{"id":315706,"date":"2025-07-19T11:23:55","date_gmt":"2025-07-19T11:23:55","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/is-cvs-a-good-stock-to-buy-2\/"},"modified":"2025-07-19T11:23:55","modified_gmt":"2025-07-19T11:23:55","slug":"is-cvs-a-good-stock-to-buy","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/is-cvs-a-good-stock-to-buy\/","title":{"rendered":"CVS c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua: Ph\u00e2n t\u00edch chi\u1ebfn l\u01b0\u1ee3c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":300075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[28,45,44],"class_list":["post-315706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-investment","tag-stock","tag-strategy"],"acf":{"h1":"CVS c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua kh\u00f4ng? Kh\u00e1m ph\u00e1 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n, ph\u00e2n t\u00edch c\u1ea1nh tranh v\u00e0 c\u00e1c ch\u1ea5t x\u00fac t\u00e1c t\u0103ng tr\u01b0\u1edfng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 th\u00f4ng minh v\u1edbi Pocket Option.","h1_source":{"label":"H1","type":"text","formatted_value":"CVS c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua kh\u00f4ng? Kh\u00e1m ph\u00e1 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n, ph\u00e2n t\u00edch c\u1ea1nh tranh v\u00e0 c\u00e1c ch\u1ea5t x\u00fac t\u00e1c t\u0103ng tr\u01b0\u1edfng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 th\u00f4ng minh v\u1edbi Pocket Option."},"description":"Ph\u00e2n T\u00edch Pocket Option: CVS C\u00f3 Ph\u1ea3i L\u00e0 C\u1ed5 Phi\u1ebfu T\u1ed1t \u0110\u1ec3 Mua V\u00e0o N\u0103m 2025 Kh\u00f4ng?","description_source":{"label":"Description","type":"textarea","formatted_value":"Ph\u00e2n T\u00edch Pocket Option: CVS C\u00f3 Ph\u1ea3i L\u00e0 C\u1ed5 Phi\u1ebfu T\u1ed1t \u0110\u1ec3 Mua V\u00e0o N\u0103m 2025 Kh\u00f4ng?"},"intro":"Quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe hay kh\u00f4ng \u0111\u00f2i h\u1ecfi ph\u1ea3i ph\u00e2n t\u00edch c\u1ea9n th\u1eadn v\u01b0\u1ee3t ra ngo\u00e0i c\u00e1c ch\u1ec9 s\u1ed1 ti\u00eau \u0111\u1ec1. CVS Health Corporation - v\u1edbi doanh thu h\u00e0ng n\u0103m 327 t\u1ef7 USD v\u00e0 h\u01a1n 300.000 nh\u00e2n vi\u00ean - tr\u00ecnh b\u00e0y m\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 ph\u1ee9c t\u1ea1p k\u1ebft h\u1ee3p ho\u1ea1t \u0111\u1ed9ng b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m, kh\u1ea3 n\u0103ng b\u1ea3o hi\u1ec3m v\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. Ph\u00e2n t\u00edch d\u1ef1a tr\u00ean d\u1eef li\u1ec7u n\u00e0y xem x\u00e9t bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng 14,2% c\u1ee7a CVS, l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,7% v\u00e0 v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua trong m\u00f4i tr\u01b0\u1eddng ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe bi\u1ebfn \u0111\u1ed9ng ng\u00e0y nay hay kh\u00f4ng.","intro_source":{"label":"Intro","type":"text","formatted_value":"Quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe hay kh\u00f4ng \u0111\u00f2i h\u1ecfi ph\u1ea3i ph\u00e2n t\u00edch c\u1ea9n th\u1eadn v\u01b0\u1ee3t ra ngo\u00e0i c\u00e1c ch\u1ec9 s\u1ed1 ti\u00eau \u0111\u1ec1. CVS Health Corporation - v\u1edbi doanh thu h\u00e0ng n\u0103m 327 t\u1ef7 USD v\u00e0 h\u01a1n 300.000 nh\u00e2n vi\u00ean - tr\u00ecnh b\u00e0y m\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 ph\u1ee9c t\u1ea1p k\u1ebft h\u1ee3p ho\u1ea1t \u0111\u1ed9ng b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m, kh\u1ea3 n\u0103ng b\u1ea3o hi\u1ec3m v\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. Ph\u00e2n t\u00edch d\u1ef1a tr\u00ean d\u1eef li\u1ec7u n\u00e0y xem x\u00e9t bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng 14,2% c\u1ee7a CVS, l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,7% v\u00e0 v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua trong m\u00f4i tr\u01b0\u1eddng ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe bi\u1ebfn \u0111\u1ed9ng ng\u00e0y nay hay kh\u00f4ng."},"body_html":"<div class=\"custom-html-container\">\n<h2>CVS Health Corporation: T\u1ed5ng quan v\u1ec1 C\u00f4ng ty v\u00e0 V\u1ecb th\u1ebf Th\u1ecb tr\u01b0\u1eddng<\/h2>\nKhi xem x\u00e9t li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua hay kh\u00f4ng, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u01b0\u1edbc ti\u00ean ph\u1ea3i hi\u1ec3u s\u1ef1 chuy\u1ec3n \u0111\u1ed5i tr\u1ecb gi\u00e1 69 t\u1ef7 \u0111\u00f4 la c\u1ee7a c\u00f4ng ty t\u1eeb m\u1ed9t nh\u00e0 b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m truy\u1ec1n th\u1ed1ng th\u00e0nh m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p. CVS Health Corporation \u0111\u00e3 ph\u00e1t tri\u1ec3n th\u00f4ng qua c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c: mua l\u1ea1i Aetna tr\u1ecb gi\u00e1 69 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2018, th\u1ecfa thu\u1eadn Signify Health tr\u1ecb gi\u00e1 8 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2022 v\u00e0 mua l\u1ea1i Oak Street Health tr\u1ecb gi\u00e1 10,6 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2023, t\u1ef1 kh\u1eb3ng \u0111\u1ecbnh m\u00ecnh l\u00e0 m\u1ed9t g\u00e3 kh\u1ed5ng l\u1ed3 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p theo chi\u1ec1u d\u1ecdc v\u1edbi ba ph\u00e2n kh\u00fac kinh doanh ch\u00ednh t\u1ea1o ra 327 t\u1ef7 \u0111\u00f4 la doanh thu h\u00e0ng n\u0103m.\n\nNg\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng 5,7% h\u00e0ng n\u0103m trong b\u1ed1i c\u1ea3nh gi\u00e1n \u0111o\u1ea1n \u0111\u00e1ng k\u1ec3, v\u1edbi CVS chi\u1ebfm th\u1ecb ph\u1ea7n th\u00f4ng qua h\u01a1n 1.100 \u0111\u1ecba \u0111i\u1ec3m MinuteClinic (th\u1ef1c hi\u1ec7n h\u01a1n 30 tri\u1ec7u l\u01b0\u1ee3t kh\u00e1m b\u1ec7nh nh\u00e2n h\u00e0ng n\u0103m), h\u01a1n 650 c\u1eeda h\u00e0ng kh\u00e1i ni\u1ec7m HealthHUB v\u00e0 c\u00e1c d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c \u1ea3o ph\u1ee5c v\u1ee5 4,5 tri\u1ec7u b\u1ec7nh nh\u00e2n k\u1ef9 thu\u1eadt s\u1ed1. Nh\u1eefng s\u00e1ng ki\u1ebfn n\u00e0y \u0111\u00e3 mang l\u1ea1i m\u1ee9c t\u0103ng tr\u01b0\u1edfng doanh thu 12,3% trong c\u00e1c d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe trong khi b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m truy\u1ec1n th\u1ed1ng ch\u1ec9 t\u0103ng tr\u01b0\u1edfng 2,1% trong n\u0103m t\u00e0i ch\u00ednh 2024.\n\nC\u00e1c nh\u00e0 ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng theo d\u00f5i c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option \u0111\u00e3 ghi nh\u1eadn th\u1ecb ph\u1ea7n 18,3% c\u1ee7a CVS trong b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m, 32,7% th\u1ecb ph\u1ea7n trong qu\u1ea3n l\u00fd l\u1ee3i \u00edch d\u01b0\u1ee3c ph\u1ea9m v\u00e0 th\u1ecb ph\u1ea7n 9,2% \u0111ang ph\u00e1t tri\u1ec3n nhanh ch\u00f3ng trong th\u1ecb tr\u01b0\u1eddng Medicare Advantage. V\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i l\u00e0 127 t\u1ef7 \u0111\u00f4 la v\u00e0 t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n l\u00e0 22%, CVS \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u00e2n nh\u1eafc \u0111\u00e1ng k\u1ec3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang \u0111\u1eb7t c\u00e2u h\u1ecfi \"li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua kh\u00f4ng?\" khi ph\u00e2n b\u1ed5 v\u1ed1n cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o l\u0129nh v\u1ef1c ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe.\n<h3>C\u00e1c Ph\u00e2n kh\u00fac Kinh doanh Ch\u00ednh v\u00e0 \u0110\u1ed9ng l\u1ef1c Doanh thu<\/h3>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ph\u00e2n kh\u00fac Kinh doanh<\/th>\n<th>D\u1ecbch v\u1ee5 Ch\u00ednh<\/th>\n<th>\u0110\u00f3ng g\u00f3p Doanh thu<\/th>\n<th>Qu\u1ef9 \u0111\u1ea1o T\u0103ng tr\u01b0\u1edfng<\/th>\n<th>Bi\u00ean l\u1ee3i nhu\u1eadn Ho\u1ea1t \u0111\u1ed9ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u1ecbch v\u1ee5 D\u01b0\u1ee3c ph\u1ea9m<\/td>\n<td>PBM, d\u01b0\u1ee3c ph\u1ea9m \u0111\u1eb7c bi\u1ec7t, \u0111\u1eb7t h\u00e0ng qua th\u01b0 (2,2 t\u1ef7 \u0111\u01a1n thu\u1ed1c h\u00e0ng n\u0103m)<\/td>\n<td>169,8 t\u1ef7 \u0111\u00f4 la (51,9%)<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng 4,3% trong b\u1ed1i c\u1ea3nh trung b\u00ecnh ng\u00e0nh 2,7%<\/td>\n<td>3,9%<\/td>\n<\/tr>\n<tr>\n<td>B\u00e1n l\u1ebb\/LTC<\/td>\n<td>H\u01a1n 9.000 nh\u00e0 thu\u1ed1c b\u00e1n l\u1ebb, h\u01a1n 1.100 MinuteClinics<\/td>\n<td>108,9 t\u1ef7 \u0111\u00f4 la (33,3%)<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng 2,1% so v\u1edbi trung b\u00ecnh ng\u00e0nh 1,8%<\/td>\n<td>6,2%<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i \u00edch Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe<\/td>\n<td>B\u1ea3o hi\u1ec3m (Aetna): 35,4 tri\u1ec7u th\u00e0nh vi\u00ean tr\u00ean c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh Th\u01b0\u01a1ng m\u1ea1i, Medicare, Medicaid<\/td>\n<td>48,4 t\u1ef7 \u0111\u00f4 la (14,8%)<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng 8,7%, v\u01b0\u1ee3t qua trung b\u00ecnh ng\u00e0nh 6,1%<\/td>\n<td>5,7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nCVS v\u1eadn h\u00e0nh 9.026 \u0111\u1ecba \u0111i\u1ec3m b\u00e1n l\u1ebb tr\u00ean to\u00e0n qu\u1ed1c (gi\u1ea3m 742 c\u1eeda h\u00e0ng k\u1ec3 t\u1eeb n\u0103m 2020), cung c\u1ea5p 1,93 t\u1ef7 \u0111\u01a1n thu\u1ed1c h\u00e0ng n\u0103m\u2014\u0111\u1ea1i di\u1ec7n cho 26,3% th\u1ecb tr\u01b0\u1eddng d\u01b0\u1ee3c ph\u1ea9m b\u00e1n l\u1ebb c\u1ee7a Hoa K\u1ef3. M\u1ea1ng l\u01b0\u1edbi v\u1eadt l\u00fd n\u00e0y cung c\u1ea5p 82% ng\u01b0\u1eddi M\u1ef9 s\u1ed1ng trong v\u00f2ng 10 d\u1eb7m t\u1eeb m\u1ed9t \u0111\u1ecba \u0111i\u1ec3m CVS, mang l\u1ea1i l\u1ee3i th\u1ebf c\u1ea1nh tranh \u0111\u00e1ng k\u1ec3 trong c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tu\u00e2n th\u1ee7 thu\u1ed1c gi\u1ea3m chi ph\u00ed ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u1ed5ng th\u1ec3 23% cho b\u1ec7nh nh\u00e2n m\u1eafc b\u1ec7nh m\u00e3n t\u00ednh.\n<h2>Ph\u00e2n t\u00edch T\u00e0i ch\u00ednh: Li\u1ec7u C\u1ed5 phi\u1ebfu CVS c\u00f3 N\u00ean Mua D\u1ef1a tr\u00ean C\u00e1c Y\u1ebfu t\u1ed1 C\u01a1 b\u1ea3n?<\/h2>\nM\u1ed9t \u0111\u00e1nh gi\u00e1 t\u00e0i ch\u00ednh k\u1ef9 l\u01b0\u1ee1ng l\u00e0 c\u1ea7n thi\u1ebft khi x\u00e1c \u0111\u1ecbnh li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua hay kh\u00f4ng. K\u1ebft qu\u1ea3 qu\u00fd 2 n\u0103m 2025 cho th\u1ea5y hi\u1ec7u su\u1ea5t h\u1ed7n h\u1ee3p: d\u1ecbch v\u1ee5 d\u01b0\u1ee3c ph\u1ea9m t\u0103ng 7,3% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng 3,9%, trong khi ho\u1ea1t \u0111\u1ed9ng b\u00e1n l\u1ebb \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 \u0111\u01a1n thu\u1ed1c 2,2% v\u00e0 gi\u1ea3m 0,8% doanh s\u1ed1 b\u00e1n h\u00e0ng so s\u00e1nh t\u1ea1i c\u1eeda h\u00e0ng. L\u1ee3i \u00edch Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe \u0111\u00e3 mang l\u1ea1i m\u1ee9c t\u0103ng tr\u01b0\u1edfng th\u00e0nh vi\u00ean Medicare Advantage \u1ea5n t\u01b0\u1ee3ng 11,5% nh\u01b0ng \u0111\u1ed1i m\u1eb7t v\u1edbi t\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf th\u00e1ch th\u1ee9c 82,4% (t\u0103ng 1,3 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc).\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1 T\u00e0i ch\u00ednh<\/th>\n<th>Hi\u1ec7u su\u1ea5t CVS<\/th>\n<th>Trung b\u00ecnh Ng\u00e0nh<\/th>\n<th>Xu h\u01b0\u1edbng 5 n\u0103m<\/th>\n<th>H\u00e0m \u00fd \u0110\u1ea7u t\u01b0<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng Doanh thu (TTM)<\/td>\n<td>5,4%<\/td>\n<td>4,1%<\/td>\n<td>\u2191 t\u1eeb 3,2%<\/td>\n<td>V\u01b0\u1ee3t tr\u1ed9i h\u01a1n ng\u00e0nh 31,7%<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean l\u1ee3i nhu\u1eadn Ho\u1ea1t \u0111\u1ed9ng<\/td>\n<td>4,7%<\/td>\n<td>6,3%<\/td>\n<td>\u2193 t\u1eeb 5,8%<\/td>\n<td>Chi ph\u00ed t\u00edch h\u1ee3p gi\u1ea3m l\u1ee3i nhu\u1eadn ng\u1eafn h\u1ea1n<\/td>\n<\/tr>\n<tr>\n<td>D\u00f2ng ti\u1ec1n T\u1ef1 do<\/td>\n<td>14,7 t\u1ef7 \u0111\u00f4 la<\/td>\n<td>8,3 t\u1ef7 \u0111\u00f4 la<\/td>\n<td>\u2191 t\u1eeb 10,2 t\u1ef7 \u0111\u00f4 la<\/td>\n<td>L\u1ee3i su\u1ea5t FCF 11,6% h\u1ed7 tr\u1ee3 c\u1ed5 t\u1ee9c 3,7%<\/td>\n<\/tr>\n<tr>\n<td>N\u1ee3 tr\u00ean EBITDA<\/td>\n<td>3,1x<\/td>\n<td>2,4x<\/td>\n<td>\u2193 t\u1eeb 4,6x<\/td>\n<td>Ti\u1ebfn \u0111\u1ed9 gi\u1ea3m n\u1ee3 32,6% k\u1ec3 t\u1eeb khi mua l\u1ea1i Aetna<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 P\/E (D\u1ef1 ki\u1ebfn)<\/td>\n<td>8,7x<\/td>\n<td>14,3x<\/td>\n<td>\u2193 t\u1eeb 11,2x<\/td>\n<td>Gi\u1ea3m gi\u00e1 39,2% so v\u1edbi trung b\u00ecnh ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td>EV\/EBITDA<\/td>\n<td>7,8x<\/td>\n<td>11,5x<\/td>\n<td>\u2193 t\u1eeb 9,3x<\/td>\n<td>Gi\u1ea3m gi\u00e1 32,2% so v\u1edbi trung b\u00ecnh ng\u00e0nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nC\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u1ee7a CVS ti\u1ebft l\u1ed9 \u0111\u1ed9ng l\u1ef1c \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn. Giao d\u1ecbch \u1edf t\u1ef7 l\u1ec7 P\/E d\u1ef1 ki\u1ebfn l\u00e0 8,7x\u2014th\u1ea5p h\u01a1n 45% so v\u1edbi m\u1ee9c trung b\u00ecnh 15,8x c\u1ee7a S&P 500 v\u00e0 th\u1ea5p h\u01a1n 39,2% so v\u1edbi m\u1ee9c trung b\u00ecnh 14,3x c\u1ee7a ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe\u2014c\u1ed5 phi\u1ebfu n\u00e0y mang l\u1ea1i ti\u1ec1m n\u0103ng gi\u00e1 tr\u1ecb \u0111\u00e1ng k\u1ec3. M\u1ee9c gi\u1ea3m gi\u00e1 n\u00e0y \u0111\u00e3 m\u1edf r\u1ed9ng t\u1eeb 26,7% v\u00e0o th\u00e1ng 1 n\u0103m 2024, cho th\u1ea5y s\u1ef1 bi quan c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 v\u01b0\u1ee3t qu\u00e1 nh\u1eefng th\u00e1ch th\u1ee9c c\u01a1 b\u1ea3n. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch tr\u00ean Pocket Option v\u00e0 c\u00e1c n\u1ec1n t\u1ea3ng t\u1ed5 ch\u1ee9c d\u1ef1 b\u00e1o c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 trong 12 th\u00e1ng dao \u0111\u1ed9ng t\u1eeb 61 \u0111\u1ebfn 92 \u0111\u00f4 la, v\u1edbi m\u1ee9c \u0111\u1ed3ng thu\u1eadn 76 \u0111\u00f4 la \u0111\u1ea1i di\u1ec7n cho m\u1ee9c t\u0103ng 23,7% so v\u1edbi m\u1ee9c hi\u1ec7n t\u1ea1i.\n\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang c\u00e2n nh\u1eafc li\u1ec7u c\u1ed5 phi\u1ebfu CVS c\u00f3 n\u00ean mua hay kh\u00f4ng n\u00ean l\u01b0u \u00fd \u0111\u1ebfn chu\u1ed7i t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 15 n\u0103m c\u1ee7a c\u00f4ng ty, v\u1edbi CAGR 10,2% trong 10 n\u0103m m\u1eb7c d\u00f9 chi ph\u00ed mua l\u1ea1i \u0111\u00e1ng k\u1ec3. L\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i 3,7% cao h\u01a1n 2,2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a S&P 500, trong khi t\u1ef7 l\u1ec7 chi tr\u1ea3 32,3% mang l\u1ea1i s\u1ef1 bao ph\u1ee7 \u0111\u00e1ng k\u1ec3 v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai khi c\u00e1c hi\u1ec7u qu\u1ea3 t\u00edch h\u1ee3p \u0111\u01b0\u1ee3c hi\u1ec7n th\u1ef1c h\u00f3a.\n<h3>Qu\u1ea3n l\u00fd N\u1ee3 v\u00e0 Chi\u1ebfn l\u01b0\u1ee3c Ph\u00e2n b\u1ed5 V\u1ed1n<\/h3>\nSau th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Aetna tr\u1ecb gi\u00e1 69 t\u1ef7 \u0111\u00f4 la, CVS \u0111\u00e3 t\u00edch l\u0169y \u0111\u01b0\u1ee3c t\u1ed5ng n\u1ee3 78,5 t\u1ef7 \u0111\u00f4 la ban \u0111\u1ea7u khi\u1ebfn nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 lo ng\u1ea1i. Tuy nhi\u00ean, c\u00f4ng ty \u0111\u00e3 \u01b0u ti\u00ean gi\u1ea3m n\u1ee3, th\u00e0nh c\u00f4ng gi\u1ea3m n\u1ee3 28,0 t\u1ef7 \u0111\u00f4 la (35,7%) trong khi duy tr\u00ec 9,3 t\u1ef7 \u0111\u00f4 la \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c h\u00e0ng n\u0103m v\u00e0o c\u00e1c kh\u1ea3 n\u0103ng s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 (1,8 t\u1ef7 \u0111\u00f4 la), m\u1edf r\u1ed9ng ph\u00f2ng kh\u00e1m (3,2 t\u1ef7 \u0111\u00f4 la) v\u00e0 hi\u1ec7n \u0111\u1ea1i h\u00f3a c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng (4,3 t\u1ef7 \u0111\u00f4 la). C\u00e1ch ti\u1ebfp c\u1eadn k\u1ef7 lu\u1eadt n\u00e0y \u0111\u1ed1i v\u1edbi ph\u00e2n b\u1ed5 v\u1ed1n \u0111\u00e3 c\u1ea3i thi\u1ec7n t\u1ef7 l\u1ec7 bao ph\u1ee7 l\u00e3i su\u1ea5t t\u1eeb 3,9x l\u00ean 6,7x m\u1eb7c d\u00f9 l\u00e3i su\u1ea5t t\u0103ng.