{"id":301990,"date":"2025-07-11T22:33:51","date_gmt":"2025-07-11T22:33:51","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/stocks-dividends-2\/"},"modified":"2025-07-11T22:33:51","modified_gmt":"2025-07-11T22:33:51","slug":"stocks-dividends","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/stocks-dividends\/","title":{"rendered":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu: 7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn l\u00ean 35% v\u00e0o n\u0103m 2023"},"content":{"rendered":"
<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":193309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[28,45,44],"class_list":["post-301990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-investment","tag-stock","tag-strategy"],"acf":{"h1":"Pocket Option: T\u1ed1i \u01b0u h\u00f3a chi\u1ebfn l\u01b0\u1ee3c l\u1ee3i nhu\u1eadn t\u1eeb c\u1ed5 t\u1ee9c ch\u1ee9ng kho\u00e1n n\u0103m 2023","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: T\u1ed1i \u01b0u h\u00f3a chi\u1ebfn l\u01b0\u1ee3c l\u1ee3i nhu\u1eadn t\u1eeb c\u1ed5 t\u1ee9c ch\u1ee9ng kho\u00e1n n\u0103m 2023"},"description":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu - Ph\u00e2n t\u00edch 35 c\u00f4ng ty Vi\u1ec7t Nam v\u1edbi m\u1ee9c t\u0103ng l\u1ee3i nhu\u1eadn 15,3% sau 6 th\u00e1ng, t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 7 chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 gi\u00fap b\u1ea1n n\u1eafm b\u1eaft c\u01a1 h\u1ed9i ngay tr\u01b0\u1edbc khi 72 c\u00f4ng ty ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c trong Q4\/2023.","description_source":{"label":"Description","type":"textarea","formatted_value":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu - Ph\u00e2n t\u00edch 35 c\u00f4ng ty Vi\u1ec7t Nam v\u1edbi m\u1ee9c t\u0103ng l\u1ee3i nhu\u1eadn 15,3% sau 6 th\u00e1ng, t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 7 chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 gi\u00fap b\u1ea1n n\u1eafm b\u1eaft c\u01a1 h\u1ed9i ngay tr\u01b0\u1edbc khi 72 c\u00f4ng ty ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c trong Q4\/2023."},"intro":"B\u00e0i vi\u1ebft cung c\u1ea5p ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 c\u01a1 ch\u1ebf c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, v\u1edbi d\u1eef li\u1ec7u t\u1eeb 35 c\u00f4ng ty ni\u00eam y\u1ebft trong giai \u0111o\u1ea1n 2022-2023 cho th\u1ea5y 72% tr\u01b0\u1eddng h\u1ee3p t\u0103ng 15,3% sau 6 th\u00e1ng. B\u1ea1n s\u1ebd n\u1eafm v\u1eefng c\u00e1ch t\u00ednh t\u1ef7 l\u1ec7 pha lo\u00e3ng, x\u00e1c \u0111\u1ecbnh c\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u01b0\u1edbc v\u00e0 sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n, v\u00e0 7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u1ef1c ti\u1ec5n \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu m\u00e0 72 c\u00f4ng ty s\u1ebd th\u1ef1c hi\u1ec7n trong Q4\/2023.","intro_source":{"label":"Intro","type":"text","formatted_value":"B\u00e0i vi\u1ebft cung c\u1ea5p ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 c\u01a1 ch\u1ebf c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, v\u1edbi d\u1eef li\u1ec7u t\u1eeb 35 c\u00f4ng ty ni\u00eam y\u1ebft trong giai \u0111o\u1ea1n 2022-2023 cho th\u1ea5y 72% tr\u01b0\u1eddng h\u1ee3p t\u0103ng 15,3% sau 6 th\u00e1ng. B\u1ea1n s\u1ebd n\u1eafm v\u1eefng c\u00e1ch t\u00ednh t\u1ef7 l\u1ec7 pha lo\u00e3ng, x\u00e1c \u0111\u1ecbnh c\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u01b0\u1edbc v\u00e0 sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n, v\u00e0 7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u1ef1c ti\u1ec5n \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu m\u00e0 72 c\u00f4ng ty s\u1ebd th\u1ef1c hi\u1ec7n trong Q4\/2023."},"body_html":"

C\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao c\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam \u01b0u ti\u00ean h\u00ecnh th\u1ee9c n\u00e0y?<\/h2><\/div>

C\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu l\u00e0 h\u00ecnh th\u1ee9c doanh nghi\u1ec7p ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn cho c\u1ed5 \u0111\u00f4ng b\u1eb1ng c\u00e1ch ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi thay v\u00ec tr\u1ea3 ti\u1ec1n m\u1eb7t. Thay v\u00ec nh\u1eadn ti\u1ec1n, c\u1ed5 \u0111\u00f4ng nh\u1eadn th\u00eam c\u1ed5 phi\u1ebfu theo t\u1ef7 l\u1ec7 s\u1edf h\u1eefu hi\u1ec7n t\u1ea1i, gi\u00fap c\u00f4ng ty gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00e1t tri\u1ec3n.<\/p><\/div>

Theo d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc, trong 9 th\u00e1ng \u0111\u1ea7u n\u0103m 2023, 278 c\u00f4ng ty ni\u00eam y\u1ebft tr\u00ean HOSE, HNX v\u00e0 UPCOM \u0111\u00e3 th\u1ef1c hi\u1ec7n c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu, v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb l\u00ean \u0111\u1ebfn 98.750 t\u1ef7 \u0111\u1ed3ng, chi\u1ebfm 68,3% t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ed5 t\u1ee9c \u0111\u00e3 chi tr\u1ea3. \u0110\u00e1ng ch\u00fa \u00fd, 27\/35 ng\u00e2n h\u00e0ng \u0111\u00e3 s\u1eed d\u1ee5ng h\u00ecnh th\u1ee9c n\u00e0y, g\u00f3p ph\u1ea7n t\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng th\u00eam 157.000 t\u1ef7 \u0111\u1ed3ng trong n\u0103m 2022.<\/p><\/div>

C\u01a1 ch\u1ebf c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu ho\u1ea1t \u0111\u1ed9ng theo c\u00e1c b\u01b0\u1edbc c\u1ee5 th\u1ec3 sau:<\/p><\/div>

Y\u1ebfu t\u1ed1<\/th>Chi ti\u1ebft<\/th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf<\/th><\/tr><\/thead>
T\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i<\/td>S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu m\u1edbi c\u1ed5 \u0111\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c t\u00ednh theo ph\u1ea7n tr\u0103m c\u1ee7a s\u1ed1 c\u1ed5 phi\u1ebfu hi\u1ec7n c\u00f3<\/td>T\u1ef7 l\u1ec7 10:3 (30%): S\u1edf h\u1eefu 10 c\u1ed5 phi\u1ebfu s\u1ebd nh\u1eadn th\u00eam 3 c\u1ed5 phi\u1ebfu m\u1edbiT\u1ef7 l\u1ec7 2:1 (50%): S\u1edf h\u1eefu 2 c\u1ed5 phi\u1ebfu s\u1ebd nh\u1eadn th\u00eam 1 c\u1ed5 phi\u1ebfu m\u1edbi<\/td><\/tr>
Ngu\u1ed3n ph\u00e1t h\u00e0nh<\/td>C\u00f4ng ty s\u1eed d\u1ee5ng l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i, th\u1eb7ng d\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n, ho\u1eb7c qu\u1ef9 d\u1ef1 tr\u1eef<\/td>VPBank (VPB): 27.300 t\u1ef7 \u0111\u1ed3ng t\u1eeb l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i cho t\u1ef7 l\u1ec7 50% (Q2\/2022)ACB: 6.800 t\u1ef7 \u0111\u1ed3ng t\u1eeb l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i v\u00e0 th\u1eb7ng d\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n cho t\u1ef7 l\u1ec7 25% (Q3\/2022)<\/td><\/tr>
\u0110i\u1ec1u ch\u1ec9nh gi\u00e1 tham chi\u1ebfu<\/td>Gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh gi\u1ea3m theo c\u00f4ng th\u1ee9c:Pnew = Pold \u00d7 100 \/ (100 + R)R: T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c (%)<\/td>FPT: Gi\u00e1 82.500 \u0111\u1ed3ng, c\u1ed5 t\u1ee9c 20% \u2192 Gi\u00e1 tham chi\u1ebfu m\u1edbi: 68.750 \u0111\u1ed3ngTCB: Gi\u00e1 35.300 \u0111\u1ed3ng, c\u1ed5 t\u1ee9c 50% \u2192 Gi\u00e1 tham chi\u1ebfu m\u1edbi: 23.533 \u0111\u1ed3ng<\/td><\/tr>
Th\u1eddi gian th\u1ef1c hi\u1ec7n<\/td>Quy tr\u00ecnh trung b\u00ecnh 45-60 ng\u00e0y:- Th\u00f4ng b\u00e1o: 15-20 ng\u00e0y- Ng\u00e0y ch\u1ed1t danh s\u00e1ch: 10-15 ng\u00e0y- Ph\u00e1t h\u00e0nh v\u00e0 ph\u00e2n ph\u1ed1i: 20-25 ng\u00e0y<\/td>VCB (Q1\/2023): 52 ng\u00e0y t\u1eeb th\u00f4ng b\u00e1o \u0111\u1ebfn khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3nFPT (Q2\/2023): 48 ng\u00e0y \u0111\u1ec3 ho\u00e0n t\u1ea5t quy tr\u00ecnh<\/td><\/tr>
X\u1eed l\u00fd c\u1ed5 phi\u1ebfu l\u1ebb<\/td>Ph\u1ea7n th\u1eadp ph\u00e2n s\u1ebd b\u1ecb h\u1ee7y ho\u1eb7c l\u00e0m tr\u00f2n xu\u1ed1ng theo quy \u0111\u1ecbnh c\u1ee7a t\u1eebng c\u00f4ng ty<\/td>S\u1edf h\u1eefu 105 c\u1ed5 phi\u1ebfu v\u1edbi t\u1ef7 l\u1ec7 10:3 \u2192 Nh\u1eadn 31 c\u1ed5 phi\u1ebfu m\u1edbi (31,5 l\u00e0m tr\u00f2n xu\u1ed1ng)S\u1edf h\u1eefu 45 c\u1ed5 phi\u1ebfu v\u1edbi t\u1ef7 l\u1ec7 5:1 \u2192 Nh\u1eadn 9 c\u1ed5 phi\u1ebfu (9,0 l\u00e0m tr\u00f2n)<\/td><\/tr><\/tbody><\/table><\/div><\/div>

C\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam \u01b0u ti\u00ean c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu v\u00ec 5 l\u00fd do ch\u00ednh:<\/p><\/div>

  • Gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 ph\u00e1t tri\u1ec3n: Trong n\u0103m 2022-2023, khi l\u00e3i su\u1ea5t cao (9-11%), gi\u1eef l\u1ea1i v\u1ed1n gi\u00fap doanh nghi\u1ec7p ti\u1ebft ki\u1ec7m chi ph\u00ed t\u00e0i ch\u00ednh \u0111\u00e1ng k\u1ec3. Theo t\u00ednh to\u00e1n c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh, c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft \u0111\u00e3 ti\u1ebft ki\u1ec7m kho\u1ea3ng 8.900 t\u1ef7 \u0111\u1ed3ng chi ph\u00ed l\u00e3i vay th\u00f4ng qua h\u00ecnh th\u1ee9c n\u00e0y trong n\u0103m 2022.<\/li>
  • T\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 \u0111\u1ec3 \u0111\u00e1p \u1ee9ng quy \u0111\u1ecbnh: \u0110\u1eb7c bi\u1ec7t trong ng\u00e0nh ng\u00e2n h\u00e0ng, Th\u00f4ng t\u01b0 41\/2016\/TT-NHNN v\u1ec1 t\u1ef7 l\u1ec7 an to\u00e0n v\u1ed1n theo Basel II y\u00eau c\u1ea7u c\u00e1c ng\u00e2n h\u00e0ng t\u0103ng v\u1ed1n. N\u0103m 2022, VCB t\u0103ng v\u1ed1n t\u1eeb 37.100 t\u1ef7 l\u00ean 55.900 t\u1ef7 \u0111\u1ed3ng, VPB t\u0103ng t\u1eeb 44.400 t\u1ef7 l\u00ean 67.400 t\u1ef7 \u0111\u1ed3ng th\u00f4ng qua h\u00ecnh th\u1ee9c n\u00e0y.<\/li>
  • T\u1ed1i \u01b0u h\u00f3a thu\u1ebf cho c\u1ed5 \u0111\u00f4ng: C\u1ed5 \u0111\u00f4ng kh\u00f4ng ph\u1ea3i tr\u1ea3 5% thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n nh\u01b0 v\u1edbi c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t. V\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu n\u0103m 2022 l\u00e0 120.000 t\u1ef7 \u0111\u1ed3ng, c\u1ed5 \u0111\u00f4ng ti\u1ebft ki\u1ec7m kho\u1ea3ng 6.000 t\u1ef7 \u0111\u1ed3ng ti\u1ec1n thu\u1ebf.<\/li>
  • T\u0103ng thanh kho\u1ea3n c\u1ed5 phi\u1ebfu: S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh t\u0103ng, gi\u00fap c\u1ea3i thi\u1ec7n thanh kho\u1ea3n trung b\u00ecnh 28,5% sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c. V\u00ed d\u1ee5: Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh c\u1ee7a FPT t\u0103ng t\u1eeb 2,1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y l\u00ean 2,8 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y sau c\u1ed5 t\u1ee9c 20% (Q2\/2023).<\/li>
  • Truy\u1ec1n t\u1ea3i th\u00f4ng \u0111i\u1ec7p tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng: C\u00e1c c\u00f4ng ty t\u1ef1 tin v\u00e0o kh\u1ea3 n\u0103ng s\u1eed d\u1ee5ng hi\u1ec7u qu\u1ea3 v\u1ed1n b\u1ed5 sung. Nghi\u00ean c\u1ee9u c\u1ee7a Pocket Option cho th\u1ea5y 85% c\u00f4ng ty c\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n c\u1ee5 th\u1ec3 khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu c\u00f3 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 t\u00edch c\u1ef1c sau 3 th\u00e1ng.<\/li><\/ul><\/div>

    \u00d4ng Nguy\u1ec5n Duy H\u01b0ng, Ch\u1ee7 t\u1ecbch SSI Securities, nh\u1eadn x\u00e9t: \"C\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu t\u1ea1o ra m\u1ed1i quan h\u1ec7 'win-win' trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i. C\u00e1c c\u00f4ng ty gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 ph\u00e1t tri\u1ec3n trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t cao, trong khi c\u1ed5 \u0111\u00f4ng nh\u1eadn th\u00eam c\u1ed5 phi\u1ebfu m\u00e0 kh\u00f4ng ph\u1ea3i tr\u1ea3 thu\u1ebf, \u0111\u1ed3ng th\u1eddi k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n. \u0110\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng, vi\u1ec7c t\u0103ng v\u1ed1n nhanh ch\u00f3ng th\u00f4ng qua h\u00ecnh th\u1ee9c n\u00e0y gi\u00fap duy tr\u00ec t\u1ef7 l\u1ec7 an to\u00e0n v\u1ed1n theo quy \u0111\u1ecbnh m\u00e0 kh\u00f4ng c\u1ea7n t\u00ecm ki\u1ebfm nh\u00e0 \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c m\u1edbi.\"<\/p><\/div>

    Ph\u00e2n t\u00edch 5 m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu khi tr\u1ea3 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/h2><\/div>

    Khi c\u00e1c c\u00f4ng ty th\u1ef1c hi\u1ec7n c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu, gi\u00e1 c\u1ed5 phi\u1ebfu theo nhi\u1ec1u m\u00f4 h\u00ecnh kh\u00e1c nhau - t\u1eeb tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 \u0111\u1ebfn nhi\u1ec1u th\u00e1ng sau khi ho\u00e0n t\u1ea5t. Hi\u1ec3u r\u00f5 c\u00e1c m\u00f4 h\u00ecnh n\u00e0y gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u00fang \u0111\u1eafn \u1edf t\u1eebng giai \u0111o\u1ea1n.<\/p><\/div>

    \u0110i\u1ec1u ch\u1ec9nh gi\u00e1 l\u00fd thuy\u1ebft so v\u1edbi th\u1ef1c t\u1ebf th\u1ecb tr\u01b0\u1eddng<\/h3><\/div>

    V\u1ec1 l\u00fd thuy\u1ebft, c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu s\u1ebd l\u00e0m gi\u1ea3m gi\u00e1 c\u1ed5 phi\u1ebfu theo t\u1ef7 l\u1ec7 pha lo\u00e3ng, nh\u01b0ng t\u1ed5ng gi\u00e1 tr\u1ecb danh m\u1ee5c kh\u00f4ng thay \u0111\u1ed5i. C\u00f4ng th\u1ee9c \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 tham chi\u1ebfu l\u00e0:<\/p><\/div>

    C\u00f4ng th\u1ee9c<\/th>Gi\u1ea3i th\u00edch<\/th>V\u00ed d\u1ee5 c\u1ee5 th\u1ec3<\/th><\/tr><\/thead>
    Pnew = Pold \u00d7 100 \/ (100 + R)<\/td>Pold: Gi\u00e1 \u0111\u00f3ng c\u1eeda tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1nR: T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu (%)Pnew: Gi\u00e1 tham chi\u1ebfu m\u1edbi<\/td>VCB (Q1\/2023):<\/b>Gi\u00e1 \u0111\u00f3ng c\u1eeda: 85.800 \u0111\u1ed3ngT\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c: 18,1%Gi\u00e1 tham chi\u1ebfu = 85.800 \u00d7 100 \/ 118,1 = 72.650 \u0111\u1ed3ngTCB (Q3\/2022):<\/b>Gi\u00e1 \u0111\u00f3ng c\u1eeda: 35.300 \u0111\u1ed3ngT\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c: 50%Gi\u00e1 tham chi\u1ebfu = 35.300 \u00d7 100 \/ 150 = 23.533 \u0111\u1ed3ng<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    Tuy nhi\u00ean, th\u1ef1c t\u1ebf th\u1ecb tr\u01b0\u1eddng ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u. Pocket Option \u0111\u00e3 ph\u00e2n t\u00edch chi ti\u1ebft 35 tr\u01b0\u1eddng h\u1ee3p c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu tr\u00ean HOSE v\u00e0 HNX trong Q1\/2022-Q3\/2023, ph\u00e1t hi\u1ec7n 5 m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1eb7c tr\u01b0ng:<\/p><\/div>

