{"id":302702,"date":"2025-07-12T16:55:32","date_gmt":"2025-07-12T16:55:32","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/what-is-stock-2\/"},"modified":"2025-07-12T16:55:32","modified_gmt":"2025-07-12T16:55:32","slug":"what-is-stock","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/learning\/what-is-stock\/","title":{"rendered":"C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: Ph\u00e2n t\u00edch To\u00e1n h\u1ecdc v\u00e0 Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 Hi\u1ec7u qu\u1ea3 D\u1ef1a tr\u00ean D\u1eef li\u1ec7u"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":213940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[47,46,28],"class_list":["post-302702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learning","tag-beginner","tag-how","tag-investment"],"acf":{"h1":"Pocket Option: C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 C\u00e1ch ti\u1ebfp c\u1eadn To\u00e1n h\u1ecdc Hi\u1ec7n \u0111\u1ea1i trong \u0110\u1ea7u t\u01b0","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 C\u00e1ch ti\u1ebfp c\u1eadn To\u00e1n h\u1ecdc Hi\u1ec7n \u0111\u1ea1i trong \u0110\u1ea7u t\u01b0"},"description":"C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec? Kh\u00e1m ph\u00e1 ph\u00e2n t\u00edch to\u00e1n h\u1ecdc chuy\u00ean s\u00e2u v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu mang l\u1ea1i l\u1ee3i nhu\u1eadn t\u1ed1i \u01b0u tr\u01b0\u1edbc s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1edbi Pocket Option","description_source":{"label":"Description","type":"textarea","formatted_value":"C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec? Kh\u00e1m ph\u00e1 ph\u00e2n t\u00edch to\u00e1n h\u1ecdc chuy\u00ean s\u00e2u v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu mang l\u1ea1i l\u1ee3i nhu\u1eadn t\u1ed1i \u01b0u tr\u01b0\u1edbc s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1edbi Pocket Option"},"intro":"Hi\u1ec3u v\u1ec1 c\u1ed5 phi\u1ebfu t\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc kh\u00f4ng ch\u1ec9 gi\u00fap b\u1ea1n \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 th\u00f4ng minh m\u00e0 c\u00f2n t\u1ea1o ra l\u1ee3i th\u1ebf c\u1ea1nh tranh tr\u00ean th\u1ecb tr\u01b0\u1eddng. Nghi\u00ean c\u1ee9u cho th\u1ea5y 87% nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng \u00e1p d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng trong chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a h\u1ecd. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd trang b\u1ecb cho b\u1ea1n c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch to\u00e1n h\u1ecdc th\u1ef1c ti\u1ec5n, t\u1eeb c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 \u0111\u1ebfn c\u00e1c ph\u01b0\u01a1ng ph\u00e1p t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0, k\u00e8m theo c\u00e1c v\u00ed d\u1ee5 t\u00ednh to\u00e1n c\u1ee5 th\u1ec3.","intro_source":{"label":"Intro","type":"text","formatted_value":"Hi\u1ec3u v\u1ec1 c\u1ed5 phi\u1ebfu t\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc kh\u00f4ng ch\u1ec9 gi\u00fap b\u1ea1n \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 th\u00f4ng minh m\u00e0 c\u00f2n t\u1ea1o ra l\u1ee3i th\u1ebf c\u1ea1nh tranh tr\u00ean th\u1ecb tr\u01b0\u1eddng. Nghi\u00ean c\u1ee9u cho th\u1ea5y 87% nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng \u00e1p d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng trong chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a h\u1ecd. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd trang b\u1ecb cho b\u1ea1n c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch to\u00e1n h\u1ecdc th\u1ef1c ti\u1ec5n, t\u1eeb c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 \u0111\u1ebfn c\u00e1c ph\u01b0\u01a1ng ph\u00e1p t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0, k\u00e8m theo c\u00e1c v\u00ed d\u1ee5 t\u00ednh to\u00e1n c\u1ee5 th\u1ec3."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: \u0110\u1ecbnh ngh\u0129a t\u1eeb g\u00f3c \u0111\u1ed9 To\u00e1n h\u1ecdc v\u00e0 T\u00e0i ch\u00ednh<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc v\u00e0 t\u00e0i ch\u00ednh, c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec? Ch\u00fang l\u00e0 ch\u1ee9ng ch\u1ec9 s\u1edf h\u1eefu m\u1ed9t ph\u1ea7n t\u00e0i s\u1ea3n v\u00e0 thu nh\u1eadp c\u1ee7a c\u00f4ng ty, \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb b\u1eb1ng c\u00e1c gi\u00e1 tr\u1ecb \u0111\u1ecbnh l\u01b0\u1ee3ng nh\u01b0 gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch, gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u1ef7 l\u1ec7 P\/E. M\u1ed7i c\u1ed5 phi\u1ebfu \u0111\u1ea1i di\u1ec7n cho m\u1ed9t \u0111\u01a1n v\u1ecb s\u1edf h\u1eefu, cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia v\u00e0o l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty theo t\u1ef7 l\u1ec7 s\u1edf h\u1eefu c\u1ee7a h\u1ecd.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc, gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi c\u00e1c bi\u1ebfn s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng li\u00ean quan \u0111\u1ebfn hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty. V\u00ed d\u1ee5, n\u1ebfu c\u00f4ng ty ABC c\u00f3 l\u1ee3i nhu\u1eadn 100 t\u1ef7 VND v\u00e0 c\u00f3 10 tri\u1ec7u c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh, thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS) s\u1ebd l\u00e0 10,000 VND (100,000,000,000 \u00f7 10,000,000).<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Th\u00e0nh ph\u1ea7n c\u01a1 b\u1ea3n<\/th><th>Bi\u1ec3u di\u1ec5n to\u00e1n h\u1ecdc<\/th><th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n<\/th><th>\u00dd ngh\u0129a trong ph\u00e2n t\u00edch<\/th><\/tr><\/thead><tbody><tr><td>Gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch (BV)<\/td><td>BV = (T\u00e0i s\u1ea3n - N\u1ee3 ph\u1ea3i tr\u1ea3) \/ S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/td><td>BV = (1,000 - 400) \/ 10 = 60 VND<\/td><td>Gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu<\/td><\/tr><tr><td>Thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS)<\/td><td>EPS = L\u1ee3i nhu\u1eadn r\u00f2ng \/ S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/td><td>EPS = 100 \/ 10 = 10 VND<\/td><td>L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 P\/E<\/td><td>P\/E = Gi\u00e1 c\u1ed5 phi\u1ebfu \/ EPS<\/td><td>P\/E = 150 \/ 10 = 15 l\u1ea7n<\/td><td>S\u1ed1 n\u0103m c\u1ea7n \u0111\u1ec3 thu h\u1ed3i v\u1ed1n \u0111\u1ea7u t\u01b0<\/td><\/tr><tr><td>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c<\/td><td>Div Yield = (C\u1ed5 t\u1ee9c \/ Gi\u00e1) \u00d7 100%<\/td><td>Yield = (5 \/ 150) \u00d7 100% = 3.33%<\/td><td>L\u1ee3i su\u1ea5t h\u00e0ng n\u0103m t\u1eeb c\u1ed5 t\u1ee9c<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ea1i Pocket Option, ch\u00fang t\u00f4i xem c\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 l\u00e0 ch\u1ee9ng kho\u00e1n m\u00e0 c\u00f2n l\u00e0 c\u00e1c ph\u01b0\u01a1ng tr\u00ecnh to\u00e1n h\u1ecdc c\u1ea7n \u0111\u01b0\u1ee3c gi\u1ea3i m\u00e3. M\u1ed7i bi\u1ebfn s\u1ed1 trong ph\u01b0\u01a1ng tr\u00ecnh n\u00e0y - t\u1eeb t\u0103ng tr\u01b0\u1edfng doanh thu, bi\u00ean l\u1ee3i nhu\u1eadn, \u0111\u1ebfn hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n - c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a \u0111\u1ec3 t\u00ecm ra gi\u00e1 tr\u1ecb th\u1ef1c. V\u00ed d\u1ee5, m\u1ed9t doanh nghi\u1ec7p t\u0103ng tr\u01b0\u1edfng doanh thu 15% trong 5 n\u0103m li\u00ean ti\u1ebfp c\u00f3 th\u1ec3 t\u00ednh to\u00e1n doanh thu n\u0103m th\u1ee9 n\u0103m c\u1ee7a m\u00ecnh b\u1eb1ng c\u00f4ng th\u1ee9c FV = PV \u00d7 (1 + 0.15)^5 = PV \u00d7 2.01, cho th\u1ea5y doanh thu s\u1ebd t\u0103ng g\u1ea5p \u0111\u00f4i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u01b0\u01a1ng tr\u00ecnh \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc th\u1ef1c ti\u1ec5n<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi \u0111i s\u00e2u v\u00e0o vi\u1ec7c c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec th\u00f4ng qua c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ecbnh l\u01b0\u1ee3ng, m\u00f4 h\u00ecnh D\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u (DCF) tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc thi\u1ebft y\u1ebfu. S\u1ee9c m\u1ea1nh c\u1ee7a DCF l\u00e0 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i ti\u1ec1m n\u0103ng t\u00e0i ch\u00ednh t\u01b0\u01a1ng lai c\u1ee7a m\u1ed9t c\u00f4ng ty th\u00e0nh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i, c\u00f3 t\u00ednh \u0111\u1ebfn c\u00e1c y\u1ebfu t\u1ed1 th\u1eddi gian v\u00e0 r\u1ee7i ro.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1<\/th><th>C\u00f4ng th\u1ee9c<\/th><th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n<\/th><\/tr><\/thead><tbody><tr><td>M\u00f4 h\u00ecnh DCF<\/td><td>P = \u03a3[CF\u208d\u209c\u208e\/(1+r)\u1d57]<\/td><td>V\u1edbi CF\u2081 = 10, CF\u2082 = 12, CF\u2083 = 15, r = 10%:P = 10\/1.1 + 12\/1.21 + 15\/1.331 = 9.09 + 9.92 + 11.27 = 30.28<\/td><\/tr><tr><td>M\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng Gordon<\/td><td>P = D\u2081\/(r-g)<\/td><td>V\u1edbi D\u2081 = 5, r = 12%, g = 4%:P = 5\/(0.12-0.04) = 5\/0.08 = 62.5<\/td><\/tr><tr><td>M\u00f4 h\u00ecnh hai giai \u0111o\u1ea1n<\/td><td>P = \u03a3[D\u208d\u209c\u208e\/(1+r)\u1d57] + [D\u208d\u2099\u208e\u00d7(1+g)]\/(r-g)\u00d7(1+r)^(-n)<\/td><td>V\u1edbi t\u0103ng tr\u01b0\u1edfng cao trong 5 n\u0103m (g\u2081=20%), sau \u0111\u00f3 \u1ed5n \u0111\u1ecbnh (g\u2082=3%):P = 57.56 + 185.43 = 242.99<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u00c1p d\u1ee5ng DCF trong th\u1ef1c t\u1ebf, h\u00e3y xem x\u00e9t m\u1ed9t c\u00f4ng ty ph\u1ea7n m\u1ec1m d\u1ef1 ki\u1ebfn t\u1ea1o ra d\u00f2ng ti\u1ec1n 10 t\u1ef7, 12 t\u1ef7 v\u00e0 15 t\u1ef7 VND trong 3 n\u0103m t\u1edbi. V\u1edbi t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u 10% (ph\u1ea3n \u00e1nh r\u1ee7i ro \u0111\u1ea7u t\u01b0), gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n l\u00e0:<\/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'>N\u0103m 1: 10 t\u1ef7 \/ (1 + 0.1) = 9.09 t\u1ef7<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>N\u0103m 2: 12 t\u1ef7 \/ (1 + 0.1)\u00b2 = 9.92 t\u1ef7<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>N\u0103m 3: 15 t\u1ef7 \/ (1 + 0.1)\u00b3 = 11.27 t\u1ef7<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i: 30.28 t\u1ef7<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>H\u1ec7 s\u1ed1 Beta v\u00e0 M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n (CAPM)<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1m ph\u00e1 c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 r\u1ee7i ro, h\u1ec7 s\u1ed1 Beta (\u03b2) tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc quan tr\u1ecdng. Beta \u0111o l\u01b0\u1eddng \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu so v\u1edbi th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u03b2 = Cov(R\u208d\u1d62\u208e, R\u208d\u2098\u208e) \/ Var(R\u208d\u2098\u208e)<\/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: N\u1ebfu c\u1ed5 phi\u1ebfu VCB c\u00f3 hi\u1ec7p ph\u01b0\u01a1ng sai v\u1edbi th\u1ecb tr\u01b0\u1eddng l\u00e0 0.0015 v\u00e0 ph\u01b0\u01a1ng sai th\u1ecb tr\u01b0\u1eddng l\u00e0 0.001, th\u00ec Beta c\u1ee7a VCB l\u00e0 0.0015\/0.001 = 1.5. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 khi th\u1ecb tr\u01b0\u1eddng t\u0103ng\/gi\u1ea3m 1%, VCB s\u1ebd c\u00f3 xu h\u01b0\u1edbng t\u0103ng\/gi\u1ea3m 1.5%.