DHG [PHTT +4,2%] - N lc thc y tiu th hng ha - Cp nht

Nguyn Th Kim Chung

Chuyn vin
18 March 2011 CTCP Dc Hu Giang (DHG), Sn xut Dc phm
Gi: 69.000 VND Gi mc tiu: VND 68.900 Tng mc sinh li: 4,2%
GT vn ha: 269tr USD GTGD/ngy (30 ngy): 0,2 tr USD Room NN: 0%

Cc ch s chnh 2013A 2014A 2015F 2016F

Doanh thu, t ng 3.391 3.913 3.622 3.876
LNST tr li ch CTS, t ng 589 533 554 570
Tng trng doanh thu 15,7% 15,4% -7,4% 7,0%
23/11/2015 Tng trng LN trc thu 16,2% 19,9% -9,3% 0,4%
Tng trng EPS (*) -1,0% 23,1% 4,0% 4,6%
Cc ch s chnh PER theo gi th trng (**) 11,7 12,8 12,3 11,9
S hu ca khi ngoi 49% PBR theo gi th trng 3,0 2,6 2,3 2,1
Room ti a cho khi ngoi 49% ROE 29,7% 23,4% 21,6% 19,8%
SL c phiu lu hnh 86,9 triu Li sut c tc theo gi th trng 4,3% 4,3% 4,3% 4,3%
S CP pha long hon ton 86,9 triu N rng / vn CSH % -33,1% -25,5% -28,6% -31,5%
Mc cao nht 12 thng VN 98.000 Ghi ch: (*) Tng trng EPS c tnh da trn EPS iu chnh theo Thng t 200 (loi tr
Mc thp nht 12 thng VN 63.000 li nhun bt thng v thp hn 15% LNST ca cng ty m c phn phi cho qu khen
thng phc li). (**) PER c tnh da theo EPS iu chnh cho qu khen thng v phc
C cu c ng
li
SCIC (Nh nc) 43,4%
Portal Global Ltd 7,2%
Khc 49,4% * KQKD 9 thng u nm 2015 ca CTCP Dc Hu Giang kh tht vng. Doanh
thu gim 5,5% khi cc khch hng ln ca DHG ang n lc gii quyt lng
hng tn kho t nm 2014. Li nhun rng sau thu (LNST) tr li ch CTS ch
tng 2,5% so vi 9 thng u nm 2014.

* Vic ti khi ng li chng trnh bn hng, tp trung vo cc khch hng

nh hn ang bt u mang li kt qu, nhng mc tng trng li nhun hai
con s s cn vi nm c th t c.

* Trong giai on 2016-2020, chng ti d bo tc tng trng kp (CAGR)

doanh thu 7,2% (mc trung bnh ngnh) trong khi t l ny ca LNST tr li ch
CTS l 3,2%.

* Gi mc tiu c iu chnh gim t 82.000 ng cn 68.900 ng. DHG ang

giao dch vi PER 12,3 ln nm 2015 v 11,9 ln nm 2016. Tng mc sinh li
4,2% trng ng vi mc khuyn ngh Ph Hp Th Trng.

p lc t mc tiu nm 2014 nh hng n KQKD nm 2015. Doanh thu hng

t sn xut gim 22,1% so vi 9 thng u nm 2014, xut pht t doanh s bn
hng thp cho cc khch hng ln ca DHG, vn vn ang n lc gii quyt lng
hng tn kho tch ly trong qu 4/2014 nhm t c mc tiu y th thch ca
nm 2014 (thi im 9 thng u nm 2014, doanh s ch t 66% k hoch c nm).
Thc t trong nm 2014, DHG gp phi mt s kh khn chnh bao gm (1) doanh
s ETC gim mnh do Thng t 01 cho php thuc nhp khu gi r t Trung Quc
v n thm nhp vo h thng Bnh vin v (2) cc cng ty trong nc cnh tranh
quyt lit trn knh OTC b p cho doanh thu st gim h iu tr ETC.
Qu 3/2015 chng kin tng trng doanh thu 9,1% so vi qu 3/2014 nh vo
doanh thu bn hng ha gia tng xp x 4 ln so vi cng k nm trc, b p
cho mc st gim 16% ca doanh thu hng t sn xut. Doanh thu bn hng ha

