{"id":306358,"date":"2025-07-15T15:31:00","date_gmt":"2025-07-15T15:31:00","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/epd-vs-et-stock-2\/"},"modified":"2025-07-15T15:31:37","modified_gmt":"2025-07-15T15:31:37","slug":"epd-vs-et-stock","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/","title":{"rendered":"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":249514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[45,44],"class_list":["post-306358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reviews","tag-stock","tag-strategy"],"acf":{"h1":"Ph\u00e2n T\u00edch \u0110\u1ea7u T\u01b0 Chi\u1ebfn L\u01b0\u1ee3c C\u1ed5 Phi\u1ebfu EPD v\u00e0 ET","h1_source":{"label":"H1","type":"text","formatted_value":"Ph\u00e2n T\u00edch \u0110\u1ea7u T\u01b0 Chi\u1ebfn L\u01b0\u1ee3c C\u1ed5 Phi\u1ebfu EPD v\u00e0 ET"},"description":"Kh\u00e1m ph\u00e1 c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu quan tr\u1ecdng c\u1ee7a EPD so v\u1edbi ET v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u1edbi ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn cao h\u01a1n 40%. Pocket Option cung c\u1ea5p ph\u00e2n t\u00edch th\u1eddi gian th\u1ef1c c\u1ea7n thi\u1ebft cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u0103ng l\u01b0\u1ee3ng trung l\u01b0u ng\u00e0y nay.","description_source":{"label":"Description","type":"textarea","formatted_value":"Kh\u00e1m ph\u00e1 c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu quan tr\u1ecdng c\u1ee7a EPD so v\u1edbi ET v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u1edbi ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn cao h\u01a1n 40%. Pocket Option cung c\u1ea5p ph\u00e2n t\u00edch th\u1eddi gian th\u1ef1c c\u1ea7n thi\u1ebft cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u0103ng l\u01b0\u1ee3ng trung l\u01b0u ng\u00e0y nay."},"intro":"So s\u00e1nh c\u1ed5 phi\u1ebfu EPD v\u00e0 ET cho th\u1ea5y c\u00e1c h\u1ed3 s\u01a1 \u0111\u1ea7u t\u01b0 t\u01b0\u01a1ng ph\u1ea3n v\u1edbi Enterprise Products Partners mang l\u1ea1i t\u0103ng tr\u01b0\u1edfng ph\u00e2n ph\u1ed1i 24,5% trong n\u0103m n\u0103m so v\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn bi\u1ebfn \u0111\u1ed9ng nh\u01b0ng c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn cao h\u01a1n c\u1ee7a Energy Transfer. Ph\u00e2n t\u00edch n\u00e0y ph\u00e2n t\u00edch c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n, t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c v\u00e0 qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a h\u1ecd \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng c\u1ee7a b\u1ea1n.","intro_source":{"label":"Intro","type":"text","formatted_value":"So s\u00e1nh c\u1ed5 phi\u1ebfu EPD v\u00e0 ET cho th\u1ea5y c\u00e1c h\u1ed3 s\u01a1 \u0111\u1ea7u t\u01b0 t\u01b0\u01a1ng ph\u1ea3n v\u1edbi Enterprise Products Partners mang l\u1ea1i t\u0103ng tr\u01b0\u1edfng ph\u00e2n ph\u1ed1i 24,5% trong n\u0103m n\u0103m so v\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn bi\u1ebfn \u0111\u1ed9ng nh\u01b0ng c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn cao h\u01a1n c\u1ee7a Energy Transfer. Ph\u00e2n t\u00edch n\u00e0y ph\u00e2n t\u00edch c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n, t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c v\u00e0 qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a h\u1ecd \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng c\u1ee7a b\u1ea1n."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn Tr\u01b0\u1eddng \u0110\u1ea7u T\u01b0 N\u0103ng L\u01b0\u1ee3ng Trung L\u01b0u: EPD vs ET<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi \u0111\u00e1nh gi\u00e1 l\u0129nh v\u1ef1c n\u0103ng l\u01b0\u1ee3ng trung l\u01b0u, so s\u00e1nh c\u1ed5 phi\u1ebfu EPD v\u00e0 ET n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t \u0111i\u1ec3m quy\u1ebft \u0111\u1ecbnh quan tr\u1ecdng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp. Enterprise Products Partners L.P. (EPD), v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng h\u01a1n 60 t\u1ef7 USD, v\u00e0 Energy Transfer LP (ET), \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 kho\u1ea3ng 45 t\u1ef7 USD, \u0111\u1ea1i di\u1ec7n cho hai l\u1ef1c l\u01b0\u1ee3ng th\u1ed1ng tr\u1ecb trong b\u1ed1i c\u1ea3nh h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng B\u1eafc M\u1ef9. C\u1ea3 hai \u0111\u1ec1u v\u1eadn h\u00e0nh m\u1ea1ng l\u01b0\u1edbi r\u1ed9ng l\u1edbn v\u1eadn chuy\u1ec3n, x\u1eed l\u00fd v\u00e0 l\u01b0u tr\u1eef kh\u00ed t\u1ef1 nhi\u00ean, d\u1ea7u th\u00f4 v\u00e0 ch\u1ea5t l\u1ecfng kh\u00ed t\u1ef1 nhi\u00ean\u2014x\u01b0\u01a1ng s\u1ed1ng c\u1ee7a h\u1ec7 th\u1ed1ng n\u0103ng l\u01b0\u1ee3ng M\u1ef9.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00f4ng c\u1ee5 qu\u00e9t t\u00e0i ch\u00ednh \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option ti\u1ebft l\u1ed9 r\u1eb1ng hi\u1ec3u ba y\u1ebfu t\u1ed1 kh\u00e1c bi\u1ec7t ch\u00ednh\u2014hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng, k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n ph\u1ed1i\u2014gi\u1eefa c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 trung l\u01b0u n\u00e0y c\u00f3 th\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n l\u00ean 2-3% h\u00e0ng n\u0103m trong khi duy tr\u00ec m\u1ee9c \u0111\u1ed9 r\u1ee7i ro ph\u00f9 h\u1ee3p. K\u1ec3 t\u1eeb n\u0103m 2018, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ecdn ph\u00e2n b\u1ed5 t\u1ed1i \u01b0u gi\u1eefa c\u00e1c ch\u1ee9ng kho\u00e1n n\u00e0y d\u1ef1a tr\u00ean \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n so v\u1edbi nh\u1eefng ng\u01b0\u1eddi n\u1eafm gi\u1eef ch\u1ee9ng kho\u00e1n \u0111\u01a1n l\u1ebb trung b\u00ecnh 17,3%.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>T\u1ea1o Doanh Thu v\u00e0 Hi\u1ec7u Qu\u1ea3 Ho\u1ea1t \u0110\u1ed9ng: C\u00e2u Chuy\u1ec7n c\u1ee7a Hai Chi\u1ebfn L\u01b0\u1ee3c<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e2u h\u1ecfi c\u01a1 b\u1ea3n trong ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu epd vs et t\u1eadp trung v\u00e0o vi\u1ec7c m\u1ed7i c\u00f4ng ty chuy\u1ec3n \u0111\u1ed5i c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng kh\u1ed5ng l\u1ed3 c\u1ee7a m\u00ecnh th\u00e0nh d\u00f2ng ti\u1ec1n m\u1eb7t \u0111\u00e1ng tin c\u1eady nh\u01b0 th\u1ebf n\u00e0o. M\u1eb7c d\u00f9 c\u1ea3 hai \u0111\u1ec1u v\u1eadn h\u00e0nh t\u00e0i s\u1ea3n t\u01b0\u01a1ng t\u1ef1, c\u00e1ch ti\u1ebfp c\u1eadn ho\u1ea1t \u0111\u1ed9ng v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh doanh thu c\u1ee7a h\u1ecd kh\u00e1c nhau \u0111\u00e1ng k\u1ec3\u2014nh\u1eefng y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn l\u1ee3i nhu\u1eadn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 trong c\u00e1c chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ngu\u1ed3n Doanh Thu<\/th><th>Enterprise Products Partners (EPD)<\/th><th>Energy Transfer (ET)<\/th><\/tr><\/thead><tbody><tr><td>C\u01a1 S\u1edf H\u1ea1 T\u1ea7ng \u0110\u01b0\u1eddng \u1ed0ng<\/td><td>H\u01a1n 50,000 d\u1eb7m (t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng 85%)<\/td><td>H\u01a1n 90,000 d\u1eb7m (t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng 76%)<\/td><\/tr><tr><td>S\u1ee9c Ch\u1ee9a L\u01b0u Tr\u1eef<\/td><td>H\u01a1n 260 tri\u1ec7u th\u00f9ng (h\u1ee3p \u0111\u1ed3ng 98%)<\/td><td>H\u01a1n 173 tri\u1ec7u th\u00f9ng (h\u1ee3p \u0111\u1ed3ng 89%)<\/td><\/tr><tr><td>C\u1ea5u Tr\u00fac H\u1ee3p \u0110\u1ed3ng<\/td><td>87% d\u1ef1a tr\u00ean ph\u00ed v\u1edbi th\u1eddi h\u1ea1n trung b\u00ecnh 7,3 n\u0103m<\/td><td>72% d\u1ef1a tr\u00ean ph\u00ed v\u1edbi th\u1eddi h\u1ea1n trung b\u00ecnh 5,1 n\u0103m<\/td><\/tr><tr><td>EBITDA tr\u00ean \u0110\u00f4 la T\u00e0i S\u1ea3n<\/td><td>$0.152 (d\u1eabn \u0111\u1ea7u ng\u00e0nh)<\/td><td>$0.127 (tr\u00ean m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch so s\u00e1nh c\u1ee7a Pocket Option nh\u1ea5n m\u1ea1nh r\u1eb1ng m\u1eb7c d\u00f9 d\u1ea5u ch\u00e2n c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u1ee7a ET v\u01b0\u1ee3t EPD g\u1ea7n 80%, hi\u1ec7u qu\u1ea3 doanh thu tr\u00ean m\u1ed7i \u0111\u00f4 la t\u00e0i s\u1ea3n c\u1ee7a n\u00f3 t\u1ee5t h\u1eadu kho\u1ea3ng 16,4%. Trong s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng n\u0103ng l\u01b0\u1ee3ng n\u0103m 2020, t\u1ef7 l\u1ec7 h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean ph\u00ed cao h\u01a1n c\u1ee7a EPD \u0111\u00e3 cung c\u1ea5p s\u1ef1 \u1ed5n \u0111\u1ecbnh quan tr\u1ecdng, v\u1edbi d\u00f2ng ti\u1ec1n c\u00f3 th\u1ec3 ph\u00e2n ph\u1ed1i gi\u1ea3m ch\u1ec9 8% so v\u1edbi s\u1ef1 co l\u1ea1i 23% c\u1ee7a ET\u2014m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu epd ho\u1eb7c et cho c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef d\u00e0i h\u1ea1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Tri\u1ebft L\u00fd Ho\u1ea1t \u0110\u1ed9ng: T\u0103ng Tr\u01b0\u1edfng K\u1ef7 Lu\u1eadt vs. M\u1edf R\u1ed9ng T\u00edch C\u1ef1c<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Enterprise Products Partners \u0111\u00e3 x\u00e2y d\u1ef1ng danh ti\u1ebfng c\u1ee7a m\u00ecnh tr\u00ean s\u1ef1 m\u1edf r\u1ed9ng c\u00f3 ph\u01b0\u01a1ng ph\u00e1p, y\u00eau c\u1ea7u l\u1ee3i nhu\u1eadn kh\u00f4ng \u0111\u00f2n b\u1ea9y t\u1ed1i thi\u1ec3u 12% tr\u00ean c\u00e1c d\u1ef1 \u00e1n m\u1edbi v\u1edbi 90% c\u00f4ng su\u1ea5t h\u1ee3p \u0111\u1ed3ng tr\u01b0\u1edbc khi b\u1eaft \u0111\u1ea7u x\u00e2y d\u1ef1ng. Ng\u01b0\u1ee3c l\u1ea1i, chi\u1ebfn l\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c c\u1ee7a Energy Transfer \u0111\u00e3 \u01b0u ti\u00ean quy m\u00f4, ho\u00e0n th\u00e0nh h\u01a1n 60 t\u1ef7 USD trong c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i k\u1ec3 t\u1eeb n\u0103m 2012 bao g\u1ed3m s\u00e1p nh\u1eadp Sunoco Logistics tr\u1ecb gi\u00e1 21,3 t\u1ef7 USD v\u00e0 mua l\u1ea1i Southern Union tr\u1ecb gi\u00e1 9,4 t\u1ef7 USD.