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Beta \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong m\u00f4 h\u00ecnh CAPM \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh t\u1ef7 su\u1ea5t sinh l\u1ee3i k\u1ef3 v\u1ecdng:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>E(R\u208d\u1d62\u208e) = R\u208d\u1da0\u208e + \u03b2\u208d\u1d62\u208e[E(R\u208d\u2098\u208e) - R\u208d\u1da0\u208e]<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u00c1p d\u1ee5ng cho VCB v\u1edbi t\u1ef7 su\u1ea5t kh\u00f4ng r\u1ee7i ro l\u00e0 4%, t\u1ef7 su\u1ea5t sinh l\u1ee3i k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng l\u00e0 10%:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>E(R\u208d\u1d65c\u0299\u208e) = 4% + 1.5 \u00d7 (10% - 4%) = 4% + 9% = 13%<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch Beta theo th\u1eddi gian th\u1ef1c, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c m\u1ee9c \u0111\u1ed9 r\u1ee7i ro t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a t\u1eebng c\u1ed5 phi\u1ebfu trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ai ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng qu\u00e1 tr\u00ecnh IPO<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e2u h\u1ecfi ai ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong ph\u00e2n t\u00edch r\u1ee7i ro. C\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n th\u00f4ng qua qu\u00e1 tr\u00ecnh ch\u00e0o b\u00e1n c\u00f4ng khai l\u1ea7n \u0111\u1ea7u (IPO). T\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc, qu\u00e1 tr\u00ecnh \u0111\u1ecbnh gi\u00e1 IPO l\u00e0 m\u1ed9t b\u00e0i to\u00e1n t\u1ed1i \u01b0u h\u00f3a ph\u1ee9c t\u1ea1p nh\u1eb1m x\u00e1c \u0111\u1ecbnh m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd nh\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Giai \u0111o\u1ea1n<\/th><th>C\u00f4ng th\u1ee9c \u0111\u1ecbnh gi\u00e1<\/th><th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>Tr\u01b0\u1edbc IPO<\/td><td>V = E \u00d7 P\/E\u208dcomp\u208e \u00d7 (1-d)<\/td><td>C\u00f4ng ty c\u00f4ng ngh\u1ec7 v\u1edbi l\u1ee3i nhu\u1eadn 50 t\u1ef7, P\/E ng\u00e0nh = 20, chi\u1ebft kh\u1ea5u 30%:V = 50 \u00d7 20 \u00d7 (1-0.3) = 700 t\u1ef7<\/td><\/tr><tr><td>\u0110\u1ecbnh gi\u00e1 IPO<\/td><td>P\u208dipo\u208e = (V\u208dcompany\u208e\/N) \u00d7 (1-d\u208dipo\u208e)<\/td><td>Gi\u00e1 tr\u1ecb c\u00f4ng ty 700 t\u1ef7, 10 tri\u1ec7u c\u1ed5 phi\u1ebfu, chi\u1ebft kh\u1ea5u IPO 15%:P\u208dipo\u208e = (700\/10) \u00d7 (1-0.15) = 70 \u00d7 0.85 = 59,500 VND<\/td><\/tr><tr><td>Sau IPO<\/td><td>P\u208dmarket\u208e = P\u208dipo\u208e \u00d7 (1+r\u208dmarket\u208e)<\/td><td>Gi\u00e1 IPO 59,500 VND, ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng +20%:P\u208dmarket\u208e = 59,500 \u00d7 1.2 = 71,400 VND<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch d\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y c\u00e1c IPO th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c t\u1eeb 15-20% \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o th\u00e0nh c\u00f4ng c\u1ee7a \u0111\u1ee3t ph\u00e1t h\u00e0nh. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00f4ng th\u1ee9c t\u00ednh t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u IPO so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng ng\u00e0y \u0111\u1ea7u ti\u00ean:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ef7 l\u1ec7 \u0111\u1ecbnh gi\u00e1 th\u1ea5p (%) = [(P\u208dday1\u208e - P\u208dipo\u208e) \/ P\u208dipo\u208e] \u00d7 100%<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u1ea5t l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u00e1ch quan ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh ch\u1ea5m \u0111i\u1ec3m \u0111\u1ecbnh l\u01b0\u1ee3ng t\u00edch h\u1ee3p nhi\u1ec1u y\u1ebfu t\u1ed1:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ti\u00eau ch\u00ed<\/th><th>Tr\u1ecdng s\u1ed1<\/th><th>Thang \u0111i\u1ec3m<\/th><th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>T\u0103ng tr\u01b0\u1edfng doanh thu 3 n\u0103m<\/td><td>20%<\/td><td>1-10<\/td><td>T\u0103ng tr\u01b0\u1edfng 25% \u2192 \u0110i\u1ec3m 8 \u00d7 20% = 1.6<\/td><\/tr><tr><td>L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (ROE)<\/td><td>25%<\/td><td>1-10<\/td><td>ROE 22% \u2192 \u0110i\u1ec3m 9 \u00d7 25% = 2.25<\/td><\/tr><tr><td>Ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n l\u00fd<\/td><td>20%<\/td><td>1-10<\/td><td>\u0110\u00e1nh gi\u00e1 7\/10 \u2192 7 \u00d7 20% = 1.4<\/td><\/tr><tr><td>V\u1ecb th\u1ebf c\u1ea1nh tranh<\/td><td>20%<\/td><td>1-10<\/td><td>Th\u1ecb ph\u1ea7n 35% \u2192 \u0110i\u1ec3m 8 \u00d7 20% = 1.6<\/td><\/tr><tr><td>C\u1ea5u tr\u00fac giao d\u1ecbch IPO<\/td><td>15%<\/td><td>1-10<\/td><td>\u0110\u00e1nh gi\u00e1 6\/10 \u2192 6 \u00d7 15% = 0.9<\/td><\/tr><tr><td>\u0110i\u1ec3m t\u1ed5ng h\u1ee3p<\/td><td>100%<\/td><td>1-10<\/td><td>1.6 + 2.25 + 1.4 + 1.6 + 0.9 = 7.75\/10<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1edbi \u0111i\u1ec3m t\u1ed5ng h\u1ee3p 7.75\/10, c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng t\u1ed1t v\u00e0 \u0111\u00e1ng xem x\u00e9t \u0111\u1ec3 \u0111\u1ea7u t\u01b0. M\u00f4 h\u00ecnh ch\u1ea5m \u0111i\u1ec3m n\u00e0y gi\u00fap lo\u1ea1i b\u1ecf c\u00e1c y\u1ebfu t\u1ed1 c\u1ea3m x\u00fac v\u00e0 t\u1ea1o ra c\u01a1 s\u1edf kh\u00e1ch quan cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng Pocket Option c\u00f3 th\u1ec3 truy c\u1eadp c\u00e1c m\u00f4 h\u00ecnh \u0111\u00e1nh gi\u00e1 t\u1ef1 \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1, ti\u1ebft ki\u1ec7m th\u1eddi gian nghi\u00ean c\u1ee9u trong khi \u0111\u1ea3m b\u1ea3o \u0111\u1ed9 ch\u00ednh x\u00e1c cao.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc th\u1ed1ng k\u00ea<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1eeb g\u00f3c \u0111\u1ed9 th\u1ed1ng k\u00ea, ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec? Ch\u00fang l\u00e0 c\u00e1c chu\u1ed7i th\u1eddi gian t\u00e0i ch\u00ednh v\u1edbi c\u00e1c \u0111\u1eb7c t\u00ednh to\u00e1n h\u1ecdc ri\u00eang bi\u1ec7t. Gi\u00e1 c\u1ed5 phi\u1ebfu th\u01b0\u1eddng \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 b\u1eb1ng c\u00e1c qu\u00e1 tr\u00ecnh ng\u1eabu nhi\u00ean tu\u00e2n theo c\u00e1c ph\u00e2n ph\u1ed1i x\u00e1c su\u1ea5t nh\u1ea5t \u0111\u1ecbnh.<\/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'>Chuy\u1ec3n \u0111\u1ed9ng Brownian h\u00ecnh h\u1ecdc (GBM): dS = \u03bcSdt + \u03c3SdW, m\u00f4 t\u1ea3 s\u1ef1 chuy\u1ec3n \u0111\u1ed9ng ng\u1eabu nhi\u00ean c\u1ee7a gi\u00e1<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i nhu\u1eadn logarit: r = ln(S\u208d\u209c\u208e\/S\u208d\u209c\u208b\u2081\u208e), th\u01b0\u1eddng tu\u00e2n theo ph\u00e2n ph\u1ed1i chu\u1ea9n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u01b0\u01a1ng sai c\u00f3 \u0111i\u1ec1u ki\u1ec7n (GARCH): d\u1ef1 b\u00e1o \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng d\u1ef1a tr\u00ean d\u1eef li\u1ec7u l\u1ecbch s\u1eed<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>\u0110\u1eb7c \u0111i\u1ec3m th\u1ed1ng k\u00ea<\/th><th>C\u00f4ng th\u1ee9c<\/th><th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng<\/td><td>E(R) = \u03a3[p\u1d62 \u00d7 R\u1d62]<\/td><td>K\u1ecbch b\u1ea3n: T\u0103ng 20% (x\u00e1c su\u1ea5t 30%), \u1ed4n \u0111\u1ecbnh (40%), Gi\u1ea3m 10% (30%)E(R) = 0.3 \u00d7 20% + 0.4 \u00d7 0% + 0.3 \u00d7 (-10%) = 6% - 3% = 3%<\/td><\/tr><tr><td>\u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng (h\u00e0ng n\u0103m)<\/td><td>\u03c3\u208dannual\u208e = \u03c3\u208ddaily\u208e \u00d7 \u221a252<\/td><td>\u0110\u1ed9 l\u1ec7ch chu\u1ea9n h\u00e0ng ng\u00e0y 1.2%:\u03c3\u208dannual\u208e = 1.2% \u00d7 \u221a252 = 1.2% \u00d7 15.87 = 19.04%<\/td><\/tr><tr><td>H\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan<\/td><td>\u03c1 = Cov(R\u2090, R\u1d66) \/ (\u03c3\u2090 \u00d7 \u03c3\u1d66)<\/td><td>Hi\u1ec7p ph\u01b0\u01a1ng sai 0.0008, \u03c3\u2090 = 0.02, \u03c3\u1d66 = 0.05:\u03c1 = 0.0008 \/ (0.02 \u00d7 0.05) = 0.0008 \/ 0.001 = 0.8<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 Sharpe<\/td><td>S = (R - R\u1da0) \/ \u03c3<\/td><td>L\u1ee3i nhu\u1eadn 15%, t\u1ef7 su\u1ea5t kh\u00f4ng r\u1ee7i ro 5%, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng 20%:S = (15% - 5%) \/ 20% = 10% \/ 20% = 0.5<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t v\u00ed d\u1ee5 th\u1ef1c t\u1ebf: n\u1ebfu ph\u00e2n t\u00edch d\u1eef li\u1ec7u l\u1ecbch s\u1eed c\u1ee7a c\u1ed5 phi\u1ebfu ABC cho th\u1ea5y \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng h\u00e0ng ng\u00e0y l\u00e0 1.2%, th\u00ec \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng h\u00e0ng n\u0103m s\u1ebd l\u00e0 1.2% \u00d7 \u221a252 = 19.04% (gi\u1ea3 s\u1eed c\u00f3 252 ng\u00e0y giao d\u1ecbch trong m\u1ed9t n\u0103m). V\u1edbi l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng l\u00e0 15% v\u00e0 t\u1ef7 su\u1ea5t kh\u00f4ng r\u1ee7i ro l\u00e0 5%, t\u1ef7 l\u1ec7 Sharpe s\u1ebd l\u00e0 (15% - 5%) \/ 19.04% = 0.52 - m\u1ed9t t\u1ef7 l\u1ec7 kh\u00e1 t\u1ed1t so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hi\u1ec3u ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 th\u1ed1ng k\u00ea gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e2y d\u1ef1ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch d\u1ef1a tr\u00ean x\u00e1c su\u1ea5t v\u00e0 k\u1ef3 v\u1ecdng to\u00e1n h\u1ecdc. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch x\u00e1c su\u1ea5t ti\u00ean ti\u1ebfn gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean c\u01a1 s\u1edf khoa h\u1ecdc.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ed5 phi\u1ebfu th\u00f4ng qua c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u1ec1 c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec th\u1ef1c ch\u1ea5t l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 nh\u1eadn d\u1ea1ng m\u1eabu trong chu\u1ed7i th\u1eddi gian t\u00e0i ch\u00ednh. C\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i d\u1eef li\u1ec7u gi\u00e1 th\u00e0nh c\u00e1c t\u00edn hi\u1ec7u \u0111\u1ecbnh l\u01b0\u1ee3ng c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng \u0111\u01a1n gi\u1ea3n (SMA): SMA(n) = (P\u2081 + P\u2082 + ... + P\u2099) \/ n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u1ec9 s\u1ed1 s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i (RSI): RSI = 100 - [100 \/ (1 + RS)], trong \u0111\u00f3 RS = L\u1ee3i nhu\u1eadn trung b\u00ecnh \/ L\u1ed7 trung b\u00ecnh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1ea3i Bollinger: BB = SMA(n) \u00b1 k \u00d7 \u03c3(n), th\u01b0\u1eddng s\u1eed d\u1ee5ng n = 20, k = 2<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 b\u00e1o<\/th><th>C\u00f4ng th\u1ee9c<\/th><th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th><th>Di\u1ec5n gi\u1ea3i<\/th><\/tr><\/thead><tbody><tr><td>MACD<\/td><td>MACD = EMA(12) - EMA(26)Signal = EMA(9) c\u1ee7a MACD<\/td><td>EMA(12) = 104, EMA(26) = 100MACD = 104 - 100 = 4Signal = 3Histogram = 4 - 3 = 1<\/td><td>MACD &gt; Signal: t\u00edn hi\u1ec7u muaMACD &lt; Signal: t\u00edn hi\u1ec7u b\u00e1n<\/td><\/tr><tr><td>RSI<\/td><td>RSI = 100 - [100 \/ (1 + RS)]<\/td><td>L\u1ee3i nhu\u1eadn trung b\u00ecnh 14 ng\u00e0y = 2%L\u1ed7 trung b\u00ecnh 14 ng\u00e0y = 1%RS = 2% \/ 1% = 2RSI = 100 - [100 \/ (1 + 2)] = 100 - 33.33 = 66.67<\/td><td>RSI &gt; 70: mua qu\u00e1 m\u1ee9cRSI &lt; 30: b\u00e1n qu\u00e1 m\u1ee9c<\/td><\/tr><tr><td>Fibonacci Retracement<\/td><td>M\u1ee9c = Cao - (Cao - Th\u1ea5p) \u00d7 T\u1ef7 l\u1ec7<\/td><td>Cao = 100, Th\u1ea5p = 8038.2% M\u1ee9c: 100 - (100 - 80) \u00d7 0.382 = 100 - 7.64 = 92.3661.8% M\u1ee9c: 100 - (100 - 80) \u00d7 0.618 = 100 - 12.36 = 87.64<\/td><td>C\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3\/kh\u00e1ng c\u1ef1 ti\u1ec1m n\u0103ng<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf v\u1ec1 vi\u1ec7c \u00e1p d\u1ee5ng MACD: Gi\u1ea3 s\u1eed EMA(12) c\u1ee7a c\u1ed5 phi\u1ebfu XYZ l\u00e0 104, EMA(26) l\u00e0 100, t\u1ea1o ra MACD l\u00e0 4. \u0110\u01b0\u1eddng Signal (EMA 9 ng\u00e0y c\u1ee7a MACD) l\u00e0 3. Khi MACD c\u1eaft l\u00ean tr\u00ean Signal (Histogram = 4 - 3 = 1 &gt; 0), \u0111\u00e2y l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u mua ti\u1ec1m n\u0103ng. N\u1ebfu \u0111i k\u00e8m v\u1edbi s\u1ef1 gia t\u0103ng 50% kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch so v\u1edbi trung b\u00ecnh, \u0111\u1ed9 tin c\u1eady c\u1ee7a t\u00edn hi\u1ec7u c\u00f2n cao h\u01a1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>\u1ee8ng d\u1ee5ng h\u1ecdc m\u00e1y trong ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c thu\u1eadt to\u00e1n h\u1ecdc m\u00e1y \u0111\u00e3 m\u1edf r\u1ed9ng kh\u1ea3 n\u0103ng c\u1ee7a ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt truy\u1ec1n th\u1ed1ng khi nghi\u00ean c\u1ee9u c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec. Thay v\u00ec d\u1ef1a v\u00e0o c\u00e1c ch\u1ec9 b\u00e1o ri\u00eang l\u1ebb, c\u00e1c m\u00f4 h\u00ecnh h\u1ecdc m\u00e1y c\u00f3 th\u1ec3 t\u00edch h\u1ee3p h\u00e0ng ch\u1ee5c bi\u1ebfn s\u1ed1 \u0111\u1ec3 nh\u1eadn di\u1ec7n c\u00e1c m\u1eabu ph\u1ee9c t\u1ea1p.