{"id":208251,"date":"2025-04-10T11:53:20","date_gmt":"2025-04-10T11:53:20","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/declining-interest-on-stocks-2\/"},"modified":"2025-04-10T11:53:20","modified_gmt":"2025-04-10T11:53:20","slug":"declining-interest-on-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/declining-interest-on-stocks\/","title":{"rendered":"l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu: Ch\u00eca kh\u00f3a \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":192999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[47,28,45],"class_list":["post-208251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-beginner","tag-investment","tag-stock"],"acf":{"h1":"Pocket Option: Ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu cho th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: Ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu cho th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam"},"description":"l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu - C\u00f4ng c\u1ee5 thi\u1ebft y\u1ebfu gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam tr\u00e1nh r\u1ee7i ro v\u00e0 nh\u1eadn di\u1ec7n c\u01a1 h\u1ed9i ti\u1ec1m n\u0103ng. C\u1ea9m nang \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option c\u1ea7n \u0111\u1ecdc ngay h\u00f4m nay","description_source":{"label":"Description","type":"textarea","formatted_value":"l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu - C\u00f4ng c\u1ee5 thi\u1ebft y\u1ebfu gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam tr\u00e1nh r\u1ee7i ro v\u00e0 nh\u1eadn di\u1ec7n c\u01a1 h\u1ed9i ti\u1ec1m n\u0103ng. C\u1ea9m nang \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option c\u1ea7n \u0111\u1ecdc ngay h\u00f4m nay"},"intro":"Ch\u1ec9 s\u1ed1 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 c\u00f4ng c\u1ee5 thi\u1ebft y\u1ebfu gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam ph\u00e1t hi\u1ec7n nh\u1eefng r\u1ee7i ro ti\u1ec1m \u1ea9n m\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 th\u00f4ng th\u01b0\u1eddng kh\u00f4ng ti\u1ebft l\u1ed9. Khi VNM c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch 12% gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m v\u00e0o Q2\/2023, nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm b\u1eaft th\u00f4ng tin n\u00e0y \u0111\u00e3 tr\u00e1nh \u0111\u01b0\u1ee3c c\u00fa s\u1ed1c gi\u00e1 sau \u0111\u00f3. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u1ea3i m\u00e3 chi ti\u1ebft c\u00e1ch t\u00ednh, \u00fd ngh\u0129a v\u00e0 \u1ee9ng d\u1ee5ng th\u1ef1c t\u1ebf c\u1ee7a ch\u1ec9 s\u1ed1 n\u00e0y trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng.","intro_source":{"label":"Intro","type":"text","formatted_value":"Ch\u1ec9 s\u1ed1 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 c\u00f4ng c\u1ee5 thi\u1ebft y\u1ebfu gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam ph\u00e1t hi\u1ec7n nh\u1eefng r\u1ee7i ro ti\u1ec1m \u1ea9n m\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 th\u00f4ng th\u01b0\u1eddng kh\u00f4ng ti\u1ebft l\u1ed9. Khi VNM c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch 12% gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m v\u00e0o Q2\/2023, nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm b\u1eaft th\u00f4ng tin n\u00e0y \u0111\u00e3 tr\u00e1nh \u0111\u01b0\u1ee3c c\u00fa s\u1ed1c gi\u00e1 sau \u0111\u00f3. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u1ea3i m\u00e3 chi ti\u1ebft c\u00e1ch t\u00ednh, \u00fd ngh\u0129a v\u00e0 \u1ee9ng d\u1ee5ng th\u1ef1c t\u1ebf c\u1ee7a ch\u1ec9 s\u1ed1 n\u00e0y trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec?<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng ph\u1ea3n \u00e1nh l\u1ee3i nhu\u1eadn c\u1ee7a m\u1ed9t c\u00f4ng ty tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu sau khi t\u00ednh \u0111\u1ebfn t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng. V\u00ed d\u1ee5 c\u1ee5 th\u1ec3: khi Vinhomes (VHM) b\u00e1o c\u00e1o l\u00e3i c\u01a1 b\u1ea3n 4,800 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu nh\u01b0ng l\u00e3i suy gi\u1ea3m ch\u1ec9 \u0111\u1ea1t 4,100 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu v\u00e0o n\u0103m 2023, \u0111i\u1ec1u n\u00e0y c\u1ea3nh b\u00e1o v\u1ec1 kh\u1ea3 n\u0103ng pha lo\u00e3ng l\u1ee3i \u00edch c\u1ed5 \u0111\u00f4ng l\u00ean \u0111\u1ebfn 14.6% trong t\u01b0\u01a1ng lai.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ea1i Vi\u1ec7t Nam, khi ng\u00e0y c\u00e0ng nhi\u1ec1u c\u00f4ng ty ni\u00eam y\u1ebft s\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 ch\u1ee9ng quy\u1ec1n \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n, l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu tr\u1edf th\u00e0nh th\u01b0\u1edbc \u0111o c\u1ea7n thi\u1ebft cho nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh. Th\u1ef1c t\u1ebf, s\u1ed1 l\u01b0\u1ee3ng c\u00f4ng ty c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch tr\u00ean 5% gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u00e3 t\u0103ng t\u1eeb 27 c\u00f4ng ty n\u0103m 2020 l\u00ean 62 c\u00f4ng ty v\u00e0o n\u0103m 2023.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam c\u00f4ng c\u1ee5 theo d\u00f5i v\u00e0 c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng khi ph\u00e1t hi\u1ec7n s\u1ef1 ch\u00eanh l\u1ec7ch b\u1ea5t th\u01b0\u1eddng gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu. Theo d\u1eef li\u1ec7u t\u1eeb n\u1ec1n t\u1ea3ng n\u00e0y, 78% c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 ch\u00eanh l\u1ec7ch \u0111\u1ed9t ng\u1ed9t tr\u00ean 15% th\u01b0\u1eddng tr\u1ea3i qua \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 trong 3 th\u00e1ng ti\u1ebfp theo, l\u00e0m r\u00f5 t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c gi\u00e1m s\u00e1t ch\u1ec9 s\u1ed1 n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Y\u1ebfu t\u1ed1 pha lo\u00e3ng<\/th><th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/th><th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf t\u1ea1i Vi\u1ec7t Nam<\/th><\/tr><\/thead><tbody><tr><td>Quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu (Stock options)<\/td><td>L\u00e0m t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng, gi\u1ea3m EPS<\/td><td>FPT v\u1edbi ch\u01b0\u01a1ng tr\u00ecnh ESOP 2022-2025 cho 960 nh\u00e2n s\u1ef1 c\u1ea5p cao<\/td><\/tr><tr><td>Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i<\/td><td>T\u1ea1o ra c\u1ed5 phi\u1ebfu m\u1edbi khi chuy\u1ec3n \u0111\u1ed5i, pha lo\u00e3ng l\u1ee3i nhu\u1eadn<\/td><td>VIC ph\u00e1t h\u00e0nh 500 tri\u1ec7u USD tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf v\u00e0o Q3\/2023<\/td><\/tr><tr><td>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i<\/td><td>T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu th\u01b0\u1eddng ti\u1ec1m n\u0103ng<\/td><td>SSI ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i cho \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u01b0\u1edbc ngo\u00e0i<\/td><\/tr><tr><td>Ch\u1ee9ng quy\u1ec1n<\/td><td>Quy\u1ec1n mua c\u1ed5 phi\u1ebfu trong t\u01b0\u01a1ng lai, l\u00e0m t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/td><td>HPG ph\u00e1t h\u00e0nh ch\u1ee9ng quy\u1ec1n k\u00e8m tr\u00e1i phi\u1ebfu n\u0103m 2022<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 hi\u1ec3u r\u00f5 v\u1ec1 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu, c\u1ea7n ph\u00e2n bi\u1ec7t n\u00f3 v\u1edbi l\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu. T\u1ea1i Masan Group (MSN), n\u0103m 2023 l\u00e3i c\u01a1 b\u1ea3n \u0111\u1ea1t 3,560 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu nh\u01b0ng l\u00e3i suy gi\u1ea3m ch\u1ec9 c\u00f2n 3,120 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu do \u1ea3nh h\u01b0\u1edfng c\u1ee7a tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i tr\u1ecb gi\u00e1 200 tri\u1ec7u USD ph\u00e1t h\u00e0nh cho SK Group. S\u1ef1 ch\u00eanh l\u1ec7ch 12.4% n\u00e0y \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1 P\/E th\u1ef1c c\u1ee7a c\u00f4ng ty.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 Vi\u1ec7t Nam nh\u01b0 FPT, VNG v\u00e0 c\u00e1c startup s\u1eafp IPO. T\u1ea1i FPT, ch\u01b0\u01a1ng tr\u00ecnh ESOP 2022-2025 v\u1edbi quy m\u00f4 l\u00ean \u0111\u1ebfn 0.5% v\u1ed1n \u0111i\u1ec1u l\u1ec7 m\u1ed7i n\u0103m \u0111\u00e3 t\u1ea1o ra kho\u1ea3ng c\u00e1ch 6.9% gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y, \u0111i\u1ec1u m\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u01b0\u1eddng b\u1ecf qua.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu = 5,800 \u0111\u1ed3ng (FPT, 2023) = 7,822 t\u1ef7 \u0111\u1ed3ng \u00f7 1,348 tri\u1ec7u c\u1ed5 phi\u1ebfu<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu = 5,400 \u0111\u1ed3ng (FPT, 2023) = 7,822 t\u1ef7 \u0111\u1ed3ng \u00f7 (1,348 tri\u1ec7u + 99 tri\u1ec7u c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00e1c \u0111\u1ed9ng th\u1ef1c t\u1ebf: Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ednh P\/E d\u1ef1a tr\u00ean l\u00e3i c\u01a1 b\u1ea3n s\u1ebd \u0111\u00e1nh gi\u00e1 FPT r\u1ebb h\u01a1n 6.9% so v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Kh\u00eda c\u1ea1nh<\/th><th>L\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu<\/th><th>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/th><th>\u00dd ngh\u0129a cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/th><\/tr><\/thead><tbody><tr><td>\u0110\u1ecbnh ngh\u0129a<\/td><td>L\u1ee3i nhu\u1eadn r\u00f2ng chia cho s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh<\/td><td>L\u1ee3i nhu\u1eadn r\u00f2ng chia cho t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh v\u00e0 ti\u1ec1m n\u0103ng<\/td><td>Hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t \u0111\u1ec3 tr\u00e1nh \u0111\u00e1nh gi\u00e1 qu\u00e1 l\u1ea1c quan<\/td><\/tr><tr><td>S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/td><td>Ch\u1ec9 t\u00ednh c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh<\/td><td>T\u00ednh c\u1ea3 c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh v\u00e0 c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng<\/td><td>Ph\u00e2n t\u00edch \u0111\u01b0\u1ee3c kh\u1ea3 n\u0103ng pha lo\u00e3ng trong t\u01b0\u01a1ng lai<\/td><\/tr><tr><td>M\u1ee9c \u0111\u1ed9 b\u1ea3o th\u1ee7<\/td><td>Th\u1ea5p h\u01a1n, c\u00f3 th\u1ec3 qu\u00e1 l\u1ea1c quan<\/td><td>Cao h\u01a1n, th\u1eadn tr\u1ecdng h\u01a1n<\/td><td>Ph\u00f9 h\u1ee3p v\u1edbi tri\u1ebft l\u00fd \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb th\u1eadn tr\u1ecdng<\/td><\/tr><tr><td>Ng\u00e0nh \u00e1p d\u1ee5ng nhi\u1ec1u nh\u1ea5t<\/td><td>Ng\u00e2n h\u00e0ng, b\u1ea5t \u0111\u1ed9ng s\u1ea3n truy\u1ec1n th\u1ed1ng<\/td><td>C\u00f4ng ngh\u1ec7, n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, startup<\/td><td>\u0110\u1eb7c bi\u1ec7t quan tr\u1ecdng khi \u0111\u1ea7u t\u01b0 v\u00e0o ng\u00e0nh m\u1edbi n\u1ed5i<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, khi c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft ng\u00e0y c\u00e0ng s\u1eed d\u1ee5ng nhi\u1ec1u c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111a d\u1ea1ng, l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu tr\u1edf th\u00e0nh ch\u1ec9 b\u00e1o kh\u00f4ng th\u1ec3 b\u1ecf qua. Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 so s\u00e1nh t\u1ef1 \u0111\u1ed9ng gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y cho to\u00e0n b\u1ed9 1,600+ c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t hi\u1ec7n nh\u1eefng doanh nghi\u1ec7p c\u00f3 r\u1ee7i ro pha lo\u00e3ng cao.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1ch t\u00ednh l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu cho c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u00ednh to\u00e1n l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam \u0111\u00f2i h\u1ecfi ph\u01b0\u01a1ng ph\u00e1p c\u1ee5 th\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi c\u00e1ch c\u00f4ng b\u1ed1 th\u00f4ng tin t\u1ea1i th\u1ecb tr\u01b0\u1eddng n\u00e0y. Kh\u00f4ng nh\u01b0 th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, nhi\u1ec1u c\u00f4ng ty Vi\u1ec7t Nam ch\u01b0a t\u1ef1 \u0111\u1ed9ng c\u00f4ng b\u1ed1 l\u00e3i suy gi\u1ea3m trong b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, \u0111\u1eb7t g\u00e1nh n\u1eb7ng t\u00ednh to\u00e1n l\u00ean nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>B\u01b0\u1edbc<\/th><th>M\u00f4 t\u1ea3<\/th><th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: VinGroup (VIC)<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>X\u00e1c \u0111\u1ecbnh l\u1ee3i nhu\u1eadn r\u00f2ng c\u1ee7a c\u00f4ng ty<\/td><td>VIC: 4,515 t\u1ef7 \u0111\u1ed3ng (n\u0103m 2023)<\/td><\/tr><tr><td>2<\/td><td>X\u00e1c \u0111\u1ecbnh s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu th\u01b0\u1eddng \u0111ang l\u01b0u h\u00e0nh<\/td><td>3,382 tri\u1ec7u c\u1ed5 phi\u1ebfu (t\u1ea1i 31\/12\/2023)<\/td><\/tr><tr><td>3<\/td><td>X\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i<\/td><td>Tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf: 500 tri\u1ec7u USD, t\u1ef7 l\u1ec7 chuy\u1ec3n \u0111\u1ed5i 1:23,594 c\u1ed5 phi\u1ebfu<\/td><\/tr><tr><td>4<\/td><td>T\u00ednh t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng<\/td><td>3,382 + (500 tri\u1ec7u USD \u00d7 23,594 \u00f7 24,580 \u0111\u1ed3ng) = 3,382 + 480 = 3,862 tri\u1ec7u c\u1ed5 phi\u1ebfu<\/td><\/tr><tr><td>5<\/td><td>T\u00ednh l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/td><td>4,515 t\u1ef7 \u00f7 3,862 tri\u1ec7u = 1,169 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu (so v\u1edbi l\u00e3i c\u01a1 b\u1ea3n 1,335 \u0111\u1ed3ng)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u00e1c y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty Vi\u1ec7t Nam, c\u1ea7n ch\u00fa \u00fd \u0111\u1ebfn nh\u1eefng y\u1ebfu t\u1ed1 \u0111\u1eb7c th\u00f9 sau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u01b0\u01a1ng tr\u00ecnh ESOP \u0111ang b\u00f9ng n\u1ed5 t\u1ea1i Vi\u1ec7t Nam: N\u0103m 2023, c\u00f3 43 c\u00f4ng ty ni\u00eam y\u1ebft th\u1ef1c hi\u1ec7n ESOP v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 5,872 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 28% so v\u1edbi 2022<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf: C\u00e1c \"\u00f4ng l\u1edbn\" nh\u01b0 VIC, MSN, NVL huy \u0111\u1ed9ng h\u00e0ng t\u1ef7 USD qua k\u00eanh n\u00e0y v\u1edbi \u0111i\u1ec1u kho\u1ea3n chuy\u1ec3n \u0111\u1ed5i ph\u1ee9c t\u1ea1p h\u01a1n th\u1ecb tr\u01b0\u1eddng n\u1ed9i \u0111\u1ecba<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb cho \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c: Nhi\u1ec1u doanh nghi\u1ec7p k\u00e8m theo quy\u1ec1n mua th\u00eam (warrant) cho nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1eb7c th\u00f9 k\u1ebf to\u00e1n Vi\u1ec7t Nam: Th\u00f4ng t\u01b0 202\/2014\/TT-BTC kh\u00f4ng b\u1eaft bu\u1ed9c chi ti\u1ebft v\u1ec1 l\u00e3i suy gi\u1ea3m nh\u01b0 chu\u1ea9n IFRS<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u00f4ng c\u1ee5 t\u00ednh to\u00e1n l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n b\u1ed9 c\u00f4ng c\u1ee5 chuy\u00ean bi\u1ec7t cho th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, gi\u00fap t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao. C\u00f4ng c\u1ee5 n\u00e0y ph\u00e2n t\u00edch c\u1ea3 d\u1eef li\u1ec7u ch\u00ednh th\u1ee9c t\u1eeb b\u00e1o c\u00e1o v\u00e0 th\u00f4ng tin t\u1eeb c\u00e1c bi\u00ean b\u1ea3n h\u1ecdp \u0110H\u0110C\u0110, thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o kh\u00f4ng b\u1ecf s\u00f3t b\u1ea5t k\u1ef3 y\u1ebfu t\u1ed1 pha lo\u00e3ng n\u00e0o.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1eb7c bi\u1ec7t, n\u1ec1n t\u1ea3ng n\u00e0y cung c\u1ea5p ch\u1ee9c n\u0103ng so s\u00e1nh tr\u1ef1c quan gi\u1eefa c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ngu\u1ed3n th\u00f4ng tin quan tr\u1ecdng<\/th><th>D\u1eef li\u1ec7u c\u1ea7n thu th\u1eadp<\/th><th>C\u00e1ch truy c\u1eadp qua Pocket Option<\/th><\/tr><\/thead><tbody><tr><td>B\u00e1o c\u00e1o t\u00e0i ch\u00ednh h\u1ee3p nh\u1ea5t<\/td><td>L\u1ee3i nhu\u1eadn r\u00f2ng, s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh<\/td><td>D\u1eef li\u1ec7u t\u1ef1 \u0111\u1ed9ng c\u1eadp nh\u1eadt theo qu\u00fd cho 100% c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft<\/td><\/tr><tr><td>Thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/td><td>Th\u00f4ng tin v\u1ec1 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, quy\u1ec1n ch\u1ecdn<\/td><td>Tr\u00edch xu\u1ea5t th\u00f4ng minh v\u00e0 ph\u00e2n t\u00edch ng\u1eef c\u1ea3nh t\u1eeb file PDF<\/td><\/tr><tr><td>B\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb c\u00f4ng ty<\/td><td>Chi ti\u1ebft v\u1ec1 ch\u01b0\u01a1ng tr\u00ecnh ESOP v\u00e0 k\u1ebf ho\u1ea1ch ph\u00e1t h\u00e0nh<\/td><td>C\u1ea3nh b\u00e1o khi ph\u00e1t hi\u1ec7n th\u00f4ng tin m\u1edbi v\u1ec1 ESOP<\/td><\/tr><tr><td>Ngh\u1ecb quy\u1ebft \u0110H\u0110C\u0110<\/td><td>K\u1ebf ho\u1ea1ch ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi, c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/td><td>C\u1eadp nh\u1eadt trong v\u00f2ng 24 gi\u1edd sau khi c\u00f4ng b\u1ed1<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>\u00dd ngh\u0129a c\u1ee7a l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu trong ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 l\u00e0 con s\u1ed1 k\u1ebf to\u00e1n m\u00e0 c\u00f2n l\u00e0 ch\u1ec9 b\u00e1o chi\u1ebfn l\u01b0\u1ee3c v\u1ec1 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p v\u00e0 chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh. T\u1ea1i Vi\u1ec7t Nam, c\u00e1c c\u00f4ng ty c\u00f3 ch\u00eanh l\u1ec7ch cao gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu th\u01b0\u1eddng thu\u1ed9c m\u1ed9t trong hai nh\u00f3m: \u0111ang trong giai \u0111o\u1ea1n m\u1edf r\u1ed9ng nhanh ho\u1eb7c \u0111ang g\u1eb7p kh\u00f3 kh\u0103n t\u00e0i ch\u00ednh ph\u1ea3i d\u00f9ng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh l\u00e0 Novaland (NVL). Trong giai \u0111o\u1ea1n 2021-2023, ch\u00eanh l\u1ec7ch gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u00e3 t\u0103ng t\u1eeb 3.2% l\u00ean 18.7%, ph\u1ea3n \u00e1nh vi\u1ec7c c\u00f4ng ty ng\u00e0y c\u00e0ng ph\u1ee5 thu\u1ed9c v\u00e0o tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p. Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 nh\u1eadn \u0111\u01b0\u1ee3c c\u1ea3nh b\u00e1o v\u1ec1 xu h\u01b0\u1edbng n\u00e0y t\u1eeb qu\u00fd 3\/2022, tr\u01b0\u1edbc khi gi\u00e1 c\u1ed5 phi\u1ebfu \u0111i\u1ec1u ch\u1ec9nh m\u1ea1nh v\u00e0o \u0111\u1ea7u n\u0103m 2023.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>\u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf<\/th><th>V\u00ed d\u1ee5 c\u1ee5 th\u1ec3 t\u1ea1i th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam<\/th><th>L\u1ee3i \u00edch cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/th><\/tr><\/thead><tbody><tr><td>\u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu ch\u00ednh x\u00e1c h\u01a1n<\/td><td>VHM: P\/E d\u1ef1a tr\u00ean l\u00e3i c\u01a1 b\u1ea3n = 12.8x, P\/E th\u1ef1c = 14.6x (2023)<\/td><td>Tr\u00e1nh \u0111\u00e1nh gi\u00e1 sai v\u1ec1 m\u1ee9c \u0111\u1ed9 \"r\u1ebb\" c\u1ee7a c\u1ed5 phi\u1ebfu<\/td><\/tr><tr><td>Ph\u00e1t hi\u1ec7n r\u1ee7i ro t\u00e0i ch\u00ednh ti\u1ec1m \u1ea9n<\/td><td>NVL: Ch\u00eanh l\u1ec7ch t\u0103ng t\u1eeb 3.2% l\u00ean 18.7% (2021-2023)<\/td><td>C\u1ea3nh b\u00e1o s\u1edbm v\u1ec1 \u00e1p l\u1ef1c t\u00e0i ch\u00ednh gia t\u0103ng<\/td><\/tr><tr><td>\u0110\u00e1nh gi\u00e1 chi\u1ebfn l\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng<\/td><td>MWG: Ch\u00eanh l\u1ec7ch 8.3% do ESOP cho BachhoaXANH v\u00e0 TopzoneVN<\/td><td>Hi\u1ec3u r\u00f5 chi ph\u00ed th\u1ef1c c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c m\u1edf r\u1ed9ng<\/td><\/tr><tr><td>So s\u00e1nh c\u00f4ng b\u1eb1ng gi\u1eefa c\u00e1c c\u00f4ng ty<\/td><td>VPB vs TCB: Ch\u00eanh l\u1ec7ch 9.2% vs 2.1% trong c\u00f9ng ng\u00e0nh ng\u00e2n h\u00e0ng<\/td><td>Ph\u00e1t hi\u1ec7n ng\u00e2n h\u00e0ng n\u00e0o s\u1eed d\u1ee5ng nhi\u1ec1u c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p h\u01a1n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu m\u1edf ra nhi\u1ec1u chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. D\u1eef li\u1ec7u t\u1eeb Pocket Option cho th\u1ea5y, trong giai \u0111o\u1ea1n 2020-2023, danh m\u1ee5c c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 ch\u00eanh l\u1ec7ch th\u1ea5p (d\u01b0\u1edbi 3%) gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i VN-Index 7.2% m\u1ed7i n\u0103m sau khi \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb s\u1eed d\u1ee5ng l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb t\u1ea1i Vi\u1ec7t Nam c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p s\u00e0ng l\u1ecdc c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean m\u1ee9c ch\u00eanh l\u1ec7ch gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y. V\u00ed d\u1ee5: ACB v\u00e0 VCB c\u00f3 c\u00f9ng P\/E c\u01a1 b\u1ea3n kho\u1ea3ng 15x v\u00e0o \u0111\u1ea7u n\u0103m 2024, nh\u01b0ng x\u00e9t v\u1ec1 P\/E d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m, ACB th\u1ef1c s\u1ef1 r\u1ebb h\u01a1n do ch\u00eanh l\u1ec7ch ch\u1ec9 1.8% so v\u1edbi 4.7% c\u1ee7a VCB.