CTCP FPT [MUA +57,3%] Cp nht

Ngy: 04/11/2016 2015 2016F 2017F FPT VNIndex

Gi hin ti: 42.150VND Tng trng DT 16,2% 2,4% 14,0% 20%
Gi mc tiu: 64.300VND Tng trng EPS 2,5% 7,1% 18,6% 10%
18 March 2011
Gi mc tiu gn nht: 60.500VND Bin LN gp 19,9% 21,5% 21,6% 0%
Bin LN rng 5,1% 5,4% 5,6% -10%
TL tng: +52.6% EV/EBITDA 6,0x 5,7x 4,9x -20%
Li sut c tc: 4.7% Gi CP/Dng tin H 14,0x 6,3x 4,8x T10/15 T01/16 T04/16 T07/16
Tng mc sinh li: +57.3% P/E 10,0x 9,3x 7,8x

Ngnh: CNTT FPT Peers VNI FPT l tp on CNTT xp th hai trong th

GT vn ha:: 892tr USD P/E (trt) 9,7x 16,5x 16,0x trng internet bng thng rng ti Vit Nam.
Room KN: 0tr USD P/B (hin ti) 2,2x 3,7x 1,9x Cng ty cng xp s mt trong mng gii php
phn mm, tch hp h thng v dch v IT vi
GTGD/ngy (30n): 2,5tr USD N rng/Vn CSH 25,6% -24,4% N/A
hn 50% th phn. Vi chin lc ton cu ha,
C phn Nh nc: 6,0% ROE (trt) 21,8% 17,9% 12,2% doanh thu quc t ca FPT c mc tng trng
SL c phiu lu hnh: 459,4tr ROA (trt) 10,1% 10,0% 2,1% CAGR 34% trong vng 3 nm qua
Pha long: 459,4tr
PEG 3 nm 0,7

Nguyn Th Anh o Tng trng li nhun mnh m trong nm 2017

Chuyn vin cao cp
Chng ti gi khuyn ngh MUA i vi CTCP FPT (FPT) khi tng trng LNTT 22% trong qu 3/2016 cng
c quan im tch cc ca chng ti v trin vng ca cng ty. Dch v Vin thng quay tr li tng trng
sau khi kt thc ghi nhn chi ph u cui ca d n quang ha ln, trong khi s phc hi ca th trng M
s h tr cho tng trng ca mng Xut khu Phn mm. So vi mc tng trng EPS 18,6% nm 2017,
FPT c nh gi kh thp vi P/E 2017 t 7,8 ln.
LNTT qu 3/2016 tng 22% so vi qu 3/2015, cng c quan im ca chng ti v tng trng li
nhun tng tc. Trong khi , LNTT 6 thng u nm gim 7% so vi cng k nm ngoi. Kt qu Qu 3
c s ci thin nh ghi nhn mt d n tch hp h thng ln sau khi bn giao cho nh nc v LNTT t
dch v vin thng tng trng 15% nh chi ph u cui gim.
Xut khu Phn mm s tip tc dn dt tng trng vi LNTT tng 33% nm 2017 khi doanh thu t
th trng M s ci thin. Mt doanh thu do khch hng ln ti M ti c cu sau khi b mua li phn
no nh hng n tng trng th trng ny. Tuy nhin, chng ti cho rng th trng M s tng trng
vi tc hai ch s tr li v theo ban lnh o, FPT gn y k mt s hp ng vi 3-4 khch hng
ti M, b p c vic mt i mt phn doanh thu nh trnh by trn y. Chng ti d bo li nhun
trc thu lnh vc gia cng phn mm s tng 33% nm 2017 so vi mc 29% nm 2016.
Khi chi ph u cui ca d n quang ha gim, chng ti d phng LNTT ca mng Dch v Vin
thng s tng 25% trong nm 2017. Trong khi , doanh thu lnh vc ny d bo s tng trng 20% ch
yu v lng khch thu bao tng. Lnh vc dch v vin thng tng tc trong Qu 3/2016 vi tng trng
li nhun trc thu t 15% so vi cng k nm ngoi (6 thng u nm: -11%) v vic phn b chi ph
cp quang TP. HCM v H Ni c hon tt trong 6 thng u nm. V iu ny s nh hng n kt
qu c nm 2017, chng ti d bo bin li nhun gp lnh vc ny s tng.
Chng ti d phng tng trng LNTT 4% trong nm 2017 i vi mng Phn phi v Bn l, khi
mng Phn phi vn din bin km tch cc v tng trng s lng ca hng bn l chm hn.
Chng ti d bo li nhun trc thu lnh vc bn l s tng 20% nm 2017 nh doanh thu t cc ca
hng hin hu tng 10%, c thm 25 ca hng mi m, v ng gp c nm t cc ca hng m nm
2016. Tuy nhin, chng ti d bo li nhun trc thu ca lnh vc phn phi s gim 6% do cc nh bn
l tng cng mua hng trc tip t nh sn xut.
Mc P/E di 10 ln l rt hp dn trong khi vic bn mng Phn phi v Bn l vn l din bin h
tr cho gi c phiu. Theo gi hin nay, FPT hin ang giao dch vi PER trt 12 thng 9,7 ln, thp hn
nhiu so vi cc cng ty cng ngnh trong khu vc l 15-30 ln. Do lnh vc phn phi nh hng phn
no n tm l nh u t, chng ti cho rng gi c phiu hin ti khng phn nh trin vng tng trng
tch cc ca FPT, vi hai tr ct chnh l xut khu phn mm v vin thng. Vic hon tt thoi vn khi
lnh vc bn l c th h tr gi c phiu, bn cnh khon li nhun bt thng ln nhiu kh nng s c
ghi nhn vo kt qu li nhun.

