BẢNG CÂN ĐỐI KẾ TOÁN

CHỈ TIÊU 2015 2016

TỔNG TÀI SẢN 3,573,347,160,681 5,562,791,174,256
Tài sản lưu động và ĐT ngắn hạn 2,986,756,550,457 4,627,026,584,133
Tiền mặt 909,523,073,630 1,818,216,889,701
Đầu tư ngắn hạn - -
Các khoản phải thu 925,131,068,005 1,865,019,675,443
Hàng tồn kho 1,122,028,633,093 915,502,618,676
Tài sản lưu động khác 30,073,775,729 28,287,400,313
Tài sản cố định và ĐT dài hạn 469,363,631,822 714,847,352,643
1. Phải thu dài hạn 1,012,271,732 2,735,637,693
2. TSCĐ 21,038,297,320 38,857,320,033
Tài sản cố định hữu hình 17,969,619,960 20,886,919,550
Nguyên giá 32,838,605,341 38,105,660,008
Khấu hao (14,868,985,381) (17,218,740,458)
Tài sản cố định vô hình 3,068,677,360 17,970,400,483
Nguyên giá 4,139,720,768 19,432,972,560
Khấu hao (1,071,043,408) (1,462,572,077)
Chi phí xây dựng dở dang 31,894,898,894 151,851,154,782
3. BĐS đầu tư 22,564,045,227 37,838,469,359
4. Đầu tư tài chính dài hạn 392,680,741,301 580,053,037,698
5. Lợi thế thương mại 26,998,056,871 29,417,932,163
6. Tài sản dài hạn khác 32,068,276,242 25,944,955,697
TỔNG NGUỒN VỐN 3,573,347,160,681 5,562,791,174,256
Nợ phải trả 1,801,987,998,045 2,025,436,101,162
Nợ ngắn hạn 1,516,713,125,481 1,527,604,858,832
Nợ dài hạn 285,274,872,564 497,831,242,330
Nợ khác - -
Nguồn vốn chủ sở hữu 1,771,359,162,636 3,537,355,073,094
Vốn đầu tư của chủ sở hữu 1,172,635,700,000 2,530,490,680,000
Thặng dư vốn cổ phần 10,867,980,806 10,867,980,806
Cổ phiếu ngân quỹ (580,000,000) (580,000,000)
Chênh lệch tỷ giá hối đoái -
Quỹ đầu tư phát triển 18,884,676,055 27,151,657,159
Lợi nhuận chưa phân phối 382,014,359,398 676,747,251,369
Nguồn vốn đầu tư XDCB - -
Nguồn kinh phí và quỹ khác - -
Lợi ích của cổ đông thiểu số - -
CÂN ĐỐI KẾ TOÁN CỦA CÔNG TY ĐẤT XANH

2017 2018 2019 2020

10,264,402,566,112 13,728,714,740,541 19,880,517,214,813 23,311,433,045,215
8,840,186,196,460 11,815,774,324,512 17,066,173,125,309 19,723,041,845,371
1,687,437,308,464 1,158,571,308,567 793,292,599,726 1,779,630,924,503
226,023,309,085 382,498,994,785 305,739,415,870 205,684,093,506
3,440,572,245,217 5,566,773,833,623 9,023,334,431,632 7,213,288,202,784
3,400,583,217,941 4,605,151,086,817 6,791,464,181,384 10,251,681,350,670
85,570,115,753 102,779,100,720 152,342,496,697 272,757,273,908
1,158,277,200,411 1,401,044,120,821 1,900,825,952,865 1,498,106,195,971
3,257,333,012 145,378,783,345 172,279,360,955 670,602,385,825
63,944,977,213 75,783,235,810 361,641,326,887 355,093,829,173
42,143,941,339 53,539,168,844 330,163,750,695 325,199,536,442
63,390,093,350 82,239,419,005 379,436,775,712 407,459,297,448
(21,246,152,011) (28,700,250,161) (49,273,025,017) (82,259,761,006)
21,801,035,874 22,244,066,966 31,477,576,192 29,894,292,731
24,301,505,268 26,192,368,283 38,550,037,600 41,511,368,523
(2,500,469,394) (3,948,301,317) (7,072,461,408) (11,617,075,792)
90,232,206,067 199,512,917,437 75,114,948,488 645,336,810,279
28,645,758,818 47,027,879,233 92,441,808,628 127,683,159,471
962,083,211,367 1,176,366,004,321 1,184,818,253,242 106,500,000,000
103,603,253,013 100,477,001,457 88,255,203,153 236,836,821,502
- 1,390,000,000 1,390,000,000 1,390,000,000
10,264,402,566,112 13,728,714,740,541 19,880,517,214,813 23,311,433,045,215
5,610,557,388,547 7,529,620,654,558 10,652,695,846,729 14,227,392,345,541
3,726,609,085,491 5,117,630,826,276 7,276,583,447,080 10,318,520,823,984
1,883,948,303,056 2,411,989,828,282 3,376,112,399,649 3,908,871,521,557
- - - -
4,653,845,177,565 6,199,094,085,983 9,227,821,368,084 9,084,040,699,674
3,031,926,860,000 3,500,714,120,000 5,200,346,670,000 5,200,346,670,000
10,867,980,806 10,867,980,806 10,677,980,806 10,677,980,806
(2,500,560,000) (2,500,560,000) (2,500,560,000) (2,500,560,000)
- - - -
27,527,428,669 35,018,748,857 58,104,879,339 82,466,447,657
745,716,430,895 1,455,564,086,735 1,715,781,731,515 841,362,107,719
- - - -
- - - -
- - - -
 Cơ cấu tài sản
25,000,000,000,000

20,000,000,000,000

15,000,000,000,000

10,000,000,000,000

5,000,000,000,000

0
1 2 3 4

Row 6 Row 7 Row 13

 Cơ cấu tài sản

1 2 3 4 5

Row 6 Row 7 Row 13

 BẢNG KẾT QUẢ SẢN XUẤT KINH DOANH CỦA CÔN
CHỈ TIÊU 2015 2016
Tổng doanh thu 1,396,963,102,468 2,513,373,536,580
Trong đó : Doanh thu hàng XK - -
Các khoản giảm trừ 2,458,324,800 6,856,679,120
Chiết khấu thương mại - -
Giảm giá hàng bán - -
Hàng bán bị trả lại - -
Thuế tiêu thụ đặc biệt, thuế XK
Doanh thu thuần 1,394,504,777,668 2,506,516,857,460
Giá vốn hàng bán 735,259,955,275 1,454,879,592,035
Lợi nhuận gộp 659,244,822,393 1,051,637,265,425
Chi phí bán hàng 144,354,646,805 235,752,853,790
Chi phí quản lý doanh nghiệp 125,097,567,013 172,799,115,614
Lợi nhuận thuần từ HĐ SXKD 484,732,302,787 787,085,120,950
Thu nhập hoạt động tài chính 36,843,777,959 104,659,745,612
Chi phí hoạt động tài chính 8,494,992,425 32,702,590,722
Trong đó: lãi vay 4,909,963,431 31,960,525,659
Lợi nhuận từ hoạt động tài chính 28,348,785,534 71,957,154,890
Các khoản thu nhập bất thường 65,594,444,012 45,458,536,128
Chi phí bất thường 9,937,008,425 11,305,515,375
Lợi nhuận bất thường 55,657,435,587 34,153,020,753
Lợi nhuận trước thuế 540,389,738,374 821,238,141,703
Thuế thu nhập doanh nghiệp 97,933,278,406 152,146,055,441
Thuế TN doanh nghiệp hoãn lại (3,160,356,170) 4,668,775,094
Lợi nhuận sau thuế 445,616,816,138 664,423,311,168
Lợi ích của cổ đông thiểu số 108,988,279,788 127,219,780,118
LNST của cổ đông công ty mẹ 336,628,536,350 537,203,531,050
ẤT KINH DOANH CỦA CÔNG TY ĐẤT XANH
2017 2018 2019 2020
2,882,249,195,439 4,645,499,698,895 5,814,792,550,202 2,898,850,191,353
- - - -
3,007,805,492 181,136,363 1,214,818,184 8,196,307,626
- - - -
- - - -
- - - -

2,879,241,389,947 4,645,318,562,532 5,813,577,732,018 2,890,653,883,727

1,149,440,021,123 2,030,544,378,590 2,729,975,508,597 1,016,048,215,123
1,729,801,368,824 2,614,774,183,942 3,083,602,223,421 1,874,605,668,604
294,965,620,501 433,804,796,676 483,126,308,561 488,535,848,176
248,557,710,590 345,927,634,999 501,464,017,669 594,046,060,241
1,317,699,388,047 2,107,285,530,938 2,309,789,414,723 (4,209,035,677)
66,074,831,666 206,731,318,326 270,472,044,756 72,635,022,559
62,664,889,037 190,754,523,920 209,031,029,465 858,283,502,622
60,951,429,011 162,515,347,183 198,518,758,945 308,766,244,179
3,409,942,629 15,976,794,406 61,441,015,291 (785,648,480,063)
29,231,916,495 21,208,505,992 125,728,345,714 109,570,449,983
11,611,208,906 26,709,544,872 47,004,000,462 78,471,133,521
17,620,707,589 (5,501,038,880) 78,724,345,252 31,099,316,462
1,335,320,095,636 2,101,784,492,058 2,388,513,759,975 26,890,280,785
274,878,315,250 381,773,261,869 505,980,349,738 349,838,023,653
(24,978,471,969) (2,783,512,358) (3,685,247,085) (148,878,066,733)
1,085,420,252,355 1,722,794,742,547 1,886,218,657,322 (174,069,676,135)
334,529,506,846 544,367,757,284 669,703,901,400 321,675,716,089
750,890,745,509 1,178,426,985,263 1,216,514,755,922 (495,745,392,224)
 CHỈ TIÊU 2015 2016
I. Lưu chuyển tiền từ hoạt động kinh doanh
1. Lợi nhuận trước thuế 540,389,738,374 821,238,141,703
2. Điều chỉnh cho các khoản
- Khấu hao TSCĐ 3,618,005,518 -
- Các khoản dự phòng 5,858,460,077 1,287,585,473
- Lãi, lỗ chênh lệch tỷ giá hối đoái chưa thực hiện - -
- Lãi, lỗ từ hoạt động đầu tư (154,069,402,604) (182,228,550,585)
- Chi phí lãi vay 4,909,963,431 31,960,525,659
3. Lợi nhuận từ hoạt động kinh doanh trước thay đổi
vốn lưu động 400,706,764,796 680,466,383,403
- Tăng, giảm các khoản phải thu (403,028,507,191) (870,559,940,320)
- Tăng, giảm hàng tồn kho (310,328,680,711) 72,942,494,067
- Tăng, giảm các khoản phải trả (Không kể lãi vay
phải trả, thuế thu nhập doanh nghiệp phải nộp) 624,616,383,740 (159,025,475,023)
- Tăng, giảm chi phí trả trước (62,199,204,445) (14,861,846,137)
- Tiền lãi vay đã trả (29,749,986,510) (41,291,589,385)
- Thuế thu nhập doanh nghiệp đã nộp (86,840,717,469) (86,275,259,950)
- Tiền thu khác từ hoạt động kinh doanh 48,897,170 2,596,048,872
- Tiền chi khác cho hoạt động kinh doanh (21,123,618,083) (51,250,203,467)
Lưu chuyển tiền thuần từ hoạt động kinh doanh 112,101,331,297 (467,259,387,940)
II. Lưu chuyển tiền từ hoạt động đầu tư
1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản
dài hạn khác (20,592,663,272) (27,322,934,602)
2.Tiền thu từ thanh lý, nhượng bán TSCĐ và các tài
sản dài hạn khác 404,545,455 1,446,893,543
3.Tiền chi cho vay, mua các công cụ nợ của đơn vị
khác (5,000,000,000) -
4.Tiền thu hồi cho vay, bán lại các công cụ nợ của đơn
vị khác 18,600,000,000 2,000,000,000
5.Tiền chi đầu tư góp vốn vào đơn vị khác (343,293,341,821) (303,170,633,522)
6.Tiền thu hồi đầu tư góp vốn vào đơn vị khác 2,324,230,000 261,133,430,748
7.Tiền thu lãi cho vay, cổ tức và lợi nhuận được chia
32,556,809,903 26,265,056,795
Lưu chuyển tiền thuần từ hoạt động đầu tư (315,000,419,735) (39,648,187,038)
III. Lưu chuyển tiền từ hoạt động tài chính
1.Tiền thu từ phát hành cổ phiếu, nhận vốn góp của
chủ sở hữu 49,440,000,000 1,217,191,019,130
2.Tiền chi trả vốn góp cho các chủ sở hữu, mua lại cổ
phiếu của doanh nghiệp đã phát hành - -
3.Tiền vay ngắn hạn, dài hạn nhận được 377,653,242,952 738,753,924,445
4.Tiền chi trả nợ gốc vay (59,148,747,541) (493,305,405,251)
5.Tiền chi trả nợ thuê tài chính -
6. Cổ tức, lợi nhuận đã trả cho chủ sở hữu (31,861,320,000) (47,038,147,275)
Lưu chuyển tiền thuần từ hoạt động tài chính 336,083,175,411 1,415,601,391,049
Lưu chuyển tiền thuần trong kỳ 133,184,086,973 908,693,816,071
Tiền và tương đương tiền đầu kỳ 776,338,986,657 909,523,073,630
Ảnh hưởng của thay đổi tỷ giá hối đoái quy đổi ngoại
tệ - -
Chênh lệch do chuyển đổi tiền tệ - -
Tiền và tương đương tiền cuối kỳ 909,523,073,630 1,818,216,889,701
 2017 2018 2019 2020

