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BO CO PHN TCH

CAO SU

PHNG PHN TCH


H ni, ngy 17 thng 10 nm 2012

BO CO PHN TCH NGNH CAO SU


Mc lc

......................................................................................................... 2

I - GII THIU CHUNG V


1.

Lch s hnh thnh v qu trnh pht trin n n

2.

3.

V tr c

II -

n n n
n

2.

Kh nn

3.

U NGNH CAO SU .................................................................................................. 4


n ...................................................................................................................................... 4

p ........................................................................................................................................................... 4
n

3.

nn

thu

.............................................................................................. 4

.................................................................................................................... 5

n n

.............................................................................. 6

.............................................................................................................. 6

n .......................................................................................................................................................... 6

Cng ngh

ng ca chnh sch t i ngnh .................................................................................................................................. 7

5.
6.

............................................................................................................... 3

C TRNG NGNH CAO SU VIT NAM................................................................................................... 5

2.

4.

n n n

Nhu c

1.

n ................................................................................... 2

n ..................................................................................................................................... 3

1.

III -

n n

m ................................................................................................................................ 7

IV- PHN TCH SWOT NGNH .................................................................................................................................................... 8


V - TRIN VNG PHT TRIN NGNH ..................................................................................................................................... 9
VII KT LUN .............................................................................................................................................................................. 9
VI - TH C TRNG HO NG MT S CNG TY NIM YT ......................................................................................... 10
n

A1.

3.

..................................................................................................................................... 10

m ............................................................................................................................................................ 11
n

Ch s

D-

............................................................................................................................................. 10
n

C-

n .................................................................................................................................................... 10

2.

B-

E-

n ................................................................................................................................... 11
m Q

n n

1.

DPR - Cng ty C phn

2.

PHR - Cng ty C phn

3.

4.

5.

2012 ......................................................................................................... 12
n n n n m

......................................................................................... 13

..................................................................................................................... 13
................................................................................................................... 13
n ..................................................................................................................... 13

................................................................................................................. 13
n .................................................................................................................... 14

Bi n ng gi c phi u nim y t ngnh Cao su t nm 2009 n nay ............................................................................... 14

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Phng Phn tch CTCP Chng khon An Bnh

Page 1

BO CO PHN TCH NGNH CAO SU

I - GII THIU CHUNG V NGNH CAO SU


n
.
m

Vi

n
n n
n

n n Nam M
mn
nm 19 9
n m n
n n
n
n
n n
n

n
m
n .
n
n
Malaysia, Thi Lan, Indonesia, n , Trung Quc v
c sn
n
m n
nn
n
.

n
m
n
m n n
nay,
n n

e
m
Hi
su ton th gi i.

n n
n

n
n n
m
n m n n
n
n
t ca cao su t nhi n c bi t l
n nay, nhu cu tiu th cao su t nhin chi

m n

n
.
n
n
m n , n n
n

n n
ng ngh
n
n
m khong 40-45% t ng nhu cu cao

1. Lch s hnh thnh v qu trnh pht trin ngnh Cao su


-

Cy cao su c

khu v c rn m
m z nc

n 10 th k, th dn Mainas
t
ly nh a cy t m vo qun o chn
t, v t o ra nh ng qu n
trong dp hi h.
Do nhu c n
n
pht minh ra cng ngh
nm 1 39
n t i s bng n n n
cng n

Brasil.
m 1 75 khong 70.000 h t gin c gi t i Kew n Q
4% h t ging ny mm.
Nm 1 76 n n c gi t i Ceylon
Singapore.

c nhn ging
rng khp t i cc thu a ca Anh.
Nm 1 9 m n n tr n
c thnh l p t i Malaysia, v ngy nay phn l n cc khu
v c tr ng cao su nm t i n
m v mt s t i khu v c chu Phi nhi i.
n
cy
cao su t i Nam M - bn a ca n - l i khng
n n .
m 1 7 y cao su
n
n

mn n
n ng
.
Nm 1892, 2000 h t cao su t Indonesia c nh p vo Vi t Nam.
m 1 97 n u s hi n di n ca cy cao su
n Vi t Nam.
m 1907 n

n c thnh l p l Suzannah (Du Giy, Long Khnh, ng Nai).