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 kh\u00e1c bi\u1ec7t tri\u1ebft l\u00fd n\u00e0y trong chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 v\u1ed1n \u0111\u1ea1i di\u1ec7n cho s\u1ef1 kh\u00e1c bi\u1ec7t c\u01a1 b\u1ea3n trong so s\u00e1nh c\u1ed5 phi\u1ebfu et vs epd. C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a EPD \u0111\u00e3 mang l\u1ea1i l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n \u0111\u1ea7u t\u01b0 (ROIC) trung b\u00ecnh 12,8% trong th\u1eadp k\u1ef7 qua so v\u1edbi 8,7% c\u1ee7a ET, m\u1eb7c d\u00f9 t\u1ed5ng t\u0103ng tr\u01b0\u1edfng t\u00e0i s\u1ea3n c\u1ee7a ET \u0111\u00e3 v\u01b0\u1ee3t EPD kho\u1ea3ng 2,3 l\u1ea7n trong giai \u0111o\u1ea1n n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ef7 Lu\u1eadt T\u00e0i Ch\u00ednh: Ch\u1ec9 S\u1ed1 N\u1ee3 v\u00e0 S\u1ee9c M\u1ea1nh B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 ki\u00ean c\u01b0\u1eddng t\u00e0i ch\u00ednh t\u00e1ch bi\u1ec7t ng\u01b0\u1eddi chi\u1ebfn th\u1eafng kh\u1ecfi k\u1ebb thua cu\u1ed9c trong l\u0129nh v\u1ef1c trung l\u01b0u \u0111\u00f2i h\u1ecfi nhi\u1ec1u v\u1ed1n, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c \u0111\u1ee3t suy tho\u00e1i ng\u00e0nh. Ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu EPD vs ET ti\u1ebft l\u1ed9 s\u1ef1 kh\u00e1c bi\u1ec7t r\u00f5 r\u1ec7t trong qu\u1ea3n l\u00fd b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0 s\u1ef1 b\u1ea3o th\u1ee7 t\u00e0i ch\u00ednh \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn h\u1ed3 s\u01a1 r\u1ee7i ro \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 S\u1ee9c M\u1ea1nh T\u00e0i Ch\u00ednh<\/th><th>Enterprise Products Partners (EPD)<\/th><th>Energy Transfer (ET)<\/th><th>Chu\u1ea9n Ng\u00e0nh<\/th><\/tr><\/thead><tbody><tr><td>N\u1ee3 Hi\u1ec7n T\u1ea1i tr\u00ean EBITDA<\/td><td>3.2x (Q4 2023)<\/td><td>4.3x (Q4 2023)<\/td><td>4.0x<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 B\u1ea3o Hi\u1ec3m L\u00e3i Su\u1ea5t<\/td><td>5.8x<\/td><td>3.6x<\/td><td>4.2x<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 B\u1ea3o Hi\u1ec3m Chi Ph\u00ed C\u1ed1 \u0110\u1ecbnh<\/td><td>2.1x<\/td><td>1.6x<\/td><td>1.7x<\/td><\/tr><tr><td>Thanh Kho\u1ea3n C\u00f3 S\u1eb5n<\/td><td>$3.9 t\u1ef7<\/td><td>$2.8 t\u1ef7<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 giao d\u1ecbch t\u1eadn d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh so s\u00e1nh c\u1ee7a Pocket Option li\u00ean t\u1ee5c nh\u1ea5n m\u1ea1nh b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u01b0\u1ee3t tr\u1ed9i c\u1ee7a EPD l\u00e0 m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu epd ho\u1eb7c et trong th\u1eddi k\u1ef3 b\u1ea5t \u1ed5n kinh t\u1ebf. Trong s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng th\u00e1ng 3 n\u0103m 2020, tr\u00e1i phi\u1ebfu c\u1ee7a EPD giao d\u1ecbch v\u1edbi l\u1ee3i su\u1ea5t th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 (trung b\u00ecnh ch\u1eb7t h\u01a1n 150bps) so v\u1edbi c\u00e1c k\u1ef3 h\u1ea1n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng c\u1ee7a ET, ph\u1ea3n \u00e1nh s\u1ef1 tin t\u01b0\u1edfng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh c\u1ee7a EPD ngay c\u1ea3 trong \u0111i\u1ec1u ki\u1ec7n c\u0103ng th\u1eb3ng c\u1ef1c \u0111\u1ed9.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn L\u01b0\u1ee3c Ph\u00e2n Ph\u1ed1i: \u0110\u1ed9 Tin C\u1eady Thu Nh\u1eadp vs. T\u1ed1i \u0110a H\u00f3a L\u1ee3i Su\u1ea5t<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh h\u01b0\u1edbng thu nh\u1eadp, ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i \u0111\u1ea1i di\u1ec7n cho y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh trong quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu EPD vs ET. C\u1ea3 hai MLP \u0111\u1ec1u chuy\u1ec3n d\u00f2ng ti\u1ec1n \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn c\u00e1c \u0111\u01a1n v\u1ecb n\u1eafm gi\u1eef, nh\u01b0ng c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a h\u1ecd \u0111\u1ed1i v\u1edbi t\u00ednh b\u1ec1n v\u1eefng v\u00e0 t\u0103ng tr\u01b0\u1edfng ph\u00e2n ph\u1ed1i kh\u00e1c nhau \u0111\u00e1ng k\u1ec3\u2014t\u1ea1o ra c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 kh\u00e1c bi\u1ec7t cho c\u00e1c h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 Ph\u00e2n Ph\u1ed1i<\/th><th>Enterprise Products Partners (EPD)<\/th><th>Energy Transfer (ET)<\/th><\/tr><\/thead><tbody><tr><td>L\u1ee3i Su\u1ea5t Hi\u1ec7n T\u1ea1i (Th\u00e1ng 3 2025)<\/td><td>7.6%<\/td><td>9.3%<\/td><\/tr><tr><td>T\u0103ng Tr\u01b0\u1edfng Ph\u00e2n Ph\u1ed1i (5 N\u0103m)<\/td><td>3.2% CAGR<\/td><td>-4.3% CAGR (bao g\u1ed3m c\u1eaft gi\u1ea3m n\u0103m 2020)<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 B\u1ea3o Hi\u1ec3m Ph\u00e2n Ph\u1ed1i<\/td><td>1.8x (Q4 2023)<\/td><td>2.0x (Q4 2023)<\/td><\/tr><tr><td>L\u1ecbch S\u1eed C\u1eaft Gi\u1ea3m Ph\u00e2n Ph\u1ed1i<\/td><td>Kh\u00f4ng c\u00f3 c\u1eaft gi\u1ea3m trong l\u1ecbch s\u1eed c\u00f4ng ty (t\u1eeb n\u0103m 1998)<\/td><td>Gi\u1ea3m 50% v\u00e0o n\u0103m 2020<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u1ee3i su\u1ea5t cao h\u01a1n 170 \u0111i\u1ec3m c\u01a1 b\u1ea3n c\u1ee7a ET so v\u1edbi EPD \u0111\u1ecbnh l\u01b0\u1ee3ng s\u1ef1 \u0111\u1ecbnh gi\u00e1 r\u1ee7i ro c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i c\u1ee7a h\u1ecd. M\u00f4 h\u00ecnh b\u1ec1n v\u1eefng ph\u00e2n ph\u1ed1i c\u1ee7a Pocket Option g\u1ee3i \u00fd r\u1eb1ng EPD c\u00f3 th\u1ec3 duy tr\u00ec c\u00e1c kho\u1ea3n thanh to\u00e1n hi\u1ec7n t\u1ea1i ngay c\u1ea3 khi EBITDA gi\u1ea3m 36%, trong khi \u0111\u00f2n b\u1ea9y cao h\u01a1n c\u1ee7a ET c\u00f3 th\u1ec3 bu\u1ed9c ph\u1ea3i gi\u1ea3m ph\u00e2n ph\u1ed1i n\u1ebfu EBITDA gi\u1ea3m h\u01a1n 28%\u2014th\u00f4ng tin quan tr\u1ecdng cho nh\u1eefng ng\u01b0\u1eddi ngh\u1ec9 h\u01b0u ph\u1ee5 thu\u1ed9c v\u00e0o d\u00f2ng thu nh\u1eadp \u1ed5n \u0111\u1ecbnh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Hi\u1ec7u \u1ee8ng L\u00e3i K\u00e9p c\u1ee7a T\u0103ng Tr\u01b0\u1edfng Ph\u00e2n Ph\u1ed1i<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1eb7c d\u00f9 l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i c\u1ee7a ET thu h\u00fat c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 khao kh\u00e1t thu nh\u1eadp, t\u0103ng tr\u01b0\u1edfng ph\u00e2n ph\u1ed1i nh\u1ea5t qu\u00e1n c\u1ee7a EPD t\u1ea1o ra l\u1ee3i nhu\u1eadn t\u1ed5ng th\u1ec3 d\u00e0i h\u1ea1n v\u01b0\u1ee3t tr\u1ed9i th\u00f4ng qua l\u00e3i k\u00e9p. M\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 10,000 USD v\u00e0o EPD m\u01b0\u1eddi n\u0103m tr\u01b0\u1edbc s\u1ebd t\u1ea1o ra 9,170 USD trong c\u00e1c kho\u1ea3n ph\u00e2n ph\u1ed1i t\u00edch l\u0169y so v\u1edbi 7,840 USD t\u1eeb ET\u2014m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t v\u01b0\u1ee3t qu\u00e1 l\u1ee3i th\u1ebf l\u1ee3i su\u1ea5t ban \u0111\u1ea7u g\u1ea5p 2,3 l\u1ea7n do s\u1ef1 gia t\u0103ng ph\u00e2n ph\u1ed1i \u1ed5n \u0111\u1ecbnh c\u1ee7a EPD so v\u1edbi c\u1eaft gi\u1ea3m n\u0103m 2020 c\u1ee7a ET.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n T\u00edch \u0110\u1ecbnh Gi\u00e1: X\u00e1c \u0110\u1ecbnh \u0110\u1ec1 Xu\u1ea5t Gi\u00e1 Tr\u1ecb T\u1ed1t H\u01a1n<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ngo\u00e0i hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u00e0 ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i, c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i cung c\u1ea5p b\u1ed1i c\u1ea3nh quan tr\u1ecdng cho quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu epd vs et. C\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 l\u1ecbch s\u1eed ti\u1ebft l\u1ed9 c\u00e1ch nh\u1eadn th\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 r\u1ee7i ro v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng \u0111\u00e3 ph\u00e1t tri\u1ec3n cho c\u1ea3 hai doanh nghi\u1ec7p.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1<\/th><th>Enterprise Products Partners (EPD)<\/th><th>Energy Transfer (ET)<\/th><th>Ch\u00eanh L\u1ec7ch Trung B\u00ecnh 5 N\u0103m<\/th><\/tr><\/thead><tbody><tr><td>Gi\u00e1 Tr\u1ecb Doanh Nghi\u1ec7p\/EBITDA<\/td><td>9.7x<\/td><td>7.9x<\/td><td>EPD +1.5x<\/td><\/tr><tr><td>Gi\u00e1\/D\u00f2ng Ti\u1ec1n C\u00f3 Th\u1ec3 Ph\u00e2n Ph\u1ed1i<\/td><td>7.8x<\/td><td>5.3x<\/td><td>EPD +2.1x<\/td><\/tr><tr><td>Gi\u00e1\/Gi\u00e1 Tr\u1ecb S\u1ed5 S\u00e1ch<\/td><td>2.3x<\/td><td>1.2x<\/td><td>EPD +0.9x<\/td><\/tr><tr><td>L\u1ee3i Su\u1ea5t D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td><td>9.4%<\/td><td>12.7%<\/td><td>ET +3.1%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u1ec7 th\u1ed1ng theo d\u00f5i \u0111\u1ecbnh gi\u00e1 c\u1ee7a Pocket Option ch\u1ec9 ra r\u1eb1ng kho\u1ea3ng c\u00e1ch \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i gi\u1eefa EPD v\u00e0 ET r\u1ed9ng h\u01a1n kho\u1ea3ng 8% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed, c\u00f3 th\u1ec3 b\u00e1o hi\u1ec7u m\u1ed9t c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c n\u00e2ng cao trong ET cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u01b0\u1ee3c d\u00f2ng. \u0110\u00e1ng ch\u00fa \u00fd, c\u1ea3 hai ch\u1ee9ng kho\u00e1n \u0111\u1ec1u giao d\u1ecbch v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u so v\u1edbi c\u00e1c b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch: EPD gi\u1ea3m 12% v\u00e0 ET gi\u1ea3m 27%, cho th\u1ea5y l\u0129nh v\u1ef1c trung l\u01b0u n\u00f3i chung v\u1eabn b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p trong c\u00e1c th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>M\u00f4 H\u00ecnh Ph\u1ea3n \u1ee8ng Th\u1ecb Tr\u01b0\u1eddng L\u1ecbch S\u1eed: Tr\u00ed Tu\u1ec7 \u0110\u1ea7u T\u01b0 D\u1ef1 \u0110o\u00e1n<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u00e1ch c\u1ed5 phi\u1ebfu EPD v\u00e0 ET \u0111\u00e3 ph\u1ea3n \u1ee9ng v\u1edbi c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u1ee5 th\u1ec3 cung c\u1ea5p tr\u00ed tu\u1ec7 h\u00e0nh \u0111\u1ed9ng cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai. Hi\u1ec7u su\u1ea5t l\u1ecbch s\u1eed ti\u1ebft l\u1ed9 c\u00e1c m\u00f4 h\u00ecnh r\u00f5 r\u00e0ng m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a \u0111i\u1ec3m v\u00e0o v\u00e0 ph\u00e2n b\u1ed5 danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ea5t X\u00fac T\u00e1c Th\u1ecb Tr\u01b0\u1eddng<\/th><th>Hi\u1ec7u Su\u1ea5t EPD<\/th><th>Hi\u1ec7u Su\u1ea5t ET<\/th><th>H\u00e0m \u00dd Chi\u1ebfn L\u01b0\u1ee3c<\/th><\/tr><\/thead><tbody><tr><td>Gi\u1ea3m Gi\u00e1 D\u1ea7u &gt;20%<\/td><td>-14.5% gi\u1ea3m trung b\u00ecnh<\/td><td>-29.3% gi\u1ea3m trung