{"id":302604,"date":"2025-07-12T16:50:10","date_gmt":"2025-07-12T16:50:10","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/what-are-the-basic-profits-on-stocks-2\/"},"modified":"2025-07-12T16:50:10","modified_gmt":"2025-07-12T16:50:10","slug":"what-are-the-basic-profits-on-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/learning\/what-are-the-basic-profits-on-stocks\/","title":{"rendered":"Thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: M\u1ed9t c\u00f4ng c\u1ee5 \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu thi\u1ebft y\u1ebfu m\u00e0 m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n bi\u1ebft ngay b\u00e2y gi\u1edd"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":213460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[28,39,45,44],"class_list":["post-302604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learning","tag-investment","tag-platform","tag-stock","tag-strategy"],"acf":{"h1":"Pocket Option: Gi\u1ea3i m\u00e3 thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 c\u00e1ch \u00e1p d\u1ee5ng n\u00f3 hi\u1ec7u qu\u1ea3 nh\u1ea5t","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: Gi\u1ea3i m\u00e3 thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 c\u00e1ch \u00e1p d\u1ee5ng n\u00f3 hi\u1ec7u qu\u1ea3 nh\u1ea5t"},"description":"Kh\u00e1m ph\u00e1 chi ti\u1ebft thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu - t\u1ef7 l\u1ec7 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam. T\u00ecm hi\u1ec3u c\u00e1ch t\u00ednh to\u00e1n ch\u00ednh x\u00e1c v\u00e0 \u00e1p d\u1ee5ng ngay l\u1eadp t\u1ee9c v\u00e0o 5 c\u1ed5 phi\u1ebfu h\u00e0ng \u0111\u1ea7u tr\u00ean HOSE. Pocket Option cung c\u1ea5p h\u01b0\u1edbng d\u1eabn \u0111\u1ed9c quy\u1ec1n 2025","description_source":{"label":"Description","type":"textarea","formatted_value":"Kh\u00e1m ph\u00e1 chi ti\u1ebft thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu - t\u1ef7 l\u1ec7 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam. T\u00ecm hi\u1ec3u c\u00e1ch t\u00ednh to\u00e1n ch\u00ednh x\u00e1c v\u00e0 \u00e1p d\u1ee5ng ngay l\u1eadp t\u1ee9c v\u00e0o 5 c\u1ed5 phi\u1ebfu h\u00e0ng \u0111\u1ea7u tr\u00ean HOSE. Pocket Option cung c\u1ea5p h\u01b0\u1edbng d\u1eabn \u0111\u1ed9c quy\u1ec1n 2025"},"intro":"Hi\u1ec3u v\u1ec1 thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 l\u00e0 b\u01b0\u1edbc \u0111\u1ea7u ti\u00ean m\u00e0 c\u00f2n l\u00e0 ch\u00eca kh\u00f3a quan tr\u1ecdng nh\u1ea5t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t c\u00f4ng ty v\u00e0 kh\u00e1m ph\u00e1 c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng tr\u01b0\u1edbc ng\u01b0\u1eddi kh\u00e1c. Tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam, n\u01a1i th\u00f4ng tin kh\u00f4ng th\u1ef1c s\u1ef1 minh b\u1ea1ch, ch\u1ec9 s\u1ed1 n\u00e0y tr\u1edf th\u00e0nh m\u1ed9t chi\u1ebfc la b\u00e0n gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh h\u01b0\u1edbng gi\u1eefa h\u00e0ng tr\u0103m c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd cung c\u1ea5p ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch EPS \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option, gi\u00fap b\u1ea1n kh\u00e1m ph\u00e1 c\u00e1c c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang b\u1ecf qua.","intro_source":{"label":"Intro","type":"text","formatted_value":"Hi\u1ec3u v\u1ec1 thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 l\u00e0 b\u01b0\u1edbc \u0111\u1ea7u ti\u00ean m\u00e0 c\u00f2n l\u00e0 ch\u00eca kh\u00f3a quan tr\u1ecdng nh\u1ea5t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t c\u00f4ng ty v\u00e0 kh\u00e1m ph\u00e1 c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng tr\u01b0\u1edbc ng\u01b0\u1eddi kh\u00e1c. Tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam, n\u01a1i th\u00f4ng tin kh\u00f4ng th\u1ef1c s\u1ef1 minh b\u1ea1ch, ch\u1ec9 s\u1ed1 n\u00e0y tr\u1edf th\u00e0nh m\u1ed9t chi\u1ebfc la b\u00e0n gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh h\u01b0\u1edbng gi\u1eefa h\u00e0ng tr\u0103m c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd cung c\u1ea5p ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch EPS \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option, gi\u00fap b\u1ea1n kh\u00e1m ph\u00e1 c\u00e1c c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang b\u1ecf qua."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Kh\u00e1i ni\u1ec7m v\u00e0 T\u1ea7m quan tr\u1ecdng c\u1ee7a L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n trong Th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B\u1ea1n \u0111\u00e3 bao gi\u1edd t\u1ef1 h\u1ecfi t\u1ea1i sao hai c\u1ed5 phi\u1ebfu c\u00f3 c\u00f9ng gi\u00e1 l\u1ea1i c\u00f3 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i ho\u00e0n to\u00e0n kh\u00e1c nhau? C\u00e2u tr\u1ea3 l\u1eddi n\u1eb1m \u1edf l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n. L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n l\u00e0 g\u00ec? \u0110\u00f3 l\u00e0 s\u1ed1 ti\u1ec1n l\u1ee3i nhu\u1eadn m\u00e0 m\u1ed7i c\u1ed5 ph\u1ea7n ph\u1ed5 th\u00f4ng \u0111ang l\u01b0u h\u00e0nh mang l\u1ea1i cho c\u1ed5 \u0111\u00f4ng trong m\u1ed9t k\u1ef3 b\u00e1o c\u00e1o, th\u01b0\u1eddng l\u00e0 h\u00e0ng qu\u00fd ho\u1eb7c h\u00e0ng n\u0103m.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ea1i Vi\u1ec7t Nam, n\u01a1i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u00f2n non tr\u1ebb v\u1edbi h\u01a1n 70% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, ch\u1ec9 s\u1ed1 EPS tr\u1edf th\u00e0nh m\u1ed9t la b\u00e0n \u0111\u00e1ng tin c\u1eady. Kh\u00f4ng ph\u1ea3i ng\u1eabu nhi\u00ean m\u00e0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i nh\u01b0 Dragon Capital hay VinaCapital lu\u00f4n \u01b0u ti\u00ean ph\u00e2n t\u00edch EPS tr\u01b0\u1edbc khi quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0o b\u1ea5t k\u1ef3 doanh nghi\u1ec7p Vi\u1ec7t Nam n\u00e0o.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Theo kh\u1ea3o s\u00e1t m\u1edbi nh\u1ea5t c\u1ee7a Pocket Option v\u1edbi 500 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng t\u1ea1i Vi\u1ec7t Nam, 83% trong s\u1ed1 h\u1ecd coi EPS l\u00e0 ch\u1ec9 s\u1ed1 \u0111\u1ea7u ti\u00ean h\u1ecd ki\u1ec3m tra tr\u01b0\u1edbc khi mua m\u1ed9t c\u1ed5 phi\u1ebfu. L\u00fd do ch\u00ednh: EPS ph\u1ea3n \u00e1nh tr\u1ef1c ti\u1ebfp hi\u1ec7u su\u1ea5t kinh doanh th\u1ef1c t\u1ebf, kh\u00f4ng d\u1ec5 b\u1ecb b\u00f3p m\u00e9o b\u1edfi t\u00e2m l\u00fd \u0111\u00e1m \u0111\u00f4ng v\u00e0 tin \u0111\u1ed3n th\u1ecb tr\u01b0\u1eddng r\u1ea5t ph\u1ed5 bi\u1ebfn tr\u00ean HOSE v\u00e0 HNX.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>EPS - C\u00f4ng c\u1ee5 Ph\u00e2n bi\u1ec7t C\u1ed5 phi\u1ebfu \"Cao c\u1ea5p\" v\u00e0 \"K\u00e9m ch\u1ea5t l\u01b0\u1ee3ng\" tr\u00ean Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B\u1ea1n c\u00f3 bi\u1ebft: Trong giai \u0111o\u1ea1n 2020-2024, c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 t\u0103ng tr\u01b0\u1edfng EPS \u1ed5n \u0111\u1ecbnh tr\u00ean 15%\/n\u0103m t\u1ea1i Vi\u1ec7t Nam mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 78%, trong khi VN-Index ch\u1ec9 t\u0103ng 35%? \u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t s\u1ef1 tr\u00f9ng h\u1ee3p ng\u1eabu nhi\u00ean.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>EPS gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam th\u1ef1c hi\u1ec7n 5 nhi\u1ec7m v\u1ee5 quan tr\u1ecdng:<\/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'>X\u00e1c \u0111\u1ecbnh doanh nghi\u1ec7p th\u1ef1c s\u1ef1 ki\u1ebfm ti\u1ec1n&nbsp;- kh\u00f4ng ch\u1ec9 gi\u1ecfi PR v\u00e0 marketing<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>So s\u00e1nh ch\u00ednh x\u00e1c&nbsp;gi\u1eefa c\u00e1c doanh nghi\u1ec7p c\u00f3 quy m\u00f4 v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu kh\u00e1c nhau<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1ef1 b\u00e1o ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1&nbsp;d\u1ef1a tr\u00ean tri\u1ec3n v\u1ecdng c\u1ea3i thi\u1ec7n EPS trong t\u01b0\u01a1ng lai<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e1t hi\u1ec7n d\u1ea5u hi\u1ec7u suy gi\u1ea3m s\u1edbm&nbsp;khi EPS b\u1eaft \u0111\u1ea7u gi\u1ea3m tr\u01b0\u1edbc khi gi\u00e1 c\u1ed5 phi\u1ebfu ph\u1ea3n \u00e1nh \u0111i\u1ec1u \u0111\u00f3<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u00e1nh gi\u00e1 m\u1ee9c c\u1ed5 t\u1ee9c b\u1ec1n v\u1eefng&nbsp;m\u00e0 doanh nghi\u1ec7p c\u00f3 th\u1ec3 chi tr\u1ea3 l\u00e2u d\u00e0i<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh Vi\u1ec7t Nam, n\u01a1i th\u00f4ng tin \u0111\u00f4i khi kh\u00f4ng \u0111\u1ed3ng \u0111\u1ec1u gi\u1eefa c\u00e1c nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0, EPS tr\u1edf th\u00e0nh m\u1ed9t th\u01b0\u1edbc \u0111o kh\u00e1ch quan gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n thu h\u1eb9p kho\u1ea3ng c\u00e1ch v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Tham s\u1ed1<\/th><th>Vai tr\u00f2 trong Ph\u00e2n t\u00edch<\/th><th>V\u00ed d\u1ee5 C\u1ee5 th\u1ec3 tr\u00ean Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam<\/th><\/tr><\/thead><tbody><tr><td>T\u0103ng tr\u01b0\u1edfng EPS \u1ed5n \u0111\u1ecbnh<\/td><td>Ph\u1ea3n \u00e1nh m\u00f4 h\u00ecnh kinh doanh b\u1ec1n v\u1eefng<\/td><td>FPT li\u00ean t\u1ee5c t\u0103ng EPS 15-20%\/n\u0103m \u2192 C\u1ed5 phi\u1ebfu t\u0103ng 300% (2020-2024)<\/td><\/tr><tr><td>EPS bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh<\/td><td>C\u1ea3nh b\u00e1o r\u1ee7i ro chu k\u1ef3<\/td><td>HPG: 2021 EPS \u0111\u1ea1t 5,600 VND, 2022 gi\u1ea3m c\u00f2n 1,500 VND \u2192 Gi\u00e1 -65%<\/td><\/tr><tr><td>EPS gi\u1ea3m li\u00ean t\u1ee5c<\/td><td>D\u1ea5u hi\u1ec7u suy tho\u00e1i nghi\u00eam tr\u1ecdng<\/td><td>CII: EPS gi\u1ea3m 4 n\u0103m li\u00ean ti\u1ebfp \u2192 Gi\u00e1 gi\u1ea3m t\u1eeb 40,000 VND xu\u1ed1ng 12,000 VND<\/td><\/tr><tr><td>EPS cao h\u01a1n ng\u00e0nh 30%+<\/td><td>L\u1ee3i th\u1ebf c\u1ea1nh tranh v\u01b0\u1ee3t tr\u1ed9i<\/td><td>MWG trong giai \u0111o\u1ea1n 2018-2020 \u2192 L\u1ee3i nhu\u1eadn cho nh\u00e0 \u0111\u1ea7u t\u01b0 +215%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1ch T\u00ednh L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n Ch\u00ednh x\u00e1c v\u00e0 Nhanh ch\u00f3ng<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Gi\u1edd b\u1ea1n \u0111\u00e3 hi\u1ec3u t\u1ea7m quan tr\u1ecdng c\u1ee7a EPS, c\u00e2u h\u1ecfi ti\u1ebfp theo l\u00e0: l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00ednh l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n ch\u00ednh x\u00e1c? Pocket Option cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p 3 b\u01b0\u1edbc d\u1ec5 d\u00e0ng \u00e1p d\u1ee5ng cho b\u1ea5t k\u1ef3 c\u1ed5 phi\u1ebfu n\u00e0o tr\u00ean HOSE, HNX, ho\u1eb7c UPCOM.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi th\u01b0\u1eddng t\u1ef1 h\u1ecfi: \"l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00ednh l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n m\u00e0 kh\u00f4ng m\u1eafc sai l\u1ea7m?\" C\u00e2u tr\u1ea3 l\u1eddi n\u1eb1m \u1edf vi\u1ec7c \u00e1p d\u1ee5ng c\u00f4ng th\u1ee9c \u0111\u00fang v\u00e0 hi\u1ec3u r\u00f5 c\u00e1c th\u00e0nh ph\u1ea7n c\u1ee7a n\u00f3.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>C\u00f4ng th\u1ee9c v\u00e0ng \u0111\u1ec3 t\u00ednh EPS:<\/b><\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>EPS = (L\u1ee3i nhu\u1eadn r\u00f2ng - C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i) \/ S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng trung b\u00ecnh gia quy\u1ec1n<\/th><\/tr><\/thead><tbody><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u00e3y ph\u00e2n t\u00edch t\u1eebng th\u00e0nh ph\u1ea7n:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i nhu\u1eadn r\u00f2ng:&nbsp;L\u1ea5y tr\u1ef1c ti\u1ebfp t\u1eeb d\u00f2ng \"L\u1ee3i nhu\u1eadn sau thu\u1ebf thu\u1ed9c v\u1ec1 c\u1ed5 \u0111\u00f4ng c\u00f4ng ty m\u1eb9\" tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh h\u1ee3p nh\u1ea5t (kh\u00f4ng ph\u1ea3i t\u1ed5ng PAT!)