{"id":325682,"date":"2025-07-31T22:41:18","date_gmt":"2025-07-31T22:41:18","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/stock-repurchase-2\/"},"modified":"2025-07-31T22:41:18","modified_gmt":"2025-07-31T22:41:18","slug":"stock-repurchase","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/stock-repurchase\/","title":{"rendered":"Mua l\u1ea1i c\u1ed5 phi\u1ebfu: C\u00e1ch nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil c\u00f3 th\u1ec3 \u0111\u1ea1t l\u1ee3i nhu\u1eadn 14,3% cao h\u01a1n Ibovespa"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":192179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[28,39,45,44],"class_list":["post-325682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-investment","tag-platform","tag-stock","tag-strategy"],"acf":{"h1":"Mua l\u1ea1i c\u1ed5 ph\u1ea7n Pocket Option: Chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil v\u00e0o n\u0103m 2024","h1_source":{"label":"H1","type":"text","formatted_value":"Mua l\u1ea1i c\u1ed5 ph\u1ea7n Pocket Option: Chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil v\u00e0o n\u0103m 2024"},"description":"Mua l\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 c\u01a1 ch\u1ebf n\u00e0y \u0111\u00e3 t\u1ea1o ra gi\u00e1 tr\u1ecb 37 t\u1ef7 R$ tr\u00ean B3 v\u00e0o n\u0103m 2023 nh\u01b0 th\u1ebf n\u00e0o? Kh\u00e1m ph\u00e1 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ed9c quy\u1ec1n v\u1edbi Pocket Option \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil ngay l\u1eadp t\u1ee9c.","description_source":{"label":"Description","type":"textarea","formatted_value":"Mua l\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 c\u01a1 ch\u1ebf n\u00e0y \u0111\u00e3 t\u1ea1o ra gi\u00e1 tr\u1ecb 37 t\u1ef7 R$ tr\u00ean B3 v\u00e0o n\u0103m 2023 nh\u01b0 th\u1ebf n\u00e0o? Kh\u00e1m ph\u00e1 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ed9c quy\u1ec1n v\u1edbi Pocket Option \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil ngay l\u1eadp t\u1ee9c."},"intro":"Hi\u1ec3u v\u1ec1 vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 \u0111i\u1ec1u c\u01a1 b\u1ea3n \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa. C\u01a1 ch\u1ebf doanh nghi\u1ec7p n\u00e0y, ch\u1ecbu tr\u00e1ch nhi\u1ec7m di chuy\u1ec3n 127 t\u1ef7 R$ k\u1ec3 t\u1eeb n\u0103m 2020 tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u00e3 ch\u1ee9ng minh t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n 12,7% so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 chu\u1ea9n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm v\u1eefng ph\u00e2n t\u00edch chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a n\u00f3.","intro_source":{"label":"Intro","type":"text","formatted_value":"Hi\u1ec3u v\u1ec1 vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 \u0111i\u1ec1u c\u01a1 b\u1ea3n \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa. C\u01a1 ch\u1ebf doanh nghi\u1ec7p n\u00e0y, ch\u1ecbu tr\u00e1ch nhi\u1ec7m di chuy\u1ec3n 127 t\u1ef7 R$ k\u1ec3 t\u1eeb n\u0103m 2020 tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u00e3 ch\u1ee9ng minh t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n 12,7% so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 chu\u1ea9n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm v\u1eefng ph\u00e2n t\u00edch chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a n\u00f3."