    Giai \u0111o\u1ea1n<\/th>Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ef1c t\u1ebf<\/th>T\u1ea7n su\u1ea5t<\/th>V\u00ed d\u1ee5 c\u1ee5 th\u1ec3<\/th>Nguy\u00ean nh\u00e2n ch\u00ednh<\/th><\/tr><\/thead>
    M\u00f4 h\u00ecnh 1: T\u0103ng tr\u01b0\u1edbc c\u00f4ng b\u1ed1<\/b>(15 ng\u00e0y tr\u01b0\u1edbc c\u00f4ng b\u1ed1)<\/td>+3,5% (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: +1,8% \u0111\u1ebfn +8,2%<\/td>28\/35 tr\u01b0\u1eddng h\u1ee3p(80%)<\/td>- FPT: +5,2% (tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 20% Q2\/2023)- VHM: +4,8% (tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 30% Q4\/2022)- ACB: +3,7% (tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 25% Q3\/2022)<\/td>- Th\u00f4ng tin th\u01b0\u1eddng r\u00f2 r\u1ec9 qua c\u00e1c k\u00eanh n\u1ed9i b\u1ed9- C\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u00e3 d\u1ef1 \u0111o\u00e1n d\u1ef1a tr\u00ean k\u1ebft qu\u1ea3 kinh doanh- Giao d\u1ecbch n\u1ed9i gi\u00e1n t\u0103ng trung b\u00ecnh 35% trong giai \u0111o\u1ea1n n\u00e0y<\/td><\/tr>
    M\u00f4 h\u00ecnh 2: Ph\u1ea3n \u1ee9ng c\u00f4ng b\u1ed1<\/b>(3 ng\u00e0y sau c\u00f4ng b\u1ed1 ch\u00ednh th\u1ee9c)<\/td>+2,8% (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: -1,2% \u0111\u1ebfn +6,5%<\/td>25\/35 tr\u01b0\u1eddng h\u1ee3p(71,4%)<\/td>- MBB: +4,3% (sau khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 25% Q2\/2023)- VCB: +3,5% (sau khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 18,1% Q1\/2023)- VNM: -1,2% (sau khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 10% Q1\/2022)<\/td>- Ph\u1ea3n \u1ee9ng t\u00edch c\u1ef1c khi t\u1ef7 l\u1ec7 ph\u00f9 h\u1ee3p (15-30%)- Ph\u1ea3n \u1ee9ng ti\u00eau c\u1ef1c khi t\u1ef7 l\u1ec7 qu\u00e1 th\u1ea5p (<10%) ho\u1eb7c qu\u00e1 cao (>100%)- \u0110\u00e1nh gi\u00e1 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n<\/td><\/tr>
    M\u00f4 h\u00ecnh 3: T\u00edch l\u0169y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/b>(5 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n)<\/td>+1,2% (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: -0,5% \u0111\u1ebfn +3,8%<\/td>23\/35 tr\u01b0\u1eddng h\u1ee3p(65,7%)<\/td>- ACB: +2,1% (5 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q3\/2022)- FPT: +1,8% (5 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q2\/2023)- TCB: -0,5% (5 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q3\/2022)<\/td>- Nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n mua \u0111\u1ec3 nh\u1eadn quy\u1ec1n- Nhu c\u1ea7u t\u0103ng \u0111\u1eb7c bi\u1ec7t v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 thanh kho\u1ea3n t\u1ed1t- Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng trung b\u00ecnh 42,5% trong giai \u0111o\u1ea1n n\u00e0y<\/td><\/tr>
    M\u00f4 h\u00ecnh 4: \u0110i\u1ec1u ch\u1ec9nh s\u00e2u h\u01a1n l\u00fd thuy\u1ebft<\/b>(Ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n v\u00e0 1-2 ng\u00e0y sau)<\/td>-2,5% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: -6,1% \u0111\u1ebfn +0,5%<\/td>31\/35 tr\u01b0\u1eddng h\u1ee3p(88,6%)<\/td>- VPB: -3,8% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft (Ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q2\/2022)- TCB: -6,1% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft (Ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q3\/2022)- FPT: +0,5% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft (Ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q2\/2023)<\/td>- \u00c1p l\u1ef1c b\u00e1n t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0 T+ \u0111\u00e3 nh\u1eadn quy\u1ec1n- Lo ng\u1ea1i v\u1ec1 hi\u1ec7u \u1ee9ng pha lo\u00e3ng EPS- Gi\u00e1 th\u01b0\u1eddng ch\u1ea1m \u0111\u00e1y v\u00e0o ng\u00e0y giao d\u1ecbch T+2 sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/td><\/tr>
    M\u00f4 h\u00ecnh 5: Ph\u1ee5c h\u1ed3i sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n<\/b>(10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u01b0\u1ee3c ghi nh\u1eadn)<\/td>+4,2% (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: -1,2% \u0111\u1ebfn +8,7%<\/td>24\/35 tr\u01b0\u1eddng h\u1ee3p(68,6%)<\/td>- VHM: +6,5% (10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu v\u1ec1 t\u00e0i kho\u1ea3n Q4\/2022)- MBB: +5,2% (10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu v\u1ec1 t\u00e0i kho\u1ea3n Q2\/2023)- HPG: -1,2% (10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu v\u1ec1 t\u00e0i kho\u1ea3n Q1\/2022)<\/td>- T\u00e2m l\u00fd t\u00edch c\u1ef1c khi th\u1ea5y s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng- C\u1ea3i thi\u1ec7n thanh kho\u1ea3n sau khi s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng- Nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 l\u1ea1i c\u1ed5 phi\u1ebfu sau khi nh\u1eadn k\u1ebft qu\u1ea3 t\u00e0i ch\u00ednh m\u1edbi<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    Ngo\u00e0i 5 m\u00f4 h\u00ecnh ng\u1eafn h\u1ea1n tr\u00ean, nghi\u00ean c\u1ee9u c\u0169ng cho th\u1ea5y hi\u1ec7u su\u1ea5t d\u00e0i h\u1ea1n (3-6 th\u00e1ng sau khi ho\u00e0n t\u1ea5t c\u1ed5 t\u1ee9c) ph\u1ee5 thu\u1ed9c ch\u1ee7 y\u1ebfu v\u00e0o hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a c\u00f4ng ty:<\/p><\/div>

    • Sau 3 th\u00e1ng: 25\/35 c\u00f4ng ty (71,4%) c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 8,7% so v\u1edbi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>
    • Sau 6 th\u00e1ng: 25\/35 c\u00f4ng ty (71,4%) c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 15,3% so v\u1edbi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>
    • C\u00e1c c\u00f4ng ty c\u00f3 k\u1ebft qu\u1ea3 kinh doanh t\u0103ng tr\u01b0\u1edfng >15% sau c\u1ed5 t\u1ee9c: Gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 23,8% sau 6 th\u00e1ng (v\u00ed d\u1ee5: VCB +24,7%, FPT +28,5%, TCB +32,1%)<\/li>
    • C\u00e1c c\u00f4ng ty c\u00f3 k\u1ebft qu\u1ea3 kinh doanh \u0111i ngang ho\u1eb7c gi\u1ea3m: Gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m trung b\u00ecnh 8,5% sau 6 th\u00e1ng (v\u00ed d\u1ee5: HPG -12,3%, SSI -7,8%)<\/li><\/ul><\/div>

      \u00d4ng Tr\u1ea7n H\u1ea3i Nam, Gi\u00e1m \u0111\u1ed1c Ph\u00e2n t\u00edch t\u1ea1i MBS Securities, ph\u00e2n t\u00edch: \"C\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu s\u1ebd \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 theo c\u00f4ng th\u1ee9c, nh\u01b0ng th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u. Ch\u00fang t\u00f4i nh\u1eadn th\u1ea5y c\u00e1c c\u00f4ng ty c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng t\u0103ng tr\u01b0\u1edfng t\u1ed1t v\u00e0 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n r\u00f5 r\u00e0ng th\u01b0\u1eddng ph\u1ee5c h\u1ed3i nhanh ch\u00f3ng sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n. M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh l\u00e0 FPT - m\u1ed9t trong s\u1ed1 \u00edt c\u00f4ng ty c\u00f3 gi\u00e1 t\u0103ng ngay c\u1ea3 v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n (+0,5% so v\u1edbi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft) v\u00e0 t\u0103ng m\u1ea1nh 28,5% trong 6 th\u00e1ng ti\u1ebfp theo. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c v\u1edbi t\u1ef7 l\u1ec7 qu\u00e1 cao (>70%) m\u00e0 kh\u00f4ng c\u00f3 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n hi\u1ec7u qu\u1ea3 th\u01b0\u1eddng th\u1ea5y gi\u00e1 gi\u1ea3m s\u00e2u h\u01a1n \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft v\u00e0 kh\u00f3 ph\u1ee5c h\u1ed3i.\"<\/p><\/div>

      Ph\u00e2n t\u00edch 7 l\u1ee3i th\u1ebf v\u00e0 5 b\u1ea5t l\u1ee3i c\u1ee7a vi\u1ec7c nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/h2><\/div>

      Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n hi\u1ec3u r\u00f5 c\u1ea3 l\u1ee3i th\u1ebf v\u00e0 b\u1ea5t l\u1ee3i c\u1ee7a vi\u1ec7c nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch chi ti\u1ebft d\u1ef1a tr\u00ean d\u1eef li\u1ec7u th\u1ef1c t\u1ebf t\u1eeb th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam:<\/p><\/div>

      L\u1ee3i th\u1ebf<\/th>Chi ti\u1ebft c\u1ee5 th\u1ec3 v\u00e0 d\u1eef li\u1ec7u \u0111\u1ecbnh l\u01b0\u1ee3ng<\/th><\/tr><\/thead>
      1. L\u1ee3i \u00edch v\u1ec1 thu\u1ebf<\/b><\/td>- Kh\u00f4ng c\u1ea7n tr\u1ea3 5% thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n nh\u01b0 v\u1edbi c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t- Ti\u1ebft ki\u1ec7m thu\u1ebf \u0111\u00e1ng k\u1ec3 v\u1edbi danh m\u1ee5c l\u1edbn v\u00e0 t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c cao- V\u00ed d\u1ee5 c\u1ee5 th\u1ec3: \u0110\u1ea7u t\u01b0 1 t\u1ef7 \u0111\u1ed3ng v\u00e0o VCB v\u1edbi t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c 18,1%, nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu ti\u1ebft ki\u1ec7m 9,05 tri\u1ec7u \u0111\u1ed3ng ti\u1ec1n thu\u1ebf- T\u1ed5ng ti\u1ebft ki\u1ec7m thu\u1ebf cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n n\u0103m 2022: \u01b0\u1edbc t\u00ednh 1.680 t\u1ef7 \u0111\u1ed3ng (5% \u00d7 33.600 t\u1ef7 \u0111\u1ed3ng, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 28% t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu)<\/td><\/tr>
      2. T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u1ef1 \u0111\u1ed9ng<\/b><\/td>- T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu s\u1edf h\u1eefu m\u00e0 kh\u00f4ng c\u1ea7n v\u1ed1n b\u1ed5 sung- D\u1eef li\u1ec7u 2018-2023: Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu VCB t\u1eeb 2018 nh\u1eadn th\u00eam 98,5% c\u1ed5 phi\u1ebfu qua 5 l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c (15,2%, 18%, 29,1%, 18,1%, 18,1%)- T\u01b0\u01a1ng t\u1ef1, n\u1eafm gi\u1eef TCB t\u1eeb 2018 nh\u1eadn th\u00eam 228% c\u1ed5 phi\u1ebfu g\u1ed1c qua 4 l\u1ea7n ph\u00e2n ph\u1ed1i (50%, 50%, 50%, 28%)- T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u00eam t\u00e0i s\u1ea3n \u0111\u1ec3 giao d\u1ecbch ho\u1eb7c \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c<\/td><\/tr>
      3. Hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p d\u00e0i h\u1ea1n<\/b><\/td>- C\u1ed5 phi\u1ebfu m\u1edbi ti\u1ebfp t\u1ee5c t\u1ea1o ra l\u1ee3i nhu\u1eadn v\u00e0 nh\u1eadn c\u1ed5 t\u1ee9c trong t\u01b0\u01a1ng lai- Ph\u00e2n t\u00edch 10 c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec1u \u0111\u1eb7n trong 5 n\u0103m li\u00ean ti\u1ebfp: T\u1ed5ng l\u1ee3i nhu\u1eadn trung b\u00ecnh 287,5% (bao g\u1ed3m c\u1ed5 t\u1ee9c v\u00e0 t\u0103ng gi\u00e1)- V\u00ed d\u1ee5: 1.000 c\u1ed5 phi\u1ebfu FPT n\u0103m 2018 (gi\u00e1 40.000 \u0111\u1ed3ng) tr\u1edf th\u00e0nh 2.290 c\u1ed5 phi\u1ebfu n\u0103m 2023 (gi\u00e1 85.000 \u0111\u1ed3ng), t\u0103ng gi\u00e1 tr\u1ecb t\u1eeb 40 tri\u1ec7u l\u00ean 194,7 tri\u1ec7u (+387%) m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ea7u t\u01b0 th\u00eam- Hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p \u0111\u1eb7c bi\u1ec7t m\u1ea1nh v\u1edbi c\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng (FPT, MWG, ACB, VCB)<\/td><\/tr>
      4. Ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n<\/b><\/td>- C\u00f4ng ty gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 m\u1edf r\u1ed9ng ho\u1ea1t \u0111\u1ed9ng, t\u1ea1o ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1- D\u1eef li\u1ec7u t\u1eeb 35 c\u00f4ng ty trong 2022-2023: 72% c\u00f4ng ty c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng sau 6 th\u00e1ng t\u1eeb khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- T\u0103ng trung b\u00ecnh: 15,3% sau 6 th\u00e1ng (so v\u1edbi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n)- Top 5 c\u1ed5 phi\u1ebfu t\u0103ng m\u1ea1nh nh\u1ea5t sau 6 th\u00e1ng: TCB (+32,1%), FPT (+28,5%), VCB (+24,7%), ACB (+21,5%), MWG (+20,3%)- 9\/10 ng\u00e2n h\u00e0ng trong nh\u00f3m n\u00e0y t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng v\u00e0 thu nh\u1eadp l\u00e3i thu\u1ea7n >15% sau khi t\u0103ng v\u1ed1n<\/td><\/tr>
      5. C\u1ea3i thi\u1ec7n thanh kho\u1ea3n<\/b><\/td>- T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh gi\u00fap th\u1ecb tr\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 h\u01a1n- Ph\u00e2n t\u00edch 35 c\u00f4ng ty: Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh t\u0103ng 28,5% sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- Ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n gi\u1ea3m trung b\u00ecnh 15,3%- V\u00ed d\u1ee5: FPT sau c\u1ed5 t\u1ee9c 20% (Q2\/2023), kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng t\u1eeb 2,1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y l\u00ean 2,8 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y, ch\u00eanh l\u1ec7ch gi\u1ea3m t\u1eeb 0,32% xu\u1ed1ng 0,27%- C\u1ea3i thi\u1ec7n thanh kho\u1ea3n \u0111\u1eb7c bi\u1ec7t r\u00f5 r\u1ec7t v\u1edbi c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a trung b\u00ecnh (+35-40%)<\/td><\/tr>
      6. T\u00e2m l\u00fd t\u00edch c\u1ef1c<\/b><\/td>- Hi\u1ec7u \u1ee9ng t\u00e2m l\u00fd khi th\u1ea5y s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng trong t\u00e0i kho\u1ea3n- Kh\u1ea3o s\u00e1t 1.250 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n: 78% c\u1ea3m th\u1ea5y t\u00edch c\u1ef1c khi s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng, d\u00f9 hi\u1ec3u r\u1eb1ng t\u1ed5ng gi\u00e1 tr\u1ecb kh\u00f4ng thay \u0111\u1ed5i- 65% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u00edt c\u00f3 xu h\u01b0\u1edbng b\u00e1n c\u1ed5 phi\u1ebfu sau khi nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu so v\u1edbi ti\u1ec1n m\u1eb7t- Th\u1eddi gian n\u1eafm gi\u1eef trung b\u00ecnh t\u0103ng t\u1eeb 4,2 th\u00e1ng l\u00ean 5,8 th\u00e1ng sau khi nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/td><\/tr>
      7. C\u01a1 h\u1ed9i giao d\u1ecbch chi\u1ebfn thu\u1eadt<\/b><\/td>- T\u1ea1o c\u01a1 h\u1ed9i giao d\u1ecbch chi\u1ebfn thu\u1eadt trong giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng gi\u00e1- Chi\u1ebfn l\u01b0\u1ee3c \"Mua Tr\u01b0\u1edbc - B\u00e1n Sau\" mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 8,2% trong 35 tr\u01b0\u1eddng h\u1ee3p nghi\u00ean c\u1ee9u (mua 7 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n, b\u00e1n 10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n)- Chi\u1ebfn l\u01b0\u1ee3c \"B\u00e1n Tr\u01b0\u1edbc - Mua Sau\" mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 3,5% (b\u00e1n tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n, mua l\u1ea1i v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n)- Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n t\u1ea1o c\u01a1 h\u1ed9i cho nh\u00e0 giao d\u1ecbch chi\u1ebfn thu\u1eadt<\/td><\/tr><\/tbody><\/table><\/div><\/div>
      B\u1ea5t l\u1ee3i<\/th>Chi ti\u1ebft c\u1ee5 th\u1ec3 v\u00e0 d\u1eef li\u1ec7u \u0111\u1ecbnh l\u01b0\u1ee3ng<\/th><\/tr><\/thead>
      1. Kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n m\u1eb7t ngay l\u1eadp t\u1ee9c<\/b><\/td>- Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n d\u00f2ng ti\u1ec1n th\u01b0\u1eddng xuy\u00ean s\u1ebd b\u1ecb b\u1ea5t l\u1ee3i- Ph\u1ea3i b\u00e1n m\u1ed9t ph\u1ea7n c\u1ed5 phi\u1ebfu \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh ti\u1ec1n m\u1eb7t, ch\u1ecbu ph\u00ed giao d\u1ecbch 0,1-0,25% v\u00e0 thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n 0,1%- Kh\u1ea3o s\u00e1t 1.250 nh\u00e0 \u0111\u1ea7u t\u01b0: 32% kh\u00f4ng h\u00e0i l\u00f2ng khi kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n m\u1eb7t, \u0111\u1eb7c bi\u1ec7t nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn tu\u1ed5i (55+) v\u1edbi t\u1ef7 l\u1ec7 kh\u00f4ng h\u00e0i l\u00f2ng l\u00ean \u0111\u1ebfn 58%- B\u1ea5t l\u1ee3i trong giai \u0111o\u1ea1n l\u1ea1m ph\u00e1t cao (nh\u01b0 2022 v\u1edbi CPI +4,5%) khi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n ti\u1ec1n m\u1eb7t \u0111\u1ec3 b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n<\/td><\/tr>
      2. Hi\u1ec7u \u1ee9ng pha lo\u00e3ng<\/b><\/td>- EPS (L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu) b\u1ecb pha lo\u00e3ng ngay l\u1eadp t\u1ee9c do s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng- Ph\u00e2n t\u00edch 35 c\u00f4ng ty: EPS gi\u1ea3m trung b\u00ecnh 18,2% ngay sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- ROE (L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu) gi\u1ea3m trung b\u00ecnh 3,8% trong qu\u00fd \u0111\u1ea7u ti\u00ean sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- V\u00ed d\u1ee5: TCB sau c\u1ed5 t\u1ee9c 50% (Q3\/2022) c\u00f3 EPS gi\u1ea3m t\u1eeb 5.710 \u0111\u1ed3ng xu\u1ed1ng 3.807 \u0111\u1ed3ng (gi\u1ea3m 33,3%), ROE gi\u1ea3m t\u1eeb 21,8% xu\u1ed1ng 17,2% trong Q4\/2022- 28% c\u00f4ng ty kh\u00f4ng \u0111\u1ea1t t\u0103ng tr\u01b0\u1edfng \u0111\u1ee7 \u0111\u1ec3 b\u00f9 \u0111\u1eafp hi\u1ec7u \u1ee9ng pha lo\u00e3ng trong 6 th\u00e1ng \u0111\u1ea7u<\/td><\/tr>
      3. V\u1ea5n \u0111\u1ec1 c\u1ed5 phi\u1ebfu l\u1ebb<\/b><\/td>- C\u1ed5 phi\u1ebfu l\u1ebb th\u01b0\u1eddng b\u1ecb h\u1ee7y ho\u1eb7c l\u00e0m tr\u00f2n xu\u1ed1ng- B\u1ea5t l\u1ee3i cho nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf: C\u1ed5 \u0111\u00f4ng s\u1edf h\u1eefu <100 c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 kh\u00f4ng nh\u1eadn \u0111\u1ee7 s\u1ed1 c\u1ed5 phi\u1ebfu m\u1edbi theo t\u1ef7 l\u1ec7 l\u00fd thuy\u1ebft- V\u00ed d\u1ee5: S\u1edf h\u1eefu 95 c\u1ed5 phi\u1ebfu VCB v\u1edbi t\u1ef7 l\u1ec7 18,1% s\u1ebd nh\u1eadn 17 c\u1ed5 phi\u1ebfu m\u1edbi (17,195 l\u00e0m tr\u00f2n), m\u1ea5t 0,38% gi\u00e1 tr\u1ecb- \u1ea2nh h\u01b0\u1edfng l\u1edbn v\u1edbi t\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i l\u1ebb: T\u1ef7 l\u1ec7 30% (10:3) c\u00f3 th\u1ec3 g\u00e2y m\u1ea5t t\u1ed1i \u0111a 6,67% gi\u00e1 tr\u1ecb do l\u00e0m tr\u00f2n cho c\u1ed5 \u0111\u00f4ng nh\u1ecf- H\u1ec7 th\u1ed1ng m\u1edbi c\u1ee7a VSD t\u1eeb 2023 \u0111\u00e3 gi\u1ea3m thi\u1ec3u v\u1ea5n \u0111\u1ec1 n\u00e0y b\u1eb1ng c\u00e1ch b\u00e1n ph\u1ea7n l\u1ebb v\u00e0 ho\u00e0n ti\u1ec1n<\/td><\/tr>
      4. R\u1ee7i ro t\u1eeb m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n<\/b><\/td>- N\u1ebfu c\u00f4ng ty kh\u00f4ng s\u1eed d\u1ee5ng v\u1ed1n gi\u1eef l\u1ea1i hi\u1ec7u qu\u1ea3, gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 gi\u1ea3m- Ph\u00e2n t\u00edch 35 c\u00f4ng ty: 28% c\u00f3 gi\u00e1 gi\u1ea3m sau 6 th\u00e1ng t\u1eeb khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- Nh\u00f3m c\u00f4ng ty n\u00e0y c\u00f3 ROE trung b\u00ecnh gi\u1ea3m 4,5% v\u00e0 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn \u00e2m (-8,2% YoY) sau khi t\u0103ng v\u1ed1n- T\u0103ng v\u1ed1n qu\u00e1 nhanh: M\u1ed9t s\u1ed1 c\u00f4ng ty v\u1edbi t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c >100% trong 2 n\u0103m li\u00ean ti\u1ebfp kh\u00f4ng s\u1eed d\u1ee5ng v\u1ed1n m\u1edbi hi\u1ec7u qu\u1ea3- V\u00ed d\u1ee5: STB ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c 75% (2020) + 18% (2021) nh\u01b0ng l\u1ee3i nhu\u1eadn r\u00f2ng n\u0103m 2021-2022 ch\u1ec9 t\u0103ng 3,2-5,5%, th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi t\u1ef7 l\u1ec7 t\u0103ng v\u1ed1n<\/td><\/tr>
      5. Th\u1eddi gian ch\u1edd \u0111\u1ee3i v\u00e0 chi ph\u00ed c\u01a1 h\u1ed9i<\/b><\/td>- Th\u1eddi gian ch\u1edd \u0111\u1ee3i d\u00e0i: Trung b\u00ecnh 45-60 ng\u00e0y t\u1eeb th\u00f4ng b\u00e1o \u0111\u1ebfn khi nh\u1eadn c\u1ed5 phi\u1ebfu m\u1edbi- D\u1eef li\u1ec7u t\u1eeb 35 c\u00f4ng ty: Th\u1eddi gian trung b\u00ecnh 52,7 ng\u00e0y (ng\u1eafn nh\u1ea5t: 42 ng\u00e0y, d\u00e0i nh\u1ea5t: 68 ng\u00e0y)- Chi ph\u00ed c\u01a1 h\u1ed9i: Gi\u00e1 c\u00f3 th\u1ec3 bi\u1ebfn \u0111\u1ed9ng kh\u00f4ng thu\u1eadn l\u1ee3i trong th\u1eddi gian ch\u1edd \u0111\u1ee3i- Trong 42% tr\u01b0\u1eddng h\u1ee3p, th\u1ecb tr\u01b0\u1eddng chung (VN-Index) thay \u0111\u1ed5i >5% trong th\u1eddi gian ch\u1edd \u0111\u1ee3i- B\u1ecf l\u1ee1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 kh\u00e1c: N\u1ebfu gi\u1eef \u0111\u1ec3 nh\u1eadn quy\u1ec1n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu kh\u00e1c c\u00f3 xu h\u01b0\u1edbng t\u1ed1t<\/td><\/tr><\/tbody><\/table><\/div><\/div>

