CTCP U T TH GII DI NG (MWG)

Ngy 5 thng 1 nm 2015

BO CO LN U: MUA
Gi hin ti (5/1/2015):
Gi mc tiu:
Khuyn ngh ngn hn:
Ngng khng c:
Ngng h tr:

(ng)
(ng)

108.000
129.000

(ng)
(ng)

NM GI
117.000
101.000

M Bloomberg: MWG VN
Sn giao dch: HSX
Ngnh:
Bn l hng in t tiu dng
Beta:
0,91
Gi thp/cao nht 52 tun
47.700 / 118.000
S lng c phiu (triu)
112,0
Vn ha (t ng)
12.091
T l free float (%)
59,3%
KLGDBQ 12 thng (cp)
85.032
S hu nc ngoi (%)
46,8%
EPS
(n v: ng)
C tc
(long)
VPBS d bo 2015
0
7.521
VPBS d bo 2014
0
5.960
12 thng (tnh n Q3/2014)
0
5.570
2013
0
2.397
2012
0
1.173
2009-13
2014E
2014-18
(t ng)
CAGR
CAGR
Doanh thu thun
48,4%
15.378
18,6%
EBITDA
58,6%
918
12,5%
Li nhun rng
51,9%
631
16,2%
Nhm
Ch s
MWG
VNI
ngnh
P/E trt
20,4
11,5
13,2
2013 Bin LN rng
2,7%
3,7%
9,9%
2013 N vay/VCSH
64,1%
46,4%
97,3%
2013 ROA
13,5%
7,0%
3,4%
2013 ROE
40,7%
13,1%
14,8%
Gii thiu v cng ty:

CTCP u t Th gii Di ng (MWG) c thnh lp

vo nm 2004, v chnh thc nim yt trn sn HSX
vo thng 7 nm 2014. MWG l doanh nghip c
doanh thu ln th hai trong ngnh bn l hng in
t ti Vit Nam (ng sau Nguyn Kim). n cui
thng 11 nm 2014, cng ty c tng cng 339 ca
hng bn l ang hot ng (322 thegioididong.com
chuyn bn l in thoi di ng, v 17 dienmay.com
chuyn bn l cc mt hng in t tiu dng).
Cng ty m MWG s hu 99,35% chui ca hng
thegioididong.com v 99,95% chui dienmay.com.
Kt qu kinh doanh 9T2014: Doanh thu thun:
10.920 t ng; Li rng: 484 t ng; Vn ch s
hu: 1.295 t ng

www.VPBS.com.vn

Volume
KLGD

VNIndex

MWG

nghn cp

160%

1200

120%

960

80%

720

40%

480

0%

240

-40%
7/2014

0
8/2014

9/2014

10/2014

11/2014

12/2014

Chng ti a ra khuyn ngh MUA di hn i vi c phiu

MWG v gi mc tiu cho nm 2015 l 129.000 ng/c phiu
(+19% so vi mc gi hin ti).
Lun im u t:
Vit Nam l th trng y tim nng i vi dng sn phm

in thoi thng minh (TTM): T l thu bao 3G Vit Nam

vn cn thp, ch chim 27% tng dn s tnh n cui thng
10 nm 2014. iu ny cho thy th trng m ngi dng ln
u mua dng TTM vn cn kh nhiu tim nng tng trng.
Theo cng ty nghin cu GfK, phn khc bn l in thoi di
ng ca Vit Nam trong 9T2014 t mc tng trng 24%
so vi cng k.
MWG s m rng mng li bn hng trong nm 2015: Chng
ti d phng MWG s m thm 96 ca hng mi trong nm
2015 (84 thegioididong.com v 12 dienmay.com), ti cc a
im trng tm l cc tnh v thnh ph loi 2 (thnh ph loi
1: H Ni, H Ch Minh v cc khu vc ng dn khc). Tuy
nhin, nm 2015 c d kin l nm cui cng cho chin lc
m rng t ny.
Li nhun rng nm 2014 c tng 149% so vi nm trc:
Mc tng trng t ph ca li nhun rng l nh s tng
trng n tng ca doanh thu (tng 62%, 120 ca hng mi),
s ci thin ng k trong bin li nhun gp (14,8% ln 15,2%)
v bin li nhun hot ng kinh doanh (3,6% ln 5,1%).
Chng ti d phng doanh thu thun ca MWG s t mc tng
trng 46% trong nm 2015: S tng trng doanh thu nm
2015 s n t: (1) doanh thu cng-ca-hng tng 10%, tng
ng vi mc tng trng ton ngnh; (2) cc ca hng mi
m trong nm 2014 s hot ng sut 12 thng trong nm
2015; v (3) doanh thu t cc ca hng khai trng trong nm
2015. Chng ti d bo li nhun rng nm 2015 s t 842 t
ng, tng 33% so vi nm trc.
Vui lng c khuyn ngh cui bo co ny.

Page | 1

NI DUNG
Trin vng ngnh .................................................................................................................................................................... 3
MWG Ngi sao trong ngnh bn l hng in t v cng ngh tiu dng ti Vit Nam ..................................... 5
Gii thiu s lc .............................................................................................................................................................. 5
M hnh kinh doanh .......................................................................................................................................................... 5
Con ng dn ti thnh cng ca MWG .................................................................................................................... 6
Liu cc i th cnh tranh c th d dng sao chp cc chnh sch bn hng ni trn? .............................. 7
Cc trang mng bn l trc tuyn c l mi e da i vi MWG? ...................................................................... 7
Gi nh v d phng ti chnh ............................................................................................................................................ 8
nh gi ................................................................................................................................................................................... 10
Phn tch k thut ................................................................................................................................................................. 12
Ph lc 1 C cu s hu v Ban lnh o .................................................................................................................... 13
Ph lc 2 D phng bo co ti chnh .......................................................................................................................... 14
Ph lc 3 Th phn v t l thm nhp 3G ti Vit Nam .......................................................................................... 16
Ph lc 4 Top 10 TTM bn chy nht trong thng 10/2014 .......................................................................................... 17
Ph lc 5 Kho st cc chnh sch giao hng, i tr v thanh ton ca cc chui bn l .............................. 18
Ph lc 6 V tr cc ca hng ca MWG v ca i th ............................................................................................. 19

www.VPBS.com.vn

Page | 2

Trin vng ngnh

Chng ti k vng th trng bn l in thoi thng minh (TTM) tip tc tng
trng mnh trong nm 2015. Tp on GfK c tnh s lng TTM bn ra
trn ton cu s tng trng 25% vo nm 2014 v 22% vo nm 2015.
Tng s lng TTM bn ra
trn phm vi ton cu c t
1,5 t chic trong nm 2015,
tng 22% so vi nm trc.

S lng TTM bn ra trn phm vi ton cu

Ngun: GfK Hi tho IFA Global Press Conference Panel CE (Thng 4/2014)

Th trng Chu Thi Bnh Dng l khu vc tiu th TTM chnh

Sc tiu th ti th trng
Chu chim hn 50% tng
lng TTM bn ra ton cu.

Ty u

19%

18%

ng & Trung u
Bc M

31%

23%

11%

10%

10%

15%

13%

10%

38%

45%

46%

49%

14%
19%

Chu TBD (pht trin)

M Latin
Chu TBD (mi ni)
Trung ng & Chu Phi

20%

28%

11%

10%

10%

10%

11%

12%

2010A

2011A

2012A

2013A

2014E

2015F

Ngun: GfK Hi tho IFA Global Press Conference Panel CE (Thng 4/2014)

Ngnh hng in t tiu dng ti Vit Nam

Doanh s bn l in thoi di
ng ti Vit Nam trong
9T2014 t mc tng trng
24% so vi cng k.

www.VPBS.com.vn

Ngnh bn l hng in t v cng ngh tiu dng ti Vit Nam (nghn t ng)
9T2014:

Page | 3

Chng ti cho rng t l s

dng 3G Vit Nam cn
mc thp (24 triu ng k
so vi tng dn s 90 triu).
Do vy, phn khc bn l
TTM Vit Nam trong
nhng nm sp ti cn kh
nhiu d a tng trng.

