CNG TY C PHN PH TI

M: PTB (Hose) | Ngnh: Dch v/Kinh doanh t/xe my

Khuyn ngh MUA BO CO TM TT

Gi mc tiu 68,800 VND
Gi hin ti 41,600 VND Khuyn ngh: Chng ti khuyn ngh cc nh u t mua vo PTB vi mc
Thi gian nm gi 1-2 nm gi mc tiu 68,800 ng/c phiu, thi gian nm gi t 1 2 nm.

Cc ch tiu c bn 2011 2012 2013 2014F

DTT (t ng) 1,784.35 1,738.62 2,144.16 2,360.00
+/- yoy (%) 8.4% -2.6% 23.3% 10.1%
LNST (t ng) 56.33 67.52 92.23 100.00
+/- yoy 44.2% 19.9% 36.6% 8.4%
TTS (t ng) 626.22 742.99 920.41 1,029.71
+/- yoy 3.8% 18.6% 23.9% 11.9%
VCSH (t ng) 180.49 202.41 276.96 352.96
+/- yoy 31.9% 12.1% 36.8% 27.4%
N/TTS 70.0% 71.7% 68.7% 65.7%
KHI PHN TCH & U T TS LN gp 12.9% 12.6% 12.8% 12.8%
CNG TY C PHN CHNG 3.2% 3.9% 4.3% 4.2%
TS LN rng
KHON APEC
EPS (ng) 6,464 5,619 7,685 8,333
ROA 9.6% 10.3% 12.2% 9.7%
Chuyn vin phn tch
ROE 37.1% 36.9% 42.4% 28.3%

Pham Nguyen Quynh Trang

im nhn u t:
trangpnq@apec.com.vn
Cng ty CP Ph Ti hot ng trong 3 lnh vc chnh l (i) Khai thc
H Ni, ngy 17/4/2014
v ch bin Granie, Bazai, nghin sng phc v xut khu v
tiu th trong nc (ii) Sn xut v xut khu cc sn phm g ni
ngoi tht, hng th cng m ngh, v (iii) Tiu th sn phm xe
t Toyota v cung cp cc dch v sa cha xe t Toyota. Trong
th hot ng kinh doanh xe Toyota chim t trng ln nht khong
51.06% nm 2013, cao hn so vi nm 2012 l 45.7% v chim
51.99% nm 2011.

c im chnh trong hot ng sn xut kinh doanh ca PTB l

ngnh ngh kinh doanh ca PTB khng tp trung vo mt lnh vc m
mi lnh vc u c th mnh r rng, iu ny gp phn hn ch ri
ro khi nhu cu th trng c s bin ng.

Nhn chung, ngoi phn gim nh nm 2012 do kh khn chung ca

nn kinh t th tc tng trng doanh thu ca PTB lun mc cao,
CNG TY C PHN CHNG
trung bnh khong 20%/ nm. Tuy nhin, li nhun ca PTB tng
KHON APEC
trng vng chc t nm 2009 n nm 2013. Nm 2013, li rng ca
PTB l 92.23 t ng, tng 37% so vi nm 2012. So vi k hoch 80
Tr s: To nh APEC Building, S 14
t ng LNTT c c ng giao ph, kt thc nm 2013, PTB t
L i Hnh, Hai B Trng, H Ni
128 t ng, gp 1.6 ln k hoch ra. Nm 2013, PTB cng tr c
in thoi: 04.35730200 Ext: 649
tc 25% bng tin.
Fax: 04.35771966
Mt im ng lu l t l n vay/tng ngun vn ca PTB lun
chim t l cao trn 50%, gy cng thng v vn kinh doanh cho Cng
ty, trong thi k kinh t kh khn, li sut huy ng cao s lm gim
li nhun ca Cng ty, tng ri ro v mt thanh ton. Tuy nhin, li
sut th trng gim trong thi gian gn y, iu ny gim bt sc
p i vi cc cng ty s dng n by ti chnh cao nh PTB.