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 1
 Tng kt KQLN 9 thng u nm: Vin thng v CNTT
trong nc phc hi trong Qu 3 HOLD
Hnh 1: Tng kt KQLN 9 thng u nm ca FPT
9 thng 9 thng Hon tt
LNTT (t
u u % YoY d bo Nhn nh ca VCSC
ng)
2015 2016 ca VCSC
Li nhun trc thu tng 15% trong Qu
Dch v 3/2016 so vi cng k nm ngoi do khng cn
694 676 -2,6% 70,2%
Vin thng chi ph u cui cho d n cp quang ti H
Ni v TP. HCM.
Cng ngh
600 649 8,2% 57,9%
thng tin
Tng trng mnh ti cc th trng chnh, c
- Xut khu 448 556 24,1% 67,1% bit l Nht Bn, vi doanh thu tng 50% so
vi cng k nm ngoi
Ghi nhn tp trung vo 6 thng cui nm 2016.
- Trong Li nhun trc thu Qu 3/2016 tng 166%
152 93 -38,8% 31,8%
nc so vi cng k nm ngoi nh ghi nhn cc d
n ln.
Mt doanh thu t MWG t thng 09/2015 v
Lumia t kt qu km, nh hng n lnh
Phn phi vc phn phi (gim 39% so vi cng k nm
500 397 -20,6% 63,6%
v bn l ngoi), nhng c hot ng bn l b p
vi kt qu tch cc (tng 44% so vi cng k
nm ngoi).
Mng gio dc v online t kt qu cao, ng
Khc 174 290 66,7% 80,2%
thi l t u t gim.
Tng cng 1.968 2.012 2,2% 65,6%
Ngun: FPT v VCSC

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 2
 Trin vng 2016: LNST tng 8% khi lnh vc vin thng
tng tc v s c thm nhiu d n CNTT trongHOLDnc
c ghi nhn
Hnh 2: Tm tt d bo 2016 ca VCSC
D bo D bo
Tng
KQ2015 2016 trc 2016 Nhn nh ca VCSC
trng (%)
y hin nay
Doanh thu 37.947 38.987 38.851 2,4%
H tr bi tng trng s thu bao v
Dch v Vin thng 5.109 6.240 6.240 22,1%
tng trng t cc dch v khc.
Doanh thu t th trng M thp hn
Phnn mm 5.206 6.733 6.559 26,0% so vi d kin, trong khi doanh thu th
trng Nht vn tng 50%.
Phn phi t kt qu km, phn no
Phn phi & Bn l 23.156 21.373 21.373 -7,7% c b p nh bn l tng trng
mnh.
Gio dc v online t kt qu cao,
Khc 4.476 4.640 4.678 4,5% nhng CNTT trong nc km (tch hp
h thng, dch v CNTT)

