PURPLE BO CO DANH MC U T

TIU CH U T u ngnh C ng di hn
n ngnh Ri ro thp

MWG: HOSE PNJ: HOSE

Khuyn ngh: Nm gi v tng Khuyn ngh: Nm gi v tng

t trng t trng
Gi mc tiu: 183 944 Gi mc tiu: 79 979
P/E: 15.3 P/E: 19.4

EPS: 10 577 EPS: 3 619

ROE: 45% ROE: 22%

Beta: 1.01 Beta: 0.59

Gi hin ti: 162 100 Gi hin ti: 70 300

Sau 10 thng nm 2016, Cng ty C phn u Vi vic Cng ty Vng Bc Qu Ph Nhun

t Th Gii Di ng (HOSE: MWG) t 103%
doanh thu, 96% li nhun mc tiu c nm
2016, tc tng trng nhanh vt bc so
vi cng k nm ngoi, MWG l m c phiu
hp dn nh u t vi mc tng trng cao.
ng thi chui Thegioididong.com v
DienmayXANH.com ang c sc tng trng
mnh, vi ln lt 929 v 173 siu th mi
tnh thnh trn ton quc.
(HOSE:PNJ) u t thm vo h thng bn l,
tnh hnh kinh doanh tng trng, bin li
nhun 2016 s tng cao hn so vi cc nm
trc, c tnh t mc 5% so vi trung bnh
2,5% trong 4 nm gn y. ng thi li
nhun sau thu tnh n qu III 2016 t n
97% k hoch nm 2016, PNJ ha hn l c
phiu hp dn cho nh u t.

KINH T V M
VN-INDEX 2016 tng gn 100 im t 579 vo u thng 1 ln n 678 vo thi im lp bo
co (24/11/2016).
GDP Vit Nam d bo tng trng t mc 6.3% trong nm nay.
Nhiu doanh nghip c php ni room khi ngoi ln 100%. ng thi Chnh ph ang tch
cc thay i c ch nh u t nc ngoi trn th trng chng khon.
Th trng phi sinh vi sn phm Chng quyn c m bo s c tung ra vo u nm
2017.
K hoch hp nht hai sn chng khon HOSE v HNX.
 CNG TY CP U T TH GII DI NG

MWG - nh bn l thit b di ng v in my gia dng ln nht Vit

Nam ang c tng trng mnh m nht t trc n nay vi hai
d n mi l in My Xanh v Bch Ha Xanh. Vi gi ng ca ngy
23/11/2016 l 162,000 VN/c phiu so vi gi hp l l 183,944
VN/c phiu, mua v nm gi c phiu l s la chn tt cho khon
u t ny.

Khuyn ngh Nm gi
LUN IM U T

Gi hin ti 162 100 VN Th trng Vit Nam l th trng mi ni, tim nng pht trin ln.
Theo xu th , mng bn l hng tiu dng s hng li ln.
Gi mc tiu 183 944 VN MWG hin ang l nh bn l ln th hai c nc sau Saigon Co.op,
S lng CP 146.888.974 tuy nhin, v mng bn l cng ngh, khng ai c th vt qua g
khng l ny.
Vn iu l 1468 (t Vi s thnh cng mng thit b di ng, MWG ang tip tc m
VN) rng v pht trin h thng chui in My Xanh m rng phn
Vn ha 20085 (t khc v th phn. ng thi, Bch Ha Xanh ang l d n tim
VN) nng v s c tung ra th trng vo nm 2017.
Ch trong 10 thng u nm 2016, MWG m thm 469 siu th
Khong gi 52 65.700 mi trn ton quc. Trong , Th Gii Di ng ng gp 365 siu
tun (VND) 164.400 th mi, v in My Xanh l 104.
% khi ngoi 49%
CC CH TIU TI CHNH

30.000 Ch s 9 thng 2016 2015 2014

Doanh thu (t ng) 30 776 25 253 15 757
20.000
LNST (t ng) 1 222 1 071 668
10.000
EPS (ng) 10 577 8 373 8 570
0 ROE 45% 43.16% 45.3%
ROA 20.74% 20.1% 23.9%
N/VCSH 2.92 2.92 2.31
Doanh thu (t ng)
Vi c im l cng ty thng mi, khng kh hiu khi ch s
N/VCSH ca MWG rt cao, n gn 3 ln. ng thi vi kt qu kinh
Th phn doanh thun li trong 9 thng u nm 2016 c pht ra, cc ch tiu
v li nhun sau thu cng nh ch tiu sinh li c phiu cng tng rt
cao so vi nhng nm trc . Vi EPS tng n 20%, ROE t 45%,
35% MWG mang nhng tn hiu rt tch cc cho nh u t ca mnh.