Ti p sau, hng lo n n
n
i, ch y u l c n
i Php v t p trung
n
m : SIPH, SPTR, CEXO, Michelin.
Nm 1920 m n n Nam B c khong 7.000 ha v sn
ng 3.000 tn.
m 1923
c tr ng Ty Nguyn v pht trin m nh tron
n 1960 1962,
trn nh n
n t cao 400 600 m
n n
chi n tranh.
T c 1975, c
c tr ng Qung Tr, Qung Bnh, Ngh An, Thanh Ha, Ph Th bng
ngu n ging t Trung Quc, di n
n n khong 6.000 ha.
Sau 1975, c
c ti p t c pht trin ch y u n
m . T 1977, Ty Nguyn bt
u l
n
n
ng m i cao su.
S 19 4
c pht trin Qung tr, Qung Bnh trong cc cng ty quc doanh.
Hi n c n
n 800.000 ha n cao su, t p trung
n
m , Ty Nguyn, Bc
Trung B
v Duyn hi Nam Trung B. Sn
n t trung bnh n 00 n n tn nm.

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Phng Phn tch CTCP Chng khon An Bnh

Page 2

BO CO PHN TCH NGNH CAO SU

2. c r g g

Cy
n n

n
n

Cao su

m
n m n
n n m

em
n n
n
n
m
n
n
n n
e
thn cy
n
n n

n
m
6-7 nm.
n
m n n n
n
n n sinh ra n
m

26-30 nm.
Cy cao su c
trong 9 thng
n
9
n
nm 3
n
3
n nm
n

n
n
n
n
.
n
n n

m
n
n
n 22 n 30
n2
n m n
n
2.000 mm n n
n

n n

nn
n
n 4 n 5
n
n n nn
m
n
Chu
m
n 92% n
n
n
n n
Cy cao su

nn
n m, nn
cao. m
n
n
n n
n
3 n 5 nm n
m
n
n
n .
n n

n n
n
n n n e
m
m n 70 m
n .

n .

3. V tr ca
n

n n n

.
n
n
n

n
m

n
m.

26
.
n

.
m
n
n
n


m
n
n

trong ngnh Cao su

ao su n
n

n
m
n n
n
.
n n
n

m
n
n

n nn
n
m .
n n
n
m
n n
n
n nh n nm 1 90
n
n
n ng b s d ng bn
i. Tuy nhin, cc vn chnh tr khi n cho gi
cao su t n n
ng rt l n trong khi ngu n cung thi u h c bi t l trong nh n nm
n tranh.
C n n
n n gi cao su t n n n
n
n

n n m
.
n
n
m
m
n
n xut cao su nhn
t o

m n . m 1930 1931 ng Thiokol


ng DuPont b u bn cao su t ng
h p ra th
ng.
ng cao su t ng h
t qua cao su t nhin

trong
n n 0.
n
u n

n e
nn n
n n
n
n n
m
n
.N
n
n

n cao su trn
.

Sn
n
n

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n
n
m c tiu th
Trung Quc
n
n
nhin

n 60

n n
m 70
v gi c cao su thin nhin c
n n n . n n
n nn
ng ha th ch
m n
n 40-45% n

Phng Phn tch CTCP Chng khon An Bnh

n
xu

Page 3

BO CO PHN TCH NGNH CAO SU

II -

n n

m .

n
n

U NGNH CAO SU

1. Nhu cu
n

QUA
n

m n

n
e .

n
n

Theo thng k ca IRSG1, tn n cui nm 2011, Chu


n
iu th cao su t nhin, chi m 69,7% t ng
nhu cu trn th gi i,
e l Chu u (13,5%), Bc
M (10,7%).
n 5n
n
m
n n m: Trung Quc (33,5%), M (9,5%),
n (8,7%), Nh t Bn (6,6%) v Malaysia (4,6%).
n Q
n
n
n
nn n

m
.
m n
tiu th cao su t nhin
m 1520% t ng sn
ng m cao su sn xu n nm.

2. Kh g c

n
e n

n n

Trung
Q c,
33.50%

c,
37.10%

t
n,
6.60%
(N

Malaysia,
4.60%

,
n 9.50%
, 8.70%
G
)

g cp

Theo thn
n cu nm 2011 ng di n tch cao su
t nhin trn th gi t 11,84 tri u ha; Chu chi m
92,42%, Chu M chi m 5,14% v 2,44% thuc v Chu
Phi. T ng sn
ng cao su t nhin sn xu t 10,9
tri u tn.
n

m
t tri khi
chi m t tr ng 93,2% trong t ng sn
ng sn xut ca
th gi i, ti p theo l Chu Phi (4,3%), Chu M Latin
(2,5%).
n n
n 4
n

n n

n
m
Thi Lan (gn 3 tri u tn), Indonesia (2,13 tri u tn),
Malaysia (0,95 tri u tn) v Vi t Nam (0,82 tri u tn),
chi m 87,35% t ng sn
ng xut kh u cao su thin
nhin ton cu.

