{"id":302085,"date":"2025-07-11T22:41:27","date_gmt":"2025-07-11T22:41:27","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/tar-stock-2\/"},"modified":"2025-07-11T22:41:27","modified_gmt":"2025-07-11T22:41:27","slug":"tar-stock","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/tar-stock\/","title":{"rendered":"C\u1ed5 phi\u1ebfu TAR: Ph\u00e2n t\u00edch d\u1eef li\u1ec7u 2024 v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 sinh l\u1eddi"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":259764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[28,39,45],"class_list":["post-302085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-investment","tag-platform","tag-stock"],"acf":{"h1":"Ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 c\u1ed5 phi\u1ebfu TAR c\u1ee7a Pocket Option: C\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 Q3\/2024","h1_source":{"label":"H1","type":"text","formatted_value":"Ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 c\u1ed5 phi\u1ebfu TAR c\u1ee7a Pocket Option: C\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 Q3\/2024"},"description":"C\u1ed5 phi\u1ebfu TAR - Ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n v\u1edbi d\u1eef li\u1ec7u t\u00e0i ch\u00ednh Q2\/2024, d\u1ef1 b\u00e1o gi\u00e1 m\u1ee5c ti\u00eau v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u m\u00e0 b\u1ea1n c\u1ea7n h\u00f4m nay tr\u01b0\u1edbc khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng \u0111\u00e1ng k\u1ec3.","description_source":{"label":"Description","type":"textarea","formatted_value":"C\u1ed5 phi\u1ebfu TAR - Ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n v\u1edbi d\u1eef li\u1ec7u t\u00e0i ch\u00ednh Q2\/2024, d\u1ef1 b\u00e1o gi\u00e1 m\u1ee5c ti\u00eau v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u m\u00e0 b\u1ea1n c\u1ea7n h\u00f4m nay tr\u01b0\u1edbc khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng \u0111\u00e1ng k\u1ec3."},"intro":"Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 c\u1ed5 phi\u1ebfu TAR (C\u00f4ng ty C\u1ed5 ph\u1ea7n Ti\u00ean S\u01a1n Thanh H\u00f3a) v\u1edbi d\u1eef li\u1ec7u t\u00e0i ch\u00ednh qu\u00fd 2\/2024, c\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt m\u1edbi nh\u1ea5t v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 theo khung th\u1eddi gian. B\u00e0i vi\u1ebft cung c\u1ea5p th\u00f4ng tin chi ti\u1ebft v\u1ec1 v\u1ecb th\u1ebf th\u1ecb tr\u01b0\u1eddng, tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng 17-20% v\u00e0 c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng \u0111\u1ec3 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.","intro_source":{"label":"Intro","type":"text","formatted_value":"Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 c\u1ed5 phi\u1ebfu TAR (C\u00f4ng ty C\u1ed5 ph\u1ea7n Ti\u00ean S\u01a1n Thanh H\u00f3a) v\u1edbi d\u1eef li\u1ec7u t\u00e0i ch\u00ednh qu\u00fd 2\/2024, c\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt m\u1edbi nh\u1ea5t v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 theo khung th\u1eddi gian. B\u00e0i vi\u1ebft cung c\u1ea5p th\u00f4ng tin chi ti\u1ebft v\u1ec1 v\u1ecb th\u1ebf th\u1ecb tr\u01b0\u1eddng, tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng 17-20% v\u00e0 c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng \u0111\u1ec3 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>T\u1ed5ng quan v\u1ec1 c\u1ed5 phi\u1ebfu TAR v\u00e0 v\u1ecb th\u1ebf th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu TAR - m\u00e3 ch\u1ee9ng kho\u00e1n c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n Tien Son Thanh Hoa - \u0111\u00e3 \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean s\u00e0n HNX t\u1eeb n\u0103m 2010 v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i l\u00e0 610 t\u1ef7 VND (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 24,4 tri\u1ec7u USD). Trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m 2024, c\u1ed5 phi\u1ebfu TAR t\u0103ng 8,7% trong khi VN-Index ch\u1ec9 t\u0103ng 3,2%, cho th\u1ea5y s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi th\u1ecb tr\u01b0\u1eddng chung.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00f4ng ty C\u1ed5 ph\u1ea7n Tien Son Thanh Hoa v\u1edbi v\u1ed1n \u0111i\u1ec1u l\u1ec7 418,5 t\u1ef7 VND hi\u1ec7n l\u00e0 m\u1ed9t \u0111\u01a1n v\u1ecb h\u00e0ng \u0111\u1ea7u trong l\u0129nh v\u1ef1c x\u00e2y d\u1ef1ng t\u1ea1i khu v\u1ef1c B\u1eafc Trung B\u1ed9. C\u00f4ng ty \u0111\u00e3 ho\u00e0n th\u00e0nh th\u00e0nh c\u00f4ng h\u01a1n 50 d\u1ef1 \u00e1n l\u1edbn nh\u1ecf trong 5 n\u0103m qua, bao g\u1ed3m 3 g\u00f3i th\u1ea7u quan tr\u1ecdng thu\u1ed9c d\u1ef1 \u00e1n \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb tr\u00ean 1.200 t\u1ef7 VND.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu TAR trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i c\u1ea7n xem x\u00e9t t\u00ecnh h\u00ecnh ng\u00e0nh x\u00e2y d\u1ef1ng Vi\u1ec7t Nam. Theo d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb B\u1ed9 X\u00e2y d\u1ef1ng, ng\u00e0nh x\u00e2y d\u1ef1ng ghi nh\u1eadn t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng 8,5% trong n\u0103m 2023 v\u00e0 d\u1ef1 ki\u1ebfn \u0111\u1ea1t 8,8-9,2% trong n\u0103m 2024 nh\u1edd gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111\u01b0\u1ee3c \u0111\u1ea9y nhanh. T\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0 c\u00f4ng cho n\u0103m 2024 \u0111\u1ea1t 670.000 t\u1ef7 VND, t\u1ea1o \u0111\u1ed9ng l\u1ef1c l\u1edbn cho c\u00e1c doanh nghi\u1ec7p ng\u00e0nh x\u00e2y d\u1ef1ng.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/th><th>2021<\/th><th>2022<\/th><th>2023<\/th><th>6T\/2024<\/th><\/tr><\/thead><tbody><tr><td>Doanh thu (t\u1ef7 VND)<\/td><td>512<\/td><td>598<\/td><td>685<\/td><td>362 (+14,2% YoY)<\/td><\/tr><tr><td>L\u1ee3i nhu\u1eadn r\u00f2ng (t\u1ef7 VND)<\/td><td>28,5<\/td><td>35,2<\/td><td>42,7<\/td><td>23,8 (+15,6% YoY)<\/td><\/tr><tr><td>EPS (VND)<\/td><td>681<\/td><td>840<\/td><td>1.020<\/td><td>568 (6T\/2024)<\/td><\/tr><tr><td>ROE (%)<\/td><td>6,8<\/td><td>7,9<\/td><td>9,1<\/td><td>9,5 (d\u1ef1 ki\u1ebfn c\u1ea3 n\u0103m)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hi\u1ec7n t\u1ea1i, c\u1ed5 phi\u1ebfu TAR \u0111ang giao d\u1ecbch \u1edf m\u1ee9c 14.600 VND (ng\u00e0y 05 th\u00e1ng 7 n\u0103m 2024), t\u01b0\u01a1ng \u1ee9ng v\u1edbi P\/E d\u1ef1 ki\u1ebfn n\u0103m 2024 l\u00e0 13,5x. So v\u1edbi P\/E trung b\u00ecnh 12,8x c\u1ee7a ng\u00e0nh x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n ni\u00eam y\u1ebft tr\u00ean HNX, \u0111\u1ecbnh gi\u00e1 c\u1ee7a TAR \u1edf m\u1ee9c h\u1ee3p l\u00fd, ph\u1ea3n \u00e1nh ch\u00ednh x\u00e1c ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00f4ng ty.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option, m\u1ed9t n\u1ec1n t\u1ea3ng ph\u00e2n t\u00edch t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u v\u1edbi h\u01a1n 250.000 ng\u01b0\u1eddi d\u00f9ng t\u1ea1i Vi\u1ec7t Nam, \u0111\u00e1nh gi\u00e1 r\u1eb1ng c\u1ed5 phi\u1ebfu TAR \u0111ang trong giai \u0111o\u1ea1n t\u00edch l\u0169y v\u1edbi xu h\u01b0\u1edbng t\u0103ng d\u1ea7n nh\u1edd k\u1ebft qu\u1ea3 kinh doanh t\u00edch c\u1ef1c trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m v\u00e0 tri\u1ec3n v\u1ecdng ng\u00e0nh x\u00e2y d\u1ef1ng thu\u1eadn l\u1ee3i. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean ch\u00fa \u00fd \u0111\u1ebfn b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 2\/2024 s\u1eafp \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o gi\u1eefa th\u00e1ng 7 \u0111\u1ec3 c\u00f3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c h\u01a1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 t\u00e0i ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu Trung An<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 phi\u1ebfu TAR, c\u1ea7n ph\u00e2n t\u00edch chi ti\u1ebft m\u00f4 h\u00ecnh kinh doanh v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng. C\u00f4ng ty C\u1ed5 ph\u1ea7n Tien Son Thanh Hoa ho\u1ea1t \u0111\u1ed9ng theo m\u00f4 h\u00ecnh kinh doanh \u0111a d\u1ea1ng v\u1edbi 4 m\u1ea3ng ch\u00ednh, gi\u00fap \u0111a d\u1ea1ng h\u00f3a r\u1ee7i ro v\u00e0 t\u1eadn d\u1ee5ng c\u01a1 h\u1ed9i th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u01a1 c\u1ea5u doanh thu v\u00e0 bi\u00ean l\u1ee3i nhu\u1eadn theo t\u1eebng m\u1ea3ng kinh doanh<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1ec1 c\u01a1 c\u1ea5u doanh thu, c\u1ed5 phi\u1ebfu Trung An c\u00f3 s\u1ef1 ph\u00e2n b\u1ed5 r\u00f5 r\u00e0ng gi\u1eefa c\u00e1c m\u1ea3ng ho\u1ea1t \u0111\u1ed9ng. Trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m 2024, m\u1ea3ng x\u00e2y d\u1ef1ng \u0111\u00f3ng g\u00f3p 232 t\u1ef7 VND (64,1% t\u1ed5ng doanh thu), kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u1ea1t 92 t\u1ef7 VND (25,4%), s\u1ea3n xu\u1ea5t v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng \u0111\u1ea1t 26 t\u1ef7 VND (7,2%), v\u00e0 ho\u1ea1t \u0111\u1ed9ng cho thu\u00ea thi\u1ebft b\u1ecb \u0111\u1ea1t 12 t\u1ef7 VND (3,3%).<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u00e1ng ch\u00fa \u00fd, m\u1eb7c d\u00f9 m\u1ea3ng x\u00e2y d\u1ef1ng chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn nh\u1ea5t trong c\u01a1 c\u1ea5u doanh thu, nh\u01b0ng m\u1ea3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00f3ng g\u00f3p t\u1edbi 38,6% l\u1ee3i nhu\u1eadn g\u1ed9p nh\u1edd bi\u00ean l\u1ee3i nhu\u1eadn cao (28,6% so v\u1edbi 14,2% c\u1ee7a m\u1ea3ng x\u00e2y d\u1ef1ng). Chi\u1ebfn l\u01b0\u1ee3c t\u0103ng d\u1ea7n t\u1ef7 tr\u1ecdng m\u1ea3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1eeb 18% n\u0103m 2021 l\u00ean 25,4% hi\u1ec7n t\u1ea1i \u0111\u00e3 gi\u00fap t\u0103ng bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p t\u1ed5ng th\u1ec3 c\u1ee7a c\u00f4ng ty t\u1eeb 14,7% l\u00ean 17,9%.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>M\u1ea3ng kinh doanh<\/th><th>Doanh thu 6T\/2024 (t\u1ef7 VND)<\/th><th>T\u1ef7 tr\u1ecdng (%)<\/th><th>Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p (%)<\/th><th>T\u0103ng tr\u01b0\u1edfng YoY (%)<\/th><\/tr><\/thead><tbody><tr><td>D\u1ef1 \u00e1n x\u00e2y d\u1ef1ng<\/td><td>232<\/td><td>64,1%<\/td><td>14,2%<\/td><td>+10,5%<\/td><\/tr><tr><td>Kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td><td>92<\/td><td>25,4%<\/td><td>28,6%<\/td><td>+22,7%<\/td><\/tr><tr><td>S\u1ea3n xu\u1ea5t v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng<\/td><td>26<\/td><td>7,2%<\/td><td>19,3%<\/td><td>+8,3%<\/td><\/tr><tr><td>Cho thu\u00ea thi\u1ebft b\u1ecb<\/td><td>12<\/td><td>3,3%<\/td><td>42,7%<\/td><td>+15,4%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n v\u00e0 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1ec1 c\u01a1 c\u1ea5u t\u00e0i s\u1ea3n, t\u00ednh \u0111\u1ebfn ng\u00e0y 30 th\u00e1ng 6 n\u0103m 2024, TAR c\u00f3 t\u1ed5ng t\u00e0i s\u1ea3n 895 t\u1ef7 VND, trong \u0111\u00f3 t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n chi\u1ebfm 42%, ch\u1ee7 y\u1ebfu l\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u1ea7u t\u01b0 (185 t\u1ef7 VND) v\u00e0 m\u00e1y m\u00f3c thi\u1ebft b\u1ecb x\u00e2y d\u1ef1ng (122 t\u1ef7 VND). Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 t\u1ed1t v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u th\u1ea5p (1,2%) v\u00e0 t\u1ef7 l\u1ec7 thanh to\u00e1n hi\u1ec7n h\u00e0nh l\u00e0 1,45 l\u1ea7n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a c\u00f4ng ty \u0111ang c\u1ea3i thi\u1ec7n r\u00f5 r\u1ec7t qua c\u00e1c n\u0103m. ROE t\u0103ng t\u1eeb 6,8% n\u0103m 2021 l\u00ean 9,1% n\u0103m 2023 v\u00e0 d\u1ef1 ki\u1ebfn \u0111\u1ea1t 9,5-10% cho c\u1ea3 n\u0103m 2024. Tuy nhi\u00ean, ch\u1ec9 s\u1ed1 n\u00e0y v\u1eabn th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh (12,5%), cho th\u1ea5y v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3. C\u00f4ng ty \u0111ang tri\u1ec3n khai k\u1ebf ho\u1ea1ch t\u1ed1i \u01b0u h\u00f3a v\u1ed1n l\u01b0u \u0111\u1ed9ng, r\u00fat ng\u1eafn chu k\u1ef3 ti\u1ec1n m\u1eb7t t\u1eeb 65 ng\u00e0y xu\u1ed1ng c\u00f2n 52 ng\u00e0y v\u00e0o cu\u1ed1i n\u0103m 2024.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1<\/th><th>TAR (6T\/2024)<\/th><th>Trung b\u00ecnh ng\u00e0nh<\/th><th>So v\u1edbi n\u0103m tr\u01b0\u1edbc<\/th><th>\u0110\u00e1nh gi\u00e1<\/th><\/tr><\/thead><tbody><tr><td>P\/E (d\u1ef1 ki\u1ebfn 2024)<\/td><td>13,5x<\/td><td>12,8x<\/td><td>Gi\u1ea3m t\u1eeb 14,2x<\/td><td>H\u1ee3p l\u00fd, cao h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi ng\u00e0nh<\/td><\/tr><tr><td>P\/B<\/td><td>1,2x<\/td><td>1,3x<\/td><td>Gi\u1ea3m t\u1eeb 1,25x<\/td><td>H\u1ea5p d\u1eabn, th\u1ea5p h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi ng\u00e0nh<\/td><\/tr><tr><td>ROE (%)<\/td><td>9,5% (d\u1ef1 ki\u1ebfn)<\/td><td>12,5%<\/td><td>T\u0103ng t\u1eeb 9,1%<\/td><td>C\u1ea3i thi\u1ec7n nh\u01b0ng v\u1eabn th\u1ea5p<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 N\u1ee3\/V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td><td>0,82x<\/td><td>1,35x<\/td><td>Gi\u1ea3m t\u1eeb 0,85x<\/td><td>R\u1ea5t t\u1ed1t, c\u1ea5u tr\u00fac v\u1ed1n an to\u00e0n<\/td><\/tr><tr><td>Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng (%)<\/td><td>6,6%<\/td><td>5,8%<\/td><td>T\u0103ng t\u1eeb 6,2%<\/td><td>T\u1ed1t, cao h\u01a1n trung b\u00ecnh ng\u00e0nh<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh DCF (Discounted Cash Flow) cho th\u1ea5y gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu TAR kho\u1ea3ng 16.800-17.500 VND\/c\u1ed5 phi\u1ebfu, cao h\u01a1n 15-20% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i. M\u00f4 h\u00ecnh n\u00e0y d\u1ef1a tr\u00ean d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng doanh thu trung b\u00ecnh 12,5%\/n\u0103m v\u00e0 bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng c\u1ea3i thi\u1ec7n l\u00ean 7,2% v\u00e0o n\u0103m 2026, v\u1edbi t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u (WACC) l\u00e0 12,4%.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu TAR<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B\u00ean c\u1ea1nh ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n n\u1eafm v\u1eefng c\u00e1c y\u1ebfu t\u1ed1 k\u1ef9 thu\u1eadt \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a \u0111i\u1ec3m v\u00e0o v\u00e0 ra. Tr\u00ean bi\u1ec3u \u0111\u1ed3 tu\u1ea7n, c\u1ed5 phi\u1ebfu TAR \u0111\u00e3 ho\u00e0n th\u00e0nh m\u00f4 h\u00ecnh t\u00edch l\u0169y 6 th\u00e1ng (12\/2023-05\/2024) v\u00e0 b\u1eaft \u0111\u1ea7u xu h\u01b0\u1edbng t\u0103ng t\u1eeb cu\u1ed1i th\u00e1ng 5 n\u0103m 2024.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt ch\u00ednh cho k\u1ebft qu\u1ea3 chi ti\u1ebft nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u01b0\u1eddng MA20 (14.200 VND) \u0111\u00e3 c\u1eaft l\u00ean tr\u00ean MA50 (13.850 VND) t\u1eeb ng\u00e0y 12 th\u00e1ng 6 n\u0103m 2024, t\u1ea1o t\u00edn hi\u1ec7u \"giao c\u1eaft v\u00e0ng\" - m\u1ed9t d\u1ea5u hi\u1ec7u k\u1ef9 thu\u1eadt t\u00edch c\u1ef1c cho xu h\u01b0\u1edbng trung h\u1ea1n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u1ec9 b\u00e1o RSI hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 57, v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba t\u0103ng tr\u01b0\u1edbc khi v\u00e0o v\u00f9ng qu\u00e1 mua (70+)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>MACD \u0111ang duy tr\u00ec tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u1edbi histogram d\u01b0\u01a1ng v\u00e0 m\u1edf r\u1ed9ng, x\u00e1c nh\u1eadn \u0111\u1ed9ng l\u1ef1c t\u0103ng \u0111ang m\u1ea1nh l\u00ean<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh 10 phi\u00ean \u0111\u1ea1t 285.000 c\u1ed5 phi\u1ebfu\/phi\u00ean, t\u0103ng 32% so v\u1edbi trung b\u00ecnh 30 phi\u00ean tr\u01b0\u1edbc \u0111\u00f3<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bollinger Bands \u0111ang m\u1edf r\u1ed9ng v\u1edbi gi\u00e1 b\u00e1m s\u00e1t d\u1ea3i tr\u00ean, cho th\u1ea5y xu h\u01b0\u1edbng t\u0103ng \u0111ang di\u1ec5n ra m\u1ea1nh m\u1ebd<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 c\u00e1c m\u00f4 h\u00ecnh gi\u00e1 \u0111\u00e3 xu\u1ea5t hi\u1ec7n tr\u00ean bi\u1ec3u \u0111\u1ed3 c\u1ed5 phi\u1ebfu TAR trong 6 th\u00e1ng qua:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>M\u00f4 h\u00ecnh k\u1ef9 thu\u1eadt<\/th><th>Th\u1eddi gian xu\u1ea5t hi\u1ec7n<\/th><th>M\u1ee9c gi\u00e1 khi xu\u1ea5t hi\u1ec7n<\/th><th>Di\u1ec5n bi\u1ebfn sau \u0111\u00f3<\/th><\/tr><\/thead><tbody><tr><td>Double Bottom<\/td><td>15-25 th\u00e1ng 5, 2024<\/td><td>12.600-12.800 VND<\/td><td>T\u0103ng 15,8% trong 4 tu\u1ea7n, \u0111\u1ea1t 14.600 VND<\/td><\/tr><tr><td>Bull Flag<\/td><td>10-24 th\u00e1ng 6, 2024<\/td><td>13.800-14.200 VND<\/td><td>T\u0103ng 4,2% sau khi ph\u00e1 v\u1ee1 m\u00f4 h\u00ecnh l\u00ean 14.600 VND<\/td><\/tr><tr><td>Ascending Triangle<\/td><td>\u0110ang h\u00ecnh th\u00e0nh (t\u1eeb 28 th\u00e1ng 6)<\/td><td>14.300-14.600 VND<\/td><td>D\u1ef1 ki\u1ebfn ph\u00e1 v\u1ee1 kh\u00e1ng c\u1ef1 t\u1ea1i 14.800 VND trong 1-2 tu\u1ea7n t\u1edbi<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ee7a c\u1ed5 phi\u1ebfu TAR, c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng sau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00e1ng c\u1ef1 m\u1ea1nh:&nbsp;14.800 VND (ng\u1eafn h\u1ea1n), 15.500 VND (trung h\u1ea1n), 16.800 VND (d\u00e0i h\u1ea1n - cao nh\u1ea5t trong 2 n\u0103m qua)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>H\u1ed7 tr\u1ee3 quan tr\u1ecdng:&nbsp;14.200 VND (MA20), 13.850 VND (MA50), 12.800 VND (h\u1ed7 tr\u1ee3 m\u1ea1nh - double bottom v\u00e0o th\u00e1ng 5)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau gi\u00e1:&nbsp;15.500 VND (ng\u1eafn h\u1ea1n - 1 th\u00e1ng), 16.800 VND (trung h\u1ea1n - 3-6 th\u00e1ng), 18.500 VND (d\u00e0i h\u1ea1n - cu\u1ed1i n\u0103m 2024\/\u0111\u1ea7u 2025)<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch cho th\u1ea5y m\u1ed9t \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd: c\u00e1c phi\u00ean t\u0103ng gi\u00e1 th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn (trung b\u00ecnh 320.000 c\u1ed5 phi\u1ebfu\/phi\u00ean), trong khi c\u00e1c phi\u00ean \u0111i\u1ec1u ch\u1ec9nh c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng th\u1ea5p h\u01a1n (trung b\u00ecnh 215.000 c\u1ed5 phi\u1ebfu\/phi\u00ean). \u0110\u00e2y l\u00e0 d\u1ea5u hi\u1ec7u t\u00edch c\u1ef1c cho th\u1ea5y \u00e1p l\u1ef1c b\u00e1n kh\u00f4ng cao v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang t\u00edch c\u1ef1c mua v\u00e0o trong xu h\u01b0\u1edbng t\u0103ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu TAR<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c tri\u1ec3n v\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu TAR, c\u1ea7n xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00f4ng ty. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 5 y\u1ebfu t\u1ed1 v\u0129 m\u00f4 quan tr\u1ecdng nh\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ch\u00ednh s\u00e1ch \u0111\u1ea7u t\u01b0 c\u00f4ng v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn ng\u00e0nh x\u00e2y d\u1ef1ng<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam \u0111ang \u0111\u1ea9y nhanh gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng v\u1edbi t\u1ed5ng s\u1ed1 670.000 t\u1ef7 VND trong n\u0103m 2024, trong \u0111\u00f3 60% t\u1eadp trung v\u00e0o h\u1ea1 t\u1ea7ng giao th\u00f4ng. \u0110\u1eb7c bi\u1ec7t, 28 d\u1ef1 \u00e1n th\u00e0nh ph\u1ea7n c\u1ee7a \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam giai \u0111o\u1ea1n 2021-2025 v\u1edbi t\u1ed5ng m\u1ee9c \u0111\u1ea7u t\u01b0 146.990 t\u1ef7 VND \u0111ang \u0111\u01b0\u1ee3c tri\u1ec3n khai t\u00edch c\u1ef1c.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tien Son Thanh Hoa \u0111\u00e3 tr\u00fang th\u1ea7u 3 g\u00f3i th\u1ea7u cho \u0111o\u1ea1n \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam qua Thanh H\u00f3a v\u00e0 Ngh\u1ec7 An v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 1.230 t\u1ef7 VND. C\u00f4ng ty \u0111\u1eb7t m\u1ee5c ti\u00eau tr\u00fang th\u1ea7u \u00edt nh\u1ea5t 2 g\u00f3i th\u1ea7u n\u1eefa trong n\u1eeda cu\u1ed1i n\u0103m 2024, v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb kho\u1ea3ng 800-900 t\u1ef7 VND. C\u00e1c d\u1ef1 \u00e1n n\u00e0y s\u1ebd \u0111\u1ea3m b\u1ea3o doanh thu \u1ed5n \u0111\u1ecbnh cho c\u00f4ng ty trong 2-3 n\u0103m t\u1edbi.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Y\u1ebfu t\u1ed1 v\u0129 m\u00f4<\/th><th>Di\u1ec5n bi\u1ebfn hi\u1ec7n t\u1ea1i<\/th><th>T\u00e1c \u0111\u1ed9ng c\u1ee5 th\u1ec3 \u0111\u1ebfn TAR<\/th><th>D\u1ef1 b\u00e1o 6-12 th\u00e1ng t\u1edbi<\/th><\/tr><\/thead><tbody><tr><td>\u0110\u1ea7u t\u01b0 c\u00f4ng<\/td><td>T\u0103ng 25% trong n\u0103m 2024, gi\u1ea3i ng\u00e2n \u0111\u1ea1t 32,2% trong 6T\/2024<\/td><td>\u0110\u1ea3m b\u1ea3o kh\u1ed1i l\u01b0\u1ee3ng c\u00f4ng vi\u1ec7c \u1ed5n \u0111\u1ecbnh 1.230 t\u1ef7 VND hi\u1ec7n t\u1ea1i v\u00e0 c\u01a1 h\u1ed9i tr\u00fang th\u1ea7u th\u00eam 800-900 t\u1ef7 VND<\/td><td>Ti\u1ebfp t\u1ee5c t\u0103ng 15-20% trong n\u0103m 2025<\/td><\/tr><tr><td>Th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td><td>Ph\u1ee5c h\u1ed3i t\u1eeb Q2\/2024 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng 18,5% so v\u1edbi Q1<\/td><td>\u0110\u1ea9y nhanh ti\u1ebfn \u0111\u1ed9 2 d\u1ef1 \u00e1n b\u1ea5t \u0111\u1ed9ng s\u1ea3n hi\u1ec7n c\u00f3 v\u00e0 m\u1edf b\u00e1n 105 c\u0103n nh\u00e0 ph\u1ed1 v\u1edbi doanh thu d\u1ef1 ki\u1ebfn 325 t\u1ef7 VND<\/td><td>Ti\u1ebfp t\u1ee5c ph\u1ee5c h\u1ed3i m\u1ea1nh trong Q4\/2024-Q1\/2025<\/td><\/tr><tr><td>Gi\u00e1 v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng<\/td><td>\u1ed4n \u0111\u1ecbnh, th\u00e9p gi\u1ea3m 2,3%, xi m\u0103ng t\u0103ng nh\u1eb9 1,5%<\/td><td>Gi\u00fap duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p c\u1ee7a m\u1ea3ng x\u00e2y d\u1ef1ng \u1edf m\u1ee9c 14-15%<\/td><td>D\u1ef1 b\u00e1o t\u0103ng nh\u1eb9 2-3% do nhu c\u1ea7u x\u00e2y d\u1ef1ng t\u0103ng<\/td><\/tr><tr><td>L\u00e3i su\u1ea5t<\/td><td>Gi\u1ea3m 0,5-1% t\u1eeb \u0111\u1ea7u n\u0103m 2024, hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 7-8%\/n\u0103m<\/td><td>Gi\u1ea3m chi ph\u00ed t\u00e0i ch\u00ednh 3,2 t\u1ef7 VND\/n\u0103m, c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng<\/td><td>C\u00f3 th\u1ec3 gi\u1ea3m th\u00eam 0,25-0,5% v\u00e0o cu\u1ed1i n\u0103m 2024<\/td><\/tr><tr><td>T\u0103ng tr\u01b0\u1edfng GDP<\/td><td>\u0110\u1ea1t 6,42% trong Q2\/2024, d\u1ef1 b\u00e1o c\u1ea3 n\u0103m 6,5-7%<\/td><td>T\u1ea1o m\u00f4i tr\u01b0\u1eddng kinh doanh thu\u1eadn l\u1ee3i, t\u0103ng nhu c\u1ea7u nh\u00e0 \u1edf v\u00e0 h\u1ea1 t\u1ea7ng<\/td><td>Duy tr\u00ec m\u1ee9c 6,5-7% trong n\u0103m 2025<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B\u00ean c\u1ea1nh c\u00e1c y\u1ebfu t\u1ed1 thu\u1eadn l\u1ee3i, c\u0169ng c\u1ea7n l\u01b0u \u00fd m\u1ed9t s\u1ed1 th\u00e1ch th\u1ee9c. C\u1ea1nh tranh trong ng\u00e0nh x\u00e2y d\u1ef1ng ng\u00e0y c\u00e0ng gay g\u1eaft v\u1edbi h\u01a1n 65.000 doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng. T\u1eadp \u0111o\u00e0n X\u00e2y d\u1ef1ng H\u00f2a B\u00ecnh, Coteccons, v\u00e0 CIENCO4 l\u00e0 nh\u1eefng \u0111\u1ed1i th\u1ee7 l\u1edbn \u0111ang t\u00edch c\u1ef1c tham gia \u0111\u1ea5u th\u1ea7u c\u00e1c d\u1ef1 \u00e1n h\u1ea1 t\u1ea7ng giao th\u00f4ng, t\u1ea1o \u00e1p l\u1ef1c c\u1ea1nh tranh cho TAR.