LNTT 2.851 3.069 3.098 8,7%

B nh hng do chi ph u cui ti H
Dch v Vin thng 874 963 963 10,2% Ni v TP. HCM 6 thng u nm
2016.
Doanh thu t th trng M gim, trong
khi bin li nhun 6 thng cui nm
Phn mm 732 919 909 24,2% 2016 s cao hn so vi 6 thng u
nm nh cc bin php ci thin hiu
sut.
Phn phi t kt qu km, phn no
Phn phi & Bn l 729 624 624 -14,4% c b p nh bn l tng trng
mnh.
Mng gio dc v online t kt qu
Khc 516 563 603 16,9%
cao, l t u t gim.

Li nhun gp 7.565 8.006 8.353 10,4%

Chi ph bn hng -2.136 -2.227 -2.516 17,8%
Chi ph qun l -2.481 -2.628 -2.658 7,1%
LN t HKD 2.948 3.152 3.179 7,8%
Chi ph li vay -266 -313 -313 17,6%
LN ngoi HKD 169 231 233 37,3%
LN trc thu 2.851 3.069 3.098 8,7%
LN sau thu 2.438 2.612 2.639 8,3%
LNST v sau li ch
1.933 2.062 2.081 7,7%
CTS
EBITDA 3.680 3.892 3.918 6,5%

Bin LNTT % 7,5% 7,9% 8,0%

Vin thng 17,1% 15,4% 15,4%
Phn mm 14,1% 13,6% 13,9%
Phn phi & Bn l 3,1% 2,9% 2,9%
Khc 11,5% 12,1% 12,9%

Chi ph bn hng v
5,6% 5,7% 6,5%
tip th/Doanh thu %
Chi ph iu
6,5% 6,7% 6,8%
hnh/Doanh thu %
Bin LN t hot
7,8% 8,1% 8,2%
ng %
Bin EBITDA % 9,7% 10,0% 10,1%
Bin LNST % 5,1% 5,3% 5,4%
Thu sut % 14.5% 14.9% 14.8%

Ngun: VCSC

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 3
 Trin vng 2017: Vin thng v Xut khu phn mm s
thc y tng trng HOLD
Hnh 3: Tm tt d bo 2017 ca VCSC
D bo D bo Tng
t VND Nhn nh ca VCSC
2016 2017 trng
Doanh thu 38.851 44.282 14,0%
Tng s lng thu bao v tng trng
Dch v vin thng 6.240 7.488 20,0% nh cc dch v khc (IPTV, voice, DC,
cho thu ng truyn)
Nh doanh thu t xut khu phn mm
Phn mm 6.559 8.373 27,6%
tng 32% so vi nm 2016.
Khng c tn hiu ci thin i vi lnh
vc phn phi, trong khi tng trng
Phn phi & Bn l 21.373 23.368 9,3%
doanh thu bn l s chm hn vi tc
m rng ca hng gim dn.
Online v gio dc t kt qu cao,
Khc 4.678 5.052 8,0%
nhng tch hp h thng vn kh khn.
LNTT 3.098 3.684 18,9%
Bin li nhun tng nh khng cn chi
Dch v vin thng 963 1.208 25,4% ph u cui cho d n quang ha ti
H Ni v TP. HCM.
D bo bin li nhun lnh vc xut
Phn mm 909 1.191 31,0% khu phn mm tng nh cc bin
php ci thin hiu sut
Khng c tn hiu ci thin i vi lnh
vc phn phi, trong khi tng trng
Phn phi & Bn l 624 651 4,4%
doanh thu bn l s chm li vi tc
m rng ca hng gim dn.
Lnh vc tch hp h thng t kt qu
km, trong khi tng trng li nhun
Khc 603 634 5,1% trc thu ca lnh vc online thp hn
v KQLN 2016 bao gm li nhun bt
thng nh bn cng ty con.
LNST 2.639 3.148 19,3%
LNST v sau li ch
2.081 2.469 18,6%
CTS
Ngun: VCSC

