radial ton thp cng sut 1
triu chic/1 nm

Tin mi nht:

Qu II/2011, cng ty DRC t 725.01 t ng doanh thu thun, tng 30.95% so vi cng
k nm 2010. Li nhun gp t hot ng kinh doanh chnh t 121.95 t ng, tng 31.61%.
Ngun thu trong k ca cng ty ch yu t c t doanh thu t hot ng kinh doanh chnh,
doanh thu ti chnh t 3.68 t ng-khng ng k v thu nhp khc t 1.79 t ng. Tuy
nhin, chi ph ti chnh tng thm 8.1 t ng, chi ph bn hng t 13.22 t ng v chi ph
qun l doanh nghip tng thm 6 t ng. LNST qu II t 59.48 t ng, tng 22.74% so vi
cng k nm 2010. Ly k 6 thng cng ty t 100.15 t ng LNST, tng 1.88% so vi
cng k.
M rng th trng, u t nng cng sut lp Radial ton thp (TBR) ln 1 triu lp/ nm.

Cc d n trng
im

u t thm cng ngh sn xut lp Radial ton thp (OTR) cho xe cng trnh, khai thc
m, cng bin
Mua c phn ca cc i tc cung cp cao su thin nhiu c th m bo n nh ngun cung
v s lng cng nh cht lng

Phn tch SWOT

im mnh: th phn lp t trong nc kh cao v l thng hiu uy tn. L doanh nghip

u tin ti Vit Nam v ng Nam sn xut thnh cng lp t c chng siu ti nng
cng ngh cao. Cung cp sn phm cho cc doanh nghip lp rp t ln nh TMT, Trng
Hi (KIA), Huyndai Vinamotor Xy dng c h thng cc nh phn phi mnh v rng
khp c nc. Bc u chn c mt s nh phn phi tt ti Malaysia, Lo, Singapore,
Pakistan, S dng nhiu thit b bo v mi trng v v sinh cng nghip mt cch chuyn
nghip, phn ln ph liu, ph thi c a vo ti sn xut, lng rc thi khng th tn thu
cn li rt t.Nm trn a bn c nn cng nghip v dch v pht trin mnh, Thnh ph
Nng l th trng tiu th ln ca Cng ty. Ban lnh o c kinh nghim v phng thc qun
l nng ng, i ng cn b cng nhn vin c o to c bn c chuyn mn tt c kh
nng p ng vi s pht trin ca khoa hc k thut.
im yu: Kh nng cnh tranh v gi sn phm lp t DRC i vi th trng xut khu cn
rt hn ch, hiu qu kinh doanh xut khu cn thp.Lc lng cn b c nng lc cn thiu.
C hi: Vit Nam tham gia cc t chc th gii, c bit gia nhp WTO s em li s i mi
cho mi trng kinh t.Tng vn u t thng qua vic pht hnh c phiu trn th trng
chng khon.

15 Pasteur
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Thch thc: Chu s nh hng ca s bin ng gi nguyn liu u vo. S cnh tranh trn
th trng trong v ngoi nc ngy cng quyt lit. Trong khi gi thnh sn phm ca cc
doanh nghip trong nc ni chung cn rt cao. V vy li th cnh tranh s thp.
Trin vng trong
tng lai

Duy tr mc tng trng hng nm t 8-14%.Sm lp thng hiu DRC l sn phm chim t
trng cao nht trong ngnh lp rp t trong nc. Tng tiu th cc sn phm phc v nng
nghip, pht trin sn phm lp t b thp v lp xe du lch. u t my mc hin i
nng cao cht luongj sn phm

NHN XT V KHUYN NGH

Do gi c nguyn vt liu tng, li sut vay vn cng tng cao dn n li nhun nm 2010 gim ng k so vi
cc nm 2009. Nhn chung ngnh sm lp hin nay ang c nhiu tim nng pht trin. K vng s hi phc
trong thi gian ti khi nn kinh t v m n nh hn. c bit l cng ty c phn cao su Nng ( DRC) trong
su thng u nm 2011 tnh hnh sn xut kinh doanh ca cng ty vn kh tt trong bi cnh y kh khn ca
nn kinh t.
Gi c phiu DRC tng rt mnh t 15,100 VND ln n 23,700 ng trong thi gian t 26/5/2011 n
08/06/2011. Hin nay gi c phiu c xu hng gim tr li v ang giao dch quanh gi 20,300 VND. y
l vng h tr kh mnh v vy c th xem xt mua vo.

15 Pasteur
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iu khon min trch

Bn bo co phn tch tm tt ny c cung cp bi Cng ty C Phn Chng Khon Hong Gia (ROSE).
Nhng d liu trong bn bo co c tham kho t nhng ngun thng tin i chng v c ROSE xem l
ng tin cy, tuy nhin ROSE khng chu trch nhim v chnh xc ca nhng thng tin ny. Cc kin,
nhn nh, nh gi trong bo co ny ch l quan im ca chuyn vin phn tch ti thi im lp bo co, m
khng i din cho ROSE. V vy ni dung bn bo co ch mang tnh tham kho v ROSE khng chu bt c
trch nhim no i vi nhng quyt nh mua bn chng khon hay v mc ch g khi tham kho bo co ny

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