KHUYN NGH U T

KHUYN NGH U T
Vn ho Doanh thu S hu Li nhun rng ROE PER PBR Gi mc tiu
Upside (%)
(t ng) (t ng) NTNN (%) (t ng) (%) (x) (x) (VND)

CTCP Xi mng Bm Sn (HNX: BCC) 957 4,280 8.7 257 14.2 6.4 0.9 13,900 60
CTCP Phn bn Bnh in (HOSE: BFC) 2,290 5,943 21.0 277 28.2 6.6 1.9 49,000 22
CTCP T PT Cng Thun IDICO (HOSE: CTI) 1,843 1,027 32.0 108 17.2 9.5 1.6 35,100 20
CTCP CMC (HNX: CVT) 1,324 1,118 12.0 152 42.7 5.1 1.9 55,100 17
CTCP FPT (HOSE: FPT) 25,801 39,531 49.0 1,991 19.9 11.2 2.1 57,700 19
CTCP Gemadept (HOSE: GMD) 12,396 3,742 NA 390 7.1 13.4 0.9 52,900 23
CTCP Vn ti v Xp d Hi An (HOSE: HAH) 780 488 29.2 134 23.2 7.1 1.6 27,800 20
CTCP Dch v t Hng Xanh (HOSE: HAX) 892 2,880 15.7 78 36.2 6.3 1.9 48,000 26
CTCP Tp on H (HOSE: HDG) 2,385 1,988 20.3 236 21.8 7.7 1.5 36,200 15
CTCP Tp on Hoa Sen (HOSE: HSG) 10,447 17,894 28.6 1,504 41.0 5.7 2.0 34,290 15
CTCP TCT PT th Kinh Bc (HOSE: KBC) 7,070 1,972 33.8 557 7.5 11.7 0.8 19,000 26
CTCP Thp Nam Kim (HOSE: NKG) 3,310 8,936 29.8 518 46.4 3.4 1.5 36,000 9
TCT CP Gas Petrolimex (HOSE: PGC) 893 2,379 11.1 103 15.3 7.6 1.1 17,000 15
CTCP Cao su Phc Ho (HOSE: PHR) 3,206 1,178 8.8 220 7.8 9.0 0.9 48,000 18
CTCP C in Lnh (HOSE: REE) 10,929 3,659 49.0 1,093 16.2 7.0 1.1 41,100 17
CTCP Quc t Sn H (HOSE: SHI) 495 2,359 6.9 113 15.0 4.5 0.6 11,100 36
CTCP Chng khon Si Gn (HOSE: SSI) 12,344 1,831 51.5 877 11.9 11.5 1.4 30,500 21
CTCP TM XNK Thin Nam (HOSE: TNA) 486 3,482 13.6 112 28.4 5.9 1.5 59,760 51
CTCP Vn ti Xng du VIPCO (HOSE: VIP) 495 631 6.1 83 7.8 6.5 0.5 10,000 38
CTCP Tp on Container Vit Nam (HOSE: VSC) 2,497 1,082 49.0 251 17.3 11.3 1.9 72,000 31
CTCP Thy in Vnh Sn - Sng Hinh (HOSE: VSH) 3,764 448 15.4 258 8.9 12.7 1.1 20,500 12
(Ngun: Bloomberg)
05/09/2017
KHUYN NGH U T

CTCP XI MNG BM SN (HNX: BCC)

T l n vay/vn ch s hu iu chnh gim lin tc t mc 419% ca nm 2011 xung
cn 92% thi im qu 1/2017. iu ny gip chi ph li vay tng ng cng gim qua
cc nm.

C tc c tnh nm 2017 t 10%, tng ng c tc/th gi mc kh quan 6,8%.

Ni tiu th chnh ca BCC l Thanh Ha ang thu ht dng tin u t tt khi c c nhiu
cng trnh xy dng ln c trin khai nh nh my lc du Nghi Sn.

Trm nghin xi mng mi Bm Sn vi cng sut 1,2 triu tn/nm nng tng cng sut
nghin ln 4,75 triu tn/nm s i vo hot ng Q1/2018 s gip gim chi ph v tng
bin li nhun.

p lc cnh tranh cao khin Qu 1/2017 BCC khng t kinh doanh kh quan do vic
gim chi ph khng bng vic gim doanh thu. D bo nm 2017, BCC ch t li nhun
rng 232 t, gim hn 9% so vi cng k.