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>N\u0103m<\/th>\n<th>N\u1ee3 D\u00e0i h\u1ea1n (T\u1ef7 \u0111\u00f4 la)<\/th>\n<th>Gi\u1ea3m N\u1ee3 ($B)<\/th>\n<th>Chi ph\u00ed L\u00e3i su\u1ea5t ($B)<\/th>\n<th>T\u00e1c \u0111\u1ed9ng X\u1ebfp h\u1ea1ng T\u00edn d\u1ee5ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2019<\/td>\n<td>64,7<\/td>\n<td>N\u0103m c\u01a1 s\u1edf<\/td>\n<td>3,0<\/td>\n<td>BBB\/Baa2 (tri\u1ec3n v\u1ecdng ti\u00eau c\u1ef1c)<\/td>\n<\/tr>\n<tr>\n<td>2021<\/td>\n<td>58,1<\/td>\n<td>6,6 (10,2%)<\/td>\n<td>2,5<\/td>\n<td>BBB\/Baa2 (tri\u1ec3n v\u1ecdng \u1ed5n \u0111\u1ecbnh)<\/td>\n<\/tr>\n<tr>\n<td>2023<\/td>\n<td>50,5<\/td>\n<td>14,2 (21,9%)<\/td>\n<td>2,2<\/td>\n<td>BBB\/Baa2 (tri\u1ec3n v\u1ecdng t\u00edch c\u1ef1c)<\/td>\n<\/tr>\n<tr>\n<td>2025 (Q2)<\/td>\n<td>45,3<\/td>\n<td>19,4 (30,0%)<\/td>\n<td>2,0<\/td>\n<td>Kh\u1ea3 n\u0103ng n\u00e2ng c\u1ea5p BBB+\/Baa1 trong Q4<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>B\u1ed1i c\u1ea3nh C\u1ea1nh tranh v\u00e0 V\u1ecb th\u1ebf Ng\u00e0nh<\/h2>\nKhi \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u1ed5 phi\u1ebfu CVS c\u00f3 n\u00ean mua hay kh\u00f4ng, vi\u1ec7c hi\u1ec3u v\u1ecb th\u1ebf c\u1ea1nh tranh c\u1ee7a n\u00f3 ti\u1ebft l\u1ed9 nh\u1eefng hi\u1ec3u bi\u1ebft quan tr\u1ecdng. C\u00f4ng ty ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 c\u1ea1nh tranh ng\u00e0y c\u00e0ng gay g\u1eaft tr\u00ean c\u00e1c ph\u00e2n kh\u00fac kinh doanh c\u1ee7a m\u00ecnh: Walgreens (17,2% th\u1ecb ph\u1ea7n d\u01b0\u1ee3c ph\u1ea9m) v\u00e0 Walmart (4,8%) th\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng b\u00e1n l\u1ebb; UnitedHealth\/Optum (372,1 t\u1ef7 \u0111\u00f4 la doanh thu) c\u1ea1nh tranh trong c\u00e1c th\u1ecb tr\u01b0\u1eddng b\u1ea3o hi\u1ec3m v\u00e0 PBM; trong khi c\u00e1ch ti\u1ebfp c\u1eadn k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u1ea7u ti\u00ean c\u1ee7a Amazon Pharmacy (doanh thu d\u01b0\u1ee3c ph\u1ea9m \u01b0\u1edbc t\u00ednh 1,2 t\u1ef7 \u0111\u00f4 la) nh\u1eafm v\u00e0o ng\u01b0\u1eddi ti\u00eau d\u00f9ng t\u1eadp trung v\u00e0o s\u1ef1 ti\u1ec7n l\u1ee3i.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>\u0110\u1ed1i th\u1ee7 c\u1ea1nh tranh<\/th>\n<th>V\u1ed1n h\u00f3a Th\u1ecb tr\u01b0\u1eddng ($B)<\/th>\n<th>Doanh thu ($B)<\/th>\n<th>L\u1ee3i th\u1ebf C\u1ea1nh tranh c\u1ee7a CVS<\/th>\n<th>L\u1ee3i th\u1ebf c\u1ee7a \u0110\u1ed1i th\u1ee7 c\u1ea1nh tranh<\/th>\n<th>Xu h\u01b0\u1edbng Th\u1ecb ph\u1ea7n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Walgreens Boots Alliance<\/td>\n<td>18,7<\/td>\n<td>145,3<\/td>\n<td>D\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p (bi\u00ean l\u1ee3i nhu\u1eadn cao h\u01a1n 4,2%)<\/td>\n<td>H\u01a1n 7.800 \u0111\u1ecba \u0111i\u1ec3m qu\u1ed1c t\u1ebf (CVS: ch\u1ec9 Hoa K\u1ef3)<\/td>\n<td>CVS +1,2%, WBA -0,8% (xu h\u01b0\u1edbng 5 n\u0103m)<\/td>\n<\/tr>\n<tr>\n<td>UnitedHealth Group\/Optum<\/td>\n<td>512,6<\/td>\n<td>372,1<\/td>\n<td>H\u01a1n 9.000 \u0111\u1ecba \u0111i\u1ec3m b\u00e1n l\u1ebb (UNH: h\u01a1n 2.000 ph\u00f2ng kh\u00e1m)<\/td>\n<td>1,6 tri\u1ec7u nh\u00e0 cung c\u1ea5p li\u00ean k\u1ebft (CVS: 65.000)<\/td>\n<td>UNH +2,3%, CVS +1,1% trong Medicare<\/td>\n<\/tr>\n<tr>\n<td>Amazon Pharmacy<\/td>\n<td>1.822,5 (AMZN)<\/td>\n<td>1,2 (\u01b0\u1edbc t\u00ednh)<\/td>\n<td>T\u00edch h\u1ee3p m\u1ea1ng l\u01b0\u1edbi b\u1ea3o hi\u1ec3m (84% so v\u1edbi 32%)<\/td>\n<td>Giao h\u00e0ng trong 1 ng\u00e0y, tr\u1ea3i nghi\u1ec7m k\u1ef9 thu\u1eadt s\u1ed1 4,7\/5 (CVS: 3,8\/5)<\/td>\n<td>AMZN +1,7%, CVS -0,3% trong \u0111\u1eb7t h\u00e0ng qua th\u01b0<\/td>\n<\/tr>\n<tr>\n<td>Walmart Health<\/td>\n<td>478,9 (WMT)<\/td>\n<td>4,1 (ch\u1ec9 s\u1ee9c kh\u1ecfe)<\/td>\n<td>Chuy\u00ean m\u00f4n l\u00e2m s\u00e0ng (42% nhi\u1ec1u nh\u00e0 cung c\u1ea5p h\u01a1n m\u1ed7i \u0111\u1ecba \u0111i\u1ec3m)<\/td>\n<td>Chi ph\u00ed th\u0103m kh\u00e1m trung b\u00ecnh 67 \u0111\u00f4 la (CVS: 89 \u0111\u00f4 la)<\/td>\n<td>WMT +0,7%, CVS +0,3% trong ph\u00f2ng kh\u00e1m<\/td>\n<\/tr>\n<tr>\n<td>One Medical (Amazon)<\/td>\n<td>1.822,5 (AMZN)<\/td>\n<td>1,4<\/td>\n<td>B\u1ea3o hi\u1ec3m (94% so v\u1edbi 68% m\u1ea1ng l\u01b0\u1edbi)<\/td>\n<td>\u0110i\u1ec3m NPS 87 so v\u1edbi \u0111i\u1ec3m NPS 42 c\u1ee7a CVS<\/td>\n<td>ONEM +0,5%, CVS +0,2% trong ch\u0103m s\u00f3c cao c\u1ea5p<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nChi\u1ebfn l\u01b0\u1ee3c c\u1ea1nh tranh c\u1ee7a CVS t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf t\u00edch h\u1ee3p \u0111\u1ed9c \u0111\u00e1o t\u1ea1o ra 2,7 t\u1ef7 \u0111\u00f4 la trong c\u00e1c hi\u1ec7u qu\u1ea3 h\u00e0ng n\u0103m. Khi m\u1ed9t th\u00e0nh vi\u00ean Aetna \u0111i\u1ec1n \u0111\u01a1n thu\u1ed1c 90 ng\u00e0y t\u1ea1i CVS thay v\u00ec \u0111\u1eb7t h\u00e0ng qua th\u01b0, s\u1ef1 tu\u00e2n th\u1ee7 thu\u1ed1c \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n 9,2%, s\u1ed1 l\u1ea7n nh\u1eadp vi\u1ec7n gi\u1ea3m 7,8% v\u00e0 c\u00f4ng ty thu \u0111\u01b0\u1ee3c 182 \u0111\u00f4 la l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m b\u1ed5 sung cho m\u1ed7i b\u1ec7nh nh\u00e2n\u2014cho ph\u00e9p c\u1ea3 gi\u00e1 c\u1ea1nh tranh v\u00e0 b\u1ea3o v\u1ec7 bi\u00ean l\u1ee3i nhu\u1eadn kh\u00f4ng c\u00f3 s\u1eb5n cho c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u1ed9c l\u1eadp.\n\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1eb7t c\u00e2u h\u1ecfi \"t\u00f4i c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu CVS kh\u00f4ng?\" gi\u1eefa \u00e1p l\u1ef1c c\u1ea1nh tranh n\u00ean nh\u1eadn ra kho d\u1eef li\u1ec7u b\u1ec7nh nh\u00e2n 35 petabyte c\u1ee7a c\u00f4ng ty cho ph\u00e9p qu\u1ea3n l\u00fd s\u1ee9c kh\u1ecfe d\u00e2n s\u1ed1 tinh vi. Khi b\u1ec7nh nh\u00e2n ti\u1ec3u \u0111\u01b0\u1eddng c\u00f3 b\u1ea3o hi\u1ec3m Aetna tham gia ch\u01b0\u01a1ng tr\u00ecnh qu\u1ea3n l\u00fd b\u1ec7nh c\u1ee7a MinuteClinic, s\u1ed1 l\u1ea7n th\u0103m kh\u00e1m ER gi\u1ea3m 31%, m\u1ee9c A1C c\u1ea3i thi\u1ec7n 14% v\u00e0 chi ph\u00ed y t\u1ebf tr\u00ean m\u1ed7i b\u1ec7nh nh\u00e2n gi\u1ea3m 1.872 \u0111\u00f4 la h\u00e0ng n\u0103m\u2014t\u1ea1o ra gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn cho c\u00e1c nh\u00e0 tuy\u1ec3n d\u1ee5ng v\u00e0 b\u1ec7nh nh\u00e2n trong khi t\u1ea1o ra 437 tri\u1ec7u \u0111\u00f4 la l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m b\u1ed5 sung cho CVS tr\u00ean c\u00e1c ph\u00e2n kh\u00fac kinh doanh c\u1ee7a m\u00ecnh.\n<ul>\n \t<li>CVS ph\u1ee5c v\u1ee5 34,8 tri\u1ec7u kh\u00e1ch h\u00e0ng d\u01b0\u1ee3c ph\u1ea9m \u0111\u1ed9c \u0111\u00e1o h\u00e0ng th\u00e1ng (31% s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng k\u1ef9 thu\u1eadt s\u1ed1 t\u00edch c\u1ef1c)<\/li>\n \t<li>C\u00f4ng ty qu\u1ea3n l\u00fd l\u1ee3i \u00edch cho 35,4 tri\u1ec7u th\u00e0nh vi\u00ean (5,7 tri\u1ec7u trong Medicare Advantage, t\u0103ng tr\u01b0\u1edfng 11,5% h\u00e0ng n\u0103m)<\/li>\n \t<li>Caremark PBM c\u1ee7a c\u00f4ng ty x\u1eed l\u00fd 2,2 t\u1ef7 \u0111\u01a1n thu\u1ed1c h\u00e0ng n\u0103m v\u1edbi t\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i thu\u1ed1c g\u1ed1c 97,1%<\/li>\n \t<li>C\u00e1c \u0111\u1ecba \u0111i\u1ec3m MinuteClinic \u0111\u00e3 th\u1ef1c hi\u1ec7n 67,4 tri\u1ec7u l\u01b0\u1ee3t kh\u00e1m b\u1ec7nh nh\u00e2n k\u1ec3 t\u1eeb khi th\u00e0nh l\u1eadp, v\u1edbi t\u1ef7 l\u1ec7 h\u00e0i l\u00f2ng 93%<\/li>\n<\/ul>\nC\u00e1c nh\u00e0 giao d\u1ecbch tr\u00ean Pocket Option theo d\u00f5i c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe nh\u1ea5n m\u1ea1nh s\u1ef1 tham gia to\u00e0n di\u1ec7n c\u1ee7a CVS trong c\u00e1c th\u1ecfa thu\u1eadn ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb Medicare Advantage\u2014hi\u1ec7n bao ph\u1ee7 932.000 b\u1ec7nh nh\u00e2n v\u00e0 t\u1ea1o ra 487 tri\u1ec7u \u0111\u00f4 la ti\u1ec1n th\u01b0\u1edfng ch\u1ea5t l\u01b0\u1ee3ng\u2014nh\u01b0 m\u1ed9t l\u1ee3i th\u1ebf c\u1ea1nh tranh ti\u1ec1m n\u0103ng. V\u1edbi c\u00e1c m\u00f4 h\u00ecnh thanh to\u00e1n ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb d\u1ef1 ki\u1ebfn s\u1ebd chi\u1ebfm 61% chi ti\u00eau ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0o n\u0103m 2027 (t\u0103ng t\u1eeb 38% hi\u1ec7n nay), m\u00f4 h\u00ecnh t\u00edch h\u1ee3p c\u1ee7a CVS c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ecbnh v\u1ecb n\u00f3 \u0111\u1ec3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh h\u1eb9p h\u01a1n.\n<h2>Ch\u1ea5t x\u00fac t\u00e1c T\u0103ng tr\u01b0\u1edfng v\u00e0 S\u00e1ng ki\u1ebfn Chi\u1ebfn l\u01b0\u1ee3c<\/h2>\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 h\u1ecfi \"c\u1ed5 phi\u1ebfu CVS c\u00f3 n\u00ean mua kh\u00f4ng?\", hi\u1ec7u su\u1ea5t trong t\u01b0\u01a1ng lai ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n th\u00e0nh c\u00f4ng n\u0103m \u01b0u ti\u00ean chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c n\u00eau trong l\u1ed9 tr\u00ecnh \u0111\u1ea7u t\u01b0 30 t\u1ef7 \u0111\u00f4 la c\u1ee7a c\u00f4ng ty \u0111\u1ebfn n\u0103m 2027:\n<h3>M\u1edf r\u1ed9ng D\u1ecbch v\u1ee5 Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe<\/h3>\nS\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u1ee7a CVS th\u00e0nh m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u1eadp trung v\u00e0o vi\u1ec7c m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd h\u01a1n 650 \u0111\u1ecba \u0111i\u1ec3m HealthHUB, t\u1ea1o ra l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i m\u00e9t vu\u00f4ng cao h\u01a1n 34% so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng truy\u1ec1n th\u1ed1ng. C\u00e1c \u0111\u1ecba \u0111i\u1ec3m n\u00e2ng cao n\u00e0y d\u00e0nh h\u01a1n 1.500 m\u00e9t vu\u00f4ng (20% kh\u00f4ng gian c\u1eeda h\u00e0ng) cho c\u00e1c d\u1ecbch v\u1ee5 s\u1ee9c kh\u1ecfe thay v\u00ec h\u00e0ng h\u00f3a b\u00e1n l\u1ebb, cung c\u1ea5p c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh qu\u1ea3n l\u00fd b\u1ec7nh m\u00e3n t\u00ednh gi\u1ea3m chi ph\u00ed y t\u1ebf 3.400 \u0111\u00f4 la m\u1ed7i b\u1ec7nh nh\u00e2n h\u00e0ng n\u0103m trong khi t\u1ea1o ra 18,7 tri\u1ec7u \u0111\u00f4 la doanh thu h\u00e0ng qu\u00fd b\u1ed5 sung.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>S\u00e1ng ki\u1ebfn<\/th>\n<th>Tri\u1ec3n khai Hi\u1ec7n t\u1ea1i<\/th>\n<th>M\u1ee5c ti\u00eau 2027<\/th>\n<th>\u0110\u1ea7u t\u01b0 ($B)<\/th>\n<th>Ch\u1ec9 s\u1ed1 ROI<\/th>\n<th>L\u00fd do Chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ecba \u0111i\u1ec3m HealthHUB<\/td>\n<td>650 \u0111\u1ecba \u0111i\u1ec3m (1,3 t\u1ef7 \u0111\u00f4 la doanh thu)<\/td>\n<td>H\u01a1n 1.500 \u0111\u1ecba \u0111i\u1ec3m (4,7 t\u1ef7 \u0111\u00f4 la doanh thu)<\/td>\n<td>4,2<\/td>\n<td>IRR 32%, ho\u00e0n v\u1ed1n 2,9 n\u0103m<\/td>\n<td>L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i m\u00e9t vu\u00f4ng cao h\u01a1n 34% so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng ti\u00eau chu\u1ea9n<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00f2ng kh\u00e1m Oak Street Health<\/td>\n<td>169 \u0111\u1ecba \u0111i\u1ec3m (275.000 b\u1ec7nh nh\u00e2n)<\/td>\n<td>317 \u0111\u1ecba \u0111i\u1ec3m (650.000 b\u1ec7nh nh\u00e2n)<\/td>\n<td>6,8<\/td>\n<td>IRR 27%, ho\u00e0n v\u1ed1n 3,4 n\u0103m<\/td>\n<td>L\u1ee3i nhu\u1eadn cao h\u01a1n 5.400 \u0111\u00f4 la m\u1ed7i b\u1ec7nh nh\u00e2n Medicare<\/td>\n<\/tr>\n<tr>\n<td>N\u1ec1n t\u1ea3ng Ch\u0103m s\u00f3c \u1ea2o<\/td>\n<td>4,5 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng, 938.000 l\u01b0\u1ee3t th\u0103m kh\u00e1m t\u1eeb xa<\/td>\n<td>12 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng, 3,7 tri\u1ec7u l\u01b0\u1ee3t th\u0103m kh\u00e1m h\u00e0ng n\u0103m<\/td>\n<td>2,3<\/td>\n<td>IRR 41%, ho\u00e0n v\u1ed1n 2,2 n\u0103m<\/td>\n<td>Chi ph\u00ed 79 \u0111\u00f4 la so v\u1edbi chi ph\u00ed th\u0103m kh\u00e1m tr\u1ef1c ti\u1ebfp 149 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>D\u1ecbch v\u1ee5 Ch\u0103m s\u00f3c T\u1ea1i nh\u00e0<\/td>\n<td>63.000 b\u1ec7nh nh\u00e2n t\u1ea1i 8 th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>450.000 b\u1ec7nh nh\u00e2n t\u1ea1i 32 th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>3,7<\/td>\n<td>IRR 29%, ho\u00e0n v\u1ed1n 3,1 n\u0103m<\/td>\n<td>Gi\u1ea3m 23% t\u00e1i nh\u1eadp vi\u1ec7n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nTh\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Oak Street Health tr\u1ecb gi\u00e1 10,6 t\u1ef7 \u0111\u00f4 la \u0111\u00e3 b\u1ed5 sung 169 ph\u00f2ng kh\u00e1m ch\u0103m s\u00f3c ch\u00ednh chuy\u00ean v\u1ec1 b\u1ec7nh nh\u00e2n Medicare Advantage theo c\u00e1c h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb. M\u1ed7i ph\u00f2ng kh\u00e1m trung b\u00ecnh c\u00f3 1.630 b\u1ec7nh nh\u00e2n v\u00e0 t\u1ea1o ra 5,8 tri\u1ec7u \u0111\u00f4 la doanh thu h\u00e0ng n\u0103m v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng 6,3%\u2014so v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn 2,1% \u0111i\u1ec3n h\u00ecnh c\u1ee7a ch\u0103m s\u00f3c ch\u00ednh truy\u1ec1n th\u1ed1ng. M\u00f4 h\u00ecnh c\u1ee7a Oak Street gi\u1ea3m s\u1ed1 l\u1ea7n nh\u1eadp vi\u1ec7n 42% so v\u1edbi Medicare truy\u1ec1n th\u1ed1ng, mang l\u1ea1i 6.300 \u0111\u00f4 la ti\u1ebft ki\u1ec7m chi ph\u00ed y t\u1ebf h\u00e0ng n\u0103m chuy\u1ec3n th\u00e0nh 2.700 \u0111\u00f4 la l\u1ee3i nhu\u1eadn b\u1ed5 sung tr\u00ean m\u1ed7i b\u1ec7nh nh\u00e2n theo c\u00e1c h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean r\u1ee7i ro.\n\nC\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 bao g\u1ed3m 567 tri\u1ec7u \u0111\u00f4 la v\u00e0o \u1ee8ng d\u1ee5ng CVS Health (9,8 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng ho\u1ea1t \u0111\u1ed9ng h\u00e0ng th\u00e1ng) v\u00e0 342 tri\u1ec7u \u0111\u00f4 la v\u00e0o c\u00e1c c\u1ea3i ti\u1ebfn n\u1ec1n t\u1ea3ng th\u0103m kh\u00e1m t\u1eeb xa. Nh\u1eefng s\u00e1ng ki\u1ebfn n\u00e0y mang l\u1ea1i t\u1ef7 l\u1ec7 tu\u00e2n th\u1ee7 thu\u1ed1c cao h\u01a1n 23%, gi\u1ea3m 47% kho\u1ea3ng c\u00e1ch ch\u0103m s\u00f3c v\u00e0 gi\u1ea3m 5,2% chi ph\u00ed y t\u1ebf cho b\u1ec7nh nh\u00e2n tham gia trong khi t\u1ea1o ra 178 tri\u1ec7u \u0111\u00f4 la doanh thu \u0111\u0103ng k\u00fd v\u00e0 th\u0103m kh\u00e1m t\u1eeb xa h\u00e0ng qu\u00fd. Chi\u1ebfn l\u01b0\u1ee3c k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a c\u00f4ng ty t\u1eadp trung v\u00e0o \"h\u00e0nh tr\u00ecnh ch\u0103m s\u00f3c k\u1ebft h\u1ee3p\" k\u1ebft h\u1ee3p c\u00e1c t\u01b0\u01a1ng t\u00e1c \u1ea3o v\u00e0 v\u1eadt l\u00fd, v\u1edbi 73% b\u1ec7nh nh\u00e2n th\u0103m kh\u00e1m t\u1eeb xa sau \u0111\u00f3 \u0111\u1ebfn th\u0103m c\u00e1c nh\u00e0 thu\u1ed1c CVS trong v\u00f2ng 14 ng\u00e0y.\n\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option \u0111\u1ec3 ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe n\u00ean nh\u1eadn ra chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 v\u1ed1n c\u1ee7a CVS c\u00e2n b\u1eb1ng l\u1ee3i nhu\u1eadn c\u1ed5 \u0111\u00f4ng ng\u1eafn h\u1ea1n (c\u1ed5 t\u1ee9c h\u00e0ng n\u0103m 2,82 \u0111\u00f4 la, \u1ee7y quy\u1ec1n mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u00f2n l\u1ea1i 6,7 t\u1ef7 \u0111\u00f4 la) v\u1edbi c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c t\u1ea1o ra t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9 23-41%. C\u00e1ch ti\u1ebfp c\u1eadn c\u00e2n b\u1eb1ng n\u00e0y \u0111\u1ecbnh v\u1ecb c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng mang l\u1ea1i c\u1ea3 thu nh\u1eadp v\u00e0 t\u0103ng tr\u01b0\u1edfng, \u0111\u1eb7c bi\u1ec7t khi c\u00e1c xu h\u01b0\u1edbng ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u0103ng t\u1ed1c h\u01b0\u1edbng t\u1edbi ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb v\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 t\u00edch h\u1ee3p.