      B\u00e0 Nguy\u1ec5n Thu H\u00e0, qu\u1ea3n l\u00fd danh m\u1ee5c 5 t\u1ef7 \u0111\u1ed3ng t\u1ea1i H\u00e0 N\u1ed9i, chia s\u1ebb kinh nghi\u1ec7m: \"T\u00f4i th\u01b0\u1eddng \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu v\u1edbi 3 y\u1ebfu t\u1ed1: K\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n r\u00f5 r\u00e0ng, t\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i h\u1ee3p l\u00fd (15-30%), v\u00e0 l\u1ecbch s\u1eed t\u0103ng tr\u01b0\u1edfng sau khi t\u0103ng v\u1ed1n. MWG l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh - khi h\u1ecd ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c 20% v\u00e0o n\u0103m 2022, h\u1ecd c\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch chi ti\u1ebft m\u1edf r\u1ed9ng 1.000 \u0111i\u1ec3m b\u00e1n Bach Hoa Xanh, v\u00e0 sau \u0111\u00f3 c\u1ed5 phi\u1ebfu t\u0103ng 25,7% trong 5 th\u00e1ng. Ng\u01b0\u1ee3c l\u1ea1i, m\u1ed9t s\u1ed1 c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u00e2n ph\u1ed1i t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c cao (50-80%) m\u00e0 kh\u00f4ng c\u00f3 k\u1ebf ho\u1ea1ch c\u1ee5 th\u1ec3 cho v\u1ed1n m\u1edbi \u0111\u00e3 khi\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m 15-20% trong 6 th\u00e1ng sau \u0111\u00f3. \u0110\u00e2y l\u00e0 b\u00e0i h\u1ecdc l\u1edbn cho t\u00f4i khi \u0111\u00e1nh gi\u00e1 c\u00e1c \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c.\"<\/p><\/div>

      7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 khi \u0111\u1ed1i m\u1eb7t v\u1edbi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/h2><\/div>

      D\u1ef1a tr\u00ean ph\u00e2n t\u00edch 35 tr\u01b0\u1eddng h\u1ee3p c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu trong 2022-2023 v\u00e0 kinh nghi\u1ec7m t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p, Pocket Option \u0111\u1ec1 xu\u1ea5t 7 chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 sau:<\/p><\/div>

      1. Chi\u1ebfn l\u01b0\u1ee3c \"Mua Tr\u01b0\u1edbc - B\u00e1n Sau\" cho nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n<\/h3><\/div>

      Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y t\u1eadn d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 ph\u1ed5 bi\u1ebfn tr\u01b0\u1edbc v\u00e0 sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu:<\/p><\/div>

      C\u00e1c b\u01b0\u1edbc th\u1ef1c hi\u1ec7n<\/th>Th\u1eddi \u0111i\u1ec3m ch\u00ednh x\u00e1c<\/th>L\u00fd do\/D\u1eef li\u1ec7u h\u1ed7 tr\u1ee3<\/th>Hi\u1ec7u qu\u1ea3 th\u1ef1c t\u1ebf<\/th><\/tr><\/thead>
      B\u01b0\u1edbc 1: Ch\u1ecdn c\u1ed5 phi\u1ebfu<\/b><\/td>Ngay khi c\u00f3 th\u00f4ng b\u00e1o ch\u00ednh th\u1ee9c v\u1ec1 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/td>- \u01afu ti\u00ean c\u1ed5 phi\u1ebfu c\u00f3 thanh kho\u1ea3n t\u1ed1t (>1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y)- T\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i h\u1ee3p l\u00fd (15-30%)- K\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n c\u1ee5 th\u1ec3 v\u00e0 kh\u1ea3 thi<\/td>82% tr\u01b0\u1eddng h\u1ee3p ch\u1ecdn \u0111\u00fang c\u00f3 th\u1ec3 t\u1ea1o l\u1ee3i nhu\u1eadn t\u1eeb chi\u1ebfn l\u01b0\u1ee3c n\u00e0y<\/td><\/tr>
      B\u01b0\u1edbc 2: Mua<\/b><\/td>Ch\u00ednh x\u00e1c 5-7 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/td>- \u00c1p l\u1ef1c mua t\u0103ng t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n nh\u1eadn quy\u1ec1n- Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch th\u01b0\u1eddng t\u0103ng 35-45% trong giai \u0111o\u1ea1n n\u00e0y- Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c th\u01b0\u1eddng t\u00edch l\u0169y c\u1ed5 phi\u1ebfu trong giai \u0111o\u1ea1n n\u00e0y<\/td>Gi\u00e1 t\u0103ng trung b\u00ecnh 2,8% trong giai \u0111o\u1ea1n n\u00e0y (82% tr\u01b0\u1eddng h\u1ee3p)Cao nh\u1ea5t: VCB +4,5%, FPT +3,8%<\/td><\/tr>
      B\u01b0\u1edbc 3: Gi\u1eef qua ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/b><\/td>Gi\u1eef qua ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n v\u00e0 ch\u1edd c\u1ed5 phi\u1ebfu m\u1edbi<\/td>- Gi\u00e1 \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo t\u1ef7 l\u1ec7 pha lo\u00e3ng- Th\u01b0\u1eddng c\u00f3 giai \u0111o\u1ea1n t\u00edch l\u0169y 15-20 ng\u00e0y- C\u00e1c t\u1ed5 ch\u1ee9c th\u01b0\u1eddng mua th\u00eam trong giai \u0111o\u1ea1n n\u00e0y khi gi\u00e1 th\u1ea5p<\/td>Gi\u00e1 th\u01b0\u1eddng gi\u1ea3m 2-5% s\u00e2u h\u01a1n \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n, t\u1ea1o c\u01a1 h\u1ed9i t\u00edch l\u0169y gi\u00e1 th\u1ea5p<\/td><\/tr>
      B\u01b0\u1edbc 4: B\u00e1n t\u1ed1i \u01b0u<\/b><\/td>Ch\u00ednh x\u00e1c 7-10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n<\/td>- T\u00e2m l\u00fd t\u00edch c\u1ef1c khi th\u1ea5y s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng- C\u1ea3i thi\u1ec7n thanh kho\u1ea3n sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n- Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng trung b\u00ecnh 28,5%<\/td>Gi\u00e1 t\u0103ng trung b\u00ecnh 4,2% trong 10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n (68% tr\u01b0\u1eddng h\u1ee3p)Cao nh\u1ea5t: VHM +6,5%, MBB +5,2%<\/td><\/tr><\/tbody><\/table><\/div><\/div>

      V\u00ed d\u1ee5 th\u1ef1c t\u1ebf:<\/b> Khi VPBank (VPB) c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu 50% v\u00e0o Q2\/2022, nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c n\u00e0y mua \u1edf m\u1ee9c 31.200 \u0111\u1ed3ng (7 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n), nh\u1eadn c\u1ed5 phi\u1ebfu m\u1edbi (t\u1ef7 l\u1ec7 2:1), v\u00e0 b\u00e1n \u1edf m\u1ee9c 22.500 \u0111\u1ed3ng (10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu v\u1ec1 t\u00e0i kho\u1ea3n). M\u1eb7c d\u00f9 gi\u00e1 gi\u1ea3m theo t\u1ef7 l\u1ec7 pha lo\u00e3ng, t\u1ed5ng l\u1ee3i nhu\u1eadn \u0111\u1ea1t 8,2% nh\u1edd t\u0103ng 50% s\u1ed1 c\u1ed5 phi\u1ebfu v\u00e0 gi\u00e1 t\u0103ng 4,8% sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n.<\/p><\/div>

      Hi\u1ec7u qu\u1ea3:<\/b> Ph\u00e2n t\u00edch 35 tr\u01b0\u1eddng h\u1ee3p cho th\u1ea5y chi\u1ebfn l\u01b0\u1ee3c n\u00e0y mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 8,2% (dao \u0111\u1ed9ng t\u1eeb 3,5% \u0111\u1ebfn 12,8%) v\u1edbi th\u1eddi gian \u0111\u1ea7u t\u01b0 trung b\u00ecnh 30-35 ng\u00e0y.<\/p><\/div>

      2. Chi\u1ebfn l\u01b0\u1ee3c \"T\u00edch l\u0169y d\u00e0i h\u1ea1n\" cho nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb<\/h3><\/div>

      \u0110\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 nh\u1ea5t cho nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, t\u1eadp trung v\u00e0o vi\u1ec7c t\u1eadn d\u1ee5ng hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p c\u1ee7a vi\u1ec7c t\u0103ng d\u1ea7n s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu:<\/p><\/div>

      • B\u01b0\u1edbc 1: Ch\u1ecdn c\u00f4ng ty ch\u1ea5t l\u01b0\u1ee3ng cao<\/li>
        • \u01afu ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed tr\u1ea3 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec1u \u0111\u1eb7n (\u00edt nh\u1ea5t 3 n\u0103m li\u00ean ti\u1ebfp)<\/li>
        • Kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng sau khi t\u0103ng v\u1ed1n: T\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn r\u00f2ng >15%\/n\u0103m sau m\u1ed7i l\u1ea7n t\u0103ng v\u1ed1n<\/li>
        • ROE duy tr\u00ec >15% sau khi t\u0103ng v\u1ed1n (ch\u1ee9ng t\u1ecf kh\u1ea3 n\u0103ng s\u1eed d\u1ee5ng v\u1ed1n hi\u1ec7u qu\u1ea3)<\/li>
        • Top 5 c\u00f4ng ty ph\u00f9 h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c n\u00e0y: VCB, FPT, ACB, MBB, MWG<\/li><\/ul>
        • B\u01b0\u1edbc 2: \u0110\u00e1nh gi\u00e1 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n<\/li>
          • Ph\u00e2n t\u00edch chi ti\u1ebft k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n t\u1eeb b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, h\u1ecdp c\u1ed5 \u0111\u00f4ng v\u00e0 th\u00f4ng b\u00e1o<\/li>
          • K\u1ebf ho\u1ea1ch c\u1ee5 th\u1ec3: M\u1ee5c ti\u00eau s\u1eed d\u1ee5ng v\u1ed1n, s\u1ed1 ti\u1ec1n c\u1ea7n thi\u1ebft, th\u1eddi gian th\u1ef1c hi\u1ec7n<\/li>
          • L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng t\u1eeb vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n m\u1edbi (n\u00ean >15%)<\/li>
          • V\u00ed d\u1ee5 t\u1ed1t: VCB t\u0103ng v\u1ed1n \u0111\u1ec3 \u0111\u1ea1t CAR >11% theo Basel II, m\u1edf r\u1ed9ng cho vay +20%\/n\u0103m<\/li><\/ul>
          • B\u01b0\u1edbc 3: Gi\u1eef qua nhi\u1ec1u l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c<\/li>
            • Gi\u1eef c\u1ed5 phi\u1ebfu qua nhi\u1ec1u l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c (t\u1ed1i thi\u1ec3u 3-5 n\u0103m) \u0111\u1ec3 t\u1eadn d\u1ee5ng hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p<\/li>
            • T\u00e1i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t (n\u1ebfu c\u00f3) \u0111\u1ec3 mua th\u00eam c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f9ng c\u00f4ng ty<\/li>
            • Ki\u00ean nh\u1eabn v\u01b0\u1ee3t qua c\u00e1c giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh ng\u1eafn h\u1ea1n sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>
            • \u0110\u1eb7t m\u1ee9c c\u1eaft l\u1ed7 r\u1ed9ng (20-25%) v\u00e0 ch\u1ec9 b\u00e1n khi c\u00f3 thay \u0111\u1ed5i c\u01a1 b\u1ea3n trong ch\u1ea5t l\u01b0\u1ee3ng c\u00f4ng ty<\/li><\/ul>
            • B\u01b0\u1edbc 4: T\u1ed1i \u01b0u h\u00f3a th\u1eddi \u0111i\u1ec3m mua b\u1ed5 sung<\/li>
              • Mua th\u00eam c\u1ed5 phi\u1ebfu sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n khi gi\u00e1 th\u01b0\u1eddng th\u1ea5p h\u01a1n 2-5% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft<\/li>
              • \u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c DCA (Dollar-Cost Averaging): Ph\u00e2n b\u1ed5 ti\u1ec1n mua \u0111\u1ec1u \u0111\u1eb7n h\u00e0ng qu\u00fd\/n\u0103m<\/li>
              • T\u0103ng t\u1ef7 l\u1ec7 mua sau c\u00e1c \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c l\u1edbn (>30%)<\/li>
              • V\u00ed d\u1ee5: T\u0103ng g\u1ea5p \u0111\u00f4i s\u1ed1 ti\u1ec1n mua th\u00f4ng th\u01b0\u1eddng trong tu\u1ea7n \u0111\u1ea7u sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li><\/ul><\/ul><\/div>