Gi hin ti Gi mc tiu Upside Thi gian u t

8,700 VND 13,900 VND 60% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
178 t ng 1,618 VND 5.4 x

05/09/2017
KHUYN NGH U T

CTCP PHN BN BNH IN (HOSE: BFC)

Doanh nghip hng u phn khc phn bn hn hp NPK vi 28% th phn min Nam v
khong 10% ti min Bc cng nh min Trung. BFC ang pht tri phng hng phn
bn hu c hng n nng nghip sch ang dn tr thnh xu hng mi.
y mnh th trng min Bc thng qua nh my Bnh in Ninh Bnh (200.000
tn/nm) bn cnh vic tham gia Bnh in Ty Ninh (50.000 tn/nm) tng 37% ln
925.000 tn/nm. Sang qu 1/2018, giai on 2 (200.000 tn/nm) Bnh in Ninh Bnh s
vo hot ng tng tip tc cng sut hot ng.
Nm 2016, BFC tng c tc t 20% ln 30%. Nm 2017, BFC t mc tiu 25% bng
tin, nhng vi hot ng kinh doanh kh quan d bo BFC s t mc c tc bng tin t
nht tng ng nm ngoi 30%, tng ng c tc/th gi t khong 7,4%.
Gi u vo Ure th gii vn ang duy tr mc thp nht tnh t u nm 2017 v ang
gn mc thp nht trong 5 nm tr li y, gip cho bin li nhun gp d bo thp
Doanh thu v li nhun rng nm 2017 d bo t 6.452 t v 332 t, ln lt tng 6,4%
v 19,8% nh: 1) sn lng phn bn tiu th t 667.000 tn, tng 5,8% so vi cng k; 2)
bin li nhun gp gia tng t 15,2% ln 15,9% trong nm 2017.

Gi hin ti Gi mc tiu Upside Thi gian u t

40,050 VND 49,000 VND 22% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
332 t ng 5.808 VND 6.9 x

05/09/2017
KHUYN NGH U T

CTCP U T PHT TRIN CNG THUN IDICO (HOSE: CTI)

Chui hot ng khp kn.

Danh mc d n m bo tng trng di hn.

S hu 5 m vi tng tr lng 56 triu m3.
C phiu h tng yu thch ca cc nh u t nc ngoi.
D n ang thc hin:
- Tnh l 16, Bi Hu Ngha. T l s hu: 100%, doanh thu 4.4 t ng/thng. Thi
gian thu ph: 2006-2021.
- Quc l 1A, on trnh Tp. Bin Ha. T l s hu: 83%. Doanh thu: 25 t
ng/thng. Thi gian thu ph: 2014-2027.
- Quc l 91, Cn Th - An Giang. T l s hu: 59%. Doanh thu 15 t ng/thng.
Thi gian thu ph: 2016-2033.
- Nt giao 319 v Cao tc Tp. HCM - Long Thnh. T l s hu: 60%. Tng mc u
t: 670 t ng. D kin hon thnh vo cui 2017. Thi gian thu ph: 22 nm 2
thng.
- ng chuyn dng vn chuyn VLXD. T l s hu: 100%. Tng mc u t: 250
t ng. D kin hon thnh 17Q2.
ang m phn: Quc l 51, m rng. Thu ph t 07.2014. Doanh thu c tnh 45 t
ng/thng.

Gi hin ti Gi mc tiu Upside Thi gian u t

29,250 VND 35,100 VND 20% 6-12 thng

D phng Li nhun rng EPS P/E

cho nm 2017 161 t ng 3,736 VND 7.8 x

05/09/2017
KHUYN NGH U T

CTCP CMC (HNX: CVT)

6 thng u 2017, doanh thu v li rng ln lt t 518 v 77 t, ln lt tng 8% v 29%

so vi cng k nh: 1) bin li nhun gp tng tch cc t 23,7% ln 25%; 2) vic tit gim
chi ph qun l 36% cng k.
Nh my CMC2 giai on 3 s vo hot ng cui qu 4/2017 s gip nng sut ca CVT
tng 20% t mc 12 triu ln mc 15 triu m2 gch/nm, d n c ti tr hon ton t
ngun li nhun gi li chia c phiu thng. Do dy chuyn mi sn xut sn phm cht
lng cao hn nn d bo s gip doanh thu tng trng khong 25% - 30%/nm v li
nhun tng 30% - 35%/nm.
T l n vay/vn ch s hu lin tc iu chnh gim mnh t mc 202% vo nm 2012
xung cn 91% vo qu 2/2017. iu ny qua gip ct gim chi ph ti chnh ca cng
ty.
Vic chuyn sn sang HOSE s nng cao tiu chun cng ty nhiu hn na.