Thit b vin thng: Mng bn l in thoi t mc tng trng mnh trong

9T2014 (+24% so vi cng k; c nm 2013: +33%) nh s tiu th tt dng
TTM (+38% so vi cng k trong 9T2014 da trn c tnh ca chng ti).
Doanh s bn l TTM chim khong 87% tng doanh s bn l in thoi di
ng trong 9T2014 (9T2013: 78%). Phn khc sn phm TTM tm gi thp
v va (t 2 triu ng n 6 triu ng mi chic) l nhn t thc y s tng
trng. (Xin tham kho thm Ph lc 4)

S lng ti khon 3G ang trn tng mnh!

30

Triu ti khon ng k

Trong khi s lng ng k 2G ang gim u

200

24

160

18

120

12

80

40

Ngun: Cc Vin Thng Vit Nam

Triu ti khon ng k

Ngun: Cc Vin Thng Vit Nam

Trong giai on t thng 1 nm 2013 n thng 10 nm 2014, tng s thu

bao ng k 3G tng 79%, t mc 13,5 triu ln mc 24,1 triu, trong khi
s lng thu bao 2G gim t 118,9 triu xung cn 104,2 triu. Nh vy,
tnh n ht thng 10 nm 2014, ch c khong 19% tng s thu bao di ng
ti Vit Nam l c kt ni internet, tng i thp so vi cc nc lng ging
ln cn (v d, Thi Lan: 83%; Malaysia: 48%; tham kho thm Ph lc 3).
Chng ti tin rng xu hng chuyn i t thu bao 2G sang 3G ti Vit Nam
s tip tc din ra si ng trong nhng nm sp ti, vi tc trung bnh l t
8 triu n 10 triu thu bao mi nm. Theo d phng ca chng ti, tng
doanh thu ca phn khc bn l thit b vin thng ti Vit Nam s c mc tng
trng l 15% trong nm 2015 v 10% trong nm 2016.
Thit b in t tiu dng v gia dng: bao gm cc dng sn phm nh
tivi, thit b m thanh, my nh, t lnh, my git v cc gia dng nh khc
(v d nh my ht bi v ni cm in). Chng ti d phng phn khc ny s
t mc tng trng n nh 5% mi nm t nm 2014 n nm 2019.
Dng sn phm cng ngh thng tin: bao gm my tnh bn, my tnh
xch tay, my tnh bng v mn hnh my tnh. My tnh bng l sn phm c
mc tng trng doanh thu nhanh nht trong phn khc ny (Q3/2014:
+93,1% so vi cng k; Q2/2014: +146%; Q1/2014: khng c s liu). Doanh
thu t sn phm ny b p cho s st gim doanh s t my tnh bn
v my tnh xch tay trong nm nay. Chng ti d phng phn khc ny s t
mc tng trng t 3% n 10% mi nm trong giai on t nm 2014 n
nm 2019.

www.VPBS.com.vn

Page | 4

MWG Ngi sao trong ngnh bn l hng in t v

cng ngh tiu dng ti Vit Nam
Gii thiu s lc - Chui ca hng thegioididong.com v dienmay.com
Chng ti k vng chui
thegioididong.com s c doanh
s t 12,8 nghn t ng trong
nm 2014, chim 83% tng
doanh thu hp nht.

CTCP u t Th Gii Di ng (MWG) ng th hai v doanh s trong ngnh

bn l hng in t v cng ngh tiu dng ti Vit Nam (ch sau Nguyn Kim).
Tnh n cui thng 11 nm 2014, cng ty c tng cng 339 ca hng bn
l ang hot ng (322 ca hng thegioididong.com chuyn bn l in thoi di
ng, v 17 ca hng dienmay.com chuyn cc mt hng in t tiu dng).
Cng ty m MWG s hu 99,35% chui thegioididong.com v 99,95% chui
dienmay.com.
M hnh kinh doanh - cc dng sn phm chnh v i th cnh tranh

Chui ca hng thegioididong.com C cu doanh thu v cc sn phm chnh

Chui ca hng dienmay.com C cu doanh thu v cc sn phm chnh

Ngun: MWG, VPBS thu thp

S khc bit chnh gia chui thegioididong.com v dienmay.com l i tng

khch hng cn phc v. Chui thegioididong.com ch yu hng ti phn khc
khch hng thanh nin v trung nin, c bit l cc khch hng quan tm ti
nhm sn phm in thoi di ng, my tnh xch tay, my tnh bng v cc
thit b cng ngh cao khc.
Cc i th cnh tranh chnh ca chui thegioididong.com bao gm chui ca
hng FPT Shop (155 ca hng), Vin Thng A (124 ca hng), cc chui bn l
khc v cc ca hng t nhn nh l (mom & pop shops). (Vui lng tham kho
thm Ph lc 6 v v tr a l cc ca hng thegioididong.com).
Chng ti c tnh doanh thu nm 2014 t chui thegioididong.com s t
12.788 t ng, chim 83% tng doanh thu hp nht ton cng ty.
www.VPBS.com.vn

Page | 5

Chng ti k vng doanh thu

t chui dienmay.com s t
2,6 nghn t ng trong nm
2014, chim 17% tng
doanh thu hp nht.

Trong khi , chui dienmay.com li nhm ti cc khch hng c gia nh.

Nhm khch hng ny thng thch mua sm ti cc trung tm bn l in my
ln - ni cung cp chui sn phm a dng, t gia dng, thit b in t tiu
dng cho n nhng mn chi cng ngh v d nh TTM, my tnh bng
v my tnh xch tay.
i th cnh tranh chnh ca chui ny bao gm chui in My Ch Ln (21
ca hng), Home Center (14 ca hng), MediaMart (20 ca hng), v Nguyn
Kim (21 ca hng). (Vui lng tham kho thm Ph lc 6 v v tr a l cc ca
hng dienmay.com). Chng ti c tnh doanh thu nm 2014 t chui
dienmay.com s t 2.589 t ng, chim 17% tng doanh thu hp nht.
Tham vng m ban iu hnh ca MWG ang nhm ti l nng th phn ca
cng ty ln mc 40% i vi phn khc bn l in thoi di ng v 8% i vi
mng thit b in t tiu dng v gia dng vo cui nm 2016.
Con ng dn ti thnh cng ca MWG:
Cn hai mi nm chun b c c thnh cng sau mt m tnh gic.
- Eddie Cantor, danh hi, nhc s, din vin v ca s ngi M B quyt thnh cng ca ti l: dy sm, lm khuya, v o trng m du.
- Barry Gibbons, ngi sng lp Cng ty Du Getty Chng ti cho rng thnh cng m MWG c c l nh vo cc nhn t sau:
1. S lnh o y nhit huyt v tm nhn sng sut ca ban qun tr
2. N lc khng ngng trong cng tc pht trin vn ha doanh nghip: ly s
hi lng ca khch hng lm nn tng cho mi hot ng kinh doanh
3. Chin lc m rng to bo nhng hiu qu - m ca hng ti cc nt giao
thng trng im nhng c chi ph phi chng. (HomeOne v WonderBuy
l nhng v d cho cc chui bn l tht bi do m rng khng hiu qu.)
4. Chng trnh ESOP ho phng (4,3% cho nm 2013 v 5,0% nm 2014)
5. May mn, rt nhiu may mn (v d: chu k kinh t, th hiu tiu dng)

Chng ti tin rng chnh sch

t li ch khch hng ln trn
ht l li th cnh tranh chnh
ca MWG. Cc i th cnh
tranh c th sao chp cc
chng trnh u i nhng
khng th d dng bt chc
nt vn ha doanh nghip ny.

www.VPBS.com.vn

Tuy vy, chng ti tin rng chin lc bn hng da trn s hi lng

ca khch hng chnh l b quyt thnh cng chnh ca MWG:

Tin phong trong vic p dng chnh sch i tr: thegioididong.com

v dienmay.com l hai chui bn l u tin cho php khch hng i tr
sn phm khng b li. Sau mt thi gian ngn, cc chui bn l khc (nh
Vin Thng A v FPTShop) cng p dng chnh sch ny. (tham kho thm
Ph lc 5)

Min ph giao hng trn ton quc v chn sn phm ti nh: Ngoi
vic min ph giao hng trn ton quc, MWG cn c chnh sch cho php
khch hng tn tay th nghim cc dng in thoi khc nhau ti nh ring
trc khi quyt nh mua hng (ngay c nu khch hng quyt nh khng
mua g c sau khi tri nghim th).

