CNG TY C PHN FPT - MUA

(FPT: HSX - Cng ngh thng tin)

BO CO NGN Th hai, ngy 2 thng July 14h 2015
11 nm 2008

Biu gi M hnh d bo li nhun

n v: triu ng 2012A 2013A 2014A 2015F 2016F
Doanh thu thun 24.594.304 27.027.889 32.644.656 38.460.780 43.262.156
% y/y 9,9% 20,8% 17,8% 12,5%
Li nhun gp 4.692.145 5.539.153 6.273.460 7.695.784 8.976.351
% y/y 18,1% 13,3% 22,7% 16,6%
EBITDA 2.631.135 2.779.058 2.934.716 4.330.792 4.758.871
% y/y 5,6% 5,6% 47,6% 9,9%
LNST ca c ng cty m 1.540.327 1.650.155 1.632.085 1.966.824 2.476.203
% y/y 7,1% -1,1% 20,5% 25,9%
EPS 5.665 5.858 4.746 5.031 5.906
% y/y 3,4% -19,0% 6,0% 17,4%
BVPS 25.121 26.184 22.904 22.999 26.908
Thng tin c phiu vo ngy 2/11/2015
% y/y 4,2% -12,5% 0,4% 17,0%
Gi CP (ng) 49.500
P/E (x) 6,21 8,04 10,11 9,84 8,38
S lng nim yt hin ti 398.317.027
P/B (x) 1,40 1,80 2,10 2,15 1,84
S lng CP ang lu hnh 397.449.264
EV/EBITDA (x) 2,81 3,90 4,34 3,60 3,55
Gi cao nht trong 52 tun 51.000
Ngun: FPT, (F): HSC d bo
Gi thp nht trong 52 tun 37.400
Thay i gi trong 3 thng 6,9%
Thay i gi trong 6 thng 23,4%
Thay i gi trong 12 thng 16,2% KQKD 9T st d bo vi doanh thu tng 20,46% so vi cng k v
Khi lng CP giao dch t do 297.431.615 LNST thuc v c ng cng ty m tng 7,79% so vi cng k.
Gi tr giao dch (triu ng)
95.265
(GTTB trong 5 ngy GD gn nht) Tt c cc mng t mc tng trng n tng hai con s c doanh
GT vn ha t.t (triu ng) 19.673.738,57 thu v LNTT ngoi tr mng vin thng (doanh thu tng 12,49% v
GT vn ha t.t (triu USD) 870,52 LNTT ch tng 6,54% so vi cng k ch yu do chi ph u t vo d
S lng c php s hu 194.750.139 n cp quang).
S lng cn c php mua 2
% s hu nc ngoi 49,0%
HSC d bo doanh thu tng trng 17,82% v LNST thuc v c ng
% gii hn s hu nc ngoi 49%
cng ty m tng trng 20,51%.

P/E d phng l 9,84 ln; hp dn cho mt cng ty cng ngh u

ngnh ti Vit Nam.

Ch s 2014 2015F
Kh nng thanh khon
H s thanh ton hin thi 1,30 1,16
H s thanh ton nhanh 0,95 0,82
Kh nng sinh li
Li nhun bin gp 19,2% 20,0%
Li nhun bin sau thu 6,4% 6,4%
ROE 27,5% 28,9%
ROA 10,3% 10,3%
Hiu qu hot ng
Vng quay khon phi thu 6,91 7,01
Vng quay hng tn kho 6,67 6,15
Vng quay tng ti sn 1,62 1,61
Vng quay vn CSH 4,32 4,52

Chuyn vin phn tch - Nguyn Hong Minh

minh.nguyen@hsc.com.vn 1

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FPT - doanh thu v li nhun theo qu FPT - % tng trng doanh thu v LN so vi cng k

16.000 100%

14.000 80% Doanh thu thun

12.000 Li nhun gp
60%
10.000 LNST ca c ng cty m
40%
T ng

8.000
20%
6.000 Doanh thu thun Li nhun gp

4.000 0%
LNTT LNST ca c ng cty m
2.000 -20%

-
-40%
Q1/2009
Q2/2009
Q3/2009
Q4/2009
Q1/2010
Q2/2010
Q3/2010
Q4/2010
Q1/2011
Q2/2011
Q3/2011
Q4/2011
Q1/2012
Q2/2012
Q3/2012
Q4/2012
Q1/2013
Q2/2013
Q3/2013
Q4/2013
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015

