CNG HA X HI CH NGHA VIT NAM

c lp - T do - Hnh phc

H Ch Minh, ngy 26 thng 8 nm 2014

S :

/ 2014/TT-LVS

BO CO
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI
Knh gi: - ng Ch tch HQT HimLam/ Ch tch HQT LVS
Phn I : Tm tt v Tng Cng ty C phn Bo him Bu in
-

Tn Cng ty: Tng Cng ty C phn Bo him Bu in

M Chng khon : PTI nim yt ngy 02/03/2011 trn S Giao dch chng khon
H Ni - HNX. Khi lng c phiu nim yt ln u 45.000.000 c phiu, gi ng
ca phin giao dch u tin l 14.600 ng/c phiu.
a ch: Tng 8, s 4A Lng H, Qun Ba nh, TP H Ni
in thoi: 04 37724466 - Fax: 0437724460
Website: http://www.pti.com.vn/
Vn iu l: 503.957.090.000 ng. Theo Ngh quyt i hi c ng nm 2014, PTI
c k hoch tng vn thm 300 t ng d kin thc hin trong giai on nm 20142015 cho c ng chin lc tng vn iu l ln 803.957.090.000 ng.
Lch s hnh thnh: PTI hot ng theo giy php thnh lp v hot ng s
3633/GP-UB ngy 01/08/1998 ca y ban nhn dn TP H Ni vi thi gian hot
ng l 25 nm. Trong qu trnh hot ng PTI c B ti chnh 09 ln cp giy
php iu chnh v vic tng vn iu l v thnh lp thm cc cng ty thnh vin.
Ngnh ngh kinh doanh: Kinh doanh bo him phi nhn th
Danh sch c ng:

STT

Tn c ng sng lp

Vn gp (ng)

T l

Tng Cng ty Bu in Vit Nam

(VNPost)

182.256.480.000

36,16% C ng sng lp

Tng Cng ty C phn Bo Minh

44.452.800.000

8,82% C ng sng lp

Tng Cng ty C phn Ti bo

him Quc gia Vit Nam

35.562.240.000

7,06% C ng sng lp

Cng ty C phn Thng mi Bu

chnh Vin thng Vit Nam (CTCP

10.469.300.000

2,08% C ng sng lp

1
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

Ghi ch

COKYVINA)
5

Tng Cng ty Xy dng H Ni

8.382.740.000

1,66% C ng sng lp

Cng ty C phn Chng khon

VNDirect (VND)

61.122.710.000

12,13% Chng
khon
VND l cng ty t
vn nim yt cho
PTI. Tr thnh c
ng ln ca PTI
t 30/10/2012.

Cng ty TNHH MTV Qun l qu

u t chng khon I.P.A

25.893.410.000

5,14% Mua tha thun li

ca VIB ngy
18/06/2012.

C ng khc

135.817.410.000

26,95%

Tng cng

503.957.090.000

100%

Ngun: Bo co thng nin nm 2013 ca PTI, cafef.vn

PTI c 29 n v trc thuc l cc cng ty thnh vin ca PTI ti cc tnh thnh
trong c nc.
Cc cng ty con:
Tn cng ty

a ch

Lnh vc kinh doanh

T l gp
vn

Cng ty CP
Thng mi
Xng du Vit
Nam

Tng 3, s 157,
Trn Ph, Vn
Qun, H ng

Mua bn, kinh doanh sn

phm v du, xng, kh
t.

66%/18
t ng
vn iu
l

Cng ty CP IBS
Vit Nam (IBS)

S 9, ngch 67,
Hong Vn Th,
Hong Mai, H
Ni

Thit k mng thng tin,

bu chnh vin thng. Sn
xut, mua bn vt t thit
b linh ph kin cng ngh
cao lin quan n bu
chnh vin thng.