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quy t\u1eafc 5-10-15: C\u1ea3nh gi\u00e1c v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 ch\u00eanh l\u1ec7ch &gt;15%, th\u1eadn tr\u1ecdng v\u1edbi m\u1ee9c 10-15%, v\u00e0 \u01b0u ti\u00ean xem x\u00e9t nh\u1eefng c\u1ed5 phi\u1ebfu d\u01b0\u1edbi 5%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch chi ti\u1ebft l\u00fd do pha lo\u00e3ng - ESOP cho chi\u1ebfn l\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng (t\u00edch c\u1ef1c) kh\u00e1c v\u1edbi tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac n\u1ee3 (ti\u00eau c\u1ef1c)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>So s\u00e1nh t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn v\u1edbi t\u1ed1c \u0111\u1ed9 pha lo\u00e3ng - TCB duy tr\u00ec t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn 20% trong khi pha lo\u00e3ng ch\u1ec9 2-3% h\u00e0ng n\u0103m<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i xu h\u01b0\u1edbng thay \u0111\u1ed5i ch\u00eanh l\u1ec7ch qua 8 qu\u00fd li\u00ean ti\u1ebfp thay v\u00ec ch\u1ec9 nh\u00ecn v\u00e0o m\u1ed9t th\u1eddi \u0111i\u1ec3m<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>K\u1ebft h\u1ee3p l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c trader chuy\u00ean nghi\u1ec7p tr\u00ean Pocket Option chia s\u1ebb r\u1eb1ng h\u1ecd \u0111\u00e3 ph\u00e1t tri\u1ec3n nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch k\u1ebft h\u1ee3p ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi c\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt. \u0110\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 l\u00e0 ph\u01b0\u01a1ng ph\u00e1p ph\u00e1t hi\u1ec7n s\u1ef1 ph\u00e2n k\u1ef3 gi\u1eefa xu h\u01b0\u1edbng gi\u00e1 v\u00e0 xu h\u01b0\u1edbng ch\u00eanh l\u1ec7ch EPS.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 bao g\u1ed3m:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Chi\u1ebfn l\u01b0\u1ee3c<\/th><th>C\u00e1ch th\u1ef1c hi\u1ec7n<\/th><th>V\u00ed d\u1ee5 th\u00e0nh c\u00f4ng t\u1ea1i Vi\u1ec7t Nam<\/th><\/tr><\/thead><tbody><tr><td>EPS Divergence Strategy<\/td><td>Mua khi gi\u00e1 gi\u1ea3m nh\u01b0ng ch\u00eanh l\u1ec7ch EPS thu h\u1eb9p, b\u00e1n khi ng\u01b0\u1ee3c l\u1ea1i<\/td><td>HPG Q4\/2022: Gi\u00e1 gi\u1ea3m 20% nh\u01b0ng ch\u00eanh l\u1ec7ch EPS thu h\u1eb9p t\u1eeb 8.2% xu\u1ed1ng 4.4%, sau \u0111\u00f3 gi\u00e1 t\u0103ng 68% trong 6 th\u00e1ng<\/td><\/tr><tr><td>Earnings Surprise Analysis<\/td><td>\u0110\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 b\u1ea5t ng\u1edd c\u1ee7a b\u00e1o c\u00e1o d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m thay v\u00ec l\u00e3i c\u01a1 b\u1ea3n<\/td><td>FPT Q1\/2023: V\u01b0\u1ee3t d\u1ef1 b\u00e1o 3% v\u1ec1 l\u00e3i c\u01a1 b\u1ea3n nh\u01b0ng 8% v\u1ec1 l\u00e3i suy gi\u1ea3m do gi\u1ea3m ESOP<\/td><\/tr><tr><td>Sector Rotation<\/td><td>D\u1ecbch chuy\u1ec3n \u0111\u1ea7u t\u01b0 gi\u1eefa c\u00e1c ng\u00e0nh d\u1ef1a tr\u00ean xu h\u01b0\u1edbng ch\u00eanh l\u1ec7ch EPS<\/td><td>Lu\u00e2n chuy\u1ec3n t\u1eeb B\u0110S (ch\u00eanh l\u1ec7ch t\u0103ng) sang ng\u00e2n h\u00e0ng (ch\u00eanh l\u1ec7ch gi\u1ea3m) v\u00e0o Q3\/2022<\/td><\/tr><tr><td>Pre-Conversion Strategy<\/td><td>Ph\u00e2n t\u00edch th\u1eddi \u0111i\u1ec3m tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1o h\u1ea1n \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n \u00e1p l\u1ef1c b\u00e1n<\/td><td>MSN Q2\/2023: B\u00e1n tr\u01b0\u1edbc khi 100 tri\u1ec7u USD tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1o h\u1ea1n v\u00e0 t\u1ea1o \u00e1p l\u1ef1c b\u00e1n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh c\u1ea7n k\u1ebft h\u1ee3p ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n. Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n h\u1ec7 th\u1ed1ng ch\u1ea5m \u0111i\u1ec3m t\u00edch h\u1ee3p \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam d\u1ef1a tr\u00ean 15 ch\u1ec9 s\u1ed1, trong \u0111\u00f3 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00e1ch ph\u00e2n t\u00edch k\u1ebft h\u1ee3p hi\u1ec7u qu\u1ea3:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1 k\u1ebft h\u1ee3p<\/th><th>C\u00e1ch ph\u00e2n t\u00edch hi\u1ec7u qu\u1ea3<\/th><th>Ng\u01b0\u1ee1ng c\u1ea3nh b\u00e1o cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/th><\/tr><\/thead><tbody><tr><td>P\/E d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m<\/td><td>T\u00ednh P\/E th\u1ef1c s\u1ef1 b\u1eb1ng gi\u00e1 \u00f7 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/td><td>Ch\u00eanh l\u1ec7ch v\u1edbi P\/E trung b\u00ecnh ng\u00e0nh &gt;20% c\u1ea7n \u0111i\u1ec1u tra k\u1ef9<\/td><\/tr><tr><td>PEG \u0111i\u1ec1u ch\u1ec9nh<\/td><td>(P\/E d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m) \u00f7 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng 3 n\u0103m<\/td><td>PEG \u0111i\u1ec1u ch\u1ec9nh &gt;1.5 cho th\u1ea5y \u0111\u1ecbnh gi\u00e1 cao, &lt;0.8 c\u00f3 th\u1ec3 l\u00e0 c\u01a1 h\u1ed9i<\/td><\/tr><tr><td>ROE v\u00e0 ch\u00eanh l\u1ec7ch EPS<\/td><td>So s\u00e1nh ROE v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 suy gi\u1ea3m<\/td><td>ROE &lt;15% v\u00e0 ch\u00eanh l\u1ec7ch EPS &gt;10% l\u00e0 t\u00edn hi\u1ec7u c\u1ea3nh b\u00e1o m\u1ea1nh<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c \u0111i\u1ec1u ch\u1ec9nh<\/td><td>C\u1ed5 t\u1ee9c tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu \u00f7 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/td><td>T\u1ef7 l\u1ec7 &gt;75% c\u00f3 nguy c\u01a1 kh\u00f4ng b\u1ec1n v\u1eefng trong d\u00e0i h\u1ea1n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch chuy\u00ean nghi\u1ec7p t\u1ea1i Pocket Option c\u00f2n s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1ec3 \u0111o l\u01b0\u1eddng t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00eanh l\u1ec7ch EPS \u0111\u1ebfn bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu. Nghi\u00ean c\u1ee9u c\u1ee7a h\u1ecd tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam giai \u0111o\u1ea1n 2019-2023 cho th\u1ea5y, m\u1ed7i 1% t\u0103ng trong ch\u00eanh l\u1ec7ch EPS kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng nh\u1eadn bi\u1ebft s\u1ebd d\u1eabn \u0111\u1ebfn kh\u1ea3 n\u0103ng \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 0.8% trong 60 ng\u00e0y giao d\u1ecbch ti\u1ebfp theo.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u00e1ng ch\u00fa \u00fd, khi so s\u00e1nh v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng kh\u00e1c trong khu v\u1ef1c ASEAN, ph\u1ea3n \u1ee9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam v\u1edbi th\u00f4ng tin v\u1ec1 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu ch\u1eadm h\u01a1n v\u00e0 kh\u00f4ng ho\u00e0n to\u00e0n hi\u1ec7u qu\u1ea3. \u0110i\u1ec1u n\u00e0y t\u1ea1o c\u01a1 h\u1ed9i cho nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm \u0111\u01b0\u1ee3c th\u00f4ng tin n\u00e0y s\u1edbm c\u00f3 l\u1ee3i th\u1ebf \u0111\u00e1ng k\u1ec3.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Nghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p: L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu t\u1ea1i c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft Vi\u1ec7t Nam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch chi ti\u1ebft m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p \u0111i\u1ec3n h\u00ecnh t\u1ea1i th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec3u r\u00f5 h\u01a1n t\u1ea7m quan tr\u1ecdng th\u1ef1c t\u1ebf c\u1ee7a l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu. Nghi\u00ean c\u1ee9u t\u1eeb Pocket Option \u0111\u00e3 theo d\u00f5i s\u1ef1 thay \u0111\u1ed5i c\u1ee7a ch\u1ec9 s\u1ed1 n\u00e0y t\u1ea1i 50 c\u00f4ng ty v\u1ed1n h\u00f3a l\u1edbn nh\u1ea5t trong 3 n\u0103m qua v\u1edbi nh\u1eefng ph\u00e1t hi\u1ec7n \u0111\u00e1ng ch\u00fa \u00fd.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u01b0\u1eddng h\u1ee3p 1: Vingroup (VIC) - B\u00e0i h\u1ecdc v\u1ec1 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>VIC l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1ec1 c\u00f4ng ty s\u1eed d\u1ee5ng nhi\u1ec1u \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf. V\u00e0o qu\u00fd 3\/2023, c\u00f4ng ty ph\u00e1t h\u00e0nh 500 tri\u1ec7u USD tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u1edbi l\u00e3i su\u1ea5t ch\u1ec9 3.25% nh\u01b0ng k\u00e8m quy\u1ec1n chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu v\u1edbi m\u1ee9c premium 15% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng. Ngay l\u1eadp t\u1ee9c, l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu gi\u1ea3m 16% so v\u1edbi l\u00e3i c\u01a1 b\u1ea3n, nh\u01b0ng th\u1ecb tr\u01b0\u1eddng ph\u1ea3n \u1ee9ng ch\u1eadm v\u1edbi th\u00f4ng tin n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>C\u00f4ng ty<\/th><th>L\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu (2023)<\/th><th>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu (2023)<\/th><th>Ch\u00eanh l\u1ec7ch (%)<\/th><th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1 th\u1ef1c<\/th><\/tr><\/thead><tbody><tr><td>Vingroup (VIC)<\/td><td>1,335 \u0111\u1ed3ng<\/td><td>1,169 \u0111\u1ed3ng<\/td><td>16.0%<\/td><td>P\/E th\u1ef1c t\u1ebf cao h\u01a1n 16% so v\u1edbi b\u00e1o c\u00e1o th\u00f4ng th\u01b0\u1eddng<\/td><\/tr><tr><td>FPT Corp (FPT)<\/td><td>5,805 \u0111\u1ed3ng<\/td><td>5,429 \u0111\u1ed3ng<\/td><td>6.9%<\/td><td>Ch\u00eanh l\u1ec7ch \u1ed5n \u0111\u1ecbnh qua c\u00e1c n\u0103m, ph\u1ea3n \u00e1nh ESOP b\u1ec1n v\u1eefng<\/td><\/tr><tr><td>Vietcombank (VCB)<\/td><td>5,274 \u0111\u1ed3ng<\/td><td>5,163 \u0111\u1ed3ng<\/td><td>2.1%<\/td><td>M\u1ee9c pha lo\u00e3ng th\u1ea5p, ph\u1ea3n \u00e1nh qu\u1ea3n tr\u1ecb v\u1ed1n th\u1eadn tr\u1ecdng<\/td><\/tr><tr><td>Novaland (NVL)<\/td><td>1,208 \u0111\u1ed3ng<\/td><td>1,017 \u0111\u1ed3ng<\/td><td>18.7%<\/td><td>M\u1ee9c pha lo\u00e3ng cao v\u00e0 t\u0103ng nhanh, c\u1ea3nh b\u00e1o \u00e1p l\u1ef1c t\u00e0i ch\u00ednh<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u01b0\u1eddng h\u1ee3p 2: So s\u00e1nh FPT v\u00e0 VNG (chu\u1ea9n b\u1ecb IPO)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>FPT v\u00e0 VNG \u0111\u1ea1i di\u1ec7n cho hai m\u00f4 h\u00ecnh qu\u1ea3n tr\u1ecb ch\u01b0\u01a1ng tr\u00ecnh ESOP kh\u00e1c nhau. FPT duy tr\u00ec m\u1ee9c ch\u00eanh l\u1ec7ch \u1ed5n \u0111\u1ecbnh 6-7% gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu, ph\u1ea3n \u00e1nh ch\u00ednh s\u00e1ch ESOP minh b\u1ea1ch v\u00e0 b\u1ec1n v\u1eefng. Ng\u01b0\u1ee3c l\u1ea1i, VNG (d\u1ef1 ki\u1ebfn IPO n\u0103m 2025) c\u00f3 ch\u00eanh l\u1ec7ch l\u00ean \u0111\u1ebfn 12.8% do ch\u01b0\u01a1ng tr\u00ecnh quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu r\u1ea5t l\u1edbn cho nh\u00e2n vi\u00ean v\u00e0 ban l\u00e3nh \u0111\u1ea1o.