Nm 2014, PTB t k hoch 2,360 t ng doanh thu, 120 t ng

li nhun trc thu v mc c tc trn 20%. Nh vy, chnh sch c
tc ca PTB n nh khong 20% qua cc nm. Cng ty phn u t
tc tng trng bnh qun 20%/nm, phn u t trung bnh 2,800
t ng doanh thu v 130 t ng li nhun giai on 2014 2017.
TNG QUAN

Thng tin c bn Cng ty C phn Ph Ti tin thn l Cng ty Ph Ti trc

Gi ngy 14/4/2014 (nghn ng) 41.6 thuc Qun khu 5 thuc B Quc Phng, chuyn kinh
EPS trailing (nghn ng) 7.69 doanh v sn xut ch bin cc sn phm g, v phn
P/E 5.43 phi xe Toyota. Nm 2000, Cng ty Thng Li c st
Gi tr s sch (nghn ng) 23.08 nhp vo Cng ty Ph Ti.
Beta 0.33
KLGD khp lnh trung bnh 10 phin 22,686 Cng ty tin hnh c phn ho vo nm 2004 vi vn iu
l l 8.7 t ng. Hin nay, tng vn iu l ca Cng ty
KLCP ang lu hnh 12,000,646
c phn Ph Ti l 120 t ng.
Vn ha th trng (t ng) 500.43
Cng ty chnh thc nim yt trn HOSE t ngy 22/07/2011, m giao dch l PTB.

Hin nay, c ng ln nht ca PTB vn l B Quc Phng vi 13.42% vn iu l. Cc c ng ln cn li ca

PTB u l c ng c nhn, c th: ng L V, ch tch HQT nm gi 9.07% vn iu l, ng L Vn Tho,
thnh vin HQT nm gi 7.69% vn iu l, ng L Vn Lc, thnh vin HQT nm gi 5.65% vn iu l.

PHN TCH CNG TY

Hot ng sn xut kinh doanh chnh

Cng ty CP Ph Ti hot ng trong 3 lnh vc chnh l (i) Khai thc v ch bin Granie, Bazai, nghin sng
phc v xut khu v tiu th trong nc (ii) Sn xut v xut khu cc sn phm g ni ngoi tht, hng th
cng m ngh, v (iii) Tiu th sn phm xe t Toyota v cung cp cc dch v sa cha xe t Toyota. Trong
th hot ng kinh doanh xe Toyota chim t trng ln nht khong 51.06% nm 2013, cao hn so vi nm 2012 l
45.7% v chim 51.99% nm 2011.

V th ca PTB
Nng lc sn xut kinh doanh ca Cng ty i vi cc ngnh ngh nh sau: Ngnh sn xut p lt t 800.000
m2/nm; Ngnh sn xut th cng t 15.000 m3/nm. Ngnh sn xut nghin t 150.000 m3/nm; Ngnh sn
xut g c cng sut 17.000 m3/nm. Ngnh kinh doanh, dch v sa cha xe Toyota t 27.000 lt xe/nm, kh
nng tiu th 1.500 chic/nm.

Th phn ca Cng ty v sn phm bao gm nhng tnh thnh sau: H Ni, Hi Phng, Vinh, Nng, Bnh
nh, Bnh Dng, Tp HCM, Cn Th, Chu u, Chu ... Sn phm g xut khu sang cc nc Chu u, Chu
M; Kinh doanh v cung cp dch v xe Toyota: Qung Bnh, Qung Tr, Hu, Nng, Qung Nam, Kon Tum, Gia
Lai, Bnh nh; Ph Yn...Dch v thng mi, kinh doanh mt hng g ti cc tnh Nng, Bnh nh, Gia Lai,
Ph Yn, Tp HCM, Bnh Dng, ng Nai.

Tnh n cui nm 2013, tng ti sn ca PTB l 920.41 t ng, trong vn ch s hu l 276.96 t ng. Xt v
quy m tng ti sn v vn ch s hu c th thy PTB quy m trung bnh trong lnh vc phn phi xe t nhng
doanh thu ca PTB ch yu n t kinh doanh xe t Toyota v cao hn so vi nhiu cng ty khc cng ngnh.

Kt qu kinh doanh nm 2013

Trong bi cnh kh khn chung ca nn kinh t th gii v trong nc nm 2013, sn xut kinh doanh ca Cng ty
vn t c mc tng trng n nh. Th trng tiu th trong nc vn c duy tr v n nh.