\n<ul>\n \t<li>T\u00edch h\u1ee3p ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 v\u1eadt l\u00fd t\u1ea1o ra \"hi\u1ec7u \u1ee9ng b\u00e1nh \u0111\u00e0\" v\u1edbi t\u1ef7 l\u1ec7 gi\u1eef ch\u00e2n kh\u00e1ch h\u00e0ng cao h\u01a1n 38%<\/li>\n \t<li>Kh\u1ea3 n\u0103ng l\u00e2m s\u00e0ng nh\u1eafm m\u1ee5c ti\u00eau s\u00e1u b\u1ec7nh m\u00e3n t\u00ednh c\u00f3 chi ph\u00ed cao chi\u1ebfm 73% chi ti\u00eau ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe<\/li>\n \t<li>N\u1ec1n t\u1ea3ng ph\u00e2n t\u00edch d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n x\u1eed l\u00fd 19 t\u1ef7 t\u01b0\u01a1ng t\u00e1c ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe h\u00e0ng n\u0103m<\/li>\n \t<li>Quan h\u1ec7 \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c v\u1edbi 23 nh\u00e0 \u0111\u1ed5i m\u1edbi c\u00f4ng ngh\u1ec7 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe th\u00f4ng qua CVS Health Ventures (qu\u1ef9 450 tri\u1ec7u \u0111\u00f4 la)<\/li>\n<\/ul>\n<h2>\u0110\u00e1nh gi\u00e1 R\u1ee7i ro: Nh\u1eefng Th\u00e1ch th\u1ee9c Ch\u00ednh c\u1ea7n Theo d\u00f5i<\/h2>\nM\u1ed9t \u0111\u00e1nh gi\u00e1 c\u00e2n b\u1eb1ng v\u1ec1 vi\u1ec7c li\u1ec7u c\u1ed5 phi\u1ebfu CVS c\u00f3 n\u00ean mua hay kh\u00f4ng \u0111\u00f2i h\u1ecfi ph\u1ea3i th\u1eeba nh\u1eadn n\u0103m r\u1ee7i ro \u0111\u00e1ng k\u1ec3 c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0:\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Danh m\u1ee5c R\u1ee7i ro<\/th>\n<th>M\u1ed1i quan ng\u1ea1i C\u1ee5 th\u1ec3<\/th>\n<th>T\u00e1c \u0111\u1ed9ng T\u00e0i ch\u00ednh Ti\u1ec1m n\u0103ng<\/th>\n<th>\u0110\u00e1nh gi\u00e1 X\u00e1c su\u1ea5t<\/th>\n<th>Y\u1ebfu t\u1ed1 Gi\u1ea3m thi\u1ec3u<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u00c1p l\u1ef1c Quy \u0111\u1ecbnh<\/td>\n<td>\u0110\u00e0m ph\u00e1n Gi\u00e1 Thu\u1ed1c Medicare: 10 lo\u1ea1i thu\u1ed1c \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 1,2 t\u1ef7 \u0111\u00f4 la doanh thu<\/td>\n<td>Gi\u1ea3m l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m 310-450 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>Cao (lu\u1eadt \u0111\u00e3 th\u00f4ng qua)<\/td>\n<td>80% t\u00e1c \u0111\u1ed9ng \u0111\u01b0\u1ee3c h\u1ea5p th\u1ee5 b\u1edfi c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t so v\u1edbi PBM<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1n \u0111o\u1ea1n K\u1ef9 thu\u1eadt s\u1ed1<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng Amazon Pharmacy: 27,3% h\u00e0ng n\u0103m, chi\u1ebfm 2,8% th\u1ecb ph\u1ea7n<\/td>\n<td>R\u1ee7i ro doanh thu 740 tri\u1ec7u \u0111\u00f4 la, n\u00e9n bi\u00ean l\u1ee3i nhu\u1eadn 0,3-0,5%<\/td>\n<td>Trung b\u00ecnh-Cao<\/td>\n<td>92% kh\u00e1ch h\u00e0ng CVS n\u1ea1p l\u1ea1i tr\u1ef1c ti\u1ebfp so v\u1edbi 8% ch\u1ec9 k\u1ef9 thu\u1eadt s\u1ed1<\/td>\n<\/tr>\n<tr>\n<td>Th\u1ef1c hi\u1ec7n T\u00edch h\u1ee3p<\/td>\n<td>Ch\u1eadm tr\u1ec5 m\u1edf r\u1ed9ng ph\u00f2ng kh\u00e1m Oak Street Health: ch\u1eadm 17% so v\u1edbi k\u1ebf ho\u1ea1ch<\/td>\n<td>Thi\u1ebfu h\u1ee5t doanh thu ti\u1ec1m n\u0103ng 1,7 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2027<\/td>\n<td>Trung b\u00ecnh<\/td>\n<td>78% ph\u00f2ng kh\u00e1m hi\u1ec7n c\u00f3 \u0111\u1ea1t m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn<\/td>\n<\/tr>\n<tr>\n<td>L\u1ea1m ph\u00e1t Chi ph\u00ed Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe<\/td>\n<td>Suy gi\u1ea3m t\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf: 82,4% so v\u1edbi m\u1ee5c ti\u00eau 81,1%<\/td>\n<td>T\u00e1c \u0111\u1ed9ng l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m 480 tri\u1ec7u \u0111\u00f4 la m\u1ed7i l\u1ea7n t\u0103ng 1% MCR<\/td>\n<td>Trung b\u00ecnh-Cao<\/td>\n<td>T\u0103ng ph\u00ed b\u1ea3o hi\u1ec3m 7,3% \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n cho n\u0103m 2026<\/td>\n<\/tr>\n<tr>\n<td>C\u01b0\u1eddng \u0111\u1ed9 C\u1ea1nh tranh<\/td>\n<td>M\u1edf r\u1ed9ng ph\u00f2ng kh\u00e1m UnitedHealth\/Optum: h\u01a1n 700 \u0111\u1ecba \u0111i\u1ec3m m\u1edbi v\u00e0o n\u0103m 2027<\/td>\n<td>1,3 t\u1ef7 \u0111\u00f4 la doanh thu c\u00f3 nguy c\u01a1 t\u1eeb c\u1ea1nh tranh m\u1ea1ng l\u01b0\u1edbi nh\u00e0 cung c\u1ea5p<\/td>\n<td>Trung b\u00ecnh<\/td>\n<td>D\u1ea5u ch\u00e2n b\u00e1n l\u1ebb CVS mang l\u1ea1i x\u1ebfp h\u1ea1ng ti\u1ec7n l\u1ee3i cao h\u01a1n 34%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\u00c1p l\u1ef1c ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m \u0111\u1ea1i di\u1ec7n cho m\u1ed9t th\u00e1ch th\u1ee9c ng\u00e0y c\u00e0ng t\u0103ng, v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p gi\u1ea3m t\u1eeb 24,8% xu\u1ed1ng 21,3% trong n\u0103m n\u0103m khi PBM v\u00e0 c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m gi\u1ea3m ph\u00ed ph\u00e2n ph\u1ed1i kho\u1ea3ng 2,2% h\u00e0ng n\u0103m. Bi\u00ean l\u1ee3i nhu\u1eadn thu\u1ed1c g\u1ed1c \u0111\u00e3 n\u00e9n 13,7% k\u1ec3 t\u1eeb n\u0103m 2020, y\u00eau c\u1ea7u 457 tri\u1ec7u \u0111\u00f4 la trong c\u00e1c s\u00e1ng ki\u1ebfn gi\u1ea3m chi ph\u00ed h\u00e0ng n\u0103m \u0111\u1ec3 b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n 742 tri\u1ec7u \u0111\u00f4 la trong s\u1ef1 x\u00f3i m\u00f2n bi\u00ean l\u1ee3i nhu\u1eadn m\u1eb7c d\u00f9 c\u00f3 l\u1ee3i th\u1ebf v\u1ec1 quy m\u00f4 c\u1ee7a CVS.\n\nThay \u0111\u1ed5i ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe gi\u1edbi thi\u1ec7u c\u00e1c r\u1ee7i ro c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c. Ch\u01b0\u01a1ng tr\u00ecnh \u0110\u00e0m ph\u00e1n Gi\u00e1 Thu\u1ed1c Medicare c\u1ee7a \u0110\u1ea1o lu\u1eadt Gi\u1ea3m l\u1ea1m ph\u00e1t s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 10 lo\u1ea1i thu\u1ed1c \u0111\u1ea1i di\u1ec7n cho 1,2 t\u1ef7 \u0111\u00f4 la doanh thu c\u1ee7a CVS. Lu\u1eadt minh b\u1ea1ch PBM ti\u1ec1m n\u0103ng y\u00eau c\u1ea7u ti\u1ebft l\u1ed9 gi\u00e1 ch\u00eanh l\u1ec7ch v\u00e0 gi\u1eef l\u1ea1i chi\u1ebft kh\u1ea5u c\u00f3 th\u1ec3 gi\u1ea3m l\u1ee3i nhu\u1eadn d\u1ecbch v\u1ee5 d\u01b0\u1ee3c ph\u1ea9m t\u1eeb 0,7-1,2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m, \u0111\u1ea1i di\u1ec7n cho t\u00e1c \u0111\u1ed9ng thu nh\u1eadp ho\u1ea1t \u0111\u1ed9ng h\u00e0ng n\u0103m 340-580 tri\u1ec7u \u0111\u00f4 la d\u1ef1a tr\u00ean \u01b0\u1edbc t\u00ednh c\u1ee7a V\u0103n ph\u00f2ng Ng\u00e2n s\u00e1ch Qu\u1ed1c h\u1ed9i.\n\nS\u1ef1 thay \u0111\u1ed5i h\u00e0nh vi ti\u00eau d\u00f9ng \u0111\u01b0\u1ee3c t\u0103ng t\u1ed1c b\u1edfi \u0111\u1ea1i d\u1ecbch ti\u1ebfp t\u1ee5c \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u00e1c m\u00f4 h\u00ecnh s\u1eed d\u1ee5ng d\u01b0\u1ee3c ph\u1ea9m. Kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01a1n thu\u1ed1c \u0111\u1eb7t h\u00e0ng qua th\u01b0 \u0111\u00e3 t\u0103ng 37% k\u1ec3 t\u1eeb n\u0103m 2019, trong khi t\u0103ng tr\u01b0\u1edfng \u0111\u01a1n thu\u1ed1c t\u1ea1i c\u1eeda h\u00e0ng \u0111\u00e3 ch\u1eadm l\u1ea1i c\u00f2n 1,3% h\u00e0ng n\u0103m. CVS \u0111\u00e3 ph\u1ea3n \u1ee9ng b\u1eb1ng c\u00e1ch \u0111\u00f3ng c\u1eeda 742 \u0111\u1ecba \u0111i\u1ec3m ho\u1ea1t \u0111\u1ed9ng k\u00e9m k\u1ec3 t\u1eeb n\u0103m 2020 trong khi m\u1edf r\u1ed9ng c\u00f4ng su\u1ea5t th\u1ef1c hi\u1ec7n k\u1ef9 thu\u1eadt s\u1ed1 45%, m\u1eb7c d\u00f9 nh\u1eefng s\u00e1ng ki\u1ebfn n\u00e0y \u0111\u00e3 t\u1ea1o ra 827 tri\u1ec7u \u0111\u00f4 la chi ph\u00ed t\u00e1i c\u1ea5u tr\u00fac v\u1edbi l\u1ee3i nhu\u1eadn d\u00e0i h\u1ea1n kh\u00f4ng ch\u1eafc ch\u1eafn.\n\nC\u00e1c nh\u00e0 giao d\u1ecbch s\u1eed d\u1ee5ng Pocket Option \u0111\u1ec3 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt n\u00ean l\u01b0u \u00fd c\u1ed5 phi\u1ebfu CVS th\u1ec3 hi\u1ec7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n 43% trong c\u00e1c chu k\u1ef3 tin t\u1ee9c ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 sau c\u00e1c b\u00e1o c\u00e1o t\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf h\u00e0ng qu\u00fd. C\u1ed5 phi\u1ebfu n\u00e0y \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng k\u00e9m h\u01a1n ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe 11,2% trong c\u00e1c giai \u0111o\u1ea1n l\u00e3i su\u1ea5t t\u0103ng do h\u1ed3 s\u01a1 n\u1ee3 c\u1ee7a n\u00f3, t\u1ea1o ra c\u00e1c c\u01a1 h\u1ed9i giao d\u1ecbch chi\u1ebfn thu\u1eadt ti\u1ec1m n\u0103ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi c\u00e1c khung th\u1eddi gian kh\u00e1c nhau.\n<h2>Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0: C\u00e1ch Ti\u1ebfp c\u1eadn v\u1edbi C\u1ed5 phi\u1ebfu CVS<\/h2>\nKhi \u0111\u00e1nh gi\u00e1 li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua hay kh\u00f4ng, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean xem x\u00e9t c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee5 th\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh v\u00e0 h\u1ed3 s\u01a1 r\u1ee7i ro c\u1ee7a h\u1ecd:\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i Nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\n<th>Lu\u1eadn \u0111i\u1ec3m \u0110\u1ea7u t\u01b0 CVS<\/th>\n<th>Ph\u00e2n b\u1ed5 \u0110\u1ec1 xu\u1ea5t<\/th>\n<th>Chi\u1ebfn l\u01b0\u1ee3c V\u00e0o l\u1ec7nh<\/th>\n<th>C\u00e1ch Ti\u1ebfp c\u1eadn Qu\u1ea3n l\u00fd R\u1ee7i ro<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 Gi\u00e1 tr\u1ecb<\/td>\n<td>T\u1ef7 l\u1ec7 P\/E 8,7x (th\u1ea5p h\u01a1n 39,2% so v\u1edbi ng\u00e0nh) v\u1edbi l\u1ee3i su\u1ea5t FCF 14,7%<\/td>\n<td>V\u1ecb tr\u00ed danh m\u1ee5c 3-5%<\/td>\n<td>V\u1ecb tr\u00ed \u0111\u1ea7y \u0111\u1ee7 d\u01b0\u1edbi 65 \u0111\u00f4 la, t\u0103ng 25% d\u01b0\u1edbi 70 \u0111\u00f4 la<\/td>\n<td>Xem x\u00e9t tho\u00e1t n\u1ebfu P\/E v\u01b0\u1ee3t qu\u00e1 12x m\u00e0 kh\u00f4ng c\u00f3 t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp<\/td>\n<\/tr>\n<tr>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 Thu nh\u1eadp<\/td>\n<td>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,7% v\u1edbi chu\u1ed7i t\u0103ng tr\u01b0\u1edfng 15 n\u0103m v\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 32,3%<\/td>\n<td>V\u1ecb tr\u00ed danh m\u1ee5c 4-7%<\/td>\n<td>DRIP v\u1edbi c\u00e1c l\u1ea7n mua b\u1ed5 sung 25% khi l\u1ee3i su\u1ea5t t\u0103ng \u0111\u1ed9t bi\u1ebfn tr\u00ean 4%<\/td>\n<td>\u0110\u00e1nh gi\u00e1 l\u1ea1i n\u1ebfu t\u1ef7 l\u1ec7 chi tr\u1ea3 v\u01b0\u1ee3t qu\u00e1 50% ho\u1eb7c t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c t\u1ea1m d\u1eebng<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng v\u1edbi Gi\u00e1 h\u1ee3p l\u00fd<\/td>\n<td>Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng EPS 8,4% v\u1edbi t\u1ef7 l\u1ec7 PEG 0,9 (trung b\u00ecnh ng\u00e0nh: 1,4)<\/td>\n<td>V\u1ecb tr\u00ed danh m\u1ee5c 2-4%<\/td>\n<td>V\u1ecb tr\u00ed ban \u0111\u1ea7u 33%, th\u00eam v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 ph\u00f2ng kh\u00e1m Oak Street th\u00e0nh c\u00f4ng<\/td>\n<td>D\u1eebng l\u1ed7 theo sau 15% d\u01b0\u1edbi m\u1ee9c v\u00e0o l\u1ec7nh, th\u1eaft ch\u1eb7t l\u00ean 10% tr\u00ean 75 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e2n b\u1ed5 Ng\u00e0nh Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe<\/td>\n<td>Ti\u1ebfp x\u00fac ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe \u0111a d\u1ea1ng v\u1edbi m\u1ee9c gi\u1ea3m gi\u00e1 39,2% so v\u1edbi ng\u00e0nh<\/td>\n<td>30-40% ph\u00e2n b\u1ed5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe<\/td>\n<td>Tr\u1ecdng l\u01b0\u1ee3ng b\u1eb1ng nhau ban \u0111\u1ea7u, t\u0103ng tr\u1ecdng l\u01b0\u1ee3ng sau c\u00e1c xu h\u01b0\u1edbng MCR t\u00edch c\u1ef1c<\/td>\n<td>C\u00e2n b\u1eb1ng v\u1edbi c\u00f4ng ngh\u1ec7 sinh h\u1ecdc\/c\u00f4ng ngh\u1ec7 y t\u1ebf t\u0103ng tr\u01b0\u1edfng cao \u0111\u1ec3 \u0111a d\u1ea1ng h\u00f3a ng\u00e0nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nC\u00e1c nh\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt tr\u00ean Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1ee9c gi\u00e1 c\u1ee5 th\u1ec3 li\u00ean quan \u0111\u1ebfn c\u00e1c m\u00f4 h\u00ecnh giao d\u1ecbch c\u1ee7a CVS. H\u1ed7 tr\u1ee3 ch\u00ednh t\u1ed3n t\u1ea1i \u1edf m\u1ee9c 57,80 \u0111\u00f4 la (\u0111\u1ea1i di\u1ec7n cho t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean doanh s\u1ed1 0,17x, m\u1ee9c \u0111\u1ecbnh gi\u00e1 l\u1ecbch s\u1eed) v\u00e0 61,40 \u0111\u00f4 la (trung b\u00ecnh \u0111\u1ed9ng 200 tu\u1ea7n), trong khi c\u00e1c m\u1ee9c kh\u00e1ng c\u1ef1 \u1edf m\u1ee9c 68,90 \u0111\u00f4 la (trung b\u00ecnh \u0111\u1ed9ng 50 tu\u1ea7n) v\u00e0 72,30 \u0111\u00f4 la (tho\u00e1i lui 38,2% t\u1eeb m\u1ee9c cao n\u0103m 2022) t\u1ea1o ra c\u00e1c m\u1ee5c ti\u00eau tho\u00e1t ho\u1eb7c c\u1eaft gi\u1ea3m v\u1ecb tr\u00ed ti\u1ec1m n\u0103ng.\n\nC\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 danh m\u1ee5c c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m th\u1ed1ng k\u00ea c\u1ee7a CVS: beta 0,68 cung c\u1ea5p s\u1ef1 b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1 v\u1eeba ph\u1ea3i trong c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng, trong khi t\u01b0\u01a1ng quan -0,22 v\u1edbi ng\u00e0nh c\u00f4ng ngh\u1ec7 v\u00e0 +0,41 v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 gi\u00e1 tr\u1ecb mang l\u1ea1i l\u1ee3i \u00edch \u0111a d\u1ea1ng h\u00f3a. T\u1ef7 l\u1ec7 Sharpe 0,84 c\u1ee7a c\u1ed5 phi\u1ebfu trong n\u0103m n\u0103m so s\u00e1nh thu\u1eadn l\u1ee3i v\u1edbi m\u1ee9c trung b\u00ecnh 0,71 c\u1ee7a ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe, cho th\u1ea5y l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro v\u01b0\u1ee3t tr\u1ed9i m\u1eb7c d\u00f9 c\u00f3 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1.\n<ul>\n \t<li>Trung b\u00ecnh chi ph\u00ed \u0111\u00f4 la \u1edf m\u1ee9c t\u0103ng v\u1ecb tr\u00ed 25% d\u01b0\u1edbi 65 \u0111\u00f4 la n\u1eafm b\u1eaft l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,9% trong khi gi\u1ea3m r\u1ee7i ro th\u1eddi gian<\/li>\n \t<li>Chi\u1ebfn l\u01b0\u1ee3c g\u1ecdi b\u1ea3o hi\u1ec3m vi\u1ebft c\u00e1c cu\u1ed9c g\u1ecdi 30-45 DTE \u1edf m\u1ee9c gi\u00e1 70-72,50 \u0111\u00f4 la t\u1ea1o ra thu nh\u1eadp ph\u00ed b\u1ea3o hi\u1ec3m h\u00e0ng n\u0103m 8-12%<\/li>\n \t<li>Giao d\u1ecbch c\u1eb7p CVS ch\u1ed1ng l\u1ea1i UNH v\u1edbi tr\u1ecdng s\u1ed1 \u0111i\u1ec1u ch\u1ec9nh beta 0,30 c\u00f4 l\u1eadp hi\u1ec7u su\u1ea5t c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty so v\u1edbi xu h\u01b0\u1edbng ng\u00e0nh<\/li>\n \t<li>T\u0103ng tr\u1ecdng l\u01b0\u1ee3ng chi\u1ebfn thu\u1eadt trong c\u00e1c m\u00f9a thu nh\u1eadp qu\u00fd 1 n\u1eafm b\u1eaft hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i l\u1ecbch s\u1eed 7,3% trong c\u00e1c k\u1ecbch b\u1ea3n \u0111\u00e1nh b\u1ea1i<\/li>\n<\/ul>\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng xuy\u00ean h\u1ecfi \"t\u00f4i c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu CVS kh\u00f4ng?\" trong th\u1eddi k\u1ef3 bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng, qu\u1ea3n l\u00fd r\u1ee7i ro tr\u1edf n\u00ean quan tr\u1ecdng. K\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed n\u00ean ph\u1ea3n \u00e1nh c\u1ea3 c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb v\u00e0 r\u1ee7i ro th\u1ef1c hi\u1ec7n: c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ea3o th\u1ee7 c\u00f3 th\u1ec3 gi\u1edbi h\u1ea1n m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac \u1edf m\u1ee9c 3% gi\u00e1 tr\u1ecb danh m\u1ee5c v\u1edbi c\u00e1c th\u00f4ng s\u1ed1 d\u1eebng l\u1ed7 nghi\u00eam ng\u1eb7t, trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb t\u1ef1 tin v\u00e0o lu\u1eadn \u0111i\u1ec3m xoay v\u00f2ng c\u00f3 th\u1ec3 thi\u1ebft l\u1eadp c\u00e1c v\u1ecb tr\u00ed c\u1ed1t l\u00f5i \u0111\u1ea1i di\u1ec7n cho 5-7% danh m\u1ee5c v\u1edbi k\u1ebf ho\u1ea1ch trung b\u00ecnh gi\u1ea3m trong c\u00e1c v\u00f2ng quay ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe.\n\n[cta_button text=\"B\u1eaft \u0111\u1ea7u Giao d\u1ecbch\"]\n<h2>K\u1ebft lu\u1eadn: Li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t C\u1ed5 phi\u1ebfu T\u1ed1t \u0111\u1ec3 Mua?<\/h2>\nC\u00e2u h\u1ecfi \"li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua kh\u00f4ng?\" \u0111\u00f2i h\u1ecfi ph\u00e2n t\u00edch tinh t\u1ebf h\u01a1n l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 b\u1ec1 ngo\u00e0i. B\u1eb1ng ch\u1ee9ng cho th\u1ea5y CVS mang l\u1ea1i gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng: t\u1ef7 l\u1ec7 P\/E d\u1ef1 ki\u1ebfn 8,7x (th\u1ea5p h\u01a1n 39,2% so v\u1edbi trung b\u00ecnh ng\u00e0nh), l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,7% (cao h\u01a1n 2,2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi S&P 500) v\u00e0 l\u1ee3i su\u1ea5t d\u00f2ng ti\u1ec1n t\u1ef1 do 14,7% h\u1ed7 tr\u1ee3 c\u1ea3 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c 32,3% v\u00e0 c\u00e1c m\u1ee5c ti\u00eau gi\u1ea3m n\u1ee3 \u0111ang di\u1ec5n ra.\n\nChi\u1ebfn l\u01b0\u1ee3c t\u00edch h\u1ee3p theo chi\u1ec1u d\u1ecdc c\u1ee7a c\u00f4ng ty mang l\u1ea1i l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c: 2,7 t\u1ef7 \u0111\u00f4 la trong c\u00e1c hi\u1ec7u qu\u1ea3 h\u00e0ng n\u0103m, t\u1ef7 l\u1ec7 tu\u00e2n th\u1ee7 thu\u1ed1c cao h\u01a1n 9,2% v\u00e0 l\u1ee3i nhu\u1eadn cao h\u01a1n 5.400 \u0111\u00f4 la m\u1ed7i b\u1ec7nh nh\u00e2n Medicare Advantage trong c\u00e1c th\u1ecfa thu\u1eadn ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb. Nh\u1eefng l\u1ee3i th\u1ebf c\u1ea5u tr\u00fac n\u00e0y th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng EPS d\u1ef1 ki\u1ebfn 8,4% m\u1eb7c d\u00f9 \u00e1p l\u1ef1c bi\u00ean l\u1ee3i nhu\u1eadn d\u01b0\u1ee3c ph\u1ea9m b\u00e1n l\u1ebb v\u00e0 chi ph\u00ed t\u00edch h\u1ee3p, t\u1ea1o ra ti\u1ec1m n\u0103ng m\u1edf r\u1ed9ng nhi\u1ec1u khi c\u00e1c s\u00e1ng ki\u1ebfn chuy\u1ec3n \u0111\u1ed5i ch\u1ee9ng minh th\u00e0nh c\u00f4ng.\n\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean nh\u1eadn ra r\u1eb1ng CVS \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01b0\u1ee3c t\u00ednh to\u00e1n v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c 30 t\u1ef7 \u0111\u00f4 la c\u1ee7a ban qu\u1ea3n l\u00fd. K\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd g\u1ea7n \u0111\u00e2y x\u00e1c nh\u1eadn ti\u1ebfn \u0111\u1ed9: c\u00e1c ph\u00f2ng kh\u00e1m Oak Street Health \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c t\u0103ng tr\u01b0\u1edfng l\u01b0\u1ee3t th\u0103m kh\u00e1m c\u00f9ng c\u1eeda h\u00e0ng 19%, c\u00e1c \u0111\u1ecba \u0111i\u1ec3m HealthHUB t\u1ea1o ra l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i m\u00e9t vu\u00f4ng cao h\u01a1n 34% so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng truy\u1ec1n th\u1ed1ng, v\u00e0 c\u00e1c n\u1ec1n t\u1ea3ng s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u00e3 thu h\u00fat 9,8 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng ho\u1ea1t \u0111\u1ed9ng h\u00e0ng th\u00e1ng t\u1ea1o ra 178 tri\u1ec7u \u0111\u00f4 la doanh thu h\u00e0ng qu\u00fd.\n\nC\u00e1c y\u1ebfu t\u1ed1 ch\u00ednh h\u1ed7 tr\u1ee3 tri\u1ec3n v\u1ecdng t\u00edch c\u1ef1c bao g\u1ed3m:\n<ul>\n \t<li>14,7 t\u1ef7 \u0111\u00f4 la d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m h\u1ed7 tr\u1ee3 c\u1ea3 l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,7% v\u00e0 ti\u1ebfp t\u1ee5c gi\u1ea3m n\u1ee3<\/li>\n \t<li>T\u1ef7 l\u1ec7 P\/E d\u1ef1 ki\u1ebfn 8,7x \u0111\u1ea1i di\u1ec7n cho m\u1ee9c gi\u1ea3m gi\u00e1 39,2% so v\u1edbi ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe m\u1eb7c d\u00f9 c\u00f3 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/li>\n \t<li>V\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c n\u1eafm b\u1eaft l\u1ee3i nhu\u1eadn 2.700 \u0111\u00f4 la m\u1ed7i b\u1ec7nh nh\u00e2n trong c\u00e1c th\u1ecfa thu\u1eadn Medicare Advantage d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb<\/li>\n \t<li>Xu h\u01b0\u1edbng nh\u00e2n kh\u1ea9u h\u1ecdc t\u1eeb 67,8 tri\u1ec7u ng\u01b0\u1eddi M\u1ef9 \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n Medicare v\u00e0o n\u0103m 2030 (t\u0103ng 28% so v\u1edbi n\u0103m 2023)<\/li>\n<\/ul>\nC\u00e1c m\u1ed1i quan ng\u1ea1i \u0111\u1ed1i tr\u1ecdng y\u00eau c\u1ea7u gi\u00e1m s\u00e1t t\u00edch c\u1ef1c:\n<ul>\n \t<li>\u00c1p l\u1ef1c ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn b\u00e1n l\u1ebb kho\u1ea3ng 70 \u0111i\u1ec3m c\u01a1 b\u1ea3n h\u00e0ng n\u0103m<\/li>\n \t<li>Th\u00e1ch th\u1ee9c th\u1ef1c hi\u1ec7n t\u00edch h\u1ee3p v\u1edbi vi\u1ec7c m\u1edf r\u1ed9ng Oak Street Health ch\u1eadm 17% so v\u1edbi k\u1ebf ho\u1ea1ch<\/li>\n \t<li>R\u1ee7i ro quy \u0111\u1ecbnh t\u1eeb \u0110\u00e0m ph\u00e1n Gi\u00e1 Thu\u1ed1c Medicare \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 1,2 t\u1ef7 \u0111\u00f4 la doanh thu<\/li>\n \t<li>Gi\u00e1n \u0111o\u1ea1n k\u1ef9 thu\u1eadt s\u1ed1 t\u1eeb Amazon Pharmacy t\u0103ng tr\u01b0\u1edfng 27,3% h\u00e0ng n\u0103m so v\u1edbi t\u0103ng tr\u01b0\u1edfng 14,8% c\u1ee7a d\u01b0\u1ee3c ph\u1ea9m k\u1ef9 thu\u1eadt s\u1ed1 CVS<\/li>\n<\/ul>\nC\u00e1c nh\u00e0 giao d\u1ecbch s\u1eed d\u1ee5ng c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option \u0111\u1ec3 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt n\u00ean k\u1ebft h\u1ee3p c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n n\u00e0y v\u00e0o quy tr\u00ecnh \u0111\u00e1nh gi\u00e1 c\u1ee7a h\u1ecd. Thi\u1ebft l\u1eadp k\u1ef9 thu\u1eadt c\u1ee7a c\u1ed5 phi\u1ebfu cho th\u1ea5y s\u1ef1 ph\u00e2n k\u1ef3 t\u0103ng ti\u1ec1m n\u0103ng gi\u1eefa h\u00e0nh \u0111\u1ed9ng gi\u00e1 v\u00e0 c\u00e1c ch\u1ec9 b\u00e1o RSI\/MACD, cho th\u1ea5y s\u1ef1 thay \u0111\u1ed5i \u0111\u1ed9ng l\u01b0\u1ee3ng c\u00f3 th\u1ec3 x\u1ea3y ra khi c\u00f4ng ty b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 qu\u00fd 3 v\u00e0o th\u00e1ng 11 n\u0103m 2025. C\u00e1c m\u1ee9c k\u1ef9 thu\u1eadt ch\u00ednh \u1edf m\u1ee9c 57,80 \u0111\u00f4 la (h\u1ed7 tr\u1ee3) v\u00e0 68,90 \u0111\u00f4 la (kh\u00e1ng c\u1ef1) cung c\u1ea5p c\u00e1c m\u1ee5c ti\u00eau v\u00e0o v\u00e0 tho\u00e1t c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch ng\u1eafn h\u1ea1n.\n\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n t\u00ecm ki\u1ebfm s\u1ef1 ti\u1ebfp x\u00fac v\u1edbi ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u1edbi c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m thu nh\u1eadp, CVS \u0111\u00e1ng \u0111\u01b0\u1ee3c xem x\u00e9t \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i d\u01b0\u1edbi 65 \u0111\u00f4 la. C\u1ed5 phi\u1ebfu n\u00e0y mang l\u1ea1i s\u1ef1 k\u1ebft h\u1ee3p h\u1ea5p d\u1eabn c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 gi\u00e1 tr\u1ecb (t\u1ef7 l\u1ec7 P\/E 8,7x, t\u1ef7 l\u1ec7 PEG 0,9), c\u00e1c thu\u1ed9c t\u00ednh thu nh\u1eadp (l\u1ee3i su\u1ea5t 3,7%, l\u1ecbch s\u1eed t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 15 n\u0103m) v\u00e0 ti\u1ec1m n\u0103ng chuy\u1ec3n \u0111\u1ed5i c\u00f3 th\u1ec3 mang l\u1ea1i c\u1ea3 t\u0103ng gi\u00e1 v\u1ed1n v\u00e0 d\u00f2ng thu nh\u1eadp ng\u00e0y c\u00e0ng t\u0103ng khi c\u00e1c s\u00e1ng ki\u1ebfn chi\u1ebfn l\u01b0\u1ee3c tr\u01b0\u1edfng th\u00e0nh.\n\nTrong ph\u00e2n t\u00edch cu\u1ed1i c\u00f9ng, \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi li\u00ean t\u1ee5c h\u1ecfi \"t\u00f4i c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu CVS kh\u00f4ng?\", c\u00f4ng ty \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0o s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe M\u1ef9 v\u1edbi m\u1ee9c gi\u1ea3m gi\u00e1 \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u1ea3 th\u1ecb tr\u01b0\u1eddng r\u1ed9ng l\u1edbn h\u01a1n v\u00e0 c\u00e1c \u0111\u1ed1i th\u1ee7 ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. M\u1eb7c d\u00f9 r\u1ee7i ro th\u1ef1c hi\u1ec7n v\u1eabn c\u00f2n, s\u1ee9c m\u1ea1nh t\u00e0i ch\u00ednh v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00f4ng ty h\u1ed7 tr\u1ee3 ti\u1ebfp t\u1ee5c mang l\u1ea1i l\u1ee3i nhu\u1eadn cho c\u1ed5 \u0111\u00f4ng trong khi t\u00e0i tr\u1ee3 cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ea7n thi\u1ebft v\u00e0o vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tho\u1ea3i m\u00e1i v\u1edbi c\u00e1c r\u1ee7i ro \u0111\u00e3 x\u00e1c \u0111\u1ecbnh v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m d\u00e0i h\u1ea1n n\u00e0y, c\u1ed5 phi\u1ebfu CVS \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn trong ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe.\n\n<\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class=\"custom-html-container\">\n<h2>CVS Health Corporation: T\u1ed5ng quan v\u1ec1 C\u00f4ng ty v\u00e0 V\u1ecb th\u1ebf Th\u1ecb tr\u01b0\u1eddng<\/h2>\n<p>Khi xem x\u00e9t li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua hay kh\u00f4ng, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u01b0\u1edbc ti\u00ean ph\u1ea3i hi\u1ec3u s\u1ef1 chuy\u1ec3n \u0111\u1ed5i tr\u1ecb gi\u00e1 69 t\u1ef7 \u0111\u00f4 la c\u1ee7a c\u00f4ng ty t\u1eeb m\u1ed9t nh\u00e0 b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m truy\u1ec1n th\u1ed1ng th\u00e0nh m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p. CVS Health Corporation \u0111\u00e3 ph\u00e1t tri\u1ec3n th\u00f4ng qua c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c: mua l\u1ea1i Aetna tr\u1ecb gi\u00e1 69 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2018, th\u1ecfa thu\u1eadn Signify Health tr\u1ecb gi\u00e1 8 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2022 v\u00e0 mua l\u1ea1i Oak Street Health tr\u1ecb gi\u00e1 10,6 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2023, t\u1ef1 kh\u1eb3ng \u0111\u1ecbnh m\u00ecnh l\u00e0 m\u1ed9t g\u00e3 kh\u1ed5ng l\u1ed3 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p theo chi\u1ec1u d\u1ecdc v\u1edbi ba ph\u00e2n kh\u00fac kinh doanh ch\u00ednh t\u1ea1o ra 327 t\u1ef7 \u0111\u00f4 la doanh thu h\u00e0ng n\u0103m.<\/p>\n<p>Ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng 5,7% h\u00e0ng n\u0103m trong b\u1ed1i c\u1ea3nh gi\u00e1n \u0111o\u1ea1n \u0111\u00e1ng k\u1ec3, v\u1edbi CVS chi\u1ebfm th\u1ecb ph\u1ea7n th\u00f4ng qua h\u01a1n 1.100 \u0111\u1ecba \u0111i\u1ec3m MinuteClinic (th\u1ef1c hi\u1ec7n h\u01a1n 30 tri\u1ec7u l\u01b0\u1ee3t kh\u00e1m b\u1ec7nh nh\u00e2n h\u00e0ng n\u0103m), h\u01a1n 650 c\u1eeda h\u00e0ng kh\u00e1i ni\u1ec7m HealthHUB v\u00e0 c\u00e1c d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c \u1ea3o ph\u1ee5c v\u1ee5 4,5 tri\u1ec7u b\u1ec7nh nh\u00e2n k\u1ef9 thu\u1eadt s\u1ed1. Nh\u1eefng s\u00e1ng ki\u1ebfn n\u00e0y \u0111\u00e3 mang l\u1ea1i m\u1ee9c t\u0103ng tr\u01b0\u1edfng doanh thu 12,3% trong c\u00e1c d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe trong khi b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m truy\u1ec1n th\u1ed1ng ch\u1ec9 t\u0103ng tr\u01b0\u1edfng 2,1% trong n\u0103m t\u00e0i ch\u00ednh 2024.<\/p>\n<p>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng theo d\u00f5i c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option \u0111\u00e3 ghi nh\u1eadn th\u1ecb ph\u1ea7n 18,3% c\u1ee7a CVS trong b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m, 32,7% th\u1ecb ph\u1ea7n trong qu\u1ea3n l\u00fd l\u1ee3i \u00edch d\u01b0\u1ee3c ph\u1ea9m v\u00e0 th\u1ecb ph\u1ea7n 9,2% \u0111ang ph\u00e1t tri\u1ec3n nhanh ch\u00f3ng trong th\u1ecb tr\u01b0\u1eddng Medicare Advantage. V\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i l\u00e0 127 t\u1ef7 \u0111\u00f4 la v\u00e0 t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n l\u00e0 22%, CVS \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u00e2n nh\u1eafc \u0111\u00e1ng k\u1ec3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang \u0111\u1eb7t c\u00e2u h\u1ecfi &#8220;li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua kh\u00f4ng?&#8221; khi ph\u00e2n b\u1ed5 v\u1ed1n cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o l\u0129nh v\u1ef1c ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe.<\/p>\n<h3>C\u00e1c Ph\u00e2n kh\u00fac Kinh doanh Ch\u00ednh v\u00e0 \u0110\u1ed9ng l\u1ef1c Doanh thu<\/h3>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ph\u00e2n kh\u00fac Kinh doanh<\/th>\n<th>D\u1ecbch v\u1ee5 Ch\u00ednh<\/th>\n<th>\u0110\u00f3ng g\u00f3p Doanh thu<\/th>\n<th>Qu\u1ef9 \u0111\u1ea1o T\u0103ng tr\u01b0\u1edfng<\/th>\n<th>Bi\u00ean l\u1ee3i nhu\u1eadn Ho\u1ea1t \u0111\u1ed9ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u1ecbch v\u1ee5 D\u01b0\u1ee3c ph\u1ea9m<\/td>\n<td>PBM, d\u01b0\u1ee3c ph\u1ea9m \u0111\u1eb7c bi\u1ec7t, \u0111\u1eb7t h\u00e0ng qua th\u01b0 (2,2 t\u1ef7 \u0111\u01a1n thu\u1ed1c h\u00e0ng n\u0103m)<\/td>\n<td>169,8 t\u1ef7 \u0111\u00f4 la (51,9%)<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng 4,3% trong b\u1ed1i c\u1ea3nh trung b\u00ecnh ng\u00e0nh 2,7%<\/td>\n<td>3,9%<\/td>\n<\/tr>\n<tr>\n<td>B\u00e1n l\u1ebb\/LTC<\/td>\n<td>H\u01a1n 9.000 nh\u00e0 thu\u1ed1c b\u00e1n l\u1ebb, h\u01a1n 1.100 MinuteClinics<\/td>\n<td>108,9 t\u1ef7 \u0111\u00f4 la (33,3%)<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng 2,1% so v\u1edbi trung b\u00ecnh ng\u00e0nh 1,8%<\/td>\n<td>6,2%<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i \u00edch Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe<\/td>\n<td>B\u1ea3o hi\u1ec3m (Aetna): 35,4 tri\u1ec7u th\u00e0nh vi\u00ean tr\u00ean c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh Th\u01b0\u01a1ng m\u1ea1i, Medicare, Medicaid<\/td>\n<td>48,4 t\u1ef7 \u0111\u00f4 la (14,8%)<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng 8,7%, v\u01b0\u1ee3t qua trung b\u00ecnh ng\u00e0nh 6,1%<\/td>\n<td>5,7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>CVS v\u1eadn h\u00e0nh 9.026 \u0111\u1ecba \u0111i\u1ec3m b\u00e1n l\u1ebb tr\u00ean to\u00e0n qu\u1ed1c (gi\u1ea3m 742 c\u1eeda h\u00e0ng k\u1ec3 t\u1eeb n\u0103m 2020), cung c\u1ea5p 1,93 t\u1ef7 \u0111\u01a1n thu\u1ed1c h\u00e0ng n\u0103m\u2014\u0111\u1ea1i di\u1ec7n cho 26,3% th\u1ecb tr\u01b0\u1eddng d\u01b0\u1ee3c ph\u1ea9m b\u00e1n l\u1ebb c\u1ee7a Hoa K\u1ef3. M\u1ea1ng l\u01b0\u1edbi v\u1eadt l\u00fd n\u00e0y cung c\u1ea5p 82% ng\u01b0\u1eddi M\u1ef9 s\u1ed1ng trong v\u00f2ng 10 d\u1eb7m t\u1eeb m\u1ed9t \u0111\u1ecba \u0111i\u1ec3m CVS, mang l\u1ea1i l\u1ee3i th\u1ebf c\u1ea1nh tranh \u0111\u00e1ng k\u1ec3 trong c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tu\u00e2n th\u1ee7 thu\u1ed1c gi\u1ea3m chi ph\u00ed ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u1ed5ng th\u1ec3 23% cho b\u1ec7nh nh\u00e2n m\u1eafc b\u1ec7nh m\u00e3n t\u00ednh.<\/p>\n<h2>Ph\u00e2n t\u00edch T\u00e0i ch\u00ednh: Li\u1ec7u C\u1ed5 phi\u1ebfu CVS c\u00f3 N\u00ean Mua D\u1ef1a tr\u00ean C\u00e1c Y\u1ebfu t\u1ed1 C\u01a1 b\u1ea3n?<\/h2>\n<p>M\u1ed9t \u0111\u00e1nh gi\u00e1 t\u00e0i ch\u00ednh k\u1ef9 l\u01b0\u1ee1ng l\u00e0 c\u1ea7n thi\u1ebft khi x\u00e1c \u0111\u1ecbnh li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua hay kh\u00f4ng. K\u1ebft qu\u1ea3 qu\u00fd 2 n\u0103m 2025 cho th\u1ea5y hi\u1ec7u su\u1ea5t h\u1ed7n h\u1ee3p: d\u1ecbch v\u1ee5 d\u01b0\u1ee3c ph\u1ea9m t\u0103ng 7,3% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng 3,9%, trong khi ho\u1ea1t \u0111\u1ed9ng b\u00e1n l\u1ebb \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 \u0111\u01a1n thu\u1ed1c 2,2% v\u00e0 gi\u1ea3m 0,8% doanh s\u1ed1 b\u00e1n h\u00e0ng so s\u00e1nh t\u1ea1i c\u1eeda h\u00e0ng. L\u1ee3i \u00edch Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe \u0111\u00e3 mang l\u1ea1i m\u1ee9c t\u0103ng tr\u01b0\u1edfng th\u00e0nh vi\u00ean Medicare Advantage \u1ea5n t\u01b0\u1ee3ng 11,5% nh\u01b0ng \u0111\u1ed1i m\u1eb7t v\u1edbi t\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf th\u00e1ch th\u1ee9c 82,4% (t\u0103ng 1,3 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc).<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1 T\u00e0i ch\u00ednh<\/th>\n<th>Hi\u1ec7u su\u1ea5t CVS<\/th>\n<th>Trung b\u00ecnh Ng\u00e0nh<\/th>\n<th>Xu h\u01b0\u1edbng 5 n\u0103m<\/th>\n<th>H\u00e0m \u00fd \u0110\u1ea7u t\u01b0<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng Doanh thu (TTM)<\/td>\n<td>5,4%<\/td>\n<td>4,1%<\/td>\n<td>\u2191 t\u1eeb 3,2%<\/td>\n<td>V\u01b0\u1ee3t tr\u1ed9i h\u01a1n ng\u00e0nh 31,7%<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean l\u1ee3i nhu\u1eadn Ho\u1ea1t \u0111\u1ed9ng<\/td>\n<td>4,7%<\/td>\n<td>6,3%<\/td>\n<td>\u2193 t\u1eeb 5,8%<\/td>\n<td>Chi ph\u00ed t\u00edch h\u1ee3p gi\u1ea3m l\u1ee3i nhu\u1eadn ng\u1eafn h\u1ea1n<\/td>\n<\/tr>\n<tr>\n<td>D\u00f2ng ti\u1ec1n T\u1ef1 do<\/td>\n<td>14,7 t\u1ef7 \u0111\u00f4 la<\/td>\n<td>8,3 t\u1ef7 \u0111\u00f4 la<\/td>\n<td>\u2191 t\u1eeb 10,2 t\u1ef7 \u0111\u00f4 la<\/td>\n<td>L\u1ee3i su\u1ea5t FCF 11,6% h\u1ed7 tr\u1ee3 c\u1ed5 t\u1ee9c 3,7%<\/td>\n<\/tr>\n<tr>\n<td>N\u1ee3 tr\u00ean EBITDA<\/td>\n<td>3,1x<\/td>\n<td>2,4x<\/td>\n<td>\u2193 t\u1eeb 4,6x<\/td>\n<td>Ti\u1ebfn \u0111\u1ed9 gi\u1ea3m n\u1ee3 32,6% k\u1ec3 t\u1eeb khi mua l\u1ea1i Aetna<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 P\/E (D\u1ef1 ki\u1ebfn)<\/td>\n<td>8,7x<\/td>\n<td>14,3x<\/td>\n<td>\u2193 t\u1eeb 11,2x<\/td>\n<td>Gi\u1ea3m gi\u00e1 39,2% so v\u1edbi trung b\u00ecnh ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td>EV\/EBITDA<\/td>\n<td>7,8x<\/td>\n<td>11,5x<\/td>\n<td>\u2193 t\u1eeb 9,3x<\/td>\n<td>Gi\u1ea3m gi\u00e1 32,2% so v\u1edbi trung b\u00ecnh ng\u00e0nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>C\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u1ee7a CVS ti\u1ebft l\u1ed9 \u0111\u1ed9ng l\u1ef1c \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn. Giao d\u1ecbch \u1edf t\u1ef7 l\u1ec7 P\/E d\u1ef1 ki\u1ebfn l\u00e0 8,7x\u2014th\u1ea5p h\u01a1n 45% so v\u1edbi m\u1ee9c trung b\u00ecnh 15,8x c\u1ee7a S&#038;P 500 v\u00e0 th\u1ea5p h\u01a1n 39,2% so v\u1edbi m\u1ee9c trung b\u00ecnh 14,3x c\u1ee7a ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe\u2014c\u1ed5 phi\u1ebfu n\u00e0y mang l\u1ea1i ti\u1ec1m n\u0103ng gi\u00e1 tr\u1ecb \u0111\u00e1ng k\u1ec3. M\u1ee9c gi\u1ea3m gi\u00e1 n\u00e0y \u0111\u00e3 m\u1edf r\u1ed9ng t\u1eeb 26,7% v\u00e0o th\u00e1ng 1 n\u0103m 2024, cho th\u1ea5y s\u1ef1 bi quan c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 v\u01b0\u1ee3t qu\u00e1 nh\u1eefng th\u00e1ch th\u1ee9c c\u01a1 b\u1ea3n. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch tr\u00ean Pocket Option v\u00e0 c\u00e1c n\u1ec1n t\u1ea3ng t\u1ed5 ch\u1ee9c d\u1ef1 b\u00e1o c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 trong 12 th\u00e1ng dao \u0111\u1ed9ng t\u1eeb 61 \u0111\u1ebfn 92 \u0111\u00f4 la, v\u1edbi m\u1ee9c \u0111\u1ed3ng thu\u1eadn 76 \u0111\u00f4 la \u0111\u1ea1i di\u1ec7n cho m\u1ee9c t\u0103ng 23,7% so v\u1edbi m\u1ee9c hi\u1ec7n t\u1ea1i.<\/p>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang c\u00e2n nh\u1eafc li\u1ec7u c\u1ed5 phi\u1ebfu CVS c\u00f3 n\u00ean mua hay kh\u00f4ng n\u00ean l\u01b0u \u00fd \u0111\u1ebfn chu\u1ed7i t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 15 n\u0103m c\u1ee7a c\u00f4ng ty, v\u1edbi CAGR 10,2% trong 10 n\u0103m m\u1eb7c d\u00f9 chi ph\u00ed mua l\u1ea1i \u0111\u00e1ng k\u1ec3. L\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i 3,7% cao h\u01a1n 2,2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a S&#038;P 500, trong khi t\u1ef7 l\u1ec7 chi tr\u1ea3 32,3% mang l\u1ea1i s\u1ef1 bao ph\u1ee7 \u0111\u00e1ng k\u1ec3 v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai khi c\u00e1c hi\u1ec7u qu\u1ea3 t\u00edch h\u1ee3p \u0111\u01b0\u1ee3c hi\u1ec7n th\u1ef1c h\u00f3a.<\/p>\n<h3>Qu\u1ea3n l\u00fd N\u1ee3 v\u00e0 Chi\u1ebfn l\u01b0\u1ee3c Ph\u00e2n b\u1ed5 V\u1ed1n<\/h3>\n<p>Sau th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Aetna tr\u1ecb gi\u00e1 69 t\u1ef7 \u0111\u00f4 la, CVS \u0111\u00e3 t\u00edch l\u0169y \u0111\u01b0\u1ee3c t\u1ed5ng n\u1ee3 78,5 t\u1ef7 \u0111\u00f4 la ban \u0111\u1ea7u khi\u1ebfn nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 lo ng\u1ea1i. Tuy nhi\u00ean, c\u00f4ng ty \u0111\u00e3 \u01b0u ti\u00ean gi\u1ea3m n\u1ee3, th\u00e0nh c\u00f4ng gi\u1ea3m n\u1ee3 28,0 t\u1ef7 \u0111\u00f4 la (35,7%) trong khi duy tr\u00ec 9,3 t\u1ef7 \u0111\u00f4 la \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c h\u00e0ng n\u0103m v\u00e0o c\u00e1c kh\u1ea3 n\u0103ng s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 (1,8 t\u1ef7 \u0111\u00f4 la), m\u1edf r\u1ed9ng ph\u00f2ng kh\u00e1m (3,2 t\u1ef7 \u0111\u00f4 la) v\u00e0 hi\u1ec7n \u0111\u1ea1i h\u00f3a c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng (4,3 t\u1ef7 \u0111\u00f4 la). C\u00e1ch ti\u1ebfp c\u1eadn k\u1ef7 lu\u1eadt n\u00e0y \u0111\u1ed1i v\u1edbi ph\u00e2n b\u1ed5 v\u1ed1n \u0111\u00e3 c\u1ea3i thi\u1ec7n t\u1ef7 l\u1ec7 bao ph\u1ee7 l\u00e3i su\u1ea5t t\u1eeb 3,9x l\u00ean 6,7x m\u1eb7c d\u00f9 l\u00e3i su\u1ea5t t\u0103ng.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>N\u0103m<\/th>\n<th>N\u1ee3 D\u00e0i h\u1ea1n (T\u1ef7 \u0111\u00f4 la)<\/th>\n<th>Gi\u1ea3m N\u1ee3 ($B)<\/th>\n<th>Chi ph\u00ed L\u00e3i su\u1ea5t ($B)<\/th>\n<th>T\u00e1c \u0111\u1ed9ng X\u1ebfp h\u1ea1ng T\u00edn d\u1ee5ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2019<\/td>\n<td>64,7<\/td>\n<td>N\u0103m c\u01a1 s\u1edf<\/td>\n<td>3,0<\/td>\n<td>BBB\/Baa2 (tri\u1ec3n v\u1ecdng ti\u00eau c\u1ef1c)<\/td>\n<\/tr>\n<tr>\n<td>2021<\/td>\n<td>58,1<\/td>\n<td>6,6 (10,2%)<\/td>\n<td>2,5<\/td>\n<td>BBB\/Baa2 (tri\u1ec3n v\u1ecdng \u1ed5n \u0111\u1ecbnh)<\/td>\n<\/tr>\n<tr>\n<td>2023<\/td>\n<td>50,5<\/td>\n<td>14,2 (21,9%)<\/td>\n<td>2,2<\/td>\n<td>BBB\/Baa2 (tri\u1ec3n v\u1ecdng t\u00edch c\u1ef1c)<\/td>\n<\/tr>\n<tr>\n<td>2025 (Q2)<\/td>\n<td>45,3<\/td>\n<td>19,4 (30,0%)<\/td>\n<td>2,0<\/td>\n<td>Kh\u1ea3 n\u0103ng n\u00e2ng c\u1ea5p BBB+\/Baa1 trong Q4<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>B\u1ed1i c\u1ea3nh C\u1ea1nh tranh v\u00e0 V\u1ecb th\u1ebf Ng\u00e0nh<\/h2>\n<p>Khi \u0111\u00e1nh gi\u00e1 li\u1ec7u c\u1ed5 phi\u1ebfu CVS c\u00f3 n\u00ean mua hay kh\u00f4ng, vi\u1ec7c hi\u1ec3u v\u1ecb th\u1ebf c\u1ea1nh tranh c\u1ee7a n\u00f3 ti\u1ebft l\u1ed9 nh\u1eefng hi\u1ec3u bi\u1ebft quan tr\u1ecdng. C\u00f4ng ty ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 c\u1ea1nh tranh ng\u00e0y c\u00e0ng gay g\u1eaft tr\u00ean c\u00e1c ph\u00e2n kh\u00fac kinh doanh c\u1ee7a m\u00ecnh: Walgreens (17,2% th\u1ecb ph\u1ea7n d\u01b0\u1ee3c ph\u1ea9m) v\u00e0 Walmart (4,8%) th\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng b\u00e1n l\u1ebb; UnitedHealth\/Optum (372,1 t\u1ef7 \u0111\u00f4 la doanh thu) c\u1ea1nh tranh trong c\u00e1c th\u1ecb tr\u01b0\u1eddng b\u1ea3o hi\u1ec3m v\u00e0 PBM; trong khi c\u00e1ch ti\u1ebfp c\u1eadn k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u1ea7u ti\u00ean c\u1ee7a Amazon Pharmacy (doanh thu d\u01b0\u1ee3c ph\u1ea9m \u01b0\u1edbc t\u00ednh 1,2 t\u1ef7 \u0111\u00f4 la) nh\u1eafm v\u00e0o ng\u01b0\u1eddi ti\u00eau d\u00f9ng t\u1eadp trung v\u00e0o s\u1ef1 ti\u1ec7n l\u1ee3i.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>\u0110\u1ed1i th\u1ee7 c\u1ea1nh tranh<\/th>\n<th>V\u1ed1n h\u00f3a Th\u1ecb tr\u01b0\u1eddng ($B)<\/th>\n<th>Doanh thu ($B)<\/th>\n<th>L\u1ee3i th\u1ebf C\u1ea1nh tranh c\u1ee7a CVS<\/th>\n<th>L\u1ee3i th\u1ebf c\u1ee7a \u0110\u1ed1i th\u1ee7 c\u1ea1nh tranh<\/th>\n<th>Xu h\u01b0\u1edbng Th\u1ecb ph\u1ea7n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Walgreens Boots Alliance<\/td>\n<td>18,7<\/td>\n<td>145,3<\/td>\n<td>D\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p (bi\u00ean l\u1ee3i nhu\u1eadn cao h\u01a1n 4,2%)<\/td>\n<td>H\u01a1n 7.800 \u0111\u1ecba \u0111i\u1ec3m qu\u1ed1c t\u1ebf (CVS: ch\u1ec9 Hoa K\u1ef3)<\/td>\n<td>CVS +1,2%, WBA -0,8% (xu h\u01b0\u1edbng 5 n\u0103m)<\/td>\n<\/tr>\n<tr>\n<td>UnitedHealth Group\/Optum<\/td>\n<td>512,6<\/td>\n<td>372,1<\/td>\n<td>H\u01a1n 9.000 \u0111\u1ecba \u0111i\u1ec3m b\u00e1n l\u1ebb (UNH: h\u01a1n 2.000 ph\u00f2ng kh\u00e1m)<\/td>\n<td>1,6 tri\u1ec7u nh\u00e0 cung c\u1ea5p li\u00ean k\u1ebft (CVS: 65.000)<\/td>\n<td>UNH +2,3%, CVS +1,1% trong Medicare<\/td>\n<\/tr>\n<tr>\n<td>Amazon Pharmacy<\/td>\n<td>1.822,5 (AMZN)<\/td>\n<td>1,2 (\u01b0\u1edbc t\u00ednh)<\/td>\n<td>T\u00edch h\u1ee3p m\u1ea1ng l\u01b0\u1edbi b\u1ea3o hi\u1ec3m (84% so v\u1edbi 32%)<\/td>\n<td>Giao h\u00e0ng trong 1 ng\u00e0y, tr\u1ea3i nghi\u1ec7m k\u1ef9 thu\u1eadt s\u1ed1 4,7\/5 (CVS: 3,8\/5)<\/td>\n<td>AMZN +1,7%, CVS -0,3% trong \u0111\u1eb7t h\u00e0ng qua th\u01b0<\/td>\n<\/tr>\n<tr>\n<td>Walmart Health<\/td>\n<td>478,9 (WMT)<\/td>\n<td>4,1 (ch\u1ec9 s\u1ee9c kh\u1ecfe)<\/td>\n<td>Chuy\u00ean m\u00f4n l\u00e2m s\u00e0ng (42% nhi\u1ec1u nh\u00e0 cung c\u1ea5p h\u01a1n m\u1ed7i \u0111\u1ecba \u0111i\u1ec3m)<\/td>\n<td>Chi ph\u00ed th\u0103m kh\u00e1m trung b\u00ecnh 67 \u0111\u00f4 la (CVS: 89 \u0111\u00f4 la)<\/td>\n<td>WMT +0,7%, CVS +0,3% trong ph\u00f2ng kh\u00e1m<\/td>\n<\/tr>\n<tr>\n<td>One Medical (Amazon)<\/td>\n<td>1.822,5 (AMZN)<\/td>\n<td>1,4<\/td>\n<td>B\u1ea3o hi\u1ec3m (94% so v\u1edbi 68% m\u1ea1ng l\u01b0\u1edbi)<\/td>\n<td>\u0110i\u1ec3m NPS 87 so v\u1edbi \u0111i\u1ec3m NPS 42 c\u1ee7a CVS<\/td>\n<td>ONEM +0,5%, CVS +0,2% trong ch\u0103m s\u00f3c cao c\u1ea5p<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Chi\u1ebfn l\u01b0\u1ee3c c\u1ea1nh tranh c\u1ee7a CVS t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf t\u00edch h\u1ee3p \u0111\u1ed9c \u0111\u00e1o t\u1ea1o ra 2,7 t\u1ef7 \u0111\u00f4 la trong c\u00e1c hi\u1ec7u qu\u1ea3 h\u00e0ng n\u0103m. Khi m\u1ed9t th\u00e0nh vi\u00ean Aetna \u0111i\u1ec1n \u0111\u01a1n thu\u1ed1c 90 ng\u00e0y t\u1ea1i CVS thay v\u00ec \u0111\u1eb7t h\u00e0ng qua th\u01b0, s\u1ef1 tu\u00e2n th\u1ee7 thu\u1ed1c \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n 9,2%, s\u1ed1 l\u1ea7n nh\u1eadp vi\u1ec7n gi\u1ea3m 7,8% v\u00e0 c\u00f4ng ty thu \u0111\u01b0\u1ee3c 182 \u0111\u00f4 la l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m b\u1ed5 sung cho m\u1ed7i b\u1ec7nh nh\u00e2n\u2014cho ph\u00e9p c\u1ea3 gi\u00e1 c\u1ea1nh tranh v\u00e0 b\u1ea3o v\u1ec7 bi\u00ean l\u1ee3i nhu\u1eadn kh\u00f4ng c\u00f3 s\u1eb5n cho c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u1ed9c l\u1eadp.<\/p>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1eb7t c\u00e2u h\u1ecfi &#8220;t\u00f4i c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu CVS kh\u00f4ng?&#8221; gi\u1eefa \u00e1p l\u1ef1c c\u1ea1nh tranh n\u00ean nh\u1eadn ra kho d\u1eef li\u1ec7u b\u1ec7nh nh\u00e2n 35 petabyte c\u1ee7a c\u00f4ng ty cho ph\u00e9p qu\u1ea3n l\u00fd s\u1ee9c kh\u1ecfe d\u00e2n s\u1ed1 tinh vi. Khi b\u1ec7nh nh\u00e2n ti\u1ec3u \u0111\u01b0\u1eddng c\u00f3 b\u1ea3o hi\u1ec3m Aetna tham gia ch\u01b0\u01a1ng tr\u00ecnh qu\u1ea3n l\u00fd b\u1ec7nh c\u1ee7a MinuteClinic, s\u1ed1 l\u1ea7n th\u0103m kh\u00e1m ER gi\u1ea3m 31%, m\u1ee9c A1C c\u1ea3i thi\u1ec7n 14% v\u00e0 chi ph\u00ed y t\u1ebf tr\u00ean m\u1ed7i b\u1ec7nh nh\u00e2n gi\u1ea3m 1.872 \u0111\u00f4 la h\u00e0ng n\u0103m\u2014t\u1ea1o ra gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn cho c\u00e1c nh\u00e0 tuy\u1ec3n d\u1ee5ng v\u00e0 b\u1ec7nh nh\u00e2n trong khi t\u1ea1o ra 437 tri\u1ec7u \u0111\u00f4 la l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m b\u1ed5 sung cho CVS tr\u00ean c\u00e1c ph\u00e2n kh\u00fac kinh doanh c\u1ee7a m\u00ecnh.<\/p>\n<ul>\n<li>CVS ph\u1ee5c v\u1ee5 34,8 tri\u1ec7u kh\u00e1ch h\u00e0ng d\u01b0\u1ee3c ph\u1ea9m \u0111\u1ed9c \u0111\u00e1o h\u00e0ng th\u00e1ng (31% s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng k\u1ef9 thu\u1eadt s\u1ed1 t\u00edch c\u1ef1c)<\/li>\n<li>C\u00f4ng ty qu\u1ea3n l\u00fd l\u1ee3i \u00edch cho 35,4 tri\u1ec7u th\u00e0nh vi\u00ean (5,7 tri\u1ec7u trong Medicare Advantage, t\u0103ng tr\u01b0\u1edfng 11,5% h\u00e0ng n\u0103m)<\/li>\n<li>Caremark PBM c\u1ee7a c\u00f4ng ty x\u1eed l\u00fd 2,2 t\u1ef7 \u0111\u01a1n thu\u1ed1c h\u00e0ng n\u0103m v\u1edbi t\u1ef7 l\u1ec7 ph\u00e2n ph\u1ed1i thu\u1ed1c g\u1ed1c 97,1%<\/li>\n<li>C\u00e1c \u0111\u1ecba \u0111i\u1ec3m MinuteClinic \u0111\u00e3 th\u1ef1c hi\u1ec7n 67,4 tri\u1ec7u l\u01b0\u1ee3t kh\u00e1m b\u1ec7nh nh\u00e2n k\u1ec3 t\u1eeb khi th\u00e0nh l\u1eadp, v\u1edbi t\u1ef7 l\u1ec7 h\u00e0i l\u00f2ng 93%<\/li>\n<\/ul>\n<p>C\u00e1c nh\u00e0 giao d\u1ecbch tr\u00ean Pocket Option theo d\u00f5i c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe nh\u1ea5n m\u1ea1nh s\u1ef1 tham gia to\u00e0n di\u1ec7n c\u1ee7a CVS trong c\u00e1c th\u1ecfa thu\u1eadn ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb Medicare Advantage\u2014hi\u1ec7n bao ph\u1ee7 932.000 b\u1ec7nh nh\u00e2n v\u00e0 t\u1ea1o ra 487 tri\u1ec7u \u0111\u00f4 la ti\u1ec1n th\u01b0\u1edfng ch\u1ea5t l\u01b0\u1ee3ng\u2014nh\u01b0 m\u1ed9t l\u1ee3i th\u1ebf c\u1ea1nh tranh ti\u1ec1m n\u0103ng. V\u1edbi c\u00e1c m\u00f4 h\u00ecnh thanh to\u00e1n ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb d\u1ef1 ki\u1ebfn s\u1ebd chi\u1ebfm 61% chi ti\u00eau ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0o n\u0103m 2027 (t\u0103ng t\u1eeb 38% hi\u1ec7n nay), m\u00f4 h\u00ecnh t\u00edch h\u1ee3p c\u1ee7a CVS c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ecbnh v\u1ecb n\u00f3 \u0111\u1ec3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh h\u1eb9p h\u01a1n.<\/p>\n<h2>Ch\u1ea5t x\u00fac t\u00e1c T\u0103ng tr\u01b0\u1edfng v\u00e0 S\u00e1ng ki\u1ebfn Chi\u1ebfn l\u01b0\u1ee3c<\/h2>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 h\u1ecfi &#8220;c\u1ed5 phi\u1ebfu CVS c\u00f3 n\u00ean mua kh\u00f4ng?&#8221;, hi\u1ec7u su\u1ea5t trong t\u01b0\u01a1ng lai ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n th\u00e0nh c\u00f4ng n\u0103m \u01b0u ti\u00ean chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c n\u00eau trong l\u1ed9 tr\u00ecnh \u0111\u1ea7u t\u01b0 30 t\u1ef7 \u0111\u00f4 la c\u1ee7a c\u00f4ng ty \u0111\u1ebfn n\u0103m 2027:<\/p>\n<h3>M\u1edf r\u1ed9ng D\u1ecbch v\u1ee5 Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe<\/h3>\n<p>S\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u1ee7a CVS th\u00e0nh m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u1eadp trung v\u00e0o vi\u1ec7c m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd h\u01a1n 650 \u0111\u1ecba \u0111i\u1ec3m HealthHUB, t\u1ea1o ra l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i m\u00e9t vu\u00f4ng cao h\u01a1n 34% so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng truy\u1ec1n th\u1ed1ng. C\u00e1c \u0111\u1ecba \u0111i\u1ec3m n\u00e2ng cao n\u00e0y d\u00e0nh h\u01a1n 1.500 m\u00e9t vu\u00f4ng (20% kh\u00f4ng gian c\u1eeda h\u00e0ng) cho c\u00e1c d\u1ecbch v\u1ee5 s\u1ee9c kh\u1ecfe thay v\u00ec h\u00e0ng h\u00f3a b\u00e1n l\u1ebb, cung c\u1ea5p c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh qu\u1ea3n l\u00fd b\u1ec7nh m\u00e3n t\u00ednh gi\u1ea3m chi ph\u00ed y t\u1ebf 3.400 \u0111\u00f4 la m\u1ed7i b\u1ec7nh nh\u00e2n h\u00e0ng n\u0103m trong khi t\u1ea1o ra 18,7 tri\u1ec7u \u0111\u00f4 la doanh thu h\u00e0ng qu\u00fd b\u1ed5 sung.