99%/20
t ng
vn iu
l (*)

Ngun: Bo co thng nin 2013 ca PTI, cafef.vn

(*) Ngy 19/08/2014, Ngh quyt Hi ng qun tr thng qua vic tng vn gp
ca PTI vo IBS bng cch mua thm c phn pht hnh thm tng cng 10 t ng,
nng tng s vn gp ca PTI vo IBS l 19,8 t ng tng ng 99% vn iu l.
Cng ty lin kt:
Tn cng ty

a ch

Lnh vc kinh
doanh

T l gp vn

Cng ty CP Bt

Tng 5, L 18,

Kinh doanh v cho

40%/180 t ng

2
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

ng sn Bu
in

Khu th nh
Cng, H Ni

thu BS

vn iu l

Cng ty CP Vin
thng Tin hc
in t

270A L Thng
Kit, P 14, Q10,
TP HCM

Sn xut lp rp
thit b vin thng
in t tin hc

21,3%/30 t ng
vn iu l

Cng ty CP Bo
him Lanexang

S 13, ng
Suphanuvong, TP
Ving Chn, Lo

Kinh doanh lnh

vc bo him phi
nhn th

50%/2 triu USD

vn iu l (**)

Ngun: Bo co thng nin 2013 ca PTI, cafef.vn

(**): Ngy 19/08/2014 PTI ra Ngh quyt Hi ng qun tr tng vn gp ca PTI
vo CTCP Bo him Lanexang, bng cch nhn chuyn nhng vn gp ca cn b
cng nhn vin PTI tng cng l 150.000 USD, nng tng s vn gp ca PTI vo
Lanexang l 1.000.000 USD tng ng 50% vn iu l.
Phn II Phn tch tnh hnh ti chnh
- Tnh hnh ti chnh qua cc nm :
n v tnh: triu ng
Ch tiu
A Ti sn
- Ti sn ngn hn
Tin
u t ngn hn
Phi thu ngn hn
Ti sn ti bo him
- Ti sn di hn
Ti sn c nh hu hnh
v v hnh
Xy dng c bn d dang
u t ti chnh di hn
Tng ti sn
B- Ngun vn
N ngn hn
Phi tr ngi bn
D phng nghip v
Cc khon phi tr phi
np khc
N di hn
Doanh thu cha thc hin
Vn ch s hu
Vn iu l
Thng d vn c phn

2010

2011

2012

2013 (*)

6T-2014

985.183 1.096.982
197.305
295.256
500.909
380.668
278.789
397.750
486.571
516.823

1.090.589
72.097
656.125
317.455
568.202

1.313.501
46.283
627.092
318.295
289.062
701.901

1.654.528
66.947
784.301
351.208
359.777
548.658

75.479
91.927
70
63.303
383.796
328.334
1.471.75
4 1.613.806

92.372
109.509
332.402

81.781
124.672
463.365

92.080
121.693
306.607

1.658.791

2.015.401

2.203.185

791.709
66.045
544.518

920.784
119.947
676.810

951.989
88.519
765.102

1.318.044
105.858
1.113.891

1.529.932
98.673
1.229.866

25.542
10.019
8.772
666.738
450.000
114.375

20.250
23.407
22.189
663.874
450.000
114.253

20.197
40.712
40.712
661.779
503.957
60.296

37.958
37.619
36.113
658.783
503.957
60.296

102.921
26.146
24.593
646.208
503.957
60.296

3
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

LNST cha PP
Li ch ca c ng thiu s
Tng ngun vn
C- Kt qu kinh doanh
Tng Doanh thu
Li nhun sau thu
Kh nng thanh ton hin hnh
T s n
ROS
ROA
ROE
EPS
P (22/08/2014)
BV
P/B

71.429
67.663
3.288
5.741
1.471.75
4 1.613.806

58.242
4.311

54.562
955

39.254
899

1.658.791

2.015.401

2.203.185

838.075 1.221.995
1.589.096
77.501
70.666
65.077
D- Cc ch tiu ti chnh
1,24
1,19
1,15
54,47%
58,51%
59,84%
14,08%
8,70%
5,70%
5,27%
4,58%
3,98%
11,62%
10,62%
9,82%
1.722
1.570
1.291