Nm 2013, li rng ca PTB l 92.23 t ng, tng 37% so vi nm 2012. So vi k hoch 80 t ng LNTT c
c ng giao ph, kt thc nm 2013, PTB t 128 t ng, gp 1.6 ln k hoch ra. Nm 2013, PTB cng tr c
tc bng tin mt, mc c tc 25%. Chi tit k hoch so vi thc hin nm 2013 c th hin trong bng sau:

So snh
Ch tiu K hoch Thc hin
vi KH
Gi tr sn xut (ng) 900,000,000,000 918,237,775,037 102%
Doanh thu (ng) 1,900,000,000,000 2,154,090,837,323 113%
Li nhun trc thu (ng) 80,000,000,000 128,438,825,014 161%
Khu hao TSC (ng) 42,728,000,000 48,007,340,325 112%
Lao ng 2,206 2,171 98%
Thu nhp bnh qun 5,068,000 ng / ngi/ thng 5,106,434 ng/ ngi/ thng 101%

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C cu sn phm, t trng sn phm thng mi v dch v

C th thy trong cu trc doanh thu ca PTB, doanh thu ch yu l t kinh doanh xe Toyota (gn 70% doanh thu),
bao gm c phn phi xe v cung cp cc dch v sa cha xe. Doanh thu t phn phi xe Toyota v g thng mi
c xu hng tng, doanh thu t cc hot ng khc c xu hng gim.

Mt vn c coi l thch thc vi PTB l i vi hot ng sn xut g v , PTB thng xuyn phi
nhp khu cc nguyn liu g v mt phn nguyn liu phc v nhu cu sn xut. Bin ng t gi gia VND
v cc ngoi t c th gy nh hng tiu cc n hot ng sn xut kinh doanh ca Cng ty. Hin nay, nhiu t
chc phi chnh ph, cc nc pht trin ku gi, hng ng tiu th sn phm thn thin mi trng lm ngun
nguyn liu g, u vo cho hot ng sn xut kinh doanh ca cng ty vn khan him ngy cng khan him hn.

K hoch kinh doanh nm 2014

Nm 2014, PTB t k hoch 2,360 t ng doanh thu, 120 t ng li nhun trc thu v mc c tc trn 20%.
Nh vy, chnh sch c tc ca PTB n nh khong 20% qua cc nm. Cng ty phn u t tc tng trng bnh
qun 20%/nm, phn u t trung bnh 2,800 t ng doanh thu v 130 t ng li nhun giai on 2014 2017.

PHN TCH TI CHNH

Tc tng trng
n v tnh: t ng 2008 2009 2010 2011 2012 2013
Doanh thu thun 1,061.39 1,362.81 1,646.00 1,784.35 1,738.62 2,144.16
Tng trng doanh thu thun 28.40% 20.78% 8.41% -2.56% 23.33%
Li nhun sau thu 19.08 18.39 40.70 58.79 70.64 101.59
Tng trng LNST -3.64% 121.39% 44.44% 20.15% 43.81%
Tng ti sn 545.42 488.64 603.08 626.22 742.99 920.41
Tng trng tng ti sn -10.41% 23.42% 3.84% 18.65% 23.88%
Vn ch s hu 97.76 108.76 136.82 180.49 202.41 276.96
Tng trng VCSH 11.26% 25.79% 31.92% 12.15% 36.83%

Nhn chung, ngoi phn gim nh nm 2012 do kh khn chung ca nn kinh t th tc tng trng doanh thu ca
PTB lun mc cao, trung bnh khong 20%/ nm v li nhun cng tng qua cc nm. c im chnh trong hot
ng sn xut kinh doanh ca PTB l ngnh ngh kinh doanh ca PTB khng tp trung vo mt lnh vc m mi lnh
vc u c th mnh r rng. iu ny gp phn hn ch ri ro khi nhu cu th trng c s bin ng.

PTB lun kin nh vi nhng chnh sch nh: y mnh v duy tr tt mi quan h kinh doanh vi i tc, gim
thiu n mc thp nht ri ro ca khch hng khi s dng sn phm, gi c hp l nhm to thun li cho khch
hng. V di hn, y l im mnh gip cng ty duy tr c lng khch hng hin ti v thu ht thm lng
khch hng tim nng.

