{"id":315651,"date":"2025-07-19T11:18:46","date_gmt":"2025-07-19T11:18:46","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/is-at-and-t-a-good-stock-to-buy-2\/"},"modified":"2025-07-19T11:18:46","modified_gmt":"2025-07-19T11:18:46","slug":"is-at-and-t-a-good-stock-to-buy","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/is-at-and-t-a-good-stock-to-buy\/","title":{"rendered":"AT&#038;T c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua: Ph\u00e2n t\u00edch d\u1ef1a tr\u00ean d\u1eef li\u1ec7u cho nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":307517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[28,45,44],"class_list":["post-315651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-investment","tag-stock","tag-strategy"],"acf":{"h1":"AT&T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua kh\u00f4ng? Kh\u00e1m ph\u00e1 c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u1ee5 th\u1ec3 v\u00e0 c\u00e1c khung ph\u00e2n t\u00edch \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 ti\u1ebft l\u1ed9 ti\u1ec1m n\u0103ng \u0111\u1ea7u t\u01b0 th\u1ef1c s\u1ef1 c\u1ee7a AT&T v\u1edbi ph\u01b0\u01a1ng ph\u00e1p nghi\u00ean c\u1ee9u \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option.","h1_source":{"label":"H1","type":"text","formatted_value":"AT&T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua kh\u00f4ng? Kh\u00e1m ph\u00e1 c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u1ee5 th\u1ec3 v\u00e0 c\u00e1c khung ph\u00e2n t\u00edch \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 ti\u1ebft l\u1ed9 ti\u1ec1m n\u0103ng \u0111\u1ea7u t\u01b0 th\u1ef1c s\u1ef1 c\u1ee7a AT&T v\u1edbi ph\u01b0\u01a1ng ph\u00e1p nghi\u00ean c\u1ee9u \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option."},"description":"Ph\u00e2n T\u00edch D\u1eef Li\u1ec7u C\u1ee7a Pocket Option: AT&T C\u00f3 Ph\u1ea3i L\u00e0 C\u1ed5 Phi\u1ebfu T\u1ed1t \u0110\u1ec3 Mua Trong Th\u1ecb Tr\u01b0\u1eddng Hi\u1ec7n Nay Kh\u00f4ng?","description_source":{"label":"Description","type":"textarea","formatted_value":"Ph\u00e2n T\u00edch D\u1eef Li\u1ec7u C\u1ee7a Pocket Option: AT&T C\u00f3 Ph\u1ea3i L\u00e0 C\u1ed5 Phi\u1ebfu T\u1ed1t \u0110\u1ec3 Mua Trong Th\u1ecb Tr\u01b0\u1eddng Hi\u1ec7n Nay Kh\u00f4ng?"},"intro":"Vi\u1ec7c x\u00e1c \u0111\u1ecbnh li\u1ec7u AT&T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00e1ng gi\u00e1 hay kh\u00f4ng \u0111\u00f2i h\u1ecfi ph\u1ea3i c\u00f3 ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng nghi\u00eam ng\u1eb7t, kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ea3m gi\u00e1c tr\u1ef1c gi\u00e1c hay ti\u00eau \u0111\u1ec1 b\u00e1o ch\u00ed. Cu\u1ed9c \u0111i\u1ec1u tra n\u00e0y s\u1eed d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh ch\u00ednh x\u00e1c, ph\u00e2n t\u00edch t\u1ef7 l\u1ec7 v\u00e0 d\u1ef1 b\u00e1o xu h\u01b0\u1edbng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u1ed5 phi\u1ebfu AT&T c\u00f3 \u0111\u00e1ng \u0111\u01b0\u1ee3c xem x\u00e9t cho danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n hay kh\u00f4ng. B\u1eb1ng c\u00e1ch xem x\u00e9t d\u1eef li\u1ec7u c\u1ee9ng c\u00f9ng v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a doanh nghi\u1ec7p, b\u1ea1n s\u1ebd c\u00f3 \u0111\u01b0\u1ee3c nh\u1eefng th\u00f4ng tin chi ti\u1ebft c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng thay v\u00ec ch\u1ec9 l\u00e0 \u00fd ki\u1ebfn.","intro_source":{"label":"Intro","type":"text","formatted_value":"Vi\u1ec7c x\u00e1c \u0111\u1ecbnh li\u1ec7u AT&T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00e1ng gi\u00e1 hay kh\u00f4ng \u0111\u00f2i h\u1ecfi ph\u1ea3i c\u00f3 ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng nghi\u00eam ng\u1eb7t, kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ea3m gi\u00e1c tr\u1ef1c gi\u00e1c hay ti\u00eau \u0111\u1ec1 b\u00e1o ch\u00ed. Cu\u1ed9c \u0111i\u1ec1u tra n\u00e0y s\u1eed d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh ch\u00ednh x\u00e1c, ph\u00e2n t\u00edch t\u1ef7 l\u1ec7 v\u00e0 d\u1ef1 b\u00e1o xu h\u01b0\u1edbng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u1ed5 phi\u1ebfu AT&T c\u00f3 \u0111\u00e1ng \u0111\u01b0\u1ee3c xem x\u00e9t cho danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n hay kh\u00f4ng. B\u1eb1ng c\u00e1ch xem x\u00e9t d\u1eef li\u1ec7u c\u1ee9ng c\u00f9ng v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a doanh nghi\u1ec7p, b\u1ea1n s\u1ebd c\u00f3 \u0111\u01b0\u1ee3c nh\u1eefng th\u00f4ng tin chi ti\u1ebft c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng thay v\u00ec ch\u1ec9 l\u00e0 \u00fd ki\u1ebfn."},"body_html":"<div class=\"custom-html-container\">\n<h2>Khung \u0110\u1ecbnh L\u01b0\u1ee3ng \u0110\u1ec3 \u0110\u00e1nh Gi\u00e1 AT&amp;T Nh\u01b0 M\u1ed9t Kho\u1ea3n \u0110\u1ea7u T\u01b0<\/h2>\nKhi \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e2u h\u1ecfi quan tr\u1ecdng \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng,\" c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nghi\u00eam t\u00fac ph\u1ea3i t\u1eeb b\u1ecf c\u00e1c bi\u1ec3u \u0111\u1ed3 gi\u00e1 \u0111\u01a1n gi\u1ea3n v\u00e0 ti\u00eau \u0111\u1ec1 gi\u1eadt g\u00e2n \u0111\u1ec3 thay v\u00e0o \u0111\u00f3 l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p d\u1ef1a v\u00e0o c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc nhi\u1ec1u l\u1edbp \u0111\u1ec3 ph\u00e1t hi\u1ec7n ra c\u00e1c c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb \u1ea9n m\u00e0 nh\u1eefng ng\u01b0\u1eddi quan s\u00e1t th\u1ecb tr\u01b0\u1eddng th\u00f4ng th\u01b0\u1eddng kh\u00f4ng th\u1ec3 th\u1ea5y.\n\nAT&amp;T Inc. (NYSE: T) \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t cu\u1ed9c chuy\u1ec3n \u0111\u1ed5i kinh doanh tri\u1ec7t \u0111\u1ec3 k\u1ec3 t\u1eeb n\u0103m 2021, tho\u00e1i v\u1ed1n 43 t\u1ef7 USD t\u00e0i s\u1ea3n truy\u1ec1n th\u00f4ng v\u00e0 t\u1eadp trung ho\u00e0n to\u00e0n v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng vi\u1ec5n th\u00f4ng c\u1ee7a m\u00ecnh. S\u1ef1 t\u00e1i c\u1ea5u tr\u00fac chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u00e3 thay \u0111\u1ed5i c\u01a1 b\u1ea3n DNA t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty, khi\u1ebfn c\u00e1c ph\u00e2n t\u00edch tr\u01b0\u1edbc n\u0103m 2022 tr\u1edf n\u00ean l\u1ed7i th\u1eddi. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng\" c\u1ea7n c\u00e1c ch\u1ec9 s\u1ed1 m\u1edbi ph\u1ea3n \u00e1nh m\u00f4 h\u00ecnh kinh doanh tinh g\u1ecdn c\u1ee7a c\u00f4ng ty v\u00e0 b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n \u0111\u00e3 gi\u1ea3m n\u1ee3.\n<h2>C\u00e1c Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1 C\u01a1 B\u1ea3n Cho C\u1ed5 Phi\u1ebfu AT&amp;T<\/h2>\nTr\u01b0\u1edbc khi k\u1ebft lu\u1eadn li\u1ec7u AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u1ed1t hay kh\u00f4ng, ch\u00fang ta ph\u1ea3i thi\u1ebft l\u1eadp c\u00e1c ti\u00eau chu\u1ea9n ch\u00ednh x\u00e1c b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng n\u0103m ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 thi\u1ebft y\u1ebfu m\u00e0 c\u00e1c nh\u00e0 ph\u00e2n t\u00edch chuy\u00ean nghi\u1ec7p \u01b0u ti\u00ean. C\u00e1c c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc n\u00e0y cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft \u0111\u1ecbnh l\u01b0\u1ee3ng ti\u1ebft l\u1ed9 v\u1ecb tr\u00ed t\u00e0i ch\u00ednh th\u1ef1c s\u1ef1 c\u1ee7a AT&amp;T so v\u1edbi c\u1ea3 hi\u1ec7u su\u1ea5t l\u1ecbch s\u1eed v\u00e0 c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1<\/th>\n<th>Gi\u00e1 Tr\u1ecb AT&amp;T<\/th>\n<th>Trung B\u00ecnh Ng\u00e0nh<\/th>\n<th>Di\u1ec5n Gi\u1ea3i<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Gi\u00e1 tr\u00ean Thu nh\u1eadp (P\/E)<\/td>\n<td>7.8<\/td>\n<td>19.2<\/td>\n<td>D\u01b0\u1edbi trung b\u00ecnh - c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 tr\u00ean Gi\u00e1 tr\u1ecb S\u1ed5 s\u00e1ch (P\/B)<\/td>\n<td>1.2<\/td>\n<td>2.1<\/td>\n<td>D\u01b0\u1edbi trung b\u00ecnh - c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 tr\u1ecb Doanh nghi\u1ec7p\/EBITDA<\/td>\n<td>6.3<\/td>\n<td>8.5<\/td>\n<td>D\u01b0\u1edbi trung b\u00ecnh - c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 tr\u00ean D\u00f2ng ti\u1ec1n T\u1ef1 do<\/td>\n<td>6.9<\/td>\n<td>15.3<\/td>\n<td>D\u01b0\u1edbi trung b\u00ecnh - c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t C\u1ed5 t\u1ee9c<\/td>\n<td>6.4%<\/td>\n<td>1.8%<\/td>\n<td>Tr\u00ean trung b\u00ecnh - thu nh\u1eadp h\u1ea5p d\u1eabn<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nC\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y ti\u1ebft l\u1ed9 AT&amp;T giao d\u1ecbch v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u 59% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 ng\u00e0nh d\u1ef1a tr\u00ean t\u1ef7 l\u1ec7 P\/E (7.8 so v\u1edbi 19.2), \u0111i\u1ec1u n\u00e0y b\u00e1o hi\u1ec7u m\u1ed9t c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb \u0111\u1eb7c bi\u1ec7t ho\u1eb7c c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea5u tr\u00fac ti\u1ec1m \u1ea9n c\u1ea7n \u0111i\u1ec1u tra th\u00eam. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch Pocket Option c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ed9ng l\u01b0\u1ee3ng v\u00e0 \u0111\u00e1nh gi\u00e1 t\u00e2m l\u00fd \u0111\u1ec3 ph\u00e1t tri\u1ec3n c\u00e1c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 tinh t\u1ebf h\u01a1n ngo\u00e0i c\u00e1c ch\u1ec9 \u0111\u1ecbnh \u0111\u01a1n gi\u1ea3n \"mua\/b\u00e1n\".\n<h2>Ph\u00e2n T\u00edch D\u00f2ng Ti\u1ec1n Chi\u1ebft Kh\u1ea5u: C\u00f3 N\u00ean Mua C\u1ed5 Phi\u1ebfu AT&amp;T?<\/h2>\n\u0110\u1ec3 tr\u1ea3 l\u1eddi d\u1ee9t kho\u00e1t li\u1ec7u \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng,\" ch\u00fang ta ph\u1ea3i v\u01b0\u1ee3t qua c\u00e1c t\u1ef7 l\u1ec7 b\u1ec1 m\u1eb7t v\u00e0 th\u1ef1c hi\u1ec7n m\u00f4 h\u00ecnh D\u00f2ng Ti\u1ec1n Chi\u1ebft Kh\u1ea5u (DCF) \u2013 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 ti\u00eau chu\u1ea9n v\u00e0ng \u0111\u01b0\u1ee3c c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f4ng ty c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n s\u1eed d\u1ee5ng. C\u00e1ch ti\u1ebfp c\u1eadn to\u00e1n h\u1ecdc ti\u00ean ti\u1ebfn n\u00e0y t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai d\u1ef1 ki\u1ebfn, cung c\u1ea5p m\u1ed9t \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft d\u1ef1a tr\u00ean c\u00e1c nguy\u00ean t\u1eafc k\u1ebf to\u00e1n.