1,335,320,095,636 2,101,784,492,058 2,388,513,759,975 26,890,280,785

15,340,615,103 24,427,015,127 38,992,516,975 56,505,292,505

17,306,665,819 14,512,822,148 -2,919,042,176 82,759,554,054
- - - -
(188,710,596,526) (462,362,952,283) (197,121,042,463) 467,009,704,630
62,213,929,011 190,754,523,920 209,031,029,465 330,369,747,263

1,241,470,709,043 1,869,115,900,970 2,436,497,221,776 963,534,579,237

(1,476,378,127,481) (2,001,325,583,053) (2,354,916,092,232) 1,130,516,555,393
(1,967,825,440,684) (1,263,972,207,881) (2,038,417,677,731) (3,223,169,530,342)
1,592,151,205,715 1,336,300,188,260 1,266,217,922,268 1,609,954,602,915
(90,583,731,491) (9,181,690,966) (683,834,373,551) (484,027,138,433)
(141,197,321,044) (195,872,458,354) (193,411,384,271) (292,157,208,324)
(165,199,785,232) (260,950,055,077) (337,164,635,388) (419,403,779,590)
- - - -
(46,547,317,542) (105,100,577,193) (70,762,470,063) (65,479,213,265)
(1,054,109,808,716) (931,754,183,294) (1,645,772,139,192) (780,231,132,409)

(92,930,450,053) (136,585,529,548) (228,316,126,199) (89,134,609,232)

1,234,456,170 1,801,231,282 404,545,455 1,792,215,188

(398,323,309,085) (42,167,106,020) (941,843,300,300) (785,507,694,528)

18,238,874,721 239,654,400,000 1,058,229,216,427
(652,809,689,371) (382,297,910,551) (681,408,463,538) (1,581,329,016,253)
- 267,012,362,757 407,270,425,000 980,180,797,500
77,791,166,472 52,461,008,107 30,962,918,887 81,676,995,854

(1,046,798,951,146) (121,543,973) (1,412,930,000,695) (334,092,095,044)

403,163,000,000 466,575,587,000 761,862,562,000 1,012,894,545,475

75,000,000,000 874,363,390,000 (4,410,000,000)

-
2,783,682,740,645 2,789,276,887,627 3,876,280,851,713 4,921,217,080,746
(917,098,469,204) (2,451,889,813,557) (2,339,661,522,607) (3,398,085,457,729)
- - - -
 (299,618,092,816) (475,952,933,700) (479,421,850,060) (430,954,616,262)
1,970,129,178,625 403,009,727,370 2,693,423,431,046 2,100,661,552,230
(130,779,581,237) (528,865,999,897) (365,278,708,841) 986,338,324,777
1,818,216,889,701 1,687,437,308,464 1,158,571,308,567 793,292,599,726

- - - -
- - - -
1,687,437,308,464 1,158,571,308,567 793,292,599,726 1,779,630,924,503
 CHỈ TIÊU
Các chỉ tiêu tài chính
Vốn điều lệ
Số lượng cổ phiếu niêm yết
Số lượng cổ phiếu đang lưu hành
Số lượng cổ phiếu quỹ
Số lượng cổ phiếu đang lưu hành bình quân
Giá cổ phiếu cuối kỳ
Hệ số khả năng thanh toán
Vốn lưu động thuần
TS lưu động phi tiền
TS lưu động phi tiền/Tổng TS
Vốn lưu động thuần/ Tổng TS
Hệ số thanh toán hiện thời
Hệ số thanh toán nhanh
Hệ số khả năng thanh toán lãi vay
Chỉ tiêu hiệu quả hoạt động
Vòng quay các khoản phải thu bình quân
Vòng quay hàng tồn kho
Vòng quay tài sản
Tỷ lệ TSCĐ&ĐTDH trên tổng tài sản
Hệ số tạo doanh thu của TSCĐ
Cơ cấu vốn và rủi ro tài chính
Tỷ lệ Nợ phải trả/ Vốn CSH
Tỷ lệ Nợ phải trả/ Tổng nguồn vốn
Tỷ lệ Nợ ngắn hạn/ Tổng tài sản
Các chỉ tiêu lợi nhuận hoạt động
Tỷ suất lợi nhuận gộp trên doanh thu
Tỷ suất lợi nhuận HĐ KD trên doanh thu
Tốc độ tăng trưởng doanh thu
Tốc độ tăng trưởng lợi nhuận
Tỷ suất lợi nhuận ròng trên doanh thu ROS
BV
EPS
ROA
ROE
ROI
P/E
P/B
Cổ tức (%)
Cổ tức (đ)
Tỉ lệ lợi nhuận giữ lại
Tốc độ tăng trưởng (g) nội tại
Tỷ lệ lãi vay trên nợ vay
Tỷ lệ khấu hao trên TSCĐ
2016 2017 2018

2,530,490,680,000 3,031,926,860,000 3,500,714,120,000

253,049,068 303,192,686 350,071,412
252,991,068 302,942,630 349,821,356
58,000 250,056 250,056
146,353,213 302,980,515 343,903,548
12,500 21,550 23,800

3,099,421,725,301 5,113,577,110,969 6,698,143,498,236

2,808,809,694,432 6,926,725,578,911 10,274,704,021,160
0.50 0.44 0.52
0.56 0.50 0.49
3.03 3.21 2.68
2.43 1.46 1.41
109.06 24.70 20.91

1.80 1.09 1.03

1.43 0.53 0.51
0.55 0.36 0.39
12.85% 11.28% 10.21%
83.70 56.02 66.49

57.26% 120.56% 121.46%

36.41% 54.66% 54.85%
27.46% 36.31% 37.28%

41.96% 60.08% 56.29%

31.40% 45.77% 45.36%
79.74% 14.87% 61.34%
59.58% 39.78% 56.94%
21.43% 26.08% 25.37%
13,982 15,362 17,721
2,123 2,479 3,369
14.54% 13.72% 14.36%
25.03% 26.50% 31.75%
18.68% 17.64% 18.87%
5.89 8.69 7.07
0.89 1.40 1.34
13% 13% 22%
1,300 1,300 2,200
39% 48% 35%
9.71% 12.60% 11.01%
1.58% 1.11% 2.53%
0.00% 29.84% 34.96%
2019 2020 BÌNH QUÂN

5,200,346,670,000 5,200,346,670,000
520,034,667 520,034,667
518,796,296 518,287,181
1,238,375 1,747,486
455,331,224 518,287,181
14,500 15,950

9,789,589,678,229 9,404,521,021,387
15,967,141,109,713 17,737,726,827,362
0.70 0.69
0.49 0.40
2.63 2.85
1.41 0.92
11.93 11.03

0.80 0.36
0.48 0.12
0.35 0.13
9.56% 6.43%
26.58 8.07

115.44% 156.62%
53.58% 61.03%
36.60% 44.26%

53.04% 64.85%
39.73% -0.15%
25.15% -50.28%
3.23% -140.75%
20.93% -17.15% 15.33%
17,787 17,527
2,345 -957 1,872
11.22% -0.81% 10.61%
24.45% -1.90% 21.17%
15.39% 1.55%
6.18 -16.68
0.82 0.91
0% 20%
0 2,000
100% 309%
24.45% -5.88% 10.38%
1.96% 2.32% 1.90%
17.83% 15.77%
 Chỉ tiêu 2016
Cổ tức
FCFE 935,210,912,084
FCFF 737,331,229,494.20
1. EAT 537,203,531,050
2. Khấu hao 0
3. Thay đổi VLĐ phi tiền -418,596,105,195
4. đầu tư mới TSCĐ&ĐTDH 244,036,827,278
5. Thay đổi nợ vay 223,448,103,117
6. Chi phí lãi vay 31,960,525,659
7. Thuế suất 20%
 2017 2018 2019

2,073,536,416,726 3,698,702,847,826 5,309,276,568,693

(1,461,813,727,450.20) 1,932,243,200,951.00 2,353,426,200,094.00
750,890,745,509 1,178,426,985,263 1,216,514,755,922
15,340,615,103 24,427,015,127 38,992,516,975
1,835,620,839,673 -817,751,270,553 -1,430,071,390,214
442,195,391,598 240,965,689,128 499,377,286,589
3,585,121,287,385 1,919,063,266,011 3,123,075,192,171
62,213,929,011 190,754,523,920 209,031,029,465
20% 20% 20%
 2020

7,484,564,660,339
4,174,163,959,337.40
(495,745,392,224)
56,505,292,505
-3,944,596,289,164
-404,511,972,082
3,574,696,498,812
330,369,747,263
20%
A. Các chỉ tiêu tài chính ổn định 2016
TS lưu động phi tiền/Tổng TS 0.50
Vốn lưu động thuần/ Tổng TS 0.56
Hệ số thanh toán hiện thời 3.03
Vòng quay tài sản 0.55
Hệ số tạo doanh thu của TSCĐ 83.70
Tỷ lệ nợ phải trả trên tổng nguồn vốn 36.41%
Tỷ lệ TSCĐ&ĐTDH trên tổng tài sản 12.85%
Tỷ lệ khấu hao trên TSCĐ 0.00%