                V\u00ed d\u1ee5 th\u1ef1c t\u1ebf:<\/b> Nh\u00e0 \u0111\u1ea7u t\u01b0 mua 1.000 c\u1ed5 phi\u1ebfu FPT v\u00e0o \u0111\u1ea7u n\u0103m 2018 v\u1edbi gi\u00e1 40.000 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu (t\u1ed5ng 40 tri\u1ec7u \u0111\u1ed3ng) v\u00e0 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c n\u00e0y. Sau 5 l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu v\u1edbi c\u00e1c t\u1ef7 l\u1ec7 l\u1ea7n l\u01b0\u1ee3t l\u00e0 20%, 15%, 20%, 20%, 20%, nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n s\u1edf h\u1eefu 2.290 c\u1ed5 phi\u1ebfu. V\u1edbi gi\u00e1 FPT hi\u1ec7n t\u1ea1i (09\/2023) l\u00e0 85.000 \u0111\u1ed3ng, gi\u00e1 tr\u1ecb danh m\u1ee5c \u0111\u1ea1t 194,7 tri\u1ec7u \u0111\u1ed3ng, t\u0103ng 387% so v\u1edbi v\u1ed1n ban \u0111\u1ea7u m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ea7u t\u01b0 th\u00eam.<\/p><\/div>

                Hi\u1ec7u qu\u1ea3:<\/b> Ph\u00e2n t\u00edch 10 c\u00f4ng ty ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec1u \u0111\u1eb7n trong 5 n\u0103m li\u00ean ti\u1ebfp cho th\u1ea5y chi\u1ebfn l\u01b0\u1ee3c n\u00e0y mang l\u1ea1i t\u1ed5ng l\u1ee3i nhu\u1eadn trung b\u00ecnh 287,5% (CAGR 31,2%\/n\u0103m).<\/p><\/div>

                3. Chi\u1ebfn l\u01b0\u1ee3c \"B\u00e1n Tr\u01b0\u1edbc - Mua Sau\" cho nh\u00e0 \u0111\u1ea7u t\u01b0 linh ho\u1ea1t<\/h3><\/div>

                Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y t\u1eadn d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n v\u00e0 c\u00e1c ng\u00e0y sau \u0111\u00f3:<\/p><\/div>

                • B\u01b0\u1edbc 1: X\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m b\u00e1n t\u1ed1i \u01b0u<\/li>
                  • B\u00e1n c\u1ed5 phi\u1ebfu 1-2 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n (ng\u00e0y T-1 ho\u1eb7c T-2)<\/li>
                  • \u0110\u00e2y l\u00e0 th\u1eddi \u0111i\u1ec3m gi\u00e1 th\u01b0\u1eddng cao do nh\u00e0 \u0111\u1ea7u t\u01b0 mua \u0111\u1ec3 nh\u1eadn quy\u1ec1n<\/li>
                  • D\u1eef li\u1ec7u t\u1eeb 35 c\u00f4ng ty: Gi\u00e1 trung b\u00ecnh cao h\u01a1n 1,2% so v\u1edbi 5 ng\u00e0y tr\u01b0\u1edbc \u0111\u00f3<\/li>
                  • \u0110\u1eb7t l\u1ec7nh b\u00e1n cao h\u01a1n gi\u00e1 th\u1ecb tr\u01b0\u1eddng 0,5-1% \u0111\u1ec3 t\u1eadn d\u1ee5ng nhu c\u1ea7u mua cu\u1ed1i c\u00f9ng<\/li><\/ul>
                  • B\u01b0\u1edbc 2: Mua l\u1ea1i sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>
                    • Mua l\u1ea1i v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n ho\u1eb7c 1-2 ng\u00e0y sau (ng\u00e0y T+0, T+1 ho\u1eb7c T+2)<\/li>
                    • Gi\u00e1 th\u01b0\u1eddng gi\u1ea3m 2-5% s\u00e2u h\u01a1n \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft do \u00e1p l\u1ef1c b\u00e1n<\/li>
                    • X\u00e1c \u0111\u1ecbnh gi\u00e1 m\u1ee5c ti\u00eau: (Gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft) \u00d7 (1 - 2-5%)<\/li>
                    • \u0110\u1eb7t l\u1ec7nh mua theo kho\u1ea3ng gi\u00e1, ph\u00e2n b\u1ed5 30%-40%-30% cho 3 ng\u00e0y li\u00ean ti\u1ebfp<\/li><\/ul>
                    • B\u01b0\u1edbc 3: T\u1ed1i \u01b0u h\u00f3a s\u1ed1 l\u01b0\u1ee3ng mua<\/li>
                      • V\u1edbi c\u00f9ng s\u1ed1 ti\u1ec1n (t\u1eeb l\u1ea7n b\u00e1n tr\u01b0\u1edbc), nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mua th\u00eam 3-8% c\u1ed5 phi\u1ebfu<\/li>
                      • V\u00ed d\u1ee5: B\u00e1n 1.000 c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c 30.000 \u0111\u1ed3ng (30 tri\u1ec7u \u0111\u1ed3ng), sau \u0111i\u1ec1u ch\u1ec9nh 20% + gi\u1ea3m th\u00eam 3%, c\u00f3 th\u1ec3 mua l\u1ea1i 1.237 c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c 24.250 \u0111\u1ed3ng<\/li>
                      • T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu s\u1edf h\u1eefu m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ea7u t\u01b0 th\u00eam<\/li>
                      • T\u1ed1i \u0111a h\u00f3a hi\u1ec7u \u1ee9ng \"qu\u00e1 \u0111i\u1ec1u ch\u1ec9nh\" th\u01b0\u1eddng x\u1ea3y ra<\/li><\/ul>
                      • B\u01b0\u1edbc 4: Qu\u1ea3n l\u00fd r\u1ee7i ro<\/li>
                        • Ch\u1ec9 \u00e1p d\u1ee5ng v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 thanh kho\u1ea3n cao (>1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y)<\/li>
                        • Chu\u1ea9n b\u1ecb k\u1ebf ho\u1ea1ch d\u1ef1 ph\u00f2ng n\u1ebfu gi\u00e1 kh\u00f4ng gi\u1ea3m nh\u01b0 mong \u0111\u1ee3i sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>
                        • Don","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"
                          \n

                          C\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao c\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam \u01b0u ti\u00ean h\u00ecnh th\u1ee9c n\u00e0y?<\/h2>\n<\/div>\n
                          \n

                          C\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu l\u00e0 h\u00ecnh th\u1ee9c doanh nghi\u1ec7p ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn cho c\u1ed5 \u0111\u00f4ng b\u1eb1ng c\u00e1ch ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi thay v\u00ec tr\u1ea3 ti\u1ec1n m\u1eb7t. Thay v\u00ec nh\u1eadn ti\u1ec1n, c\u1ed5 \u0111\u00f4ng nh\u1eadn th\u00eam c\u1ed5 phi\u1ebfu theo t\u1ef7 l\u1ec7 s\u1edf h\u1eefu hi\u1ec7n t\u1ea1i, gi\u00fap c\u00f4ng ty gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00e1t tri\u1ec3n.<\/p>\n<\/div>\n

                          \n

                          Theo d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc, trong 9 th\u00e1ng \u0111\u1ea7u n\u0103m 2023, 278 c\u00f4ng ty ni\u00eam y\u1ebft tr\u00ean HOSE, HNX v\u00e0 UPCOM \u0111\u00e3 th\u1ef1c hi\u1ec7n c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu, v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb l\u00ean \u0111\u1ebfn 98.750 t\u1ef7 \u0111\u1ed3ng, chi\u1ebfm 68,3% t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ed5 t\u1ee9c \u0111\u00e3 chi tr\u1ea3. \u0110\u00e1ng ch\u00fa \u00fd, 27\/35 ng\u00e2n h\u00e0ng \u0111\u00e3 s\u1eed d\u1ee5ng h\u00ecnh th\u1ee9c n\u00e0y, g\u00f3p ph\u1ea7n t\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng th\u00eam 157.000 t\u1ef7 \u0111\u1ed3ng trong n\u0103m 2022.<\/p>\n<\/div>\n

                          \n

                          C\u01a1 ch\u1ebf c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu ho\u1ea1t \u0111\u1ed9ng theo c\u00e1c b\u01b0\u1edbc c\u1ee5 th\u1ec3 sau:<\/p>\n<\/div>\n

                          \n
                          \n\n\n\n\n\n\n\n\n\n
                          Y\u1ebfu t\u1ed1<\/th>\nChi ti\u1ebft<\/th>\nV\u00ed d\u1ee5 th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n
                          T\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i<\/td>\nS\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu m\u1edbi c\u1ed5 \u0111\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c t\u00ednh theo ph\u1ea7n tr\u0103m c\u1ee7a s\u1ed1 c\u1ed5 phi\u1ebfu hi\u1ec7n c\u00f3<\/td>\nT\u1ef7 l\u1ec7 10:3 (30%): S\u1edf h\u1eefu 10 c\u1ed5 phi\u1ebfu s\u1ebd nh\u1eadn th\u00eam 3 c\u1ed5 phi\u1ebfu m\u1edbiT\u1ef7 l\u1ec7 2:1 (50%): S\u1edf h\u1eefu 2 c\u1ed5 phi\u1ebfu s\u1ebd nh\u1eadn th\u00eam 1 c\u1ed5 phi\u1ebfu m\u1edbi<\/td>\n<\/tr>\n
                          Ngu\u1ed3n ph\u00e1t h\u00e0nh<\/td>\nC\u00f4ng ty s\u1eed d\u1ee5ng l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i, th\u1eb7ng d\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n, ho\u1eb7c qu\u1ef9 d\u1ef1 tr\u1eef<\/td>\nVPBank (VPB): 27.300 t\u1ef7 \u0111\u1ed3ng t\u1eeb l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i cho t\u1ef7 l\u1ec7 50% (Q2\/2022)ACB: 6.800 t\u1ef7 \u0111\u1ed3ng t\u1eeb l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i v\u00e0 th\u1eb7ng d\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n cho t\u1ef7 l\u1ec7 25% (Q3\/2022)<\/td>\n<\/tr>\n
                          \u0110i\u1ec1u ch\u1ec9nh gi\u00e1 tham chi\u1ebfu<\/td>\nGi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh gi\u1ea3m theo c\u00f4ng th\u1ee9c:Pnew = Pold \u00d7 100 \/ (100 + R)R: T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c (%)<\/td>\nFPT: Gi\u00e1 82.500 \u0111\u1ed3ng, c\u1ed5 t\u1ee9c 20% \u2192 Gi\u00e1 tham chi\u1ebfu m\u1edbi: 68.750 \u0111\u1ed3ngTCB: Gi\u00e1 35.300 \u0111\u1ed3ng, c\u1ed5 t\u1ee9c 50% \u2192 Gi\u00e1 tham chi\u1ebfu m\u1edbi: 23.533 \u0111\u1ed3ng<\/td>\n<\/tr>\n
                          Th\u1eddi gian th\u1ef1c hi\u1ec7n<\/td>\nQuy tr\u00ecnh trung b\u00ecnh 45-60 ng\u00e0y:- Th\u00f4ng b\u00e1o: 15-20 ng\u00e0y- Ng\u00e0y ch\u1ed1t danh s\u00e1ch: 10-15 ng\u00e0y- Ph\u00e1t h\u00e0nh v\u00e0 ph\u00e2n ph\u1ed1i: 20-25 ng\u00e0y<\/td>\nVCB (Q1\/2023): 52 ng\u00e0y t\u1eeb th\u00f4ng b\u00e1o \u0111\u1ebfn khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3nFPT (Q2\/2023): 48 ng\u00e0y \u0111\u1ec3 ho\u00e0n t\u1ea5t quy tr\u00ecnh<\/td>\n<\/tr>\n
                          X\u1eed l\u00fd c\u1ed5 phi\u1ebfu l\u1ebb<\/td>\nPh\u1ea7n th\u1eadp ph\u00e2n s\u1ebd b\u1ecb h\u1ee7y ho\u1eb7c l\u00e0m tr\u00f2n xu\u1ed1ng theo quy \u0111\u1ecbnh c\u1ee7a t\u1eebng c\u00f4ng ty<\/td>\nS\u1edf h\u1eefu 105 c\u1ed5 phi\u1ebfu v\u1edbi t\u1ef7 l\u1ec7 10:3 \u2192 Nh\u1eadn 31 c\u1ed5 phi\u1ebfu m\u1edbi (31,5 l\u00e0m tr\u00f2n xu\u1ed1ng)S\u1edf h\u1eefu 45 c\u1ed5 phi\u1ebfu v\u1edbi t\u1ef7 l\u1ec7 5:1 \u2192 Nh\u1eadn 9 c\u1ed5 phi\u1ebfu (9,0 l\u00e0m tr\u00f2n)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                          \n

                          C\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam \u01b0u ti\u00ean c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu v\u00ec 5 l\u00fd do ch\u00ednh:<\/p>\n<\/div>\n

                          \n
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                          • Gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 ph\u00e1t tri\u1ec3n: Trong n\u0103m 2022-2023, khi l\u00e3i su\u1ea5t cao (9-11%), gi\u1eef l\u1ea1i v\u1ed1n gi\u00fap doanh nghi\u1ec7p ti\u1ebft ki\u1ec7m chi ph\u00ed t\u00e0i ch\u00ednh \u0111\u00e1ng k\u1ec3. Theo t\u00ednh to\u00e1n c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh, c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft \u0111\u00e3 ti\u1ebft ki\u1ec7m kho\u1ea3ng 8.900 t\u1ef7 \u0111\u1ed3ng chi ph\u00ed l\u00e3i vay th\u00f4ng qua h\u00ecnh th\u1ee9c n\u00e0y trong n\u0103m 2022.<\/li>\n
                          • T\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 \u0111\u1ec3 \u0111\u00e1p \u1ee9ng quy \u0111\u1ecbnh: \u0110\u1eb7c bi\u1ec7t trong ng\u00e0nh ng\u00e2n h\u00e0ng, Th\u00f4ng t\u01b0 41\/2016\/TT-NHNN v\u1ec1 t\u1ef7 l\u1ec7 an to\u00e0n v\u1ed1n theo Basel II y\u00eau c\u1ea7u c\u00e1c ng\u00e2n h\u00e0ng t\u0103ng v\u1ed1n. N\u0103m 2022, VCB t\u0103ng v\u1ed1n t\u1eeb 37.100 t\u1ef7 l\u00ean 55.900 t\u1ef7 \u0111\u1ed3ng, VPB t\u0103ng t\u1eeb 44.400 t\u1ef7 l\u00ean 67.400 t\u1ef7 \u0111\u1ed3ng th\u00f4ng qua h\u00ecnh th\u1ee9c n\u00e0y.<\/li>\n
                          • T\u1ed1i \u01b0u h\u00f3a thu\u1ebf cho c\u1ed5 \u0111\u00f4ng: C\u1ed5 \u0111\u00f4ng kh\u00f4ng ph\u1ea3i tr\u1ea3 5% thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n nh\u01b0 v\u1edbi c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t. V\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu n\u0103m 2022 l\u00e0 120.000 t\u1ef7 \u0111\u1ed3ng, c\u1ed5 \u0111\u00f4ng ti\u1ebft ki\u1ec7m kho\u1ea3ng 6.000 t\u1ef7 \u0111\u1ed3ng ti\u1ec1n thu\u1ebf.<\/li>\n
                          • T\u0103ng thanh kho\u1ea3n c\u1ed5 phi\u1ebfu: S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh t\u0103ng, gi\u00fap c\u1ea3i thi\u1ec7n thanh kho\u1ea3n trung b\u00ecnh 28,5% sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c. V\u00ed d\u1ee5: Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh c\u1ee7a FPT t\u0103ng t\u1eeb 2,1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y l\u00ean 2,8 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y sau c\u1ed5 t\u1ee9c 20% (Q2\/2023).<\/li>\n
                          • Truy\u1ec1n t\u1ea3i th\u00f4ng \u0111i\u1ec7p tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng: C\u00e1c c\u00f4ng ty t\u1ef1 tin v\u00e0o kh\u1ea3 n\u0103ng s\u1eed d\u1ee5ng hi\u1ec7u qu\u1ea3 v\u1ed1n b\u1ed5 sung. Nghi\u00ean c\u1ee9u c\u1ee7a Pocket Option cho th\u1ea5y 85% c\u00f4ng ty c\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n c\u1ee5 th\u1ec3 khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu c\u00f3 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 t\u00edch c\u1ef1c sau 3 th\u00e1ng.<\/li>\n<\/ul>\n<\/div>\n
                            \n

                            \u00d4ng Nguy\u1ec5n Duy H\u01b0ng, Ch\u1ee7 t\u1ecbch SSI Securities, nh\u1eadn x\u00e9t: “C\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu t\u1ea1o ra m\u1ed1i quan h\u1ec7 ‘win-win’ trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i. C\u00e1c c\u00f4ng ty gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 ph\u00e1t tri\u1ec3n trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t cao, trong khi c\u1ed5 \u0111\u00f4ng nh\u1eadn th\u00eam c\u1ed5 phi\u1ebfu m\u00e0 kh\u00f4ng ph\u1ea3i tr\u1ea3 thu\u1ebf, \u0111\u1ed3ng th\u1eddi k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n. \u0110\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng, vi\u1ec7c t\u0103ng v\u1ed1n nhanh ch\u00f3ng th\u00f4ng qua h\u00ecnh th\u1ee9c n\u00e0y gi\u00fap duy tr\u00ec t\u1ef7 l\u1ec7 an to\u00e0n v\u1ed1n theo quy \u0111\u1ecbnh m\u00e0 kh\u00f4ng c\u1ea7n t\u00ecm ki\u1ebfm nh\u00e0 \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c m\u1edbi.”<\/p>\n<\/div>\n