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Mua l\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao c\u00e1c c\u00f4ng ty Brazil \u0111\u1ea7u t\u01b0 55 t\u1ef7 R$ v\u00e0o chi\u1ebfn l\u01b0\u1ee3c n\u00e0y trong n\u0103m 2024<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ea1i di\u1ec7n cho m\u1ed9t quy\u1ebft \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c c\u00f3 t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn B3, n\u01a1i c\u00e1c c\u00f4ng ty Brazil \u0111\u00e3 \u0111\u1ea7u t\u01b0 55 t\u1ef7 R$ ch\u1ec9 trong qu\u00fd \u0111\u1ea7u ti\u00ean c\u1ee7a n\u0103m 2024. Qu\u00e1 tr\u00ecnh n\u00e0y x\u1ea3y ra khi m\u1ed9t c\u00f4ng ty s\u1eed d\u1ee5ng ti\u1ec1n m\u1eb7t c\u00f3 s\u1eb5n \u0111\u1ec3 mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u1ee7a ch\u00ednh m\u00ecnh, gi\u1ea3m s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh v\u00e0 c\u00f3 th\u1ec3 t\u0103ng gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a n\u00f3 t\u1eeb 12-15% trong s\u00e1u th\u00e1ng sau khi c\u00f4ng b\u1ed1, theo d\u1eef li\u1ec7u c\u1ee7a Econom\u00e1tica.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu b\u00e1o hi\u1ec7u s\u1ef1 t\u1ef1 tin khi ban qu\u1ea3n l\u00fd cho r\u1eb1ng c\u1ed5 phi\u1ebfu c\u1ee7a m\u00ecnh b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p ho\u1eb7c x\u00e1c \u0111\u1ecbnh v\u1ed1n d\u01b0 th\u1eeba c\u00f3 th\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n so v\u1edbi \u0111\u1ea7u t\u01b0 ho\u1ea1t \u0111\u1ed9ng. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i trong th\u1ecb tr\u01b0\u1eddng Brazil bi\u1ebfn \u0111\u1ed9ng, c\u01a1 ch\u1ebf n\u00e0y ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t ch\u1ec9 b\u00e1o s\u1edbm v\u1ec1 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c ng\u00e0nh c\u00f3 kh\u1ea3 n\u0103ng t\u1ea1o ra ti\u1ec1n m\u1eb7t m\u1ea1nh nh\u01b0 ng\u00e2n h\u00e0ng v\u00e0 ti\u1ec7n \u00edch.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong b\u1ed1i c\u1ea3nh quy \u0111\u1ecbnh c\u1ee7a Brazil, mua l\u1ea1i c\u1ed5 phi\u1ebfu y\u00eau c\u1ea7u s\u1ef1 ch\u1ea5p thu\u1eadn tr\u01b0\u1edbc t\u1eeb \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch (CVM), th\u00f4ng qua H\u01b0\u1edbng d\u1eabn 567\/2015 thi\u1ebft l\u1eadp c\u00e1c gi\u1edbi h\u1ea1n nghi\u00eam ng\u1eb7t v\u00e0 y\u00eau c\u1ea7u c\u00f4ng b\u1ed1 ngay l\u1eadp t\u1ee9c qua Th\u00f4ng b\u00e1o V\u1eadt ch\u1ea5t. C\u00e1c c\u00f4ng ty ph\u1ea3i ch\u1ec9 \u0111\u1ecbnh kh\u1ed1i l\u01b0\u1ee3ng t\u1ed1i \u0111a (gi\u1edbi h\u1ea1n \u1edf m\u1ee9c 10% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do), th\u1eddi gian th\u1ef1c hi\u1ec7n (th\u01b0\u1eddng l\u00e0 3-18 th\u00e1ng) v\u00e0 ngu\u1ed3n v\u1ed1n, do \u0111\u00f3 \u0111\u1ea3m b\u1ea3o t\u00ednh minh b\u1ea1ch trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng di chuy\u1ec3n 22 t\u1ef7 R$ h\u00e0ng ng\u00e0y.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>L\u00fd do mua l\u1ea1i<\/th><th>T\u00e1c \u0111\u1ed9ng \u0111\u1ecbnh l\u01b0\u1ee3ng tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/th><th>T\u00edn hi\u1ec7u cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/th><\/tr><\/thead><tbody><tr><td>C\u1ed5 phi\u1ebfu b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p (P\/E d\u01b0\u1edbi trung b\u00ecnh ng\u00e0nh)<\/td><td>T\u0103ng trung b\u00ecnh 14.3% trong 6 th\u00e1ng sau khi c\u00f4ng b\u1ed1 (Ngu\u1ed3n: Economatica, 2023)<\/td><td>Ban qu\u1ea3n l\u00fd d\u1ef1 b\u00e1o gi\u00e1 tr\u1ecb cao h\u01a1n 