{"id":307454,"date":"2025-07-15T21:16:41","date_gmt":"2025-07-15T21:16:41","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/best-stocks-to-invest-in-2\/"},"modified":"2025-07-15T21:16:41","modified_gmt":"2025-07-15T21:16:41","slug":"best-stocks-to-invest-in","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/best-stocks-to-invest-in\/","title":{"rendered":"C\u1ed5 Phi\u1ebfu T\u1ed1t Nh\u1ea5t \u0110\u1ec3 \u0110\u1ea7u T\u01b0 | H\u01b0\u1edbng D\u1eabn Pocket Option"},"content":{"rendered":"
<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":307420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[41,46,28,45,44],"class_list":["post-307454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reviews","tag-copy","tag-how","tag-investment","tag-stock","tag-strategy"],"acf":{"h1":"Pocket Option: C\u00e1c C\u1ed5 Phi\u1ebfu T\u1ed1t Nh\u1ea5t \u0110\u1ec3 \u0110\u1ea7u T\u01b0","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: C\u00e1c C\u1ed5 Phi\u1ebfu T\u1ed1t Nh\u1ea5t \u0110\u1ec3 \u0110\u1ea7u T\u01b0"},"description":"T\u00ecm hi\u1ec3u v\u1ec1 c\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u1edbi Pocket Option. H\u01b0\u1edbng d\u1eabn n\u00e0y cung c\u1ea5p c\u00e1c chi\u1ebfn l\u01b0\u1ee3c v\u00e0 m\u1eb9o \u0111\u1ec3 giao d\u1ecbch th\u00e0nh c\u00f4ng.","description_source":{"label":"Description","type":"textarea","formatted_value":"T\u00ecm hi\u1ec3u v\u1ec1 c\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u1edbi Pocket Option. H\u01b0\u1edbng d\u1eabn n\u00e0y cung c\u1ea5p c\u00e1c chi\u1ebfn l\u01b0\u1ee3c v\u00e0 m\u1eb9o \u0111\u1ec3 giao d\u1ecbch th\u00e0nh c\u00f4ng."},"intro":"Kh\u00e1m ph\u00e1 c\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng Brazil \u0111\u00f2i h\u1ecfi s\u1ef1 ph\u00e2n t\u00edch c\u1ea9n th\u1eadn v\u00e0 ki\u1ebfn th\u1ee9c chuy\u00ean m\u00f4n. Ch\u00fang t\u00f4i tr\u00ecnh b\u00e0y c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb, ph\u00e2n t\u00edch xu h\u01b0\u1edbng ng\u00e0nh v\u00e0 x\u00e2y d\u1ef1ng m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng nh\u1eb1m t\u1ed1i \u0111a h\u00f3a k\u1ebft qu\u1ea3 c\u1ee7a b\u1ea1n trong b\u1ed1i c\u1ea3nh kinh t\u1ebf hi\u1ec7n t\u1ea1i c\u1ee7a Brazil.","intro_source":{"label":"Intro","type":"text","formatted_value":"Kh\u00e1m ph\u00e1 c\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng Brazil \u0111\u00f2i h\u1ecfi s\u1ef1 ph\u00e2n t\u00edch c\u1ea9n th\u1eadn v\u00e0 ki\u1ebfn th\u1ee9c chuy\u00ean m\u00f4n. Ch\u00fang t\u00f4i tr\u00ecnh b\u00e0y c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb, ph\u00e2n t\u00edch xu h\u01b0\u1edbng ng\u00e0nh v\u00e0 x\u00e2y d\u1ef1ng m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng nh\u1eb1m t\u1ed1i \u0111a h\u00f3a k\u1ebft qu\u1ea3 c\u1ee7a b\u1ea1n trong b\u1ed1i c\u1ea3nh kinh t\u1ebf hi\u1ec7n t\u1ea1i c\u1ee7a Brazil."},"body_html":"
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Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil th\u1ec3 hi\u1ec7n m\u1ed9t s\u1ef1 ph\u1ee9c t\u1ea1p h\u1ea5p d\u1eabn v\u00e0o n\u0103m 2024 -- k\u1ebft h\u1ee3p c\u00e1c c\u01a1 h\u1ed9i h\u1ee9a h\u1eb9n trong c\u00e1c ng\u00e0nh m\u1edbi n\u1ed5i v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c \u0111\u1ed9c \u0111\u00e1o li\u00ean quan \u0111\u1ebfn l\u1ea1m ph\u00e1t dai d\u1eb3ng v\u00e0 bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i. Vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> \u0111\u00f2i h\u1ecfi nhi\u1ec1u h\u01a1n l\u00e0 ph\u00e2n t\u00edch b\u1ec1 m\u1eb7t: n\u00f3 \u0111\u00f2i h\u1ecfi s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc t\u1eeb ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng \u0111\u1ebfn c\u00e1c chu k\u1ef3 h\u00e0ng h\u00f3a th\u00fac \u0111\u1ea9y 23% GDP qu\u1ed1c gia. V\u1edbi Ibovespa dao \u0111\u1ed9ng t\u1eeb 120.000 \u0111\u1ebfn 135.000 \u0111i\u1ec3m trong s\u00e1u th\u00e1ng qua, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n \u00e1p d\u1ee5ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c tinh vi th\u00edch \u1ee9ng v\u1edbi m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf hi\u1ec7n t\u1ea1i.<\/p>\n\n<\/div>\n

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H\u1ec7 sinh th\u00e1i \u0111\u1ea7u t\u01b0 Brazil \u0111\u00e3 thay \u0111\u1ed5i ho\u00e0n to\u00e0n k\u1ec3 t\u1eeb n\u0103m 2020, v\u1edbi s\u1ed1 l\u01b0\u1ee3ng CPFs tr\u00ean B3 t\u0103ng t\u1eeb 700 ngh\u00ecn l\u00ean h\u01a1n 5 tri\u1ec7u. C\u00e1c n\u1ec1n t\u1ea3ng chuy\u00ean bi\u1ec7t nh\u01b0 Pocket Option \u0111\u00e3 c\u00e1ch m\u1ea1ng h\u00f3a vi\u1ec7c ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng th\u00f4ng qua c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch ti\u00ean ti\u1ebfn v\u00e0 gi\u1ea3m chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng. K\u1ecbch b\u1ea3n m\u1edbi n\u00e0y \u0111\u00e3 d\u00e2n ch\u1ee7 h\u00f3a vi\u1ec7c t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 mua h\u00f4m nay<\/b>, nh\u01b0ng c\u0169ng nh\u00e2n l\u00ean r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng chu\u1ea9n b\u1ecb k\u1ef9 l\u01b0\u1ee1ng, nh\u1eefng ng\u01b0\u1eddi b\u1ecf qua c\u00e1c \u0111\u1eb7c th\u00f9 c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil.<\/p>\n\n<\/div>\n

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To\u00e0n c\u1ea3nh hi\u1ec7n t\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil n\u0103m 2024<\/h2>\n<\/div>\n
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Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil th\u1ec3 hi\u1ec7n h\u00e0nh vi \u0111\u1eb7c bi\u1ec7t v\u00e0o n\u0103m 2024, ph\u1ea3n \u00e1nh c\u0103ng th\u1eb3ng gi\u1eefa s\u1ef1 ph\u1ee5c h\u1ed3i kinh t\u1ebf n\u1ed9i \u0111\u1ecba v\u00e0 \u00e1p l\u1ef1c to\u00e0n c\u1ea7u. \u0110\u1ec3 x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u1ec3 mua<\/b>, tr\u01b0\u1edbc ti\u00ean ch\u00fang ta c\u1ea7n \u0111\u1eb7t v\u00e0o b\u1ed1i c\u1ea3nh: trong khi Fed duy tr\u00ec l\u00e3i su\u1ea5t cao \u1edf M\u1ef9, Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Brazil b\u00e1o hi\u1ec7u m\u1ed9t chu k\u1ef3 linh ho\u1ea1t d\u1ea7n d\u1ea7n, v\u1edbi Selic hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 10,75%. K\u1ecbch b\u1ea3n n\u00e0y \u0111\u00e3 t\u1ea1o ra s\u1ef1 lu\u00e2n chuy\u1ec3n \u0111\u00e1ng k\u1ec3 trong c\u00e1c ng\u00e0nh tr\u00ean B3, v\u1edbi c\u00e1c c\u00f4ng ty xu\u1ea5t kh\u1ea9u v\u00e0 n\u0103ng l\u01b0\u1ee3ng m\u1edf r\u1ed9ng hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i h\u01a1n 18% so v\u1edbi c\u00e1c nh\u00e0 b\u00e1n l\u1ebb n\u1ed9i \u0111\u1ecba.<\/p>\n\n<\/div>\n

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Ibovespa, nhi\u1ec7t k\u1ebf ch\u00ednh c\u1ee7a s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n Brazil, dao \u0111\u1ed9ng t\u1eeb 125.000 \u0111\u1ebfn 131.000 \u0111i\u1ec3m trong qu\u00fd \u0111\u1ea7u ti\u00ean, \u0111\u01b0\u1ee3c duy tr\u00ec ch\u1ee7 y\u1ebfu b\u1edfi ba y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c:<\/p>\n\n<\/div>\n

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Y\u1ebfu t\u1ed1 kinh t\u1ebf<\/th>\nT\u00e1c \u0111\u1ed9ng \u0111\u1ecbnh l\u01b0\u1ee3ng l\u00ean th\u1ecb tr\u01b0\u1eddng<\/th>\nC\u00e1c ng\u00e0nh \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i (V\u00ed d\u1ee5)<\/th>\n<\/tr>\n<\/thead>\n
L\u00e3i su\u1ea5t (Selic 10,75%)<\/td>\nM\u1ed7i l\u1ea7n gi\u1ea3m 0,25% m\u1edf r\u1ed9ng b\u1ed9i s\u1ed1 t\u1eeb 2-3% trong c\u00e1c ng\u00e0nh chu k\u1ef3<\/td>\nTi\u00eau d\u00f9ng (Lojas Renner), X\u00e2y d\u1ef1ng (MRV), C\u00f4ng ngh\u1ec7 (Locaweb)<\/td>\n<\/tr>\n
L\u1ea1m ph\u00e1t (d\u1ef1 ki\u1ebfn 4,8%)<\/td>\nC\u00e1c c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ecbnh gi\u00e1 v\u01b0\u1ee3t qua l\u1ea1m ph\u00e1t t\u1eeb 1,5-2% trong bi\u00ean l\u1ee3i nhu\u1eadn<\/td>\nTi\u1ec7n \u00edch (Energisa), H\u00e0ng h\u00f3a (Vale, Suzano)<\/td>\n<\/tr>\n
T\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i (R$5,20-5,40\/USD)<\/td>\nM\u1ed7i l\u1ea7n m\u1ea5t gi\u00e1 5% c\u1ee7a \u0111\u1ed3ng real m\u1edf r\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn xu\u1ea5t kh\u1ea9u t\u1eeb 2-3%<\/td>\nNh\u00e0 xu\u1ea5t kh\u1ea9u (JBS, Marfrig), C\u00f4ng ty c\u00f3 doanh thu b\u1eb1ng \u0111\u00f4 la (Petrobras, WEG)<\/td>\n<\/tr>\n
T\u0103ng tr\u01b0\u1edfng GDP (d\u1ef1 ki\u1ebfn 2,2%)<\/td>\nM\u1edf r\u1ed9ng tr\u00ean 2% khu\u1ebfch \u0111\u1ea1i doanh thu b\u00e1n l\u1ebb t\u1eeb 3-4% theo gi\u00e1 tr\u1ecb th\u1ef1c<\/td>\nB\u00e1n l\u1ebb (Magazine Luiza), D\u1ecbch v\u1ee5 (CVC), T\u00e0i ch\u00ednh (Ita\u00fa, BTG Pactual)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh r\u1eb1ng, trong b\u1ed1i c\u1ea3nh Brazil hi\u1ec7n t\u1ea1i, c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> c\u1ea7n k\u1ebft h\u1ee3p ba \u0111\u1eb7c \u0111i\u1ec3m c\u01a1 b\u1ea3n: kh\u1ea3 n\u0103ng chuy\u1ec3n ti\u1ebfp l\u1ea1m ph\u00e1t, \u0111\u00f2n b\u1ea9y th\u1ea5p (N\u1ee3 r\u00f2ng\/EBITDA < 2,0x) v\u00e0 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng trong c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u1edbi s\u1ef1 gia t\u0103ng s\u1ed1 h\u00f3a v\u00e0 h\u1ee3p nh\u1ea5t ng\u00e0nh.<\/p>\n\n<\/div>\n

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Ti\u00eau ch\u00ed c\u1ea7n thi\u1ebft \u0111\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng cao c\u1ee7a Brazil<\/h2>\n<\/div>\n
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Tr\u01b0\u1edbc khi ph\u00e2n t\u00edch c\u00e1c khuy\u1ebfn ngh\u1ecb c\u1ee5 th\u1ec3 v\u1ec1 c\u1ed5 phi\u1ebfu n\u00e0o l\u00e0 t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b>, ch\u00fang ta c\u1ea7n thi\u1ebft l\u1eadp c\u00e1c b\u1ed9 l\u1ecdc \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 \u0111\u1ecbnh t\u00ednh ho\u1ea1t \u0111\u1ed9ng c\u1ee5 th\u1ec3 trong b\u1ed1i c\u1ea3nh Brazil -- n\u01a1i m\u00e0 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed v\u01b0\u1ee3t qu\u00e1 c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n 40%.<\/p>\n\n<\/div>\n

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X\u00e1c \u0111\u1ecbnh c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n cho th\u1ecb tr\u01b0\u1eddng Brazil<\/h3>\n<\/div>\n
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Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n l\u00e0 x\u01b0\u01a1ng s\u1ed1ng cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 nh\u1ea5t qu\u00e1n tr\u00ean B3. \u0110\u00e2y l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 ch\u00ednh \u0111\u00e3 t\u00e1ch bi\u1ec7t ng\u01b0\u1eddi chi\u1ebfn th\u1eafng kh\u1ecfi ng\u01b0\u1eddi thua cu\u1ed9c trong ba chu k\u1ef3 kinh t\u1ebf Brazil g\u1ea7n \u0111\u00e2y:<\/p>\n\n<\/div>\n

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  • P\/E (Gi\u00e1\/L\u1ee3i nhu\u1eadn): L\u00fd t\u01b0\u1edfng t\u1eeb 8-10 cho ng\u00e2n h\u00e0ng (Ita\u00fa, Bradesco), 10-14 cho ti\u1ec7n \u00edch (Energisa, Equatorial), 14-18 cho b\u00e1n l\u1ebb cao c\u1ea5p (Renner, Arezzo)<\/li>\n \t
  • ROE (L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu): T\u1ed1i thi\u1ec3u 18% cho fintechs (Stone, PagSeguro), 15% cho ti\u00eau d\u00f9ng (Ambev, Natura) v\u00e0 12% cho c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng (CCR, Ecorodovias)<\/li>\n \t
  • T\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c: T\u1eeb 5-7% cho \u0111i\u1ec7n v\u00e0 v\u1ec7 sinh (TAESA, Sabesp), 4-6% cho ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng (Santander Brasil, Banco do Brasil)<\/li>\n \t
  • N\u1ee3 r\u00f2ng\/EBITDA: T\u1ed1i \u0111a 2,0x cho chu k\u1ef3 (Vale, CSN), 2,5x cho c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng (Energias do Brasil, Rumo) v\u00e0 3,0x cho ti\u1ec7n \u00edch \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft (Copel, Cemig)<\/li>\n \t
  • Bi\u00ean EBITDA: T\u1ed1i thi\u1ec3u 25% cho ph\u1ea7n m\u1ec1m (TOTVS, Sinqia), 20% cho y t\u1ebf (Fleury, Dasa) v\u00e0 18% cho h\u00e0ng h\u00f3a v\u1ed1n (WEG, Tupy)<\/li>\n<\/ul>\n<\/div>\n
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    Ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option cho th\u1ea5y r\u1eb1ng c\u00e1c c\u00f4ng ty Brazil k\u1ebft h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u1edbi qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p v\u01b0\u1ee3t tr\u1ed9i (Novo Mercado, 100% tag along) \u0111\u00e3 t\u1ea1o ra alpha 4,2% h\u00e0ng n\u0103m tr\u00ean Ibovespa trong n\u0103m n\u0103m qua, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c giai \u0111o\u1ea1n b\u1ea5t \u1ed5n kinh t\u1ebf v\u0129 m\u00f4.<\/p>\n\n<\/div>\n

    \n
    \n\n\n\n\n\n\n\n\n\n
    Ng\u00e0nh<\/th>\nP\/E l\u00fd t\u01b0\u1edfng \u1edf Brazil<\/th>\nROE t\u1ed1i thi\u1ec3u c\u00f3 th\u1ec3 b\u1ea3o v\u1ec7<\/th>\nT\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c c\u1ea1nh tranh<\/th>\n<\/tr>\n<\/thead>\n
    Ng\u00e2n h\u00e0ng (Ita\u00fa, Bradesco, BTG)<\/td>\n7-10 (so v\u1edbi 10-14 to\u00e0n c\u1ea7u)<\/td>\n>16% (so v\u1edbi >12% to\u00e0n c\u1ea7u)<\/td>\n5-8% (h\u1ee3p ch\u1ea5t)<\/td>\n<\/tr>\n
    Ti\u1ec7n \u00edch (Equatorial, Energisa, Taesa)<\/td>\n9-12 (so v\u1edbi 12-16 to\u00e0n c\u1ea7u)<\/td>\n12-16% (\u0111i\u1ec1u ti\u1ebft)<\/td>\n6-9% (nh\u1ea5t qu\u00e1n)<\/td>\n<\/tr>\n
    B\u00e1n l\u1ebb (Renner, Arezzo, Magazine Luiza)<\/td>\n14-20 (t\u0103ng tr\u01b0\u1edfng)<\/td>\n18-25% (ROIC >18%)<\/td>\n2-4% (t\u00e1i \u0111\u1ea7u t\u01b0)<\/td>\n<\/tr>\n
    C\u00f4ng ngh\u1ec7 (TOTVS, Locaweb, M\u00e9liuz)<\/td>\n18-30 (so v\u1edbi 25-40 to\u00e0n c\u1ea7u)<\/td>\n20-30% (bi\u00ean m\u1edf r\u1ed9ng)<\/td>\n0-2% (t\u0103ng tr\u01b0\u1edfng nhanh)<\/td>\n<\/tr>\n
    H\u00e0ng h\u00f3a (Vale, Suzano, CSN)<\/td>\n5-8 (chu k\u1ef3)<\/td>\n10-16% (trung h\u1ea1n)<\/td>\n4-10% (bi\u1ebfn \u0111\u1ed5i trong chu k\u1ef3)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
    \n

    Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt th\u00edch \u1ee9ng v\u1edbi th\u1ecb tr\u01b0\u1eddng Brazil<\/h3>\n<\/div>\n
    \n