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 4
 nh gi
Chng ti tip tc kt hp phng php chit khu dng tin (t trng 80%) v nh gi tng phn HOLD
theo PER (t trng 20%). Gi mc tiu chng ti a ra c iu chnh tng 6% nh li sut phi
ri ro v phn b ri ro th trng c iu chnh gim ln lt 30 im c bn v 20 im c
bn, cng nh EPS trt 12 thng cao hn nh KQLN Qu 3 kh quan hn.
Hnh 4: Tm tt m hnh nh gi
Phng php Gi tr hp l T trng ng gp (VND/CP)
Chit khu dng tin 62.802 80% 50.242
PER mc tiu 70.192 20% 14.038
Gi mc tiu 64.280
PER trt 12 thng theo gi
14,8x
mc tiu
D bo PER 2017 theo gi
12,0x
mc tiu
Ngun: VCSC

Hnh 5: DCF valuation

Bo co
Chi ph vn iu chnh FCFF (5 nm)
trc
Beta 1,2 1,2 PV ca Dng tin t do 11.205
Phn b ri ro th trng
7,9 7,7 PV ca gi tr cui (2,5% g) 26.062
%
LS phi ri ro % 5,8 5,5 PV ca FCF v TV 37.267
+ Tin mt & u t ngn
Chi ph Vn CSH % 15,3 14,7
hn 7.583
Chi ph n % 8,0 8,0 - N -8.529
N % 26,4 26,4 - Li ch CTS -7.473
Vn CSH % 73,5 73,5 Gi tr vn CSH 28.848
Thu sut thc t % 13,8 13,7 C phiu (triu) 459
WACC % 13,1 12,7 Gi c phiu, ng 62.802

Ngun: VCSC

Hnh 6: Dng tin

Chit khu dng tin 2016 2017 2018 2019 2020

EBIT 3.412 4.035 4.708 5.390 6.228

- Thu -505 -587 -676 -759 -858
+ Khu hao 738 841 935 1.033 1.145
- u t XDCB -1.748 -1.771 -1.722 -1.795 -1.807
- Tng vn lu ng -304 22 -146 -8 -367
Dng tin t do 1.592 2.540 3.098 3.861 4.340
Gi tr hin ti ca dng tin
1.509 2.155 2.345 2.601 2.595
t do
Tng gi tr hin ti ca dng
1.509 3.663 6.009 8.610 11.205
tin t do

Ngun: VCSC

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 5
 nh gi tng phn
LNST trt
T ng PER mc tiu (x)* Gi tr mc tiu**
Cng ngh
12 thng
877 21,0
HOLD
18.422
Phn phi 315 9,8 3.089
Bn l 155 10,9 1.694
Vin thng 436 14,5 6.322
Gio dc v cc H khc 206 13,2 2.721
Tng cng 1.990 32.248
s c phiu 459
Gi tr hp l (VND/sh) 70.192

Ngun: VCSC, (*) Khng i so vi bo co gn nht, (**) iu chnh cho s hu thc t ca FPT trong
tng mng kinh doanh