Q1/2010
Q2/2010
Q3/2010
Q4/2010
Q1/2011
Q2/2011
Q3/2011
Q4/2011
Q1/2012
Q2/2012
Q3/2012
Q4/2012
Q1/2013
Q2/2013
Q3/2013
Q4/2013
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
Ngun - bo co ti chnh ca cng ty Ngun - bo co ti chnh ca cng ty

FPT cng b KQKD 9T u nm vi tng trng n CTCP FPT (FPT MUA VO) cng b KQKD 9T u
nh, st d bo. nm vi LNST tng 7,81% so vi cng k Doanh
thu 9T u nm t 29.257 t ng (tng 20,46% so
GHI NHN CHNH C doanh thu v LNTT u tng vi cng k), LNTT l 1.969 t ng (tng 7,83% so vi
nh d bo. S phc hi ca mng pht trin phn cng k) v LNST ca cng ty m t 1.270 t ng
mm v s tng trng mnh trong bn l l im (tng 7,79% so vi cng k). So vi k hoch c nm
ni bt trong khi doanh thu mng tch hp h ca cng ty vi doanh thu l 39.600 t ng v LNTT l
thng v vin thng tng chm hn. Tuy nhin, t 2.850 t ng, FPT hon thnh 73,9% mc tiu do-
sut li nhun gim do c cu danh mc sn phm anh thu v 69,1% mc tiu LNTT. i vi c doanh thu
km hiu qu vi ng gp t mng phn phi v v li nhun, KQKD ca cng ty u kh st k hoch
bn l c t sut li nhun thp hn tng. Trin khi xem xt n cc yu t ma v.
vng tng lai c v tt dn u l mng pht trin
phn mm v bn l trong khi li nhun t hot C th tng lnh vc kinh doanh, chng ti lu
ng vin thng s c ci thin nh chi ph khu nhng im sau;
hao s gim mnh khi d n cp quang hon thin.
Doanh thu ca mng Cng ngh tng 30,6% so vi
HNH NG Lp li nh gi MUA VO. Mc nh cng k Theo , doanh thu t 5.737 t ng (tng
gi hin ti ca FPT, mt cng ty chuyn v cng 30,56% so vi cng k) v LNTT t 600 t ng (tng
ngh thng tin ang pht trin mnh vi th phn 19,52%). Tng gi tr k kt tnh n hin ti l 2.876
rng ln l rt hp l. t ng (khng c s liu so snh vi cng k nm

FPT - t sut li nhun gp v t sut LNST theo qu FPT - gi vn hng bn, chi ph qun l & bn hng v
chi ph ti chnh trn doanh thu theo qu
16% 100%

14% 90%

80%
12%
70%
10%
60%
%/doanh thu thun

%/doanh thu thun

8% 50%
Gi vn hng bn Chi ph ti chnh
T sut li nhun gp T sut LNST
6% 40%
Chi ph qun l & bn hng
30%
4%
20%
2%
10%
0% 0%
Q1/2009
Q2/2009
Q3/2009
Q4/2009
Q1/2010
Q2/2010
Q3/2010
Q4/2010
Q1/2011
Q2/2011
Q3/2011
Q4/2011
Q1/2012
Q2/2012
Q3/2012
Q4/2012
Q1/2013
Q2/2013
Q3/2013
Q4/2013
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015

Q1/2009
Q2/2009
Q3/2009
Q4/2009
Q1/2010
Q2/2010
Q3/2010
Q4/2010
Q1/2011
Q2/2011
Q3/2011
Q4/2011
Q1/2012
Q2/2012
Q3/2012
Q4/2012
Q1/2013
Q2/2013
Q3/2013
Q4/2013
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015