Chnh sch lng thng c gn lin vi s hi lng ca khch

hng: Hai yu t chnh trong vic xt lng thng hng thng cho nhn
vin bn hng l doanh s bn hng (30% tng im nh gi) v s hi
lng ca khch hng (30% tng im). Tuy vy, tin thng trong thng s
b ct hon ton i vi nhn vin no nhn c d ch mt li phn nn
hp l t pha khch hng.
Page | 6

Liu cc i th cnh tranh c th d dng sao chp cc chnh sch bn

hng ni trn?
Mc d vic sao chp cc chnh sch bn hng ca MWG l khng qu kh khn
i vi cc i th cnh tranh, nhng chng ti tin rng nt vn ha doanh
nghip ly trng tm l li ch khch hng ca MWG l iu m cc chui bn l
khc cn thi gian pht trin.
Ngoi ra, trong nhng nm ti, mc tiu cnh tranh chnh ca MWG s l cc
ca hng t nhn nh l chuyn bn l in t khp ton quc. Ti thi
im hin ti, y l nhm ca hng c tng th phn ln nht trong phn khc
bn l my tnh xch tay, in thoi di ng v my tnh bng. (xin tham kho
thm Ph lc 3)
Cc trang mng bn l trc tuyn c l mi e da i vi MWG?

Chng ti cho rng cc trang

web bn l trc tuyn khng
phi l mi e da ln i
vi m hnh kinh doanh trctip-v-trc-tuyn ca MWG.

y l mi lo ngi ca khng t cc nh u t i vi m hnh hot ng ca

MWG. V pha mnh, chng ti cho rng MWG v ang kim sot tt ri ro
kinh doanh ny:

MWG cng trin khai bn hng trc tuyn: Chng ti c tnh doanh
thu t knh bn hng trc tuyn ca MWG s chim khong 7% tng doanh
thu hp nht ca cng ty trong nm 2014. Chin lc bn hng l hng ti
s phi hp ng iu gia knh bn hng trc tuyn v c trc tip (qua
ca hng) nhm mang li s thun tin nht cho khch hng.

Ngi ln u mua thng chn sn phm ti ca hng: Chng ti d

on nhu cu tiu th TTM trong nhng nm ti phn ln s n t nhng
khch hng ln u tip cn ti dng sn phm ny. i vi h, mua mt
chic TTM ng ngha vi vic tham gia tri nghim m vic mua hng
trc tuyn khng th tha mn.

Lo lng v vic mua sn phm km cht lng: Ngi tiu dng Vit
Nam hay lo lng v vic mua phi in t b hon i linh kin chnh
hng. V vy, nu c th, h s chn mua hng ti cc chui bn l c
thng hiu, ni c cc chnh sch bo hnh v hon tin tha ng.

Chng ti tin rng MWG ang v th tt nht ginh thm th phn

trn th trng bn l hng in t & cng ngh tiu dng ti Vit Nam:
Hin ti, ngnh bn l hng in t & cng ngh tiu dng ca Vit Nam ang
b phn ha mnh vi nhm ca hng mom & pop nh l chim hn 50% th
phn trong phn khc bn l in thoi di ng. Tng t, trong mng thit b
in t tiu dng v gia dng, thng k ca GfK cho thy khng c chui
bn l no trn th trng s hu trn 10% th phn. Chng ti thc s tin
rng, vi tim lc vn c ca mnh, th phn ca MWG s tng ln ng k
trong nhng nm sp ti.

www.VPBS.com.vn

Page | 7

C th, chng ti c tnh rng MWG chim 21% th phn trong phn khc bn
l in thoi di ng v 2,7% th phn trong mng bn l cc thit b in t
tiu dng v gia dng vo cui nm 2014. M hnh d bo ca chng ti
(xem chi tit ti y) d on th phn ca cng ty trong hai phn khc ny s
ln lt tng ln mc 32% v 10% vo cui nm 2019.

Gi nh v d phng ti chnh
D phng v s ca hng hot ng
K hoch m ca hng
thegioididong.com - Khai trng mi
S ca hng thegioididong.com m
dienmay.com - Khai trng mi
S ca hng dienmay.com m
Tng s ca hng khai trng mi
Tng s ca hng m

2014E 2015F 2016F

114
84
24
330
414
438
6
12
12
18
30
42
120
96
36
348
444
480

2017F
12
450
12
54
24
504

2018F
0
450
0
54
0
504

2019F
0
450
0
54
0
504

Theo trao i vi i din ca cng ty, MWG d kin nm 2015 s l nm pht

trin trng tm ca cng ty do ban iu hnh d on cc a im tt m
ca hng s gim nhiu trong nm 2016 v nm 2017. Cng theo i din ca
MWG, tng s ca hng ti u i vi chui thegioididong.com l 450 v chui
dienmay.com l 50. Chng ti gi nh rng s ca hng mi c m trong
nm 2015 n nm 2019 s c khai trng u theo tng thng.
Gi nh v doanh thu mi ca hng
Doanh thu mi ca hng (mi thng)
Thegioidienthoai.com (triu ng)
Ca hng m trc nm 2014
Tng trng
Ca hng m trong nm 2014
Tng trng
Ca hng m trong nm 2015
Tng trng
Ca hng m trong nm 2016
Tng trng
Ca hng m trong nm 2017
Tng trng
Ca hng m trong nm 2018
Tng trng
Ca hng m trong nm 2019
Tng trng
Dienmay.com (triu ng)
Ca hng m trc nm 2014
Tng trng
Ca hng m trong nm 2014
Tng trng
Ca hng m trong nm 2015
Tng trng
Ca hng m trong nm 2016
Tng trng
Ca hng m trong nm 2017
Tng trng
Ca hng m trong nm 2018
Tng trng
Ca hng m trong nm 2019

www.VPBS.com.vn

2014E 2015F 2016F 2017F 2018F 2019F

4.200
n/a
3.500
n/a
-

4.620
10%
3.850
10%
2.200
-

5.082
10%
4.235
10%
2.530
15%
2.000
-

5.336
5%
4.447
5%
2.910
15%
2.300
15%
2.000
-

5.496
3%
4.580
3%
3.200
10%
2.645
15%
2.300
15%
2.000
-

5.661
3%
4.718
3%
3.520
10%
3.042
15%
2.645
15%
2.300
15%
2.000
-

15.000 16.500 18.150 19.965 20.963 22.011

n/a
10%
10%
10%
5%
5%
12.000 13.200 14.520 15.972 16.771 17.609
n/a
10%
10%
10%
5%
5%
- 11.000 12.650 14.548 16.002 16.802
15%
15%
10%
5%
- 9.000 10.350 11.903 13.093
15%
15%
10%
- 9.000 10.350 11.385
15%
10%
- 9.000 9.900
10%
- 9.000

Page | 8

Chng ti d phng rng tc tng trng doanh thu t cc ca hng c

m t nm 2015 tr i s cao hn s ca hng c m trong cc nm trc.
Nguyn nhn chnh l cc ca hng c m trong cc nm sau ch yu s c
v tr thuc cc tnh ngoi thnh - ni m t l thm nhp ca dng TTM thp
hn nhiu so vi khu vc thnh th. Vi nhng gi nh tc tng trng trn,
chng ti d bo th phn ca MWG trong nhng nm sp ti nh sau:
T ng
Doanh thu bn TD - MWG
Th trng bn l TD
Th phn ca MWG

2013
5.699
40.324
14,1%

2014E
10.073
48.389
20,8%

2015F
15.422
55.647
27,7%

2016F
18.411
61.212
30,1%

2017F
19.320
63.049
30,6%

2018F
20.594
64.940
31,7%

2019F
21.579
66.888
32,3%

T ng
Doanh thu bn s/p CNTT - MWG
Th trng bn l s/p CNTT
Th phn ca MWG

2013 2014E 2015F 2016F 2017F 2018F 2019F

1.425 1.498 1.685 2.055 2.784 2.970 3.112
17.583 20.220 22.242 23.355 24.522 25.748 27.036
8,1%
7,4%
7,6%
8,8% 11,4% 11,5% 11,5%