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 tng nh 1) doanh thu phn phi thng hiu Eugica v 2) ghi nhn doanh thu ca
qu tng khuyn mi c phn loi li theo Thng t 200, thay v ghi nhn vo chi
HOLD
ph hng bn nh trc y. Trc , DHG bn thng hiu Eugica cho Mega
Science (Thi Lan) trong nm 2013, sau DHG k hp ng phn phi sn phm
Eugica ti Vit Nam t thng 10/2014 n thng 12/2017. LNST tr li ch CTS tng
14,6% so vi qu 3/2014 khi thu sut thc t gim cn 16,3% trong qu 3/2015 so
vi 20,1% trong cng k, nh vo vic min gim thu cho nh my non-Betalactam.

9 thng
9 thng 9 thng 2015 vs.
T ng Ghi ch
2015 2014 9 thng
2014
Doanh thu 2.459 2.601 -5,5%
T sn xut 1.857 2.385 -22,1%
Thng mi v khc 602 216 178,3%
Trong , Eugica 100 0 n/m
Sn phm MSD ~100 ~90 ~11,1%
Nguyn liu th & Qu
402 126 219,0%
khuyn mi
LN gp 980 1.387 -29,3% Gim do thay i phng thc k ton
theo TT200. Qu tng khuyn mi theo
hnh thc Mua X c A gi c ghi
Bin LN gp 39,8% 53,3% nhn l gi vn hng bn thay v chi ph
bn hng nh trc y

LN t HKD 500 523 -4,5%

LNTT 511 516 -0,9%

Thp hn do min gim thu t nh my
Thu sut thc t 16,7% 19,9%
non-Betalactam
LNST tr li ch CTS 424 413 +2,5%

ng k sn phm mi chm hn d kin, k vng hon thnh vo qu 1/2016. Trong s 150

sn phm ng k, DHG ch mi c cp php 105 sn phm ti thi im hin ti v 12 sn
phm b t chi. DHG d kin s c cp php tt c sn phm vo cui qu 1/2016, chm hn
k vng trc y ca chng ti vo cui nm 2015. Chng ti cho rng nh my non-Betalactam
ca DHG s tip tc ng gp khong 28% doanh thu v 27% LNST trong nm 2015. Chng ti
duy tr gi nh thu sut thc t s gim cn 15% trong nm 2015.
Mc tng trng trong tng lai s n nh hn xut pht t vic ti c cu h thng bn
hng. Trc y, 80% doanh thu ca DHG n t 20% cc khch hng ln. Tuy nhin, vic ti c
cu h thng bn hng i i vi thu hp chnh lch trong chnh sch khuyn mi v chit khu
gia khch hng ln v nh bt u mang li mt s tc ng tch cc nh (1) ci thin hiu
qu ca lc lng bn hng nh o to chuyn su v gim st cht ch hn i vi cc trnh
dc vin, v (2) quan h tt hn vi cc khch hng nh, khuyn khch cc nh thuc nh mua
sn phm, trong khi cc nh phn phi ln ang n lc gii quyt lng hng tn kho, ng thi
kim sot gi bn l tt hn. Chng ti nhn thy mc tng trng gia cc qu n nh hn
trong nm 2015 so vi mc tng vt doanh thu vo thi im cui qu v cui nm 2014. Chng
ti cho rng s cn t nht 1-2 nm DHG ti c cu thnh cng h thng bn hng v mang li
tng trng n nh trong nhng nm ti.

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 Hnh 1: So snh doanh thu hng qu 2014 v 2015