Ngun - bo co ti chnh ca cng ty Ngun - bo co ti chnh ca cng2ty

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ngoi) trong khi tng gi tr hp ng ch thc hin FPT - ng gp xt theo mng kinh doanh
l 2.801 t ng tnh n cui thng 9. Kt qu hot 2012 2013 2014 2015F
ng ca tng mng nh nh sau; ng gp vo tng doanh thu
Dch v vin thng 11,2% 12,0% 11,8% 11,6%
Doanh thu t Pht trin phn mm tng 50,94% so
vi cng k t 3.523 t ng (tng 50,94% so vi Ni dung s 7,3% 3,3% 2,6% 1,8%
cng k) bao gm 2.901 t ng (tng 44,98% so vi Pht trin phn mm 9,3% 10,4% 10,9% 11,2%
cng k) t Gia cng phn mm v 622 t ng (tng H thng tch hp 11,6% 11,0% 8,1% 6,9%
86,79% so vi cng k) t Gii php phn mm. V Gio dc 2,1% 2,1% 1,8% 1,7%
LNTT, hot ng Pht trin phn mm em li 451 t Phn phi sn phm CNTT 22,3% 18,5% 18,1% 16,8%
ng (tng 29,7% so vi cng k), bao gm 448 t ng
Phn phi TD 29,2% 29,4% 28,5% 27,6%
t Gia cng phn mm (tng 26,91% so vi cng k) v
Bn l 4,2% 10,8% 15,9% 20,2%
3 t ng t Gii php phn mm (so vi mc l 6 t
ng trong Q3/2014). t c nhng kt qu tch cc Dch v CNTT 2,8% 2,7% 2,3% 2,2%
ny ch yu l nh (1) cu t cc th trng M, Nht ng gp vo tng li nhun gp
Bn v cc nc khu vc Chu Thi Bnh Dng Dch v vin thng 26,8% 25,9% 25,6% 24,1%
tng; (2) ghi nhn ton b ng gp t hot ng ca Ni dung s 9,1% 8,1% 4,9% 3,9%
FPT Slovakia trong khi KQKD nm ngoi khng bao Pht trin phn mm 20,4% 21,1% 19,5% 22,3%
gm ng gp t cng ty ny bi ch c th hp nht
H thng tch hp 8,7% 7,4% 5,9% 5,0%
kt qu t FPT Slovakia sau khi thc hin mua li vo
thng 7/2014; v (3) ghi nhn mt s chi ph bt thng Gio dc 5,4% 5,0% 4,7% 3,9%
pht sinh do cng ty di di mt s hot ng ca FPT Phn phi sn phm CNTT 10,2% 8,5% 10,4% 9,6%
Slovakia v Vit Nam. Phn phi TD 14,1% 14,5% 16,3% 15,8%
Bn l 2,2% 6,4% 10,5% 13,2%
Doanh thu t hot ng Tch hp h thng tng Dch v CNTT 3,2% 3,0% 2,2% 2,1%
4,02% so vi cng k nm ngoi Doanh thu t
Ngun: FPT, (F): HSC d bo
1.606 t ng (tng 4,02% so vi cng k v LNTT l
63 t ng (gim 30,00% so vi cng k). Doanh thu v
LNTT bin ng tri chiu l do 2 nguyn nhn. Trc Mng Vin thng bo co doanh thu tng 12,49%
ht, doanh thu t Tch hp h thng ch yu n t so vi cng k Doanh thu t 3.975 t ng (tng
phn mm nhp khu nhng do t gi tng gn y, do- 12,49% so vi cng k) to LNTT l 815 t ng (tng
anh thu tng nhng do t sut li nhun s chu tc 6,54% so vi cng k). Trong , mng nh Ni dung
ng tiu cc do ton b doanh thu tng thng khng s bao gm hot ng tr chi trc tuyn v cng thanh
c chuyn sang li nhun. Th hai l, doanh thu ton trc tuyn. Tuy nhin, mng nh ny ghi nhn
phn cng nm ngoi n t cc d n ln vi t sut l 15 t ng trong 9T u nm ngoi, tc ng gim
li nhun cao hn trong khi doanh thu phn cng kt qu hot ng chung. Do , cng ty ngng cung
nm nay n t cc d n nh vi t sut thp hn. cp dch v ny. c s so snh tng ng, chng
ti lu doanh thu v LNTT c iu chnh ln lt
tng 29,35% v 4,49% so vi cng k.