\n<h3>Gi\u1ea3 \u0110\u1ecbnh M\u00f4 H\u00ecnh DCF cho AT&amp;T<\/h3>\nM\u00f4 h\u00ecnh DCF y\u00eau c\u1ea7u c\u00e1c \u0111\u1ea7u v\u00e0o ch\u00ednh x\u00e1c, m\u1ed7i \u0111\u1ea7u v\u00e0o \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn \u0111\u1ed9 ch\u00ednh x\u00e1c c\u1ee7a k\u1ebft qu\u1ea3 \u0111\u1ecbnh gi\u00e1:\n<ul>\n \t<li>T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m d\u1ef1 ki\u1ebfn<\/li>\n \t<li>T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng cu\u1ed1i k\u1ef3 (gi\u1ea3 \u0111\u1ecbnh t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n)<\/li>\n \t<li>Chi ph\u00ed v\u1ed1n b\u00ecnh qu\u00e2n gia quy\u1ec1n (WACC)<\/li>\n \t<li>Th\u1eddi gian d\u1ef1 b\u00e1o<\/li>\n \t<li>D\u00f2ng ti\u1ec1n t\u1ef1 do hi\u1ec7n t\u1ea1i l\u00e0m c\u01a1 s\u1edf<\/li>\n<\/ul>\n\u0110\u1ed1i v\u1edbi ph\u00e2n t\u00edch AT&amp;T c\u1ee7a ch\u00fang t\u00f4i, ch\u00fang t\u00f4i s\u1ebd s\u1eed d\u1ee5ng c\u00e1c gi\u1ea3 \u0111\u1ecbnh b\u1ea3o th\u1ee7 c\u00f3 ch\u1ee7 \u00fd \u0111\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t bi\u00ean \u0111\u1ed9 an to\u00e0n \u0111\u00e1ng k\u1ec3 v\u00e0o c\u00e1c t\u00ednh to\u00e1n c\u1ee7a m\u00ecnh:\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Tham S\u1ed1 \u0110\u1ea7u V\u00e0o DCF<\/th>\n<th>Gi\u00e1 Tr\u1ecb<\/th>\n<th>L\u00fd Do<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m hi\u1ec7n t\u1ea1i<\/td>\n<td>$15.7 t\u1ef7<\/td>\n<td>D\u1ef1a tr\u00ean m\u01b0\u1eddi hai th\u00e1ng qua<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng D\u00f2ng ti\u1ec1n t\u1ef1 do N\u0103m 1-5<\/td>\n<td>3.2% h\u00e0ng n\u0103m<\/td>\n<td>D\u01b0\u1edbi m\u1ee9c \u0111\u1ed3ng thu\u1eadn c\u1ee7a nh\u00e0 ph\u00e2n t\u00edch l\u00e0 4.1%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng cu\u1ed1i k\u1ef3<\/td>\n<td>1.5%<\/td>\n<td>D\u01b0\u1edbi m\u1ee9c t\u0103ng tr\u01b0\u1edfng GDP d\u00e0i h\u1ea1n d\u1ef1 ki\u1ebfn<\/td>\n<\/tr>\n<tr>\n<td>WACC<\/td>\n<td>7.8%<\/td>\n<td>Ph\u1ea3n \u00e1nh c\u1ea5u tr\u00fac n\u1ee3 hi\u1ec7n t\u1ea1i v\u00e0 ph\u1ea7n b\u00f9 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng<\/td>\n<\/tr>\n<tr>\n<td>Th\u1eddi gian d\u1ef1 b\u00e1o<\/td>\n<td>10 n\u0103m<\/td>\n<td>Ti\u00eau chu\u1ea9n cho c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng tr\u01b0\u1edfng th\u00e0nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h3>Th\u1ef1c Hi\u1ec7n T\u00ednh To\u00e1n DCF<\/h3>\nC\u00f4ng th\u1ee9c DCF c\u00f3 h\u1ec7 th\u1ed1ng chi\u1ebft kh\u1ea5u c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng nguy\u00ean t\u1eafc gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n:\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>N\u0103m<\/th>\n<th>D\u00f2ng ti\u1ec1n t\u1ef1 do D\u1ef1 ki\u1ebfn (t\u1ef7)<\/th>\n<th>H\u1ec7 s\u1ed1 Chi\u1ebft kh\u1ea5u<\/th>\n<th>Gi\u00e1 tr\u1ecb Hi\u1ec7n t\u1ea1i (t\u1ef7)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1<\/td>\n<td>$16.20<\/td>\n<td>0.927<\/td>\n<td>$15.02<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>$16.72<\/td>\n<td>0.859<\/td>\n<td>$14.37<\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td>$17.26<\/td>\n<td>0.797<\/td>\n<td>$13.76<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>$17.81<\/td>\n<td>0.739<\/td>\n<td>$13.16<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>$18.38<\/td>\n<td>0.685<\/td>\n<td>$12.59<\/td>\n<\/tr>\n<tr>\n<td>6-10 (PV)<\/td>\n<td>Thay \u0111\u1ed5i<\/td>\n<td>Thay \u0111\u1ed5i<\/td>\n<td>$56.25<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 tr\u1ecb Cu\u1ed1i k\u1ef3 (PV)<\/td>\n<td>Kh\u00f4ng \u00e1p d\u1ee5ng<\/td>\n<td>Kh\u00f4ng \u00e1p d\u1ee5ng<\/td>\n<td>$142.83<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nT\u1ed5ng h\u1ee3p c\u00e1c gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i n\u00e0y ($267.98 t\u1ef7) v\u00e0 chia cho s\u1ed1 c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh (7.14 t\u1ef7) cho ra gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i l\u00e0 $22.70 m\u1ed7i c\u1ed5 phi\u1ebfu \u2013 cao h\u01a1n 23% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i. T\u00ednh to\u00e1n to\u00e1n h\u1ecdc n\u00e0y cho th\u1ea5y AT&amp;T c\u00f3 th\u1ec3 th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua d\u1ef1a tr\u00ean ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u. Tuy nhi\u00ean, \u0111\u00e2y ch\u1ec9 l\u00e0 m\u1ed9t l\u0103ng k\u00ednh \u0111\u1ecbnh gi\u00e1 c\u1ea7n \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p v\u1edbi nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1nh gi\u00e1 kh\u00e1c.\n<h2>Ph\u00e2n T\u00edch C\u1ed5 T\u1ee9c: AT&amp;T C\u00f3 Ph\u1ea3i L\u00e0 C\u1ed5 Phi\u1ebfu C\u1ed5 T\u1ee9c T\u1ed1t Kh\u00f4ng?<\/h2>\n53% c\u1ed5 \u0111\u00f4ng AT&amp;T cho bi\u1ebft thu nh\u1eadp t\u1eeb c\u1ed5 t\u1ee9c l\u00e0 \u0111\u1ed9ng l\u1ef1c \u0111\u1ea7u t\u01b0 ch\u00ednh c\u1ee7a h\u1ecd, khi\u1ebfn t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c tr\u1edf n\u00ean quan tr\u1ecdng khi \u0111\u00e1nh gi\u00e1 li\u1ec7u AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua hay kh\u00f4ng. Ph\u00e2n t\u00edch to\u00e1n h\u1ecdc c\u1ee7a n\u0103m ch\u1ec9 s\u1ed1 c\u1ed5 t\u1ee9c ch\u00ednh ti\u1ebft l\u1ed9 nh\u1eefng hi\u1ec3u bi\u1ebft quan tr\u1ecdng v\u1ec1 \u0111\u1ed9 tin c\u1eady t\u1ea1o thu nh\u1eadp c\u1ee7a c\u00f4ng ty.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 C\u1ed5 T\u1ee9c<\/th>\n<th>Gi\u00e1 Tr\u1ecb AT&amp;T<\/th>\n<th>\u00dd Ngh\u0129a To\u00e1n H\u1ecdc<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i su\u1ea5t C\u1ed5 t\u1ee9c<\/td>\n<td>6.4%<\/td>\n<td>\u0110\u1ea1i di\u1ec7n cho l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m ch\u1ec9 t\u1eeb c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Chi tr\u1ea3<\/td>\n<td>52%<\/td>\n<td>T\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m thu nh\u1eadp \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i d\u01b0\u1edbi d\u1ea1ng c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 B\u1ea3o hi\u1ec3m C\u1ed5 t\u1ee9c<\/td>\n<td>1.92<\/td>\n<td>S\u1ed1 l\u1ea7n thu nh\u1eadp bao ph\u1ee7 c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng C\u1ed5 t\u1ee9c CAGR 5 n\u0103m<\/td>\n<td>-24.1%<\/td>\n<td>T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m k\u00e9p c\u1ee7a c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>B\u1ea3o hi\u1ec3m C\u1ed5 t\u1ee9c FCF<\/td>\n<td>2.31<\/td>\n<td>S\u1ed1 l\u1ea7n d\u00f2ng ti\u1ec1n t\u1ef1 do bao ph\u1ee7 c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nT\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng CAGR c\u1ed5 t\u1ee9c \u00e2m 24.1% trong n\u0103m n\u0103m ph\u1ea3n \u00e1nh tr\u1ef1c ti\u1ebfp vi\u1ec7c AT&amp;T c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c 46.9% (t\u1eeb $2.08 xu\u1ed1ng c\u00f2n $1.11 h\u00e0ng n\u0103m) sau khi t\u00e1ch WarnerMedia v\u00e0o th\u00e1ng 4 n\u0103m 2022 \u2013 m\u1ed9t l\u1ea7n t\u00e1i c\u1ea5u tr\u00fac chi\u1ebfn l\u01b0\u1ee3c ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 suy gi\u1ea3m li\u00ean t\u1ee5c. C\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i d\u01b0\u1eddng nh\u01b0 \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m \u0111\u1eb7c bi\u1ec7t t\u1ed1t b\u1edfi c\u1ea3 thu nh\u1eadp v\u00e0 d\u00f2ng ti\u1ec1n t\u1ef1 do, v\u1edbi t\u1ef7 l\u1ec7 b\u1ea3o hi\u1ec3m v\u01b0\u1ee3t xa ng\u01b0\u1ee1ng nguy hi\u1ec3m 1.0. B\u1eb1ng ch\u1ee9ng to\u00e1n h\u1ecdc n\u00e0y m\u1ea1nh m\u1ebd ch\u1ec9 ra r\u1eb1ng c\u1ed5 t\u1ee9c c\u1ee7a c\u1ed5 phi\u1ebfu AT&amp;T an to\u00e0n trong t\u01b0\u01a1ng lai g\u1ea7n, l\u00e0m cho n\u00f3 \u0111\u1eb7c bi\u1ec7t h\u1ea5p d\u1eabn cho c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o h\u01b0u tr\u00ed v\u00e0 thu nh\u1eadp.\n\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch Pocket Option c\u00f3 th\u1ec3 ki\u1ec3m tra l\u1ea1i c\u00e1c ch\u1ec9 s\u1ed1 c\u1ed5 t\u1ee9c n\u00e0y trong nhi\u1ec1u k\u1ecbch b\u1ea3n kinh t\u1ebf \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m c\u0103ng th\u1eb3ng ti\u1ec1m n\u0103ng. Kh\u1ea3 n\u0103ng m\u00f4 ph\u1ecfng c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng m\u00f4 h\u00ecnh h\u00f3a t\u00e1c \u0111\u1ed9ng t\u00e1i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u1edf c\u00e1c m\u1ee9c l\u1ee3i su\u1ea5t kh\u00e1c nhau v\u00e0 d\u1ef1 \u0111o\u00e1n l\u1ee3i nhu\u1eadn k\u00e9p trong c\u00e1c kho\u1ea3ng th\u1eddi gian t\u00f9y ch\u1ec9nh.\n<h2>H\u1ed3 S\u01a1 N\u1ee3 v\u00e0 \u0110\u00e1nh Gi\u00e1 \u1ed4n \u0110\u1ecbnh T\u00e0i Ch\u00ednh<\/h2>\nG\u00e1nh n\u1eb7ng n\u1ee3 138.2 t\u1ef7 USD c\u1ee7a AT&amp;T \u0111\u00e3 \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng l\u00e0 m\u1ed1i quan t\u00e2m s\u1ed1 1 c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong ba cu\u1ed9c kh\u1ea3o s\u00e1t c\u1ed5 \u0111\u00f4ng h\u00e0ng n\u0103m li\u00ean ti\u1ebfp, \u0111\u00f2i h\u1ecfi ph\u00e2n t\u00edch to\u00e1n h\u1ecdc nghi\u00eam ng\u1eb7t v\u1ec1 ti\u1ebfn tr\u00ecnh gi\u1ea3m n\u1ee3 c\u1ee7a c\u00f4ng ty. \u0110\u00e1nh gi\u00e1 \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a n\u0103m ch\u1ec9 s\u1ed1 n\u1ee3 ch\u00ednh cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft thi\u1ebft y\u1ebfu v\u1ec1 qu\u1ef9 \u0111\u1ea1o t\u00e0i ch\u00ednh c\u1ee7a AT&amp;T v\u00e0 t\u00ednh linh ho\u1ea1t trong t\u01b0\u01a1ng lai.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 N\u1ee3<\/th>\n<th>Gi\u00e1 Tr\u1ecb<\/th>\n<th>Trung B\u00ecnh Ng\u00e0nh<\/th>\n<th>Xu H\u01b0\u1edbng (3 n\u0103m)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ed5ng N\u1ee3<\/td>\n<td>$138.2 t\u1ef7<\/td>\n<td>Kh\u00f4ng \u00e1p d\u1ee5ng<\/td>\n<td>\u2193 Gi\u1ea3m (-23.6%)<\/td>\n<\/tr>\n<tr>\n<td>N\u1ee3 tr\u00ean EBITDA<\/td>\n<td>3.2x<\/td>\n<td>2.5x<\/td>\n<td>\u2193 C\u1ea3i thi\u1ec7n<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 B\u1ea3o hi\u1ec3m L\u00e3i su\u1ea5t<\/td>\n<td>4.7x<\/td>\n<td>6.3x<\/td>\n<td>\u2191 C\u1ea3i thi\u1ec7n<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 N\u1ee3 tr\u00ean V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>\n<td>1.42<\/td>\n<td>1.15<\/td>\n<td>\u2193 C\u1ea3i thi\u1ec7n<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Hi\u1ec7n t\u1ea1i<\/td>\n<td>0.68<\/td>\n<td>0.83<\/td>\n<td>\u2192 \u1ed4n \u0111\u1ecbnh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nD\u1eef li\u1ec7u n\u00e0y ti\u1ebft l\u1ed9 m\u1ed9t c\u00f4ng ty \u0111ang t\u00edch c\u1ef1c gi\u1ea3m n\u1ee3 v\u1edbi t\u1ed1c \u0111\u1ed9 8.6% h\u00e0ng n\u0103m, \u0111\u00e3 lo\u1ea1i b\u1ecf 42.7 t\u1ef7 USD n\u1ee3 k\u1ec3 t\u1eeb khi ho\u00e0n th\u00e0nh t\u00e1i c\u1ea5u tr\u00fac v\u00e0o n\u0103m 2022. M\u1eb7c d\u00f9 c\u00e1c ch\u1ec9 s\u1ed1 n\u1ee3 c\u1ee7a AT&amp;T v\u1eabn cao so v\u1edbi c\u00e1c ti\u00eau chu\u1ea9n ng\u00e0nh, qu\u1ef9 \u0111\u1ea1o c\u1ea3i thi\u1ec7n nh\u1ea5t qu\u00e1n cho th\u1ea5y ban qu\u1ea3n l\u00fd \u0111\u00e3 \u01b0u ti\u00ean \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh sau khi tho\u00e1i v\u1ed1n. M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ch\u1ec9 ra r\u1eb1ng AT&amp;T c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c n\u1ee3 trung b\u00ecnh ng\u00e0nh trong kho\u1ea3ng 36-42 th\u00e1ng n\u1ebfu t\u1ed1c \u0111\u1ed9 gi\u1ea3m n\u1ee3 hi\u1ec7n t\u1ea1i \u0111\u01b0\u1ee3c duy tr\u00ec.\n\nKhi \u0111\u00e1nh gi\u00e1 c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng, ti\u1ebfn tr\u00ecnh gi\u1ea3m n\u1ee3 n\u00e0y \u0111\u1ea1i di\u1ec7n cho m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng trong lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0. M\u1ed7i 10 t\u1ef7 USD n\u1ee3 \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf ti\u1ebft ki\u1ec7m kho\u1ea3ng 450-500 tri\u1ec7u USD chi ph\u00ed l\u00e3i su\u1ea5t h\u00e0ng n\u0103m, c\u00f3 th\u1ec3 chuy\u1ec3n th\u00e0nh d\u00f2ng ti\u1ec1n t\u1ef1 do t\u0103ng, c\u1ed5 t\u1ee9c cao h\u01a1n, ho\u1eb7c v\u1ed1n b\u1ed5 sung cho \u0111\u1ea7u t\u01b0 m\u1ea1ng \u2013 t\u1ea5t c\u1ea3 \u0111\u1ec1u l\u00e0 ch\u1ea5t x\u00fac t\u00e1c t\u00edch c\u1ef1c cho c\u1ed5 \u0111\u00f4ng.\n<h2>Ph\u00e2n T\u00edch K\u1ef9 Thu\u1eadt v\u00e0 M\u1eabu H\u00ecnh Th\u1ed1ng K\u00ea<\/h2>\nTrong khi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n t\u1ea1o n\u1ec1n t\u1ea3ng cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft th\u1ed1ng k\u00ea c\u00f3 gi\u00e1 tr\u1ecb v\u1ec1 t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 ti\u1ec1m n\u0103ng trong ng\u1eafn h\u1ea1n. S\u00e1u ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc ti\u00ean ti\u1ebfn ti\u1ebft l\u1ed9 c\u00e1c m\u1eabu h\u00ecnh kh\u00f4ng th\u1ec3 th\u1ea5y ngay l\u1eadp t\u1ee9c trong c\u00e1c bi\u1ec3u \u0111\u1ed3 gi\u00e1 c\u01a1 b\u1ea3n.