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i:&nbsp;Kh\u00f4ng ph\u1ed5 bi\u1ebfn \u1edf Vi\u1ec7t Nam, nh\u01b0ng c\u1ea7n ki\u1ec3m tra \"Thanh to\u00e1n c\u1ed5 t\u1ee9c \u01b0u \u0111\u00e3i\" trong thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu trung b\u00ecnh gia quy\u1ec1n:&nbsp;\u0110\u00e2y l\u00e0 \u0111i\u1ec3m m\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam t\u00ednh sai EPS<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u00e1ch T\u00ednh S\u1ed1 l\u01b0\u1ee3ng C\u1ed5 phi\u1ebfu Trung b\u00ecnh Gia quy\u1ec1n Ch\u00ednh x\u00e1c<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, vi\u1ec7c ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu di\u1ec5n ra th\u01b0\u1eddng xuy\u00ean th\u00f4ng qua: c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu, ph\u00e1t h\u00e0nh ESOP, ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb... \u0110\u1ec3 t\u00ednh s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu trung b\u00ecnh gia quy\u1ec1n ch\u00ednh x\u00e1c, \u00e1p d\u1ee5ng c\u00f4ng th\u1ee9c sau:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>S\u1ed1 l\u01b0\u1ee3ng C\u1ed5 phi\u1ebfu Trung b\u00ecnh Gia quy\u1ec1n = (C\u1ed5 phi\u1ebfu ban \u0111\u1ea7u \u00d7 s\u1ed1 th\u00e1ng t\u1ed3n t\u1ea1i + C\u1ed5 phi\u1ebfu m\u1edbi \u00d7 s\u1ed1 th\u00e1ng c\u00f2n l\u1ea1i) \/ T\u1ed5ng s\u1ed1 th\u00e1ng trong k\u1ef3<\/b><\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: Ng\u00e0y 15 th\u00e1ng 4 n\u0103m 2024, Vinhomes (VHM) ph\u00e1t h\u00e0nh 500 tri\u1ec7u c\u1ed5 phi\u1ebfu th\u01b0\u1edfng t\u1eeb th\u1eb7ng d\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n. Tr\u01b0\u1edbc \u0111\u00f3, VHM c\u00f3 4 t\u1ef7 c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh. Khi t\u00ednh EPS qu\u00fd 2\/2024, s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu trung b\u00ecnh gia quy\u1ec1n s\u1ebd l\u00e0:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ed1 l\u01b0\u1ee3ng C\u1ed5 phi\u1ebfu Trung b\u00ecnh Gia quy\u1ec1n = (4 t\u1ef7 \u00d7 0.5 th\u00e1ng + 4.5 t\u1ef7 \u00d7 2.5 th\u00e1ng) \/ 3 th\u00e1ng = 4.42 t\u1ef7 c\u1ed5 phi\u1ebfu<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Sai l\u1ea7m Th\u01b0\u1eddng g\u1eb7p<\/th><th>Gi\u1ea3i ph\u00e1p<\/th><th>\u1ea2nh h\u01b0\u1edfng \u0111\u1ebfn K\u1ebft qu\u1ea3<\/th><\/tr><\/thead><tbody><tr><td>S\u1eed d\u1ee5ng c\u1ed5 phi\u1ebfu cu\u1ed1i k\u1ef3 thay v\u00ec trung b\u00ecnh<\/td><td>T\u00ednh trung b\u00ecnh gia quy\u1ec1n theo th\u1eddi gian<\/td><td>EPS c\u00f3 th\u1ec3 sai l\u1ec7ch 5-20% t\u00f9y thu\u1ed9c v\u00e0o pha lo\u00e3ng<\/td><\/tr><tr><td>B\u1ecf qua \u0111i\u1ec1u ch\u1ec9nh h\u1ed3i t\u1ed1<\/td><td>Ki\u1ec3m tra thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh<\/td><td>C\u00f3 th\u1ec3 g\u00e2y hi\u1ec3u l\u1ea7m v\u1ec1 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS<\/td><\/tr><tr><td>S\u1eed d\u1ee5ng t\u1ed5ng PAT thay v\u00ec PAT thu\u1ed9c v\u1ec1 c\u1ed5 \u0111\u00f4ng c\u00f4ng ty m\u1eb9<\/td><td>Lu\u00f4n s\u1eed d\u1ee5ng \"L\u1ee3i nhu\u1eadn thu\u1ed9c v\u1ec1 c\u1ed5 \u0111\u00f4ng c\u00f4ng ty m\u1eb9\"<\/td><td>\u0110\u1eb7c bi\u1ec7t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 nhi\u1ec1u c\u1ed5 \u0111\u00f4ng thi\u1ec3u s\u1ed1<\/td><\/tr><tr><td>Qu\u00ean ki\u1ec3m tra thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng<\/td><td>T\u00e1ch bi\u1ec7t v\u00e0 ph\u00e2n t\u00edch \"L\u00e3i\/l\u1ed7 kh\u00e1c\" trong b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/td><td>G\u00e2y \u0111\u00e1nh gi\u00e1 sai v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ed1t l\u00f5i<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>7 B\u00e0i T\u1eadp T\u00ednh L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n v\u1edbi T\u00ecnh hu\u1ed1ng Th\u1ef1c t\u1ebf<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Kh\u00f4ng g\u00ec hi\u1ec7u qu\u1ea3 b\u1eb1ng th\u1ef1c h\u00e0nh! Pocket Option cung c\u1ea5p 7 b\u00e0i t\u1eadp th\u1ef1c t\u1ebf v\u1edbi d\u1eef li\u1ec7u t\u1eeb c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft h\u00e0ng \u0111\u1ea7u t\u1ea1i Vi\u1ec7t Nam. H\u00e3y th\u1eed s\u1ee9c v\u1edbi c\u00e1c t\u00ecnh hu\u1ed1ng n\u00e0y:<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>B\u00e0i T\u1eadp 1: T\u00ednh EPS C\u01a1 b\u1ea3n v\u1edbi D\u1eef li\u1ec7u \u0110\u01a1n gi\u1ea3n<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>T\u00ecnh hu\u1ed1ng:<\/b>&nbsp;Techcombank (TCB) b\u00e1o c\u00e1o l\u1ee3i nhu\u1eadn sau thu\u1ebf n\u0103m 2023 l\u00e0 22,900 t\u1ef7 VND. S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh trong su\u1ed1t n\u0103m l\u00e0 3.51 t\u1ef7 c\u1ed5 phi\u1ebfu. TCB kh\u00f4ng c\u00f3 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Ph\u00e2n t\u00edch:<\/b>&nbsp;\u0110\u00e2y l\u00e0 t\u00ecnh hu\u1ed1ng \u0111\u01a1n gi\u1ea3n nh\u1ea5t khi s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu kh\u00f4ng thay \u0111\u1ed5i trong k\u1ef3.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>T\u00ednh to\u00e1n:<\/b>&nbsp;EPS = 22,900,000,000,000 \u00f7 3,510,000,000 = 6,524 VND\/c\u1ed5 phi\u1ebfu<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>K\u1ebft lu\u1eadn:<\/b>&nbsp;EPS c\u1ee7a TCB n\u0103m 2023 l\u00e0 6,524 VND, cao h\u01a1n m\u1ee9c trung b\u00ecnh ng\u00e0nh ng\u00e2n h\u00e0ng (kho\u1ea3ng 3,500 VND), ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u01b0\u1ee3t tr\u1ed9i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>B\u00e0i T\u1eadp 2: T\u00ednh EPS v\u1edbi Ph\u00e1t h\u00e0nh C\u1ed5 phi\u1ebfu Gi\u1eefa K\u1ef3<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>T\u00ecnh hu\u1ed1ng ph\u1ee9c t\u1ea1p h\u01a1n:<\/b>&nbsp;Vietcombank (VCB) c\u00f3 l\u1ee3i nhu\u1eadn sau thu\u1ebf n\u0103m 2023 l\u00e0 30,500 t\u1ef7 VND. \u0110\u1ea7u n\u0103m, VCB c\u00f3 4.7 t\u1ef7 c\u1ed5 phi\u1ebfu. Ng\u00e0y 15 th\u00e1ng 7 n\u0103m 2023, VCB ph\u00e1t h\u00e0nh th\u00eam 300 tri\u1ec7u c\u1ed5 phi\u1ebfu \u0111\u1ec3 tr\u1ea3 c\u1ed5 t\u1ee9c v\u00e0 200 tri\u1ec7u c\u1ed5 phi\u1ebfu th\u00f4ng qua ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>X\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu trung b\u00ecnh:<\/b>- 6 th\u00e1ng \u0111\u1ea7u: 4.7 t\u1ef7 c\u1ed5 phi\u1ebfu- 6 th\u00e1ng cu\u1ed1i: 5.2 t\u1ef7 c\u1ed5 phi\u1ebfu- Trung b\u00ecnh gia quy\u1ec1n = (4.7 \u00d7 6.5\/12) + (5.2 \u00d7 5.5\/12) = 4.93 t\u1ef7 c\u1ed5 phi\u1ebfu<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>T\u00ednh EPS:<\/b>&nbsp;30,500,000,000,000 \u00f7 4,930,000,000 = 6,187 VND\/c\u1ed5 phi\u1ebfu<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>C\u00f4ng ty<\/th><th>PAT 2023 (t\u1ef7 VND)<\/th><th>Thay \u0111\u1ed5i C\u1ed5 phi\u1ebfu Trong N\u0103m<\/th><th>EPS T\u00ednh to\u00e1n (VND)<\/th><th>EPS B\u00e1o c\u00e1o (VND)<\/th><th>Ch\u00eanh l\u1ec7ch<\/th><\/tr><\/thead><tbody><tr><td>Vinamilk (VNM)<\/td><td>8,520<\/td><td>2.09 t\u1ef7 c\u1ed5 phi\u1ebfu (kh\u00f4ng \u0111\u1ed5i)<\/td><td>4,077<\/td><td>4,077<\/td><td>0%<\/td><\/tr><tr><td>C\u00f4ng ty C\u1ed5 ph\u1ea7n FPT<\/td><td>7,110<\/td><td>1.22 t\u1ef7 \u2192 1.37 t\u1ef7 c\u1ed5 phi\u1ebfu (th\u00e1ng 9)<\/td><td>5,494<\/td><td>5,511<\/td><td>-0.3%<\/td><\/tr><tr><td>Novaland (NVL)<\/td><td>1,230<\/td><td>1.95 t\u1ef7 \u2192 2.31 t\u1ef7 c\u1ed5 phi\u1ebfu (nhi\u1ec1u \u0111\u1ee3t ph\u00e1t h\u00e0nh)<\/td><td>603<\/td><td>532<\/td><td>+13.3%<\/td><\/tr><tr><td>H\u00f2a Ph\u00e1t (HPG)<\/td><td>6,800<\/td><td>4.47 t\u1ef7 \u2192 5.81 t\u1ef7 c\u1ed5 phi\u1ebfu (th\u00e1ng 6)<\/td><td>1,311<\/td><td>1,274<\/td><td>+2.9%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B\u1ea1n c\u00f3 th\u1ea5y s\u1ef1 ch\u00eanh l\u1ec7ch l\u1edbn trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Novaland kh\u00f4ng? \u0110\u00e2y l\u00e0 l\u00fd do t\u1ea1i sao nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam m\u1eafc sai l\u1ea7m khi ph\u00e2n t\u00edch EPS - h\u1ecd kh\u00f4ng t\u00ednh \u0111\u00fang s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu trung b\u00ecnh gia quy\u1ec1n khi c\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh nhi\u1ec1u \u0111\u1ee3t trong n\u0103m.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>5 Ph\u01b0\u01a1ng ph\u00e1p Ph\u00e2n t\u00edch L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n Hi\u1ec7u qu\u1ea3 nh\u1ea5t<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bi\u1ebft c\u00e1ch t\u00ednh EPS l\u00e0 ch\u01b0a \u0111\u1ee7; ch\u00eca kh\u00f3a th\u00e0nh c\u00f4ng l\u00e0 bi\u1ebft c\u00e1ch ph\u00e2n t\u00edch v\u00e0 \u00e1p d\u1ee5ng ch\u1ec9 s\u1ed1 n\u00e0y v\u00e0o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf. Pocket Option chia s\u1ebb 5 ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p t\u1ea1i Vi\u1ec7t Nam.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p 1: Ph\u00e2n t\u00edch Xu h\u01b0\u1edbng T\u0103ng tr\u01b0\u1edfng EPS<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Thay v\u00ec ch\u1ec9 nh\u00ecn v\u00e0o con s\u1ed1 EPS hi\u1ec7n t\u1ea1i, h\u00e3y theo d\u00f5i xu h\u01b0\u1edbng t\u0103ng tr\u01b0\u1edfng trong \u00edt nh\u1ea5t 12 qu\u00fd li\u00ean ti\u1ebfp. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 m\u1ed9t ph\u00e2n t\u00edch m\u1eabu v\u1edbi T\u1eadp \u0111o\u00e0n Masan (MSN):<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Qu\u00fd<\/th><th>EPS (VND)<\/th><th>T\u0103ng tr\u01b0\u1edfng QoQ<\/th><th>T\u0103ng tr\u01b0\u1edfng YoY<\/th><th>Di\u1ec5n bi\u1ebfn Kinh doanh<\/th><\/tr><\/thead><tbody><tr><td>Q1\/2022<\/td><td>842<\/td><td>-<\/td><td>-<\/td><td>Chu\u1ed7i Winmart v\u1eabn l\u1ed7<\/td><\/tr><tr><td>Q2\/2022<\/td><td>912<\/td><td>+8.3%<\/td><td>-<\/td><td>Ph\u00e2n kh\u00fac th\u1ecbt c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn<\/td><\/tr><tr><td>Q3\/2022<\/td><td>1,037<\/td><td>+13.7%<\/td><td>-<\/td><td>Winmart b\u1eaft \u0111\u1ea7u c\u00f3 l\u00e3i<\/td><\/tr><tr><td>Q4\/2022<\/td><td>1,215<\/td><td>+17.2%<\/td><td>-<\/td><td>Masan Consumer t\u0103ng tr\u01b0\u1edfng m\u1ea1nh trong m\u00f9a T\u1ebft<\/td><\/tr><tr><td>Q1\/2023<\/td><td>1,156<\/td><td>-4.9%<\/td><td>+37.3%<\/td><td>Y\u1ebfu t\u1ed1 m\u00f9a v\u1ee5 sau T\u1ebft<\/td><\/tr><tr><td>Q2\/2023<\/td><td>1,327<\/td><td>+14.8%<\/td><td>+45.5%<\/td><td>Winmart m\u1edf r\u1ed9ng c\u1eeda h\u00e0ng m\u1edbi<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>\u0110\u00e1nh gi\u00e1:<\/b>&nbsp;Xu h\u01b0\u1edbng t\u0103ng tr\u01b0\u1edfng EPS c\u1ee7a MSN r\u1ea5t t\u00edch c\u1ef1c v\u1edbi 5\/6 qu\u00fd cho th\u1ea5y s\u1ef1 t\u0103ng tr\u01b0\u1edfng, \u0111\u1eb7c bi\u1ec7t l\u00e0 s\u1ef1 gia t\u0103ng m\u1ea1nh so v\u1edbi n\u0103m tr\u01b0\u1edbc. \u0110i\u1ec1u n\u00e0y b\u00e1o hi\u1ec7u s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 trong ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i, \u0111\u1eb7c bi\u1ec7t khi Winmart chuy\u1ec3n t\u1eeb l\u1ed7 sang l\u00e3i.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>M\u1eb9o chuy\u00ean gia:<\/b>&nbsp;Khi b\u1ea1n ph\u00e1t hi\u1ec7n xu h\u01b0\u1edbng t\u0103ng tr\u01b0\u1edfng EPS tr\u00ean 15% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc trong 3 qu\u00fd li\u00ean ti\u1ebfp, \u0111\u00e2y th\u01b0\u1eddng l\u00e0 t\u00edn hi\u1ec7u d\u1ef1 b\u00e1o s\u1ef1 t\u0103ng gi\u00e1 m\u1ea1nh c\u1ee7a c\u1ed5 phi\u1ebfu trong 6-12 th\u00e1ng t\u1edbi.