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Thu\u1eadt to\u00e1n<\/th><th>Nguy\u00ean l\u00fd ho\u1ea1t \u0111\u1ed9ng<\/th><th>\u1ee8ng d\u1ee5ng c\u1ee5 th\u1ec3<\/th><th>\u0110\u1ed9 ch\u00ednh x\u00e1c trung b\u00ecnh<\/th><\/tr><\/thead><tbody><tr><td>M\u1ea1ng n\u01a1-ron (ANN)<\/td><td>y = f(\u03a3(w\u1d62x\u1d62 + b))<\/td><td>D\u1ef1 \u0111o\u00e1n gi\u00e1 ng\u1eafn h\u1ea1n d\u1ef1a tr\u00ean 20 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt<\/td><td>58-65%<\/td><\/tr><tr><td>R\u1eebng ng\u1eabu nhi\u00ean<\/td><td>f = 1\/n \u03a3f\u1d62(x)<\/td><td>Ph\u00e2n lo\u1ea1i xu h\u01b0\u1edbng (t\u0103ng\/gi\u1ea3m\/\u0111i ngang)<\/td><td>65-72%<\/td><\/tr><tr><td>LSTM<\/td><td>M\u1ea1ng n\u01a1-ron v\u1edbi kh\u1ea3 n\u0103ng \"ghi nh\u1edb\" d\u00e0i h\u1ea1n<\/td><td>Ph\u00e2n t\u00edch chu\u1ed7i th\u1eddi gian ph\u1ee9c t\u1ea1p<\/td><td>60-68%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t h\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt t\u00edch h\u1ee3p h\u1ecdc m\u00e1y v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c trung b\u00ecnh 65-70% trong d\u1ef1 b\u00e1o xu h\u01b0\u1edbng ng\u1eafn h\u1ea1n. H\u1ec7 th\u1ed1ng n\u00e0y ph\u00e2n t\u00edch 42 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt k\u1ebft h\u1ee3p v\u1edbi d\u1eef li\u1ec7u kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra ti\u1ec1m n\u0103ng.<\/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: M\u00f4 h\u00ecnh r\u1eebng ng\u1eabu nhi\u00ean c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 x\u00e1c \u0111\u1ecbnh r\u1eb1ng s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a RSI t\u0103ng t\u1eeb v\u00f9ng b\u00e1n qu\u00e1 m\u1ee9c, MACD c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng Signal, v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng 30% so v\u1edbi trung b\u00ecnh 20 ng\u00e0y t\u1ea1o ra t\u00edn hi\u1ec7u mua v\u1edbi t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng 72% trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>X\u00e2y d\u1ef1ng danh m\u1ee5c c\u1ed5 phi\u1ebfu t\u1ed1i \u01b0u b\u1eb1ng to\u00e1n h\u1ecdc<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0, L\u00fd thuy\u1ebft danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i (MPT) c\u1ee7a Harry Markowitz cung c\u1ea5p m\u1ed9t n\u1ec1n t\u1ea3ng to\u00e1n h\u1ecdc v\u1eefng ch\u1eafc. MPT s\u1eed d\u1ee5ng t\u1ed1i \u01b0u h\u00f3a \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c danh m\u1ee5c bi\u00ean hi\u1ec7u qu\u1ea3 - t\u1eadp h\u1ee3p c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 cung c\u1ea5p l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng cao nh\u1ea5t \u1edf m\u1ed7i m\u1ee9c \u0111\u1ed9 r\u1ee7i ro.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Th\u00e0nh ph\u1ea7n<\/th><th>C\u00f4ng th\u1ee9c<\/th><th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng c\u1ee7a danh m\u1ee5c<\/td><td>E(Rp) = \u03a3(w\u1d62 \u00d7 E(R\u1d62))<\/td><td>Danh m\u1ee5c 2 c\u1ed5 phi\u1ebfu: w\u2081 = 60%, E(R\u2081) = 12%; w\u2082 = 40%, E(R\u2082) = 8%E(Rp) = 0.6 \u00d7 12% + 0.4 \u00d7 8% = 7.2% + 3.2% = 10.4%<\/td><\/tr><tr><td>R\u1ee7i ro danh m\u1ee5c<\/td><td>\u03c3p\u00b2 = \u03a3i \u03a3j (w\u1d62w\u2c7c\u03c3\u1d62\u2c7c)<\/td><td>\u03c3\u2081 = 20%, \u03c3\u2082 = 15%, \u03c1\u2081\u2082 = 0.3\u03c3p\u00b2 = (0.6)\u00b2 \u00d7 (20%)\u00b2 + (0.4)\u00b2 \u00d7 (15%)\u00b2 + 2 \u00d7 0.6 \u00d7 0.4 \u00d7 0.3 \u00d7 20% \u00d7 15%\u03c3p\u00b2 = 0.0144 + 0.0036 + 0.00216 = 0.02016\u03c3p = \u221a0.02016 = 14.2%<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 Sharpe<\/td><td>SR = (Rp - Rf) \/ \u03c3p<\/td><td>Rp = 10.4%, Rf = 4%, \u03c3p = 14.2%SR = (10.4% - 4%) \/ 14.2% = 6.4% \/ 14.2% = 0.45<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1ea5n \u0111\u1ec1 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p Lagrange. Gi\u1ea3 s\u1eed ch\u00fang ta c\u00f3 2 c\u1ed5 phi\u1ebfu: A (l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng 12%, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng 20%) v\u00e0 B (l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng 8%, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng 15%) v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan l\u00e0 0.3. \u0110\u1ec3 t\u1ed1i \u0111a h\u00f3a t\u1ef7 l\u1ec7 Sharpe, ch\u00fang ta t\u00ecm c\u00e1c tr\u1ecdng s\u1ed1 t\u1ed1i \u01b0u nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u1ecdng s\u1ed1 t\u1ed1i \u01b0u (w\u2081, w\u2082) = (0.6; 0.4)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng c\u1ee7a danh m\u1ee5c = 0.6 \u00d7 12% + 0.4 \u00d7 8% = 10.4%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c = 14.2% (t\u00ednh b\u1eb1ng c\u00f4ng th\u1ee9c tr\u00ean)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 Sharpe = (10.4% - 4%) \/ 14.2% = 0.45<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a \u0111\u1ecbnh l\u01b0\u1ee3ng<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110a d\u1ea1ng h\u00f3a l\u00e0 m\u1ed9t y\u1ebfu t\u1ed1 c\u1ed1t l\u00f5i khi kh\u00e1m ph\u00e1 ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 qu\u1ea3n l\u00fd r\u1ee7i ro. Hi\u1ec7u qu\u1ea3 c\u1ee7a \u0111a d\u1ea1ng h\u00f3a ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 t\u01b0\u01a1ng quan gi\u1eefa c\u00e1c t\u00e0i s\u1ea3n v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/th><th>Gi\u1ea3m r\u1ee7i ro phi h\u1ec7 th\u1ed1ng<\/th><th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>0%<\/td><td>Danh m\u1ee5c 1 c\u1ed5 phi\u1ebfu v\u1edbi \u03c3 = 30%<\/td><\/tr><tr><td>5<\/td><td>~50%<\/td><td>Danh m\u1ee5c 5 c\u1ed5 phi\u1ebfu v\u1edbi t\u01b0\u01a1ng quan trung b\u00ecnh 0.3:\u03c3 gi\u1ea3m t\u1eeb 30% xu\u1ed1ng ~21%<\/td><\/tr><tr><td>10<\/td><td>~65%<\/td><td>Danh m\u1ee5c 10 c\u1ed5 phi\u1ebfu v\u1edbi t\u01b0\u01a1ng quan trung b\u00ecnh 0.3:\u03c3 gi\u1ea3m t\u1eeb 30% xu\u1ed1ng ~18%<\/td><\/tr><tr><td>20<\/td><td>~75%<\/td><td>Danh m\u1ee5c 20 c\u1ed5 phi\u1ebfu v\u1edbi t\u01b0\u01a1ng quan trung b\u00ecnh 0.3:\u03c3 gi\u1ea3m t\u1eeb 30% xu\u1ed1ng ~16.5%<\/td><\/tr><tr><td>30+<\/td><td>~80%<\/td><td>Danh m\u1ee5c 30+ c\u1ed5 phi\u1ebfu v\u1edbi t\u01b0\u01a1ng quan trung b\u00ecnh 0.3:\u03c3 gi\u1ea3m t\u1eeb 30% xu\u1ed1ng ~15.5%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 danh m\u1ee5c 10 c\u1ed5 phi\u1ebfu v\u1edbi ph\u00e2n b\u1ed5 \u0111\u1ec1u (10% m\u1ed7i c\u1ed5 phi\u1ebfu). M\u1ed7i c\u1ed5 phi\u1ebfu c\u00f3 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng 30% v\u00e0 h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan trung b\u00ecnh l\u00e0 0.3. \u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c s\u1ebd l\u00e0:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u03c3p = \u221a[n \u00d7 (1\/n)\u00b2 \u00d7 \u03c3\u00b2 + n \u00d7 (n-1) \u00d7 (1\/n)\u00b2 \u00d7 \u03c1 \u00d7 \u03c3\u00b2]<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u03c3p = \u221a[10 \u00d7 (0.1)\u00b2 \u00d7 (0.3)\u00b2 + 10 \u00d7 9 \u00d7 (0.1)\u00b2 \u00d7 0.3 \u00d7 (0.3)\u00b2]<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u03c3p = \u221a[0.009 + 0.0243] = \u221a0.0333 = 18.25%<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110i\u1ec1u n\u00e0y ch\u1ee9ng minh r\u1eb1ng \u0111a d\u1ea1ng h\u00f3a \u0111\u00e3 gi\u00fap gi\u1ea3m r\u1ee7i ro t\u1eeb 30% xu\u1ed1ng 18.25% - gi\u1ea3m g\u1ea7n 40% m\u00e0 kh\u00f4ng gi\u1ea3m l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c t\u1ef1 \u0111\u1ed9ng, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh tr\u1ecdng s\u1ed1 t\u1ed1i \u01b0u cho t\u1eebng c\u1ed5 phi\u1ebfu trong danh m\u1ee5c d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u00e1 nh\u00e2n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n c\u1ed5 phi\u1ebfu b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n khi kh\u00e1m ph\u00e1 ai ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1eadp trung v\u00e0o gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh \u0111\u1ecbnh l\u01b0\u1ee3ng. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y chuy\u1ec3n \u0111\u1ed5i c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh th\u00e0nh c\u00e1c ch\u1ec9 s\u1ed1 c\u00f3 th\u1ec3 so s\u00e1nh.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 h\u00ecnh DCF: Chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch t\u1ef7 l\u1ec7: So s\u00e1nh P\/E, P\/B, EV\/EBITDA v\u1edbi trung b\u00ecnh ng\u00e0nh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng: g = ROE \u00d7 (1 - T\u1ef7 l\u1ec7 chi tr\u1ea3)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Z-Score: D\u1ef1 \u0111o\u00e1n x\u00e1c su\u1ea5t ph\u00e1 s\u1ea3n trong 2 n\u0103m t\u1edbi<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Nh\u00f3m t\u1ef7 l\u1ec7<\/th><th>C\u00f4ng th\u1ee9c<\/th><th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th><th>Di\u1ec5n gi\u1ea3i<\/th><\/tr><\/thead><tbody><tr><td>Kh\u1ea3 n\u0103ng sinh l\u1eddi<\/td><td>ROE = L\u1ee3i nhu\u1eadn r\u00f2ng \/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td><td>L\u1ee3i nhu\u1eadn: 100 t\u1ef7, V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu: 500 t\u1ef7ROE = 100\/500 = 20%<\/td><td>ROE &gt; 15% \u0111\u01b0\u1ee3c coi l\u00e0 t\u1ed1tROE = 20% &gt; 15% \u2192 Hi\u1ec7u qu\u1ea3 cao<\/td><\/tr><tr><td>Hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng<\/td><td>V\u00f2ng quay t\u00e0i s\u1ea3n = Doanh thu \/ T\u1ed5ng t\u00e0i s\u1ea3n<\/td><td>Doanh thu: 800 t\u1ef7, T\u1ed5ng t\u00e0i s\u1ea3n: 1,000 t\u1ef7V\u00f2ng quay = 800\/1,000 = 0.8<\/td><td>C\u00f4ng ty t\u1ea1o ra 0.8 \u0111\u01a1n v\u1ecb doanh thu cho m\u1ed7i \u0111\u01a1n v\u1ecb t\u00e0i s\u1ea3n - kh\u00e1 t\u1ed1t<\/td><\/tr><tr><td>C\u1ea5u tr\u00fac v\u1ed1n<\/td><td>T\u1ef7 l\u1ec7 D\/E = T\u1ed5ng n\u1ee3 \/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td><td>T\u1ed5ng n\u1ee3: 300 t\u1ef7, V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu: 500 t\u1ef7D\/E = 300\/500 = 0.6<\/td><td>D\/E = 0.6 n\u1eb1m trong v\u00f9ng an to\u00e0n (0.5-1.0) - c\u00e2n b\u1eb1ng gi\u1eefa n\u1ee3 v\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td><\/tr><tr><td>\u0110\u1ecbnh gi\u00e1<\/td><td>P\/E = Gi\u00e1 \/ EPS<\/td><td>Gi\u00e1: 60,000 VND, EPS: 5,000 VNDP\/E = 60,000\/5,000 = 12<\/td><td>P\/E = 12 th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh (15) \u2192 \u0110\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>K\u1ebft h\u1ee3p c\u00e1c t\u1ef7 l\u1ec7 t\u00e0i ch\u00ednh t\u1ea1o ra m\u1ed9t b\u1ee9c tranh to\u00e0n di\u1ec7n v\u1ec1 gi\u00e1 tr\u1ecb c\u00f4ng ty. V\u00ed d\u1ee5, m\u1ed9t doanh nghi\u1ec7p c\u00f3 ROE cao (20%), c\u1ea5u tr\u00fac v\u1ed1n h\u1ee3p l\u00fd (D\/E = 0.6), v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn (P\/E = 12 so v\u1edbi trung b\u00ecnh ng\u00e0nh l\u00e0 15) c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng Gordon cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u01a1n gi\u1ea3n \u0111\u1ec3 \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean c\u1ed5 t\u1ee9c:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>P = D\u2081 \/ (r - g)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u00ed d\u1ee5: C\u1ed5 phi\u1ebfu ABC d\u1ef1 ki\u1ebfn tr\u1ea3 c\u1ed5 t\u1ee9c 3,000 VND\/c\u1ed5 phi\u1ebfu v\u00e0o n\u0103m t\u1edbi, c\u00f3 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u 12% v\u00e0 t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng 7%. Gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a c\u1ed5 phi\u1ebfu l\u00e0:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>P = 3,000 \/ (0.12 - 0.07) = 3,000 \/ 0.05 = 60,000 VND<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ea1i Pocket Option, ch\u00fang t\u00f4i t\u00edch h\u1ee3p c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n t\u1ef1 \u0111\u1ed9ng, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 nhanh ch\u00f3ng \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean d\u1eef li\u1ec7u t\u00e0i ch\u00ednh m\u1edbi nh\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p \u0111o l\u01b0\u1eddng v\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu c\u1ea7n \u0111i k\u00e8m v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro hi\u1ec7u qu\u1ea3. C\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111o l\u01b0\u1eddng v\u00e0 ki\u1ec3m so\u00e1t r\u1ee7i ro m\u1ed9t c\u00e1ch kh\u00e1ch quan.