3.

c Cao

t
Nam,
10.4%

c,
12.7%
i Lan,
38.0%

Indonesia
, 27.0%
Malaysia,
12.0%

h thuc gi

(N

Nhn chung, nhu cu sn xut v tiu th cao su (t nhin v nhn t o) th gi


n
i 20 tri u tn nm
n
ng h p chi m t l
n i l n (khon 60 c sn xut t ngu n nguyn li u chnh
l du m - sn ph m c nh tranh tr c ti p v i cao su t nhin). V v y, bi n ng ca gi du th gi
ng khng nh n nhu cu tiu th cao su t nhin ca th gi i. Khi gi d
n
ng t i gi
thnh ca cao su t ng h p, lm cho gi n .
n
u s d ng cao su t n n thay th cao su
t ng h p s n
n n gi cao su t nhin s n .
1

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(International Rubber Study Group)

Phng Phn tch CTCP Chng khon An Bnh

Page 4

BO CO PHN TCH NGNH CAO SU

III -

TH C TRNG NGNH CAO SU VIT NAM

Vi t Nam l mt trong nh n n c d n u th
t 834.000 ha v i sn
n
n
ng th 4 v sn
ng khai thc v xut kh
n ha n
2

n 1 7

gi i v khai thc v xut kh u cao su. Di n tch tr ng cao


nm
ng 812.000 tn (2011). Mc d Vi t Nam ch
n n nn
t khai thc cao su
n 1 72
n ha)
nn
m
n
n 1 45 n ha

T n n n
p Cao su Vi
m
n
n trong chi n
c pht trin cy cao su
Vi
m.
n
n l 333.235 ha cao su phn b
n
. Ngoi 262.627 ha cao su trong
n c, hi n VRG cn qun l 70.608 ha cao su Lo, Campuchia. VRG hi n c 44 nh my, x nghi p v
ng ch bi n m cao su v i t ng cng sut thi t k 433.000 tn nm. n ph m cao su ca VRG hi n
xut kh n khong 70 quc gia v vng lnh th trn th gi i
m
n 70
n n
n

m.
n
n n c v n ti p t
n
n
n nm 2012 n n
n nm n
i lin
t c gim n 2
nm
n
3. Chnh v v
n 9
n nm 2012
t
m
t kh c 700 tn cao su, thu v 2,05 t
n 32 6
n n n
m 10,1% v gi
tr. Cc th
ng xut kh u chnh v n khng ngn
n
n n
n Q n 10 1
Malaysi n 230

n n 2 3
n n 400

1.

c cao su

n
nm n
n c th c hi n ch 850
834
n
n
pht trin sn xut cy cao su,
483
472
di n tch cy cao su khng ngn n
n
334
n
n
n
.
n
n
n
350
n
n n 34 n n
n
n
m
n 472 n n ha
m 56 6
n
n

n
n
n
m 390
-150 2005 2006 2007 2008 2009 2010 2011
n n
n 2 0n n
n n
ng n ch
n ch khai c

n 0n n
50 n n
n
m
n

n
m
c Trung
40 n n
.
n khu v n chi m
4.8%
, 46.4%
, 9.5%
44,36%; khu v c ti n chi m 49 2
n n
chi m 6,36%.
n

n
n n
00 n

n
n
m


m
n
n
n
n n n cao su
n
2015
m n n 2020.
n

n
n
n
n
m
an
n

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nm n
n nm
n m
nn
m n .

Ty
Nguyn,
33.3%

Phng Phn tch CTCP Chng khon An Bnh

Page 5

BO CO PHN TCH NGNH CAO SU

2.

g g

cc

g c

n
n n

Khai c (n n n
Tiu
(n n n)
n
nn

n n
n
n
t ( n/ha)
n
n n 10 nm
. T n n
n
2
1000
811.6
n
n n 17,2%, nn

n
1.72
n
n 4%. 9T/2012, Vi t Nam chnh th c
500
n
n n c sn xut cao su t nhin l n th 4 1.5
150
th gi i, sau Th i Lan, Indonesia,
Malaysia. S thay
i l n v th h ng sn xu n u vai tr quan tr ng
1
0
ca Vi t Nam trn th
ng cao su quc t . Theo
2002200320042005200620072008200920102011
VRA,
)
ANRPC2
t Nam c th t sn
ng 930.000 tn
n nm n
n 14,5 % so v nm 2011 n c thm nhi u di n

ch.