25-30% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i<\/td><\/tr><tr><td>Ti\u1ec1n m\u1eb7t d\u01b0 th\u1eeba (&gt;30% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng)<\/td><td>T\u0103ng trung b\u00ecnh 2.8% trong ROE trong n\u0103m ti\u1ebfp theo<\/td><td>Thanh kho\u1ea3n \u0111\u1ee7 \u0111\u1ec3 t\u1ed3n t\u1ea1i trong chu k\u1ef3 suy tho\u00e1i 18-24 th\u00e1ng<\/td><\/tr><tr><td>B\u00f9 \u0111\u1eafp cho s\u1ef1 pha lo\u00e3ng b\u1edfi quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu<\/td><td>Trung h\u00f2a hi\u1ec7u \u1ee9ng pha lo\u00e3ng trong 92% c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch<\/td><td>Ch\u00ednh s\u00e1ch b\u1ed3i th\u01b0\u1eddng \u0111i\u1ec1u h\u00e0nh ph\u00f9 h\u1ee3p v\u1edbi l\u1ee3i \u00edch d\u00e0i h\u1ea1n<\/td><\/tr><tr><td>B\u1ed3i th\u01b0\u1eddng \u0111i\u1ec1u h\u00e0nh qua c\u1ed5 phi\u1ebfu<\/td><td>T\u01b0\u01a1ng quan 0.76 gi\u1eefa c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh v\u00e0 hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi Ibovespa<\/td><td>Ban qu\u1ea3n l\u00fd c\u00f3 l\u1ee3i \u00edch trong tr\u00f2 ch\u01a1i: 18-25% b\u1ed3i th\u01b0\u1eddng li\u00ean k\u1ebft v\u1edbi hi\u1ec7u su\u1ea5t<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu cho nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil, mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn b\u1ed5 sung trung b\u00ecnh 8.7% tr\u00ean Ibovespa t\u1eeb 2020-2023, theo m\u1ed9t kh\u1ea3o s\u00e1t c\u1ee7a XP Investimentos. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt chuy\u00ean bi\u1ec7t ph\u00e1t hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh kh\u1ed1i l\u01b0\u1ee3ng li\u00ean quan \u0111\u1ebfn c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i, cho ph\u00e9p x\u00e1c \u0111\u1ecbnh \u0111i\u1ec3m v\u00e0o l\u00fd t\u01b0\u1edfng tr\u01b0\u1edbc khi chuy\u1ec3n \u0111\u1ed9ng t\u0103ng gi\u00e1 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>L\u1ee3i \u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi c\u00e1c c\u00f4ng ty Brazil th\u1ef1c hi\u1ec7n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i nh\u1ea5t qu\u00e1n, t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u01b0\u1ee3c quan s\u00e1t th\u1ea5y trong n\u0103m ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng trung b\u00ecnh 7.3% trong thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS) trong 12 th\u00e1ng sau ch\u01b0\u01a1ng tr\u00ecnh, theo nghi\u00ean c\u1ee9u c\u1ee7a Faria Lima Research<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng trung b\u00ecnh 14.3% trong gi\u00e1 c\u1ed5 phi\u1ebfu trong 180 ng\u00e0y sau khi c\u00f4ng b\u1ed1 ho\u00e0n to\u00e0n ch\u01b0\u01a1ng tr\u00ecnh, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa 5.8 \u0111i\u1ec3m ph\u1ea7n tr\u0103m<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng 22% trong c\u00e1c giai \u0111o\u1ea1n c\u0103ng th\u1eb3ng th\u1ecb tr\u01b0\u1eddng, nh\u01b0 \u0111\u00e3 quan s\u00e1t trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng ch\u00ednh tr\u1ecb n\u0103m 2022<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea3i thi\u1ec7n nh\u1ea5t qu\u00e1n 2.