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c b\u00e1o c\u00e1o ph\u00e2n t\u00edch v\u0129 m\u00f4 h\u00e0ng th\u00e1ng v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf quan tr\u1ecdng v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn t\u1eebng ng\u00e0nh. Theo \u0111\u00e1nh gi\u00e1 m\u1edbi nh\u1ea5t c\u1ee7a n\u1ec1n t\u1ea3ng, m\u00f4i tr\u01b0\u1eddng v\u0129 m\u00f4 trong 6-12 th\u00e1ng t\u1edbi \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o l\u00e0 thu\u1eadn l\u1ee3i cho c\u1ed5 phi\u1ebfu TAR, \u0111\u1eb7c bi\u1ec7t nh\u1edd \u0111\u00e0 ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111\u01b0\u1ee3c \u0111\u1ea9y nhanh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 chi ti\u1ebft v\u1edbi c\u1ed5 phi\u1ebfu TAR theo c\u00e1c khung th\u1eddi gian kh\u00e1c nhau<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 c\u01a1 b\u1ea3n, k\u1ef9 thu\u1eadt v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4, c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 cho c\u1ed5 phi\u1ebfu TAR theo ba khung th\u1eddi gian ch\u00ednh: ng\u1eafn h\u1ea1n, trung h\u1ea1n v\u00e0 d\u00e0i h\u1ea1n.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c ng\u1eafn h\u1ea1n (1-4 tu\u1ea7n):&nbsp;\u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c \"mua trong v\u00f9ng t\u00edch l\u0169y, b\u00e1n trong v\u00f9ng kh\u00e1ng c\u1ef1\" trong kho\u1ea3ng 14.200-15.500 VND. Mua khi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 v\u00f9ng 14.200-14.300 VND v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng gi\u1ea3m, v\u1edbi ch\u1ec9 b\u00e1o RSI tr\u1edf v\u1ec1 v\u00f9ng 45-50. \u0110\u1eb7t m\u1ee5c ti\u00eau b\u00e1n t\u1ea1i 15.300-15.500 VND khi RSI v\u00e0o v\u00f9ng qu\u00e1 mua (70+). C\u1eaft l\u1ed7 t\u1ea1i 13.800 VND n\u1ebfu gi\u00e1 ph\u00e1 v\u1ee1 MA20 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c trung h\u1ea1n (1-6 th\u00e1ng):&nbsp;\u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c t\u00edch l\u0169y theo xu h\u01b0\u1edbng v\u1edbi m\u1ee5c ti\u00eau x\u00e2y d\u1ef1ng v\u1ecb th\u1ebf d\u00e0i h\u1ea1n. Ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0o 3-4 giai \u0111o\u1ea1n mua khi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 k\u1ef9 thu\u1eadt quan tr\u1ecdng (14.200, 13.850, 13.200 VND). M\u1ee5c ti\u00eau gi\u00e1 16.800 VND (cao nh\u1ea5t trong 2 n\u0103m) v\u00e0o Q4\/2024 ho\u1eb7c Q1\/2025. C\u1eaft l\u1ed7 t\u1ed5ng th\u1ec3 t\u1ea1i 12.800 VND n\u1ebfu th\u1ecb tr\u01b0\u1eddng c\u00f3 bi\u1ebfn \u0111\u1ed9ng ti\u00eau c\u1ef1c.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n (tr\u00ean 6 th\u00e1ng):&nbsp;Xem TAR nh\u01b0 m\u1ed9t t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ed1t l\u00f5i v\u1edbi k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng 12-15%\/n\u0103m v\u00e0 c\u1ed5 t\u1ee9c 5-7%. Mua d\u1ea7n \u1edf c\u00e1c m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd d\u01b0\u1edbi 15.000 VND v\u00e0 gi\u1eef trong 1-2 n\u0103m. M\u1ee5c ti\u00eau gi\u00e1 cho cu\u1ed1i n\u0103m 2025 l\u00e0 18.500-19.200 VND d\u1ef1a tr\u00ean d\u1ef1 b\u00e1o EPS n\u0103m 2025 l\u00e0 1.380 VND v\u00e0 P\/E m\u1ee5c ti\u00eau l\u00e0 14x.<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 b\u1ea3ng t\u00f3m t\u1eaft c\u00e1c nguy\u00ean t\u1eafc quan tr\u1ecdng v\u00e0 ph\u01b0\u01a1ng ph\u00e1p th\u1ef1c hi\u1ec7n c\u1ee5 th\u1ec3 cho t\u1eebng chi\u1ebfn l\u01b0\u1ee3c:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Nguy\u00ean t\u1eafc<\/th><th>Ph\u01b0\u01a1ng ph\u00e1p th\u1ef1c hi\u1ec7n c\u1ee5 th\u1ec3<\/th><th>Th\u1eddi \u0111i\u1ec3m \u00e1p d\u1ee5ng<\/th><\/tr><\/thead><tbody><tr><td>Ph\u00e2n b\u1ed5 v\u1ed1n h\u1ee3p l\u00fd<\/td><td>TAR kh\u00f4ng n\u00ean v\u01b0\u1ee3t qu\u00e1 5-7% danh m\u1ee5c; ph\u00e2n b\u1ed5 60% cho chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n, 40% cho giao d\u1ecbch ng\u1eafn-trung h\u1ea1n<\/td><td>\u00c1p d\u1ee5ng li\u00ean t\u1ee5c<\/td><\/tr><tr><td>Qu\u1ea3n l\u00fd r\u1ee7i ro<\/td><td>C\u1eaft l\u1ed7 ng\u1eafn h\u1ea1n: -5% t\u1eeb gi\u00e1 mua; trung h\u1ea1n: -8%; d\u00e0i h\u1ea1n: -15% ho\u1eb7c khi ph\u00e1 v\u1ee1 xu h\u01b0\u1edbng ch\u00ednh<\/td><td>\u0110\u1eb7t ngay khi m\u1edf v\u1ecb th\u1ebf<\/td><\/tr><tr><td>Chi\u1ebfn l\u01b0\u1ee3c DCA th\u00f4ng minh<\/td><td>Chia v\u1ed1n th\u00e0nh 4 ph\u1ea7n: 30% \u1edf gi\u00e1 hi\u1ec7n t\u1ea1i, 25% khi gi\u1ea3m 3%, 25% khi gi\u1ea3m 6%, 20% khi gi\u1ea3m 9%<\/td><td>Khi b\u1eaft \u0111\u1ea7u t\u00edch l\u0169y v\u1ecb th\u1ebf trung-d\u00e0i h\u1ea1n<\/td><\/tr><tr><td>K\u1ef7 lu\u1eadt ch\u1ed1t l\u1eddi<\/td><td>\u0110\u00f3ng 50% v\u1ecb th\u1ebf ng\u1eafn h\u1ea1n khi \u0111\u1ea1t +8%, 100% khi \u0111\u1ea1t +12%; \u0111\u00f3ng 30% v\u1ecb th\u1ebf trung h\u1ea1n khi \u0111\u1ea1t +15%<\/td><td>Khi gi\u00e1 \u0111\u1ea1t m\u1ee5c ti\u00eau ho\u1eb7c v\u00e0o v\u00f9ng qu\u00e1 mua<\/td><\/tr><tr><td>Theo d\u00f5i c\u00e1c y\u1ebfu t\u1ed1 k\u00edch th\u00edch<\/td><td>T\u0103ng v\u1ecb th\u1ebf khi c\u00f3 c\u00e1c y\u1ebfu t\u1ed1 k\u00edch th\u00edch t\u00edch c\u1ef1c: b\u00e1o c\u00e1o qu\u00fd v\u01b0\u1ee3t k\u1ef3 v\u1ecdng, tr\u00fang th\u1ea7u d\u1ef1 \u00e1n m\u1edbi, ch\u00ednh s\u00e1ch h\u1ed7 tr\u1ee3 ng\u00e0nh<\/td><td>Theo l\u1ecbch c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 kinh doanh (Q2 v\u00e0o 15-20 th\u00e1ng 7, Q3 v\u00e0o 15-20 th\u00e1ng 10)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 \"TAR Price Alert\" gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u1ebft l\u1eadp c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng khi c\u1ed5 phi\u1ebfu TAR \u0111\u1ea1t c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng ho\u1eb7c ph\u00e1 v\u1ee1 c\u00e1c m\u00f4 h\u00ecnh k\u1ef9 thu\u1eadt. Ngo\u00e0i ra, c\u00f4ng c\u1ee5 \"Position Sizing Calculator\" gi\u00fap t\u00ednh to\u00e1n k\u00edch th\u01b0\u1edbc l\u1ec7nh t\u1ed1i \u01b0u d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 r\u1ee7i ro ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c v\u00e0 \u0111i\u1ec3m c\u1eaft l\u1ed7 \u0111\u00e3 \u0111\u1ecbnh tr\u01b0\u1edbc.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t g\u00f3c nh\u00ecn \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 trong khi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 coi c\u1ed5 phi\u1ebfu ng\u00e0nh x\u00e2y d\u1ef1ng ch\u1ee7 y\u1ebfu l\u00e0 c\u01a1 h\u1ed9i giao d\u1ecbch ng\u1eafn h\u1ea1n, c\u1ed5 phi\u1ebfu Trung An v\u1edbi m\u00f4 h\u00ecnh kinh doanh \u0111a d\u1ea1ng, t\u1ef7 l\u1ec7 n\u1ee3 th\u1ea5p v\u00e0 ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn, th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n trong danh m\u1ee5c \u0111\u1ea7u t\u01b0. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 c\u00e2n nh\u1eafc \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c \"mua v\u00e0 gi\u1eef\" k\u1ebft h\u1ee3p v\u1edbi \"t\u00e1i c\u00e2n b\u1eb1ng \u0111\u1ecbnh k\u1ef3\" khi gi\u00e1 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>So s\u00e1nh chi ti\u1ebft c\u1ed5 phi\u1ebfu TAR v\u1edbi 3 \u0111\u1ed1i th\u1ee7 ch\u00ednh<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 c\u00f3 c\u00e1i nh\u00ecn kh\u00e1ch quan v\u1ec1 v\u1ecb th\u1ebf c\u1ea1nh tranh c\u1ee7a c\u1ed5 phi\u1ebfu TAR, c\u1ea7n so s\u00e1nh v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 tr\u1ef1c ti\u1ebfp trong ph\u00e2n kh\u00fac c\u00e1c c\u00f4ng ty x\u00e2y d\u1ef1ng nh\u1ecf v\u00e0 v\u1eeba ni\u00eam y\u1ebft tr\u00ean HNX. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 b\u1ea3ng so s\u00e1nh chi ti\u1ebft v\u1edbi 3 \u0111\u1ed1i th\u1ee7 ch\u00ednh: HU1 (C\u00f4ng ty C\u1ed5 ph\u1ea7n \u0110\u1ea7u t\u01b0 v\u00e0 X\u00e2y d\u1ef1ng HUD1), C47 (C\u00f4ng ty C\u1ed5 ph\u1ea7n X\u00e2y d\u1ef1ng 47), v\u00e0 CII (C\u00f4ng ty C\u1ed5 ph\u1ea7n \u0110\u1ea7u t\u01b0 H\u1ea1 t\u1ea7ng K\u1ef9 thu\u1eadt TP.HCM).<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1 (Q2\/2024)<\/th><th>TAR<\/th><th>HU1<\/th><th>C47<\/th><th>CII<\/th><\/tr><\/thead><tbody><tr><td>V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng (t\u1ef7 VND)<\/td><td>610<\/td><td>720<\/td><td>580<\/td><td>1.350<\/td><\/tr><tr><td>Doanh thu 6T\/2024 (t\u1ef7 VND)<\/td><td>362 (+14,2% YoY)<\/td><td>386 (+8,5% YoY)<\/td><td>312 (+6,2% YoY)<\/td><td>658 (+12,8% YoY)<\/td><\/tr><tr><td>L\u1ee3i nhu\u1eadn r\u00f2ng 6T\/2024 (t\u1ef7 VND)<\/td><td>23,8 (+15,6% YoY)<\/td><td>20,2 (+10,3% YoY)<\/td><td>16,5 (+7,8% YoY)<\/td><td>48,2 (+14,5% YoY)<\/td><\/tr><tr><td>Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng (%)<\/td><td>6,6%<\/td><td>5,2%<\/td><td>5,3%<\/td><td>7,3%<\/td><\/tr><tr><td>P\/E (d\u1ef1 ki\u1ebfn 2024)<\/td><td>13,5x<\/td><td>17,8x<\/td><td>15,2x<\/td><td>14,3x<\/td><\/tr><tr><td>ROE (%)<\/td><td>9,5% (d\u1ef1 ki\u1ebfn)<\/td><td>7,8%<\/td><td>7,2%<\/td><td>10,5%<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 N\u1ee3\/V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td><td>0,82x<\/td><td>1,24x<\/td><td>1,35x<\/td><td>1,08x<\/td><\/tr><tr><td>T\u1ef7 tr\u1ecdng b\u1ea5t \u0111\u1ed9ng s\u1ea3n trong c\u01a1 c\u1ea5u doanh thu<\/td><td>25,4%<\/td><td>15,6%<\/td><td>8,2%<\/td><td>35,7%<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 tr\u00fang th\u1ea7u 6T\/2024<\/td><td>42,7%<\/td><td>38,5%<\/td><td>32,3%<\/td><td>45,2%<\/td><\/tr><tr><td>C\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t 2023 (d\u1ef1 ki\u1ebfn 2024)<\/td><td>6% (7%)<\/td><td>5% (5%)<\/td><td>4% (4,5%)<\/td><td>3% (3,5%)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch so s\u00e1nh cho th\u1ea5y c\u1ed5 phi\u1ebfu TAR c\u00f3 m\u1ed9t s\u1ed1 l\u1ee3i th\u1ebf c\u1ea1nh tranh n\u1ed5i b\u1eadt:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn cao nh\u1ea5t trong nh\u00f3m (14,2% v\u00e0 15,6%), ch\u1ec9 sau CII - m\u1ed9t doanh nghi\u1ec7p c\u00f3 quy m\u00f4 g\u1ea5p \u0111\u00f4i<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5u tr\u00fac t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh nh\u1ea5t v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p nh\u1ea5t (0,82x), gi\u00fap gi\u1ea3m chi ph\u00ed t\u00e0i ch\u00ednh v\u00e0 t\u0103ng kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e2n b\u1eb1ng t\u1ed1t gi\u1eefa m\u1ea3ng x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n (t\u1ef7 tr\u1ecdng b\u1ea5t \u0111\u1ed9ng s\u1ea3n 25,4%), cao h\u01a1n HU1 v\u00e0 C47, gi\u00fap \u0111\u1ea3m b\u1ea3o bi\u00ean l\u1ee3i nhu\u1eadn t\u1ed1t (6,6%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn nh\u1ea5t (P\/E 13,5x) so v\u1edbi trung b\u00ecnh nh\u00f3m (15,1x), trong khi c\u00f3 t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c cao nh\u1ea5t (6-7%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 tr\u00fang th\u1ea7u cao (42,7%) nh\u1edd uy t\u00edn v\u00e0 kinh nghi\u1ec7m trong l\u0129nh v\u1ef1c x\u00e2y d\u1ef1ng giao th\u00f4ng t\u1ea1i khu v\u1ef1c B\u1eafc Trung B\u1ed9<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e1nh gi\u00e1 r\u1eb1ng v\u1edbi \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n t\u1ed1t, c\u1ed5 phi\u1ebfu TAR hi\u1ec7n l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn nh\u1ea5t trong nh\u00f3m doanh nghi\u1ec7p x\u00e2y d\u1ef1ng nh\u1ecf v\u00e0 v\u1eeba. M\u1eb7c d\u00f9 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng v\u00e0 doanh thu th\u1ea5p h\u01a1n CII, TAR c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao h\u01a1n v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn h\u01a1n, t\u1ea1o d\u01b0 \u0111\u1ecba cho gi\u00e1 t\u0103ng 15-20% trong 6-12 th\u00e1ng t\u1edbi.