<\/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'>Gi\u00e1 tr\u1ecb r\u1ee7i ro (VaR): \u01af\u1edbc t\u00ednh t\u1ed5n th\u1ea5t t\u1ed1i \u0111a trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1eebng l\u1ed7 t\u1ed1i \u01b0u: Gi\u1edbi h\u1ea1n t\u1ed5n th\u1ea5t t\u1ed1i \u0111a cho m\u1ed7i giao d\u1ecbch<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 Kelly: X\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf t\u1ed1i \u01b0u d\u1ef1a tr\u00ean l\u1ee3i th\u1ebf th\u1ed1ng k\u00ea<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: S\u1ef1 suy gi\u1ea3m t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y trong m\u1ed9t kho\u1ea3ng th\u1eddi gian<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ph\u01b0\u01a1ng ph\u00e1p<\/th><th>C\u00f4ng th\u1ee9c<\/th><th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>Gi\u00e1 tr\u1ecb r\u1ee7i ro (95%)<\/td><td>VaR = -1.65 \u00d7 \u03c3 \u00d7 \u221at \u00d7 P<\/td><td>Danh m\u1ee5c 100 tri\u1ec7u, \u03c3 h\u00e0ng ng\u00e0y = 1.5%, th\u1eddi gian 10 ng\u00e0y:VaR = -1.65 \u00d7 1.5% \u00d7 \u221a10 \u00d7 100M = -1.65 \u00d7 0.015 \u00d7 3.16 \u00d7 100M = -7.82M\u2192 95% x\u00e1c su\u1ea5t r\u1eb1ng t\u1ed5n th\u1ea5t s\u1ebd kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 7.82 tri\u1ec7u trong 10 ng\u00e0y<\/td><\/tr><tr><td>D\u1eebng l\u1ed7 t\u1ed1i \u01b0u<\/td><td>SL = P \u00d7 (1 - 2 \u00d7 ATR \u00d7 \u221aN)<\/td><td>Gi\u00e1 mua = 100,000 VND, ATR = 3%, N = 2 (m\u1ee9c \u0111\u1ed9 tin c\u1eady):SL = 100,000 \u00d7 (1 - 2 \u00d7 0.03 \u00d7 \u221a2) = 100,000 \u00d7 (1 - 0.085) = 91,500 VND\u2192 \u0110\u1eb7t d\u1eebng l\u1ed7 t\u1ea1i 91,500 VND<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 Kelly<\/td><td>f* = (p \u00d7 b - q) \/ b<\/td><td>T\u1ef7 l\u1ec7 th\u1eafng p = 55%, t\u1ef7 l\u1ec7 thua q = 45%, t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn\/l\u1ed7 b = 1.5:f* = (0.55 \u00d7 1.5 - 0.45) \/ 1.5 = (0.825 - 0.45) \/ 1.5 = 0.25\u2192 N\u00ean \u0111\u1ea7u t\u01b0 25% v\u1ed1n c\u00f3 s\u1eb5n<\/td><\/tr><tr><td>M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a<\/td><td>MDD = (\u0110\u1ec9nh - \u0110\u00e1y) \/ \u0110\u1ec9nh<\/td><td>\u0110\u1ec9nh danh m\u1ee5c = 120M, \u0110\u00e1y = 90M:MDD = (120 - 90) \/ 120 = 30 \/ 120 = 25%\u2192 M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a l\u00e0 25%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf: M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 danh m\u1ee5c 100 tri\u1ec7u VND, ph\u00e2n b\u1ed5 v\u00e0o 10 c\u1ed5 phi\u1ebfu v\u1edbi \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng h\u00e0ng ng\u00e0y trung b\u00ecnh l\u00e0 1.5%. S\u1eed d\u1ee5ng VaR 95% cho kho\u1ea3ng th\u1eddi gian 10 ng\u00e0y:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>VaR = -1.65 \u00d7 1.5% \u00d7 \u221a10 \u00d7 100,000,000 = -7,820,000 VND<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 v\u1edbi x\u00e1c su\u1ea5t 95%, t\u1ed5n th\u1ea5t t\u1ed1i \u0111a c\u1ee7a danh m\u1ee5c trong 10 ng\u00e0y t\u1edbi s\u1ebd kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 7.82 tri\u1ec7u VND. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng th\u00f4ng tin n\u00e0y \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n \u0111\u1ee7 v\u00e0 \u0111i\u1ec1u ch\u1ec9nh m\u1ee9c \u0111\u1ed9 r\u1ee7i ro ph\u00f9 h\u1ee3p.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ef7 l\u1ec7 Kelly c\u0169ng gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf t\u1ed1i \u01b0u. V\u1edbi m\u1ed9t h\u1ec7 th\u1ed1ng giao d\u1ecbch c\u00f3 t\u1ef7 l\u1ec7 th\u1eafng 55%, t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn\/l\u1ed7 l\u00e0 1.5:1, t\u1ef7 l\u1ec7 Kelly l\u00e0 25% - ngh\u0129a l\u00e0 b\u1ea1n n\u00ean \u0111\u1ea7u t\u01b0 25% v\u1ed1n c\u00f3 s\u1eb5n cho m\u1ed7i c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p v\u1edbi h\u1ec7 th\u1ed1ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 qu\u1ea3n l\u00fd r\u1ee7i ro t\u1ef1 \u0111\u1ed9ng, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 duy tr\u00ec k\u1ef7 lu\u1eadt giao d\u1ecbch v\u00e0 b\u1ea3o v\u1ec7 v\u1ed1n trong m\u1ecdi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: Ti\u1ebfp c\u1eadn \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu b\u1eb1ng to\u00e1n h\u1ecdc<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hi\u1ec3u c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc mang l\u1ea1i l\u1ee3i th\u1ebf c\u1ea1nh tranh kh\u00f4ng th\u1ec3 ph\u1ee7 nh\u1eadn trong \u0111\u1ea7u t\u01b0. Nghi\u00ean c\u1ee9u c\u1ee7a \u0110\u1ea1i h\u1ecdc Harvard cho th\u1ea5y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c nh\u00f3m d\u1ef1a tr\u00ean tr\u1ef1c gi\u00e1c 4.8% h\u00e0ng n\u0103m.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu b\u1eb1ng c\u00e1c c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc nh\u01b0 DCF, CAPM v\u00e0 MPT kh\u00f4ng ch\u1ec9 gi\u00fap lo\u1ea1i b\u1ecf c\u00e1c y\u1ebfu t\u1ed1 c\u1ea3m x\u00fac m\u00e0 c\u00f2n x\u00e2y d\u1ef1ng m\u1ed9t khung ra quy\u1ebft \u0111\u1ecbnh nh\u1ea5t qu\u00e1n. Khi th\u1ecb tr\u01b0\u1eddng tr\u1ea3i qua bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh, c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1eef b\u00ecnh t\u0129nh v\u00e0 t\u1eadp trung v\u00e0o d\u1eef li\u1ec7u thay v\u00ec ph\u1ea3n \u1ee9ng c\u1ea3m x\u00fac.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong th\u1ef1c t\u1ebf, vi\u1ec7c k\u1ebft h\u1ee3p c\u00e1c ph\u01b0\u01a1ng ph\u00e1p to\u00e1n h\u1ecdc \u0111\u00e3 ch\u1ee9ng minh hi\u1ec7u qu\u1ea3. V\u00ed d\u1ee5, c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a theo MPT k\u1ebft h\u1ee3p v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro b\u1eb1ng VaR v\u00e0 d\u1eebng l\u1ed7 \u0111\u00e3 gi\u00fap nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1ea3m \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c 40% trong khi duy tr\u00ec l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p m\u1ed9t n\u1ec1n t\u1ea3ng to\u00e0n di\u1ec7n v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng ti\u00ean ti\u1ebfn, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng khoa h\u1ecdc d\u1eef li\u1ec7u v\u00e0o qu\u00e1 tr\u00ecnh ra quy\u1ebft \u0111\u1ecbnh. T\u1eeb ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111\u1ebfn qu\u1ea3n l\u00fd danh m\u1ee5c v\u00e0 r\u1ee7i ro, ch\u00fang t\u00f4i cam k\u1ebft h\u1ed7 tr\u1ee3 nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 b\u1ec1n v\u1eefng d\u1ef1a tr\u00ean n\u1ec1n t\u1ea3ng to\u00e1n h\u1ecdc v\u1eefng ch\u1eafc.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u00e3y nh\u1edb r\u1eb1ng ngay c\u1ea3 nh\u1eefng c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc ph\u1ee9c t\u1ea1p nh\u1ea5t c\u0169ng kh\u00f4ng th\u1ec3 ho\u00e0n to\u00e0n thay th\u1ebf s\u1ef1 ph\u00e1n \u0111o\u00e1n v\u00e0 kinh nghi\u1ec7m c\u1ee7a con ng\u01b0\u1eddi. C\u00e1ch ti\u1ebfp c\u1eadn hi\u1ec7u qu\u1ea3 nh\u1ea5t l\u00e0 k\u1ebft h\u1ee3p c\u1ea3 hai: s\u1eed d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1ec3 l\u1ecdc v\u00e0 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i, sau \u0111\u00f3 \u00e1p d\u1ee5ng ki\u1ebfn th\u1ee9c v\u00e0 hi\u1ec3u bi\u1ebft v\u1ec1 th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh cu\u1ed1i c\u00f9ng. V\u1edbi Pocket Option, b\u1ea1n c\u00f3 c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ec3 th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c n\u00e0y m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3.<\/p><\/div>[cta_button text=\"\"]","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: \u0110\u1ecbnh ngh\u0129a t\u1eeb g\u00f3c \u0111\u1ed9 To\u00e1n h\u1ecdc v\u00e0 T\u00e0i ch\u00ednh<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc v\u00e0 t\u00e0i ch\u00ednh, c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec? Ch\u00fang l\u00e0 ch\u1ee9ng ch\u1ec9 s\u1edf h\u1eefu m\u1ed9t ph\u1ea7n t\u00e0i s\u1ea3n v\u00e0 thu nh\u1eadp c\u1ee7a c\u00f4ng ty, \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb b\u1eb1ng c\u00e1c gi\u00e1 tr\u1ecb \u0111\u1ecbnh l\u01b0\u1ee3ng nh\u01b0 gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch, gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u1ef7 l\u1ec7 P\/E. M\u1ed7i c\u1ed5 phi\u1ebfu \u0111\u1ea1i di\u1ec7n cho m\u1ed9t \u0111\u01a1n v\u1ecb s\u1edf h\u1eefu, cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia v\u00e0o l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty theo t\u1ef7 l\u1ec7 s\u1edf h\u1eefu c\u1ee7a h\u1ecd.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc, gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi c\u00e1c bi\u1ebfn s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng li\u00ean quan \u0111\u1ebfn hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty. V\u00ed d\u1ee5, n\u1ebfu c\u00f4ng ty ABC c\u00f3 l\u1ee3i nhu\u1eadn 100 t\u1ef7 VND v\u00e0 c\u00f3 10 tri\u1ec7u c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh, thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS) s\u1ebd l\u00e0 10,000 VND (100,000,000,000 \u00f7 10,000,000).<\/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>Th\u00e0nh ph\u1ea7n c\u01a1 b\u1ea3n<\/th>\n<th>Bi\u1ec3u di\u1ec5n to\u00e1n h\u1ecdc<\/th>\n<th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n<\/th>\n<th>\u00dd ngh\u0129a trong ph\u00e2n t\u00edch<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch (BV)<\/td>\n<td>BV = (T\u00e0i s\u1ea3n &#8211; N\u1ee3 ph\u1ea3i tr\u1ea3) \/ S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/td>\n<td>BV = (1,000 &#8211; 400) \/ 10 = 60 VND<\/td>\n<td>Gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu<\/td>\n<\/tr>\n<tr>\n<td>Thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS)<\/td>\n<td>EPS = L\u1ee3i nhu\u1eadn r\u00f2ng \/ S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/td>\n<td>EPS = 100 \/ 10 = 10 VND<\/td>\n<td>L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 P\/E<\/td>\n<td>P\/E = Gi\u00e1 c\u1ed5 phi\u1ebfu \/ EPS<\/td>\n<td>P\/E = 150 \/ 10 = 15 l\u1ea7n<\/td>\n<td>S\u1ed1 n\u0103m c\u1ea7n \u0111\u1ec3 thu h\u1ed3i v\u1ed1n \u0111\u1ea7u t\u01b0<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c<\/td>\n<td>Div Yield = (C\u1ed5 t\u1ee9c \/ Gi\u00e1) \u00d7 100%<\/td>\n<td>Yield = (5 \/ 150) \u00d7 100% = 3.33%<\/td>\n<td>L\u1ee3i su\u1ea5t h\u00e0ng n\u0103m t\u1eeb c\u1ed5 t\u1ee9c<\/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'>T\u1ea1i Pocket Option, ch\u00fang t\u00f4i xem c\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 l\u00e0 ch\u1ee9ng kho\u00e1n m\u00e0 c\u00f2n l\u00e0 c\u00e1c ph\u01b0\u01a1ng tr\u00ecnh to\u00e1n h\u1ecdc c\u1ea7n \u0111\u01b0\u1ee3c gi\u1ea3i m\u00e3. M\u1ed7i bi\u1ebfn s\u1ed1 trong ph\u01b0\u01a1ng tr\u00ecnh n\u00e0y &#8211; t\u1eeb t\u0103ng tr\u01b0\u1edfng doanh thu, bi\u00ean l\u1ee3i nhu\u1eadn, \u0111\u1ebfn hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n &#8211; c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a \u0111\u1ec3 t\u00ecm ra gi\u00e1 tr\u1ecb th\u1ef1c. V\u00ed d\u1ee5, m\u1ed9t doanh nghi\u1ec7p t\u0103ng tr\u01b0\u1edfng doanh thu 15% trong 5 n\u0103m li\u00ean ti\u1ebfp c\u00f3 th\u1ec3 t\u00ednh to\u00e1n doanh thu n\u0103m th\u1ee9 n\u0103m c\u1ee7a m\u00ecnh b\u1eb1ng c\u00f4ng th\u1ee9c FV = PV \u00d7 (1 + 0.15)^5 = PV \u00d7 2.01, cho th\u1ea5y doanh thu s\u1ebd t\u0103ng g\u1ea5p \u0111\u00f4i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u01b0\u01a1ng tr\u00ecnh \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc th\u1ef1c ti\u1ec5n<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi \u0111i s\u00e2u v\u00e0o vi\u1ec7c c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec th\u00f4ng qua c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ecbnh l\u01b0\u1ee3ng, m\u00f4 h\u00ecnh D\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u (DCF) tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc thi\u1ebft y\u1ebfu. S\u1ee9c m\u1ea1nh c\u1ee7a DCF l\u00e0 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i ti\u1ec1m n\u0103ng t\u00e0i ch\u00ednh t\u01b0\u01a1ng lai c\u1ee7a m\u1ed9t c\u00f4ng ty th\u00e0nh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i, c\u00f3 t\u00ednh \u0111\u1ebfn c\u00e1c y\u1ebfu t\u1ed1 th\u1eddi gian v\u00e0 r\u1ee7i ro.