T ng
Doanh thu bn in t - MWG
Th trng bn l in t
Th phn ca MWG

2013 2014E 2015F 2016F 2017F 2018F 2019F

950 1.166 2.092 3.400 4.572 5.354 5.710
40.882 42.926 45.072 47.326 49.692 52.177 54.786
2,3%
2,7%
4,6%
7,2%
9,2% 10,3% 10,4%

Ngun: GfK, VPBS d phng

Theo trao i vi i din cng ty, chi ph trc tip cho mi ca hng c gii
hn trong khong t 7% n 8% trn tng doanh thu. Do vy, chng ti a ra
nhng gi nh sau cho chi ph trc tip mi ca hng:
Chi ph hot ng hng thng
Thegioididong.com (triu ng)
Ca hng m trc nm 2014
Ca hng m trong nm 2014
Ca hng m trong nm 2015
Ca hng m trong nm 2016
Ca hng m trong nm 2017
Ca hng m trong nm 2018
Ca hng m trong nm 2019
Dienmay.com (triu ng)
Ca hng m trc nm 2014
Ca hng m trong nm 2014
Ca hng m trong nm 2015
Ca hng m trong nm 2016
Ca hng m trong nm 2017
Ca hng m trong nm 2018
Ca hng m trong nm 2019

2014E 2015F 2016F 2017F 2018F 2019F

315
263
0
0
0
0
0

347
289
165
0
0
0
0

381
318
190
150
0
0
0

400
334
218
173
150
0
0

412
344
240
198
173
150
0

425
354
264
228
198
173
150

1.125
900
0
0
0
0
0

1.238
990
825
0
0
0
0

1.361
1.089
949
675
0
0
0

1.497
1.198
1.091
776
675
0
0

1.572
1.258
1.200
893
776
675
0

1.651
1.321
1.260
982
854
743
675

Chng ti a ra cc gi nh sau y i vi bin li nhun gp hp nht v

chi ph kinh doanh ca MWG trong nhng nm ti:
Bin LN gp
Chi ph bn hng, % DT
Chi ph qun l, % DT

2012A 2013A 2014E 2015F 2016F 2017F 2018F 2019F

16,2% 14,8% 15,2% 14,7% 14,4% 14,4% 14,2% 14,2%
12,4%
9,9%
8,6%
8,7%
8,7%
8,6%
8,5%
8,5%
0,9%
1,3%
1,5%
1,4%
1,3%
1,3%
1,3%
1,3%

Chi ph u t
i din ca MWG cho bit chi ph c nh m mt ca hng
thegioididong.com l 1,5 t ng v m mt ca hng dienmay.com mi l
5,0 t ng. Da trn cc gi nh , chng ti d phng chi ph u t ca
MWG trong nhng nm ti nh sau:

www.VPBS.com.vn

Page | 9

Chi ph u t (triu ng)

2014E
2015F
2016F
Chi ph m Thegioididong.com
Chi ph cho mi ca hng
1.500
1.500
1.500
Tng u t
171.000 126.000
36.000
Chi ph m Dienmay.com
Chi ph cho mi ca hng
5.000
5.000
5.000
Tng u t
30.000
60.000
60.000
Chi ph m ca hng mi
201.000 186.000
96.000
Cc khon u t khc
9.427
13.000
12.000
Tng chi ph u t
210.427 199.000 108.000

2017F

2018F

2019F

1.500
18.000

1.500
0

1.500
0

5.000
60.000
78.000
11.000
89.000

5.000
0
0
10.000
10.000

5.000
0
0
11.000
11.000

Gi nh chnh i vi bng cn i k ton

DSO, DIO, DPO (ngy)
S ngy phi thu
S ngy hng tn kho
S ngy phi tr

2012A 2013A 2014E 2015F 2016F 2017F 2018F 2019F

0,7
1,8
1,2
1,2
1,2
1,2
1,2
1,2
56,2
58,1
58,0
60,0
55,0
50,0
45,0
40,0
35,3
31,3
32,0
31,0
30,0
30,0
30,0
30,0

T ng
Tin mua hng ha (TMHH)
Tr trc nh cung cp, % TMHH
Phi thu t nh cung cp, % TMHH
N vay ngn hn, % TMHH
Chi ph phi tr, % CPBH & CPQL

2012A 2013A 2014E 2015F 2016F 2017F 2018F 2019F

6.255 8.429 13.920 20.343 24.396 27.477 29.533 30.902
0,7%
0,5%
0,6%
0,6%
0,6%
0,6%
0,6%
0,5%
1,4%
1,9%
1,4%
1,4%
1,4%
1,4%
1,4%
1,2%
6,3%
6,1%
6,0%
5,0%
4,0%
4,0%
3,0%
3,0%
6,9%
8,9% 10,0% 10,0% 10,0% 10,0% 10,0% 10,0%

nh gi
Phng php chit khu dng tin (DCF) - MWG c nh gi mc
129.000 ng/c phiu
Li sut phi ri ro c ly t li sut tri phiu Chnh ph k hn 5 nm,
hin tng ng vi 6,3%.
T sut thng d ri ro ca Vit Nam c xc nh mc 8,49%.
Chi ph vn c phn c c tnh l 14,0% theo m hnh nh gi ti sn vn
(CAPM) vi beta l 0,91 (tng ng vi nhm cng ty cng ngnh).
Chi ph s dng vn bnh qun (WACC) l 13,5%.
T l tng trng di hn ca MWG l 3,5%.
WACC

% thay i t sut
CPBH v CPQL
trn doanh thu

T l
tng trng
di hn

####

www.VPBS.com.vn

12,5%

13,0%

13,5%

14,0%

14,5%

1,5% 123.600

117.400

111.600

106.400

101.600

2,5% 133.400

126.100

119.500

113.500

108.000

3,5% 145.400

136.800

129.000

122.000

115.600

4,5% 160.400
5,5% 179.700

149.900
166.500

140.600
155.000

132.200
144.900

124.700
135.900

######

-1,0%

% thay i bin LN gp
-0,5%
0,0%
0,5%

-1,0%

82.200

93.800

105.500

117.100

128.800

-0,5% 93.900
0,0% 105.700
0,5% 117.400

105.600
117.300
129.100

117.200
129.000
140.700

128.900
140.600
152.400

140.500
152.300
164.000

1,0% 129.200

140.800

152.500

164.100

175.800

1,0%

Page | 10

Nhm cng ty cng ngnh

Tn cng ty

Vn
ha

Quc gia

Doanh thu
(% tng
trng)

triu USD 2013 2014E

Gome Electrical Appliances

Lotte Himart co ltd

Trung Quc
Hn Quc

LN rng
Bin LN rng
(% tng trng)
(%)
2013

NA

2014E

2013 2014E

N vay/
VCSH
(%)

ROA
(%)

ROE
(%)

P/E

2013

2013

2013

Trt

Ch s
P/E
tng
i

2.602 10,4

9,1

49,0

1,6

2,2

92,7

2,3

5,8

12,7

1,3

1.335

9,2

9,2

85,5

(19,0)

3,7

2,7

50,1

4,8

8,4

11,5

0,4

8,1

10,0

30,4

10,7

4,6

4,6

7,0

26,0

24,2

1,2

(19,5)

(22,7)

2,7

2,0

42,7

7,8

13,1

10,6

0,5

Trikomsel Oke Tbk Pt

In--n-xi-a

566

Erajaya Swasembada Tbk Pt

In--n-xi-a

246 (1,2)