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: Tri\u1ec3n v\u1ecdng \u0111\u1ea7u t\u01b0 v\u00e0 m\u1ee5c ti\u00eau gi\u00e1 cho c\u1ed5 phi\u1ebfu TAR<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Sau khi ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 c\u01a1 b\u1ea3n, k\u1ef9 thu\u1eadt, v\u0129 m\u00f4 v\u00e0 so s\u00e1nh ng\u00e0nh, c\u00f3 th\u1ec3 r\u00fat ra c\u00e1c k\u1ebft lu\u1eadn v\u00e0 tri\u1ec3n v\u1ecdng c\u1ee5 th\u1ec3 v\u1ec1 \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu TAR nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu TAR \u0111ang \u1edf v\u1ecb th\u1ebf thu\u1eadn l\u1ee3i v\u1edbi m\u00f4 h\u00ecnh kinh doanh \u0111a d\u1ea1ng, c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh m\u1ea1nh (t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ch\u1ec9 0,82x) v\u00e0 chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n r\u00f5 r\u00e0ng nh\u1eb1m c\u00e2n b\u1eb1ng gi\u1eefa x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n. K\u1ebft qu\u1ea3 kinh doanh 6 th\u00e1ng \u0111\u1ea7u n\u0103m 2024 t\u00edch c\u1ef1c v\u1edbi doanh thu \u0111\u1ea1t 362 t\u1ef7 VND (+14,2% YoY) v\u00e0 l\u1ee3i nhu\u1eadn r\u00f2ng \u0111\u1ea1t 23,8 t\u1ef7 VND (+15,6% YoY) cho th\u1ea5y \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1ec1 \u0111\u1ecbnh gi\u00e1, v\u1edbi P\/E d\u1ef1 ki\u1ebfn n\u0103m 2024 l\u00e0 13,5x v\u00e0 P\/B l\u00e0 1,2x, c\u1ed5 phi\u1ebfu TAR \u0111ang giao d\u1ecbch \u1edf m\u1ee9c h\u1ea5p d\u1eabn so v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng v\u00e0 trung b\u00ecnh ng\u00e0nh. M\u00f4 h\u00ecnh DCF cho th\u1ea5y gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c 16.800-17.500 VND, cao h\u01a1n 15-20% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i l\u00e0 14.600 VND.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng trong 12-18 th\u00e1ng t\u1edbi bao g\u1ed3m:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u00e0 ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1eeb Q2\/2024 s\u1ebd th\u00fac \u0111\u1ea9y m\u1ea3ng kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u1ee7a TAR, d\u1ef1 ki\u1ebfn \u0111\u00f3ng g\u00f3p 30% doanh thu v\u00e0 45% l\u1ee3i nhu\u1eadn v\u00e0o n\u0103m 2025<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 c\u00f4ng ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c \u0111\u1ea9y nhanh v\u1edbi 28 d\u1ef1 \u00e1n th\u00e0nh ph\u1ea7n c\u1ee7a \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam \u0111ang \u0111\u01b0\u1ee3c tri\u1ec3n khai, t\u1ea1o c\u01a1 h\u1ed9i \u0111\u1ea5u th\u1ea7u l\u1edbn cho TAR t\u1ea1i khu v\u1ef1c B\u1eafc Trung B\u1ed9<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a ngu\u1ed3n thu v\u1edbi vi\u1ec7c t\u0103ng d\u1ea7n t\u1ef7 tr\u1ecdng m\u1ea3ng cho thu\u00ea thi\u1ebft b\u1ecb (bi\u00ean l\u1ee3i nhu\u1eadn cao 42,7%), d\u1ef1 ki\u1ebfn \u0111\u00f3ng g\u00f3p 5% doanh thu v\u00e0o n\u0103m 2025<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Xu h\u01b0\u1edbng gi\u1ea3m l\u00e3i su\u1ea5t s\u1ebd gi\u00fap gi\u1ea3m chi ph\u00ed t\u00e0i ch\u00ednh v\u00e0 k\u00edch th\u00edch nhu c\u1ea7u b\u1ea5t \u0111\u1ed9ng s\u1ea3n, c\u00f3 l\u1ee3i cho c\u1ea3 hai m\u1ea3ng kinh doanh ch\u00ednh c\u1ee7a TAR<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng n\u00ean l\u01b0u \u00fd m\u1ed9t s\u1ed1 r\u1ee7i ro:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea1nh tranh ng\u00e0y c\u00e0ng gay g\u1eaft trong \u0111\u1ea5u th\u1ea7u c\u00e1c d\u1ef1 \u00e1n x\u00e2y d\u1ef1ng giao th\u00f4ng t\u1eeb c\u00e1c \u0111\u1ed1i th\u1ee7 l\u1edbn nh\u01b0 H\u00f2a B\u00ecnh, Coteccons<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u00e1 v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng c\u00f3 th\u1ec3 t\u0103ng trong n\u1eeda cu\u1ed1i n\u0103m 2024 do nhu c\u1ea7u x\u00e2y d\u1ef1ng cao, g\u00e2y \u00e1p l\u1ef1c l\u00ean bi\u00ean l\u1ee3i nhu\u1eadn<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro thanh kho\u1ea3n cho c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a trung b\u00ecnh nh\u01b0 TAR khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ebfn \u0111\u1ed9 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng v\u1eabn ch\u1eadm (32,2% trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m) c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn d\u00f2ng ti\u1ec1n c\u1ee7a c\u00e1c d\u1ef1 \u00e1n \u0111ang tri\u1ec3n khai<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch to\u00e0n di\u1ec7n, Pocket Option \u0111\u01b0a ra d\u1ef1 b\u00e1o m\u1ee5c ti\u00eau gi\u00e1 cho c\u1ed5 phi\u1ebfu TAR nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau ng\u1eafn h\u1ea1n (1-3 th\u00e1ng): 15.500 VND (+6,2% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau trung h\u1ea1n (3-6 th\u00e1ng): 16.800 VND (+15,1% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau d\u00e0i h\u1ea1n (6-12 th\u00e1ng): 18.500 VND (+26,7% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i)<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u l\u00e0 k\u1ebft h\u1ee3p \"mua v\u00e0 gi\u1eef\" cho 60-70% v\u1ecb th\u1ebf, t\u1eadp trung t\u00edch l\u0169y trong kho\u1ea3ng gi\u00e1 13.800-14.600 VND, v\u1edbi 30-40% c\u00f2n l\u1ea1i \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch theo xu h\u01b0\u1edbng k\u1ef9 thu\u1eadt \u0111\u1ec3 t\u0103ng hi\u1ec7u su\u1ea5t t\u1ed5ng th\u1ec3. \u0110\u1eb7c bi\u1ec7t ch\u00fa \u00fd \u0111\u1ebfn c\u00e1c \u0111i\u1ec3m mua t\u1ed1t khi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 k\u1ef9 thu\u1eadt quan tr\u1ecdng v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch th\u1ea5p.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1edbi v\u1ecb th\u1ebf t\u00e0i ch\u00ednh m\u1ea1nh, chi\u1ebfn l\u01b0\u1ee3c kinh doanh r\u00f5 r\u00e0ng v\u00e0 tri\u1ec3n v\u1ecdng ng\u00e0nh t\u00edch c\u1ef1c, c\u1ed5 phi\u1ebfu TAR x\u1ee9ng \u0111\u00e1ng l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn cho c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 trung v\u00e0 d\u00e0i h\u1ea1n t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng k\u1ebft h\u1ee3p v\u1edbi d\u00f2ng c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p><\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>T\u1ed5ng quan v\u1ec1 c\u1ed5 phi\u1ebfu TAR v\u00e0 v\u1ecb th\u1ebf th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu TAR &#8211; m\u00e3 ch\u1ee9ng kho\u00e1n c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n Tien Son Thanh Hoa &#8211; \u0111\u00e3 \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean s\u00e0n HNX t\u1eeb n\u0103m 2010 v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i l\u00e0 610 t\u1ef7 VND (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 24,4 tri\u1ec7u USD). Trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m 2024, c\u1ed5 phi\u1ebfu TAR t\u0103ng 8,7% trong khi VN-Index ch\u1ec9 t\u0103ng 3,2%, cho th\u1ea5y s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi th\u1ecb tr\u01b0\u1eddng chung.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00f4ng ty C\u1ed5 ph\u1ea7n Tien Son Thanh Hoa v\u1edbi v\u1ed1n \u0111i\u1ec1u l\u1ec7 418,5 t\u1ef7 VND hi\u1ec7n l\u00e0 m\u1ed9t \u0111\u01a1n v\u1ecb h\u00e0ng \u0111\u1ea7u trong l\u0129nh v\u1ef1c x\u00e2y d\u1ef1ng t\u1ea1i khu v\u1ef1c B\u1eafc Trung B\u1ed9. C\u00f4ng ty \u0111\u00e3 ho\u00e0n th\u00e0nh th\u00e0nh c\u00f4ng h\u01a1n 50 d\u1ef1 \u00e1n l\u1edbn nh\u1ecf trong 5 n\u0103m qua, bao g\u1ed3m 3 g\u00f3i th\u1ea7u quan tr\u1ecdng thu\u1ed9c d\u1ef1 \u00e1n \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb tr\u00ean 1.200 t\u1ef7 VND.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu TAR trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i c\u1ea7n xem x\u00e9t t\u00ecnh h\u00ecnh ng\u00e0nh x\u00e2y d\u1ef1ng Vi\u1ec7t Nam. Theo d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb B\u1ed9 X\u00e2y d\u1ef1ng, ng\u00e0nh x\u00e2y d\u1ef1ng ghi nh\u1eadn t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng 8,5% trong n\u0103m 2023 v\u00e0 d\u1ef1 ki\u1ebfn \u0111\u1ea1t 8,8-9,2% trong n\u0103m 2024 nh\u1edd gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111\u01b0\u1ee3c \u0111\u1ea9y nhanh. T\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0 c\u00f4ng cho n\u0103m 2024 \u0111\u1ea1t 670.000 t\u1ef7 VND, t\u1ea1o \u0111\u1ed9ng l\u1ef1c l\u1edbn cho c\u00e1c doanh nghi\u1ec7p ng\u00e0nh x\u00e2y d\u1ef1ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/th>\n<th>2021<\/th>\n<th>2022<\/th>\n<th>2023<\/th>\n<th>6T\/2024<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Doanh thu (t\u1ef7 VND)<\/td>\n<td>512<\/td>\n<td>598<\/td>\n<td>685<\/td>\n<td>362 (+14,2% YoY)<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i nhu\u1eadn r\u00f2ng (t\u1ef7 VND)<\/td>\n<td>28,5<\/td>\n<td>35,2<\/td>\n<td>42,7<\/td>\n<td>23,8 (+15,6% YoY)<\/td>\n<\/tr>\n<tr>\n<td>EPS (VND)<\/td>\n<td>681<\/td>\n<td>840<\/td>\n<td>1.020<\/td>\n<td>568 (6T\/2024)<\/td>\n<\/tr>\n<tr>\n<td>ROE (%)<\/td>\n<td>6,8<\/td>\n<td>7,9<\/td>\n<td>9,1<\/td>\n<td>9,5 (d\u1ef1 ki\u1ebfn c\u1ea3 n\u0103m)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hi\u1ec7n t\u1ea1i, c\u1ed5 phi\u1ebfu TAR \u0111ang giao d\u1ecbch \u1edf m\u1ee9c 14.600 VND (ng\u00e0y 05 th\u00e1ng 7 n\u0103m 2024), t\u01b0\u01a1ng \u1ee9ng v\u1edbi P\/E d\u1ef1 ki\u1ebfn n\u0103m 2024 l\u00e0 13,5x. So v\u1edbi P\/E trung b\u00ecnh 12,8x c\u1ee7a ng\u00e0nh x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n ni\u00eam y\u1ebft tr\u00ean HNX, \u0111\u1ecbnh gi\u00e1 c\u1ee7a TAR \u1edf m\u1ee9c h\u1ee3p l\u00fd, ph\u1ea3n \u00e1nh ch\u00ednh x\u00e1c ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00f4ng ty.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option, m\u1ed9t n\u1ec1n t\u1ea3ng ph\u00e2n t\u00edch t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u v\u1edbi h\u01a1n 250.000 ng\u01b0\u1eddi d\u00f9ng t\u1ea1i Vi\u1ec7t Nam, \u0111\u00e1nh gi\u00e1 r\u1eb1ng c\u1ed5 phi\u1ebfu TAR \u0111ang trong giai \u0111o\u1ea1n t\u00edch l\u0169y v\u1edbi xu h\u01b0\u1edbng t\u0103ng d\u1ea7n nh\u1edd k\u1ebft qu\u1ea3 kinh doanh t\u00edch c\u1ef1c trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m v\u00e0 tri\u1ec3n v\u1ecdng ng\u00e0nh x\u00e2y d\u1ef1ng thu\u1eadn l\u1ee3i. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean ch\u00fa \u00fd \u0111\u1ebfn b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 2\/2024 s\u1eafp \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o gi\u1eefa th\u00e1ng 7 \u0111\u1ec3 c\u00f3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c h\u01a1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 t\u00e0i ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu Trung An<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 phi\u1ebfu TAR, c\u1ea7n ph\u00e2n t\u00edch chi ti\u1ebft m\u00f4 h\u00ecnh kinh doanh v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng. C\u00f4ng ty C\u1ed5 ph\u1ea7n Tien Son Thanh Hoa ho\u1ea1t \u0111\u1ed9ng theo m\u00f4 h\u00ecnh kinh doanh \u0111a d\u1ea1ng v\u1edbi 4 m\u1ea3ng ch\u00ednh, gi\u00fap \u0111a d\u1ea1ng h\u00f3a r\u1ee7i ro v\u00e0 t\u1eadn d\u1ee5ng c\u01a1 h\u1ed9i th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u01a1 c\u1ea5u doanh thu v\u00e0 bi\u00ean l\u1ee3i nhu\u1eadn theo t\u1eebng m\u1ea3ng kinh doanh<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1ec1 c\u01a1 c\u1ea5u doanh thu, c\u1ed5 phi\u1ebfu Trung An c\u00f3 s\u1ef1 ph\u00e2n b\u1ed5 r\u00f5 r\u00e0ng gi\u1eefa c\u00e1c m\u1ea3ng ho\u1ea1t \u0111\u1ed9ng. Trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m 2024, m\u1ea3ng x\u00e2y d\u1ef1ng \u0111\u00f3ng g\u00f3p 232 t\u1ef7 VND (64,1% t\u1ed5ng doanh thu), kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u1ea1t 92 t\u1ef7 VND (25,4%), s\u1ea3n xu\u1ea5t v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng \u0111\u1ea1t 26 t\u1ef7 VND (7,2%), v\u00e0 ho\u1ea1t \u0111\u1ed9ng cho thu\u00ea thi\u1ebft b\u1ecb \u0111\u1ea1t 12 t\u1ef7 VND (3,3%).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u00e1ng ch\u00fa \u00fd, m\u1eb7c d\u00f9 m\u1ea3ng x\u00e2y d\u1ef1ng chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn nh\u1ea5t trong c\u01a1 c\u1ea5u doanh thu, nh\u01b0ng m\u1ea3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00f3ng g\u00f3p t\u1edbi 38,6% l\u1ee3i nhu\u1eadn g\u1ed9p nh\u1edd bi\u00ean l\u1ee3i nhu\u1eadn cao (28,6% so v\u1edbi 14,2% c\u1ee7a m\u1ea3ng x\u00e2y d\u1ef1ng). Chi\u1ebfn l\u01b0\u1ee3c t\u0103ng d\u1ea7n t\u1ef7 tr\u1ecdng m\u1ea3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1eeb 18% n\u0103m 2021 l\u00ean 25,4% hi\u1ec7n t\u1ea1i \u0111\u00e3 gi\u00fap t\u0103ng bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p t\u1ed5ng th\u1ec3 c\u1ee7a c\u00f4ng ty t\u1eeb 14,7% l\u00ean 17,9%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>M\u1ea3ng kinh doanh<\/th>\n<th>Doanh thu 6T\/2024 (t\u1ef7 VND)<\/th>\n<th>T\u1ef7 tr\u1ecdng (%)<\/th>\n<th>Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p (%)<\/th>\n<th>T\u0103ng tr\u01b0\u1edfng YoY (%)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u1ef1 \u00e1n x\u00e2y d\u1ef1ng<\/td>\n<td>232<\/td>\n<td>64,1%<\/td>\n<td>14,2%<\/td>\n<td>+10,5%<\/td>\n<\/tr>\n<tr>\n<td>Kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n<td>92<\/td>\n<td>25,4%<\/td>\n<td>28,6%<\/td>\n<td>+22,7%<\/td>\n<\/tr>\n<tr>\n<td>S\u1ea3n xu\u1ea5t v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng<\/td>\n<td>26<\/td>\n<td>7,2%<\/td>\n<td>19,3%<\/td>\n<td>+8,3%<\/td>\n<\/tr>\n<tr>\n<td>Cho thu\u00ea thi\u1ebft b\u1ecb<\/td>\n<td>12<\/td>\n<td>3,3%<\/td>\n<td>42,7%<\/td>\n<td>+15,4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n v\u00e0 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1ec1 c\u01a1 c\u1ea5u t\u00e0i s\u1ea3n, t\u00ednh \u0111\u1ebfn ng\u00e0y 30 th\u00e1ng 6 n\u0103m 2024, TAR c\u00f3 t\u1ed5ng t\u00e0i s\u1ea3n 895 t\u1ef7 VND, trong \u0111\u00f3 t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n chi\u1ebfm 42%, ch\u1ee7 y\u1ebfu l\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u1ea7u t\u01b0 (185 t\u1ef7 VND) v\u00e0 m\u00e1y m\u00f3c thi\u1ebft b\u1ecb x\u00e2y d\u1ef1ng (122 t\u1ef7 VND). Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 t\u1ed1t v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u th\u1ea5p (1,2%) v\u00e0 t\u1ef7 l\u1ec7 thanh to\u00e1n hi\u1ec7n h\u00e0nh l\u00e0 1,45 l\u1ea7n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a c\u00f4ng ty \u0111ang c\u1ea3i thi\u1ec7n r\u00f5 r\u1ec7t qua c\u00e1c n\u0103m. ROE t\u0103ng t\u1eeb 6,8% n\u0103m 2021 l\u00ean 9,1% n\u0103m 2023 v\u00e0 d\u1ef1 ki\u1ebfn \u0111\u1ea1t 9,5-10% cho c\u1ea3 n\u0103m 2024. Tuy nhi\u00ean, ch\u1ec9 s\u1ed1 n\u00e0y v\u1eabn th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh (12,5%), cho th\u1ea5y v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3. C\u00f4ng ty \u0111ang tri\u1ec3n khai k\u1ebf ho\u1ea1ch t\u1ed1i \u01b0u h\u00f3a v\u1ed1n l\u01b0u \u0111\u1ed9ng, r\u00fat ng\u1eafn chu k\u1ef3 ti\u1ec1n m\u1eb7t t\u1eeb 65 ng\u00e0y xu\u1ed1ng c\u00f2n 52 ng\u00e0y v\u00e0o cu\u1ed1i n\u0103m 2024.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1<\/th>\n<th>TAR (6T\/2024)<\/th>\n<th>Trung b\u00ecnh ng\u00e0nh<\/th>\n<th>So v\u1edbi n\u0103m tr\u01b0\u1edbc<\/th>\n<th>\u0110\u00e1nh gi\u00e1<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>P\/E (d\u1ef1 ki\u1ebfn 2024)<\/td>\n<td>13,5x<\/td>\n<td>12,8x<\/td>\n<td>Gi\u1ea3m t\u1eeb 14,2x<\/td>\n<td>H\u1ee3p l\u00fd, cao h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td>P\/B<\/td>\n<td>1,2x<\/td>\n<td>1,3x<\/td>\n<td>Gi\u1ea3m t\u1eeb 1,25x<\/td>\n<td>H\u1ea5p d\u1eabn, th\u1ea5p h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td>ROE (%)<\/td>\n<td>9,5% (d\u1ef1 ki\u1ebfn)<\/td>\n<td>12,5%<\/td>\n<td>T\u0103ng t\u1eeb 9,1%<\/td>\n<td>C\u1ea3i thi\u1ec7n nh\u01b0ng v\u1eabn th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 N\u1ee3\/V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>\n<td>0,82x<\/td>\n<td>1,35x<\/td>\n<td>Gi\u1ea3m t\u1eeb 0,85x<\/td>\n<td>R\u1ea5t t\u1ed1t, c\u1ea5u tr\u00fac v\u1ed1n an to\u00e0n<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng (%)<\/td>\n<td>6,6%<\/td>\n<td>5,8%<\/td>\n<td>T\u0103ng t\u1eeb 6,2%<\/td>\n<td>T\u1ed1t, cao h\u01a1n trung b\u00ecnh ng\u00e0nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh DCF (Discounted Cash Flow) cho th\u1ea5y gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu TAR kho\u1ea3ng 16.800-17.500 VND\/c\u1ed5 phi\u1ebfu, cao h\u01a1n 15-20% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i. M\u00f4 h\u00ecnh n\u00e0y d\u1ef1a tr\u00ean d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng doanh thu trung b\u00ecnh 12,5%\/n\u0103m v\u00e0 bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng c\u1ea3i thi\u1ec7n l\u00ean 7,2% v\u00e0o n\u0103m 2026, v\u1edbi t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u (WACC) l\u00e0 12,4%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu TAR<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>B\u00ean c\u1ea1nh ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n n\u1eafm v\u1eefng c\u00e1c y\u1ebfu t\u1ed1 k\u1ef9 thu\u1eadt \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a \u0111i\u1ec3m v\u00e0o v\u00e0 ra. Tr\u00ean bi\u1ec3u \u0111\u1ed3 tu\u1ea7n, c\u1ed5 phi\u1ebfu TAR \u0111\u00e3 ho\u00e0n th\u00e0nh m\u00f4 h\u00ecnh t\u00edch l\u0169y 6 th\u00e1ng (12\/2023-05\/2024) v\u00e0 b\u1eaft \u0111\u1ea7u xu h\u01b0\u1edbng t\u0103ng t\u1eeb cu\u1ed1i th\u00e1ng 5 n\u0103m 2024.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt ch\u00ednh cho k\u1ebft qu\u1ea3 chi ti\u1ebft nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u01b0\u1eddng MA20 (14.200 VND) \u0111\u00e3 c\u1eaft l\u00ean tr\u00ean MA50 (13.850 VND) t\u1eeb ng\u00e0y 12 th\u00e1ng 6 n\u0103m 2024, t\u1ea1o t\u00edn hi\u1ec7u &#8220;giao c\u1eaft v\u00e0ng&#8221; &#8211; m\u1ed9t d\u1ea5u hi\u1ec7u k\u1ef9 thu\u1eadt t\u00edch c\u1ef1c cho xu h\u01b0\u1edbng trung h\u1ea1n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u1ec9 b\u00e1o RSI hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 57, v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba t\u0103ng tr\u01b0\u1edbc khi v\u00e0o v\u00f9ng qu\u00e1 mua (70+)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>MACD \u0111ang duy tr\u00ec tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u1edbi histogram d\u01b0\u01a1ng v\u00e0 m\u1edf r\u1ed9ng, x\u00e1c nh\u1eadn \u0111\u1ed9ng l\u1ef1c t\u0103ng \u0111ang m\u1ea1nh l\u00ean<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh 10 phi\u00ean \u0111\u1ea1t 285.000 c\u1ed5 phi\u1ebfu\/phi\u00ean, t\u0103ng 32% so v\u1edbi trung b\u00ecnh 30 phi\u00ean tr\u01b0\u1edbc \u0111\u00f3<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bollinger Bands \u0111ang m\u1edf r\u1ed9ng v\u1edbi gi\u00e1 b\u00e1m s\u00e1t d\u1ea3i tr\u00ean, cho th\u1ea5y xu h\u01b0\u1edbng t\u0103ng \u0111ang di\u1ec5n ra m\u1ea1nh m\u1ebd<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 c\u00e1c m\u00f4 h\u00ecnh gi\u00e1 \u0111\u00e3 xu\u1ea5t hi\u1ec7n tr\u00ean bi\u1ec3u \u0111\u1ed3 c\u1ed5 phi\u1ebfu TAR trong 6 th\u00e1ng qua:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>M\u00f4 h\u00ecnh k\u1ef9 thu\u1eadt<\/th>\n<th>Th\u1eddi gian xu\u1ea5t hi\u1ec7n<\/th>\n<th>M\u1ee9c gi\u00e1 khi xu\u1ea5t hi\u1ec7n<\/th>\n<th>Di\u1ec5n bi\u1ebfn sau \u0111\u00f3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Double Bottom<\/td>\n<td>15-25 th\u00e1ng 5, 2024<\/td>\n<td>12.600-12.800 VND<\/td>\n<td>T\u0103ng 15,8% trong 4 tu\u1ea7n, \u0111\u1ea1t 14.600 VND<\/td>\n<\/tr>\n<tr>\n<td>Bull Flag<\/td>\n<td>10-24 th\u00e1ng 6, 2024<\/td>\n<td>13.800-14.200 VND<\/td>\n<td>T\u0103ng 4,2% sau khi ph\u00e1 v\u1ee1 m\u00f4 h\u00ecnh l\u00ean 14.600 VND<\/td>\n<\/tr>\n<tr>\n<td>Ascending Triangle<\/td>\n<td>\u0110ang h\u00ecnh th\u00e0nh (t\u1eeb 28 th\u00e1ng 6)<\/td>\n<td>14.300-14.600 VND<\/td>\n<td>D\u1ef1 ki\u1ebfn ph\u00e1 v\u1ee1 kh\u00e1ng c\u1ef1 t\u1ea1i 14.800 VND trong 1-2 tu\u1ea7n t\u1edbi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ee7a c\u1ed5 phi\u1ebfu TAR, c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00e1ng c\u1ef1 m\u1ea1nh:&nbsp;14.800 VND (ng\u1eafn h\u1ea1n), 15.500 VND (trung h\u1ea1n), 16.800 VND (d\u00e0i h\u1ea1n &#8211; cao nh\u1ea5t trong 2 n\u0103m qua)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>H\u1ed7 tr\u1ee3 quan tr\u1ecdng:&nbsp;14.200 VND (MA20), 13.850 VND (MA50), 12.800 VND (h\u1ed7 tr\u1ee3 m\u1ea1nh &#8211; double bottom v\u00e0o th\u00e1ng 5)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau gi\u00e1:&nbsp;15.500 VND (ng\u1eafn h\u1ea1n &#8211; 1 th\u00e1ng), 16.800 VND (trung h\u1ea1n &#8211; 3-6 th\u00e1ng), 18.500 VND (d\u00e0i h\u1ea1n &#8211; cu\u1ed1i n\u0103m 2024\/\u0111\u1ea7u 2025)<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch cho th\u1ea5y m\u1ed9t \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd: c\u00e1c phi\u00ean t\u0103ng gi\u00e1 th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn (trung b\u00ecnh 320.000 c\u1ed5 phi\u1ebfu\/phi\u00ean), trong khi c\u00e1c phi\u00ean \u0111i\u1ec1u ch\u1ec9nh c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng th\u1ea5p h\u01a1n (trung b\u00ecnh 215.000 c\u1ed5 phi\u1ebfu\/phi\u00ean). \u0110\u00e2y l\u00e0 d\u1ea5u hi\u1ec7u t\u00edch c\u1ef1c cho th\u1ea5y \u00e1p l\u1ef1c b\u00e1n kh\u00f4ng cao v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang t\u00edch c\u1ef1c mua v\u00e0o trong xu h\u01b0\u1edbng t\u0103ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu TAR<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c tri\u1ec3n v\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu TAR, c\u1ea7n xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00f4ng ty. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 5 y\u1ebfu t\u1ed1 v\u0129 m\u00f4 quan tr\u1ecdng nh\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ch\u00ednh s\u00e1ch \u0111\u1ea7u t\u01b0 c\u00f4ng v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn ng\u00e0nh x\u00e2y d\u1ef1ng<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam \u0111ang \u0111\u1ea9y nhanh gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng v\u1edbi t\u1ed5ng s\u1ed1 670.000 t\u1ef7 VND trong n\u0103m 2024, trong \u0111\u00f3 60% t\u1eadp trung v\u00e0o h\u1ea1 t\u1ea7ng giao th\u00f4ng. \u0110\u1eb7c bi\u1ec7t, 28 d\u1ef1 \u00e1n th\u00e0nh ph\u1ea7n c\u1ee7a \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam giai \u0111o\u1ea1n 2021-2025 v\u1edbi t\u1ed5ng m\u1ee9c \u0111\u1ea7u t\u01b0 146.990 t\u1ef7 VND \u0111ang \u0111\u01b0\u1ee3c tri\u1ec3n khai t\u00edch c\u1ef1c.