    M\u1eb7c d\u00f9 c\u01a1 s\u1edf l\u00e0 c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft quan tr\u1ecdng cho th\u1eddi \u0111i\u1ec3m trong th\u1ecb tr\u01b0\u1eddng Brazil bi\u1ebfn \u0111\u1ed9ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> n\u00ean t\u00edch h\u1ee3p c\u00e1c kh\u00eda c\u1ea1nh k\u1ef9 thu\u1eadt n\u00e0y \u0111\u1ed9c \u0111\u00e1o v\u1edbi b\u1ed1i c\u1ea3nh qu\u1ed1c gia:<\/p>\n\n<\/div>\n

    \n
      \n \t
    • \u0110\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng (c\u1ee5 th\u1ec3 l\u00e0 21, 50 v\u00e0 200 k\u1ef3) th\u00edch \u1ee9ng v\u1edbi gi\u1edd giao d\u1ecbch c\u1ee7a Brazil (10:00-17:55), \u0111\u1eb7c bi\u1ec7t ch\u00fa \u00fd \u0111\u1ebfn 30 ph\u00fat \u0111\u1ea7u ti\u00ean v\u00e0 60 ph\u00fat cu\u1ed1i c\u00f9ng c\u1ee7a phi\u00ean giao d\u1ecbch khi 42% c\u00e1c chuy\u1ec3n \u0111\u1ed9ng \u0111\u1ecbnh h\u01b0\u1edbng x\u1ea3y ra<\/li>\n \t
    • C\u00e1c h\u00ecnh n\u1ebfn c\u1ed5 \u0111i\u1ec3n c\u1ee7a Brazil nh\u01b0 \"B\u00faa ng\u01b0\u1ee3c sau IBGE\" v\u00e0 \"Nh\u1ea5n ch\u00ecm gi\u1ea3m gi\u00e1 sau Copom\", c\u00e1c m\u1eabu h\u00ecnh l\u1eb7p l\u1ea1i sau c\u00e1c c\u00f4ng b\u1ed1 kinh t\u1ebf \u0111\u1ecba ph\u01b0\u01a1ng<\/li>\n \t
    • C\u00e1c ch\u1ec9 b\u00e1o \u0111\u1ed9ng l\u01b0\u1ee3ng nh\u01b0 MACD (12,26,9) v\u00e0 RSI (14) \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh cho c\u00e1c m\u1ee9c qu\u00e1 mua\/qu\u00e1 b\u00e1n c\u1ee5 th\u1ec3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil (RSI d\u01b0\u1edbi 35 v\u00e0 tr\u00ean 70 c\u00f3 \u00fd ngh\u0129a h\u01a1n so v\u1edbi 30\/70 truy\u1ec1n th\u1ed1ng)<\/li>\n \t
    • Kh\u1ed1i l\u01b0\u1ee3ng b\u1ea5t th\u01b0\u1eddng v\u01b0\u1ee3t qu\u00e1 2,5 l\u1ea7n trung b\u00ecnh h\u00e0ng ng\u00e0y, \u0111\u1eb7c bi\u1ec7t l\u00e0 \u1edf c\u00e1c c\u00f4ng ty IBrX-50, th\u01b0\u1eddng b\u00e1o hi\u1ec7u c\u00e1c chuy\u1ec3n \u0111\u1ed9ng t\u1ed5 ch\u1ee9c d\u1ef1 \u0111o\u00e1n thay \u0111\u1ed5i c\u01a1 b\u1ea3n<\/li>\n<\/ul>\n<\/div>\n
      \n

      N\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n t\u00edch h\u1ee3p c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 n\u00e0y c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil, cho ph\u00e9p x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> v\u1edbi t\u1ef7 l\u1ec7 r\u1ee7i ro-l\u1ee3i nhu\u1eadn t\u1ed1t nh\u1ea5t \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh cho s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed c\u1ee7a B3.<\/p>\n\n<\/div>\n

      \n

      C\u00e1c ng\u00e0nh c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 l\u1edbn nh\u1ea5t \u1edf Brazil cho giai \u0111o\u1ea1n 2024-2025<\/h2>\n<\/div>\n
      \n

      Vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> \u0111\u00f2i h\u1ecfi s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc v\u1ec1 c\u00e1c ng\u00e0nh c\u00f3 l\u1ee3i th\u1ebf c\u1ea5u tr\u00fac trong b\u1ed1i c\u1ea3nh Brazil. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, Brazil th\u1ec3 hi\u1ec7n s\u1ef1 b\u1ea5t \u0111\u1ed1i x\u1ee9ng ng\u00e0nh r\u00f5 r\u1ec7t do s\u1ef1 k\u1ebft h\u1ee3p \u0111\u1ed9c \u0111\u00e1o c\u1ee7a t\u00e0i nguy\u00ean thi\u00ean nhi\u00ean phong ph\u00fa, c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng \u0111ang ph\u00e1t tri\u1ec3n v\u00e0 chuy\u1ec3n \u0111\u1ed5i nh\u00e2n kh\u1ea9u h\u1ecdc nhanh ch\u00f3ng.<\/p>\n\n<\/div>\n

      \n

      Theo ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option, c\u00e1c ng\u00e0nh n\u00e0y c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 l\u1edbn nh\u1ea5t trong 12-18 th\u00e1ng t\u1edbi:<\/p>\n\n<\/div>\n

      \n
      \n\n\n\n\n\n\n\n\n\n
      Ng\u00e0nh<\/th>\nTi\u1ec1m n\u0103ng \u0111o l\u01b0\u1eddng<\/th>\nCh\u1ea5t x\u00fac t\u00e1c c\u1ee5 th\u1ec3 (2024-2025)<\/th>\nC\u00f4ng ty \u0111\u1ea1i di\u1ec7n<\/th>\n<\/tr>\n<\/thead>\n
      N\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o<\/td>\nCao (+22-28%)<\/td>\n\u0110\u1ea5u gi\u00e1 truy\u1ec1n t\u1ea3i, khung ph\u00e1p l\u00fd hydro xanh, \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i 8,5 t\u1ef7 euro \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1<\/td>\nAlupar, Engie Brasil, Omega Gera\u00e7\u00e3o<\/td>\n<\/tr>\n
      C\u00f4ng ngh\u1ec7\/Fintechs<\/td>\nCao (+25-35%)<\/td>\nGiai \u0111o\u1ea1n 4-5 c\u1ee7a Open Finance, Pix theo l\u1ecbch tr\u00ecnh cho c\u00e1c c\u00f4ng ty, h\u1ee3p nh\u1ea5t ng\u00e0nh v\u1edbi 12 M&A d\u1ef1 ki\u1ebfn<\/td>\nStone, PagSeguro, TOTVS, Locaweb<\/td>\n<\/tr>\n
      N\u00f4ng nghi\u1ec7p<\/td>\nTrung b\u00ecnh-cao (+18-24%)<\/td>\nPh\u1ee5c h\u1ed3i nhu c\u1ea7u Trung Qu\u1ed1c, bi\u00ean l\u1ee3i nhu\u1eadn n\u00f4ng nghi\u1ec7p \u1ed5n \u0111\u1ecbnh, \u0111\u1ed5i m\u1edbi trong sinh h\u1ecdc<\/td>\nS\u00e3o Martinho, SLC Agr\u00edcola, JBS<\/td>\n<\/tr>\n
      S\u1ee9c kh\u1ecfe v\u00e0 S\u1ee9c kh\u1ecfe<\/td>\nTrung b\u00ecnh-cao (+16-22%)<\/td>\nT\u0103ng tr\u01b0\u1edfng c\u1ee7a t\u1ea7ng l\u1edbp trung l\u01b0u y t\u1ebf, m\u1edf r\u1ed9ng c\u00e1c k\u1ebf ho\u1ea1ch khu v\u1ef1c, y h\u1ecdc ph\u00f2ng ng\u1eeba<\/td>\nFleury, Rede D'Or, Hapvida<\/td>\n<\/tr>\n
      C\u01a1 s\u1edf h\u1ea1 t\u1ea7ng<\/td>\nTrung b\u00ecnh (+14-19%)<\/td>\nPAC m\u1edbi v\u1edbi 42 t\u1ef7 R$ trong c\u00e1c cu\u1ed9c \u0111\u1ea5u th\u1ea7u d\u1ef1 ki\u1ebfn, khung v\u1ec7 sinh, nh\u01b0\u1ee3ng quy\u1ec1n s\u00e2n bay<\/td>\nCCR, Ecorodovias, Sabesp<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
      \n

      Trong c\u00e1c ng\u00e0nh n\u00e0y, c\u00f3 nh\u1eefng c\u00f4ng ty n\u1ed5i b\u1eadt v\u1edbi s\u1ef1 k\u1ebft h\u1ee3p hi\u1ebfm c\u00f3 c\u1ee7a s\u1ef1 v\u1eefng ch\u1eafc t\u00e0i ch\u00ednh (N\u1ee3 r\u00f2ng\/EBITDA < 2,0x), kh\u1ea3 n\u0103ng \u0111\u1ed5i m\u1edbi (R&D > 3% doanh thu) v\u00e0 v\u1ecb tr\u00ed c\u1ea1nh tranh c\u00f3 th\u1ec3 b\u1ea3o v\u1ec7. Ti\u1ebfp theo, ch\u00fang ta s\u1ebd ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u1ec3 mua<\/b> trong t\u1eebng ph\u00e2n kh\u00fac, xem x\u00e9t c\u00e1c \u0111\u1eb7c th\u00f9 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil.<\/p>\n\n<\/div>\n

      \n

      C\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 theo h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil<\/h2>\n<\/div>\n
      \n

      C\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 theo h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0, m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee7a h\u1ecd v\u00e0 kh\u1ea3 n\u0103ng h\u1ea5p th\u1ee5 bi\u1ebfn \u0111\u1ed9ng. Th\u1ecb tr\u01b0\u1eddng Brazil, v\u1edbi beta cao so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, l\u00e0m t\u0103ng t\u1ea7m quan tr\u1ecdng c\u1ee7a s\u1ef1 ph\u00e2n kh\u00fac n\u00e0y. Ch\u00fang t\u00f4i ph\u00e2n t\u00edch c\u00e1c khuy\u1ebfn ngh\u1ecb c\u1ee5 th\u1ec3 theo h\u1ed3 s\u01a1:<\/p>\n\n<\/div>\n

      \n

      \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ea3o th\u1ee7: c\u1ed5 t\u1ee9c nh\u1ea5t qu\u00e1n v\u00e0 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i trong kh\u1ee7ng ho\u1ea3ng<\/h3>\n<\/div>\n
      \n

      C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ed3 s\u01a1 b\u1ea3o th\u1ee7 trong b\u1ed1i c\u1ea3nh Brazil n\u00ean \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty \u0111\u00e3 ch\u1ee9ng minh kh\u1ea3 n\u0103ng duy tr\u00ec ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c ngay c\u1ea3 trong c\u00e1c c\u00fa s\u1ed1c kinh t\u1ebf \u0111\u00e1ng k\u1ec3 nh\u01b0 2015-2016 v\u00e0 2020. Nh\u1eefng c\u00f4ng ty sau \u0111\u00e2y n\u1ed5i b\u1eadt:<\/p>\n\n<\/div>\n

      \n
      \n\n\n\n\n\n\n\n
      Ph\u00e2n kh\u00fac<\/th>\n\u0110\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt \u1edf Brazil<\/th>\nV\u00ed d\u1ee5 c\u1ee5 th\u1ec3<\/th>\n<\/tr>\n<\/thead>\n
      Ti\u1ec7n \u00edch (n\u0103ng l\u01b0\u1ee3ng, v\u1ec7 sinh)<\/td>\nH\u1ee3p \u0111\u1ed3ng l\u1ea1m ph\u00e1t, nhu c\u1ea7u kh\u00f4ng co gi\u00e3n ngay c\u1ea3 trong suy tho\u00e1i, ROE \u0111i\u1ec1u ti\u1ebft 12-16%<\/td>\nTAESA (TAEE11) - DY 8,5%, Copel (CPLE6) - DY 7,2%, Sabesp (SBSP3) - DY 5,8%<\/td>\n<\/tr>\n
      Ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng<\/td>\nD\u1ef1 ph\u00f2ng b\u1ea3o th\u1ee7, ki\u1ec3m tra c\u0103ng th\u1eb3ng nghi\u00eam ng\u1eb7t, c\u00f4ng ngh\u1ec7 ph\u00f2ng th\u1ee7<\/td>\nIta\u00fa (ITUB4) - DY 5,2%, Banco do Brasil (BBAS3) - DY 6,8%, Santander (SANB11) - DY 5,4%<\/td>\n<\/tr>\n
      Vi\u1ec5n th\u00f4ng<\/td>\nC\u01a1 s\u1edf h\u1ea1 t\u1ea7ng \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp, h\u1ee3p \u0111\u1ed3ng B2B d\u00e0i h\u1ea1n, h\u1ee3p nh\u1ea5t ng\u00e0nh<\/td>\nTelef\u00f4nica (VIVT3) - DY 6,1%, Tim (TIMS3) - DY 3,8%, Algar (ALGR3) - DY 3,5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
      \n

      \u0110\u1ed1i v\u1edbi h\u1ed3 s\u01a1 n\u00e0y, n\u00ean t\u1eadp trung v\u00e0o c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed ho\u1ea1t \u0111\u1ed9ng tr\u00ean 12 n\u0103m, \u0111\u00e3 tr\u1ea3i qua \u00edt nh\u1ea5t hai chu k\u1ef3 kinh t\u1ebf ho\u00e0n ch\u1ec9nh, v\u1edbi n\u1ee3 r\u00f2ng d\u01b0\u1edbi 2,0x EBITDA v\u00e0 ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c ch\u00ednh th\u1ee9c h\u00f3a (payout > 50%). C\u00e1c chuy\u00ean gia c\u1ee7a Pocket Option khuy\u1ebfn ngh\u1ecb m\u1ed9t th\u00e0nh ph\u1ea7n danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi 40% trong ti\u1ec7n \u00edch, 30% trong ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng, 15% trong vi\u1ec5n th\u00f4ng v\u00e0 15% trong c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng nh\u01b0\u1ee3ng quy\u1ec1n v\u1edbi h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n.<\/p>\n\n<\/div>\n

      \n

      \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eeba ph\u1ea3i: t\u0103ng tr\u01b0\u1edfng v\u1edbi n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc<\/h3>\n<\/div>\n
      \n

      C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ed3 s\u01a1 v\u1eeba ph\u1ea3i t\u00ecm ki\u1ebfm c\u00e1c c\u00f4ng ty k\u1ebft h\u1ee3p t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng v\u1edbi s\u1ef1 v\u1eefng ch\u1eafc t\u00e0i ch\u00ednh. C\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 mua h\u00f4m nay<\/b> cho h\u1ed3 s\u01a1 n\u00e0y trong b\u1ed1i c\u1ea3nh Brazil bao g\u1ed3m:<\/p>\n\n<\/div>\n

      \n
        \n \t
      • C\u00e1c c\u00f4ng ty trong ph\u00e2n kh\u00fac ti\u00eau d\u00f9ng kh\u00f4ng chu k\u1ef3 v\u1edbi m\u1edf r\u1ed9ng qu\u1ed1c t\u1ebf, nh\u01b0 Ambev (ABEV3) t\u0103ng tr\u01b0\u1edfng 15% m\u1ed7i n\u0103m \u1edf Trung M\u1ef9, WEG (WEGE3) v\u1edbi 44% doanh thu t\u1eeb n\u01b0\u1edbc ngo\u00e0i, v\u00e0 JBS (JBSS3) v\u1edbi ho\u1ea1t \u0111\u1ed9ng \u0111a d\u1ea1ng tr\u00ean b\u1ed1n ch\u00e2u l\u1ee5c<\/li>\n \t
      • C\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u1edbi s\u1ed1 h\u00f3a ti\u00ean ti\u1ebfn, nh\u01b0 BTG Pactual (BPAC11) c\u00f3 n\u1ec1n t\u1ea3ng k\u1ef9 thu\u1eadt s\u1ed1 t\u0103ng tr\u01b0\u1edfng 48% p.a., XP Inc (XPBR31) v\u1edbi AUM m\u1edf r\u1ed9ng \u1edf m\u1ee9c 23% p.a., v\u00e0 Banco Inter (BIDI11) v\u1edbi h\u01a1n 25 tri\u1ec7u kh\u00e1ch h\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1<\/li>\n \t
      • N\u00f4ng nghi\u1ec7p v\u1edbi s\u1ef1 kh\u00e1c bi\u1ec7t c\u1ea1nh tranh, nh\u01b0 S\u00e3o Martinho (SMTO3) v\u1edbi chi ph\u00ed th\u1ea5p h\u01a1n 18% so v\u1edbi trung b\u00ecnh ng\u00e0nh, SLC Agr\u00edcola (SLCE3) v\u1edbi n\u0103ng su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i 22%, v\u00e0 Kepler Weber (KEPL3) v\u1edbi gi\u1ea3i ph\u00e1p c\u00f4ng ngh\u1ec7 cho l\u01b0u tr\u1eef<\/li>\n \t
      • C\u00e1c c\u00f4ng ty c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng v\u1edbi h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n, nh\u01b0 CCR (CCRO3) v\u1edbi nh\u01b0\u1ee3ng quy\u1ec1n \u0111\u1ebfn n\u0103m 2040, Rumo (RAIL3) v\u1edbi m\u1ea1ng l\u01b0\u1edbi \u0111\u01b0\u1eddng s\u1eaft chi\u1ebfn l\u01b0\u1ee3c, v\u00e0 Santos Brasil (STBP3) v\u1edbi c\u00e1c c\u1ea3ng bi\u1ec3n \u1edf v\u1ecb tr\u00ed th\u1ed1ng tr\u1ecb<\/li>\n<\/ul>\n<\/div>\n
        \n

        Chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option khuy\u1ebfn ngh\u1ecb cho h\u1ed3 s\u01a1 n\u00e0y bao g\u1ed3m t\u00ecm ki\u1ebfm c\u00e1c c\u00f4ng ty c\u00f3 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m h\u1ee3p ch\u1ea5t t\u1eeb 12-18% (so v\u1edbi trung b\u00ecnh Brazil 7-9%), b\u1ed9i s\u1ed1 h\u1ee3p l\u00fd (P\/E 10-16) v\u00e0 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p theo ti\u00eau chu\u1ea9n Novo Mercado. Th\u00e0nh ph\u1ea7n \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t l\u00e0 35% trong ti\u00eau d\u00f9ng\/b\u00e1n l\u1ebb cao c\u1ea5p, 25% trong t\u00e0i ch\u00ednh \u0111\u1ed5i m\u1edbi, 20% trong n\u00f4ng nghi\u1ec7p c\u00f4ng ngh\u1ec7 v\u00e0 20% trong c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng chi\u1ebfn l\u01b0\u1ee3c.<\/p>\n\n<\/div>\n

        \n

        \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00edch c\u1ef1c: \u0111\u1ed5i m\u1edbi \u0111\u1ed9t ph\u00e1 v\u00e0 m\u1edf r\u1ed9ng cao<\/h3>\n<\/div>\n
        \n

