BO CO PHN TCH C PHIU IJC

CNG TY C PHN PHT TRIN H TNG K THUT

Ngy phn tch :26/09/2014

THNG TIN C PHIU

IJC

M c phiu
Ngy cho sn

19/4/2010

Gi 26/9/2014

13,900

S lng cp nim yt:

274,194,525

S lng c phiu lu hnh

274,194,525

Gi tr vn ha th trng (t ng)

3,811

Gi cao nht 52 tun

14,900

Gi thp nht 52 tun

5,300

% thay i gi 52 tun

181%

EPS

589

P/E (P:4/8/2014)

24

P/B

1.3

E/P (%)

4%

H s beta

2.13
Ngun: PNS, HOSE

C CU S HU
Vo ngy (17/3/2014)
Tng cng ty u t v Pht trin Cng
nghip TNHH MTV

%
78.8%

Ngn hng TMCP u t v Pht trin

Vit Nam

2.1%

VietNam Holding Limited

1.9%

VietNam Equity Holding

C ng khc

1.5%
15.7%
Ngun: PNS, HOSE

TH K THUT

TIU IM
IJC l doanh nghip kinh doanh bt ng sn ch yu
ti Bnh Dng, l ch u t ca hu ht cc cng trnh
xy dng c s h tng, nh , bit th v cao c vn
phng ti Bnh Dng, l cng ty con ca Becamex IDC,
vn l doanh nghip nh nc, v th IJC c hng
nhiu u i v qu t sch v vn t cng ty m. Bn
cnh mng bt ng sn, hot ng thu ph giao thng
cng to ra ngun thu n nh cho IJC trong nhng
nm qua
Nm 2013 doanh thu t 653 t ng v li nhun sau
thu t 161 t ng, gim 12% so vi cng k nm 2012.
6 thng u nm 2014, doanh thu t 194 t ng tng
24% v li nhun sau thu t 31 t ng, tng 6% so vi
cng k nm 2013.
Tn kho cn h v bit th c tnh cui nm 2013 l
1,442 vi gi tr hng tn kh ln n 2,606 t ng, v
vy kh nng thnh ton n ngn hng khng c m
bo
K hoch kinh doanh ca cng ty nm 2014, doanh thu
t 1,356 t ng, tng 120%, li nhun sau thu t 309
t ng tng 90% so vi cng k nm 2013
D vo s liu qu kh, tnh hnh hot ng kinh doanh 6
thng u nm 2014 v cc d n v ang trin khai
trong nm 2014, PNS d phng k hoch kinh doanh ca
IJC nm 2014, doanh thu t t 663 t ng, tng 15%
v li nhun sau thu t 194 t ng, tng 20% so vi
cng nm 2013
Cc d n IJC ang trin khai nm 2014 ha hn s gia
tng thm li nhun cho cng ty trong nm, do PNS
khuyn ngh u t trung hn vi gi mc tiu 15,000
ng/cp
NH GI :
M HNH NH GI
Gi tr ni ti ca c phiu (ng)

21,193

60%

12,716

Gi tr c phiu theo Benijamin Graham

5,301

20%

1,060

Ga theo P/E

9,225

20%

1,845
15,621

GI BNH QUN

PNS RESEACH

100%

Thng 09/2014

BO CO PHN TCH C PHIU IJC

I.

TNG QUAN V CNG TY

Vn iu l ( t ng )
3000

2,741

2500
2000
1500
1000
548
500

337

0
2007

2010

2011

Mt s d n s tip tc mang doanh thu v li

nhun v cho IJC trong nm 2014

PNS RESEACH

1. GII THIU CHUNG

IJC thnh lp nm 2007 vi vn iu l 337 t ng, tri
qua 2 ln tng vn n nay vn iu l l 2,741 t ng.
Nhng thnh tch t trong nm 2013
- IJC c cng nhn t thng hiu uy tn nm 2013 do
vin Doanh nghip Vit Nam cp giy chng nhn
- c Vietstock cng nhn l 1 trong 29 doanh nghip
nim yt c hot ng quan h nh u t (IR) tt nht
Vit Nam
- ng th 113/1000 doanh nghip np thu TNDN ln
nht Vit Nam 2013
Ngnh ngh kinh doanh:
- Thu ph giao thng
- Kinh doanh bt ng sn
- Kinh doanh bt ng sn Thng Mi v Dch v
2. HOT NG U T
- Cng ty TNHH 1 Thnh Vin IJC vn iu l 6 t ng,
IJC nm gi 100% vn iu l - Kinh doanh lnh vc
nh hng v dch v n ung lu ng; Qun l v khai
thc khch sn, cn h cho thu, qun l bt ng sn
u t
3. CC D N ANG THC HIN
- D n t hp IJC Aroma ( Block A,B) &shop, ta lc ti
thnh ph mi Bnh Dng, d n ny u t giai on
1 gm 288 cn h, s lng cn h bn 279 cn tnh
n cui nm 2013.
- D n Bit th cao cp Sunflower, ti Thnh Ph Mi
Bnh Dng, quy m d n ny l 99 cn bit th,
xy 38 cn, bn trong nm 2013 l 9 cn
- D n Khu th IJC ng i Ph (26,6 ha), quy
m d n 1,149 cn, xy 83 cn s lng bn trong
nm 2013 l 85 cn
- D n Prince Town(2,2 ha) y l d n chuyn i
phng thc u t t hp tc kinh doanh sang ch u
t 100% vn do IJC quy m d n ny l 129 cn nh
ph, xy dng 45 cn, s lng bn nm 2013 l
62 cn.