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tien Son Thanh Hoa \u0111\u00e3 tr\u00fang th\u1ea7u 3 g\u00f3i th\u1ea7u cho \u0111o\u1ea1n \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam qua Thanh H\u00f3a v\u00e0 Ngh\u1ec7 An v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 1.230 t\u1ef7 VND. C\u00f4ng ty \u0111\u1eb7t m\u1ee5c ti\u00eau tr\u00fang th\u1ea7u \u00edt nh\u1ea5t 2 g\u00f3i th\u1ea7u n\u1eefa trong n\u1eeda cu\u1ed1i n\u0103m 2024, v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb kho\u1ea3ng 800-900 t\u1ef7 VND. C\u00e1c d\u1ef1 \u00e1n n\u00e0y s\u1ebd \u0111\u1ea3m b\u1ea3o doanh thu \u1ed5n \u0111\u1ecbnh cho c\u00f4ng ty trong 2-3 n\u0103m t\u1edbi.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Y\u1ebfu t\u1ed1 v\u0129 m\u00f4<\/th>\n<th>Di\u1ec5n bi\u1ebfn hi\u1ec7n t\u1ea1i<\/th>\n<th>T\u00e1c \u0111\u1ed9ng c\u1ee5 th\u1ec3 \u0111\u1ebfn TAR<\/th>\n<th>D\u1ef1 b\u00e1o 6-12 th\u00e1ng t\u1edbi<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ea7u t\u01b0 c\u00f4ng<\/td>\n<td>T\u0103ng 25% trong n\u0103m 2024, gi\u1ea3i ng\u00e2n \u0111\u1ea1t 32,2% trong 6T\/2024<\/td>\n<td>\u0110\u1ea3m b\u1ea3o kh\u1ed1i l\u01b0\u1ee3ng c\u00f4ng vi\u1ec7c \u1ed5n \u0111\u1ecbnh 1.230 t\u1ef7 VND hi\u1ec7n t\u1ea1i v\u00e0 c\u01a1 h\u1ed9i tr\u00fang th\u1ea7u th\u00eam 800-900 t\u1ef7 VND<\/td>\n<td>Ti\u1ebfp t\u1ee5c t\u0103ng 15-20% trong n\u0103m 2025<\/td>\n<\/tr>\n<tr>\n<td>Th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n<td>Ph\u1ee5c h\u1ed3i t\u1eeb Q2\/2024 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng 18,5% so v\u1edbi Q1<\/td>\n<td>\u0110\u1ea9y nhanh ti\u1ebfn \u0111\u1ed9 2 d\u1ef1 \u00e1n b\u1ea5t \u0111\u1ed9ng s\u1ea3n hi\u1ec7n c\u00f3 v\u00e0 m\u1edf b\u00e1n 105 c\u0103n nh\u00e0 ph\u1ed1 v\u1edbi doanh thu d\u1ef1 ki\u1ebfn 325 t\u1ef7 VND<\/td>\n<td>Ti\u1ebfp t\u1ee5c ph\u1ee5c h\u1ed3i m\u1ea1nh trong Q4\/2024-Q1\/2025<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng<\/td>\n<td>\u1ed4n \u0111\u1ecbnh, th\u00e9p gi\u1ea3m 2,3%, xi m\u0103ng t\u0103ng nh\u1eb9 1,5%<\/td>\n<td>Gi\u00fap duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p c\u1ee7a m\u1ea3ng x\u00e2y d\u1ef1ng \u1edf m\u1ee9c 14-15%<\/td>\n<td>D\u1ef1 b\u00e1o t\u0103ng nh\u1eb9 2-3% do nhu c\u1ea7u x\u00e2y d\u1ef1ng t\u0103ng<\/td>\n<\/tr>\n<tr>\n<td>L\u00e3i su\u1ea5t<\/td>\n<td>Gi\u1ea3m 0,5-1% t\u1eeb \u0111\u1ea7u n\u0103m 2024, hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 7-8%\/n\u0103m<\/td>\n<td>Gi\u1ea3m chi ph\u00ed t\u00e0i ch\u00ednh 3,2 t\u1ef7 VND\/n\u0103m, c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng<\/td>\n<td>C\u00f3 th\u1ec3 gi\u1ea3m th\u00eam 0,25-0,5% v\u00e0o cu\u1ed1i n\u0103m 2024<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng GDP<\/td>\n<td>\u0110\u1ea1t 6,42% trong Q2\/2024, d\u1ef1 b\u00e1o c\u1ea3 n\u0103m 6,5-7%<\/td>\n<td>T\u1ea1o m\u00f4i tr\u01b0\u1eddng kinh doanh thu\u1eadn l\u1ee3i, t\u0103ng nhu c\u1ea7u nh\u00e0 \u1edf v\u00e0 h\u1ea1 t\u1ea7ng<\/td>\n<td>Duy tr\u00ec m\u1ee9c 6,5-7% trong n\u0103m 2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>B\u00ean c\u1ea1nh c\u00e1c y\u1ebfu t\u1ed1 thu\u1eadn l\u1ee3i, c\u0169ng c\u1ea7n l\u01b0u \u00fd m\u1ed9t s\u1ed1 th\u00e1ch th\u1ee9c. C\u1ea1nh tranh trong ng\u00e0nh x\u00e2y d\u1ef1ng ng\u00e0y c\u00e0ng gay g\u1eaft v\u1edbi h\u01a1n 65.000 doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng. T\u1eadp \u0111o\u00e0n X\u00e2y d\u1ef1ng H\u00f2a B\u00ecnh, Coteccons, v\u00e0 CIENCO4 l\u00e0 nh\u1eefng \u0111\u1ed1i th\u1ee7 l\u1edbn \u0111ang t\u00edch c\u1ef1c tham gia \u0111\u1ea5u th\u1ea7u c\u00e1c d\u1ef1 \u00e1n h\u1ea1 t\u1ea7ng giao th\u00f4ng, t\u1ea1o \u00e1p l\u1ef1c c\u1ea1nh tranh cho TAR.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c b\u00e1o c\u00e1o ph\u00e2n t\u00edch v\u0129 m\u00f4 h\u00e0ng th\u00e1ng v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf quan tr\u1ecdng v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn t\u1eebng ng\u00e0nh. Theo \u0111\u00e1nh gi\u00e1 m\u1edbi nh\u1ea5t c\u1ee7a n\u1ec1n t\u1ea3ng, m\u00f4i tr\u01b0\u1eddng v\u0129 m\u00f4 trong 6-12 th\u00e1ng t\u1edbi \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o l\u00e0 thu\u1eadn l\u1ee3i cho c\u1ed5 phi\u1ebfu TAR, \u0111\u1eb7c bi\u1ec7t nh\u1edd \u0111\u00e0 ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111\u01b0\u1ee3c \u0111\u1ea9y nhanh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 chi ti\u1ebft v\u1edbi c\u1ed5 phi\u1ebfu TAR theo c\u00e1c khung th\u1eddi gian kh\u00e1c nhau<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 c\u01a1 b\u1ea3n, k\u1ef9 thu\u1eadt v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4, c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 cho c\u1ed5 phi\u1ebfu TAR theo ba khung th\u1eddi gian ch\u00ednh: ng\u1eafn h\u1ea1n, trung h\u1ea1n v\u00e0 d\u00e0i h\u1ea1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c ng\u1eafn h\u1ea1n (1-4 tu\u1ea7n):&nbsp;\u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c &#8220;mua trong v\u00f9ng t\u00edch l\u0169y, b\u00e1n trong v\u00f9ng kh\u00e1ng c\u1ef1&#8221; trong kho\u1ea3ng 14.200-15.500 VND. Mua khi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 v\u00f9ng 14.200-14.300 VND v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng gi\u1ea3m, v\u1edbi ch\u1ec9 b\u00e1o RSI tr\u1edf v\u1ec1 v\u00f9ng 45-50. \u0110\u1eb7t m\u1ee5c ti\u00eau b\u00e1n t\u1ea1i 15.300-15.500 VND khi RSI v\u00e0o v\u00f9ng qu\u00e1 mua (70+). C\u1eaft l\u1ed7 t\u1ea1i 13.800 VND n\u1ebfu gi\u00e1 ph\u00e1 v\u1ee1 MA20 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c trung h\u1ea1n (1-6 th\u00e1ng):&nbsp;\u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c t\u00edch l\u0169y theo xu h\u01b0\u1edbng v\u1edbi m\u1ee5c ti\u00eau x\u00e2y d\u1ef1ng v\u1ecb th\u1ebf d\u00e0i h\u1ea1n. Ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0o 3-4 giai \u0111o\u1ea1n mua khi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 k\u1ef9 thu\u1eadt quan tr\u1ecdng (14.200, 13.850, 13.200 VND). M\u1ee5c ti\u00eau gi\u00e1 16.800 VND (cao nh\u1ea5t trong 2 n\u0103m) v\u00e0o Q4\/2024 ho\u1eb7c Q1\/2025. C\u1eaft l\u1ed7 t\u1ed5ng th\u1ec3 t\u1ea1i 12.800 VND n\u1ebfu th\u1ecb tr\u01b0\u1eddng c\u00f3 bi\u1ebfn \u0111\u1ed9ng ti\u00eau c\u1ef1c.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n (tr\u00ean 6 th\u00e1ng):&nbsp;Xem TAR nh\u01b0 m\u1ed9t t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ed1t l\u00f5i v\u1edbi k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng 12-15%\/n\u0103m v\u00e0 c\u1ed5 t\u1ee9c 5-7%. Mua d\u1ea7n \u1edf c\u00e1c m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd d\u01b0\u1edbi 15.000 VND v\u00e0 gi\u1eef trong 1-2 n\u0103m. M\u1ee5c ti\u00eau gi\u00e1 cho cu\u1ed1i n\u0103m 2025 l\u00e0 18.500-19.200 VND d\u1ef1a tr\u00ean d\u1ef1 b\u00e1o EPS n\u0103m 2025 l\u00e0 1.380 VND v\u00e0 P\/E m\u1ee5c ti\u00eau l\u00e0 14x.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 b\u1ea3ng t\u00f3m t\u1eaft c\u00e1c nguy\u00ean t\u1eafc quan tr\u1ecdng v\u00e0 ph\u01b0\u01a1ng ph\u00e1p th\u1ef1c hi\u1ec7n c\u1ee5 th\u1ec3 cho t\u1eebng chi\u1ebfn l\u01b0\u1ee3c:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Nguy\u00ean t\u1eafc<\/th>\n<th>Ph\u01b0\u01a1ng ph\u00e1p th\u1ef1c hi\u1ec7n c\u1ee5 th\u1ec3<\/th>\n<th>Th\u1eddi \u0111i\u1ec3m \u00e1p d\u1ee5ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ph\u00e2n b\u1ed5 v\u1ed1n h\u1ee3p l\u00fd<\/td>\n<td>TAR kh\u00f4ng n\u00ean v\u01b0\u1ee3t qu\u00e1 5-7% danh m\u1ee5c; ph\u00e2n b\u1ed5 60% cho chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n, 40% cho giao d\u1ecbch ng\u1eafn-trung h\u1ea1n<\/td>\n<td>\u00c1p d\u1ee5ng li\u00ean t\u1ee5c<\/td>\n<\/tr>\n<tr>\n<td>Qu\u1ea3n l\u00fd r\u1ee7i ro<\/td>\n<td>C\u1eaft l\u1ed7 ng\u1eafn h\u1ea1n: -5% t\u1eeb gi\u00e1 mua; trung h\u1ea1n: -8%; d\u00e0i h\u1ea1n: -15% ho\u1eb7c khi ph\u00e1 v\u1ee1 xu h\u01b0\u1edbng ch\u00ednh<\/td>\n<td>\u0110\u1eb7t ngay khi m\u1edf v\u1ecb th\u1ebf<\/td>\n<\/tr>\n<tr>\n<td>Chi\u1ebfn l\u01b0\u1ee3c DCA th\u00f4ng minh<\/td>\n<td>Chia v\u1ed1n th\u00e0nh 4 ph\u1ea7n: 30% \u1edf gi\u00e1 hi\u1ec7n t\u1ea1i, 25% khi gi\u1ea3m 3%, 25% khi gi\u1ea3m 6%, 20% khi gi\u1ea3m 9%<\/td>\n<td>Khi b\u1eaft \u0111\u1ea7u t\u00edch l\u0169y v\u1ecb th\u1ebf trung-d\u00e0i h\u1ea1n<\/td>\n<\/tr>\n<tr>\n<td>K\u1ef7 lu\u1eadt ch\u1ed1t l\u1eddi<\/td>\n<td>\u0110\u00f3ng 50% v\u1ecb th\u1ebf ng\u1eafn h\u1ea1n khi \u0111\u1ea1t +8%, 100% khi \u0111\u1ea1t +12%; \u0111\u00f3ng 30% v\u1ecb th\u1ebf trung h\u1ea1n khi \u0111\u1ea1t +15%<\/td>\n<td>Khi gi\u00e1 \u0111\u1ea1t m\u1ee5c ti\u00eau ho\u1eb7c v\u00e0o v\u00f9ng qu\u00e1 mua<\/td>\n<\/tr>\n<tr>\n<td>Theo d\u00f5i c\u00e1c y\u1ebfu t\u1ed1 k\u00edch th\u00edch<\/td>\n<td>T\u0103ng v\u1ecb th\u1ebf khi c\u00f3 c\u00e1c y\u1ebfu t\u1ed1 k\u00edch th\u00edch t\u00edch c\u1ef1c: b\u00e1o c\u00e1o qu\u00fd v\u01b0\u1ee3t k\u1ef3 v\u1ecdng, tr\u00fang th\u1ea7u d\u1ef1 \u00e1n m\u1edbi, ch\u00ednh s\u00e1ch h\u1ed7 tr\u1ee3 ng\u00e0nh<\/td>\n<td>Theo l\u1ecbch c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 kinh doanh (Q2 v\u00e0o 15-20 th\u00e1ng 7, Q3 v\u00e0o 15-20 th\u00e1ng 10)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 &#8220;TAR Price Alert&#8221; gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u1ebft l\u1eadp c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng khi c\u1ed5 phi\u1ebfu TAR \u0111\u1ea1t c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng ho\u1eb7c ph\u00e1 v\u1ee1 c\u00e1c m\u00f4 h\u00ecnh k\u1ef9 thu\u1eadt. Ngo\u00e0i ra, c\u00f4ng c\u1ee5 &#8220;Position Sizing Calculator&#8221; gi\u00fap t\u00ednh to\u00e1n k\u00edch th\u01b0\u1edbc l\u1ec7nh t\u1ed1i \u01b0u d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 r\u1ee7i ro ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c v\u00e0 \u0111i\u1ec3m c\u1eaft l\u1ed7 \u0111\u00e3 \u0111\u1ecbnh tr\u01b0\u1edbc.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t g\u00f3c nh\u00ecn \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 trong khi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 coi c\u1ed5 phi\u1ebfu ng\u00e0nh x\u00e2y d\u1ef1ng ch\u1ee7 y\u1ebfu l\u00e0 c\u01a1 h\u1ed9i giao d\u1ecbch ng\u1eafn h\u1ea1n, c\u1ed5 phi\u1ebfu Trung An v\u1edbi m\u00f4 h\u00ecnh kinh doanh \u0111a d\u1ea1ng, t\u1ef7 l\u1ec7 n\u1ee3 th\u1ea5p v\u00e0 ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn, th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n trong danh m\u1ee5c \u0111\u1ea7u t\u01b0. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 c\u00e2n nh\u1eafc \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c &#8220;mua v\u00e0 gi\u1eef&#8221; k\u1ebft h\u1ee3p v\u1edbi &#8220;t\u00e1i c\u00e2n b\u1eb1ng \u0111\u1ecbnh k\u1ef3&#8221; khi gi\u00e1 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>So s\u00e1nh chi ti\u1ebft c\u1ed5 phi\u1ebfu TAR v\u1edbi 3 \u0111\u1ed1i th\u1ee7 ch\u00ednh<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 c\u00f3 c\u00e1i nh\u00ecn kh\u00e1ch quan v\u1ec1 v\u1ecb th\u1ebf c\u1ea1nh tranh c\u1ee7a c\u1ed5 phi\u1ebfu TAR, c\u1ea7n so s\u00e1nh v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 tr\u1ef1c ti\u1ebfp trong ph\u00e2n kh\u00fac c\u00e1c c\u00f4ng ty x\u00e2y d\u1ef1ng nh\u1ecf v\u00e0 v\u1eeba ni\u00eam y\u1ebft tr\u00ean HNX. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 b\u1ea3ng so s\u00e1nh chi ti\u1ebft v\u1edbi 3 \u0111\u1ed1i th\u1ee7 ch\u00ednh: HU1 (C\u00f4ng ty C\u1ed5 ph\u1ea7n \u0110\u1ea7u t\u01b0 v\u00e0 X\u00e2y d\u1ef1ng HUD1), C47 (C\u00f4ng ty C\u1ed5 ph\u1ea7n X\u00e2y d\u1ef1ng 47), v\u00e0 CII (C\u00f4ng ty C\u1ed5 ph\u1ea7n \u0110\u1ea7u t\u01b0 H\u1ea1 t\u1ea7ng K\u1ef9 thu\u1eadt TP.HCM).<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1 (Q2\/2024)<\/th>\n<th>TAR<\/th>\n<th>HU1<\/th>\n<th>C47<\/th>\n<th>CII<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng (t\u1ef7 VND)<\/td>\n<td>610<\/td>\n<td>720<\/td>\n<td>580<\/td>\n<td>1.350<\/td>\n<\/tr>\n<tr>\n<td>Doanh thu 6T\/2024 (t\u1ef7 VND)<\/td>\n<td>362 (+14,2% YoY)<\/td>\n<td>386 (+8,5% YoY)<\/td>\n<td>312 (+6,2% YoY)<\/td>\n<td>658 (+12,8% YoY)<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i nhu\u1eadn r\u00f2ng 6T\/2024 (t\u1ef7 VND)<\/td>\n<td>23,8 (+15,6% YoY)<\/td>\n<td>20,2 (+10,3% YoY)<\/td>\n<td>16,5 (+7,8% YoY)<\/td>\n<td>48,2 (+14,5% YoY)<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng (%)<\/td>\n<td>6,6%<\/td>\n<td>5,2%<\/td>\n<td>5,3%<\/td>\n<td>7,3%<\/td>\n<\/tr>\n<tr>\n<td>P\/E (d\u1ef1 ki\u1ebfn 2024)<\/td>\n<td>13,5x<\/td>\n<td>17,8x<\/td>\n<td>15,2x<\/td>\n<td>14,3x<\/td>\n<\/tr>\n<tr>\n<td>ROE (%)<\/td>\n<td>9,5% (d\u1ef1 ki\u1ebfn)<\/td>\n<td>7,8%<\/td>\n<td>7,2%<\/td>\n<td>10,5%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 N\u1ee3\/V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>\n<td>0,82x<\/td>\n<td>1,24x<\/td>\n<td>1,35x<\/td>\n<td>1,08x<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 tr\u1ecdng b\u1ea5t \u0111\u1ed9ng s\u1ea3n trong c\u01a1 c\u1ea5u doanh thu<\/td>\n<td>25,4%<\/td>\n<td>15,6%<\/td>\n<td>8,2%<\/td>\n<td>35,7%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 tr\u00fang th\u1ea7u 6T\/2024<\/td>\n<td>42,7%<\/td>\n<td>38,5%<\/td>\n<td>32,3%<\/td>\n<td>45,2%<\/td>\n<\/tr>\n<tr>\n<td>C\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t 2023 (d\u1ef1 ki\u1ebfn 2024)<\/td>\n<td>6% (7%)<\/td>\n<td>5% (5%)<\/td>\n<td>4% (4,5%)<\/td>\n<td>3% (3,5%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch so s\u00e1nh cho th\u1ea5y c\u1ed5 phi\u1ebfu TAR c\u00f3 m\u1ed9t s\u1ed1 l\u1ee3i th\u1ebf c\u1ea1nh tranh n\u1ed5i b\u1eadt:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn cao nh\u1ea5t trong nh\u00f3m (14,2% v\u00e0 15,6%), ch\u1ec9 sau CII &#8211; m\u1ed9t doanh nghi\u1ec7p c\u00f3 quy m\u00f4 g\u1ea5p \u0111\u00f4i<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5u tr\u00fac t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh nh\u1ea5t v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p nh\u1ea5t (0,82x), gi\u00fap gi\u1ea3m chi ph\u00ed t\u00e0i ch\u00ednh v\u00e0 t\u0103ng kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e2n b\u1eb1ng t\u1ed1t gi\u1eefa m\u1ea3ng x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n (t\u1ef7 tr\u1ecdng b\u1ea5t \u0111\u1ed9ng s\u1ea3n 25,4%), cao h\u01a1n HU1 v\u00e0 C47, gi\u00fap \u0111\u1ea3m b\u1ea3o bi\u00ean l\u1ee3i nhu\u1eadn t\u1ed1t (6,6%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn nh\u1ea5t (P\/E 13,5x) so v\u1edbi trung b\u00ecnh nh\u00f3m (15,1x), trong khi c\u00f3 t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c cao nh\u1ea5t (6-7%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 tr\u00fang th\u1ea7u cao (42,7%) nh\u1edd uy t\u00edn v\u00e0 kinh nghi\u1ec7m trong l\u0129nh v\u1ef1c x\u00e2y d\u1ef1ng giao th\u00f4ng t\u1ea1i khu v\u1ef1c B\u1eafc Trung B\u1ed9<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option \u0111\u00e1nh gi\u00e1 r\u1eb1ng v\u1edbi \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n t\u1ed1t, c\u1ed5 phi\u1ebfu TAR hi\u1ec7n l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn nh\u1ea5t trong nh\u00f3m doanh nghi\u1ec7p x\u00e2y d\u1ef1ng nh\u1ecf v\u00e0 v\u1eeba. M\u1eb7c d\u00f9 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng v\u00e0 doanh thu th\u1ea5p h\u01a1n CII, TAR c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao h\u01a1n v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn h\u01a1n, t\u1ea1o d\u01b0 \u0111\u1ecba cho gi\u00e1 t\u0103ng 15-20% trong 6-12 th\u00e1ng t\u1edbi.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: Tri\u1ec3n v\u1ecdng \u0111\u1ea7u t\u01b0 v\u00e0 m\u1ee5c ti\u00eau gi\u00e1 cho c\u1ed5 phi\u1ebfu TAR<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Sau khi ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 c\u01a1 b\u1ea3n, k\u1ef9 thu\u1eadt, v\u0129 m\u00f4 v\u00e0 so s\u00e1nh ng\u00e0nh, c\u00f3 th\u1ec3 r\u00fat ra c\u00e1c k\u1ebft lu\u1eadn v\u00e0 tri\u1ec3n v\u1ecdng c\u1ee5 th\u1ec3 v\u1ec1 \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu TAR nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu TAR \u0111ang \u1edf v\u1ecb th\u1ebf thu\u1eadn l\u1ee3i v\u1edbi m\u00f4 h\u00ecnh kinh doanh \u0111a d\u1ea1ng, c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh m\u1ea1nh (t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ch\u1ec9 0,82x) v\u00e0 chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n r\u00f5 r\u00e0ng nh\u1eb1m c\u00e2n b\u1eb1ng gi\u1eefa x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n. K\u1ebft qu\u1ea3 kinh doanh 6 th\u00e1ng \u0111\u1ea7u n\u0103m 2024 t\u00edch c\u1ef1c v\u1edbi doanh thu \u0111\u1ea1t 362 t\u1ef7 VND (+14,2% YoY) v\u00e0 l\u1ee3i nhu\u1eadn r\u00f2ng \u0111\u1ea1t 23,8 t\u1ef7 VND (+15,6% YoY) cho th\u1ea5y \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1ec1 \u0111\u1ecbnh gi\u00e1, v\u1edbi P\/E d\u1ef1 ki\u1ebfn n\u0103m 2024 l\u00e0 13,5x v\u00e0 P\/B l\u00e0 1,2x, c\u1ed5 phi\u1ebfu TAR \u0111ang giao d\u1ecbch \u1edf m\u1ee9c h\u1ea5p d\u1eabn so v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng v\u00e0 trung b\u00ecnh ng\u00e0nh. M\u00f4 h\u00ecnh DCF cho th\u1ea5y gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c 16.800-17.500 VND, cao h\u01a1n 15-20% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i l\u00e0 14.600 VND.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng trong 12-18 th\u00e1ng t\u1edbi bao g\u1ed3m:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u00e0 ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1eeb Q2\/2024 s\u1ebd th\u00fac \u0111\u1ea9y m\u1ea3ng kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u1ee7a TAR, d\u1ef1 ki\u1ebfn \u0111\u00f3ng g\u00f3p 30% doanh thu v\u00e0 45% l\u1ee3i nhu\u1eadn v\u00e0o n\u0103m 2025<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 c\u00f4ng ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c \u0111\u1ea9y nhanh v\u1edbi 28 d\u1ef1 \u00e1n th\u00e0nh ph\u1ea7n c\u1ee7a \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam \u0111ang \u0111\u01b0\u1ee3c tri\u1ec3n khai, t\u1ea1o c\u01a1 h\u1ed9i \u0111\u1ea5u th\u1ea7u l\u1edbn cho TAR t\u1ea1i khu v\u1ef1c B\u1eafc Trung B\u1ed9<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a ngu\u1ed3n thu v\u1edbi vi\u1ec7c t\u0103ng d\u1ea7n t\u1ef7 tr\u1ecdng m\u1ea3ng cho thu\u00ea thi\u1ebft b\u1ecb (bi\u00ean l\u1ee3i nhu\u1eadn cao 42,7%), d\u1ef1 ki\u1ebfn \u0111\u00f3ng g\u00f3p 5% doanh thu v\u00e0o n\u0103m 2025<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Xu h\u01b0\u1edbng gi\u1ea3m l\u00e3i su\u1ea5t s\u1ebd gi\u00fap gi\u1ea3m chi ph\u00ed t\u00e0i ch\u00ednh v\u00e0 k\u00edch th\u00edch nhu c\u1ea7u b\u1ea5t \u0111\u1ed9ng s\u1ea3n, c\u00f3 l\u1ee3i cho c\u1ea3 hai m\u1ea3ng kinh doanh ch\u00ednh c\u1ee7a TAR<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng n\u00ean l\u01b0u \u00fd m\u1ed9t s\u1ed1 r\u1ee7i ro:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea1nh tranh ng\u00e0y c\u00e0ng gay g\u1eaft trong \u0111\u1ea5u th\u1ea7u c\u00e1c d\u1ef1 \u00e1n x\u00e2y d\u1ef1ng giao th\u00f4ng t\u1eeb c\u00e1c \u0111\u1ed1i th\u1ee7 l\u1edbn nh\u01b0 H\u00f2a B\u00ecnh, Coteccons<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u00e1 v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng c\u00f3 th\u1ec3 t\u0103ng trong n\u1eeda cu\u1ed1i n\u0103m 2024 do nhu c\u1ea7u x\u00e2y d\u1ef1ng cao, g\u00e2y \u00e1p l\u1ef1c l\u00ean bi\u00ean l\u1ee3i nhu\u1eadn<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro thanh kho\u1ea3n cho c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a trung b\u00ecnh nh\u01b0 TAR khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ebfn \u0111\u1ed9 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng v\u1eabn ch\u1eadm (32,2% trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m) c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn d\u00f2ng ti\u1ec1n c\u1ee7a c\u00e1c d\u1ef1 \u00e1n \u0111ang tri\u1ec3n khai<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch to\u00e0n di\u1ec7n, Pocket Option \u0111\u01b0a ra d\u1ef1 b\u00e1o m\u1ee5c ti\u00eau gi\u00e1 cho c\u1ed5 phi\u1ebfu TAR nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau ng\u1eafn h\u1ea1n (1-3 th\u00e1ng): 15.500 VND (+6,2% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau trung h\u1ea1n (3-6 th\u00e1ng): 16.800 VND (+15,1% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau d\u00e0i h\u1ea1n (6-12 th\u00e1ng): 18.500 VND (+26,7% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i)<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u l\u00e0 k\u1ebft h\u1ee3p &#8220;mua v\u00e0 gi\u1eef&#8221; cho 60-70% v\u1ecb th\u1ebf, t\u1eadp trung t\u00edch l\u0169y trong kho\u1ea3ng gi\u00e1 13.800-14.600 VND, v\u1edbi 30-40% c\u00f2n l\u1ea1i \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch theo xu h\u01b0\u1edbng k\u1ef9 thu\u1eadt \u0111\u1ec3 t\u0103ng hi\u1ec7u su\u1ea5t t\u1ed5ng th\u1ec3. \u0110\u1eb7c bi\u1ec7t ch\u00fa \u00fd \u0111\u1ebfn c\u00e1c \u0111i\u1ec3m mua t\u1ed1t khi gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 k\u1ef9 thu\u1eadt quan tr\u1ecdng v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch th\u1ea5p.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1edbi v\u1ecb th\u1ebf t\u00e0i ch\u00ednh m\u1ea1nh, chi\u1ebfn l\u01b0\u1ee3c kinh doanh r\u00f5 r\u00e0ng v\u00e0 tri\u1ec3n v\u1ecdng ng\u00e0nh t\u00edch c\u1ef1c, c\u1ed5 phi\u1ebfu TAR x\u1ee9ng \u0111\u00e1ng l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn cho c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 trung v\u00e0 d\u00e0i h\u1ea1n t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng k\u1ebft h\u1ee3p v\u1edbi d\u00f2ng c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n<\/div>\n"},"faq":[{"question":"C\u1ed5 phi\u1ebfu TAR thu\u1ed9c v\u1ec1 c\u00f4ng ty n\u00e0o v\u00e0 ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c n\u00e0o?","answer":"M\u00e3 ch\u1ee9ng kho\u00e1n TAR l\u00e0 m\u00e3 ch\u1ee9ng kho\u00e1n c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n Tien Son Thanh Hoa, m\u1ed9t doanh nghi\u1ec7p c\u00f3 h\u01a1n 20 n\u0103m kinh nghi\u1ec7m trong l\u0129nh v\u1ef1c x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1ea1i Vi\u1ec7t Nam. C\u00f4ng ty c\u00f3 v\u1ed1n \u0111i\u1ec1u l\u1ec7 418,5 t\u1ef7 VND v\u00e0 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng 610 t\u1ef7 VND. C\u01a1 c\u1ea5u doanh thu cho H1\/2024 bao g\u1ed3m: c\u00f4ng tr\u00ecnh x\u00e2y d\u1ef1ng (64,1%), kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n (25,4%), s\u1ea3n xu\u1ea5t v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng (7,2%), v\u00e0 cho thu\u00ea thi\u1ebft b\u1ecb (3,3%). C\u00f4ng ty \u0111\u00e3 tham gia nhi\u1ec1u d\u1ef1 \u00e1n quan tr\u1ecdng, bao g\u1ed3m 3 g\u00f3i th\u1ea7u c\u1ee7a \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 1.230 t\u1ef7 VND."