T sut li nhun gp ca FPT xt theo mng kinh doanh

n v: triu ng 2012 2013 2014 2015F
Vin thng (Bng thng rng v knh thu ring) 19,1% 20,4% 19,1% 19,8%
Ni dung s (tr chi trc tuyn, website, qung co, thanh ton s,...) 45,7% 44,1% 41,5% 41,3%
Pht trin phn mm (thu ngoi, dch v phn mm) 23,8% 51,1% 35,9% 43,3%
Tch hp h thng (tch hp h thng phn cng) 41,5% 41,4% 34,3% 39,5%
Gio dc 14,2% 13,7% 13,9% 14,3%
Phn phi sn phm CNTT 49,7% 50,0% 48,2% 45,4%
Sn xut v phn phi TD 8,7% 9,4% 11,0% 11,4%
Bn l 9,2% 10,1% 10,9% 11,4%
Dch v CNTT 10,0% 12,0% 12,6% 13,0%
Tng t sut li nhun gp 19,1% 20,4% 19,1% 19,8%
Ngun: FPT, (F): HSC d bo
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C cu li nhun gp theo mng kinh doanh

n v: triu ng 2012 2013 2014 2015F
Li nhun gp 4.692.145 5.539.153 6.273.460 7.695.784
Dch v vin thng 1.257.090 1.437.143 1.604.748 1.855.755
Ni dung s 428.368 451.430 305.505 303.259
Pht trin phn mm 955.169 1.167.090 1.223.010 1.712.539
H thng tch hp 406.371 408.120 371.584 381.850
Gio dc 252.189 278.850 292.745 302.810
Phn phi sn phm CNTT 477.680 472.175 655.456 740.077
Phn phi TD 663.116 804.040 1.022.196 1.218.908
Bn l 102.600 351.840 657.280 1.016.909
Dch v CNTT 150.003 168.543 140.599 163.394
% y/y
Tng doanh thu -5,4% 18,1% 13,3% 22,7%
Dch v vin thng 14,1% 14,3% 11,7% 15,6%
Ni dung s 6,7% 5,4% -32,3% -0,7%
Pht trin phn mm 10,2% 22,2% 4,8% 40,0%
H thng tch hp -16,4% 0,4% -9,0% 2,8%
Gio dc 7,8% 10,6% 5,0% 3,4%
Phn phi sn phm CNTT -36,9% -1,2% 38,8% 12,9%
Phn phi TD -27,8% 21,3% 27,1% 19,2%
Bn l 26,1% 242,9% 86,8% 54,7%
Dch v CNTT 35,2% 12,4% -16,6% 16,2%

Ngun: FPT, (F): HSC d bo

Hot ng Dch v vin thng bo co doanh thu tng
30,68% so vi cng k mc d LNTT tng chm hn
nhiu, ch tng 5,15% so vi cng k. Li nhun tng
chm hn l do cc chi ph bt thng. Theo chng ti
c bit, d n cp quan bt u trin khai vo thng
5/2014 v, theo chun mc k ton Vit Nam, hu ht
chi ph lin quan n d n ny c hch ton l chi
ph thay v vn ha. B qua s tc ng t phng
php hch ton k ton ny, EBITDA ca mng ny
thc t l 1.505 t ng (tng 44,57% so vi cng k).
Doanh thu mng Phn phi v bn l tng 10,11%
so vi cng k Doanh thu t 19.089 t ng (tng
20,02% so vi cng k) v LNTT l 500 t ng (tng
19,33% so vi cng k). Kt qu hot ng ca mng
phn phi mc bnh qun vi doanh thu tng 10,11%
so vi cng k v LNTT tng 0,77% so vi cng k.
Trong mng nh ny, mc d doanh thu t hot ng
Phn phi sn phm IT bo tng 21% so vi cng k,
mng Phn phi TD ghi nhn mc gim 9% so vi
cng k. Trong khi ch i iPhone 6S v 6S Plus c
gii thiu trn th trng vo thng 11, FPT Trading
ang lm vic vi Motorola v Microsoft v vic phn
phi cc sn phm mi sp tung ra th trng ca hai
thng hiu ny.
Mng bn l vn duy tr mc tng trng cao vi doanh
thu v LNTT ln lt tng 53,33% v 251,61% so vi
cng k. Trong khi t sut LNTT c ci thin ng
k t 0,85% trong Q3/2014 ln 1,95% trong Q3/2015,
cho thy vi sn lng tiu th cao hn, cng ty c th
p dng mc chit khu hp dn hn t cc nh cung
cp trong khi cc chi ph c nh c phn b cho
nhiu ca hng v sn phm hn. Kt qu kh quan
gn y l nh m rng h thng ca hng cng nh
doanh thu trn tng ca hng tng. Cui thng 9/2014,
mng Bn l ca FPT c 145 ca hng, hin ti s ca
hng l 238 vi k hoch nng tng s ca hng ln
250 ca hng vo cui nm nay. FPT cng duy tr mc
tng trng doanh thu trn tng ca hng trong 9T u
nm l 5,5% so vi cng k.
Tuy nhin, t sut li nhun gim do c cu lnh
vc hot ng kinh doanh km hiu qu C t sut
LNTT v LNST u gim, ln lt t 7,5% v 6,3%
trong 9T u nm 2014 xung 6,7% v 5,7% trong 9T
u nm nay. Xem xt con s c th, t sut li nhun
gim phn nh t trng ng gp ca mng Phn phi
v bn l c t sut li nhun thp hn tng, c bit
l bn l. Tng trng ca mng ny cng nhanh hn
nhiu so vi cc mng hot ng khc.
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C cu doanh thu ca FPT xt theo mng kinh doanh