\n<h3>C\u00e1c Ch\u1ec9 S\u1ed1 K\u1ef9 Thu\u1eadt Ch\u00ednh cho AT&amp;T<\/h3>\n<ul>\n \t<li>\u0110\u01b0\u1eddng Trung B\u00ecnh \u0110\u1ed9ng: AT&amp;T \u0111ang giao d\u1ecbch cao h\u01a1n 4.2% so v\u1edbi MA 50 ng\u00e0y ($17.75) nh\u01b0ng th\u1ea5p h\u01a1n 2.8% so v\u1edbi MA 200 ng\u00e0y ($19.03), t\u1ea1o ra m\u1ed9t m\u1eabu h\u00ecnh \"ch\u1ebft ch\u00f3c\" k\u1ef9 thu\u1eadt quan tr\u1ecdng v\u00e0o th\u00e1ng 3<\/li>\n \t<li>Ch\u1ec9 s\u1ed1 S\u1ee9c m\u1ea1nh T\u01b0\u01a1ng \u0111\u1ed1i (RSI): Hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 58, ch\u1ec9 ra \u0111\u1ed9ng l\u01b0\u1ee3ng trung l\u1eadp v\u1edbi kh\u1ea3 n\u0103ng ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edbc khi tr\u1edf n\u00ean qu\u00e1 mua v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt (&gt;70)<\/li>\n \t<li>D\u1ea3i Bollinger: Gi\u00e1 g\u1ea7n d\u1ea3i tr\u00ean (0.83 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n t\u1eeb trung t\u00e2m) cho th\u1ea5y s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gia t\u0103ng v\u00e0 kh\u1ea3 n\u0103ng kh\u00e1ng c\u1ef1 \u1edf m\u1ee9c $19.25<\/li>\n \t<li>MACD: T\u00edch c\u1ef1c v\u00e0 c\u00f3 xu h\u01b0\u1edbng t\u0103ng k\u1ec3 t\u1eeb ng\u00e0y 4 th\u00e1ng 4, thi\u1ebft l\u1eadp m\u1ed9t giao c\u1eaft t\u0103ng gi\u00e1 tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u1edbi s\u1ee9c m\u1ea1nh bi\u1ec3u \u0111\u1ed3 t\u0103ng<\/li>\n \t<li>H\u1ed3 s\u01a1 Kh\u1ed1i l\u01b0\u1ee3ng: Kh\u1ed1i l\u01b0\u1ee3ng cao h\u01a1n v\u00e0o c\u00e1c ng\u00e0y t\u0103ng so v\u1edbi c\u00e1c ng\u00e0y gi\u1ea3m (t\u1ef7 l\u1ec7 1.3:1) trong 30 phi\u00ean g\u1ea7n \u0111\u00e2y, ch\u1ec9 ra s\u1ef1 t\u00edch l\u0169y c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c<\/li>\n<\/ul>\nTh\u1ed1ng k\u00ea, trong 17 tr\u01b0\u1eddng h\u1ee3p tr\u01b0\u1edbc \u0111\u00e2y khi AT&amp;T hi\u1ec3n th\u1ecb c\u1ea5u h\u00ecnh k\u1ef9 thu\u1eadt ch\u00ednh x\u00e1c n\u00e0y k\u1ec3 t\u1eeb n\u0103m 2010, c\u1ed5 phi\u1ebfu t\u1ea1o ra l\u1ee3i nhu\u1eadn d\u01b0\u01a1ng trong giai \u0111o\u1ea1n 3 th\u00e1ng ti\u1ebfp theo 64% th\u1eddi gian, v\u1edbi m\u1ee9c t\u0103ng trung b\u00ecnh 7.2% v\u00e0 m\u1ee9c t\u0103ng trung v\u1ecb 5.8%. M\u1eabu h\u00ecnh l\u1ecbch s\u1eed n\u00e0y cung c\u1ea5p m\u1ed9t \u0111i\u1ec3m d\u1eef li\u1ec7u \u0111\u1ecbnh l\u01b0\u1ee3ng kh\u00e1c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u1ed5 phi\u1ebfu AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn t\u1ed1t trong m\u00f4i tr\u01b0\u1eddng k\u1ef9 thu\u1eadt hi\u1ec7n t\u1ea1i.\n\nPocket Option cung c\u1ea5p c\u00e1c thu\u1eadt to\u00e1n nh\u1eadn d\u1ea1ng m\u1eabu h\u00ecnh tinh vi \u0111\u1ec3 ph\u00e2n t\u00edch c\u00e1c ch\u1ec9 s\u1ed1 k\u1ef9 thu\u1eadt n\u00e0y c\u00f9ng v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n, cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea d\u1ef1a tr\u00ean ph\u00e2n t\u00edch x\u00e1c su\u1ea5t l\u1ecbch s\u1eed. C\u00e1ch ti\u1ebfp c\u1eadn t\u00edch h\u1ee3p n\u00e0y k\u1ebft h\u1ee3p \u0111\u1ed9 ch\u00ednh x\u00e1c to\u00e1n h\u1ecdc v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c thi giao d\u1ecbch th\u1ef1c t\u1ebf.\n<h2>M\u00f4 Ph\u1ecfng Monte Carlo cho \u0110\u00e1nh Gi\u00e1 R\u1ee7i Ro<\/h2>\n\u0110\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng ph\u1ea1m vi k\u1ebft qu\u1ea3 ti\u1ec1m n\u0103ng khi \u0111\u1ea7u t\u01b0 v\u00e0o AT&amp;T, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c s\u1eed d\u1ee5ng m\u00f4 ph\u1ecfng Monte Carlo v\u1edbi h\u01a1n 10,000 l\u1ea7n l\u1eb7p l\u1ea1i d\u1ef1a tr\u00ean 15 n\u0103m d\u1eef li\u1ec7u gi\u00e1 l\u1ecbch s\u1eed v\u00e0 m\u1eabu h\u00ecnh bi\u1ebfn \u0111\u1ed9ng. K\u1ef9 thu\u1eadt to\u00e1n h\u1ecdc tinh vi n\u00e0y m\u00f4 h\u00ecnh h\u00f3a h\u00e0ng ng\u00e0n k\u1ecbch b\u1ea3n t\u01b0\u01a1ng lai ti\u1ec1m n\u0103ng b\u1eb1ng c\u00e1ch \u00e1p d\u1ee5ng c\u00e1c bi\u1ebfn th\u1ec3 ng\u1eabu nhi\u00ean trong c\u00e1c tham s\u1ed1 \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp l\u1ecbch s\u1eed.\n\nS\u1eed d\u1ee5ng \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed ch\u00ednh x\u00e1c c\u1ee7a AT&amp;T (19.7% h\u00e0ng n\u0103m) v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u01b0\u01a1ng quan, ch\u00fang t\u00f4i \u0111\u00e3 t\u1ea1o ra m\u1ed9t ph\u00e2n ph\u1ed1i x\u00e1c su\u1ea5t to\u00e0n di\u1ec7n c\u1ee7a c\u00e1c l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng tr\u00ean nhi\u1ec1u khung th\u1eddi gian:\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Khung Th\u1eddi Gian<\/th>\n<th>X\u00e1c Su\u1ea5t L\u1ee3i Nhu\u1eadn D\u01b0\u01a1ng<\/th>\n<th>L\u1ee3i Nhu\u1eadn D\u1ef1 Ki\u1ebfn (Trung v\u1ecb)<\/th>\n<th>L\u1ee3i Nhu\u1eadn Ph\u00e2n V\u1ecb 10%<\/th>\n<th>L\u1ee3i Nhu\u1eadn Ph\u00e2n V\u1ecb 90%<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 N\u0103m<\/td>\n<td>68.3%<\/td>\n<td>9.8%<\/td>\n<td>-11.2%<\/td>\n<td>27.5%<\/td>\n<\/tr>\n<tr>\n<td>3 N\u0103m<\/td>\n<td>79.1%<\/td>\n<td>28.6%<\/td>\n<td>-8.7%<\/td>\n<td>61.3%<\/td>\n<\/tr>\n<tr>\n<td>5 N\u0103m<\/td>\n<td>86.4%<\/td>\n<td>52.3%<\/td>\n<td>5.2%<\/td>\n<td>97.1%<\/td>\n<\/tr>\n<tr>\n<td>10 N\u0103m<\/td>\n<td>93.5%<\/td>\n<td>118.7%<\/td>\n<td>32.4%<\/td>\n<td>207.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nM\u00f4 ph\u1ecfng 10,000 l\u1ea7n l\u1eb7p l\u1ea1i n\u00e0y cho th\u1ea5y l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 6.4% c\u1ee7a AT&amp;T gi\u1ea3m r\u1ee7i ro gi\u1ea3m gi\u00e1 42% trong c\u00e1c khung th\u1eddi gian 5+ n\u0103m so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu kh\u00f4ng c\u00f3 c\u1ed5 t\u1ee9c c\u00f3 h\u1ed3 s\u01a1 bi\u1ebfn \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1. M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ti\u1ebft l\u1ed9 r\u1eb1ng ngay c\u1ea3 trong k\u1ecbch b\u1ea3n t\u1ed3i t\u1ec7 nh\u1ea5t ph\u00e2n v\u1ecb 10% trong giai \u0111o\u1ea1n 5 n\u0103m, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn t\u1ed5ng c\u1ed9ng d\u01b0\u01a1ng 5.2% khi c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0 \u2013 m\u1ed9t y\u1ebfu t\u1ed1 gi\u1ea3m thi\u1ec3u r\u1ee7i ro quan tr\u1ecdng cho c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 b\u1ea3o th\u1ee7.\n\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng Pocket Option c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c m\u00f4 ph\u1ecfng t\u00f9y ch\u1ec9nh v\u1edbi c\u00e1c tham s\u1ed1 c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ki\u1ec3m tra c\u00e1c gi\u1ea3 thuy\u1ebft \u0111\u1ea7u t\u01b0 kh\u00e1c nhau v\u00e0 x\u00e1c \u0111\u1ecbnh li\u1ec7u AT&amp;T c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro v\u00e0 h\u1ea1n ch\u1ebf th\u1eddi gian c\u1ee5 th\u1ec3 c\u1ee7a h\u1ecd hay kh\u00f4ng. C\u00e1c m\u00f4 h\u00ecnh x\u00e1c su\u1ea5t n\u00e0y cung c\u1ea5p \u0111\u00e1nh gi\u00e1 r\u1ee7i ro tinh t\u1ebf h\u01a1n nhi\u1ec1u so v\u1edbi c\u00e1c bi\u1ec7n ph\u00e1p bi\u1ebfn \u0111\u1ed9ng \u0111\u01a1n gi\u1ea3n.\n<h2>Ph\u00e2n T\u00edch So S\u00e1nh: AT&amp;T so v\u1edbi C\u00e1c \u0110\u1ed1i Th\u1ee7 Ng\u00e0nh<\/h2>\n\u0110\u1ec3 tr\u1ea3 l\u1eddi to\u00e0n di\u1ec7n \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng,\" ch\u00fang ta ph\u1ea3i \u0111\u1ecbnh v\u1ecb c\u00f4ng ty trong b\u1ed1i c\u1ea3nh c\u1ea1nh tranh c\u1ee7a n\u00f3 th\u00f4ng qua so s\u00e1nh to\u00e1n h\u1ecdc tr\u1ef1c ti\u1ebfp v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 ch\u00ednh. Ph\u00e2n t\u00edch song song n\u00e0y ti\u1ebft l\u1ed9 c\u00e1c \u0111i\u1ec3m m\u1ea1nh v\u00e0 y\u1ebfu c\u1ee7a AT&amp;T so v\u1edbi s\u00e1u ch\u1ec9 s\u1ed1 ho\u1ea1t \u0111\u1ed9ng v\u00e0 \u0111\u1ecbnh gi\u00e1 quan tr\u1ecdng.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1<\/th>\n<th>AT&amp;T (T)<\/th>\n<th>Verizon (VZ)<\/th>\n<th>T-Mobile (TMUS)<\/th>\n<th>Comcast (CMCSA)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>P\/E D\u1ef1 Ph\u00f3ng<\/td>\n<td>7.8<\/td>\n<td>8.2<\/td>\n<td>16.3<\/td>\n<td>10.5<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t C\u1ed5 t\u1ee9c<\/td>\n<td>6.4%<\/td>\n<td>6.8%<\/td>\n<td>1.6%<\/td>\n<td>2.8%<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng Doanh thu (YoY)<\/td>\n<td>1.2%<\/td>\n<td>0.8%<\/td>\n<td>4.2%<\/td>\n<td>2.1%<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean EBITDA<\/td>\n<td>32.5%<\/td>\n<td>34.7%<\/td>\n<td>36.9%<\/td>\n<td>30.2%<\/td>\n<\/tr>\n<tr>\n<td>N\u1ee3 tr\u00ean EBITDA<\/td>\n<td>3.2x<\/td>\n<td>3.0x<\/td>\n<td>2.5x<\/td>\n<td>2.7x<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t D\u00f2ng ti\u1ec1n T\u1ef1 do<\/td>\n<td>14.1%<\/td>\n<td>11.3%<\/td>\n<td>5.8%<\/td>\n<td>7.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nSo s\u00e1nh song song n\u00e0y ti\u1ebft l\u1ed9 AT&amp;T t\u1ea1o ra l\u1ee3i su\u1ea5t d\u00f2ng ti\u1ec1n t\u1ef1 do cao nh\u1ea5t trong ng\u00e0nh \u1edf m\u1ee9c 14.1% \u2013 cao h\u01a1n 24.8% so v\u1edbi Verizon (11.3%) v\u00e0 cao h\u01a1n 143% so v\u1edbi T-Mobile (5.8%), t\u1ea1o ra m\u1ed9t s\u1ef1 ng\u1eaft k\u1ebft n\u1ed1i \u0111\u1ecbnh gi\u00e1 \u0111\u00e1ng k\u1ec3. Tuy nhi\u00ean, c\u00e1c ch\u1ec9 s\u1ed1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a AT&amp;T t\u1ee5t h\u1eadu \u0111\u00e1ng k\u1ec3 so v\u1edbi t\u1ef7 l\u1ec7 m\u1edf r\u1ed9ng 4.2% c\u1ee7a T-Mobile, \u0111i\u1ec1u n\u00e0y gi\u1ea3i th\u00edch m\u1ed9t ph\u1ea7n chi\u1ebft kh\u1ea5u \u0111\u1ecbnh gi\u00e1. Khi xem x\u00e9t li\u1ec7u AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c t\u1ed1t kh\u00f4ng, b\u1eb1ng ch\u1ee9ng \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1ecbnh v\u1ecb n\u00f3 l\u00e0 nh\u00e0 cung c\u1ea5p l\u1ee3i su\u1ea5t cao th\u1ee9 hai trong ng\u00e0nh vi\u1ec5n th\u00f4ng, ch\u1ec9 th\u1ea5p h\u01a1n Verizon 0.4 \u0111i\u1ec3m ph\u1ea7n tr\u0103m.\n\nSo s\u00e1nh to\u00e1n h\u1ecdc cho th\u1ea5y AT&amp;T \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp, nh\u1eefng ng\u01b0\u1eddi \u01b0u ti\u00ean l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i v\u00e0 t\u1ea1o d\u00f2ng ti\u1ec1n h\u01a1n l\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng doanh thu. Khung ph\u00e2n t\u00edch so s\u00e1nh c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00f9y ch\u1ec9nh tr\u1ecdng s\u1ed1 ch\u1ec9 s\u1ed1 d\u1ef1a tr\u00ean c\u00e1c \u01b0u ti\u00ean \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0 s\u1edf th\u00edch r\u1ee7i ro.\n<h3>Ph\u00e2n T\u00edch L\u1ee3i Nhu\u1eadn Tr\u00ean V\u1ed1n \u0110\u1ea7u T\u01b0 (ROIC)<\/h3>\nNgo\u00e0i c\u00e1c t\u1ef7 l\u1ec7 \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi xem x\u00e9t k\u1ef9 l\u01b0\u1ee1ng hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a AT&amp;T th\u00f4ng qua ph\u00e2n t\u00edch L\u1ee3i nhu\u1eadn tr\u00ean V\u1ed1n \u0110\u1ea7u t\u01b0. Ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1eb7c bi\u1ec7t li\u00ean quan \u0111\u1ebfn c\u00e1c nh\u00e0 \u0111i\u1ec1u h\u00e0nh vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng l\u1edbn.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>C\u00f4ng Ty<\/th>\n<th>ROIC Trung B\u00ecnh 5 N\u0103m<\/th>\n<th>ROIC Hi\u1ec7n T\u1ea1i<\/th>\n<th>Ch\u00eanh L\u1ec7ch ROIC so v\u1edbi WACC<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>AT&amp;T<\/td>\n<td>5.3%<\/td>\n<td>6.7%<\/td>\n<td>-1.1%<\/td>\n<\/tr>\n<tr>\n<td>Verizon<\/td>\n<td>7.1%<\/td>\n<td>7.6%<\/td>\n<td>+0.4%<\/td>\n<\/tr>\n<tr>\n<td>T-Mobile<\/td>\n<td>5.5%<\/td>\n<td>9.4%<\/td>\n<td>+2.1%<\/td>\n<\/tr>\n<tr>\n<td>Comcast<\/td>\n<td>8.3%<\/td>\n<td>8.7%<\/td>\n<td>+1.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nCh\u00eanh l\u1ec7ch ROIC-WACC \u00e2m 1.1% c\u1ee7a AT&amp;T ch\u1ec9 ra r\u1eb1ng c\u00f4ng ty ph\u00e1 h\u1ee7y 1.52 t\u1ef7 USD gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng h\u00e0ng n\u0103m b\u1eb1ng c\u00e1ch kh\u00f4ng t\u1ea1o ra l\u1ee3i nhu\u1eadn tr\u00ean chi ph\u00ed v\u1ed1n \u2013 m\u1ed9t d\u1ea5u hi\u1ec7u \u0111\u1ecf quan tr\u1ecdng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb. Tuy nhi\u00ean, qu\u1ef9 \u0111\u1ea1o t\u00edch c\u1ef1c cho th\u1ea5y s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3, v\u1edbi ROIC hi\u1ec7n t\u1ea1i (6.7%) v\u01b0\u1ee3t qua trung b\u00ecnh 5 n\u0103m (5.3%) 140 \u0111i\u1ec3m c\u01a1 b\u1ea3n, cho th\u1ea5y hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng sau khi c\u00f4ng ty t\u00e1i c\u1ea5u tr\u00fac chi\u1ebfn l\u01b0\u1ee3c.