1.636.928
54.819

759.223
39.334

1,00
67,27%
4,15%
2,98%
8,30%
1.088

1,08
70,63%
5,18%
1,86%
6,03%
780
10.600
12.823
0,83

Ngun: Bo co ti chnh ca PTI, LVS tng hp v tnh ton

(*) Tng ti sn nm 2013 c trnh by li theo BCTC qu 2-2014 c lch so vi BCTC
kim ton nm 2013 do nm 2014 PTI thay i chnh sch k ton p dng theo thng t
232/2012/TT-BTC v vic Hng dn ch k ton p dng i vi doanh nghip bo
him ngy 28/12/2012 v c hiu lc thi hnh t ngy 01/01/2014.Thc cht khng phi quy
m tng ti sn ca PTI tng ln m l do ch k ton thay i dn n tng ti sn tng.
Theo quy nh ti thng t ny th doanh nghip bo him phi nhn th khng c b tr
cc khon d phng cho hot ng kinh doanh bo him gc, nhn ti bo him vi d phng
cho hot ng nhng ti bo him. Cc khon d phng ny phi c trnh by ring bit
trn cc ch tiu ca Bng cn i k ton, trong cc khon d phng ph cha c
hng, d phng bi thng ca hot ng kinh doanh bo him gc v nhn ti bo him,
d phng giao ng ln phi c phn nh l N phi tr. D phng ph cha c hng
v d phng bi thng nhng ti bo him c phn nh l Ti sn ti bo him.
Chnh v vy trn Bng cn i k ton qu 2-2014 c thm khon mc Ti sn ti bo him
v phn N phi tr th khon mc D phng nghip v tng ln tng ng ch khng c
b tr cc khon phng nhng ti bo him nh trc y.
- nh gi v tnh hnh ti sn ngun vn ca PTI :
C cu ti sn ca PTI kh n nh qua cc nm, ti sn ngn hn chim khong 65% tng ti
sn giai on 2010-2013, 6 thng u nm 2014 ti sn ngn hn chim 75% tng ti sn.
-

Tin mt kh di do qua cc nm: lng tin mt ca PTI qua cc nm kh cao, tuy

nhin c xu hng gim dn t 2010 n 2013. S d tin mt hin ti ngy
30/06/2014 l 66,95 t ng.
4
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

u t ti chnh ngn hn: Chim t trng ln nht trong c cu ti sn (trung bnh

35% tng ti sn). Bao gm:
Khon mc u t ngn hn
30/06/2014
2013
u t chng khon ngn hn
71.781.915.111 43.913.364.8
08
u t tri phiu (TP) ngn hn (TP chuyn i
2.860.000.000
0
ca CII)
y thc u t ngn hn
51.696.610.000 24.520.000.0
00
Tin gi c k hn t 1 nm tr xung
659.770.000.000 558.770.000.
000
D phng gim gi u t chng khon ngn
-1.806.632.181 -111.620.503
hn
Tng cng
784.300.892.930 627.091.744.
305
Ngun: Bo co ti chnh ca PTI
6 thng u nm 2014, gi tr cc khon u t chng khon ngn hn ca PTI l 71,78 t ng
tng 27,8 t ng so vi s cui nm 2013. Danh mc cc c phiu u t ca PTI cng c s
thay i kh nhiu, hin cc m c phiu PTI s hu hu ht l cc m bluechip trn th trng
chng khon v l cc doanh nghip c kt qu kinh doanh tt, thanh khon cao nh: ITA, HAG,
MBB, PVS, REE, VCG, VNR, VFA,VTO, VHC, VTV. Mt im thun li ca PTI l c c ng
ln l CTCP chng khon VNDirect, B Phm Minh Hng l Ch tch HQT ca VND, ng
thi l thnh vin HQT ca PTI do vic t vn mua bn chng khon u t ca PTI s
c s tham gia ca VND- l cng ty chng khon uy tn thuc Top 10 trn th trng chng
khon Vit Nam hin nay. Trc y B Hng cng tng l Gim c Cng ty TNHH MTV
Qun l qu u t chng khon I.P.A hin ang nm gi 5,14% c phiu ca PTI.
Cn li chim t trng ln trong khon mc u t ngn hn l cc khon tin gi c k hn di
1 nm tr xung.
- Phi thu ngn hn: chim trung bnh khong 19% tng ti sn ch yu l cc khon
phi thu v ph bo him gc v cc khon phi thu khc chnh l li d thu hot ng
ti chnh.
- Ti sn ti bo him: L khon mc mi xut hin trn bng cn i k ton t nm
2014 do p dng thng t 232/2012/TT-BTC ca B ti chnh. y l cc khon d
phng ph nhng ti bo him v d phng bi thng nhng ti bo him phi
hch ton tch bit ring ch khng c b tr nh trc y.
- Ti sn c nh hu hnh: Ti sn c nh hu hnh chim t trng trung bnh
khong 5% tng ti sn, ti thi im 30/06/2014 l 4,18% tng ti sn. Ti sn c
nh ti 30/06/2014 l 45,95 t bao gm: nh ca, vt kin trc, my mc thit b,
phng tin vn ti v dng c qun qun l.
- Ti sn c nh v hnh: PTI c quyn s dng t tr gi 44,79 t l quyn s dng
t v thi hn do PTI khng trch khu hao cho gi tr quyn s dng t ny.
- Chi ph xy dng c bn d dang: PTI hin ang xy dng cc cng trnh Sn
Hadico 6 (gi tr XDCB d dang 34,9 t ng), Sn thng mi Thy li 4 (gi tr
XDCB d dang 84,37 t ng) v cng trnh Inbuilding 2 t ng.
- Bt ng sn u t: C gi tr 6,99 t ng l quyn s dng t lu di 909,8 m2
t ti Ha Ph, Th Du Mt, Bnh Dng theo Giy chng nhn quyn s dng t
s B586160 do UBND tnh Bnh Dng cp ngy 11/01/2011.
5
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