3.

n n

n
n
n
n

e
n n m
n . D ng khi
nh t n nh, dng trong cng nghi p sn xu m p: m

SVR 3L, SVR L, SVR 10,20... v cao su ch


ng cao SVR CV 60, 50. D ng m ly tm
Latex, m em
dng trong sn xu n
ng c -thi t b y t , gi-n m... n
n
RSS
n
n
Crepe, Skim, h n h p...
n
3 l n
m

em
n n 45
n
mn

n n
e
10
n
60
n n
n nm 2012
n

m n n n
m n.
n

n
e
n

n
m n
n
n 30 .

m n
4
n
n
m1 5
n n
n
nm 2011. H n 0
e 3

e n

n
DAF, gia
n
n
FOB,
n
n CIF;

n
e

n
n
n
n
m
n n
n
n

.
m
n
.
n
n Q
n
m 61,4%),
e
(6,6%)
n 4 3 v

n 70 n
n

n
n

n Malaysia
n Q 3 3%)

4. Cng ngh c

n
c
n ,
2.9%
c,
3.3%

r
,
2.3%

n m

n
n

c,
15.8%

Trung
Q c,
61.4%

n
Q c, i
3.3% Loan,
4.3%
Malaysia,
6.6%
)

Cc cng ty hi n m i dng l i m
n p nn
m
n

Nam
n

n
n
n
n
n 10 .
n
n
n
nn
n
n
m n

cc doanh nghi p cao su


Vi t Nam n n n
n n n

n

n n .
2

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n The Association of Nature Rubber Producing Countries)

Phng Phn tch CTCP Chng khon An Bnh

Page 6

BO CO PHN TCH NGNH CAO SU


Hi n nay, c 4
n n
sn xut cc sn ph m t cao su t nhin n n m
n n HOSE: CTCP
Cao su Sao Vng (SRC), CTCP Cao su Mi n Nam (CSM), CTCP C
ng (DRC)
n
n
. Cc sn ph m c ch bi n t cao su t nhin tiu th
n n c ch y u bao g m
cc lo m p, gng tay y t n
n , ph t dng trong sn xut cng nghi

5.

c ng ca chnh sch t i ngnh

S h tr ca Nh nc:
n
n n n
n

n .
n
n
n n n
n

m
n
n n
n

n n n
n n n
n
n

m n
n

n n n

n
145/2011/TT-BTC ca B Ti chnh ban hnh
ph m
t nhin xut kh u.

n n
n
n n

n n
m

n n
m
m
.

3-5% ty tng lo i sn
n n

n n n
n
.

S hi nhp WTO: Vi
m
n

thu xut kh u v c nhi


i

chuyn giao cng ngh t


n c pht trin. Cc doanh nghi p sn xut cao su ca Vi
m
i
h p tc v
n
n c ngoi xy d ng cc nh my ch bi n
c th sn xut cao su c
3
gi tr cao, t u ki n chuyn i th
ng.
m

n
n m
,
n
n n mn
m
n
n ne
m
70 n
n

6.

gg

n
mn
mn
X
n

4.0%

Cy cao su g
n quan tr ng trong ngnh nng nghi p
n c nh v l mt trong nh ng cy cng nghi p di ngy
2.0%
c nhi u trin v ng pht trin nht t n c ta.
n n
n n n
n t n trong m n

(KNXK)
n
n n n
n
0.0%
n
. n n
n
n
n
n

m n
n n n n
.
KNXK
nm
n nm
m
2 5-3 5
n KNXK n
. nm 2006 n n
n n
n
KNXK n 1
. m 2012
n
n
m m n

n n
e
n
m. KNXK
9
n nm 2012 c 2 1
m 9 9
n
n
KNXK
n
n 1 9 .
n n
n m
m
n

n1
n nm n n
n m

n 2 5
n 9 2012
m n
n
m
m 13 5

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150.0

2.5% 100.0
83.8
50.0
3.2 2.1
0.0

Khc
28.3%
Vn ti
4.1%

3.3%

96.3

Caf
3.5%
Cao su
2.5% Go
3.5%

G
4.1%

My mc
thit b
4.9%

Du th dt may
7.5% 13.5%
thy
sn Giy
5.3% dp
6.2%
in
thoi, linh
kin
My tnh
10.3%
6.4%
)

m75

m53

m 4 1 ...