\n\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi \"c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng,\" khung to\u00e1n h\u1ecdc n\u00e0y ti\u1ebft l\u1ed9 c\u00f4ng ty \u0111ang c\u00f3 ti\u1ebfn b\u1ed9 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c trong hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n nh\u01b0ng v\u1eabn t\u1ee5t h\u1eadu so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u00e1ng k\u1ec3. AT&amp;T c\u1ea7n c\u1ea3i thi\u1ec7n ROIC kho\u1ea3ng 110 \u0111i\u1ec3m c\u01a1 b\u1ea3n \u0111\u1ec3 \u0111\u1ea1t tr\u1ea1ng th\u00e1i gi\u00e1 tr\u1ecb trung l\u1eadp \u2013 m\u1ed9t m\u1ee5c ti\u00eau c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c trong 2-3 n\u0103m n\u1ebfu c\u00e1c xu h\u01b0\u1edbng c\u1ea3i thi\u1ec7n ho\u1ea1t \u0111\u1ed9ng hi\u1ec7n t\u1ea1i ti\u1ebfp t\u1ee5c.\n<h2>\u0110\u1ecbnh L\u01b0\u1ee3ng R\u1ee7i Ro \u0110\u1ea7u T\u01b0<\/h2>\nM\u1ed7i kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u1ec1u mang theo nh\u1eefng r\u1ee7i ro c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ea7n \u0111\u01b0\u1ee3c \u0111o l\u01b0\u1eddng ch\u00ednh x\u00e1c. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi s\u1eed d\u1ee5ng n\u0103m ch\u1ec9 s\u1ed1 r\u1ee7i ro to\u00e1n h\u1ecdc ch\u00ednh \u0111\u1ec3 hi\u1ec3u c\u00e1c k\u1ecbch b\u1ea3n gi\u1ea3m gi\u00e1 ti\u1ec1m n\u0103ng khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu AT&amp;T:\n<ul>\n \t<li>Beta: Beta 5 n\u0103m c\u1ee7a AT&amp;T l\u00e0 0.57, ch\u1ec9 ra \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 43% so v\u1edbi S&amp;P 500 v\u00e0 hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i trong c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng<\/li>\n \t<li>\u0110\u1ed9 l\u1ec7ch Gi\u1ea3m gi\u00e1: 12.8% h\u00e0ng n\u0103m, th\u1ea5p h\u01a1n 16.3% so v\u1edbi S&amp;P 500 l\u00e0 15.3%, cho th\u1ea5y s\u1ef1 b\u1ea3o v\u1ec7 t\u1ed1t h\u01a1n trong c\u00e1c giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng ti\u00eau c\u1ef1c<\/li>\n \t<li>Gi\u00e1 tr\u1ecb R\u1ee7i ro (95% tin c\u1eady): 18% trong m\u1ed9t n\u0103m, ngh\u0129a l\u00e0 ch\u1ec9 c\u00f3 5% x\u00e1c su\u1ea5t m\u1ea5t h\u01a1n 18% trong m\u1ed9t n\u0103m<\/li>\n \t<li>Gi\u1ea3m gi\u00e1 T\u1ed1i \u0111a (10 n\u0103m): 45.6% trong \u0111\u1ee3t s\u1ee5t gi\u1ea3m COVID th\u00e1ng 3 n\u0103m 2020, v\u1edbi 87% ph\u1ee5c h\u1ed3i \u0111\u1ea1t \u0111\u01b0\u1ee3c trong v\u00f2ng 24 th\u00e1ng<\/li>\n \t<li>\u0110\u1ed9 nh\u1ea1y C\u1ea3m v\u1edbi L\u00e3i su\u1ea5t: -0.32 t\u01b0\u01a1ng quan v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu 10 n\u0103m, ch\u1ec9 ra r\u1eb1ng AT&amp;T th\u01b0\u1eddng m\u1ea5t 0.32% cho m\u1ed7i 1% t\u0103ng l\u00e3i su\u1ea5t<\/li>\n<\/ul>\nC\u00e1c ch\u1ec9 s\u1ed1 r\u1ee7i ro \u0111\u1ecbnh l\u01b0\u1ee3ng n\u00e0y mi\u00eau t\u1ea3 m\u1ed9t c\u1ed5 phi\u1ebfu ph\u00f2ng th\u1ee7 v\u1edbi s\u1ef1 t\u01b0\u01a1ng quan th\u1ecb tr\u01b0\u1eddng d\u01b0\u1edbi m\u1ee9c trung b\u00ecnh \u0111\u00e1ng k\u1ec3. H\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan -0.32 v\u1edbi l\u00e3i su\u1ea5t gi\u1ea3i th\u00edch to\u00e1n h\u1ecdc c\u00e1c m\u1eabu h\u00ecnh hi\u1ec7u su\u1ea5t g\u1ea7n \u0111\u00e2y c\u1ee7a AT&amp;T \u2013 c\u1ed5 phi\u1ebfu c\u00f3 xu h\u01b0\u1edbng ho\u1ea1t \u0111\u1ed9ng k\u00e9m trong c\u00e1c m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t t\u0103ng (2021-2022) nh\u01b0ng ho\u1ea1t \u0111\u1ed9ng t\u1ed1t h\u01a1n khi l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh ho\u1eb7c gi\u1ea3m (2023-nay).\n\nKhi ph\u00e2n t\u00edch li\u1ec7u AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c t\u1ed1t t\u1eeb g\u00f3c \u0111\u1ed9 r\u1ee7i ro, beta 0.57 v\u00e0 \u0111\u1ed9 l\u1ec7ch gi\u1ea3m gi\u00e1 12.8% c\u1ee7a n\u00f3 cho th\u1ea5y n\u00f3 cung c\u1ea5p m\u1ed9t d\u00f2ng thu nh\u1eadp \u1ed5n \u0111\u1ecbnh h\u01a1n 78% c\u00e1c th\u00e0nh ph\u1ea7n c\u1ee7a S&amp;P 500, m\u1eb7c d\u00f9 cung c\u1ea5p l\u1ee3i su\u1ea5t cao h\u01a1n trung b\u00ecnh ch\u1ec9 s\u1ed1 3.6 l\u1ea7n. C\u00e1c thu\u1eadt to\u00e1n \u0111\u00e1nh gi\u00e1 r\u1ee7i ro c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 k\u1ebft h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u00e0o c\u00e1c m\u00f4 h\u00ecnh t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh theo kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u00e1 nh\u00e2n.\n\n[cta_button text=\"B\u1eaft \u0111\u1ea7u Giao d\u1ecbch\"]\n<h2>K\u1ebft Lu\u1eadn: C\u00f3 N\u00ean Mua C\u1ed5 Phi\u1ebfu AT&amp;T Kh\u00f4ng?<\/h2>\nSau khi th\u1ef1c hi\u1ec7n ki\u1ec3m tra to\u00e1n h\u1ecdc v\u00e0 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n qua nhi\u1ec1u khung \u0111\u1ecbnh gi\u00e1, ch\u00fang ta c\u00f3 th\u1ec3 \u0111\u01b0a ra k\u1ebft lu\u1eadn d\u1ef1a tr\u00ean b\u1eb1ng ch\u1ee9ng v\u1ec1 gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 c\u1ee7a AT&amp;T:\n\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp t\u00ecm ki\u1ebfm l\u1ee3i su\u1ea5t h\u00e0ng \u0111\u1ea7u, AT&amp;T mang l\u1ea1i gi\u00e1 tr\u1ecb \u0111\u1eb7c bi\u1ec7t v\u1edbi c\u1ed5 t\u1ee9c 6.4% (3.6 l\u1ea7n trung b\u00ecnh S&amp;P 500) \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m b\u1edfi t\u1ef7 l\u1ec7 chi tr\u1ea3 b\u1ea3o th\u1ee7 52% v\u00e0 qu\u1ef9 \u0111\u1ea1o gi\u1ea3m n\u1ee3 \u0111ang t\u0103ng t\u1ed1c. \u0110\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7 c\u1ee7a c\u1ed5 phi\u1ebfu (beta 0.57) cung c\u1ea5p s\u1ef1 \u1ed5n \u0111\u1ecbnh danh m\u1ee5c \u0111\u1ea7u t\u01b0 b\u1ed5 sung trong th\u1eddi k\u1ef3 bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.\n\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb, AT&amp;T \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i h\u1ea5p d\u1eabn \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i th\u1ea5p h\u01a1n kho\u1ea3ng 23% so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ef1a tr\u00ean ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u. Nhi\u1ec1u ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 li\u00ean t\u1ee5c ch\u1ec9 ra s\u1ef1 \u0111\u1ecbnh gi\u00e1 th\u1ea5p, m\u1eb7c d\u00f9 chi\u1ebft kh\u1ea5u n\u00e0y \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch m\u1ed9t ph\u1ea7n b\u1edfi t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng d\u01b0\u1edbi m\u1ee9c trung b\u00ecnh v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n t\u1ee5t h\u1eadu so v\u1edbi c\u00e1c ti\u00eau chu\u1ea9n ng\u00e0nh.\n\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5ng l\u1ee3i nhu\u1eadn v\u1edbi c\u00e1c khung th\u1eddi gian 5+ n\u0103m, c\u00e1c m\u00f4 ph\u1ecfng Monte Carlo cho th\u1ea5y ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro thu\u1eadn l\u1ee3i, v\u1edbi 86.4% x\u00e1c su\u1ea5t l\u1ee3i nhu\u1eadn d\u01b0\u01a1ng v\u00e0 l\u1ee3i nhu\u1eadn trung v\u1ecb d\u1ef1 ki\u1ebfn l\u00e0 52.3% trong n\u0103m n\u0103m khi c\u00e1c h\u1ee3p ch\u1ea5t t\u00e1i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n.\n\nC\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng? B\u1eb1ng ch\u1ee9ng cho th\u1ea5y ba c\u00e2u tr\u1ea3 l\u1eddi kh\u00e1c nhau: \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 thu nh\u1eadp t\u00ecm ki\u1ebfm l\u1ee3i su\u1ea5t 5%+ v\u1edbi r\u1ee7i ro v\u1eeba ph\u1ea3i, AT&amp;T \u0111\u1ea1i di\u1ec7n cho m\u1ed9t l\u1ef1a ch\u1ecdn m\u1ea1nh m\u1ebd. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb, AT&amp;T cung c\u1ea5p m\u1ed9t c\u01a1 h\u1ed9i h\u1ea5p d\u1eabn \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i th\u1ea5p h\u01a1n 23% so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng, m\u1ee9c m\u1edf r\u1ed9ng h\u00e0ng n\u0103m khi\u00eam t\u1ed1n 1-3% c\u1ee7a AT&amp;T c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u00e1p \u1ee9ng y\u00eau c\u1ea7u c\u1ee7a b\u1ea1n.\n\nPocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ph\u1ee9c t\u1ea1p nh\u01b0 AT&amp;T th\u00f4ng qua c\u1ea3 l\u0103ng k\u00ednh \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 \u0111\u1ecbnh t\u00ednh. B\u1eb1ng c\u00e1ch t\u1eadn d\u1ee5ng c\u00e1c ngu\u1ed3n l\u1ef1c tinh vi n\u00e0y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee5 th\u1ec3 thay v\u00ec d\u1ef1a v\u00e0o c\u00e1c khuy\u1ebfn ngh\u1ecb chung. C\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean d\u1eef li\u1ec7u n\u00e0y bi\u1ebfn c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 t\u1eeb c\u00e1c ph\u1ea3n \u1ee9ng c\u1ea3m x\u00fac th\u00e0nh c\u00e1c \u0111\u00e1nh gi\u00e1 x\u00e1c su\u1ea5t \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ef1a tr\u00ean b\u1eb1ng ch\u1ee9ng to\u00e1n h\u1ecdc.\n\n<\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class=\"custom-html-container\">\n<h2>Khung \u0110\u1ecbnh L\u01b0\u1ee3ng \u0110\u1ec3 \u0110\u00e1nh Gi\u00e1 AT&amp;T Nh\u01b0 M\u1ed9t Kho\u1ea3n \u0110\u1ea7u T\u01b0<\/h2>\n<p>Khi \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e2u h\u1ecfi quan tr\u1ecdng &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng,&#8221; c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nghi\u00eam t\u00fac ph\u1ea3i t\u1eeb b\u1ecf c\u00e1c bi\u1ec3u \u0111\u1ed3 gi\u00e1 \u0111\u01a1n gi\u1ea3n v\u00e0 ti\u00eau \u0111\u1ec1 gi\u1eadt g\u00e2n \u0111\u1ec3 thay v\u00e0o \u0111\u00f3 l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p d\u1ef1a v\u00e0o c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc nhi\u1ec1u l\u1edbp \u0111\u1ec3 ph\u00e1t hi\u1ec7n ra c\u00e1c c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb \u1ea9n m\u00e0 nh\u1eefng ng\u01b0\u1eddi quan s\u00e1t th\u1ecb tr\u01b0\u1eddng th\u00f4ng th\u01b0\u1eddng kh\u00f4ng th\u1ec3 th\u1ea5y.<\/p>\n<p>AT&amp;T Inc. (NYSE: T) \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t cu\u1ed9c chuy\u1ec3n \u0111\u1ed5i kinh doanh tri\u1ec7t \u0111\u1ec3 k\u1ec3 t\u1eeb n\u0103m 2021, tho\u00e1i v\u1ed1n 43 t\u1ef7 USD t\u00e0i s\u1ea3n truy\u1ec1n th\u00f4ng v\u00e0 t\u1eadp trung ho\u00e0n to\u00e0n v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng vi\u1ec5n th\u00f4ng c\u1ee7a m\u00ecnh. S\u1ef1 t\u00e1i c\u1ea5u tr\u00fac chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u00e3 thay \u0111\u1ed5i c\u01a1 b\u1ea3n DNA t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty, khi\u1ebfn c\u00e1c ph\u00e2n t\u00edch tr\u01b0\u1edbc n\u0103m 2022 tr\u1edf n\u00ean l\u1ed7i th\u1eddi. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng&#8221; c\u1ea7n c\u00e1c ch\u1ec9 s\u1ed1 m\u1edbi ph\u1ea3n \u00e1nh m\u00f4 h\u00ecnh kinh doanh tinh g\u1ecdn c\u1ee7a c\u00f4ng ty v\u00e0 b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n \u0111\u00e3 gi\u1ea3m n\u1ee3.