b\u00ecnh<\/td><td>Chuy\u1ec3n sang EPD trong th\u1eddi k\u1ef3 y\u1ebfu k\u00e9m c\u1ee7a d\u1ea7u<\/td><\/tr><tr><td>T\u0103ng L\u00e3i Su\u1ea5t<\/td><td>-6.7% trong chu k\u1ef3 l\u00e3i su\u1ea5t 2018<\/td><td>-19.2% trong chu k\u1ef3 l\u00e3i su\u1ea5t 2018<\/td><td>Gi\u1ea3m ti\u1ebfp x\u00fac ET trong th\u1eddi k\u1ef3 th\u1eaft ch\u1eb7t<\/td><\/tr><tr><td>C\u00e1c Giai \u0110o\u1ea1n Ph\u1ee5c H\u1ed3i Kinh T\u1ebf<\/td><td>+17.3% trong 6 th\u00e1ng \u0111\u1ea7u c\u1ee7a ph\u1ee5c h\u1ed3i<\/td><td>+42.7% trong 6 th\u00e1ng \u0111\u1ea7u c\u1ee7a ph\u1ee5c h\u1ed3i<\/td><td>\u01afu ti\u00ean ET s\u1edbm trong c\u00e1c chu k\u1ef3 ph\u1ee5c h\u1ed3i<\/td><\/tr><tr><td>Ch\u00eanh L\u1ec7ch T\u00edn D\u1ee5ng M\u1edf R\u1ed9ng<\/td><td>-9.4% so v\u1edbi S&amp;P 500<\/td><td>-23.7% so v\u1edbi S&amp;P 500<\/td><td>\u01afu ti\u00ean EPD trong c\u0103ng th\u1eb3ng th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng th\u00e1ng 3 n\u0103m 2020, ET gi\u1ea3m 72% t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y so v\u1edbi m\u1ee9c gi\u1ea3m 43% c\u1ee7a EPD. Tuy nhi\u00ean, trong s\u1ef1 ph\u1ee5c h\u1ed3i ti\u1ebfp theo \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2020, ET t\u0103ng 142% so v\u1edbi m\u1ee9c t\u0103ng 60% c\u1ee7a EPD\u2014cho th\u1ea5y c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m beta cao h\u01a1n c\u1ee7a c\u1ed5 phi\u1ebfu ET c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u1eadn d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c b\u1edfi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u00edch c\u1ef1c s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 \u0111\u1ecbnh th\u1eddi th\u1ecb tr\u01b0\u1eddng c\u1ee7a Pocket Option.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>X\u00e2y D\u1ef1ng Danh M\u1ee5c \u0110\u1ea7u T\u01b0 Trung L\u01b0u T\u1ed1i \u01afu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Thay v\u00ec xem quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu epd vs et l\u00e0 nh\u1ecb ph\u00e2n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi ph\u00e1t tri\u1ec3n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 t\u1eadn d\u1ee5ng c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m b\u1ed5 sung c\u1ee7a ch\u00fang trong khi gi\u1ea3m thi\u1ec3u r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty. L\u00fd thuy\u1ebft danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i h\u1ed7 tr\u1ee3 \u0111a d\u1ea1ng h\u00f3a ngay c\u1ea3 trong c\u00e1c l\u0129nh v\u1ef1c t\u01b0\u01a1ng t\u1ef1.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c khung ph\u00e2n b\u1ed5 chi\u1ebfn l\u01b0\u1ee3c d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0:<\/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'>Danh M\u1ee5c Thu Nh\u1eadp B\u1ea3o Th\u1ee7: 75% EPD \/ 25% ET \u2013 T\u1ed1i \u0111a h\u00f3a \u0111\u1ed9 tin c\u1eady ph\u00e2n ph\u1ed1i trong khi n\u1eafm b\u1eaft m\u1ed9t s\u1ed1 t\u0103ng c\u01b0\u1eddng l\u1ee3i su\u1ea5t<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Danh M\u1ee5c Thu Nh\u1eadp-T\u0103ng Tr\u01b0\u1edfng C\u00e2n B\u1eb1ng: 50% EPD \/ 50% ET \u2013 T\u1ef7 l\u1ec7 Sharpe t\u1ed1i \u01b0u d\u1ef1a tr\u00ean d\u1eef li\u1ec7u l\u1ecbch s\u1eed 10 n\u0103m<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Danh M\u1ee5c \u0110\u1ecbnh H\u01b0\u1edbng T\u0103ng Tr\u01b0\u1edfng: 35% EPD \/ 65% ET \u2013 T\u1ed1i \u0111a h\u00f3a ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn t\u1ed5ng th\u1ec3 v\u1edbi \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Danh M\u1ee5c Ph\u00e2n B\u1ed5 Chi\u1ebfn Thu\u1eadt: C\u01a1 s\u1edf 60% EPD \/ 40% ET v\u1edbi \u00b120% thay \u0111\u1ed5i d\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u00e1y t\u00ednh t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ed9ng c\u00e1c ph\u00e2n b\u1ed5 n\u00e0y d\u1ef1a tr\u00ean \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i, kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u00e1 nh\u00e2n v\u00e0 y\u00eau c\u1ea7u thu nh\u1eadp. Ki\u1ec3m tra l\u1ea1i cho th\u1ea5y r\u1eb1ng c\u00e1ch ti\u1ebfp c\u1eadn ph\u00e2n b\u1ed5 chi\u1ebfn thu\u1eadt s\u1eed d\u1ee5ng c\u00e1c t\u00edn hi\u1ec7u k\u1ef9 thu\u1eadt \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i gi\u1eefa EPD v\u00e0 ET \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n ph\u00e2n b\u1ed5 t\u0129nh 50\/50 v\u1edbi 4,8% h\u00e0ng n\u0103m k\u1ec3 t\u1eeb n\u0103m 2015.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0 MLP T\u1ed1i \u01afu H\u00f3a Thu\u1ebf<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c \u0111\u1eb7c \u0111i\u1ec3m thu\u1ebf \u0111\u1ed9c \u0111\u00e1o c\u1ee7a MLPs th\u00eam m\u1ed9t chi\u1ec1u kh\u00e1c v\u00e0o quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu EPD vs ET. M\u1eb7c d\u00f9 c\u1ea3 hai ch\u1ee9ng kho\u00e1n \u0111\u1ec1u t\u1ea1o ra c\u00e1c m\u1eabu thu\u1ebf K-1 c\u00f3 c\u1ea5u tr\u00fac t\u01b0\u01a1ng t\u1ef1, vi\u1ec7c \u0111\u1eb7t chi\u1ebfn l\u01b0\u1ee3c trong c\u00e1c lo\u1ea1i t\u00e0i kho\u1ea3n kh\u00e1c nhau c\u00f3 th\u1ec3 t\u0103ng c\u01b0\u1eddng \u0111\u00e1ng k\u1ec3 l\u1ee3i nhu\u1eadn sau thu\u1ebf:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf h\u01b0\u1edfng l\u1ee3i t\u1eeb vi\u1ec7c ho\u00e3n thu\u1ebf tr\u1ea3 l\u1ea1i v\u1ed1n (th\u01b0\u1eddng l\u00e0 70-85% c\u1ee7a c\u00e1c kho\u1ea3n ph\u00e2n ph\u1ed1i)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed c\u00f3 th\u1ec3 \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c v\u1ea5n \u0111\u1ec1 UBTI v\u1edbi c\u00e1c v\u1ecb tr\u00ed MLP l\u1edbn h\u01a1n (v\u01b0\u1ee3t qu\u00e1 1,000 USD h\u00e0ng n\u0103m)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i th\u1ebf l\u1eadp k\u1ebf ho\u1ea1ch di s\u1ea3n xu\u1ea5t hi\u1ec7n th\u00f4ng qua c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u01a1 s\u1edf t\u0103ng l\u00ean cho c\u00e1c \u0111\u01a1n v\u1ecb MLP th\u1eeba k\u1ebf<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi ph\u00ed x\u1eed l\u00fd K-1 h\u00e0ng n\u0103m trung b\u00ecnh 75-150 USD m\u1ed7i \u0111\u1ed1i t\u00e1c cho vi\u1ec7c chu\u1ea9n b\u1ecb thu\u1ebf chuy\u00ean nghi\u1ec7p<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1eb7c d\u00f9 c\u00e1c c\u00e2n nh\u1eafc v\u1ec1 thu\u1ebf n\u00e0y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ea3 EPD v\u00e0 ET t\u01b0\u01a1ng t\u1ef1, ch\u00fang \u0111\u1ea1i di\u1ec7n cho c\u00e1c y\u1ebfu t\u1ed1 quan tr\u1ecdng \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn sau thu\u1ebf t\u1eeb c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 trung l\u01b0u. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ea5y UBTI \u0111\u00e1ng k\u1ec3 trong c\u00e1c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed c\u00f3 th\u1ec3 xem x\u00e9t c\u00e1c ETF t\u1eadp trung v\u00e0o MLP nh\u01b0 c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf, m\u1eb7c d\u00f9 nh\u1eefng \u0111i\u1ec1u n\u00e0y gi\u1edbi thi\u1ec7u thu\u1ebf c\u1ea5p c\u00f4ng ty l\u00e0m gi\u1ea3m l\u1ee3i su\u1ea5t kho\u1ea3ng 1,2-1,8% so v\u1edbi s\u1edf h\u1eefu MLP tr\u1ef1c ti\u1ebfp.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft Lu\u1eadn: Khung Quy\u1ebft \u0110\u1ecbnh Chi\u1ebfn L\u01b0\u1ee3c cho C\u1ed5 Phi\u1ebfu EPD vs ET<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>So s\u00e1nh c\u1ed5 phi\u1ebfu EPD vs ET ti\u1ebft l\u1ed9 hai nh\u00e0 v\u1eadn h\u00e0nh trung l\u01b0u h\u00e0ng \u0111\u1ea7u v\u1edbi c\u00e1c h\u1ed3 s\u01a1 \u0111\u1ea7u t\u01b0 kh\u00e1c bi\u1ec7t r\u00f5 r\u1ec7t. EPD cung c\u1ea5p \u0111\u1ed9 tin c\u1eady ph\u00e2n ph\u1ed1i v\u00f4 song (h\u01a1n 24 n\u0103m kh\u00f4ng c\u1eaft gi\u1ea3m), qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh b\u1ea3o th\u1ee7 (\u0111\u00f2n b\u1ea9y 3.2x), v\u00e0 t\u00e0i s\u1ea3n Gulf Coast cao c\u1ea5p\u2014h\u00e0nh lang n\u0103ng l\u01b0\u1ee3ng ch\u1ec9 huy bi\u00ean l\u1ee3i nhu\u1eadn cao nh\u1ea5t. ET mang l\u1ea1i l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i v\u01b0\u1ee3t tr\u1ed9i (9.3%), ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c h\u01a1n, v\u00e0 \u0111a d\u1ea1ng h\u00f3a \u0111\u1ecba l\u00fd to\u00e0n di\u1ec7n v\u1edbi chi ph\u00ed \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh cao h\u01a1n (4.3x) v\u00e0 l\u1ecbch s\u1eed ph\u00e2n ph\u1ed1i bao g\u1ed3m vi\u1ec7c gi\u1ea3m n\u0103m 2020.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n b\u1ed5 t\u1ed1i \u01b0u c\u1ee7a b\u1ea1n gi\u1eefa c\u00e1c ch\u1ee9ng kho\u00e1n n\u00e0y n\u00ean ph\u1ea3n \u00e1nh m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3, th\u1eddi gian \u0111\u1ea7u t\u01b0 v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 thu nh\u1eadp \u01b0u ti\u00ean s\u1ef1 \u1ed5n \u0111\u1ecbnh th\u01b0\u1eddng \u01b0a chu\u1ed9ng EPD, trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5ng l\u1ee3i nhu\u1eadn s\u1eb5n s\u00e0ng ch\u1ea5p nh\u1eadn \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n th\u01b0\u1eddng th\u1ea5y h\u1ed3 s\u01a1 r\u1ee7i ro-l\u1ee3i nhu\u1eadn c\u1ee7a ET h\u1ea5p d\u1eabn\u2014\u0111\u1eb7c bi\u1ec7t sau c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng \u0111\u00e1ng k\u1ec3 khi m\u1ee9c chi\u1ebft kh\u1ea5u c\u1ee7a n\u00f3 so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i th\u01b0\u1eddng m\u1edf r\u1ed9ng.<\/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 to\u00e0n di\u1ec7n \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1eb7c bi\u1ec7t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u0103ng l\u01b0\u1ee3ng trung l\u01b0u. C\u00e1c m\u00f4 h\u00ecnh ng\u00e0nh \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i gi\u00fap b\u1ea1n x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o t\u1ed1i \u01b0u, x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed ph\u00f9 h\u1ee3p, v\u00e0 \u0111i\u1ec1u ch\u1ec9nh ph\u00e2n b\u1ed5 khi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n. Cho d\u00f9 b\u1ea1n ch\u1ecdn EPD, ET, hay m\u1ed9t s\u1ef1 k\u1ebft h\u1ee3p chi\u1ebfn l\u01b0\u1ee3c, n\u1ec1n t\u1ea3ng c\u1ee7a ch\u00fang t\u00f4i trao quy\u1ec1n cho b\u1ea1n th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 trung l\u01b0u c\u1ee7a m\u00ecnh v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c v\u00e0 t\u1ef1 tin.