},{"question":"Nh\u1eefng \u0111i\u1ec3m m\u1ea1nh v\u00e0 \u0111i\u1ec3m y\u1ebfu ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu TAR so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh l\u00e0 g\u00ec?","answer":"\u0110i\u1ec3m m\u1ea1nh: T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng doanh thu cao nh\u1ea5t (14,2%) v\u00e0 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn (15,6%) trong nh\u00f3m so s\u00e1nh; c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh m\u1ea1nh v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p nh\u1ea5t (0,82x); c\u00e2n b\u1eb1ng t\u1ed1t gi\u1eefa x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n; t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn (6-7%); t\u1ef7 l\u1ec7 tr\u00fang th\u1ea7u cao (42,7%); \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd (P\/E 13,5x) th\u1ea5p h\u01a1n trung b\u00ecnh nh\u00f3m (15,1x). \u0110i\u1ec3m y\u1ebfu: V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng v\u00e0 doanh thu nh\u1ecf h\u01a1n CII; thanh kho\u1ea3n h\u1ea1n ch\u1ebf (285.000 c\u1ed5 phi\u1ebfu\/phi\u00ean); ROE ch\u01b0a cao (9,5%) so v\u1edbi ti\u1ec1m n\u0103ng; ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 c\u00f4ng \u1edf khu v\u1ef1c B\u1eafc Trung B\u1ed9."},{"question":"Nh\u1eefng y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 n\u00e0o \u0111ang \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu TAR trong 6-12 th\u00e1ng t\u1edbi?","answer":"C\u00e1c y\u1ebfu t\u1ed1 t\u00edch c\u1ef1c: \u0110\u1ea7u t\u01b0 c\u00f4ng t\u0103ng 25% trong n\u0103m 2024 (670.000 t\u1ef7 VND) v\u1edbi tr\u1ecdng t\u00e2m l\u00e0 h\u1ea1 t\u1ea7ng giao th\u00f4ng; th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u1ee5c h\u1ed3i t\u1eeb Q2\/2024 v\u1edbi giao d\u1ecbch t\u0103ng 18,5%; l\u00e3i su\u1ea5t gi\u1ea3m 0,5-1% t\u1eeb \u0111\u1ea7u n\u0103m, hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 7-8%\/n\u0103m; t\u0103ng tr\u01b0\u1edfng GDP \u0111\u1ea1t 6,42% trong Q2\/2024, d\u1ef1 b\u00e1o c\u1ea3 n\u0103m l\u00e0 6,5-7%. C\u00e1c y\u1ebfu t\u1ed1 th\u00e1ch th\u1ee9c: C\u1ea1nh tranh kh\u1ed1c li\u1ec7t t\u1eeb h\u01a1n 65.000 doanh nghi\u1ec7p x\u00e2y d\u1ef1ng; ti\u1ebfn \u0111\u1ed9 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng ch\u1eadm (32,2% trong H1\/2024); gi\u00e1 v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng c\u00f3 th\u1ec3 t\u0103ng trong n\u1eeda cu\u1ed1i n\u0103m."},{"question":"Nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 n\u00e0o ph\u00f9 h\u1ee3p cho c\u1ed5 phi\u1ebfu TAR \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau?","answer":"Ng\u1eafn h\u1ea1n (1-4 tu\u1ea7n): \u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch trong kho\u1ea3ng 14,200-15,500 VND, mua t\u1ea1i v\u00f9ng h\u1ed7 tr\u1ee3 14,200-14,300 VND v\u1edbi RSI 45-50, b\u00e1n t\u1ea1i 15,300-15,500 VND khi RSI v\u00e0o v\u00f9ng qu\u00e1 mua. D\u1eebng l\u1ed7 t\u1ea1i 13,800 VND. Trung h\u1ea1n (1-6 th\u00e1ng): T\u00edch l\u0169y theo xu h\u01b0\u1edbng, ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0o 3-4 giai \u0111o\u1ea1n mua t\u1ea1i c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 (14,200, 13,850, 13,200 VND), m\u1ee5c ti\u00eau 16,800 VND trong Q4\/2024 ho\u1eb7c Q1\/2025. D\u00e0i h\u1ea1n (tr\u00ean 6 th\u00e1ng): Chi\u1ebfn l\u01b0\u1ee3c \"mua v\u00e0 gi\u1eef\" v\u1edbi k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng 12-15%\/n\u0103m c\u1ed9ng c\u1ed5 t\u1ee9c 6-7%, m\u1ee5c ti\u00eau gi\u00e1 cu\u1ed1i n\u0103m 2025 l\u00e0 18,500-19,200 VND."},{"question":"Pocket Option cung c\u1ea5p nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0o \u0111\u1ec3 h\u1ed7 tr\u1ee3 nh\u00e0 \u0111\u1ea7u t\u01b0 trong vi\u1ec7c ph\u00e2n t\u00edch v\u00e0 giao d\u1ecbch c\u1ed5 phi\u1ebfu TAR?","answer":"Pocket Option cung c\u1ea5p nhi\u1ec1u c\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3 nh\u01b0: \"TAR Price Alert\" - h\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng khi c\u1ed5 phi\u1ebfu \u0111\u1ea1t \u0111\u1ebfn c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng ho\u1eb7c ph\u00e1 v\u1ee1 c\u00e1c m\u00f4 h\u00ecnh k\u1ef9 thu\u1eadt; \"Position Sizing Calculator\" - c\u00f4ng c\u1ee5 t\u00ednh to\u00e1n k\u00edch th\u01b0\u1edbc l\u1ec7nh t\u1ed1i \u01b0u d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 r\u1ee7i ro v\u00e0 \u0111i\u1ec3m d\u1eebng l\u1ed7; m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 DCF (Discounted Cash Flow) cung c\u1ea5p kho\u1ea3ng gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd t\u1eeb 16,800-17,500 VND; ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111a khung th\u1eddi gian; b\u00e1o c\u00e1o ph\u00e2n t\u00edch kinh t\u1ebf v\u0129 m\u00f4 h\u00e0ng th\u00e1ng v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ng\u00e0nh x\u00e2y d\u1ef1ng; v\u00e0 c\u00f4ng c\u1ee5 so s\u00e1nh ng\u00e0nh v\u1edbi h\u01a1n 10 ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh chi ti\u1ebft gi\u1eefa TAR v\u00e0 c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u1ed5 phi\u1ebfu TAR thu\u1ed9c v\u1ec1 c\u00f4ng ty n\u00e0o v\u00e0 ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c n\u00e0o?","answer":"M\u00e3 ch\u1ee9ng kho\u00e1n TAR l\u00e0 m\u00e3 ch\u1ee9ng kho\u00e1n c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n Tien Son Thanh Hoa, m\u1ed9t doanh nghi\u1ec7p c\u00f3 h\u01a1n 20 n\u0103m kinh nghi\u1ec7m trong l\u0129nh v\u1ef1c x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1ea1i Vi\u1ec7t Nam. C\u00f4ng ty c\u00f3 v\u1ed1n \u0111i\u1ec1u l\u1ec7 418,5 t\u1ef7 VND v\u00e0 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng 610 t\u1ef7 VND. C\u01a1 c\u1ea5u doanh thu cho H1\/2024 bao g\u1ed3m: c\u00f4ng tr\u00ecnh x\u00e2y d\u1ef1ng (64,1%), kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n (25,4%), s\u1ea3n xu\u1ea5t v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng (7,2%), v\u00e0 cho thu\u00ea thi\u1ebft b\u1ecb (3,3%). C\u00f4ng ty \u0111\u00e3 tham gia nhi\u1ec1u d\u1ef1 \u00e1n quan tr\u1ecdng, bao g\u1ed3m 3 g\u00f3i th\u1ea7u c\u1ee7a \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 1.230 t\u1ef7 VND."},{"question":"Nh\u1eefng \u0111i\u1ec3m m\u1ea1nh v\u00e0 \u0111i\u1ec3m y\u1ebfu ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu TAR so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh l\u00e0 g\u00ec?","answer":"\u0110i\u1ec3m m\u1ea1nh: T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng doanh thu cao nh\u1ea5t (14,2%) v\u00e0 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn (15,6%) trong nh\u00f3m so s\u00e1nh; c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh m\u1ea1nh v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p nh\u1ea5t (0,82x); c\u00e2n b\u1eb1ng t\u1ed1t gi\u1eefa x\u00e2y d\u1ef1ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n; t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn (6-7%); t\u1ef7 l\u1ec7 tr\u00fang th\u1ea7u cao (42,7%); \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd (P\/E 13,5x) th\u1ea5p h\u01a1n trung b\u00ecnh nh\u00f3m (15,1x). \u0110i\u1ec3m y\u1ebfu: V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng v\u00e0 doanh thu nh\u1ecf h\u01a1n CII; thanh kho\u1ea3n h\u1ea1n ch\u1ebf (285.000 c\u1ed5 phi\u1ebfu\/phi\u00ean); ROE ch\u01b0a cao (9,5%) so v\u1edbi ti\u1ec1m n\u0103ng; ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 c\u00f4ng \u1edf khu v\u1ef1c B\u1eafc Trung B\u1ed9."},{"question":"Nh\u1eefng y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 n\u00e0o \u0111ang \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu TAR trong 6-12 th\u00e1ng t\u1edbi?","answer":"C\u00e1c y\u1ebfu t\u1ed1 t\u00edch c\u1ef1c: \u0110\u1ea7u t\u01b0 c\u00f4ng t\u0103ng 25% trong n\u0103m 2024 (670.000 t\u1ef7 VND) v\u1edbi tr\u1ecdng t\u00e2m l\u00e0 h\u1ea1 t\u1ea7ng giao th\u00f4ng; th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u1ee5c h\u1ed3i t\u1eeb Q2\/2024 v\u1edbi giao d\u1ecbch t\u0103ng 18,5%; l\u00e3i su\u1ea5t gi\u1ea3m 0,5-1% t\u1eeb \u0111\u1ea7u n\u0103m, hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 7-8%\/n\u0103m; t\u0103ng tr\u01b0\u1edfng GDP \u0111\u1ea1t 6,42% trong Q2\/2024, d\u1ef1 b\u00e1o c\u1ea3 n\u0103m l\u00e0 6,5-7%. C\u00e1c y\u1ebfu t\u1ed1 th\u00e1ch th\u1ee9c: C\u1ea1nh tranh kh\u1ed1c li\u1ec7t t\u1eeb h\u01a1n 65.000 doanh nghi\u1ec7p x\u00e2y d\u1ef1ng; ti\u1ebfn \u0111\u1ed9 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng ch\u1eadm (32,2% trong H1\/2024); gi\u00e1 v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng c\u00f3 th\u1ec3 t\u0103ng trong n\u1eeda cu\u1ed1i n\u0103m."},{"question":"Nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 n\u00e0o ph\u00f9 h\u1ee3p cho c\u1ed5 phi\u1ebfu TAR \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau?","answer":"Ng\u1eafn h\u1ea1n (1-4 tu\u1ea7n): \u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch trong kho\u1ea3ng 14,200-15,500 VND, mua t\u1ea1i v\u00f9ng h\u1ed7 tr\u1ee3 14,200-14,300 VND v\u1edbi RSI 45-50, b\u00e1n t\u1ea1i 15,300-15,500 VND khi RSI v\u00e0o v\u00f9ng qu\u00e1 mua. D\u1eebng l\u1ed7 t\u1ea1i 13,800 VND. Trung h\u1ea1n (1-6 th\u00e1ng): T\u00edch l\u0169y theo xu h\u01b0\u1edbng, ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0o 3-4 giai \u0111o\u1ea1n mua t\u1ea1i c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 (14,200, 13,850, 13,200 VND), m\u1ee5c ti\u00eau 16,800 VND trong Q4\/2024 ho\u1eb7c Q1\/2025. D\u00e0i h\u1ea1n (tr\u00ean 6 th\u00e1ng): Chi\u1ebfn l\u01b0\u1ee3c \"mua v\u00e0 gi\u1eef\" v\u1edbi k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng 12-15%\/n\u0103m c\u1ed9ng c\u1ed5 t\u1ee9c 6-7%, m\u1ee5c ti\u00eau gi\u00e1 cu\u1ed1i n\u0103m 2025 l\u00e0 18,500-19,200 VND."},{"question":"Pocket Option cung c\u1ea5p nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0o \u0111\u1ec3 h\u1ed7 tr\u1ee3 nh\u00e0 \u0111\u1ea7u t\u01b0 trong vi\u1ec7c ph\u00e2n t\u00edch v\u00e0 giao d\u1ecbch c\u1ed5 phi\u1ebfu TAR?","answer":"Pocket Option cung c\u1ea5p nhi\u1ec1u c\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3 nh\u01b0: \"TAR Price Alert\" - h\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng khi c\u1ed5 phi\u1ebfu \u0111\u1ea1t \u0111\u1ebfn c\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng ho\u1eb7c ph\u00e1 v\u1ee1 c\u00e1c m\u00f4 h\u00ecnh k\u1ef9 thu\u1eadt; \"Position Sizing Calculator\" - c\u00f4ng c\u1ee5 t\u00ednh to\u00e1n k\u00edch th\u01b0\u1edbc l\u1ec7nh t\u1ed1i \u01b0u d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 r\u1ee7i ro v\u00e0 \u0111i\u1ec3m d\u1eebng l\u1ed7; m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 DCF (Discounted Cash Flow) cung c\u1ea5p kho\u1ea3ng gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd t\u1eeb 16,800-17,500 VND; ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111a khung th\u1eddi gian; b\u00e1o c\u00e1o ph\u00e2n t\u00edch kinh t\u1ebf v\u0129 m\u00f4 h\u00e0ng th\u00e1ng v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ng\u00e0nh x\u00e2y d\u1ef1ng; v\u00e0 c\u00f4ng c\u1ee5 so s\u00e1nh ng\u00e0nh v\u1edbi h\u01a1n 10 ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh chi ti\u1ebft gi\u1eefa TAR v\u00e0 c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>C\u1ed5 phi\u1ebfu TAR: Ph\u00e2n t\u00edch d\u1eef li\u1ec7u 2024 v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 sinh 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