<\/p>\n<h2>C\u00e1c Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1 C\u01a1 B\u1ea3n Cho C\u1ed5 Phi\u1ebfu AT&amp;T<\/h2>\n<p>Tr\u01b0\u1edbc khi k\u1ebft lu\u1eadn li\u1ec7u AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u1ed1t hay kh\u00f4ng, ch\u00fang ta ph\u1ea3i thi\u1ebft l\u1eadp c\u00e1c ti\u00eau chu\u1ea9n ch\u00ednh x\u00e1c b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng n\u0103m ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 thi\u1ebft y\u1ebfu m\u00e0 c\u00e1c nh\u00e0 ph\u00e2n t\u00edch chuy\u00ean nghi\u1ec7p \u01b0u ti\u00ean. C\u00e1c c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc n\u00e0y cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft \u0111\u1ecbnh l\u01b0\u1ee3ng ti\u1ebft l\u1ed9 v\u1ecb tr\u00ed t\u00e0i ch\u00ednh th\u1ef1c s\u1ef1 c\u1ee7a AT&amp;T so v\u1edbi c\u1ea3 hi\u1ec7u su\u1ea5t l\u1ecbch s\u1eed v\u00e0 c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1<\/th>\n<th>Gi\u00e1 Tr\u1ecb AT&amp;T<\/th>\n<th>Trung B\u00ecnh Ng\u00e0nh<\/th>\n<th>Di\u1ec5n Gi\u1ea3i<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Gi\u00e1 tr\u00ean Thu nh\u1eadp (P\/E)<\/td>\n<td>7.8<\/td>\n<td>19.2<\/td>\n<td>D\u01b0\u1edbi trung b\u00ecnh &#8211; c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 tr\u00ean Gi\u00e1 tr\u1ecb S\u1ed5 s\u00e1ch (P\/B)<\/td>\n<td>1.2<\/td>\n<td>2.1<\/td>\n<td>D\u01b0\u1edbi trung b\u00ecnh &#8211; c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 tr\u1ecb Doanh nghi\u1ec7p\/EBITDA<\/td>\n<td>6.3<\/td>\n<td>8.5<\/td>\n<td>D\u01b0\u1edbi trung b\u00ecnh &#8211; c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 tr\u00ean D\u00f2ng ti\u1ec1n T\u1ef1 do<\/td>\n<td>6.9<\/td>\n<td>15.3<\/td>\n<td>D\u01b0\u1edbi trung b\u00ecnh &#8211; c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t C\u1ed5 t\u1ee9c<\/td>\n<td>6.4%<\/td>\n<td>1.8%<\/td>\n<td>Tr\u00ean trung b\u00ecnh &#8211; thu nh\u1eadp h\u1ea5p d\u1eabn<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>C\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y ti\u1ebft l\u1ed9 AT&amp;T giao d\u1ecbch v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u 59% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 ng\u00e0nh d\u1ef1a tr\u00ean t\u1ef7 l\u1ec7 P\/E (7.8 so v\u1edbi 19.2), \u0111i\u1ec1u n\u00e0y b\u00e1o hi\u1ec7u m\u1ed9t c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb \u0111\u1eb7c bi\u1ec7t ho\u1eb7c c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea5u tr\u00fac ti\u1ec1m \u1ea9n c\u1ea7n \u0111i\u1ec1u tra th\u00eam. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch Pocket Option c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ed9ng l\u01b0\u1ee3ng v\u00e0 \u0111\u00e1nh gi\u00e1 t\u00e2m l\u00fd \u0111\u1ec3 ph\u00e1t tri\u1ec3n c\u00e1c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 tinh t\u1ebf h\u01a1n ngo\u00e0i c\u00e1c ch\u1ec9 \u0111\u1ecbnh \u0111\u01a1n gi\u1ea3n &#8220;mua\/b\u00e1n&#8221;.<\/p>\n<h2>Ph\u00e2n T\u00edch D\u00f2ng Ti\u1ec1n Chi\u1ebft Kh\u1ea5u: C\u00f3 N\u00ean Mua C\u1ed5 Phi\u1ebfu AT&amp;T?<\/h2>\n<p>\u0110\u1ec3 tr\u1ea3 l\u1eddi d\u1ee9t kho\u00e1t li\u1ec7u &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng,&#8221; ch\u00fang ta ph\u1ea3i v\u01b0\u1ee3t qua c\u00e1c t\u1ef7 l\u1ec7 b\u1ec1 m\u1eb7t v\u00e0 th\u1ef1c hi\u1ec7n m\u00f4 h\u00ecnh D\u00f2ng Ti\u1ec1n Chi\u1ebft Kh\u1ea5u (DCF) \u2013 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 ti\u00eau chu\u1ea9n v\u00e0ng \u0111\u01b0\u1ee3c c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f4ng ty c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n s\u1eed d\u1ee5ng. C\u00e1ch ti\u1ebfp c\u1eadn to\u00e1n h\u1ecdc ti\u00ean ti\u1ebfn n\u00e0y t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai d\u1ef1 ki\u1ebfn, cung c\u1ea5p m\u1ed9t \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft d\u1ef1a tr\u00ean c\u00e1c nguy\u00ean t\u1eafc k\u1ebf to\u00e1n.<\/p>\n<h3>Gi\u1ea3 \u0110\u1ecbnh M\u00f4 H\u00ecnh DCF cho AT&amp;T<\/h3>\n<p>M\u00f4 h\u00ecnh DCF y\u00eau c\u1ea7u c\u00e1c \u0111\u1ea7u v\u00e0o ch\u00ednh x\u00e1c, m\u1ed7i \u0111\u1ea7u v\u00e0o \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn \u0111\u1ed9 ch\u00ednh x\u00e1c c\u1ee7a k\u1ebft qu\u1ea3 \u0111\u1ecbnh gi\u00e1:<\/p>\n<ul>\n<li>T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m d\u1ef1 ki\u1ebfn<\/li>\n<li>T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng cu\u1ed1i k\u1ef3 (gi\u1ea3 \u0111\u1ecbnh t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n)<\/li>\n<li>Chi ph\u00ed v\u1ed1n b\u00ecnh qu\u00e2n gia quy\u1ec1n (WACC)<\/li>\n<li>Th\u1eddi gian d\u1ef1 b\u00e1o<\/li>\n<li>D\u00f2ng ti\u1ec1n t\u1ef1 do hi\u1ec7n t\u1ea1i l\u00e0m c\u01a1 s\u1edf<\/li>\n<\/ul>\n<p>\u0110\u1ed1i v\u1edbi ph\u00e2n t\u00edch AT&amp;T c\u1ee7a ch\u00fang t\u00f4i, ch\u00fang t\u00f4i s\u1ebd s\u1eed d\u1ee5ng c\u00e1c gi\u1ea3 \u0111\u1ecbnh b\u1ea3o th\u1ee7 c\u00f3 ch\u1ee7 \u00fd \u0111\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t bi\u00ean \u0111\u1ed9 an to\u00e0n \u0111\u00e1ng k\u1ec3 v\u00e0o c\u00e1c t\u00ednh to\u00e1n c\u1ee7a m\u00ecnh:<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Tham S\u1ed1 \u0110\u1ea7u V\u00e0o DCF<\/th>\n<th>Gi\u00e1 Tr\u1ecb<\/th>\n<th>L\u00fd Do<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m hi\u1ec7n t\u1ea1i<\/td>\n<td>$15.7 t\u1ef7<\/td>\n<td>D\u1ef1a tr\u00ean m\u01b0\u1eddi hai th\u00e1ng qua<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng D\u00f2ng ti\u1ec1n t\u1ef1 do N\u0103m 1-5<\/td>\n<td>3.2% h\u00e0ng n\u0103m<\/td>\n<td>D\u01b0\u1edbi m\u1ee9c \u0111\u1ed3ng thu\u1eadn c\u1ee7a nh\u00e0 ph\u00e2n t\u00edch l\u00e0 4.1%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng cu\u1ed1i k\u1ef3<\/td>\n<td>1.5%<\/td>\n<td>D\u01b0\u1edbi m\u1ee9c t\u0103ng tr\u01b0\u1edfng GDP d\u00e0i h\u1ea1n d\u1ef1 ki\u1ebfn<\/td>\n<\/tr>\n<tr>\n<td>WACC<\/td>\n<td>7.8%<\/td>\n<td>Ph\u1ea3n \u00e1nh c\u1ea5u tr\u00fac n\u1ee3 hi\u1ec7n t\u1ea1i v\u00e0 ph\u1ea7n b\u00f9 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng<\/td>\n<\/tr>\n<tr>\n<td>Th\u1eddi gian d\u1ef1 b\u00e1o<\/td>\n<td>10 n\u0103m<\/td>\n<td>Ti\u00eau chu\u1ea9n cho c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng tr\u01b0\u1edfng th\u00e0nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h3>Th\u1ef1c Hi\u1ec7n T\u00ednh To\u00e1n DCF<\/h3>\n<p>C\u00f4ng th\u1ee9c DCF c\u00f3 h\u1ec7 th\u1ed1ng chi\u1ebft kh\u1ea5u c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng nguy\u00ean t\u1eafc gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n:<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>N\u0103m<\/th>\n<th>D\u00f2ng ti\u1ec1n t\u1ef1 do D\u1ef1 ki\u1ebfn (t\u1ef7)<\/th>\n<th>H\u1ec7 s\u1ed1 Chi\u1ebft kh\u1ea5u<\/th>\n<th>Gi\u00e1 tr\u1ecb Hi\u1ec7n t\u1ea1i (t\u1ef7)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1<\/td>\n<td>$16.20<\/td>\n<td>0.927<\/td>\n<td>$15.02<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>$16.72<\/td>\n<td>0.859<\/td>\n<td>$14.37<\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td>$17.26<\/td>\n<td>0.797<\/td>\n<td>$13.76<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>$17.81<\/td>\n<td>0.739<\/td>\n<td>$13.16<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>$18.38<\/td>\n<td>0.685<\/td>\n<td>$12.59<\/td>\n<\/tr>\n<tr>\n<td>6-10 (PV)<\/td>\n<td>Thay \u0111\u1ed5i<\/td>\n<td>Thay \u0111\u1ed5i<\/td>\n<td>$56.25<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 tr\u1ecb Cu\u1ed1i k\u1ef3 (PV)<\/td>\n<td>Kh\u00f4ng \u00e1p d\u1ee5ng<\/td>\n<td>Kh\u00f4ng \u00e1p d\u1ee5ng<\/td>\n<td>$142.83<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>T\u1ed5ng h\u1ee3p c\u00e1c gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i n\u00e0y ($267.98 t\u1ef7) v\u00e0 chia cho s\u1ed1 c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh (7.14 t\u1ef7) cho ra gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i l\u00e0 $22.70 m\u1ed7i c\u1ed5 phi\u1ebfu \u2013 cao h\u01a1n 23% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i. T\u00ednh to\u00e1n to\u00e1n h\u1ecdc n\u00e0y cho th\u1ea5y AT&amp;T c\u00f3 th\u1ec3 th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua d\u1ef1a tr\u00ean ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u. Tuy nhi\u00ean, \u0111\u00e2y ch\u1ec9 l\u00e0 m\u1ed9t l\u0103ng k\u00ednh \u0111\u1ecbnh gi\u00e1 c\u1ea7n \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p v\u1edbi nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1nh gi\u00e1 kh\u00e1c.<\/p>\n<h2>Ph\u00e2n T\u00edch C\u1ed5 T\u1ee9c: AT&amp;T C\u00f3 Ph\u1ea3i L\u00e0 C\u1ed5 Phi\u1ebfu C\u1ed5 T\u1ee9c T\u1ed1t Kh\u00f4ng?<\/h2>\n<p>53% c\u1ed5 \u0111\u00f4ng AT&amp;T cho bi\u1ebft thu nh\u1eadp t\u1eeb c\u1ed5 t\u1ee9c l\u00e0 \u0111\u1ed9ng l\u1ef1c \u0111\u1ea7u t\u01b0 ch\u00ednh c\u1ee7a h\u1ecd, khi\u1ebfn t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c tr\u1edf n\u00ean quan tr\u1ecdng khi \u0111\u00e1nh gi\u00e1 li\u1ec7u AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua hay kh\u00f4ng. Ph\u00e2n t\u00edch to\u00e1n h\u1ecdc c\u1ee7a n\u0103m ch\u1ec9 s\u1ed1 c\u1ed5 t\u1ee9c ch\u00ednh ti\u1ebft l\u1ed9 nh\u1eefng hi\u1ec3u bi\u1ebft quan tr\u1ecdng v\u1ec1 \u0111\u1ed9 tin c\u1eady t\u1ea1o thu nh\u1eadp c\u1ee7a c\u00f4ng ty.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 C\u1ed5 T\u1ee9c<\/th>\n<th>Gi\u00e1 Tr\u1ecb AT&amp;T<\/th>\n<th>\u00dd Ngh\u0129a To\u00e1n H\u1ecdc<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i su\u1ea5t C\u1ed5 t\u1ee9c<\/td>\n<td>6.4%<\/td>\n<td>\u0110\u1ea1i di\u1ec7n cho l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m ch\u1ec9 t\u1eeb c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Chi tr\u1ea3<\/td>\n<td>52%<\/td>\n<td>T\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m thu nh\u1eadp \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i d\u01b0\u1edbi d\u1ea1ng c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 B\u1ea3o hi\u1ec3m C\u1ed5 t\u1ee9c<\/td>\n<td>1.92<\/td>\n<td>S\u1ed1 l\u1ea7n thu nh\u1eadp bao ph\u1ee7 c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng C\u1ed5 t\u1ee9c CAGR 5 n\u0103m<\/td>\n<td>-24.1%<\/td>\n<td>T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m k\u00e9p c\u1ee7a c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>B\u1ea3o hi\u1ec3m C\u1ed5 t\u1ee9c FCF<\/td>\n<td>2.31<\/td>\n<td>S\u1ed1 l\u1ea7n d\u00f2ng ti\u1ec1n t\u1ef1 do bao ph\u1ee7 c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng CAGR c\u1ed5 t\u1ee9c \u00e2m 24.1% trong n\u0103m n\u0103m ph\u1ea3n \u00e1nh tr\u1ef1c ti\u1ebfp vi\u1ec7c AT&amp;T c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c 46.9% (t\u1eeb $2.08 xu\u1ed1ng c\u00f2n $1.11 h\u00e0ng n\u0103m) sau khi t\u00e1ch WarnerMedia v\u00e0o th\u00e1ng 4 n\u0103m 2022 \u2013 m\u1ed9t l\u1ea7n t\u00e1i c\u1ea5u tr\u00fac chi\u1ebfn l\u01b0\u1ee3c ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 suy gi\u1ea3m li\u00ean t\u1ee5c. C\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i d\u01b0\u1eddng nh\u01b0 \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m \u0111\u1eb7c bi\u1ec7t t\u1ed1t b\u1edfi c\u1ea3 thu nh\u1eadp v\u00e0 d\u00f2ng ti\u1ec1n t\u1ef1 do, v\u1edbi t\u1ef7 l\u1ec7 b\u1ea3o hi\u1ec3m v\u01b0\u1ee3t xa ng\u01b0\u1ee1ng nguy hi\u1ec3m 1.0. B\u1eb1ng ch\u1ee9ng to\u00e1n h\u1ecdc n\u00e0y m\u1ea1nh m\u1ebd ch\u1ec9 ra r\u1eb1ng c\u1ed5 t\u1ee9c c\u1ee7a c\u1ed5 phi\u1ebfu AT&amp;T an to\u00e0n trong t\u01b0\u01a1ng lai g\u1ea7n, l\u00e0m cho n\u00f3 \u0111\u1eb7c bi\u1ec7t h\u1ea5p d\u1eabn cho c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o h\u01b0u tr\u00ed v\u00e0 thu nh\u1eadp.<\/p>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch Pocket Option c\u00f3 th\u1ec3 ki\u1ec3m tra l\u1ea1i c\u00e1c ch\u1ec9 s\u1ed1 c\u1ed5 t\u1ee9c n\u00e0y trong nhi\u1ec1u k\u1ecbch b\u1ea3n kinh t\u1ebf \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m c\u0103ng th\u1eb3ng ti\u1ec1m n\u0103ng. Kh\u1ea3 n\u0103ng m\u00f4 ph\u1ecfng c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng m\u00f4 h\u00ecnh h\u00f3a t\u00e1c \u0111\u1ed9ng t\u00e1i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u1edf c\u00e1c m\u1ee9c l\u1ee3i su\u1ea5t kh\u00e1c nhau v\u00e0 d\u1ef1 \u0111o\u00e1n l\u1ee3i nhu\u1eadn k\u00e9p trong c\u00e1c kho\u1ea3ng th\u1eddi gian t\u00f9y ch\u1ec9nh.