<\/p><\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chi\u1ebfn Tr\u01b0\u1eddng \u0110\u1ea7u T\u01b0 N\u0103ng L\u01b0\u1ee3ng Trung L\u01b0u: EPD vs ET<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi \u0111\u00e1nh gi\u00e1 l\u0129nh v\u1ef1c n\u0103ng l\u01b0\u1ee3ng trung l\u01b0u, so s\u00e1nh c\u1ed5 phi\u1ebfu EPD v\u00e0 ET n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t \u0111i\u1ec3m quy\u1ebft \u0111\u1ecbnh quan tr\u1ecdng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp. Enterprise Products Partners L.P. (EPD), v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng h\u01a1n 60 t\u1ef7 USD, v\u00e0 Energy Transfer LP (ET), \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 kho\u1ea3ng 45 t\u1ef7 USD, \u0111\u1ea1i di\u1ec7n cho hai l\u1ef1c l\u01b0\u1ee3ng th\u1ed1ng tr\u1ecb trong b\u1ed1i c\u1ea3nh h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng B\u1eafc M\u1ef9. C\u1ea3 hai \u0111\u1ec1u v\u1eadn h\u00e0nh m\u1ea1ng l\u01b0\u1edbi r\u1ed9ng l\u1edbn v\u1eadn chuy\u1ec3n, x\u1eed l\u00fd v\u00e0 l\u01b0u tr\u1eef kh\u00ed t\u1ef1 nhi\u00ean, d\u1ea7u th\u00f4 v\u00e0 ch\u1ea5t l\u1ecfng kh\u00ed t\u1ef1 nhi\u00ean\u2014x\u01b0\u01a1ng s\u1ed1ng c\u1ee7a h\u1ec7 th\u1ed1ng n\u0103ng l\u01b0\u1ee3ng M\u1ef9.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00f4ng c\u1ee5 qu\u00e9t t\u00e0i ch\u00ednh \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option ti\u1ebft l\u1ed9 r\u1eb1ng hi\u1ec3u ba y\u1ebfu t\u1ed1 kh\u00e1c bi\u1ec7t ch\u00ednh\u2014hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng, k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n ph\u1ed1i\u2014gi\u1eefa c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 trung l\u01b0u n\u00e0y c\u00f3 th\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n l\u00ean 2-3% h\u00e0ng n\u0103m trong khi duy tr\u00ec m\u1ee9c \u0111\u1ed9 r\u1ee7i ro ph\u00f9 h\u1ee3p. K\u1ec3 t\u1eeb n\u0103m 2018, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ecdn ph\u00e2n b\u1ed5 t\u1ed1i \u01b0u gi\u1eefa c\u00e1c ch\u1ee9ng kho\u00e1n n\u00e0y d\u1ef1a tr\u00ean \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n so v\u1edbi nh\u1eefng ng\u01b0\u1eddi n\u1eafm gi\u1eef ch\u1ee9ng kho\u00e1n \u0111\u01a1n l\u1ebb trung b\u00ecnh 17,3%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>T\u1ea1o Doanh Thu v\u00e0 Hi\u1ec7u Qu\u1ea3 Ho\u1ea1t \u0110\u1ed9ng: C\u00e2u Chuy\u1ec7n c\u1ee7a Hai Chi\u1ebfn L\u01b0\u1ee3c<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e2u h\u1ecfi c\u01a1 b\u1ea3n trong ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu epd vs et t\u1eadp trung v\u00e0o vi\u1ec7c m\u1ed7i c\u00f4ng ty chuy\u1ec3n \u0111\u1ed5i c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng kh\u1ed5ng l\u1ed3 c\u1ee7a m\u00ecnh th\u00e0nh d\u00f2ng ti\u1ec1n m\u1eb7t \u0111\u00e1ng tin c\u1eady nh\u01b0 th\u1ebf n\u00e0o. M\u1eb7c d\u00f9 c\u1ea3 hai \u0111\u1ec1u v\u1eadn h\u00e0nh t\u00e0i s\u1ea3n t\u01b0\u01a1ng t\u1ef1, c\u00e1ch ti\u1ebfp c\u1eadn ho\u1ea1t \u0111\u1ed9ng v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh doanh thu c\u1ee7a h\u1ecd kh\u00e1c nhau \u0111\u00e1ng k\u1ec3\u2014nh\u1eefng y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn l\u1ee3i nhu\u1eadn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 trong c\u00e1c chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ngu\u1ed3n Doanh Thu<\/th>\n<th>Enterprise Products Partners (EPD)<\/th>\n<th>Energy Transfer (ET)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>C\u01a1 S\u1edf H\u1ea1 T\u1ea7ng \u0110\u01b0\u1eddng \u1ed0ng<\/td>\n<td>H\u01a1n 50,000 d\u1eb7m (t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng 85%)<\/td>\n<td>H\u01a1n 90,000 d\u1eb7m (t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng 76%)<\/td>\n<\/tr>\n<tr>\n<td>S\u1ee9c Ch\u1ee9a L\u01b0u Tr\u1eef<\/td>\n<td>H\u01a1n 260 tri\u1ec7u th\u00f9ng (h\u1ee3p \u0111\u1ed3ng 98%)<\/td>\n<td>H\u01a1n 173 tri\u1ec7u th\u00f9ng (h\u1ee3p \u0111\u1ed3ng 89%)<\/td>\n<\/tr>\n<tr>\n<td>C\u1ea5u Tr\u00fac H\u1ee3p \u0110\u1ed3ng<\/td>\n<td>87% d\u1ef1a tr\u00ean ph\u00ed v\u1edbi th\u1eddi h\u1ea1n trung b\u00ecnh 7,3 n\u0103m<\/td>\n<td>72% d\u1ef1a tr\u00ean ph\u00ed v\u1edbi th\u1eddi h\u1ea1n trung b\u00ecnh 5,1 n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>EBITDA tr\u00ean \u0110\u00f4 la T\u00e0i S\u1ea3n<\/td>\n<td>$0.152 (d\u1eabn \u0111\u1ea7u ng\u00e0nh)<\/td>\n<td>$0.127 (tr\u00ean m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch so s\u00e1nh c\u1ee7a Pocket Option nh\u1ea5n m\u1ea1nh r\u1eb1ng m\u1eb7c d\u00f9 d\u1ea5u ch\u00e2n c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u1ee7a ET v\u01b0\u1ee3t EPD g\u1ea7n 80%, hi\u1ec7u qu\u1ea3 doanh thu tr\u00ean m\u1ed7i \u0111\u00f4 la t\u00e0i s\u1ea3n c\u1ee7a n\u00f3 t\u1ee5t h\u1eadu kho\u1ea3ng 16,4%. Trong s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng n\u0103ng l\u01b0\u1ee3ng n\u0103m 2020, t\u1ef7 l\u1ec7 h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean ph\u00ed cao h\u01a1n c\u1ee7a EPD \u0111\u00e3 cung c\u1ea5p s\u1ef1 \u1ed5n \u0111\u1ecbnh quan tr\u1ecdng, v\u1edbi d\u00f2ng ti\u1ec1n c\u00f3 th\u1ec3 ph\u00e2n ph\u1ed1i gi\u1ea3m ch\u1ec9 8% so v\u1edbi s\u1ef1 co l\u1ea1i 23% c\u1ee7a ET\u2014m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu epd ho\u1eb7c et cho c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef d\u00e0i h\u1ea1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Tri\u1ebft L\u00fd Ho\u1ea1t \u0110\u1ed9ng: T\u0103ng Tr\u01b0\u1edfng K\u1ef7 Lu\u1eadt vs. M\u1edf R\u1ed9ng T\u00edch C\u1ef1c<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Enterprise Products Partners \u0111\u00e3 x\u00e2y d\u1ef1ng danh ti\u1ebfng c\u1ee7a m\u00ecnh tr\u00ean s\u1ef1 m\u1edf r\u1ed9ng c\u00f3 ph\u01b0\u01a1ng ph\u00e1p, y\u00eau c\u1ea7u l\u1ee3i nhu\u1eadn kh\u00f4ng \u0111\u00f2n b\u1ea9y t\u1ed1i thi\u1ec3u 12% tr\u00ean c\u00e1c d\u1ef1 \u00e1n m\u1edbi v\u1edbi 90% c\u00f4ng su\u1ea5t h\u1ee3p \u0111\u1ed3ng tr\u01b0\u1edbc khi b\u1eaft \u0111\u1ea7u x\u00e2y d\u1ef1ng. Ng\u01b0\u1ee3c l\u1ea1i, chi\u1ebfn l\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c c\u1ee7a Energy Transfer \u0111\u00e3 \u01b0u ti\u00ean quy m\u00f4, ho\u00e0n th\u00e0nh h\u01a1n 60 t\u1ef7 USD trong c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i k\u1ec3 t\u1eeb n\u0103m 2012 bao g\u1ed3m s\u00e1p nh\u1eadp Sunoco Logistics tr\u1ecb gi\u00e1 21,3 t\u1ef7 USD v\u00e0 mua l\u1ea1i Southern Union tr\u1ecb gi\u00e1 9,4 t\u1ef7 USD.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 kh\u00e1c bi\u1ec7t tri\u1ebft l\u00fd n\u00e0y trong chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 v\u1ed1n \u0111\u1ea1i di\u1ec7n cho s\u1ef1 kh\u00e1c bi\u1ec7t c\u01a1 b\u1ea3n trong so s\u00e1nh c\u1ed5 phi\u1ebfu et vs epd. C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a EPD \u0111\u00e3 mang l\u1ea1i l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n \u0111\u1ea7u t\u01b0 (ROIC) trung b\u00ecnh 12,8% trong th\u1eadp k\u1ef7 qua so v\u1edbi 8,7% c\u1ee7a ET, m\u1eb7c d\u00f9 t\u1ed5ng t\u0103ng tr\u01b0\u1edfng t\u00e0i s\u1ea3n c\u1ee7a ET \u0111\u00e3 v\u01b0\u1ee3t EPD kho\u1ea3ng 2,3 l\u1ea7n trong giai \u0111o\u1ea1n n\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ef7 Lu\u1eadt T\u00e0i Ch\u00ednh: Ch\u1ec9 S\u1ed1 N\u1ee3 v\u00e0 S\u1ee9c M\u1ea1nh B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 ki\u00ean c\u01b0\u1eddng t\u00e0i ch\u00ednh t\u00e1ch bi\u1ec7t ng\u01b0\u1eddi chi\u1ebfn th\u1eafng kh\u1ecfi k\u1ebb thua cu\u1ed9c trong l\u0129nh v\u1ef1c trung l\u01b0u \u0111\u00f2i h\u1ecfi nhi\u1ec1u v\u1ed1n, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c \u0111\u1ee3t suy tho\u00e1i ng\u00e0nh. Ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu EPD vs ET ti\u1ebft l\u1ed9 s\u1ef1 kh\u00e1c bi\u1ec7t r\u00f5 r\u1ec7t trong qu\u1ea3n l\u00fd b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0 s\u1ef1 b\u1ea3o th\u1ee7 t\u00e0i ch\u00ednh \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn h\u1ed3 s\u01a1 r\u1ee7i ro \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 S\u1ee9c M\u1ea1nh T\u00e0i Ch\u00ednh<\/th>\n<th>Enterprise Products Partners (EPD)<\/th>\n<th>Energy Transfer (ET)<\/th>\n<th>Chu\u1ea9n Ng\u00e0nh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>N\u1ee3 Hi\u1ec7n T\u1ea1i tr\u00ean EBITDA<\/td>\n<td>3.2x (Q4 2023)<\/td>\n<td>4.3x (Q4 2023)<\/td>\n<td>4.0x<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 B\u1ea3o Hi\u1ec3m L\u00e3i Su\u1ea5t<\/td>\n<td>5.8x<\/td>\n<td>3.6x<\/td>\n<td>4.2x<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 B\u1ea3o Hi\u1ec3m Chi Ph\u00ed C\u1ed1 \u0110\u1ecbnh<\/td>\n<td>2.1x<\/td>\n<td>1.6x<\/td>\n<td>1.7x<\/td>\n<\/tr>\n<tr>\n<td>Thanh Kho\u1ea3n C\u00f3 S\u1eb5n<\/td>\n<td>$3.9 t\u1ef7<\/td>\n<td>$2.8 t\u1ef7<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 giao d\u1ecbch t\u1eadn d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh so s\u00e1nh c\u1ee7a Pocket Option li\u00ean t\u1ee5c nh\u1ea5n m\u1ea1nh b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u01b0\u1ee3t tr\u1ed9i c\u1ee7a EPD l\u00e0 m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu epd ho\u1eb7c et trong th\u1eddi k\u1ef3 b\u1ea5t \u1ed5n kinh t\u1ebf. Trong s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng th\u00e1ng 3 n\u0103m 2020, tr\u00e1i phi\u1ebfu c\u1ee7a EPD giao d\u1ecbch v\u1edbi l\u1ee3i su\u1ea5t th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 (trung b\u00ecnh ch\u1eb7t h\u01a1n 150bps) so v\u1edbi c\u00e1c k\u1ef3 h\u1ea1n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng c\u1ee7a ET, ph\u1ea3n \u00e1nh s\u1ef1 tin t\u01b0\u1edfng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh c\u1ee7a EPD ngay c\u1ea3 trong \u0111i\u1ec1u ki\u1ec7n c\u0103ng th\u1eb3ng c\u1ef1c \u0111\u1ed9.