D bo nm 2017, CVT s chia c tc bng tin t l 35%, tng ng mc c tc/th gi

t gn 8%.

Gi hin ti Gi mc tiu Upside Thi gian u t

46,900 VND 55,100 VND 17% 6-12 thng

D phng Li nhun rng EPS P/E

cho nm 2017 171 t ng 6,058 VND 7.7 x

05/09/2017
KHUYN NGH U T

CTCP FPT (HOSE: FPT)

FPT l mt doanh nghip ni bt, c bit trong lnh vc cng ngh khi ang dn u
cc phn khc: 1) Cung cp dch v cng ngh thng tin (CNTT); 2) Tch hp h thng; 3)
Dch v qung co trc tuyn; 4) Phn phi cc sn phm in thoi di ng v thit b
CNTT trong nm 2015.

Chng ti cho rng vic thoi vn FPT Trading v Shop s din ra. Tuy nhin, kh nng
ban lnh o ang cn nhc vic thoi vn mc no hi ha li ch, c th thoi vn
mt mnh FPT Trading hoc c hai. Phn vn thoi c chng ti k vng s chuyn sang
gia tng s hu ti FPT Telecom ln hn con s 45,6% nh hin ti.

Chng ti d bo doanh thu thun 2017 ca FPT t mc 45.622 t, tng 12,5% so vi

cng k. Trong khi li nhun trc thu c t 3.526 t, tng 17% cng k nh ng lc:
1) mng dch v vin thng kh quan nh khng cn chi ph khu hao ln t trin khai
cp quang ti HCM v HN; 2) FPT Shop gt hi bin li nhun cao hn nh quy m tng
cng nh khng cn chi ph l t phn phi Lumina; 3) mng xut khu phn mm tip
tc k vng kh quan.

Gi hin ti Gi mc tiu Upside Thi gian u t

48,600 VND 57,700 VND 19% 6-12 thng

D phng Li nhun rng EPS P/E

cho nm 2017 3,064 t ng 5,771 VND 8.4 x

05/09/2017
KHUYN NGH U T

CTCP GEMADEPT (HOSE: GMD)

Kh nng thu c li nhun trc thu thoi vn t bin hn 2.400 t ng: 1) khong
129 t t thoi vn 15% cn li ti Gemadept Tower; 2) khong 100 t t thoi vn 51% ti
CTCP Tip vn v Cng quc t Hoa Sen Gemadept; 3) hn 2.200 t thoi vn ti a 51%
ti Vn ti bin Gemadept Holding v Logistics Gemadept Holding.

D bo li nhun cc mng hot ng chnh nm 2017 s t 451 t sau thu, tng

trng 16% so vi cng k: 1) Trung tm phn phi lnh Mekong Logistics s vo phn
phi ton phn k t nm 2017; 2) Tng khi lng qua h thng cng Nam Hi, Nam Hi
nh V v Phc Long ICD t 1.368.000 TEUs, tng ng mc tng khong 11% so vi
cng k nh vic cng Phc Long ICD tng cng sut cng nh vic chuyn lu lng
hng ha t thng ngun sang h ngun ti khu vc cng Hi Phng; 3) Doanh thu
mng logistics d bo tng trng khong 6% nh ng lc t vic tng cng sut t
trung tm logistics mi Hu Giang.

C tc 100% bng tin sau khi thoi vn thnh cng.

GMD l mc tiu M&A trong Tae Kwang l n v th hin r rang mun thu tm
51% c phn ca GMD.

Gi hin ti Gi mc tiu Upside Thi gian u t

43,000 VND 52,900 VND 23% 6-12 thng

D phng Li nhun rng EPS P/E

cho nm 2017 451 t ng 2,513 VND 17.1 x

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KHUYN NGH U T

CTCP VN TI V XP D HI AN (HOSE: HAH)

T l n vay/vn ch s hu ch mc 26%, rt thp. Trong khi, t l tin v tng ng

tin/vn ch s hu t hn 40%

C tc duy tr u qua cc nm, c tc nm 2017 d kin t 15% - 20%, tng ng c

tc/th gi t 6,5% n 8,7%. PE mc cha n 7 ln, thp nht so vi cc cng ty cng
ang nim yt.

C cu c ng ngy cng c c khi ban lnh o s hu hn 24%, nc ngoi giai on

gn y cng gia tng lng s hu ln ti hn 43%.

Cng Hi An nm h lu sng Cm, lu lng nc kh su nn n c tu trng ti

n 20.000 DWT, C s h tng, my mc trang b tt, hin i do l cng mi.