B. Lựa chọn tham số chính để dự đoán 2016

1. Phân tích tốc độ tăng trưởng doanh thu 79.74%
Trung bình
Trung bình hiệu chỉnh
Phương sai
Độ lệch chuẩn
2. Phân tích tốc độ tăng trưởng lợi nhuận 59.58%
Trung bình
Phương sai
Độ lệch chuẩn
3. Hiệu chỉnh tốc độ tăng trưởng lợi nhuận 59.58%
Trung bình
Phương sai
Độ lệch chuẩn
4. Lựa chọn tham số chính để dự đoán Do độ lệch chuẩn c
5. Phân tích tốc độ tăng trưởng (g) nội tại 9.71%
Trung bình
Phương sai
Độ lệch chuẩn
Trung bình hiệu chỉnh
6. Tỷ suất lợi nhuận ròng trên doanh thu ROS
bình quân
C. Dự đoán các yếu tố 2020
1. Doanh thu 2,890,653,883,727
ROS -17.15%
2. EAT (495,745,392,224)
3. Tổng TS 23,311,433,045,215
4. Tài sản lưu động phi tiền 17,737,726,827,362
5. TSCĐ&ĐTDH 10,247,828,541,941
6. TSCĐ 355,093,829,173
7. Nợ phải trả 14,227,392,345,541
8. Khấu hao 56,505,292,505
9. chi phí lãi vay 330,369,747,263
10. Thuế suất 20%

D. Dự đoán dòng tiền 2020

FCFE 7,484,564,660,339
FCFF 4,174,163,959,337
1. EAT (495,745,392,224)
2. Khấu hao 56,505,292,505
3. Thay đổi VLĐ phi tiền 420,503,976,604
4. Đầu tư TSCĐ&ĐTDH (404,511,972,082)
5. Thay đổi nợ vay 3,574,696,498,812
6. Chi phí lãi vay 39,581,737,758
7. Thuế suất 20%
 2017 2018 2019
0.44 0.52 0.70
0.50 0.49 0.49
3.21 2.68 2.63
0.36 0.39 0.35
56.02 66.49 26.58
54.66% 54.85% 53.58%
11.28% 10.21% 9.56%
29.84% 34.96% 17.83%

2017 2018 2019

14.87% 61.34% 25.15%
45.28%
14.86%
9%
30.42%
39.78% 56.94% 3.23%
39.88%
7%
25.96%
39.78% 56.94% 3.23%
39.88%
6.74%
25.96%
o độ lệch chuẩn của tốc độ tăng trưởng doanh thu nhỏ hơn độ lệch chuẩn của tốc đô tăng t
12.60% 11.01% 24.45%
14.44%
0.46%
6.78%
7.67%
10.38%
 2021(F) 2022(F) 2023 (F)
3,320,155,753,119 3,813,474,275,501 4,380,091,517,166
10.38% 10.38% 10.38%
344,633,313,138 395,839,946,032 454,655,011,286
9,328,574,634,221 10,714,641,733,681 12,306,654,765,884
5,331,033,576,394 6,123,134,249,444 7,032,927,573,881
938,974,612,541 1,078,490,226,523 1,238,735,481,419
98,484,038,947 113,117,087,570 129,924,357,664
5,226,836,222,901 6,003,454,946,222 6,895,465,967,233
19,382,473,612 22,262,378,639 25,570,188,438
14,713,158,755 16,899,283,225 19,410,228,509
20% 20% 20%

2021(F) 2022(F) 2023 (F)

13,079,006,844,478 263,104,760,959
22,091,333,494,121 (499,994,535,781)
344,633,313,138 395,839,946,032
19,382,473,612 22,262,378,639
(12,406,693,250,968) 792,100,673,049
(9,308,853,929,400) 139,515,613,982
(9,000,556,122,640) 776,618,723,321
14,713,158,755 16,899,283,225
20% 20%
302,197,641,402
(574,285,196,802)
454,655,011,286
25,570,188,438
909,793,324,438
160,245,254,896
892,011,021,011
19,410,228,509
20%
 2020 Forcast
0.69 0.571
0.40 0.46
2.85 2.72
0.13 0.36
8.07 33.71
61.03% 56.03%
6.43% 10.07%
15.77% 19.68%

2020

uẩn của tốc đô tăng trưởng lợi nhuận nên chúng ta lựa chọn tốc độ tăng DT để dự đoán
 2024 (F) 2025(F) 2026 (F)
5,030,898,417,750 5,778,404,124,784 6,636,976,431,786
10.38% 10.38% 10.38%
522,208,992,195 599,800,342,590 688,920,444,396
14,135,213,784,197 16,235,465,488,057 18,647,778,777,042
8,077,900,670,552 9,278,138,948,229 10,656,712,164,890
1,422,790,448,340 1,634,192,844,440 1,877,006,031,306
149,228,901,460 171,401,771,240 196,869,151,330
7,920,014,613,451 9,096,793,715,659 10,448,422,123,455
29,369,482,361 33,733,286,567 38,745,477,658
22,294,257,439 25,606,803,885 29,411,538,239
20% 20% 20%

2024 (F) 2025(F) 2026 (F)

347,099,057,182 398,672,057,589 457,907,926,322
(659,614,183,084) (757,621,601,512) (870,191,250,882)
522,208,992,195 599,800,342,590 688,920,444,396
29,369,482,361 33,733,286,567 38,745,477,658
1,044,973,096,670 1,200,238,277,677 1,378,573,216,661
184,054,966,922 211,402,396,100 242,813,186,866
1,024,548,646,217 1,176,779,102,209 1,351,628,407,795
22,294,257,439 25,606,803,885 29,411,538,239
20% 20% 20%
g DT để dự đoán
 2027 (F) 2028(F) 2029 (F)
7,623,117,941,363 8,755,783,261,429 10,056,743,331,379
10.38% 10.38% 10.38%
791,282,273,461 908,853,324,627 1,043,893,428,919
21,418,520,680,746 24,600,947,578,611 28,256,228,839,820
12,240,117,851,111 14,058,790,618,621 16,147,687,143,411
2,155,897,116,761 2,476,226,661,255 2,844,151,713,104
226,120,549,776 259,718,207,172 298,307,903,477
12,000,879,461,735 13,784,005,484,598 15,832,073,624,707
44,502,394,865 51,114,691,790 58,709,463,271
33,781,591,232 38,800,959,571 44,566,120,445
20% 20% 20%

2027 (F) 2028(F) 2029 (F)

525,945,234,930 604,091,727,276
(999,486,830,365) (1,147,993,527,930)
791,282,273,461 908,853,324,627
44,502,394,865 51,114,691,790
1,583,405,686,222 1,818,672,767,510
278,891,085,455 320,329,544,494
1,552,457,338,280 1,783,126,022,863
33,781,591,232 38,800,959,571
20% 20%
693,849,455,661
(1,318,565,788,093)
1,043,893,428,919
58,709,463,271
2,088,896,524,790
367,925,051,849
2,048,068,140,109
44,566,120,445
20%
 2030 (F)
11,551,003,880,918
10.38%
1,198,998,189,710
32,454,622,558,622
18,546,958,067,369
3,266,744,152,998
342,631,370,538
18,184,449,762,315
67,432,688,272
51,187,885,905
20%