Gi tr u t vo cc cng ty lin doanh lin kt l tng cng 112,29 t ng

- u t di hn bao gm:
Khon mc u t di hn
u t c phiu di hn

30/06/2014
60.695.000.000

2013
60.695.000.000

Tin gi c k hn 1 nm tr ln
y thc danh mc u t

250.000.000
9.861.381.283

154.400.000.000
9.861.381.283

68.998.108.803
61.010.347.222

70.850.308.803
61.010.347.222

Cho vay y thc

u t di hn khc
Tng cng

200.814.837.308
356.817.037.308
Ngun: Bo co ti chnh ca PTI

Danh mc u t c phiu di hn l 60,965 t ng, danh mc u t ny l cc

c phiu OTC hin cha ln sn nim yt gm CTCP Trc Thn (3,6 t), CTCP
Ch bin Thy sn t Xi (15 t), CTCP Du lch Bu in (2,94 t), CTCP Dch v
s liu ton cu (17,08 t), CTCP Huawei Vit Nam (5,8 t), CTCP Cng ngh
Vin thng th h mi (750 triu), CTCP BS Phng Nam (14,9 t), CTCP u
t pht trin Cng ngh v Truyn thng (625 triu).

Gi tr cc khon cho vay y thc 68,9 t ng ti Ngn hng Agribank chi

nhnh Thng Long, Maritimebank chi nhnh H Ni v Trung tm kinh doanh ca
VIB.

u t di hn khc 61 t gm: u t d n kinh doanh bt ng sn qua CTCP

BS Bu in 42,9 t v y thc qun l vn qua CTCP BS Bu in 18,1 t
ng.
C cu ngun vn: Ngun vn ca PTI ch yu l N phi tr chim 69,44% tng ngun vn,
vn ch s hu ch chim 29,33% tng ngun vn.
- Vn ch s hu ca PTI t khi ln sn nm 2011 l 450 t, nm 2012 PTI tng vn
ln 503,9 t ng nh pht hnh c phiu thng tng vn iu l t ngun thng d
vn c phn. Li nhun sau thu cha phn phi gim dn mc d hng nm PTI vn
c kt qu kinh doanh li do PTI u chia c tc bng tin mt kh cao cho c ng
c th nm 2010 l 15%, 2011 l 13%, nm 2012 l 11%, nm 2013 l 10%.
- N phi tr ch yu l khon d phng nghip v ln ti 55,82% tng ngun vn.
y cng l c im chung ca cc cng ty bo him phi nhn th. Cc khon d
phng nghip v ny c hch ton theo quy nh mi ti TT 232/2012/TT-BTC c
hiu lc p dng t ngy 01/01/2014.
Khon mc d phng nghip v
30/06/2014
2013
D phng ph bo him gc v nhn ti
bo him
D phng bi thng bo him gc v
nhn ti bo him
D phng giao ng ln
Tng cng

784.584.099.200

760.018.973.868

408.773.700.732

317.364.237.763

36.507.948.736
1.229.865.748.668

36.507.948.736
1.113.891.160.367

Ngun: Bo co ti chnh ca PTI

6
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

Phn III - Tnh hnh hot ng kinh doanh ca PTI qua cc nm :