Electronic City Indonesia Tb

In--n-xi-a

114 40,7

11,9

65,4

19,7

10,3

10,9

2,6

16,6

21,6

6,1

0,3

13,4

9,7

40,5

7,5

4,6

4,5

47,0

7,7

15,0

13,0

0,7

9,2

9,2

47,9

10,7

3,7

2,7

46,4

7,0

13,1

11,5

0,5

568 28,8

63,4

104,4

149,3

2,7

4,1

64,1

13,5

40,7

20,4

1,5

Trung bnh
Trung v
CTCP u T Th Gii Di ng

Vit Nam

8,2

NM

Ngun: VPBS, d liu Bloomberg ngy 5/1/2015

Chng ti cho rng vic MWG c h s nh gi cao hn cc nhm doanh nghip

cng ngnh l hp l v cc ch s ti chnh ca MWG u tt hn r rt. Thm
vo , m hnh d phng ca chng ti cng cho thy cc ch s ny s ci
thin hn na trong nm 2014 v nm 2015, c th:
Li nhun rng t mc tng trng 148,6% trong nm 2014 v 32,5% trong
nm 2015.
Bin li nhun rng tng t 2,7% trong nm 2013 ln mc 4,1% trong nm
2014 v 3,7% vo nm 2015.
T l n vay trn vn ch s hu gim t 64,1% nm 2013 xung cn 57,7%
trong nm 2014 v 44,4% nm 2015.
Ch s ROE tng t 40,7% nm 2013 ln mc 56,6% nm 2014 v 45,1%
nm 2015.
Do c phiu MWG va mi c giao dch trn sn gn y, cng thm vic
cng ty ang trong giai on pht trin nng, nn chng ti cho rng phng
php nh gi so snh th trng i vi c phiu MWG ti thi im ny l
cha tht s hp l.

www.VPBS.com.vn

Page | 11

Phn tch k thut

Sau khi st gim v mc gi thp nht ti 83.000 ng/c phiu, c phiu
MWG phc hi vt qua ngng khng c trung hn ca ng MA50 ngy
nm ti 102.000 ng/c phiu v hnh thnh xu hng tng gi. MWG hin
ang giao dch trn ng MA10, cho thy c phiu ny ang c ng lc
tip tc tng im hng ti vng nh trc ti 117.000 ng/c phiu.
Ti ngy 05/01/2015
Thi gian phn tch
Gi cao nht trong 3 thng
Gi thp nht trong 3 thng
ng MA 50 ngy
ng MA 100 ngy
Khng c trung hn
H tr trung hn
Khuyn ngh

MWG (ng/c phiu)

T 3 n 6 thng
118.000
83.000
101.000
98.000
117.000
101.000
NM GI

V vy, chng ti khuyn ngh NM GI i vi c phiu MWG ti thi im

pht hnh bo co ny.

www.VPBS.com.vn

Page | 12

Ph lc 1 C cu s hu v Ban lnh o
C ng ln (>5%)

# C phiu

S hu

Mekong Enterprise Fund II, Ltd (MEF II)

15.267.484

14,32%

CDH Bee Electric Limited (CDH Bee)

15.454.530

14,49%

Cty TNHH Tri Tm (Tri Tm)

13.690.362

12,84%

Cty TNHH T vn u t TG Bn l (TGBL)

11.590.906

10,87%

7.708.207

7,23%

Mutual Fund Elite

Hi ng Qun tr
(% t l s hu)

Chc danh

Ghi ch

Nguyn c Ti (2,14%)

Ch tch

C ng sng lp

Trn Kinh Doanh (0,68%)

Ph Ch tch

CEO ca Thegioididong.com

Robert Alan Willett (0,91%)

Thnh vin

CEO c ca Best Buy International

Trn L Qun (1,25%)

Thnh vin

C ng sng lp

Christopher E. Freund (n/a)

Thnh vin

i din ca Mekong Capital

ng Minh Lm (0,20%)

Thnh vin

Gim c Nhn s

iu C. Hi Triu (1,01%)

Thnh vin

C ng sng lp

Thomas Lanyi (n/a)

Thnh vin

i din ca CDH Bee Electric

Ban iu hnh

Chc danh

Ghi ch

Nguyn c Ti (2,14%)

CEO

C ng sng lp

V ng Linh (0,11%)

CFO

Gia nhp cng ty t nm 2008

iu C. Hi Triu (1,01%)

CTO

C ng sng lp

Ownership structure

C ng
khc
22,97%

MEF II.
14,32%
CDH Bee
12,84%

CNB &
Nhn vin
17,28%

Tr Tm **
10,87%
TGBL***
14,49%

Mututal
Fund Elite
7.23%

Nm

# C phiu lu hnh

2015*

111.956.944

12/2014

106.625.661

07/2014

62.723.171

2013

10.956.704

2012

10.380.701

Ngun: MWG, VPBS thu thp, (*) 5% ESOP, (**) Bn lin quan ti Trn L Qun, (***) Bn lin quan ti Nguyn c Ti

C phiu thng v c tc bng c phiu c chia gn y

Vo ngy 8 thng 10 nm 2014, MWG pht hnh c phiu thng v chia c
tc bng c phiu cho c ng hin hu vi t l 1000:700. Qua , tng s c
phiu lu hnh c nng ln mc 106.625.661 c phiu. S c phiu
thng ny chnh thc c nim yt vo ngy 10 thng 11 nm 2014 v
khng b gii hn chuyn nhng nh s c phiu c. Vo ngy 11 thng 11
nm 2014, CDH Bee Electric Limited bn 3.198.714 c phiu cho qu
Mututal Fund Elite, gip nng l s hu ca qu ny t 4,23% ln 7,23%.
21,7 triu cp s c t do giao dch vo ngy 14 thng 1 nm 2015
Theo quy nh ca Ngh nh 58/2012/ND-CP ca Th tng Chnh ph, ngay
sau khi nim yt, cc thnh vin Hi ng Qun tr, ban kim sot, Tng Gim
c, Ph Tng Gim c, Gim c ti chnh v K ton trng cng cc bn
lin quan phi cam kt khng chuyn nhng 100% s lng c phiu ca
mnh trong thi gian 6 thng k t ngy nim yt, v 50% s lng c phiu
trn trong thi gian 6 thng tip theo. Trn tng s c phiu ang lu hnh ca
MWG, 43.332.366 c phiu (~41%) thuc nhm ny. Trong s ny, 21,7 triu
c phiu s c t do giao dch vo ngy 14 thng 1 nm 2015, s cn li s
c t do giao dch vo ngy 14 thng 7 nm 2015.
5% ESOP s c trao cho ban qun tr ca MWG trong nm 2015
Trong cuc hp c ng bt thng ca MWG vo ngy 12 thng 9 nm 2014,
cc c ng tham d b phiu thng qua k hoch thng c phiu cho ban
iu hnh vi t l 5% da trn kt qu kinh doanh thnh cng ca nm 2014.

www.VPBS.com.vn

Page | 13

Ph lc 2 D phng bo co ti chnh
BO CO KQKD (t ng)
Doanh thu
% tng trng
Gi vn hng bn
Li nhun gp

2012A
7.375
36,9%
6.180
1.195

2013A
9.499
28,8%
8.091
1.407

2014E
15.486
63,0%
13.130
2.356

2015F
22.605
46,0%
19.271
3.334

2016F
27.983
23,8%
23.964
4.019

2017F
31.961
14,2%
27.354
4.607

2018F
34.531
8,0%
29.640
4.891

2019F
36.296
5,1%
31.156
5.140

C hi ph bn hng v qun l DN
EBIT

978
216

1.061
346

1.571
786

2.291
1.042

2.815
1.204

3.172
1.435

3.387
1.504

3.559
1.581

Khu hao
EBITDA

28
244

34
380

139
924

180
1.223

187
1.391

132
1.567

131
1.634

83
1.664

Doanh thu ti chnh

C hi ph ti chnh
Li nhun (chi ph) khc
Li nhun trc thu

3
56
5
168

29
27
2
351

57
28
8
822

79
46
11
1.087

100
56
14
1.262

114
54
16
1.511

128
60
17
1.589

141
49
18
1.692

42
25,1%
126

92
26,3%
258

181
22,0%
641

239
22,0%
848

252
20,0%
1.010

302
20,0%
1.209

318
20,0%
1.271

338
20,0%
1.353

Li ch ca c ng thiu s
LNST c ng cng ty m
% tng trng
Li pha long trn c phiu (ng)

1
125
-21,1%
1.173

3
256
104,4%
2.397

6
636
148,6%
5.960

5
842
32,5%
7.521

7
1.003
19,1%
8.960

8
1.201
19,7%
10.727

8
1.263
5,1%
11.278

9
1.345
6,5%
12.011

BNG CN I K TON (t ng)