2030 (F)
796,943,651,739
(1,514,482,177,146)
1,198,998,189,710
67,432,688,272
2,399,270,923,958
422,592,439,894
2,352,376,137,608
51,187,885,905
20%
A. Tính chi phí vốn cổ phần (Re)
1. Tính Beta của DXG
TỶ
TỶ SUẤT
SUẤT
SINH LỢI
Thời gian VNINDEX DXG SINH
(VN
LỢI
INDEX)
(DXG)
20210604 1374.05 28.8000
20210603 1364.28 28.9000 0.716% -0.346%
20210602 1340.78 27.5500 1.753% 4.900%
20210601 1337.78 27.8500 0.224% -1.077%
20210531 1328.05 28.0000 0.733% -0.536%
20210528 1320.46 27.1000 0.575% 3.321%
20210527 1303.57 27.0000 1.296% 0.370%
20210526 1316.7 26.1000 -0.997% 3.448%
20210525 1308.58 25.4000 0.621% 2.756%
20210524 1297.98 26.0500 0.817% -2.495%
20210521 1283.93 24.3500 1.094% 6.982%
20210520 1278.22 23.3500 0.447% 4.283%
20210519 1262.49 23.1500 1.246% 0.864%
20210518 1252.68 23.1500 0.783% 0.000%
20210517 1258.7 23.9500 -0.478% -3.340%
20210514 1266.36 24.3500 -0.605% -1.643%
20210513 1261.99 24.8000 0.346% -1.815%
20210512 1269.09 24.6500 -0.559% 0.609%
20210511 1256.04 24.1000 1.039% 2.282%
20210510 1259.58 23.4000 -0.281% 2.991%
20210507 1241.81 23.3500 1.431% 0.214%
20210506 1250.57 23.3000 -0.700% 0.215%
20210505 1256.43 23.0500 -0.466% 1.085%
20210504 1242.2 22.9000 1.146% 0.655%
20210429 1239.39 23.4500 0.227% -2.345%
20210428 1229.55 23.2000 0.800% 1.078%
20210427 1219.75 22.9500 0.803% 1.089%
20210426 1215.77 22.5500 0.327% 1.774%
20210423 1248.53 24.0500 -2.624% -6.237%
20210422 1227.82 24.0000 1.687% 0.208%
20210420 1268.28 25.6500 -3.190% -6.433%
20210419 1260.58 25.6500 0.611% 0.000%
20210416 1238.71 24.2500 1.766% 5.773%
20210415 1247.25 24.4000 -0.685% -0.615%
20210414 1255.87 23.8500 -0.686% 2.306%
20210413 1248.33 23.9500 0.604% -0.418%
20210412 1252.45 24.9000 -0.329% -3.815%
20210409 1231.66 25.0000 1.688% -0.400%
20210408 1234.89 25.2000 -0.262% -0.794%
20210407 1242.38 24.2000 -0.603% 4.132%
20210406 1239.96 24.2000 0.195% 0.000%
20210405 1236.05 24.4000 0.316% -0.820%
20210402 1224.45 24.5000 0.947% -0.408%
20210401 1216.1 24.6000 0.687% -0.407%
20210331 1191.44 24.0000 2.070% 2.500%
20210330 1186.36 24.0500 0.428% -0.208%
20210329 1175.68 23.6500 0.908% 1.691%
20210326 1162.21 23.4000 1.159% 1.068%
20210325 1163.1 23.9500 -0.077% -2.296%
20210324 1161.81 24.1500 0.111% -0.828%
20210323 1183.45 23.9500 -1.829% 0.835%
20210322 1194.43 24.6500 -0.919% -2.840%
20210319 1194.05 25.4000 0.032% -2.953%
20210318 1200.94 25.2000 -0.574% 0.794%
20210317 1186.09 24.5000 1.252% 2.857%
20210316 1179.9 24.5000 0.525% 0.000%
20210315 1184.56 23.9000 -0.393% 2.510%
20210312 1181.56 24.0000 0.254% -0.417%
20210311 1181.73 24.1500 -0.014% -0.621%
20210310 1170.08 24.3000 0.996% -0.617%
20210309 1161.97 23.6000 0.698% 2.966%
20210308 1168.27 22.4500 -0.539% 5.122%
20210305 1168.69 22.2500 -0.036% 0.899%
20210304 1168.52 22.6000 0.015% -1.549%
20210303 1186.95 23.3000 -1.553% -3.004%
20210302 1186.61 23.1000 0.029% 0.866%
20210301 1186.17 23.8500 0.037% -3.145%
20210226 1168.47 23.5000 1.515% 1.489%
20210225 1165.43 23.0000 0.261% 2.174%
20210224 1162.01 23.8500 0.294% -3.564%
20210223 1177.64 24.7500 -1.327% -3.636%
20210222 1175.04 24.9000 0.221% -0.602%
20210219 1173.5 24.1500 0.131% 3.106%
20210218 1174.38 24.3000 -0.075% -0.617%
20210217 1155.78 24.5500 1.609% -1.018%
20210209 1114.93 22.9500 3.664% 6.972%
20210208 1083.18 21.4500 2.931% 6.993%
20210205 1126.91 22.5000 -3.881% -4.667%
20210204 1112.19 21.3000 1.324% 5.634%
20210203 1111.29 20.8500 0.081% 2.158%
20210202 1075.53 19.5000 3.325% 6.923%
20210201 1035.51 18.2500 3.865% 6.849%
20210129 1056.61 19.6000 -1.997% -6.888%
20210128 1023.94 19.5500 3.191% 0.256%
20210127 1097.17 21.0000 -6.674% -6.905%
20210126 1136.12 22.0000 -3.428% -4.545%
20210125 1166.05 21.4000 -2.567% 2.804%
20210122 1166.78 20.0000 -0.063% 7.000%
20210121 1164.21 18.7000 0.221% 6.952%
20210120 1134.68 17.5000 2.602% 6.857%
20210119 1131 17.3000 0.325% 1.156%
20210118 1191.94 18.1500 -5.113% -4.683%
20210115 1194.2 17.4000 -0.189% 4.310%
20210114 1187.4 18.2500 0.573% -4.658%
20210113 1186.05 17.6000 0.114% 3.693%
20210112 1192.28 17.6500 -0.523% -0.283%
20210111 1184.89 17.5500 0.624% 0.570%
20210108 1167.69 17.1500 1.473% 2.332%
20210107 1156.49 17.3500 0.968% -1.153%
20210106 1143.21 17.0500 1.162% 1.760%
20210105 1132.55 17.0000 0.941% 0.294%
20210104 1120.47 16.4000 1.078% 3.659%
20201231 1103.87 15.9500 1.504% 2.821%
20201230 1097.54 15.9500 0.577% 0.000%
20201229 1099.49 16.2000 -0.177% -1.543%
20201228 1091.33 15.2000 0.748% 6.579%
20201225 1084.42 15.2000 0.637% 0.000%
20201224 1067.52 15.0000 1.583% 1.333%
20201223 1078.9 15.4500 -1.055% -2.913%
20201222 1083.45 15.7000 -0.420% -1.592%
20201221 1081.08 14.8500 0.219% 5.724%
20201218 1067.46 14.8000 1.276% 0.338%
20201217 1051.77 14.6500 1.492% 1.024%
20201216 1066.99 14.9500 -1.426% -2.007%
20201215 1055.27 14.9000 1.111% 0.336%
20201214 1064.09 14.9500 -0.829% -0.334%
20201211 1045.96 14.8000 1.733% 1.014%
20201210 1030.91 14.7000 1.460% 0.680%
20201209 1039.13 15.0000 -0.791% -2.000%
20201208 1029.26 14.9500 0.959% 0.334%
20201207 1029.98 14.8500 -0.070% 0.673%
20201204 1021.49 14.8500 0.831% 0.000%
20201203 1019.8 14.4000 0.166% 3.125%
20201202 1014.32 14.4500 0.540% -0.346%
20201201 1008.87 14.1500 0.540% 2.120%
20201130 1003.08 13.9000 0.577% 1.799%
20201127 1010.22 14.2000 -0.707% -2.113%
20201126 1005.97 13.7000 0.422% 3.650%
20201125 999.94 13.7500 0.603% -0.364%
20201124 995.76 13.8000 0.420% -0.362%
20201123 994.19 13.9000 0.158% -0.719%
20201120 990 14.2500 0.423% -2.456%
20201119 983.26 14.1000 0.685% 1.064%
20201118 973.53 14.1500 0.999% -0.353%
20201117 968.9 14.0000 0.478% 1.071%
20201116 950.79 13.3000 1.905% 5.263%
20201113 966.29 13.7000 -1.604% -2.920%
20201112 959.28 13.5000 0.731% 1.481%
20201111 952.22 12.7500 0.741% 5.882%
20201110 951.9 12.7500 0.034% 0.000%
20201109 951.99 12.9000 -0.009% -1.163%
20201106 938.29 12.6000 1.460% 2.381%
20201105 937.75 12.2500 0.058% 2.857%
20201104 939.76 12.3500 -0.214% -0.810%
20201103 935.41 11.8000 0.465% 4.661%
20201102 933.68 11.7500 0.185% 0.426%
20201030 925.47 11.5000 0.887% 2.174%
20201029 919.08 11.4000 0.695% 0.877%
20201028 921.05 11.4000 -0.214% 0.000%
20201027 946.47 11.7000 -2.686% -2.564%
20201026 950.8 11.8000 -0.455% -0.847%
20201023 961.26 12.2000 -1.088% -3.279%
20201022 949.9 12.2000 1.196% 0.000%
20201021 939.03 11.8000 1.158% 3.390%
20201020 944.42 12.2500 -0.571% -3.673%
20201019 943.69 12.2000 0.077% 0.410%
20201016 943.3 11.9000 0.041% 2.521%
20201015 942.76 11.1500 0.057% 6.726%
20201014 940.18 11.1000 0.274% 0.450%
20201013 929.86 11.0500 1.110% 0.452%
20201012 925.83 10.8500 0.435% 1.843%
20201009 924 11.2000 0.198% -3.125%
20201008 918.84 11.1500 0.562% 0.448%
20201007 919.72 11.4000 -0.096% -2.193%
20201006 915.67 11.4000 0.442% 0.000%
20201005 914.68 10.9500 0.108% 4.110%
20201002 909.91 10.3000 0.524% 6.311%
20201001 914.09 10.3500 -0.457% -0.483%
20200930 905.21 10.1000 0.981% 2.475%
20200929 905.28 10.0500 -0.008% 0.498%
20200928 912.5 10.4000 -0.791% -3.365%
20200925 908.27 10.2500 0.466% 1.463%
20200924 908.58 10.4000 -0.034% -1.442%
20200923 912.5 10.5000 -0.430% -0.952%
20200922 906.19 10.5000 0.696% 0.000%
20200921 907.94 10.5500 -0.193% -0.474%
20200918 900.95 10.6000 0.776% -0.472%
20200917 894.04 10.3500 0.773% 2.415%
20200916 897.47 10.2000 -0.382% 1.471%
20200915 896.26 10.1000 0.135% 0.990%
20200914 894.57 10.1500 0.189% -0.493%
20200911 888.97 9.9700 0.630% 1.805%
20200910 888.82 9.9200 0.017% 0.504%
20200909 889.32 9.8100 -0.056% 1.121%
20200908 890.14 9.7800 -0.092% 0.307%
20200907 888.25 9.7600 0.213% 0.205%