1500 t ng DT bn hng
HOLD
ha
1200
FY14

900 FY15

600

300

0
1Q 2Q 3Q 4Q

D bo LNST tr li ch CTS nm 2015 vn c gi nguyn d cc thnh phn gi nh

c iu chnh nhm phn nh KQKD 9 thng u nm 2015. Do nh hng t Thng t
200, bin LN gp 9 thng u nm 2015 gim cn 39,8%, thp hn c d bo 43,3% ca chng
ti v con s 53,3% cng k nm 2014. Trong khi , t l phn trm ca chi ph bn hng thc t
trn doanh s ch l 12,4%, thp hn d bo 18,5% ca chng ti. Do , trong c tnh qu 4,
chng ti iu chnh tng ng cc s liu ny nhng vn gi nguyn d bo doanh thu v li
nhun t ln lt 3.622 t ng v 554 t ng.
D bo D bo
9 thng
T ng 2015 2015 hin Ghi ch
2015
trc y ti
Doanh thu 2.459 3.622 3.622 Khng i
T sn
1.857 3.141 2.848
xut
Thng
mi v 602 482 774
khc
Bin LN gp gim cho gi nh nh hng t
TT200 v t trng doanh thu hng t sn xut s
LN gp 980 1.572 1.375 gim cn 79% trn tng doanh thu, so vi mc
83% trong 6 thng u nm 2015, cng nh bin
LN thp t doanh thu hng ha khc
Chi ph bn hng gim khi TT200 yu cu chit
Chi ph bn
306 670 453 khu v qu khuyn mi s c loi tr khi
hng
doanh thu hoc a vo gi vn hng bn
LN t
500 648 652
HKD
LNST tr
li ch 426 554 554 Khng i
CTS

c tnh D bo
T ng Ghi ch
2015 2016
Tng 7% so vi nm 2015 nh mc tng trng doanh thu t
Doanh thu 3.622 3.876 sn xut 6,3% v 9,7% ca mng doanh thu hng ha khc,
a c cu doanh thu t t l 78:22
T sn
2.848 3.028 +6,3%
xut
Thng
mi v 774 849 +9,7%
khc
LN gp 1.375 1.428 +3,9%

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 Bin LN Bin LN gp thu hp do cnh tranh gia tng v gi u vo cao
38,0% 36,9%
gp hn, chi ph sn xut cao hn (in, nhn cng)
Chi ph bn
453 485 +7,0%
HOLD
hng
CP bn
hng trong
12,5% 12,5% Khng i
% doanh
thu
LN t
652 655 Khng thay i nhiu
HKD
LNST tr Tng 2,9% theo gi nh thu sut gim cn 11% so vi 15%
li ch 554 570 nm 2015 ca chng ti, nh vo s ng gp ca nh my
CTS non-Betalactam mi.

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 Bo co ti chnh
KQLN 2014A 2015F 2016F Bng CKT 2014A
HOLD
2015F 2016F
t ng t ng
Doanh thu thun 3.913 3.622 3.876 Tin v tng ng 496 634 804
Gi vn hng bn -1.782 -2.247 -2.448 u t TC ngn hn 261 261 261
Li nhun gp 2.131 1.375 1.428 Cc khon phi thu 753 645 690
Chi ph bn hng -1.099 -453 -485 Hng tn kho 781 677 738
Chi ph qun l DN -313 -270 -289 TS ngn hn khc 95 95 95
LN thun HKD (EBIT) 719 652 655 Tng TS ngn hn 2.386 2.312 2.588
Thu nhp ti chnh -2 -5 -2 TS di hn (gp) 1.141 1.289 1.478
Chi ph ti chnh -5 -4 -9 - Khu hao ly k -357 -459 -567
Trong , chi ph li vay -5 -4 -9 TS di hn (rng) 784 829 911
L/li t cng ty lin kt 0 0 0 u t TC di hn - - -
L/li thun khc 10 10 - TS di hn khc 313 313 313
Li nhun trc thu 722 652 641 Tng TS di hn 1.096 1.142 1.224
Thu TNDN -188 -98 -70 Tng Ti sn 3.483 3.454 3.811
LNST trc li ch CTS 534 555 570
Li ch CTS 0 0 0 Cc khon phi thu 261 276 300
LNST tr LI CTS. theo bo co 533 554 570 N ngn hn 177 160 159
LNST tr LI CTS. iu chnh (1) 526 546 570 Phi tr ngn hn 682 362 388
EBITDA 799 774 786 Tng n ngn hn 1.120 798 847
Vay v n di hn 0 0 0
EPS c bn theo bo co. VND 6.118 5.626 5.784 Phi tr di hn khc 69 69 69
EPS c bn iu chnh (1). VND 5.319 5.532 5.784 Tng n 1.189 868 916
EPS pha long (2). VND 5.319 5.532 5.784 C phiu u i 0 0 0
Vn iu l 0 0 0
CH S 2014A 2015F 2016F Thng d vn CP 872 872 872
Tng trng Li nhun gi li 1.405 1.698 2.007
Tng trng doanh thu 15,4% -7,4% 7,0% Vn CSH khc - - -
Tng trng LN HKD 19,9% -9,3% 0,4% Li ch CTS 17 17 17
Tng trng LN trc thu 19,2% -9,8% -0,3% Tng vn CSH 2.294 2.587 2.895
Tng trng EPS 23,1% 4,0% 4,6% Tng cng ngun vn 3.483 3.454 3.811