Triu ng 2012 2013 2014 2015F
Tng doanh thu 24.624.085 27.114.702 32.873.027 38.817.905
Dch v vin thng 2.750.783 3.257.849 3.865.495 4.488.430
Ni dung s 1.800.000 883.300 850.660 700.098
Pht trin phn mm 2.300.292 2.818.500 3.570.000 4.340.200
H thng tch hp 2.859.153 2.977.000 2.670.000 2.679.000
Gio dc 507.816 557.701 607.226 667.500
Phn phi sn phm CNTT 5.500.000 5.005.000 5.950.000 6.520.500
Phn phi TD 7.200.000 7.963.402 9.360.659 10.724.542
Bn l 1.026.000 2.932.000 5.226.000 7.839.000
Dch v CNTT 679.500 720.270 770.000 856.900
% y/y
Tng doanh thu -3,0% 10,1% 21,2% 18,1%
Dch v vin thng 16,7% 18,4% 18,7% 16,1%
Ni dung s 59,3% -50,9% -3,7% -17,7%
Pht trin phn mm 26,4% 22,5% 26,7% 21,6%
H thng tch hp -10,7% 4,1% -10,3% 0,3%
Gio dc 27,5% 9,8% 8,9% 9,9%
Phn phi sn phm CNTT -10,6% -9,0% 18,9% 9,6%
Phn phi TD -21,3% 10,6% 17,5% 14,6%
Bn l 51,3% 185,8% 78,2% 50,0%
Dch v CNTT 32,1% 6,0% 6,9% 11,3%
Ngun: FPT, (F): HSC d bo

HSC vn gi nguyn d bo nm 2015 cho FPT vi
doanh thu t 38.461 t ng (tng trng 17,82%)
v LNST cho c ng cty m l 1.967 t ng (tng
trng 20,51%) Vi kt qu ny, nhn chung KQKD
ca cng ty st vi d bo ca chng ti. Do , chng
ti gi nguyn d bo cho nm 2015. Theo , c tnh
EPS 2015 l 5.031, P/E d phng 2015 l 9,84 ln.
Mc nh gi ny l rt hp dn i vi cng ty chuyn
v cng ngh hng u ti Vit Nam
Cu chuyn tng trng ca FPT vn cn nguyn
vn d khng cn bao gm yu t t sut li nhun
tng Chin lc chuyn hng sang bn l to
ngun sng mi vo mng phn phi ang hp hi v
cho thy s tng trng chin lc trung hn, tuy nhin
t sut li nhun theo c th b nh hng. D nhin,
vi nhng li th kinh t v quy m, chin lc ny s
c nhng tc ng tch cc tuy nhin mng bn l s
khng bao gi t c mc t sut li nhun nh mt
s mng kinh doanh khc. Do , v di hn, FPT c
th cn nhc thoi vn hon ton khi mng ny khi
ti u ha hoat ng ny. Ni cch khc, tc ng
tng trng trong tng lai ca cng ty s l mng
Vin thng mt khi d n lp t ng cp quang vi
chi ph tn km hon thnh, cho php cng ty bn dch
v trn gi cho cc h gia nh. C phiu FPT tng
23,44% so vi u nm v cao hn 31,30% so vi y
12 thng. Lp li nh gi MUA VO.