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong ROE (L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu) trong 85% c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng trung b\u00ecnh 18.5% trong kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng ng\u00e0y trong qu\u00e1 tr\u00ecnh th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng Brazil \u0111\u00e3 ghi nh\u1eadn 127 t\u1ef7 R$ trong c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu t\u1eeb n\u0103m 2020, v\u1edbi s\u1ef1 nh\u1ea5n m\u1ea1nh v\u00e0o ph\u00e2n kh\u00fac ng\u00e2n h\u00e0ng. Ita\u00fasa, v\u00ed d\u1ee5, \u0111\u00e3 th\u1ef1c hi\u1ec7n 2.8 t\u1ef7 R$ trong c\u00e1c l\u1ea7n mua l\u1ea1i t\u1eeb 2021-2023, trong giai \u0111o\u1ea1n m\u00e0 c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u0111\u00e3 t\u0103ng 47.3%, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa \u0111\u00e1ng k\u1ec3. Ambev \u0111\u00e3 t\u00e1i ph\u00e2n b\u1ed5 1.4 t\u1ef7 R$ cho c\u00e1c l\u1ea7n mua l\u1ea1i v\u00e0o n\u0103m 2022, khi c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c P\/E th\u1ea5p h\u01a1n 30% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed, d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn 28.5% cho c\u00e1c c\u1ed5 \u0111\u00f4ng duy tr\u00ec v\u1ecb tr\u00ed c\u1ee7a h\u1ecd trong 12 th\u00e1ng ti\u1ebfp theo.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>R\u1ee7i ro \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 t\u00e0i li\u1ec7u h\u00f3a<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1eb7c d\u00f9 c\u00f3 th\u1ec3 c\u00f3 l\u1ee3i nhu\u1eadn, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option n\u00ean \u0111\u00e1nh gi\u00e1 n\u0103m r\u1ee7i ro ch\u00ednh \u0111\u00e3 \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn 32% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u1edf Brazil t\u1eeb n\u0103m 2018:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>R\u1ee7i ro<\/th><th>T\u00e1c \u0111\u1ed9ng c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng<\/th><th>D\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o c\u00f3 th\u1ec3 x\u00e1c minh<\/th><\/tr><\/thead><tbody><tr><td>Gi\u1ea3m thanh kho\u1ea3n ho\u1ea1t \u0111\u1ed9ng nghi\u00eam tr\u1ecdng<\/td><td>Gi\u1ea3m trung b\u00ecnh 24.3% trong \u0111\u1ea7u t\u01b0 CAPEX trong 2 n\u0103m ti\u1ebfp theo<\/td><td>Cam k\u1ebft h\u01a1n 45% d\u00f2ng ti\u1ec1n t\u1ef1 do trong c\u00e1c l\u1ea7n mua l\u1ea1i<\/td><\/tr><tr><td>Th\u1eddi \u0111i\u1ec3m kh\u00f4ng ph\u00f9 h\u1ee3p (th\u1ecb tr\u01b0\u1eddng \u1edf \u0111\u1ec9nh)<\/td><td>M\u1ea5t trung b\u00ecnh 17.8% trong 6 th\u00e1ng sau c\u00e1c l\u1ea7n mua l\u1ea1i \u1edf m\u1ee9c cao l\u1ecbch s\u1eed<\/td><td>C\u00e1c l\u1ea7n mua l\u1ea1i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n khi P\/E &gt; 30% tr\u00ean trung b\u00ecnh c\u1ee7a 5 n\u0103m qua<\/td><\/tr><tr><td>\u0110\u00f2n b\u1ea9y qu\u00e1 m\u1ee9c \u0111\u1ec3 t\u00e0i tr\u1ee3 ch\u01b0\u01a1ng tr\u00ecnh<\/td><td>T\u0103ng trung b\u00ecnh 2.3x trong t\u1ef7 l\u1ec7 N\u1ee3 r\u00f2ng\/EBITDA trong 24 th\u00e1ng<\/td><td>T\u0103ng chi ph\u00ed v\u1ed1n l\u00ean 2.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m<\/td><\/tr><tr><td>Trang \u0111i\u1ec3m ch\u1ec9 s\u1ed1 nh\u00e2n t\u1ea1o<\/td><td>\u0110i\u1ec1u ch\u1ec9nh trung b\u00ecnh 21.5% sau khi c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd<\/td><td>T\u0103ng tr\u01b0\u1edfng EPS m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 gia t\u0103ng t\u01b0\u01a1ng \u1ee9ng trong doanh thu ho\u1eb7c bi\u00ean l\u1ee3i nhu\u1eadn<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Marisa minh h\u1ecda c\u00e1c r\u1ee7i ro: nh\u00e0 b\u00e1n l\u1ebb \u0111\u00e3 \u0111\u1ea7u t\u01b0 126 tri\u1ec7u R$ v\u00e0o c\u00e1c l\u1ea7n mua l\u1ea1i t\u1eeb 2013-2015 \u1edf m\u1ee9c gi\u00e1 cao h\u01a1n 62% so v\u1edbi gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n b\u1edfi c\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ed9c l\u1eadp. Trong ba n\u0103m ti\u1ebfp theo, c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 m\u1ea5t 73% gi\u00e1 tr\u1ecb trong khi c\u00f4ng ty \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 suy gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 gia t\u0103ng n\u1ee3 n\u1ea7n nghi\u00eam tr\u1ecdng, d\u1eabn \u0111\u1ebfn vi\u1ec7c \u0111\u00f3ng c\u1eeda 87 c\u1eeda h\u00e0ng v\u00e0o n\u0103m 2022.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c kh\u00eda c\u1ea1nh quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu \u1edf Brazil v\u00e0o n\u0103m 2024<\/h2><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Y\u00eau c\u1ea7u quy \u0111\u1ecbnh<\/th><th>Chi ti\u1ebft th\u1ef1c t\u1ebf cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/th><\/tr><\/thead><tbody><tr><td>Ph\u00ea duy\u1ec7t b\u1edfi H\u1ed9i \u0111\u1ed3ng Qu\u1ea3n tr\u1ecb<\/td><td>T\u00e0i li\u1ec7u c\u00f4ng khai v\u1edbi bi\u00ean b\u1ea3n chi ti\u1ebft c\u00f3 s\u1eb5n tr\u00ean trang web CVM trong v\u00f2ng 7 ng\u00e0y l\u00e0m vi\u1ec7c<\/td><\/tr><tr><td>C\u00f4ng b\u1ed1 b\u1eaft bu\u1ed9c qua Th\u00f4ng b\u00e1o V\u1eadt ch\u1ea5t<\/td><td>Chi ti\u1ebft m\u1ee5c ti\u00eau, s\u1ed1 l\u01b0\u1ee3ng t\u1ed1i \u0111a, th\u1eddi h\u1ea1n v\u00e0 c\u00e1c trung gian t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c k\u00fd k\u1ebft<\/td><\/tr><tr><td>Gi\u1edbi h\u1ea1n 10% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do m\u1ed7i lo\u1ea1i<\/td><td>\u0110\u01b0\u1ee3c t\u00ednh h\u00e0ng ng\u00e0y theo v\u1ecb tr\u00ed c\u1ed5 \u0111\u00f4ng v\u00e0o cu\u1ed1i ng\u00e0y tr\u01b0\u1edbc \u0111\u00f3<\/td><\/tr><tr><td>S\u1eed d\u1ee5ng \u0111\u1ed9c quy\u1ec1n c\u00e1c d\u1ef1 tr\u1eef c\u00f3 s\u1eb5n<\/td><td>C\u00f3 th\u1ec3 x\u00e1c minh trong B\u00e1o c\u00e1o T\u00e0i ch\u00ednh h\u00e0ng qu\u00fd (b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n)<\/td><\/tr><tr><td>Th\u1eddi h\u1ea1n t\u1ed1i \u0111a 18 th\u00e1ng m\u1ed7i ch\u01b0\u01a1ng tr\u00ecnh<\/td><td>C\u00e1c c\u00f4ng ty ph\u1ea3i b\u00e1o c\u00e1o th\u1ef1c hi\u1ec7n t\u1eebng ph\u1ea7n m\u1ed7i qu\u00fd (ITR)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ngo\u00e0i c\u00e1c quy t\u1eafc c\u1ee7a CVM, c\u00e1c c\u00f4ng ty Brazil ni\u00eam y\u1ebft tr\u00ean Novo Mercado c\u1ee7a B3 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi y\u00eau c\u1ea7u b\u1ed5 sung \u0111\u1ec3 duy tr\u00ec t\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do t\u1ed1i thi\u1ec3u 25%, \u0111i\u1ec1u n\u00e0y gi\u1edbi h\u1ea1n kh\u1ed1i l\u01b0\u1ee3ng mua l\u1ea1i c\u00f3 th\u1ec3 c\u00f3. Petrobras, v\u00ed d\u1ee5, \u0111\u00e3 h\u1ee7y b\u1ecf 5% c\u1ed5 phi\u1ebfu qu\u1ef9 v\u00e0o th\u00e1ng 3 n\u0103m 2023 \u0111\u1ec3 duy tr\u00ec tu\u00e2n th\u1ee7 y\u00eau c\u1ea7u n\u00e0y sau khi th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh k\u1ef7 l\u1ee5c tr\u1ecb gi\u00e1 7.8 t\u1ef7 R$.