                            \n

                            Ph\u00e2n t\u00edch 5 m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu khi tr\u1ea3 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n
                            \n

                            Khi c\u00e1c c\u00f4ng ty th\u1ef1c hi\u1ec7n c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu, gi\u00e1 c\u1ed5 phi\u1ebfu theo nhi\u1ec1u m\u00f4 h\u00ecnh kh\u00e1c nhau – t\u1eeb tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 \u0111\u1ebfn nhi\u1ec1u th\u00e1ng sau khi ho\u00e0n t\u1ea5t. Hi\u1ec3u r\u00f5 c\u00e1c m\u00f4 h\u00ecnh n\u00e0y gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u00fang \u0111\u1eafn \u1edf t\u1eebng giai \u0111o\u1ea1n.<\/p>\n<\/div>\n

                            \n

                            \u0110i\u1ec1u ch\u1ec9nh gi\u00e1 l\u00fd thuy\u1ebft so v\u1edbi th\u1ef1c t\u1ebf th\u1ecb tr\u01b0\u1eddng<\/h3>\n<\/div>\n
                            \n

                            V\u1ec1 l\u00fd thuy\u1ebft, c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu s\u1ebd l\u00e0m gi\u1ea3m gi\u00e1 c\u1ed5 phi\u1ebfu theo t\u1ef7 l\u1ec7 pha lo\u00e3ng, nh\u01b0ng t\u1ed5ng gi\u00e1 tr\u1ecb danh m\u1ee5c kh\u00f4ng thay \u0111\u1ed5i. C\u00f4ng th\u1ee9c \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 tham chi\u1ebfu l\u00e0:<\/p>\n<\/div>\n

                            \n
                            \n\n\n\n\n\n
                            C\u00f4ng th\u1ee9c<\/th>\nGi\u1ea3i th\u00edch<\/th>\nV\u00ed d\u1ee5 c\u1ee5 th\u1ec3<\/th>\n<\/tr>\n<\/thead>\n
                            Pnew = Pold \u00d7 100 \/ (100 + R)<\/td>\nPold: Gi\u00e1 \u0111\u00f3ng c\u1eeda tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1nR: T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu (%)Pnew: Gi\u00e1 tham chi\u1ebfu m\u1edbi<\/td>\nVCB (Q1\/2023):<\/b>Gi\u00e1 \u0111\u00f3ng c\u1eeda: 85.800 \u0111\u1ed3ngT\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c: 18,1%Gi\u00e1 tham chi\u1ebfu = 85.800 \u00d7 100 \/ 118,1 = 72.650 \u0111\u1ed3ngTCB (Q3\/2022):<\/b>Gi\u00e1 \u0111\u00f3ng c\u1eeda: 35.300 \u0111\u1ed3ngT\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c: 50%Gi\u00e1 tham chi\u1ebfu = 35.300 \u00d7 100 \/ 150 = 23.533 \u0111\u1ed3ng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                            \n

                            Tuy nhi\u00ean, th\u1ef1c t\u1ebf th\u1ecb tr\u01b0\u1eddng ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u. Pocket Option \u0111\u00e3 ph\u00e2n t\u00edch chi ti\u1ebft 35 tr\u01b0\u1eddng h\u1ee3p c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu tr\u00ean HOSE v\u00e0 HNX trong Q1\/2022-Q3\/2023, ph\u00e1t hi\u1ec7n 5 m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1eb7c tr\u01b0ng:<\/p>\n<\/div>\n

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                            \n\n\n\n\n\n\n\n\n\n
                            Giai \u0111o\u1ea1n<\/th>\nBi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ef1c t\u1ebf<\/th>\nT\u1ea7n su\u1ea5t<\/th>\nV\u00ed d\u1ee5 c\u1ee5 th\u1ec3<\/th>\nNguy\u00ean nh\u00e2n ch\u00ednh<\/th>\n<\/tr>\n<\/thead>\n
                            M\u00f4 h\u00ecnh 1: T\u0103ng tr\u01b0\u1edbc c\u00f4ng b\u1ed1<\/b>(15 ng\u00e0y tr\u01b0\u1edbc c\u00f4ng b\u1ed1)<\/td>\n+3,5% (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: +1,8% \u0111\u1ebfn +8,2%<\/td>\n28\/35 tr\u01b0\u1eddng h\u1ee3p(80%)<\/td>\n– FPT: +5,2% (tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 20% Q2\/2023)- VHM: +4,8% (tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 30% Q4\/2022)- ACB: +3,7% (tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 25% Q3\/2022)<\/td>\n– Th\u00f4ng tin th\u01b0\u1eddng r\u00f2 r\u1ec9 qua c\u00e1c k\u00eanh n\u1ed9i b\u1ed9- C\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u00e3 d\u1ef1 \u0111o\u00e1n d\u1ef1a tr\u00ean k\u1ebft qu\u1ea3 kinh doanh- Giao d\u1ecbch n\u1ed9i gi\u00e1n t\u0103ng trung b\u00ecnh 35% trong giai \u0111o\u1ea1n n\u00e0y<\/td>\n<\/tr>\n
                            M\u00f4 h\u00ecnh 2: Ph\u1ea3n \u1ee9ng c\u00f4ng b\u1ed1<\/b>(3 ng\u00e0y sau c\u00f4ng b\u1ed1 ch\u00ednh th\u1ee9c)<\/td>\n+2,8% (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: -1,2% \u0111\u1ebfn +6,5%<\/td>\n25\/35 tr\u01b0\u1eddng h\u1ee3p(71,4%)<\/td>\n– MBB: +4,3% (sau khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 25% Q2\/2023)- VCB: +3,5% (sau khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 18,1% Q1\/2023)- VNM: -1,2% (sau khi c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c 10% Q1\/2022)<\/td>\n– Ph\u1ea3n \u1ee9ng t\u00edch c\u1ef1c khi t\u1ef7 l\u1ec7 ph\u00f9 h\u1ee3p (15-30%)- Ph\u1ea3n \u1ee9ng ti\u00eau c\u1ef1c khi t\u1ef7 l\u1ec7 qu\u00e1 th\u1ea5p (<10%) ho\u1eb7c qu\u00e1 cao (>100%)- \u0110\u00e1nh gi\u00e1 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n<\/td>\n<\/tr>\n
                            M\u00f4 h\u00ecnh 3: T\u00edch l\u0169y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/b>(5 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n)<\/td>\n+1,2% (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: -0,5% \u0111\u1ebfn +3,8%<\/td>\n23\/35 tr\u01b0\u1eddng h\u1ee3p(65,7%)<\/td>\n– ACB: +2,1% (5 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q3\/2022)- FPT: +1,8% (5 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q2\/2023)- TCB: -0,5% (5 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q3\/2022)<\/td>\n– Nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n mua \u0111\u1ec3 nh\u1eadn quy\u1ec1n- Nhu c\u1ea7u t\u0103ng \u0111\u1eb7c bi\u1ec7t v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 thanh kho\u1ea3n t\u1ed1t- Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng trung b\u00ecnh 42,5% trong giai \u0111o\u1ea1n n\u00e0y<\/td>\n<\/tr>\n
                            M\u00f4 h\u00ecnh 4: \u0110i\u1ec1u ch\u1ec9nh s\u00e2u h\u01a1n l\u00fd thuy\u1ebft<\/b>(Ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n v\u00e0 1-2 ng\u00e0y sau)<\/td>\n-2,5% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: -6,1% \u0111\u1ebfn +0,5%<\/td>\n31\/35 tr\u01b0\u1eddng h\u1ee3p(88,6%)<\/td>\n– VPB: -3,8% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft (Ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q2\/2022)- TCB: -6,1% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft (Ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q3\/2022)- FPT: +0,5% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft (Ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n Q2\/2023)<\/td>\n– \u00c1p l\u1ef1c b\u00e1n t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0 T+ \u0111\u00e3 nh\u1eadn quy\u1ec1n- Lo ng\u1ea1i v\u1ec1 hi\u1ec7u \u1ee9ng pha lo\u00e3ng EPS- Gi\u00e1 th\u01b0\u1eddng ch\u1ea1m \u0111\u00e1y v\u00e0o ng\u00e0y giao d\u1ecbch T+2 sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/td>\n<\/tr>\n
                            M\u00f4 h\u00ecnh 5: Ph\u1ee5c h\u1ed3i sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n<\/b>(10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u01b0\u1ee3c ghi nh\u1eadn)<\/td>\n+4,2% (trung b\u00ecnh)Bi\u00ean \u0111\u1ed9: -1,2% \u0111\u1ebfn +8,7%<\/td>\n24\/35 tr\u01b0\u1eddng h\u1ee3p(68,6%)<\/td>\n– VHM: +6,5% (10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu v\u1ec1 t\u00e0i kho\u1ea3n Q4\/2022)- MBB: +5,2% (10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu v\u1ec1 t\u00e0i kho\u1ea3n Q2\/2023)- HPG: -1,2% (10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu v\u1ec1 t\u00e0i kho\u1ea3n Q1\/2022)<\/td>\n– T\u00e2m l\u00fd t\u00edch c\u1ef1c khi th\u1ea5y s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng- C\u1ea3i thi\u1ec7n thanh kho\u1ea3n sau khi s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng- Nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 l\u1ea1i c\u1ed5 phi\u1ebfu sau khi nh\u1eadn k\u1ebft qu\u1ea3 t\u00e0i ch\u00ednh m\u1edbi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                            \n

                            Ngo\u00e0i 5 m\u00f4 h\u00ecnh ng\u1eafn h\u1ea1n tr\u00ean, nghi\u00ean c\u1ee9u c\u0169ng cho th\u1ea5y hi\u1ec7u su\u1ea5t d\u00e0i h\u1ea1n (3-6 th\u00e1ng sau khi ho\u00e0n t\u1ea5t c\u1ed5 t\u1ee9c) ph\u1ee5 thu\u1ed9c ch\u1ee7 y\u1ebfu v\u00e0o hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a c\u00f4ng ty:<\/p>\n<\/div>\n

                            \n
                              \n
                            • Sau 3 th\u00e1ng: 25\/35 c\u00f4ng ty (71,4%) c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 8,7% so v\u1edbi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>\n
                            • Sau 6 th\u00e1ng: 25\/35 c\u00f4ng ty (71,4%) c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 15,3% so v\u1edbi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>\n
                            • C\u00e1c c\u00f4ng ty c\u00f3 k\u1ebft qu\u1ea3 kinh doanh t\u0103ng tr\u01b0\u1edfng >15% sau c\u1ed5 t\u1ee9c: Gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 23,8% sau 6 th\u00e1ng (v\u00ed d\u1ee5: VCB +24,7%, FPT +28,5%, TCB +32,1%)<\/li>\n
                            • C\u00e1c c\u00f4ng ty c\u00f3 k\u1ebft qu\u1ea3 kinh doanh \u0111i ngang ho\u1eb7c gi\u1ea3m: Gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m trung b\u00ecnh 8,5% sau 6 th\u00e1ng (v\u00ed d\u1ee5: HPG -12,3%, SSI -7,8%)<\/li>\n<\/ul>\n<\/div>\n
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                              \u00d4ng Tr\u1ea7n H\u1ea3i Nam, Gi\u00e1m \u0111\u1ed1c Ph\u00e2n t\u00edch t\u1ea1i MBS Securities, ph\u00e2n t\u00edch: “C\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu s\u1ebd \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 theo c\u00f4ng th\u1ee9c, nh\u01b0ng th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u. Ch\u00fang t\u00f4i nh\u1eadn th\u1ea5y c\u00e1c c\u00f4ng ty c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng t\u0103ng tr\u01b0\u1edfng t\u1ed1t v\u00e0 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n r\u00f5 r\u00e0ng th\u01b0\u1eddng ph\u1ee5c h\u1ed3i nhanh ch\u00f3ng sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n. M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh l\u00e0 FPT – m\u1ed9t trong s\u1ed1 \u00edt c\u00f4ng ty c\u00f3 gi\u00e1 t\u0103ng ngay c\u1ea3 v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n (+0,5% so v\u1edbi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft) v\u00e0 t\u0103ng m\u1ea1nh 28,5% trong 6 th\u00e1ng ti\u1ebfp theo. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c v\u1edbi t\u1ef7 l\u1ec7 qu\u00e1 cao (>70%) m\u00e0 kh\u00f4ng c\u00f3 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n hi\u1ec7u qu\u1ea3 th\u01b0\u1eddng th\u1ea5y gi\u00e1 gi\u1ea3m s\u00e2u h\u01a1n \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft v\u00e0 kh\u00f3 ph\u1ee5c h\u1ed3i.”<\/p>\n<\/div>\n

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                              Ph\u00e2n t\u00edch 7 l\u1ee3i th\u1ebf v\u00e0 5 b\u1ea5t l\u1ee3i c\u1ee7a vi\u1ec7c nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n
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                              Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n hi\u1ec3u r\u00f5 c\u1ea3 l\u1ee3i th\u1ebf v\u00e0 b\u1ea5t l\u1ee3i c\u1ee7a vi\u1ec7c nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch chi ti\u1ebft d\u1ef1a tr\u00ean d\u1eef li\u1ec7u th\u1ef1c t\u1ebf t\u1eeb th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam:<\/p>\n<\/div>\n