International Tripartite Rubber Council)

Phng Phn tch CTCP Chng khon An Bnh

Page 7

BO CO PHN TCH NGNH CAO SU

IV- PHN TCH SWOT NGNH


m Mnh

m n

mn n

n n .

n
n
n
t
m
n
n
n

.
n
m
n
n
n
4
n

n
2 nn

m
n n n n n
n m n
n
n
n n n

m n

n
n n
n

thu g m: thu TNDN, thu s d n t nng


nghi p; v vn

n.
Chi
n
n nhn cng
n

n
n
m n
n 60

n
n
n n n .
n
n n

.
i

n
n
n
n m n n
n
n
n n

e.
n
n

nm
6-7
n n
n
n

n .
Ch
ng m cao su Vi t Nam cn km
nn kh nn
nh tranh th
n
ng
th
n
ng 10% so v
n c khc
n
n

Th
ng xut kh u chnh l Trung Quc nn
ph thuc vo chnh sch v kinh t n c ny,
g
n n
m
n
n.

Thch th c

Vi t Nam s tham d cuc h p vo thng 12 t i ca ITRC v i vai tr l quan st vin. C nhi u


kh nn
t Nam s ng tham gia thnh
vin ca t ch c ny.
m a,
m
m

ITRC s chi m 80% t ng sn


ng cao
su ton cu.
Nhu cu
n n
cng v i gi cao su th gi i khng ngng
n n.
FED th c hi n QE3 n

n e

n Q
n
n m nh n
3/2012.

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n n
m
n n
m n .
n n
n n n n nm 2015 m n n 2020
n
n n
n
n
00 n n .
n
d n
n
nn
n n .

n
m
m

n n
n
n
n
n m

n m
nn

Phng Phn tch CTCP Chng khon An Bnh

Page 8

BO CO PHN TCH NGNH CAO SU

V - TRIN VNG PHT TRIN NGNH


n n
n

n
n n n

n
n
n

n
n
n

n
nn n
n n n

n.

n n n
n

n n
n n n

n.
m n
4
n n

n
n n
m

n 15-20 n
n
.
e n
n
n
cho s pht trin ca ngnh cao su t nm 2020
m
chuyn i sn xut cao su nguyn li
n
ng pht trin sn xut cao su cng nghi p, xut kh u
cao su thnh ph m k t h p v i cao su nguyn li u. Nng t l s d ng m cao su t i th
ng n a ln
ti thi 30
nm 2020
n qua vi c xy d ng cc nh my sn xu m p t, xe my quy m
l n n n c. Vi c pht trin cng nghi p ch bi n cao su gip nng cao gi tr thnh ph m n
mt
trong nh ng bi n

ng ha th
ng gim b t s l thuc vo th
ng Trung Quc, gip gim
nh p kh u cc sn ph m ch bi n t cao su.

n n
n
n n
n
n

n e
n Q
n
n
. V nhu cu tiu th ca cc quc gia thnh vin ANRPC d ki n s n 3 6
n 6 496
tri u tn, nh nhu c
n
i Trung Quc, n
ne .
c tnh nhu cu cao su t i
Trung Quc v n s n n
t 2,5% v 4,9% ln m c 3,69 tri u tn v 1 tri u tn. n n
IRSG d bo nhu cu cao su t nhin v t ng h p ton c nm 2012 t 26,8 tri u tn
nm 2013
n 5
n m c 28,2 tri u tn
s t 36,7 tri u tn
nm 2020
i cao su t n n n n
n
m c 16,4 tri u tn.

nn n
n
n
n
n m
m Thi
Lan, Indonesi

t l p m
can thi p th
ng cao su n u gi cao su thin nhin
gim xun
i 2,70 USD/kg.
m Hi p hi cng nghi p Cao su Indonesia thng bo, t thng
10 nm n n n 3 nm
n
n s ct gim 117.000 tn cao su t nhin xut kh u