Doanh thu v li nhun sau thu ln lt t 521 t v 144 t, tng trng 7% v 8% so

vi cng k nh: 1) D kin tng trng sn lng hng ha giai on 2017 2018 tng
trng khong 8% - 10% ti cng Hi Phng. ;2) Sau mt giai on gim gi dch v
thu ht tng trng doanh thu, HAH s tng li phc hi gi dch v trong nhng qu ti
khi cng sut t mc cao.

Gi hin ti Gi mc tiu Upside Thi gian u t

23,000 VND 27,800 VND 21% 6-12 thng

D phng Li nhun rng EPS P/E

cho nm 2017 144 t ng 4,191 VND 5.5 x

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KHUYN NGH U T

CTCP DCH V T HNG XANH (HOSE: HAX)

L mt trong ba i l c quyn ca Mercedes Benz ti Vit Nam ti Vit Nam, chim

30% th phn phn phi Mercedes ti Vit Nam. Showroom mi ti Kim Giang ti H Ni
s t t ng gp nhiu hn nng cao doanh s cng nh doanh thu t nm 2017.

Mc tiu bn c 2.000 xe trong nm 2017 tng 65% so vi nm 2016 d kin s hon

thnh k hoch. Trong 5 thng u nm nay, Mercedes - Benz Vit Nam bn 2.300
chic, tng 80% so vi cng k.

Qu 2/2017, HAX bt ng bo l do chi ph gia tng mnh. Mc d l rng nhng doanh

thu qu 2/2017 vn t 1.034 t, tng trng 21% so vi cng k.

Vic l rng ch l vn thc thi v d bo qu 3 v 4/2017, HAX s t mc li nhun

kh quan tr li vi mc li nhun rng nm 2017 d bo t 94 t, tng trng 21%
cng k.

Hot ng sa cha, bo tr d kin s pht trin tt khi lng xe tiu th t mc kh

quan.

Gi hin ti Gi mc tiu Upside Thi gian u t

38,200 VND 48,000 VND 26% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
94 t ng 4,027 VND 9.5 x

05/09/2017
KHUYN NGH U T

CTCP TP ON H (HOSE: HDG)

D bo nm 2017, doanh thu v li rng ca HDG ln lt t 2.407 t v 251 t, tng

trng ln lt 21% v 15% so vi cng k nh: 1) Ghi nhn bn giao t Hado Centrosa,
Hado Parkside, Hado S Vn Hnh; Garden Home v Garden City. 2) Mng cho thu bt
ng sn d kin tng trin mnh nh khch sn IBIS Hng H i vo hot ng t thng
3/2018.

Hot ng HDG mang tnh n nh, nn tng cao. Trin vng nm 2018 tr i s c h
tr nh: 1) D n dch v Dch Vng Cu Giy (khch sn, cn h v vn phng) d kin
a vo hot ng cui nm 2017; 2) 2 d n Khch sn, khu ngh dng Bo i v Thy
in Nhn Hc (59M) s vo hot ng trong nm 2018.; 3) Li th t B Quc Phng gip
HDG c qu t di do cc v tr p ti TP.HCM cng nh H Ni.

Vic thoi vn gn 10% t B Quc Phng d kin trong qu 3/2018. iu ny s to s

hp dn v gi cho HDG.

Vic 6 thng l ch yu do cch hch ton chi ph bn hng.

Gi hin ti Gi mc tiu Upside Thi gian u t

31,400 VND 36,200 VND 15% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
251 t ng 3,304 VND 9.5 x

05/09/2017
KHUYN NGH U T

CTCP TP ON HOA SEN (HOSE: HSG)

Dy chuyn cn ngui (980,000 tn), dy chuyn m (1,620,000 tn), dy chuyn m mu

(540,000 tn), dy chuyn ng thp (638,600 tn), dy chuyn ng nha (76,300 tn).
y mnh pht trin mng li phn phi rng khp c nc vi 250 chi nhnh, d kin
tng ln 350 (nm 2017), 500 (nm 2018).
Cc nh my mi va c a vo sn xut: dy chuyn sn xut PVC (30.000 tn/nm),
HDPE/PPR (9.000 tn/nm).
Cc d n trong nm 2017:
1. Nh my Ngh An - Dy chuyn cn ngui: 400.000 tn ( T5.2017), Dy chuyn m
cng ngh: 400.000 tn ( T6.2017)
2. Nh my Hoa Sen Nhn Hi - Dy chuyn m cng ngh: 180.000 tn (T5.2017),
Dy chuyn m mu: 90.000 tn (Thng 5.2017)
3. Nh my nha Hoa Sen H Nam - Dy chuyn ng thp: 250.000 tn (T7.2017)
Hip hi thp Vit Nam d bo th trng thp tng trng 12% trong nm 2017.
B Cng Thng iu tra p dng bin php chng bn ph gi i vi mt hng thp m
nhp khu vo Vit Nam.
D bo li nhun ca HSG t 1.950 t trong nin 2017 da trn mt s yu t nh cc
nh my mi i vo hot ng, lng hng sn xut khng p ng nhu cu khch
hng, ma xy dng bt u t thng 4 n thng 7 hng nm.