Thng 09/2014

BO CO PHN TCH C PHIU IJC

-

II.

HOT NG KINH DOANH V C CU TI CHNH

C cu doanh thu nm 2013 (t ng)

72

18

195

Thu ph giao thng

KD v MG BS
Thung mi
Khc

330

Kh nng sinh li (%)

ROA

ROE

27%

10%
7%

5%

6%
4%

2010

D n Khu nh ph v bit th The Green River (60ha),

quy m d n 2,945 cn, xy dng 2 cn s lng
bn trong nm 2013 l 2,763 cn
D n Khu dn c IJC Vnh Tn (38ha), quy m 99 cn
bit th, xy dng 38 cn, bn 9 cn trong nm
2013

2011

PNS RESEACH

2012

5%
3%

2013

6%
4%

2014F

1. KT QU KINH DOANH
Kt qu hot ng kinh doanh ca cng ty nm 2013,
doanh thu t 653 t ng, hon thnh 74% so vi k
hoch ra, li nhun sau thu t 161 t ng, hon
thnh 75% so vi k hoch, so vi nm 2012 th doanh
thu v li nhun gim 12%, xt thy tnh hnh kinh
doanh ca cng ty trong nm 2013 gp nhiu kho khn
theo xu hng chung ca nn kinh t. 6 thng u nm
2014, doanh thu t 194 t ng tng 24% v li nhun
sau thu t 31 t ng, tng 6% so vi cng k nm
2013.
2. CHI PH
Xt thy cc khon chi trong nm c cng ty ch
trng v ct gim, c th chi ph bn hng 46 t ng,
gim 37%, chi ph li vay 29 t ng, gim 21% so vi
cng k nm 2012
3. KH NNG SINH LI
Li nhun c xu hng gim qua cc nm, nm 2012
bin li nhun gp 55% v li nhun rng t 30%,
bc sang nm 2013 ln lt gim cn 43% v 26%
dn n li nhun trn tng ti sn ROA nm 2012 t
4% , ROE t 6% gim cn 3% v 5% trong nm 2013.
Mc d trong nm 2013 chi ph c ct gim nhiu
nhng chi ph ca cng ty vn mc cao chim 10%
tng doanh thu.
4. C CU N
N ca cng ty lun duy tr n nh, mc thp, n trn
vn ch s hu chim 60% v n trn tng ti sn
chim 37% trong nm 2013
5. KH NNG THANH TON
Mc d n mc thp, nhng vic thanh ton nhanh

Thng 09/2014

BO CO PHN TCH C PHIU IJC

cc khon n ngn hn ca cng ty khng m bo, t
s kh nng thanh ton ngn hn nm 2013 t 2,5 ln
nhng t s thanh ton nhanh 0,35 ln thp hn 1, cho
thy lng hng tn kho ca cng ty rt nhiu dn n
kh nng thanh ton nhanh mc yu, gi tr hng tn
kho 2,606 t ng, tn kho l cc cn h, bit thc
tnh 1,442 cn

III.

PHN TCH SWOT

1.

c hng nhiu u i t cng ty m

Becamex IDC

2.
N xu ca nn kinh t lm nh hng n k
qu hot ng kinh doanh ca cng ty

3.

4.

Dng vn lu ng b hn hp do b ng
hng tn kho v thu hi cng n chm

IV.