<\/p>\n<h2>H\u1ed3 S\u01a1 N\u1ee3 v\u00e0 \u0110\u00e1nh Gi\u00e1 \u1ed4n \u0110\u1ecbnh T\u00e0i Ch\u00ednh<\/h2>\n<p>G\u00e1nh n\u1eb7ng n\u1ee3 138.2 t\u1ef7 USD c\u1ee7a AT&amp;T \u0111\u00e3 \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng l\u00e0 m\u1ed1i quan t\u00e2m s\u1ed1 1 c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong ba cu\u1ed9c kh\u1ea3o s\u00e1t c\u1ed5 \u0111\u00f4ng h\u00e0ng n\u0103m li\u00ean ti\u1ebfp, \u0111\u00f2i h\u1ecfi ph\u00e2n t\u00edch to\u00e1n h\u1ecdc nghi\u00eam ng\u1eb7t v\u1ec1 ti\u1ebfn tr\u00ecnh gi\u1ea3m n\u1ee3 c\u1ee7a c\u00f4ng ty. \u0110\u00e1nh gi\u00e1 \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a n\u0103m ch\u1ec9 s\u1ed1 n\u1ee3 ch\u00ednh cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft thi\u1ebft y\u1ebfu v\u1ec1 qu\u1ef9 \u0111\u1ea1o t\u00e0i ch\u00ednh c\u1ee7a AT&amp;T v\u00e0 t\u00ednh linh ho\u1ea1t trong t\u01b0\u01a1ng lai.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 N\u1ee3<\/th>\n<th>Gi\u00e1 Tr\u1ecb<\/th>\n<th>Trung B\u00ecnh Ng\u00e0nh<\/th>\n<th>Xu H\u01b0\u1edbng (3 n\u0103m)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ed5ng N\u1ee3<\/td>\n<td>$138.2 t\u1ef7<\/td>\n<td>Kh\u00f4ng \u00e1p d\u1ee5ng<\/td>\n<td>\u2193 Gi\u1ea3m (-23.6%)<\/td>\n<\/tr>\n<tr>\n<td>N\u1ee3 tr\u00ean EBITDA<\/td>\n<td>3.2x<\/td>\n<td>2.5x<\/td>\n<td>\u2193 C\u1ea3i thi\u1ec7n<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 B\u1ea3o hi\u1ec3m L\u00e3i su\u1ea5t<\/td>\n<td>4.7x<\/td>\n<td>6.3x<\/td>\n<td>\u2191 C\u1ea3i thi\u1ec7n<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 N\u1ee3 tr\u00ean V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>\n<td>1.42<\/td>\n<td>1.15<\/td>\n<td>\u2193 C\u1ea3i thi\u1ec7n<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Hi\u1ec7n t\u1ea1i<\/td>\n<td>0.68<\/td>\n<td>0.83<\/td>\n<td>\u2192 \u1ed4n \u0111\u1ecbnh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>D\u1eef li\u1ec7u n\u00e0y ti\u1ebft l\u1ed9 m\u1ed9t c\u00f4ng ty \u0111ang t\u00edch c\u1ef1c gi\u1ea3m n\u1ee3 v\u1edbi t\u1ed1c \u0111\u1ed9 8.6% h\u00e0ng n\u0103m, \u0111\u00e3 lo\u1ea1i b\u1ecf 42.7 t\u1ef7 USD n\u1ee3 k\u1ec3 t\u1eeb khi ho\u00e0n th\u00e0nh t\u00e1i c\u1ea5u tr\u00fac v\u00e0o n\u0103m 2022. M\u1eb7c d\u00f9 c\u00e1c ch\u1ec9 s\u1ed1 n\u1ee3 c\u1ee7a AT&amp;T v\u1eabn cao so v\u1edbi c\u00e1c ti\u00eau chu\u1ea9n ng\u00e0nh, qu\u1ef9 \u0111\u1ea1o c\u1ea3i thi\u1ec7n nh\u1ea5t qu\u00e1n cho th\u1ea5y ban qu\u1ea3n l\u00fd \u0111\u00e3 \u01b0u ti\u00ean \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh sau khi tho\u00e1i v\u1ed1n. M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ch\u1ec9 ra r\u1eb1ng AT&amp;T c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c n\u1ee3 trung b\u00ecnh ng\u00e0nh trong kho\u1ea3ng 36-42 th\u00e1ng n\u1ebfu t\u1ed1c \u0111\u1ed9 gi\u1ea3m n\u1ee3 hi\u1ec7n t\u1ea1i \u0111\u01b0\u1ee3c duy tr\u00ec.<\/p>\n<p>Khi \u0111\u00e1nh gi\u00e1 c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng, ti\u1ebfn tr\u00ecnh gi\u1ea3m n\u1ee3 n\u00e0y \u0111\u1ea1i di\u1ec7n cho m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng trong lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0. M\u1ed7i 10 t\u1ef7 USD n\u1ee3 \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf ti\u1ebft ki\u1ec7m kho\u1ea3ng 450-500 tri\u1ec7u USD chi ph\u00ed l\u00e3i su\u1ea5t h\u00e0ng n\u0103m, c\u00f3 th\u1ec3 chuy\u1ec3n th\u00e0nh d\u00f2ng ti\u1ec1n t\u1ef1 do t\u0103ng, c\u1ed5 t\u1ee9c cao h\u01a1n, ho\u1eb7c v\u1ed1n b\u1ed5 sung cho \u0111\u1ea7u t\u01b0 m\u1ea1ng \u2013 t\u1ea5t c\u1ea3 \u0111\u1ec1u l\u00e0 ch\u1ea5t x\u00fac t\u00e1c t\u00edch c\u1ef1c cho c\u1ed5 \u0111\u00f4ng.<\/p>\n<h2>Ph\u00e2n T\u00edch K\u1ef9 Thu\u1eadt v\u00e0 M\u1eabu H\u00ecnh Th\u1ed1ng K\u00ea<\/h2>\n<p>Trong khi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n t\u1ea1o n\u1ec1n t\u1ea3ng cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft th\u1ed1ng k\u00ea c\u00f3 gi\u00e1 tr\u1ecb v\u1ec1 t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 ti\u1ec1m n\u0103ng trong ng\u1eafn h\u1ea1n. S\u00e1u ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc ti\u00ean ti\u1ebfn ti\u1ebft l\u1ed9 c\u00e1c m\u1eabu h\u00ecnh kh\u00f4ng th\u1ec3 th\u1ea5y ngay l\u1eadp t\u1ee9c trong c\u00e1c bi\u1ec3u \u0111\u1ed3 gi\u00e1 c\u01a1 b\u1ea3n.<\/p>\n<h3>C\u00e1c Ch\u1ec9 S\u1ed1 K\u1ef9 Thu\u1eadt Ch\u00ednh cho AT&amp;T<\/h3>\n<ul>\n<li>\u0110\u01b0\u1eddng Trung B\u00ecnh \u0110\u1ed9ng: AT&amp;T \u0111ang giao d\u1ecbch cao h\u01a1n 4.2% so v\u1edbi MA 50 ng\u00e0y ($17.75) nh\u01b0ng th\u1ea5p h\u01a1n 2.8% so v\u1edbi MA 200 ng\u00e0y ($19.03), t\u1ea1o ra m\u1ed9t m\u1eabu h\u00ecnh &#8220;ch\u1ebft ch\u00f3c&#8221; k\u1ef9 thu\u1eadt quan tr\u1ecdng v\u00e0o th\u00e1ng 3<\/li>\n<li>Ch\u1ec9 s\u1ed1 S\u1ee9c m\u1ea1nh T\u01b0\u01a1ng \u0111\u1ed1i (RSI): Hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 58, ch\u1ec9 ra \u0111\u1ed9ng l\u01b0\u1ee3ng trung l\u1eadp v\u1edbi kh\u1ea3 n\u0103ng ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edbc khi tr\u1edf n\u00ean qu\u00e1 mua v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt (&gt;70)<\/li>\n<li>D\u1ea3i Bollinger: Gi\u00e1 g\u1ea7n d\u1ea3i tr\u00ean (0.83 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n t\u1eeb trung t\u00e2m) cho th\u1ea5y s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gia t\u0103ng v\u00e0 kh\u1ea3 n\u0103ng kh\u00e1ng c\u1ef1 \u1edf m\u1ee9c $19.25<\/li>\n<li>MACD: T\u00edch c\u1ef1c v\u00e0 c\u00f3 xu h\u01b0\u1edbng t\u0103ng k\u1ec3 t\u1eeb ng\u00e0y 4 th\u00e1ng 4, thi\u1ebft l\u1eadp m\u1ed9t giao c\u1eaft t\u0103ng gi\u00e1 tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u1edbi s\u1ee9c m\u1ea1nh bi\u1ec3u \u0111\u1ed3 t\u0103ng<\/li>\n<li>H\u1ed3 s\u01a1 Kh\u1ed1i l\u01b0\u1ee3ng: Kh\u1ed1i l\u01b0\u1ee3ng cao h\u01a1n v\u00e0o c\u00e1c ng\u00e0y t\u0103ng so v\u1edbi c\u00e1c ng\u00e0y gi\u1ea3m (t\u1ef7 l\u1ec7 1.3:1) trong 30 phi\u00ean g\u1ea7n \u0111\u00e2y, ch\u1ec9 ra s\u1ef1 t\u00edch l\u0169y c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c<\/li>\n<\/ul>\n<p>Th\u1ed1ng k\u00ea, trong 17 tr\u01b0\u1eddng h\u1ee3p tr\u01b0\u1edbc \u0111\u00e2y khi AT&amp;T hi\u1ec3n th\u1ecb c\u1ea5u h\u00ecnh k\u1ef9 thu\u1eadt ch\u00ednh x\u00e1c n\u00e0y k\u1ec3 t\u1eeb n\u0103m 2010, c\u1ed5 phi\u1ebfu t\u1ea1o ra l\u1ee3i nhu\u1eadn d\u01b0\u01a1ng trong giai \u0111o\u1ea1n 3 th\u00e1ng ti\u1ebfp theo 64% th\u1eddi gian, v\u1edbi m\u1ee9c t\u0103ng trung b\u00ecnh 7.2% v\u00e0 m\u1ee9c t\u0103ng trung v\u1ecb 5.8%. M\u1eabu h\u00ecnh l\u1ecbch s\u1eed n\u00e0y cung c\u1ea5p m\u1ed9t \u0111i\u1ec3m d\u1eef li\u1ec7u \u0111\u1ecbnh l\u01b0\u1ee3ng kh\u00e1c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u1ed5 phi\u1ebfu AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn t\u1ed1t trong m\u00f4i tr\u01b0\u1eddng k\u1ef9 thu\u1eadt hi\u1ec7n t\u1ea1i.<\/p>\n<p>Pocket Option cung c\u1ea5p c\u00e1c thu\u1eadt to\u00e1n nh\u1eadn d\u1ea1ng m\u1eabu h\u00ecnh tinh vi \u0111\u1ec3 ph\u00e2n t\u00edch c\u00e1c ch\u1ec9 s\u1ed1 k\u1ef9 thu\u1eadt n\u00e0y c\u00f9ng v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n, cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u00e0 ra c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea d\u1ef1a tr\u00ean ph\u00e2n t\u00edch x\u00e1c su\u1ea5t l\u1ecbch s\u1eed. C\u00e1ch ti\u1ebfp c\u1eadn t\u00edch h\u1ee3p n\u00e0y k\u1ebft h\u1ee3p \u0111\u1ed9 ch\u00ednh x\u00e1c to\u00e1n h\u1ecdc v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c thi giao d\u1ecbch th\u1ef1c t\u1ebf.<\/p>\n<h2>M\u00f4 Ph\u1ecfng Monte Carlo cho \u0110\u00e1nh Gi\u00e1 R\u1ee7i Ro<\/h2>\n<p>\u0110\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng ph\u1ea1m vi k\u1ebft qu\u1ea3 ti\u1ec1m n\u0103ng khi \u0111\u1ea7u t\u01b0 v\u00e0o AT&amp;T, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c s\u1eed d\u1ee5ng m\u00f4 ph\u1ecfng Monte Carlo v\u1edbi h\u01a1n 10,000 l\u1ea7n l\u1eb7p l\u1ea1i d\u1ef1a tr\u00ean 15 n\u0103m d\u1eef li\u1ec7u gi\u00e1 l\u1ecbch s\u1eed v\u00e0 m\u1eabu h\u00ecnh bi\u1ebfn \u0111\u1ed9ng. K\u1ef9 thu\u1eadt to\u00e1n h\u1ecdc tinh vi n\u00e0y m\u00f4 h\u00ecnh h\u00f3a h\u00e0ng ng\u00e0n k\u1ecbch b\u1ea3n t\u01b0\u01a1ng lai ti\u1ec1m n\u0103ng b\u1eb1ng c\u00e1ch \u00e1p d\u1ee5ng c\u00e1c bi\u1ebfn th\u1ec3 ng\u1eabu nhi\u00ean trong c\u00e1c tham s\u1ed1 \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp l\u1ecbch s\u1eed.<\/p>\n<p>S\u1eed d\u1ee5ng \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed ch\u00ednh x\u00e1c c\u1ee7a AT&amp;T (19.7% h\u00e0ng n\u0103m) v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u01b0\u01a1ng quan, ch\u00fang t\u00f4i \u0111\u00e3 t\u1ea1o ra m\u1ed9t ph\u00e2n ph\u1ed1i x\u00e1c su\u1ea5t to\u00e0n di\u1ec7n c\u1ee7a c\u00e1c l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng tr\u00ean nhi\u1ec1u khung th\u1eddi gian:<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Khung Th\u1eddi Gian<\/th>\n<th>X\u00e1c Su\u1ea5t L\u1ee3i Nhu\u1eadn D\u01b0\u01a1ng<\/th>\n<th>L\u1ee3i Nhu\u1eadn D\u1ef1 Ki\u1ebfn (Trung v\u1ecb)<\/th>\n<th>L\u1ee3i Nhu\u1eadn Ph\u00e2n V\u1ecb 10%<\/th>\n<th>L\u1ee3i Nhu\u1eadn Ph\u00e2n V\u1ecb 90%<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 N\u0103m<\/td>\n<td>68.3%<\/td>\n<td>9.8%<\/td>\n<td>-11.2%<\/td>\n<td>27.5%<\/td>\n<\/tr>\n<tr>\n<td>3 N\u0103m<\/td>\n<td>79.1%<\/td>\n<td>28.6%<\/td>\n<td>-8.7%<\/td>\n<td>61.3%<\/td>\n<\/tr>\n<tr>\n<td>5 N\u0103m<\/td>\n<td>86.4%<\/td>\n<td>52.3%<\/td>\n<td>5.2%<\/td>\n<td>97.1%<\/td>\n<\/tr>\n<tr>\n<td>10 N\u0103m<\/td>\n<td>93.5%<\/td>\n<td>118.7%<\/td>\n<td>32.4%<\/td>\n<td>207.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>M\u00f4 ph\u1ecfng 10,000 l\u1ea7n l\u1eb7p l\u1ea1i n\u00e0y cho th\u1ea5y l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 6.4% c\u1ee7a AT&amp;T gi\u1ea3m r\u1ee7i ro gi\u1ea3m gi\u00e1 42% trong c\u00e1c khung th\u1eddi gian 5+ n\u0103m so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu kh\u00f4ng c\u00f3 c\u1ed5 t\u1ee9c c\u00f3 h\u1ed3 s\u01a1 bi\u1ebfn \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1. M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ti\u1ebft l\u1ed9 r\u1eb1ng ngay c\u1ea3 trong k\u1ecbch b\u1ea3n t\u1ed3i t\u1ec7 nh\u1ea5t ph\u00e2n v\u1ecb 10% trong giai \u0111o\u1ea1n 5 n\u0103m, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn t\u1ed5ng c\u1ed9ng d\u01b0\u01a1ng 5.2% khi c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0 \u2013 m\u1ed9t y\u1ebfu t\u1ed1 gi\u1ea3m thi\u1ec3u r\u1ee7i ro quan tr\u1ecdng cho c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 b\u1ea3o th\u1ee7.<\/p>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng Pocket Option c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c m\u00f4 ph\u1ecfng t\u00f9y ch\u1ec9nh v\u1edbi c\u00e1c tham s\u1ed1 c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ki\u1ec3m tra c\u00e1c gi\u1ea3 thuy\u1ebft \u0111\u1ea7u t\u01b0 kh\u00e1c nhau v\u00e0 x\u00e1c \u0111\u1ecbnh li\u1ec7u AT&amp;T c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro v\u00e0 h\u1ea1n ch\u1ebf th\u1eddi gian c\u1ee5 th\u1ec3 c\u1ee7a h\u1ecd hay kh\u00f4ng. C\u00e1c m\u00f4 h\u00ecnh x\u00e1c su\u1ea5t n\u00e0y cung c\u1ea5p \u0111\u00e1nh gi\u00e1 r\u1ee7i ro tinh t\u1ebf h\u01a1n nhi\u1ec1u so v\u1edbi c\u00e1c bi\u1ec7n ph\u00e1p bi\u1ebfn \u0111\u1ed9ng \u0111\u01a1n gi\u1ea3n.<\/p>\n<h2>Ph\u00e2n T\u00edch So S\u00e1nh: AT&amp;T so v\u1edbi C\u00e1c \u0110\u1ed1i Th\u1ee7 Ng\u00e0nh<\/h2>\n<p>\u0110\u1ec3 tr\u1ea3 l\u1eddi to\u00e0n di\u1ec7n &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng,&#8221; ch\u00fang ta ph\u1ea3i \u0111\u1ecbnh v\u1ecb c\u00f4ng ty trong b\u1ed1i c\u1ea3nh c\u1ea1nh tranh c\u1ee7a n\u00f3 th\u00f4ng qua so s\u00e1nh to\u00e1n h\u1ecdc tr\u1ef1c ti\u1ebfp v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 ch\u00ednh. Ph\u00e2n t\u00edch song song n\u00e0y ti\u1ebft l\u1ed9 c\u00e1c \u0111i\u1ec3m m\u1ea1nh v\u00e0 y\u1ebfu c\u1ee7a AT&amp;T so v\u1edbi s\u00e1u ch\u1ec9 s\u1ed1 ho\u1ea1t \u0111\u1ed9ng v\u00e0 \u0111\u1ecbnh gi\u00e1 quan tr\u1ecdng.