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chi\u1ebfn L\u01b0\u1ee3c Ph\u00e2n Ph\u1ed1i: \u0110\u1ed9 Tin C\u1eady Thu Nh\u1eadp vs. T\u1ed1i \u0110a H\u00f3a L\u1ee3i Su\u1ea5t<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh h\u01b0\u1edbng thu nh\u1eadp, ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i \u0111\u1ea1i di\u1ec7n cho y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh trong quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu EPD vs ET. C\u1ea3 hai MLP \u0111\u1ec1u chuy\u1ec3n d\u00f2ng ti\u1ec1n \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn c\u00e1c \u0111\u01a1n v\u1ecb n\u1eafm gi\u1eef, nh\u01b0ng c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a h\u1ecd \u0111\u1ed1i v\u1edbi t\u00ednh b\u1ec1n v\u1eefng v\u00e0 t\u0103ng tr\u01b0\u1edfng ph\u00e2n ph\u1ed1i kh\u00e1c nhau \u0111\u00e1ng k\u1ec3\u2014t\u1ea1o ra c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 kh\u00e1c bi\u1ec7t cho c\u00e1c h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Ph\u00e2n Ph\u1ed1i<\/th>\n<th>Enterprise Products Partners (EPD)<\/th>\n<th>Energy Transfer (ET)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Hi\u1ec7n T\u1ea1i (Th\u00e1ng 3 2025)<\/td>\n<td>7.6%<\/td>\n<td>9.3%<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng Tr\u01b0\u1edfng Ph\u00e2n Ph\u1ed1i (5 N\u0103m)<\/td>\n<td>3.2% CAGR<\/td>\n<td>-4.3% CAGR (bao g\u1ed3m c\u1eaft gi\u1ea3m n\u0103m 2020)<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 B\u1ea3o Hi\u1ec3m Ph\u00e2n Ph\u1ed1i<\/td>\n<td>1.8x (Q4 2023)<\/td>\n<td>2.0x (Q4 2023)<\/td>\n<\/tr>\n<tr>\n<td>L\u1ecbch S\u1eed C\u1eaft Gi\u1ea3m Ph\u00e2n Ph\u1ed1i<\/td>\n<td>Kh\u00f4ng c\u00f3 c\u1eaft gi\u1ea3m trong l\u1ecbch s\u1eed c\u00f4ng ty (t\u1eeb n\u0103m 1998)<\/td>\n<td>Gi\u1ea3m 50% v\u00e0o n\u0103m 2020<\/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'>L\u1ee3i su\u1ea5t cao h\u01a1n 170 \u0111i\u1ec3m c\u01a1 b\u1ea3n c\u1ee7a ET so v\u1edbi EPD \u0111\u1ecbnh l\u01b0\u1ee3ng s\u1ef1 \u0111\u1ecbnh gi\u00e1 r\u1ee7i ro c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i c\u1ee7a h\u1ecd. M\u00f4 h\u00ecnh b\u1ec1n v\u1eefng ph\u00e2n ph\u1ed1i c\u1ee7a Pocket Option g\u1ee3i \u00fd r\u1eb1ng EPD c\u00f3 th\u1ec3 duy tr\u00ec c\u00e1c kho\u1ea3n thanh to\u00e1n hi\u1ec7n t\u1ea1i ngay c\u1ea3 khi EBITDA gi\u1ea3m 36%, trong khi \u0111\u00f2n b\u1ea9y cao h\u01a1n c\u1ee7a ET c\u00f3 th\u1ec3 bu\u1ed9c ph\u1ea3i gi\u1ea3m ph\u00e2n ph\u1ed1i n\u1ebfu EBITDA gi\u1ea3m h\u01a1n 28%\u2014th\u00f4ng tin quan tr\u1ecdng cho nh\u1eefng ng\u01b0\u1eddi ngh\u1ec9 h\u01b0u ph\u1ee5 thu\u1ed9c v\u00e0o d\u00f2ng thu nh\u1eadp \u1ed5n \u0111\u1ecbnh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Hi\u1ec7u \u1ee8ng L\u00e3i K\u00e9p c\u1ee7a T\u0103ng Tr\u01b0\u1edfng Ph\u00e2n Ph\u1ed1i<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1eb7c d\u00f9 l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i c\u1ee7a ET thu h\u00fat c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 khao kh\u00e1t thu nh\u1eadp, t\u0103ng tr\u01b0\u1edfng ph\u00e2n ph\u1ed1i nh\u1ea5t qu\u00e1n c\u1ee7a EPD t\u1ea1o ra l\u1ee3i nhu\u1eadn t\u1ed5ng th\u1ec3 d\u00e0i h\u1ea1n v\u01b0\u1ee3t tr\u1ed9i th\u00f4ng qua l\u00e3i k\u00e9p. M\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 10,000 USD v\u00e0o EPD m\u01b0\u1eddi n\u0103m tr\u01b0\u1edbc s\u1ebd t\u1ea1o ra 9,170 USD trong c\u00e1c kho\u1ea3n ph\u00e2n ph\u1ed1i t\u00edch l\u0169y so v\u1edbi 7,840 USD t\u1eeb ET\u2014m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t v\u01b0\u1ee3t qu\u00e1 l\u1ee3i th\u1ebf l\u1ee3i su\u1ea5t ban \u0111\u1ea7u g\u1ea5p 2,3 l\u1ea7n do s\u1ef1 gia t\u0103ng ph\u00e2n ph\u1ed1i \u1ed5n \u0111\u1ecbnh c\u1ee7a EPD so v\u1edbi c\u1eaft gi\u1ea3m n\u0103m 2020 c\u1ee7a ET.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n T\u00edch \u0110\u1ecbnh Gi\u00e1: X\u00e1c \u0110\u1ecbnh \u0110\u1ec1 Xu\u1ea5t Gi\u00e1 Tr\u1ecb T\u1ed1t H\u01a1n<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ngo\u00e0i hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u00e0 ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i, c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i cung c\u1ea5p b\u1ed1i c\u1ea3nh quan tr\u1ecdng cho quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu epd vs et. C\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 l\u1ecbch s\u1eed ti\u1ebft l\u1ed9 c\u00e1ch nh\u1eadn th\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 r\u1ee7i ro v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng \u0111\u00e3 ph\u00e1t tri\u1ec3n cho c\u1ea3 hai doanh nghi\u1ec7p.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1<\/th>\n<th>Enterprise Products Partners (EPD)<\/th>\n<th>Energy Transfer (ET)<\/th>\n<th>Ch\u00eanh L\u1ec7ch Trung B\u00ecnh 5 N\u0103m<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Gi\u00e1 Tr\u1ecb Doanh Nghi\u1ec7p\/EBITDA<\/td>\n<td>9.7x<\/td>\n<td>7.9x<\/td>\n<td>EPD +1.5x<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1\/D\u00f2ng Ti\u1ec1n C\u00f3 Th\u1ec3 Ph\u00e2n Ph\u1ed1i<\/td>\n<td>7.8x<\/td>\n<td>5.3x<\/td>\n<td>EPD +2.1x<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1\/Gi\u00e1 Tr\u1ecb S\u1ed5 S\u00e1ch<\/td>\n<td>2.3x<\/td>\n<td>1.2x<\/td>\n<td>EPD +0.9x<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td>\n<td>9.4%<\/td>\n<td>12.7%<\/td>\n<td>ET +3.1%<\/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'>H\u1ec7 th\u1ed1ng theo d\u00f5i \u0111\u1ecbnh gi\u00e1 c\u1ee7a Pocket Option ch\u1ec9 ra r\u1eb1ng kho\u1ea3ng c\u00e1ch \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i gi\u1eefa EPD v\u00e0 ET r\u1ed9ng h\u01a1n kho\u1ea3ng 8% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed, c\u00f3 th\u1ec3 b\u00e1o hi\u1ec7u m\u1ed9t c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c n\u00e2ng cao trong ET cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u01b0\u1ee3c d\u00f2ng. \u0110\u00e1ng ch\u00fa \u00fd, c\u1ea3 hai ch\u1ee9ng kho\u00e1n \u0111\u1ec1u giao d\u1ecbch v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u so v\u1edbi c\u00e1c b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch: EPD gi\u1ea3m 12% v\u00e0 ET gi\u1ea3m 27%, cho th\u1ea5y l\u0129nh v\u1ef1c trung l\u01b0u n\u00f3i chung v\u1eabn b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p trong c\u00e1c th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>M\u00f4 H\u00ecnh Ph\u1ea3n \u1ee8ng Th\u1ecb Tr\u01b0\u1eddng L\u1ecbch S\u1eed: Tr\u00ed Tu\u1ec7 \u0110\u1ea7u T\u01b0 D\u1ef1 \u0110o\u00e1n<\/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\u00e1ch c\u1ed5 phi\u1ebfu EPD v\u00e0 ET \u0111\u00e3 ph\u1ea3n \u1ee9ng v\u1edbi c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u1ee5 th\u1ec3 cung c\u1ea5p tr\u00ed tu\u1ec7 h\u00e0nh \u0111\u1ed9ng cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai. Hi\u1ec7u su\u1ea5t l\u1ecbch s\u1eed ti\u1ebft l\u1ed9 c\u00e1c m\u00f4 h\u00ecnh r\u00f5 r\u00e0ng m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a \u0111i\u1ec3m v\u00e0o v\u00e0 ph\u00e2n b\u1ed5 danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ea5t X\u00fac T\u00e1c Th\u1ecb Tr\u01b0\u1eddng<\/th>\n<th>Hi\u1ec7u Su\u1ea5t EPD<\/th>\n<th>Hi\u1ec7u Su\u1ea5t ET<\/th>\n<th>H\u00e0m \u00dd Chi\u1ebfn L\u01b0\u1ee3c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Gi\u1ea3m Gi\u00e1 D\u1ea7u &gt;20%<\/td>\n<td>-14.5% gi\u1ea3m trung b\u00ecnh<\/td>\n<td>-29.3% gi\u1ea3m trung b\u00ecnh<\/td>\n<td>Chuy\u1ec3n sang EPD trong th\u1eddi k\u1ef3 y\u1ebfu k\u00e9m c\u1ee7a d\u1ea7u<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng L\u00e3i Su\u1ea5t<\/td>\n<td>-6.7% trong chu k\u1ef3 l\u00e3i su\u1ea5t 2018<\/td>\n<td>-19.2% trong chu k\u1ef3 l\u00e3i su\u1ea5t 2018<\/td>\n<td>Gi\u1ea3m ti\u1ebfp x\u00fac ET trong th\u1eddi k\u1ef3 th\u1eaft ch\u1eb7t<\/td>\n<\/tr>\n<tr>\n<td>C\u00e1c Giai \u0110o\u1ea1n Ph\u1ee5c H\u1ed3i Kinh T\u1ebf<\/td>\n<td>+17.3% trong 6 th\u00e1ng \u0111\u1ea7u c\u1ee7a ph\u1ee5c h\u1ed3i<\/td>\n<td>+42.7% trong 6 th\u00e1ng \u0111\u1ea7u c\u1ee7a ph\u1ee5c h\u1ed3i<\/td>\n<td>\u01afu ti\u00ean ET s\u1edbm trong c\u00e1c chu k\u1ef3 ph\u1ee5c h\u1ed3i<\/td>\n<\/tr>\n<tr>\n<td>Ch\u00eanh L\u1ec7ch T\u00edn D\u1ee5ng M\u1edf R\u1ed9ng<\/td>\n<td>-9.4% so v\u1edbi S&amp;P 500<\/td>\n<td>-23.7% so v\u1edbi S&amp;P 500<\/td>\n<td>\u01afu ti\u00ean EPD trong c\u0103ng th\u1eb3ng th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng th\u00e1ng 3 n\u0103m 2020, ET gi\u1ea3m 72% t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y so v\u1edbi m\u1ee9c gi\u1ea3m 43% c\u1ee7a EPD. Tuy nhi\u00ean, trong s\u1ef1 ph\u1ee5c h\u1ed3i ti\u1ebfp theo \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2020, ET t\u0103ng 142% so v\u1edbi m\u1ee9c t\u0103ng 60% c\u1ee7a EPD\u2014cho th\u1ea5y c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m beta cao h\u01a1n c\u1ee7a c\u1ed5 phi\u1ebfu ET c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u1eadn d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c b\u1edfi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u00edch c\u1ef1c s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 \u0111\u1ecbnh th\u1eddi th\u1ecb tr\u01b0\u1eddng c\u1ee7a Pocket Option.<\/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 \u0110\u1ea7u T\u01b0 Trung L\u01b0u T\u1ed1i \u01afu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Thay v\u00ec xem quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu epd vs et l\u00e0 nh\u1ecb ph\u00e2n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi ph\u00e1t tri\u1ec3n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 t\u1eadn d\u1ee5ng c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m b\u1ed5 sung c\u1ee7a ch\u00fang trong khi gi\u1ea3m thi\u1ec3u r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty. L\u00fd thuy\u1ebft danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i h\u1ed7 tr\u1ee3 \u0111a d\u1ea1ng h\u00f3a ngay c\u1ea3 trong c\u00e1c l\u0129nh v\u1ef1c t\u01b0\u01a1ng t\u1ef1.