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 CH S TI CHNH
BO CO NGN Th hai, ngy 2 thng July 14h 2015
11 nm 2008

n v: triu ng
BO CO KQKD 2013A 2014A 2015F 2016F CH S TI CHNH 2013A 2014A 2015F 2016F
Doanh thu 27.027.889 32.644.656 38.460.780 43.262.156 nh gi
Gi vn hng bn 21.488.736 26.371.196 30.764.996 34.285.805 EPS (VND) 5.858 4.746 5.031 5.906
Li nhun gp 5.539.153 6.273.460 7.695.784 8.976.351 EBITDA (triu ng) 2.779.058 2.934.716 4.330.792 4.758.871
Thu nhp ti chnh thun 115.165 13.568 (283.965) (225.746) BVPS (VND) 26.184 22.904 22.999 26.908
Chi ph qun l & bn hng 3.203.081 3.886.018 4.560.163 5.308.979 DPS (VND) 3.000 2.000 2.000 2.000

Li nhun t HKD 2.451.237 2.401.010 2.851.657 3.441.626 P/E (x) 8,04 10,11 9,84 8,38

LNTT 2.558.077 2.459.224 2.888.748 3.483.855 EV/EBITDA (x) 3,90 4,34 3,60 3,55

LNST 2.107.760 2.079.125 2.455.436 2.961.277 P/B (x) 1,80 2,10 2,15 1,84

LNST ca c ng cty m 1.650.155 1.632.085 1.966.824 2.476.203 Li sut c tc (%) 6,4% 4,2% 4,0% 4,0%

EPS 5.858 4.746 5.031 5.906 Kh nng sinh li

T sut li nhun gp 20,5% 19,2% 20,0% 20,7%
BNG CN I K TON 2013A 2014A 2015F 2016F
T sut EBITDA 10,3% 9,0% 11,3% 11,0%
Ti sn ngn hn 12.908.243 16.964.333 18.306.802 20.068.850
T sut LNTT 9,5% 7,5% 7,5% 8,1%
Tin & cc khon tng 2.750.971 4.336.282 3.351.407 3.495.352
ng tin T sut LNST 7,8% 6,4% 6,4% 6,8%
u t ngn hn 1.443.449 1.441.487 1.729.784 1.729.784 T trng chi ph qun l 11,9% 11,9% 11,9% 12,3%
& bn hng/ doanh thu (%)
Khon phi thu 4.411.534 5.034.338 5.942.633 6.669.691
ROE (%) 31,5% 27,5% 28,9% 29,9%
Hng tn kho 3.328.881 4.572.636 5.434.507 6.099.398
ROA (%) 13,3% 10,3% 10,3% 11,2%
Ti sn ngn hn khc 973.408 1.579.590 1.848.472 2.074.625
Kh nng thanh khon
Ti sn c nh v u t 4.662.314 5.694.011 6.810.222 7.486.463
di hn H s thanh ton hin 1,42 1,30 1,16 1,21
hnh
Khon phi thu di hn 1.213 - - -
H s thanh ton nhanh 1,06 0,95 0,82 0,84
Ti sn c nh 3.075.863 3.837.788 4.691.785 5.129.843
C cu vn
BS u t - - - -
N vay/ Vn ch s hu 0,59 0,87 0,96 0,81
u t ti chnh di hn 706.727 796.509 922.886 1.064.399
Tng n/ Tng ti sn 0,53 0,59 0,64 0,61
Ti sn di hn khc 647.002 726.544 862.620 968.158
H s chi tr li vay 17,63 14,37 6,51 8,42
Li th thng mi 231.508 333.170 332.931 324.062
Hiu qu hot ng
Tng ti sn 17.570.557 22.658.344 25.117.024 27.555.313
S ngy phi thu (ngy) 55,28 52,81 52,09 53,20
N 9.316.700 13.400.525 16.016.747 16.854.004
S ngy tn kho (ngy) 51,20 54,68 59,36 61,39
N ngn hn 9.068.740 13.056.523 15.777.413 16.585.372
S ngy phi tr (ngy) 34,05 36,12 37,10 36,54
Vay ngn hn 4.166.635 6.722.412 8.763.581 8.713.425
Chu k kinh doanh (ngy) 72,43 71,37 74,35 78,05
Khon phi tr thng mi 2.200.023 3.018.857 3.234.825 3.630.594
N di hn 247.960 344.002 239.334 268.632
Khon phi tr thng mi - - - -
Vay di hn 55.406 142.418 - -
VN CH S HU 7.208.665 7.913.345 9.097.252 10.697.981
Vn ch s hu 7.205.915 7.910.595 9.094.502 10.695.231
Ngun vn v qu khc 2.750 2.750 2.750 2.750
Li ch c ng thiu s 1.045.192 1.344.474 3.025 3.328
Tng n & vn CSH 17.570.557 22.658.344 25.117.024 27.555.313