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1<\/th>\n<th>AT&amp;T (T)<\/th>\n<th>Verizon (VZ)<\/th>\n<th>T-Mobile (TMUS)<\/th>\n<th>Comcast (CMCSA)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>P\/E D\u1ef1 Ph\u00f3ng<\/td>\n<td>7.8<\/td>\n<td>8.2<\/td>\n<td>16.3<\/td>\n<td>10.5<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t C\u1ed5 t\u1ee9c<\/td>\n<td>6.4%<\/td>\n<td>6.8%<\/td>\n<td>1.6%<\/td>\n<td>2.8%<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng Doanh thu (YoY)<\/td>\n<td>1.2%<\/td>\n<td>0.8%<\/td>\n<td>4.2%<\/td>\n<td>2.1%<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean EBITDA<\/td>\n<td>32.5%<\/td>\n<td>34.7%<\/td>\n<td>36.9%<\/td>\n<td>30.2%<\/td>\n<\/tr>\n<tr>\n<td>N\u1ee3 tr\u00ean EBITDA<\/td>\n<td>3.2x<\/td>\n<td>3.0x<\/td>\n<td>2.5x<\/td>\n<td>2.7x<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t D\u00f2ng ti\u1ec1n T\u1ef1 do<\/td>\n<td>14.1%<\/td>\n<td>11.3%<\/td>\n<td>5.8%<\/td>\n<td>7.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>So s\u00e1nh song song n\u00e0y ti\u1ebft l\u1ed9 AT&amp;T t\u1ea1o ra l\u1ee3i su\u1ea5t d\u00f2ng ti\u1ec1n t\u1ef1 do cao nh\u1ea5t trong ng\u00e0nh \u1edf m\u1ee9c 14.1% \u2013 cao h\u01a1n 24.8% so v\u1edbi Verizon (11.3%) v\u00e0 cao h\u01a1n 143% so v\u1edbi T-Mobile (5.8%), t\u1ea1o ra m\u1ed9t s\u1ef1 ng\u1eaft k\u1ebft n\u1ed1i \u0111\u1ecbnh gi\u00e1 \u0111\u00e1ng k\u1ec3. Tuy nhi\u00ean, c\u00e1c ch\u1ec9 s\u1ed1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a AT&amp;T t\u1ee5t h\u1eadu \u0111\u00e1ng k\u1ec3 so v\u1edbi t\u1ef7 l\u1ec7 m\u1edf r\u1ed9ng 4.2% c\u1ee7a T-Mobile, \u0111i\u1ec1u n\u00e0y gi\u1ea3i th\u00edch m\u1ed9t ph\u1ea7n chi\u1ebft kh\u1ea5u \u0111\u1ecbnh gi\u00e1. Khi xem x\u00e9t li\u1ec7u AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c t\u1ed1t kh\u00f4ng, b\u1eb1ng ch\u1ee9ng \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1ecbnh v\u1ecb n\u00f3 l\u00e0 nh\u00e0 cung c\u1ea5p l\u1ee3i su\u1ea5t cao th\u1ee9 hai trong ng\u00e0nh vi\u1ec5n th\u00f4ng, ch\u1ec9 th\u1ea5p h\u01a1n Verizon 0.4 \u0111i\u1ec3m ph\u1ea7n tr\u0103m.<\/p>\n<p>So s\u00e1nh to\u00e1n h\u1ecdc cho th\u1ea5y AT&amp;T \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp, nh\u1eefng ng\u01b0\u1eddi \u01b0u ti\u00ean l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i v\u00e0 t\u1ea1o d\u00f2ng ti\u1ec1n h\u01a1n l\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng doanh thu. Khung ph\u00e2n t\u00edch so s\u00e1nh c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00f9y ch\u1ec9nh tr\u1ecdng s\u1ed1 ch\u1ec9 s\u1ed1 d\u1ef1a tr\u00ean c\u00e1c \u01b0u ti\u00ean \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0 s\u1edf th\u00edch r\u1ee7i ro.<\/p>\n<h3>Ph\u00e2n T\u00edch L\u1ee3i Nhu\u1eadn Tr\u00ean V\u1ed1n \u0110\u1ea7u T\u01b0 (ROIC)<\/h3>\n<p>Ngo\u00e0i c\u00e1c t\u1ef7 l\u1ec7 \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi xem x\u00e9t k\u1ef9 l\u01b0\u1ee1ng hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a AT&amp;T th\u00f4ng qua ph\u00e2n t\u00edch L\u1ee3i nhu\u1eadn tr\u00ean V\u1ed1n \u0110\u1ea7u t\u01b0. Ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1eb7c bi\u1ec7t li\u00ean quan \u0111\u1ebfn c\u00e1c nh\u00e0 \u0111i\u1ec1u h\u00e0nh vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng l\u1edbn.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>C\u00f4ng Ty<\/th>\n<th>ROIC Trung B\u00ecnh 5 N\u0103m<\/th>\n<th>ROIC Hi\u1ec7n T\u1ea1i<\/th>\n<th>Ch\u00eanh L\u1ec7ch ROIC so v\u1edbi WACC<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>AT&amp;T<\/td>\n<td>5.3%<\/td>\n<td>6.7%<\/td>\n<td>-1.1%<\/td>\n<\/tr>\n<tr>\n<td>Verizon<\/td>\n<td>7.1%<\/td>\n<td>7.6%<\/td>\n<td>+0.4%<\/td>\n<\/tr>\n<tr>\n<td>T-Mobile<\/td>\n<td>5.5%<\/td>\n<td>9.4%<\/td>\n<td>+2.1%<\/td>\n<\/tr>\n<tr>\n<td>Comcast<\/td>\n<td>8.3%<\/td>\n<td>8.7%<\/td>\n<td>+1.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Ch\u00eanh l\u1ec7ch ROIC-WACC \u00e2m 1.1% c\u1ee7a AT&amp;T ch\u1ec9 ra r\u1eb1ng c\u00f4ng ty ph\u00e1 h\u1ee7y 1.52 t\u1ef7 USD gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng h\u00e0ng n\u0103m b\u1eb1ng c\u00e1ch kh\u00f4ng t\u1ea1o ra l\u1ee3i nhu\u1eadn tr\u00ean chi ph\u00ed v\u1ed1n \u2013 m\u1ed9t d\u1ea5u hi\u1ec7u \u0111\u1ecf quan tr\u1ecdng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb. Tuy nhi\u00ean, qu\u1ef9 \u0111\u1ea1o t\u00edch c\u1ef1c cho th\u1ea5y s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3, v\u1edbi ROIC hi\u1ec7n t\u1ea1i (6.7%) v\u01b0\u1ee3t qua trung b\u00ecnh 5 n\u0103m (5.3%) 140 \u0111i\u1ec3m c\u01a1 b\u1ea3n, cho th\u1ea5y hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng sau khi c\u00f4ng ty t\u00e1i c\u1ea5u tr\u00fac chi\u1ebfn l\u01b0\u1ee3c.<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi &#8220;c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng,&#8221; khung to\u00e1n h\u1ecdc n\u00e0y ti\u1ebft l\u1ed9 c\u00f4ng ty \u0111ang c\u00f3 ti\u1ebfn b\u1ed9 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c trong hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n nh\u01b0ng v\u1eabn t\u1ee5t h\u1eadu so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u00e1ng k\u1ec3. AT&amp;T c\u1ea7n c\u1ea3i thi\u1ec7n ROIC kho\u1ea3ng 110 \u0111i\u1ec3m c\u01a1 b\u1ea3n \u0111\u1ec3 \u0111\u1ea1t tr\u1ea1ng th\u00e1i gi\u00e1 tr\u1ecb trung l\u1eadp \u2013 m\u1ed9t m\u1ee5c ti\u00eau c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c trong 2-3 n\u0103m n\u1ebfu c\u00e1c xu h\u01b0\u1edbng c\u1ea3i thi\u1ec7n ho\u1ea1t \u0111\u1ed9ng hi\u1ec7n t\u1ea1i ti\u1ebfp t\u1ee5c.<\/p>\n<h2>\u0110\u1ecbnh L\u01b0\u1ee3ng R\u1ee7i Ro \u0110\u1ea7u T\u01b0<\/h2>\n<p>M\u1ed7i kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u1ec1u mang theo nh\u1eefng r\u1ee7i ro c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ea7n \u0111\u01b0\u1ee3c \u0111o l\u01b0\u1eddng ch\u00ednh x\u00e1c. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi s\u1eed d\u1ee5ng n\u0103m ch\u1ec9 s\u1ed1 r\u1ee7i ro to\u00e1n h\u1ecdc ch\u00ednh \u0111\u1ec3 hi\u1ec3u c\u00e1c k\u1ecbch b\u1ea3n gi\u1ea3m gi\u00e1 ti\u1ec1m n\u0103ng khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu AT&amp;T:<\/p>\n<ul>\n<li>Beta: Beta 5 n\u0103m c\u1ee7a AT&amp;T l\u00e0 0.57, ch\u1ec9 ra \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 43% so v\u1edbi S&amp;P 500 v\u00e0 hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i trong c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng<\/li>\n<li>\u0110\u1ed9 l\u1ec7ch Gi\u1ea3m gi\u00e1: 12.8% h\u00e0ng n\u0103m, th\u1ea5p h\u01a1n 16.3% so v\u1edbi S&amp;P 500 l\u00e0 15.3%, cho th\u1ea5y s\u1ef1 b\u1ea3o v\u1ec7 t\u1ed1t h\u01a1n trong c\u00e1c giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng ti\u00eau c\u1ef1c<\/li>\n<li>Gi\u00e1 tr\u1ecb R\u1ee7i ro (95% tin c\u1eady): 18% trong m\u1ed9t n\u0103m, ngh\u0129a l\u00e0 ch\u1ec9 c\u00f3 5% x\u00e1c su\u1ea5t m\u1ea5t h\u01a1n 18% trong m\u1ed9t n\u0103m<\/li>\n<li>Gi\u1ea3m gi\u00e1 T\u1ed1i \u0111a (10 n\u0103m): 45.6% trong \u0111\u1ee3t s\u1ee5t gi\u1ea3m COVID th\u00e1ng 3 n\u0103m 2020, v\u1edbi 87% ph\u1ee5c h\u1ed3i \u0111\u1ea1t \u0111\u01b0\u1ee3c trong v\u00f2ng 24 th\u00e1ng<\/li>\n<li>\u0110\u1ed9 nh\u1ea1y C\u1ea3m v\u1edbi L\u00e3i su\u1ea5t: -0.32 t\u01b0\u01a1ng quan v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu 10 n\u0103m, ch\u1ec9 ra r\u1eb1ng AT&amp;T th\u01b0\u1eddng m\u1ea5t 0.32% cho m\u1ed7i 1% t\u0103ng l\u00e3i su\u1ea5t<\/li>\n<\/ul>\n<p>C\u00e1c ch\u1ec9 s\u1ed1 r\u1ee7i ro \u0111\u1ecbnh l\u01b0\u1ee3ng n\u00e0y mi\u00eau t\u1ea3 m\u1ed9t c\u1ed5 phi\u1ebfu ph\u00f2ng th\u1ee7 v\u1edbi s\u1ef1 t\u01b0\u01a1ng quan th\u1ecb tr\u01b0\u1eddng d\u01b0\u1edbi m\u1ee9c trung b\u00ecnh \u0111\u00e1ng k\u1ec3. H\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan -0.32 v\u1edbi l\u00e3i su\u1ea5t gi\u1ea3i th\u00edch to\u00e1n h\u1ecdc c\u00e1c m\u1eabu h\u00ecnh hi\u1ec7u su\u1ea5t g\u1ea7n \u0111\u00e2y c\u1ee7a AT&amp;T \u2013 c\u1ed5 phi\u1ebfu c\u00f3 xu h\u01b0\u1edbng ho\u1ea1t \u0111\u1ed9ng k\u00e9m trong c\u00e1c m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t t\u0103ng (2021-2022) nh\u01b0ng ho\u1ea1t \u0111\u1ed9ng t\u1ed1t h\u01a1n khi l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh ho\u1eb7c gi\u1ea3m (2023-nay).<\/p>\n<p>Khi ph\u00e2n t\u00edch li\u1ec7u AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c t\u1ed1t t\u1eeb g\u00f3c \u0111\u1ed9 r\u1ee7i ro, beta 0.57 v\u00e0 \u0111\u1ed9 l\u1ec7ch gi\u1ea3m gi\u00e1 12.8% c\u1ee7a n\u00f3 cho th\u1ea5y n\u00f3 cung c\u1ea5p m\u1ed9t d\u00f2ng thu nh\u1eadp \u1ed5n \u0111\u1ecbnh h\u01a1n 78% c\u00e1c th\u00e0nh ph\u1ea7n c\u1ee7a S&amp;P 500, m\u1eb7c d\u00f9 cung c\u1ea5p l\u1ee3i su\u1ea5t cao h\u01a1n trung b\u00ecnh ch\u1ec9 s\u1ed1 3.6 l\u1ea7n. C\u00e1c thu\u1eadt to\u00e1n \u0111\u00e1nh gi\u00e1 r\u1ee7i ro c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 k\u1ebft h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y v\u00e0o c\u00e1c m\u00f4 h\u00ecnh t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh theo kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u00e1 nh\u00e2n.<\/p>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\">B\u1eaft \u0111\u1ea7u Giao d\u1ecbch<\/span>\n        <\/a>\n    <\/div>\n    \n<h2>K\u1ebft Lu\u1eadn: C\u00f3 N\u00ean Mua C\u1ed5 Phi\u1ebfu AT&amp;T Kh\u00f4ng?<\/h2>\n<p>Sau khi th\u1ef1c hi\u1ec7n ki\u1ec3m tra to\u00e1n h\u1ecdc v\u00e0 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n qua nhi\u1ec1u khung \u0111\u1ecbnh gi\u00e1, ch\u00fang ta c\u00f3 th\u1ec3 \u0111\u01b0a ra k\u1ebft lu\u1eadn d\u1ef1a tr\u00ean b\u1eb1ng ch\u1ee9ng v\u1ec1 gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 c\u1ee7a AT&amp;T:<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp t\u00ecm ki\u1ebfm l\u1ee3i su\u1ea5t h\u00e0ng \u0111\u1ea7u, AT&amp;T mang l\u1ea1i gi\u00e1 tr\u1ecb \u0111\u1eb7c bi\u1ec7t v\u1edbi c\u1ed5 t\u1ee9c 6.4% (3.6 l\u1ea7n trung b\u00ecnh S&amp;P 500) \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m b\u1edfi t\u1ef7 l\u1ec7 chi tr\u1ea3 b\u1ea3o th\u1ee7 52% v\u00e0 qu\u1ef9 \u0111\u1ea1o gi\u1ea3m n\u1ee3 \u0111ang t\u0103ng t\u1ed1c. \u0110\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7 c\u1ee7a c\u1ed5 phi\u1ebfu (beta 0.57) cung c\u1ea5p s\u1ef1 \u1ed5n \u0111\u1ecbnh danh m\u1ee5c \u0111\u1ea7u t\u01b0 b\u1ed5 sung trong th\u1eddi k\u1ef3 bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb, AT&amp;T \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i h\u1ea5p d\u1eabn \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i th\u1ea5p h\u01a1n kho\u1ea3ng 23% so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ef1a tr\u00ean ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u. Nhi\u1ec1u ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 li\u00ean t\u1ee5c ch\u1ec9 ra s\u1ef1 \u0111\u1ecbnh gi\u00e1 th\u1ea5p, m\u1eb7c d\u00f9 chi\u1ebft kh\u1ea5u n\u00e0y \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch m\u1ed9t ph\u1ea7n b\u1edfi t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng d\u01b0\u1edbi m\u1ee9c trung b\u00ecnh v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n t\u1ee5t h\u1eadu so v\u1edbi c\u00e1c ti\u00eau chu\u1ea9n ng\u00e0nh.<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5ng l\u1ee3i nhu\u1eadn v\u1edbi c\u00e1c khung th\u1eddi gian 5+ n\u0103m, c\u00e1c m\u00f4 ph\u1ecfng Monte Carlo cho th\u1ea5y ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro thu\u1eadn l\u1ee3i, v\u1edbi 86.4% x\u00e1c su\u1ea5t l\u1ee3i nhu\u1eadn d\u01b0\u01a1ng v\u00e0 l\u1ee3i nhu\u1eadn trung v\u1ecb d\u1ef1 ki\u1ebfn l\u00e0 52.3% trong n\u0103m n\u0103m khi c\u00e1c h\u1ee3p ch\u1ea5t t\u00e1i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n.