        C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro cao t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu n\u00e0o l\u00e0 t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> v\u1edbi ti\u1ec1m n\u0103ng nh\u00e2n l\u00ean \u0111\u00e1ng k\u1ec3 c\u00f3 th\u1ec3 xem x\u00e9t:<\/p>\n\n<\/div>\n

        \n
        \n\n\n\n\n\n\n\n\n
        Ph\u00e2n kh\u00fac<\/th>\nL\u1ee3i th\u1ebf c\u1ea1nh tranh \u0111\u1ed9t ph\u00e1<\/th>\nC\u00f4ng ty \u0111\u1ea1i di\u1ec7n c\u1ee7a Brazil<\/th>\n<\/tr>\n<\/thead>\n
        Fintechs v\u00e0 ng\u00e2n h\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1<\/td>\nC\u1ea5u tr\u00fac chi ph\u00ed th\u1ea5p h\u01a1n 70-85% so v\u1edbi ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng, chi ph\u00ed thu h\u00fat kh\u00e1ch h\u00e0ng b\u1eb1ng 1\/6<\/td>\nStone (STNE), PagSeguro (PAGS), Banco Inter (BIDI11), XP Inc (XPBR31)<\/td>\n<\/tr>\n
        C\u00f4ng ngh\u1ec7 v\u00e0 SaaS<\/td>\nDoanh thu \u0111\u1ecbnh k\u1ef3 (>70%), kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng l\u1ee5c \u0111\u1ecba, bi\u00ean l\u1ee3i nhu\u1eadn t\u0103ng th\u00eam >80%<\/td>\nTOTVS (TOTS3), Locaweb (LWSA3), M\u00e9liuz (CASH3), Sinqia (SQIA3)<\/td>\n<\/tr>\n
        Healthtechs<\/td>\nN\u1ec1n t\u1ea3ng y t\u1ebf k\u1ef9 thu\u1eadt s\u1ed1, y h\u1ecdc t\u1eeb xa, ch\u1ea9n \u0111o\u00e1n ti\u00ean ti\u1ebfn, gi\u1ea3m chi ph\u00ed >40%<\/td>\nFleury (FLRY3), Dasa (DASA3), Hapvida (HAPV3), Mater Dei (MATD3)<\/td>\n<\/tr>\n
        N\u0103ng l\u01b0\u1ee3ng s\u1ea1ch<\/td>\nM\u1edf r\u1ed9ng trong n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, LCOE c\u1ea1nh tranh, t\u0103ng tr\u01b0\u1edfng c\u00f4ng su\u1ea5t >25% p.a.<\/td>\nOmega Gera\u00e7\u00e3o (OMGE3), Engie Brasil (EGIE3), AES Brasil (AESB3), Neoenergia (NEOE3)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
        \n

        \u0110\u1ed1i v\u1edbi h\u1ed3 s\u01a1 n\u00e0y, Pocket Option khuy\u1ebfn ngh\u1ecb m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf \u0111\u1ed9t ph\u00e1 c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c (gi\u1ea3m chi ph\u00ed >40%, t\u0103ng n\u0103ng su\u1ea5t >50%), t\u0103ng tr\u01b0\u1edfng doanh thu tr\u00ean 25% m\u1ed7i n\u0103m, v\u00e0 v\u1ecb tr\u00ed \u0111\u1ec3 n\u1eafm b\u1eaft c\u00e1c xu h\u01b0\u1edbng th\u1ebf t\u1ee5c. Danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t bao g\u1ed3m 30% trong fintechs, 30% trong c\u00f4ng ngh\u1ec7 SaaS c\u1ee7a Brazil, 20% trong healthtechs v\u00e0 20% trong n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o v\u00e0 chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng.<\/p>\n\n<\/div>\n

        \n

        Chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c ti\u1ec5n \u0111\u1ec3 gi\u00e1m s\u00e1t v\u00e0 \u0111i\u1ec1u ch\u1ec9nh danh m\u1ee5c \u0111\u1ea7u t\u01b0 Brazil c\u1ee7a b\u1ea1n<\/h2>\n<\/div>\n
        \n

        Vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> ch\u1ec9 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 kh\u1edfi \u0111\u1ea7u c\u1ee7a h\u00e0nh tr\u00ecnh. Trong th\u1ecb tr\u01b0\u1eddng Brazil bi\u1ebfn \u0111\u1ed9ng, gi\u00e1m s\u00e1t c\u00f3 h\u1ec7 th\u1ed1ng v\u00e0 \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn thu\u1eadt l\u00e0 y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh cho th\u00e0nh c\u00f4ng. Ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh hi\u1ec7u qu\u1ea3:<\/p>\n\n<\/div>\n

        \n

        C\u00e2n b\u1eb1ng \u0111\u1ecbnh k\u1ef3 \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh cho th\u1ecb tr\u01b0\u1eddng Brazil<\/h3>\n<\/div>\n
        \n

        K\u1ef7 lu\u1eadt c\u00e2n b\u1eb1ng ph\u1ea3i \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh cho c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil, n\u01a1i c\u00f3 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1edbn h\u01a1n v\u00e0 c\u00e1c chuy\u1ec3n \u0111\u1ed9ng ng\u00e0nh r\u00f5 r\u1ec7t. Thi\u1ebft l\u1eadp l\u1ecbch tr\u00ecnh n\u00e0y \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a k\u1ebft qu\u1ea3 khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 mua h\u00f4m nay<\/b>:<\/p>\n\n<\/div>\n

        \n
          \n \t
        • Gi\u00e1m s\u00e1t h\u00e0ng tu\u1ea7n: theo d\u00f5i tin t\u1ee9c doanh nghi\u1ec7p li\u00ean quan, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c quy\u1ebft \u0111\u1ecbnh quy \u0111\u1ecbnh (ANEEL, ANS, ANATEL) \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c ng\u00e0nh \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft<\/li>\n \t
        • \u0110\u00e1nh gi\u00e1 h\u00e0ng th\u00e1ng: ph\u00e2n t\u00edch d\u1eef li\u1ec7u ho\u1ea1t \u0111\u1ed9ng h\u00e0ng th\u00e1ng (s\u1ea3n xu\u1ea5t, b\u00e1n h\u00e0ng) v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 h\u00e0ng \u0111\u1ea7u (ni\u1ec1m tin ti\u00eau d\u00f9ng, PMI c\u00f4ng nghi\u1ec7p)<\/li>\n \t
        • \u0110\u00e1nh gi\u00e1 h\u00e0ng qu\u00fd: ph\u00e2n t\u00edch chi ti\u1ebft c\u00e1c b\u1ea3ng c\u00e2n \u0111\u1ed1i h\u00e0ng qu\u00fd, \u0111\u1eb7c bi\u1ec7t ch\u00fa \u00fd \u0111\u1ebfn c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u00e0 \u0111\u1ed9ng l\u1ef1c bi\u00ean l\u1ee3i nhu\u1eadn<\/li>\n \t
        • T\u00e1i ph\u00e2n b\u1ed5 n\u1eeda n\u0103m: \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c cho c\u00e1c \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf v\u0129 m\u00f4 m\u1edbi, \u0111\u1eb7c bi\u1ec7t sau c\u00e1c cu\u1ed9c h\u1ecdp c\u1ee7a Copom b\u00e1o hi\u1ec7u thay \u0111\u1ed5i trong chu k\u1ef3 ti\u1ec1n t\u1ec7<\/li>\n<\/ul>\n<\/div>\n
          \n

          C\u00e1c chuy\u00ean gia c\u1ee7a Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t h\u1ec7 th\u1ed1ng gi\u00e1m s\u00e1t \u0111\u1ed9c quy\u1ec1n thi\u1ebft l\u1eadp c\u00e1c quy t\u1eafc kh\u00e1ch quan cho vi\u1ec7c c\u00e2n b\u1eb1ng: gi\u1ea3m c\u00e1c v\u1ecb tr\u00ed v\u01b0\u1ee3t qu\u00e1 12% c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0, t\u0103ng c\u00e1c v\u1ecb tr\u00ed \u0111\u00e3 gi\u1ea3m h\u01a1n 15% m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 suy gi\u1ea3m c\u01a1 b\u1ea3n, v\u00e0 th\u1ef1c hi\u1ec7n m\u1ed9t ph\u1ea7n l\u1ee3i nhu\u1eadn trong c\u00e1c v\u1ecb tr\u00ed \u0111\u00e3 t\u0103ng h\u01a1n 40% trong ch\u01b0a \u0111\u1ea7y 12 th\u00e1ng.<\/p>\n\n<\/div>\n

          \n
          \n\n\n\n\n\n\n\n\n
          K\u00edch ho\u1ea1t th\u1ecb tr\u01b0\u1eddng Brazil<\/th>\nH\u00e0nh \u0111\u1ed9ng chi\u1ebfn thu\u1eadt \u0111\u01b0\u1ee3c khuy\u1ebfn ngh\u1ecb<\/th>\nL\u00fd do chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<\/tr>\n<\/thead>\n
          T\u0103ng gi\u00e1 tr\u00ean 40% trong 6 th\u00e1ng<\/td>\nTh\u1ef1c hi\u1ec7n 25-30% v\u1ecb tr\u00ed, duy tr\u00ec ph\u1ea7n c\u00f2n l\u1ea1i<\/td>\nC\u00e1c nghi\u00ean c\u1ee9u c\u1ee7a B3 cho th\u1ea5y r\u1eb1ng c\u00e1c c\u1ed5 phi\u1ebfu Brazil t\u0103ng gi\u00e1 >40% trong m\u1ed9t h\u1ecdc k\u1ef3 c\u00f3 xu h\u01b0\u1edbng h\u1ee3p nh\u1ea5t trong 2-3 th\u00e1ng tr\u01b0\u1edbc khi c\u00f3 c\u00e1c chuy\u1ec3n \u0111\u1ed9ng m\u1edbi<\/td>\n<\/tr>\n
          Gi\u1ea3m tr\u00ean 20% v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n \u0111\u01b0\u1ee3c b\u1ea3o t\u1ed3n<\/td>\nT\u0103ng v\u1ecb tr\u00ed l\u00ean 30% gi\u00e1 tr\u1ecb ban \u0111\u1ea7u<\/td>\nTh\u1ed1ng k\u00ea, 72% c\u00e1c l\u1ea7n gi\u1ea3m ri\u00eang l\u1ebb tr\u00ean 20% m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 suy gi\u1ea3m c\u01a1 b\u1ea3n \u0111\u00e3 d\u1eabn \u0111\u1ebfn s\u1ef1 ph\u1ee5c h\u1ed3i ho\u00e0n to\u00e0n trong v\u00f2ng 8 th\u00e1ng<\/td>\n<\/tr>\n
          K\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd th\u1ea5p h\u01a1n 15% so v\u1edbi d\u1ef1 ki\u1ebfn<\/td>\n\u0110\u00e1nh gi\u00e1 l\u1ea1i lu\u1eadn \u0111i\u1ec3m trong 5 ng\u00e0y l\u00e0m vi\u1ec7c sau cu\u1ed9c g\u1ecdi k\u1ebft qu\u1ea3<\/td>\nD\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng Brazil th\u01b0\u1eddng ph\u1ea1t qu\u00e1 m\u1ee9c c\u00e1c th\u1ea5t v\u1ecdng ng\u1eafn h\u1ea1n (ph\u1ea3n \u1ee9ng qu\u00e1 m\u1ee9c)<\/td>\n<\/tr>\n
          Thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 trong \u0111\u1ed9i ng\u0169 \u0111i\u1ec1u h\u00e0nh<\/td>\nGi\u1ea3m ti\u1ebfp x\u00fac 50% cho \u0111\u1ebfn khi c\u00f3 s\u1ef1 r\u00f5 r\u00e0ng chi\u1ebfn l\u01b0\u1ee3c<\/td>\nTrong b\u1ed1i c\u1ea3nh Brazil, c\u00e1c thay \u0111\u1ed5i CEO kh\u00f4ng \u0111\u01b0\u1ee3c l\u00ean k\u1ebf ho\u1ea1ch d\u1eabn \u0111\u1ebfn s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1edbn h\u01a1n 2,3 l\u1ea7n trong 90 ng\u00e0y ti\u1ebfp theo<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
          \n

          C\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 c\u1ee7a Brazil v\u00e0 t\u00e1c \u0111\u1ed9ng ng\u00e0nh kh\u00e1c bi\u1ec7t c\u1ee7a ch\u00fang<\/h2>\n<\/div>\n
          \n

          K\u1ecbch b\u1ea3n kinh t\u1ebf v\u0129 m\u00f4 c\u1ee7a Brazil c\u00f3 \u1ea3nh h\u01b0\u1edfng quy\u1ebft \u0111\u1ecbnh \u0111\u1ebfn vi\u1ec7c l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u1ec3 mua<\/b>, v\u1edbi c\u00e1c t\u00e1c \u0111\u1ed9ng kh\u00f4ng \u0111\u1ed1i x\u1ee9ng gi\u1eefa c\u00e1c ng\u00e0nh t\u1ea1o ra c\u01a1 h\u1ed9i cho alpha \u0111\u00e1ng k\u1ec3. C\u00e1c ch\u1ec9 s\u1ed1 quan tr\u1ecdng cho giai \u0111o\u1ea1n 2024-2025 l\u00e0:<\/p>\n\n<\/div>\n

          \n
          \n\n\n\n\n\n\n\n\n
          Ch\u1ec9 s\u1ed1 c\u1ee7a Brazil<\/th>\nT\u00ecnh h\u00ecnh hi\u1ec7n t\u1ea1i (2024)<\/th>\nT\u00e1c \u0111\u1ed9ng ng\u00e0nh kh\u00e1c bi\u1ec7t<\/th>\n<\/tr>\n<\/thead>\n
          L\u00e3i su\u1ea5t Selic (10,75%)<\/td>\nChu k\u1ef3 linh ho\u1ea1t d\u1ea7n d\u1ea7n, v\u1edbi d\u1ef1 b\u00e1o 9,0-9,5% v\u00e0o cu\u1ed1i n\u0103m 2024<\/td>\nM\u1ed7i l\u1ea7n gi\u1ea3m 1% trong Selic m\u1edf r\u1ed9ng b\u1ed9i s\u1ed1 ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1eeb 3-4%, b\u00e1n l\u1ebb t\u1eeb 2-3%, v\u00e0 gi\u1ea3m ch\u00eanh l\u1ec7ch ng\u00e2n h\u00e0ng t\u1eeb 0,4-0,6%<\/td>\n<\/tr>\n
          L\u1ea1m ph\u00e1t (d\u1ef1 ki\u1ebfn IPCA 4,8%)<\/td>\n\u00c1p l\u1ef1c dai d\u1eb3ng trong d\u1ecbch v\u1ee5 (6,2%) v\u00e0 th\u1ef1c ph\u1ea9m (5,1%), v\u1edbi h\u00e0ng h\u00f3a c\u00f4ng nghi\u1ec7p v\u1eeba ph\u1ea3i (3,4%)<\/td>\nC\u00e1c c\u00f4ng ty c\u00f3 h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c ch\u1ec9 s\u1ed1 h\u00f3a theo l\u1ea1m ph\u00e1t (Truy\u1ec1n t\u1ea3i n\u0103ng l\u01b0\u1ee3ng, V\u1ec7 sinh) t\u0103ng 0,8-1,2% trong bi\u00ean EBITDA cho m\u1ed7i 1% c\u1ee7a IPCA<\/td>\n<\/tr>\n
          T\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i (R$5,20-5,40\/USD)<\/td>\nBi\u1ebfn \u0111\u1ed9ng cao v\u1edbi xu h\u01b0\u1edbng m\u1ea5t gi\u00e1 d\u1ea7n c\u1ee7a \u0111\u1ed3ng real<\/td>\nNh\u00e0 xu\u1ea5t kh\u1ea9u h\u00e0ng h\u00f3a: m\u1ed7i l\u1ea7n m\u1ea5t gi\u00e1 10% c\u1ee7a \u0111\u1ed3ng real t\u0103ng EBITDA t\u1eeb 4-7% cho c\u00e1c c\u00f4ng ty khai th\u00e1c v\u00e0 6-8% cho c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t gi\u1ea5y v\u00e0 b\u1ed9t gi\u1ea5y<\/td>\n<\/tr>\n
          T\u0103ng tr\u01b0\u1edfng kinh t\u1ebf (GDP 2,2%)<\/td>\nM\u1edf r\u1ed9ng v\u1eeba ph\u1ea3i nh\u01b0ng kh\u00f4ng \u0111\u1ed3ng \u0111\u1ec1u: d\u1ecbch v\u1ee5 (+2,8%), n\u00f4ng nghi\u1ec7p (+1,9%), c\u00f4ng nghi\u1ec7p (+1,4%)<\/td>\nDoanh thu b\u00e1n l\u1ebb cao c\u1ea5p t\u0103ng tr\u01b0\u1edfng \u1edf m\u1ee9c 1,8x GDP, trong khi ti\u00eau d\u00f9ng c\u01a1 b\u1ea3n m\u1edf r\u1ed9ng \u1edf m\u1ee9c 0,6-0,8x trong k\u1ecbch b\u1ea3n t\u0103ng tr\u01b0\u1edfng v\u1eeba ph\u1ea3i<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
          \n

          Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ed9c quy\u1ec1n t\u01b0\u01a1ng quan c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 n\u00e0y v\u1edbi c\u00e1c d\u1ef1 b\u00e1o ng\u00e0nh, cho ph\u00e9p x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> trong c\u00e1c k\u1ecbch b\u1ea3n kh\u00e1c nhau. Nghi\u00ean c\u1ee9u c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng s\u1ef1 t\u01b0\u01a1ng quan gi\u1eefa l\u00e3i su\u1ea5t Selic v\u00e0 hi\u1ec7u su\u1ea5t ng\u00e0nh \u1edf Brazil r\u00f5 r\u1ec7t h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, t\u1ea1o ra c\u01a1 h\u1ed9i chi\u1ebfn thu\u1eadt trong c\u00e1c chu k\u1ef3 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7.<\/p>\n\n<\/div>\n

          \n

          M\u1ed9t kh\u00eda c\u1ea1nh th\u01b0\u1eddng b\u1ecb \u0111\u00e1nh gi\u00e1 th\u1ea5p l\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a l\u1ecbch tr\u00ecnh ch\u00ednh tr\u1ecb Brazil \u0111\u1ed1i v\u1edbi c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. V\u1edbi chu k\u1ef3 b\u1ea7u c\u1eed hi\u1ec7n t\u1ea1i, c\u00e1c ng\u00e0nh \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft (n\u0103ng l\u01b0\u1ee3ng, v\u1ec7 sinh, nh\u01b0\u1ee3ng quy\u1ec1n) \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn gia t\u0103ng 6-8 th\u00e1ng tr\u01b0\u1edbc b\u1ea7u c\u1eed. Ph\u00e2n t\u00edch l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c ng\u00e0nh n\u00e0y th\u01b0\u1eddng ch\u1ecbu chi\u1ebft kh\u1ea5u t\u1eeb 10-15% trong b\u1ed9i s\u1ed1 trong c\u00e1c giai \u0111o\u1ea1n n\u00e0y, th\u01b0\u1eddng ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd sau khi k\u1ebft qu\u1ea3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh, b\u1ea5t k\u1ec3 ng\u01b0\u1eddi chi\u1ebfn th\u1eafng -- t\u1ea1o ra c\u00e1c c\u1eeda s\u1ed5 chi\u1ebfn thu\u1eadt cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng th\u00e1i.<\/p>\n\n<\/div>\n