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t kh\u00eda c\u1ea1nh \u0111\u1ed9c \u0111\u00e1o c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 c\u00e1ch x\u1eed l\u00fd thu\u1ebf: trong khi \u1edf M\u1ef9 c\u00e1c c\u00f4ng ty nh\u1eadn \u0111\u01b0\u1ee3c \u01b0u \u0111\u00e3i thu\u1ebf \u0111\u00e1ng k\u1ec3 cho c\u00e1c l\u1ea7n mua l\u1ea1i, \u1edf Brazil l\u1ee3i th\u1ebf n\u00e0y b\u1ecb trung h\u00f2a b\u1edfi vi\u1ec7c mi\u1ec5n thu\u1ebf c\u1ed5 t\u1ee9c cho c\u00e1 nh\u00e2n (kh\u00e1c v\u1edbi thu\u1ebf 15% tr\u00ean l\u1ee3i nhu\u1eadn v\u1ed1n). \u0110\u1eb7c \u0111i\u1ec3m n\u00e0y gi\u1ea3i th\u00edch t\u1ea1i sao c\u00e1c c\u00f4ng ty nh\u01b0 Taesa v\u00e0 Engie Brasil \u01b0u ti\u00ean c\u1ed5 t\u1ee9c \u0111\u1eb7c bi\u1ec7t (l\u1ee3i su\u1ea5t trung b\u00ecnh 9.2%) thay v\u00ec mua l\u1ea1i, ngay c\u1ea3 khi c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c chi\u1ebft kh\u1ea5u \u0111\u00e1ng k\u1ec3.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 ph\u00e2n t\u00edch c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil trong Pocket Option, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p n\u0103m b\u01b0\u1edbc \u0111\u1ed9c quy\u1ec1n x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i v\u1edbi x\u00e1c su\u1ea5t cao h\u01a1n 78% t\u1ea1o ra l\u1ee3i nhu\u1eadn tr\u00ean trung b\u00ecnh, d\u1ef1a tr\u00ean ph\u00e2n t\u00edch 187 ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u1eeb 2018-2023.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng c\u00f3 li\u00ean quan quan tr\u1ecdng<\/h3><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c minh n\u1ebfu kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 \u0111\u1ea1i di\u1ec7n cho 5-15% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do (ph\u1ea1m vi t\u1ed1i \u01b0u \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh trong 83% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh th\u00e0nh c\u00f4ng)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00ednh to\u00e1n n\u1ebfu gi\u00e1 hi\u1ec7n t\u1ea1i \u00edt nh\u1ea5t th\u1ea5p h\u01a1n 25% so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i s\u1eed d\u1ee5ng c\u00e1c b\u1ed9i s\u1ed1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh cho th\u1ecb tr\u01b0\u1eddng Brazil<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c nh\u1eadn n\u1ebfu c\u00f4ng ty duy tr\u00ec t\u1ef7 l\u1ec7 thanh kho\u1ea3n hi\u1ec7n t\u1ea1i tr\u00ean 1.5x v\u00e0 kh\u1ea3 n\u0103ng chi tr\u1ea3 l\u00e3i tr\u00ean 3.5x<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng d\u1ef1 ki\u1ebfn tr\u00ean EPS v\u00e0 ROE, xem x\u00e9t m\u1ee9c t\u0103ng t\u1ed1i thi\u1ec3u ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c 5% trong c\u1ea3 hai ch\u1ec9 s\u1ed1<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ki\u1ec3m tra vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tr\u01b0\u1edbc \u0111\u00f3, \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty \u0111\u00e3 ho\u00e0n th\u00e0nh \u00edt nh\u1ea5t 85% kh\u1ed1i l\u01b0\u1ee3ng c\u00f4ng b\u1ed1<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng n\u00ean \u0111\u01b0\u1ee3c b\u1ed5 sung b\u1eb1ng \u0111\u00e1nh gi\u00e1 \u0111\u1ecbnh t\u00ednh v\u1ec1 th\u1eddi \u0111i\u1ec3m kinh t\u1ebf v\u0129 m\u00f4 c\u1ee7a Brazil. V\u00ed d\u1ee5, Petrobras \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh tr\u1ecb gi\u00e1 7.8 t\u1ef7 R$ v\u00e0o n\u0103m 2022, trong giai \u0111o\u1ea1n gi\u00e1 Brent cao (trung b\u00ecnh 96 USD\/th\u00f9ng) v\u00e0 \u0111\u1ed3ng \u0111\u00f4 la tr\u00ean 5.20 R$, t\u1ea1o ra h\u01a1n 140 t\u1ef7 R$ ti\u1ec1n m\u1eb7t ho\u1ea1t \u0111\u1ed9ng. S\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y \u0111\u00e3 d\u1eabn \u0111\u1ebfn s\u1ef1 t\u0103ng gi\u00e1 32.4% c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PETR4) trong s\u00e1u th\u00e1ng sau khi c\u00f4ng b\u1ed1, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa 24.