Cc ch s ti chnh
Ch s 2009 2010 2011 2012 2013
Kh nng thanh ton
H s thanh ton hin hnh 0.91 0.98 1.04 1.05 1.07

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 H s thanh ton nhanh 0.50 0.72 0.64 0.65 0.54
Tin/N ngn hn 0.06 0.10 0.09 0.19 0.17
Cu trc ti chnh
Vay di hn/Ti sn 0.08 0.04 0.04 0.02 0.04
Vn vay/Ti sn 0.60 0.58 0.49 0.51 0.51
Cng n/Ti sn 0.76 0.76 0.70 0.72 0.69
Hiu qu hot ng
Thi gian TB thu tin KH 38 43 48 45 34
Thi gian TB x l HTK 48 31 33 45 51
Thi gian TB tr cho NCC 20 13 14 16 14
Chu k tin t 66 61 67 73 72
T sut sinh li
Li gp/Doanh thu 9.1% 10.7% 12.9% 12.6% 12.8%
Li hot ng/Doanh thu 1.4% 3.0% 3.9% 3.9% 5.8%
Li trc thu/Doanh thu 1.6% 3.2% 4.1% 5.0% 6.0%
Li rng/Doanh thu 1.3% 2.5% 3.3% 4.1% 4.7%
ROA 3.6% 7.5% 9.6% 10.3% 12.2%
ROE 17.8% 33.1% 37.1% 36.9% 42.4%

Mt im ng lu l t l n vay/tng ngun vn ca PTB lun chim t l cao trn 50%, gy cng thng v vn
kinh doanh cho Cng ty, trong thi k kinh t kh khn, li sut huy ng cao s lm gim li nhun ca Cng ty,
tng ri ro v mt thanh ton. Tuy nhin, li sut th trng gim trong thi gian gn y, iu ny gim bt sc
p i vi cc cng ty s dng n by ti chnh cao nh PTB.

D PHNG V NH GI

DCF Method
Chng ti d phng mc doanh thu v li nhun nm 2014 ca PTB ln lt l 2,360 t ng v 100 t ng. Mc
d phng ny cng tng ng vi mc k hoch m cng ty ra u nm. Chng ti k vng mc tng trng
bnh qun 5 nm tip theo (2014 2018) ca PTB l 20%/ nm v sau l 6%/ nm. Vi WACC l 8.42%, ta c
bng d phng dng tin nh sau:

FCFF 2014 2018

n v tnh: t ng 2014 2015 2016 2017 2018
Doanh thu 2,360.00 2,832.00 3,398.40 4,078.08 4,893.70
Li nhun 100.00 120.00 144.00 172.80 207.36
Li sut (1-T) 38.84 46.60 55.92 67.11 80.53
Khu hao 35.13 42.16 50.59 60.71 72.85
u t vo ti sn c nh 70.80 84.96 101.95 122.34 146.81
u t vo vn lu ng 66.08 79.30 95.16 114.19 137.02
Dng tin t do FCFF 37.09 44.50 53.41 64.09 76.90
Gi tr doanh nghip t sau 2017 3,374.17
Gi tr doanh nghip 2,464.40
Gi tr n 632.32
S lng c phiu lu hnh 26,625,031
Gi tr c phiu (ng) 68,810

Theo , chng ti khuyn ngh cc nh u t mua vo PTB vi mc gi mc tiu 68,800 ng/ c phiu vi tm
nhn 1-2 nm.

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Bo co ny c thc hin bi cc chuyn gia phn tch ca Cng Ty C Phn Chng Khon Chu Thi
Bnh Dng - APEC, bi phn tch ch c gi tr tham kho, APEC khng chu bt c trch nhim no i vi
vic s dng ti liu ny.

Pht hnh bi: Phng Phn Tch - Cng Ty C Phn Chng Khon Chu Thi Bnh Dng - APEC
Hi S Chnh:
Address: Ta nh APEC Building, s 14 L i Hnh, Q.Hai B Trng, TP. H Ni
Tel: (84- 4) 3573 0200 EXT: 649
Fax: (84- 4) 35771966
Email: research@apec.com.vn; Website: http://www.apec.com.vn