55% NH GI
10%
Phng php Gi (VN) T trng
FCFF 184 706 50%
MWG FPT Khc P/E 183 182 50%
Gi hp l 183 944 VN/c phiu
 CNG TY VNG BC QU PH NHUN

PNJ c nn tng kinh t v m n nh v v th dn u trong ngnh

sn xut v kinh doanh trang sc vng, bc, qu, mua bn vng
ming v cc loi ph kin thi trang.
Vi mc gi ng ca ngy 23/11/2016 l 69 100 VN v gi hp l l
79 979 VN cho mi c phiu, mua v nm gi c phiu ha hn li
sut u t tt trong tng lai.

Khuyn ngh Nm gi LUN IM U T

Gi hin ti 70 500 VN Vit Nam c dn s ln, thu nhp bnh qun u ngi v GDP tng
Gi mc tiu 79 979 VN trng qua cc nm nn nhu cu s dng hng xa x tng trng.
Vng l kim loi qu, trong bi cnh ng ni t VND yu so vi USD
S lng CP 98.273.868 v bin ng kh nhiu so vi vng, ngi tiu dng Vit c xu
Vn iu l 756 (t VN) hng s dng vng lm ti sn ct gi c nhn.
Hin ti, PNJ l doanh nghip ng u th trng trang sc vi hn
Vn ha 6879 (t 25% th phn, b xa cc i th ln nht l Doji v SJC (th phn ca
VN) mi doanh nghip ny nh hn 10%).
So snh vi cc i th cnh tranh, PNJ c li th hn hn v bao
Khong gi 52 36.830
ph th trng. PNJ c ti 204 ca hng, gn gp 3 ln tng s
tun (VND) 80.820
lng hng ca DOJI v SJC.
% khi ngoi 49%
CC CH TIU TI CHNH
10.000
8.000 Ch s 9 thng 2016 2015 2014
6.000 Doanh thu (t ng) 5 956 7 708 9 199
4.000
LNST (t ng) 355.781 152.303 255.872
2.000
0 EPS (ng) 4 067 1 762 3 208
ROE 22.47% 11.32% 18.55%
ROA 11% 5.25% 8.38%
N/VCSH 104.04% 113.38% 118.17%
Doanh thu (t ng)

Cc ch s ti chnh tng trng rt tt so vi cc nm trc, cc ch

s sinh li nh EPS, ROE, ROA u tng so vi cc nm trc. Bn cnh
30% hng tn kho ca PNJ phn ln l vng nguyn liu v cc sn phm
25% n trang c tnh thanh khon cao v kh nng lu gi gi tr tng
ng tin mt. Nh , Cng ty c th vay ngn hn vi t l cao v
20% chi ph thp, li sut ngn hn ch mc 5-7%.
15%
10%
5% NH GI
0%
Phng php Gi (VN) T trng
2015
2009
2010
2011
2012
2013
2014

FCFF 76 052 50%

P/E 83 905 50%
Th phn Gi hp l 79 979 VN/c phiu
 PURPLE NH GI DANH MC U T

DANH MC U T

M c phiu Gi c phiu (VN) S lng T trng trong danh mc

MWG 157 000 10 70%

PNJ 68 000 10 30%

NH GI RI RO
Da vo mu l gi ng ca ( iu chnh) ca c phiu MWG v PNJ 594 phin t ngy
14/7/2014 (l ngy u tin MWG cho sn, trong khi PNJ giao dch ngy u tin vo
23/3/2009 kh xa so vi MWG nn mu u tin c ly vo ngy ny) n ngy 24/11/2016
(thi im lp bo co), ta xc nh c cc d liu sau t mu:
Ch s MWG PNJ
Phng sai 0.12721% 0.0555%
lch chun 0.0356 0.0235
Hip phng sai 0.0029%
H s tng quan 3.4229%
Phng sai danh mc u t 0.068%
lch chun danh mc 0.026

Ta xc nh c h s tng quan gia c phiu MWG v PNJ l 3.4229%, xp x 0, nh vy

hai c phiu t c s tng quan vi nhau, hay ni cch khc danh mc u t bao gm 10 c
phiu MWG v 10 c phiu PNJ c xem l a dng. ng thi lch chun ca danh mc
l 0.026, kh thp v xp x bng 0, nh vy danh mc ny c xem l ri ro thp so vi danh
mc th trng.

NH GI LI SUT
M chng khon Gi vn Khi lng Gi ng ca Li/L T l li/l

MWG 157 000 10 162 100 51 000 +3.25%

PNJ 68 000 10 70 300 23 000 +3.38%
Tng vn 2 250 000
Gi tr chng khon nm gi 2 324 000
T l li/l danh mc +3.3%
Ch s VN INDEX (9/11/2016) 678.18
Ch s VN INDEX (24/11/2016) 670.26
Li sut th trng trong cng giai on +1.18%

Nh vy danh mc u t cho li sut 3.3%, cao hn 2.12% so vi thi trng trong cng giai
on.