Kh nng sinh li
Bin LN gp 52,9% 38,0% 36,9% LU CHUYN TIN T 2014A 2015F 2016F
Bin LN t HKD (EBIT) 18,4% 18,0% 16,9% t ng
Bin EBITDA 20,4% 15,2% 14,0% Tin u nm 613 496 634
Bin LNST tr li ch CTS. iu
11,8% 13,3% 13,0% Li nhun sau thu 533 554 570
chnh
ROE 23,4% 21,6% 19,8% Khu hao 80 102 107
ROA 13,3% 13,9% 13,2% Thay i vn lu ng -227 -94 -56
iu chnh khc -81 0 0
Ch s hiu qu vn hnh Tin t HKD 305 563 621
S ngy tn kho 158 118 105 Chi mua sm TSC -253 -148 -189
S ngy phi thu 59 70 63 u t -87 0 0
S ngy phi tr 54 44 43 Tin t H u t -340 -148 -189
TG lun chuyn tin 162 145 125 C tc tr -132 -261 -261
Tng (gim) vn c phn 0 0 0
Thanh khon Tng (gim) n di hn 0 0 0
CS thanh ton hin hnh 2,1 2,9 3,1 Tng (gim) n ngn hn 50 -17 -1
CS thanh ton nhanh 1,4 2,0 2,2 Khc 0 0 0
CS thanh ton tin mt 0,4 0,8 0,9 Tin t hot ng TC -82 -278 -263
N/Ti sn 0,1 0,0 0,0 Tng lu chuyn tin t -117 137 170
N/Vn CSH 0,1 0,1 0,1 Tin cui nm 496 634 804
N rng/Vn CSH -25,5% -28,6% -31,5%
Kh nng thanh ton li vay 148,6 148,4 71,9

Ngun: Bo co ti chnh cng ty, d bo ca VCSC

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 KQLN theo qu
2015
KQ tnh t K hoch HOLD
D bo ca
Q1 Q2 Q3 Q4 u nm ca cng ty VCSC
Doanh thu. t ng 669 789 991 N/A 2.459 4.000 3.622
Mc tiu LNST, cha iu chnh N/A N/A N/A N/A N/A N/A N/A
Mc tiu LNST, iu chnh N/A N/A N/A N/A N/A N/A N/A
Bin li nhun gp 43,6% 39,4% 36,8% N/A 39,8% N/A 38,0%
Bin li nhun t hot ng 19,5% 21,2% 20,3% N/A 20,3% N/A 18,0%
Bin LNST tr li ch CTS
14,8% 16,1% 16,6% N/A 17,3% N/A 15,1%
(iu chnh)
Tng trng doanh thu so vi
-8,0% -18,6% 9,1% N/A -5,5% 2,2% -7,4%
cng k nm trc
Tng trng LN t hot ng so
-13,8% -12,7% 11,8% N/A -4,5% N/A -9,3%
vi cng k nm trc

KQ tnh t K hoch
2014 Q1 Q2 Q3 Q4
u nm ca cng ty
Doanh thu. t ng 728 976 908 1.301 3.913 3.880
Mc tiu LNST, cha iu chnh 118 154 142 119 533 686
Mc tiu LNST, iu chnh 106 137 127 95 464 N/A
Bin li nhun gp 52,4% 52,7% 54,3% 57,1% 53% N/A
Bin li nhun t hot ng 20,8% 19,7% 19,8% 14,5% 18,4% N/A
Bin LNST tr li ch CTS
16,1% 15,3% 15,2% 8,1% 13,4% N/A
(iu chnh)
Tng trng doanh thu so vi
-5,6% 24,4% 8,4% 20,3% 15,4% 14,4%
cng k nm trc
Tng trng LN t hot ng so
8,5% 38,6% 29,8% 3,2% 19,9% N/A
vi cng k nm trc