20200904 901.54 10.0000 -1.474% -2.400%
20200903 903.97 10.1500 -0.269% -1.478%
20200901 891.73 9.8800 1.373% 2.733%
20200831 881.65 9.6800 1.143% 2.066%
20200828 878.98 10.0000 0.304% -3.200%
20200827 874.71 10.0500 0.488% -0.498%
20200826 873.47 10.1500 0.142% -0.985%
20200825 874.12 10.1500 -0.074% 0.000%
20200824 868.68 9.5000 0.626% 6.842%
20200821 854.78 9.2400 1.626% 2.814%
20200820 848.21 9.2900 0.775% -0.538%
20200819 851.21 9.0500 -0.352% 2.652%
20200818 846.43 9.2000 0.565% -1.630%
20200817 850.15 9.4300 -0.438% -2.439%
20200814 850.74 9.6800 -0.069% -2.583%
20200813 855.05 9.5000 -0.504% 1.895%
20200812 846.92 9.4900 0.960% 0.105%
20200811 843.08 9.5300 0.455% -0.420%
20200810 843.2 9.6400 -0.014% -1.141%
20200807 841.46 9.4200 0.207% 2.335%
20200806 840.04 9.4500 0.169% -0.317%
20200805 837.8 9.6000 0.267% -1.563%
20200804 827.57 9.6000 1.236% 0.000%
20200803 814.65 9.0600 1.586% 5.960%
20200731 798.39 8.7800 2.037% 3.189%
20200730 801.13 8.8800 -0.342% -1.126%
20200729 790.84 8.8300 1.301% 0.566%
20200728 813.36 9.1300 -2.769% -3.286%
20200727 785.17 8.7800 3.590% 3.986%
20200724 829.16 9.4400 -5.305% -6.992%
20200723 856.75 10.1500 -3.220% -6.995%
20200722 855.08 10.3500 0.195% -1.932%
20200721 861.69 10.1500 -0.767% 1.970%
20200720 861.4 10.7000 0.034% -5.140%
20200717 872.02 11.1500 -1.218% -4.036%
20200716 876.83 11.1500 -0.549% 0.000%
20200715 869.91 11.4000 0.795% -2.193%
20200714 868.11 11.4000 0.207% 0.000%
20200713 868.72 11.4000 -0.070% 0.000%
20200710 871.21 11.6000 -0.286% -1.724%
20200709 876.46 11.6000 -0.599% 0.000%
20200708 864.5 11.5000 1.383% 0.870%
20200707 863.42 11.5000 0.125% 0.000%
20200706 861.16 11.7000 0.262% -1.709%
20200703 847.61 11.5000 1.599% 1.739%
20200702 842.38 11.4500 0.621% 0.437%
20200701 843.49 11.7000 -0.132% -2.137%
20200630 825.11 11.2000 2.228% 4.464%
20200629 829.36 11.3000 -0.512% -0.885%
20200626 851.98 12.0000 -2.655% -5.833%
20200625 854.59 12.1500 -0.305% -1.235%
20200624 859.71 12.1000 -0.596% 0.413%
20200623 868.2 12.6500 -0.978% -4.348%
20200622 871.28 12.6000 -0.354% 0.397%
20200619 868.56 12.7000 0.313% -0.787%
20200618 855.27 12.0500 1.554% 5.394%
20200617 854.44 12.0000 0.097% 0.417%
20200616 856.13 12.2500 -0.197% -2.041%
20200615 832.47 11.7000 2.842% 4.701%
20200612 863.52 12.0000 -3.596% -2.500%
20200611 867.37 11.5500 -0.444% 3.896%
20200610 900 12.2000 -3.626% -5.328%
20200609 899.43 12.2500 0.063% -0.408%
20200608 899.92 12.4000 -0.054% -1.210%
20200605 886.22 12.0000 1.546% 3.333%
20200604 883.9 11.9000 0.262% 0.840%
20200603 881.17 11.6000 0.310% 2.586%
20200602 874.8 11.4000 0.728% 1.754%
20200601 878.67 11.3500 -0.440% 0.441%
20200529 864.47 11.3000 1.643% 0.442%
20200528 861.39 11.3000 0.358% 0.000%
20200527 857.48 11.1500 0.456% 1.345%
20200526 869.13 11.5500 -1.340% -3.463%
20200525 859.04 11.3000 1.175% 2.212%
20200522 852.74 11.1000 0.739% 1.802%
20200521 862.73 11.4000 -1.158% -2.632%
20200520 852.91 10.9000 1.151% 4.587%
20200519 845.92 11.0000 0.826% -0.909%
20200518 837.01 10.6000 1.065% 3.774%
20200515 827.03 10.6000 1.207% 0.000%
20200514 832.4 11.0000 -0.645% -3.636%
20200513 834.21 10.9500 -0.217% 0.457%
20200512 835.32 10.4000 -0.133% 5.288%
20200511 828.33 10.2000 0.844% 1.961%
20200508 813.73 9.7800 1.794% 4.294%
20200507 796.54 9.7200 2.158% 0.617%
20200506 782.59 9.5000 1.783% 2.316%
20200505 764.16 9.4000 2.412% 1.064%
20200504 762.47 9.3500 0.222% 0.535%
20200429 769.11 9.8900 -0.863% -5.460%
20200428 767.21 9.9600 0.248% -0.703%
20200427 770.77 9.7400 -0.462% 2.259%
20200424 776.66 9.5600 -0.758% 1.883%
20200423 773.91 9.5600 0.355% 0.000%
20200422 768.92 9.7400 0.649% -1.848%
20200421 766.84 9.8200 0.271% -0.815%
20200420 794.97 10.5500 -3.538% -6.919%
20200417 789.6 9.8900 0.680% 6.673%
20200416 780.7 9.2500 1.140% 6.919%
20200415 777.22 9.4000 0.448% -1.596%
20200414 767.41 8.9500 1.278% 5.028%
20200413 765.79 9.0500 0.212% -1.105%
20200410 757.94 9.0400 1.036% 0.111%
20200409 760.33 9.1700 -0.314% -1.418%
20200408 748.02 9.1000 1.646% 0.769%
20200407 746.69 8.7300 0.178% 4.238%
20200406 736.75 8.8900 1.349% -1.800%
20200403 701.8 8.3100 4.980% 6.980%
20200401 680.23 7.7700 3.171% 6.950%
20200331 662.53 7.7500 2.672% 0.258%
20200330 662.26 8.3300 0.041% -6.963%
20200327 696.06 8.9500 -4.856% -6.927%
20200326 694.21 9.4000 0.266% -4.787%
20200325 690.25 9.8000 0.574% -4.082%
20200324 659.21 9.4100 4.709% 4.145%
20200323 666.59 9.7200 -1.107% -3.189%
20200320 709.73 10.4500 -6.078% -6.986%
20200319 725.94 10.6500 -2.233% -1.878%
20200318 747.66 10.9000 -2.905% -2.294%
20200317 745.78 11.1000 0.252% -1.802%
20200316 747.86 10.6500 -0.278% 4.225%
20200313 761.78 11.0000 -1.827% -3.182%
20200312 769.25 11.0000 -0.971% 0.000%
20200311 811.35 11.8000 -5.189% -6.780%
20200310 837.5 12.6000 -3.122% -6.349%
20200309 835.49 12.7500 0.241% -1.176%
20200306 891.44 13.7000 -6.276% -6.934%
20200305 893.31 12.8500 -0.209% 6.615%
20200304 889.37 12.9500 0.443% -0.772%
20200303 890.61 12.5000 -0.139% 3.600%
20200302 884.43 11.8500 0.699% 5.485%
20200228 882.19 11.8500 0.254% 0.000%
20200227 898.44 12.2000 -1.809% -2.869%
20200226 895.97 12.0000 0.276% 1.667%
20200225 909.67 12.1000 -1.506% -0.826%
20200224 903.34 11.8500 0.701% 2.110%
20200221 933.09 12.7000 -3.188% -6.693%
20200220 938.13 12.4000 -0.537% 2.419%
20200219 928.76 12.3000 1.009% 0.813%
20200218 927.93 12.7000 0.089% -3.150%
20200217 934.77 12.7500 -0.732% -0.392%
20200214 937.45 13.0500 -0.286% -2.299%
20200213 938.24 12.7000 -0.084% 2.756%
20200212 937.68 12.8000 0.060% -0.781%
20200211 934.67 12.6500 0.322% 1.186%
20200210 930.73 12.3500 0.423% 2.429%
20200207 940.75 12.4500 -1.065% -0.803%
20200206 938.54 11.6500 0.235% 6.867%
20200205 925.91 10.9000 1.364% 6.881%
20200204 929.09 10.7000 -0.342% 1.869%
20200203 928.14 10.8500 0.102% -1.382%
20200131 936.62 11.5500 -0.905% -6.061%
20200130 959.58 12.4000 -2.393% -6.855%
20200122 991.46 13.0500 -3.215% -4.981%
20200121 986.37 12.8500 0.516% 1.556%
20200120 978.63 12.9000 0.791% -0.388%
20200117 978.96 13.0000 -0.034% -0.769%
20200116 974.31 13.3000 0.477% -2.256%
20200115 967.56 13.4000 0.698% -0.746%
20200114 967 13.3500 0.058% 0.375%
20200113 965.84 13.5500 0.120% -1.476%
20200110 968.54 13.4000 -0.279% 1.119%
20200109 960.15 13.5500 0.874% -1.107%
20200108 948.98 13.3000 1.177% 1.880%
20200107 958.88 13.9000 -1.032% -4.317%
20200106 955.79 13.7000 0.323% 1.460%
20200103 965.14 13.9000 -0.969% -1.439%
20200102 966.67 14.3000 -0.158% -2.797%
20191231 960.99 14.5000 0.591% -1.379%
20191230 965.03 14.6500 -0.419% -1.024%
20191227 963.51 14.6000 0.158% 0.342%
20191226 958.59 14.5000 0.513% 0.690%
20191225 960.92 14.1000 -0.242% 2.837%
20191224 958.88 14.0000 0.213% 0.714%
20191223 959.43 13.6500 -0.057% 2.564%
20191220 956.41 13.7500 0.316% -0.727%
20191219 952.26 13.9500 0.436% -1.434%
20191218 951.13 14.0000 0.119% -0.357%
20191217 954.03 14.0500 -0.304% -0.356%
20191216 961.47 14.3500 -0.774% -2.091%
20191213 966.18 14.3000 -0.487% 0.350%
20191212 968.17 14.6000 -0.206% -2.055%
20191211 961.78 14.2000 0.664% 2.817%
20191210 960.3 13.6500 0.154% 4.029%
20191209 966.06 13.6500 -0.596% 0.000%
20191206 963.56 13.9000 0.259% -1.799%
20191205 963.27 13.9000 0.030% 0.000%
20191204 965.9 14.0000 -0.272% -0.714%
20191203 953.43 13.8000 1.308% 1.449%
20191202 959.31 14.0000 -0.613% -1.429%
20191129 970.75 14.1500 -1.178% -1.060%
20191128 970.39 14.0000 0.037% 1.071%
20191127 978.17 14.5500 -0.795% -3.780%
20191126 976.79 14.1500 0.141% 2.827%
20191125 976.35 14.2000 0.045% -0.352%