IM MNH
Vi li th l cng ty con ca Becamex IDC, vn l
doanh nghip nh nc, v th IJC c hng nhiu
u i v qu t sch v vn t cng ty m.
Ngoi ra lnh vc hot ng thu ph giao thng cng
to ra ngun thu n nh cho IJC trong nhng nm qua
IM YU
Nn kinh t trong nhng nm qua gp nhiu kh khn,
n xu vn cha c x l t hot ng kinh
doanh ca cng ty cng b nh hng, cc d n ca
IJC thuc nhm d n c gi tr phn khc cao nn kh
a vo kinh doanh dn n lng hng tn kho l cn
h, v bit th c tnh khon 1,442 cn dn kh nng
thanh ton n ngn hn khng m bo.
C HI
Nn kinh t ang phc hi, kh nng thu ht vn
FDI s khi sc, lng tin nh c cng c, y l c
hi cho IJC trong thi gian ti
THCH THC
Vic x l hng tn kho 1,442 cn h v bit th l
thch thc ln i vi IJC trong thi gian ti, bn cnh
k thu hi cng n chm cng gp phn lm hn
hp dng vn lu ng ca cng ty

TRIN VNG KINH DOANH

1. TRIN VNG KINH DOANH

Cc d n tip tc giai tng doanh thu v li

nhun IJC trong nm 2014 v 2015

PNS RESEACH

Bn cnh 3 lnh vc kinh doanh chnh ca cng ty, nm

2014 cng ty c thm lnh vc kinh doanh khch sn v
du lch

Thng 09/2014

BO CO PHN TCH C PHIU IJC

K hoch d phng ca IJC nm 2014 doanh

thu t 1,356 t ng, tng 120%, li nhun sau
thu t 309 t ng tng 90% so vi cng k
nm 2014

K hoach doanh thu nm 2014 (t ng)

22

70
197

Thu ph giao thng

KD v MG BS
Thung mi
Khc

Tip tc pht huy li th ca hot ng thu ph giao

thng, thc hin chc nng l n v cung cp dch v
qun l v thu ph cho Becamex IDC i vi tuyn
ng M Phc _ Tn Vn thi gian d kin thc hin
qu 3 nm 2014 v chun b k hoch tin hnh kho st
trin khai cc hot ng tng t ti mt s tuyn
ng ni Th Du Mt _ Tn Uyn

Trin khai khi cng xy dng trung tm thng mi

vi quy m l 20,426 m2 sn kinh doanh ti d n Khu
th IJC Thnh ph Mi Bnh Dng (ng i
Ph)

a vo hot ng siu th Imart th 2 ti khu cn h

IJC Aroma Tp Mi Bnh Dng trong qu 2/2014

Lp k hoch xy dng khu thng mi dch v VSIP

II cung cp cc dch v cho khu ny v d n IJC
Vnh Tn

Qun l v vn hnh khai thc khch sn ti Tp Mi

Bnh Dng, d kin i vo hot ng 4/2014. y l
d n c vn 461 t ng, gm 146 phng tiu chun 5
sao, ta lc ti khu Tring tm Hnh chnh tp trung

Cng ty hng ti xy dng m hnh cc d n bt ng

sn gn vi pht trin thng mi-dich v s c cng
ty trin khai ti cc d n Tng Cng ty Becamex IDC
hoc Cng ty Lin doanh TNHH KCN Vit Nam
Singgapore.
2. D PHNG KT QU KINH DOANH
D vo s liu qu kh, tnh hnh hot ng kinh doanh
6 thng u nm 2014 v cc d n v ang trin
khai trong nm 2014, PNS d phng k hoch kinh nm
2014, doanh thu t 663 t ng (bng 48,8% so vi k
hoch 1,356 t ng), tng 15% so vi cng k nm
2013, trong doanh thu phi giao thng 197 t ng,
kinh doanh v mi gii bt ng sn tng t 374 t
ng tng 11% so vi nm 2013, lnh vc thng mai
t 22 t ng, lnh vc khc t 70 t, c tnh li
nhun sau thu t 194 t ng (bng 62% so vi k
hoch 309 t ng), tng 20% so vi cng nm 2013.

374

PNS RESEACH

Thng 09/2014

BO CO PHN TCH C PHIU IJC

CH TIU TI CHNH C BN
n v tnh (triu ng)

2010

2011

2012

2013

2014F

3,994,937

4,385,976

4,610,110

4,807,855

4,919,991

Vn ch s hu

796,326

3,142,506

3,014,451

3,007,700

3,202,282

Vn iu l

548,389

2,741,945

2,741,945

2,741,945

2,741,945

Doanh thu thun

350,499

1,320,625

612,160

615,153

626,565

Li nhun trc thu

269,514

402,977

224,457

185,630

238,903

Li nhun sau thu

212,313

317,830

183,594

161,533

194,581

Tng ti sn

Ngun: PNS, IJC

M HNH D BO THU NHP

n v tnh (triu ng)