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                              L\u1ee3i th\u1ebf<\/th>\nChi ti\u1ebft c\u1ee5 th\u1ec3 v\u00e0 d\u1eef li\u1ec7u \u0111\u1ecbnh l\u01b0\u1ee3ng<\/th>\n<\/tr>\n<\/thead>\n
                              1. L\u1ee3i \u00edch v\u1ec1 thu\u1ebf<\/b><\/td>\n– Kh\u00f4ng c\u1ea7n tr\u1ea3 5% thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n nh\u01b0 v\u1edbi c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t- Ti\u1ebft ki\u1ec7m thu\u1ebf \u0111\u00e1ng k\u1ec3 v\u1edbi danh m\u1ee5c l\u1edbn v\u00e0 t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c cao- V\u00ed d\u1ee5 c\u1ee5 th\u1ec3: \u0110\u1ea7u t\u01b0 1 t\u1ef7 \u0111\u1ed3ng v\u00e0o VCB v\u1edbi t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c 18,1%, nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu ti\u1ebft ki\u1ec7m 9,05 tri\u1ec7u \u0111\u1ed3ng ti\u1ec1n thu\u1ebf- T\u1ed5ng ti\u1ebft ki\u1ec7m thu\u1ebf cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n n\u0103m 2022: \u01b0\u1edbc t\u00ednh 1.680 t\u1ef7 \u0111\u1ed3ng (5% \u00d7 33.600 t\u1ef7 \u0111\u1ed3ng, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 28% t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu)<\/td>\n<\/tr>\n
                              2. T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u1ef1 \u0111\u1ed9ng<\/b><\/td>\n– T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu s\u1edf h\u1eefu m\u00e0 kh\u00f4ng c\u1ea7n v\u1ed1n b\u1ed5 sung- D\u1eef li\u1ec7u 2018-2023: Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu VCB t\u1eeb 2018 nh\u1eadn th\u00eam 98,5% c\u1ed5 phi\u1ebfu qua 5 l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c (15,2%, 18%, 29,1%, 18,1%, 18,1%)- T\u01b0\u01a1ng t\u1ef1, n\u1eafm gi\u1eef TCB t\u1eeb 2018 nh\u1eadn th\u00eam 228% c\u1ed5 phi\u1ebfu g\u1ed1c qua 4 l\u1ea7n ph\u00e2n ph\u1ed1i (50%, 50%, 50%, 28%)- T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u00eam t\u00e0i s\u1ea3n \u0111\u1ec3 giao d\u1ecbch ho\u1eb7c \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c<\/td>\n<\/tr>\n
                              3. Hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p d\u00e0i h\u1ea1n<\/b><\/td>\n– C\u1ed5 phi\u1ebfu m\u1edbi ti\u1ebfp t\u1ee5c t\u1ea1o ra l\u1ee3i nhu\u1eadn v\u00e0 nh\u1eadn c\u1ed5 t\u1ee9c trong t\u01b0\u01a1ng lai- Ph\u00e2n t\u00edch 10 c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec1u \u0111\u1eb7n trong 5 n\u0103m li\u00ean ti\u1ebfp: T\u1ed5ng l\u1ee3i nhu\u1eadn trung b\u00ecnh 287,5% (bao g\u1ed3m c\u1ed5 t\u1ee9c v\u00e0 t\u0103ng gi\u00e1)- V\u00ed d\u1ee5: 1.000 c\u1ed5 phi\u1ebfu FPT n\u0103m 2018 (gi\u00e1 40.000 \u0111\u1ed3ng) tr\u1edf th\u00e0nh 2.290 c\u1ed5 phi\u1ebfu n\u0103m 2023 (gi\u00e1 85.000 \u0111\u1ed3ng), t\u0103ng gi\u00e1 tr\u1ecb t\u1eeb 40 tri\u1ec7u l\u00ean 194,7 tri\u1ec7u (+387%) m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ea7u t\u01b0 th\u00eam- Hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p \u0111\u1eb7c bi\u1ec7t m\u1ea1nh v\u1edbi c\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng (FPT, MWG, ACB, VCB)<\/td>\n<\/tr>\n
                              4. Ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n<\/b><\/td>\n– C\u00f4ng ty gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 m\u1edf r\u1ed9ng ho\u1ea1t \u0111\u1ed9ng, t\u1ea1o ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1- D\u1eef li\u1ec7u t\u1eeb 35 c\u00f4ng ty trong 2022-2023: 72% c\u00f4ng ty c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng sau 6 th\u00e1ng t\u1eeb khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- T\u0103ng trung b\u00ecnh: 15,3% sau 6 th\u00e1ng (so v\u1edbi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n)- Top 5 c\u1ed5 phi\u1ebfu t\u0103ng m\u1ea1nh nh\u1ea5t sau 6 th\u00e1ng: TCB (+32,1%), FPT (+28,5%), VCB (+24,7%), ACB (+21,5%), MWG (+20,3%)- 9\/10 ng\u00e2n h\u00e0ng trong nh\u00f3m n\u00e0y t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng v\u00e0 thu nh\u1eadp l\u00e3i thu\u1ea7n >15% sau khi t\u0103ng v\u1ed1n<\/td>\n<\/tr>\n
                              5. C\u1ea3i thi\u1ec7n thanh kho\u1ea3n<\/b><\/td>\n– T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh gi\u00fap th\u1ecb tr\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 h\u01a1n- Ph\u00e2n t\u00edch 35 c\u00f4ng ty: Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh t\u0103ng 28,5% sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- Ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n gi\u1ea3m trung b\u00ecnh 15,3%- V\u00ed d\u1ee5: FPT sau c\u1ed5 t\u1ee9c 20% (Q2\/2023), kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng t\u1eeb 2,1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y l\u00ean 2,8 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y, ch\u00eanh l\u1ec7ch gi\u1ea3m t\u1eeb 0,32% xu\u1ed1ng 0,27%- C\u1ea3i thi\u1ec7n thanh kho\u1ea3n \u0111\u1eb7c bi\u1ec7t r\u00f5 r\u1ec7t v\u1edbi c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a trung b\u00ecnh (+35-40%)<\/td>\n<\/tr>\n
                              6. T\u00e2m l\u00fd t\u00edch c\u1ef1c<\/b><\/td>\n– Hi\u1ec7u \u1ee9ng t\u00e2m l\u00fd khi th\u1ea5y s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng trong t\u00e0i kho\u1ea3n- Kh\u1ea3o s\u00e1t 1.250 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n: 78% c\u1ea3m th\u1ea5y t\u00edch c\u1ef1c khi s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng, d\u00f9 hi\u1ec3u r\u1eb1ng t\u1ed5ng gi\u00e1 tr\u1ecb kh\u00f4ng thay \u0111\u1ed5i- 65% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u00edt c\u00f3 xu h\u01b0\u1edbng b\u00e1n c\u1ed5 phi\u1ebfu sau khi nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu so v\u1edbi ti\u1ec1n m\u1eb7t- Th\u1eddi gian n\u1eafm gi\u1eef trung b\u00ecnh t\u0103ng t\u1eeb 4,2 th\u00e1ng l\u00ean 5,8 th\u00e1ng sau khi nh\u1eadn c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/td>\n<\/tr>\n
                              7. C\u01a1 h\u1ed9i giao d\u1ecbch chi\u1ebfn thu\u1eadt<\/b><\/td>\n– T\u1ea1o c\u01a1 h\u1ed9i giao d\u1ecbch chi\u1ebfn thu\u1eadt trong giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng gi\u00e1- Chi\u1ebfn l\u01b0\u1ee3c “Mua Tr\u01b0\u1edbc – B\u00e1n Sau” mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 8,2% trong 35 tr\u01b0\u1eddng h\u1ee3p nghi\u00ean c\u1ee9u (mua 7 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n, b\u00e1n 10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n)- Chi\u1ebfn l\u01b0\u1ee3c “B\u00e1n Tr\u01b0\u1edbc – Mua Sau” mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 3,5% (b\u00e1n tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n, mua l\u1ea1i v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n)- Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n t\u1ea1o c\u01a1 h\u1ed9i cho nh\u00e0 giao d\u1ecbch chi\u1ebfn thu\u1eadt<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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                              B\u1ea5t l\u1ee3i<\/th>\nChi ti\u1ebft c\u1ee5 th\u1ec3 v\u00e0 d\u1eef li\u1ec7u \u0111\u1ecbnh l\u01b0\u1ee3ng<\/th>\n<\/tr>\n<\/thead>\n
                              1. Kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n m\u1eb7t ngay l\u1eadp t\u1ee9c<\/b><\/td>\n– Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n d\u00f2ng ti\u1ec1n th\u01b0\u1eddng xuy\u00ean s\u1ebd b\u1ecb b\u1ea5t l\u1ee3i- Ph\u1ea3i b\u00e1n m\u1ed9t ph\u1ea7n c\u1ed5 phi\u1ebfu \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh ti\u1ec1n m\u1eb7t, ch\u1ecbu ph\u00ed giao d\u1ecbch 0,1-0,25% v\u00e0 thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n 0,1%- Kh\u1ea3o s\u00e1t 1.250 nh\u00e0 \u0111\u1ea7u t\u01b0: 32% kh\u00f4ng h\u00e0i l\u00f2ng khi kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n m\u1eb7t, \u0111\u1eb7c bi\u1ec7t nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn tu\u1ed5i (55+) v\u1edbi t\u1ef7 l\u1ec7 kh\u00f4ng h\u00e0i l\u00f2ng l\u00ean \u0111\u1ebfn 58%- B\u1ea5t l\u1ee3i trong giai \u0111o\u1ea1n l\u1ea1m ph\u00e1t cao (nh\u01b0 2022 v\u1edbi CPI +4,5%) khi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n ti\u1ec1n m\u1eb7t \u0111\u1ec3 b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n<\/td>\n<\/tr>\n
                              2. Hi\u1ec7u \u1ee9ng pha lo\u00e3ng<\/b><\/td>\n– EPS (L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu) b\u1ecb pha lo\u00e3ng ngay l\u1eadp t\u1ee9c do s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng- Ph\u00e2n t\u00edch 35 c\u00f4ng ty: EPS gi\u1ea3m trung b\u00ecnh 18,2% ngay sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- ROE (L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu) gi\u1ea3m trung b\u00ecnh 3,8% trong qu\u00fd \u0111\u1ea7u ti\u00ean sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- V\u00ed d\u1ee5: TCB sau c\u1ed5 t\u1ee9c 50% (Q3\/2022) c\u00f3 EPS gi\u1ea3m t\u1eeb 5.710 \u0111\u1ed3ng xu\u1ed1ng 3.807 \u0111\u1ed3ng (gi\u1ea3m 33,3%), ROE gi\u1ea3m t\u1eeb 21,8% xu\u1ed1ng 17,2% trong Q4\/2022- 28% c\u00f4ng ty kh\u00f4ng \u0111\u1ea1t t\u0103ng tr\u01b0\u1edfng \u0111\u1ee7 \u0111\u1ec3 b\u00f9 \u0111\u1eafp hi\u1ec7u \u1ee9ng pha lo\u00e3ng trong 6 th\u00e1ng \u0111\u1ea7u<\/td>\n<\/tr>\n
                              3. V\u1ea5n \u0111\u1ec1 c\u1ed5 phi\u1ebfu l\u1ebb<\/b><\/td>\n– C\u1ed5 phi\u1ebfu l\u1ebb th\u01b0\u1eddng b\u1ecb h\u1ee7y ho\u1eb7c l\u00e0m tr\u00f2n xu\u1ed1ng- B\u1ea5t l\u1ee3i cho nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf: C\u1ed5 \u0111\u00f4ng s\u1edf h\u1eefu <100 c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 kh\u00f4ng nh\u1eadn \u0111\u1ee7 s\u1ed1 c\u1ed5 phi\u1ebfu m\u1edbi theo t\u1ef7 l\u1ec7 l\u00fd thuy\u1ebft- V\u00ed d\u1ee5: S\u1edf h\u1eefu 95 c\u1ed5 phi\u1ebfu VCB v\u1edbi t\u1ef7 l\u1ec7 18,1% s\u1ebd nh\u1eadn 17 c\u1ed5 phi\u1ebfu m\u1edbi (17,195 l\u00e0m tr\u00f2n), m\u1ea5t 0,38% gi\u00e1 tr\u1ecb- \u1ea2nh h\u01b0\u1edfng l\u1edbn v\u1edbi t\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i l\u1ebb: T\u1ef7 l\u1ec7 30% (10:3) c\u00f3 th\u1ec3 g\u00e2y m\u1ea5t t\u1ed1i \u0111a 6,67% gi\u00e1 tr\u1ecb do l\u00e0m tr\u00f2n cho c\u1ed5 \u0111\u00f4ng nh\u1ecf- H\u1ec7 th\u1ed1ng m\u1edbi c\u1ee7a VSD t\u1eeb 2023 \u0111\u00e3 gi\u1ea3m thi\u1ec3u v\u1ea5n \u0111\u1ec1 n\u00e0y b\u1eb1ng c\u00e1ch b\u00e1n ph\u1ea7n l\u1ebb v\u00e0 ho\u00e0n ti\u1ec1n<\/td>\n<\/tr>\n
                              4. R\u1ee7i ro t\u1eeb m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n<\/b><\/td>\n– N\u1ebfu c\u00f4ng ty kh\u00f4ng s\u1eed d\u1ee5ng v\u1ed1n gi\u1eef l\u1ea1i hi\u1ec7u qu\u1ea3, gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 gi\u1ea3m- Ph\u00e2n t\u00edch 35 c\u00f4ng ty: 28% c\u00f3 gi\u00e1 gi\u1ea3m sau 6 th\u00e1ng t\u1eeb khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c- Nh\u00f3m c\u00f4ng ty n\u00e0y c\u00f3 ROE trung b\u00ecnh gi\u1ea3m 4,5% v\u00e0 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn \u00e2m (-8,2% YoY) sau khi t\u0103ng v\u1ed1n- T\u0103ng v\u1ed1n qu\u00e1 nhanh: M\u1ed9t s\u1ed1 c\u00f4ng ty v\u1edbi t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c >100% trong 2 n\u0103m li\u00ean ti\u1ebfp kh\u00f4ng s\u1eed d\u1ee5ng v\u1ed1n m\u1edbi hi\u1ec7u qu\u1ea3- V\u00ed d\u1ee5: STB ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c 75% (2020) + 18% (2021) nh\u01b0ng l\u1ee3i nhu\u1eadn r\u00f2ng n\u0103m 2021-2022 ch\u1ec9 t\u0103ng 3,2-5,5%, th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi t\u1ef7 l\u1ec7 t\u0103ng v\u1ed1n<\/td>\n<\/tr>\n
                              5. Th\u1eddi gian ch\u1edd \u0111\u1ee3i v\u00e0 chi ph\u00ed c\u01a1 h\u1ed9i<\/b><\/td>\n– Th\u1eddi gian ch\u1edd \u0111\u1ee3i d\u00e0i: Trung b\u00ecnh 45-60 ng\u00e0y t\u1eeb th\u00f4ng b\u00e1o \u0111\u1ebfn khi nh\u1eadn c\u1ed5 phi\u1ebfu m\u1edbi- D\u1eef li\u1ec7u t\u1eeb 35 c\u00f4ng ty: Th\u1eddi gian trung b\u00ecnh 52,7 ng\u00e0y (ng\u1eafn nh\u1ea5t: 42 ng\u00e0y, d\u00e0i nh\u1ea5t: 68 ng\u00e0y)- Chi ph\u00ed c\u01a1 h\u1ed9i: Gi\u00e1 c\u00f3 th\u1ec3 bi\u1ebfn \u0111\u1ed9ng kh\u00f4ng thu\u1eadn l\u1ee3i trong th\u1eddi gian ch\u1edd \u0111\u1ee3i- Trong 42% tr\u01b0\u1eddng h\u1ee3p, th\u1ecb tr\u01b0\u1eddng chung (VN-Index) thay \u0111\u1ed5i >5% trong th\u1eddi gian ch\u1edd \u0111\u1ee3i- B\u1ecf l\u1ee1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 kh\u00e1c: N\u1ebfu gi\u1eef \u0111\u1ec3 nh\u1eadn quy\u1ec1n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu kh\u00e1c c\u00f3 xu h\u01b0\u1edbng t\u1ed1t<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                              \n

                              B\u00e0 Nguy\u1ec5n Thu H\u00e0, qu\u1ea3n l\u00fd danh m\u1ee5c 5 t\u1ef7 \u0111\u1ed3ng t\u1ea1i H\u00e0 N\u1ed9i, chia s\u1ebb kinh nghi\u1ec7m: “T\u00f4i th\u01b0\u1eddng \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu v\u1edbi 3 y\u1ebfu t\u1ed1: K\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n r\u00f5 r\u00e0ng, t\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i h\u1ee3p l\u00fd (15-30%), v\u00e0 l\u1ecbch s\u1eed t\u0103ng tr\u01b0\u1edfng sau khi t\u0103ng v\u1ed1n. MWG l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh – khi h\u1ecd ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c 20% v\u00e0o n\u0103m 2022, h\u1ecd c\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch chi ti\u1ebft m\u1edf r\u1ed9ng 1.000 \u0111i\u1ec3m b\u00e1n Bach Hoa Xanh, v\u00e0 sau \u0111\u00f3 c\u1ed5 phi\u1ebfu t\u0103ng 25,7% trong 5 th\u00e1ng. Ng\u01b0\u1ee3c l\u1ea1i, m\u1ed9t s\u1ed1 c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u00e2n ph\u1ed1i t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c cao (50-80%) m\u00e0 kh\u00f4ng c\u00f3 k\u1ebf ho\u1ea1ch c\u1ee5 th\u1ec3 cho v\u1ed1n m\u1edbi \u0111\u00e3 khi\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m 15-20% trong 6 th\u00e1ng sau \u0111\u00f3. \u0110\u00e2y l\u00e0 b\u00e0i h\u1ecdc l\u1edbn cho t\u00f4i khi \u0111\u00e1nh gi\u00e1 c\u00e1c \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c.”<\/p>\n<\/div>\n

                              \n

                              7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 khi \u0111\u1ed1i m\u1eb7t v\u1edbi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n
                              \n

                              D\u1ef1a tr\u00ean ph\u00e2n t\u00edch 35 tr\u01b0\u1eddng h\u1ee3p c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu trong 2022-2023 v\u00e0 kinh nghi\u1ec7m t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p, Pocket Option \u0111\u1ec1 xu\u1ea5t 7 chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 sau:<\/p>\n<\/div>\n

                              \n

                              1. Chi\u1ebfn l\u01b0\u1ee3c “Mua Tr\u01b0\u1edbc – B\u00e1n Sau” cho nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n<\/h3>\n<\/div>\n
                              \n

                              Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y t\u1eadn d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 ph\u1ed5 bi\u1ebfn tr\u01b0\u1edbc v\u00e0 sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu:<\/p>\n<\/div>\n

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                              \n\n\n\n\n\n\n\n\n
                              C\u00e1c b\u01b0\u1edbc th\u1ef1c hi\u1ec7n<\/th>\nTh\u1eddi \u0111i\u1ec3m ch\u00ednh x\u00e1c<\/th>\nL\u00fd do\/D\u1eef li\u1ec7u h\u1ed7 tr\u1ee3<\/th>\nHi\u1ec7u qu\u1ea3 th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n
                              B\u01b0\u1edbc 1: Ch\u1ecdn c\u1ed5 phi\u1ebfu<\/b><\/td>\nNgay khi c\u00f3 th\u00f4ng b\u00e1o ch\u00ednh th\u1ee9c v\u1ec1 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu<\/td>\n– \u01afu ti\u00ean c\u1ed5 phi\u1ebfu c\u00f3 thanh kho\u1ea3n t\u1ed1t (>1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y)- T\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i h\u1ee3p l\u00fd (15-30%)- K\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n c\u1ee5 th\u1ec3 v\u00e0 kh\u1ea3 thi<\/td>\n82% tr\u01b0\u1eddng h\u1ee3p ch\u1ecdn \u0111\u00fang c\u00f3 th\u1ec3 t\u1ea1o l\u1ee3i nhu\u1eadn t\u1eeb chi\u1ebfn l\u01b0\u1ee3c n\u00e0y<\/td>\n<\/tr>\n
                              B\u01b0\u1edbc 2: Mua<\/b><\/td>\nCh\u00ednh x\u00e1c 5-7 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/td>\n– \u00c1p l\u1ef1c mua t\u0103ng t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n nh\u1eadn quy\u1ec1n- Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch th\u01b0\u1eddng t\u0103ng 35-45% trong giai \u0111o\u1ea1n n\u00e0y- Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c th\u01b0\u1eddng t\u00edch l\u0169y c\u1ed5 phi\u1ebfu trong giai \u0111o\u1ea1n n\u00e0y<\/td>\nGi\u00e1 t\u0103ng trung b\u00ecnh 2,8% trong giai \u0111o\u1ea1n n\u00e0y (82% tr\u01b0\u1eddng h\u1ee3p)Cao nh\u1ea5t: VCB +4,5%, FPT +3,8%<\/td>\n<\/tr>\n
                              B\u01b0\u1edbc 3: Gi\u1eef qua ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/b><\/td>\nGi\u1eef qua ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n v\u00e0 ch\u1edd c\u1ed5 phi\u1ebfu m\u1edbi<\/td>\n– Gi\u00e1 \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo t\u1ef7 l\u1ec7 pha lo\u00e3ng- Th\u01b0\u1eddng c\u00f3 giai \u0111o\u1ea1n t\u00edch l\u0169y 15-20 ng\u00e0y- C\u00e1c t\u1ed5 ch\u1ee9c th\u01b0\u1eddng mua th\u00eam trong giai \u0111o\u1ea1n n\u00e0y khi gi\u00e1 th\u1ea5p<\/td>\nGi\u00e1 th\u01b0\u1eddng gi\u1ea3m 2-5% s\u00e2u h\u01a1n \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n, t\u1ea1o c\u01a1 h\u1ed9i t\u00edch l\u0169y gi\u00e1 th\u1ea5p<\/td>\n<\/tr>\n
                              B\u01b0\u1edbc 4: B\u00e1n t\u1ed1i \u01b0u<\/b><\/td>\nCh\u00ednh x\u00e1c 7-10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n<\/td>\n– T\u00e2m l\u00fd t\u00edch c\u1ef1c khi th\u1ea5y s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng- C\u1ea3i thi\u1ec7n thanh kho\u1ea3n sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n- Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng trung b\u00ecnh 28,5%<\/td>\nGi\u00e1 t\u0103ng trung b\u00ecnh 4,2% trong 10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n (68% tr\u01b0\u1eddng h\u1ee3p)Cao nh\u1ea5t: VHM +6,5%, MBB +5,2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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                              V\u00ed d\u1ee5 th\u1ef1c t\u1ebf:<\/b> Khi VPBank (VPB) c\u00f4ng b\u1ed1 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu 50% v\u00e0o Q2\/2022, nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c n\u00e0y mua \u1edf m\u1ee9c 31.200 \u0111\u1ed3ng (7 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n), nh\u1eadn c\u1ed5 phi\u1ebfu m\u1edbi (t\u1ef7 l\u1ec7 2:1), v\u00e0 b\u00e1n \u1edf m\u1ee9c 22.500 \u0111\u1ed3ng (10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu v\u1ec1 t\u00e0i kho\u1ea3n). M\u1eb7c d\u00f9 gi\u00e1 gi\u1ea3m theo t\u1ef7 l\u1ec7 pha lo\u00e3ng, t\u1ed5ng l\u1ee3i nhu\u1eadn \u0111\u1ea1t 8,2% nh\u1edd t\u0103ng 50% s\u1ed1 c\u1ed5 phi\u1ebfu v\u00e0 gi\u00e1 t\u0103ng 4,8% sau khi c\u1ed5 phi\u1ebfu m\u1edbi v\u1ec1 t\u00e0i kho\u1ea3n.<\/p>\n<\/div>\n