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c khung ph\u00e2n b\u1ed5 chi\u1ebfn l\u01b0\u1ee3c d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0:<\/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'>Danh M\u1ee5c Thu Nh\u1eadp B\u1ea3o Th\u1ee7: 75% EPD \/ 25% ET \u2013 T\u1ed1i \u0111a h\u00f3a \u0111\u1ed9 tin c\u1eady ph\u00e2n ph\u1ed1i trong khi n\u1eafm b\u1eaft m\u1ed9t s\u1ed1 t\u0103ng c\u01b0\u1eddng l\u1ee3i su\u1ea5t<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Danh M\u1ee5c Thu Nh\u1eadp-T\u0103ng Tr\u01b0\u1edfng C\u00e2n B\u1eb1ng: 50% EPD \/ 50% ET \u2013 T\u1ef7 l\u1ec7 Sharpe t\u1ed1i \u01b0u d\u1ef1a tr\u00ean d\u1eef li\u1ec7u l\u1ecbch s\u1eed 10 n\u0103m<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Danh M\u1ee5c \u0110\u1ecbnh H\u01b0\u1edbng T\u0103ng Tr\u01b0\u1edfng: 35% EPD \/ 65% ET \u2013 T\u1ed1i \u0111a h\u00f3a ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn t\u1ed5ng th\u1ec3 v\u1edbi \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Danh M\u1ee5c Ph\u00e2n B\u1ed5 Chi\u1ebfn Thu\u1eadt: C\u01a1 s\u1edf 60% EPD \/ 40% ET v\u1edbi \u00b120% thay \u0111\u1ed5i d\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u00e1y t\u00ednh t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ed9ng c\u00e1c ph\u00e2n b\u1ed5 n\u00e0y d\u1ef1a tr\u00ean \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i, kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u00e1 nh\u00e2n v\u00e0 y\u00eau c\u1ea7u thu nh\u1eadp. Ki\u1ec3m tra l\u1ea1i cho th\u1ea5y r\u1eb1ng c\u00e1ch ti\u1ebfp c\u1eadn ph\u00e2n b\u1ed5 chi\u1ebfn thu\u1eadt s\u1eed d\u1ee5ng c\u00e1c t\u00edn hi\u1ec7u k\u1ef9 thu\u1eadt \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i gi\u1eefa EPD v\u00e0 ET \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n ph\u00e2n b\u1ed5 t\u0129nh 50\/50 v\u1edbi 4,8% h\u00e0ng n\u0103m k\u1ec3 t\u1eeb n\u0103m 2015.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0 MLP T\u1ed1i \u01afu H\u00f3a Thu\u1ebf<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c \u0111\u1eb7c \u0111i\u1ec3m thu\u1ebf \u0111\u1ed9c \u0111\u00e1o c\u1ee7a MLPs th\u00eam m\u1ed9t chi\u1ec1u kh\u00e1c v\u00e0o quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu EPD vs ET. M\u1eb7c d\u00f9 c\u1ea3 hai ch\u1ee9ng kho\u00e1n \u0111\u1ec1u t\u1ea1o ra c\u00e1c m\u1eabu thu\u1ebf K-1 c\u00f3 c\u1ea5u tr\u00fac t\u01b0\u01a1ng t\u1ef1, vi\u1ec7c \u0111\u1eb7t chi\u1ebfn l\u01b0\u1ee3c trong c\u00e1c lo\u1ea1i t\u00e0i kho\u1ea3n kh\u00e1c nhau c\u00f3 th\u1ec3 t\u0103ng c\u01b0\u1eddng \u0111\u00e1ng k\u1ec3 l\u1ee3i nhu\u1eadn sau thu\u1ebf:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf h\u01b0\u1edfng l\u1ee3i t\u1eeb vi\u1ec7c ho\u00e3n thu\u1ebf tr\u1ea3 l\u1ea1i v\u1ed1n (th\u01b0\u1eddng l\u00e0 70-85% c\u1ee7a c\u00e1c kho\u1ea3n ph\u00e2n ph\u1ed1i)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed c\u00f3 th\u1ec3 \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c v\u1ea5n \u0111\u1ec1 UBTI v\u1edbi c\u00e1c v\u1ecb tr\u00ed MLP l\u1edbn h\u01a1n (v\u01b0\u1ee3t qu\u00e1 1,000 USD h\u00e0ng n\u0103m)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i th\u1ebf l\u1eadp k\u1ebf ho\u1ea1ch di s\u1ea3n xu\u1ea5t hi\u1ec7n th\u00f4ng qua c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u01a1 s\u1edf t\u0103ng l\u00ean cho c\u00e1c \u0111\u01a1n v\u1ecb MLP th\u1eeba k\u1ebf<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi ph\u00ed x\u1eed l\u00fd K-1 h\u00e0ng n\u0103m trung b\u00ecnh 75-150 USD m\u1ed7i \u0111\u1ed1i t\u00e1c cho vi\u1ec7c chu\u1ea9n b\u1ecb thu\u1ebf chuy\u00ean nghi\u1ec7p<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1eb7c d\u00f9 c\u00e1c c\u00e2n nh\u1eafc v\u1ec1 thu\u1ebf n\u00e0y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ea3 EPD v\u00e0 ET t\u01b0\u01a1ng t\u1ef1, ch\u00fang \u0111\u1ea1i di\u1ec7n cho c\u00e1c y\u1ebfu t\u1ed1 quan tr\u1ecdng \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn sau thu\u1ebf t\u1eeb c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 trung l\u01b0u. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ea5y UBTI \u0111\u00e1ng k\u1ec3 trong c\u00e1c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed c\u00f3 th\u1ec3 xem x\u00e9t c\u00e1c ETF t\u1eadp trung v\u00e0o MLP nh\u01b0 c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf, m\u1eb7c d\u00f9 nh\u1eefng \u0111i\u1ec1u n\u00e0y gi\u1edbi thi\u1ec7u thu\u1ebf c\u1ea5p c\u00f4ng ty l\u00e0m gi\u1ea3m l\u1ee3i su\u1ea5t kho\u1ea3ng 1,2-1,8% so v\u1edbi s\u1edf h\u1eefu MLP tr\u1ef1c ti\u1ebfp.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft Lu\u1eadn: Khung Quy\u1ebft \u0110\u1ecbnh Chi\u1ebfn L\u01b0\u1ee3c cho C\u1ed5 Phi\u1ebfu EPD vs ET<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>So s\u00e1nh c\u1ed5 phi\u1ebfu EPD vs ET ti\u1ebft l\u1ed9 hai nh\u00e0 v\u1eadn h\u00e0nh trung l\u01b0u h\u00e0ng \u0111\u1ea7u v\u1edbi c\u00e1c h\u1ed3 s\u01a1 \u0111\u1ea7u t\u01b0 kh\u00e1c bi\u1ec7t r\u00f5 r\u1ec7t. EPD cung c\u1ea5p \u0111\u1ed9 tin c\u1eady ph\u00e2n ph\u1ed1i v\u00f4 song (h\u01a1n 24 n\u0103m kh\u00f4ng c\u1eaft gi\u1ea3m), qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh b\u1ea3o th\u1ee7 (\u0111\u00f2n b\u1ea9y 3.2x), v\u00e0 t\u00e0i s\u1ea3n Gulf Coast cao c\u1ea5p\u2014h\u00e0nh lang n\u0103ng l\u01b0\u1ee3ng ch\u1ec9 huy bi\u00ean l\u1ee3i nhu\u1eadn cao nh\u1ea5t. ET mang l\u1ea1i l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i v\u01b0\u1ee3t tr\u1ed9i (9.3%), ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c h\u01a1n, v\u00e0 \u0111a d\u1ea1ng h\u00f3a \u0111\u1ecba l\u00fd to\u00e0n di\u1ec7n v\u1edbi chi ph\u00ed \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh cao h\u01a1n (4.3x) v\u00e0 l\u1ecbch s\u1eed ph\u00e2n ph\u1ed1i bao g\u1ed3m vi\u1ec7c gi\u1ea3m n\u0103m 2020.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n b\u1ed5 t\u1ed1i \u01b0u c\u1ee7a b\u1ea1n gi\u1eefa c\u00e1c ch\u1ee9ng kho\u00e1n n\u00e0y n\u00ean ph\u1ea3n \u00e1nh m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3, th\u1eddi gian \u0111\u1ea7u t\u01b0 v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 thu nh\u1eadp \u01b0u ti\u00ean s\u1ef1 \u1ed5n \u0111\u1ecbnh th\u01b0\u1eddng \u01b0a chu\u1ed9ng EPD, trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5ng l\u1ee3i nhu\u1eadn s\u1eb5n s\u00e0ng ch\u1ea5p nh\u1eadn \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n th\u01b0\u1eddng th\u1ea5y h\u1ed3 s\u01a1 r\u1ee7i ro-l\u1ee3i nhu\u1eadn c\u1ee7a ET h\u1ea5p d\u1eabn\u2014\u0111\u1eb7c bi\u1ec7t sau c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng \u0111\u00e1ng k\u1ec3 khi m\u1ee9c chi\u1ebft kh\u1ea5u c\u1ee7a n\u00f3 so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i th\u01b0\u1eddng m\u1edf r\u1ed9ng.<\/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 to\u00e0n di\u1ec7n \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1eb7c bi\u1ec7t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u0103ng l\u01b0\u1ee3ng trung l\u01b0u. C\u00e1c m\u00f4 h\u00ecnh ng\u00e0nh \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i gi\u00fap b\u1ea1n x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o t\u1ed1i \u01b0u, x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed ph\u00f9 h\u1ee3p, v\u00e0 \u0111i\u1ec1u ch\u1ec9nh ph\u00e2n b\u1ed5 khi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n. Cho d\u00f9 b\u1ea1n ch\u1ecdn EPD, ET, hay m\u1ed9t s\u1ef1 k\u1ebft h\u1ee3p chi\u1ebfn l\u01b0\u1ee3c, n\u1ec1n t\u1ea3ng c\u1ee7a ch\u00fang t\u00f4i trao quy\u1ec1n cho b\u1ea1n th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 trung l\u01b0u c\u1ee7a m\u00ecnh v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c v\u00e0 t\u1ef1 tin.<\/p>\n<\/div>\n"},"faq":[{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa c\u1ed5 phi\u1ebfu EPD v\u00e0 ET l\u00e0 g\u00ec?","answer":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa c\u1ed5 phi\u1ebfu EPD v\u00e0 ET t\u1eadp trung v\u00e0o chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh v\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn ho\u1ea1t \u0111\u1ed9ng. Enterprise Products Partners (EPD) duy tr\u00ec \u0111\u00f2n b\u1ea9y th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 (3.2x n\u1ee3 tr\u00ean EBITDA so v\u1edbi 4.3x c\u1ee7a ET), t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n tr\u00ean v\u1ed1n \u0111\u1ea7u t\u01b0 (12.8% so v\u1edbi 8.7%), v\u00e0 ch\u01b0a bao gi\u1edd c\u1eaft gi\u1ea3m ph\u00e2n ph\u1ed1i trong l\u1ecbch s\u1eed c\u00f4ng ty. Energy Transfer (ET) cung c\u1ea5p l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i cao h\u01a1n (9.3% so v\u1edbi 7.6% c\u1ee7a EPD), v\u1eadn h\u00e0nh m\u1ea1ng l\u01b0\u1edbi h\u1ea1 t\u1ea7ng l\u1edbn h\u01a1n (h\u01a1n 90,000 so v\u1edbi h\u01a1n 50,000 d\u1eb7m \u0111\u01b0\u1eddng \u1ed1ng), nh\u01b0ng \u0111\u00e3 c\u1eaft gi\u1ea3m ph\u00e2n ph\u1ed1i 50% trong n\u0103m 2020. EPD nh\u1ea5n m\u1ea1nh k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh v\u1edbi 87% h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean ph\u00ed trong khi ET theo \u0111u\u1ed5i m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd h\u01a1n v\u1edbi 72% doanh thu d\u1ef1a tr\u00ean ph\u00ed."},{"question":"C\u1ed5 phi\u1ebfu n\u00e0o cung c\u1ea5p thu nh\u1eadp c\u1ed5 t\u1ee9c t\u1ed1t h\u01a1n, EPD hay ET?","answer":"ET cung c\u1ea5p thu nh\u1eadp c\u1ed5 t\u1ee9c ngay l\u1eadp t\u1ee9c cao h\u01a1n v\u1edbi l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i l\u00e0 9,3% so v\u1edbi 7,6% c\u1ee7a EPD. Tuy nhi\u00ean, EPD mang l\u1ea1i \u0111\u1ed9 tin c\u1eady thu nh\u1eadp d\u00e0i h\u1ea1n v\u01b0\u1ee3t tr\u1ed9i v\u1edbi h\u01a1n 24 n\u0103m li\u00ean ti\u1ebfp t\u0103ng ph\u00e2n ph\u1ed1i v\u00e0 kh\u00f4ng c\u00f3 l\u1ea7n c\u1eaft gi\u1ea3m n\u00e0o trong l\u1ecbch s\u1eed c\u00f4ng ty, trong khi ET \u0111\u00e3 gi\u1ea3m ph\u00e2n ph\u1ed1i 50% trong n\u0103m 2020. M\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 10.000 \u0111\u00f4 la v\u00e0o EPD m\u01b0\u1eddi n\u0103m tr\u01b0\u1edbc s\u1ebd t\u1ea1o ra 9.170 \u0111\u00f4 la trong c\u00e1c ph\u00e2n ph\u1ed1i t\u00edch l\u0169y so v\u1edbi 7.840 \u0111\u00f4 la t\u1eeb ET, cho th\u1ea5y s\u1ef1 t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh c\u1ee7a EPD cu\u1ed1i c\u00f9ng \u0111\u00e3 v\u01b0\u1ee3t qua l\u1ee3i su\u1ea5t cao nh\u01b0ng kh\u00f4ng \u1ed5n \u0111\u1ecbnh c\u1ee7a ET. L\u1ef1a ch\u1ecdn t\u1ed1i \u01b0u c\u1ee7a b\u1ea1n ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c b\u1ea1n \u01b0u ti\u00ean thu nh\u1eadp hi\u1ec7n t\u1ea1i t\u1ed1i \u0111a (ET) hay \u0111\u1ed9 tin c\u1eady v\u00e0 t\u0103ng tr\u01b0\u1edfng ph\u00e2n ph\u1ed1i d\u00e0i h\u1ea1n (EPD)."