Biu doanh thu v li nhun sau thu giai on 2010 Q2/2014
2,000,000

1,589,0961,636,928
1,221,995

1,500,000
1,000,000
500,000

838,075

77,501

759,223

70,666

65,077

54,819

39,334

0
2010

2011

Doanh thu

2012

2013

6T-2014

Li nhun sau thu

Ngun: Bo co ti chnh ca PTI, LVS tng hp

Kt qu kinh doanh cc nm ca PTI: Doanh thu lun tng trng mc cao, tng doanh thu giai
on 2010- 2013 tng trng trung bnh 26,3%, tuy nhin nm 2013, do tnh hnh kinh t kh
khn chung dn n doanh thu ch tng 3% so vi nm 2012. Doanh thu tng nhng li nhun li
c xu hng gim dn t nm 2010-2013, nguyn nhn l do cc chi ph t hot ng kinh doanh
bo him tng.
C cu doanh thu :
100%
90%

6.19%

7.11%
21.06%

13.02%

6.57%
6.58%

80.78%

86.85%

80%
70%
60%
50%
40%

71.83%

30%
20%
10%
0%
2012

2013

6T-2014

Doanh thu hot ng kinh doanh bo him

Doanh thu bn hng v cung cp dch v khc
Doanh thu hot ng ti chnh

Ngun: Bo co ti chnh ca PTI, LVS tng hp

7
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

Doanh thu ca PTI ch yu l doanh thu t hot ng kinh doanh bo him v hot ng ny
ngy cng chim t trng cao trong c cu doanh thu. Trong hot ng kinh doanh bo him
th doanh thu t hot ng kinh doanh bo him gc chim ch yu, cn li l t hot ng
nhn ti bo him v nhng ti bo him.
Hin nay PTI ang cung cp cho khch hng c c nhn v t chc vi hn 100 sn phm bo
him thuc 4 nhm sn phm chnh gm: Bo him ti sn k thut, Bo him xe c gii, Bo
him hng hi v Bo him con ngi.
Doanh thu bn hng v cung cp dch v chnh l doanh thu t hot ng kinh doanh xng du
ca cng ty con l Cng ty c phn Xng du Vit Nam. T nm 2012 n nay th doanh thu
hot ng ny c xu hng gim v t trng so vi tng doanh thu ton cng ty gim dn.
Doanh thu hot ng ti chnh ch yu n t li tin gi ca cc khon tin gi ngn hn v
di hn ti cc ngn hng. Ngoi ra l cc khon tin c tc, li nhun c chia v doanh thu
t vic u t vo cc khon u t chng khon.

Phn IV Giao dch c phiu v nh gi c phiu PTI :

Gi tr s sch v giao dch c phiu PTI trn sn :
- Gi tr s sch n 30/06/2014 l : 12.823 VN/ CP ( mnh gi 10.000 VN).
- Gi giao dch ngy 22/08/2014 : 10.600 VN/ CP.
- Biu gi c phiu PTI bin ng t ngy nim yt n nay :

nh gi c phiu theo phng php so snh:

Cng ty
PTI
BIC
BMI
BVH
PGI

Vn ch s
hu
658.7
83
791.9
36
2.165.8
39
12.119.5
25
824.6
66

EPS
1.08
8
1.26
5
1.18
5
1.67
2
95
0

S c phiu lu
hnh
50.395.7
09
76.229.9
82
75.500.0
00
680.471.4
34
69.353.0
88

BV
13.07
2
10.38
9
28.68
7
17.81
0
11.89
1

Th gi
(22/08/2014)
10.60
0
11.50
0
15.90
0
42.80
0
9.70
0

8
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

P/B
0,8
1
1,1
1
0,5
5
2,4
0
0,8
2

P/E
9,7
4
9,0
9
13,4
2
25,6
0
10,2
1

PVI
VNR

6.174.6
99
2.431.1
32

1.46
8
2.29
3

225.158.1
67
131.075.9
39

27.42
4
18.54
8

19.10
0
23.00
0
Trung bnh

0,7
0
1,2
4
0,87

13,0
1
10,0
3
10,92

Ngun: BCTC cc cng ty, LVS tng hp

nh gi theo phng php P/E:
EPS 6 thng u nm 2014 ca PTI l 780 ng, EPSf cho nm 2014 l 1.560 ng. P/E ca cc
cng ty trong ngnh bo him nim yt trn sn l 10,92 sau khi loi tr P/E ca BVH. Nh
vy gi c phiu ca PTI theo phng php nh gi P/E l 17.000 ng/c phiu.
nh gi theo phng php P/B:
BV ca PTI ti thi im 30/06/2014 l 12.823 ng. P/B trung bnh ca cc cng ty trong ngnh
bo him nim yt trn sn l 0,87 sau khi loi tr P/B ca BVH. Nh vy gi c phu ca PTI
theo phng php P/B l 11.150 ng.
Kt lun :
Nu tnh t trng 2 phng php so snh ny l 50% gi theo phng php P/E v 50% gi theo
phng php P/B th gi c phiu PTI l 14.100 ng/C phiu.
Tnh hnh th trng bo him Vit Nam:
Th trng bo him chung
- Th trng bo him Vit Nam giai on 2005-2013 c t l tng trng kp CAGR
(Compound Annual Growth Rate) hng nm t 13,7%. Hin ti ngnh bo him Vit
Nam c 29 doanh nghip bo him (DNBH) phi nhn th v 16 DNBH nhn th v 2
cng ty ti bo him. Trong c 7 DNBH ang nim yt trn th trng chng
khon.

Ngun: Hip hi bo him Vit Nam

9
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

Th trng bo him Vit Nam c nh gi l c tc tng trng nhanh v n

nh trong khu vc cng nh th gii, v ang ghi nhn s pht trin theo chiu su
thay v chy theo s lng v tng trng rng nh trc y. Cc doanh nghip
cn thn hn trong chin lc ca mnh khng ch m bo tng trng li nhun
m cn hn ch nhng ri ro. Th trng kinh doanh bo him tng chm li nhng
khng st gim su v t bin. Th trng bo him phi nhn th nm 2013 t
24.335 t ng, tng trng khong 8,1% so vi nm 2012. Bn cnh nn kinh t
chm phc hi nh hng ti nhu cu bo him, kh nng thanh ton ph, th trng
ti chnh bt ng sn kh khn. Cnh tranh th trng bo him ngy khc khc
lit, bo t, thin tai, ha hon xy ra thng xuyn v kh lng. Cc ti sn bo
him lin quan n nhm 3 v nhm 4 thng xuyn xy ra tn tht. Ri ro trc li
bo him tng cao l cc nguyn nhn khin cho tng trng bo him chm li so vi
giai on trc.
Biu th phn bo him phi nhn th:

Ngun: Hip hi bo him Vit Nam

Cc cng ty trong ngnh ang nim yt trn sn giao dch chng khon Vit Nam:
Ch tiu
Tng ti sn
Vn ch s hu
Doanh thu
Li nhun sau
thu
ROS
ROA
ROE

PTI
1.313.501
658.783
1.636.928
54.819
3,35%
4,17%
8,32%

BIC
1.755.76
9
791.93
6
854.50
9
96.40
2
11,28%
5,49%
12,17%

BMI
3.967.6
81
2.165.8
39
2.153.0
75
89.4
84
4,16%
2,26%
4,13%

BVH
55.793.51
3
12.119.52
5
11.510.08
1
1.137.53
1
9,88%
2,04%
9,39%

PGI
2.402.37
7
824.66
6
1.783.47
2
65.88
4
3,69%
2,74%
7,99%

PVI
12.399.87
4
6.174.69
9
3.499.89
5
330.48
6
9,44%
2,67%
5,35%

Phn V nh gi ca LVS :
1- Tnh hnh kinh doanh:
- Tnh hnh hot ng kinh doanh ca PTI kh tt qua cc nm, doanh thu tng trng
tt, giai on 2008 -2010 l 30%, cao hn mc tng trng bnh qun ngnh bo him
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Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