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1<\/th>\n<th>C\u00f4ng th\u1ee9c<\/th>\n<th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>M\u00f4 h\u00ecnh DCF<\/td>\n<td>P = \u03a3[CF\u208d\u209c\u208e\/(1+r)\u1d57]<\/td>\n<td>V\u1edbi CF\u2081 = 10, CF\u2082 = 12, CF\u2083 = 15, r = 10%:P = 10\/1.1 + 12\/1.21 + 15\/1.331 = 9.09 + 9.92 + 11.27 = 30.28<\/td>\n<\/tr>\n<tr>\n<td>M\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng Gordon<\/td>\n<td>P = D\u2081\/(r-g)<\/td>\n<td>V\u1edbi D\u2081 = 5, r = 12%, g = 4%:P = 5\/(0.12-0.04) = 5\/0.08 = 62.5<\/td>\n<\/tr>\n<tr>\n<td>M\u00f4 h\u00ecnh hai giai \u0111o\u1ea1n<\/td>\n<td>P = \u03a3[D\u208d\u209c\u208e\/(1+r)\u1d57] + [D\u208d\u2099\u208e\u00d7(1+g)]\/(r-g)\u00d7(1+r)^(-n)<\/td>\n<td>V\u1edbi t\u0103ng tr\u01b0\u1edfng cao trong 5 n\u0103m (g\u2081=20%), sau \u0111\u00f3 \u1ed5n \u0111\u1ecbnh (g\u2082=3%):P = 57.56 + 185.43 = 242.99<\/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'>\u00c1p d\u1ee5ng DCF trong th\u1ef1c t\u1ebf, h\u00e3y xem x\u00e9t m\u1ed9t c\u00f4ng ty ph\u1ea7n m\u1ec1m d\u1ef1 ki\u1ebfn t\u1ea1o ra d\u00f2ng ti\u1ec1n 10 t\u1ef7, 12 t\u1ef7 v\u00e0 15 t\u1ef7 VND trong 3 n\u0103m t\u1edbi. V\u1edbi t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u 10% (ph\u1ea3n \u00e1nh r\u1ee7i ro \u0111\u1ea7u t\u01b0), gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n l\u00e0:<\/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'>N\u0103m 1: 10 t\u1ef7 \/ (1 + 0.1) = 9.09 t\u1ef7<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>N\u0103m 2: 12 t\u1ef7 \/ (1 + 0.1)\u00b2 = 9.92 t\u1ef7<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>N\u0103m 3: 15 t\u1ef7 \/ (1 + 0.1)\u00b3 = 11.27 t\u1ef7<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i: 30.28 t\u1ef7<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>H\u1ec7 s\u1ed1 Beta v\u00e0 M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n (CAPM)<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1m ph\u00e1 c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 r\u1ee7i ro, h\u1ec7 s\u1ed1 Beta (\u03b2) tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc quan tr\u1ecdng. Beta \u0111o l\u01b0\u1eddng \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu so v\u1edbi th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u03b2 = Cov(R\u208d\u1d62\u208e, R\u208d\u2098\u208e) \/ Var(R\u208d\u2098\u208e)<\/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: N\u1ebfu c\u1ed5 phi\u1ebfu VCB c\u00f3 hi\u1ec7p ph\u01b0\u01a1ng sai v\u1edbi th\u1ecb tr\u01b0\u1eddng l\u00e0 0.0015 v\u00e0 ph\u01b0\u01a1ng sai th\u1ecb tr\u01b0\u1eddng l\u00e0 0.001, th\u00ec Beta c\u1ee7a VCB l\u00e0 0.0015\/0.001 = 1.5. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 khi th\u1ecb tr\u01b0\u1eddng t\u0103ng\/gi\u1ea3m 1%, VCB s\u1ebd c\u00f3 xu h\u01b0\u1edbng t\u0103ng\/gi\u1ea3m 1.5%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Beta \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong m\u00f4 h\u00ecnh CAPM \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh t\u1ef7 su\u1ea5t sinh l\u1ee3i k\u1ef3 v\u1ecdng:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>E(R\u208d\u1d62\u208e) = R\u208d\u1da0\u208e + \u03b2\u208d\u1d62\u208e[E(R\u208d\u2098\u208e) &#8211; R\u208d\u1da0\u208e]<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u00c1p d\u1ee5ng cho VCB v\u1edbi t\u1ef7 su\u1ea5t kh\u00f4ng r\u1ee7i ro l\u00e0 4%, t\u1ef7 su\u1ea5t sinh l\u1ee3i k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng l\u00e0 10%:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>E(R\u208d\u1d65c\u0299\u208e) = 4% + 1.5 \u00d7 (10% &#8211; 4%) = 4% + 9% = 13%<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch Beta theo th\u1eddi gian th\u1ef1c, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c m\u1ee9c \u0111\u1ed9 r\u1ee7i ro t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a t\u1eebng c\u1ed5 phi\u1ebfu trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ai ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng qu\u00e1 tr\u00ecnh IPO<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e2u h\u1ecfi ai ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong ph\u00e2n t\u00edch r\u1ee7i ro. C\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n th\u00f4ng qua qu\u00e1 tr\u00ecnh ch\u00e0o b\u00e1n c\u00f4ng khai l\u1ea7n \u0111\u1ea7u (IPO). T\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc, qu\u00e1 tr\u00ecnh \u0111\u1ecbnh gi\u00e1 IPO l\u00e0 m\u1ed9t b\u00e0i to\u00e1n t\u1ed1i \u01b0u h\u00f3a ph\u1ee9c t\u1ea1p nh\u1eb1m x\u00e1c \u0111\u1ecbnh m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd nh\u1ea5t.<\/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>Giai \u0111o\u1ea1n<\/th>\n<th>C\u00f4ng th\u1ee9c \u0111\u1ecbnh gi\u00e1<\/th>\n<th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Tr\u01b0\u1edbc IPO<\/td>\n<td>V = E \u00d7 P\/E\u208dcomp\u208e \u00d7 (1-d)<\/td>\n<td>C\u00f4ng ty c\u00f4ng ngh\u1ec7 v\u1edbi l\u1ee3i nhu\u1eadn 50 t\u1ef7, P\/E ng\u00e0nh = 20, chi\u1ebft kh\u1ea5u 30%:V = 50 \u00d7 20 \u00d7 (1-0.3) = 700 t\u1ef7<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ecbnh gi\u00e1 IPO<\/td>\n<td>P\u208dipo\u208e = (V\u208dcompany\u208e\/N) \u00d7 (1-d\u208dipo\u208e)<\/td>\n<td>Gi\u00e1 tr\u1ecb c\u00f4ng ty 700 t\u1ef7, 10 tri\u1ec7u c\u1ed5 phi\u1ebfu, chi\u1ebft kh\u1ea5u IPO 15%:P\u208dipo\u208e = (700\/10) \u00d7 (1-0.15) = 70 \u00d7 0.85 = 59,500 VND<\/td>\n<\/tr>\n<tr>\n<td>Sau IPO<\/td>\n<td>P\u208dmarket\u208e = P\u208dipo\u208e \u00d7 (1+r\u208dmarket\u208e)<\/td>\n<td>Gi\u00e1 IPO 59,500 VND, ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng +20%:P\u208dmarket\u208e = 59,500 \u00d7 1.2 = 71,400 VND<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch d\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y c\u00e1c IPO th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c t\u1eeb 15-20% \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o th\u00e0nh c\u00f4ng c\u1ee7a \u0111\u1ee3t ph\u00e1t h\u00e0nh. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00f4ng th\u1ee9c t\u00ednh t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u IPO so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng ng\u00e0y \u0111\u1ea7u ti\u00ean:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ef7 l\u1ec7 \u0111\u1ecbnh gi\u00e1 th\u1ea5p (%) = [(P\u208dday1\u208e &#8211; P\u208dipo\u208e) \/ P\u208dipo\u208e] \u00d7 100%<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u1ea5t l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u00e1ch quan ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a m\u1ed9t nh\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh ch\u1ea5m \u0111i\u1ec3m \u0111\u1ecbnh l\u01b0\u1ee3ng t\u00edch h\u1ee3p nhi\u1ec1u y\u1ebfu t\u1ed1:<\/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>Ti\u00eau ch\u00ed<\/th>\n<th>Tr\u1ecdng s\u1ed1<\/th>\n<th>Thang \u0111i\u1ec3m<\/th>\n<th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng doanh thu 3 n\u0103m<\/td>\n<td>20%<\/td>\n<td>1-10<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng 25% \u2192 \u0110i\u1ec3m 8 \u00d7 20% = 1.6<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (ROE)<\/td>\n<td>25%<\/td>\n<td>1-10<\/td>\n<td>ROE 22% \u2192 \u0110i\u1ec3m 9 \u00d7 25% = 2.25<\/td>\n<\/tr>\n<tr>\n<td>Ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n l\u00fd<\/td>\n<td>20%<\/td>\n<td>1-10<\/td>\n<td>\u0110\u00e1nh gi\u00e1 7\/10 \u2192 7 \u00d7 20% = 1.4<\/td>\n<\/tr>\n<tr>\n<td>V\u1ecb th\u1ebf c\u1ea1nh tranh<\/td>\n<td>20%<\/td>\n<td>1-10<\/td>\n<td>Th\u1ecb ph\u1ea7n 35% \u2192 \u0110i\u1ec3m 8 \u00d7 20% = 1.6<\/td>\n<\/tr>\n<tr>\n<td>C\u1ea5u tr\u00fac giao d\u1ecbch IPO<\/td>\n<td>15%<\/td>\n<td>1-10<\/td>\n<td>\u0110\u00e1nh gi\u00e1 6\/10 \u2192 6 \u00d7 15% = 0.9<\/td>\n<\/tr>\n<tr>\n<td>\u0110i\u1ec3m t\u1ed5ng h\u1ee3p<\/td>\n<td>100%<\/td>\n<td>1-10<\/td>\n<td>1.6 + 2.25 + 1.4 + 1.6 + 0.9 = 7.75\/10<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1edbi \u0111i\u1ec3m t\u1ed5ng h\u1ee3p 7.75\/10, c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng t\u1ed1t v\u00e0 \u0111\u00e1ng xem x\u00e9t \u0111\u1ec3 \u0111\u1ea7u t\u01b0. M\u00f4 h\u00ecnh ch\u1ea5m \u0111i\u1ec3m n\u00e0y gi\u00fap lo\u1ea1i b\u1ecf c\u00e1c y\u1ebfu t\u1ed1 c\u1ea3m x\u00fac v\u00e0 t\u1ea1o ra c\u01a1 s\u1edf kh\u00e1ch quan cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng Pocket Option c\u00f3 th\u1ec3 truy c\u1eadp c\u00e1c m\u00f4 h\u00ecnh \u0111\u00e1nh gi\u00e1 t\u1ef1 \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1, ti\u1ebft ki\u1ec7m th\u1eddi gian nghi\u00ean c\u1ee9u trong khi \u0111\u1ea3m b\u1ea3o \u0111\u1ed9 ch\u00ednh x\u00e1c cao.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc th\u1ed1ng k\u00ea<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1eeb g\u00f3c \u0111\u1ed9 th\u1ed1ng k\u00ea, ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec? Ch\u00fang l\u00e0 c\u00e1c chu\u1ed7i th\u1eddi gian t\u00e0i ch\u00ednh v\u1edbi c\u00e1c \u0111\u1eb7c t\u00ednh to\u00e1n h\u1ecdc ri\u00eang bi\u1ec7t. Gi\u00e1 c\u1ed5 phi\u1ebfu th\u01b0\u1eddng \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 b\u1eb1ng c\u00e1c qu\u00e1 tr\u00ecnh ng\u1eabu nhi\u00ean tu\u00e2n theo c\u00e1c ph\u00e2n ph\u1ed1i x\u00e1c su\u1ea5t nh\u1ea5t \u0111\u1ecbnh.<\/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'>Chuy\u1ec3n \u0111\u1ed9ng Brownian h\u00ecnh h\u1ecdc (GBM): dS = \u03bcSdt + \u03c3SdW, m\u00f4 t\u1ea3 s\u1ef1 chuy\u1ec3n \u0111\u1ed9ng ng\u1eabu nhi\u00ean c\u1ee7a gi\u00e1<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i nhu\u1eadn logarit: r = ln(S\u208d\u209c\u208e\/S\u208d\u209c\u208b\u2081\u208e), th\u01b0\u1eddng tu\u00e2n theo ph\u00e2n ph\u1ed1i chu\u1ea9n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u01b0\u01a1ng sai c\u00f3 \u0111i\u1ec1u ki\u1ec7n (GARCH): d\u1ef1 b\u00e1o \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng d\u1ef1a tr\u00ean d\u1eef li\u1ec7u l\u1ecbch s\u1eed<\/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>\u0110\u1eb7c \u0111i\u1ec3m th\u1ed1ng k\u00ea<\/th>\n<th>C\u00f4ng th\u1ee9c<\/th>\n<th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng<\/td>\n<td>E(R) = \u03a3[p\u1d62 \u00d7 R\u1d62]<\/td>\n<td>K\u1ecbch b\u1ea3n: T\u0103ng 20% (x\u00e1c su\u1ea5t 30%), \u1ed4n \u0111\u1ecbnh (40%), Gi\u1ea3m 10% (30%)E(R) = 0.3 \u00d7 20% + 0.4 \u00d7 0% + 0.3 \u00d7 (-10%) = 6% &#8211; 3% = 3%<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng (h\u00e0ng n\u0103m)<\/td>\n<td>\u03c3\u208dannual\u208e = \u03c3\u208ddaily\u208e \u00d7 \u221a252<\/td>\n<td>\u0110\u1ed9 l\u1ec7ch chu\u1ea9n h\u00e0ng ng\u00e0y 1.2%:\u03c3\u208dannual\u208e = 1.2% \u00d7 \u221a252 = 1.2% \u00d7 15.87 = 19.04%<\/td>\n<\/tr>\n<tr>\n<td>H\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan<\/td>\n<td>\u03c1 = Cov(R\u2090, R\u1d66) \/ (\u03c3\u2090 \u00d7 \u03c3\u1d66)<\/td>\n<td>Hi\u1ec7p ph\u01b0\u01a1ng sai 0.0008, \u03c3\u2090 = 0.02, \u03c3\u1d66 = 0.05:\u03c1 = 0.0008 \/ (0.02 \u00d7 0.05) = 0.0008 \/ 0.001 = 0.8<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Sharpe<\/td>\n<td>S = (R &#8211; R\u1da0) \/ \u03c3<\/td>\n<td>L\u1ee3i nhu\u1eadn 15%, t\u1ef7 su\u1ea5t kh\u00f4ng r\u1ee7i ro 5%, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng 20%:S = (15% &#8211; 5%) \/ 20% = 10% \/ 20% = 0.5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t v\u00ed d\u1ee5 th\u1ef1c t\u1ebf: n\u1ebfu ph\u00e2n t\u00edch d\u1eef li\u1ec7u l\u1ecbch s\u1eed c\u1ee7a c\u1ed5 phi\u1ebfu ABC cho th\u1ea5y \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng h\u00e0ng ng\u00e0y l\u00e0 1.2%, th\u00ec \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng h\u00e0ng n\u0103m s\u1ebd l\u00e0 1.2% \u00d7 \u221a252 = 19.04% (gi\u1ea3 s\u1eed c\u00f3 252 ng\u00e0y giao d\u1ecbch trong m\u1ed9t n\u0103m). V\u1edbi l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng l\u00e0 15% v\u00e0 t\u1ef7 su\u1ea5t kh\u00f4ng r\u1ee7i ro l\u00e0 5%, t\u1ef7 l\u1ec7 Sharpe s\u1ebd l\u00e0 (15% &#8211; 5%) \/ 19.04% = 0.52 &#8211; m\u1ed9t t\u1ef7 l\u1ec7 kh\u00e1 t\u1ed1t so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hi\u1ec3u ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 th\u1ed1ng k\u00ea gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e2y d\u1ef1ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch d\u1ef1a tr\u00ean x\u00e1c su\u1ea5t v\u00e0 k\u1ef3 v\u1ecdng to\u00e1n h\u1ecdc. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch x\u00e1c su\u1ea5t ti\u00ean ti\u1ebfn gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean c\u01a1 s\u1edf khoa h\u1ecdc.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ed5 phi\u1ebfu th\u00f4ng qua c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u1ec1 c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec th\u1ef1c ch\u1ea5t l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 nh\u1eadn d\u1ea1ng m\u1eabu trong chu\u1ed7i th\u1eddi gian t\u00e0i ch\u00ednh. C\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i d\u1eef li\u1ec7u gi\u00e1 th\u00e0nh c\u00e1c t\u00edn hi\u1ec7u \u0111\u1ecbnh l\u01b0\u1ee3ng c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng \u0111\u01a1n gi\u1ea3n (SMA): SMA(n) = (P\u2081 + P\u2082 + &#8230; + P\u2099) \/ n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u1ec9 s\u1ed1 s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i (RSI): RSI = 100 &#8211; [100 \/ (1 + RS)], trong \u0111\u00f3 RS = L\u1ee3i nhu\u1eadn trung b\u00ecnh \/ L\u1ed7 trung b\u00ecnh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1ea3i Bollinger: BB = SMA(n) \u00b1 k \u00d7 \u03c3(n), th\u01b0\u1eddng s\u1eed d\u1ee5ng n = 20, k = 2<\/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>Ch\u1ec9 b\u00e1o<\/th>\n<th>C\u00f4ng th\u1ee9c<\/th>\n<th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th>\n<th>Di\u1ec5n gi\u1ea3i<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>MACD<\/td>\n<td>MACD = EMA(12) &#8211; EMA(26)Signal = EMA(9) c\u1ee7a MACD<\/td>\n<td>EMA(12) = 104, EMA(26) = 100MACD = 104 &#8211; 100 = 4Signal = 3Histogram = 4 &#8211; 3 = 1<\/td>\n<td>MACD &gt; Signal: t\u00edn hi\u1ec7u muaMACD &lt; Signal: t\u00edn hi\u1ec7u b\u00e1n<\/td>\n<\/tr>\n<tr>\n<td>RSI<\/td>\n<td>RSI = 100 &#8211; [100 \/ (1 + RS)]<\/td>\n<td>L\u1ee3i nhu\u1eadn trung b\u00ecnh 14 ng\u00e0y = 2%L\u1ed7 trung b\u00ecnh 14 ng\u00e0y = 1%RS = 2% \/ 1% = 2RSI = 100 &#8211; [100 \/ (1 + 2)] = 100 &#8211; 33.33 = 66.67<\/td>\n<td>RSI &gt; 70: mua qu\u00e1 m\u1ee9cRSI &lt; 30: b\u00e1n qu\u00e1 m\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>Fibonacci Retracement<\/td>\n<td>M\u1ee9c = Cao &#8211; (Cao &#8211; Th\u1ea5p) \u00d7 T\u1ef7 l\u1ec7<\/td>\n<td>Cao = 100, Th\u1ea5p = 8038.2% M\u1ee9c: 100 &#8211; (100 &#8211; 80) \u00d7 0.382 = 100 &#8211; 7.64 = 92.3661.8% M\u1ee9c: 100 &#8211; (100 &#8211; 80) \u00d7 0.618 = 100 &#8211; 12.36 = 87.64<\/td>\n<td>C\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3\/kh\u00e1ng c\u1ef1 ti\u1ec1m n\u0103ng<\/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'>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf v\u1ec1 vi\u1ec7c \u00e1p d\u1ee5ng MACD: Gi\u1ea3 s\u1eed EMA(12) c\u1ee7a c\u1ed5 phi\u1ebfu XYZ l\u00e0 104, EMA(26) l\u00e0 100, t\u1ea1o ra MACD l\u00e0 4. \u0110\u01b0\u1eddng Signal (EMA 9 ng\u00e0y c\u1ee7a MACD) l\u00e0 3. Khi MACD c\u1eaft l\u00ean tr\u00ean Signal (Histogram = 4 &#8211; 3 = 1 &gt; 0), \u0111\u00e2y l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u mua ti\u1ec1m n\u0103ng. N\u1ebfu \u0111i k\u00e8m v\u1edbi s\u1ef1 gia t\u0103ng 50% kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch so v\u1edbi trung b\u00ecnh, \u0111\u1ed9 tin c\u1eady c\u1ee7a t\u00edn hi\u1ec7u c\u00f2n cao h\u01a1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>\u1ee8ng d\u1ee5ng h\u1ecdc m\u00e1y trong ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c thu\u1eadt to\u00e1n h\u1ecdc m\u00e1y \u0111\u00e3 m\u1edf r\u1ed9ng kh\u1ea3 n\u0103ng c\u1ee7a ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt truy\u1ec1n th\u1ed1ng khi nghi\u00ean c\u1ee9u c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec. Thay v\u00ec d\u1ef1a v\u00e0o c\u00e1c ch\u1ec9 b\u00e1o ri\u00eang l\u1ebb, c\u00e1c m\u00f4 h\u00ecnh h\u1ecdc m\u00e1y c\u00f3 th\u1ec3 t\u00edch h\u1ee3p h\u00e0ng ch\u1ee5c bi\u1ebfn s\u1ed1 \u0111\u1ec3 nh\u1eadn di\u1ec7n c\u00e1c m\u1eabu ph\u1ee9c t\u1ea1p.<\/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>Thu\u1eadt to\u00e1n<\/th>\n<th>Nguy\u00ean l\u00fd ho\u1ea1t \u0111\u1ed9ng<\/th>\n<th>\u1ee8ng d\u1ee5ng c\u1ee5 th\u1ec3<\/th>\n<th>\u0110\u1ed9 ch\u00ednh x\u00e1c trung b\u00ecnh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>M\u1ea1ng n\u01a1-ron (ANN)<\/td>\n<td>y = f(\u03a3(w\u1d62x\u1d62 + b))<\/td>\n<td>D\u1ef1 \u0111o\u00e1n gi\u00e1 ng\u1eafn h\u1ea1n d\u1ef1a tr\u00ean 20 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt<\/td>\n<td>58-65%<\/td>\n<\/tr>\n<tr>\n<td>R\u1eebng ng\u1eabu nhi\u00ean<\/td>\n<td>f = 1\/n \u03a3f\u1d62(x)<\/td>\n<td>Ph\u00e2n lo\u1ea1i xu h\u01b0\u1edbng (t\u0103ng\/gi\u1ea3m\/\u0111i ngang)<\/td>\n<td>65-72%<\/td>\n<\/tr>\n<tr>\n<td>LSTM<\/td>\n<td>M\u1ea1ng n\u01a1-ron v\u1edbi kh\u1ea3 n\u0103ng &#8220;ghi nh\u1edb&#8221; d\u00e0i h\u1ea1n<\/td>\n<td>Ph\u00e2n t\u00edch chu\u1ed7i th\u1eddi gian ph\u1ee9c t\u1ea1p<\/td>\n<td>60-68%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t h\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt t\u00edch h\u1ee3p h\u1ecdc m\u00e1y v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c trung b\u00ecnh 65-70% trong d\u1ef1 b\u00e1o xu h\u01b0\u1edbng ng\u1eafn h\u1ea1n. H\u1ec7 th\u1ed1ng n\u00e0y ph\u00e2n t\u00edch 42 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt k\u1ebft h\u1ee3p v\u1edbi d\u1eef li\u1ec7u kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra ti\u1ec1m n\u0103ng.<\/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: M\u00f4 h\u00ecnh r\u1eebng ng\u1eabu nhi\u00ean c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 x\u00e1c \u0111\u1ecbnh r\u1eb1ng s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a RSI t\u0103ng t\u1eeb v\u00f9ng b\u00e1n qu\u00e1 m\u1ee9c, MACD c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng Signal, v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng 30% so v\u1edbi trung b\u00ecnh 20 ng\u00e0y t\u1ea1o ra t\u00edn hi\u1ec7u mua v\u1edbi t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng 72% trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>X\u00e2y d\u1ef1ng danh m\u1ee5c c\u1ed5 phi\u1ebfu t\u1ed1i \u01b0u b\u1eb1ng to\u00e1n h\u1ecdc<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0, L\u00fd thuy\u1ebft danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i (MPT) c\u1ee7a Harry Markowitz cung c\u1ea5p m\u1ed9t n\u1ec1n t\u1ea3ng to\u00e1n h\u1ecdc v\u1eefng ch\u1eafc. MPT s\u1eed d\u1ee5ng t\u1ed1i \u01b0u h\u00f3a \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c danh m\u1ee5c bi\u00ean hi\u1ec7u qu\u1ea3 &#8211; t\u1eadp h\u1ee3p c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 cung c\u1ea5p l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng cao nh\u1ea5t \u1edf m\u1ed7i m\u1ee9c \u0111\u1ed9 r\u1ee7i ro.<\/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>Th\u00e0nh ph\u1ea7n<\/th>\n<th>C\u00f4ng th\u1ee9c<\/th>\n<th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng c\u1ee7a danh m\u1ee5c<\/td>\n<td>E(Rp) = \u03a3(w\u1d62 \u00d7 E(R\u1d62))<\/td>\n<td>Danh m\u1ee5c 2 c\u1ed5 phi\u1ebfu: w\u2081 = 60%, E(R\u2081) = 12%; w\u2082 = 40%, E(R\u2082) = 8%E(Rp) = 0.6 \u00d7 12% + 0.4 \u00d7 8% = 7.2% + 3.2% = 10.4%<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro danh m\u1ee5c<\/td>\n<td>\u03c3p\u00b2 = \u03a3i \u03a3j (w\u1d62w\u2c7c\u03c3\u1d62\u2c7c)<\/td>\n<td>\u03c3\u2081 = 20%, \u03c3\u2082 = 15%, \u03c1\u2081\u2082 = 0.3\u03c3p\u00b2 = (0.6)\u00b2 \u00d7 (20%)\u00b2 + (0.4)\u00b2 \u00d7 (15%)\u00b2 + 2 \u00d7 0.6 \u00d7 0.4 \u00d7 0.3 \u00d7 20% \u00d7 15%\u03c3p\u00b2 = 0.0144 + 0.0036 + 0.00216 = 0.02016\u03c3p = \u221a0.02016 = 14.2%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Sharpe<\/td>\n<td>SR = (Rp &#8211; Rf) \/ \u03c3p<\/td>\n<td>Rp = 10.4%, Rf = 4%, \u03c3p = 14.2%SR = (10.4% &#8211; 4%) \/ 14.2% = 6.4% \/ 14.2% = 0.45<\/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'>V\u1ea5n \u0111\u1ec1 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p Lagrange. Gi\u1ea3 s\u1eed ch\u00fang ta c\u00f3 2 c\u1ed5 phi\u1ebfu: A (l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng 12%, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng 20%) v\u00e0 B (l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng 8%, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng 15%) v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan l\u00e0 0.3. \u0110\u1ec3 t\u1ed1i \u0111a h\u00f3a t\u1ef7 l\u1ec7 Sharpe, ch\u00fang ta t\u00ecm c\u00e1c tr\u1ecdng s\u1ed1 t\u1ed1i \u01b0u nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u1ecdng s\u1ed1 t\u1ed1i \u01b0u (w\u2081, w\u2082) = (0.6; 0.4)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng c\u1ee7a danh m\u1ee5c = 0.6 \u00d7 12% + 0.4 \u00d7 8% = 10.4%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c = 14.2% (t\u00ednh b\u1eb1ng c\u00f4ng th\u1ee9c tr\u00ean)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 Sharpe = (10.4% &#8211; 4%) \/ 14.2% = 0.45<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a \u0111\u1ecbnh l\u01b0\u1ee3ng<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110a d\u1ea1ng h\u00f3a l\u00e0 m\u1ed9t y\u1ebfu t\u1ed1 c\u1ed1t l\u00f5i khi kh\u00e1m ph\u00e1 ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 qu\u1ea3n l\u00fd r\u1ee7i ro. Hi\u1ec7u qu\u1ea3 c\u1ee7a \u0111a d\u1ea1ng h\u00f3a ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 t\u01b0\u01a1ng quan gi\u1eefa c\u00e1c t\u00e0i s\u1ea3n v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c:<\/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>S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/th>\n<th>Gi\u1ea3m r\u1ee7i ro phi h\u1ec7 th\u1ed1ng<\/th>\n<th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1<\/td>\n<td>0%<\/td>\n<td>Danh m\u1ee5c 1 c\u1ed5 phi\u1ebfu v\u1edbi \u03c3 = 30%<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>~50%<\/td>\n<td>Danh m\u1ee5c 5 c\u1ed5 phi\u1ebfu v\u1edbi t\u01b0\u01a1ng quan trung b\u00ecnh 0.3:\u03c3 gi\u1ea3m t\u1eeb 30% xu\u1ed1ng ~21%<\/td>\n<\/tr>\n<tr>\n<td>10<\/td>\n<td>~65%<\/td>\n<td>Danh m\u1ee5c 10 c\u1ed5 phi\u1ebfu v\u1edbi t\u01b0\u01a1ng quan trung b\u00ecnh 0.3:\u03c3 gi\u1ea3m t\u1eeb 30% xu\u1ed1ng ~18%<\/td>\n<\/tr>\n<tr>\n<td>20<\/td>\n<td>~75%<\/td>\n<td>Danh m\u1ee5c 20 c\u1ed5 phi\u1ebfu v\u1edbi t\u01b0\u01a1ng quan trung b\u00ecnh 0.3:\u03c3 gi\u1ea3m t\u1eeb 30% xu\u1ed1ng ~16.5%<\/td>\n<\/tr>\n<tr>\n<td>30+<\/td>\n<td>~80%<\/td>\n<td>Danh m\u1ee5c 30+ c\u1ed5 phi\u1ebfu v\u1edbi t\u01b0\u01a1ng quan trung b\u00ecnh 0.3:\u03c3 gi\u1ea3m t\u1eeb 30% xu\u1ed1ng ~15.