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Theo ph\u00e2n t\u00edch c\u1ee7a Pocket Option, c\u00f4ng ty c\u00f3 m\u1ee9c ch\u00eanh l\u1ec7ch \u1ed5n \u0111\u1ecbnh nh\u01b0 FPT th\u01b0\u1eddng mang l\u1ea1i l\u1ee3i nhu\u1eadn d\u00e0i h\u1ea1n t\u1ed1t h\u01a1n cho c\u1ed5 \u0111\u00f4ng so v\u1edbi nh\u1eefng c\u00f4ng ty c\u00f3 bi\u1ebfn \u0111\u1ed9ng l\u1edbn v\u1ec1 ch\u1ec9 s\u1ed1 n\u00e0y. \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh tri\u1ebft l\u00fd c\u00e2n b\u1eb1ng gi\u1eefa l\u1ee3i \u00edch c\u1ee7a nh\u00e2n vi\u00ean v\u00e0 c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 l\u00e0 con s\u1ed1 k\u1ebf to\u00e1n \u0111\u01a1n thu\u1ea7n m\u00e0 l\u00e0 ch\u00eca kh\u00f3a gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u1ed5 phi\u1ebfu. Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ng\u00e0y c\u00e0ng ph\u1ee9c t\u1ea1p v\u1edbi nhi\u1ec1u c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111a d\u1ea1ng, ch\u1ec9 s\u1ed1 n\u00e0y tr\u1edf th\u00e0nh \"t\u1ea5m l\u00e1 ch\u1eafn\" b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u1ecfi nh\u1eefng \u0111\u00e1nh gi\u00e1 qu\u00e1 l\u1ea1c quan v\u00e0 ph\u00e1t hi\u1ec7n s\u1edbm c\u00e1c r\u1ee7i ro ti\u1ec1m \u1ea9n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nghi\u00ean c\u1ee9u c\u1ee7a Pocket Option tr\u00ean 1,600+ c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft t\u1ea1i Vi\u1ec7t Nam giai \u0111o\u1ea1n 2020-2023 cho th\u1ea5y, 76% c\u00e1c c\u00f4ng ty c\u00f3 m\u1ee9c ch\u00eanh l\u1ec7ch EPS t\u0103ng \u0111\u1ed9t bi\u1ebfn (&gt;10%) trong hai qu\u00fd li\u00ean ti\u1ebfp \u0111\u00e3 tr\u1ea3i qua \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 \u0111\u00e1ng k\u1ec3 trong 6 th\u00e1ng ti\u1ebfp theo. \u0110\u00e2y l\u00e0 con s\u1ed1 kh\u00f4ng th\u1ec3 b\u1ecf qua \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 nghi\u00eam t\u00fac.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 \u00e1p d\u1ee5ng ki\u1ebfn th\u1ee9c v\u1ec1 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u00e0o th\u1ef1c t\u1ebf \u0111\u1ea7u t\u01b0, nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u00ean:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Lu\u00f4n t\u00ednh to\u00e1n v\u00e0 so s\u00e1nh c\u1ea3 l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu khi \u0111\u00e1nh gi\u00e1 P\/E<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i xu h\u01b0\u1edbng thay \u0111\u1ed5i c\u1ee7a ch\u00eanh l\u1ec7ch gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y qua th\u1eddi gian<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00ecm hi\u1ec3u k\u1ef9 nguy\u00ean nh\u00e2n \u0111\u1eb1ng sau m\u1ee9c ch\u00eanh l\u1ec7ch cao (&gt;10%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u nh\u01b0 n\u1ec1n t\u1ea3ng Pocket Option \u0111\u1ec3 theo d\u00f5i ch\u1ec9 s\u1ed1 n\u00e0y m\u1ed9t c\u00e1ch h\u1ec7 th\u1ed1ng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>K\u1ebft h\u1ee3p ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Cu\u1ed1i c\u00f9ng, l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 m\u1ea1nh m\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u00ecn xuy\u00ean qua nh\u1eefng con s\u1ed1 h\u00e0o nho\u00e1ng tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u00e0 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a doanh nghi\u1ec7p. Trong th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam \u0111ang ph\u00e1t tri\u1ec3n, nh\u1eefng ai n\u1eafm v\u1eefng v\u00e0 \u00e1p d\u1ee5ng hi\u1ec7u qu\u1ea3 ki\u1ebfn th\u1ee9c n\u00e0y s\u1ebd c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi ph\u1ea7n c\u00f2n l\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p><\/div>[cta_button text=\"\"]","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec?<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng ph\u1ea3n \u00e1nh l\u1ee3i nhu\u1eadn c\u1ee7a m\u1ed9t c\u00f4ng ty tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu sau khi t\u00ednh \u0111\u1ebfn t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng. V\u00ed d\u1ee5 c\u1ee5 th\u1ec3: khi Vinhomes (VHM) b\u00e1o c\u00e1o l\u00e3i c\u01a1 b\u1ea3n 4,800 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu nh\u01b0ng l\u00e3i suy gi\u1ea3m ch\u1ec9 \u0111\u1ea1t 4,100 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu v\u00e0o n\u0103m 2023, \u0111i\u1ec1u n\u00e0y c\u1ea3nh b\u00e1o v\u1ec1 kh\u1ea3 n\u0103ng pha lo\u00e3ng l\u1ee3i \u00edch c\u1ed5 \u0111\u00f4ng l\u00ean \u0111\u1ebfn 14.6% trong t\u01b0\u01a1ng lai.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ea1i Vi\u1ec7t Nam, khi ng\u00e0y c\u00e0ng nhi\u1ec1u c\u00f4ng ty ni\u00eam y\u1ebft s\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 ch\u1ee9ng quy\u1ec1n \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n, l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu tr\u1edf th\u00e0nh th\u01b0\u1edbc \u0111o c\u1ea7n thi\u1ebft cho nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh. Th\u1ef1c t\u1ebf, s\u1ed1 l\u01b0\u1ee3ng c\u00f4ng ty c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch tr\u00ean 5% gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u00e3 t\u0103ng t\u1eeb 27 c\u00f4ng ty n\u0103m 2020 l\u00ean 62 c\u00f4ng ty v\u00e0o n\u0103m 2023.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam c\u00f4ng c\u1ee5 theo d\u00f5i v\u00e0 c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng khi ph\u00e1t hi\u1ec7n s\u1ef1 ch\u00eanh l\u1ec7ch b\u1ea5t th\u01b0\u1eddng gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu. Theo d\u1eef li\u1ec7u t\u1eeb n\u1ec1n t\u1ea3ng n\u00e0y, 78% c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 ch\u00eanh l\u1ec7ch \u0111\u1ed9t ng\u1ed9t tr\u00ean 15% th\u01b0\u1eddng tr\u1ea3i qua \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 trong 3 th\u00e1ng ti\u1ebfp theo, l\u00e0m r\u00f5 t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c gi\u00e1m s\u00e1t ch\u1ec9 s\u1ed1 n\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Y\u1ebfu t\u1ed1 pha lo\u00e3ng<\/th>\n<th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/th>\n<th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf t\u1ea1i Vi\u1ec7t Nam<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu (Stock options)<\/td>\n<td>L\u00e0m t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng, gi\u1ea3m EPS<\/td>\n<td>FPT v\u1edbi ch\u01b0\u01a1ng tr\u00ecnh ESOP 2022-2025 cho 960 nh\u00e2n s\u1ef1 c\u1ea5p cao<\/td>\n<\/tr>\n<tr>\n<td>Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i<\/td>\n<td>T\u1ea1o ra c\u1ed5 phi\u1ebfu m\u1edbi khi chuy\u1ec3n \u0111\u1ed5i, pha lo\u00e3ng l\u1ee3i nhu\u1eadn<\/td>\n<td>VIC ph\u00e1t h\u00e0nh 500 tri\u1ec7u USD tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf v\u00e0o Q3\/2023<\/td>\n<\/tr>\n<tr>\n<td>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i<\/td>\n<td>T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu th\u01b0\u1eddng ti\u1ec1m n\u0103ng<\/td>\n<td>SSI ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i cho \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u01b0\u1edbc ngo\u00e0i<\/td>\n<\/tr>\n<tr>\n<td>Ch\u1ee9ng quy\u1ec1n<\/td>\n<td>Quy\u1ec1n mua c\u1ed5 phi\u1ebfu trong t\u01b0\u01a1ng lai, l\u00e0m t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/td>\n<td>HPG ph\u00e1t h\u00e0nh ch\u1ee9ng quy\u1ec1n k\u00e8m tr\u00e1i phi\u1ebfu n\u0103m 2022<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 hi\u1ec3u r\u00f5 v\u1ec1 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu, c\u1ea7n ph\u00e2n bi\u1ec7t n\u00f3 v\u1edbi l\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu. T\u1ea1i Masan Group (MSN), n\u0103m 2023 l\u00e3i c\u01a1 b\u1ea3n \u0111\u1ea1t 3,560 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu nh\u01b0ng l\u00e3i suy gi\u1ea3m ch\u1ec9 c\u00f2n 3,120 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu do \u1ea3nh h\u01b0\u1edfng c\u1ee7a tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i tr\u1ecb gi\u00e1 200 tri\u1ec7u USD ph\u00e1t h\u00e0nh cho SK Group. S\u1ef1 ch\u00eanh l\u1ec7ch 12.4% n\u00e0y \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1 P\/E th\u1ef1c c\u1ee7a c\u00f4ng ty.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 Vi\u1ec7t Nam nh\u01b0 FPT, VNG v\u00e0 c\u00e1c startup s\u1eafp IPO. T\u1ea1i FPT, ch\u01b0\u01a1ng tr\u00ecnh ESOP 2022-2025 v\u1edbi quy m\u00f4 l\u00ean \u0111\u1ebfn 0.5% v\u1ed1n \u0111i\u1ec1u l\u1ec7 m\u1ed7i n\u0103m \u0111\u00e3 t\u1ea1o ra kho\u1ea3ng c\u00e1ch 6.9% gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y, \u0111i\u1ec1u m\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u01b0\u1eddng b\u1ecf qua.