Gi hin ti Gi mc tiu Upside Thi gian u t

29,850 VND 34,290 VND 15% 6-12 thng

D phng Li nhun rng EPS P/E

cho nm 2017 1,950 t ng 5,686 VND 5.2 x

05/09/2017
KHUYN NGH U T

CTCP TCT PT TH KINH BC (HOSE: KBC)

D kin li nhun sau thu nm 2017 t 921 t, tng trng 65% so vi cng k vi ng
lc n t: 1) Vn FDI tng trng k vng kh quan. ;2) k vng ton b 3,4ha t nn
ti d n Phc Ninh s c chuyn nhng ht trong nm 2017; 3) cc khu cng nghip
Nam Sn Hp Lnh, Tn Ph Trung, Qu V, Quang Chu v Trng Du s bn giao c
cho khch mi; 4) vic chuyn nhng d n Hoa Sen 4,2ha ng Phm Hng, HN.
Vi qu t khu cng nghip di do (4.500ha) v 1.300ha t pht trin dn c th KBC
d a cho vic pht trin trong t nht 10 nm ti.
KBC c cng cuc ti cu trc thnh cng, khi t l n vay/vn ch s hu c mt s
gim tc mnh m t mc 101% vo cui 2012 xung ch cn 21% vo cui qu 1/2017.
iu ny gip cho chi ph ti chnh gim ng k, gp phn ng k gia tng li nhun k
t 2014 n nay.
Vn u t trc tip nc ngoi (FDI) ng k 6 thng u nm 2017 t mc 19,2 t,
tng trng hn 50% so vi cng k. Tng ng, FDI gii ngn t 7,72 t USD, tng 6,5%
so vi cng k nm 2016.
Khu cng nghip Trng Du giai on 3 vi 456ha ang trnh Th Tng nu c thng
qua s l ng lc tng trng cho di hn khi din tch gn gp i tng din tch pht
trin ca Trng Du giai on 1 v 2.

Gi hin ti Gi mc tiu Upside Thi gian u t

15,050 VND 19,000 VND 26% 6-12 thng

D phng Li nhun rng EPS P/E

cho nm 2017 921 t ng 1,960 VND 7.7 x

05/09/2017
KHUYN NGH U T

CTCP THP NAM KIM (HOSE: NKG)

Dy chuyn m km (450,000 tn), dy chuyn m hp kim nhm (270,000 tn), ng thp

(100,000 tn)

Xut khu chim 50% t trng bn hng, nh li th v thu cc th trng trong khu
vc v Chu u.

Nh my Nam Kim 3 giai on 2 sp a vo hot ng (Q3.2017): dy chuyn m hp

kim nhm (500,000 tn), nng tng cng sut ln hn 1.2 triu tn.

Hip hi thp Vit Nam d bo th trng thp tng trng 12% trong nm 2017.

B Cng Thng iu tra p dng bin php chng bn ph gi i vi mt hng thp m

nhp khu vo Vit Nam.

Chng ti d bo li nhun ca Nam Kim t 650 t trong nm 2017 da trn mt s yu

t nh cc nh my mi i vo hot ng t qu 3.2017, tng t nh nm trc qu 2
v qu 3 d bo l ma cao im cho hot ng sn xut ca Nam Kim.

Gi hin ti Gi mc tiu Upside Thi gian u t

33,100 VND 36,000 VND 9% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
650 t ng 6,562 VND 5.0 x

05/09/2017
KHUYN NGH U T

TCT CP GAS PETROLIMEX (HOSE: PGC)

T sut c tc hp dn khi c tc bng tin/th gi lun duy tr mc 8,8% tr ln t nm

2013 n nay.

Hot ng kinh doanh ca cng ty lin tc c ci thin khi t sut li nhun rng/vn
ch s hu bnh qun (ROE) qua cc nm t 12,2% nm 2013 ln 14,9% nm 2016.

D bo li nhun sau thu nm 2017 t 114,2 t ng, tng ng EPS 2017 t 1.889
ng/cp, tng trng 10,8% so vi cng k.