So snh vi cc cng ty cng ngnh

LNST P/B
DT P/E
GT 12 N/ qu
(triu USD) thun 12 y-o-y y-o-y ROE P/E trt
M vn thng Vn ROA gn
Cng ty thng % % % trt iu nht
ha gn CSH %
gn nht chnh
nht
Phn mm & Dch v IT
eClerx Services ECLX IN 998 201 39,5 55,5 58,0 0,3 40,3 18,3 14,1 32,6 6,1
Kingdee
International 268 HK 1.181 270 12,0 23 (28,1) 44,9 4,5 52,8 66,5 2,7 2,3
Software Group
NIIT Technologies NITEC IN 394 410 13,1 43 145,4 0,4 19,0 9,4 7,2 13,3 1,7
Shanghai East
600850 CH 1.728 977 11,2 51 24,7 28,1 21,2 35,4 31,2 7,6 7,0
China Computer
China Shipping
Network 002401 CH 762 106 15,7 9 6,1 4,6 7,9 92,8 31,8 5,0 7,1
Technology
Trung v 998 270 13,1 43 24,7 4,6 19,0 35,4 31,2 7,6 6,1
Vin thng
TIME dotCom Bhd TDC MK 1.103 169 8,3 81 (29,7) 7,1 15,0 13,8 12,2 12,6 2,2
Kazakhtelecom KZTK KZ 449 621 (18,5) 279 292,5 14,2 25,7 5,6 17,3 18,4 0,4
Dr Peng Telecom &
600804 CH 4.628 1.329 17,6 109 6,8 25,1 12,4 43,0 38,0 3,9 5,1
Media Group
China Telecom 728 HK 42.984 53.279 6,1 3.222 20,5 38,3 6,9 14,3 18,0 3,4 0,9
Trung v 2.865 975 7,2 194 13,6 19,7 13,7 14,0 17,7 8,3 1,6
Phn phi & bn l ICT
Th gii Di ng MWG VN 974 1.526 73,3 65 78,9 82,7 57,9 14,6 14,6 24,2 7,0
FPT FPT VN 891 1.677 (6,6) 86 10,9 86,5 21,8 9,7 9,7 8,0 2,2

Ngun: Bloomberg

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 6
 Bo co Ti chnh
KQLN (t ng) 2015A 2016F 2017F BNG CKT (t ng) 2015A HOLD
2016F
2017F
Doanh thu thun 37.947 38.851 44.282 Tin v tng ng 3.585 3.956 5.099
Gi vn hng bn -30.382 -30.498 -34.717 u t TC ngn hn 2.617 2.617 2.617
Li nhun gp 7.565 8.353 9.565 Cc khon phi thu 4.477 4.342 4.949
Chi ph bn hng -2.136 -2.516 -2.874 Hng tn kho 5.268 5.849 6.182
Chi ph qun l DN -2.481 -2.658 -2.991 TS ngn hn khc 3.012 3.012 3.012
LN thun HKD 2.948 3.179 3.700 Tng TS ngn hn 18.959 19.776 21.859
Doanh thu ti chnh 456 499 522 TS di hn (gp) 7.550 9.298 11.069
Chi ph ti chnh -624 -649 -607 - Khu hao ly k -3.258 -3.996 -4.837
Trong , chi ph li vay -266 -313 -352 TS di hn (rng) 4.292 5.302 6.232
Li nhun t cng ty LDLK 34 34 34 u t TC di hn 728 728 728
Li nhun/(chi ph) khc 36 35 33 TS di hn khc 2.066 2.066 2.066
LNTT 2.851 3.098 3.684 Tng TS di hn 7.087 8.097 9.027
Thu TNDN -413 -459 -536 Tng Ti sn 26.046 27.873 30.886
LNST trc CTS 2.438 2.639 3.148
Li ch C thiu s -505 -558 -678 Phi tr ngn hn 2.815 2.863 3.259
LN rng tr CTS , bo co 1.933 2.081 2.469 N ngn hn 8.191 8.191 8.191
LN rng tr CTS, iu chnh (1) 1.933 2.081 2.469 N ngn hn khc 3.961 4.056 4.622
EBITDA 3.680 3.918 4.542 Tng n ngn hn 14.968 15.109 16.072
EPS c bn bo co, VND 4.229 4.531 5.375 N di hn 614 579 492
EPS c bn iu chnh(1), VND 4.229 4.531 5.375 N di hn khc 281 281 281
EPS pha long hon ton(2), VND 4.229 4.531 5.375 Tng n 15.863 15.970 16.846