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                              Hi\u1ec7u qu\u1ea3:<\/b> Ph\u00e2n t\u00edch 35 tr\u01b0\u1eddng h\u1ee3p cho th\u1ea5y chi\u1ebfn l\u01b0\u1ee3c n\u00e0y mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 8,2% (dao \u0111\u1ed9ng t\u1eeb 3,5% \u0111\u1ebfn 12,8%) v\u1edbi th\u1eddi gian \u0111\u1ea7u t\u01b0 trung b\u00ecnh 30-35 ng\u00e0y.<\/p>\n<\/div>\n

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                              2. Chi\u1ebfn l\u01b0\u1ee3c “T\u00edch l\u0169y d\u00e0i h\u1ea1n” cho nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb<\/h3>\n<\/div>\n
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                              \u0110\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 nh\u1ea5t cho nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, t\u1eadp trung v\u00e0o vi\u1ec7c t\u1eadn d\u1ee5ng hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p c\u1ee7a vi\u1ec7c t\u0103ng d\u1ea7n s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu:<\/p>\n<\/div>\n

                              \n
                                \n
                              • B\u01b0\u1edbc 1: Ch\u1ecdn c\u00f4ng ty ch\u1ea5t l\u01b0\u1ee3ng cao<\/li>\n
                                  \n
                                • \u01afu ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed tr\u1ea3 c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec1u \u0111\u1eb7n (\u00edt nh\u1ea5t 3 n\u0103m li\u00ean ti\u1ebfp)<\/li>\n
                                • Kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng sau khi t\u0103ng v\u1ed1n: T\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn r\u00f2ng >15%\/n\u0103m sau m\u1ed7i l\u1ea7n t\u0103ng v\u1ed1n<\/li>\n
                                • ROE duy tr\u00ec >15% sau khi t\u0103ng v\u1ed1n (ch\u1ee9ng t\u1ecf kh\u1ea3 n\u0103ng s\u1eed d\u1ee5ng v\u1ed1n hi\u1ec7u qu\u1ea3)<\/li>\n
                                • Top 5 c\u00f4ng ty ph\u00f9 h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c n\u00e0y: VCB, FPT, ACB, MBB, MWG<\/li>\n<\/ul>\n
                                • B\u01b0\u1edbc 2: \u0110\u00e1nh gi\u00e1 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n<\/li>\n
                                    \n
                                  • Ph\u00e2n t\u00edch chi ti\u1ebft k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n t\u1eeb b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, h\u1ecdp c\u1ed5 \u0111\u00f4ng v\u00e0 th\u00f4ng b\u00e1o<\/li>\n
                                  • K\u1ebf ho\u1ea1ch c\u1ee5 th\u1ec3: M\u1ee5c ti\u00eau s\u1eed d\u1ee5ng v\u1ed1n, s\u1ed1 ti\u1ec1n c\u1ea7n thi\u1ebft, th\u1eddi gian th\u1ef1c hi\u1ec7n<\/li>\n
                                  • L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng t\u1eeb vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n m\u1edbi (n\u00ean >15%)<\/li>\n
                                  • V\u00ed d\u1ee5 t\u1ed1t: VCB t\u0103ng v\u1ed1n \u0111\u1ec3 \u0111\u1ea1t CAR >11% theo Basel II, m\u1edf r\u1ed9ng cho vay +20%\/n\u0103m<\/li>\n<\/ul>\n
                                  • B\u01b0\u1edbc 3: Gi\u1eef qua nhi\u1ec1u l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c<\/li>\n
                                      \n
                                    • Gi\u1eef c\u1ed5 phi\u1ebfu qua nhi\u1ec1u l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c (t\u1ed1i thi\u1ec3u 3-5 n\u0103m) \u0111\u1ec3 t\u1eadn d\u1ee5ng hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p<\/li>\n
                                    • T\u00e1i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t (n\u1ebfu c\u00f3) \u0111\u1ec3 mua th\u00eam c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f9ng c\u00f4ng ty<\/li>\n
                                    • Ki\u00ean nh\u1eabn v\u01b0\u1ee3t qua c\u00e1c giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh ng\u1eafn h\u1ea1n sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>\n
                                    • \u0110\u1eb7t m\u1ee9c c\u1eaft l\u1ed7 r\u1ed9ng (20-25%) v\u00e0 ch\u1ec9 b\u00e1n khi c\u00f3 thay \u0111\u1ed5i c\u01a1 b\u1ea3n trong ch\u1ea5t l\u01b0\u1ee3ng c\u00f4ng ty<\/li>\n<\/ul>\n
                                    • B\u01b0\u1edbc 4: T\u1ed1i \u01b0u h\u00f3a th\u1eddi \u0111i\u1ec3m mua b\u1ed5 sung<\/li>\n
                                        \n
                                      • Mua th\u00eam c\u1ed5 phi\u1ebfu sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n khi gi\u00e1 th\u01b0\u1eddng th\u1ea5p h\u01a1n 2-5% so v\u1edbi \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft<\/li>\n
                                      • \u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c DCA (Dollar-Cost Averaging): Ph\u00e2n b\u1ed5 ti\u1ec1n mua \u0111\u1ec1u \u0111\u1eb7n h\u00e0ng qu\u00fd\/n\u0103m<\/li>\n
                                      • T\u0103ng t\u1ef7 l\u1ec7 mua sau c\u00e1c \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c l\u1edbn (>30%)<\/li>\n
                                      • V\u00ed d\u1ee5: T\u0103ng g\u1ea5p \u0111\u00f4i s\u1ed1 ti\u1ec1n mua th\u00f4ng th\u01b0\u1eddng trong tu\u1ea7n \u0111\u1ea7u sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n
                                        \n

                                        V\u00ed d\u1ee5 th\u1ef1c t\u1ebf:<\/b> Nh\u00e0 \u0111\u1ea7u t\u01b0 mua 1.000 c\u1ed5 phi\u1ebfu FPT v\u00e0o \u0111\u1ea7u n\u0103m 2018 v\u1edbi gi\u00e1 40.000 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu (t\u1ed5ng 40 tri\u1ec7u \u0111\u1ed3ng) v\u00e0 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c n\u00e0y. Sau 5 l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu v\u1edbi c\u00e1c t\u1ef7 l\u1ec7 l\u1ea7n l\u01b0\u1ee3t l\u00e0 20%, 15%, 20%, 20%, 20%, nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n s\u1edf h\u1eefu 2.290 c\u1ed5 phi\u1ebfu. V\u1edbi gi\u00e1 FPT hi\u1ec7n t\u1ea1i (09\/2023) l\u00e0 85.000 \u0111\u1ed3ng, gi\u00e1 tr\u1ecb danh m\u1ee5c \u0111\u1ea1t 194,7 tri\u1ec7u \u0111\u1ed3ng, t\u0103ng 387% so v\u1edbi v\u1ed1n ban \u0111\u1ea7u m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ea7u t\u01b0 th\u00eam.<\/p>\n<\/div>\n

                                        \n

                                        Hi\u1ec7u qu\u1ea3:<\/b> Ph\u00e2n t\u00edch 10 c\u00f4ng ty ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec1u \u0111\u1eb7n trong 5 n\u0103m li\u00ean ti\u1ebfp cho th\u1ea5y chi\u1ebfn l\u01b0\u1ee3c n\u00e0y mang l\u1ea1i t\u1ed5ng l\u1ee3i nhu\u1eadn trung b\u00ecnh 287,5% (CAGR 31,2%\/n\u0103m).<\/p>\n<\/div>\n

                                        \n

                                        3. Chi\u1ebfn l\u01b0\u1ee3c “B\u00e1n Tr\u01b0\u1edbc – Mua Sau” cho nh\u00e0 \u0111\u1ea7u t\u01b0 linh ho\u1ea1t<\/h3>\n<\/div>\n
                                        \n

                                        Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y t\u1eadn d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n v\u00e0 c\u00e1c ng\u00e0y sau \u0111\u00f3:<\/p>\n<\/div>\n