Chin lc sn phm cht lng, an ton cao s gip PGC d dng pht trin th trng
hn trong giai on an ton chy n ang c ngi tiu dng quan tm.

Vi th phn phn phi LPG chim khong 10% ton quc v h thng phn phi tt, PGC
s l mt cng ty thch hp cc nh phn phi gas ln c th m phn mua li trong
tng lai (nu c).

PGC l c phiu a thch ca khi nh u t ngoi khi tng lin tc s hu t mc 5%

u nm 2015 ln mc hn 10% thi im thng 5/2017.

Gi hin ti Gi mc tiu Upside Thi gian u t

14,800 VND 17,000 VND 15% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
114 t ng 1,889 VND 7.8 x

05/09/2017
KHUYN NGH U T

CTCP CAO SU PHC HO (HOSE: PHR)

Nm 2017, 2018, PHR c nhiu yu t tch cc to t bin:

+ Gi bn cao su ly k 7 thng u nm t 43 triu ng/tn, tng mnh 45% so vi cng

k gip bin li nhun gp tng t 15,3% trong 6 thng nm 2016 ln mc 19,1% trong 6
thng u nm nay.

+ PHR ang c din tch cao su khai thc cao nht ngnh mc 14.000 ha. Tuy nhin do
tui cy kh gi nn nng sut thp v PHR ang thc hin u t sang Campuchia vi din
tch d kin l 7.600 ha mi. Vic thanh l g cao su mc khong 4.000 ha cho giai on
2017 2019, vi gi thanh l cao su g c xu hng tng so vi 2016, hin ti quanh mc
200 triu ng/ha so vi 160 triu ng/ha ca nm 2016.

+ Chuyn nhng 800ha vn cao su cho VSIP3 c th mang li khong li nhun c tnh
khong 800 - 1000 t, ghi nhn t 3 n 5 nm.

Doanh nghip minh bch v hot ng, bo co cp nht hng thng v c lnh o linh
hot trong hot ng.

Gi hin ti Gi mc tiu Upside Thi gian u t

40,850 VND 48,000 VND 18% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
312 t ng 3,975 VND 10.3 x

05/09/2017
KHUYN NGH U T

CTCP C IN LNH (HOSE: REE)

D bo 2017, doanh thu v li rng mng M&E ln lt t 2.106 t v 383 t, tng

trng 21% v 29% so vi 2016, ng gp mnh m cho tng trng chung ca REE.

c tnh tng li nhun sau thu cc mng (bt ng sn, in, nc v than) t mc
632 t, chim 47% tng li rng nm 2017 so vi mc khong 45% ca nm 2016.

Trong giai on 2013 2016, REE duy tr mc c tc bng tin/th gi mc 5,4% tr ln,
y l mc kh quan so vi nhiu doanh nghip trn sn. Sang 2017, chng ti d bo t
l c tc bng tin ca REE t mc 18% - 20%, tng ng mc c tc/th gi quanh 6,4%
- 7,1%.

Nm 2017, d bo doanh thu v li nhun sau thu ln lt t 551 t v 294 t, tng

ng mc tng trng t 4% v 6%.

Gi hin ti Gi mc tiu Upside Thi gian u t

35,250 VND 41,100 VND 17% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
1,342 t ng 4,328 VND 8.1 x

05/09/2017
KHUYN NGH U T

CTCP QUC T SN H (HOSE: SHI)

SHI duy tr c tc bng tin lin tc t nm 2010 n nay. D kin c tc nm 2017 t

10% bng tin, tng ng c tc/th gi t 13,6%.

Nhu cu tiu th cc sn phm gia dng ca Sn H (bn nc Inox, bn nha, bnh

nc nng, chu ra) tng mnh trong nm 2016. T qu 3/2017, nh my Bc Ninh i
vo hot ng v hai nh my Din v Phng (H Ni) s c di di v v s c tng
cng sut cc nhm sn phm gia dng.

Cng sut ton phn cc nhm sn phm gia dng hu ht tng khong 40% - 60% so
vi cng k 2016. Tng ng, SHI cng ang lin tc gia tng nhn vin, h thng ca
hng, i ng nhn vin qun l c th thc y doanh s.

Doanh thu v li nhun sau thu, ROE lin tc tng trng 3 nm lin tip. Qu 1/2017,
SHI t mc tang trng doanh thu v li nhun ln lt 50% v 84% so vi cng k.

L mt thng hiu ni ting v sn phm dn dng (bn nc, bnh nc nng, ), cht
lng cao, thi gian bo hnh mc cao nht so vi cc thng hiu khc ti Vit Nam.