},{"question":"EPD v\u00e0 ET ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o trong th\u1eddi k\u1ef3 suy tho\u00e1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u0103ng l\u01b0\u1ee3ng?","answer":"EPD th\u1ec3 hi\u1ec7n kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i \u0111\u00e1ng k\u1ec3 h\u01a1n trong c\u00e1c \u0111\u1ee3t suy tho\u00e1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u0103ng l\u01b0\u1ee3ng. Trong c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1 d\u1ea7u v\u01b0\u1ee3t qu\u00e1 20%, EPD tr\u1ea3i qua m\u1ee9c gi\u1ea3m trung b\u00ecnh 14,5% so v\u1edbi m\u1ee9c gi\u1ea3m l\u1edbn h\u01a1n nhi\u1ec1u c\u1ee7a ET l\u00e0 29,3%. Trong s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng th\u00e1ng 3 n\u0103m 2020, EPD gi\u1ea3m 43% trong khi ET gi\u1ea3m m\u1ea1nh 72%. Kh\u1ea3 n\u0103ng b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1 v\u01b0\u1ee3t tr\u1ed9i n\u00e0y b\u1eaft ngu\u1ed3n t\u1eeb b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n m\u1ea1nh h\u01a1n c\u1ee7a EPD (\u0111\u00f2n b\u1ea9y 3,2x so v\u1edbi 4,3x c\u1ee7a ET), t\u1ef7 l\u1ec7 h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean ph\u00ed cao h\u01a1n (87% so v\u1edbi 72%), v\u00e0 s\u1ef1 linh ho\u1ea1t t\u00e0i ch\u00ednh l\u1edbn h\u01a1n v\u1edbi 3,9 t\u1ef7 \u0111\u00f4 la thanh kho\u1ea3n c\u00f3 s\u1eb5n. Tuy nhi\u00ean, ET th\u01b0\u1eddng mang l\u1ea1i s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd h\u01a1n, t\u0103ng 142% t\u1eeb th\u00e1ng 3 \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2020 so v\u1edbi m\u1ee9c ph\u1ee5c h\u1ed3i 60% c\u1ee7a EPD."},{"question":"C\u00f3 l\u1ee3i th\u1ebf v\u1ec1 thu\u1ebf khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu EPD so v\u1edbi ET kh\u00f4ng?","answer":"EPD v\u00e0 ET c\u00f3 c\u00e1ch x\u1eed l\u00fd thu\u1ebf t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c c\u00f4ng ty h\u1ee3p danh h\u1eefu h\u1ea1n ch\u00ednh (MLPs), kh\u00f4ng c\u00f3 l\u1ee3i th\u1ebf thu\u1ebf \u0111\u00e1ng k\u1ec3 n\u00e0o gi\u1eefa hai b\u00ean. C\u1ea3 hai \u0111\u1ec1u t\u1ea1o ra c\u00e1c m\u1eabu thu\u1ebf K-1 v\u1edbi kho\u1ea3ng 70-85% ph\u00e2n ph\u1ed1i th\u01b0\u1eddng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n l\u00e0 ho\u00e0n v\u1ed1n ho\u00e3n thu\u1ebf. C\u1ea3 hai c\u00f3 th\u1ec3 t\u1ea1o ra thu nh\u1eadp ch\u1ecbu thu\u1ebf kinh doanh kh\u00f4ng li\u00ean quan (UBTI) trong c\u00e1c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed n\u1ebfu v\u01b0\u1ee3t qu\u00e1 $1,000 h\u00e0ng n\u0103m. S\u1ef1 ph\u1ee9c t\u1ea1p v\u1ec1 thu\u1ebf t\u0103ng l\u00ean v\u1edbi nhi\u1ec1u kho\u1ea3n \u0111\u1ea7u t\u01b0 MLP, v\u1edbi chi ph\u00ed chu\u1ea9n b\u1ecb thu\u1ebf chuy\u00ean nghi\u1ec7p trung b\u00ecnh t\u1eeb $75-150 m\u1ed7i c\u00f4ng ty h\u1ee3p danh h\u00e0ng n\u0103m. Quy\u1ebft \u0111\u1ecbnh v\u1ec1 thu\u1ebf n\u00ean t\u1eadp trung kh\u00f4ng ph\u1ea3i v\u00e0o vi\u1ec7c ch\u1ecdn gi\u1eefa EPD v\u00e0 ET m\u00e0 l\u00e0 li\u1ec7u MLPs c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi t\u00ecnh h\u00ecnh thu\u1ebf c\u1ee7a b\u1ea1n so v\u1edbi c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf l\u00e0 c\u00f4ng ty C-corporation ho\u1eb7c c\u00e1c qu\u1ef9 ETF t\u1eadp trung v\u00e0o MLP."},{"question":"So s\u00e1nh \u0111\u1ecbnh gi\u00e1 gi\u1eefa EPD v\u00e0 ET ti\u1ebft l\u1ed9 \u0111i\u1ec1u g\u00ec?","answer":"So s\u00e1nh \u0111\u1ecbnh gi\u00e1 cho th\u1ea5y ET giao d\u1ecbch v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u \u0111\u00e1ng k\u1ec3 so v\u1edbi EPD tr\u00ean t\u1ea5t c\u1ea3 c\u00e1c ch\u1ec9 s\u1ed1 ch\u00ednh. T\u1ef7 l\u1ec7 EV\/EBITDA c\u1ee7a ET l\u00e0 7.9x so v\u1edbi 9.7x c\u1ee7a EPD, t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean DCF l\u00e0 5.3x so v\u1edbi 7.8x c\u1ee7a EPD, v\u00e0 l\u1ee3i su\u1ea5t d\u00f2ng ti\u1ec1n t\u1ef1 do l\u00e0 12.7% so v\u1edbi 9.4% c\u1ee7a EPD. Kho\u1ea3ng c\u00e1ch \u0111\u1ecbnh gi\u00e1 n\u00e0y v\u01b0\u1ee3t m\u1ee9c ch\u00eanh l\u1ec7ch trung b\u00ecnh l\u1ecbch s\u1eed kho\u1ea3ng 8%, c\u00f3 th\u1ec3 b\u00e1o hi\u1ec7u gi\u00e1 tr\u1ecb gia t\u0103ng trong ET cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u01b0\u1ee3c xu h\u01b0\u1edbng. C\u1ea3 hai ch\u1ee9ng kho\u00e1n \u0111\u1ec1u giao d\u1ecbch d\u01b0\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch (EPD gi\u1ea3m 12% v\u00e0 ET gi\u1ea3m 27%), cho th\u1ea5y l\u0129nh v\u1ef1c trung ngu\u1ed3n v\u1eabn b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p. \u0110\u1ecbnh gi\u00e1 cao m\u00e0 EPD \u0111\u1ea1t \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh s\u1ef1 s\u1eb5n s\u00e0ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong vi\u1ec7c tr\u1ea3 gi\u00e1 cho k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh v\u01b0\u1ee3t tr\u1ed9i v\u00e0 \u0111\u1ed9 tin c\u1eady ph\u00e2n ph\u1ed1i c\u1ee7a n\u00f3."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa c\u1ed5 phi\u1ebfu EPD v\u00e0 ET l\u00e0 g\u00ec?","answer":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa c\u1ed5 phi\u1ebfu EPD v\u00e0 ET t\u1eadp trung v\u00e0o chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh v\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn ho\u1ea1t \u0111\u1ed9ng. Enterprise Products Partners (EPD) duy tr\u00ec \u0111\u00f2n b\u1ea9y th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 (3.2x n\u1ee3 tr\u00ean EBITDA so v\u1edbi 4.3x c\u1ee7a ET), t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n tr\u00ean v\u1ed1n \u0111\u1ea7u t\u01b0 (12.8% so v\u1edbi 8.7%), v\u00e0 ch\u01b0a bao gi\u1edd c\u1eaft gi\u1ea3m ph\u00e2n ph\u1ed1i trong l\u1ecbch s\u1eed c\u00f4ng ty. Energy Transfer (ET) cung c\u1ea5p l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i cao h\u01a1n (9.3% so v\u1edbi 7.6% c\u1ee7a EPD), v\u1eadn h\u00e0nh m\u1ea1ng l\u01b0\u1edbi h\u1ea1 t\u1ea7ng l\u1edbn h\u01a1n (h\u01a1n 90,000 so v\u1edbi h\u01a1n 50,000 d\u1eb7m \u0111\u01b0\u1eddng \u1ed1ng), nh\u01b0ng \u0111\u00e3 c\u1eaft gi\u1ea3m ph\u00e2n ph\u1ed1i 50% trong n\u0103m 2020. EPD nh\u1ea5n m\u1ea1nh k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh v\u1edbi 87% h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean ph\u00ed trong khi ET theo \u0111u\u1ed5i m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd h\u01a1n v\u1edbi 72% doanh thu d\u1ef1a tr\u00ean ph\u00ed."},{"question":"C\u1ed5 phi\u1ebfu n\u00e0o cung c\u1ea5p thu nh\u1eadp c\u1ed5 t\u1ee9c t\u1ed1t h\u01a1n, EPD hay ET?","answer":"ET cung c\u1ea5p thu nh\u1eadp c\u1ed5 t\u1ee9c ngay l\u1eadp t\u1ee9c cao h\u01a1n v\u1edbi l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i l\u00e0 9,3% so v\u1edbi 7,6% c\u1ee7a EPD. Tuy nhi\u00ean, EPD mang l\u1ea1i \u0111\u1ed9 tin c\u1eady thu nh\u1eadp d\u00e0i h\u1ea1n v\u01b0\u1ee3t tr\u1ed9i v\u1edbi h\u01a1n 24 n\u0103m li\u00ean ti\u1ebfp t\u0103ng ph\u00e2n ph\u1ed1i v\u00e0 kh\u00f4ng c\u00f3 l\u1ea7n c\u1eaft gi\u1ea3m n\u00e0o trong l\u1ecbch s\u1eed c\u00f4ng ty, trong khi ET \u0111\u00e3 gi\u1ea3m ph\u00e2n ph\u1ed1i 50% trong n\u0103m 2020. M\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 10.000 \u0111\u00f4 la v\u00e0o EPD m\u01b0\u1eddi n\u0103m tr\u01b0\u1edbc s\u1ebd t\u1ea1o ra 9.170 \u0111\u00f4 la trong c\u00e1c ph\u00e2n ph\u1ed1i t\u00edch l\u0169y so v\u1edbi 7.840 \u0111\u00f4 la t\u1eeb ET, cho th\u1ea5y s\u1ef1 t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh c\u1ee7a EPD cu\u1ed1i c\u00f9ng \u0111\u00e3 v\u01b0\u1ee3t qua l\u1ee3i su\u1ea5t cao nh\u01b0ng kh\u00f4ng \u1ed5n \u0111\u1ecbnh c\u1ee7a ET. L\u1ef1a ch\u1ecdn t\u1ed1i \u01b0u c\u1ee7a b\u1ea1n ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c b\u1ea1n \u01b0u ti\u00ean thu nh\u1eadp hi\u1ec7n t\u1ea1i t\u1ed1i \u0111a (ET) hay \u0111\u1ed9 tin c\u1eady v\u00e0 t\u0103ng tr\u01b0\u1edfng ph\u00e2n ph\u1ed1i d\u00e0i h\u1ea1n (EPD)."},{"question":"EPD v\u00e0 ET ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o trong th\u1eddi k\u1ef3 suy tho\u00e1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u0103ng l\u01b0\u1ee3ng?","answer":"EPD th\u1ec3 hi\u1ec7n kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i \u0111\u00e1ng k\u1ec3 h\u01a1n trong c\u00e1c \u0111\u1ee3t suy tho\u00e1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u0103ng l\u01b0\u1ee3ng. Trong c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1 d\u1ea7u v\u01b0\u1ee3t qu\u00e1 20%, EPD tr\u1ea3i qua m\u1ee9c gi\u1ea3m trung b\u00ecnh 14,5% so v\u1edbi m\u1ee9c gi\u1ea3m l\u1edbn h\u01a1n nhi\u1ec1u c\u1ee7a ET l\u00e0 29,3%. Trong s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng th\u00e1ng 3 n\u0103m 2020, EPD gi\u1ea3m 43% trong khi ET gi\u1ea3m m\u1ea1nh 72%. Kh\u1ea3 n\u0103ng b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1 v\u01b0\u1ee3t tr\u1ed9i n\u00e0y b\u1eaft ngu\u1ed3n t\u1eeb b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n m\u1ea1nh h\u01a1n c\u1ee7a EPD (\u0111\u00f2n b\u1ea9y 3,2x so v\u1edbi 4,3x c\u1ee7a ET), t\u1ef7 l\u1ec7 h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean ph\u00ed cao h\u01a1n (87% so v\u1edbi 72%), v\u00e0 s\u1ef1 linh ho\u1ea1t t\u00e0i ch\u00ednh l\u1edbn h\u01a1n v\u1edbi 3,9 t\u1ef7 \u0111\u00f4 la thanh kho\u1ea3n c\u00f3 s\u1eb5n. Tuy nhi\u00ean, ET th\u01b0\u1eddng mang l\u1ea1i s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd h\u01a1n, t\u0103ng 142% t\u1eeb th\u00e1ng 3 \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2020 so v\u1edbi m\u1ee9c ph\u1ee5c h\u1ed3i 60% c\u1ee7a EPD."