20191122 977.78 14.9000 -0.146% -4.698%
20191121 987.89 15.6000 -1.023% -4.487%
20191120 1000.56 15.7000 -1.266% -0.637%
20191119 1008.35 15.5000 -0.773% 1.290%
20191118 1002.91 15.5000 0.542% 0.000%
20191115 1010.03 15.7000 -0.705% -1.274%
20191114 1012.3 15.6500 -0.224% 0.319%
20191113 1012.77 15.9000 -0.046% -1.572%
20191112 1018.33 16.1000 -0.546% -1.242%
20191111 1016.75 16.3000 0.155% -1.227%
20191108 1022.49 16.2000 -0.561% 0.617%
20191107 1024.03 16.2000 -0.150% 0.000%
20191106 1024.91 16.2000 -0.086% 0.000%
20191105 1024.34 15.8500 0.056% 2.208%
20191104 1022.43 15.9500 0.187% -0.627%
20191101 1015.59 15.4000 0.674% 3.571%
20191031 998.82 15.4500 1.679% -0.324%
20191030 1000.89 15.9000 -0.207% -2.830%
20191029 995.87 16.1500 0.504% -1.548%
20191028 996.48 16.1000 -0.061% 0.311%
20191025 996.57 15.8000 -0.009% 1.899%
20191024 993.6 15.8500 0.299% -0.315%
20191023 987.79 15.8000 0.588% 0.316%
20191022 987.19 15.8000 0.061% 0.000%
20191021 983.56 15.6500 0.369% 0.958%
20191018 989.2 16.0000 -0.570% -2.188%
20191017 989.82 16.3000 -0.063% -1.840%
20191016 994.46 16.4000 -0.467% -0.610%
20191015 993.05 16.5500 0.142% -0.906%
20191014 993.57 16.4000 -0.052% 0.915%
20191011 991.84 16.1500 0.174% 1.548%
20191010 987.38 16.2500 0.452% -0.615%
20191009 987.83 16.5000 -0.046% -1.515%
20191008 988.22 16.4000 -0.039% 0.610%
20191007 983.09 16.2000 0.522% 1.235%
20191004 987.59 16.7000 -0.456% -2.994%
20191003 992.45 16.8000 -0.490% -0.595%
20191002 991.19 17.3500 0.127% -3.170%
20191001 999.59 17.4500 -0.840% -0.573%
20190930 996.56 17.4500 0.304% 0.000%
20190927 997.84 17.1500 -0.128% 1.749%
20190926 990.75 16.9000 0.716% 1.479%
20190925 987.3 16.8000 0.349% 0.595%
20190924 988.13 16.9000 -0.084% -0.592%
20190923 985.75 16.8000 0.241% 0.595%
20190920 990.36 16.9000 -0.465% -0.592%
20190919 997.1 17.4000 -0.676% -2.874%
20190918 995.15 17.2000 0.196% 1.163%
20190917 996.74 17.2000 -0.160% 0.000%
20190916 989.86 16.6500 0.695% 3.303%
20190913 987.22 16.5500 0.267% 0.604%
20190912 976.07 16.3000 1.142% 1.534%
20190911 969.31 15.4500 0.697% 5.502%
20190910 970.26 15.1500 -0.098% 1.980%
20190909 974.12 15.1500 -0.396% 0.000%
20190906 974.08 15.2500 0.004% -0.656%
20190905 976.79 14.7000 -0.277% 3.741%
20190904 977.63 14.8500 -0.086% -1.010%
20190903 979.36 15.0000 -0.177% -1.000%
20190830 984.06 15.5000 -0.478% -3.226%
20190829 978.59 15.4000 0.559% 0.649%
20190828 977.26 15.1000 0.136% 1.987%
20190827 976.79 14.8500 0.048% 1.684%
20190826 982.88 14.3000 -0.620% 3.846%
20190823 992.45 13.7500 -0.964% 4.000%
20190822 997.26 13.6500 -0.482% 0.733%
20190821 994.38 14.0000 0.290% -2.500%
20190820 984.67 14.2000 0.986% -1.408%
20190819 981.03 14.2000 0.371% 0.000%
20190816 980 14.1000 0.105% 0.709%
20190815 979.38 13.8000 0.063% 2.174%
20190814 968.91 13.8000 1.081% 0.000%
20190813 966.83 13.5000 0.215% 2.222%
20190812 975.31 12.6189 -0.869% 6.982%
20190809 974.34 12.6975 0.100% -0.619%
20190808 975.24 11.8720 -0.092% 6.953%
20190807 965.93 11.9506 0.964% -0.658%
20190806 964.61 12.6189 0.137% -5.296%
20190805 973.15 13.3265 -0.878% -5.310%
20190802 991.1 13.8376 -1.811% -3.694%
20190801 997.39 13.8769 -0.631% -0.283%
20190731 991.66 13.6410 0.578% 1.729%
20190730 986.02 14.1521 0.572% -3.611%
20190729 997.94 14.1914 -1.194% -0.277%
20190726 993.35 14.3093 0.462% -0.824%
20190725 994.95 14.4272 -0.161% -0.817%
20190724 988.41 14.4665 0.662% -0.272%
20190723 989.46 14.8990 -0.106% -2.903%
20190722 982.04 14.8597 0.756% 0.264%
20190719 982.34 15.0562 -0.031% -1.305%
20190718 976.05 15.0955 0.644% -0.260%
20190717 982.57 15.0169 -0.664% 0.523%
20190716 982.11 14.5059 0.047% 3.523%
20190715 972.53 14.7024 0.985% -1.337%
20190712 975.4 14.7810 -0.294% -0.532%
20190711 978.63 14.5452 -0.330% 1.621%
20190710 973.65 14.3093 0.511% 1.649%
20190709 969.05 14.5452 0.475% -1.622%
20190708 966.35 14.3093 0.279% 1.649%
20190705 975.34 14.3879 -0.922% -0.546%
20190704 973.04 14.4272 0.236% -0.272%
20190703 960.39 14.3486 1.317% 0.548%
20190702 961.98 14.5452 -0.165% -1.352%
20190701 965.61 14.7417 -0.376% -1.333%
20190628 949.94 14.6631 1.650% 0.536%
20190627 943.11 14.7024 0.724% -0.267%
20190626 959.13 14.7024 -1.670% 0.000%
20190625 960.13 14.8203 -0.104% -0.796%
20190624 962.85 14.8597 -0.282% -0.265%
20190621 959.2 15.0169 0.381% -1.047%
20190620 959.18 14.5845 0.002% 2.965%
20190619 949.69 14.3093 0.999% 1.923%
20190618 944.01 14.1521 0.602% 1.111%
20190617 946.95 14.0734 -0.310% 0.559%
20190614 953.61 14.3879 -0.698% -2.186%
20190613 950.08 14.4665 0.372% -0.543%
20190612 954.17 14.5452 -0.429% -0.541%
20190611 962.07 14.6238 -0.821% -0.537%
20190610 962.9 14.5845 -0.086% 0.269%
20190607 958.28 14.3486 0.482% 1.644%
20190606 948.21 14.0734 1.062% 1.955%
20190605 951.41 14.1521 -0.336% -0.556%
20190604 951.16 13.9948 0.026% 1.124%
20190603 946.47 13.9162 0.496% 0.565%
20190531 959.88 14.3879 -1.397% -3.278%
20190530 969.34 14.8990 -0.976% -3.430%
20190529 971.54 14.8990 -0.226% 0.000%
20190528 972 14.8990 -0.047% 0.000%
20190527 975.14 15.0169 -0.322% -0.785%
20190524 970.03 15.1348 0.527% -0.779%
20190523 982.71 15.3314 -1.290% -1.282%
20190522 983.78 14.9383 -0.109% 2.631%
20190521 986.29 14.9383 -0.254% 0.000%
20190520 987.13 14.8597 -0.085% 0.529%
20190517 976.48 14.8597 1.091% 0.000%
20190516 975.69 15.0562 0.081% -1.305%
20190515 975.64 15.1741 0.005% -0.777%
20190514 965.34 14.9383 1.067% 1.578%
20190513 958.54 15.0955 0.709% -1.041%
20190510 952.55 15.1348 0.629% -0.260%
20190509 947.01 14.9383 0.585% 1.315%
20190508 951.22 14.0734 -0.443% 6.146%
20190507 957.56 14.7024 -0.662% -4.278%
20190506 957.97 15.0562 -0.043% -2.350%
20190503 974.14 16.1569 -1.660% -6.813%
20190502 978.5 16.5894 -0.446% -2.607%
20190426 979.64 16.7466 -0.116% -0.939%
20190425 974.13 16.7466 0.566% 0.000%
20190424 976.92 16.9038 -0.286% -0.930%
20190423 968 16.8252 0.921% 0.467%
20190422 965.86 17.1790 0.222% -2.059%
20190419 966.21 17.2970 -0.036% -0.682%
20190418 962.3 16.5894 0.406% 4.265%
20190417 972.1 17.2970 -1.008% -4.091%
20190416 977.17 17.4542 -0.519% -0.901%
20190412 982.9 17.6901 -0.583% -1.334%
20190411 985.95 17.6508 -0.309% 0.223%
20190410 981.91 17.5328 0.411% 0.673%
20190409 988.48 17.8473 -0.665% -1.762%
20190408 997.56 18.2011 -0.910% -1.944%
20190405 989.26 18.3191 0.839% -0.644%
20190404 986.91 17.7294 0.238% 3.326%
20190403 984.46 17.6114 0.249% 0.670%
20190402 985.81 17.5721 -0.137% 0.224%
20190401 988.53 17.6508 -0.275% -0.446%
20190329 980.76 17.5328 0.792% 0.673%
20190328 982.98 17.6901 -0.226% -0.889%
20190327 975.91 17.6901 0.724% 0.000%
20190326 969.79 17.1790 0.631% 2.975%
20190325 970.07 16.9432 -0.029% 1.392%
20190322 988.71 17.8473 -1.885% -5.066%
20190321 981.78 17.6901 0.706% 0.889%
20190320 1002.3 18.4370 -2.047% -4.051%
20190319 1006.59 18.4763 -0.426% -0.213%
20190318 1011.86 19.1053 -0.521% -3.292%
20190315 1004.12 19.0267 0.771% 0.413%
20190314 1008.44 19.3411 -0.428% -1.626%
20190313 1005.41 19.2625 0.301% 0.408%
20190312 1001.32 19.4198 0.408% -0.810%
20190311 984.6 19.4591 1.698% -0.202%
20190308 985.25 18.9873 -0.066% 2.485%
20190307 994.03 19.6556 -0.883% -3.400%
20190306 994.49 20.3239 -0.046% -3.288%
20190305 992.45 20.1274 0.206% 0.976%
20190304 993.99 20.4812 -0.155% -1.727%
20190301 979.63 19.6163 1.466% 4.409%
20190228 965.47 19.2625 1.467% 1.837%
20190227 990.27 19.6163 -2.504% -1.804%
20190226 987.06 19.1053 0.325% 2.675%
20190225 994.43 19.4591 -0.741% -1.818%
20190222 988.91 19.2232 0.558% 1.227%
20190221 987.57 19.3411 0.136% -0.610%
20190220 970.58 19.2232 1.750% 0.613%