Cc nh my mi ang trin khai Myanmar, Ngh An s l ng lc pht trin cc

nm ti ca SHI.

Gi hin ti Gi mc tiu Upside Thi gian u t

8,140 VND 11,100 VND 36% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
125 t ng 2,067 VND 3.9 x

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KHUYN NGH U T

CTCP CHNG KHON SI GN (HOSE: SSI)

Li nhun rng tng trng lin tc tnh t nm 2011 n 2016. Na u nm 2017, li

rng 6 thng tip tc tng trng 6% so vi cng k nh: 1) khon u t t PLX; 2)
doanh thu t mng mi gii t 301 t, tng 76% cng k; 3) PAN gim li rng 47%
trong 6 thng do cng k nm trc PAN t bin li t vic chuyn nhng 80% ti PAN
Services.

SSI lin tc tng th phn vi khong cch ngy cng xa nhm pha sau. Th phn sn
HOSE v HNX ln lt t 14,85% v 11,77% vo na u nm 2017, tng lin tc hng
nm t mc 9,97% v 4,45% vo nm 2012.

Th trng chng khon phi sinh ang trin khai s gip SSI gia tng doanh thu vo
nhng nm ti vi v th l cng ty chng khon dn u ti Vit Nam.

Hot ng c phn ha c y mnh s gip SSI gt hi thu c li nhun cao khi l

mt trong nhng cng ty ng u mng ngn hng u t.

Gi hin ti Gi mc tiu Upside Thi gian u t

25,200 VND 30,500 VND 21% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
1,096 t ng 2,237 VND 11.3 x

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KHUYN NGH U T

CTCP THNG MI XUT NHP KHU THIN NAM (HOSE: TNA)

Ba mng kinh doanh ct li (cho thu bt ng sn, nhp khu v phn phi cc mt hng
thc phm cng ngh cao cp v kinh doanh thp) gi n nh hot ng ca TNA.

Nh hot ng kinh doanh kh quan v n nh nn TNA duy tr c tc bng tin mt n

nh mc 20% sut giai on 2011 - 2015. D kin 2016 TNA s tr 30% tin v 20% c
phiu thng. Sang 2017, d kin ti thiu 20% c tc bng tin.

Mc d doanh thu cho thu bt ng sn nm 2015 ch chim 1,7% tng doanh thu
nhng li chim n 22,6% li nhun trc thu c nm 2015. Hin ti, TNA c 10 v tr bt
ng sn cho thu vi ph lun st 100% nh dch v cht lng tt. y l ngun
thu n nh gip cho TNA c th pht trin bn vng qua cc nm.

Nm 2017, d bo doanh thu t 3.491 t, tng trng 2,5% so vi nm trc nh hot

ng kinh doanh thp chng ti k vng s gia tng doanh thu. Tuy nhin, li nhun
trc thu k vng mc 112,1 t, gim 22,3% do nm 2017 chng ti k vng khng c
li nhun t hot ng kinh doanh khng thng xuyn (nm 2016 li nhun ca mng
ny d kin l 46,2 t). Tuy nhin, tng bn mng hot ng cn li (cho thu bt ng
sn, Nhp khu v phn phi cc mt hng thc phm cng ngh cao cp v kinh doanh
thp v u t ti chnh) k vng li nhun trc thu tng trng kh quan 12,7% so vi
cng k 2016.

Gi hin ti Gi mc tiu Upside Thi gian u t

39,700 VND 59,760 VND 51% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
88 t ng 6,923 VND 5.7 x

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KHUYN NGH U T

CNG TY C PHN VN TI XNG DU VIPCO (HOSE: VIP)

C tc bng tin lin tc trong nhiu nm. Nm 2017, d kin c tc 8% bng tin, tng
ng mc c tc/th gi t hn 10%.

Hot ng kinh doanh n nh cao khi c 5 tu u c tp on m l Petrolimex (PLX)

thu. Vic Petrolimex c nim yt s to ng lc gip tp on ny s nng ng hn,
tng ng lc pht trin ra nc ngoi, qua nhng cng ty con trong tp on cng
nhn c hiu ng tch cc.

Ba d n bt ng sn trc thuc k vng t bin tch cc: 1) k vng t l lp y ti ta

nh 43 Quang Trung s gia tng; 2) Anh Dng 7 c khong 2,4ha t thng phm, kho
st gi hin ti khong 6 7 triu/m2, nn k vng hn 70 t li nhun trc thu nu
thoi ht; 3) d n 37 Phan Bi Chu c th c chuyn nhng hoc chuyn i mc
ch s dng tng hiu sut.