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu = 5,800 \u0111\u1ed3ng (FPT, 2023) = 7,822 t\u1ef7 \u0111\u1ed3ng \u00f7 1,348 tri\u1ec7u c\u1ed5 phi\u1ebfu<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu = 5,400 \u0111\u1ed3ng (FPT, 2023) = 7,822 t\u1ef7 \u0111\u1ed3ng \u00f7 (1,348 tri\u1ec7u + 99 tri\u1ec7u c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00e1c \u0111\u1ed9ng th\u1ef1c t\u1ebf: Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ednh P\/E d\u1ef1a tr\u00ean l\u00e3i c\u01a1 b\u1ea3n s\u1ebd \u0111\u00e1nh gi\u00e1 FPT r\u1ebb h\u01a1n 6.9% so v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Kh\u00eda c\u1ea1nh<\/th>\n<th>L\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu<\/th>\n<th>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/th>\n<th>\u00dd ngh\u0129a cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ecbnh ngh\u0129a<\/td>\n<td>L\u1ee3i nhu\u1eadn r\u00f2ng chia cho s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh<\/td>\n<td>L\u1ee3i nhu\u1eadn r\u00f2ng chia cho t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh v\u00e0 ti\u1ec1m n\u0103ng<\/td>\n<td>Hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t \u0111\u1ec3 tr\u00e1nh \u0111\u00e1nh gi\u00e1 qu\u00e1 l\u1ea1c quan<\/td>\n<\/tr>\n<tr>\n<td>S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/td>\n<td>Ch\u1ec9 t\u00ednh c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh<\/td>\n<td>T\u00ednh c\u1ea3 c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh v\u00e0 c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng<\/td>\n<td>Ph\u00e2n t\u00edch \u0111\u01b0\u1ee3c kh\u1ea3 n\u0103ng pha lo\u00e3ng trong t\u01b0\u01a1ng lai<\/td>\n<\/tr>\n<tr>\n<td>M\u1ee9c \u0111\u1ed9 b\u1ea3o th\u1ee7<\/td>\n<td>Th\u1ea5p h\u01a1n, c\u00f3 th\u1ec3 qu\u00e1 l\u1ea1c quan<\/td>\n<td>Cao h\u01a1n, th\u1eadn tr\u1ecdng h\u01a1n<\/td>\n<td>Ph\u00f9 h\u1ee3p v\u1edbi tri\u1ebft l\u00fd \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb th\u1eadn tr\u1ecdng<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0nh \u00e1p d\u1ee5ng nhi\u1ec1u nh\u1ea5t<\/td>\n<td>Ng\u00e2n h\u00e0ng, b\u1ea5t \u0111\u1ed9ng s\u1ea3n truy\u1ec1n th\u1ed1ng<\/td>\n<td>C\u00f4ng ngh\u1ec7, n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, startup<\/td>\n<td>\u0110\u1eb7c bi\u1ec7t quan tr\u1ecdng khi \u0111\u1ea7u t\u01b0 v\u00e0o ng\u00e0nh m\u1edbi n\u1ed5i<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, khi c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft ng\u00e0y c\u00e0ng s\u1eed d\u1ee5ng nhi\u1ec1u c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111a d\u1ea1ng, l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu tr\u1edf th\u00e0nh ch\u1ec9 b\u00e1o kh\u00f4ng th\u1ec3 b\u1ecf qua. Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 so s\u00e1nh t\u1ef1 \u0111\u1ed9ng gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y cho to\u00e0n b\u1ed9 1,600+ c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t hi\u1ec7n nh\u1eefng doanh nghi\u1ec7p c\u00f3 r\u1ee7i ro pha lo\u00e3ng cao.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1ch t\u00ednh l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu cho c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u00ednh to\u00e1n l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam \u0111\u00f2i h\u1ecfi ph\u01b0\u01a1ng ph\u00e1p c\u1ee5 th\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi c\u00e1ch c\u00f4ng b\u1ed1 th\u00f4ng tin t\u1ea1i th\u1ecb tr\u01b0\u1eddng n\u00e0y. Kh\u00f4ng nh\u01b0 th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, nhi\u1ec1u c\u00f4ng ty Vi\u1ec7t Nam ch\u01b0a t\u1ef1 \u0111\u1ed9ng c\u00f4ng b\u1ed1 l\u00e3i suy gi\u1ea3m trong b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, \u0111\u1eb7t g\u00e1nh n\u1eb7ng t\u00ednh to\u00e1n l\u00ean nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>B\u01b0\u1edbc<\/th>\n<th>M\u00f4 t\u1ea3<\/th>\n<th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: VinGroup (VIC)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1<\/td>\n<td>X\u00e1c \u0111\u1ecbnh l\u1ee3i nhu\u1eadn r\u00f2ng c\u1ee7a c\u00f4ng ty<\/td>\n<td>VIC: 4,515 t\u1ef7 \u0111\u1ed3ng (n\u0103m 2023)<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>X\u00e1c \u0111\u1ecbnh s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu th\u01b0\u1eddng \u0111ang l\u01b0u h\u00e0nh<\/td>\n<td>3,382 tri\u1ec7u c\u1ed5 phi\u1ebfu (t\u1ea1i 31\/12\/2023)<\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td>X\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i<\/td>\n<td>Tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf: 500 tri\u1ec7u USD, t\u1ef7 l\u1ec7 chuy\u1ec3n \u0111\u1ed5i 1:23,594 c\u1ed5 phi\u1ebfu<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>T\u00ednh t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng<\/td>\n<td>3,382 + (500 tri\u1ec7u USD \u00d7 23,594 \u00f7 24,580 \u0111\u1ed3ng) = 3,382 + 480 = 3,862 tri\u1ec7u c\u1ed5 phi\u1ebfu<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>T\u00ednh l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/td>\n<td>4,515 t\u1ef7 \u00f7 3,862 tri\u1ec7u = 1,169 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu (so v\u1edbi l\u00e3i c\u01a1 b\u1ea3n 1,335 \u0111\u1ed3ng)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u00e1c y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty Vi\u1ec7t Nam, c\u1ea7n ch\u00fa \u00fd \u0111\u1ebfn nh\u1eefng y\u1ebfu t\u1ed1 \u0111\u1eb7c th\u00f9 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u01b0\u01a1ng tr\u00ecnh ESOP \u0111ang b\u00f9ng n\u1ed5 t\u1ea1i Vi\u1ec7t Nam: N\u0103m 2023, c\u00f3 43 c\u00f4ng ty ni\u00eam y\u1ebft th\u1ef1c hi\u1ec7n ESOP v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 5,872 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 28% so v\u1edbi 2022<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf: C\u00e1c &#8220;\u00f4ng l\u1edbn&#8221; nh\u01b0 VIC, MSN, NVL huy \u0111\u1ed9ng h\u00e0ng t\u1ef7 USD qua k\u00eanh n\u00e0y v\u1edbi \u0111i\u1ec1u kho\u1ea3n chuy\u1ec3n \u0111\u1ed5i ph\u1ee9c t\u1ea1p h\u01a1n th\u1ecb tr\u01b0\u1eddng n\u1ed9i \u0111\u1ecba<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb cho \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c: Nhi\u1ec1u doanh nghi\u1ec7p k\u00e8m theo quy\u1ec1n mua th\u00eam (warrant) cho nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1eb7c th\u00f9 k\u1ebf to\u00e1n Vi\u1ec7t Nam: Th\u00f4ng t\u01b0 202\/2014\/TT-BTC kh\u00f4ng b\u1eaft bu\u1ed9c chi ti\u1ebft v\u1ec1 l\u00e3i suy gi\u1ea3m nh\u01b0 chu\u1ea9n IFRS<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u00f4ng c\u1ee5 t\u00ednh to\u00e1n l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n b\u1ed9 c\u00f4ng c\u1ee5 chuy\u00ean bi\u1ec7t cho th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, gi\u00fap t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao. C\u00f4ng c\u1ee5 n\u00e0y ph\u00e2n t\u00edch c\u1ea3 d\u1eef li\u1ec7u ch\u00ednh th\u1ee9c t\u1eeb b\u00e1o c\u00e1o v\u00e0 th\u00f4ng tin t\u1eeb c\u00e1c bi\u00ean b\u1ea3n h\u1ecdp \u0110H\u0110C\u0110, thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o kh\u00f4ng b\u1ecf s\u00f3t b\u1ea5t k\u1ef3 y\u1ebfu t\u1ed1 pha lo\u00e3ng n\u00e0o.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1eb7c bi\u1ec7t, n\u1ec1n t\u1ea3ng n\u00e0y cung c\u1ea5p ch\u1ee9c n\u0103ng so s\u00e1nh tr\u1ef1c quan gi\u1eefa c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ngu\u1ed3n th\u00f4ng tin quan tr\u1ecdng<\/th>\n<th>D\u1eef li\u1ec7u c\u1ea7n thu th\u1eadp<\/th>\n<th>C\u00e1ch truy c\u1eadp qua Pocket Option<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>B\u00e1o c\u00e1o t\u00e0i ch\u00ednh h\u1ee3p nh\u1ea5t<\/td>\n<td>L\u1ee3i nhu\u1eadn r\u00f2ng, s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh<\/td>\n<td>D\u1eef li\u1ec7u t\u1ef1 \u0111\u1ed9ng c\u1eadp nh\u1eadt theo qu\u00fd cho 100% c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft<\/td>\n<\/tr>\n<tr>\n<td>Thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/td>\n<td>Th\u00f4ng tin v\u1ec1 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, quy\u1ec1n ch\u1ecdn<\/td>\n<td>Tr\u00edch xu\u1ea5t th\u00f4ng minh v\u00e0 ph\u00e2n t\u00edch ng\u1eef c\u1ea3nh t\u1eeb file PDF<\/td>\n<\/tr>\n<tr>\n<td>B\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb c\u00f4ng ty<\/td>\n<td>Chi ti\u1ebft v\u1ec1 ch\u01b0\u01a1ng tr\u00ecnh ESOP v\u00e0 k\u1ebf ho\u1ea1ch ph\u00e1t h\u00e0nh<\/td>\n<td>C\u1ea3nh b\u00e1o khi ph\u00e1t hi\u1ec7n th\u00f4ng tin m\u1edbi v\u1ec1 ESOP<\/td>\n<\/tr>\n<tr>\n<td>Ngh\u1ecb quy\u1ebft \u0110H\u0110C\u0110<\/td>\n<td>K\u1ebf ho\u1ea1ch ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi, c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/td>\n<td>C\u1eadp nh\u1eadt trong v\u00f2ng 24 gi\u1edd sau khi c\u00f4ng b\u1ed1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>\u00dd ngh\u0129a c\u1ee7a l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu trong ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 l\u00e0 con s\u1ed1 k\u1ebf to\u00e1n m\u00e0 c\u00f2n l\u00e0 ch\u1ec9 b\u00e1o chi\u1ebfn l\u01b0\u1ee3c v\u1ec1 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p v\u00e0 chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh. T\u1ea1i Vi\u1ec7t Nam, c\u00e1c c\u00f4ng ty c\u00f3 ch\u00eanh l\u1ec7ch cao gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu th\u01b0\u1eddng thu\u1ed9c m\u1ed9t trong hai nh\u00f3m: \u0111ang trong giai \u0111o\u1ea1n m\u1edf r\u1ed9ng nhanh ho\u1eb7c \u0111ang g\u1eb7p kh\u00f3 kh\u0103n t\u00e0i ch\u00ednh ph\u1ea3i d\u00f9ng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh l\u00e0 Novaland (NVL). Trong giai \u0111o\u1ea1n 2021-2023, ch\u00eanh l\u1ec7ch gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u00e3 t\u0103ng t\u1eeb 3.2% l\u00ean 18.7%, ph\u1ea3n \u00e1nh vi\u1ec7c c\u00f4ng ty ng\u00e0y c\u00e0ng ph\u1ee5 thu\u1ed9c v\u00e0o tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p. Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 nh\u1eadn \u0111\u01b0\u1ee3c c\u1ea3nh b\u00e1o v\u1ec1 xu h\u01b0\u1edbng n\u00e0y t\u1eeb qu\u00fd 3\/2022, tr\u01b0\u1edbc khi gi\u00e1 c\u1ed5 phi\u1ebfu \u0111i\u1ec1u ch\u1ec9nh m\u1ea1nh v\u00e0o \u0111\u1ea7u n\u0103m 2023.