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 danh m\u1ee5c 10 c\u1ed5 phi\u1ebfu v\u1edbi ph\u00e2n b\u1ed5 \u0111\u1ec1u (10% m\u1ed7i c\u1ed5 phi\u1ebfu). M\u1ed7i c\u1ed5 phi\u1ebfu c\u00f3 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng 30% v\u00e0 h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan trung b\u00ecnh l\u00e0 0.3. \u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c s\u1ebd l\u00e0:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u03c3p = \u221a[n \u00d7 (1\/n)\u00b2 \u00d7 \u03c3\u00b2 + n \u00d7 (n-1) \u00d7 (1\/n)\u00b2 \u00d7 \u03c1 \u00d7 \u03c3\u00b2]<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u03c3p = \u221a[10 \u00d7 (0.1)\u00b2 \u00d7 (0.3)\u00b2 + 10 \u00d7 9 \u00d7 (0.1)\u00b2 \u00d7 0.3 \u00d7 (0.3)\u00b2]<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u03c3p = \u221a[0.009 + 0.0243] = \u221a0.0333 = 18.25%<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110i\u1ec1u n\u00e0y ch\u1ee9ng minh r\u1eb1ng \u0111a d\u1ea1ng h\u00f3a \u0111\u00e3 gi\u00fap gi\u1ea3m r\u1ee7i ro t\u1eeb 30% xu\u1ed1ng 18.25% &#8211; gi\u1ea3m g\u1ea7n 40% m\u00e0 kh\u00f4ng gi\u1ea3m l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c t\u1ef1 \u0111\u1ed9ng, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh tr\u1ecdng s\u1ed1 t\u1ed1i \u01b0u cho t\u1eebng c\u1ed5 phi\u1ebfu trong danh m\u1ee5c d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u00e1 nh\u00e2n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n c\u1ed5 phi\u1ebfu b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n khi kh\u00e1m ph\u00e1 ai ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1eadp trung v\u00e0o gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh \u0111\u1ecbnh l\u01b0\u1ee3ng. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y chuy\u1ec3n \u0111\u1ed5i c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh th\u00e0nh c\u00e1c ch\u1ec9 s\u1ed1 c\u00f3 th\u1ec3 so s\u00e1nh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 h\u00ecnh DCF: Chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch t\u1ef7 l\u1ec7: So s\u00e1nh P\/E, P\/B, EV\/EBITDA 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'>M\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng: g = ROE \u00d7 (1 &#8211; T\u1ef7 l\u1ec7 chi tr\u1ea3)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Z-Score: D\u1ef1 \u0111o\u00e1n x\u00e1c su\u1ea5t ph\u00e1 s\u1ea3n trong 2 n\u0103m t\u1edbi<\/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>Nh\u00f3m t\u1ef7 l\u1ec7<\/th>\n<th>C\u00f4ng th\u1ee9c<\/th>\n<th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th>\n<th>Di\u1ec5n gi\u1ea3i<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Kh\u1ea3 n\u0103ng sinh l\u1eddi<\/td>\n<td>ROE = L\u1ee3i nhu\u1eadn r\u00f2ng \/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>\n<td>L\u1ee3i nhu\u1eadn: 100 t\u1ef7, V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu: 500 t\u1ef7ROE = 100\/500 = 20%<\/td>\n<td>ROE &gt; 15% \u0111\u01b0\u1ee3c coi l\u00e0 t\u1ed1tROE = 20% &gt; 15% \u2192 Hi\u1ec7u qu\u1ea3 cao<\/td>\n<\/tr>\n<tr>\n<td>Hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng<\/td>\n<td>V\u00f2ng quay t\u00e0i s\u1ea3n = Doanh thu \/ T\u1ed5ng t\u00e0i s\u1ea3n<\/td>\n<td>Doanh thu: 800 t\u1ef7, T\u1ed5ng t\u00e0i s\u1ea3n: 1,000 t\u1ef7V\u00f2ng quay = 800\/1,000 = 0.8<\/td>\n<td>C\u00f4ng ty t\u1ea1o ra 0.8 \u0111\u01a1n v\u1ecb doanh thu cho m\u1ed7i \u0111\u01a1n v\u1ecb t\u00e0i s\u1ea3n &#8211; kh\u00e1 t\u1ed1t<\/td>\n<\/tr>\n<tr>\n<td>C\u1ea5u tr\u00fac v\u1ed1n<\/td>\n<td>T\u1ef7 l\u1ec7 D\/E = T\u1ed5ng n\u1ee3 \/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>\n<td>T\u1ed5ng n\u1ee3: 300 t\u1ef7, V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu: 500 t\u1ef7D\/E = 300\/500 = 0.6<\/td>\n<td>D\/E = 0.6 n\u1eb1m trong v\u00f9ng an to\u00e0n (0.5-1.0) &#8211; c\u00e2n b\u1eb1ng gi\u1eefa n\u1ee3 v\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ecbnh gi\u00e1<\/td>\n<td>P\/E = Gi\u00e1 \/ EPS<\/td>\n<td>Gi\u00e1: 60,000 VND, EPS: 5,000 VNDP\/E = 60,000\/5,000 = 12<\/td>\n<td>P\/E = 12 th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh (15) \u2192 \u0110\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn<\/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'>K\u1ebft h\u1ee3p c\u00e1c t\u1ef7 l\u1ec7 t\u00e0i ch\u00ednh t\u1ea1o ra m\u1ed9t b\u1ee9c tranh to\u00e0n di\u1ec7n v\u1ec1 gi\u00e1 tr\u1ecb c\u00f4ng ty. V\u00ed d\u1ee5, m\u1ed9t doanh nghi\u1ec7p c\u00f3 ROE cao (20%), c\u1ea5u tr\u00fac v\u1ed1n h\u1ee3p l\u00fd (D\/E = 0.6), v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn (P\/E = 12 so v\u1edbi trung b\u00ecnh ng\u00e0nh l\u00e0 15) c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng Gordon cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u01a1n gi\u1ea3n \u0111\u1ec3 \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean c\u1ed5 t\u1ee9c:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>P = D\u2081 \/ (r &#8211; g)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u00ed d\u1ee5: C\u1ed5 phi\u1ebfu ABC d\u1ef1 ki\u1ebfn tr\u1ea3 c\u1ed5 t\u1ee9c 3,000 VND\/c\u1ed5 phi\u1ebfu v\u00e0o n\u0103m t\u1edbi, c\u00f3 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u 12% v\u00e0 t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng 7%. Gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a c\u1ed5 phi\u1ebfu l\u00e0:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>P = 3,000 \/ (0.12 &#8211; 0.07) = 3,000 \/ 0.05 = 60,000 VND<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ea1i Pocket Option, ch\u00fang t\u00f4i t\u00edch h\u1ee3p c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n t\u1ef1 \u0111\u1ed9ng, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 nhanh ch\u00f3ng \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean d\u1eef li\u1ec7u t\u00e0i ch\u00ednh m\u1edbi nh\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p \u0111o l\u01b0\u1eddng v\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o ch\u1ee9ng kho\u00e1n c\u1ed5 phi\u1ebfu c\u1ea7n \u0111i k\u00e8m v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro hi\u1ec7u qu\u1ea3. C\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111o l\u01b0\u1eddng v\u00e0 ki\u1ec3m so\u00e1t r\u1ee7i ro m\u1ed9t c\u00e1ch kh\u00e1ch quan.<\/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'>Gi\u00e1 tr\u1ecb r\u1ee7i ro (VaR): \u01af\u1edbc t\u00ednh t\u1ed5n th\u1ea5t t\u1ed1i \u0111a trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1eebng l\u1ed7 t\u1ed1i \u01b0u: Gi\u1edbi h\u1ea1n t\u1ed5n th\u1ea5t t\u1ed1i \u0111a cho m\u1ed7i giao d\u1ecbch<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 Kelly: X\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf t\u1ed1i \u01b0u d\u1ef1a tr\u00ean l\u1ee3i th\u1ebf th\u1ed1ng k\u00ea<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: S\u1ef1 suy gi\u1ea3m t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y trong m\u1ed9t kho\u1ea3ng th\u1eddi gian<\/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>Ph\u01b0\u01a1ng ph\u00e1p<\/th>\n<th>C\u00f4ng th\u1ee9c<\/th>\n<th>V\u00ed d\u1ee5 t\u00ednh to\u00e1n th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Gi\u00e1 tr\u1ecb r\u1ee7i ro (95%)<\/td>\n<td>VaR = -1.65 \u00d7 \u03c3 \u00d7 \u221at \u00d7 P<\/td>\n<td>Danh m\u1ee5c 100 tri\u1ec7u, \u03c3 h\u00e0ng ng\u00e0y = 1.5%, th\u1eddi gian 10 ng\u00e0y:VaR = -1.65 \u00d7 1.5% \u00d7 \u221a10 \u00d7 100M = -1.65 \u00d7 0.015 \u00d7 3.16 \u00d7 100M = -7.82M\u2192 95% x\u00e1c su\u1ea5t r\u1eb1ng t\u1ed5n th\u1ea5t s\u1ebd kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 7.82 tri\u1ec7u trong 10 ng\u00e0y<\/td>\n<\/tr>\n<tr>\n<td>D\u1eebng l\u1ed7 t\u1ed1i \u01b0u<\/td>\n<td>SL = P \u00d7 (1 &#8211; 2 \u00d7 ATR \u00d7 \u221aN)<\/td>\n<td>Gi\u00e1 mua = 100,000 VND, ATR = 3%, N = 2 (m\u1ee9c \u0111\u1ed9 tin c\u1eady):SL = 100,000 \u00d7 (1 &#8211; 2 \u00d7 0.03 \u00d7 \u221a2) = 100,000 \u00d7 (1 &#8211; 0.085) = 91,500 VND\u2192 \u0110\u1eb7t d\u1eebng l\u1ed7 t\u1ea1i 91,500 VND<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Kelly<\/td>\n<td>f* = (p \u00d7 b &#8211; q) \/ b<\/td>\n<td>T\u1ef7 l\u1ec7 th\u1eafng p = 55%, t\u1ef7 l\u1ec7 thua q = 45%, t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn\/l\u1ed7 b = 1.5:f* = (0.55 \u00d7 1.5 &#8211; 0.45) \/ 1.5 = (0.825 &#8211; 0.45) \/ 1.5 = 0.25\u2192 N\u00ean \u0111\u1ea7u t\u01b0 25% v\u1ed1n c\u00f3 s\u1eb5n<\/td>\n<\/tr>\n<tr>\n<td>M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a<\/td>\n<td>MDD = (\u0110\u1ec9nh &#8211; \u0110\u00e1y) \/ \u0110\u1ec9nh<\/td>\n<td>\u0110\u1ec9nh danh m\u1ee5c = 120M, \u0110\u00e1y = 90M:MDD = (120 &#8211; 90) \/ 120 = 30 \/ 120 = 25%\u2192 M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a l\u00e0 25%<\/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'>\u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf: M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 danh m\u1ee5c 100 tri\u1ec7u VND, ph\u00e2n b\u1ed5 v\u00e0o 10 c\u1ed5 phi\u1ebfu v\u1edbi \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng h\u00e0ng ng\u00e0y trung b\u00ecnh l\u00e0 1.5%. S\u1eed d\u1ee5ng VaR 95% cho kho\u1ea3ng th\u1eddi gian 10 ng\u00e0y:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>VaR = -1.65 \u00d7 1.5% \u00d7 \u221a10 \u00d7 100,000,000 = -7,820,000 VND<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 v\u1edbi x\u00e1c su\u1ea5t 95%, t\u1ed5n th\u1ea5t t\u1ed1i \u0111a c\u1ee7a danh m\u1ee5c trong 10 ng\u00e0y t\u1edbi s\u1ebd kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 7.82 tri\u1ec7u VND. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng th\u00f4ng tin n\u00e0y \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n \u0111\u1ee7 v\u00e0 \u0111i\u1ec1u ch\u1ec9nh m\u1ee9c \u0111\u1ed9 r\u1ee7i ro ph\u00f9 h\u1ee3p.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ef7 l\u1ec7 Kelly c\u0169ng gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf t\u1ed1i \u01b0u. V\u1edbi m\u1ed9t h\u1ec7 th\u1ed1ng giao d\u1ecbch c\u00f3 t\u1ef7 l\u1ec7 th\u1eafng 55%, t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn\/l\u1ed7 l\u00e0 1.5:1, t\u1ef7 l\u1ec7 Kelly l\u00e0 25% &#8211; ngh\u0129a l\u00e0 b\u1ea1n n\u00ean \u0111\u1ea7u t\u01b0 25% v\u1ed1n c\u00f3 s\u1eb5n cho m\u1ed7i c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p v\u1edbi h\u1ec7 th\u1ed1ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 qu\u1ea3n l\u00fd r\u1ee7i ro t\u1ef1 \u0111\u1ed9ng, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 duy tr\u00ec k\u1ef7 lu\u1eadt giao d\u1ecbch v\u00e0 b\u1ea3o v\u1ec7 v\u1ed1n trong m\u1ecdi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: Ti\u1ebfp c\u1eadn \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu b\u1eb1ng to\u00e1n h\u1ecdc<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hi\u1ec3u c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec t\u1eeb g\u00f3c \u0111\u1ed9 to\u00e1n h\u1ecdc mang l\u1ea1i l\u1ee3i th\u1ebf c\u1ea1nh tranh kh\u00f4ng th\u1ec3 ph\u1ee7 nh\u1eadn trong \u0111\u1ea7u t\u01b0. Nghi\u00ean c\u1ee9u c\u1ee7a \u0110\u1ea1i h\u1ecdc Harvard cho th\u1ea5y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c nh\u00f3m d\u1ef1a tr\u00ean tr\u1ef1c gi\u00e1c 4.8% h\u00e0ng n\u0103m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu b\u1eb1ng c\u00e1c c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc nh\u01b0 DCF, CAPM v\u00e0 MPT kh\u00f4ng ch\u1ec9 gi\u00fap lo\u1ea1i b\u1ecf c\u00e1c y\u1ebfu t\u1ed1 c\u1ea3m x\u00fac m\u00e0 c\u00f2n x\u00e2y d\u1ef1ng m\u1ed9t khung ra quy\u1ebft \u0111\u1ecbnh nh\u1ea5t qu\u00e1n. Khi th\u1ecb tr\u01b0\u1eddng tr\u1ea3i qua bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh, c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1eef b\u00ecnh t\u0129nh v\u00e0 t\u1eadp trung v\u00e0o d\u1eef li\u1ec7u thay v\u00ec ph\u1ea3n \u1ee9ng c\u1ea3m x\u00fac.