VII KT LUN
n

m
n
n
m n n
n
n
n
n n
n

n
n
n n. Trong cng nghi p, n n cao su t nhin
n 70

n
lm m
m n
n e

n
b ph n
e
m
Nh ng
ng d ng m cao su nhn t o khng thay th c cao su thin nhin l cc lp xe ch nng, my bay hay
nh a latex n n

n n
n n
n
n
n
n
e

n e
n m
n
m n rong khi ngnh lm lp xe tiu th gn 70% cao su thin nhin trn th gi i
m

n n
n n
n
n.
n
n
3 2012
n e
n
Q
n
n
n n n
.
y,
n n n
n n
n
ngnh k thu t hi n i,

n n
n n
ngnh du m
n
ng kinh t th gi i.
www.abs.vn

n
e

Phng Phn tch CTCP Chng khon An Bnh

n
n

n
n

n n
s pht trin

Page 9

BO CO PHN TCH NGNH CAO SU

VI - TH C TRNG HO NG MT S CNG TY NIM YT


nn
n
n
n
n
5 cng ty n
doanh ngh
n u l cc thnh vin c
m
n
n

nn m

A1. Q


n m
n
n

c
n

n.
n

m
m n

n
m
n

m
1 45 n

n
n
nn

n
n .
n

nm

n ch
ng (Ha)
25,000

2.50
20,000
2.01

20,000

2.18

2.10

2.00

15,739

15,000

1.50

11,541

n
n 2

nn

n
n

1.16

1.11

10,000
5,000

2,807

1,700

1.00
0.50
-

PHR

n nm

DPR

TRC

HRC

TNC

m
nm
26-30.
nn

11 n nm
25

0-6 nm
80%

7-10 nm
70%

11-25 nm

>25 nm

71%

70%
60%
50%

n
40%
n

n n
30%
m 77
7
n
n
n .
n
20%
2 n
n
nn

n
10%
n n n
21
2 1 n .
n

0%
m
n
n
nn n n
n n
.
nn

n 2 n
nn
m
n n nm 2014.
n
m
.
n

m
m n n
n n
n
n n
n
n
.
www.abs.vn

n ch
khai c (ha)

6-7 nm

n
m

2.

n
n

n
nm

42%

39%

16%
7%

7%

PHR

DPR

n
nm
n
n n
n n

Phng Phn tch CTCP Chng khon An Bnh

11%
2%
1%

TRC

n
97 n
n
n
n

HRC

TNC

n
n

n n
Page 10

BO CO PHN TCH NGNH CAO SU

3.

Sn ph m ca 4 cng ty DPR, PHR, HRC,


TNC
ch y u l m cm (SVR) s d n sn xu m 120.0%
lp

n
n Q .
100.0%
m
n n
m

m
m
n 0 n
n

. 80.0%
n
n m n
n
60.0%
n
m m m

50 60;
trung
n
m
3
n
m
e
40.0%
n
n
n
m
3
m
20.0%
n
i RSS;
n
TRC sn ph m ch
y u l latex
n
m
n 60-70
n n
0.0%
m ph c v sn xut cao su k thu n
n
tay, d ng c y t

n
n
n
n
m
CV50,60, SVR10,20.

B-

SVR CV10,20
RSS

32%

SVR 3L

24%

37%
66%

43%

60%
56%

54.9%

PHR

DPR

TRC

HRC

TNC

HRC

SVR CV50,60
Latex

PHR

-2011

TRC

DPR

TNC

3000

HRC

PHR

gg


TRC

-2011
DPR

TNC

900
800
700
600
500
400
300
200
100
0

2500
2000
1500
1000
500
0
2006

2007

2008

2009

2010

2011

2006

2007

2008

2009

2010

2011

BCTC

a
n
nn

n
n n

-2011:
n n
n n
n nn n
n
n
n

n
2 n m.
m
n
n
n n
n n
n
n
nm 2009.

n
n n
n n n

n
n
n
n .
n

n
n
n n n
.
n n 2 mn
n
n
n
m
.

h n

n
n

www.abs.vn

n
n nm 2012

m
n

nm 2011
n
m
n nm 2011.

Phng Phn tch CTCP Chng khon An Bnh

n n
n

n
Page 11

BO CO PHN TCH NGNH CAO SU

61 .
n
n n
doanh
44 6
2 5

n
n

m n
m

53 56 51
1000
n 6T/2012
n
n

n

n n
n
n
n
. PHR l doanh nghi p c 500
thu
n n
6T/2012 cao nht n
m
39 1 .
e
m 22
n
n n n m.
m
n n
0
n
n 46 1
e
3 2 .
n
n n
n n

n
m n
n
m
n

C- Ch s ti chnh c

Doanh thu 6T/2012

260.88

PHR

190.29

DPR

101.4
TRC

59.99 54.84
HRC

TNC

24 .