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p 2: So s\u00e1nh EPS v\u1edbi Ng\u00e0nh v\u00e0 Th\u1ecb tr\u01b0\u1eddng<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>EPS m\u1ed9t m\u00ecnh kh\u00f4ng c\u00f3 \u00fd ngh\u0129a nhi\u1ec1u. N\u00f3 c\u1ea7n \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi c\u00e1c c\u00f4ng ty trong c\u00f9ng ng\u00e0nh v\u00e0 ch\u1ec9 s\u1ed1 chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 m\u1ed9t v\u00ed d\u1ee5 v\u1edbi ng\u00e0nh ng\u00e2n h\u00e0ng Vi\u1ec7t Nam:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ng\u00e2n h\u00e0ng<\/th><th>EPS 2023 (VND)<\/th><th>T\u0103ng tr\u01b0\u1edfng so v\u1edbi 2022<\/th><th>P\/E hi\u1ec7n t\u1ea1i<\/th><th>\u0110\u00e1nh gi\u00e1<\/th><\/tr><\/thead><tbody><tr><td>Vietcombank (VCB)<\/td><td>6,187<\/td><td>+15.3%<\/td><td>17.2<\/td><td>Cao c\u1ea5p - Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n t\u1ed1t nh\u1ea5t<\/td><\/tr><tr><td>Techcombank (TCB)<\/td><td>6,524<\/td><td>+18.7%<\/td><td>8.5<\/td><td>\u0110\u1ecbnh gi\u00e1 th\u1ea5p - Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao<\/td><\/tr><tr><td>MB Bank (MBB)<\/td><td>4,780<\/td><td>+10.2%<\/td><td>7.3<\/td><td>\u0110\u1ecbnh gi\u00e1 th\u1ea5p - M\u1edf r\u1ed9ng ph\u00e2n kh\u00fac b\u1ea3o hi\u1ec3m<\/td><\/tr><tr><td>ACB<\/td><td>5,112<\/td><td>+7.5%<\/td><td>6.8<\/td><td>\u0110\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd - T\u1eadp trung v\u00e0o kh\u00e1ch h\u00e0ng SME<\/td><\/tr><tr><td><i>Trung b\u00ecnh Ng\u00e0nh<\/i><\/td><td><i>4,230<\/i><\/td><td><i>+9.8%<\/i><\/td><td><i>8.9<\/i><\/td><td>-<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Ph\u00e2n t\u00edch so s\u00e1nh:<\/b>&nbsp;TCB c\u00f3 EPS cao nh\u1ea5t trong ng\u00e0nh nh\u01b0ng P\/E ch\u1ec9 \u1edf m\u1ee9c trung b\u00ecnh ng\u00e0nh, cho th\u1ea5y ti\u1ec1m n\u0103ng t\u00e1i \u0111\u1ecbnh gi\u00e1. Ng\u01b0\u1ee3c l\u1ea1i, VCB c\u00f3 P\/E g\u1ea7n g\u1ea5p \u0111\u00f4i trung b\u00ecnh ng\u00e0nh, ph\u1ea3n \u00e1nh m\u1ee9c gi\u00e1 cao m\u00e0 th\u1ecb tr\u01b0\u1eddng s\u1eb5n s\u00e0ng tr\u1ea3 cho ng\u00e2n h\u00e0ng ch\u1ea5t l\u01b0\u1ee3ng cao nh\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>C\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0:<\/b>&nbsp;Khi b\u1ea1n ph\u00e1t hi\u1ec7n m\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 EPS \u226520% cao h\u01a1n trung b\u00ecnh ng\u00e0nh nh\u01b0ng P\/E th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh, \u0111\u00e2y th\u01b0\u1eddng l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>M\u1ed1i Quan h\u1ec7 Gi\u1eefa L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n v\u00e0 \u0110\u1ecbnh gi\u00e1 C\u1ed5 phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hi\u1ec3u s\u00e2u v\u1ec1 l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n l\u00e0 ch\u01b0a \u0111\u1ee7; b\u1ea1n c\u1ea7n n\u1eafm b\u1eaft c\u00e1ch EPS \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu. T\u1ea1i Vi\u1ec7t Nam, c\u00f3 3 t\u1ef7 l\u1ec7 \u0111\u1ecbnh gi\u00e1 li\u00ean quan \u0111\u1ebfn EPS \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng ph\u1ed5 bi\u1ebfn nh\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>1. T\u1ef7 l\u1ec7 P\/E: C\u00f4ng c\u1ee5 \u0110\u1ecbnh gi\u00e1 Ph\u1ed5 bi\u1ebfn nh\u1ea5t<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>P\/E = Gi\u00e1 C\u1ed5 phi\u1ebfu \u00f7 EPS<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ef7 l\u1ec7 n\u00e0y cho bi\u1ebft nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng tr\u1ea3 bao nhi\u00eau cho m\u1ed7i \u0111\u1ed3ng l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty. V\u1ec1 l\u00fd thuy\u1ebft, P\/E c\u00e0ng th\u1ea5p, c\u1ed5 phi\u1ebfu c\u00e0ng \"r\u1ebb\", nh\u01b0ng th\u1ef1c t\u1ebf ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ea1i Vi\u1ec7t Nam, P\/E trung b\u00ecnh trong giai \u0111o\u1ea1n 2020-2024 dao \u0111\u1ed9ng t\u1eeb:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ng\u00e0nh<\/th><th>P\/E Trung b\u00ecnh<\/th><th>Bi\u1ebfn \u0111\u1ed9ng Chu k\u1ef3<\/th><th>Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 Hi\u1ec7u qu\u1ea3<\/th><\/tr><\/thead><tbody><tr><td>Ng\u00e2n h\u00e0ng<\/td><td>8-12<\/td><td>Th\u1ea5p khi l\u00e3i su\u1ea5t cao, cao khi l\u00e3i su\u1ea5t gi\u1ea3m<\/td><td>Mua khi P\/E &lt; 8 v\u00e0 l\u00e3i su\u1ea5t \u0111ang gi\u1ea3m<\/td><\/tr><tr><td>B\u00e1n l\u1ebb<\/td><td>15-25<\/td><td>\u0110\u1ec9nh \u0111i\u1ec3m v\u00e0o Q4 h\u00e0ng n\u0103m (m\u00f9a mua s\u1eafm)<\/td><td>Mua v\u00e0o Q2 khi P\/E th\u1ea5p, b\u00e1n tr\u01b0\u1edbc T\u1ebft<\/td><\/tr><tr><td>C\u00f4ng ngh\u1ec7<\/td><td>20-30<\/td><td>\u00cdt bi\u1ebfn \u0111\u1ed9ng theo m\u00f9a, ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed9t ph\u00e1 c\u00f4ng ngh\u1ec7<\/td><td>\u0110\u1ea7u t\u01b0 d\u00e0i h\u1ea1n d\u1ef1a tr\u00ean t\u0103ng tr\u01b0\u1edfng EPS<\/td><\/tr><tr><td>B\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td><td>10-20<\/td><td>Bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh trong chu k\u1ef3 3-5 n\u0103m<\/td><td>Mua khi P\/E &lt; 7 sau c\u00e1c giai \u0111o\u1ea1n kh\u1ee7ng ho\u1ea3ng<\/td><\/tr><tr><td>Th\u00e9p, D\u1ea7u kh\u00ed<\/td><td>6-12<\/td><td>Bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh theo gi\u00e1 h\u00e0ng h\u00f3a to\u00e0n c\u1ea7u<\/td><td>\u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c ng\u01b0\u1ee3c chu k\u1ef3<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>L\u01b0u \u00fd quan tr\u1ecdng:<\/b>&nbsp;P\/E th\u1ea5p kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng l\u00e0 c\u01a1 h\u1ed9i! Nguy\u00ean nh\u00e2n P\/E th\u1ea5p c\u00f3 th\u1ec3 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'>EPS cao b\u1ea5t th\u01b0\u1eddng&nbsp;do thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng (b\u00e1n t\u00e0i s\u1ea3n, ho\u00e0n nh\u1eadp d\u1ef1 ph\u00f2ng...)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1ecb tr\u01b0\u1eddng d\u1ef1 b\u00e1o EPS s\u1ebd gi\u1ea3m&nbsp;trong t\u01b0\u01a1ng lai g\u1ea7n (r\u1ee7i ro ng\u00e0nh)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>V\u1ea5n \u0111\u1ec1 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p&nbsp;khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 y\u00eau c\u1ea7u \"ph\u00ed r\u1ee7i ro\" cao h\u01a1n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thanh kho\u1ea3n c\u1ed5 phi\u1ebfu th\u1ea5p, d\u1eabn \u0111\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng \"chi\u1ebft kh\u1ea5u thanh kho\u1ea3n\"<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>2. T\u1ef7 l\u1ec7 PEG: C\u00f4ng c\u1ee5 C\u00e2n b\u1eb1ng Gi\u00e1 v\u00e0 T\u0103ng tr\u01b0\u1edfng<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>PEG = P\/E \u00f7 T\u1ef7 l\u1ec7 T\u0103ng tr\u01b0\u1edfng EPS H\u00e0ng n\u0103m (%)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>PEG d\u01b0\u1edbi 1 th\u01b0\u1eddng \u0111\u01b0\u1ee3c coi l\u00e0 c\u1ed5 phi\u1ebfu c\u00f3 gi\u00e1 h\u1ea5p d\u1eabn. \u0110\u00e2y l\u00e0 c\u00f4ng c\u1ee5 \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 khi so s\u00e1nh c\u00e1c c\u00f4ng ty trong c\u00f9ng ng\u00e0nh nh\u01b0ng c\u00f3 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng kh\u00e1c nhau.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf:<\/b>&nbsp;N\u0103m 2023, Th\u1ebf Gi\u1edbi Di \u0110\u1ed9ng (MWG) c\u00f3 P\/E l\u00e0 20, nh\u01b0ng t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS d\u1ef1 ki\u1ebfn l\u00e0 25%\/n\u0103m \u2192 PEG = 0.8 \u2192 \u0110\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn m\u1eb7c d\u00f9 P\/E t\u01b0\u01a1ng \u0111\u1ed1i cao.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Pocket Option khuy\u1ebfn ngh\u1ecb:<\/b>&nbsp;\u01afu ti\u00ean c\u00e1c c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam c\u00f3 PEG d\u01b0\u1edbi 0.9 v\u00e0 t\u0103ng tr\u01b0\u1edfng EPS \u1ed5n \u0111\u1ecbnh duy tr\u00ec \u00edt nh\u1ea5t 3 n\u0103m li\u00ean ti\u1ebfp.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>3. M\u00f4 h\u00ecnh DDM M\u1edf r\u1ed9ng (M\u00f4 h\u00ecnh Chi\u1ebft kh\u1ea5u C\u1ed5 t\u1ee9c)<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n nh\u01b0 ng\u00e2n h\u00e0ng, ti\u1ec7n \u00edch, vi\u1ec5n th\u00f4ng... t\u1ea1i Vi\u1ec7t Nam, ph\u01b0\u01a1ng ph\u00e1p DDM k\u1ebft h\u1ee3p v\u1edbi EPS r\u1ea5t hi\u1ec7u qu\u1ea3:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Gi\u00e1 tr\u1ecb H\u1ee3p l\u00fd = EPS \u00d7 (1 - b) \u00d7 (1 + g) \/ (r - g)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong \u0111\u00f3:<\/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'>b: T\u1ef7 l\u1ec7 gi\u1eef l\u1ea1i (l\u1ee3i nhu\u1eadn kh\u00f4ng ph\u00e2n ph\u1ed1i d\u01b0\u1edbi d\u1ea1ng c\u1ed5 t\u1ee9c)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>g: T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>r: T\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn y\u00eau c\u1ea7u<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>\u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf:<\/b>&nbsp;\u0110\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu FPT v\u1edbi EPS n\u0103m 2023 l\u00e0 5,511 VND, gi\u1eef l\u1ea1i 40% l\u1ee3i nhu\u1eadn, t\u0103ng tr\u01b0\u1edfng d\u1ef1 ki\u1ebfn 18%\/n\u0103m v\u00e0 t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn y\u00eau c\u1ea7u 25%, gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd l\u00e0 86,280 VND - cao h\u01a1n 15% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>5 H\u1ea1n ch\u1ebf c\u1ee7a L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n m\u00e0 Nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam N\u00ean Bi\u1ebft<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 m\u1ea1nh m\u1ebd nh\u01b0ng kh\u00f4ng ho\u00e0n h\u1ea3o. Pocket Option c\u1ea3nh b\u00e1o v\u1ec1 5 h\u1ea1n ch\u1ebf quan tr\u1ecdng m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u00ean l\u01b0u \u00fd \u0111\u1ec3 tr\u00e1nh quy\u1ebft \u0111\u1ecbnh sai l\u1ea7m:<\/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\u00f3 th\u1ec3 \"l\u00e0m \u0111\u1eb9p\" th\u00f4ng qua k\u1ef9 thu\u1eadt k\u1ebf to\u00e1n&nbsp;- V\u00ed d\u1ee5: C\u00e1c c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n tr\u00ec ho\u00e3n d\u1ef1 ph\u00f2ng, ng\u00e2n h\u00e0ng \"s\u00e1ng t\u1ea1o\" ph\u00e2n lo\u1ea1i n\u1ee3<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00f4ng ph\u1ea3n \u00e1nh ch\u1ea5t l\u01b0\u1ee3ng d\u00f2ng ti\u1ec1n&nbsp;- V\u00ed d\u1ee5: N\u0103m 2022, HAG c\u00f3 EPS l\u00e0 1,235 VND nh\u01b0ng d\u00f2ng ti\u1ec1n \u00e2m do chi ph\u00ed v\u1ed1n h\u00f3a<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bi\u1ebfn \u0111\u1ed9ng theo m\u00f9a c\u00f3 th\u1ec3 g\u00e2y hi\u1ec3u l\u1ea7m&nbsp;- V\u00ed d\u1ee5: Q1\/2023, EPS c\u1ee7a DGW gi\u1ea3m 30% QoQ nh\u01b0ng \u0111\u00e2y l\u00e0 hi\u1ec7n t\u01b0\u1ee3ng h\u00e0ng n\u0103m sau Q4<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>B\u1ecf qua c\u1ea5u tr\u00fac v\u1ed1n v\u00e0 r\u1ee7i ro&nbsp;- V\u00ed d\u1ee5: MSN v\u00e0 VNM c\u00f3 EPS t\u01b0\u01a1ng \u0111\u01b0\u01a1ng nh\u01b0ng t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a MSN cao g\u1ea5p 5 l\u1ea7n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng l\u00e0m m\u00e9o m\u00f3 xu h\u01b0\u1edbng&nbsp;- V\u00ed d\u1ee5: N\u0103m 2022, EPS c\u1ee7a VIC t\u0103ng 120% nh\u01b0ng ch\u1ee7 y\u1ebfu t\u1eeb tho\u00e1i v\u1ed1n, kh\u00f4ng ph\u1ea3i kinh doanh c\u1ed1t l\u00f5i<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>H\u1ea1n ch\u1ebf<\/th><th>Bi\u1ec3u hi\u1ec7n tr\u00ean Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam<\/th><th>Gi\u1ea3i ph\u00e1p<\/th><\/tr><\/thead><tbody><tr><td>Thao t\u00fang k\u1ebf to\u00e1n<\/td><td>M\u1ed9t s\u1ed1 b\u00e1o c\u00e1o qu\u00fd kh\u00f4ng \u0111\u01b0\u1ee3c ki\u1ec3m to\u00e1n\/so\u00e1t x\u00e9t<\/td><td>Ki\u1ec3m tra ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n, x\u00e1c minh chi ph\u00ed d\u1ef1 ph\u00f2ng<\/td><\/tr><tr><td>V\u1ea5n \u0111\u1ec1 d\u00f2ng ti\u1ec1n<\/td><td>\u0110\u1eb7c bi\u1ec7t trong b\u1ea5t \u0111\u1ed9ng s\u1ea3n, x\u00e2y d\u1ef1ng, b\u00e1n l\u1ebb<\/td><td>K\u1ebft h\u1ee3p v\u1edbi ph\u00e2n t\u00edch FCF\/Share (D\u00f2ng ti\u1ec1n t\u1ef1 do tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu)<\/td><\/tr><tr><td>Y\u1ebfu t\u1ed1 chu k\u1ef3, m\u00f9a v\u1ee5<\/td><td>Du l\u1ecbch, b\u00e1n l\u1ebb, F&amp;B, th\u1ee7y s\u1ea3n<\/td><td>S\u1eed d\u1ee5ng EPS TTM (12 th\u00e1ng g\u1ea7n nh\u1ea5t) thay v\u00ec m\u1ed9t qu\u00fd \u0111\u01a1n l\u1ebb<\/td><\/tr><tr><td>R\u1ee7i ro c\u1ea5u tr\u00fac v\u1ed1n<\/td><td>\u0110\u1eb7c tr\u01b0ng c\u1ee7a c\u00e1c t\u1eadp \u0111o\u00e0n v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td><td>Ph\u00e2n t\u00edch t\u1ef7 l\u1ec7 n\u1ee3\/EBITDA, t\u1ef7 l\u1ec7 bao ph\u1ee7 l\u00e3i vay (ICR)<\/td><\/tr><tr><td>Thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng<\/td><td>Ph\u1ed5 bi\u1ebfn khi doanh nghi\u1ec7p t\u00e1i c\u1ea5u tr\u00fac<\/td><td>T\u00e1ch bi\u1ec7t \"EPS C\u1ed1t l\u00f5i\" v\u00e0 \"EPS Kh\u00f4ng th\u01b0\u1eddng xuy\u00ean\"<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>M\u1eb9o v\u00e0ng:<\/b>&nbsp;Pocket Option khuy\u1ebfn ngh\u1ecb ph\u01b0\u01a1ng ph\u00e1p \"Ph\u00e2n t\u00edch EPS 5 \u0110i\u1ec3m\" - k\u1ebft h\u1ee3p 5 chi\u1ec1u ph\u00e2n t\u00edch: T\u0103ng tr\u01b0\u1edfng EPS, Ch\u1ea5t l\u01b0\u1ee3ng EPS, \u1ed4n \u0111\u1ecbnh EPS, D\u1ef1 \u0111o\u00e1n EPS v\u00e0 So s\u00e1nh EPS v\u1edbi ng\u00e0nh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>7 Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 \u0110\u1ed9t ph\u00e1 D\u1ef1a tr\u00ean L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1eeb kinh nghi\u1ec7m h\u1ed7 tr\u1ee3 h\u00e0ng ng\u00e0n nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam, Pocket Option \u0111\u00e3 ch\u1eaft l\u1ecdc 7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ef1c k\u1ef3 hi\u1ec7u qu\u1ea3 d\u1ef1a tr\u00ean EPS, \u0111\u1eb7c bi\u1ec7t ph\u00f9 h\u1ee3p v\u1edbi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i:<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c 1: \"\u0110\u1ed9ng l\u1ef1c EPS\" - \u0110i tr\u01b0\u1edbc \u0110\u00e0 T\u0103ng tr\u01b0\u1edfng<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1eadp trung v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS t\u0103ng t\u1ed1c (kh\u00f4ng ch\u1ec9 t\u0103ng m\u00e0 c\u00f2n t\u0103ng nhanh h\u01a1n) trong \u00edt nh\u1ea5t 2 qu\u00fd li\u00ean ti\u1ebfp.