          \n

          Nh\u1eefng sai l\u1ea7m nghi\u00eam tr\u1ecdng c\u1ea7n tr\u00e1nh tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil<\/h2>\n<\/div>\n
          \n

          Vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> \u1edf Brazil c\u0169ng \u0111\u00f2i h\u1ecfi ki\u1ebfn th\u1ee9c v\u1ec1 nh\u1eefng quan ni\u1ec7m sai l\u1ea7m t\u1ed1n k\u00e9m nh\u1ea5t m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eafc ph\u1ea3i trong b\u1ed1i c\u1ea3nh \u0111\u1ecba ph\u01b0\u01a1ng:<\/p>\n\n<\/div>\n

          \n
            \n \t
          • Theo d\u00f5i c\u00e1c khuy\u1ebfn ngh\u1ecb \"\u0111\u1ed3ng thu\u1eadn th\u1ecb tr\u01b0\u1eddng\" m\u00e0 kh\u00f4ng th\u00edch \u1ee9ng v\u1edbi b\u1ed1i c\u1ea3nh \u0111\u1ecba ph\u01b0\u01a1ng: c\u00e1c nghi\u00ean c\u1ee9u cho th\u1ea5y r\u1eb1ng c\u00e1c \u0111\u1ed3ng thu\u1eadn c\u1ee7a nh\u00e0 ph\u00e2n t\u00edch Brazil tr\u00ecnh b\u00e0y l\u1ed7i d\u1ef1 b\u00e1o trung b\u00ecnh 23% cho l\u1ee3i nhu\u1eadn trong c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i<\/li>\n \t
          • \u0110\u00e1nh gi\u00e1 th\u1ea5p y\u1ebfu t\u1ed1 thanh kho\u1ea3n: 42% c\u1ed5 phi\u1ebfu trong ch\u1ec9 s\u1ed1 Small Caps c\u00f3 ch\u00eanh l\u1ec7ch tr\u00ean 1,5% trong c\u00e1c th\u1eddi \u0111i\u1ec3m c\u0103ng th\u1eb3ng, khu\u1ebfch \u0111\u1ea1i t\u1ed5n th\u1ea5t trong c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh<\/li>\n \t
          • B\u1ecf qua c\u00e1c r\u1ee7i ro ng\u00e0nh c\u1ee5 th\u1ec3 nh\u01b0 khung ph\u00e1p l\u00fd (c\u00e1c thay \u0111\u1ed5i quy \u0111\u1ecbnh \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a ng\u00e0nh \u0111i\u1ec7n trung b\u00ecnh 3,8% trong 5 n\u0103m qua)<\/li>\n \t
          • Ph\u1ea3n \u1ee9ng qu\u00e1 m\u1ee9c v\u1edbi c\u00e1c bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n: d\u1eef li\u1ec7u B3 cho th\u1ea5y r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb giao d\u1ecbch h\u01a1n 5 l\u1ea7n m\u1ed7i th\u00e1ng c\u00f3 l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n 4,2% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng<\/li>\n \t
          • B\u1ecf qua hi\u1ec7u qu\u1ea3 thu\u1ebf: c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p cho b\u00f9 \u0111\u1eafp l\u1ed7 v\u00e0 ph\u00e2n b\u1ed5 gi\u1eefa c\u00e1 nh\u00e2n\/ph\u00e1p nh\u00e2n c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho l\u1ee3i nhu\u1eadn r\u00f2ng l\u00ean \u0111\u1ebfn 2,8% m\u1ed7i n\u0103m<\/li>\n<\/ul>\n<\/div>\n
            \n

            M\u1ed9t l\u1ed7i \u0111\u1eb7c bi\u1ec7t t\u1ed1n k\u00e9m trong b\u1ed1i c\u1ea3nh Brazil l\u00e0 \"\u0111a d\u1ea1ng h\u00f3a \u1ea3o t\u01b0\u1edfng\" -- \u0111\u1ea7u t\u01b0 v\u00e0o nhi\u1ec1u c\u00f4ng ty c\u00f3 t\u01b0\u01a1ng quan cao v\u1edbi c\u00f9ng m\u1ed9t y\u1ebfu t\u1ed1 r\u1ee7i ro. V\u00ed d\u1ee5, m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi Petrobras, Vale, CSN v\u00e0 Usiminas c\u00f3 v\u1ebb \u0111a d\u1ea1ng h\u00f3a ng\u00e0nh, nh\u01b0ng c\u00f3 t\u01b0\u01a1ng quan 0,78 v\u1edbi hi\u1ec7u su\u1ea5t c\u1ee7a n\u1ec1n kinh t\u1ebf Trung Qu\u1ed1c, t\u1ea1o ra s\u1ef1 t\u1eadp trung r\u1ee7i ro kh\u00f4ng r\u00f5 r\u00e0ng.<\/p>\n\n<\/div>\n

            \n

            N\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 tri\u1ec3n khai c\u00e1c c\u00f4ng c\u1ee5 gi\u00e1o d\u1ee5c ti\u00ean ti\u1ebfn x\u00e1c \u0111\u1ecbnh c\u00e1c m\u00f4 h\u00ecnh v\u1ea5n \u0111\u1ec1 n\u00e0y, cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1nh c\u00e1c b\u1eaby ph\u1ed5 bi\u1ebfn nh\u1ea5t khi quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu n\u00e0o l\u00e0 t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil.<\/p>\n\n<\/div>\n

            \n

            Tri\u1ec3n v\u1ecdng v\u00e0 xu h\u01b0\u1edbng m\u1edbi n\u1ed5i tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2>\n<\/div>\n
            \n

            D\u1ef1 \u0111o\u00e1n v\u01b0\u1ee3t ra ngo\u00e0i t\u1ea7m nh\u00ecn ngay l\u1eadp t\u1ee9c, ch\u00fang t\u00f4i x\u00e1c \u0111\u1ecbnh c\u00e1c xu h\u01b0\u1edbng c\u1ea5u tr\u00fac s\u1ebd \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> trong th\u1eadp k\u1ef7 t\u1edbi. Th\u1ecb tr\u01b0\u1eddng Brazil \u0111ang \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i b\u1edfi n\u0103m l\u1ef1c l\u01b0\u1ee3ng h\u1ed9i t\u1ee5:<\/p>\n\n<\/div>\n

            \n
            \n\n\n\n\n\n\n\n\n\n
            Xu h\u01b0\u1edbng chuy\u1ec3n \u0111\u1ed5i<\/th>\nT\u00e1c \u0111\u1ed9ng \u0111\u1ecbnh l\u01b0\u1ee3ng \u1edf Brazil<\/th>\nC\u00f4ng ty c\u00f3 v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<\/tr>\n<\/thead>\n
            Chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng t\u0103ng t\u1ed1c<\/td>\n\u0110\u1ea7u t\u01b0 95 t\u1ef7 R$ \u0111\u1ebfn n\u0103m 2030, v\u1edbi n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o \u0111\u1ea1t 75% ma tr\u1eadn n\u0103ng l\u01b0\u1ee3ng Brazil (so v\u1edbi 48% to\u00e0n c\u1ea7u)<\/td>\nEngie Brasil (EGIE3): 1,2GW trong c\u00e1c d\u1ef1 \u00e1n n\u0103ng l\u01b0\u1ee3ng m\u1eb7t tr\u1eddi v\u00e0 gi\u00f3; Omega (OMGE3): m\u1edf r\u1ed9ng 3 l\u1ea7n c\u00f4ng su\u1ea5t l\u1eafp \u0111\u1eb7t; AES Brasil (AESB3): ng\u1eebng ho\u1ea1t \u0111\u1ed9ng nhi\u1ec7t \u0111i\u1ec7n v\u00e0 t\u1eadp trung v\u00e0o n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o<\/td>\n<\/tr>\n
            Chuy\u1ec3n \u0111\u1ed5i s\u1ed1 v\u00e0 t\u00e0i ch\u00ednh m\u1edf<\/td>\nNg\u00e2n h\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1 cho th\u00eam 25 tri\u1ec7u ng\u01b0\u1eddi Brazil v\u00e0o n\u0103m 2026, v\u1edbi gi\u1ea3m 35% chi ph\u00ed giao d\u1ecbch t\u00e0i ch\u00ednh<\/td>\nStone (STNE): n\u1ec1n t\u1ea3ng t\u00edch h\u1ee3p cho SMEs; BTG Pactual (BPAC11): ng\u00e2n h\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1 v\u1edbi AUM t\u0103ng tr\u01b0\u1edfng 45% p.a.; M\u00e9liuz (CASH3): th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u1edbi chi\u1ebfn l\u01b0\u1ee3c ho\u00e0n ti\u1ec1n<\/td>\n<\/tr>\n
            Chuy\u1ec3n \u0111\u1ed5i nh\u00e2n kh\u1ea9u h\u1ecdc c\u1ee7a Brazil<\/td>\nD\u00e2n s\u1ed1 tr\u00ean 60 tu\u1ed5i t\u0103ng tr\u01b0\u1edfng nhanh g\u1ea5p 3 l\u1ea7n so v\u1edbi trung b\u00ecnh, \u0111\u1ea1t 23% d\u00e2n s\u1ed1 v\u00e0o n\u0103m 2035 (so v\u1edbi 14% hi\u1ec7n t\u1ea1i)<\/td>\nHapvida (HAPV3): c\u00e1c k\u1ebf ho\u1ea1ch t\u1eadp trung v\u00e0o y h\u1ecdc ph\u00f2ng ng\u1eeba; Vivara (VIVA3): t\u00e1i \u0111\u1ecbnh v\u1ecb cho \u0111\u1ed1i t\u01b0\u1ee3ng tr\u01b0\u1edfng th\u00e0nh; CVC (CVCB3): s\u1ea3n ph\u1ea9m chuy\u00ean bi\u1ec7t cho \"du l\u1ecbch b\u1ea1c\"<\/td>\n<\/tr>\n
            Nearshoring v\u00e0 t\u00e1i t\u1ed5 ch\u1ee9c s\u1ea3n xu\u1ea5t<\/td>\nTi\u1ec1m n\u0103ng thu h\u00fat 30-45 t\u1ef7 USD \u0111\u1ea7u t\u01b0 s\u1ea3n xu\u1ea5t v\u00e0o Brazil \u0111\u1ebfn n\u0103m 2028<\/td>\nWEG (WEGE3): t\u00edch h\u1ee3p v\u00e0o chu\u1ed7i to\u00e0n c\u1ea7u; JSL (JSLG3): logistics t\u00edch h\u1ee3p; Vamos (VAMO3): cho thu\u00ea thi\u1ebft b\u1ecb cho m\u1edf r\u1ed9ng c\u00f4ng nghi\u1ec7p<\/td>\n<\/tr>\n
            ESG v\u00e0 kinh t\u1ebf tu\u1ea7n ho\u00e0n<\/td>\nQuy \u0111\u1ecbnh ESG \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 42% v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ee7a B3 v\u00e0o n\u0103m 2026, v\u1edbi ti\u1ec1m n\u0103ng t\u00e1i ph\u00e2n lo\u1ea1i 280 t\u1ef7 R$ t\u00e0i s\u1ea3n<\/td>\nSuzano (SUZB3): t\u00edn ch\u1ec9 carbon v\u00e0 kinh t\u1ebf sinh h\u1ecdc; Natura (NTCO3): chu\u1ed7i cung \u1ee9ng b\u1ec1n v\u1eefng \u0111\u01b0\u1ee3c ch\u1ee9ng nh\u1eadn; Ambipar (AMBP3): qu\u1ea3n l\u00fd ch\u1ea5t th\u1ea3i v\u00e0 kinh t\u1ebf tu\u1ea7n ho\u00e0n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
            \n

            C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c xu h\u01b0\u1edbng n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 ri\u00eang l\u1ebb, m\u00e0 l\u00e0 li\u00ean k\u1ebft v\u00e0 t\u01b0\u01a1ng t\u00e1c l\u1eabn nhau. Ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 x\u00e1c \u0111\u1ecbnh 18 c\u00f4ng ty Brazil c\u00f3 v\u1ecb tr\u00ed t\u1ea1i giao \u0111i\u1ec3m c\u1ee7a \u00edt nh\u1ea5t hai trong s\u1ed1 c\u00e1c xu h\u01b0\u1edbng l\u1edbn n\u00e0y, tr\u00ecnh b\u00e0y ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng h\u1ee3p ch\u1ea5t cao h\u01a1n 2,2 l\u1ea7n so v\u1edbi trung b\u00ecnh Ibovespa trong n\u0103m n\u0103m t\u1edbi.<\/p>\n\n<\/div>\n

            \n

            Ch\u00fang t\u00f4i khuy\u1ebfn ngh\u1ecb ph\u00e2n b\u1ed5 chi\u1ebfn l\u01b0\u1ee3c 25-35% danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty ti\u1ebfp x\u00fac v\u1edbi c\u00e1c xu h\u01b0\u1edbng chuy\u1ec3n \u0111\u1ed5i n\u00e0y, ngay c\u1ea3 khi \u0111i\u1ec1u n\u00e0y ng\u1ee5 \u00fd ch\u1ea5p nh\u1eadn s\u1ef1 bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n cao h\u01a1n. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c c\u00f4ng ty c\u00f3 v\u1ecb tr\u00ed trong c\u00e1c xu h\u01b0\u1edbng th\u1ebf t\u1ee5c ph\u1ee5c h\u1ed3i nhanh h\u01a1n 2,3 l\u1ea7n t\u1eeb c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00f3 xu h\u01b0\u1edbng m\u1edf r\u1ed9ng b\u1ed9i s\u1ed1 trong c\u00e1c giai \u0111o\u1ea1n h\u1ee3p nh\u1ea5t ng\u00e0nh.<\/p>\n\n<\/div>\n

            \n

            Trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng Brazil ng\u00e0y c\u00e0ng k\u1ebft n\u1ed1i to\u00e0n c\u1ea7u nh\u01b0ng c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ecba ph\u01b0\u01a1ng \u0111\u1eb7c bi\u1ec7t, vi\u1ec7c t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"

            \n

            Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil th\u1ec3 hi\u1ec7n m\u1ed9t s\u1ef1 ph\u1ee9c t\u1ea1p h\u1ea5p d\u1eabn v\u00e0o n\u0103m 2024 — k\u1ebft h\u1ee3p c\u00e1c c\u01a1 h\u1ed9i h\u1ee9a h\u1eb9n trong c\u00e1c ng\u00e0nh m\u1edbi n\u1ed5i v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c \u0111\u1ed9c \u0111\u00e1o li\u00ean quan \u0111\u1ebfn l\u1ea1m ph\u00e1t dai d\u1eb3ng v\u00e0 bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i. Vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> \u0111\u00f2i h\u1ecfi nhi\u1ec1u h\u01a1n l\u00e0 ph\u00e2n t\u00edch b\u1ec1 m\u1eb7t: n\u00f3 \u0111\u00f2i h\u1ecfi s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc t\u1eeb ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng \u0111\u1ebfn c\u00e1c chu k\u1ef3 h\u00e0ng h\u00f3a th\u00fac \u0111\u1ea9y 23% GDP qu\u1ed1c gia. V\u1edbi Ibovespa dao \u0111\u1ed9ng t\u1eeb 120.000 \u0111\u1ebfn 135.000 \u0111i\u1ec3m trong s\u00e1u th\u00e1ng qua, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n \u00e1p d\u1ee5ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c tinh vi th\u00edch \u1ee9ng v\u1edbi m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf hi\u1ec7n t\u1ea1i.<\/p>\n<\/div>\n

            \n

            H\u1ec7 sinh th\u00e1i \u0111\u1ea7u t\u01b0 Brazil \u0111\u00e3 thay \u0111\u1ed5i ho\u00e0n to\u00e0n k\u1ec3 t\u1eeb n\u0103m 2020, v\u1edbi s\u1ed1 l\u01b0\u1ee3ng CPFs tr\u00ean B3 t\u0103ng t\u1eeb 700 ngh\u00ecn l\u00ean h\u01a1n 5 tri\u1ec7u. C\u00e1c n\u1ec1n t\u1ea3ng chuy\u00ean bi\u1ec7t nh\u01b0 Pocket Option \u0111\u00e3 c\u00e1ch m\u1ea1ng h\u00f3a vi\u1ec7c ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng th\u00f4ng qua c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch ti\u00ean ti\u1ebfn v\u00e0 gi\u1ea3m chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng. K\u1ecbch b\u1ea3n m\u1edbi n\u00e0y \u0111\u00e3 d\u00e2n ch\u1ee7 h\u00f3a vi\u1ec7c t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 mua h\u00f4m nay<\/b>, nh\u01b0ng c\u0169ng nh\u00e2n l\u00ean r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng chu\u1ea9n b\u1ecb k\u1ef9 l\u01b0\u1ee1ng, nh\u1eefng ng\u01b0\u1eddi b\u1ecf qua c\u00e1c \u0111\u1eb7c th\u00f9 c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil.<\/p>\n<\/div>\n

            \n

            To\u00e0n c\u1ea3nh hi\u1ec7n t\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil n\u0103m 2024<\/h2>\n<\/div>\n
            \n

            Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil th\u1ec3 hi\u1ec7n h\u00e0nh vi \u0111\u1eb7c bi\u1ec7t v\u00e0o n\u0103m 2024, ph\u1ea3n \u00e1nh c\u0103ng th\u1eb3ng gi\u1eefa s\u1ef1 ph\u1ee5c h\u1ed3i kinh t\u1ebf n\u1ed9i \u0111\u1ecba v\u00e0 \u00e1p l\u1ef1c to\u00e0n c\u1ea7u. \u0110\u1ec3 x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u1ec3 mua<\/b>, tr\u01b0\u1edbc ti\u00ean ch\u00fang ta c\u1ea7n \u0111\u1eb7t v\u00e0o b\u1ed1i c\u1ea3nh: trong khi Fed duy tr\u00ec l\u00e3i su\u1ea5t cao \u1edf M\u1ef9, Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Brazil b\u00e1o hi\u1ec7u m\u1ed9t chu k\u1ef3 linh ho\u1ea1t d\u1ea7n d\u1ea7n, v\u1edbi Selic hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 10,75%. K\u1ecbch b\u1ea3n n\u00e0y \u0111\u00e3 t\u1ea1o ra s\u1ef1 lu\u00e2n chuy\u1ec3n \u0111\u00e1ng k\u1ec3 trong c\u00e1c ng\u00e0nh tr\u00ean B3, v\u1edbi c\u00e1c c\u00f4ng ty xu\u1ea5t kh\u1ea9u v\u00e0 n\u0103ng l\u01b0\u1ee3ng m\u1edf r\u1ed9ng hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i h\u01a1n 18% so v\u1edbi c\u00e1c nh\u00e0 b\u00e1n l\u1ebb n\u1ed9i \u0111\u1ecba.<\/p>\n<\/div>\n