2010
350,499

2011
1,320,625

%y.y
2012
277% 612,160

%y.y
2013
-54% 615,153

Li nhun gp
Thu nhp hot ng ti chnh
Chi ph bn hng v chi ph
QLDN
Chi ph li vay

233,846

503,414

115% 336,344

-33% 262,322

-22% 299,669

14%

225,238

17,587

-92%

8,299

-53%

33,515

304%

57,248

71%

44,517

91,565

106%

84,848

-7%

62,540

-26%

61,721

-1%

145,371

26,628

-82%

36,714

38%

29,175

-21%

53,496

83%

Li nhun trc thu

269,514

402,977

50% 224,457

-44% 185,630

-17% 238,903

29%

Li nhun sau thu TNDN

T sut li nhun trc thu
trn doanh thu

212,313

317,830

50% 183,594

-42% 161,533

-12% 194,581

20%

77%

31%

37%

30%

38%

T sut li nhun sau thu

trn doanh thu

61%

24%

30%

26%

31%

T trng chi ph bn hng v

chi ph QLDN trn doanh thu

13%

7%

14%

10%

10%

3,872

1,159

670

589

710

Doanh thu thun

EPS

%y.y
2014F %y.y
0% 626,565
2%

Ngun: PNS, IJC

PNS RESEACH

Thng 09/2014

BO CO PHN TCH C PHIU IJC

CH S TI CHNH
Ch tiu

2010

2011

2012

2013

2014F

H s kh nng thanh khon (ln)

H s thanh ton hin thi

1.20

5.43

3.01

2.51

2.83

H s thanh ton nhanh

0.66

1.59

0.41

0.35

0.50

C cu ti chnh (%)

2010

2011

2012

2013

2014F

402%

40%

53%

60%

54%

T l ti sn ngn hn/Tng TS

75%

74%

64%

63%

65%

T l tng n/Tng ti sn

80%

28%

35%

37%

35%

T l VCSH/Tng ngun vn

20%

72%

65%

63%

65%

T l N/VCSH

Hiu qu hot ng (vng)

2010

2011

2012

2013

2014F

Vng quay hng tn kho

0.16

0.45

0.11

0.14

0.12

Vng quay cc khon phi thu

0.38

0.92

0.49

0.50

0.47

Vng quay cc khon phi tr

0.43

0.86

0.80

0.89

0.83

Vng quay tng ti sn

0.14

0.32

0.14

0.13

0.13

Vng quay VCSH

0.48

0.67

0.20

0.20

0.20

Tng trng (%)

2010

2011

2012

2013

2014F

50%

277%

-54%

-13%

2%

Tng trng LNST

117%

50%

-42%

-12%

20%

Tng trng TTS

286%

10%

5%

4%

2%

19%

295%

-4%

0%

6%

Tng trng doanh thu

Tng trng VCSH

T trng chi ph so vi doanh thu (%)
Chi ph bn hng v chi ph QLDN
Kh nng sinh li (%)

2010

2011

13%
2010

2012
7%

2011

2013
14%

2012

2014F

10%
2013

10%
2014F

H s bin li nhun gp

67%

38%

55%

43%

48%

H s bin li nhun rng

61%

24%

30%

26%

31%

ROA

5%

7%

4%

3%

4%

ROE

27%

10%

6%

5%

6%

14,521

11,461

10,994

10,969

11,679

3,872

1,159

670

589

710

BV (ng)
EPS

Ngun: PNS, IJC

PNS RESEACH

Thng 09/2014

BO CO PHN TCH C PHIU IJC

KHUYN CO
Ni dung bo co 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 v c kim tra mt cch
cn thn, tuy nhin 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 bo co 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.

PNS RESEARCH
Trng phng

T Bnh Quyn

quyen.to@chungkhoanphuongnam.com.vn

Ph Phng

ng Th Thanh Bnh

binh.dang@chungkhoanphuongnam.com.vn

Chuyn vin phn tch

:

Lu Nim Dn

: u Gia Hu

Email

dan.luu@chungkhoanphuongnam.com.vn
hue.au@chungkhoanphuongnam.com.vn

: info@chungkhoanphuongnam.com.vn

Website : www. Chungkhoanphuongnam.com.vn

TR S CHNH
a ch: 28 30 32 Nguyn Th
Ngha, P. Bn Thnh, Q.1, Tp.HCM.
Tel: (848) 62556518
Fax: (848) 62556519

PNS RESEACH

CHI NHNH SI GN
ia ch: 52 Nguyn Cng Tr,
P. Nguyn Thi Bnh, Qun
1,Tp.HCM

CHI NHNH H NI

Tel: (84-8) 6.2959138

Fax: (84-8) 6.2959218

Tel: (84.04) 6283 3666

a ch: Tng 6 - S 205 Ging

V Phng Ct Linh ng a,
H Ni.
Fax: (84.04) 6273 2554

Thng 09/2014