20190219 964.35 19.2625 0.646% -0.204%
20190218 961.3 19.6949 0.317% -2.195%
20190215 950.89 19.4198 1.095% 1.417%
20190214 952.34 19.4984 -0.152% -0.403%
20190213 945.25 19.4984 0.750% 0.000%
20190212 937.54 19.4198 0.822% 0.405%
20190211 926.1 19.4198 1.235% 0.000%
20190201 908.67 18.3191 1.918% 6.008%
20190131 910.65 18.2011 -0.217% 0.648%
20190130 915.84 18.1225 -0.567% 0.434%
20190129 915.93 18.1618 -0.010% -0.216%
20190128 912.18 18.2404 0.411% -0.431%
20190125 908.88 18.1618 0.363% 0.433%
20190124 908.79 18.3584 0.010% -1.071%
20190123 908.18 18.4763 0.067% -0.638%
20190122 906.55 18.2404 0.180% 1.293%
20190121 911.05 18.0439 -0.494% 1.089%
20190118 902.3 17.6901 0.970% 2.000%
20190117 901.89 17.8473 0.045% -0.881%
20190116 908.7 18.0832 -0.749% -1.305%
20190115 909.68 18.2404 -0.108% -0.862%
20190114 901.8 18.0832 0.874% 0.869%
20190111 902.71 18.2797 -0.101% -1.075%
20190110 898.3 18.5156 0.491% -1.274%
20190109 896.99 18.5549 0.146% -0.212%
20190108 887.44 17.6901 1.076% 4.889%
20190107 889.64 18.0439 -0.247% -1.961%
20190104 880.9 17.8473 0.992% 1.102%
20190103 878.22 17.6901 0.305% 0.889%
20190102 891.75 18.1225 -1.517% -2.386%
20181228 892.54 18.7122 -0.089% -3.151%
20181227 900.81 18.6335 -0.918% 0.422%
20181226 891.75 18.0832 1.016% 3.043%
20181225 897.94 18.4370 -0.689% -1.919%
20181224 908.56 18.9480 -1.169% -2.697%
20181221 912.26 19.0267 -0.406% -0.414%
20181220 918.24 19.1839 -0.651% -0.819%
20181219 919.24 18.5156 -0.109% 3.609%
20181218 927.25 18.8694 -0.864% -1.875%
20181217 933.65 19.2625 -0.685% -2.041%
20181214 952.04 20.0487 -1.932% -3.921%
20181213 960.25 20.3239 -0.855% -1.354%
20181212 961.28 20.4419 -0.107% -0.577%
20181211 954.58 19.9701 0.702% 2.363%
20181210 955.89 20.1274 -0.137% -0.782%
20181207 958.59 20.6777 -0.282% -2.661%
20181206 954.82 20.0881 0.395% 2.935%
20181205 957.14 20.0487 -0.242% 0.197%
20181204 958.84 19.9701 -0.177% 0.394%
20181203 951.59 20.0881 0.762% -0.587%
20181130 926.54 19.0660 2.704% 5.361%
20181129 926.79 18.8694 -0.027% 1.042%
20181128 930.2 19.0267 -0.367% -0.827%
20181127 923.12 19.0267 0.767% 0.000%
20181126 921.03 19.5770 0.227% -2.811%
20181123 917.97 19.6556 0.333% -0.400%
20181122 924.42 20.0881 -0.698% -2.153%
20181121 922.56 19.9308 0.202% 0.789%
20181120 919.02 20.1274 0.385% -0.977%
20181119 916.06 20.2060 0.323% -0.389%
20181116 898.19 19.6556 1.990% 2.800%
20181115 897.15 19.5377 0.116% 0.603%
20181114 900.93 19.5377 -0.420% 0.000%
20181113 905.38 19.6556 -0.492% -0.600%
20181112 918.12 19.3805 -1.388% 1.419%
20181109 914.29 19.6556 0.419% -1.400%
20181108 926.28 20.4025 -1.294% -3.661%
20181107 922.16 20.0881 0.447% 1.565%
20181106 922.05 20.4419 0.012% -1.731%
20181105 925.53 20.5205 -0.376% -0.383%
20181102 924.86 20.5598 0.072% -0.191%
20181101 907.96 19.6556 1.861% 4.600%
20181031 914.76 19.1053 -0.743% 2.880%
20181030 888.69 17.8866 2.934% 6.813%
20181029 888.82 18.9480 -0.015% -5.602%
20181026 900.82 19.7343 -1.332% -3.984%
20181025 910.17 19.9701 -1.027% -1.181%
20181024 922.73 20.8743 -1.361% -4.332%
20181023 939.68 21.6212 -1.804% -3.454%
20181022 953.51 22.0143 -1.450% -1.786%
20181019 958.36 22.5647 -0.506% -2.439%
20181018 963.47 22.3288 -0.530% 1.056%
20181017 971.6 22.7219 -0.837% -1.730%
20181016 963.37 22.4860 0.854% 1.049%
20181015 951.64 21.6605 1.233% 3.811%
20181012 970.08 21.6212 -1.901% 0.182%
20181011 945.89 21.2281 2.557% 1.852%
20181010 993.96 22.8005 -4.836% -6.896%
20181009 996.19 22.6826 -0.224% 0.520%
20181008 996.12 22.5647 0.007% 0.522%
20181005 1008.39 22.5647 -1.217% 0.000%
20181004 1023.62 23.1150 -1.488% -2.381%
20181003 1020.4 22.0929 0.316% 4.626%
20181002 1018.79 22.0929 0.158% 0.000%
20181001 1012.88 22.8005 0.583% -3.103%
20180928 1017.13 23.6654 -0.418% -3.655%
20180927 1015.37 23.9799 0.173% -1.312%
20180926 1009.61 23.3509 0.571% 2.694%
20180925 1010.74 23.5868 -0.112% -1.000%
20180924 1011.29 23.3116 -0.054% 1.181%
20180921 1002.97 23.4295 0.830% -0.503%
20180920 1004.74 22.9185 -0.176% 2.230%
20180919 995.54 22.9185 0.924% 0.000%
20180918 993.49 22.6433 0.206% 1.215%
20180917 987.61 22.1716 0.595% 2.127%
20180914 991.34 22.0143 -0.376% 0.715%
20180913 987.95 22.1322 0.343% -0.533%
20180912 987.01 22.0143 0.095% 0.536%
20180911 985.06 22.4074 0.198% -1.754%
20180910 970.34 21.8571 1.517% 2.518%
20180907 968.9 21.7784 0.149% 0.361%
20180906 958.19 21.1888 1.118% 2.783%
20180905 968.44 21.1888 -1.058% 0.000%
20180904 975.94 21.3853 -0.768% -0.919%
20180831 989.54 22.3288 -1.374% -4.225%
20180830 998.07 22.8005 -0.855% -2.069%
20180829 988.17 22.5254 1.002% 1.221%
20180828 995.19 21.7391 -0.705% 3.617%
20180827 991.92 21.8571 0.330% -0.540%
20180824 987.05 21.8571 0.493% 0.000%
20180823 987.36 21.9357 -0.031% -0.358%
20180822 982.15 21.9357 0.530% 0.000%
20180821 979.21 22.0929 0.300% -0.712%
20180820 969.62 21.8964 0.989% 0.897%
20180817 968.88 21.3460 0.076% 2.578%
20180816 964.28 21.3853 0.477% -0.184%
20180815 961.37 21.3067 0.303% 0.369%
20180814 978.27 22.0143 -1.728% -3.214%
20180813 978.04 22.3288 0.024% -1.408%
20180810 968.47 21.4640 0.988% 4.029%
20180809 963.5 21.3853 0.516% 0.368%
20180808 966.27 21.2281 -0.287% 0.741%
20180807 956.79 20.2846 0.991% 4.651%
20180806 960.23 20.6777 -0.358% -1.901%
20180803 959.6 20.3632 0.066% 1.544%
20180802 953.55 20.4419 0.634% -0.385%
20180801 952.77 20.2846 0.082% 0.775%
20180731 956.39 20.4419 -0.379% -0.769%
20180730 949.73 20.8350 0.701% -1.887%
20180727 935.52 20.7563 1.519% 0.379%
20180726 930.16 19.6556 0.576% 5.600%
20180725 927.58 18.9480 0.278% 3.734%
20180724 934.08 18.9480 -0.696% 0.000%
20180723 936.74 18.7122 -0.284% 1.260%
20180720 933.39 19.2625 0.359% -2.857%
20180719 943.97 19.6949 -1.121% -2.195%
20180718 942.39 19.4984 0.168% 1.008%
20180717 921.27 18.6729 2.292% 4.421%
20180716 911.11 17.4542 1.115% 6.982%
20180713 909.72 17.5721 0.153% -0.671%
20180712 898.51 16.5894 1.248% 5.924%
20180711 893.16 15.8031 0.599% 4.976%
20180710 911.12 16.5894 -1.971% -4.740%
20180709 915.12 17.7687 -0.437% -6.637%
20180706 917.51 18.7122 -0.260% -5.042%
20180705 899.4 18.2404 2.014% 2.587%
20180704 914.99 19.5770 -1.704% -6.827%
20180703 906.01 19.2625 0.991% 1.633%
20180702 947.15 20.6777 -4.344% -6.844%
20180629 960.78 21.3460 -1.419% -3.131%
20180628 957.35 21.0708 0.358% 1.306%
20180627 968.91 22.2502 -1.193% -5.301%
20180626 983.02 23.0757 -1.435% -3.577%
20180625 990.52 23.5868 -0.757% -2.167%
20180622 983.17 23.4688 0.748% 0.503%
20180621 969.4 22.9578 1.420% 2.226%
20180620 980.95 23.9799 -1.177% -4.262%
20180619 962.16 22.5647 1.953% 6.272%
20180618 987.34 23.7833 -2.550% -5.124%
20180615 1016.51 25.5523 -2.870% -6.923%
20180614 1015.72 25.5523 0.078% 0.000%
20180613 1030.53 26.2599 -1.437% -2.695%
20180612 1020.76 25.9061 0.957% 1.366%
20180611 1039.02 25.5523 -1.757% 1.385%
20180608 1039.01 26.5351 0.001% -3.704%
20180607 1036.69 26.1027 0.224% 1.657%
20180606 1034.5 26.6530 0.212% -2.065%
20180605 1022.74 26.6924 1.150% -0.148%
20180604 1013.78 25.8668 0.884% 3.192%
20180601 992.87 25.1592 2.106% 2.812%
20180531 971.25 24.1764 2.226% 4.065%
20180530 948.5 22.6040 2.399% 6.956%
20180529 952.18 21.9750 -0.386% 2.862%
20180528 931.75 20.5598 2.193% 6.883%
20180525 963.9 22.0929 -3.335% -6.939%
20180524 985.92 23.4295 -2.233% -5.705%
20180523 988.94 23.4688 -0.305% -0.167%
20180522 985.91 22.8005 0.307% 2.931%
20180521 1014.98 24.4913 -2.864% -6.904%
20180518 1040.54 25.0479 -2.456% -2.222%
20180517 1030.64 24.9087 0.961% 0.559%
TỔNG 34.502% 44.516%
TRUNG BÌNH 0.045% 0.058%
 COV 0.000217
VAR 0.0001491 0.116%
BETA (DXG) 1.4555322 0.045%