            \n

            Ibovespa, nhi\u1ec7t k\u1ebf ch\u00ednh c\u1ee7a s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n Brazil, dao \u0111\u1ed9ng t\u1eeb 125.000 \u0111\u1ebfn 131.000 \u0111i\u1ec3m trong qu\u00fd \u0111\u1ea7u ti\u00ean, \u0111\u01b0\u1ee3c duy tr\u00ec ch\u1ee7 y\u1ebfu b\u1edfi ba y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c:<\/p>\n<\/div>\n

            \n
            \n\n\n\n\n\n\n\n\n
            Y\u1ebfu t\u1ed1 kinh t\u1ebf<\/th>\nT\u00e1c \u0111\u1ed9ng \u0111\u1ecbnh l\u01b0\u1ee3ng l\u00ean th\u1ecb tr\u01b0\u1eddng<\/th>\nC\u00e1c ng\u00e0nh \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i (V\u00ed d\u1ee5)<\/th>\n<\/tr>\n<\/thead>\n
            L\u00e3i su\u1ea5t (Selic 10,75%)<\/td>\nM\u1ed7i l\u1ea7n gi\u1ea3m 0,25% m\u1edf r\u1ed9ng b\u1ed9i s\u1ed1 t\u1eeb 2-3% trong c\u00e1c ng\u00e0nh chu k\u1ef3<\/td>\nTi\u00eau d\u00f9ng (Lojas Renner), X\u00e2y d\u1ef1ng (MRV), C\u00f4ng ngh\u1ec7 (Locaweb)<\/td>\n<\/tr>\n
            L\u1ea1m ph\u00e1t (d\u1ef1 ki\u1ebfn 4,8%)<\/td>\nC\u00e1c c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ecbnh gi\u00e1 v\u01b0\u1ee3t qua l\u1ea1m ph\u00e1t t\u1eeb 1,5-2% trong bi\u00ean l\u1ee3i nhu\u1eadn<\/td>\nTi\u1ec7n \u00edch (Energisa), H\u00e0ng h\u00f3a (Vale, Suzano)<\/td>\n<\/tr>\n
            T\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i (R$5,20-5,40\/USD)<\/td>\nM\u1ed7i l\u1ea7n m\u1ea5t gi\u00e1 5% c\u1ee7a \u0111\u1ed3ng real m\u1edf r\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn xu\u1ea5t kh\u1ea9u t\u1eeb 2-3%<\/td>\nNh\u00e0 xu\u1ea5t kh\u1ea9u (JBS, Marfrig), C\u00f4ng ty c\u00f3 doanh thu b\u1eb1ng \u0111\u00f4 la (Petrobras, WEG)<\/td>\n<\/tr>\n
            T\u0103ng tr\u01b0\u1edfng GDP (d\u1ef1 ki\u1ebfn 2,2%)<\/td>\nM\u1edf r\u1ed9ng tr\u00ean 2% khu\u1ebfch \u0111\u1ea1i doanh thu b\u00e1n l\u1ebb t\u1eeb 3-4% theo gi\u00e1 tr\u1ecb th\u1ef1c<\/td>\nB\u00e1n l\u1ebb (Magazine Luiza), D\u1ecbch v\u1ee5 (CVC), T\u00e0i ch\u00ednh (Ita\u00fa, BTG Pactual)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
            \n

            C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh r\u1eb1ng, trong b\u1ed1i c\u1ea3nh Brazil hi\u1ec7n t\u1ea1i, c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> c\u1ea7n k\u1ebft h\u1ee3p ba \u0111\u1eb7c \u0111i\u1ec3m c\u01a1 b\u1ea3n: kh\u1ea3 n\u0103ng chuy\u1ec3n ti\u1ebfp l\u1ea1m ph\u00e1t, \u0111\u00f2n b\u1ea9y th\u1ea5p (N\u1ee3 r\u00f2ng\/EBITDA < 2,0x) v\u00e0 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng trong c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u1edbi s\u1ef1 gia t\u0103ng s\u1ed1 h\u00f3a v\u00e0 h\u1ee3p nh\u1ea5t ng\u00e0nh.<\/p>\n<\/div>\n

            \n

            Ti\u00eau ch\u00ed c\u1ea7n thi\u1ebft \u0111\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng cao c\u1ee7a Brazil<\/h2>\n<\/div>\n
            \n

            Tr\u01b0\u1edbc khi ph\u00e2n t\u00edch c\u00e1c khuy\u1ebfn ngh\u1ecb c\u1ee5 th\u1ec3 v\u1ec1 c\u1ed5 phi\u1ebfu n\u00e0o l\u00e0 t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b>, ch\u00fang ta c\u1ea7n thi\u1ebft l\u1eadp c\u00e1c b\u1ed9 l\u1ecdc \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 \u0111\u1ecbnh t\u00ednh ho\u1ea1t \u0111\u1ed9ng c\u1ee5 th\u1ec3 trong b\u1ed1i c\u1ea3nh Brazil — n\u01a1i m\u00e0 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed v\u01b0\u1ee3t qu\u00e1 c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n 40%.<\/p>\n<\/div>\n

            \n

            X\u00e1c \u0111\u1ecbnh c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n cho th\u1ecb tr\u01b0\u1eddng Brazil<\/h3>\n<\/div>\n
            \n

            Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n l\u00e0 x\u01b0\u01a1ng s\u1ed1ng cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 nh\u1ea5t qu\u00e1n tr\u00ean B3. \u0110\u00e2y l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 ch\u00ednh \u0111\u00e3 t\u00e1ch bi\u1ec7t ng\u01b0\u1eddi chi\u1ebfn th\u1eafng kh\u1ecfi ng\u01b0\u1eddi thua cu\u1ed9c trong ba chu k\u1ef3 kinh t\u1ebf Brazil g\u1ea7n \u0111\u00e2y:<\/p>\n<\/div>\n

            \n
              \n
            • P\/E (Gi\u00e1\/L\u1ee3i nhu\u1eadn): L\u00fd t\u01b0\u1edfng t\u1eeb 8-10 cho ng\u00e2n h\u00e0ng (Ita\u00fa, Bradesco), 10-14 cho ti\u1ec7n \u00edch (Energisa, Equatorial), 14-18 cho b\u00e1n l\u1ebb cao c\u1ea5p (Renner, Arezzo)<\/li>\n
            • ROE (L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu): T\u1ed1i thi\u1ec3u 18% cho fintechs (Stone, PagSeguro), 15% cho ti\u00eau d\u00f9ng (Ambev, Natura) v\u00e0 12% cho c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng (CCR, Ecorodovias)<\/li>\n
            • T\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c: T\u1eeb 5-7% cho \u0111i\u1ec7n v\u00e0 v\u1ec7 sinh (TAESA, Sabesp), 4-6% cho ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng (Santander Brasil, Banco do Brasil)<\/li>\n
            • N\u1ee3 r\u00f2ng\/EBITDA: T\u1ed1i \u0111a 2,0x cho chu k\u1ef3 (Vale, CSN), 2,5x cho c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng (Energias do Brasil, Rumo) v\u00e0 3,0x cho ti\u1ec7n \u00edch \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft (Copel, Cemig)<\/li>\n
            • Bi\u00ean EBITDA: T\u1ed1i thi\u1ec3u 25% cho ph\u1ea7n m\u1ec1m (TOTVS, Sinqia), 20% cho y t\u1ebf (Fleury, Dasa) v\u00e0 18% cho h\u00e0ng h\u00f3a v\u1ed1n (WEG, Tupy)<\/li>\n<\/ul>\n<\/div>\n
              \n

              Ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option cho th\u1ea5y r\u1eb1ng c\u00e1c c\u00f4ng ty Brazil k\u1ebft h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u1edbi qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p v\u01b0\u1ee3t tr\u1ed9i (Novo Mercado, 100% tag along) \u0111\u00e3 t\u1ea1o ra alpha 4,2% h\u00e0ng n\u0103m tr\u00ean Ibovespa trong n\u0103m n\u0103m qua, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c giai \u0111o\u1ea1n b\u1ea5t \u1ed5n kinh t\u1ebf v\u0129 m\u00f4.<\/p>\n<\/div>\n

              \n
              \n\n\n\n\n\n\n\n\n\n
              Ng\u00e0nh<\/th>\nP\/E l\u00fd t\u01b0\u1edfng \u1edf Brazil<\/th>\nROE t\u1ed1i thi\u1ec3u c\u00f3 th\u1ec3 b\u1ea3o v\u1ec7<\/th>\nT\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c c\u1ea1nh tranh<\/th>\n<\/tr>\n<\/thead>\n
              Ng\u00e2n h\u00e0ng (Ita\u00fa, Bradesco, BTG)<\/td>\n7-10 (so v\u1edbi 10-14 to\u00e0n c\u1ea7u)<\/td>\n>16% (so v\u1edbi >12% to\u00e0n c\u1ea7u)<\/td>\n5-8% (h\u1ee3p ch\u1ea5t)<\/td>\n<\/tr>\n
              Ti\u1ec7n \u00edch (Equatorial, Energisa, Taesa)<\/td>\n9-12 (so v\u1edbi 12-16 to\u00e0n c\u1ea7u)<\/td>\n12-16% (\u0111i\u1ec1u ti\u1ebft)<\/td>\n6-9% (nh\u1ea5t qu\u00e1n)<\/td>\n<\/tr>\n
              B\u00e1n l\u1ebb (Renner, Arezzo, Magazine Luiza)<\/td>\n14-20 (t\u0103ng tr\u01b0\u1edfng)<\/td>\n18-25% (ROIC >18%)<\/td>\n2-4% (t\u00e1i \u0111\u1ea7u t\u01b0)<\/td>\n<\/tr>\n
              C\u00f4ng ngh\u1ec7 (TOTVS, Locaweb, M\u00e9liuz)<\/td>\n18-30 (so v\u1edbi 25-40 to\u00e0n c\u1ea7u)<\/td>\n20-30% (bi\u00ean m\u1edf r\u1ed9ng)<\/td>\n0-2% (t\u0103ng tr\u01b0\u1edfng nhanh)<\/td>\n<\/tr>\n
              H\u00e0ng h\u00f3a (Vale, Suzano, CSN)<\/td>\n5-8 (chu k\u1ef3)<\/td>\n10-16% (trung h\u1ea1n)<\/td>\n4-10% (bi\u1ebfn \u0111\u1ed5i trong chu k\u1ef3)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
              \n

              Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt th\u00edch \u1ee9ng v\u1edbi th\u1ecb tr\u01b0\u1eddng Brazil<\/h3>\n<\/div>\n
              \n

              M\u1eb7c d\u00f9 c\u01a1 s\u1edf l\u00e0 c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft quan tr\u1ecdng cho th\u1eddi \u0111i\u1ec3m trong th\u1ecb tr\u01b0\u1eddng Brazil bi\u1ebfn \u0111\u1ed9ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> n\u00ean t\u00edch h\u1ee3p c\u00e1c kh\u00eda c\u1ea1nh k\u1ef9 thu\u1eadt n\u00e0y \u0111\u1ed9c \u0111\u00e1o v\u1edbi b\u1ed1i c\u1ea3nh qu\u1ed1c gia:<\/p>\n<\/div>\n

              \n
                \n
              • \u0110\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng (c\u1ee5 th\u1ec3 l\u00e0 21, 50 v\u00e0 200 k\u1ef3) th\u00edch \u1ee9ng v\u1edbi gi\u1edd giao d\u1ecbch c\u1ee7a Brazil (10:00-17:55), \u0111\u1eb7c bi\u1ec7t ch\u00fa \u00fd \u0111\u1ebfn 30 ph\u00fat \u0111\u1ea7u ti\u00ean v\u00e0 60 ph\u00fat cu\u1ed1i c\u00f9ng c\u1ee7a phi\u00ean giao d\u1ecbch khi 42% c\u00e1c chuy\u1ec3n \u0111\u1ed9ng \u0111\u1ecbnh h\u01b0\u1edbng x\u1ea3y ra<\/li>\n
              • C\u00e1c h\u00ecnh n\u1ebfn c\u1ed5 \u0111i\u1ec3n c\u1ee7a Brazil nh\u01b0 “B\u00faa ng\u01b0\u1ee3c sau IBGE” v\u00e0 “Nh\u1ea5n ch\u00ecm gi\u1ea3m gi\u00e1 sau Copom”, c\u00e1c m\u1eabu h\u00ecnh l\u1eb7p l\u1ea1i sau c\u00e1c c\u00f4ng b\u1ed1 kinh t\u1ebf \u0111\u1ecba ph\u01b0\u01a1ng<\/li>\n
              • C\u00e1c ch\u1ec9 b\u00e1o \u0111\u1ed9ng l\u01b0\u1ee3ng nh\u01b0 MACD (12,26,9) v\u00e0 RSI (14) \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh cho c\u00e1c m\u1ee9c qu\u00e1 mua\/qu\u00e1 b\u00e1n c\u1ee5 th\u1ec3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil (RSI d\u01b0\u1edbi 35 v\u00e0 tr\u00ean 70 c\u00f3 \u00fd ngh\u0129a h\u01a1n so v\u1edbi 30\/70 truy\u1ec1n th\u1ed1ng)<\/li>\n
              • Kh\u1ed1i l\u01b0\u1ee3ng b\u1ea5t th\u01b0\u1eddng v\u01b0\u1ee3t qu\u00e1 2,5 l\u1ea7n trung b\u00ecnh h\u00e0ng ng\u00e0y, \u0111\u1eb7c bi\u1ec7t l\u00e0 \u1edf c\u00e1c c\u00f4ng ty IBrX-50, th\u01b0\u1eddng b\u00e1o hi\u1ec7u c\u00e1c chuy\u1ec3n \u0111\u1ed9ng t\u1ed5 ch\u1ee9c d\u1ef1 \u0111o\u00e1n thay \u0111\u1ed5i c\u01a1 b\u1ea3n<\/li>\n<\/ul>\n<\/div>\n
                \n

                N\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n t\u00edch h\u1ee3p c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 n\u00e0y c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil, cho ph\u00e9p x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> v\u1edbi t\u1ef7 l\u1ec7 r\u1ee7i ro-l\u1ee3i nhu\u1eadn t\u1ed1t nh\u1ea5t \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh cho s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed c\u1ee7a B3.<\/p>\n<\/div>\n

                \n

                C\u00e1c ng\u00e0nh c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 l\u1edbn nh\u1ea5t \u1edf Brazil cho giai \u0111o\u1ea1n 2024-2025<\/h2>\n<\/div>\n
                \n

                Vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> \u0111\u00f2i h\u1ecfi s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc v\u1ec1 c\u00e1c ng\u00e0nh c\u00f3 l\u1ee3i th\u1ebf c\u1ea5u tr\u00fac trong b\u1ed1i c\u1ea3nh Brazil. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, Brazil th\u1ec3 hi\u1ec7n s\u1ef1 b\u1ea5t \u0111\u1ed1i x\u1ee9ng ng\u00e0nh r\u00f5 r\u1ec7t do s\u1ef1 k\u1ebft h\u1ee3p \u0111\u1ed9c \u0111\u00e1o c\u1ee7a t\u00e0i nguy\u00ean thi\u00ean nhi\u00ean phong ph\u00fa, c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng \u0111ang ph\u00e1t tri\u1ec3n v\u00e0 chuy\u1ec3n \u0111\u1ed5i nh\u00e2n kh\u1ea9u h\u1ecdc nhanh ch\u00f3ng.<\/p>\n<\/div>\n

                \n

                Theo ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option, c\u00e1c ng\u00e0nh n\u00e0y c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 l\u1edbn nh\u1ea5t trong 12-18 th\u00e1ng t\u1edbi:<\/p>\n<\/div>\n

                \n
                \n\n\n\n\n\n\n\n\n\n
                Ng\u00e0nh<\/th>\nTi\u1ec1m n\u0103ng \u0111o l\u01b0\u1eddng<\/th>\nCh\u1ea5t x\u00fac t\u00e1c c\u1ee5 th\u1ec3 (2024-2025)<\/th>\nC\u00f4ng ty \u0111\u1ea1i di\u1ec7n<\/th>\n<\/tr>\n<\/thead>\n
                N\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o<\/td>\nCao (+22-28%)<\/td>\n\u0110\u1ea5u gi\u00e1 truy\u1ec1n t\u1ea3i, khung ph\u00e1p l\u00fd hydro xanh, \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i 8,5 t\u1ef7 euro \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1<\/td>\nAlupar, Engie Brasil, Omega Gera\u00e7\u00e3o<\/td>\n<\/tr>\n
                C\u00f4ng ngh\u1ec7\/Fintechs<\/td>\nCao (+25-35%)<\/td>\nGiai \u0111o\u1ea1n 4-5 c\u1ee7a Open Finance, Pix theo l\u1ecbch tr\u00ecnh cho c\u00e1c c\u00f4ng ty, h\u1ee3p nh\u1ea5t ng\u00e0nh v\u1edbi 12 M&A d\u1ef1 ki\u1ebfn<\/td>\nStone, PagSeguro, TOTVS, Locaweb<\/td>\n<\/tr>\n
                N\u00f4ng nghi\u1ec7p<\/td>\nTrung b\u00ecnh-cao (+18-24%)<\/td>\nPh\u1ee5c h\u1ed3i nhu c\u1ea7u Trung Qu\u1ed1c, bi\u00ean l\u1ee3i nhu\u1eadn n\u00f4ng nghi\u1ec7p \u1ed5n \u0111\u1ecbnh, \u0111\u1ed5i m\u1edbi trong sinh h\u1ecdc<\/td>\nS\u00e3o Martinho, SLC Agr\u00edcola, JBS<\/td>\n<\/tr>\n
                S\u1ee9c kh\u1ecfe v\u00e0 S\u1ee9c kh\u1ecfe<\/td>\nTrung b\u00ecnh-cao (+16-22%)<\/td>\nT\u0103ng tr\u01b0\u1edfng c\u1ee7a t\u1ea7ng l\u1edbp trung l\u01b0u y t\u1ebf, m\u1edf r\u1ed9ng c\u00e1c k\u1ebf ho\u1ea1ch khu v\u1ef1c, y h\u1ecdc ph\u00f2ng ng\u1eeba<\/td>\nFleury, Rede D’Or, Hapvida<\/td>\n<\/tr>\n
                C\u01a1 s\u1edf h\u1ea1 t\u1ea7ng<\/td>\nTrung b\u00ecnh (+14-19%)<\/td>\nPAC m\u1edbi v\u1edbi 42 t\u1ef7 R$ trong c\u00e1c cu\u1ed9c \u0111\u1ea5u th\u1ea7u d\u1ef1 ki\u1ebfn, khung v\u1ec7 sinh, nh\u01b0\u1ee3ng quy\u1ec1n s\u00e2n bay<\/td>\nCCR, Ecorodovias, Sabesp<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                \n