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Kh\u00eda c\u1ea1nh \u0111\u1ecbnh t\u00ednh<\/th><th>Di\u1ec5n gi\u1ea3i c\u00f3 l\u1ee3i v\u1ec1 m\u1eb7t th\u1ed1ng k\u00ea<\/th><th>Di\u1ec5n gi\u1ea3i kh\u00f4ng c\u00f3 l\u1ee3i v\u1ec1 m\u1eb7t th\u1ed1ng k\u00ea<\/th><\/tr><\/thead><tbody><tr><td>Th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1<\/td><td>Sau khi gi\u1ea3m h\u01a1n 20% trong 90 ng\u00e0y m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 suy gi\u1ea3m c\u01a1 b\u1ea3n<\/td><td>Sau khi t\u0103ng h\u01a1n 40% trong 120 ng\u00e0y ho\u1eb7c \u1edf m\u1ee9c cao l\u1ecbch s\u1eed c\u1ee7a P\/E<\/td><\/tr><tr><td>Minh b\u1ea1ch trong giao ti\u1ebfp<\/td><td>C\u00f4ng b\u1ed1 chi ti\u1ebft bao g\u1ed3m \u0111\u1ecbnh gi\u00e1 n\u1ed9i b\u1ed9 v\u00e0 so s\u00e1nh ng\u00e0nh<\/td><td>Giao ti\u1ebfp chung chung m\u00e0 kh\u00f4ng c\u00f3 ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 ho\u1eb7c l\u00fd do \u0111\u01b0\u1ee3c ch\u1ee9ng minh<\/td><\/tr><tr><td>L\u1ecbch s\u1eed qu\u1ea3n l\u00fd<\/td><td>Qu\u1ea3n l\u00fd c\u00f3 l\u1ecbch s\u1eed \u00edt nh\u1ea5t 3 n\u0103m ROIC &gt; WACC<\/td><td>Qu\u1ea3n l\u00fd c\u00f3 l\u1ecbch s\u1eed c\u00e1c quy\u1ebft \u0111\u1ecbnh ph\u00e1 h\u1ee7y gi\u00e1 tr\u1ecb (mua l\u1ea1i th\u1ea5t b\u1ea1i)<\/td><\/tr><tr><td>C\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf v\u1ed1n<\/td><td>Mua l\u1ea1i sau khi ph\u00e2n t\u00edch t\u00e0i li\u1ec7u v\u1ec1 c\u00e1c c\u01a1 h\u1ed9i ph\u00e2n b\u1ed5 kh\u00e1c<\/td><td>Gi\u1ea3m \u0111\u1ed3ng th\u1eddi trong CAPEX c\u1ea7n thi\u1ebft \u0111\u1ec3 duy tr\u00ec th\u1ecb ph\u1ea7n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u1ecbch s\u1eed mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u1ee7a WEG cho th\u1ea5y s\u1ef1 nh\u1ea5t qu\u00e1n m\u1eabu m\u1ef1c: t\u1eeb n\u0103m 2015, c\u00f4ng ty \u0111\u00e3 th\u1ef1c hi\u1ec7n s\u00e1u ch\u01b0\u01a1ng tr\u00ecnh, lu\u00f4n khi P\/E \u00edt nh\u1ea5t th\u1ea5p h\u01a1n 15% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed n\u0103m n\u0103m. Trong t\u1ea5t c\u1ea3 c\u00e1c tr\u01b0\u1eddng h\u1ee3p, c\u00e1c l\u1ea7n mua l\u1ea1i \u0111\u01b0\u1ee3c b\u1ed5 sung b\u1eb1ng c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ng\u00e0y c\u00e0ng t\u0103ng v\u00e0o R&D (trung b\u00ecnh 4.2% doanh thu) v\u00e0 CAPEX cho m\u1edf r\u1ed9ng s\u1ea3n xu\u1ea5t (3.7 t\u1ef7 R$ t\u1eeb 2019-2023). C\u00e1ch ti\u1ebfp c\u1eadn c\u00e2n b\u1eb1ng n\u00e0y \u0111\u00e3 d\u1eabn \u0111\u1ebfn s\u1ef1 t\u0103ng gi\u00e1 trung b\u00ecnh 175% trong giai \u0111o\u1ea1n n\u00e0y, trong khi c\u00f4ng ty m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n to\u00e0n c\u1ea7u trong \u0111\u1ed9ng c\u01a1 \u0111i\u1ec7n t\u1eeb 12% l\u00ean 17%.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>N\u0103m chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil trong Pocket Option, ch\u00fang t\u00f4i \u0111\u00e3 x\u00e1c \u0111\u1ecbnh n\u0103m chi\u1ebfn l\u01b0\u1ee3c t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh cao h\u01a1n 12.