2012A

2013A

2014E

2015F

2016F

2017F

2018F

2019F

Tin v cc khon tng ng tin

C c khon phi thu
Hng tn kho
Ti sn ngn hn khc
Ti sn ngn hn

105
15
952
210
1.281

305
48
1.289
268
1.909

762
51
2.085
362
3.261

1.078
74
3.166
504
4.822

1.521
92
3.609
589
5.812

2.445
105
3.745
654
6.950

3.219
114
3.653
695
7.680

4.470
119
3.413
630
8.633

111
203
314

275
48
323

353
93
446

377
106
483

304
107
411

267
105
373

153
99
252

81
100
181

Tng ti sn

1.595

2.232

3.707

5.305

6.223

7.323

7.933

8.813

C c khon phi tr
Vay n ngn hn
N ngn hn khc
N ngn hn

598
391
145
1.134

694
513
199
1.406

1.151
835
267
2.253

1.636
1.017
351
3.004

1.969
976
415
3.360

2.247
1.099
464
3.811

2.435
886
500
3.821

2.560
927
534
4.020

N phi tr

1.134

1.406

2.253

3.004

3.360

3.811

3.821

4.020

184
282
1
456
3

261
538
1
800
24

1.156
290
1
1.447
6

1.156
1.132
1
2.289
12

1.156
1.688
1
2.845
18

1.156
2.329
1
3.486
26

1.156
2.920
1
4.077
34

1.156
3.593
1
4.750
43

1.593

2.230

3.707

5.305

6.223

7.323

7.933

8.813

C hi ph thu
Thu sut hiu dng
Li nhun sau thu

Ti sn c nh
Ti sn di hn khc
Ti sn di hn

Vn c phn & thng d vn c phn

Li nhun cha phn phi
Vn khc
Vn ch s hu
Li ch c ng thiu s
Tng ngun vn

www.VPBS.com.vn

Page | 14

BNG LU CHUYN TIN T (t ng)

2012A

2013A

2014E

2015F

2016F

2017F

2018F

2019F

(27)
(34)
85

104
(115)
211

384
(260)
333

333
(199)
182

1.040
(108)
(489)

1.450
(89)
(437)

1.668
(10)
(885)

1.893
(11)
(631)

Lu chuyn tin thun trong k

25

200

457

316

443

924

774

1.252

Tin v tng ng tin u k

80

105

305

762

1.078

1.521

2.445

3.219

Tin v tng ng tin cui k

105

305

762

1.078

1.521

2.445

3.219

4.470

Dng tin t do ca doanh nghip

(21)

(14)

196

170

977

1.404

1.707

1.921

2012A

2013A

2014E

2015F

2016F

2017F

2018F

2019F

47,3x

18,1x

14,4x

12,1x

10,1x

9,6x

9,0x

0,5x

0,1x

0,4x

0,6x

0,5x

1,9x

1,4x

EV / EBIT

35,2x

15,5x

11,7x

10,1x

8,5x

8,1x

7,7x

EV / EBITDA

LC TT t hot ng kinh doanh

LC TT t hot ng u t
LC TT t hot ng ti chnh

PHN TCH CH S
Ch s nh gi
C h s P/E
C h s PEG

32,0x

13,2x

10,0x

8,8x

7,8x

7,4x

7,3x

C h s P/S

1,3x

0,8x

0,5x

0,4x

0,4x

0,4x

0,3x

C h s P/B

15,1x

8,5x

5,3x

4,3x

3,5x

3,0x

2,5x

4.000

5.000

6.000

6.000

C tc trn 1 c phiu (ng)

Ch s sinh li
Bin LN gp

16,2%

14,8%

15,2%

14,7%

14,4%

14,4%

14,2%

14,2%

Bin EBITDA

3,3%

4,0%

6,0%

5,4%

5,0%

4,9%

4,7%

4,6%

Bin LN hot ng

2,9%

3,6%

5,1%

4,6%

4,3%

4,5%

4,4%

4,4%

Bin LN rng

1,7%

2,7%

4,1%

3,7%

3,6%

3,8%

3,7%

3,7%

T s LN/tng ti sn

8,1%

13,5%

21,6%

18,8%

17,5%

17,8%

16,7%

16,2%

32,9%

40,7%

56,6%

45,1%

39,1%

37,9%

33,4%

30,5%

4,0x
2,8x

13,0x
2,3x

27,8x
3,9x

22,7x
5,0x

21,5x
8,5x

26,7x
11,0x

24,9x
23,2x

32,4x
27,9x

T s n vay/tng ngun vn

71,1%

63,0%

60,8%

56,6%

54,0%

52,0%

48,2%

45,6%

T s n vay/vn ch s hu

85,8%

64,1%

57,7%

44,4%

34,3%

31,5%

21,7%

19,5%

4,7x

5,0x

5,2x

5,0x

4,9x

4,7x

4,5x

4,3x

T s LN/vn ch s hu
Ch s n by
T s thanh ton li vay
T s thanh ton li v C PT t EBITDA

Ch s thanh khon
H s vng quay ti sn
Ngy cc khon phi thu

0,7

1,8

1,2

1,2

1,2

1,2

1,2

1,2

Ngy cc khon phi tr

35,3

31,3

32,0

31,0

30,0

30,0

30,0

30,0

Ngy hng tn kho

56,2

58,1

58,0

60,0

55,0

50,0

45,0

40,0

H s thanh ton hin hnh

1,1x

1,4x

1,4x

1,6x

1,7x

1,8x

2,0x

2,1x

H s thanh ton nhanh

0,3x

0,4x

0,5x

0,6x

0,7x

0,8x

1,1x

1,3x

2012A
7.375
229,5
2,7

2013A
9.499
236,5
3,3

2014E
15.486
289
4,5

2015F
22.605
396
4,8

2016F
27.983
462
5,0

2017F
31.961
492
5,4

2018F
34.531
504
5,7

2019F
36.296
504
6,0

Doanh thu (t ng)

Doanh thu hp nht
S ca hng trung bnh
Doanh thu TB / ca hng

www.VPBS.com.vn

Page | 15

Ph lc 3 Th phn v t l thm nhp 3G ti Vit Nam

Bn l my tnh xch tay

Bn l in thoi di ng

Bn l my tnh bng

Ngun: D liu 6T2014, c cung cp bi FPT Shop v c tnh ca VPBS

T l thm nhp 3G v 4G ti mt s nc trong khu vc Chu Thi Bnh Dng

Ngun: Cc Vin Thng Vit Nam, Thng k ca BMI, c tnh ca VPBS

www.VPBS.com.vn

Page | 16

Ph lc 4 Top 10 TTM bn chy nht trong thng 10/2014

Cc dng in thoi bn chy nht trong thng 10 nm 2014 d liu ca FPT Shop

Ngun: FPT Shop

Gi bn l ca cc dng TTM bn chy nht trong thng 10 nm 2014

Mobile phones
FPT Shop
Asus Zenphone 5
3.990.000
Nokia Lumia 630
3.190.000
Samsung Galaxy V 2.290.000
Asus Zenphone 4
1.990.000
Asus Zenphone A4502.790.000
Sony Xperia C3
6.990.000
Oppo Neo 3
3.690.000
Apple Iphone 5S
14.990.000
Nokia Lumia 530
1.990.000
Oppo Joy
2.500.000

MWG
Nguyn Kim Vin Thng A Nht Cng Mai Nguyn
3.990.000
N/A
3.990.000
3.990.000
3.990.000
3.190.000
3.190.000
3.190.000
2.950.000
3.150.000
2.290.000
2.290.000
2.290.000
2.050.000
2.290.000
2.190.000
N/A
2.190.000
1.990.000
2.090.000
2.790.000
N/A
2.790.000
2.790.000
2.790.000
6.990.000
6.990.000
6.990.000
6.990.000
6.990.000
3.690.000
N/A
3.690.000
3.990.000
3.690.000
14.990.000 14.990.000
14.990.000
12.990.000
14.990.000
1.990.000
1.990.000
1.990.000
1.850.000
1.990.000
2.500.000
N/A
2.500.000
2.990.000
2.490.000