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn:<\/b><\/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'>EPS qu\u00fd g\u1ea7n nh\u1ea5t t\u0103ng &gt;20% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc (YoY)<\/li><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 EPS qu\u00fd hi\u1ec7n t\u1ea1i &gt; t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS qu\u00fd tr\u01b0\u1edbc<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00f4ng c\u00f3 thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng \u0111\u00e1ng k\u1ec3 trong k\u1ef3 b\u00e1o c\u00e1o<\/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 t\u0103ng khi EPS \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>V\u00ed d\u1ee5 th\u00e0nh c\u00f4ng:<\/b>&nbsp;N\u0103m 2022, c\u1ed5 phi\u1ebfu DGC (H\u00f3a ch\u1ea5t \u0110\u1ee9c Giang) t\u0103ng t\u1eeb 60,000 VND l\u00ean 150,000 VND (+150%) sau khi c\u00f4ng ty b\u00e1o c\u00e1o 3 qu\u00fd li\u00ean ti\u1ebfp v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS t\u0103ng t\u1eeb 85%, 120% \u0111\u1ebfn 175% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c 2: \"Gi\u00e1 tr\u1ecb B\u1ecb l\u00e3ng qu\u00ean\" - Kho b\u00e1u Ch\u01b0a \u0111\u01b0\u1ee3c Kh\u00e1m ph\u00e1<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u00ecm ki\u1ebfm c\u00e1c doanh nghi\u1ec7p c\u00f3 n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc, EPS \u1ed5n \u0111\u1ecbnh nh\u01b0ng b\u1ecb \"l\u00e3ng qu\u00ean\" b\u1edfi th\u1ecb tr\u01b0\u1eddng v\u00ec ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ng\u00e0nh truy\u1ec1n th\u1ed1ng ho\u1eb7c thi\u1ebfu y\u1ebfu t\u1ed1 h\u1ea5p d\u1eabn.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>Ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn:<\/b><\/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'>P\/E \u00edt nh\u1ea5t th\u1ea5p h\u01a1n 30% so v\u1edbi trung b\u00ecnh ng\u00e0nh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS \u1ed5n \u0111\u1ecbnh ho\u1eb7c t\u0103ng nh\u1eb9 trong 3 n\u0103m li\u00ean ti\u1ebfp<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c cao (&gt;5%\/n\u0103m)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p (&lt;0.5)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>ROE li\u00ean t\u1ee5c cao &gt;15%<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>V\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh:<\/b>&nbsp;Trong giai \u0111o\u1ea1n 2022-2023, DHG (D\u01b0\u1ee3c H\u1eadu Giang) duy tr\u00ec EPS \u1ed5n \u0111\u1ecbnh kho\u1ea3ng 4,500-5,000 VND\/c\u1ed5 phi\u1ebfu, P\/E ch\u1ec9 12-13 l\u1ea7n (th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi trung b\u00ecnh ng\u00e0nh d\u01b0\u1ee3c ph\u1ea9m 18-20 l\u1ea7n), c\u1ed5 t\u1ee9c 5%\/n\u0103m. \u0110\u1ea7u n\u0103m 2024, c\u1ed5 phi\u1ebfu t\u0103ng 40% khi th\u1ecb tr\u01b0\u1eddng quay l\u1ea1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu ph\u00f2ng th\u1ee7.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Chi\u1ebfn l\u01b0\u1ee3c<\/th><th>Th\u00f4ng s\u1ed1 EPS c\u1ea7n Theo d\u00f5i<\/th><th>Ng\u00e0nh Ph\u00f9 h\u1ee3p t\u1ea1i VN<\/th><th>C\u1ed5 phi\u1ebfu Ti\u00eau bi\u1ec3u<\/th><\/tr><\/thead><tbody><tr><td>\u0110\u1ed9ng l\u1ef1c EPS<\/td><td>T\u0103ng tr\u01b0\u1edfng EPS t\u0103ng t\u1ed1c<\/td><td>C\u00f4ng ngh\u1ec7, Logistics, Xu\u1ea5t kh\u1ea9u<\/td><td>FPT, MWG, DGC<\/td><\/tr><tr><td>Gi\u00e1 tr\u1ecb B\u1ecb l\u00e3ng qu\u00ean<\/td><td>EPS \u1ed5n \u0111\u1ecbnh, P\/E th\u1ea5p<\/td><td>D\u01b0\u1ee3c ph\u1ea9m, Th\u1ef1c ph\u1ea9m, Ti\u1ec7n \u00edch<\/td><td>DHG, VNM, POW<\/td><\/tr><tr><td>Ch\u01a1i ph\u1ee5c h\u1ed3i EPS<\/td><td>EPS b\u1eaft \u0111\u1ea7u ph\u1ee5c h\u1ed3i sau suy gi\u1ea3m<\/td><td>B\u1ea5t \u0111\u1ed9ng s\u1ea3n, Th\u00e9p, D\u1ea7u kh\u00ed<\/td><td>HPG, DXG, PVD<\/td><\/tr><tr><td>T\u0103ng tr\u01b0\u1edfng Ch\u1ea5t l\u01b0\u1ee3ng<\/td><td>EPS t\u0103ng tr\u01b0\u1edfng \u0111\u1ec1u 15-25%\/n\u0103m<\/td><td>Ng\u00e2n h\u00e0ng, B\u00e1n l\u1ebb, H\u00e0ng ti\u00eau d\u00f9ng<\/td><td>ACB, PNJ, MSN<\/td><\/tr><tr><td>EPS do Y\u1ebfu t\u1ed1 x\u00fac t\u00e1c<\/td><td>EPS d\u1ef1 ki\u1ebfn t\u0103ng m\u1ea1nh do s\u1ef1 ki\u1ec7n<\/td><td>T\u1ea5t c\u1ea3 c\u00e1c ng\u00e0nh<\/td><td>Thay \u0111\u1ed5i theo th\u1eddi \u0111i\u1ec3m<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bi\u1ebft c\u00e1ch t\u00ednh l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n v\u00e0 \u00e1p d\u1ee5ng n\u00f3 v\u00e0o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 l\u00e0 m\u1ed9t k\u1ef9 n\u0103ng c\u1ed1t l\u00f5i ph\u00e2n bi\u1ec7t nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p v\u00e0 nghi\u1ec7p d\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. Pocket Option cam k\u1ebft \u0111\u1ed3ng h\u00e0nh c\u00f9ng b\u1ea1n tr\u00ean h\u00e0nh tr\u00ecnh n\u00e0y v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 v\u00e0 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: Bi\u1ebfn L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n th\u00e0nh L\u1ee3i th\u1ebf C\u1ea1nh tranh c\u1ee7a B\u1ea1n<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Sau khi kh\u00e1m ph\u00e1 s\u00e2u v\u1ec1 l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n l\u00e0 g\u00ec v\u00e0 c\u00e1ch \u00e1p d\u1ee5ng n\u00f3 hi\u1ec7u qu\u1ea3, b\u1ea1n hi\u1ec7n s\u1edf h\u1eefu m\u1ed9t c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch m\u1ea1nh m\u1ebd m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam ch\u01b0a t\u1eadn d\u1ee5ng h\u1ebft. H\u00e3y nh\u1edb r\u1eb1ng:<\/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'>EPS kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t con s\u1ed1&nbsp;- n\u00f3 l\u00e0 th\u01b0\u1edbc \u0111o tr\u1ef1c ti\u1ebfp gi\u00e1 tr\u1ecb b\u1ea1n nh\u1eadn \u0111\u01b0\u1ee3c v\u1edbi m\u1ed7i c\u1ed5 ph\u1ea7n b\u1ea1n s\u1edf h\u1eefu<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch xu h\u01b0\u1edbng EPS&nbsp;quan tr\u1ecdng h\u01a1n gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u1ea5t l\u01b0\u1ee3ng EPS&nbsp;(t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i) quan tr\u1ecdng h\u01a1n c\u00e1c con s\u1ed1 EPS cao kh\u00f4ng b\u1ec1n v\u1eefng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>K\u1ebft h\u1ee3p EPS v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c&nbsp;(P\/E, PEG, FCF\/Share, ROE) \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u01b0\u01a1ng ph\u00e1p Ph\u00e2n t\u00edch EPS 5 \u0110i\u1ec3m&nbsp;t\u1eeb Pocket Option gi\u00fap b\u1ea1n ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u00e0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang ng\u00e0y c\u00e0ng tr\u01b0\u1edfng th\u00e0nh v\u00e0 ti\u1ebfp c\u1eadn c\u00e1c ti\u00eau chu\u1ea9n qu\u1ed1c t\u1ebf. Trong t\u01b0\u01a1ng lai, vai tr\u00f2 c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n nh\u01b0 EPS s\u1ebd c\u00e0ng tr\u1edf n\u00ean quan tr\u1ecdng khi d\u00f2ng v\u1ed1n n\u01b0\u1edbc ngo\u00e0i ti\u1ebfp t\u1ee5c \u0111\u1ed5 v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c qu\u1ef9 ETF qu\u1ed1c t\u1ebf m\u1edf r\u1ed9ng \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cam k\u1ebft ti\u1ebfp t\u1ee5c cung c\u1ea5p c\u00e1c ph\u00e2n t\u00edch chuy\u00ean s\u00e2u, c\u00f4ng c\u1ee5 t\u00ednh to\u00e1n EPS hi\u1ec7n \u0111\u1ea1i, v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 \u0111\u1ec3 \u0111\u1ed3ng h\u00e0nh c\u00f9ng nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam tr\u00ean h\u00e0nh tr\u00ecnh","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'>Kh\u00e1i ni\u1ec7m v\u00e0 T\u1ea7m quan tr\u1ecdng c\u1ee7a L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n trong Th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>B\u1ea1n \u0111\u00e3 bao gi\u1edd t\u1ef1 h\u1ecfi t\u1ea1i sao hai c\u1ed5 phi\u1ebfu c\u00f3 c\u00f9ng gi\u00e1 l\u1ea1i c\u00f3 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i ho\u00e0n to\u00e0n kh\u00e1c nhau? C\u00e2u tr\u1ea3 l\u1eddi n\u1eb1m \u1edf l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n. L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n l\u00e0 g\u00ec? \u0110\u00f3 l\u00e0 s\u1ed1 ti\u1ec1n l\u1ee3i nhu\u1eadn m\u00e0 m\u1ed7i c\u1ed5 ph\u1ea7n ph\u1ed5 th\u00f4ng \u0111ang l\u01b0u h\u00e0nh mang l\u1ea1i cho c\u1ed5 \u0111\u00f4ng trong m\u1ed9t k\u1ef3 b\u00e1o c\u00e1o, th\u01b0\u1eddng l\u00e0 h\u00e0ng qu\u00fd ho\u1eb7c h\u00e0ng n\u0103m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ea1i Vi\u1ec7t Nam, n\u01a1i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u00f2n non tr\u1ebb v\u1edbi h\u01a1n 70% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, ch\u1ec9 s\u1ed1 EPS tr\u1edf th\u00e0nh m\u1ed9t la b\u00e0n \u0111\u00e1ng tin c\u1eady. Kh\u00f4ng ph\u1ea3i ng\u1eabu nhi\u00ean m\u00e0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i nh\u01b0 Dragon Capital hay VinaCapital lu\u00f4n \u01b0u ti\u00ean ph\u00e2n t\u00edch EPS tr\u01b0\u1edbc khi quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0o b\u1ea5t k\u1ef3 doanh nghi\u1ec7p Vi\u1ec7t Nam n\u00e0o.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Theo kh\u1ea3o s\u00e1t m\u1edbi nh\u1ea5t c\u1ee7a Pocket Option v\u1edbi 500 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng t\u1ea1i Vi\u1ec7t Nam, 83% trong s\u1ed1 h\u1ecd coi EPS l\u00e0 ch\u1ec9 s\u1ed1 \u0111\u1ea7u ti\u00ean h\u1ecd ki\u1ec3m tra tr\u01b0\u1edbc khi mua m\u1ed9t c\u1ed5 phi\u1ebfu. L\u00fd do ch\u00ednh: EPS ph\u1ea3n \u00e1nh tr\u1ef1c ti\u1ebfp hi\u1ec7u su\u1ea5t kinh doanh th\u1ef1c t\u1ebf, kh\u00f4ng d\u1ec5 b\u1ecb b\u00f3p m\u00e9o b\u1edfi t\u00e2m l\u00fd \u0111\u00e1m \u0111\u00f4ng v\u00e0 tin \u0111\u1ed3n th\u1ecb tr\u01b0\u1eddng r\u1ea5t ph\u1ed5 bi\u1ebfn tr\u00ean HOSE v\u00e0 HNX.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>EPS &#8211; C\u00f4ng c\u1ee5 Ph\u00e2n bi\u1ec7t C\u1ed5 phi\u1ebfu &#8220;Cao c\u1ea5p&#8221; v\u00e0 &#8220;K\u00e9m ch\u1ea5t l\u01b0\u1ee3ng&#8221; tr\u00ean Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>B\u1ea1n c\u00f3 bi\u1ebft: Trong giai \u0111o\u1ea1n 2020-2024, c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 t\u0103ng tr\u01b0\u1edfng EPS \u1ed5n \u0111\u1ecbnh tr\u00ean 15%\/n\u0103m t\u1ea1i Vi\u1ec7t Nam mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 78%, trong khi VN-Index ch\u1ec9 t\u0103ng 35%? \u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t s\u1ef1 tr\u00f9ng h\u1ee3p ng\u1eabu nhi\u00ean.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>EPS gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam th\u1ef1c hi\u1ec7n 5 nhi\u1ec7m v\u1ee5 quan tr\u1ecdng:<\/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'>X\u00e1c \u0111\u1ecbnh doanh nghi\u1ec7p th\u1ef1c s\u1ef1 ki\u1ebfm ti\u1ec1n&nbsp;&#8211; kh\u00f4ng ch\u1ec9 gi\u1ecfi PR v\u00e0 marketing<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>So s\u00e1nh ch\u00ednh x\u00e1c&nbsp;gi\u1eefa c\u00e1c doanh nghi\u1ec7p c\u00f3 quy m\u00f4 v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu kh\u00e1c nhau<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1ef1 b\u00e1o ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1&nbsp;d\u1ef1a tr\u00ean tri\u1ec3n v\u1ecdng c\u1ea3i thi\u1ec7n EPS trong t\u01b0\u01a1ng lai<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e1t hi\u1ec7n d\u1ea5u hi\u1ec7u suy gi\u1ea3m s\u1edbm&nbsp;khi EPS b\u1eaft \u0111\u1ea7u gi\u1ea3m tr\u01b0\u1edbc khi gi\u00e1 c\u1ed5 phi\u1ebfu ph\u1ea3n \u00e1nh \u0111i\u1ec1u \u0111\u00f3<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u00e1nh gi\u00e1 m\u1ee9c c\u1ed5 t\u1ee9c b\u1ec1n v\u1eefng&nbsp;m\u00e0 doanh nghi\u1ec7p c\u00f3 th\u1ec3 chi tr\u1ea3 l\u00e2u d\u00e0i<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh Vi\u1ec7t Nam, n\u01a1i th\u00f4ng tin \u0111\u00f4i khi kh\u00f4ng \u0111\u1ed3ng \u0111\u1ec1u gi\u1eefa c\u00e1c nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0, EPS tr\u1edf th\u00e0nh m\u1ed9t th\u01b0\u1edbc \u0111o kh\u00e1ch quan gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n thu h\u1eb9p kho\u1ea3ng c\u00e1ch v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn.<\/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>Tham s\u1ed1<\/th>\n<th>Vai tr\u00f2 trong Ph\u00e2n t\u00edch<\/th>\n<th>V\u00ed d\u1ee5 C\u1ee5 th\u1ec3 tr\u00ean Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng EPS \u1ed5n \u0111\u1ecbnh<\/td>\n<td>Ph\u1ea3n \u00e1nh m\u00f4 h\u00ecnh kinh doanh b\u1ec1n v\u1eefng<\/td>\n<td>FPT li\u00ean t\u1ee5c t\u0103ng EPS 15-20%\/n\u0103m \u2192 C\u1ed5 phi\u1ebfu t\u0103ng 300% (2020-2024)<\/td>\n<\/tr>\n<tr>\n<td>EPS bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh<\/td>\n<td>C\u1ea3nh b\u00e1o r\u1ee7i ro chu k\u1ef3<\/td>\n<td>HPG: 2021 EPS \u0111\u1ea1t 5,600 VND, 2022 gi\u1ea3m c\u00f2n 1,500 VND \u2192 Gi\u00e1 -65%<\/td>\n<\/tr>\n<tr>\n<td>EPS gi\u1ea3m li\u00ean t\u1ee5c<\/td>\n<td>D\u1ea5u hi\u1ec7u suy tho\u00e1i nghi\u00eam tr\u1ecdng<\/td>\n<td>CII: EPS gi\u1ea3m 4 n\u0103m li\u00ean ti\u1ebfp \u2192 Gi\u00e1 gi\u1ea3m t\u1eeb 40,000 VND xu\u1ed1ng 12,000 VND<\/td>\n<\/tr>\n<tr>\n<td>EPS cao h\u01a1n ng\u00e0nh 30%+<\/td>\n<td>L\u1ee3i th\u1ebf c\u1ea1nh tranh v\u01b0\u1ee3t tr\u1ed9i<\/td>\n<td>MWG trong giai \u0111o\u1ea1n 2018-2020 \u2192 L\u1ee3i nhu\u1eadn cho nh\u00e0 \u0111\u1ea7u t\u01b0 +215%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1ch T\u00ednh L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n Ch\u00ednh x\u00e1c v\u00e0 Nhanh ch\u00f3ng<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Gi\u1edd b\u1ea1n \u0111\u00e3 hi\u1ec3u t\u1ea7m quan tr\u1ecdng c\u1ee7a EPS, c\u00e2u h\u1ecfi ti\u1ebfp theo l\u00e0: l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00ednh l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n ch\u00ednh x\u00e1c? Pocket Option cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p 3 b\u01b0\u1edbc d\u1ec5 d\u00e0ng \u00e1p d\u1ee5ng cho b\u1ea5t k\u1ef3 c\u1ed5 phi\u1ebfu n\u00e0o tr\u00ean HOSE, HNX, ho\u1eb7c UPCOM.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi th\u01b0\u1eddng t\u1ef1 h\u1ecfi: &#8220;l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00ednh l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n m\u00e0 kh\u00f4ng m\u1eafc sai l\u1ea7m?&#8221; C\u00e2u tr\u1ea3 l\u1eddi n\u1eb1m \u1edf vi\u1ec7c \u00e1p d\u1ee5ng c\u00f4ng th\u1ee9c \u0111\u00fang v\u00e0 hi\u1ec3u r\u00f5 c\u00e1c th\u00e0nh ph\u1ea7n c\u1ee7a n\u00f3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>C\u00f4ng th\u1ee9c v\u00e0ng \u0111\u1ec3 t\u00ednh EPS:<\/b><\/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>EPS = (L\u1ee3i nhu\u1eadn r\u00f2ng &#8211; C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i) \/ S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng trung b\u00ecnh gia quy\u1ec1n<\/th>\n<\/tr>\n<\/thead>\n<tbody><\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u00e3y ph\u00e2n t\u00edch t\u1eebng th\u00e0nh ph\u1ea7n:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i nhu\u1eadn r\u00f2ng:&nbsp;L\u1ea5y tr\u1ef1c ti\u1ebfp t\u1eeb d\u00f2ng &#8220;L\u1ee3i nhu\u1eadn sau thu\u1ebf thu\u1ed9c v\u1ec1 c\u1ed5 \u0111\u00f4ng c\u00f4ng ty m\u1eb9&#8221; tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh h\u1ee3p nh\u1ea5t (kh\u00f4ng ph\u1ea3i t\u1ed5ng PAT!)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i:&nbsp;Kh\u00f4ng ph\u1ed5 bi\u1ebfn \u1edf Vi\u1ec7t Nam, nh\u01b0ng c\u1ea7n ki\u1ec3m tra &#8220;Thanh to\u00e1n c\u1ed5 t\u1ee9c \u01b0u \u0111\u00e3i&#8221; trong thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu trung b\u00ecnh gia quy\u1ec1n:&nbsp;\u0110\u00e2y l\u00e0 \u0111i\u1ec3m m\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam t\u00ednh sai EPS<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u00e1ch T\u00ednh S\u1ed1 l\u01b0\u1ee3ng C\u1ed5 phi\u1ebfu Trung b\u00ecnh Gia quy\u1ec1n Ch\u00ednh x\u00e1c<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, vi\u1ec7c ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu di\u1ec5n ra th\u01b0\u1eddng xuy\u00ean th\u00f4ng qua: c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu, ph\u00e1t h\u00e0nh ESOP, ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb&#8230; \u0110\u1ec3 t\u00ednh s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu trung b\u00ecnh gia quy\u1ec1n ch\u00ednh x\u00e1c, \u00e1p d\u1ee5ng c\u00f4ng th\u1ee9c sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>S\u1ed1 l\u01b0\u1ee3ng C\u1ed5 phi\u1ebfu Trung b\u00ecnh Gia quy\u1ec1n = (C\u1ed5 phi\u1ebfu ban \u0111\u1ea7u \u00d7 s\u1ed1 th\u00e1ng t\u1ed3n t\u1ea1i + C\u1ed5 phi\u1ebfu m\u1edbi \u00d7 s\u1ed1 th\u00e1ng c\u00f2n l\u1ea1i) \/ T\u1ed5ng s\u1ed1 th\u00e1ng trong k\u1ef3<\/b><\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: Ng\u00e0y 15 th\u00e1ng 4 n\u0103m 2024, Vinhomes (VHM) ph\u00e1t h\u00e0nh 500 tri\u1ec7u c\u1ed5 phi\u1ebfu th\u01b0\u1edfng t\u1eeb th\u1eb7ng d\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n. Tr\u01b0\u1edbc \u0111\u00f3, VHM c\u00f3 4 t\u1ef7 c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh. Khi t\u00ednh EPS qu\u00fd 2\/2024, s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu trung b\u00ecnh gia quy\u1ec1n s\u1ebd l\u00e0:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ed1 l\u01b0\u1ee3ng C\u1ed5 phi\u1ebfu Trung b\u00ecnh Gia quy\u1ec1n = (4 t\u1ef7 \u00d7 0.5 th\u00e1ng + 4.5 t\u1ef7 \u00d7 2.5 th\u00e1ng) \/ 3 th\u00e1ng = 4.42 t\u1ef7 c\u1ed5 phi\u1ebfu<\/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>Sai l\u1ea7m Th\u01b0\u1eddng g\u1eb7p<\/th>\n<th>Gi\u1ea3i ph\u00e1p<\/th>\n<th>\u1ea2nh h\u01b0\u1edfng \u0111\u1ebfn K\u1ebft qu\u1ea3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>S\u1eed d\u1ee5ng c\u1ed5 phi\u1ebfu cu\u1ed1i k\u1ef3 thay v\u00ec trung b\u00ecnh<\/td>\n<td>T\u00ednh trung b\u00ecnh gia quy\u1ec1n theo th\u1eddi gian<\/td>\n<td>EPS c\u00f3 th\u1ec3 sai l\u1ec7ch 5-20% t\u00f9y thu\u1ed9c v\u00e0o pha lo\u00e3ng<\/td>\n<\/tr>\n<tr>\n<td>B\u1ecf qua \u0111i\u1ec1u ch\u1ec9nh h\u1ed3i t\u1ed1<\/td>\n<td>Ki\u1ec3m tra thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh<\/td>\n<td>C\u00f3 th\u1ec3 g\u00e2y hi\u1ec3u l\u1ea7m v\u1ec1 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS<\/td>\n<\/tr>\n<tr>\n<td>S\u1eed d\u1ee5ng t\u1ed5ng PAT thay v\u00ec PAT thu\u1ed9c v\u1ec1 c\u1ed5 \u0111\u00f4ng c\u00f4ng ty m\u1eb9<\/td>\n<td>Lu\u00f4n s\u1eed d\u1ee5ng &#8220;L\u1ee3i nhu\u1eadn thu\u1ed9c v\u1ec1 c\u1ed5 \u0111\u00f4ng c\u00f4ng ty m\u1eb9&#8221;<\/td>\n<td>\u0110\u1eb7c bi\u1ec7t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 nhi\u1ec1u c\u1ed5 \u0111\u00f4ng thi\u1ec3u s\u1ed1<\/td>\n<\/tr>\n<tr>\n<td>Qu\u00ean ki\u1ec3m tra thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng<\/td>\n<td>T\u00e1ch bi\u1ec7t v\u00e0 ph\u00e2n t\u00edch &#8220;L\u00e3i\/l\u1ed7 kh\u00e1c&#8221; trong b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/td>\n<td>G\u00e2y \u0111\u00e1nh gi\u00e1 sai v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ed1t l\u00f5i<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>7 B\u00e0i T\u1eadp T\u00ednh L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n v\u1edbi T\u00ecnh hu\u1ed1ng Th\u1ef1c t\u1ebf<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Kh\u00f4ng g\u00ec hi\u1ec7u qu\u1ea3 b\u1eb1ng th\u1ef1c h\u00e0nh! Pocket Option cung c\u1ea5p 7 b\u00e0i t\u1eadp th\u1ef1c t\u1ebf v\u1edbi d\u1eef li\u1ec7u t\u1eeb c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft h\u00e0ng \u0111\u1ea7u t\u1ea1i Vi\u1ec7t Nam. H\u00e3y th\u1eed s\u1ee9c v\u1edbi c\u00e1c t\u00ecnh hu\u1ed1ng n\u00e0y:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>B\u00e0i T\u1eadp 1: T\u00ednh EPS C\u01a1 b\u1ea3n v\u1edbi D\u1eef li\u1ec7u \u0110\u01a1n gi\u1ea3n<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>T\u00ecnh hu\u1ed1ng:<\/b>&nbsp;Techcombank (TCB) b\u00e1o c\u00e1o l\u1ee3i nhu\u1eadn sau thu\u1ebf n\u0103m 2023 l\u00e0 22,900 t\u1ef7 VND. S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh trong su\u1ed1t n\u0103m l\u00e0 3.51 t\u1ef7 c\u1ed5 phi\u1ebfu. TCB kh\u00f4ng c\u00f3 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Ph\u00e2n t\u00edch:<\/b>&nbsp;\u0110\u00e2y l\u00e0 t\u00ecnh hu\u1ed1ng \u0111\u01a1n gi\u1ea3n nh\u1ea5t khi s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu kh\u00f4ng thay \u0111\u1ed5i trong k\u1ef3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>T\u00ednh to\u00e1n:<\/b>&nbsp;EPS = 22,900,000,000,000 \u00f7 3,510,000,000 = 6,524 VND\/c\u1ed5 phi\u1ebfu<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>K\u1ebft lu\u1eadn:<\/b>&nbsp;EPS c\u1ee7a TCB n\u0103m 2023 l\u00e0 6,524 VND, cao h\u01a1n m\u1ee9c trung b\u00ecnh ng\u00e0nh ng\u00e2n h\u00e0ng (kho\u1ea3ng 3,500 VND), ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u01b0\u1ee3t tr\u1ed9i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>B\u00e0i T\u1eadp 2: T\u00ednh EPS v\u1edbi Ph\u00e1t h\u00e0nh C\u1ed5 phi\u1ebfu Gi\u1eefa K\u1ef3<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>T\u00ecnh hu\u1ed1ng ph\u1ee9c t\u1ea1p h\u01a1n:<\/b>&nbsp;Vietcombank (VCB) c\u00f3 l\u1ee3i nhu\u1eadn sau thu\u1ebf n\u0103m 2023 l\u00e0 30,500 t\u1ef7 VND. \u0110\u1ea7u n\u0103m, VCB c\u00f3 4.7 t\u1ef7 c\u1ed5 phi\u1ebfu. Ng\u00e0y 15 th\u00e1ng 7 n\u0103m 2023, VCB ph\u00e1t h\u00e0nh th\u00eam 300 tri\u1ec7u c\u1ed5 phi\u1ebfu \u0111\u1ec3 tr\u1ea3 c\u1ed5 t\u1ee9c v\u00e0 200 tri\u1ec7u c\u1ed5 phi\u1ebfu th\u00f4ng qua ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>X\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu trung b\u00ecnh:<\/b>&#8211; 6 th\u00e1ng \u0111\u1ea7u: 4.7 t\u1ef7 c\u1ed5 phi\u1ebfu- 6 th\u00e1ng cu\u1ed1i: 5.2 t\u1ef7 c\u1ed5 phi\u1ebfu- Trung b\u00ecnh gia quy\u1ec1n = (4.7 \u00d7 6.5\/12) + (5.2 \u00d7 5.5\/12) = 4.93 t\u1ef7 c\u1ed5 phi\u1ebfu<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>T\u00ednh EPS:<\/b>&nbsp;30,500,000,000,000 \u00f7 4,930,000,000 = 6,187 VND\/c\u1ed5 phi\u1ebfu<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>C\u00f4ng ty<\/th>\n<th>PAT 2023 (t\u1ef7 VND)<\/th>\n<th>Thay \u0111\u1ed5i C\u1ed5 phi\u1ebfu Trong N\u0103m<\/th>\n<th>EPS T\u00ednh to\u00e1n (VND)<\/th>\n<th>EPS B\u00e1o c\u00e1o (VND)<\/th>\n<th>Ch\u00eanh l\u1ec7ch<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Vinamilk (VNM)<\/td>\n<td>8,520<\/td>\n<td>2.09 t\u1ef7 c\u1ed5 phi\u1ebfu (kh\u00f4ng \u0111\u1ed5i)<\/td>\n<td>4,077<\/td>\n<td>4,077<\/td>\n<td>0%<\/td>\n<\/tr>\n<tr>\n<td>C\u00f4ng ty C\u1ed5 ph\u1ea7n FPT<\/td>\n<td>7,110<\/td>\n<td>1.22 t\u1ef7 \u2192 1.37 t\u1ef7 c\u1ed5 phi\u1ebfu (th\u00e1ng 9)<\/td>\n<td>5,494<\/td>\n<td>5,511<\/td>\n<td>-0.3%<\/td>\n<\/tr>\n<tr>\n<td>Novaland (NVL)<\/td>\n<td>1,230<\/td>\n<td>1.95 t\u1ef7 \u2192 2.31 t\u1ef7 c\u1ed5 phi\u1ebfu (nhi\u1ec1u \u0111\u1ee3t ph\u00e1t h\u00e0nh)<\/td>\n<td>603<\/td>\n<td>532<\/td>\n<td>+13.3%<\/td>\n<\/tr>\n<tr>\n<td>H\u00f2a Ph\u00e1t (HPG)<\/td>\n<td>6,800<\/td>\n<td>4.47 t\u1ef7 \u2192 5.81 t\u1ef7 c\u1ed5 phi\u1ebfu (th\u00e1ng 6)<\/td>\n<td>1,311<\/td>\n<td>1,274<\/td>\n<td>+2.9%<\/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\u1ea1n c\u00f3 th\u1ea5y s\u1ef1 ch\u00eanh l\u1ec7ch l\u1edbn trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Novaland kh\u00f4ng? \u0110\u00e2y l\u00e0 l\u00fd do t\u1ea1i sao nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam m\u1eafc sai l\u1ea7m khi ph\u00e2n t\u00edch EPS &#8211; h\u1ecd kh\u00f4ng t\u00ednh \u0111\u00fang s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu trung b\u00ecnh gia quy\u1ec1n khi c\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh nhi\u1ec1u \u0111\u1ee3t trong n\u0103m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>5 Ph\u01b0\u01a1ng ph\u00e1p Ph\u00e2n t\u00edch L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n Hi\u1ec7u qu\u1ea3 nh\u1ea5t<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Bi\u1ebft c\u00e1ch t\u00ednh EPS l\u00e0 ch\u01b0a \u0111\u1ee7; ch\u00eca kh\u00f3a th\u00e0nh c\u00f4ng l\u00e0 bi\u1ebft c\u00e1ch ph\u00e2n t\u00edch v\u00e0 \u00e1p d\u1ee5ng ch\u1ec9 s\u1ed1 n\u00e0y v\u00e0o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf. Pocket Option chia s\u1ebb 5 ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p t\u1ea1i Vi\u1ec7t Nam.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p 1: Ph\u00e2n t\u00edch Xu h\u01b0\u1edbng T\u0103ng tr\u01b0\u1edfng EPS<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Thay v\u00ec ch\u1ec9 nh\u00ecn v\u00e0o con s\u1ed1 EPS hi\u1ec7n t\u1ea1i, h\u00e3y theo d\u00f5i xu h\u01b0\u1edbng t\u0103ng tr\u01b0\u1edfng trong \u00edt nh\u1ea5t 12 qu\u00fd li\u00ean ti\u1ebfp. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 m\u1ed9t ph\u00e2n t\u00edch m\u1eabu v\u1edbi T\u1eadp \u0111o\u00e0n Masan (MSN):<\/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>Qu\u00fd<\/th>\n<th>EPS (VND)<\/th>\n<th>T\u0103ng tr\u01b0\u1edfng QoQ<\/th>\n<th>T\u0103ng tr\u01b0\u1edfng YoY<\/th>\n<th>Di\u1ec5n bi\u1ebfn Kinh doanh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Q1\/2022<\/td>\n<td>842<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>Chu\u1ed7i Winmart v\u1eabn l\u1ed7<\/td>\n<\/tr>\n<tr>\n<td>Q2\/2022<\/td>\n<td>912<\/td>\n<td>+8.3%<\/td>\n<td>&#8211;<\/td>\n<td>Ph\u00e2n kh\u00fac th\u1ecbt c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn<\/td>\n<\/tr>\n<tr>\n<td>Q3\/2022<\/td>\n<td>1,037<\/td>\n<td>+13.7%<\/td>\n<td>&#8211;<\/td>\n<td>Winmart b\u1eaft \u0111\u1ea7u c\u00f3 l\u00e3i<\/td>\n<\/tr>\n<tr>\n<td>Q4\/2022<\/td>\n<td>1,215<\/td>\n<td>+17.2%<\/td>\n<td>&#8211;<\/td>\n<td>Masan Consumer t\u0103ng tr\u01b0\u1edfng m\u1ea1nh trong m\u00f9a T\u1ebft<\/td>\n<\/tr>\n<tr>\n<td>Q1\/2023<\/td>\n<td>1,156<\/td>\n<td>-4.9%<\/td>\n<td>+37.3%<\/td>\n<td>Y\u1ebfu t\u1ed1 m\u00f9a v\u1ee5 sau T\u1ebft<\/td>\n<\/tr>\n<tr>\n<td>Q2\/2023<\/td>\n<td>1,327<\/td>\n<td>+14.8%<\/td>\n<td>+45.5%<\/td>\n<td>Winmart m\u1edf r\u1ed9ng c\u1eeda h\u00e0ng m\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'><b>\u0110\u00e1nh gi\u00e1:<\/b>&nbsp;Xu h\u01b0\u1edbng t\u0103ng tr\u01b0\u1edfng EPS c\u1ee7a MSN r\u1ea5t t\u00edch c\u1ef1c v\u1edbi 5\/6 qu\u00fd cho th\u1ea5y s\u1ef1 t\u0103ng tr\u01b0\u1edfng, \u0111\u1eb7c bi\u1ec7t l\u00e0 s\u1ef1 gia t\u0103ng m\u1ea1nh so v\u1edbi n\u0103m tr\u01b0\u1edbc. \u0110i\u1ec1u n\u00e0y b\u00e1o hi\u1ec7u s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 trong ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i, \u0111\u1eb7c bi\u1ec7t khi Winmart chuy\u1ec3n t\u1eeb l\u1ed7 sang l\u00e3i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>M\u1eb9o chuy\u00ean gia:<\/b>&nbsp;Khi b\u1ea1n ph\u00e1t hi\u1ec7n xu h\u01b0\u1edbng t\u0103ng tr\u01b0\u1edfng EPS tr\u00ean 15% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc trong 3 qu\u00fd li\u00ean ti\u1ebfp, \u0111\u00e2y th\u01b0\u1eddng l\u00e0 t\u00edn hi\u1ec7u d\u1ef1 b\u00e1o s\u1ef1 t\u0103ng gi\u00e1 m\u1ea1nh c\u1ee7a c\u1ed5 phi\u1ebfu trong 6-12 th\u00e1ng t\u1edbi.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p 2: So s\u00e1nh EPS v\u1edbi Ng\u00e0nh v\u00e0 Th\u1ecb tr\u01b0\u1eddng<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>EPS m\u1ed9t m\u00ecnh kh\u00f4ng c\u00f3 \u00fd ngh\u0129a nhi\u1ec1u. N\u00f3 c\u1ea7n \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi c\u00e1c c\u00f4ng ty trong c\u00f9ng ng\u00e0nh v\u00e0 ch\u1ec9 s\u1ed1 chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 m\u1ed9t v\u00ed d\u1ee5 v\u1edbi ng\u00e0nh ng\u00e2n h\u00e0ng Vi\u1ec7t Nam:<\/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>Ng\u00e2n h\u00e0ng<\/th>\n<th>EPS 2023 (VND)<\/th>\n<th>T\u0103ng tr\u01b0\u1edfng so v\u1edbi 2022<\/th>\n<th>P\/E hi\u1ec7n t\u1ea1i<\/th>\n<th>\u0110\u00e1nh gi\u00e1<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Vietcombank (VCB)<\/td>\n<td>6,187<\/td>\n<td>+15.3%<\/td>\n<td>17.2<\/td>\n<td>Cao c\u1ea5p &#8211; Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n t\u1ed1t nh\u1ea5t<\/td>\n<\/tr>\n<tr>\n<td>Techcombank (TCB)<\/td>\n<td>6,524<\/td>\n<td>+18.7%<\/td>\n<td>8.5<\/td>\n<td>\u0110\u1ecbnh gi\u00e1 th\u1ea5p &#8211; Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao<\/td>\n<\/tr>\n<tr>\n<td>MB Bank (MBB)<\/td>\n<td>4,780<\/td>\n<td>+10.2%<\/td>\n<td>7.3<\/td>\n<td>\u0110\u1ecbnh gi\u00e1 th\u1ea5p &#8211; M\u1edf r\u1ed9ng ph\u00e2n kh\u00fac b\u1ea3o hi\u1ec3m<\/td>\n<\/tr>\n<tr>\n<td>ACB<\/td>\n<td>5,112<\/td>\n<td>+7.5%<\/td>\n<td>6.8<\/td>\n<td>\u0110\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd &#8211; T\u1eadp trung v\u00e0o kh\u00e1ch h\u00e0ng SME<\/td>\n<\/tr>\n<tr>\n<td><i>Trung b\u00ecnh Ng\u00e0nh<\/i><\/td>\n<td><i>4,230<\/i><\/td>\n<td><i>+9.8%<\/i><\/td>\n<td><i>8.9<\/i><\/td>\n<td>&#8211;<\/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>Ph\u00e2n t\u00edch so s\u00e1nh:<\/b>&nbsp;TCB c\u00f3 EPS cao nh\u1ea5t trong ng\u00e0nh nh\u01b0ng P\/E ch\u1ec9 \u1edf m\u1ee9c trung b\u00ecnh ng\u00e0nh, cho th\u1ea5y ti\u1ec1m n\u0103ng t\u00e1i \u0111\u1ecbnh gi\u00e1. Ng\u01b0\u1ee3c l\u1ea1i, VCB c\u00f3 P\/E g\u1ea7n g\u1ea5p \u0111\u00f4i trung b\u00ecnh ng\u00e0nh, ph\u1ea3n \u00e1nh m\u1ee9c gi\u00e1 cao m\u00e0 th\u1ecb tr\u01b0\u1eddng s\u1eb5n s\u00e0ng tr\u1ea3 cho ng\u00e2n h\u00e0ng ch\u1ea5t l\u01b0\u1ee3ng cao nh\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>C\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0:<\/b>&nbsp;Khi b\u1ea1n ph\u00e1t hi\u1ec7n m\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 EPS \u226520% cao h\u01a1n trung b\u00ecnh ng\u00e0nh nh\u01b0ng P\/E th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh, \u0111\u00e2y th\u01b0\u1eddng l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>M\u1ed1i Quan h\u1ec7 Gi\u1eefa L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n v\u00e0 \u0110\u1ecbnh gi\u00e1 C\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hi\u1ec3u s\u00e2u v\u1ec1 l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n l\u00e0 ch\u01b0a \u0111\u1ee7; b\u1ea1n c\u1ea7n n\u1eafm b\u1eaft c\u00e1ch EPS \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu. T\u1ea1i Vi\u1ec7t Nam, c\u00f3 3 t\u1ef7 l\u1ec7 \u0111\u1ecbnh gi\u00e1 li\u00ean quan \u0111\u1ebfn EPS \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng ph\u1ed5 bi\u1ebfn nh\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>1. T\u1ef7 l\u1ec7 P\/E: C\u00f4ng c\u1ee5 \u0110\u1ecbnh gi\u00e1 Ph\u1ed5 bi\u1ebfn nh\u1ea5t<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>P\/E = Gi\u00e1 C\u1ed5 phi\u1ebfu \u00f7 EPS<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ef7 l\u1ec7 n\u00e0y cho bi\u1ebft nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng tr\u1ea3 bao nhi\u00eau cho m\u1ed7i \u0111\u1ed3ng l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty. V\u1ec1 l\u00fd thuy\u1ebft, P\/E c\u00e0ng th\u1ea5p, c\u1ed5 phi\u1ebfu c\u00e0ng &#8220;r\u1ebb&#8221;, nh\u01b0ng th\u1ef1c t\u1ebf ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ea1i Vi\u1ec7t Nam, P\/E trung b\u00ecnh trong giai \u0111o\u1ea1n 2020-2024 dao \u0111\u1ed9ng t\u1eeb:<\/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>Ng\u00e0nh<\/th>\n<th>P\/E Trung b\u00ecnh<\/th>\n<th>Bi\u1ebfn \u0111\u1ed9ng Chu k\u1ef3<\/th>\n<th>Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 Hi\u1ec7u qu\u1ea3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ng\u00e2n h\u00e0ng<\/td>\n<td>8-12<\/td>\n<td>Th\u1ea5p khi l\u00e3i su\u1ea5t cao, cao khi l\u00e3i su\u1ea5t gi\u1ea3m<\/td>\n<td>Mua khi P\/E &lt; 8 v\u00e0 l\u00e3i su\u1ea5t \u0111ang gi\u1ea3m<\/td>\n<\/tr>\n<tr>\n<td>B\u00e1n l\u1ebb<\/td>\n<td>15-25<\/td>\n<td>\u0110\u1ec9nh \u0111i\u1ec3m v\u00e0o Q4 h\u00e0ng n\u0103m (m\u00f9a mua s\u1eafm)<\/td>\n<td>Mua v\u00e0o Q2 khi P\/E th\u1ea5p, b\u00e1n tr\u01b0\u1edbc T\u1ebft<\/td>\n<\/tr>\n<tr>\n<td>C\u00f4ng ngh\u1ec7<\/td>\n<td>20-30<\/td>\n<td>\u00cdt bi\u1ebfn \u0111\u1ed9ng theo m\u00f9a, ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed9t ph\u00e1 c\u00f4ng ngh\u1ec7<\/td>\n<td>\u0110\u1ea7u t\u01b0 d\u00e0i h\u1ea1n d\u1ef1a tr\u00ean t\u0103ng tr\u01b0\u1edfng EPS<\/td>\n<\/tr>\n<tr>\n<td>B\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n<td>10-20<\/td>\n<td>Bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh trong chu k\u1ef3 3-5 n\u0103m<\/td>\n<td>Mua khi P\/E &lt; 7 sau c\u00e1c giai \u0111o\u1ea1n kh\u1ee7ng ho\u1ea3ng<\/td>\n<\/tr>\n<tr>\n<td>Th\u00e9p, D\u1ea7u kh\u00ed<\/td>\n<td>6-12<\/td>\n<td>Bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh theo gi\u00e1 h\u00e0ng h\u00f3a to\u00e0n c\u1ea7u<\/td>\n<td>\u00c1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c ng\u01b0\u1ee3c chu k\u1ef3<\/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>L\u01b0u \u00fd quan tr\u1ecdng:<\/b>&nbsp;P\/E th\u1ea5p kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng l\u00e0 c\u01a1 h\u1ed9i! Nguy\u00ean nh\u00e2n P\/E th\u1ea5p c\u00f3 th\u1ec3 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'>EPS cao b\u1ea5t th\u01b0\u1eddng&nbsp;do thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng (b\u00e1n t\u00e0i s\u1ea3n, ho\u00e0n nh\u1eadp d\u1ef1 ph\u00f2ng&#8230;)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1ecb tr\u01b0\u1eddng d\u1ef1 b\u00e1o EPS s\u1ebd gi\u1ea3m&nbsp;trong t\u01b0\u01a1ng lai g\u1ea7n (r\u1ee7i ro ng\u00e0nh)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>V\u1ea5n \u0111\u1ec1 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p&nbsp;khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 y\u00eau c\u1ea7u &#8220;ph\u00ed r\u1ee7i ro&#8221; cao h\u01a1n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thanh kho\u1ea3n c\u1ed5 phi\u1ebfu th\u1ea5p, d\u1eabn \u0111\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng &#8220;chi\u1ebft kh\u1ea5u thanh kho\u1ea3n&#8221;<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>2. T\u1ef7 l\u1ec7 PEG: C\u00f4ng c\u1ee5 C\u00e2n b\u1eb1ng Gi\u00e1 v\u00e0 T\u0103ng tr\u01b0\u1edfng<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>PEG = P\/E \u00f7 T\u1ef7 l\u1ec7 T\u0103ng tr\u01b0\u1edfng EPS H\u00e0ng n\u0103m (%)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>PEG d\u01b0\u1edbi 1 th\u01b0\u1eddng \u0111\u01b0\u1ee3c coi l\u00e0 c\u1ed5 phi\u1ebfu c\u00f3 gi\u00e1 h\u1ea5p d\u1eabn. \u0110\u00e2y l\u00e0 c\u00f4ng c\u1ee5 \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 khi so s\u00e1nh c\u00e1c c\u00f4ng ty trong c\u00f9ng ng\u00e0nh nh\u01b0ng c\u00f3 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng kh\u00e1c nhau.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf:<\/b>&nbsp;N\u0103m 2023, Th\u1ebf Gi\u1edbi Di \u0110\u1ed9ng (MWG) c\u00f3 P\/E l\u00e0 20, nh\u01b0ng t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS d\u1ef1 ki\u1ebfn l\u00e0 25%\/n\u0103m \u2192 PEG = 0.8 \u2192 \u0110\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn m\u1eb7c d\u00f9 P\/E t\u01b0\u01a1ng \u0111\u1ed1i cao.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Pocket Option khuy\u1ebfn ngh\u1ecb:<\/b>&nbsp;\u01afu ti\u00ean c\u00e1c c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam c\u00f3 PEG d\u01b0\u1edbi 0.9 v\u00e0 t\u0103ng tr\u01b0\u1edfng EPS \u1ed5n \u0111\u1ecbnh duy tr\u00ec \u00edt nh\u1ea5t 3 n\u0103m li\u00ean ti\u1ebfp.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>3. M\u00f4 h\u00ecnh DDM M\u1edf r\u1ed9ng (M\u00f4 h\u00ecnh Chi\u1ebft kh\u1ea5u C\u1ed5 t\u1ee9c)<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n nh\u01b0 ng\u00e2n h\u00e0ng, ti\u1ec7n \u00edch, vi\u1ec5n th\u00f4ng&#8230; t\u1ea1i Vi\u1ec7t Nam, ph\u01b0\u01a1ng ph\u00e1p DDM k\u1ebft h\u1ee3p v\u1edbi EPS r\u1ea5t hi\u1ec7u qu\u1ea3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Gi\u00e1 tr\u1ecb H\u1ee3p l\u00fd = EPS \u00d7 (1 &#8211; b) \u00d7 (1 + g) \/ (r &#8211; g)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong \u0111\u00f3:<\/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'>b: T\u1ef7 l\u1ec7 gi\u1eef l\u1ea1i (l\u1ee3i nhu\u1eadn kh\u00f4ng ph\u00e2n ph\u1ed1i d\u01b0\u1edbi d\u1ea1ng c\u1ed5 t\u1ee9c)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>g: T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>r: T\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn y\u00eau c\u1ea7u<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>\u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf:<\/b>&nbsp;\u0110\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu FPT v\u1edbi EPS n\u0103m 2023 l\u00e0 5,511 VND, gi\u1eef l\u1ea1i 40% l\u1ee3i nhu\u1eadn, t\u0103ng tr\u01b0\u1edfng d\u1ef1 ki\u1ebfn 18%\/n\u0103m v\u00e0 t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn y\u00eau c\u1ea7u 25%, gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd l\u00e0 86,280 VND &#8211; cao h\u01a1n 15% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>5 H\u1ea1n ch\u1ebf c\u1ee7a L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n m\u00e0 Nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam N\u00ean Bi\u1ebft<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 m\u1ea1nh m\u1ebd nh\u01b0ng kh\u00f4ng ho\u00e0n h\u1ea3o. Pocket Option c\u1ea3nh b\u00e1o v\u1ec1 5 h\u1ea1n ch\u1ebf quan tr\u1ecdng m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u00ean l\u01b0u \u00fd \u0111\u1ec3 tr\u00e1nh quy\u1ebft \u0111\u1ecbnh sai l\u1ea7m:<\/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\u00f3 th\u1ec3 &#8220;l\u00e0m \u0111\u1eb9p&#8221; th\u00f4ng qua k\u1ef9 thu\u1eadt k\u1ebf to\u00e1n&nbsp;&#8211; V\u00ed d\u1ee5: C\u00e1c c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n tr\u00ec ho\u00e3n d\u1ef1 ph\u00f2ng, ng\u00e2n h\u00e0ng &#8220;s\u00e1ng t\u1ea1o&#8221; ph\u00e2n lo\u1ea1i n\u1ee3<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00f4ng ph\u1ea3n \u00e1nh ch\u1ea5t l\u01b0\u1ee3ng d\u00f2ng ti\u1ec1n&nbsp;&#8211; V\u00ed d\u1ee5: N\u0103m 2022, HAG c\u00f3 EPS l\u00e0 1,235 VND nh\u01b0ng