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>\u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf<\/th>\n<th>V\u00ed d\u1ee5 c\u1ee5 th\u1ec3 t\u1ea1i th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam<\/th>\n<th>L\u1ee3i \u00edch cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu ch\u00ednh x\u00e1c h\u01a1n<\/td>\n<td>VHM: P\/E d\u1ef1a tr\u00ean l\u00e3i c\u01a1 b\u1ea3n = 12.8x, P\/E th\u1ef1c = 14.6x (2023)<\/td>\n<td>Tr\u00e1nh \u0111\u00e1nh gi\u00e1 sai v\u1ec1 m\u1ee9c \u0111\u1ed9 &#8220;r\u1ebb&#8221; c\u1ee7a c\u1ed5 phi\u1ebfu<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e1t hi\u1ec7n r\u1ee7i ro t\u00e0i ch\u00ednh ti\u1ec1m \u1ea9n<\/td>\n<td>NVL: Ch\u00eanh l\u1ec7ch t\u0103ng t\u1eeb 3.2% l\u00ean 18.7% (2021-2023)<\/td>\n<td>C\u1ea3nh b\u00e1o s\u1edbm v\u1ec1 \u00e1p l\u1ef1c t\u00e0i ch\u00ednh gia t\u0103ng<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u00e1nh gi\u00e1 chi\u1ebfn l\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng<\/td>\n<td>MWG: Ch\u00eanh l\u1ec7ch 8.3% do ESOP cho BachhoaXANH v\u00e0 TopzoneVN<\/td>\n<td>Hi\u1ec3u r\u00f5 chi ph\u00ed th\u1ef1c c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c m\u1edf r\u1ed9ng<\/td>\n<\/tr>\n<tr>\n<td>So s\u00e1nh c\u00f4ng b\u1eb1ng gi\u1eefa c\u00e1c c\u00f4ng ty<\/td>\n<td>VPB vs TCB: Ch\u00eanh l\u1ec7ch 9.2% vs 2.1% trong c\u00f9ng ng\u00e0nh ng\u00e2n h\u00e0ng<\/td>\n<td>Ph\u00e1t hi\u1ec7n ng\u00e2n h\u00e0ng n\u00e0o s\u1eed d\u1ee5ng nhi\u1ec1u c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p h\u01a1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu m\u1edf ra nhi\u1ec1u chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. D\u1eef li\u1ec7u t\u1eeb Pocket Option cho th\u1ea5y, trong giai \u0111o\u1ea1n 2020-2023, danh m\u1ee5c c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 ch\u00eanh l\u1ec7ch th\u1ea5p (d\u01b0\u1edbi 3%) gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i VN-Index 7.2% m\u1ed7i n\u0103m sau khi \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb s\u1eed d\u1ee5ng l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb t\u1ea1i Vi\u1ec7t Nam c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p s\u00e0ng l\u1ecdc c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean m\u1ee9c ch\u00eanh l\u1ec7ch gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y. V\u00ed d\u1ee5: ACB v\u00e0 VCB c\u00f3 c\u00f9ng P\/E c\u01a1 b\u1ea3n kho\u1ea3ng 15x v\u00e0o \u0111\u1ea7u n\u0103m 2024, nh\u01b0ng x\u00e9t v\u1ec1 P\/E d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m, ACB th\u1ef1c s\u1ef1 r\u1ebb h\u01a1n do ch\u00eanh l\u1ec7ch ch\u1ec9 1.8% so v\u1edbi 4.7% c\u1ee7a VCB.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quy t\u1eafc 5-10-15: C\u1ea3nh gi\u00e1c v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 ch\u00eanh l\u1ec7ch &gt;15%, th\u1eadn tr\u1ecdng v\u1edbi m\u1ee9c 10-15%, v\u00e0 \u01b0u ti\u00ean xem x\u00e9t nh\u1eefng c\u1ed5 phi\u1ebfu d\u01b0\u1edbi 5%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch chi ti\u1ebft l\u00fd do pha lo\u00e3ng &#8211; ESOP cho chi\u1ebfn l\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng (t\u00edch c\u1ef1c) kh\u00e1c v\u1edbi tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac n\u1ee3 (ti\u00eau c\u1ef1c)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>So s\u00e1nh t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn v\u1edbi t\u1ed1c \u0111\u1ed9 pha lo\u00e3ng &#8211; TCB duy tr\u00ec t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn 20% trong khi pha lo\u00e3ng ch\u1ec9 2-3% h\u00e0ng n\u0103m<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i xu h\u01b0\u1edbng thay \u0111\u1ed5i ch\u00eanh l\u1ec7ch qua 8 qu\u00fd li\u00ean ti\u1ebfp thay v\u00ec ch\u1ec9 nh\u00ecn v\u00e0o m\u1ed9t th\u1eddi \u0111i\u1ec3m<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>K\u1ebft h\u1ee3p l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c trader chuy\u00ean nghi\u1ec7p tr\u00ean Pocket Option chia s\u1ebb r\u1eb1ng h\u1ecd \u0111\u00e3 ph\u00e1t tri\u1ec3n nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch k\u1ebft h\u1ee3p ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi c\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt. \u0110\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 l\u00e0 ph\u01b0\u01a1ng ph\u00e1p ph\u00e1t hi\u1ec7n s\u1ef1 ph\u00e2n k\u1ef3 gi\u1eefa xu h\u01b0\u1edbng gi\u00e1 v\u00e0 xu h\u01b0\u1edbng ch\u00eanh l\u1ec7ch EPS.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 bao g\u1ed3m:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<th>C\u00e1ch th\u1ef1c hi\u1ec7n<\/th>\n<th>V\u00ed d\u1ee5 th\u00e0nh c\u00f4ng t\u1ea1i Vi\u1ec7t Nam<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>EPS Divergence Strategy<\/td>\n<td>Mua khi gi\u00e1 gi\u1ea3m nh\u01b0ng ch\u00eanh l\u1ec7ch EPS thu h\u1eb9p, b\u00e1n khi ng\u01b0\u1ee3c l\u1ea1i<\/td>\n<td>HPG Q4\/2022: Gi\u00e1 gi\u1ea3m 20% nh\u01b0ng ch\u00eanh l\u1ec7ch EPS thu h\u1eb9p t\u1eeb 8.2% xu\u1ed1ng 4.4%, sau \u0111\u00f3 gi\u00e1 t\u0103ng 68% trong 6 th\u00e1ng<\/td>\n<\/tr>\n<tr>\n<td>Earnings Surprise Analysis<\/td>\n<td>\u0110\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 b\u1ea5t ng\u1edd c\u1ee7a b\u00e1o c\u00e1o d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m thay v\u00ec l\u00e3i c\u01a1 b\u1ea3n<\/td>\n<td>FPT Q1\/2023: V\u01b0\u1ee3t d\u1ef1 b\u00e1o 3% v\u1ec1 l\u00e3i c\u01a1 b\u1ea3n nh\u01b0ng 8% v\u1ec1 l\u00e3i suy gi\u1ea3m do gi\u1ea3m ESOP<\/td>\n<\/tr>\n<tr>\n<td>Sector Rotation<\/td>\n<td>D\u1ecbch chuy\u1ec3n \u0111\u1ea7u t\u01b0 gi\u1eefa c\u00e1c ng\u00e0nh d\u1ef1a tr\u00ean xu h\u01b0\u1edbng ch\u00eanh l\u1ec7ch EPS<\/td>\n<td>Lu\u00e2n chuy\u1ec3n t\u1eeb B\u0110S (ch\u00eanh l\u1ec7ch t\u0103ng) sang ng\u00e2n h\u00e0ng (ch\u00eanh l\u1ec7ch gi\u1ea3m) v\u00e0o Q3\/2022<\/td>\n<\/tr>\n<tr>\n<td>Pre-Conversion Strategy<\/td>\n<td>Ph\u00e2n t\u00edch th\u1eddi \u0111i\u1ec3m tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1o h\u1ea1n \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n \u00e1p l\u1ef1c b\u00e1n<\/td>\n<td>MSN Q2\/2023: B\u00e1n tr\u01b0\u1edbc khi 100 tri\u1ec7u USD tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1o h\u1ea1n v\u00e0 t\u1ea1o \u00e1p l\u1ef1c b\u00e1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh c\u1ea7n k\u1ebft h\u1ee3p ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n. Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n h\u1ec7 th\u1ed1ng ch\u1ea5m \u0111i\u1ec3m t\u00edch h\u1ee3p \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam d\u1ef1a tr\u00ean 15 ch\u1ec9 s\u1ed1, trong \u0111\u00f3 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00e1ch ph\u00e2n t\u00edch k\u1ebft h\u1ee3p hi\u1ec7u qu\u1ea3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1 k\u1ebft h\u1ee3p<\/th>\n<th>C\u00e1ch ph\u00e2n t\u00edch hi\u1ec7u qu\u1ea3<\/th>\n<th>Ng\u01b0\u1ee1ng c\u1ea3nh b\u00e1o cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>P\/E d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m<\/td>\n<td>T\u00ednh P\/E th\u1ef1c s\u1ef1 b\u1eb1ng gi\u00e1 \u00f7 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/td>\n<td>Ch\u00eanh l\u1ec7ch v\u1edbi P\/E trung b\u00ecnh ng\u00e0nh &gt;20% c\u1ea7n \u0111i\u1ec1u tra k\u1ef9<\/td>\n<\/tr>\n<tr>\n<td>PEG \u0111i\u1ec1u ch\u1ec9nh<\/td>\n<td>(P\/E d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m) \u00f7 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng 3 n\u0103m<\/td>\n<td>PEG \u0111i\u1ec1u ch\u1ec9nh &gt;1.5 cho th\u1ea5y \u0111\u1ecbnh gi\u00e1 cao, &lt;0.8 c\u00f3 th\u1ec3 l\u00e0 c\u01a1 h\u1ed9i<\/td>\n<\/tr>\n<tr>\n<td>ROE v\u00e0 ch\u00eanh l\u1ec7ch EPS<\/td>\n<td>So s\u00e1nh ROE v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 suy gi\u1ea3m<\/td>\n<td>ROE &lt;15% v\u00e0 ch\u00eanh l\u1ec7ch EPS &gt;10% l\u00e0 t\u00edn hi\u1ec7u c\u1ea3nh b\u00e1o m\u1ea1nh<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c \u0111i\u1ec1u ch\u1ec9nh<\/td>\n<td>C\u1ed5 t\u1ee9c tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu \u00f7 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu<\/td>\n<td>T\u1ef7 l\u1ec7 &gt;75% c\u00f3 nguy c\u01a1 kh\u00f4ng b\u1ec1n v\u1eefng trong d\u00e0i h\u1ea1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch chuy\u00ean nghi\u1ec7p t\u1ea1i Pocket Option c\u00f2n s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1ec3 \u0111o l\u01b0\u1eddng t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00eanh l\u1ec7ch EPS \u0111\u1ebfn bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu. Nghi\u00ean c\u1ee9u c\u1ee7a h\u1ecd tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam giai \u0111o\u1ea1n 2019-2023 cho th\u1ea5y, m\u1ed7i 1% t\u0103ng trong ch\u00eanh l\u1ec7ch EPS kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng nh\u1eadn bi\u1ebft s\u1ebd d\u1eabn \u0111\u1ebfn kh\u1ea3 n\u0103ng \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 0.8% trong 60 ng\u00e0y giao d\u1ecbch ti\u1ebfp theo.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u00e1ng ch\u00fa \u00fd, khi so s\u00e1nh v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng kh\u00e1c trong khu v\u1ef1c ASEAN, ph\u1ea3n \u1ee9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam v\u1edbi th\u00f4ng tin v\u1ec1 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu ch\u1eadm h\u01a1n v\u00e0 kh\u00f4ng ho\u00e0n to\u00e0n hi\u1ec7u qu\u1ea3. \u0110i\u1ec1u n\u00e0y t\u1ea1o c\u01a1 h\u1ed9i cho nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm \u0111\u01b0\u1ee3c th\u00f4ng tin n\u00e0y s\u1edbm c\u00f3 l\u1ee3i th\u1ebf \u0111\u00e1ng k\u1ec3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Nghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p: L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu t\u1ea1i c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft Vi\u1ec7t Nam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch chi ti\u1ebft m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p \u0111i\u1ec3n h\u00ecnh t\u1ea1i th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec3u r\u00f5 h\u01a1n t\u1ea7m quan tr\u1ecdng th\u1ef1c t\u1ebf c\u1ee7a l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu. Nghi\u00ean c\u1ee9u t\u1eeb Pocket Option \u0111\u00e3 theo d\u00f5i s\u1ef1 thay \u0111\u1ed5i c\u1ee7a ch\u1ec9 s\u1ed1 n\u00e0y t\u1ea1i 50 c\u00f4ng ty v\u1ed1n h\u00f3a l\u1edbn nh\u1ea5t trong 3 n\u0103m qua v\u1edbi nh\u1eefng ph\u00e1t hi\u1ec7n \u0111\u00e1ng ch\u00fa \u00fd.