},{"question":"C\u00f3 l\u1ee3i th\u1ebf v\u1ec1 thu\u1ebf khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu EPD so v\u1edbi ET kh\u00f4ng?","answer":"EPD v\u00e0 ET c\u00f3 c\u00e1ch x\u1eed l\u00fd thu\u1ebf t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c c\u00f4ng ty h\u1ee3p danh h\u1eefu h\u1ea1n ch\u00ednh (MLPs), kh\u00f4ng c\u00f3 l\u1ee3i th\u1ebf thu\u1ebf \u0111\u00e1ng k\u1ec3 n\u00e0o gi\u1eefa hai b\u00ean. C\u1ea3 hai \u0111\u1ec1u t\u1ea1o ra c\u00e1c m\u1eabu thu\u1ebf K-1 v\u1edbi kho\u1ea3ng 70-85% ph\u00e2n ph\u1ed1i th\u01b0\u1eddng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n l\u00e0 ho\u00e0n v\u1ed1n ho\u00e3n thu\u1ebf. C\u1ea3 hai c\u00f3 th\u1ec3 t\u1ea1o ra thu nh\u1eadp ch\u1ecbu thu\u1ebf kinh doanh kh\u00f4ng li\u00ean quan (UBTI) trong c\u00e1c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed n\u1ebfu v\u01b0\u1ee3t qu\u00e1 $1,000 h\u00e0ng n\u0103m. S\u1ef1 ph\u1ee9c t\u1ea1p v\u1ec1 thu\u1ebf t\u0103ng l\u00ean v\u1edbi nhi\u1ec1u kho\u1ea3n \u0111\u1ea7u t\u01b0 MLP, v\u1edbi chi ph\u00ed chu\u1ea9n b\u1ecb thu\u1ebf chuy\u00ean nghi\u1ec7p trung b\u00ecnh t\u1eeb $75-150 m\u1ed7i c\u00f4ng ty h\u1ee3p danh h\u00e0ng n\u0103m. Quy\u1ebft \u0111\u1ecbnh v\u1ec1 thu\u1ebf n\u00ean t\u1eadp trung kh\u00f4ng ph\u1ea3i v\u00e0o vi\u1ec7c ch\u1ecdn gi\u1eefa EPD v\u00e0 ET m\u00e0 l\u00e0 li\u1ec7u MLPs c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi t\u00ecnh h\u00ecnh thu\u1ebf c\u1ee7a b\u1ea1n so v\u1edbi c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf l\u00e0 c\u00f4ng ty C-corporation ho\u1eb7c c\u00e1c qu\u1ef9 ETF t\u1eadp trung v\u00e0o MLP."},{"question":"So s\u00e1nh \u0111\u1ecbnh gi\u00e1 gi\u1eefa EPD v\u00e0 ET ti\u1ebft l\u1ed9 \u0111i\u1ec1u g\u00ec?","answer":"So s\u00e1nh \u0111\u1ecbnh gi\u00e1 cho th\u1ea5y ET giao d\u1ecbch v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u \u0111\u00e1ng k\u1ec3 so v\u1edbi EPD tr\u00ean t\u1ea5t c\u1ea3 c\u00e1c ch\u1ec9 s\u1ed1 ch\u00ednh. T\u1ef7 l\u1ec7 EV\/EBITDA c\u1ee7a ET l\u00e0 7.9x so v\u1edbi 9.7x c\u1ee7a EPD, t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean DCF l\u00e0 5.3x so v\u1edbi 7.8x c\u1ee7a EPD, v\u00e0 l\u1ee3i su\u1ea5t d\u00f2ng ti\u1ec1n t\u1ef1 do l\u00e0 12.7% so v\u1edbi 9.4% c\u1ee7a EPD. Kho\u1ea3ng c\u00e1ch \u0111\u1ecbnh gi\u00e1 n\u00e0y v\u01b0\u1ee3t m\u1ee9c ch\u00eanh l\u1ec7ch trung b\u00ecnh l\u1ecbch s\u1eed kho\u1ea3ng 8%, c\u00f3 th\u1ec3 b\u00e1o hi\u1ec7u gi\u00e1 tr\u1ecb gia t\u0103ng trong ET cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u01b0\u1ee3c xu h\u01b0\u1edbng. C\u1ea3 hai ch\u1ee9ng kho\u00e1n \u0111\u1ec1u giao d\u1ecbch d\u01b0\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch (EPD gi\u1ea3m 12% v\u00e0 ET gi\u1ea3m 27%), cho th\u1ea5y l\u0129nh v\u1ef1c trung ngu\u1ed3n v\u1eabn b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p. \u0110\u1ecbnh gi\u00e1 cao m\u00e0 EPD \u0111\u1ea1t \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh s\u1ef1 s\u1eb5n s\u00e0ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong vi\u1ec7c tr\u1ea3 gi\u00e1 cho k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh v\u01b0\u1ee3t tr\u1ed9i v\u00e0 \u0111\u1ed9 tin c\u1eady ph\u00e2n ph\u1ed1i c\u1ee7a n\u00f3."}]}},"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>EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/\" \/>\n<meta property=\"og:site_name\" content=\"Pocket Option blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-15T15:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-15T15:31:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1840\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Tatiana OK\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tatiana OK\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/\"},\"author\":{\"name\":\"Tatiana OK\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/7021606f7d6abf56a4dfe12af297820d\"},\"headline\":\"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng\",\"datePublished\":\"2025-07-15T15:31:00+00:00\",\"dateModified\":\"2025-07-15T15:31:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/\"},\"wordCount\":30,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp\",\"keywords\":[\"stock\",\"strategy\"],\"articleSection\":[\"Reviews\"],\"inLanguage\":\"vt-VT\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/\",\"url\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/\",\"name\":\"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng\",\"isPartOf\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp\",\"datePublished\":\"2025-07-15T15:31:00+00:00\",\"dateModified\":\"2025-07-15T15:31:37+00:00\",\"author\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/7021606f7d6abf56a4dfe12af297820d\"},\"breadcrumb\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#breadcrumb\"},\"inLanguage\":\"vt-VT\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"vt-VT\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#primaryimage\",\"url\":\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp\",\"contentUrl\":\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp\",\"width\":1840,\"height\":700},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/pocketoption.com\/blog\/vt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/#website\",\"url\":\"https:\/\/pocketoption.com\/blog\/vt\/\",\"name\":\"Pocket Option blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/pocketoption.com\/blog\/vt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"vt-VT\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/7021606f7d6abf56a4dfe12af297820d\",\"name\":\"Tatiana OK\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"vt-VT\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/0e5382d258c3e430c69c7fcf955c3ccdee2ae00777d8745ed09f129ffca77c26?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0e5382d258c3e430c69c7fcf955c3ccdee2ae00777d8745ed09f129ffca77c26?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0e5382d258c3e430c69c7fcf955c3ccdee2ae00777d8745ed09f129ffca77c26?s=96&d=mm&r=g\",\"caption\":\"Tatiana OK\"},\"url\":\"https:\/\/pocketoption.com\/blog\/vt\/author\/tatiana\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/","og_locale":"en_US","og_type":"article","og_title":"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng","og_url":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/","og_site_name":"Pocket Option blog","article_published_time":"2025-07-15T15:31:00+00:00","article_modified_time":"2025-07-15T15:31:37+00:00","og_image":[{"width":1840,"height":700,"url":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp","type":"image\/webp"}],"author":"Tatiana OK","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tatiana OK"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#article","isPartOf":{"@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/"},"author":{"name":"Tatiana OK","@id":"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/7021606f7d6abf56a4dfe12af297820d"},"headline":"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng","datePublished":"2025-07-15T15:31:00+00:00","dateModified":"2025-07-15T15:31:37+00:00","mainEntityOfPage":{"@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/"},"wordCount":30,"commentCount":0,"image":{"@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#primaryimage"},"thumbnailUrl":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp","keywords":["stock","strategy"],"articleSection":["Reviews"],"inLanguage":"vt-VT","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/","url":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/","name":"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng","isPartOf":{"@id":"https:\/\/pocketoption.com\/blog\/vt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#primaryimage"},"image":{"@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#primaryimage"},"thumbnailUrl":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp","datePublished":"2025-07-15T15:31:00+00:00","dateModified":"2025-07-15T15:31:37+00:00","author":{"@id":"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/7021606f7d6abf56a4dfe12af297820d"},"breadcrumb":{"@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#breadcrumb"},"inLanguage":"vt-VT","potentialAction":[{"@type":"ReadAction","target":["https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/"]}]},{"@type":"ImageObject","inLanguage":"vt-VT","@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#primaryimage","url":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp","contentUrl":"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742024838703-447103063-21.webp","width":1840,"height":700},{"@type":"BreadcrumbList","@id":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/epd-vs-et-stock\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/pocketoption.com\/blog\/vt\/"},{"@type":"ListItem","position":2,"name":"EPD so v\u1edbi ET Stock: Kh\u00e1m ph\u00e1 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng"}]},{"@type":"WebSite","@id":"https:\/\/pocketoption.com\/blog\/vt\/#website","url":"https:\/\/pocketoption.com\/blog\/vt\/","name":"Pocket Option blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/pocketoption.com\/blog\/vt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"vt-VT"},{"@type":"Person","@id":"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/7021606f7d6abf56a4dfe12af297820d","name":"Tatiana OK","image":{"@type":"ImageObject","inLanguage":"vt-VT","@id":"https:\/\/secure.gravatar.com\/avatar\/0e5382d258c3e430c69c7fcf955c3ccdee2ae00777d8745ed09f129ffca77c26?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/0e5382d258c3e430c69c7fcf955c3ccdee2ae00777d8745ed09f129ffca77c26?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0e5382d258c3e430c69c7fcf955c3ccdee2ae00777d8745ed09f129ffca77c26?s=96&d=mm&r=g","caption":"Tatiana OK"},"url":"https:\/\/pocketoption.com\/blog\/vt\/author\/tatiana\/"}]}},"po_author":null,"po__editor":null,"po_last_edited":null,"wpml_current_locale":"vt_VT","wpml_translations":{"pt_AA":{"locale":"pt_AA","id":306353,"slug":"epd-vs-et-stock","post_title":"EPD vs ET Stock: Desbloqueando Valor Oculto em Investimentos em Infraestrutura de Energia","href":"https:\/\/pocketoption.com\/blog\/pt\/interesting\/reviews\/epd-vs-et-stock\/"}},"_links":{"self":[{"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/posts\/306358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/comments?post=306358"}],"version-history":[{"count":0,"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/posts\/306358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/media\/249514"}],"wp:attachment":[{"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/media?parent=306358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/categories?post=306358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pocketoption.com\/blog\/vt\/wp-json\/wp\/v2\/tags?post=306358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}