d\u00f2ng ti\u1ec1n \u00e2m do chi ph\u00ed v\u1ed1n h\u00f3a<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bi\u1ebfn \u0111\u1ed9ng theo m\u00f9a c\u00f3 th\u1ec3 g\u00e2y hi\u1ec3u l\u1ea7m&nbsp;&#8211; V\u00ed d\u1ee5: Q1\/2023, EPS c\u1ee7a DGW gi\u1ea3m 30% QoQ nh\u01b0ng \u0111\u00e2y l\u00e0 hi\u1ec7n t\u01b0\u1ee3ng h\u00e0ng n\u0103m sau Q4<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>B\u1ecf qua c\u1ea5u tr\u00fac v\u1ed1n v\u00e0 r\u1ee7i ro&nbsp;&#8211; V\u00ed d\u1ee5: MSN v\u00e0 VNM c\u00f3 EPS t\u01b0\u01a1ng \u0111\u01b0\u01a1ng nh\u01b0ng t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a MSN cao g\u1ea5p 5 l\u1ea7n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng l\u00e0m m\u00e9o m\u00f3 xu h\u01b0\u1edbng&nbsp;&#8211; V\u00ed d\u1ee5: N\u0103m 2022, EPS c\u1ee7a VIC t\u0103ng 120% nh\u01b0ng ch\u1ee7 y\u1ebfu t\u1eeb tho\u00e1i v\u1ed1n, kh\u00f4ng ph\u1ea3i kinh doanh c\u1ed1t l\u00f5i<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>H\u1ea1n ch\u1ebf<\/th>\n<th>Bi\u1ec3u hi\u1ec7n tr\u00ean Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam<\/th>\n<th>Gi\u1ea3i ph\u00e1p<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Thao t\u00fang k\u1ebf to\u00e1n<\/td>\n<td>M\u1ed9t s\u1ed1 b\u00e1o c\u00e1o qu\u00fd kh\u00f4ng \u0111\u01b0\u1ee3c ki\u1ec3m to\u00e1n\/so\u00e1t x\u00e9t<\/td>\n<td>Ki\u1ec3m tra ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n, x\u00e1c minh chi ph\u00ed d\u1ef1 ph\u00f2ng<\/td>\n<\/tr>\n<tr>\n<td>V\u1ea5n \u0111\u1ec1 d\u00f2ng ti\u1ec1n<\/td>\n<td>\u0110\u1eb7c bi\u1ec7t trong b\u1ea5t \u0111\u1ed9ng s\u1ea3n, x\u00e2y d\u1ef1ng, b\u00e1n l\u1ebb<\/td>\n<td>K\u1ebft h\u1ee3p v\u1edbi ph\u00e2n t\u00edch FCF\/Share (D\u00f2ng ti\u1ec1n t\u1ef1 do tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu)<\/td>\n<\/tr>\n<tr>\n<td>Y\u1ebfu t\u1ed1 chu k\u1ef3, m\u00f9a v\u1ee5<\/td>\n<td>Du l\u1ecbch, b\u00e1n l\u1ebb, F&amp;B, th\u1ee7y s\u1ea3n<\/td>\n<td>S\u1eed d\u1ee5ng EPS TTM (12 th\u00e1ng g\u1ea7n nh\u1ea5t) thay v\u00ec m\u1ed9t qu\u00fd \u0111\u01a1n l\u1ebb<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro c\u1ea5u tr\u00fac v\u1ed1n<\/td>\n<td>\u0110\u1eb7c tr\u01b0ng c\u1ee7a c\u00e1c t\u1eadp \u0111o\u00e0n v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n<td>Ph\u00e2n t\u00edch t\u1ef7 l\u1ec7 n\u1ee3\/EBITDA, t\u1ef7 l\u1ec7 bao ph\u1ee7 l\u00e3i vay (ICR)<\/td>\n<\/tr>\n<tr>\n<td>Thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng<\/td>\n<td>Ph\u1ed5 bi\u1ebfn khi doanh nghi\u1ec7p t\u00e1i c\u1ea5u tr\u00fac<\/td>\n<td>T\u00e1ch bi\u1ec7t &#8220;EPS C\u1ed1t l\u00f5i&#8221; v\u00e0 &#8220;EPS Kh\u00f4ng th\u01b0\u1eddng xuy\u00ean&#8221;<\/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>M\u1eb9o v\u00e0ng:<\/b>&nbsp;Pocket Option khuy\u1ebfn ngh\u1ecb ph\u01b0\u01a1ng ph\u00e1p &#8220;Ph\u00e2n t\u00edch EPS 5 \u0110i\u1ec3m&#8221; &#8211; k\u1ebft h\u1ee3p 5 chi\u1ec1u ph\u00e2n t\u00edch: T\u0103ng tr\u01b0\u1edfng EPS, Ch\u1ea5t l\u01b0\u1ee3ng EPS, \u1ed4n \u0111\u1ecbnh EPS, D\u1ef1 \u0111o\u00e1n EPS v\u00e0 So s\u00e1nh EPS v\u1edbi ng\u00e0nh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>7 Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 \u0110\u1ed9t ph\u00e1 D\u1ef1a tr\u00ean L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1eeb kinh nghi\u1ec7m h\u1ed7 tr\u1ee3 h\u00e0ng ng\u00e0n nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam, Pocket Option \u0111\u00e3 ch\u1eaft l\u1ecdc 7 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ef1c k\u1ef3 hi\u1ec7u qu\u1ea3 d\u1ef1a tr\u00ean EPS, \u0111\u1eb7c bi\u1ec7t ph\u00f9 h\u1ee3p v\u1edbi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c 1: &#8220;\u0110\u1ed9ng l\u1ef1c EPS&#8221; &#8211; \u0110i tr\u01b0\u1edbc \u0110\u00e0 T\u0103ng tr\u01b0\u1edfng<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1eadp trung v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS t\u0103ng t\u1ed1c (kh\u00f4ng ch\u1ec9 t\u0103ng m\u00e0 c\u00f2n t\u0103ng nhanh h\u01a1n) trong \u00edt nh\u1ea5t 2 qu\u00fd li\u00ean ti\u1ebfp.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn:<\/b><\/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'>EPS qu\u00fd g\u1ea7n nh\u1ea5t t\u0103ng &gt;20% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc (YoY)<\/li>\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 EPS qu\u00fd hi\u1ec7n t\u1ea1i &gt; t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS qu\u00fd tr\u01b0\u1edbc<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00f4ng c\u00f3 thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng \u0111\u00e1ng k\u1ec3 trong k\u1ef3 b\u00e1o c\u00e1o<\/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 t\u0103ng khi EPS \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>V\u00ed d\u1ee5 th\u00e0nh c\u00f4ng:<\/b>&nbsp;N\u0103m 2022, c\u1ed5 phi\u1ebfu DGC (H\u00f3a ch\u1ea5t \u0110\u1ee9c Giang) t\u0103ng t\u1eeb 60,000 VND l\u00ean 150,000 VND (+150%) sau khi c\u00f4ng ty b\u00e1o c\u00e1o 3 qu\u00fd li\u00ean ti\u1ebfp v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS t\u0103ng t\u1eeb 85%, 120% \u0111\u1ebfn 175% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c 2: &#8220;Gi\u00e1 tr\u1ecb B\u1ecb l\u00e3ng qu\u00ean&#8221; &#8211; Kho b\u00e1u Ch\u01b0a \u0111\u01b0\u1ee3c Kh\u00e1m ph\u00e1<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u00ecm ki\u1ebfm c\u00e1c doanh nghi\u1ec7p c\u00f3 n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc, EPS \u1ed5n \u0111\u1ecbnh nh\u01b0ng b\u1ecb &#8220;l\u00e3ng qu\u00ean&#8221; b\u1edfi th\u1ecb tr\u01b0\u1eddng v\u00ec ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ng\u00e0nh truy\u1ec1n th\u1ed1ng ho\u1eb7c thi\u1ebfu y\u1ebfu t\u1ed1 h\u1ea5p d\u1eabn.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>Ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn:<\/b><\/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'>P\/E \u00edt nh\u1ea5t th\u1ea5p h\u01a1n 30% so v\u1edbi trung b\u00ecnh ng\u00e0nh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>EPS \u1ed5n \u0111\u1ecbnh ho\u1eb7c t\u0103ng nh\u1eb9 trong 3 n\u0103m li\u00ean ti\u1ebfp<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c cao (&gt;5%\/n\u0103m)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p (&lt;0.5)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>ROE li\u00ean t\u1ee5c cao &gt;15%<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>V\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh:<\/b>&nbsp;Trong giai \u0111o\u1ea1n 2022-2023, DHG (D\u01b0\u1ee3c H\u1eadu Giang) duy tr\u00ec EPS \u1ed5n \u0111\u1ecbnh kho\u1ea3ng 4,500-5,000 VND\/c\u1ed5 phi\u1ebfu, P\/E ch\u1ec9 12-13 l\u1ea7n (th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi trung b\u00ecnh ng\u00e0nh d\u01b0\u1ee3c ph\u1ea9m 18-20 l\u1ea7n), c\u1ed5 t\u1ee9c 5%\/n\u0103m. \u0110\u1ea7u n\u0103m 2024, c\u1ed5 phi\u1ebfu t\u0103ng 40% khi th\u1ecb tr\u01b0\u1eddng quay l\u1ea1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu ph\u00f2ng th\u1ee7.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<th>Th\u00f4ng s\u1ed1 EPS c\u1ea7n Theo d\u00f5i<\/th>\n<th>Ng\u00e0nh Ph\u00f9 h\u1ee3p t\u1ea1i VN<\/th>\n<th>C\u1ed5 phi\u1ebfu Ti\u00eau bi\u1ec3u<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ed9ng l\u1ef1c EPS<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng EPS t\u0103ng t\u1ed1c<\/td>\n<td>C\u00f4ng ngh\u1ec7, Logistics, Xu\u1ea5t kh\u1ea9u<\/td>\n<td>FPT, MWG, DGC<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 tr\u1ecb B\u1ecb l\u00e3ng qu\u00ean<\/td>\n<td>EPS \u1ed5n \u0111\u1ecbnh, P\/E th\u1ea5p<\/td>\n<td>D\u01b0\u1ee3c ph\u1ea9m, Th\u1ef1c ph\u1ea9m, Ti\u1ec7n \u00edch<\/td>\n<td>DHG, VNM, POW<\/td>\n<\/tr>\n<tr>\n<td>Ch\u01a1i ph\u1ee5c h\u1ed3i EPS<\/td>\n<td>EPS b\u1eaft \u0111\u1ea7u ph\u1ee5c h\u1ed3i sau suy gi\u1ea3m<\/td>\n<td>B\u1ea5t \u0111\u1ed9ng s\u1ea3n, Th\u00e9p, D\u1ea7u kh\u00ed<\/td>\n<td>HPG, DXG, PVD<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng Ch\u1ea5t l\u01b0\u1ee3ng<\/td>\n<td>EPS t\u0103ng tr\u01b0\u1edfng \u0111\u1ec1u 15-25%\/n\u0103m<\/td>\n<td>Ng\u00e2n h\u00e0ng, B\u00e1n l\u1ebb, H\u00e0ng ti\u00eau d\u00f9ng<\/td>\n<td>ACB, PNJ, MSN<\/td>\n<\/tr>\n<tr>\n<td>EPS do Y\u1ebfu t\u1ed1 x\u00fac t\u00e1c<\/td>\n<td>EPS d\u1ef1 ki\u1ebfn t\u0103ng m\u1ea1nh do s\u1ef1 ki\u1ec7n<\/td>\n<td>T\u1ea5t c\u1ea3 c\u00e1c ng\u00e0nh<\/td>\n<td>Thay \u0111\u1ed5i theo th\u1eddi \u0111i\u1ec3m<\/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'>Bi\u1ebft c\u00e1ch t\u00ednh l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n v\u00e0 \u00e1p d\u1ee5ng n\u00f3 v\u00e0o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 l\u00e0 m\u1ed9t k\u1ef9 n\u0103ng c\u1ed1t l\u00f5i ph\u00e2n bi\u1ec7t nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p v\u00e0 nghi\u1ec7p d\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. Pocket Option cam k\u1ebft \u0111\u1ed3ng h\u00e0nh c\u00f9ng b\u1ea1n tr\u00ean h\u00e0nh tr\u00ecnh n\u00e0y v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 v\u00e0 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u.<\/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: Bi\u1ebfn L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i C\u1ed5 ph\u1ea7n th\u00e0nh L\u1ee3i th\u1ebf C\u1ea1nh tranh c\u1ee7a B\u1ea1n<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Sau khi kh\u00e1m ph\u00e1 s\u00e2u v\u1ec1 l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n l\u00e0 g\u00ec v\u00e0 c\u00e1ch \u00e1p d\u1ee5ng n\u00f3 hi\u1ec7u qu\u1ea3, b\u1ea1n hi\u1ec7n s\u1edf h\u1eefu m\u1ed9t c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch m\u1ea1nh m\u1ebd m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam ch\u01b0a t\u1eadn d\u1ee5ng h\u1ebft. H\u00e3y nh\u1edb r\u1eb1ng:<\/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'>EPS kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t con s\u1ed1&nbsp;&#8211; n\u00f3 l\u00e0 th\u01b0\u1edbc \u0111o tr\u1ef1c ti\u1ebfp gi\u00e1 tr\u1ecb b\u1ea1n nh\u1eadn \u0111\u01b0\u1ee3c v\u1edbi m\u1ed7i c\u1ed5 ph\u1ea7n b\u1ea1n s\u1edf h\u1eefu<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch xu h\u01b0\u1edbng EPS&nbsp;quan tr\u1ecdng h\u01a1n gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u1ea5t l\u01b0\u1ee3ng EPS&nbsp;(t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i) quan tr\u1ecdng h\u01a1n c\u00e1c con s\u1ed1 EPS cao kh\u00f4ng b\u1ec1n v\u1eefng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>K\u1ebft h\u1ee3p EPS v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c&nbsp;(P\/E, PEG, FCF\/Share, ROE) \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u01b0\u01a1ng ph\u00e1p Ph\u00e2n t\u00edch EPS 5 \u0110i\u1ec3m&nbsp;t\u1eeb Pocket Option gi\u00fap b\u1ea1n ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u00e0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang ng\u00e0y c\u00e0ng tr\u01b0\u1edfng th\u00e0nh v\u00e0 ti\u1ebfp c\u1eadn c\u00e1c ti\u00eau chu\u1ea9n qu\u1ed1c t\u1ebf. Trong t\u01b0\u01a1ng lai, vai tr\u00f2 c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n nh\u01b0 EPS s\u1ebd c\u00e0ng tr\u1edf n\u00ean quan tr\u1ecdng khi d\u00f2ng v\u1ed1n n\u01b0\u1edbc ngo\u00e0i ti\u1ebfp t\u1ee5c \u0111\u1ed5 v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c qu\u1ef9 ETF qu\u1ed1c t\u1ebf m\u1edf r\u1ed9ng \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cam k\u1ebft ti\u1ebfp t\u1ee5c cung c\u1ea5p c\u00e1c ph\u00e2n t\u00edch chuy\u00ean s\u00e2u, c\u00f4ng c\u1ee5 t\u00ednh to\u00e1n EPS hi\u1ec7n \u0111\u1ea1i, v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 \u0111\u1ec3 \u0111\u1ed3ng h\u00e0nh c\u00f9ng nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam tr\u00ean h\u00e0nh tr\u00ecnh<\/p>\n"},"faq":[{"question":"L\u1ee3i nhu\u1eadn c\u01a1 b\u1ea3n tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu kh\u00e1c v\u1edbi l\u1ee3i nhu\u1eadn pha lo\u00e3ng tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu nh\u01b0 th\u1ebf n\u00e0o?","answer":"EPS c\u01a1 b\u1ea3n \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng th\u1ef1c t\u1ebf \u0111ang l\u01b0u h\u00e0nh. Ng\u01b0\u1ee3c l\u1ea1i, EPS pha lo\u00e3ng t\u00ednh to\u00e1n k\u1ecbch b\u1ea3n khi T\u1ea4T C\u1ea2 c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n - bao g\u1ed3m quy\u1ec1n ch\u1ecdn, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 ch\u1ee9ng quy\u1ec1n. T\u1ea1i Vi\u1ec7t Nam, s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1eb7c bi\u1ec7t \u0111\u00e1ng ch\u00fa \u00fd \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh nhi\u1ec1u ESOP nh\u01b0 FPT, Vietjet, ho\u1eb7c Techcombank, n\u01a1i m\u00e0 EPS pha lo\u00e3ng c\u00f3 th\u1ec3 th\u1ea5p h\u01a1n EPS c\u01a1 b\u1ea3n t\u1eeb 5-8%."