LU CHUYN TIN T 2013A 2014A 2015F 2016F

Lu chuyn tin t HKD 1.400.131 1.151.040 504.216 2.486.695
Lu chuyn tin t H u t (1.575.711) (1.469.149) (2.595.582) (1.496.358)
Lu chuyn tin t H ti chnh 607.636 1.903.420 1.106.490 (846.391)
Lu chuyn tin thun trong nm 432.056 1.585.311 (984.876) 143.945
Tin & cc khon tng 2.318.915 2.750.971 4.336.282 3.351.407
ng tin u k
nh hng ca t gi hi oi - - - -
quy i ngoi t
Tin & cc khon tng 2.750.971 4.336.282 3.351.407 3.495.352
ng tin cui k

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 Khuyn co
July 14h 2008

Bo co ny c vit v pht hnh bi HSC hoc mt trong cc chi nhnh phn phi ti Vit Nam v nc ngoi. Cc kin,
d bo v c tnh ch th hin quan im ca ngi vit ti thi im pht hnh, khng c xem l quan im ca HSC v c
th thay i m khng cn thng bo. HSC khng c ngha v phi cp nht, sa i bo co ny di mi hnh thc cng nh
thng bo vi ngi c trong trng hp cc quan im, d bo v c tnh trong bo co ny thay i hoc tr nn khng
chnh xc. Thng tin trong bo co ny c thu thp t nhiu ngun khc nhau v chng ti khng m bo v s hon chnh
cng nh chnh xc ca thng tin.

Gi c v cc cng c ti chnh c th thay i m khng bo trc. HSC c th s dng cc nghin cu trong bo co ny cho
hot ng mua bn chng khon t doanh hoc mua bn chng khon cho cc qu m HSC ang qun l. HSC c th giao dch
cho chnh cng ty theo nhng gi v giao dch ngn hn ca cc chuyn gia phn tch trong bo co ny v cng c th tham
gia vo cc giao dch chng khon tri ngc vi kin t vn v quan im th hin trong bo co ny.

Cc thng tin cng nh kin trong bo co khng mang tnh cht mi cho mua hay bn bt c chng khon, quyn chn, hp
ng tng lai hay cng c phi sinh no. Cn b ca HSC c th c cc li ch ti chnh i vi cc chng khon v cc cng
c ti chnh c lin quan c cp trong bo co. Bo co nghin cu ny c vit vi mc tiu cung cp nhng thng tin
khi qut. Bo co ny khng nhm ti nhng mc tiu u t c th, tnh trng ti chnh c th hay nhu cu c th ca bt k
ngi no nhn c hoc c bo co ny. Nh u t phi lu rng gi chng khon lun bin ng, c th ln hoc xung.
Nhng din bin trong qu kh, nu c, khng hm cho nhng kt qu tng lai.

Cc cng c ti chnh c cp trong bo co c th s khng ph hp vi tt c nh u t. Nh u t phi c quyt nh

ca ring mnh bng cch tham kho cc nh t vn ti chnh c lp nu cn thit v da trn tnh hnh ti chnh v mc tiu
u t c th ca mnh.

Bo co ny l ti sn ca HSC v khng c cng b rng ri ra cng chng, v vy khng ai c php sao chp, ti sn xut,
pht hnh cng nh ti phn phi bt k ni dung no ca bo co v bt k mc ch no nu khng c vn bn chp thun ca
HSC. Khi s dng cc ni dung c HSC chp thun, xin vui lng ghi r ngun khi trch dn. Mi c nhn, t chc s chu
trch nhim i vi HSC v bt k tn tht hoc thit hi no m HSC hoc khch hng ca HSC phi chu do bt k hnh vi vi
phm theo Khuyn co ny v theo quy nh ca php lut.

GII THCH CC MC NH GI C PHIU

MUA: K vng gi c phiu s c thnh tch vt th trng chung trn 10%/nm

KH QUAN: K vng gi c phiu s c thnh tch vt th trng chung 10%/nm
GI: K vng gi c phiu s c thnh tch bng vi th trng chung
KM KH QUAN: K vng gi c phiu s c thnh tch km hn th trng chung 10%/nm
BN: K vng gi c phiu s c thnh tch km hn th trng chung trn 10%/nm

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