                Trong c\u00e1c ng\u00e0nh n\u00e0y, c\u00f3 nh\u1eefng c\u00f4ng ty n\u1ed5i b\u1eadt v\u1edbi s\u1ef1 k\u1ebft h\u1ee3p hi\u1ebfm c\u00f3 c\u1ee7a s\u1ef1 v\u1eefng ch\u1eafc t\u00e0i ch\u00ednh (N\u1ee3 r\u00f2ng\/EBITDA < 2,0x), kh\u1ea3 n\u0103ng \u0111\u1ed5i m\u1edbi (R&D > 3% doanh thu) v\u00e0 v\u1ecb tr\u00ed c\u1ea1nh tranh c\u00f3 th\u1ec3 b\u1ea3o v\u1ec7. Ti\u1ebfp theo, ch\u00fang ta s\u1ebd ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u1ec3 mua<\/b> trong t\u1eebng ph\u00e2n kh\u00fac, xem x\u00e9t c\u00e1c \u0111\u1eb7c th\u00f9 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil.<\/p>\n<\/div>\n

                \n

                C\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 theo h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil<\/h2>\n<\/div>\n
                \n

                C\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 theo h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0, m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee7a h\u1ecd v\u00e0 kh\u1ea3 n\u0103ng h\u1ea5p th\u1ee5 bi\u1ebfn \u0111\u1ed9ng. Th\u1ecb tr\u01b0\u1eddng Brazil, v\u1edbi beta cao so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, l\u00e0m t\u0103ng t\u1ea7m quan tr\u1ecdng c\u1ee7a s\u1ef1 ph\u00e2n kh\u00fac n\u00e0y. Ch\u00fang t\u00f4i ph\u00e2n t\u00edch c\u00e1c khuy\u1ebfn ngh\u1ecb c\u1ee5 th\u1ec3 theo h\u1ed3 s\u01a1:<\/p>\n<\/div>\n

                \n

                \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ea3o th\u1ee7: c\u1ed5 t\u1ee9c nh\u1ea5t qu\u00e1n v\u00e0 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i trong kh\u1ee7ng ho\u1ea3ng<\/h3>\n<\/div>\n
                \n

                C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ed3 s\u01a1 b\u1ea3o th\u1ee7 trong b\u1ed1i c\u1ea3nh Brazil n\u00ean \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty \u0111\u00e3 ch\u1ee9ng minh kh\u1ea3 n\u0103ng duy tr\u00ec ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c ngay c\u1ea3 trong c\u00e1c c\u00fa s\u1ed1c kinh t\u1ebf \u0111\u00e1ng k\u1ec3 nh\u01b0 2015-2016 v\u00e0 2020. Nh\u1eefng c\u00f4ng ty sau \u0111\u00e2y n\u1ed5i b\u1eadt:<\/p>\n<\/div>\n

                \n
                \n\n\n\n\n\n\n\n
                Ph\u00e2n kh\u00fac<\/th>\n\u0110\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt \u1edf Brazil<\/th>\nV\u00ed d\u1ee5 c\u1ee5 th\u1ec3<\/th>\n<\/tr>\n<\/thead>\n
                Ti\u1ec7n \u00edch (n\u0103ng l\u01b0\u1ee3ng, v\u1ec7 sinh)<\/td>\nH\u1ee3p \u0111\u1ed3ng l\u1ea1m ph\u00e1t, nhu c\u1ea7u kh\u00f4ng co gi\u00e3n ngay c\u1ea3 trong suy tho\u00e1i, ROE \u0111i\u1ec1u ti\u1ebft 12-16%<\/td>\nTAESA (TAEE11) – DY 8,5%, Copel (CPLE6) – DY 7,2%, Sabesp (SBSP3) – DY 5,8%<\/td>\n<\/tr>\n
                Ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng<\/td>\nD\u1ef1 ph\u00f2ng b\u1ea3o th\u1ee7, ki\u1ec3m tra c\u0103ng th\u1eb3ng nghi\u00eam ng\u1eb7t, c\u00f4ng ngh\u1ec7 ph\u00f2ng th\u1ee7<\/td>\nIta\u00fa (ITUB4) – DY 5,2%, Banco do Brasil (BBAS3) – DY 6,8%, Santander (SANB11) – DY 5,4%<\/td>\n<\/tr>\n
                Vi\u1ec5n th\u00f4ng<\/td>\nC\u01a1 s\u1edf h\u1ea1 t\u1ea7ng \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp, h\u1ee3p \u0111\u1ed3ng B2B d\u00e0i h\u1ea1n, h\u1ee3p nh\u1ea5t ng\u00e0nh<\/td>\nTelef\u00f4nica (VIVT3) – DY 6,1%, Tim (TIMS3) – DY 3,8%, Algar (ALGR3) – DY 3,5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                \n

                \u0110\u1ed1i v\u1edbi h\u1ed3 s\u01a1 n\u00e0y, n\u00ean t\u1eadp trung v\u00e0o c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed ho\u1ea1t \u0111\u1ed9ng tr\u00ean 12 n\u0103m, \u0111\u00e3 tr\u1ea3i qua \u00edt nh\u1ea5t hai chu k\u1ef3 kinh t\u1ebf ho\u00e0n ch\u1ec9nh, v\u1edbi n\u1ee3 r\u00f2ng d\u01b0\u1edbi 2,0x EBITDA v\u00e0 ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c ch\u00ednh th\u1ee9c h\u00f3a (payout > 50%). C\u00e1c chuy\u00ean gia c\u1ee7a Pocket Option khuy\u1ebfn ngh\u1ecb m\u1ed9t th\u00e0nh ph\u1ea7n danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi 40% trong ti\u1ec7n \u00edch, 30% trong ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng, 15% trong vi\u1ec5n th\u00f4ng v\u00e0 15% trong c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng nh\u01b0\u1ee3ng quy\u1ec1n v\u1edbi h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n.<\/p>\n<\/div>\n

                \n

                \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eeba ph\u1ea3i: t\u0103ng tr\u01b0\u1edfng v\u1edbi n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc<\/h3>\n<\/div>\n
                \n

                C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ed3 s\u01a1 v\u1eeba ph\u1ea3i t\u00ecm ki\u1ebfm c\u00e1c c\u00f4ng ty k\u1ebft h\u1ee3p t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng v\u1edbi s\u1ef1 v\u1eefng ch\u1eafc t\u00e0i ch\u00ednh. C\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 mua h\u00f4m nay<\/b> cho h\u1ed3 s\u01a1 n\u00e0y trong b\u1ed1i c\u1ea3nh Brazil bao g\u1ed3m:<\/p>\n<\/div>\n

                \n
                  \n
                • C\u00e1c c\u00f4ng ty trong ph\u00e2n kh\u00fac ti\u00eau d\u00f9ng kh\u00f4ng chu k\u1ef3 v\u1edbi m\u1edf r\u1ed9ng qu\u1ed1c t\u1ebf, nh\u01b0 Ambev (ABEV3) t\u0103ng tr\u01b0\u1edfng 15% m\u1ed7i n\u0103m \u1edf Trung M\u1ef9, WEG (WEGE3) v\u1edbi 44% doanh thu t\u1eeb n\u01b0\u1edbc ngo\u00e0i, v\u00e0 JBS (JBSS3) v\u1edbi ho\u1ea1t \u0111\u1ed9ng \u0111a d\u1ea1ng tr\u00ean b\u1ed1n ch\u00e2u l\u1ee5c<\/li>\n
                • C\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u1edbi s\u1ed1 h\u00f3a ti\u00ean ti\u1ebfn, nh\u01b0 BTG Pactual (BPAC11) c\u00f3 n\u1ec1n t\u1ea3ng k\u1ef9 thu\u1eadt s\u1ed1 t\u0103ng tr\u01b0\u1edfng 48% p.a., XP Inc (XPBR31) v\u1edbi AUM m\u1edf r\u1ed9ng \u1edf m\u1ee9c 23% p.a., v\u00e0 Banco Inter (BIDI11) v\u1edbi h\u01a1n 25 tri\u1ec7u kh\u00e1ch h\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1<\/li>\n
                • N\u00f4ng nghi\u1ec7p v\u1edbi s\u1ef1 kh\u00e1c bi\u1ec7t c\u1ea1nh tranh, nh\u01b0 S\u00e3o Martinho (SMTO3) v\u1edbi chi ph\u00ed th\u1ea5p h\u01a1n 18% so v\u1edbi trung b\u00ecnh ng\u00e0nh, SLC Agr\u00edcola (SLCE3) v\u1edbi n\u0103ng su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i 22%, v\u00e0 Kepler Weber (KEPL3) v\u1edbi gi\u1ea3i ph\u00e1p c\u00f4ng ngh\u1ec7 cho l\u01b0u tr\u1eef<\/li>\n
                • C\u00e1c c\u00f4ng ty c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng v\u1edbi h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n, nh\u01b0 CCR (CCRO3) v\u1edbi nh\u01b0\u1ee3ng quy\u1ec1n \u0111\u1ebfn n\u0103m 2040, Rumo (RAIL3) v\u1edbi m\u1ea1ng l\u01b0\u1edbi \u0111\u01b0\u1eddng s\u1eaft chi\u1ebfn l\u01b0\u1ee3c, v\u00e0 Santos Brasil (STBP3) v\u1edbi c\u00e1c c\u1ea3ng bi\u1ec3n \u1edf v\u1ecb tr\u00ed th\u1ed1ng tr\u1ecb<\/li>\n<\/ul>\n<\/div>\n
                  \n

                  Chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option khuy\u1ebfn ngh\u1ecb cho h\u1ed3 s\u01a1 n\u00e0y bao g\u1ed3m t\u00ecm ki\u1ebfm c\u00e1c c\u00f4ng ty c\u00f3 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m h\u1ee3p ch\u1ea5t t\u1eeb 12-18% (so v\u1edbi trung b\u00ecnh Brazil 7-9%), b\u1ed9i s\u1ed1 h\u1ee3p l\u00fd (P\/E 10-16) v\u00e0 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p theo ti\u00eau chu\u1ea9n Novo Mercado. Th\u00e0nh ph\u1ea7n \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t l\u00e0 35% trong ti\u00eau d\u00f9ng\/b\u00e1n l\u1ebb cao c\u1ea5p, 25% trong t\u00e0i ch\u00ednh \u0111\u1ed5i m\u1edbi, 20% trong n\u00f4ng nghi\u1ec7p c\u00f4ng ngh\u1ec7 v\u00e0 20% trong c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng chi\u1ebfn l\u01b0\u1ee3c.<\/p>\n<\/div>\n

                  \n

                  \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00edch c\u1ef1c: \u0111\u1ed5i m\u1edbi \u0111\u1ed9t ph\u00e1 v\u00e0 m\u1edf r\u1ed9ng cao<\/h3>\n<\/div>\n
                  \n

                  C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro cao t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu n\u00e0o l\u00e0 t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> v\u1edbi ti\u1ec1m n\u0103ng nh\u00e2n l\u00ean \u0111\u00e1ng k\u1ec3 c\u00f3 th\u1ec3 xem x\u00e9t:<\/p>\n<\/div>\n

                  \n
                  \n\n\n\n\n\n\n\n\n
                  Ph\u00e2n kh\u00fac<\/th>\nL\u1ee3i th\u1ebf c\u1ea1nh tranh \u0111\u1ed9t ph\u00e1<\/th>\nC\u00f4ng ty \u0111\u1ea1i di\u1ec7n c\u1ee7a Brazil<\/th>\n<\/tr>\n<\/thead>\n
                  Fintechs v\u00e0 ng\u00e2n h\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1<\/td>\nC\u1ea5u tr\u00fac chi ph\u00ed th\u1ea5p h\u01a1n 70-85% so v\u1edbi ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng, chi ph\u00ed thu h\u00fat kh\u00e1ch h\u00e0ng b\u1eb1ng 1\/6<\/td>\nStone (STNE), PagSeguro (PAGS), Banco Inter (BIDI11), XP Inc (XPBR31)<\/td>\n<\/tr>\n
                  C\u00f4ng ngh\u1ec7 v\u00e0 SaaS<\/td>\nDoanh thu \u0111\u1ecbnh k\u1ef3 (>70%), kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng l\u1ee5c \u0111\u1ecba, bi\u00ean l\u1ee3i nhu\u1eadn t\u0103ng th\u00eam >80%<\/td>\nTOTVS (TOTS3), Locaweb (LWSA3), M\u00e9liuz (CASH3), Sinqia (SQIA3)<\/td>\n<\/tr>\n
                  Healthtechs<\/td>\nN\u1ec1n t\u1ea3ng y t\u1ebf k\u1ef9 thu\u1eadt s\u1ed1, y h\u1ecdc t\u1eeb xa, ch\u1ea9n \u0111o\u00e1n ti\u00ean ti\u1ebfn, gi\u1ea3m chi ph\u00ed >40%<\/td>\nFleury (FLRY3), Dasa (DASA3), Hapvida (HAPV3), Mater Dei (MATD3)<\/td>\n<\/tr>\n
                  N\u0103ng l\u01b0\u1ee3ng s\u1ea1ch<\/td>\nM\u1edf r\u1ed9ng trong n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, LCOE c\u1ea1nh tranh, t\u0103ng tr\u01b0\u1edfng c\u00f4ng su\u1ea5t >25% p.a.<\/td>\nOmega Gera\u00e7\u00e3o (OMGE3), Engie Brasil (EGIE3), AES Brasil (AESB3), Neoenergia (NEOE3)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                  \n

                  \u0110\u1ed1i v\u1edbi h\u1ed3 s\u01a1 n\u00e0y, Pocket Option khuy\u1ebfn ngh\u1ecb m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf \u0111\u1ed9t ph\u00e1 c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c (gi\u1ea3m chi ph\u00ed >40%, t\u0103ng n\u0103ng su\u1ea5t >50%), t\u0103ng tr\u01b0\u1edfng doanh thu tr\u00ean 25% m\u1ed7i n\u0103m, v\u00e0 v\u1ecb tr\u00ed \u0111\u1ec3 n\u1eafm b\u1eaft c\u00e1c xu h\u01b0\u1edbng th\u1ebf t\u1ee5c. Danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t bao g\u1ed3m 30% trong fintechs, 30% trong c\u00f4ng ngh\u1ec7 SaaS c\u1ee7a Brazil, 20% trong healthtechs v\u00e0 20% trong n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o v\u00e0 chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng.<\/p>\n<\/div>\n

                  \n

                  Chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c ti\u1ec5n \u0111\u1ec3 gi\u00e1m s\u00e1t v\u00e0 \u0111i\u1ec1u ch\u1ec9nh danh m\u1ee5c \u0111\u1ea7u t\u01b0 Brazil c\u1ee7a b\u1ea1n<\/h2>\n<\/div>\n
                  \n

                  Vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> ch\u1ec9 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 kh\u1edfi \u0111\u1ea7u c\u1ee7a h\u00e0nh tr\u00ecnh. Trong th\u1ecb tr\u01b0\u1eddng Brazil bi\u1ebfn \u0111\u1ed9ng, gi\u00e1m s\u00e1t c\u00f3 h\u1ec7 th\u1ed1ng v\u00e0 \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn thu\u1eadt l\u00e0 y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh cho th\u00e0nh c\u00f4ng. Ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh hi\u1ec7u qu\u1ea3:<\/p>\n<\/div>\n

                  \n

                  C\u00e2n b\u1eb1ng \u0111\u1ecbnh k\u1ef3 \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh cho th\u1ecb tr\u01b0\u1eddng Brazil<\/h3>\n<\/div>\n
                  \n

                  K\u1ef7 lu\u1eadt c\u00e2n b\u1eb1ng ph\u1ea3i \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh cho c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil, n\u01a1i c\u00f3 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1edbn h\u01a1n v\u00e0 c\u00e1c chuy\u1ec3n \u0111\u1ed9ng ng\u00e0nh r\u00f5 r\u1ec7t. Thi\u1ebft l\u1eadp l\u1ecbch tr\u00ecnh n\u00e0y \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a k\u1ebft qu\u1ea3 khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 mua h\u00f4m nay<\/b>:<\/p>\n<\/div>\n

                  \n
                    \n
                  • Gi\u00e1m s\u00e1t h\u00e0ng tu\u1ea7n: theo d\u00f5i tin t\u1ee9c doanh nghi\u1ec7p li\u00ean quan, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c quy\u1ebft \u0111\u1ecbnh quy \u0111\u1ecbnh (ANEEL, ANS, ANATEL) \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c ng\u00e0nh \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft<\/li>\n
                  • \u0110\u00e1nh gi\u00e1 h\u00e0ng th\u00e1ng: ph\u00e2n t\u00edch d\u1eef li\u1ec7u ho\u1ea1t \u0111\u1ed9ng h\u00e0ng th\u00e1ng (s\u1ea3n xu\u1ea5t, b\u00e1n h\u00e0ng) v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 h\u00e0ng \u0111\u1ea7u (ni\u1ec1m tin ti\u00eau d\u00f9ng, PMI c\u00f4ng nghi\u1ec7p)<\/li>\n
                  • \u0110\u00e1nh gi\u00e1 h\u00e0ng qu\u00fd: ph\u00e2n t\u00edch chi ti\u1ebft c\u00e1c b\u1ea3ng c\u00e2n \u0111\u1ed1i h\u00e0ng qu\u00fd, \u0111\u1eb7c bi\u1ec7t ch\u00fa \u00fd \u0111\u1ebfn c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u00e0 \u0111\u1ed9ng l\u1ef1c bi\u00ean l\u1ee3i nhu\u1eadn<\/li>\n
                  • T\u00e1i ph\u00e2n b\u1ed5 n\u1eeda n\u0103m: \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c cho c\u00e1c \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf v\u0129 m\u00f4 m\u1edbi, \u0111\u1eb7c bi\u1ec7t sau c\u00e1c cu\u1ed9c h\u1ecdp c\u1ee7a Copom b\u00e1o hi\u1ec7u thay \u0111\u1ed5i trong chu k\u1ef3 ti\u1ec1n t\u1ec7<\/li>\n<\/ul>\n<\/div>\n
                    \n

                    C\u00e1c chuy\u00ean gia c\u1ee7a Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t h\u1ec7 th\u1ed1ng gi\u00e1m s\u00e1t \u0111\u1ed9c quy\u1ec1n thi\u1ebft l\u1eadp c\u00e1c quy t\u1eafc kh\u00e1ch quan cho vi\u1ec7c c\u00e2n b\u1eb1ng: gi\u1ea3m c\u00e1c v\u1ecb tr\u00ed v\u01b0\u1ee3t qu\u00e1 12% c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0, t\u0103ng c\u00e1c v\u1ecb tr\u00ed \u0111\u00e3 gi\u1ea3m h\u01a1n 15% m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 suy gi\u1ea3m c\u01a1 b\u1ea3n, v\u00e0 th\u1ef1c hi\u1ec7n m\u1ed9t ph\u1ea7n l\u1ee3i nhu\u1eadn trong c\u00e1c v\u1ecb tr\u00ed \u0111\u00e3 t\u0103ng h\u01a1n 40% trong ch\u01b0a \u0111\u1ea7y 12 th\u00e1ng.<\/p>\n<\/div>\n