<\/p>\n<p>C\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu AT&amp;T kh\u00f4ng? B\u1eb1ng ch\u1ee9ng cho th\u1ea5y ba c\u00e2u tr\u1ea3 l\u1eddi kh\u00e1c nhau: \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 thu nh\u1eadp t\u00ecm ki\u1ebfm l\u1ee3i su\u1ea5t 5%+ v\u1edbi r\u1ee7i ro v\u1eeba ph\u1ea3i, AT&amp;T \u0111\u1ea1i di\u1ec7n cho m\u1ed9t l\u1ef1a ch\u1ecdn m\u1ea1nh m\u1ebd. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb, AT&amp;T cung c\u1ea5p m\u1ed9t c\u01a1 h\u1ed9i h\u1ea5p d\u1eabn \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i th\u1ea5p h\u01a1n 23% so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng, m\u1ee9c m\u1edf r\u1ed9ng h\u00e0ng n\u0103m khi\u00eam t\u1ed1n 1-3% c\u1ee7a AT&amp;T c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u00e1p \u1ee9ng y\u00eau c\u1ea7u c\u1ee7a b\u1ea1n.<\/p>\n<p>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ph\u1ee9c t\u1ea1p nh\u01b0 AT&amp;T th\u00f4ng qua c\u1ea3 l\u0103ng k\u00ednh \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 \u0111\u1ecbnh t\u00ednh. B\u1eb1ng c\u00e1ch t\u1eadn d\u1ee5ng c\u00e1c ngu\u1ed3n l\u1ef1c tinh vi n\u00e0y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee5 th\u1ec3 thay v\u00ec d\u1ef1a v\u00e0o c\u00e1c khuy\u1ebfn ngh\u1ecb chung. C\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean d\u1eef li\u1ec7u n\u00e0y bi\u1ebfn c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 t\u1eeb c\u00e1c ph\u1ea3n \u1ee9ng c\u1ea3m x\u00fac th\u00e0nh c\u00e1c \u0111\u00e1nh gi\u00e1 x\u00e1c su\u1ea5t \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ef1a tr\u00ean b\u1eb1ng ch\u1ee9ng to\u00e1n h\u1ecdc.<\/p>\n<\/div>\n"},"faq":[{"question":"C\u1ed5 phi\u1ebfu AT&T c\u00f3 ph\u1ea3i l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n an to\u00e0n kh\u00f4ng?","answer":"C\u1ed5 phi\u1ebfu AT&T l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n t\u01b0\u01a1ng \u0111\u1ed1i an to\u00e0n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp. V\u1edbi t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c 6,4% \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m t\u1ed1t b\u1edfi d\u00f2ng ti\u1ec1n t\u1ef1 do (t\u1ef7 l\u1ec7 bao ph\u1ee7 2,31 l\u1ea7n), c\u00f4ng ty cung c\u1ea5p thu nh\u1eadp \u0111\u00e1ng tin c\u1eady. M\u1eb7c d\u00f9 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng khi\u00eam t\u1ed1n so v\u1edbi m\u1ed9t s\u1ed1 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh, beta c\u1ee7a AT&T l\u00e0 0,57 cho th\u1ea5y m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng chung. S\u1ef1 t\u1eadp trung c\u1ee7a c\u00f4ng ty v\u00e0o vi\u1ec7c gi\u1ea3m n\u1ee3 c\u1ea3i thi\u1ec7n s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n, m\u1eb7c d\u00f9 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i c\u00e1c y\u00eau c\u1ea7u chi ti\u00eau v\u1ed1n cho ph\u00e1t tri\u1ec3n c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng 5G."},{"question":"C\u1ed5 t\u1ee9c c\u1ee7a AT&T so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng kh\u00e1c nh\u01b0 th\u1ebf n\u00e0o?","answer":"AT&T cung c\u1ea5p m\u1ed9t trong nh\u1eefng t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c cao nh\u1ea5t trong ng\u00e0nh vi\u1ec5n th\u00f4ng \u1edf m\u1ee9c 6,4%, ch\u1ec9 \u0111\u1ee9ng sau Verizon \u1edf m\u1ee9c 6,8%. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh nh\u01b0 T-Mobile (1,6%) t\u1eadp trung v\u00e0o t\u0103ng tr\u01b0\u1edfng, AT&T v\u00e0 Verizon \u0111\u1ecbnh v\u1ecb m\u00ecnh nh\u01b0 l\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 thu nh\u1eadp. T\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c c\u1ee7a AT&T l\u00e0 52% l\u00e0 b\u1ec1n v\u1eefng trong khi v\u1eabn cho ph\u00e9p gi\u1ea3m n\u1ee3 v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ea1ng l\u01b0\u1edbi. Sau khi c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c n\u0103m 2022 sau khi t\u00e1ch WarnerMedia, c\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i c\u00f3 v\u1ebb \u1ed5n \u0111\u1ecbnh d\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc n\u00e0o cho th\u1ea5y c\u1ed5 phi\u1ebfu AT&T c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p?","answer":"M\u1ed9t s\u1ed1 ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng cho th\u1ea5y AT&T c\u00f3 th\u1ec3 \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p. C\u1ed5 phi\u1ebfu giao d\u1ecbch v\u1edbi t\u1ef7 l\u1ec7 P\/E l\u00e0 7.8 so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 19.2. Ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u cho th\u1ea5y kh\u1ea3 n\u0103ng t\u0103ng 23% t\u1eeb m\u1ee9c hi\u1ec7n t\u1ea1i. L\u1ee3i su\u1ea5t d\u00f2ng ti\u1ec1n t\u1ef1 do c\u1ee7a AT&T l\u00e0 14.1% v\u01b0\u1ee3t xa c\u00e1c \u0111\u1ed1i th\u1ee7 trong ng\u00e0nh. T\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean s\u1ed5 s\u00e1ch l\u00e0 1.2 th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 2.1. Nh\u1eefng ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc n\u00e0y c\u00f9ng nhau cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111ang \u0111\u00e1nh gi\u00e1 th\u1ea5p d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh v\u00e0 v\u1ecb th\u1ebf t\u00e0i ch\u00ednh \u0111ang c\u1ea3i thi\u1ec7n c\u1ee7a AT&T."},{"question":"G\u00e1nh n\u1eb7ng n\u1ee3 c\u1ee7a AT&T c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn hi\u1ec7u su\u1ea5t t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng ty?","answer":"V\u1ecb th\u1ebf n\u1ee3 c\u1ee7a AT&T (hi\u1ec7n t\u1ea1i l\u00e0 138,2 t\u1ef7 USD) v\u1eabn l\u00e0 m\u1ed9t m\u1ed1i lo ng\u1ea1i nh\u01b0ng \u0111\u00e3 cho th\u1ea5y s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3, gi\u1ea3m 23,6% trong ba n\u0103m qua. C\u00e1c ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc ch\u00ednh bao g\u1ed3m t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA l\u00e0 3,2x (c\u1ea3i thi\u1ec7n nh\u01b0ng v\u1eabn cao h\u01a1n m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 2,5x) v\u00e0 t\u1ef7 l\u1ec7 bao ph\u1ee7 l\u00e3i su\u1ea5t l\u00e0 4,7x (d\u01b0\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 6,3x nh\u01b0ng v\u1eabn \u0111\u1ee7). N\u1ebfu xu h\u01b0\u1edbng gi\u1ea3m n\u1ee3 hi\u1ec7n t\u1ea1i ti\u1ebfp t\u1ee5c, AT&T c\u00f3 th\u1ec3 \u0111\u1ea1t m\u1ee9c n\u1ee3 trung b\u00ecnh ng\u00e0nh trong v\u00f2ng 3-4 n\u0103m. Chi ph\u00ed l\u00e3i su\u1ea5t gi\u1ea3m c\u00f3 th\u1ec3 gi\u1ea3i ph\u00f3ng th\u00eam 1-2 t\u1ef7 USD h\u00e0ng n\u0103m cho c\u1ed5 t\u1ee9c ho\u1eb7c \u0111\u1ea7u t\u01b0."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u1ed5 phi\u1ebfu AT&T c\u00f3 ph\u1ea3i l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n an to\u00e0n kh\u00f4ng?","answer":"C\u1ed5 phi\u1ebfu AT&T l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n t\u01b0\u01a1ng \u0111\u1ed1i an to\u00e0n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp. V\u1edbi t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c 6,4% \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m t\u1ed1t b\u1edfi d\u00f2ng ti\u1ec1n t\u1ef1 do (t\u1ef7 l\u1ec7 bao ph\u1ee7 2,31 l\u1ea7n), c\u00f4ng ty cung c\u1ea5p thu nh\u1eadp \u0111\u00e1ng tin c\u1eady. M\u1eb7c d\u00f9 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng khi\u00eam t\u1ed1n so v\u1edbi m\u1ed9t s\u1ed1 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh, beta c\u1ee7a AT&T l\u00e0 0,57 cho th\u1ea5y m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng chung. S\u1ef1 t\u1eadp trung c\u1ee7a c\u00f4ng ty v\u00e0o vi\u1ec7c gi\u1ea3m n\u1ee3 c\u1ea3i thi\u1ec7n s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n, m\u1eb7c d\u00f9 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i c\u00e1c y\u00eau c\u1ea7u chi ti\u00eau v\u1ed1n cho ph\u00e1t tri\u1ec3n c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng 5G."},{"question":"C\u1ed5 t\u1ee9c c\u1ee7a AT&T so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng kh\u00e1c nh\u01b0 th\u1ebf n\u00e0o?","answer":"AT&T cung c\u1ea5p m\u1ed9t trong nh\u1eefng t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c cao nh\u1ea5t trong ng\u00e0nh vi\u1ec5n th\u00f4ng \u1edf m\u1ee9c 6,4%, ch\u1ec9 \u0111\u1ee9ng sau Verizon \u1edf m\u1ee9c 6,8%. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh nh\u01b0 T-Mobile (1,6%) t\u1eadp trung v\u00e0o t\u0103ng tr\u01b0\u1edfng, AT&T v\u00e0 Verizon \u0111\u1ecbnh v\u1ecb m\u00ecnh nh\u01b0 l\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 thu nh\u1eadp. T\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c c\u1ee7a AT&T l\u00e0 52% l\u00e0 b\u1ec1n v\u1eefng trong khi v\u1eabn cho ph\u00e9p gi\u1ea3m n\u1ee3 v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ea1ng l\u01b0\u1edbi. Sau khi c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c n\u0103m 2022 sau khi t\u00e1ch WarnerMedia, c\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i c\u00f3 v\u1ebb \u1ed5n \u0111\u1ecbnh d\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc n\u00e0o cho th\u1ea5y c\u1ed5 phi\u1ebfu AT&T c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p?","answer":"M\u1ed9t s\u1ed1 ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng cho th\u1ea5y AT&T c\u00f3 th\u1ec3 \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p. C\u1ed5 phi\u1ebfu giao d\u1ecbch v\u1edbi t\u1ef7 l\u1ec7 P\/E l\u00e0 7.8 so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 19.2. Ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u cho th\u1ea5y kh\u1ea3 n\u0103ng t\u0103ng 23% t\u1eeb m\u1ee9c hi\u1ec7n t\u1ea1i. L\u1ee3i su\u1ea5t d\u00f2ng ti\u1ec1n t\u1ef1 do c\u1ee7a AT&T l\u00e0 14.1% v\u01b0\u1ee3t xa c\u00e1c \u0111\u1ed1i th\u1ee7 trong ng\u00e0nh. T\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean s\u1ed5 s\u00e1ch l\u00e0 1.2 th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 2.1. Nh\u1eefng ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc n\u00e0y c\u00f9ng nhau cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111ang \u0111\u00e1nh gi\u00e1 th\u1ea5p d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh v\u00e0 v\u1ecb th\u1ebf t\u00e0i ch\u00ednh \u0111ang c\u1ea3i thi\u1ec7n c\u1ee7a AT&T."},{"question":"G\u00e1nh n\u1eb7ng n\u1ee3 c\u1ee7a AT&T c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn hi\u1ec7u su\u1ea5t t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng ty?","answer":"V\u1ecb th\u1ebf n\u1ee3 c\u1ee7a AT&T (hi\u1ec7n t\u1ea1i l\u00e0 138,2 t\u1ef7 USD) v\u1eabn l\u00e0 m\u1ed9t m\u1ed1i lo ng\u1ea1i nh\u01b0ng \u0111\u00e3 cho th\u1ea5y s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3, gi\u1ea3m 23,6% trong ba n\u0103m qua. C\u00e1c ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc ch\u00ednh bao g\u1ed3m t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA l\u00e0 3,2x (c\u1ea3i thi\u1ec7n nh\u01b0ng v\u1eabn cao h\u01a1n m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 2,5x) v\u00e0 t\u1ef7 l\u1ec7 bao ph\u1ee7 l\u00e3i su\u1ea5t l\u00e0 4,7x (d\u01b0\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 6,3x nh\u01b0ng v\u1eabn \u0111\u1ee7). N\u1ebfu xu h\u01b0\u1edbng gi\u1ea3m n\u1ee3 hi\u1ec7n t\u1ea1i ti\u1ebfp t\u1ee5c, AT&T c\u00f3 th\u1ec3 \u0111\u1ea1t m\u1ee9c n\u1ee3 trung b\u00ecnh ng\u00e0nh trong v\u00f2ng 3-4 n\u0103m. Chi ph\u00ed l\u00e3i su\u1ea5t gi\u1ea3m c\u00f3 th\u1ec3 gi\u1ea3i ph\u00f3ng th\u00eam 1-2 t\u1ef7 USD h\u00e0ng n\u0103m cho c\u1ed5 t\u1ee9c ho\u1eb7c \u0111\u1ea7u t\u01b0."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua: Ph\u00e2n t\u00edch d\u1ef1a tr\u00ean d\u1eef li\u1ec7u cho nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh<\/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\/knowledge-base\/markets\/is-at-and-t-a-good-stock-to-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AT&amp;T c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 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