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>S\u00e1ng ki\u1ebfn<\/th>\n<th>Tri\u1ec3n khai Hi\u1ec7n t\u1ea1i<\/th>\n<th>M\u1ee5c ti\u00eau 2027<\/th>\n<th>\u0110\u1ea7u t\u01b0 ($B)<\/th>\n<th>Ch\u1ec9 s\u1ed1 ROI<\/th>\n<th>L\u00fd do Chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ecba \u0111i\u1ec3m HealthHUB<\/td>\n<td>650 \u0111\u1ecba \u0111i\u1ec3m (1,3 t\u1ef7 \u0111\u00f4 la doanh thu)<\/td>\n<td>H\u01a1n 1.500 \u0111\u1ecba \u0111i\u1ec3m (4,7 t\u1ef7 \u0111\u00f4 la doanh thu)<\/td>\n<td>4,2<\/td>\n<td>IRR 32%, ho\u00e0n v\u1ed1n 2,9 n\u0103m<\/td>\n<td>L\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i m\u00e9t vu\u00f4ng cao h\u01a1n 34% so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng ti\u00eau chu\u1ea9n<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00f2ng kh\u00e1m Oak Street Health<\/td>\n<td>169 \u0111\u1ecba \u0111i\u1ec3m (275.000 b\u1ec7nh nh\u00e2n)<\/td>\n<td>317 \u0111\u1ecba \u0111i\u1ec3m (650.000 b\u1ec7nh nh\u00e2n)<\/td>\n<td>6,8<\/td>\n<td>IRR 27%, ho\u00e0n v\u1ed1n 3,4 n\u0103m<\/td>\n<td>L\u1ee3i nhu\u1eadn cao h\u01a1n 5.400 \u0111\u00f4 la m\u1ed7i b\u1ec7nh nh\u00e2n Medicare<\/td>\n<\/tr>\n<tr>\n<td>N\u1ec1n t\u1ea3ng Ch\u0103m s\u00f3c \u1ea2o<\/td>\n<td>4,5 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng, 938.000 l\u01b0\u1ee3t th\u0103m kh\u00e1m t\u1eeb xa<\/td>\n<td>12 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng, 3,7 tri\u1ec7u l\u01b0\u1ee3t th\u0103m kh\u00e1m h\u00e0ng n\u0103m<\/td>\n<td>2,3<\/td>\n<td>IRR 41%, ho\u00e0n v\u1ed1n 2,2 n\u0103m<\/td>\n<td>Chi ph\u00ed 79 \u0111\u00f4 la so v\u1edbi chi ph\u00ed th\u0103m kh\u00e1m tr\u1ef1c ti\u1ebfp 149 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>D\u1ecbch v\u1ee5 Ch\u0103m s\u00f3c T\u1ea1i nh\u00e0<\/td>\n<td>63.000 b\u1ec7nh nh\u00e2n t\u1ea1i 8 th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>450.000 b\u1ec7nh nh\u00e2n t\u1ea1i 32 th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>3,7<\/td>\n<td>IRR 29%, ho\u00e0n v\u1ed1n 3,1 n\u0103m<\/td>\n<td>Gi\u1ea3m 23% t\u00e1i nh\u1eadp vi\u1ec7n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i Oak Street Health tr\u1ecb gi\u00e1 10,6 t\u1ef7 \u0111\u00f4 la \u0111\u00e3 b\u1ed5 sung 169 ph\u00f2ng kh\u00e1m ch\u0103m s\u00f3c ch\u00ednh chuy\u00ean v\u1ec1 b\u1ec7nh nh\u00e2n Medicare Advantage theo c\u00e1c h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb. M\u1ed7i ph\u00f2ng kh\u00e1m trung b\u00ecnh c\u00f3 1.630 b\u1ec7nh nh\u00e2n v\u00e0 t\u1ea1o ra 5,8 tri\u1ec7u \u0111\u00f4 la doanh thu h\u00e0ng n\u0103m v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng 6,3%\u2014so v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn 2,1% \u0111i\u1ec3n h\u00ecnh c\u1ee7a ch\u0103m s\u00f3c ch\u00ednh truy\u1ec1n th\u1ed1ng. M\u00f4 h\u00ecnh c\u1ee7a Oak Street gi\u1ea3m s\u1ed1 l\u1ea7n nh\u1eadp vi\u1ec7n 42% so v\u1edbi Medicare truy\u1ec1n th\u1ed1ng, mang l\u1ea1i 6.300 \u0111\u00f4 la ti\u1ebft ki\u1ec7m chi ph\u00ed y t\u1ebf h\u00e0ng n\u0103m chuy\u1ec3n th\u00e0nh 2.700 \u0111\u00f4 la l\u1ee3i nhu\u1eadn b\u1ed5 sung tr\u00ean m\u1ed7i b\u1ec7nh nh\u00e2n theo c\u00e1c h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean r\u1ee7i ro.<\/p>\n<p>C\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 bao g\u1ed3m 567 tri\u1ec7u \u0111\u00f4 la v\u00e0o \u1ee8ng d\u1ee5ng CVS Health (9,8 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng ho\u1ea1t \u0111\u1ed9ng h\u00e0ng th\u00e1ng) v\u00e0 342 tri\u1ec7u \u0111\u00f4 la v\u00e0o c\u00e1c c\u1ea3i ti\u1ebfn n\u1ec1n t\u1ea3ng th\u0103m kh\u00e1m t\u1eeb xa. Nh\u1eefng s\u00e1ng ki\u1ebfn n\u00e0y mang l\u1ea1i t\u1ef7 l\u1ec7 tu\u00e2n th\u1ee7 thu\u1ed1c cao h\u01a1n 23%, gi\u1ea3m 47% kho\u1ea3ng c\u00e1ch ch\u0103m s\u00f3c v\u00e0 gi\u1ea3m 5,2% chi ph\u00ed y t\u1ebf cho b\u1ec7nh nh\u00e2n tham gia trong khi t\u1ea1o ra 178 tri\u1ec7u \u0111\u00f4 la doanh thu \u0111\u0103ng k\u00fd v\u00e0 th\u0103m kh\u00e1m t\u1eeb xa h\u00e0ng qu\u00fd. Chi\u1ebfn l\u01b0\u1ee3c k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a c\u00f4ng ty t\u1eadp trung v\u00e0o &#8220;h\u00e0nh tr\u00ecnh ch\u0103m s\u00f3c k\u1ebft h\u1ee3p&#8221; k\u1ebft h\u1ee3p c\u00e1c t\u01b0\u01a1ng t\u00e1c \u1ea3o v\u00e0 v\u1eadt l\u00fd, v\u1edbi 73% b\u1ec7nh nh\u00e2n th\u0103m kh\u00e1m t\u1eeb xa sau \u0111\u00f3 \u0111\u1ebfn th\u0103m c\u00e1c nh\u00e0 thu\u1ed1c CVS trong v\u00f2ng 14 ng\u00e0y.<\/p>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option \u0111\u1ec3 ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe n\u00ean nh\u1eadn ra chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 v\u1ed1n c\u1ee7a CVS c\u00e2n b\u1eb1ng l\u1ee3i nhu\u1eadn c\u1ed5 \u0111\u00f4ng ng\u1eafn h\u1ea1n (c\u1ed5 t\u1ee9c h\u00e0ng n\u0103m 2,82 \u0111\u00f4 la, \u1ee7y quy\u1ec1n mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u00f2n l\u1ea1i 6,7 t\u1ef7 \u0111\u00f4 la) v\u1edbi c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c t\u1ea1o ra t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9 23-41%. C\u00e1ch ti\u1ebfp c\u1eadn c\u00e2n b\u1eb1ng n\u00e0y \u0111\u1ecbnh v\u1ecb c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng mang l\u1ea1i c\u1ea3 thu nh\u1eadp v\u00e0 t\u0103ng tr\u01b0\u1edfng, \u0111\u1eb7c bi\u1ec7t khi c\u00e1c xu h\u01b0\u1edbng ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u0103ng t\u1ed1c h\u01b0\u1edbng t\u1edbi ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb v\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 t\u00edch h\u1ee3p.<\/p>\n<ul>\n<li>T\u00edch h\u1ee3p ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 v\u1eadt l\u00fd t\u1ea1o ra &#8220;hi\u1ec7u \u1ee9ng b\u00e1nh \u0111\u00e0&#8221; v\u1edbi t\u1ef7 l\u1ec7 gi\u1eef ch\u00e2n kh\u00e1ch h\u00e0ng cao h\u01a1n 38%<\/li>\n<li>Kh\u1ea3 n\u0103ng l\u00e2m s\u00e0ng nh\u1eafm m\u1ee5c ti\u00eau s\u00e1u b\u1ec7nh m\u00e3n t\u00ednh c\u00f3 chi ph\u00ed cao chi\u1ebfm 73% chi ti\u00eau ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe<\/li>\n<li>N\u1ec1n t\u1ea3ng ph\u00e2n t\u00edch d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n x\u1eed l\u00fd 19 t\u1ef7 t\u01b0\u01a1ng t\u00e1c ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe h\u00e0ng n\u0103m<\/li>\n<li>Quan h\u1ec7 \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c v\u1edbi 23 nh\u00e0 \u0111\u1ed5i m\u1edbi c\u00f4ng ngh\u1ec7 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe th\u00f4ng qua CVS Health Ventures (qu\u1ef9 450 tri\u1ec7u \u0111\u00f4 la)<\/li>\n<\/ul>\n<h2>\u0110\u00e1nh gi\u00e1 R\u1ee7i ro: Nh\u1eefng Th\u00e1ch th\u1ee9c Ch\u00ednh c\u1ea7n Theo d\u00f5i<\/h2>\n<p>M\u1ed9t \u0111\u00e1nh gi\u00e1 c\u00e2n b\u1eb1ng v\u1ec1 vi\u1ec7c li\u1ec7u c\u1ed5 phi\u1ebfu CVS c\u00f3 n\u00ean mua hay kh\u00f4ng \u0111\u00f2i h\u1ecfi ph\u1ea3i th\u1eeba nh\u1eadn n\u0103m r\u1ee7i ro \u0111\u00e1ng k\u1ec3 c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0:<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Danh m\u1ee5c R\u1ee7i ro<\/th>\n<th>M\u1ed1i quan ng\u1ea1i C\u1ee5 th\u1ec3<\/th>\n<th>T\u00e1c \u0111\u1ed9ng T\u00e0i ch\u00ednh Ti\u1ec1m n\u0103ng<\/th>\n<th>\u0110\u00e1nh gi\u00e1 X\u00e1c su\u1ea5t<\/th>\n<th>Y\u1ebfu t\u1ed1 Gi\u1ea3m thi\u1ec3u<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u00c1p l\u1ef1c Quy \u0111\u1ecbnh<\/td>\n<td>\u0110\u00e0m ph\u00e1n Gi\u00e1 Thu\u1ed1c Medicare: 10 lo\u1ea1i thu\u1ed1c \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 1,2 t\u1ef7 \u0111\u00f4 la doanh thu<\/td>\n<td>Gi\u1ea3m l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m 310-450 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>Cao (lu\u1eadt \u0111\u00e3 th\u00f4ng qua)<\/td>\n<td>80% t\u00e1c \u0111\u1ed9ng \u0111\u01b0\u1ee3c h\u1ea5p th\u1ee5 b\u1edfi c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t so v\u1edbi PBM<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1n \u0111o\u1ea1n K\u1ef9 thu\u1eadt s\u1ed1<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng Amazon Pharmacy: 27,3% h\u00e0ng n\u0103m, chi\u1ebfm 2,8% th\u1ecb ph\u1ea7n<\/td>\n<td>R\u1ee7i ro doanh thu 740 tri\u1ec7u \u0111\u00f4 la, n\u00e9n bi\u00ean l\u1ee3i nhu\u1eadn 0,3-0,5%<\/td>\n<td>Trung b\u00ecnh-Cao<\/td>\n<td>92% kh\u00e1ch h\u00e0ng CVS n\u1ea1p l\u1ea1i tr\u1ef1c ti\u1ebfp so v\u1edbi 8% ch\u1ec9 k\u1ef9 thu\u1eadt s\u1ed1<\/td>\n<\/tr>\n<tr>\n<td>Th\u1ef1c hi\u1ec7n T\u00edch h\u1ee3p<\/td>\n<td>Ch\u1eadm tr\u1ec5 m\u1edf r\u1ed9ng ph\u00f2ng kh\u00e1m Oak Street Health: ch\u1eadm 17% so v\u1edbi k\u1ebf ho\u1ea1ch<\/td>\n<td>Thi\u1ebfu h\u1ee5t doanh thu ti\u1ec1m n\u0103ng 1,7 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2027<\/td>\n<td>Trung b\u00ecnh<\/td>\n<td>78% ph\u00f2ng kh\u00e1m hi\u1ec7n c\u00f3 \u0111\u1ea1t m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn<\/td>\n<\/tr>\n<tr>\n<td>L\u1ea1m ph\u00e1t Chi ph\u00ed Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe<\/td>\n<td>Suy gi\u1ea3m t\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf: 82,4% so v\u1edbi m\u1ee5c ti\u00eau 81,1%<\/td>\n<td>T\u00e1c \u0111\u1ed9ng l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m 480 tri\u1ec7u \u0111\u00f4 la m\u1ed7i l\u1ea7n t\u0103ng 1% MCR<\/td>\n<td>Trung b\u00ecnh-Cao<\/td>\n<td>T\u0103ng ph\u00ed b\u1ea3o hi\u1ec3m 7,3% \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n cho n\u0103m 2026<\/td>\n<\/tr>\n<tr>\n<td>C\u01b0\u1eddng \u0111\u1ed9 C\u1ea1nh tranh<\/td>\n<td>M\u1edf r\u1ed9ng ph\u00f2ng kh\u00e1m UnitedHealth\/Optum: h\u01a1n 700 \u0111\u1ecba \u0111i\u1ec3m m\u1edbi v\u00e0o n\u0103m 2027<\/td>\n<td>1,3 t\u1ef7 \u0111\u00f4 la doanh thu c\u00f3 nguy c\u01a1 t\u1eeb c\u1ea1nh tranh m\u1ea1ng l\u01b0\u1edbi nh\u00e0 cung c\u1ea5p<\/td>\n<td>Trung b\u00ecnh<\/td>\n<td>D\u1ea5u ch\u00e2n b\u00e1n l\u1ebb CVS mang l\u1ea1i x\u1ebfp h\u1ea1ng ti\u1ec7n l\u1ee3i cao h\u01a1n 34%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u00c1p l\u1ef1c ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m \u0111\u1ea1i di\u1ec7n cho m\u1ed9t th\u00e1ch th\u1ee9c ng\u00e0y c\u00e0ng t\u0103ng, v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p gi\u1ea3m t\u1eeb 24,8% xu\u1ed1ng 21,3% trong n\u0103m n\u0103m khi PBM v\u00e0 c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m gi\u1ea3m ph\u00ed ph\u00e2n ph\u1ed1i kho\u1ea3ng 2,2% h\u00e0ng n\u0103m. Bi\u00ean l\u1ee3i nhu\u1eadn thu\u1ed1c g\u1ed1c \u0111\u00e3 n\u00e9n 13,7% k\u1ec3 t\u1eeb n\u0103m 2020, y\u00eau c\u1ea7u 457 tri\u1ec7u \u0111\u00f4 la trong c\u00e1c s\u00e1ng ki\u1ebfn gi\u1ea3m chi ph\u00ed h\u00e0ng n\u0103m \u0111\u1ec3 b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n 742 tri\u1ec7u \u0111\u00f4 la trong s\u1ef1 x\u00f3i m\u00f2n bi\u00ean l\u1ee3i nhu\u1eadn m\u1eb7c d\u00f9 c\u00f3 l\u1ee3i th\u1ebf v\u1ec1 quy m\u00f4 c\u1ee7a CVS.<\/p>\n<p>Thay \u0111\u1ed5i ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe gi\u1edbi thi\u1ec7u c\u00e1c r\u1ee7i ro c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c. Ch\u01b0\u01a1ng tr\u00ecnh \u0110\u00e0m ph\u00e1n Gi\u00e1 Thu\u1ed1c Medicare c\u1ee7a \u0110\u1ea1o lu\u1eadt Gi\u1ea3m l\u1ea1m ph\u00e1t s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 10 lo\u1ea1i thu\u1ed1c \u0111\u1ea1i di\u1ec7n cho 1,2 t\u1ef7 \u0111\u00f4 la doanh thu c\u1ee7a CVS. Lu\u1eadt minh b\u1ea1ch PBM ti\u1ec1m n\u0103ng y\u00eau c\u1ea7u ti\u1ebft l\u1ed9 gi\u00e1 ch\u00eanh l\u1ec7ch v\u00e0 gi\u1eef l\u1ea1i chi\u1ebft kh\u1ea5u c\u00f3 th\u1ec3 gi\u1ea3m l\u1ee3i nhu\u1eadn d\u1ecbch v\u1ee5 d\u01b0\u1ee3c ph\u1ea9m t\u1eeb 0,7-1,2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m, \u0111\u1ea1i di\u1ec7n cho t\u00e1c \u0111\u1ed9ng thu nh\u1eadp ho\u1ea1t \u0111\u1ed9ng h\u00e0ng n\u0103m 340-580 tri\u1ec7u \u0111\u00f4 la d\u1ef1a tr\u00ean \u01b0\u1edbc t\u00ednh c\u1ee7a V\u0103n ph\u00f2ng Ng\u00e2n s\u00e1ch Qu\u1ed1c h\u1ed9i.<\/p>\n<p>S\u1ef1 thay \u0111\u1ed5i h\u00e0nh vi ti\u00eau d\u00f9ng \u0111\u01b0\u1ee3c t\u0103ng t\u1ed1c b\u1edfi \u0111\u1ea1i d\u1ecbch ti\u1ebfp t\u1ee5c \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u00e1c m\u00f4 h\u00ecnh s\u1eed d\u1ee5ng d\u01b0\u1ee3c ph\u1ea9m. Kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01a1n thu\u1ed1c \u0111\u1eb7t h\u00e0ng qua th\u01b0 \u0111\u00e3 t\u0103ng 37% k\u1ec3 t\u1eeb n\u0103m 2019, trong khi t\u0103ng tr\u01b0\u1edfng \u0111\u01a1n thu\u1ed1c t\u1ea1i c\u1eeda h\u00e0ng \u0111\u00e3 ch\u1eadm l\u1ea1i c\u00f2n 1,3% h\u00e0ng n\u0103m. CVS \u0111\u00e3 ph\u1ea3n \u1ee9ng b\u1eb1ng c\u00e1ch \u0111\u00f3ng c\u1eeda 742 \u0111\u1ecba \u0111i\u1ec3m ho\u1ea1t \u0111\u1ed9ng k\u00e9m k\u1ec3 t\u1eeb n\u0103m 2020 trong khi m\u1edf r\u1ed9ng c\u00f4ng su\u1ea5t th\u1ef1c hi\u1ec7n k\u1ef9 thu\u1eadt s\u1ed1 45%, m\u1eb7c d\u00f9 nh\u1eefng s\u00e1ng ki\u1ebfn n\u00e0y \u0111\u00e3 t\u1ea1o ra 827 tri\u1ec7u \u0111\u00f4 la chi ph\u00ed t\u00e1i c\u1ea5u tr\u00fac v\u1edbi l\u1ee3i nhu\u1eadn d\u00e0i h\u1ea1n kh\u00f4ng ch\u1eafc ch\u1eafn.<\/p>\n<p>C\u00e1c nh\u00e0 giao d\u1ecbch s\u1eed d\u1ee5ng Pocket Option \u0111\u1ec3 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt n\u00ean l\u01b0u \u00fd c\u1ed5 phi\u1ebfu CVS th\u1ec3 hi\u1ec7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n 43% trong c\u00e1c chu k\u1ef3 tin t\u1ee9c ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 sau c\u00e1c b\u00e1o c\u00e1o t\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf h\u00e0ng qu\u00fd. C\u1ed5 phi\u1ebfu n\u00e0y \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng k\u00e9m h\u01a1n ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe 11,2% trong c\u00e1c giai \u0111o\u1ea1n l\u00e3i su\u1ea5t t\u0103ng do h\u1ed3 s\u01a1 n\u1ee3 c\u1ee7a n\u00f3, t\u1ea1o ra c\u00e1c c\u01a1 h\u1ed9i giao d\u1ecbch chi\u1ebfn thu\u1eadt ti\u1ec1m n\u0103ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi c\u00e1c khung th\u1eddi gian kh\u00e1c nhau.