                    \n
                    \n\n\n\n\n\n\n\n\n
                    K\u00edch ho\u1ea1t th\u1ecb tr\u01b0\u1eddng Brazil<\/th>\nH\u00e0nh \u0111\u1ed9ng chi\u1ebfn thu\u1eadt \u0111\u01b0\u1ee3c khuy\u1ebfn ngh\u1ecb<\/th>\nL\u00fd do chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<\/tr>\n<\/thead>\n
                    T\u0103ng gi\u00e1 tr\u00ean 40% trong 6 th\u00e1ng<\/td>\nTh\u1ef1c hi\u1ec7n 25-30% v\u1ecb tr\u00ed, duy tr\u00ec ph\u1ea7n c\u00f2n l\u1ea1i<\/td>\nC\u00e1c nghi\u00ean c\u1ee9u c\u1ee7a B3 cho th\u1ea5y r\u1eb1ng c\u00e1c c\u1ed5 phi\u1ebfu Brazil t\u0103ng gi\u00e1 >40% trong m\u1ed9t h\u1ecdc k\u1ef3 c\u00f3 xu h\u01b0\u1edbng h\u1ee3p nh\u1ea5t trong 2-3 th\u00e1ng tr\u01b0\u1edbc khi c\u00f3 c\u00e1c chuy\u1ec3n \u0111\u1ed9ng m\u1edbi<\/td>\n<\/tr>\n
                    Gi\u1ea3m tr\u00ean 20% v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n \u0111\u01b0\u1ee3c b\u1ea3o t\u1ed3n<\/td>\nT\u0103ng v\u1ecb tr\u00ed l\u00ean 30% gi\u00e1 tr\u1ecb ban \u0111\u1ea7u<\/td>\nTh\u1ed1ng k\u00ea, 72% c\u00e1c l\u1ea7n gi\u1ea3m ri\u00eang l\u1ebb tr\u00ean 20% m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 suy gi\u1ea3m c\u01a1 b\u1ea3n \u0111\u00e3 d\u1eabn \u0111\u1ebfn s\u1ef1 ph\u1ee5c h\u1ed3i ho\u00e0n to\u00e0n trong v\u00f2ng 8 th\u00e1ng<\/td>\n<\/tr>\n
                    K\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd th\u1ea5p h\u01a1n 15% so v\u1edbi d\u1ef1 ki\u1ebfn<\/td>\n\u0110\u00e1nh gi\u00e1 l\u1ea1i lu\u1eadn \u0111i\u1ec3m trong 5 ng\u00e0y l\u00e0m vi\u1ec7c sau cu\u1ed9c g\u1ecdi k\u1ebft qu\u1ea3<\/td>\nD\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng Brazil th\u01b0\u1eddng ph\u1ea1t qu\u00e1 m\u1ee9c c\u00e1c th\u1ea5t v\u1ecdng ng\u1eafn h\u1ea1n (ph\u1ea3n \u1ee9ng qu\u00e1 m\u1ee9c)<\/td>\n<\/tr>\n
                    Thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 trong \u0111\u1ed9i ng\u0169 \u0111i\u1ec1u h\u00e0nh<\/td>\nGi\u1ea3m ti\u1ebfp x\u00fac 50% cho \u0111\u1ebfn khi c\u00f3 s\u1ef1 r\u00f5 r\u00e0ng chi\u1ebfn l\u01b0\u1ee3c<\/td>\nTrong b\u1ed1i c\u1ea3nh Brazil, c\u00e1c thay \u0111\u1ed5i CEO kh\u00f4ng \u0111\u01b0\u1ee3c l\u00ean k\u1ebf ho\u1ea1ch d\u1eabn \u0111\u1ebfn s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1edbn h\u01a1n 2,3 l\u1ea7n trong 90 ng\u00e0y ti\u1ebfp theo<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                    \n

                    C\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 c\u1ee7a Brazil v\u00e0 t\u00e1c \u0111\u1ed9ng ng\u00e0nh kh\u00e1c bi\u1ec7t c\u1ee7a ch\u00fang<\/h2>\n<\/div>\n
                    \n

                    K\u1ecbch b\u1ea3n kinh t\u1ebf v\u0129 m\u00f4 c\u1ee7a Brazil c\u00f3 \u1ea3nh h\u01b0\u1edfng quy\u1ebft \u0111\u1ecbnh \u0111\u1ebfn vi\u1ec7c l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u1ec3 mua<\/b>, v\u1edbi c\u00e1c t\u00e1c \u0111\u1ed9ng kh\u00f4ng \u0111\u1ed1i x\u1ee9ng gi\u1eefa c\u00e1c ng\u00e0nh t\u1ea1o ra c\u01a1 h\u1ed9i cho alpha \u0111\u00e1ng k\u1ec3. C\u00e1c ch\u1ec9 s\u1ed1 quan tr\u1ecdng cho giai \u0111o\u1ea1n 2024-2025 l\u00e0:<\/p>\n<\/div>\n

                    \n
                    \n\n\n\n\n\n\n\n\n
                    Ch\u1ec9 s\u1ed1 c\u1ee7a Brazil<\/th>\nT\u00ecnh h\u00ecnh hi\u1ec7n t\u1ea1i (2024)<\/th>\nT\u00e1c \u0111\u1ed9ng ng\u00e0nh kh\u00e1c bi\u1ec7t<\/th>\n<\/tr>\n<\/thead>\n
                    L\u00e3i su\u1ea5t Selic (10,75%)<\/td>\nChu k\u1ef3 linh ho\u1ea1t d\u1ea7n d\u1ea7n, v\u1edbi d\u1ef1 b\u00e1o 9,0-9,5% v\u00e0o cu\u1ed1i n\u0103m 2024<\/td>\nM\u1ed7i l\u1ea7n gi\u1ea3m 1% trong Selic m\u1edf r\u1ed9ng b\u1ed9i s\u1ed1 ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1eeb 3-4%, b\u00e1n l\u1ebb t\u1eeb 2-3%, v\u00e0 gi\u1ea3m ch\u00eanh l\u1ec7ch ng\u00e2n h\u00e0ng t\u1eeb 0,4-0,6%<\/td>\n<\/tr>\n
                    L\u1ea1m ph\u00e1t (d\u1ef1 ki\u1ebfn IPCA 4,8%)<\/td>\n\u00c1p l\u1ef1c dai d\u1eb3ng trong d\u1ecbch v\u1ee5 (6,2%) v\u00e0 th\u1ef1c ph\u1ea9m (5,1%), v\u1edbi h\u00e0ng h\u00f3a c\u00f4ng nghi\u1ec7p v\u1eeba ph\u1ea3i (3,4%)<\/td>\nC\u00e1c c\u00f4ng ty c\u00f3 h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c ch\u1ec9 s\u1ed1 h\u00f3a theo l\u1ea1m ph\u00e1t (Truy\u1ec1n t\u1ea3i n\u0103ng l\u01b0\u1ee3ng, V\u1ec7 sinh) t\u0103ng 0,8-1,2% trong bi\u00ean EBITDA cho m\u1ed7i 1% c\u1ee7a IPCA<\/td>\n<\/tr>\n
                    T\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i (R$5,20-5,40\/USD)<\/td>\nBi\u1ebfn \u0111\u1ed9ng cao v\u1edbi xu h\u01b0\u1edbng m\u1ea5t gi\u00e1 d\u1ea7n c\u1ee7a \u0111\u1ed3ng real<\/td>\nNh\u00e0 xu\u1ea5t kh\u1ea9u h\u00e0ng h\u00f3a: m\u1ed7i l\u1ea7n m\u1ea5t gi\u00e1 10% c\u1ee7a \u0111\u1ed3ng real t\u0103ng EBITDA t\u1eeb 4-7% cho c\u00e1c c\u00f4ng ty khai th\u00e1c v\u00e0 6-8% cho c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t gi\u1ea5y v\u00e0 b\u1ed9t gi\u1ea5y<\/td>\n<\/tr>\n
                    T\u0103ng tr\u01b0\u1edfng kinh t\u1ebf (GDP 2,2%)<\/td>\nM\u1edf r\u1ed9ng v\u1eeba ph\u1ea3i nh\u01b0ng kh\u00f4ng \u0111\u1ed3ng \u0111\u1ec1u: d\u1ecbch v\u1ee5 (+2,8%), n\u00f4ng nghi\u1ec7p (+1,9%), c\u00f4ng nghi\u1ec7p (+1,4%)<\/td>\nDoanh thu b\u00e1n l\u1ebb cao c\u1ea5p t\u0103ng tr\u01b0\u1edfng \u1edf m\u1ee9c 1,8x GDP, trong khi ti\u00eau d\u00f9ng c\u01a1 b\u1ea3n m\u1edf r\u1ed9ng \u1edf m\u1ee9c 0,6-0,8x trong k\u1ecbch b\u1ea3n t\u0103ng tr\u01b0\u1edfng v\u1eeba ph\u1ea3i<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                    \n

                    Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ed9c quy\u1ec1n t\u01b0\u01a1ng quan c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 n\u00e0y v\u1edbi c\u00e1c d\u1ef1 b\u00e1o ng\u00e0nh, cho ph\u00e9p x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> trong c\u00e1c k\u1ecbch b\u1ea3n kh\u00e1c nhau. Nghi\u00ean c\u1ee9u c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng s\u1ef1 t\u01b0\u01a1ng quan gi\u1eefa l\u00e3i su\u1ea5t Selic v\u00e0 hi\u1ec7u su\u1ea5t ng\u00e0nh \u1edf Brazil r\u00f5 r\u1ec7t h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, t\u1ea1o ra c\u01a1 h\u1ed9i chi\u1ebfn thu\u1eadt trong c\u00e1c chu k\u1ef3 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7.<\/p>\n<\/div>\n

                    \n

                    M\u1ed9t kh\u00eda c\u1ea1nh th\u01b0\u1eddng b\u1ecb \u0111\u00e1nh gi\u00e1 th\u1ea5p l\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a l\u1ecbch tr\u00ecnh ch\u00ednh tr\u1ecb Brazil \u0111\u1ed1i v\u1edbi c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. V\u1edbi chu k\u1ef3 b\u1ea7u c\u1eed hi\u1ec7n t\u1ea1i, c\u00e1c ng\u00e0nh \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft (n\u0103ng l\u01b0\u1ee3ng, v\u1ec7 sinh, nh\u01b0\u1ee3ng quy\u1ec1n) \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn gia t\u0103ng 6-8 th\u00e1ng tr\u01b0\u1edbc b\u1ea7u c\u1eed. Ph\u00e2n t\u00edch l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c ng\u00e0nh n\u00e0y th\u01b0\u1eddng ch\u1ecbu chi\u1ebft kh\u1ea5u t\u1eeb 10-15% trong b\u1ed9i s\u1ed1 trong c\u00e1c giai \u0111o\u1ea1n n\u00e0y, th\u01b0\u1eddng ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd sau khi k\u1ebft qu\u1ea3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh, b\u1ea5t k\u1ec3 ng\u01b0\u1eddi chi\u1ebfn th\u1eafng — t\u1ea1o ra c\u00e1c c\u1eeda s\u1ed5 chi\u1ebfn thu\u1eadt cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng th\u00e1i.<\/p>\n<\/div>\n

                    \n

                    Nh\u1eefng sai l\u1ea7m nghi\u00eam tr\u1ecdng c\u1ea7n tr\u00e1nh tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil<\/h2>\n<\/div>\n
                    \n

                    Vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> \u1edf Brazil c\u0169ng \u0111\u00f2i h\u1ecfi ki\u1ebfn th\u1ee9c v\u1ec1 nh\u1eefng quan ni\u1ec7m sai l\u1ea7m t\u1ed1n k\u00e9m nh\u1ea5t m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eafc ph\u1ea3i trong b\u1ed1i c\u1ea3nh \u0111\u1ecba ph\u01b0\u01a1ng:<\/p>\n<\/div>\n

                    \n
                      \n
                    • Theo d\u00f5i c\u00e1c khuy\u1ebfn ngh\u1ecb “\u0111\u1ed3ng thu\u1eadn th\u1ecb tr\u01b0\u1eddng” m\u00e0 kh\u00f4ng th\u00edch \u1ee9ng v\u1edbi b\u1ed1i c\u1ea3nh \u0111\u1ecba ph\u01b0\u01a1ng: c\u00e1c nghi\u00ean c\u1ee9u cho th\u1ea5y r\u1eb1ng c\u00e1c \u0111\u1ed3ng thu\u1eadn c\u1ee7a nh\u00e0 ph\u00e2n t\u00edch Brazil tr\u00ecnh b\u00e0y l\u1ed7i d\u1ef1 b\u00e1o trung b\u00ecnh 23% cho l\u1ee3i nhu\u1eadn trong c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i<\/li>\n
                    • \u0110\u00e1nh gi\u00e1 th\u1ea5p y\u1ebfu t\u1ed1 thanh kho\u1ea3n: 42% c\u1ed5 phi\u1ebfu trong ch\u1ec9 s\u1ed1 Small Caps c\u00f3 ch\u00eanh l\u1ec7ch tr\u00ean 1,5% trong c\u00e1c th\u1eddi \u0111i\u1ec3m c\u0103ng th\u1eb3ng, khu\u1ebfch \u0111\u1ea1i t\u1ed5n th\u1ea5t trong c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh<\/li>\n
                    • B\u1ecf qua c\u00e1c r\u1ee7i ro ng\u00e0nh c\u1ee5 th\u1ec3 nh\u01b0 khung ph\u00e1p l\u00fd (c\u00e1c thay \u0111\u1ed5i quy \u0111\u1ecbnh \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a ng\u00e0nh \u0111i\u1ec7n trung b\u00ecnh 3,8% trong 5 n\u0103m qua)<\/li>\n
                    • Ph\u1ea3n \u1ee9ng qu\u00e1 m\u1ee9c v\u1edbi c\u00e1c bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n: d\u1eef li\u1ec7u B3 cho th\u1ea5y r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb giao d\u1ecbch h\u01a1n 5 l\u1ea7n m\u1ed7i th\u00e1ng c\u00f3 l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n 4,2% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng<\/li>\n
                    • B\u1ecf qua hi\u1ec7u qu\u1ea3 thu\u1ebf: c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p cho b\u00f9 \u0111\u1eafp l\u1ed7 v\u00e0 ph\u00e2n b\u1ed5 gi\u1eefa c\u00e1 nh\u00e2n\/ph\u00e1p nh\u00e2n c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho l\u1ee3i nhu\u1eadn r\u00f2ng l\u00ean \u0111\u1ebfn 2,8% m\u1ed7i n\u0103m<\/li>\n<\/ul>\n<\/div>\n
                      \n

                      M\u1ed9t l\u1ed7i \u0111\u1eb7c bi\u1ec7t t\u1ed1n k\u00e9m trong b\u1ed1i c\u1ea3nh Brazil l\u00e0 “\u0111a d\u1ea1ng h\u00f3a \u1ea3o t\u01b0\u1edfng” — \u0111\u1ea7u t\u01b0 v\u00e0o nhi\u1ec1u c\u00f4ng ty c\u00f3 t\u01b0\u01a1ng quan cao v\u1edbi c\u00f9ng m\u1ed9t y\u1ebfu t\u1ed1 r\u1ee7i ro. V\u00ed d\u1ee5, m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi Petrobras, Vale, CSN v\u00e0 Usiminas c\u00f3 v\u1ebb \u0111a d\u1ea1ng h\u00f3a ng\u00e0nh, nh\u01b0ng c\u00f3 t\u01b0\u01a1ng quan 0,78 v\u1edbi hi\u1ec7u su\u1ea5t c\u1ee7a n\u1ec1n kinh t\u1ebf Trung Qu\u1ed1c, t\u1ea1o ra s\u1ef1 t\u1eadp trung r\u1ee7i ro kh\u00f4ng r\u00f5 r\u00e0ng.<\/p>\n<\/div>\n

                      \n

                      N\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 tri\u1ec3n khai c\u00e1c c\u00f4ng c\u1ee5 gi\u00e1o d\u1ee5c ti\u00ean ti\u1ebfn x\u00e1c \u0111\u1ecbnh c\u00e1c m\u00f4 h\u00ecnh v\u1ea5n \u0111\u1ec1 n\u00e0y, cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1nh c\u00e1c b\u1eaby ph\u1ed5 bi\u1ebfn nh\u1ea5t khi quy\u1ebft \u0111\u1ecbnh c\u1ed5 phi\u1ebfu n\u00e0o l\u00e0 t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil.<\/p>\n<\/div>\n

                      \n

                      Tri\u1ec3n v\u1ecdng v\u00e0 xu h\u01b0\u1edbng m\u1edbi n\u1ed5i tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2>\n<\/div>\n
                      \n

                      D\u1ef1 \u0111o\u00e1n v\u01b0\u1ee3t ra ngo\u00e0i t\u1ea7m nh\u00ecn ngay l\u1eadp t\u1ee9c, ch\u00fang t\u00f4i x\u00e1c \u0111\u1ecbnh c\u00e1c xu h\u01b0\u1edbng c\u1ea5u tr\u00fac s\u1ebd \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> trong th\u1eadp k\u1ef7 t\u1edbi. Th\u1ecb tr\u01b0\u1eddng Brazil \u0111ang \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i b\u1edfi n\u0103m l\u1ef1c l\u01b0\u1ee3ng h\u1ed9i t\u1ee5:<\/p>\n<\/div>\n