2. Tính tỷ suất LN kỳ vọng của thị trường

Tỷ suất
sinh lợi
bình quân
(Rm)
3/1/2011 3/1/2021
VN - Index 466.12 1186.17 9.791%
3. Lãi suất phi rủi ro 2.189%
4. Chi phí vốn CP (Re) 13.253%

B. Tính WACC
1. Lãi suất nợ vay (Rd) 9.04%
2. Giá trị thị trường của nợ vay 1,823,738,396,721
Chi phí lãi vay bình quân 164,865,951,064
3. Giá trị vốn hóa của DXG 14,926,670,812,800
Giá DXG (04/06/2021) 28800
Số lượng CP lưu hành 518,287,181
4. Thuế suất 20%
5. WACC 12.598%
 0.671% -0.404% (0.0000)
1.708% 4.842% 0.0008
0.179% -1.135% (0.0000)
0.687% -0.594% (0.0000)
0.530% 3.263% 0.0002
1.251% 0.312% 0.0000
-1.042% 3.390% (0.0004)
0.575% 2.698% 0.0002
0.771% -2.553% (0.0002)
1.049% 6.923% 0.0007
0.402% 4.224% 0.0002
1.201% 0.806% 0.0001
0.738% -0.058% (0.0000)
-0.523% -3.399% 0.0002
-0.650% -1.701% 0.0001
0.301% -1.873% (0.0001)
-0.605% 0.550% (0.0000)
0.994% 2.224% 0.0002
-0.326% 2.933% (0.0001)
1.386% 0.156% 0.0000
-0.746% 0.156% (0.0000)
-0.512% 1.026% (0.0001)
1.100% 0.597% 0.0001
0.182% -2.404% (0.0000)
0.755% 1.019% 0.0001
0.758% 1.031% 0.0001
0.282% 1.716% 0.0000
-2.669% -6.295% 0.0017
1.642% 0.150% 0.0000
-3.235% -6.491% 0.0021
0.566% -0.058% (0.0000)
1.720% 5.715% 0.0010
-0.730% -0.673% 0.0000
-0.732% 2.248% (0.0002)
0.559% -0.476% (0.0000)
-0.374% -3.874% 0.0001
1.643% -0.458% (0.0001)
-0.307% -0.852% 0.0000
-0.648% 4.074% (0.0003)
0.150% -0.058% (0.0000)
0.271% -0.878% (0.0000)
0.902% -0.466% (0.0000)
0.641% -0.465% (0.0000)
2.025% 2.442% 0.0005
0.383% -0.266% (0.0000)
0.863% 1.633% 0.0001
1.114% 1.010% 0.0001
-0.122% -2.355% 0.0000
0.066% -0.886% (0.0000)
-1.874% 0.777% (0.0001)
-0.964% -2.898% 0.0003
-0.013% -3.011% 0.0000
-0.619% 0.735% (0.0000)
1.207% 2.799% 0.0003
0.479% -0.058% (0.0000)
-0.439% 2.452% (0.0001)
0.209% -0.475% (0.0000)
-0.060% -0.679% 0.0000
0.950% -0.676% (0.0001)
0.653% 2.908% 0.0002
-0.584% 5.064% (0.0003)
-0.081% 0.841% (0.0000)
-0.031% -1.607% 0.0000
-1.598% -3.063% 0.0005
-0.017% 0.808% (0.0000)
-0.008% -3.203% 0.0000
1.470% 1.431% 0.0002
0.216% 2.116% 0.0000
0.249% -3.622% (0.0001)
-1.372% -3.695% 0.0005
0.176% -0.661% (0.0000)
0.086% 3.047% 0.0000
-0.120% -0.676% 0.0000
1.564% -1.077% (0.0002)
3.619% 6.913% 0.0025
2.886% 6.935% 0.0020
-3.926% -4.725% 0.0019
1.278% 5.576% 0.0007
 0.036% 2.100% 0.0000
3.280% 6.865% 0.0023
3.820% 6.791% 0.0026
-2.042% -6.946% 0.0014
3.145% 0.197% 0.0001
-6.720% -6.963% 0.0047
-3.473% -4.604% 0.0016
-2.612% 2.745% (0.0007)
-0.108% 6.942% (0.0001)
0.176% 6.894% 0.0001
2.557% 6.799% 0.0017
0.280% 1.098% 0.0000
-5.158% -4.741% 0.0024
-0.234% 4.252% (0.0001)
0.528% -4.716% (0.0002)
0.069% 3.635% 0.0000
-0.568% -0.342% 0.0000
0.579% 0.512% 0.0000
1.428% 2.274% 0.0003
0.923% -1.211% (0.0001)
1.116% 1.701% 0.0002
0.896% 0.236% 0.0000
1.033% 3.600% 0.0004
1.459% 2.763% 0.0004
0.532% -0.058% (0.0000)
-0.223% -1.601% 0.0000
0.703% 6.521% 0.0005
0.592% -0.058% (0.0000)
1.538% 1.275% 0.0002
-1.100% -2.971% 0.0003
-0.465% -1.651% 0.0001
0.174% 5.666% 0.0001
1.231% 0.280% 0.0000
1.447% 0.966% 0.0001
-1.472% -2.065% 0.0003
1.065% 0.277% 0.0000
-0.874% -0.393% 0.0000
1.688% 0.955% 0.0002
1.415% 0.622% 0.0001
-0.836% -2.058% 0.0002
0.914% 0.276% 0.0000
-0.115% 0.615% (0.0000)
0.786% -0.058% (0.0000)
 0.121% 3.067% 0.0000
0.495% -0.404% (0.0000)
0.495% 2.062% 0.0001
0.532% 1.740% 0.0001
-0.752% -2.171% 0.0002
0.377% 3.591% 0.0001
0.558% -0.422% (0.0000)
0.375% -0.421% (0.0000)
0.113% -0.778% (0.0000)
0.378% -2.514% (0.0001)
0.640% 1.006% 0.0001
0.954% -0.412% (0.0000)
0.433% 1.013% 0.0000
1.860% 5.205% 0.0010
-1.649% -2.978% 0.0005
0.686% 1.423% 0.0001
0.696% 5.824% 0.0004
-0.012% -0.058% 0.0000
-0.055% -1.221% 0.0000
1.415% 2.323% 0.0003
0.012% 2.799% 0.0000
-0.259% -0.868% 0.0000
0.420% 4.603% 0.0002
0.140% 0.367% 0.0000
0.842% 2.116% 0.0002
0.650% 0.819% 0.0001
-0.259% -0.058% 0.0000
-2.731% -2.622% 0.0007
-0.501% -0.906% 0.0000
-1.133% -3.337% 0.0004
1.151% -0.058% (0.0000)
1.112% 3.332% 0.0004
-0.616% -3.732% 0.0002
0.032% 0.352% 0.0000
-0.004% 2.463% (0.0000)
0.012% 6.668% 0.0000
0.229% 0.392% 0.0000
1.065% 0.394% 0.0000
0.390% 1.785% 0.0001
0.153% -3.183% (0.0000)
0.516% 0.390% 0.0000
-0.141% -2.251% 0.0000
0.397% -0.058% (0.0000)
 0.063% 4.051% 0.0000
0.479% 6.252% 0.0003
-0.502% -0.541% 0.0000
0.936% 2.417% 0.0002
-0.053% 0.439% (0.0000)
-0.836% -3.424% 0.0003
0.421% 1.405% 0.0001
-0.079% -1.501% 0.0000
-0.475% -1.011% 0.0000
0.651% -0.058% (0.0000)
-0.238% -0.532% 0.0000
0.731% -0.530% (0.0000)
0.728% 2.357% 0.0002
-0.427% 1.412% (0.0001)
0.090% 0.932% 0.0000
0.144% -0.551% (0.0000)
0.585% 1.747% 0.0001
-0.028% 0.446% (0.0000)
-0.101% 1.063% (0.0000)
-0.137% 0.248% (0.0000)
0.168% 0.147% 0.0000
-1.519% -2.458% 0.0004
-0.314% -1.536% 0.0000
1.327% 2.675% 0.0004
1.098% 2.008% 0.0002
0.259% -3.258% (0.0001)
0.443% -0.556% (0.0000)
0.097% -1.043% (0.0000)
-0.120% -0.058% 0.0000
0.581% 6.784% 0.0004
1.581% 2.756% 0.0004
0.729% -0.596% (0.0000)
-0.398% 2.594% (0.0001)
0.520% -1.689% (0.0001)
-0.483% -2.497% 0.0001
-0.115% -2.641% 0.0000
-0.549% 1.836% (0.0001)
0.915% 0.047% 0.0000
0.410% -0.478% (0.0000)
-0.059% -1.199% 0.0000
0.162% 2.277% 0.0000
0.124% -0.376% (0.0000)
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0.167% -2.123% (0.0000)
1.105% -0.206% (0.0000)
0.839% 3.133% 0.0003
2.061% 2.754% 0.0006
2.181% 4.007% 0.0009
2.353% 6.898% 0.0016
-0.432% 2.804% (0.0001)
2.147% 6.825% 0.0015
-3.381% -6.998% 0.0024
-2.279% -5.763% 0.0013
-0.351% -0.226% 0.0000
0.262% 2.873% 0.0001
-2.909% -6.962% 0.0020
-2.502% -2.280% 0.0006
0.915% 0.501% 0.0000
0.1658
0.000217
 Ngân hàng LSCV bình quân (3 năm)
VIETCOMBANK 8.10%
VIETINBANK 9.50%
BIDV 7.80%
AGRIBANK 11.50%
TECHCOMBANK 8.29%
Lãi suất nợ vay (rd) 9.04%
1. Những giả định (assumption)
a. Các công ty chỉ tăng trưởng qua 2 giai đoạn
b. Giai đoạn đầu tăng trưởng cao kéo dài trong 5 năm; đối với mô hình chiết khấu cổ tức DDM do tốc độ t
c. Giai đoạn thứ hai, dòng tiền sẽ duy trì mức tăng trưởng thấp phù hợp với tốc độ tăng GDP của VN ở mứ

2. Đinh giá theo cổ tức

Chi tiêu 2020

0
1. Tốc độ tăng trưởng (g)
2. Cổ tức 2,000
3. Re
4. PV
5 . Giá trị CP X 26240

3. Định giá FCFE

Chi tiêu 2020

-
1. Tốc độ tăng trưởng (g)
2. FCFE 7,484,564,660,339
3. Re
4. PV
5. Giá trị vốn CP X 15,583,655,121,220
6. SLCPLH 518,287,181
7. Giá trị CP X 30068

4. Định giá FCFF

Chi tiêu 2020

0
1. Tốc độ tăng trưởng (g)
2. FCFF 4,174,163,959,337
3. WACC
4. PV
5. Giá trị cty X 11,321,582,197,301
6. Nợ phải trả 14,227,392,345,541
5. Giá trị vốn CP X -2,905,810,148,240
6. SLCPLH 518,287,181
7. Giá trị CP X -5607
mô hình chiết khấu cổ tức DDM do tốc độ tăng trưởng nội tại g của DXG trong 5 năm là không ổn định, xoay quanh m
phù hợp với tốc độ tăng GDP của VN ở mức 2%

2021 (F) 2022 (F) 2023 (F)

1 2 3
7.67% 7.67% 7.67%
2,153 2,319 2,496
13.25% 13.25% 13.25%
1901 1808 1719

2021 2022 2023

1 2 3

13,079,006,844,478 263,104,760,959 302,197,641,402

13.25% 13.25% 13.25%
11,548,456,842,424 205,129,010,048 208,036,067,799
15,583,655,121,220
518,287,181
30068

2021 (F) 2022 (F) 2023 (F)

1 2 3

22,091,333,494,121 (499,994,535,781) (574,285,196,802)

12.598% 12.598% 12.598%
19,619,701,411,689 (394,372,098,785) (402,289,786,856)
11,321,582,197,301
,227,392,345,541
,905,810,148,240
518,287,181
-5607
5 năm là không ổn định, xoay quanh mức 7.67% nên ta xem như trong 10 năm tới tốc độ tăng cổ tức của DXG có thể v

2024 (F) 2025 (F) 2026 (F) 2027 (F)

4 5 6 7
7.67% 7.67% 7.67% 7.67%
2,688 2,894 3,116 3,355
13.25% 13.25% 13.25% 13.25%
1634 1553 1477 1404

2024 2025 2026 2027

4 5 6 7

347,099,057,182 398,672,057,589 457,907,926,322 525,945,234,930

13.25% 13.25% 13.25% 13.25%
210,984,323,940 213,974,362,327 217,006,775,092 220,082,162,758

2024 (F) 2025 (F) 2026 (F) 2027 (F)

4 5 6 7

(659,614,183,084) (757,621,601,512) (870,191,250,882) (999,486,830,365)

12.598% 12.598% 12.598% 12.598%
(410,366,435,931) (418,605,237,419) (427,009,446,807) (435,582,384,938)
ổ tức của DXG có thể vẫn giảm ở mức 7.67%

2028 (F) 2029 (F) 2030 (F)

8 9 10
7.67% 7.67% 7.67%
3,612 3,889 4,188
13.25% 13.25% 13.25%
1335 1269 1206

2028 2029 2030

8 9 10

604,091,727,276 693,849,455,661 796,943,651,739

13.25% 13.25% 13.25%
223,201,134,361 226,364,307,564 229,572,308,786

2028 (F) 2029 (F) 2030 (F)

8 9 10

(1,147,993,527,930) (1,318,565,788,093) (1,514,482,177,146)

12.598% 12.598% 12.598%
(444,327,439,326) (453,248,065,499) (462,347,788,356)
 giai đoạn sau

2%
37957.5301269151
13.25%
10934.2709588443

giai đoạn sau

2%
7,223,512,600,596.57
13.25%
2,080,847,826,122

giai đoạn sau

2%
(14,576,475,170,749.00)
12.598%
(4,449,970,530,470.66)
 Đinh giá P/E ngành

Công ty trong ngành

DIG (Tổng Công ty cổ phần Đầu tư Phát triển Xây dựng)
BCM (Tổng Công ty Đầu tư và Phát triển Công nghiệp)
AGG (CTCP Đầu tư và Phát triển Bất động sản An Gia)
PDR (CTCP Phát triển Bất động sản Phát Đạt)
IJC (CTCP Phát triển Hạ tầng Kỹ thuật)
HDC (CTCP Phát triển Nhà Bà Rịa - Vũng Tàu)
KDH (CTCP Đầu tư và Kinh doanh Nhà Khang Điền)
SZC (CTCP Sonadezi Châu Đức)
CTD (CTCP Xây dựng Coteccons)
NLG (CTCP Đầu tư Nam Long)
LHG (CTCP Long Hậu)
Số lượng cổ phiếu lưu hành Lợi nhuận sau thuế Giá trị vốn hóa
8,583,300 711,238,000,000 10,861,000,000,000
3,200 1,985,550,000,000 55,372,500,000,000
1,655,900 414,713,000,000 4,029,950,000,000
4,468,300 1,220,324,000,000 37,724,820,000,000
10,782,800 369,903,000,000 6,339,240,000,000
1,190,900 230,156,000,000 3,325,790,000,000
8,750,800 1,152,766,000,000 21,793,460,000,000
1,140,800 186,001,000,000 3,600,000,000,000
729,700 334,375,000,000 4,301,020,000,000
5,012,900 834,866,000,000 10,868,810,000,000
437,100 198,630,000,000 2,050,490,000,000

P/E ngành 16.66

EPS 2,345 (năm 2019)
Giá trị một cổ phiếu 39072
P/E
14
32
9.74
25.56
11.27
13.44
18.01
21.53
13.93
12.56
11.25