Ngun: VPBS thng k, tnh n thng 11 nm 2014

Lu : Khc bit v gi c, nu c, l kt qu ca (1) cc chng trnh khuyn mi c hiu lc trong thi gian thu thp d liu
hoc (2) ngun cung cp khc nhau (v d nh trc tip t nh sn xut hoc hng xch tay)

www.VPBS.com.vn

Page | 17

Ph lc 5 Kho st cc chnh sch giao hng, i tr v

thanh ton ca cc chui bn l
Cng ty

Vn chuyn

i / tr (s/p khng li)

i / tr (s/p b li)

Chnh sch tr gp

FPT Shop

Chnh sch giao hng

* Giao hng ton quc
* Di 10km: min ph
* Trn 10km: tnh ph
* Thi gian: 30 - 60 pht nu
trong bn knh 10km; 48 gi
nu ngoi bn knh

TD & my tnh bng

* 7 ngy u: tr 10% gi tr
* 7 ngy tip theo: tr 20%
* 14 ngy tip theo: tr 30%
* Mi ngy tip theo: tr 0,2%
My laptop
* Khng p dng

TD & my tnh bng

* 7 ngy u: min ph
* 7 ngy tip theo: tr 10%
* 14 ngy tip theo: tr 20%
* Mi ngy tip theo: tr 0,20%
My laptop
* 7 ngy u: min ph
* Trn 7 ngy: khng p dng

Cc cng ty cho vay ti chnh

* AC S Trading Vietnam
* PPF Vietnam Limited - Home
C redit
* VPBank - FE C redit

TD, laptop, my tnh

bng, TV, t lnh, my git
* 14 ngy u: min ph
* 14 ngy tip theo: tr 20%
* 14 ngy tip theo: tr 30%
* Mi ngy tip theo: tr 0,15%
gia dng khc
* Hon tin 100% trong vng
30 ngy

Cc cng ty cho vay ti chnh

* AC S Trading Vietnam
* PPF Vietnam Limited - Home
C redit
* VPBank - FE C redit

MWG

TD, laptop, my tnh

Chnh sch giao hng
bng, TV, t lnh, my git
* Giao hng ton quc
* 14 ngy u: tr 10% gi tr
* Giao hng min ph
* 14 ngy tip theo: tr 20%
* Thi gian: trong 30 pht
* 14 ngy tip theo: tr 30%
nu trong bn knh 5km; 48 - * Mi ngy tip theo: tr 0,15%
72 gi nu ngoi bn knh
Ph kin % gia dng
* C hn hng ti nh
khc
* Khng p dng

Chnh sch giao hng

Chnh sch dng th 5-ngy Chnh sch tr sn phm li
* Giao hng ti nhiu tnh
Nguyn Kim
* C h p dng vi mt s mt
* Phi lin h trong vng 24h
Khng p dng
thnh
hng
* Sau 24h: khng c tr hng
* Min ph ti mt s khu vc
Chnh sch giao hng
* Giao hng ton quc
* Giao hng min ph
* Thi gian: trong vng 60
Vin Thng A pht trong a phn TP HC M;
2 - 4 ngy ti cc tnh thnh
khc.
* Nhn hng ti nh / vn
phng
Chnh sch giao hng
* Min ph trong TP HC M
* Thi gian: 2 - 4 ting trong
H.Nam Mobile ni thnh TP HC M; 2 - 3
ngy ti cc tnh thnh khc
* Ph bu in: 50.000 250.000

www.VPBS.com.vn

in thoi di ng
* Min ph trong 24h
* 8 ngy tip theo: tr 10% gi
tr
* 8 ngy tip theo: tr 20%
* 8 ngy tip theo: tr 30
* Mi ngy tip theo: tr 0,15%
My laptop, tablet
* Nh trn, nhng khng c
tr min ph

in thoi di ng
* 8 ngy u: min ph
* 8 ngy tip theo: tr 10% gi
tr
* 16 ngy tip theo: tr 20%
* Mi ngy tip theo: tr 0,15%
My laptop, tablet
* Nh trn

Khng p dng

Cc cng ty cho vay ti chnh

Chnh sch tr sn phm li
* PPF Vietnam Limited - Home
* i sn phm li trong vng
C redit
3 ngy
(ch p dng cho TD v tablet)

Chng trnh mua gp 0%

* Th tn dng Sacombank
* Th tn dng ANZ
* Th tn dng Vietinbank
Cng ty cho vay ti chnh
* AC S Trading Vietnam

Page | 18

Ph lc 6 V tr cc ca hng ca MWG v ca i th
a im
TP H Ch Minh
H Ni
ng Nai
Bnh Dng
Long An
Thanh Ha
Ngh An
Tin Giang
Vng Tu
ng Thp
Lm ng / Lt
Cn Th
Khnh Ha
Bnh Phc
An Giang
Hi Phng
Dak Lak
Qung Ninh
Ty Ninh
Nng
Bnh nh
Gia Lai
Bnh Thun
Thi Nguyn
Tha Thin Hu
Kon Tum
Thi Bnh
Kin Giang
Bc Giang
Qung Nam
Vit Tr / Ph Th
H Tnh
Qung Ngi
C Mau
Bc Ninh
Vinh Phc
Ninh Bnh
Hu Giang
Nam nh
Hi Dng
Sc Trng
Bn Tre
Vnh Long
Khc
Tng cng

TTGD.COM FPTShop VienThongA

Km2 Dn s '000 Trn km2
62
34
43
2.096
7.818
3.730
36
21
5
3.324
6.937
2.087
19
5
7
5.907
2.769
469
12
3
9
2.694
1.803
669
10
2
4
4.492
1.470
327
8
4
2
11.131
3.477
312
7
2
2
16.493
2.979
181
7
2
1
2.509
1.703
679
7
3
2
1.990
1.053
529
6
2
2
3.379
1.680
497
6
2
3
9.774
1.246
127
6
2
3
1.409
1.222
867
6
2
3
5.218
1.193
229
6
2
1
6.872
922
134
5
4
1
3.537
2.155
609
5
4
2
1.527
1.925
1.261
5
1
1
13.125
1.828
139
5
4
1
6.102
1.185
194
5
2
1
4.033
1.096
272
5
3
3
1.285
993
773
4
2
1
6.051
1.510
250
4
1
0
15.537
1.360
88
4
1
1
7.813
1.201
154
4
2
1
3.536
1.156
327
4
2
3
5.033
1.124
223
4
1
1
9.690
473
49
3
1
1
1.571
1.788
1.138
3
1
1
6.349
1.739
274
3
1
1
3.850
1.593
414
3
1
0
10.438
1.461
140
3
1
3
3.533
1.351
382
3
2
0
5.997
1.243
207
3
1
1
5.152
1.236
240
3
2
1
5.295
1.220
230
3
2
1
823
1.114
1.354
3
1
3
1.239
1.029
831
3
1
1
1.378
927
673
3
0
0
1.602
774
483
2
1
1
1.653
1.840
1.113
2
2
2
1.656
1.748
1.056
2
1
0
3.312
1.308
395
2
1
1
2.360
1.262
535
2
1
1
1.520
1.041
685
24
22
3 108.556
12.106
112
322
155
124 331.519
89.710
271

a im Dienmay.com Home Center DM Cho Lon Mediamart Pico Malls Nguyn Kim
TP HCM
7
0
7
0
0
7
H Ni
0
6
0
10
4
3
Khc
10
8
14
10
4
11
Tng cng
17
14
21
20
8
21
www.VPBS.com.vn

Page | 19

HNG DN KHUYN NGH

Cng ty TNHH Chng khon Ngn hng TMCP Vit Nam Thnh Vng (VPBS) s dng h thng khuyn ngh
nh sau:
Mua: Li sut k vng bao gm c tc trong 12 thng ti ln hn +15%
Gi: Li sut k vng bao gm c tc trong 12 thng ti dao ng t -10% n 15%
Bn: Li sut k vng bao gm c tc trong 12 thng ti thp hn -10%