Qu II/2012

Cc doanh nghi p nim y t


n 2n m
n
m
n n nn
n
.
n
c xem l n n i th
m
n
nn
n n n .
m
n n
n
n
m
n
n n n

n
n .
m n
m n
nn

n n
n
n n m n n
n
m
n . Xt v kh nn n
n n
n n
nm

t hi u qu
n n
m n DPR v t
n
.X
kh
nn
n
n
u ngu n vn cho thy tt c cc doanh nghi u s d ng ngu n vn ch s h u
kinh doanh l chnh, m
m n c h n ch m c rt thp. Chnh v v y, cc doanh nghi p ngnh
u c kh nn
n
n
m bo an ton cho ho ng ca doanh nghi p.

PHR
DPR
TRC
HRC
TNC
Q
79.08
43
29.6
17.29
19.25
n
n
14.3
36.66
29.92
5.38
1.92
EPS pha long (VND)
9,886.90 17,602.67 14,862.35 6,470.67 3,775.32
Book Value (VND)
23,148
43,927
37,522
27,419
16,345
P/E pha long
2.86
3.01
2.89
5.72
4.32
P/B
1.22
1.21
1.15
1.35
1
n
n n n
0.65
2.55
3.67
0.95
4.57
n n n
1.28
3.8
4.54
1.97
6.44
n
n
0
0.01
0.01
0.08
0
n
n
0.22
0.03
0.01
0.14
0
n n
n
0.38
0.21
0.15
0.19
0.1
n n
n
0.63
0.27
0.17
0.23
0.11
Li rng/Doanh thu
31.90%
45.80%
40.81% 17.47% 42.00%
ROE
44.12%
41.14%
39.16% 23.80% 23.87%
ROA
26.59%
32.10%
32.28% 19.11% 20.70%
GTGD trung bnh 3 thng
1.75
0.2
0.41
0.12
1.72
(Ngu n: BCTC

www.abs.vn

Phng Phn tch CTCP Chng khon An Bnh

, ABS

Page 12

BO CO PHN TCH NGNH CAO SU

c c

1. DPR - Cng ty C phn

D- T

g g

Ti n n n n Thu n L i ca Cng ty Michelin

n
n
n 06 1927 c
ti thnh l
n
21 05 19 1. m 2006 chuyn thnh Cng ty c phn
n
. n
hi n t i ca Cng ty l 430 t ng. Cng ty ho n
n n
c tr ng tr t v ch bi n cao su. V i
di n tch
7.236 ha n 9.761
n
n
ng Ph c quy m nh so v i cng ty
khc thuc t ng Cng ty Cao su Vi
mn
ng Nai, Du Ti ng, Ph Ri ng
n
n
n m.
n n

n
77
n

n
m n n n
n
m
n n n 2 1 n . Sn ph m m khi dng lm lp t
(chi m t tr ng 65%), m
e
n
m m n
(chi m 35%)

n
n Q
e

2. PHR - Cng ty C phn

Ti n
n n n
c Ha thnh l p sau ngy Mi n Nam hon ton gi
n . m 200
chuyn thnh cng ty c phn. PHR ho n
n n
c Tr ng, Khai thc, ch bi n m cao su v Ch
bi n g cao su. PHR l mt trong nh ng cng ty c di n tch cao su l n ca ngnh, nm trong t 5 n
qun l di n tch v sn
ng cao su l n nht ngnh. Cng ty c di n
t tr ng cao su l 15.277 ha v
n
10.277 .
n n
51
n

nn n
n n
nn

n
2 n . Hi n t
n
n
3n m
bi n m
v i 4 dy chuy n ch bi n m (1 dy chuy n sn xut m n
c ci t o t nm 1994 1
n u
nm 1997 1
n sn xut m t
nm 2001
1
n sn xut m
m
nm 2003
i cng sut 27.000 tn nm.
i dy chuy n sn xu

ng b, cng ngh tin


ti n sn xut ra nh ng sn ph m m bo ch
ng.
n
n
m m m

50.60 t
n
n Q

n
nQ

3. TRC Cng ty

Ti n
n n n cao su ca Php. Ngy 28/12/2006 cng ty chnh th c ho ng theo m hnh c
phn v i s vn u l l 300 t ng. Ho ng kinh doanh chnh ca Cng ty l tr ng, khai thc, ch
bi n cao su nguyn li u v tiu th sn ph m. Hi n n
n

n 7.226
n
5.407 .
n
n
7
n

nn

2 1 n .
hai nh my ch bi n m cm v hai dy chuy n ch bi n m ly tm v i my mc
v thi t b hi n i. Sn ph m cao su c
n

e 66 t cht cao theo tiu chu n


quc t . Sn
m c
n
c xut sang cc th
ng Malaysia, Indonesia, Singapore, Hn quc,
M, Trung quc, Th n
n ...