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u01b0\u1eddng h\u1ee3p 1: Vingroup (VIC) &#8211; B\u00e0i h\u1ecdc v\u1ec1 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>VIC l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1ec1 c\u00f4ng ty s\u1eed d\u1ee5ng nhi\u1ec1u \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf. V\u00e0o qu\u00fd 3\/2023, c\u00f4ng ty ph\u00e1t h\u00e0nh 500 tri\u1ec7u USD tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u1edbi l\u00e3i su\u1ea5t ch\u1ec9 3.25% nh\u01b0ng k\u00e8m quy\u1ec1n chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu v\u1edbi m\u1ee9c premium 15% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng. Ngay l\u1eadp t\u1ee9c, l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu gi\u1ea3m 16% so v\u1edbi l\u00e3i c\u01a1 b\u1ea3n, nh\u01b0ng th\u1ecb tr\u01b0\u1eddng ph\u1ea3n \u1ee9ng ch\u1eadm v\u1edbi th\u00f4ng tin n\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>C\u00f4ng ty<\/th>\n<th>L\u00e3i c\u01a1 b\u1ea3n tr\u00ean c\u1ed5 phi\u1ebfu (2023)<\/th>\n<th>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu (2023)<\/th>\n<th>Ch\u00eanh l\u1ec7ch (%)<\/th>\n<th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1 th\u1ef1c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Vingroup (VIC)<\/td>\n<td>1,335 \u0111\u1ed3ng<\/td>\n<td>1,169 \u0111\u1ed3ng<\/td>\n<td>16.0%<\/td>\n<td>P\/E th\u1ef1c t\u1ebf cao h\u01a1n 16% so v\u1edbi b\u00e1o c\u00e1o th\u00f4ng th\u01b0\u1eddng<\/td>\n<\/tr>\n<tr>\n<td>FPT Corp (FPT)<\/td>\n<td>5,805 \u0111\u1ed3ng<\/td>\n<td>5,429 \u0111\u1ed3ng<\/td>\n<td>6.9%<\/td>\n<td>Ch\u00eanh l\u1ec7ch \u1ed5n \u0111\u1ecbnh qua c\u00e1c n\u0103m, ph\u1ea3n \u00e1nh ESOP b\u1ec1n v\u1eefng<\/td>\n<\/tr>\n<tr>\n<td>Vietcombank (VCB)<\/td>\n<td>5,274 \u0111\u1ed3ng<\/td>\n<td>5,163 \u0111\u1ed3ng<\/td>\n<td>2.1%<\/td>\n<td>M\u1ee9c pha lo\u00e3ng th\u1ea5p, ph\u1ea3n \u00e1nh qu\u1ea3n tr\u1ecb v\u1ed1n th\u1eadn tr\u1ecdng<\/td>\n<\/tr>\n<tr>\n<td>Novaland (NVL)<\/td>\n<td>1,208 \u0111\u1ed3ng<\/td>\n<td>1,017 \u0111\u1ed3ng<\/td>\n<td>18.7%<\/td>\n<td>M\u1ee9c pha lo\u00e3ng cao v\u00e0 t\u0103ng nhanh, c\u1ea3nh b\u00e1o \u00e1p l\u1ef1c t\u00e0i ch\u00ednh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u01b0\u1eddng h\u1ee3p 2: So s\u00e1nh FPT v\u00e0 VNG (chu\u1ea9n b\u1ecb IPO)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>FPT v\u00e0 VNG \u0111\u1ea1i di\u1ec7n cho hai m\u00f4 h\u00ecnh qu\u1ea3n tr\u1ecb ch\u01b0\u01a1ng tr\u00ecnh ESOP kh\u00e1c nhau. FPT duy tr\u00ec m\u1ee9c ch\u00eanh l\u1ec7ch \u1ed5n \u0111\u1ecbnh 6-7% gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu, ph\u1ea3n \u00e1nh ch\u00ednh s\u00e1ch ESOP minh b\u1ea1ch v\u00e0 b\u1ec1n v\u1eefng. Ng\u01b0\u1ee3c l\u1ea1i, VNG (d\u1ef1 ki\u1ebfn IPO n\u0103m 2025) c\u00f3 ch\u00eanh l\u1ec7ch l\u00ean \u0111\u1ebfn 12.8% do ch\u01b0\u01a1ng tr\u00ecnh quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu r\u1ea5t l\u1edbn cho nh\u00e2n vi\u00ean v\u00e0 ban l\u00e3nh \u0111\u1ea1o.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Theo ph\u00e2n t\u00edch c\u1ee7a Pocket Option, c\u00f4ng ty c\u00f3 m\u1ee9c ch\u00eanh l\u1ec7ch \u1ed5n \u0111\u1ecbnh nh\u01b0 FPT th\u01b0\u1eddng mang l\u1ea1i l\u1ee3i nhu\u1eadn d\u00e0i h\u1ea1n t\u1ed1t h\u01a1n cho c\u1ed5 \u0111\u00f4ng so v\u1edbi nh\u1eefng c\u00f4ng ty c\u00f3 bi\u1ebfn \u0111\u1ed9ng l\u1edbn v\u1ec1 ch\u1ec9 s\u1ed1 n\u00e0y. \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh tri\u1ebft l\u00fd c\u00e2n b\u1eb1ng gi\u1eefa l\u1ee3i \u00edch c\u1ee7a nh\u00e2n vi\u00ean v\u00e0 c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft lu\u1eadn<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 l\u00e0 con s\u1ed1 k\u1ebf to\u00e1n \u0111\u01a1n thu\u1ea7n m\u00e0 l\u00e0 ch\u00eca kh\u00f3a gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u1ed5 phi\u1ebfu. Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ng\u00e0y c\u00e0ng ph\u1ee9c t\u1ea1p v\u1edbi nhi\u1ec1u c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111a d\u1ea1ng, ch\u1ec9 s\u1ed1 n\u00e0y tr\u1edf th\u00e0nh &#8220;t\u1ea5m l\u00e1 ch\u1eafn&#8221; b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u1ecfi nh\u1eefng \u0111\u00e1nh gi\u00e1 qu\u00e1 l\u1ea1c quan v\u00e0 ph\u00e1t hi\u1ec7n s\u1edbm c\u00e1c r\u1ee7i ro ti\u1ec1m \u1ea9n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nghi\u00ean c\u1ee9u c\u1ee7a Pocket Option tr\u00ean 1,600+ c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft t\u1ea1i Vi\u1ec7t Nam giai \u0111o\u1ea1n 2020-2023 cho th\u1ea5y, 76% c\u00e1c c\u00f4ng ty c\u00f3 m\u1ee9c ch\u00eanh l\u1ec7ch EPS t\u0103ng \u0111\u1ed9t bi\u1ebfn (&gt;10%) trong hai qu\u00fd li\u00ean ti\u1ebfp \u0111\u00e3 tr\u1ea3i qua \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 \u0111\u00e1ng k\u1ec3 trong 6 th\u00e1ng ti\u1ebfp theo. \u0110\u00e2y l\u00e0 con s\u1ed1 kh\u00f4ng th\u1ec3 b\u1ecf qua \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 nghi\u00eam t\u00fac.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 \u00e1p d\u1ee5ng ki\u1ebfn th\u1ee9c v\u1ec1 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u00e0o th\u1ef1c t\u1ebf \u0111\u1ea7u t\u01b0, nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u00ean:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Lu\u00f4n t\u00ednh to\u00e1n v\u00e0 so s\u00e1nh c\u1ea3 l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu khi \u0111\u00e1nh gi\u00e1 P\/E<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i xu h\u01b0\u1edbng thay \u0111\u1ed5i c\u1ee7a ch\u00eanh l\u1ec7ch gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y qua th\u1eddi gian<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00ecm hi\u1ec3u k\u1ef9 nguy\u00ean nh\u00e2n \u0111\u1eb1ng sau m\u1ee9c ch\u00eanh l\u1ec7ch cao (&gt;10%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u nh\u01b0 n\u1ec1n t\u1ea3ng Pocket Option \u0111\u1ec3 theo d\u00f5i ch\u1ec9 s\u1ed1 n\u00e0y m\u1ed9t c\u00e1ch h\u1ec7 th\u1ed1ng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>K\u1ebft h\u1ee3p ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Cu\u1ed1i c\u00f9ng, l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 m\u1ea1nh m\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u00ecn xuy\u00ean qua nh\u1eefng con s\u1ed1 h\u00e0o nho\u00e1ng tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u00e0 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a doanh nghi\u1ec7p. Trong th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam \u0111ang ph\u00e1t tri\u1ec3n, nh\u1eefng ai n\u1eafm v\u1eefng v\u00e0 \u00e1p d\u1ee5ng hi\u1ec7u qu\u1ea3 ki\u1ebfn th\u1ee9c n\u00e0y s\u1ebd c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi ph\u1ea7n c\u00f2n l\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n"},"faq":[{"question":"L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec?","answer":"L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh ph\u1ea3n \u00e1nh l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf c\u1ee7a c\u00f4ng ty tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu sau khi t\u00ednh \u0111\u1ebfn m\u1ecdi c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu trong t\u01b0\u01a1ng lai (quy\u1ec1n ch\u1ecdn, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, ch\u1ee9ng quy\u1ec1n). V\u00ed d\u1ee5 c\u1ee5 th\u1ec3: khi Vingroup b\u00e1o c\u00e1o l\u00e3i c\u01a1 b\u1ea3n 1,335 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu nh\u01b0ng l\u00e3i suy gi\u1ea3m ch\u1ec9 \u0111\u1ea1t 1,169 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu (2023), \u0111i\u1ec1u n\u00e0y c\u1ea3nh b\u00e1o nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 kh\u1ea3 n\u0103ng pha lo\u00e3ng 16% l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu."},{"question":" T\u1ea1i sao l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu quan tr\u1ecdng \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam?","answer":"L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng t\u1ea1i Vi\u1ec7t Nam v\u00ec ba l\u00fd do ch\u00ednh: (1) S\u1ed1 l\u01b0\u1ee3ng c\u00f4ng ty s\u1eed d\u1ee5ng ESOP v\u00e0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u00e3 t\u0103ng 128% trong 5 n\u0103m qua; (2) Nhi\u1ec1u \"\u00f4ng l\u1edbn\" nh\u01b0 VIC, MSN, NVL, HPG \u0111ang huy \u0111\u1ed9ng v\u1ed1n qua tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf v\u1edbi \u0111i\u1ec1u kho\u1ea3n ph\u1ee9c t\u1ea1p; (3) Quy \u0111\u1ecbnh c\u00f4ng b\u1ed1 th\u00f4ng tin t\u1ea1i Vi\u1ec7t Nam ch\u01b0a b\u1eaft bu\u1ed9c chi ti\u1ebft v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 pha lo\u00e3ng ti\u1ec1m \u1ea9n nh\u01b0 chu\u1ea9n qu\u1ed1c t\u1ebf. Pocket Option \u0111\u00e3 ph\u00e1t hi\u1ec7n 76% c\u00e1c c\u00f4ng ty c\u00f3 ch\u00eanh l\u1ec7ch EPS t\u0103ng \u0111\u1ed9t bi\u1ebfn th\u01b0\u1eddng tr\u1ea3i qua \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 trong 6 th\u00e1ng ti\u1ebfp theo."},{"question":" L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00ednh ch\u00ednh x\u00e1c l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu cho c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam?","answer":"\u0110\u1ec3 t\u00ednh l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu cho c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam, b\u1ea1n c\u1ea7n: (1) X\u00e1c \u0111\u1ecbnh l\u1ee3i nhu\u1eadn r\u00f2ng sau thu\u1ebf; (2) Ki\u1ec3m tra s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh hi\u1ec7n t\u1ea1i; (3) R\u00e0 so\u00e1t k\u1ef9 thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u1ec1 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, ESOP v\u00e0 ch\u1ee9ng quy\u1ec1n; (4) T\u00ednh to\u00e1n s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng t\u1eeb m\u1ed7i c\u00f4ng c\u1ee5 theo \u0111i\u1ec1u kho\u1ea3n c\u1ee5 th\u1ec3; (5) \u0110i\u1ec1u ch\u1ec9nh l\u1ee3i nhu\u1eadn (c\u1ed9ng l\u00e3i tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i n\u1ebfu \u0111\u01b0\u1ee3c); (6) Chia l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh cho t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng. Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 t\u1ef1 \u0111\u1ed9ng th\u1ef1c hi\u1ec7n t\u00ednh to\u00e1n n\u00e0y v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao."},{"question":" Pocket Option cung c\u1ea5p nh\u1eefng c\u00f4ng c\u1ee5 g\u00ec \u0111\u1ec3 ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu?","answer":"Pocket Option cung c\u1ea5p b\u1ed9 c\u00f4ng c\u1ee5 to\u00e0n di\u1ec7n g\u1ed3m: (1) B\u1ed9 t\u00ednh to\u00e1n l\u00e3i suy gi\u1ea3m t\u1ef1 \u0111\u1ed9ng cho 1,600+ c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft t\u1ea1i Vi\u1ec7t Nam; (2) H\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o khi ph\u00e1t hi\u1ec7n ch\u00eanh l\u1ec7ch b\u1ea5t th\u01b0\u1eddng gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m; (3) C\u00f4ng c\u1ee5 so s\u00e1nh c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh d\u1ef1a tr\u00ean ch\u1ec9 s\u1ed1 n\u00e0y; (4) M\u00f4 h\u00ecnh ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c s\u1ef1 ki\u1ec7n doanh nghi\u1ec7p (ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu, ESOP) \u0111\u1ebfn l\u00e3i suy gi\u1ea3m; (5) B\u1ed9 l\u1ecdc c\u1ed5 phi\u1ebfu theo m\u1ee9c \u0111\u1ed9 ch\u00eanh l\u1ec7ch EPS; (6) Bi\u1ec3u \u0111\u1ed3 theo d\u00f5i xu h\u01b0\u1edbng thay \u0111\u1ed5i ch\u00eanh l\u1ec7ch theo th\u1eddi gian. \u0110\u1eb7c bi\u1ec7t, c\u00f4ng c\u1ee5 n\u00e0y t\u1ef1 \u0111\u1ed9ng qu\u00e9t v\u00e0 ph\u00e2n t\u00edch th\u00f4ng tin t\u1eeb c\u00e1c t\u00e0i li\u1ec7u c\u00f4ng b\u1ed1 nh\u01b0 thuy\u1ebft minh BCTC, ngh\u1ecb quy\u1ebft \u0110H\u0110C\u0110, b\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 s\u1eed d\u1ee5ng l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu trong chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf?","answer":"\u0110\u1ec3 \u00e1p d\u1ee5ng hi\u1ec7u qu\u1ea3 trong \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf, h\u00e3y: (1) \u00c1p d\u1ee5ng quy t\u1eafc 5-10-15: th\u1eadn tr\u1ecdng v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 ch\u00eanh l\u1ec7ch >10%, \u0111\u1eb7c bi\u1ec7t c\u1ea3nh gi\u00e1c khi >15%; (2) Ph\u00e2n t\u00edch xu h\u01b0\u1edbng: mua khi ch\u00eanh l\u1ec7ch thu h\u1eb9p qua 2-3 qu\u00fd li\u00ean ti\u1ebfp, c\u00e2n nh\u1eafc b\u00e1n khi ch\u00eanh l\u1ec7ch t\u0103ng nhanh; (3) So s\u00e1nh t\u01b0\u01a1ng quan: ch\u1ec9 so s\u00e1nh v\u1edbi c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh, c\u00f9ng quy m\u00f4; (4) K\u1ebft h\u1ee3p v\u1edbi P\/E: t\u00ednh P\/E th\u1ef1c d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m; (5) Theo d\u00f5i l\u1ecbch chuy\u1ec3n \u0111\u1ed5i: c\u1ea3nh gi\u00e1c v\u1edbi c\u00e1c th\u1eddi \u0111i\u1ec3m tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1o h\u1ea1n; (6) \u0110\u00e1nh gi\u00e1 m\u1ee5c \u0111\u00edch pha lo\u00e3ng: ESOP cho t\u0103ng tr\u01b0\u1edfng (t\u00edch c\u1ef1c) kh\u00e1c v\u1edbi tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac n\u1ee3 (ti\u00eau c\u1ef1c). Nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng nh\u1ea5t tr\u00ean Pocket Option \u0111\u1ec1u k\u1ebft h\u1ee3p ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 k\u1ef9 thu\u1eadt kh\u00e1c."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec?","answer":"L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu l\u00e0 ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh ph\u1ea3n \u00e1nh l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf c\u1ee7a c\u00f4ng ty tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu sau khi t\u00ednh \u0111\u1ebfn m\u1ecdi c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu trong t\u01b0\u01a1ng lai (quy\u1ec1n ch\u1ecdn, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, ch\u1ee9ng quy\u1ec1n). V\u00ed d\u1ee5 c\u1ee5 th\u1ec3: khi Vingroup b\u00e1o c\u00e1o l\u00e3i c\u01a1 b\u1ea3n 1,335 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu nh\u01b0ng l\u00e3i suy gi\u1ea3m ch\u1ec9 \u0111\u1ea1t 1,169 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu (2023), \u0111i\u1ec1u n\u00e0y c\u1ea3nh b\u00e1o nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 kh\u1ea3 n\u0103ng pha lo\u00e3ng 16% l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu."},{"question":" T\u1ea1i sao l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu quan tr\u1ecdng \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam?","answer":"L\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng t\u1ea1i Vi\u1ec7t Nam v\u00ec ba l\u00fd do ch\u00ednh: (1) S\u1ed1 l\u01b0\u1ee3ng c\u00f4ng ty s\u1eed d\u1ee5ng ESOP v\u00e0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u00e3 t\u0103ng 128% trong 5 n\u0103m qua; (2) Nhi\u1ec1u \"\u00f4ng l\u1edbn\" nh\u01b0 VIC, MSN, NVL, HPG \u0111ang huy \u0111\u1ed9ng v\u1ed1n qua tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf v\u1edbi \u0111i\u1ec1u kho\u1ea3n ph\u1ee9c t\u1ea1p; (3) Quy \u0111\u1ecbnh c\u00f4ng b\u1ed1 th\u00f4ng tin t\u1ea1i Vi\u1ec7t Nam ch\u01b0a b\u1eaft bu\u1ed9c chi ti\u1ebft v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 pha lo\u00e3ng ti\u1ec1m \u1ea9n nh\u01b0 chu\u1ea9n qu\u1ed1c t\u1ebf. Pocket Option \u0111\u00e3 ph\u00e1t hi\u1ec7n 76% c\u00e1c c\u00f4ng ty c\u00f3 ch\u00eanh l\u1ec7ch EPS t\u0103ng \u0111\u1ed9t bi\u1ebfn th\u01b0\u1eddng tr\u1ea3i qua \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 trong 6 th\u00e1ng ti\u1ebfp theo."},{"question":" L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00ednh ch\u00ednh x\u00e1c l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu cho c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam?","answer":"\u0110\u1ec3 t\u00ednh l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu cho c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam, b\u1ea1n c\u1ea7n: (1) X\u00e1c \u0111\u1ecbnh l\u1ee3i nhu\u1eadn r\u00f2ng sau thu\u1ebf; (2) Ki\u1ec3m tra s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh hi\u1ec7n t\u1ea1i; (3) R\u00e0 so\u00e1t k\u1ef9 thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u1ec1 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, ESOP v\u00e0 ch\u1ee9ng quy\u1ec1n; (4) T\u00ednh to\u00e1n s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng t\u1eeb m\u1ed7i c\u00f4ng c\u1ee5 theo \u0111i\u1ec1u kho\u1ea3n c\u1ee5 th\u1ec3; (5) \u0110i\u1ec1u ch\u1ec9nh l\u1ee3i nhu\u1eadn (c\u1ed9ng l\u00e3i tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i n\u1ebfu \u0111\u01b0\u1ee3c); (6) Chia l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh cho t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng. Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 t\u1ef1 \u0111\u1ed9ng th\u1ef1c hi\u1ec7n t\u00ednh to\u00e1n n\u00e0y v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao."},{"question":" Pocket Option cung c\u1ea5p nh\u1eefng c\u00f4ng c\u1ee5 g\u00ec \u0111\u1ec3 ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu?","answer":"Pocket Option cung c\u1ea5p b\u1ed9 c\u00f4ng c\u1ee5 to\u00e0n di\u1ec7n g\u1ed3m: (1) B\u1ed9 t\u00ednh to\u00e1n l\u00e3i suy gi\u1ea3m t\u1ef1 \u0111\u1ed9ng cho 1,600+ c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft t\u1ea1i Vi\u1ec7t Nam; (2) H\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o khi ph\u00e1t hi\u1ec7n ch\u00eanh l\u1ec7ch b\u1ea5t th\u01b0\u1eddng gi\u1eefa l\u00e3i c\u01a1 b\u1ea3n v\u00e0 l\u00e3i suy gi\u1ea3m; (3) C\u00f4ng c\u1ee5 so s\u00e1nh c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh d\u1ef1a tr\u00ean ch\u1ec9 s\u1ed1 n\u00e0y; (4) M\u00f4 h\u00ecnh ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c s\u1ef1 ki\u1ec7n doanh nghi\u1ec7p (ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu, ESOP) \u0111\u1ebfn l\u00e3i suy gi\u1ea3m; (5) B\u1ed9 l\u1ecdc c\u1ed5 phi\u1ebfu theo m\u1ee9c \u0111\u1ed9 ch\u00eanh l\u1ec7ch EPS; (6) Bi\u1ec3u \u0111\u1ed3 theo d\u00f5i xu h\u01b0\u1edbng thay \u0111\u1ed5i ch\u00eanh l\u1ec7ch theo th\u1eddi gian. \u0110\u1eb7c bi\u1ec7t, c\u00f4ng c\u1ee5 n\u00e0y t\u1ef1 \u0111\u1ed9ng qu\u00e9t v\u00e0 ph\u00e2n t\u00edch th\u00f4ng tin t\u1eeb c\u00e1c t\u00e0i li\u1ec7u c\u00f4ng b\u1ed1 nh\u01b0 thuy\u1ebft minh BCTC, ngh\u1ecb quy\u1ebft \u0110H\u0110C\u0110, b\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 s\u1eed d\u1ee5ng l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu trong chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf?","answer":"\u0110\u1ec3 \u00e1p d\u1ee5ng hi\u1ec7u qu\u1ea3 trong \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf, h\u00e3y: (1) \u00c1p d\u1ee5ng quy t\u1eafc 5-10-15: th\u1eadn tr\u1ecdng v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 ch\u00eanh l\u1ec7ch >10%, \u0111\u1eb7c bi\u1ec7t c\u1ea3nh gi\u00e1c khi >15%; (2) Ph\u00e2n t\u00edch xu h\u01b0\u1edbng: mua khi ch\u00eanh l\u1ec7ch thu h\u1eb9p qua 2-3 qu\u00fd li\u00ean ti\u1ebfp, c\u00e2n nh\u1eafc b\u00e1n khi ch\u00eanh l\u1ec7ch t\u0103ng nhanh; (3) So s\u00e1nh t\u01b0\u01a1ng quan: ch\u1ec9 so s\u00e1nh v\u1edbi c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh, c\u00f9ng quy m\u00f4; (4) K\u1ebft h\u1ee3p v\u1edbi P\/E: t\u00ednh P\/E th\u1ef1c d\u1ef1a tr\u00ean l\u00e3i suy gi\u1ea3m; (5) Theo d\u00f5i l\u1ecbch chuy\u1ec3n \u0111\u1ed5i: c\u1ea3nh gi\u00e1c v\u1edbi c\u00e1c th\u1eddi \u0111i\u1ec3m tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1o h\u1ea1n; (6) \u0110\u00e1nh gi\u00e1 m\u1ee5c \u0111\u00edch pha lo\u00e3ng: ESOP cho t\u0103ng tr\u01b0\u1edfng (t\u00edch c\u1ef1c) kh\u00e1c v\u1edbi tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac n\u1ee3 (ti\u00eau c\u1ef1c). Nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng nh\u1ea5t tr\u00ean Pocket Option \u0111\u1ec1u k\u1ebft h\u1ee3p ph\u00e2n t\u00edch l\u00e3i suy gi\u1ea3m v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 k\u1ef9 thu\u1eadt kh\u00e1c."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu: Ch\u00eca kh\u00f3a \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam<\/title>\n<meta name=\"description\" content=\"l\u00e3i suy gi\u1ea3m tr\u00ean c\u1ed5 phi\u1ebfu - C\u00f4ng c\u1ee5 thi\u1ebft y\u1ebfu gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam tr\u00e1nh r\u1ee7i ro v\u00e0 nh\u1eadn di\u1ec7n c\u01a1 h\u1ed9i ti\u1ec1m n\u0103ng. 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