                      \n
                      \n\n\n\n\n\n\n\n\n\n
                      Xu h\u01b0\u1edbng chuy\u1ec3n \u0111\u1ed5i<\/th>\nT\u00e1c \u0111\u1ed9ng \u0111\u1ecbnh l\u01b0\u1ee3ng \u1edf Brazil<\/th>\nC\u00f4ng ty c\u00f3 v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<\/tr>\n<\/thead>\n
                      Chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng t\u0103ng t\u1ed1c<\/td>\n\u0110\u1ea7u t\u01b0 95 t\u1ef7 R$ \u0111\u1ebfn n\u0103m 2030, v\u1edbi n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o \u0111\u1ea1t 75% ma tr\u1eadn n\u0103ng l\u01b0\u1ee3ng Brazil (so v\u1edbi 48% to\u00e0n c\u1ea7u)<\/td>\nEngie Brasil (EGIE3): 1,2GW trong c\u00e1c d\u1ef1 \u00e1n n\u0103ng l\u01b0\u1ee3ng m\u1eb7t tr\u1eddi v\u00e0 gi\u00f3; Omega (OMGE3): m\u1edf r\u1ed9ng 3 l\u1ea7n c\u00f4ng su\u1ea5t l\u1eafp \u0111\u1eb7t; AES Brasil (AESB3): ng\u1eebng ho\u1ea1t \u0111\u1ed9ng nhi\u1ec7t \u0111i\u1ec7n v\u00e0 t\u1eadp trung v\u00e0o n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o<\/td>\n<\/tr>\n
                      Chuy\u1ec3n \u0111\u1ed5i s\u1ed1 v\u00e0 t\u00e0i ch\u00ednh m\u1edf<\/td>\nNg\u00e2n h\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1 cho th\u00eam 25 tri\u1ec7u ng\u01b0\u1eddi Brazil v\u00e0o n\u0103m 2026, v\u1edbi gi\u1ea3m 35% chi ph\u00ed giao d\u1ecbch t\u00e0i ch\u00ednh<\/td>\nStone (STNE): n\u1ec1n t\u1ea3ng t\u00edch h\u1ee3p cho SMEs; BTG Pactual (BPAC11): ng\u00e2n h\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1 v\u1edbi AUM t\u0103ng tr\u01b0\u1edfng 45% p.a.; M\u00e9liuz (CASH3): th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u1edbi chi\u1ebfn l\u01b0\u1ee3c ho\u00e0n ti\u1ec1n<\/td>\n<\/tr>\n
                      Chuy\u1ec3n \u0111\u1ed5i nh\u00e2n kh\u1ea9u h\u1ecdc c\u1ee7a Brazil<\/td>\nD\u00e2n s\u1ed1 tr\u00ean 60 tu\u1ed5i t\u0103ng tr\u01b0\u1edfng nhanh g\u1ea5p 3 l\u1ea7n so v\u1edbi trung b\u00ecnh, \u0111\u1ea1t 23% d\u00e2n s\u1ed1 v\u00e0o n\u0103m 2035 (so v\u1edbi 14% hi\u1ec7n t\u1ea1i)<\/td>\nHapvida (HAPV3): c\u00e1c k\u1ebf ho\u1ea1ch t\u1eadp trung v\u00e0o y h\u1ecdc ph\u00f2ng ng\u1eeba; Vivara (VIVA3): t\u00e1i \u0111\u1ecbnh v\u1ecb cho \u0111\u1ed1i t\u01b0\u1ee3ng tr\u01b0\u1edfng th\u00e0nh; CVC (CVCB3): s\u1ea3n ph\u1ea9m chuy\u00ean bi\u1ec7t cho “du l\u1ecbch b\u1ea1c”<\/td>\n<\/tr>\n
                      Nearshoring v\u00e0 t\u00e1i t\u1ed5 ch\u1ee9c s\u1ea3n xu\u1ea5t<\/td>\nTi\u1ec1m n\u0103ng thu h\u00fat 30-45 t\u1ef7 USD \u0111\u1ea7u t\u01b0 s\u1ea3n xu\u1ea5t v\u00e0o Brazil \u0111\u1ebfn n\u0103m 2028<\/td>\nWEG (WEGE3): t\u00edch h\u1ee3p v\u00e0o chu\u1ed7i to\u00e0n c\u1ea7u; JSL (JSLG3): logistics t\u00edch h\u1ee3p; Vamos (VAMO3): cho thu\u00ea thi\u1ebft b\u1ecb cho m\u1edf r\u1ed9ng c\u00f4ng nghi\u1ec7p<\/td>\n<\/tr>\n
                      ESG v\u00e0 kinh t\u1ebf tu\u1ea7n ho\u00e0n<\/td>\nQuy \u0111\u1ecbnh ESG \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 42% v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ee7a B3 v\u00e0o n\u0103m 2026, v\u1edbi ti\u1ec1m n\u0103ng t\u00e1i ph\u00e2n lo\u1ea1i 280 t\u1ef7 R$ t\u00e0i s\u1ea3n<\/td>\nSuzano (SUZB3): t\u00edn ch\u1ec9 carbon v\u00e0 kinh t\u1ebf sinh h\u1ecdc; Natura (NTCO3): chu\u1ed7i cung \u1ee9ng b\u1ec1n v\u1eefng \u0111\u01b0\u1ee3c ch\u1ee9ng nh\u1eadn; Ambipar (AMBP3): qu\u1ea3n l\u00fd ch\u1ea5t th\u1ea3i v\u00e0 kinh t\u1ebf tu\u1ea7n ho\u00e0n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                      \n

                      C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c xu h\u01b0\u1edbng n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 ri\u00eang l\u1ebb, m\u00e0 l\u00e0 li\u00ean k\u1ebft v\u00e0 t\u01b0\u01a1ng t\u00e1c l\u1eabn nhau. Ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 x\u00e1c \u0111\u1ecbnh 18 c\u00f4ng ty Brazil c\u00f3 v\u1ecb tr\u00ed t\u1ea1i giao \u0111i\u1ec3m c\u1ee7a \u00edt nh\u1ea5t hai trong s\u1ed1 c\u00e1c xu h\u01b0\u1edbng l\u1edbn n\u00e0y, tr\u00ecnh b\u00e0y ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng h\u1ee3p ch\u1ea5t cao h\u01a1n 2,2 l\u1ea7n so v\u1edbi trung b\u00ecnh Ibovespa trong n\u0103m n\u0103m t\u1edbi.<\/p>\n<\/div>\n

                      \n

                      Ch\u00fang t\u00f4i khuy\u1ebfn ngh\u1ecb ph\u00e2n b\u1ed5 chi\u1ebfn l\u01b0\u1ee3c 25-35% danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty ti\u1ebfp x\u00fac v\u1edbi c\u00e1c xu h\u01b0\u1edbng chuy\u1ec3n \u0111\u1ed5i n\u00e0y, ngay c\u1ea3 khi \u0111i\u1ec1u n\u00e0y ng\u1ee5 \u00fd ch\u1ea5p nh\u1eadn s\u1ef1 bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n cao h\u01a1n. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c c\u00f4ng ty c\u00f3 v\u1ecb tr\u00ed trong c\u00e1c xu h\u01b0\u1edbng th\u1ebf t\u1ee5c ph\u1ee5c h\u1ed3i nhanh h\u01a1n 2,3 l\u1ea7n t\u1eeb c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00f3 xu h\u01b0\u1edbng m\u1edf r\u1ed9ng b\u1ed9i s\u1ed1 trong c\u00e1c giai \u0111o\u1ea1n h\u1ee3p nh\u1ea5t ng\u00e0nh.<\/p>\n<\/div>\n

                      \n

                      Trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng Brazil ng\u00e0y c\u00e0ng k\u1ebft n\u1ed1i to\u00e0n c\u1ea7u nh\u01b0ng c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ecba ph\u01b0\u01a1ng \u0111\u1eb7c bi\u1ec7t, vi\u1ec7c t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3<\/p>\n"},"faq":[{"question":"C\u00e1c ng\u00e0nh t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu \u1edf Brazil hi\u1ec7n nay l\u00e0 g\u00ec?","answer":"C\u00e1c l\u0129nh v\u1ef1c tri\u1ec3n v\u1ecdng nh\u1ea5t trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i c\u1ee7a Brazil bao g\u1ed3m n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, c\u00f4ng ngh\u1ec7\/fintech, n\u00f4ng nghi\u1ec7p, ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng. M\u1ed7i l\u0129nh v\u1ef1c \u0111\u1ec1u c\u00f3 c\u00e1c y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng kh\u00e1c nhau, ch\u1eb3ng h\u1ea1n nh\u01b0 chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng, s\u1ed1 h\u00f3a t\u0103ng t\u1ed1c, nhu c\u1ea7u to\u00e0n c\u1ea7u v\u1ec1 h\u00e0ng h\u00f3a, gi\u00e0 h\u00f3a d\u00e2n s\u1ed1 v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u01b0\u1ee3ng quy\u1ec1n, t\u01b0\u01a1ng \u1ee9ng."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 li\u1ec7u m\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 \u0111\u1eaft hay r\u1ebb tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil?","answer":"\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu Brazil, h\u00e3y xem x\u00e9t c\u00e1c b\u1ed9i s\u1ed1 nh\u01b0 P\/E (gi\u00e1\/l\u1ee3i nhu\u1eadn), l\u00fd t\u01b0\u1edfng l\u00e0 dao \u0111\u1ed9ng t\u1eeb 8-16 t\u00f9y thu\u1ed9c v\u00e0o ng\u00e0nh; EV\/EBITDA, th\u01b0\u1eddng h\u1ea5p d\u1eabn d\u01b0\u1edbi 6-8x; P\/BV (gi\u00e1\/gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch), t\u1ed1t nh\u1ea5t l\u00e0 d\u01b0\u1edbi 2-3x; v\u00e0 so s\u00e1nh c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u1edbi m\u1ee9c trung b\u00ecnh l\u1ecbch s\u1eed c\u1ee7a c\u00f4ng ty v\u00e0 v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u00f9ng ng\u00e0nh."},{"question":"T\u1ea7m quan tr\u1ecdng c\u1ee7a thanh kho\u1ea3n khi ch\u1ecdn c\u1ed5 phi\u1ebfu \u1edf Brazil l\u00e0 g\u00ec?","answer":"Thanh kho\u1ea3n l\u00e0 y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh v\u1ecb th\u1ebf nhanh ch\u00f3ng. C\u1ed5 phi\u1ebfu c\u00f3 thanh kho\u1ea3n th\u1ea5p c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch l\u1edbn h\u01a1n gi\u1eefa c\u00e1c l\u1ec7nh mua v\u00e0 b\u00e1n, kh\u00f3 kh\u0103n trong vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c l\u1ec7nh l\u1edbn h\u01a1n, v\u00e0 bi\u1ebfn \u0111\u1ed9ng l\u1edbn h\u01a1n trong th\u1eddi gian c\u0103ng th\u1eb3ng. Khuy\u1ebfn ngh\u1ecb r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi b\u1eaft \u0111\u1ea7u n\u00ean t\u1eadp trung v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y tr\u00ean R$10 tri\u1ec7u."},{"question":"Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a Brazil \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau?","answer":"Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, \u0111\u1eb7c bi\u1ec7t l\u00e0 l\u00e3i su\u1ea5t Selic, \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c ng\u00e0nh kh\u00e1c nhau theo nh\u1eefng c\u00e1ch kh\u00e1c nhau. Trong c\u00e1c k\u1ecbch b\u1ea3n l\u00e3i su\u1ea5t cao, c\u00e1c c\u00f4ng ty trong l\u0129nh v\u1ef1c ti\u1ec7n \u00edch, ng\u00e2n h\u00e0ng v\u00e0 nh\u1eefng c\u00f4ng ty c\u00f3 n\u1ee3 th\u1ea5p th\u01b0\u1eddng n\u1ed5i b\u1eadt. Khi l\u00e3i su\u1ea5t gi\u1ea3m, c\u00e1c ng\u00e0nh nh\u1ea1y c\u1ea3m v\u1edbi chu k\u1ef3 kinh t\u1ebf nh\u01b0 b\u00e1n l\u1ebb, x\u00e2y d\u1ef1ng v\u00e0 c\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng c\u00f3 \u0111\u00f2n b\u1ea9y l\u1edbn h\u01a1n s\u1ebd \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c t\u1ed1t nh\u1ea5t cho ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u mu\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu Brazil l\u00e0 g\u00ec?","answer":"Ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u n\u00ean b\u1eaft \u0111\u1ea7u v\u1edbi m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn b\u1ea3o th\u1ee7: t\u1eadp trung v\u00e0o 5-8 c\u00f4ng ty d\u1eabn \u0111\u1ea7u trong c\u00e1c ph\u00e2n kh\u00fac c\u1ee7a h\u1ecd, t\u1ed1t nh\u1ea5t l\u00e0 nh\u1eefng c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c v\u1edbi l\u1ecbch s\u1eed ho\u1ea1t \u0111\u1ed9ng \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh. N\u00ean \u0111a d\u1ea1ng h\u00f3a trong 3-4 ng\u00e0nh kh\u00e1c nhau, \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng xuy\u00ean th\u00f4ng qua c\u00e1c kho\u1ea3n \u0111\u00f3ng g\u00f3p h\u00e0ng th\u00e1ng v\u00e0 d\u00e0nh th\u1eddi gian \u0111\u1ec3 h\u1ecdc t\u1eadp li\u00ean t\u1ee5c. C\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option cung c\u1ea5p c\u00e1c t\u00e0i nguy\u00ean gi\u00e1o d\u1ee5c \u0111\u1ec3 h\u1ed7 tr\u1ee3 trong qu\u00e1 tr\u00ecnh n\u00e0y."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u00e1c ng\u00e0nh t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu \u1edf Brazil hi\u1ec7n nay l\u00e0 g\u00ec?","answer":"C\u00e1c l\u0129nh v\u1ef1c tri\u1ec3n v\u1ecdng nh\u1ea5t trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i c\u1ee7a Brazil bao g\u1ed3m n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, c\u00f4ng ngh\u1ec7\/fintech, n\u00f4ng nghi\u1ec7p, ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng. M\u1ed7i l\u0129nh v\u1ef1c \u0111\u1ec1u c\u00f3 c\u00e1c y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng kh\u00e1c nhau, ch\u1eb3ng h\u1ea1n nh\u01b0 chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng, s\u1ed1 h\u00f3a t\u0103ng t\u1ed1c, nhu c\u1ea7u to\u00e0n c\u1ea7u v\u1ec1 h\u00e0ng h\u00f3a, gi\u00e0 h\u00f3a d\u00e2n s\u1ed1 v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u01b0\u1ee3ng quy\u1ec1n, t\u01b0\u01a1ng \u1ee9ng."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 li\u1ec7u m\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 \u0111\u1eaft hay r\u1ebb tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil?","answer":"\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu Brazil, h\u00e3y xem x\u00e9t c\u00e1c b\u1ed9i s\u1ed1 nh\u01b0 P\/E (gi\u00e1\/l\u1ee3i nhu\u1eadn), l\u00fd t\u01b0\u1edfng l\u00e0 dao \u0111\u1ed9ng t\u1eeb 8-16 t\u00f9y thu\u1ed9c v\u00e0o ng\u00e0nh; EV\/EBITDA, th\u01b0\u1eddng h\u1ea5p d\u1eabn d\u01b0\u1edbi 6-8x; P\/BV (gi\u00e1\/gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch), t\u1ed1t nh\u1ea5t l\u00e0 d\u01b0\u1edbi 2-3x; v\u00e0 so s\u00e1nh c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u1edbi m\u1ee9c trung b\u00ecnh l\u1ecbch s\u1eed c\u1ee7a c\u00f4ng ty v\u00e0 v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u00f9ng ng\u00e0nh."},{"question":"T\u1ea7m quan tr\u1ecdng c\u1ee7a thanh kho\u1ea3n khi ch\u1ecdn c\u1ed5 phi\u1ebfu \u1edf Brazil l\u00e0 g\u00ec?","answer":"Thanh kho\u1ea3n l\u00e0 y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh v\u1ecb th\u1ebf nhanh ch\u00f3ng. C\u1ed5 phi\u1ebfu c\u00f3 thanh kho\u1ea3n th\u1ea5p c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch l\u1edbn h\u01a1n gi\u1eefa c\u00e1c l\u1ec7nh mua v\u00e0 b\u00e1n, kh\u00f3 kh\u0103n trong vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c l\u1ec7nh l\u1edbn h\u01a1n, v\u00e0 bi\u1ebfn \u0111\u1ed9ng l\u1edbn h\u01a1n trong th\u1eddi gian c\u0103ng th\u1eb3ng. Khuy\u1ebfn ngh\u1ecb r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi b\u1eaft \u0111\u1ea7u n\u00ean t\u1eadp trung v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y tr\u00ean R$10 tri\u1ec7u."},{"question":"Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a Brazil \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau?","answer":"Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, \u0111\u1eb7c bi\u1ec7t l\u00e0 l\u00e3i su\u1ea5t Selic, \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c ng\u00e0nh kh\u00e1c nhau theo nh\u1eefng c\u00e1ch kh\u00e1c nhau. Trong c\u00e1c k\u1ecbch b\u1ea3n l\u00e3i su\u1ea5t cao, c\u00e1c c\u00f4ng ty trong l\u0129nh v\u1ef1c ti\u1ec7n \u00edch, ng\u00e2n h\u00e0ng v\u00e0 nh\u1eefng c\u00f4ng ty c\u00f3 n\u1ee3 th\u1ea5p th\u01b0\u1eddng n\u1ed5i b\u1eadt. Khi l\u00e3i su\u1ea5t gi\u1ea3m, c\u00e1c ng\u00e0nh nh\u1ea1y c\u1ea3m v\u1edbi chu k\u1ef3 kinh t\u1ebf nh\u01b0 b\u00e1n l\u1ebb, x\u00e2y d\u1ef1ng v\u00e0 c\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng c\u00f3 \u0111\u00f2n b\u1ea9y l\u1edbn h\u01a1n s\u1ebd \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c t\u1ed1t nh\u1ea5t cho ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u mu\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu Brazil l\u00e0 g\u00ec?","answer":"Ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u n\u00ean b\u1eaft \u0111\u1ea7u v\u1edbi m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn b\u1ea3o th\u1ee7: t\u1eadp trung v\u00e0o 5-8 c\u00f4ng ty d\u1eabn \u0111\u1ea7u trong c\u00e1c ph\u00e2n kh\u00fac c\u1ee7a h\u1ecd, t\u1ed1t nh\u1ea5t l\u00e0 nh\u1eefng c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c v\u1edbi l\u1ecbch s\u1eed ho\u1ea1t \u0111\u1ed9ng \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh. N\u00ean \u0111a d\u1ea1ng h\u00f3a trong 3-4 ng\u00e0nh kh\u00e1c nhau, \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng xuy\u00ean th\u00f4ng qua c\u00e1c kho\u1ea3n \u0111\u00f3ng g\u00f3p h\u00e0ng th\u00e1ng v\u00e0 d\u00e0nh th\u1eddi gian \u0111\u1ec3 h\u1ecdc t\u1eadp li\u00ean t\u1ee5c. C\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option cung c\u1ea5p c\u00e1c t\u00e0i nguy\u00ean gi\u00e1o d\u1ee5c \u0111\u1ec3 h\u1ed7 tr\u1ee3 trong qu\u00e1 tr\u00ecnh n\u00e0y."}]}},"yoast_head":"\nC\u1ed5 Phi\u1ebfu T\u1ed1t Nh\u1ea5t \u0110\u1ec3 \u0110\u1ea7u T\u01b0 | H\u01b0\u1edbng D\u1eabn Pocket Option<\/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\/best-stocks-to-invest-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C\u1ed5 Phi\u1ebfu T\u1ed1t Nh\u1ea5t \u0110\u1ec3 \u0110\u1ea7u T\u01b0 | H\u01b0\u1edbng D\u1eabn Pocket Option\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/best-stocks-to-invest-in\/\" \/>\n<meta property=\"og:site_name\" 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