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong th\u1ef1c t\u1ebf, vi\u1ec7c k\u1ebft h\u1ee3p c\u00e1c ph\u01b0\u01a1ng ph\u00e1p to\u00e1n h\u1ecdc \u0111\u00e3 ch\u1ee9ng minh hi\u1ec7u qu\u1ea3. V\u00ed d\u1ee5, c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a theo MPT k\u1ebft h\u1ee3p v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro b\u1eb1ng VaR v\u00e0 d\u1eebng l\u1ed7 \u0111\u00e3 gi\u00fap nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1ea3m \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c 40% trong khi duy tr\u00ec l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p m\u1ed9t n\u1ec1n t\u1ea3ng to\u00e0n di\u1ec7n v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng ti\u00ean ti\u1ebfn, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng khoa h\u1ecdc d\u1eef li\u1ec7u v\u00e0o qu\u00e1 tr\u00ecnh ra quy\u1ebft \u0111\u1ecbnh. T\u1eeb ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111\u1ebfn qu\u1ea3n l\u00fd danh m\u1ee5c v\u00e0 r\u1ee7i ro, ch\u00fang t\u00f4i cam k\u1ebft h\u1ed7 tr\u1ee3 nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 b\u1ec1n v\u1eefng d\u1ef1a tr\u00ean n\u1ec1n t\u1ea3ng to\u00e1n h\u1ecdc v\u1eefng ch\u1eafc.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u00e3y nh\u1edb r\u1eb1ng ngay c\u1ea3 nh\u1eefng c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc ph\u1ee9c t\u1ea1p nh\u1ea5t c\u0169ng kh\u00f4ng th\u1ec3 ho\u00e0n to\u00e0n thay th\u1ebf s\u1ef1 ph\u00e1n \u0111o\u00e1n v\u00e0 kinh nghi\u1ec7m c\u1ee7a con ng\u01b0\u1eddi. C\u00e1ch ti\u1ebfp c\u1eadn hi\u1ec7u qu\u1ea3 nh\u1ea5t l\u00e0 k\u1ebft h\u1ee3p c\u1ea3 hai: s\u1eed d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1ec3 l\u1ecdc v\u00e0 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i, sau \u0111\u00f3 \u00e1p d\u1ee5ng ki\u1ebfn th\u1ee9c v\u00e0 hi\u1ec3u bi\u1ebft v\u1ec1 th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh cu\u1ed1i c\u00f9ng. V\u1edbi Pocket Option, b\u1ea1n c\u00f3 c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ec3 th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c n\u00e0y m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n"},"faq":[{"question":"C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a ch\u00fang?","answer":"C\u1ed5 phi\u1ebfu l\u00e0 ch\u1ee9ng ch\u1ec9 s\u1edf h\u1eefu m\u1ed9t ph\u1ea7n t\u00e0i s\u1ea3n v\u00e0 l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty, \u0111\u1ea1i di\u1ec7n cho quy\u1ec1n s\u1edf h\u1eefu theo t\u1ef7 l\u1ec7 n\u1eafm gi\u1eef. \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh DCF (D\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u), ph\u00e2n t\u00edch t\u1ef7 l\u1ec7 (P\/E, P\/B, EV\/EBITDA) so v\u1edbi trung b\u00ecnh ng\u00e0nh, v\u00e0 m\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng Gordon (P = D\u2081\/(r-g)). T\u1ef7 l\u1ec7 \u0111\u1ecbnh gi\u00e1 P\/E l\u00e0 12 th\u1ea5p h\u01a1n so v\u1edbi P\/E ng\u00e0nh l\u00e0 15 th\u01b0\u1eddng l\u00e0 t\u00edn hi\u1ec7u c\u1ee7a \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn."},{"question":"Ai ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 quy tr\u00ecnh ph\u00e1t h\u00e0nh ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o?","answer":"C\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n th\u00f4ng qua IPO (Ph\u00e1t h\u00e0nh c\u00f4ng khai l\u1ea7n \u0111\u1ea7u) ho\u1eb7c ph\u00e1t h\u00e0nh b\u1ed5 sung. Qu\u00e1 tr\u00ecnh IPO bao g\u1ed3m: chu\u1ea9n b\u1ecb t\u00e0i li\u1ec7u, \u0111\u1ecbnh gi\u00e1 ban \u0111\u1ea7u (th\u01b0\u1eddng s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p so s\u00e1nh P\/E ho\u1eb7c DCF), road shows (thuy\u1ebft tr\u00ecnh cho nh\u00e0 \u0111\u1ea7u t\u01b0), x\u00e2y d\u1ef1ng s\u1ed5 l\u1ec7nh (x\u00e1c \u0111\u1ecbnh gi\u00e1), ph\u00e2n ph\u1ed1i v\u00e0 ni\u00eam y\u1ebft. Nghi\u00ean c\u1ee9u cho th\u1ea5y r\u1eb1ng c\u00e1c IPO th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n 15-20% so v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a ch\u00fang \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a \u0111\u1ee3t ph\u00e1t h\u00e0nh."},{"question":"C\u00e1ch \u00e1p d\u1ee5ng to\u00e1n h\u1ecdc trong ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ee7a c\u1ed5 phi\u1ebfu?","answer":"Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u00e1p d\u1ee5ng to\u00e1n h\u1ecdc th\u00f4ng qua: (1) C\u00e1c ch\u1ec9 b\u00e1o dao \u0111\u1ed9ng nh\u01b0 RSI = 100-[100\/(1+RS)] \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c khu v\u1ef1c qu\u00e1 mua\/qu\u00e1 b\u00e1n; (2) C\u00e1c ch\u1ec9 b\u00e1o xu h\u01b0\u1edbng nh\u01b0 MACD = EMA(12)-EMA(26) \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m \u0111\u1ea3o chi\u1ec1u; (3) D\u1ea3i Bollinger = SMA(20)\u00b12\u00d7\u03c3 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh s\u1ef1 bi\u1ebfn \u0111\u1ed9ng b\u1ea5t th\u01b0\u1eddng; (4) Fibonacci Retracement \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3\/kh\u00e1ng c\u1ef1; (5) C\u00e1c thu\u1eadt to\u00e1n h\u1ecdc m\u00e1y nh\u01b0 m\u1ea1ng n\u01a1-ron v\u00e0 r\u1eebng ng\u1eabu nhi\u00ean \u0111\u1ec3 nh\u1eadn di\u1ec7n c\u00e1c m\u00f4 h\u00ecnh ph\u1ee9c t\u1ea1p v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c 60-70%."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n d\u1ef1a tr\u00ean to\u00e1n h\u1ecdc?","answer":"T\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng l\u00fd thuy\u1ebft Markowitz (MPT) b\u1eb1ng c\u00e1ch t\u00ecm c\u00e1c t\u1ef7 tr\u1ecdng c\u1ed5 phi\u1ebfu t\u1ed1i \u0111a h\u00f3a t\u1ef7 l\u1ec7 Sharpe SR=(Rp-Rf)\/\u03c3p. V\u00ed d\u1ee5, m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 g\u1ed3m 2 c\u1ed5 phi\u1ebfu v\u1edbi t\u1ef7 tr\u1ecdng 60%\/40% c\u00f3 th\u1ec3 gi\u1ea3m r\u1ee7i ro t\u1eeb 30% xu\u1ed1ng c\u00f2n 14,2% trong khi duy tr\u00ec l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng l\u00e0 10,4%. \u0110a d\u1ea1ng h\u00f3a hi\u1ec7u qu\u1ea3 y\u00eau c\u1ea7u s\u1ef1 t\u01b0\u01a1ng quan th\u1ea5p gi\u1eefa c\u00e1c t\u00e0i s\u1ea3n v\u00e0 s\u1ed1 l\u01b0\u1ee3ng t\u1ed1i \u01b0u th\u01b0\u1eddng l\u00e0 15-30 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 h\u1ee3p l\u00fd, gi\u00fap lo\u1ea1i b\u1ecf \u0111\u1ebfn 75-80% r\u1ee7i ro phi h\u1ec7 th\u1ed1ng."},{"question":"Pocket Option cung c\u1ea5p nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0o cho ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu?","answer":"Pocket Option cung c\u1ea5p: (1) C\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 DCF t\u1ef1 \u0111\u1ed9ng v\u00e0 t\u0103ng tr\u01b0\u1edfng Gordon v\u1edbi nhi\u1ec1u k\u1ecbch b\u1ea3n t\u0103ng tr\u01b0\u1edfng; (2) H\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt t\u00edch h\u1ee3p AI v\u1edbi 42 ch\u1ec9 b\u00e1o (\u0111\u1ed9 ch\u00ednh x\u00e1c 65-70%); (3) C\u00f4ng c\u1ee5 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 MPT t\u00ednh to\u00e1n tr\u1ecdng s\u1ed1 t\u1ed1i \u01b0u d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u00e1 nh\u00e2n; (4) H\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd r\u1ee7i ro v\u1edbi VaR, Stop-Loss t\u1ed1i \u01b0u v\u00e0 t\u1ef7 l\u1ec7 Kelly; (5) Ph\u00e2n t\u00edch so s\u00e1nh t\u1ef1 \u0111\u1ed9ng c\u00e1c t\u1ef7 s\u1ed1 t\u00e0i ch\u00ednh so v\u1edbi trung b\u00ecnh ng\u00e0nh."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a ch\u00fang?","answer":"C\u1ed5 phi\u1ebfu l\u00e0 ch\u1ee9ng ch\u1ec9 s\u1edf h\u1eefu m\u1ed9t ph\u1ea7n t\u00e0i s\u1ea3n v\u00e0 l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty, \u0111\u1ea1i di\u1ec7n cho quy\u1ec1n s\u1edf h\u1eefu theo t\u1ef7 l\u1ec7 n\u1eafm gi\u1eef. \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh DCF (D\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u), ph\u00e2n t\u00edch t\u1ef7 l\u1ec7 (P\/E, P\/B, EV\/EBITDA) so v\u1edbi trung b\u00ecnh ng\u00e0nh, v\u00e0 m\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng Gordon (P = D\u2081\/(r-g)). T\u1ef7 l\u1ec7 \u0111\u1ecbnh gi\u00e1 P\/E l\u00e0 12 th\u1ea5p h\u01a1n so v\u1edbi P\/E ng\u00e0nh l\u00e0 15 th\u01b0\u1eddng l\u00e0 t\u00edn hi\u1ec7u c\u1ee7a \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn."},{"question":"Ai ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 quy tr\u00ecnh ph\u00e1t h\u00e0nh ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o?","answer":"C\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n th\u00f4ng qua IPO (Ph\u00e1t h\u00e0nh c\u00f4ng khai l\u1ea7n \u0111\u1ea7u) ho\u1eb7c ph\u00e1t h\u00e0nh b\u1ed5 sung. Qu\u00e1 tr\u00ecnh IPO bao g\u1ed3m: chu\u1ea9n b\u1ecb t\u00e0i li\u1ec7u, \u0111\u1ecbnh gi\u00e1 ban \u0111\u1ea7u (th\u01b0\u1eddng s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p so s\u00e1nh P\/E ho\u1eb7c DCF), road shows (thuy\u1ebft tr\u00ecnh cho nh\u00e0 \u0111\u1ea7u t\u01b0), x\u00e2y d\u1ef1ng s\u1ed5 l\u1ec7nh (x\u00e1c \u0111\u1ecbnh gi\u00e1), ph\u00e2n ph\u1ed1i v\u00e0 ni\u00eam y\u1ebft. Nghi\u00ean c\u1ee9u cho th\u1ea5y r\u1eb1ng c\u00e1c IPO th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n 15-20% so v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a ch\u00fang \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a \u0111\u1ee3t ph\u00e1t h\u00e0nh."},{"question":"C\u00e1ch \u00e1p d\u1ee5ng to\u00e1n h\u1ecdc trong ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ee7a c\u1ed5 phi\u1ebfu?","answer":"Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u00e1p d\u1ee5ng to\u00e1n h\u1ecdc th\u00f4ng qua: (1) C\u00e1c ch\u1ec9 b\u00e1o dao \u0111\u1ed9ng nh\u01b0 RSI = 100-[100\/(1+RS)] \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c khu v\u1ef1c qu\u00e1 mua\/qu\u00e1 b\u00e1n; (2) C\u00e1c ch\u1ec9 b\u00e1o xu h\u01b0\u1edbng nh\u01b0 MACD = EMA(12)-EMA(26) \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m \u0111\u1ea3o chi\u1ec1u; (3) D\u1ea3i Bollinger = SMA(20)\u00b12\u00d7\u03c3 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh s\u1ef1 bi\u1ebfn \u0111\u1ed9ng b\u1ea5t th\u01b0\u1eddng; (4) Fibonacci Retracement \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3\/kh\u00e1ng c\u1ef1; (5) C\u00e1c thu\u1eadt to\u00e1n h\u1ecdc m\u00e1y nh\u01b0 m\u1ea1ng n\u01a1-ron v\u00e0 r\u1eebng ng\u1eabu nhi\u00ean \u0111\u1ec3 nh\u1eadn di\u1ec7n c\u00e1c m\u00f4 h\u00ecnh ph\u1ee9c t\u1ea1p v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c 60-70%."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n d\u1ef1a tr\u00ean to\u00e1n h\u1ecdc?","answer":"T\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng l\u00fd thuy\u1ebft Markowitz (MPT) b\u1eb1ng c\u00e1ch t\u00ecm c\u00e1c t\u1ef7 tr\u1ecdng c\u1ed5 phi\u1ebfu t\u1ed1i \u0111a h\u00f3a t\u1ef7 l\u1ec7 Sharpe SR=(Rp-Rf)\/\u03c3p. V\u00ed d\u1ee5, m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 g\u1ed3m 2 c\u1ed5 phi\u1ebfu v\u1edbi t\u1ef7 tr\u1ecdng 60%\/40% c\u00f3 th\u1ec3 gi\u1ea3m r\u1ee7i ro t\u1eeb 30% xu\u1ed1ng c\u00f2n 14,2% trong khi duy tr\u00ec l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng l\u00e0 10,4%. \u0110a d\u1ea1ng h\u00f3a hi\u1ec7u qu\u1ea3 y\u00eau c\u1ea7u s\u1ef1 t\u01b0\u01a1ng quan th\u1ea5p gi\u1eefa c\u00e1c t\u00e0i s\u1ea3n v\u00e0 s\u1ed1 l\u01b0\u1ee3ng t\u1ed1i \u01b0u th\u01b0\u1eddng l\u00e0 15-30 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 h\u1ee3p l\u00fd, gi\u00fap lo\u1ea1i b\u1ecf \u0111\u1ebfn 75-80% r\u1ee7i ro phi h\u1ec7 th\u1ed1ng."},{"question":"Pocket Option cung c\u1ea5p nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0o cho ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu?","answer":"Pocket Option cung c\u1ea5p: (1) C\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 DCF t\u1ef1 \u0111\u1ed9ng v\u00e0 t\u0103ng tr\u01b0\u1edfng Gordon v\u1edbi nhi\u1ec1u k\u1ecbch b\u1ea3n t\u0103ng tr\u01b0\u1edfng; (2) H\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt t\u00edch h\u1ee3p AI v\u1edbi 42 ch\u1ec9 b\u00e1o (\u0111\u1ed9 ch\u00ednh x\u00e1c 65-70%); (3) C\u00f4ng c\u1ee5 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 MPT t\u00ednh to\u00e1n tr\u1ecdng s\u1ed1 t\u1ed1i \u01b0u d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u00e1 nh\u00e2n; (4) H\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd r\u1ee7i ro v\u1edbi VaR, Stop-Loss t\u1ed1i \u01b0u v\u00e0 t\u1ef7 l\u1ec7 Kelly; (5) Ph\u00e2n t\u00edch so s\u00e1nh t\u1ef1 \u0111\u1ed9ng c\u00e1c t\u1ef7 s\u1ed1 t\u00e0i ch\u00ednh so v\u1edbi trung b\u00ecnh ng\u00e0nh."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: Ph\u00e2n t\u00edch To\u00e1n h\u1ecdc v\u00e0 Chi\u1ebfn l\u01b0\u1ee3c 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