},{"question":"T\u1ea1i sao thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 cao nh\u01b0ng gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 kh\u00f4ng t\u0103ng t\u01b0\u01a1ng \u1ee9ng?","answer":"\u0110\u00e2y l\u00e0 m\u1ed9t hi\u1ec7n t\u01b0\u1ee3ng ph\u1ed5 bi\u1ebfn tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u1edbi 4 nguy\u00ean nh\u00e2n ch\u00ednh: (1) Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \"\u0111\u1ecbnh gi\u00e1\" k\u1ef3 v\u1ecdng EPS cao (nh\u01b0 tr\u01b0\u1eddng h\u1ee3p c\u1ee7a VHM n\u0103m 2022); (2) EPS cao nh\u01b0ng ch\u1ea5t l\u01b0\u1ee3ng k\u00e9m - \u0111\u1ebfn t\u1eeb thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng ho\u1eb7c k\u1ebf to\u00e1n s\u00e1ng t\u1ea1o (nh\u01b0 NVL trong giai \u0111o\u1ea1n 2020-2021); (3) D\u00f2ng ti\u1ec1n y\u1ebfu m\u1eb7c d\u00f9 l\u1ee3i nhu\u1eadn t\u1ed1t (nh\u01b0 nhi\u1ec1u doanh nghi\u1ec7p b\u1ea5t \u0111\u1ed9ng s\u1ea3n); (4) C\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 ti\u00eau c\u1ef1c (t\u0103ng l\u00e3i su\u1ea5t, th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng) g\u00e2y ra s\u1ef1 co l\u1ea1i P\/E tr\u00ean to\u00e0n th\u1ecb tr\u01b0\u1eddng, n\u01a1i t\u0103ng tr\u01b0\u1edfng EPS kh\u00f4ng \u0111\u1ee7 \u0111\u1ec3 b\u00f9 \u0111\u1eafp."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 ph\u00e2n bi\u1ec7t gi\u1eefa t\u0103ng tr\u01b0\u1edfng EPS do ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i v\u00e0 t\u0103ng tr\u01b0\u1edfng EPS do c\u00e1c y\u1ebfu t\u1ed1 kh\u00f4ng b\u1ec1n v\u1eefng?","answer":"\u00c1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p \"ph\u00e2n t\u00edch 3 l\u1edbp\" c\u1ee7a Pocket Option: (1) Ph\u00e2n t\u00edch c\u1ea5u tr\u00fac c\u1ee7a b\u00e1o c\u00e1o thu nh\u1eadp, so s\u00e1nh t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn g\u1ed9p v\u1edbi l\u1ee3i nhu\u1eadn r\u00f2ng - n\u1ebfu l\u1ee3i nhu\u1eadn r\u00f2ng t\u0103ng m\u1ea1nh h\u01a1n nhi\u1ec1u, h\u00e3y nghi ng\u1edd; (2) Ki\u1ec3m tra k\u1ef9 c\u00e1c ghi ch\u00fa b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c m\u1ee5c \"Thu nh\u1eadp kh\u00e1c\" v\u00e0 \"L\u1ee3i nhu\u1eadn\/l\u1ed7 t\u1eeb c\u00f4ng ty li\u00ean k\u1ebft\"; (3) Theo d\u00f5i s\u1ef1 thay \u0111\u1ed5i trong c\u00e1c kho\u1ea3n d\u1ef1 ph\u00f2ng - nhi\u1ec1u c\u00f4ng ty Vi\u1ec7t Nam t\u0103ng\/gi\u1ea3m d\u1ef1 ph\u00f2ng \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh l\u1ee3i nhu\u1eadn. M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh: N\u0103m 2021, VCB b\u00e1o c\u00e1o l\u1ee3i nhu\u1eadn t\u0103ng 19% nh\u01b0ng ch\u1ee7 y\u1ebfu do gi\u1ea3m d\u1ef1 ph\u00f2ng, trong khi thu nh\u1eadp l\u00e3i thu\u1ea7n ch\u1ec9 t\u0103ng 5%."},{"question":"Khi n\u00e0o n\u00ean s\u1eed d\u1ee5ng EPS h\u00e0ng qu\u00fd v\u00e0 khi n\u00e0o n\u00ean s\u1eed d\u1ee5ng EPS 12 th\u00e1ng g\u1ea7n nh\u1ea5t?","answer":"S\u1eed d\u1ee5ng EPS h\u00e0ng qu\u00fd khi: (1) Ph\u00e2n t\u00edch m\u1ed9t c\u00f4ng ty \u0111ang tr\u1ea3i qua s\u1ef1 chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 (nh\u01b0 MSN trong giai \u0111o\u1ea1n 2021-2023); (2) \u0110\u00e1nh gi\u00e1 t\u00e1c \u0111\u1ed9ng ngay l\u1eadp t\u1ee9c c\u1ee7a c\u00e1c s\u1ef1 ki\u1ec7n quan tr\u1ecdng (nh\u01b0 HPG sau khi Trung Qu\u1ed1c m\u1edf c\u1eeda tr\u1edf l\u1ea1i); (3) Mu\u1ed1n n\u1eafm b\u1eaft c\u00e1c xu h\u01b0\u1edbng m\u1edbi nh\u1ea5t. Ng\u01b0\u1ee3c l\u1ea1i, s\u1eed d\u1ee5ng EPS TTM khi: (1) \u0110\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty c\u00f3 t\u00ednh m\u00f9a v\u1ee5 cao (nh\u01b0 DGW, PNJ, QNS); (2) So s\u00e1nh v\u1edbi P\/E th\u1ecb tr\u01b0\u1eddng (P\/E VNINDEX lu\u00f4n \u0111\u01b0\u1ee3c t\u00ednh tr\u00ean TTM); (3) X\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n. Quy t\u1eafc v\u00e0ng: S\u1eed d\u1ee5ng EPS h\u00e0ng qu\u00fd \u0111\u1ec3 ph\u00e1t hi\u1ec7n xu h\u01b0\u1edbng, s\u1eed d\u1ee5ng EPS TTM \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh."},{"question":"C\u1ed5 phi\u1ebfu c\u00f3 n\u00ean \u0111\u01b0\u1ee3c mua ch\u1ec9 d\u1ef1a tr\u00ean vi\u1ec7c c\u00f4ng ty c\u00f3 EPS cao v\u00e0 P\/E th\u1ea5p kh\u00f4ng?","answer":"Tuy\u1ec7t \u0111\u1ed1i kh\u00f4ng! \u0110\u00e2y l\u00e0 m\u1ed9t c\u00e1i b\u1eaby m\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam m\u1eafc ph\u1ea3i. Tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam trong giai \u0111o\u1ea1n 2020-2024, c\u00f3 \u0111\u1ebfn 75% c\u1ed5 phi\u1ebfu c\u00f3 t\u1ef7 l\u1ec7 P\/E th\u1ea5p nh\u1ea5t (10% d\u01b0\u1edbi c\u00f9ng) mang l\u1ea1i l\u1ee3i nhu\u1eadn \u00e2m. L\u00fd do: (1) P\/E th\u1ea5p th\u01b0\u1eddng ph\u1ea3n \u00e1nh r\u1ee7i ro cao ho\u1eb7c tri\u1ec3n v\u1ecdng k\u00e9m m\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 nh\u1eadn ra; (2) EPS cao c\u00f3 th\u1ec3 ch\u1ec9 l\u00e0 t\u1ea1m th\u1eddi do c\u00e1c y\u1ebfu t\u1ed1 chu k\u1ef3 (nh\u01b0 d\u1ea7u kh\u00ed, th\u00e9p); (3) Nhi\u1ec1u \"b\u1eaby gi\u00e1 tr\u1ecb\" - c\u00e1c c\u00f4ng ty c\u00f3 v\u1ebb r\u1ebb nh\u01b0ng \u0111ang d\u1ea7n suy gi\u1ea3m. Thay v\u00e0o \u0111\u00f3, h\u00e3y t\u00ecm ki\u1ebfm s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa P\/E h\u1ee3p l\u00fd (kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i th\u1ea5p nh\u1ea5t) v\u00e0 t\u0103ng tr\u01b0\u1edfng EPS b\u1ec1n v\u1eefng, c\u00f9ng v\u1edbi ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n t\u1ed1t v\u00e0 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p t\u1ed1t."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"L\u1ee3i nhu\u1eadn c\u01a1 b\u1ea3n tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu kh\u00e1c v\u1edbi l\u1ee3i nhu\u1eadn pha lo\u00e3ng tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu nh\u01b0 th\u1ebf n\u00e0o?","answer":"EPS c\u01a1 b\u1ea3n \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng th\u1ef1c t\u1ebf \u0111ang l\u01b0u h\u00e0nh. Ng\u01b0\u1ee3c l\u1ea1i, EPS pha lo\u00e3ng t\u00ednh to\u00e1n k\u1ecbch b\u1ea3n khi T\u1ea4T C\u1ea2 c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n - bao g\u1ed3m quy\u1ec1n ch\u1ecdn, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 ch\u1ee9ng quy\u1ec1n. T\u1ea1i Vi\u1ec7t Nam, s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa hai ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1eb7c bi\u1ec7t \u0111\u00e1ng ch\u00fa \u00fd \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh nhi\u1ec1u ESOP nh\u01b0 FPT, Vietjet, ho\u1eb7c Techcombank, n\u01a1i m\u00e0 EPS pha lo\u00e3ng c\u00f3 th\u1ec3 th\u1ea5p h\u01a1n EPS c\u01a1 b\u1ea3n t\u1eeb 5-8%."},{"question":"T\u1ea1i sao thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 cao nh\u01b0ng gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 kh\u00f4ng t\u0103ng t\u01b0\u01a1ng \u1ee9ng?","answer":"\u0110\u00e2y l\u00e0 m\u1ed9t hi\u1ec7n t\u01b0\u1ee3ng ph\u1ed5 bi\u1ebfn tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u1edbi 4 nguy\u00ean nh\u00e2n ch\u00ednh: (1) Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \"\u0111\u1ecbnh gi\u00e1\" k\u1ef3 v\u1ecdng EPS cao (nh\u01b0 tr\u01b0\u1eddng h\u1ee3p c\u1ee7a VHM n\u0103m 2022); (2) EPS cao nh\u01b0ng ch\u1ea5t l\u01b0\u1ee3ng k\u00e9m - \u0111\u1ebfn t\u1eeb thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng ho\u1eb7c k\u1ebf to\u00e1n s\u00e1ng t\u1ea1o (nh\u01b0 NVL trong giai \u0111o\u1ea1n 2020-2021); (3) D\u00f2ng ti\u1ec1n y\u1ebfu m\u1eb7c d\u00f9 l\u1ee3i nhu\u1eadn t\u1ed1t (nh\u01b0 nhi\u1ec1u doanh nghi\u1ec7p b\u1ea5t \u0111\u1ed9ng s\u1ea3n); (4) C\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 ti\u00eau c\u1ef1c (t\u0103ng l\u00e3i su\u1ea5t, th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng) g\u00e2y ra s\u1ef1 co l\u1ea1i P\/E tr\u00ean to\u00e0n th\u1ecb tr\u01b0\u1eddng, n\u01a1i t\u0103ng tr\u01b0\u1edfng EPS kh\u00f4ng \u0111\u1ee7 \u0111\u1ec3 b\u00f9 \u0111\u1eafp."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 ph\u00e2n bi\u1ec7t gi\u1eefa t\u0103ng tr\u01b0\u1edfng EPS do ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i v\u00e0 t\u0103ng tr\u01b0\u1edfng EPS do c\u00e1c y\u1ebfu t\u1ed1 kh\u00f4ng b\u1ec1n v\u1eefng?","answer":"\u00c1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p \"ph\u00e2n t\u00edch 3 l\u1edbp\" c\u1ee7a Pocket Option: (1) Ph\u00e2n t\u00edch c\u1ea5u tr\u00fac c\u1ee7a b\u00e1o c\u00e1o thu nh\u1eadp, so s\u00e1nh t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn g\u1ed9p v\u1edbi l\u1ee3i nhu\u1eadn r\u00f2ng - n\u1ebfu l\u1ee3i nhu\u1eadn r\u00f2ng t\u0103ng m\u1ea1nh h\u01a1n nhi\u1ec1u, h\u00e3y nghi ng\u1edd; (2) Ki\u1ec3m tra k\u1ef9 c\u00e1c ghi ch\u00fa b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c m\u1ee5c \"Thu nh\u1eadp kh\u00e1c\" v\u00e0 \"L\u1ee3i nhu\u1eadn\/l\u1ed7 t\u1eeb c\u00f4ng ty li\u00ean k\u1ebft\"; (3) Theo d\u00f5i s\u1ef1 thay \u0111\u1ed5i trong c\u00e1c kho\u1ea3n d\u1ef1 ph\u00f2ng - nhi\u1ec1u c\u00f4ng ty Vi\u1ec7t Nam t\u0103ng\/gi\u1ea3m d\u1ef1 ph\u00f2ng \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh l\u1ee3i nhu\u1eadn. M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh: N\u0103m 2021, VCB b\u00e1o c\u00e1o l\u1ee3i nhu\u1eadn t\u0103ng 19% nh\u01b0ng ch\u1ee7 y\u1ebfu do gi\u1ea3m d\u1ef1 ph\u00f2ng, trong khi thu nh\u1eadp l\u00e3i thu\u1ea7n ch\u1ec9 t\u0103ng 5%."},{"question":"Khi n\u00e0o n\u00ean s\u1eed d\u1ee5ng EPS h\u00e0ng qu\u00fd v\u00e0 khi n\u00e0o n\u00ean s\u1eed d\u1ee5ng EPS 12 th\u00e1ng g\u1ea7n nh\u1ea5t?","answer":"S\u1eed d\u1ee5ng EPS h\u00e0ng qu\u00fd khi: (1) Ph\u00e2n t\u00edch m\u1ed9t c\u00f4ng ty \u0111ang tr\u1ea3i qua s\u1ef1 chuy\u1ec3n \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 (nh\u01b0 MSN trong giai \u0111o\u1ea1n 2021-2023); (2) \u0110\u00e1nh gi\u00e1 t\u00e1c \u0111\u1ed9ng ngay l\u1eadp t\u1ee9c c\u1ee7a c\u00e1c s\u1ef1 ki\u1ec7n quan tr\u1ecdng (nh\u01b0 HPG sau khi Trung Qu\u1ed1c m\u1edf c\u1eeda tr\u1edf l\u1ea1i); (3) Mu\u1ed1n n\u1eafm b\u1eaft c\u00e1c xu h\u01b0\u1edbng m\u1edbi nh\u1ea5t. Ng\u01b0\u1ee3c l\u1ea1i, s\u1eed d\u1ee5ng EPS TTM khi: (1) \u0110\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty c\u00f3 t\u00ednh m\u00f9a v\u1ee5 cao (nh\u01b0 DGW, PNJ, QNS); (2) So s\u00e1nh v\u1edbi P\/E th\u1ecb tr\u01b0\u1eddng (P\/E VNINDEX lu\u00f4n \u0111\u01b0\u1ee3c t\u00ednh tr\u00ean TTM); (3) X\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n. Quy t\u1eafc v\u00e0ng: S\u1eed d\u1ee5ng EPS h\u00e0ng qu\u00fd \u0111\u1ec3 ph\u00e1t hi\u1ec7n xu h\u01b0\u1edbng, s\u1eed d\u1ee5ng EPS TTM \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh."},{"question":"C\u1ed5 phi\u1ebfu c\u00f3 n\u00ean \u0111\u01b0\u1ee3c mua ch\u1ec9 d\u1ef1a tr\u00ean vi\u1ec7c c\u00f4ng ty c\u00f3 EPS cao v\u00e0 P\/E th\u1ea5p kh\u00f4ng?","answer":"Tuy\u1ec7t \u0111\u1ed1i kh\u00f4ng! \u0110\u00e2y l\u00e0 m\u1ed9t c\u00e1i b\u1eaby m\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam m\u1eafc ph\u1ea3i. Tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam trong giai \u0111o\u1ea1n 2020-2024, c\u00f3 \u0111\u1ebfn 75% c\u1ed5 phi\u1ebfu c\u00f3 t\u1ef7 l\u1ec7 P\/E th\u1ea5p nh\u1ea5t (10% d\u01b0\u1edbi c\u00f9ng) mang l\u1ea1i l\u1ee3i nhu\u1eadn \u00e2m. L\u00fd do: (1) P\/E th\u1ea5p th\u01b0\u1eddng ph\u1ea3n \u00e1nh r\u1ee7i ro cao ho\u1eb7c tri\u1ec3n v\u1ecdng k\u00e9m m\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 nh\u1eadn ra; (2) EPS cao c\u00f3 th\u1ec3 ch\u1ec9 l\u00e0 t\u1ea1m th\u1eddi do c\u00e1c y\u1ebfu t\u1ed1 chu k\u1ef3 (nh\u01b0 d\u1ea7u kh\u00ed, th\u00e9p); (3) Nhi\u1ec1u \"b\u1eaby gi\u00e1 tr\u1ecb\" - c\u00e1c c\u00f4ng ty c\u00f3 v\u1ebb r\u1ebb nh\u01b0ng \u0111ang d\u1ea7n suy gi\u1ea3m. Thay v\u00e0o \u0111\u00f3, h\u00e3y t\u00ecm ki\u1ebfm s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa P\/E h\u1ee3p l\u00fd (kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i th\u1ea5p nh\u1ea5t) v\u00e0 t\u0103ng tr\u01b0\u1edfng EPS b\u1ec1n v\u1eefng, c\u00f9ng v\u1edbi ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n t\u1ed1t v\u00e0 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p t\u1ed1t."}]}},"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>Thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: M\u1ed9t c\u00f4ng c\u1ee5 \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu thi\u1ebft y\u1ebfu m\u00e0 m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n bi\u1ebft ngay b\u00e2y gi\u1edd<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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