LIN H
Mi thng tin lin quan n bo co ny, xin vui lng lin h Phng Phn tch ca VPBS:
Barry David Weisblatt
Gim c Khi Phn tch
barryw@vpbs.com.vn
Lu Bch Hng
Gim c - Phn tch c bn
honglb@vpbs.com.vn

Nguyn Hu Ton
Chuyn vin phn tch
toannh@vpbs.com.vn

Mi thng tin lin quan n ti khon ca qu khch, xin vui lng lin h:
Marc Djandji, CFA
Gim c Khi Mi gii Khch hng T chc
& Nh u t Nc ngoi
marcdjandji@vpbs.com.vn
+848 3823 8608 Ext: 158
L c Dng
Gim c Khi Mi gii Khch hng C nhn
dungld@vpbs.com.vn
+844 3974 3655 Ext: 335
V Vn Phng
Gim c Mi gii Nguyn Ch Thanh 1
Thnh ph H Ch Minh
phuongvv@vpbs.com.vn
+848 6296 4210 Ext: 130

Domalux
Gim c Mi gii Nguyn Ch Thanh 2
Thnh ph H Ch Minh
domalux@vpbs.com.vn
+848 6296 4210 Ext: 128

Trn c Vinh
Gim c Mi gii PGD Lng H
H Ni
vinhtd@vpbs.com.vn
+844 3835 6688 Ext: 369

Nguyn Danh Vinh

Ph Gim c Mi gii L Lai
Thnh ph H Ch Minh
vinhnd@vpbs.com.vn
+848 3823 8608 Ext: 146

www.VPBS.com.vn

Page | 20

Khuyn co
Bo co phn tch c lp v pht hnh bi Cng ty TNHH Chng khon Ngn hng TMCP
Vit Nam Thnh Vng (VPBS). Bo co ny khng trc tip hoc ng dng phn phi,
pht hnh hay s dng cho bt k c nhn hay t chc no l cng dn hay thng tr hoc
tm tr ti bt k a phng, lnh th, quc gia hoc n v c ch quyn no khc m vic
phn phi, pht hnh hay s dng tri vi quy nh ca php lut. Bo co ny khng
nhm pht hnh rng ri ra cng chng v ch mang tnh cht cung cp thng tin cho nh
u t cng nh khng c php sao chp hoc phn phi li cho bt k bn th ba no
khc. Tt c nhng c nhn, t chc nm gi bo co ny u phi tun th nhng iu trn.
Mi quan im v khuyn ngh v bt k hay ton b m chng khon hay t chc pht hnh
l i tng cp trong bn bo co ny u phn nh chnh xc kin c nhn ca nhng
chuyn gia phn tch tham gia vo qu trnh chun b v lp bo co, theo ,lng v
thng ca nhng chuyn gia phn tch , ang v s khng lin quan trc tip hay gin
tip i vi nhng quan im hoc khuyn ngh c a ra bi cc chuyn gia phn tch
trong bo co ny. Cc chuyn gia phn tch tham gia vo vic chun b v lp bo co khng
c quyn i din (thc t, ng hay cng khai) cho bt k t chc pht hnh no c
cp trong bn bo co.

Hi s H Ni
362 Ph Hu
Qun Hai B Trng, H Ni
T - +84 (0) 4 3974 3655
F - +84 (0) 4 3974 3656
Chi nhnh H Ch Minh
76 L Lai
Qun 1, Tp. H Ch Minh
T - +84 (0) 8 3823 8608
F - +84 (0) 8 3823 8609
Chi nhnh Nng
112 Phan Chu Trinh,
Qun Hi Chu, Nng
T - +84 (0) 511 356 5419
F - +84 (0) 511 356 5418

Cc bo co nghin cu ch nhm mc ch cung cp thng tin cho nhng nh u t c nhn

v t chc ca VPBS. Bo co nghin cu ny khng phi l mt li ku gi, ngh, mi
cho mua hoc bn bt k m chng khon no.
Cc thng tin trong bo co nghin cu c chun b t cc thng tin cng b cng khai, d
liu pht trin ni b v cc ngun khc c cho l ng tin cy, nhng cha c kim
chng c lp bi VPBS v VPBS s khng i din hoc m bo i vi tnh chnh xc, ng
n v y ca nhng thng tin ny. Ton b nhng nh gi, quan im v khuyn ngh
nu ti y c thc hin ti ngy a ra bo co v c th c thay i m khng bo
trc. VPBS khng c ngha v phi cp nht, sa i hoc b sung bn bo co cng nh
khng c ngha v thng bo cho t chc, c nhn nhn c bn bo co ny trong trng
hp cc nh gi, quan im hay khuyn ngh c a ra c s thay i hoc tr nn khng
cn chnh xc hay trong trng hp bo co b thu hi.
Cc din bin trong qu kh khng m bo kt qu trong tng lai, khng i din hoc bo
m, cng khai hay ng , cho din bin tng lai ca bt k m chng khon no cp
trong bn bo co ny. Gi ca cc m chng khon c cp trong bn bo co v li
nhun t cc m chng khon c th c dao ng v/hoc b nh hng tri chiu bi
nhng yu t th trng hay t gi v nh u t phi thc c r rng v kh nng thua
l khi u t vo nhng m chng khon , bao gm c nhng khon lm vo vn u t
ban u. Hn na, cc chng khon c cp trong bn bo co c th khng c tnh
thanh khon cao, hoc gi c b bin ng ln, hay c nhng ri ro cng hng v c bit
gn vi cc m chng khon v vic u t vo th trng mi ni v/hoc th trng nc
ngoi khin tng tnh ri ro cng nh khng ph hp cho tt c cc nh u t. VPBS khng
chu trch nhim v bt k thit hi no pht sinh t vic s dng hoc da vo cc thng tin
trong bn bo co ny.
Cc m chng khon trong bn bo co c th khng ph hp vi tt c cc nh u t, v
ni dung ca bn bo co khng cp n cc nhu cu u t, mc tiu v iu kin ti
chnh ca bt k nh u t c th no. Nh u t khng nn ch da trn nhng khuyn
ngh u t, nu c, ti bn bo co ny thay th cho nhng nh gi c lp trong vic
a ra cc quyt nh u t ca chnh mnh v, trc khi thc hin u t bt k m chng
khon no nu trong bo co ny, nh u t nn lin h vi nhng c vn u t ca h
tho lun v trng hp c th ca mnh.
VPBS v nhng n v thnh vin, nhn vin, gim c v nhn s ca VPBS trn ton th
gii, ty tng thi im,c quyn cam kt mua hoc cam kt bn, mua hoc bn cc m
chng khon thuc s hu ca (nhng) t chc pht hnh c cp trong bn bo co ny
cho chnh mnh; c quyn tham gia vo bt k giao dch no khc lin quan n nhng m
chng khon ; c quyn thu ph mi gii hoc nhng khon hoa hng khc; c quyn
thit lp th trng giao dch cho cc cng c ti chnh ca (nhng) t chc pht hnh ;
c quyn tr thnh nh t vn hoc bn vay/cho vay i vi (nhng) t chc pht hnh
; hay ni cch khc l lun tn ti nhng xung t tim n v li ch trong bt k khuyn
ngh v thng tin, quan im c lin quan no c nu trong bn bo co ny.
Bt k vic sao chp hoc phn phi mt phn hoc ton b bo co nghin cu ny m
khng c s cho php ca VPBS u b cm.
Nu bo co nghin cu ny c phn phi bng phng tin in t, nh e-mail, th khng
th m bo rng phng thc truyn thng ny s an ton hoc khng mc nhng li nh
thng tin c th b chn, b hng, b mt, b ph hy, n mun, khng y hay c cha
virus. Do , nu bo co cung cp a ch trang web, hoc cha cc lin kt n trang web
th ba, VPBS khng xem xt li v khng chu trch nhim cho bt c ni dung no trong
nhng trang web . a ch web v hoc cc lin kt ch c cung cp thun tin cho
ngi c, v ni dung ca cc trang web ca bn th ba khng c a vo bo co di
bt k hnh thc no. Ngi c c th ty chn truy cp vo a ch trang web hoc s dng
nhng lin kt v chu hon ton ri ro.

www.VPBS.com.vn

Page | 21