VNR
4.568.18
3
2.431.13
2
1.018.49
4
300.53
6
29,51%
6,58%
12,36%

giai on ny l 25%, giai on 2010 n nay tuy tc c tng chm li do tnh hnh
chung ca nn kinh t v cc doanh nghip bo him u kh khn. Chin lc kinh
doanh ca PTI l pht trin 3 mi nhn gm: Bo him, u t ti chnh v u t
Bt ng sn.
Tnh hnh ti chnh n nh, cc ch s ti chnh tt, hin PTI khng cn vay n ngn
hn v n di hn ngn hng. Cc khon tin mt ln v cc khon tin gi ngn hng
c k hn di 1 nm v trn 1 nm cao. Do vic chia c tc vi t l cao hng nm
(chia hu nh gn ht li nhun sau thu) do , li nhun li tch ly hng nm
hu nh khng c.
Hot ng kinh doanh bo him phi nhn th ang c tc tng trng tt ti Vit
Nam do thc ca ngi dn v doanh nghip trong vic mua bo him cho cc ti
sn ca mnh tng ln v kinh t pht trin gip th trng bo him pht trin.
im mnh v l li th cnh tranh ca PTI so vi cc doanh nghip bo him cng
ngnh l s hu mng li bn hng, chm sc khch hng ln nht bo him phi
nhn th vi gn 18.000 im bu cc, bu in trong h thng VNPost thng qua
vic hp tc vi Tng cng ty Bu chnh vin thng Vit Nam. Li th ny s l nhn
t quan trng gip PTI thc hin thnh cng mc tiu l doanh nghip bo him phi
nhn th bn l hng u ti th trng Vit Nam.
Gn y PTI cng vi Bo Vit l 2 n v k hp ng bo him cho v tinh Vinasat
2, theo t l trch nhim ca PTI l 70% v ca Bo Vit l 30%. Trc PTI
cng l n v k hp ng bo him cho v tinh Vinasat 1 vi tng gi tr bo him
gn 3.000 t ng.
Mt s dng bo him trn u ngi ti Vit Nam cn rt thp, v thp hn nhiu
ln so vi cc nc trong khu vc v trn th gii do tim nng th trng bo
him Vit Nam cn rt ln.
Nhiu nm qua, PTI vn tip tc gi vng th phn l doanh nghip bo him phi nhn
th ng th 5 trn th trng bo him Vit Nam.
Theo Thng t s 86/2009/TT-BTC sa i b sung Thng t 155/2007/TT-BTC th
DNBH ch c php gi li mc trch nhim ti a trn mi ri ro hoc trn mi tn
tht ring l khng qu 5% tng s vn ch s hu. V vy nng cao nng lc cnh
tranh, k hoch giai on ti ca PTI s tng vn thm 300 t ng nng vn iu l
ln trn 803 t ng.
Vi tnh hnh kinh doanh, tnh hnh ti chnh tt v c s h tr, lin kt mnh m
gia PTI, VNPost, cc ngn hng vi h thng bu cc n tn cc x phng trong
c nc, thm vo l s pht trin mnh m ca th trng bo him phi nhn th
Vit Nam hin nay, th PTI c nh gi l cng ty bo him c tim nng, l c hi
tt xem xt u t.

2- Giao dch chuyn nhng c phiu PTI :

-

Vi mc gi ang giao dch l 10.600 VN/CP (ngy 22/08/2014) th hin PTI ang
giao dch di gi tr s sch ti thi im 30/06/2014 l 12.823 ng (P/B l 0,83).
C cu c ng ca PTI rt c c, hin nay tng s 7 c ng t chc ca PTI
nm gi 73,05% c phiu PTI, cha k n c ng l cc cn b cng nhn vin
11
Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI

cng nh lnh o ch cht ca PTI cng nm rt nhiu c phiu. Thanh khon trn
sn rt thp, trung bnh 10 phin giao dch gn y 6.533 c phiu/phin. Tuy nhin t
khi ln sn n nay th tnh trung bnh 1 phin c phiu PTI ch giao dch 800 c
phiu/phin. Cc giao dch ln ch yu l giao dch ca c ng ln thc hin giao
dch tha thun.
Do vy vic cn nhc u t vo PTI thng qua mua c phiu trn sn giao dch phi
thc hin tha thun vi cc c ng ln ny hoc thng qua pht hnh ring l cho
Cng ty c phn Him Lam tham gia u t vi vai tr l nh u t chin lc.
Phng u t T vn

Ni nhn :
- Nh trn.
- Lu : u t T vn, HCNS

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Phn tch c phiu Tng Cng ty C phn Bo him Bu in - PTI