<\/p>\n<h2>Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0: C\u00e1ch Ti\u1ebfp c\u1eadn v\u1edbi C\u1ed5 phi\u1ebfu CVS<\/h2>\n<p>Khi \u0111\u00e1nh gi\u00e1 li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua hay kh\u00f4ng, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean xem x\u00e9t c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee5 th\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh v\u00e0 h\u1ed3 s\u01a1 r\u1ee7i ro c\u1ee7a h\u1ecd:<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i Nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\n<th>Lu\u1eadn \u0111i\u1ec3m \u0110\u1ea7u t\u01b0 CVS<\/th>\n<th>Ph\u00e2n b\u1ed5 \u0110\u1ec1 xu\u1ea5t<\/th>\n<th>Chi\u1ebfn l\u01b0\u1ee3c V\u00e0o l\u1ec7nh<\/th>\n<th>C\u00e1ch Ti\u1ebfp c\u1eadn Qu\u1ea3n l\u00fd R\u1ee7i ro<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 Gi\u00e1 tr\u1ecb<\/td>\n<td>T\u1ef7 l\u1ec7 P\/E 8,7x (th\u1ea5p h\u01a1n 39,2% so v\u1edbi ng\u00e0nh) v\u1edbi l\u1ee3i su\u1ea5t FCF 14,7%<\/td>\n<td>V\u1ecb tr\u00ed danh m\u1ee5c 3-5%<\/td>\n<td>V\u1ecb tr\u00ed \u0111\u1ea7y \u0111\u1ee7 d\u01b0\u1edbi 65 \u0111\u00f4 la, t\u0103ng 25% d\u01b0\u1edbi 70 \u0111\u00f4 la<\/td>\n<td>Xem x\u00e9t tho\u00e1t n\u1ebfu P\/E v\u01b0\u1ee3t qu\u00e1 12x m\u00e0 kh\u00f4ng c\u00f3 t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp<\/td>\n<\/tr>\n<tr>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 Thu nh\u1eadp<\/td>\n<td>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,7% v\u1edbi chu\u1ed7i t\u0103ng tr\u01b0\u1edfng 15 n\u0103m v\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 32,3%<\/td>\n<td>V\u1ecb tr\u00ed danh m\u1ee5c 4-7%<\/td>\n<td>DRIP v\u1edbi c\u00e1c l\u1ea7n mua b\u1ed5 sung 25% khi l\u1ee3i su\u1ea5t t\u0103ng \u0111\u1ed9t bi\u1ebfn tr\u00ean 4%<\/td>\n<td>\u0110\u00e1nh gi\u00e1 l\u1ea1i n\u1ebfu t\u1ef7 l\u1ec7 chi tr\u1ea3 v\u01b0\u1ee3t qu\u00e1 50% ho\u1eb7c t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c t\u1ea1m d\u1eebng<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng v\u1edbi Gi\u00e1 h\u1ee3p l\u00fd<\/td>\n<td>Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng EPS 8,4% v\u1edbi t\u1ef7 l\u1ec7 PEG 0,9 (trung b\u00ecnh ng\u00e0nh: 1,4)<\/td>\n<td>V\u1ecb tr\u00ed danh m\u1ee5c 2-4%<\/td>\n<td>V\u1ecb tr\u00ed ban \u0111\u1ea7u 33%, th\u00eam v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 ph\u00f2ng kh\u00e1m Oak Street th\u00e0nh c\u00f4ng<\/td>\n<td>D\u1eebng l\u1ed7 theo sau 15% d\u01b0\u1edbi m\u1ee9c v\u00e0o l\u1ec7nh, th\u1eaft ch\u1eb7t l\u00ean 10% tr\u00ean 75 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e2n b\u1ed5 Ng\u00e0nh Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe<\/td>\n<td>Ti\u1ebfp x\u00fac ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe \u0111a d\u1ea1ng v\u1edbi m\u1ee9c gi\u1ea3m gi\u00e1 39,2% so v\u1edbi ng\u00e0nh<\/td>\n<td>30-40% ph\u00e2n b\u1ed5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe<\/td>\n<td>Tr\u1ecdng l\u01b0\u1ee3ng b\u1eb1ng nhau ban \u0111\u1ea7u, t\u0103ng tr\u1ecdng l\u01b0\u1ee3ng sau c\u00e1c xu h\u01b0\u1edbng MCR t\u00edch c\u1ef1c<\/td>\n<td>C\u00e2n b\u1eb1ng v\u1edbi c\u00f4ng ngh\u1ec7 sinh h\u1ecdc\/c\u00f4ng ngh\u1ec7 y t\u1ebf t\u0103ng tr\u01b0\u1edfng cao \u0111\u1ec3 \u0111a d\u1ea1ng h\u00f3a ng\u00e0nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt tr\u00ean Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1ee9c gi\u00e1 c\u1ee5 th\u1ec3 li\u00ean quan \u0111\u1ebfn c\u00e1c m\u00f4 h\u00ecnh giao d\u1ecbch c\u1ee7a CVS. H\u1ed7 tr\u1ee3 ch\u00ednh t\u1ed3n t\u1ea1i \u1edf m\u1ee9c 57,80 \u0111\u00f4 la (\u0111\u1ea1i di\u1ec7n cho t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean doanh s\u1ed1 0,17x, m\u1ee9c \u0111\u1ecbnh gi\u00e1 l\u1ecbch s\u1eed) v\u00e0 61,40 \u0111\u00f4 la (trung b\u00ecnh \u0111\u1ed9ng 200 tu\u1ea7n), trong khi c\u00e1c m\u1ee9c kh\u00e1ng c\u1ef1 \u1edf m\u1ee9c 68,90 \u0111\u00f4 la (trung b\u00ecnh \u0111\u1ed9ng 50 tu\u1ea7n) v\u00e0 72,30 \u0111\u00f4 la (tho\u00e1i lui 38,2% t\u1eeb m\u1ee9c cao n\u0103m 2022) t\u1ea1o ra c\u00e1c m\u1ee5c ti\u00eau tho\u00e1t ho\u1eb7c c\u1eaft gi\u1ea3m v\u1ecb tr\u00ed ti\u1ec1m n\u0103ng.<\/p>\n<p>C\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 danh m\u1ee5c c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m th\u1ed1ng k\u00ea c\u1ee7a CVS: beta 0,68 cung c\u1ea5p s\u1ef1 b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1 v\u1eeba ph\u1ea3i trong c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng, trong khi t\u01b0\u01a1ng quan -0,22 v\u1edbi ng\u00e0nh c\u00f4ng ngh\u1ec7 v\u00e0 +0,41 v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 gi\u00e1 tr\u1ecb mang l\u1ea1i l\u1ee3i \u00edch \u0111a d\u1ea1ng h\u00f3a. T\u1ef7 l\u1ec7 Sharpe 0,84 c\u1ee7a c\u1ed5 phi\u1ebfu trong n\u0103m n\u0103m so s\u00e1nh thu\u1eadn l\u1ee3i v\u1edbi m\u1ee9c trung b\u00ecnh 0,71 c\u1ee7a ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe, cho th\u1ea5y l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro v\u01b0\u1ee3t tr\u1ed9i m\u1eb7c d\u00f9 c\u00f3 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1.<\/p>\n<ul>\n<li>Trung b\u00ecnh chi ph\u00ed \u0111\u00f4 la \u1edf m\u1ee9c t\u0103ng v\u1ecb tr\u00ed 25% d\u01b0\u1edbi 65 \u0111\u00f4 la n\u1eafm b\u1eaft l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,9% trong khi gi\u1ea3m r\u1ee7i ro th\u1eddi gian<\/li>\n<li>Chi\u1ebfn l\u01b0\u1ee3c g\u1ecdi b\u1ea3o hi\u1ec3m vi\u1ebft c\u00e1c cu\u1ed9c g\u1ecdi 30-45 DTE \u1edf m\u1ee9c gi\u00e1 70-72,50 \u0111\u00f4 la t\u1ea1o ra thu nh\u1eadp ph\u00ed b\u1ea3o hi\u1ec3m h\u00e0ng n\u0103m 8-12%<\/li>\n<li>Giao d\u1ecbch c\u1eb7p CVS ch\u1ed1ng l\u1ea1i UNH v\u1edbi tr\u1ecdng s\u1ed1 \u0111i\u1ec1u ch\u1ec9nh beta 0,30 c\u00f4 l\u1eadp hi\u1ec7u su\u1ea5t c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty so v\u1edbi xu h\u01b0\u1edbng ng\u00e0nh<\/li>\n<li>T\u0103ng tr\u1ecdng l\u01b0\u1ee3ng chi\u1ebfn thu\u1eadt trong c\u00e1c m\u00f9a thu nh\u1eadp qu\u00fd 1 n\u1eafm b\u1eaft hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i l\u1ecbch s\u1eed 7,3% trong c\u00e1c k\u1ecbch b\u1ea3n \u0111\u00e1nh b\u1ea1i<\/li>\n<\/ul>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng xuy\u00ean h\u1ecfi &#8220;t\u00f4i c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu CVS kh\u00f4ng?&#8221; trong th\u1eddi k\u1ef3 bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng, qu\u1ea3n l\u00fd r\u1ee7i ro tr\u1edf n\u00ean quan tr\u1ecdng. K\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed n\u00ean ph\u1ea3n \u00e1nh c\u1ea3 c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb v\u00e0 r\u1ee7i ro th\u1ef1c hi\u1ec7n: c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ea3o th\u1ee7 c\u00f3 th\u1ec3 gi\u1edbi h\u1ea1n m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac \u1edf m\u1ee9c 3% gi\u00e1 tr\u1ecb danh m\u1ee5c v\u1edbi c\u00e1c th\u00f4ng s\u1ed1 d\u1eebng l\u1ed7 nghi\u00eam ng\u1eb7t, trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb t\u1ef1 tin v\u00e0o lu\u1eadn \u0111i\u1ec3m xoay v\u00f2ng c\u00f3 th\u1ec3 thi\u1ebft l\u1eadp c\u00e1c v\u1ecb tr\u00ed c\u1ed1t l\u00f5i \u0111\u1ea1i di\u1ec7n cho 5-7% danh m\u1ee5c v\u1edbi k\u1ebf ho\u1ea1ch trung b\u00ecnh gi\u1ea3m trong c\u00e1c v\u00f2ng quay ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe.<\/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: Li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t C\u1ed5 phi\u1ebfu T\u1ed1t \u0111\u1ec3 Mua?<\/h2>\n<p>C\u00e2u h\u1ecfi &#8220;li\u1ec7u CVS c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua kh\u00f4ng?&#8221; \u0111\u00f2i h\u1ecfi ph\u00e2n t\u00edch tinh t\u1ebf h\u01a1n l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 b\u1ec1 ngo\u00e0i. B\u1eb1ng ch\u1ee9ng cho th\u1ea5y CVS mang l\u1ea1i gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng: t\u1ef7 l\u1ec7 P\/E d\u1ef1 ki\u1ebfn 8,7x (th\u1ea5p h\u01a1n 39,2% so v\u1edbi trung b\u00ecnh ng\u00e0nh), l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,7% (cao h\u01a1n 2,2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi S&#038;P 500) v\u00e0 l\u1ee3i su\u1ea5t d\u00f2ng ti\u1ec1n t\u1ef1 do 14,7% h\u1ed7 tr\u1ee3 c\u1ea3 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c 32,3% v\u00e0 c\u00e1c m\u1ee5c ti\u00eau gi\u1ea3m n\u1ee3 \u0111ang di\u1ec5n ra.<\/p>\n<p>Chi\u1ebfn l\u01b0\u1ee3c t\u00edch h\u1ee3p theo chi\u1ec1u d\u1ecdc c\u1ee7a c\u00f4ng ty mang l\u1ea1i l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c: 2,7 t\u1ef7 \u0111\u00f4 la trong c\u00e1c hi\u1ec7u qu\u1ea3 h\u00e0ng n\u0103m, t\u1ef7 l\u1ec7 tu\u00e2n th\u1ee7 thu\u1ed1c cao h\u01a1n 9,2% v\u00e0 l\u1ee3i nhu\u1eadn cao h\u01a1n 5.400 \u0111\u00f4 la m\u1ed7i b\u1ec7nh nh\u00e2n Medicare Advantage trong c\u00e1c th\u1ecfa thu\u1eadn ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb. Nh\u1eefng l\u1ee3i th\u1ebf c\u1ea5u tr\u00fac n\u00e0y th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng EPS d\u1ef1 ki\u1ebfn 8,4% m\u1eb7c d\u00f9 \u00e1p l\u1ef1c bi\u00ean l\u1ee3i nhu\u1eadn d\u01b0\u1ee3c ph\u1ea9m b\u00e1n l\u1ebb v\u00e0 chi ph\u00ed t\u00edch h\u1ee3p, t\u1ea1o ra ti\u1ec1m n\u0103ng m\u1edf r\u1ed9ng nhi\u1ec1u khi c\u00e1c s\u00e1ng ki\u1ebfn chuy\u1ec3n \u0111\u1ed5i ch\u1ee9ng minh th\u00e0nh c\u00f4ng.<\/p>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean nh\u1eadn ra r\u1eb1ng CVS \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01b0\u1ee3c t\u00ednh to\u00e1n v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c 30 t\u1ef7 \u0111\u00f4 la c\u1ee7a ban qu\u1ea3n l\u00fd. K\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd g\u1ea7n \u0111\u00e2y x\u00e1c nh\u1eadn ti\u1ebfn \u0111\u1ed9: c\u00e1c ph\u00f2ng kh\u00e1m Oak Street Health \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c t\u0103ng tr\u01b0\u1edfng l\u01b0\u1ee3t th\u0103m kh\u00e1m c\u00f9ng c\u1eeda h\u00e0ng 19%, c\u00e1c \u0111\u1ecba \u0111i\u1ec3m HealthHUB t\u1ea1o ra l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i m\u00e9t vu\u00f4ng cao h\u01a1n 34% so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng truy\u1ec1n th\u1ed1ng, v\u00e0 c\u00e1c n\u1ec1n t\u1ea3ng s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u00e3 thu h\u00fat 9,8 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng ho\u1ea1t \u0111\u1ed9ng h\u00e0ng th\u00e1ng t\u1ea1o ra 178 tri\u1ec7u \u0111\u00f4 la doanh thu h\u00e0ng qu\u00fd.<\/p>\n<p>C\u00e1c y\u1ebfu t\u1ed1 ch\u00ednh h\u1ed7 tr\u1ee3 tri\u1ec3n v\u1ecdng t\u00edch c\u1ef1c bao g\u1ed3m:<\/p>\n<ul>\n<li>14,7 t\u1ef7 \u0111\u00f4 la d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m h\u1ed7 tr\u1ee3 c\u1ea3 l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3,7% v\u00e0 ti\u1ebfp t\u1ee5c gi\u1ea3m n\u1ee3<\/li>\n<li>T\u1ef7 l\u1ec7 P\/E d\u1ef1 ki\u1ebfn 8,7x \u0111\u1ea1i di\u1ec7n cho m\u1ee9c gi\u1ea3m gi\u00e1 39,2% so v\u1edbi ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe m\u1eb7c d\u00f9 c\u00f3 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/li>\n<li>V\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c n\u1eafm b\u1eaft l\u1ee3i nhu\u1eadn 2.700 \u0111\u00f4 la m\u1ed7i b\u1ec7nh nh\u00e2n trong c\u00e1c th\u1ecfa thu\u1eadn Medicare Advantage d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb<\/li>\n<li>Xu h\u01b0\u1edbng nh\u00e2n kh\u1ea9u h\u1ecdc t\u1eeb 67,8 tri\u1ec7u ng\u01b0\u1eddi M\u1ef9 \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n Medicare v\u00e0o n\u0103m 2030 (t\u0103ng 28% so v\u1edbi n\u0103m 2023)<\/li>\n<\/ul>\n<p>C\u00e1c m\u1ed1i quan ng\u1ea1i \u0111\u1ed1i tr\u1ecdng y\u00eau c\u1ea7u gi\u00e1m s\u00e1t t\u00edch c\u1ef1c:<\/p>\n<ul>\n<li>\u00c1p l\u1ef1c ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn b\u00e1n l\u1ebb kho\u1ea3ng 70 \u0111i\u1ec3m c\u01a1 b\u1ea3n h\u00e0ng n\u0103m<\/li>\n<li>Th\u00e1ch th\u1ee9c th\u1ef1c hi\u1ec7n t\u00edch h\u1ee3p v\u1edbi vi\u1ec7c m\u1edf r\u1ed9ng Oak Street Health ch\u1eadm 17% so v\u1edbi k\u1ebf ho\u1ea1ch<\/li>\n<li>R\u1ee7i ro quy \u0111\u1ecbnh t\u1eeb \u0110\u00e0m ph\u00e1n Gi\u00e1 Thu\u1ed1c Medicare \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 1,2 t\u1ef7 \u0111\u00f4 la doanh thu<\/li>\n<li>Gi\u00e1n \u0111o\u1ea1n k\u1ef9 thu\u1eadt s\u1ed1 t\u1eeb Amazon Pharmacy t\u0103ng tr\u01b0\u1edfng 27,3% h\u00e0ng n\u0103m so v\u1edbi t\u0103ng tr\u01b0\u1edfng 14,8% c\u1ee7a d\u01b0\u1ee3c ph\u1ea9m k\u1ef9 thu\u1eadt s\u1ed1 CVS<\/li>\n<\/ul>\n<p>C\u00e1c nh\u00e0 giao d\u1ecbch s\u1eed d\u1ee5ng c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option \u0111\u1ec3 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt n\u00ean k\u1ebft h\u1ee3p c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n n\u00e0y v\u00e0o quy tr\u00ecnh \u0111\u00e1nh gi\u00e1 c\u1ee7a h\u1ecd. Thi\u1ebft l\u1eadp k\u1ef9 thu\u1eadt c\u1ee7a c\u1ed5 phi\u1ebfu cho th\u1ea5y s\u1ef1 ph\u00e2n k\u1ef3 t\u0103ng ti\u1ec1m n\u0103ng gi\u1eefa h\u00e0nh \u0111\u1ed9ng gi\u00e1 v\u00e0 c\u00e1c ch\u1ec9 b\u00e1o RSI\/MACD, cho th\u1ea5y s\u1ef1 thay \u0111\u1ed5i \u0111\u1ed9ng l\u01b0\u1ee3ng c\u00f3 th\u1ec3 x\u1ea3y ra khi c\u00f4ng ty b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 qu\u00fd 3 v\u00e0o th\u00e1ng 11 n\u0103m 2025. C\u00e1c m\u1ee9c k\u1ef9 thu\u1eadt ch\u00ednh \u1edf m\u1ee9c 57,80 \u0111\u00f4 la (h\u1ed7 tr\u1ee3) v\u00e0 68,90 \u0111\u00f4 la (kh\u00e1ng c\u1ef1) cung c\u1ea5p c\u00e1c m\u1ee5c ti\u00eau v\u00e0o v\u00e0 tho\u00e1t c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch ng\u1eafn h\u1ea1n.<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n t\u00ecm ki\u1ebfm s\u1ef1 ti\u1ebfp x\u00fac v\u1edbi ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u1edbi c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m thu nh\u1eadp, CVS \u0111\u00e1ng \u0111\u01b0\u1ee3c xem x\u00e9t \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i d\u01b0\u1edbi 65 \u0111\u00f4 la. C\u1ed5 phi\u1ebfu n\u00e0y mang l\u1ea1i s\u1ef1 k\u1ebft h\u1ee3p h\u1ea5p d\u1eabn c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 gi\u00e1 tr\u1ecb (t\u1ef7 l\u1ec7 P\/E 8,7x, t\u1ef7 l\u1ec7 PEG 0,9), c\u00e1c thu\u1ed9c t\u00ednh thu nh\u1eadp (l\u1ee3i su\u1ea5t 3,7%, l\u1ecbch s\u1eed t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 15 n\u0103m) v\u00e0 ti\u1ec1m n\u0103ng chuy\u1ec3n \u0111\u1ed5i c\u00f3 th\u1ec3 mang l\u1ea1i c\u1ea3 t\u0103ng gi\u00e1 v\u1ed1n v\u00e0 d\u00f2ng thu nh\u1eadp ng\u00e0y c\u00e0ng t\u0103ng khi c\u00e1c s\u00e1ng ki\u1ebfn chi\u1ebfn l\u01b0\u1ee3c tr\u01b0\u1edfng th\u00e0nh.<\/p>\n<p>Trong ph\u00e2n t\u00edch cu\u1ed1i c\u00f9ng, \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi li\u00ean t\u1ee5c h\u1ecfi &#8220;t\u00f4i c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu CVS kh\u00f4ng?&#8221;, c\u00f4ng ty \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0o s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe M\u1ef9 v\u1edbi m\u1ee9c gi\u1ea3m gi\u00e1 \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u1ea3 th\u1ecb tr\u01b0\u1eddng r\u1ed9ng l\u1edbn h\u01a1n v\u00e0 c\u00e1c \u0111\u1ed1i th\u1ee7 ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. M\u1eb7c d\u00f9 r\u1ee7i ro th\u1ef1c hi\u1ec7n v\u1eabn c\u00f2n, s\u1ee9c m\u1ea1nh t\u00e0i ch\u00ednh v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00f4ng ty h\u1ed7 tr\u1ee3 ti\u1ebfp t\u1ee5c mang l\u1ea1i l\u1ee3i nhu\u1eadn cho c\u1ed5 \u0111\u00f4ng trong khi t\u00e0i tr\u1ee3 cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ea7n thi\u1ebft v\u00e0o vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tho\u1ea3i m\u00e1i v\u1edbi c\u00e1c r\u1ee7i ro \u0111\u00e3 x\u00e1c \u0111\u1ecbnh v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m d\u00e0i h\u1ea1n n\u00e0y, c\u1ed5 phi\u1ebfu CVS \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn trong ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe.<\/p>\n<\/div>\n"},"faq":[{"question":"T\u00f4i c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu CVS trong m\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i kh\u00f4ng?","answer":"Quy\u1ebft \u0111\u1ecbnh ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n. V\u1edbi CVS giao d\u1ecbch \u1edf t\u1ef7 l\u1ec7 P\/E 8.7x (th\u1ea5p h\u01a1n 39.2% so v\u1edbi trung b\u00ecnh ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe) v\u00e0 cung c\u1ea5p l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3.7%, c\u1ed5 phi\u1ebfu n\u00e0y mang l\u1ea1i gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u00ean nh\u1eabn. S\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u1ee7a c\u00f4ng ty t\u1eeb nh\u00e0 thu\u1ed1c b\u00e1n l\u1ebb sang nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p cho th\u1ea5y k\u1ebft qu\u1ea3 \u0111\u1ea7y h\u1ee9a h\u1eb9n: c\u00e1c ph\u00f2ng kh\u00e1m Oak Street Health t\u0103ng l\u01b0\u1ee3t th\u0103m kh\u00e1m 19% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc v\u00e0 c\u00e1c \u0111\u1ecba \u0111i\u1ec3m HealthHUB t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n 34% so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng truy\u1ec1n th\u1ed1ng. Tuy nhi\u00ean, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 chi ph\u00ed thu\u1ed1c (gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn 70 \u0111i\u1ec3m c\u01a1 b\u1ea3n h\u00e0ng n\u0103m) v\u00e0 th\u00e1ch th\u1ee9c trong vi\u1ec7c th\u1ef1c hi\u1ec7n t\u00edch h\u1ee3p (m\u1edf r\u1ed9ng Oak Street ch\u1eadm h\u01a1n 17% so v\u1edbi k\u1ebf ho\u1ea1ch)."