Khu vc Hi Phng tip tc cho thy s tng trng, pht trin nng ng l tnh hng
u nhn vn u t t nc ngoi (FDI) trong nhng nm gn y.

Gi hin ti Gi mc tiu Upside Thi gian u t

7,230 VND 10,000 VND 38% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
72 t ng 1,051 VND 6.9 x

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KHUYN NGH U T

CTCP TP ON CONTAINER VIT NAM (HOSE: VSC)

Khu vc Hi Phng s tip tc hng li t vic tng mnh vn FDI gii ngn Hi Phng
ang c n 18 khu cng nghip trong ni ln nhng khu cng nghip ang thu ht
nhanh vn u t nh Trng Du, Trng Ct, nh V Ct Hi, D kin tng trng sn
lng hng ha giai on 2017 2018 tng trng khong 8% - 10% ti cng Hi Phng.

VIP green ch mi a cu cng th 2 vo hot ng trong thng 12/2016. C nm 2016,

VIP green mi hot ng khong 40% cng sut. V vy, hot ng cng ny s bt ph
nhiu hn giai on 2017 tr i.

Doanh thu v LNST nm 2017 c tnh t 1.439 t v 342 t, ln lt tng trng 33% v
36% so vi 2016. EPS 2017 c tnh 7.507 ng/cp, tng ng mc P/E forward mc 7,7
ln.

VSC v kh nhiu m trong ngnh ang giao dch quanh vng P/E t 10 n 12 ln. Tuy
nhin, vic bt ph li nhun ca VSC trong 2017 nhiu kh nng s gip VSC c cu
chuyn tch cc ring bit.

Gi hin ti Gi mc tiu Upside Thi gian u t

54,800 VND 72,000 VND 31% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
362 t ng 7,946 VND 6.9 x

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KHUYN NGH U T

CTCP THY IN VNH SN - SNG HINH (HOSE: VSH)

Doanh thu v li nhun rng nm 2017 d bo t 535 t v 321 t, ln lt tng trng

mnh 19% v 24% so vi cng k nh tnh hnh thy vn thun li, ma nhiu khu vc
min Trung gip h cha tch nc di do.

C tc bng tin t l ti thiu 10% trong nhiu nm tr li y, tng ng t l c tc/th

gi mc 6%. D bo vi kt qu kinh doanh nm 2017 kh quan, c tc bng tin c kh
nng s c nng ln ti thiu 15%.

Vic bt ng gia REE v EVNGENCO3 khin ton b t trnh ti i hi c ng b

ph quyt. Tuy nhin, vi kinh nghim v mi quan h kinh qua hng lot cng ty
ngnh in. Chng ti k vng hai din bin tch cc vi VSH trong thi gian ti: 1) REE s
n lc gia tng t l s hu ti VSH gia tng s chi phi; 2) REE s c gng ct gim chi
ph, tng hiu qu ti VSH nh tng lm ti cc cng ty ngnh in khc.

Gi hin ti Gi mc tiu Upside Thi gian u t

18,250 VND 20,500 VND 12% 6-12 thng

Li nhun rng EPS P/E

D phng
cho nm 2017
321 t ng 1,556 VND 11.7 x

05/09/2017
 Disclosures

As of the publication date, Mirae Asset Daewoo Co., Ltd. and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding.

Analyst Certification

The research analysts who prepared this report (the Analysts) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in
any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for
this report. Mirae Asset Daewoo Co., Ltd. (Mirae Asset Daewoo) policy prohibits its Analysts and members of their households from owning securities of any company in the Analysts area of coverage, and the Analysts do not
serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past
12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this
report but, like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment
banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Daewoo
except as otherwise stated herein.

Disclaimers

This report is published by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled from sources believed to
be reliable and in good faith, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or
correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English translation of a report prepared in the Korean language, the original Korean
language report may have been made available to investors in advance of this report. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use
hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The intended
recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this
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herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset
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United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the Order), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as
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United States: This report is distributed in the U.S. by Daewoo Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange
Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding
that they will direct commission income to Mirae Asset Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Daewoo
Securities (America) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such
case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements.

Hong Kong: This document has been approved for distribution in Hong Kong by Daewoo Securities (Hong Kong) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not
been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws
of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person.

All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Mirae Asset Daewoo or its affiliates only if distribution to or use by such customer of
this report would not violate applicable laws and regulations and not subject Mirae Asset Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction.

05/09/2017
Cm n nhiu