4. TNC Cng ty

Thnh l nm 1992 nm 2005


n sang ho ng theo m hnh c phn
n
n 200 n . Ho ng chnh ca Cng ty m tr ng m i, khai thc v ch bi n
su. Bn c n
n
n m rng thm mt s ngnh ngh n
n
n
bi n h
www.abs.vn

Phng Phn tch CTCP Chng khon An Bnh

nn
g cao
u, ch
Page 13

BO CO PHN TCH NGNH CAO SU


bi n v kinh doanh th n
.
n 9 2010
n
m rng ho ng kinh doanh t nh p
kh u t
.
n n
ng khng c hi u qu n n
i th chi nhnh v chm d t ho ng
ny t thng 02/2011. Sn ph m ch l c ca cng ty l m
3
5
c tiu th 75%
t i th
ng n a, cn l i xut kh u sang Trung Quc, Singapore, chi m t i 60% doanh thu. Ngoi ra
cng ty cn c Sn ph m u nhn chi m 16% doanh thu. T ng di n
n
n
n
qun l l 2.074
n
n cy khai thc l 1.349 ha. Nn

n cy ca cng ty m

1 16 n

nm
n
n 1 45 n

5. HRC Cng ty

Ti n n
n
ng cao su Ho Bnh thnh l nm 19 1. m 2004
n sang ho ng theo m
hnh c phn. Ho n
n n
c tr ng, khai thc, ch bi n m
.
n u tin trong
T ng Cng ty Cao su Vi t Nam th c hi n vi c c phn
n cy k t h p v
m . n
n
qun
n 5.000
01 n m
bi n v i cng su
n 6.000 n nm.
n n n

97
n m
nn

ai
n n n 1 11 n . Trong
nm 200
n

ng cy cao su trn di n tch 10.000 ha t i Lo. Sn ph m ca Cng ty


m m

50 60 c tiu th trn ton quc v xut kh


n
n c thuc Chu ,
Chu u v Chu M. c bi t gn 1/3 sn
ng c xut kh u tr c ti
n
n
n
c.

ng gi c phi u nim y t ngnh Cao su t

E- Bi

9 n nay

PatternExplorer.com - Performance Chart - 18.caosu - Daily 12-10-12 Open 250.358, Hi 253.518, Lo 249.525, Close 250.361 (-0.2%) Period = {EMPTY} days, Smooth-Factor = 3
VNINDEX 25 %
HNXINDEX -47%
{EMPTY} %
{EMPTY} %
18.caosu 148 %

148.219

25.1636

-47.066

2009

2010

2011

2012

Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com

n
n

n n
-n e

www.abs.vn

n
n m
n

n n m
n m
n

n
n

m
m
n n

X- n e n m
n
n n
nm
m
n 1 7 n m

Phng Phn tch CTCP Chng khon An Bnh

n n
n
n.
n

.
n
n.

Page 14

BO CO PHN TCH NGNH CAO SU

U
1.

2.

n n

A
m (VRG). www.vnrubbergroup.com/

. www.vra.com.vn/

3. AGROINFO. www.agro.gov.vn
4. The International Rubber Study Group (IRSG). http://www.rubberstudy.com
5. The Association of Natural Rubber Producing Countries.www.anrpc.org
6.

7.

(GSO). http://www.gso.gov.vn
n. http://www.customs.gov.vn
n n n

8. Agroinfo, (2012).

n Cao su

m 2011

n 2012

9. Cng ty C phn Cao Su ng Ph. www.doruco.com.vn/


10. Cng

. www.phuruco.vn/

11. Cng ty C phn Cao Su Ty Ninh. www.taniruco.com.vn/


12. Cng ty C phn Cao Su
13. Cng ty C

www.abs.vn

n . www.horuco.com.vn/

n Cao su Thng Nht tnh B Ra-

u. www.caosuthongnhat.com/

Phng Phn tch CTCP Chng khon An Bnh

Page 15

BO CO PHN TCH NGNH CAO SU

KHUYN CO
Bo co
n
khch hng.

n nhm m

ng khuy n ngh mang tnh tham kho, nhm h tr

Cc thng tin m Bo co s d n c thu th p v xem xt v i m c n tr ng t


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Bo co ny ch y u cung cp nh ng thng tin, nh n nh, khuy n ngh mang tnh t ng h .

quy nh d a trn tnh hnh ti chnh, cc m

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u ki n ring ca c nhn.
ABS khng chu trch nhi m v bt c thi t h n

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