},{"question":"Ch\u01b0\u01a1ng tr\u00ecnh c\u1ed5 t\u1ee9c c\u1ee7a CVS so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe kh\u00e1c nh\u01b0 th\u1ebf n\u00e0o?","answer":"CVS cung c\u1ea5p l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i 3,7% - cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c trung b\u00ecnh 1,5% c\u1ee7a S&P 500 v\u00e0 m\u1ee9c trung b\u00ecnh 2,3% c\u1ee7a ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. C\u00f4ng ty \u0111\u00e3 duy tr\u00ec 15 n\u0103m li\u00ean ti\u1ebfp t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c, bao g\u1ed3m c\u1ea3 trong giai \u0111o\u1ea1n mua l\u1ea1i Aetna. V\u1edbi t\u1ef7 l\u1ec7 chi tr\u1ea3 b\u1ea3o th\u1ee7 32,3% \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m 14,7 t\u1ef7 USD, c\u1ed5 t\u1ee9c c\u00f3 v\u1ebb an to\u00e0n v\u1edbi kh\u1ea3 n\u0103ng ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng. M\u1eb7c d\u00f9 m\u1ee9c t\u0103ng h\u00e0ng n\u0103m g\u1ea7n \u0111\u00e2y \u0111\u00e3 gi\u1ea3m xu\u1ed1ng c\u00f2n 5,0% (so v\u1edbi CAGR 10 n\u0103m l\u1ecbch s\u1eed l\u00e0 10,2%), \u0111i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh s\u1ef1 ph\u00e2n b\u1ed5 v\u1ed1n th\u1eadn tr\u1ecdng \u01b0u ti\u00ean gi\u1ea3m n\u1ee3, \u0111\u00e3 gi\u1ea3m t\u1eeb 78,5 t\u1ef7 USD xu\u1ed1ng c\u00f2n 50,5 t\u1ef7 USD k\u1ec3 t\u1eeb khi mua l\u1ea1i Aetna."},{"question":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t \u0111\u1ed1i v\u1edbi m\u00f4 h\u00ecnh kinh doanh c\u1ee7a CVS l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh bao g\u1ed3m: 1) \u00c1p l\u1ef1c ho\u00e0n tr\u1ea3 t\u1eeb nh\u00e0 thu\u1ed1c l\u00e0m gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn b\u00e1n l\u1ebb 70 \u0111i\u1ec3m c\u01a1 b\u1ea3n h\u00e0ng n\u0103m, d\u1eabn \u0111\u1ebfn x\u00f3i m\u00f2n bi\u00ean l\u1ee3i nhu\u1eadn $742 tri\u1ec7u, \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n b\u1edfi c\u00e1c s\u00e1ng ki\u1ebfn gi\u1ea3m chi ph\u00ed $457 tri\u1ec7u; 2) \u0110\u00e0m ph\u00e1n gi\u00e1 thu\u1ed1c Medicare \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 10 lo\u1ea1i thu\u1ed1c \u0111\u1ea1i di\u1ec7n cho $1.2 t\u1ef7 doanh thu v\u1edbi t\u00e1c \u0111\u1ed9ng l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng $310-450 tri\u1ec7u; 3) Th\u00e1ch th\u1ee9c th\u1ef1c hi\u1ec7n t\u00edch h\u1ee3p v\u1edbi vi\u1ec7c m\u1edf r\u1ed9ng Oak Street Health ch\u1eadm h\u01a1n 17% so v\u1edbi k\u1ebf ho\u1ea1ch; 4) T\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf x\u1ea5u \u0111i \u0111\u1ebfn 82.4% (so v\u1edbi m\u1ee5c ti\u00eau 81.1%) \u0111\u1ea1i di\u1ec7n cho tr\u1edf ng\u1ea1i l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m $480 tri\u1ec7u cho m\u1ed7i \u0111i\u1ec3m ph\u1ea7n tr\u0103m t\u0103ng; v\u00e0 5) Gi\u00e1n \u0111o\u1ea1n k\u1ef9 thu\u1eadt s\u1ed1 t\u1eeb Amazon Pharmacy t\u0103ng tr\u01b0\u1edfng 27.3% h\u00e0ng n\u0103m so v\u1edbi t\u0103ng tr\u01b0\u1edfng 14.8% c\u1ee7a nh\u00e0 thu\u1ed1c k\u1ef9 thu\u1eadt s\u1ed1 CVS. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i c\u00e1c c\u00f4ng b\u1ed1 h\u00e0ng qu\u00fd \u0111\u1ec3 ph\u00e1t hi\u1ec7n s\u1edbm c\u00e1c d\u1ea5u hi\u1ec7u c\u1ee7a nh\u1eefng r\u1ee7i ro n\u00e0y gia t\u0103ng."},{"question":"CVS \u0111\u01b0\u1ee3c \u0111\u1ecbnh v\u1ecb nh\u01b0 th\u1ebf n\u00e0o so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh nh\u01b0 UnitedHealth Group v\u00e0 Walgreens?","answer":"CVS chi\u1ebfm v\u1ecb tr\u00ed trung gian chi\u1ebfn l\u01b0\u1ee3c v\u1edbi \u0111\u1ed9ng l\u1ef1c c\u1ea1nh tranh c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 ch\u00ednh. So v\u1edbi Walgreens, CVS t\u1ea1o ra bi\u00ean l\u1ee3i nhu\u1eadn cao h\u01a1n 4,2% t\u1eeb c\u00e1c d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p trong khi t\u0103ng th\u1ecb ph\u1ea7n \u0111\u01a1n thu\u1ed1c (+1,2% so v\u1edbi xu h\u01b0\u1edbng n\u0103m n\u0103m c\u1ee7a WBA l\u00e0 -0,8%). So v\u1edbi UnitedHealth\/Optum, CVS t\u1eadn d\u1ee5ng h\u01a1n 9.000 \u0111\u1ecba \u0111i\u1ec3m b\u00e1n l\u1ebb (so v\u1edbi 2.000+ ph\u00f2ng kh\u00e1m c\u1ee7a UNH) nh\u01b0ng t\u1ee5t h\u1eadu v\u1ec1 quy m\u00f4 m\u1ea1ng l\u01b0\u1edbi nh\u00e0 cung c\u1ea5p (65.000 nh\u00e0 cung c\u1ea5p li\u00ean k\u1ebft so v\u1edbi 1,6 tri\u1ec7u c\u1ee7a UNH). Chi\u1ebfn l\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i c\u1ee7a CVS gi\u1ea3i quy\u1ebft c\u00e1c m\u1ed1i \u0111e d\u1ecda c\u1ea1nh tranh th\u00f4ng qua c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee5c ti\u00eau: 4,2 t\u1ef7 USD cho vi\u1ec7c m\u1edf r\u1ed9ng HealthHUB, 6,8 t\u1ef7 USD cho c\u00e1c ph\u00f2ng kh\u00e1m Oak Street v\u00e0 2,3 t\u1ef7 USD cho vi\u1ec7c n\u00e2ng cao n\u1ec1n t\u1ea3ng k\u1ef9 thu\u1eadt s\u1ed1--c\u00e1c s\u00e1ng ki\u1ebfn mang l\u1ea1i l\u1ee3i th\u1ebf c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c trong vi\u1ec7c ti\u1ebfp c\u1eadn b\u1ec7nh nh\u00e2n, \u0111i\u1ec1u ph\u1ed1i ch\u0103m s\u00f3c v\u00e0 kh\u1ea3 n\u0103ng ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 n\u00e0o t\u00f4i n\u00ean theo d\u00f5i \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a CVS?","answer":"Theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u su\u1ea5t c\u1ee5 th\u1ec3 sau: 1) T\u0103ng tr\u01b0\u1edfng l\u01b0\u1ee3t th\u0103m kh\u00e1m c\u00f9ng c\u1eeda h\u00e0ng c\u1ee7a Oak Street Health (hi\u1ec7n t\u1ea1i 19% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc) v\u00e0 s\u1ed1 l\u01b0\u1ee3ng ph\u00f2ng kh\u00e1m m\u1edbi m\u1edf so v\u1edbi m\u1ee5c ti\u00eau (ch\u1eadm h\u01a1n 17% so v\u1edbi k\u1ebf ho\u1ea1ch); 2) T\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf trong ph\u00e2n kh\u00fac L\u1ee3i \u00edch Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe (82,4% trong Q2 2025, t\u0103ng 1,3 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc); 3) S\u1ef1 tham gia c\u1ee7a n\u1ec1n t\u1ea3ng k\u1ef9 thu\u1eadt s\u1ed1 (9,8 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng ho\u1ea1t \u0111\u1ed9ng h\u00e0ng th\u00e1ng, t\u0103ng tr\u01b0\u1edfng 47% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc); 4) C\u00e1c ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn c\u1ee7a HealthHUB (\u0111\u00f3ng g\u00f3p cao h\u01a1n 34% tr\u00ean m\u1ed7i m\u00e9t vu\u00f4ng so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng truy\u1ec1n th\u1ed1ng); v\u00e0 5) Hi\u1ec7u su\u1ea5t ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb (l\u1ee3i nhu\u1eadn t\u0103ng th\u00eam $5,400 cho m\u1ed7i b\u1ec7nh nh\u00e2n Medicare Advantage theo c\u00e1c th\u1ecfa thu\u1eadn r\u1ee7i ro). C\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y c\u00f9ng nhau ch\u1ec9 ra li\u1ec7u ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c tr\u1ecb gi\u00e1 30 t\u1ef7 \u0111\u00f4 la c\u1ee7a CVS c\u00f3 \u0111ang th\u00e0nh c\u00f4ng trong vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i m\u00f4 h\u00ecnh kinh doanh trong khi duy tr\u00ec k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh hay kh\u00f4ng."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"T\u00f4i c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu CVS trong m\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i kh\u00f4ng?","answer":"Quy\u1ebft \u0111\u1ecbnh ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n. V\u1edbi CVS giao d\u1ecbch \u1edf t\u1ef7 l\u1ec7 P\/E 8.7x (th\u1ea5p h\u01a1n 39.2% so v\u1edbi trung b\u00ecnh ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe) v\u00e0 cung c\u1ea5p l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3.7%, c\u1ed5 phi\u1ebfu n\u00e0y mang l\u1ea1i gi\u00e1 tr\u1ecb h\u1ea5p d\u1eabn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u00ean nh\u1eabn. S\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u1ee7a c\u00f4ng ty t\u1eeb nh\u00e0 thu\u1ed1c b\u00e1n l\u1ebb sang nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p cho th\u1ea5y k\u1ebft qu\u1ea3 \u0111\u1ea7y h\u1ee9a h\u1eb9n: c\u00e1c ph\u00f2ng kh\u00e1m Oak Street Health t\u0103ng l\u01b0\u1ee3t th\u0103m kh\u00e1m 19% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc v\u00e0 c\u00e1c \u0111\u1ecba \u0111i\u1ec3m HealthHUB t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n 34% so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng truy\u1ec1n th\u1ed1ng. Tuy nhi\u00ean, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 chi ph\u00ed thu\u1ed1c (gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn 70 \u0111i\u1ec3m c\u01a1 b\u1ea3n h\u00e0ng n\u0103m) v\u00e0 th\u00e1ch th\u1ee9c trong vi\u1ec7c th\u1ef1c hi\u1ec7n t\u00edch h\u1ee3p (m\u1edf r\u1ed9ng Oak Street ch\u1eadm h\u01a1n 17% so v\u1edbi k\u1ebf ho\u1ea1ch)."},{"question":"Ch\u01b0\u01a1ng tr\u00ecnh c\u1ed5 t\u1ee9c c\u1ee7a CVS so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe kh\u00e1c nh\u01b0 th\u1ebf n\u00e0o?","answer":"CVS cung c\u1ea5p l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i 3,7% - cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c trung b\u00ecnh 1,5% c\u1ee7a S&P 500 v\u00e0 m\u1ee9c trung b\u00ecnh 2,3% c\u1ee7a ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. C\u00f4ng ty \u0111\u00e3 duy tr\u00ec 15 n\u0103m li\u00ean ti\u1ebfp t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c, bao g\u1ed3m c\u1ea3 trong giai \u0111o\u1ea1n mua l\u1ea1i Aetna. V\u1edbi t\u1ef7 l\u1ec7 chi tr\u1ea3 b\u1ea3o th\u1ee7 32,3% \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m 14,7 t\u1ef7 USD, c\u1ed5 t\u1ee9c c\u00f3 v\u1ebb an to\u00e0n v\u1edbi kh\u1ea3 n\u0103ng ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng. M\u1eb7c d\u00f9 m\u1ee9c t\u0103ng h\u00e0ng n\u0103m g\u1ea7n \u0111\u00e2y \u0111\u00e3 gi\u1ea3m xu\u1ed1ng c\u00f2n 5,0% (so v\u1edbi CAGR 10 n\u0103m l\u1ecbch s\u1eed l\u00e0 10,2%), \u0111i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh s\u1ef1 ph\u00e2n b\u1ed5 v\u1ed1n th\u1eadn tr\u1ecdng \u01b0u ti\u00ean gi\u1ea3m n\u1ee3, \u0111\u00e3 gi\u1ea3m t\u1eeb 78,5 t\u1ef7 USD xu\u1ed1ng c\u00f2n 50,5 t\u1ef7 USD k\u1ec3 t\u1eeb khi mua l\u1ea1i Aetna."},{"question":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t \u0111\u1ed1i v\u1edbi m\u00f4 h\u00ecnh kinh doanh c\u1ee7a CVS l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh bao g\u1ed3m: 1) \u00c1p l\u1ef1c ho\u00e0n tr\u1ea3 t\u1eeb nh\u00e0 thu\u1ed1c l\u00e0m gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn b\u00e1n l\u1ebb 70 \u0111i\u1ec3m c\u01a1 b\u1ea3n h\u00e0ng n\u0103m, d\u1eabn \u0111\u1ebfn x\u00f3i m\u00f2n bi\u00ean l\u1ee3i nhu\u1eadn $742 tri\u1ec7u, \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n b\u1edfi c\u00e1c s\u00e1ng ki\u1ebfn gi\u1ea3m chi ph\u00ed $457 tri\u1ec7u; 2) \u0110\u00e0m ph\u00e1n gi\u00e1 thu\u1ed1c Medicare \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 10 lo\u1ea1i thu\u1ed1c \u0111\u1ea1i di\u1ec7n cho $1.2 t\u1ef7 doanh thu v\u1edbi t\u00e1c \u0111\u1ed9ng l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng $310-450 tri\u1ec7u; 3) Th\u00e1ch th\u1ee9c th\u1ef1c hi\u1ec7n t\u00edch h\u1ee3p v\u1edbi vi\u1ec7c m\u1edf r\u1ed9ng Oak Street Health ch\u1eadm h\u01a1n 17% so v\u1edbi k\u1ebf ho\u1ea1ch; 4) T\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf x\u1ea5u \u0111i \u0111\u1ebfn 82.4% (so v\u1edbi m\u1ee5c ti\u00eau 81.1%) \u0111\u1ea1i di\u1ec7n cho tr\u1edf ng\u1ea1i l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m $480 tri\u1ec7u cho m\u1ed7i \u0111i\u1ec3m ph\u1ea7n tr\u0103m t\u0103ng; v\u00e0 5) Gi\u00e1n \u0111o\u1ea1n k\u1ef9 thu\u1eadt s\u1ed1 t\u1eeb Amazon Pharmacy t\u0103ng tr\u01b0\u1edfng 27.3% h\u00e0ng n\u0103m so v\u1edbi t\u0103ng tr\u01b0\u1edfng 14.8% c\u1ee7a nh\u00e0 thu\u1ed1c k\u1ef9 thu\u1eadt s\u1ed1 CVS. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i c\u00e1c c\u00f4ng b\u1ed1 h\u00e0ng qu\u00fd \u0111\u1ec3 ph\u00e1t hi\u1ec7n s\u1edbm c\u00e1c d\u1ea5u hi\u1ec7u c\u1ee7a nh\u1eefng r\u1ee7i ro n\u00e0y gia t\u0103ng."},{"question":"CVS \u0111\u01b0\u1ee3c \u0111\u1ecbnh v\u1ecb nh\u01b0 th\u1ebf n\u00e0o so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh nh\u01b0 UnitedHealth Group v\u00e0 Walgreens?","answer":"CVS chi\u1ebfm v\u1ecb tr\u00ed trung gian chi\u1ebfn l\u01b0\u1ee3c v\u1edbi \u0111\u1ed9ng l\u1ef1c c\u1ea1nh tranh c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 ch\u00ednh. So v\u1edbi Walgreens, CVS t\u1ea1o ra bi\u00ean l\u1ee3i nhu\u1eadn cao h\u01a1n 4,2% t\u1eeb c\u00e1c d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p trong khi t\u0103ng th\u1ecb ph\u1ea7n \u0111\u01a1n thu\u1ed1c (+1,2% so v\u1edbi xu h\u01b0\u1edbng n\u0103m n\u0103m c\u1ee7a WBA l\u00e0 -0,8%). So v\u1edbi UnitedHealth\/Optum, CVS t\u1eadn d\u1ee5ng h\u01a1n 9.000 \u0111\u1ecba \u0111i\u1ec3m b\u00e1n l\u1ebb (so v\u1edbi 2.000+ ph\u00f2ng kh\u00e1m c\u1ee7a UNH) nh\u01b0ng t\u1ee5t h\u1eadu v\u1ec1 quy m\u00f4 m\u1ea1ng l\u01b0\u1edbi nh\u00e0 cung c\u1ea5p (65.000 nh\u00e0 cung c\u1ea5p li\u00ean k\u1ebft so v\u1edbi 1,6 tri\u1ec7u c\u1ee7a UNH). Chi\u1ebfn l\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i c\u1ee7a CVS gi\u1ea3i quy\u1ebft c\u00e1c m\u1ed1i \u0111e d\u1ecda c\u1ea1nh tranh th\u00f4ng qua c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee5c ti\u00eau: 4,2 t\u1ef7 USD cho vi\u1ec7c m\u1edf r\u1ed9ng HealthHUB, 6,8 t\u1ef7 USD cho c\u00e1c ph\u00f2ng kh\u00e1m Oak Street v\u00e0 2,3 t\u1ef7 USD cho vi\u1ec7c n\u00e2ng cao n\u1ec1n t\u1ea3ng k\u1ef9 thu\u1eadt s\u1ed1--c\u00e1c s\u00e1ng ki\u1ebfn mang l\u1ea1i l\u1ee3i th\u1ebf c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c trong vi\u1ec7c ti\u1ebfp c\u1eadn b\u1ec7nh nh\u00e2n, \u0111i\u1ec1u ph\u1ed1i ch\u0103m s\u00f3c v\u00e0 kh\u1ea3 n\u0103ng ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 n\u00e0o t\u00f4i n\u00ean theo d\u00f5i \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ti\u1ebfn tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a CVS?","answer":"Theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u su\u1ea5t c\u1ee5 th\u1ec3 sau: 1) T\u0103ng tr\u01b0\u1edfng l\u01b0\u1ee3t th\u0103m kh\u00e1m c\u00f9ng c\u1eeda h\u00e0ng c\u1ee7a Oak Street Health (hi\u1ec7n t\u1ea1i 19% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc) v\u00e0 s\u1ed1 l\u01b0\u1ee3ng ph\u00f2ng kh\u00e1m m\u1edbi m\u1edf so v\u1edbi m\u1ee5c ti\u00eau (ch\u1eadm h\u01a1n 17% so v\u1edbi k\u1ebf ho\u1ea1ch); 2) T\u1ef7 l\u1ec7 chi ph\u00ed y t\u1ebf trong ph\u00e2n kh\u00fac L\u1ee3i \u00edch Ch\u0103m s\u00f3c S\u1ee9c kh\u1ecfe (82,4% trong Q2 2025, t\u0103ng 1,3 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc); 3) S\u1ef1 tham gia c\u1ee7a n\u1ec1n t\u1ea3ng k\u1ef9 thu\u1eadt s\u1ed1 (9,8 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng ho\u1ea1t \u0111\u1ed9ng h\u00e0ng th\u00e1ng, t\u0103ng tr\u01b0\u1edfng 47% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc); 4) C\u00e1c ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn c\u1ee7a HealthHUB (\u0111\u00f3ng g\u00f3p cao h\u01a1n 34% tr\u00ean m\u1ed7i m\u00e9t vu\u00f4ng so v\u1edbi c\u00e1c c\u1eeda h\u00e0ng truy\u1ec1n th\u1ed1ng); v\u00e0 5) Hi\u1ec7u su\u1ea5t ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb (l\u1ee3i nhu\u1eadn t\u0103ng th\u00eam $5,400 cho m\u1ed7i b\u1ec7nh nh\u00e2n Medicare Advantage theo c\u00e1c th\u1ecfa thu\u1eadn r\u1ee7i ro). C\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y c\u00f9ng nhau ch\u1ec9 ra li\u1ec7u ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c tr\u1ecb gi\u00e1 30 t\u1ef7 \u0111\u00f4 la c\u1ee7a CVS c\u00f3 \u0111ang th\u00e0nh c\u00f4ng trong vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i m\u00f4 h\u00ecnh kinh doanh trong khi duy tr\u00ec k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh hay kh\u00f4ng."}]}},"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>CVS c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 mua: Ph\u00e2n t\u00edch chi\u1ebfn l\u01b0\u1ee3c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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