KQ tnh t K hoch
2013 Q1 Q2 Q3 Q4
u nm ca cng ty
Doanh thu. t ng 770,4 779,3 838,0 1.090,0 3.391 3.200
Mc tiu LNST, cha iu chnh 116 126 209 138 589 570
Mc tiu LNST, iu chnh 90 90 87 109 377 N/A
Bin li nhun gp 44,8% 47,6% 46,3% 48,3% 50% N/A
Bin li nhun t hot ng 18,1% 17,8% 16,5% 16,8% 17,7% N/A
Bin LNST tr li ch CTS
11,6% 11,5% 10,4% 10,0% 11,1% N/A
(iu chnh)
Tng trng doanh thu so vi
24,2% 12,7% 17,5% 20,3% 20,3% 9,2%
cng k nm trc
Tng trng LN t hot ng so
26,4% -20,9% 29,1% 49,5% 16,2% N/A
vi cng k nm trc

Lu : LNST iu chnh = LNST tr li ch c ng thiu s tr li nhun bt thng

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 D bo KLQN
D bo
So snh HOLD
D bo d bo
2015
KQ 2014 2015 (hin 2015 hin Ghi ch
(trc
nay) nay vi
y)
KQ2014
t ng
Doanh thu 3.913 3.622 3.622 -7,4%
iu chnh gim do nhng tc ng su hn ca
LN gp 2.131 1.573 1.375 -35,5%
TT200
iu chnh gim do nhng tc ng su hn ca
Chi ph bn hng & marketing -1.099 -670 -453 -58,8%
TT200
Chi ph qun l -313 -254 -270 -13,7%
LN thun HKD 719 649 652 -9,3%
Chi ph li vay -5 -4 -4 -8,3%
LN khng t HKD 10 10 10 0%
LN trc thu 722 652 652 -9,7%
LN sau thu 534 555 555 3,9%
LN rng sau thu (sau li ch
533 554 554 3,9%
CTS)
EBITDA 799 771 774 -3,5%

Bin LN gp % 54,5% 43,4% 38,0%

Chi ph bn hng v tip
28,1% 18,5% 12,5%
th/doanh thu
Chi ph iu hnh/doanh thu 8,0% 7,0% 7,5%
Bin EBIT % 18,4% 17,9% 18,0%
Bin EBITDA % 20,4% 21,3% 21,4%
Bin LNST% 11,8% 15,3% 15,3%
Thu sut% 26,1% 15,0% 15%

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 Cc ch s chnh
DHG (d bo HOLD
2015) IMP* TRA* DMC*
Gi tr vn ha (triu
269 50 89 48
USD)
LNST 554 101 190 140
EPS 5.626 2.982 7.084 4.455
PER 12,3 13,8 11,3 9,0
PER trung bnh c
11,8
trng s
Ngun: (*) K hoch ca cng ty

Lch s Khuyn ngh

140000 MUA MUA

118.000 118.000
120000
PHTT
97.000
100000 PHTT
82.000
80000

60000
PHTT
68.900
40000

20000

0
T02/14
T03/14
T04/14
T05/14
T06/14
T07/14
T08/14
T09/14
T10/14
T11/14
T12/14
T01/15
T02/15
T03/15
T04/15
T05/15
T06/15
T07/15
T08/15
T09/15
T10/15
T11/15

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 HOLD
Xc nhn ca chuyn vin phn tch
Ti, Nguyn Th Kim Chung, xc nhn rng nhng quan im c trnh by trong bo co ny phn nh ng quan im
c nhn ca chng ti v cng ty ny. Chng ti cng xc nhn rng khng c phn th lao no ca chng ti , ang,
hoc s trc tip hay gin tip c lin quan n cc khuyn ngh hay quan im th hin trong bo co ny. Cc chuyn
vin phn tch nghin cu ph trch cc bo co ny nhn c th lao da trn nhiu yu t khc nhau, bao gm cht
lng, tnh chnh xc ca nghin cu, v doanh thu ca cng ty, trong bao gm doanh thu t cc n v kinh doanh
khc nh b phn Mi gii t chc, hoc T vn doanh nghip.