T L 2015A 2016F 2017F C phiu u i 0 0 0

Tng trng Vn c phn 3.976 3.976 3.976
Tng trng doanh thu 16,2% 2,4% 14,0% Thng d vn CP 49 49 49
Tng trng LN HKD 23,5% 7,8% 16,4% Li nhun gi li 4.395 5.557 7.016
Tng trng LNTT 15,9% 8,7% 18,9% Vn khc 701 701 701
Tng trng EPS, iu chnh 2,5% 7,1% 18,6% Li ch CTS 1.061 1.620 2.298
Vn ch s hu 10.182 11.903 14.040
Kh nng sinh li Tng cng ngun vn 26.046 27.873 30.886
Bin LN gp % 19,9% 21,5% 21,6%
Bin LN t H % 7,8% 8,2% 8,4% LU CHUYN TIN T (t dng)
Bin EBITDA 9,7% 10,1% 10,3% Tin u nm 4.336 3.585 3.956
LN rng tr CTS iu chnh 5,1% 5,4% 5,6% Li nhun sau thu 1.933 2.081 2.469
ROE % 22,7% 21,5% 22,4% Khu hao 732 738 841
ROA % 10,0% 9,8% 10,7% Thay i vn lu ng -1.661 -304 22
iu chnh khc 420 558 678
Ch s hiu qu vn hnh Tin t hot ng KD 1.382 3.074 4.011
S ngy tn kho 59,1 66,5 63,2
S ngy phi thu 40,8 41,4 38,3 Chi mua sm TSC. rng -1.974 -1.748 -1.771
S ngy phi tr 34,3 33,3 31,9 u t -1.153 0 0
TG lun chuyn tin 65,6 74,6 69,7 Tin t H u t -3.127 -1.748 -1.771

Thanh khon C tc tr -974 -919 -1.011

CS thanh ton hin hnh 1,3 1,3 1,4 Tng (gim) vn 0 0 0
CS thanh ton nhanh 0,7 0,7 0,8 Tng (gim) n di hn 472 -35 -87
CS thanh ton tin mt 0,4 0,4 0,5 Tng (gim) n ngn hn 1.469 0 0
N/Ti sn 0,3 0,3 0,3 Tin t cc hot ng TC khc 27 0 0
N/Vn s dng 0,5 0,4 0,4 Tin t hot ng TC 994 -954 -1.097
N/Vn CSH 0,3 0,2 0,1
Kh nng thanh ton li vay 11,1 10,1 10,5 Tng lu chuyn tin t -752 371 1.143
Tin cui nm 3.585 3.956 5.099

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 7
 Xc nhn ca chuyn vin phn tch
HOLD
Ti, Nguyn Th Anh o, 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.

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.

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 8
 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
Barry Weisblatt. +848 3914 3588 ext 105 +848 3914 3588
barry.weisblatt@vcsc.com.vn research@vcsc.com.vn

Ng Hong Long, Trng phng cao cp, ext 145
Ti chnh, Cng nghip, Tp on a ngnh
- Trnh Ngc Hoa, CV cao cp ext 124
- L Minh Thy, Chuyn vin ext 116
Vt liu xy dng
- L Th M Dung, Chuyn vin ext 149
V m
- Nguyn Hi Hin, Chuyn vin ext 132
- Hong Thy Lng, Chuyn vin
Anirban Lahiri, Trng phng cao cp ext 130
Logistics v Nng nghip
- Hong Minh Hi, Chuyn vin ext 138
- Nguyn Thanh Nga, Chuyn vin ext 199
Du kh, in v Phn bn
inh Th Thy Dng, Trng phng ext 140
- Ng Thy Trm, Chuyn vin ext 135

Hng tiu dng, t v Sm lp Khch hng c nhn

ng Vn Php, Trng phng ext 143 V Minh c, Trng phng ext 363
- Nguyn Th Anh o, CV cao cp ext 185 - Nguyn Tho Vy, Chuyn vin 147
- L Trng Ngha, Chuyn vin ext 181 - Nguyn c Ph Thnh, Chuyn vin ext 194
- Chu Lc Ninh, Chuyn vin ext 196
BS v Xy dng
Lu Bch Hng, Trng phng ext 120
- Nguyn Tun Anh, Chuyn vin ext 174

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

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 9
 Khuyn co
HOLD
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.

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 10