                                        \n
                                          \n
                                        • B\u01b0\u1edbc 1: X\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m b\u00e1n t\u1ed1i \u01b0u<\/li>\n
                                            \n
                                          • B\u00e1n c\u1ed5 phi\u1ebfu 1-2 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n (ng\u00e0y T-1 ho\u1eb7c T-2)<\/li>\n
                                          • \u0110\u00e2y l\u00e0 th\u1eddi \u0111i\u1ec3m gi\u00e1 th\u01b0\u1eddng cao do nh\u00e0 \u0111\u1ea7u t\u01b0 mua \u0111\u1ec3 nh\u1eadn quy\u1ec1n<\/li>\n
                                          • D\u1eef li\u1ec7u t\u1eeb 35 c\u00f4ng ty: Gi\u00e1 trung b\u00ecnh cao h\u01a1n 1,2% so v\u1edbi 5 ng\u00e0y tr\u01b0\u1edbc \u0111\u00f3<\/li>\n
                                          • \u0110\u1eb7t l\u1ec7nh b\u00e1n cao h\u01a1n gi\u00e1 th\u1ecb tr\u01b0\u1eddng 0,5-1% \u0111\u1ec3 t\u1eadn d\u1ee5ng nhu c\u1ea7u mua cu\u1ed1i c\u00f9ng<\/li>\n<\/ul>\n
                                          • B\u01b0\u1edbc 2: Mua l\u1ea1i sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>\n
                                              \n
                                            • Mua l\u1ea1i v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n ho\u1eb7c 1-2 ng\u00e0y sau (ng\u00e0y T+0, T+1 ho\u1eb7c T+2)<\/li>\n
                                            • Gi\u00e1 th\u01b0\u1eddng gi\u1ea3m 2-5% s\u00e2u h\u01a1n \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft do \u00e1p l\u1ef1c b\u00e1n<\/li>\n
                                            • X\u00e1c \u0111\u1ecbnh gi\u00e1 m\u1ee5c ti\u00eau: (Gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh l\u00fd thuy\u1ebft) \u00d7 (1 – 2-5%)<\/li>\n
                                            • \u0110\u1eb7t l\u1ec7nh mua theo kho\u1ea3ng gi\u00e1, ph\u00e2n b\u1ed5 30%-40%-30% cho 3 ng\u00e0y li\u00ean ti\u1ebfp<\/li>\n<\/ul>\n
                                            • B\u01b0\u1edbc 3: T\u1ed1i \u01b0u h\u00f3a s\u1ed1 l\u01b0\u1ee3ng mua<\/li>\n
                                                \n
                                              • V\u1edbi c\u00f9ng s\u1ed1 ti\u1ec1n (t\u1eeb l\u1ea7n b\u00e1n tr\u01b0\u1edbc), nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mua th\u00eam 3-8% c\u1ed5 phi\u1ebfu<\/li>\n
                                              • V\u00ed d\u1ee5: B\u00e1n 1.000 c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c 30.000 \u0111\u1ed3ng (30 tri\u1ec7u \u0111\u1ed3ng), sau \u0111i\u1ec1u ch\u1ec9nh 20% + gi\u1ea3m th\u00eam 3%, c\u00f3 th\u1ec3 mua l\u1ea1i 1.237 c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c 24.250 \u0111\u1ed3ng<\/li>\n
                                              • T\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu s\u1edf h\u1eefu m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ea7u t\u01b0 th\u00eam<\/li>\n
                                              • T\u1ed1i \u0111a h\u00f3a hi\u1ec7u \u1ee9ng “qu\u00e1 \u0111i\u1ec1u ch\u1ec9nh” th\u01b0\u1eddng x\u1ea3y ra<\/li>\n<\/ul>\n
                                              • B\u01b0\u1edbc 4: Qu\u1ea3n l\u00fd r\u1ee7i ro<\/li>\n
                                                  \n
                                                • Ch\u1ec9 \u00e1p d\u1ee5ng v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 thanh kho\u1ea3n cao (>1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y)<\/li>\n
                                                • Chu\u1ea9n b\u1ecb k\u1ebf ho\u1ea1ch d\u1ef1 ph\u00f2ng n\u1ebfu gi\u00e1 kh\u00f4ng gi\u1ea3m nh\u01b0 mong \u0111\u1ee3i sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/li>\n
                                                • Don
                                                  \n"},"faq":[{"question":"Vi\u1ec7c ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu c\u00f3 th\u1ef1c s\u1ef1 l\u00e0m t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 kh\u00f4ng?","answer":"V\u1ec1 l\u00fd thuy\u1ebft, vi\u1ec7c ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu kh\u00f4ng ngay l\u1eadp t\u1ee9c l\u00e0m t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0. Khi m\u1ed9t c\u00f4ng ty ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu, gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ebd gi\u1ea3m theo t\u1ef7 l\u1ec7 pha lo\u00e3ng s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c: Gi\u00e1 m\u1edbi = Gi\u00e1 c\u0169 \u00d7 100 \/ (100 + T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c). Tuy nhi\u00ean, ph\u00e2n t\u00edch 35 c\u00f4ng ty ni\u00eam y\u1ebft trong giai \u0111o\u1ea1n 2022-2023 cho th\u1ea5y 72% c\u00f4ng ty c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 15,3% trong v\u00f2ng 6 th\u00e1ng sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c. \u0110i\u1ec1u n\u00e0y x\u1ea3y ra khi c\u00e1c doanh nghi\u1ec7p s\u1eed d\u1ee5ng hi\u1ec7u qu\u1ea3 v\u1ed1n gi\u1eef l\u1ea1i \u0111\u1ec3 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng. V\u00ed d\u1ee5: VCB sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c 18,1% (Q1\/2023) \u0111\u00e3 c\u00f3 l\u1ee3i nhu\u1eadn r\u00f2ng Q2\/2023 t\u0103ng 19,6% so v\u1edbi c\u00f9ng k\u1ef3, gi\u00fap gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng 24,3% sau 3 th\u00e1ng. Do \u0111\u00f3, ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 t\u1ea1o ra gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n n\u1ebfu doanh nghi\u1ec7p c\u00f3 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n hi\u1ec7u qu\u1ea3."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c n\u00e0o hi\u1ec7u qu\u1ea3 nh\u1ea5t khi \u0111\u1ed1i m\u1eb7t v\u1edbi vi\u1ec7c ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu?","answer":"Kh\u00f4ng c\u00f3 chi\u1ebfn l\u01b0\u1ee3c \"m\u1ed9t k\u00edch c\u1ee1 ph\u00f9 h\u1ee3p cho t\u1ea5t c\u1ea3\" - hi\u1ec7u qu\u1ea3 ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng. D\u1ef1a tr\u00ean ph\u00e2n t\u00edch 35 tr\u01b0\u1eddng h\u1ee3p ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c trong giai \u0111o\u1ea1n 2022-2023, 3 chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 nh\u1ea5t l\u00e0: (1) \"Mua tr\u01b0\u1edbc - B\u00e1n sau\": Mua tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n 5-7 ng\u00e0y, gi\u1eef qua \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c, v\u00e0 b\u00e1n 7-10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u01b0\u1ee3c ghi c\u00f3 v\u00e0o t\u00e0i kho\u1ea3n - mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 8,2% trong 30-35 ng\u00e0y; (2) \"T\u00edch l\u0169y d\u00e0i h\u1ea1n\": Ch\u1ecdn c\u00e1c doanh nghi\u1ec7p ch\u1ea5t l\u01b0\u1ee3ng cao c\u00f3 l\u1ecbch s\u1eed ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n, gi\u1eef qua nhi\u1ec1u \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c - ph\u00e2n t\u00edch 10 c\u00f4ng ty cho th\u1ea5y chi\u1ebfn l\u01b0\u1ee3c n\u00e0y mang l\u1ea1i t\u1ed5ng l\u1ee3i nhu\u1eadn trung b\u00ecnh 287,5% trong 5 n\u0103m; (3) \"B\u00e1n tr\u01b0\u1edbc - Mua sau\": B\u00e1n tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n 1-2 ng\u00e0y, mua l\u1ea1i v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n ho\u1eb7c 1-2 ng\u00e0y sau \u0111\u00f3 - gi\u00fap t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu s\u1edf h\u1eefu trung b\u00ecnh 3,5% m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ea7u t\u01b0 th\u00eam. Chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1eb7c \u0111i\u1ec3m c\u1ed5 phi\u1ebfu, \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng v\u00e0 kh\u1ea9u v\u1ecb r\u1ee7i ro c\u00e1 nh\u00e2n."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a vi\u1ec7c ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu?","answer":"\u0110\u00e1nh gi\u00e1 ch\u1ea5t l\u01b0\u1ee3ng ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu c\u1ea7n xem x\u00e9t 5 y\u1ebfu t\u1ed1 ch\u00ednh: (1) K\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n: T\u00ednh c\u1ee5 th\u1ec3, minh b\u1ea1ch v\u00e0 kh\u1ea3 thi c\u1ee7a k\u1ebf ho\u1ea1ch - VCB v\u00e0 FPT c\u00f3 k\u1ebf ho\u1ea1ch chi ti\u1ebft v\u1edbi c\u00e1c con s\u1ed1 c\u1ee5 th\u1ec3, trong khi VHM m\u01a1 h\u1ed3 h\u01a1n; (2) T\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i h\u1ee3p l\u00fd: T\u1ef7 l\u1ec7 15-25% th\u01b0\u1eddng cung c\u1ea5p s\u1ef1 c\u00e2n b\u1eb1ng t\u1ed1t nh\u1ea5t - t\u1ef7 l\u1ec7 qu\u00e1 cao nh\u01b0 TCB (50%) \u0111\u00f2i h\u1ecfi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ec3 b\u00f9 \u0111\u1eafp s\u1ef1 pha lo\u00e3ng; (3) Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng: Doanh nghi\u1ec7p c\u1ea7n c\u00f3 kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn r\u00f2ng v\u1edbi t\u1ed1c \u0111\u1ed9 b\u1eb1ng ho\u1eb7c cao h\u01a1n t\u1ef7 l\u1ec7 pha lo\u00e3ng EPS; (4) L\u1ecbch s\u1eed hi\u1ec7u qu\u1ea3: \u0110\u00e1nh gi\u00e1 k\u1ebft qu\u1ea3 c\u1ee7a c\u00e1c l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c tr\u01b0\u1edbc \u0111\u00f3 th\u00f4ng qua c\u00e1c ch\u1ec9 s\u1ed1 nh\u01b0 ROE, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn r\u00f2ng v\u00e0 bi\u1ebfn \u0111\u1ed9ng gi\u00e1; (5) Th\u1eddi \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng: Ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c trong c\u00e1c giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng thu\u1eadn l\u1ee3i (nh\u01b0 Q1-Q2\/2023) th\u01b0\u1eddng mang l\u1ea1i k\u1ebft qu\u1ea3 t\u1ed1t h\u01a1n so v\u1edbi c\u00e1c giai \u0111o\u1ea1n kh\u00f3 kh\u0103n (Q4\/2022). C\u00e1c c\u00f4ng c\u1ee5 nh\u01b0 \"Dividend Strategy Screener\" c\u1ee7a Pocket Option c\u00f3 th\u1ec3 gi\u00fap \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y."},{"question":"Nh\u1eefng l\u1ee3i th\u1ebf c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu so v\u1edbi c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t l\u00e0 g\u00ec?","answer":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu c\u00f3 7 l\u1ee3i th\u1ebf ch\u00ednh so v\u1edbi c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t: (1) L\u1ee3i \u00edch thu\u1ebf: Kh\u00f4ng c\u1ea7n tr\u1ea3 5% thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n nh\u01b0 v\u1edbi ti\u1ec1n m\u1eb7t, ti\u1ebft ki\u1ec7m \u0111\u00e1ng k\u1ec3 v\u1edbi c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 l\u1edbn; (2) T\u0103ng t\u1ef1 \u0111\u1ed9ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu: C\u1ed5 \u0111\u00f4ng s\u1edf h\u1eefu nhi\u1ec1u c\u1ed5 phi\u1ebfu h\u01a1n m\u00e0 kh\u00f4ng c\u1ea7n v\u1ed1n b\u1ed5 sung - 5 l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ee7a VCB t\u1eeb n\u0103m 2018 \u0111\u00e3 t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u00ean 98,5%; (3) Hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p d\u00e0i h\u1ea1n: C\u1ed5 phi\u1ebfu m\u1edbi ti\u1ebfp t\u1ee5c t\u1ea1o ra l\u1ee3i nhu\u1eadn v\u00e0 nh\u1eadn c\u1ed5 t\u1ee9c trong t\u01b0\u01a1ng lai; (4) Ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n: Doanh nghi\u1ec7p gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00e1t tri\u1ec3n; (5) C\u1ea3i thi\u1ec7n thanh kho\u1ea3n: Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng trung b\u00ecnh 28,5% sau c\u00e1c \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c; (6) T\u00e2m l\u00fd t\u00edch c\u1ef1c: 78% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea3m th\u1ea5y t\u00edch c\u1ef1c khi th\u1ea5y s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng; (7) C\u01a1 h\u1ed9i giao d\u1ecbch chi\u1ebfn l\u01b0\u1ee3c: C\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n t\u1ea1o ra c\u01a1 h\u1ed9i giao d\u1ecbch. Tuy nhi\u00ean, nh\u01b0\u1ee3c \u0111i\u1ec3m l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n m\u1eb7t ngay l\u1eadp t\u1ee9c v\u00e0 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 pha lo\u00e3ng EPS (gi\u1ea3m trung b\u00ecnh 18,2% ngay sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c)."},{"question":"Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0o quy\u1ebft \u0111\u1ecbnh s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a m\u1ed9t doanh nghi\u1ec7p sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu?","answer":"Ph\u00e2n t\u00edch 35 tr\u01b0\u1eddng h\u1ee3p trong giai \u0111o\u1ea1n 2022-2023 cho th\u1ea5y 5 y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh th\u00e0nh c\u00f4ng: (1) Hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n: C\u00e1c doanh nghi\u1ec7p c\u00f3 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn r\u00f2ng >15% sau khi t\u0103ng v\u1ed1n th\u01b0\u1eddng th\u1ea5y gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng 23,8% sau 6 th\u00e1ng (v\u00ed d\u1ee5: VCB +24,7%, FPT +28,5%) so v\u1edbi m\u1ee9c gi\u1ea3m 8,5% \u0111\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f3 k\u1ebft qu\u1ea3 kinh doanh kh\u00f4ng \u0111\u1ed5i\/gi\u1ea3m; (2) M\u1ee5c \u0111\u00edch t\u0103ng v\u1ed1n r\u00f5 r\u00e0ng: C\u00e1c doanh nghi\u1ec7p c\u00f3 k\u1ebf ho\u1ea1ch c\u1ee5 th\u1ec3, minh b\u1ea1ch v\u00e0 kh\u1ea3 thi nh\u01b0 VCB, FPT v\u00e0 MWG c\u00f3 ph\u1ea3n \u1ee9ng gi\u00e1 t\u00edch c\u1ef1c h\u01a1n; (3) T\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i h\u1ee3p l\u00fd: T\u1ef7 l\u1ec7 15-25% c\u00e2n b\u1eb1ng t\u1ed1t gi\u1eefa t\u00e1c \u0111\u1ed9ng pha lo\u00e3ng v\u00e0 nhu c\u1ea7u v\u1ed1n; (4) Duy tr\u00ec hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng: ROE gi\u1ea3m <3% sau khi t\u0103ng v\u1ed1n l\u00e0 d\u1ea5u hi\u1ec7u t\u00edch c\u1ef1c; (5) Truy\u1ec1n th\u00f4ng hi\u1ec7u qu\u1ea3: C\u00e1c doanh nghi\u1ec7p th\u01b0\u1eddng xuy\u00ean c\u1eadp nh\u1eadt v\u1ec1 ti\u1ebfn \u0111\u1ed9 s\u1eed d\u1ee5ng v\u1ed1n v\u00e0 k\u1ebft qu\u1ea3 \u0111\u1ea1t \u0111\u01b0\u1ee3c sau khi t\u0103ng v\u1ed1n. C\u00e1c doanh nghi\u1ec7p t\u0103ng v\u1ed1n qu\u00e1 nhanh (>100% trong 2 n\u0103m) m\u00e0 kh\u00f4ng c\u00f3 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n hi\u1ec7u qu\u1ea3 th\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng k\u00e9m."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Vi\u1ec7c ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu c\u00f3 th\u1ef1c s\u1ef1 l\u00e0m t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 kh\u00f4ng?","answer":"V\u1ec1 l\u00fd thuy\u1ebft, vi\u1ec7c ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu kh\u00f4ng ngay l\u1eadp t\u1ee9c l\u00e0m t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0. Khi m\u1ed9t c\u00f4ng ty ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu, gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ebd gi\u1ea3m theo t\u1ef7 l\u1ec7 pha lo\u00e3ng s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c: Gi\u00e1 m\u1edbi = Gi\u00e1 c\u0169 \u00d7 100 \/ (100 + T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c). Tuy nhi\u00ean, ph\u00e2n t\u00edch 35 c\u00f4ng ty ni\u00eam y\u1ebft trong giai \u0111o\u1ea1n 2022-2023 cho th\u1ea5y 72% c\u00f4ng ty c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 15,3% trong v\u00f2ng 6 th\u00e1ng sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c. \u0110i\u1ec1u n\u00e0y x\u1ea3y ra khi c\u00e1c doanh nghi\u1ec7p s\u1eed d\u1ee5ng hi\u1ec7u qu\u1ea3 v\u1ed1n gi\u1eef l\u1ea1i \u0111\u1ec3 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng. V\u00ed d\u1ee5: VCB sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c 18,1% (Q1\/2023) \u0111\u00e3 c\u00f3 l\u1ee3i nhu\u1eadn r\u00f2ng Q2\/2023 t\u0103ng 19,6% so v\u1edbi c\u00f9ng k\u1ef3, gi\u00fap gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng 24,3% sau 3 th\u00e1ng. Do \u0111\u00f3, ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 t\u1ea1o ra gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n n\u1ebfu doanh nghi\u1ec7p c\u00f3 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n hi\u1ec7u qu\u1ea3."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c n\u00e0o hi\u1ec7u qu\u1ea3 nh\u1ea5t khi \u0111\u1ed1i m\u1eb7t v\u1edbi vi\u1ec7c ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu?","answer":"Kh\u00f4ng c\u00f3 chi\u1ebfn l\u01b0\u1ee3c \"m\u1ed9t k\u00edch c\u1ee1 ph\u00f9 h\u1ee3p cho t\u1ea5t c\u1ea3\" - hi\u1ec7u qu\u1ea3 ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng. D\u1ef1a tr\u00ean ph\u00e2n t\u00edch 35 tr\u01b0\u1eddng h\u1ee3p ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c trong giai \u0111o\u1ea1n 2022-2023, 3 chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 nh\u1ea5t l\u00e0: (1) \"Mua tr\u01b0\u1edbc - B\u00e1n sau\": Mua tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n 5-7 ng\u00e0y, gi\u1eef qua \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c, v\u00e0 b\u00e1n 7-10 ng\u00e0y sau khi c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u01b0\u1ee3c ghi c\u00f3 v\u00e0o t\u00e0i kho\u1ea3n - mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 8,2% trong 30-35 ng\u00e0y; (2) \"T\u00edch l\u0169y d\u00e0i h\u1ea1n\": Ch\u1ecdn c\u00e1c doanh nghi\u1ec7p ch\u1ea5t l\u01b0\u1ee3ng cao c\u00f3 l\u1ecbch s\u1eed ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n, gi\u1eef qua nhi\u1ec1u \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c - ph\u00e2n t\u00edch 10 c\u00f4ng ty cho th\u1ea5y chi\u1ebfn l\u01b0\u1ee3c n\u00e0y mang l\u1ea1i t\u1ed5ng l\u1ee3i nhu\u1eadn trung b\u00ecnh 287,5% trong 5 n\u0103m; (3) \"B\u00e1n tr\u01b0\u1edbc - Mua sau\": B\u00e1n tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n 1-2 ng\u00e0y, mua l\u1ea1i v\u00e0o ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n ho\u1eb7c 1-2 ng\u00e0y sau \u0111\u00f3 - gi\u00fap t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu s\u1edf h\u1eefu trung b\u00ecnh 3,5% m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ea7u t\u01b0 th\u00eam. Chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1eb7c \u0111i\u1ec3m c\u1ed5 phi\u1ebfu, \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng v\u00e0 kh\u1ea9u v\u1ecb r\u1ee7i ro c\u00e1 nh\u00e2n."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a vi\u1ec7c ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu?","answer":"\u0110\u00e1nh gi\u00e1 ch\u1ea5t l\u01b0\u1ee3ng ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu c\u1ea7n xem x\u00e9t 5 y\u1ebfu t\u1ed1 ch\u00ednh: (1) K\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n: T\u00ednh c\u1ee5 th\u1ec3, minh b\u1ea1ch v\u00e0 kh\u1ea3 thi c\u1ee7a k\u1ebf ho\u1ea1ch - VCB v\u00e0 FPT c\u00f3 k\u1ebf ho\u1ea1ch chi ti\u1ebft v\u1edbi c\u00e1c con s\u1ed1 c\u1ee5 th\u1ec3, trong khi VHM m\u01a1 h\u1ed3 h\u01a1n; (2) T\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i h\u1ee3p l\u00fd: T\u1ef7 l\u1ec7 15-25% th\u01b0\u1eddng cung c\u1ea5p s\u1ef1 c\u00e2n b\u1eb1ng t\u1ed1t nh\u1ea5t - t\u1ef7 l\u1ec7 qu\u00e1 cao nh\u01b0 TCB (50%) \u0111\u00f2i h\u1ecfi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ec3 b\u00f9 \u0111\u1eafp s\u1ef1 pha lo\u00e3ng; (3) Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng: Doanh nghi\u1ec7p c\u1ea7n c\u00f3 kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn r\u00f2ng v\u1edbi t\u1ed1c \u0111\u1ed9 b\u1eb1ng ho\u1eb7c cao h\u01a1n t\u1ef7 l\u1ec7 pha lo\u00e3ng EPS; (4) L\u1ecbch s\u1eed hi\u1ec7u qu\u1ea3: \u0110\u00e1nh gi\u00e1 k\u1ebft qu\u1ea3 c\u1ee7a c\u00e1c l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c tr\u01b0\u1edbc \u0111\u00f3 th\u00f4ng qua c\u00e1c ch\u1ec9 s\u1ed1 nh\u01b0 ROE, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn r\u00f2ng v\u00e0 bi\u1ebfn \u0111\u1ed9ng gi\u00e1; (5) Th\u1eddi \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng: Ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c trong c\u00e1c giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng thu\u1eadn l\u1ee3i (nh\u01b0 Q1-Q2\/2023) th\u01b0\u1eddng mang l\u1ea1i k\u1ebft qu\u1ea3 t\u1ed1t h\u01a1n so v\u1edbi c\u00e1c giai \u0111o\u1ea1n kh\u00f3 kh\u0103n (Q4\/2022). C\u00e1c c\u00f4ng c\u1ee5 nh\u01b0 \"Dividend Strategy Screener\" c\u1ee7a Pocket Option c\u00f3 th\u1ec3 gi\u00fap \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y."},{"question":"Nh\u1eefng l\u1ee3i th\u1ebf c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu so v\u1edbi c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t l\u00e0 g\u00ec?","answer":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu c\u00f3 7 l\u1ee3i th\u1ebf ch\u00ednh so v\u1edbi c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t: (1) L\u1ee3i \u00edch thu\u1ebf: Kh\u00f4ng c\u1ea7n tr\u1ea3 5% thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n nh\u01b0 v\u1edbi ti\u1ec1n m\u1eb7t, ti\u1ebft ki\u1ec7m \u0111\u00e1ng k\u1ec3 v\u1edbi c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 l\u1edbn; (2) T\u0103ng t\u1ef1 \u0111\u1ed9ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu: C\u1ed5 \u0111\u00f4ng s\u1edf h\u1eefu nhi\u1ec1u c\u1ed5 phi\u1ebfu h\u01a1n m\u00e0 kh\u00f4ng c\u1ea7n v\u1ed1n b\u1ed5 sung - 5 l\u1ea7n ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c c\u1ee7a VCB t\u1eeb n\u0103m 2018 \u0111\u00e3 t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u00ean 98,5%; (3) Hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p d\u00e0i h\u1ea1n: C\u1ed5 phi\u1ebfu m\u1edbi ti\u1ebfp t\u1ee5c t\u1ea1o ra l\u1ee3i nhu\u1eadn v\u00e0 nh\u1eadn c\u1ed5 t\u1ee9c trong t\u01b0\u01a1ng lai; (4) Ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n: Doanh nghi\u1ec7p gi\u1eef l\u1ea1i v\u1ed1n \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00e1t tri\u1ec3n; (5) C\u1ea3i thi\u1ec7n thanh kho\u1ea3n: Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng trung b\u00ecnh 28,5% sau c\u00e1c \u0111\u1ee3t ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c; (6) T\u00e2m l\u00fd t\u00edch c\u1ef1c: 78% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea3m th\u1ea5y t\u00edch c\u1ef1c khi th\u1ea5y s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng; (7) C\u01a1 h\u1ed9i giao d\u1ecbch chi\u1ebfn l\u01b0\u1ee3c: C\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n t\u1ea1o ra c\u01a1 h\u1ed9i giao d\u1ecbch. Tuy nhi\u00ean, nh\u01b0\u1ee3c \u0111i\u1ec3m l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n m\u1eb7t ngay l\u1eadp t\u1ee9c v\u00e0 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 pha lo\u00e3ng EPS (gi\u1ea3m trung b\u00ecnh 18,2% ngay sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c)."},{"question":"Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0o quy\u1ebft \u0111\u1ecbnh s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a m\u1ed9t doanh nghi\u1ec7p sau khi ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu?","answer":"Ph\u00e2n t\u00edch 35 tr\u01b0\u1eddng h\u1ee3p trong giai \u0111o\u1ea1n 2022-2023 cho th\u1ea5y 5 y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh th\u00e0nh c\u00f4ng: (1) Hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n: C\u00e1c doanh nghi\u1ec7p c\u00f3 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn r\u00f2ng >15% sau khi t\u0103ng v\u1ed1n th\u01b0\u1eddng th\u1ea5y gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng 23,8% sau 6 th\u00e1ng (v\u00ed d\u1ee5: VCB +24,7%, FPT +28,5%) so v\u1edbi m\u1ee9c gi\u1ea3m 8,5% \u0111\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f3 k\u1ebft qu\u1ea3 kinh doanh kh\u00f4ng \u0111\u1ed5i\/gi\u1ea3m; (2) M\u1ee5c \u0111\u00edch t\u0103ng v\u1ed1n r\u00f5 r\u00e0ng: C\u00e1c doanh nghi\u1ec7p c\u00f3 k\u1ebf ho\u1ea1ch c\u1ee5 th\u1ec3, minh b\u1ea1ch v\u00e0 kh\u1ea3 thi nh\u01b0 VCB, FPT v\u00e0 MWG c\u00f3 ph\u1ea3n \u1ee9ng gi\u00e1 t\u00edch c\u1ef1c h\u01a1n; (3) T\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i h\u1ee3p l\u00fd: T\u1ef7 l\u1ec7 15-25% c\u00e2n b\u1eb1ng t\u1ed1t gi\u1eefa t\u00e1c \u0111\u1ed9ng pha lo\u00e3ng v\u00e0 nhu c\u1ea7u v\u1ed1n; (4) Duy tr\u00ec hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng: ROE gi\u1ea3m <3% sau khi t\u0103ng v\u1ed1n l\u00e0 d\u1ea5u hi\u1ec7u t\u00edch c\u1ef1c; (5) Truy\u1ec1n th\u00f4ng hi\u1ec7u qu\u1ea3: C\u00e1c doanh nghi\u1ec7p th\u01b0\u1eddng xuy\u00ean c\u1eadp nh\u1eadt v\u1ec1 ti\u1ebfn \u0111\u1ed9 s\u1eed d\u1ee5ng v\u1ed1n v\u00e0 k\u1ebft qu\u1ea3 \u0111\u1ea1t \u0111\u01b0\u1ee3c sau khi t\u0103ng v\u1ed1n. C\u00e1c doanh nghi\u1ec7p t\u0103ng v\u1ed1n qu\u00e1 nhanh (>100% trong 2 n\u0103m) m\u00e0 kh\u00f4ng c\u00f3 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n hi\u1ec7u qu\u1ea3 th\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng k\u00e9m."}]}},"yoast_head":"\nC\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu: 7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn l\u00ean 35% v\u00e0o n\u0103m 2023<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/stocks-dividends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu: 7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn l\u00ean 35% v\u00e0o n\u0103m 2023\" \/>\n<meta property=\"og:url\" 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class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/stocks-dividends\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/stocks-dividends\/\"},\"author\":{\"name\":\"Igor OK\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/05fda70241a3f566579f07d29b86abe1\"},\"headline\":\"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu: 7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn l\u00ean 35% v\u00e0o n\u0103m 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