Phng php nh gi v H thng khuyn ngh ca VCSC

Ni dung chnh trong h thng khuyn ngh: Khuyn ngh c a ra da trn mc tng/gim tuyt i ca gi c
phiu t n gi mc tiu, c xc nh bng cng thc (gi mc tiu - gi hin ti)/gi hin ti v khng lin quan
n hot ng th trng. Cng thc ny c p dng t ngy 1/1/2014.

Cc khuyn ngh nh ngha

MUA Tng li nhun c ng (bao gm c tc) trong 12 thng ti d bo s trn 20%
Tng li nhun c ng (bao gm c tc) trong 12 thng ti d bo s dng t
KH QUAN
10%-20%
Tng li nhun c ng (bao gm c tc) trong 12 thng ti d bo s dao ng
PH HP TH TRNG
gia m 10% v dng 10%
Tng li nhun c ng (bao gm c tc) trong 12 thng ti d bo s m t 10-
KM KH QUAN
20%
BN Tng li nhun c ng (bao gm c tc) trong 12 thng ti d bo s m trn 20%
KHNG NH GI B phn nghin cu ang hoc c th s nghin cu c phiu ny nhng khng
a ra khuyn ngh hay gi mc tiu v l do t nguyn hoc ch tun th cc quy
nh ca lut v/hoc chnh sch cng ty trong trng hp nht nh, bao gm khi
VCSC ang thc hin dch v t vn trong giao dch sp nhp hoc chin lc c
lin quan n cng ty .
KHUYN NGH TM HON Hnh thc nh gi ny xy ra khi cha c y thng tin c s xc nh khuyn
ngh u t hoc gi mc tiu. Khuyn ngh u t hoc gi mc tiu trc , nu
c, khng cn hiu lc i vi c phiu ny.

Tr khi c khuyn co khc, nhng khuyn ngh u t ch c gi tr trong vng 12 thng. Nhng bin ng gi trong tng
lai c th lm cho cc khuyn ngh tm thi khng khp vi mc chnh lch gia gi th trng ca c phiu v gi mc
tiu nn vic vic din gii cc khuyn ngh u t cn c thc hin mt cch linh hot.

Gi mc tiu: Trong hu ht trng hp, gi mc tiu s tng ng vi nh gi ca chuyn vin phn tch v gi tr hp
l hin ti ca c phiu. Gi mc tiu l mc gi c phiu nn c giao dch hin ti nu th trng ng quan im
ca chuyn vin phn tch v c nhng yu t xc tc cn thit to ra s thay i nhn thc trong thi hn nht nh.
Tuy nhin, nu chuyn vin phn tin rng trong thi hn xc nh s khng c tin tc, s kin hoc yu t thc y cn
thit c phiu c th t n gi tr hp l th gi mc tiu c th khc vi gi tr hp l. V th, trong hu ht trng
hp, khuyn ngh ca chng ti ch l nh gi s cha ph hp gia gi th trng hin ti v gi tr hp l hin ti ca
c phiu theo quan im ca chng ti.

Phng php nh gi: xc nh gi mc tiu, chuyn vin phn tch c th s dng nhiu phng php nh gi
khc nhau, bao gm nhng khng gii hn, phng php chit khu dng tin t do v nh gi so snh. Vic la chn
phng php ty thuc vo tng ngnh, cng ty, tnh cht c phiu v nhiu yu t khc. Kt qu nh gi c th da trn
mt hoc kt hp nhiu phng php sau: 1) nh gi da trn nhiu ch s (P/E, P/CF, EV/doanh thu, EV/EBIT,
EV/EBITA, EV/EBITDA), so snh nhm cng ty v da vo s liu qu kh, 2) M hnh chit khu (DCF, DVMA, DDM);
3) Phng php tnh tng gi tr cc thnh phn hoc cc phng php nh gi da vo ti sn; v 4) Phng php
nh gi s dng li nhun kinh t (Li nhun thng d, EVA). Cc m hnh nh gi ny ph thuc vo cc yu t kinh
t v m nh tng trng GDP, li sut, t gi, nguyn liu vi cc gi nh khc v nn kinh t cng nh nhng ri ro vn
c trong cng ty ang xem xt. Ngoi ra, tm l th trng cng c th nh hng n vic nh gi cng ty. Qu trnh nh
gi cn cn c vo nhng k vng c th thay i nhanh chng m khng cn thng bo, ty vo s pht trin ring ca
tng ngnh.

Ri ro: Tnh hnh hot ng trong qu kh khng nht thit s din ra tng t cho cc kt qu trong tng lai. T gi
ngoi t c th nh hng bt li n gi tr, gi hoc li nhun ca bt k chng khon hay cng c ti chnh no c lin
quan c ni n trong bo co ny. c t vn u t, thc hin giao dch hoc cc yu cu khc, khch hng
nn lin h vi n v i din kinh doanh ca khu vc c gii p.

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 Lin h
HOLD
CTCP Chng khon Bn Vit (VCSC)
www.vcsc.com.vn
Tr s chnh Chi nhnh H Ni
Bitexco, Lu 15, S 2 Hi Triu 109 Trn Hng o
Qun 1, Tp. HCM Qun Hon Kim, H Ni
+848 3914 3588 +844 6262 6999

Phng giao dch Phng giao dch

S 10 Nguyn Hu 236 - 238 Nguyn Cng Tr
Qun 1, TP. HCM Qun 1, Tp. HCM
+848 3914 3588 +848 3914 3588

Phng Nghin cu v Phn tch

Gim c Phng Nghin cu v Phn tch
V Thanh T, +848 3914 3588 ext 105 +848 3914 3588
tu.vu@vcsc.com.vn research@vcsc.com.vn

Ti chnh, Cng nghip, Tp on a ngnh Bt ng sn, Hng tiu dng

Trng phng cao cp Trng phng cao cp
Ng Hong Long, ext 145 Anirban Lahiri, ext 130

ng Vn Php, CV cao cp ext 143 Nguyn Tho Vy, Chuyn vin ext 147
inh Th Thy Dng, CV cao cp ext 140 Hong Minh Hi, Chuyn vin ext 138
Nguyn L Hong Yn, CV cao cp ext 124
L Minh Thy, Chuyn vin ext 116
L Th M Dung, Chuyn vin ext 149
Nguyn Thanh Nga, Chuyn vin ext 199

V m v Th trng
Nguyn Th Minh, Trng phng ext 142
L Ngc Trm, CV cao cp ext 194
L Trng Ngha, Chuyn vin ext 181
Dng M Thanh, CV v m ext 173
Du kh
Nguyn c Tun, Trng phng ext 185
Ng Thy Trm, Chuyn vin ext 135
Nguyn Th Kim Chung, Chuyn vin ext 132

Phng Giao dch chng khon khch hng t chc

& C nhn nc ngoi
T chc nc ngoi T chc trong nc
Michel Tosto, M. Sc. Nguyn Quc Dng
+848 3914 3588 ext 102 +848 3914 3588 ext 136
michel.tosto@vcsc.com.vn dung.nguyen@vcsc.com.vn

Phng Mi gii khch hng trong nc

H Ch Minh H Ni
Chu Thin Trc Qunh Nguyn Huy Quang
+848 3914 3588 ext 222 +844 6262 6999 ext 312
quynh.chau@vcsc.com.vn quang.nguyen@vcsc.com.vn

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 HOLD
Khuyn co
Bo co ny c vit v pht hnh bi Cng ty C phn Chng khon Bn Vit. Bo co ny c vit da trn ngun
thng tin ng tin cy vo thi im cng b. Cng ty C phn Chng khon Bn Vit khng chu trch nhim v chnh
xc ca nhng thng tin ny. Quan im, d bo v nhng c lng trong bo co ny ch th hin kin ca tc gi
ti thi im pht hnh. Nhng quan im ny khng th hin quan im chung ca Cng ty C phn Chng khon Bn
Vit v c th thay i m khng cn thng bo trc. Bo co ny ch nhm mc ch cung cp thng tin cho cc t
chc u t cng nh cc nh u t c nhn ca Cng ty c phn chng khon Bn Vit v khng mang tnh cht mi
cho mua hay bn bt k chng khon no c tho lun trong bo co ny. Quyt nh ca nh u t nn da vo
nhng s t vn c lp v thch hp vi tnh hnh ti chnh cng nh mc tiu u t ring bit. Bo co ny khng
c php sao chp, ti to, pht hnh v phn phi vi bt k mc ch no nu khng c s chp thun bng vn
bn ca Cng ty C phn Chng khon Bn Vit. Xin vui lng ghi r ngun trch dn nu s dng cc thng tin trong bo
co ny.

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