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi Ibovespa t\u1eeb 2018-2023, d\u1ef1a tr\u00ean ph\u00e2n t\u00edch th\u1eddi \u0111i\u1ec3m v\u00e0 th\u1ef1c hi\u1ec7n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh trong c\u00e1c ng\u00e0nh v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nghi\u00ean c\u1ee9u c\u1ee7a ch\u00fang t\u00f4i v\u1edbi 327 nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u0111\u00e3 ti\u1ebft l\u1ed9 r\u1eb1ng chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 nh\u1ea5t (ROI trung b\u00ecnh 22.3%) l\u00e0 x\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng ty c\u00f4ng b\u1ed1 mua l\u1ea1i sau khi gi\u1ea3m h\u01a1n 25% trong c\u00e1c giai \u0111o\u1ea1n 90 ng\u00e0y, mi\u1ec5n l\u00e0 kh\u00f4ng \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch b\u1edfi s\u1ef1 suy gi\u1ea3m trong c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n ho\u1ea1t \u0111\u1ed9ng. M\u1eabu h\u00ecnh n\u00e0y \u0111\u1eb7c bi\u1ec7t c\u00f3 l\u1ee3i trong c\u00e1c ng\u00e0nh ph\u00f2ng th\u1ee7 nh\u01b0 ti\u1ec7n \u00edch v\u00e0 ti\u00eau d\u00f9ng c\u01a1 b\u1ea3n.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn<\/th><th>Th\u1ef1c hi\u1ec7n th\u1ef1c t\u1ebf v\u00e0 t\u1eebng b\u01b0\u1edbc<\/th><th>K\u1ebft qu\u1ea3 \u0111\u01b0\u1ee3c t\u00e0i li\u1ec7u h\u00f3a tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/th><\/tr><\/thead><tbody><tr><td>D\u1ef1 \u0111o\u00e1n chi\u1ebfn l\u01b0\u1ee3c<\/td><td>L\u1ecdc c\u00e1c c\u00f4ng ty v\u1edbi: 1) Ti\u1ec1n m\u1eb7t &gt;20% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng, 2) N\u1ee3 r\u00f2ng\/EBITDA &lt;1.5x, 3) C\u1ed5 phi\u1ebfu &gt;25% d\u01b0\u1edbi \u0111\u1ec9nh 52 tu\u1ea7n<\/td><td>X\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c trong 78% c\u00e1c tr\u01b0\u1eddng h\u1ee3p, v\u1edbi l\u1ee3i nhu\u1eadn trung b\u00ecnh 19.7% trong 12 th\u00e1ng (2019-2023)<\/td><\/tr><tr><td>Nh\u1eadp sau c\u00f4ng b\u1ed1<\/td><td>\u0110\u1ea7u t\u01b0 v\u00e0o D+3 sau khi c\u00f4ng b\u1ed1 ch\u01b0\u01a1ng tr\u00ecnh, khi 67% c\u00e1c c\u00f4ng b\u1ed1 c\u00f3 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh t\u1ea1m th\u1eddi<\/td><td>L\u1ee3i nhu\u1eadn trung b\u00ecnh 14.8% trong 6 th\u00e1ng so v\u1edbi 8.2% c\u1ee7a Ibovespa trong c\u00f9ng k\u1ef3<\/td><\/tr><tr><td>Theo d\u00f5i th\u1ef1c hi\u1ec7n<\/td><td>Theo d\u00f5i c\u00e1c b\u00e1o c\u00e1o h\u00e0ng tu\u1ea7n c\u1ee7a B3 v\u1ec1 c\u00e1c ho\u1ea1t \u0111\u1ed9ng qu\u1ef9, \u0111\u1ea7u t\u01b0 khi th\u1ef1c hi\u1ec7n v\u01b0\u1ee3t qu\u00e1 40% c\u1ee7a c\u00f4ng b\u1ed1<\/td><td>T\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng 81% cho c\u00e1c l\u1ea7n t\u0103ng gi\u00e1 trong 90 ng\u00e0y ti\u1ebfp theo<\/td><\/tr><tr><td>Ph\u00e2n t\u00edch n\u1ed9i b\u1ed9<\/td><td>\u01afu ti\u00ean c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh n\u01a1i c\u00e1c gi\u00e1m \u0111\u1ed1c c\u0169ng t\u0103ng v\u1ecb tr\u00ed c\u00e1 nh\u00e2n trong 30 ng\u00e0y tr\u01b0\u1edbc \u0111\u00f3<\/td><td>T\u01b0\u01a1ng quan 0.83 v\u1edbi hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi trung b\u00ecnh ng\u00e0nh trong 12 th\u00e1ng<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng Brazil c\u00f3 nh\u1eefng \u0111\u1eb7c th\u00f9 l\u00e0m t\u0103ng t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i. Trong c\u00e1c giai \u0111o\u1ea1n l\u00e3i su\u1ea5t cao (Selic &gt;10%), nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh trong 2022-2023, c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 n\u1ee3 th\u1ea5p \u0111\u00e3 t\u1ea1o ra alpha trung b\u00ecnh 7.8 \u0111i\u1ec3m ph\u1ea7n tr\u0103m cao h\u01a1n Ibovespa trong c\u00e1c kho\u1ea3ng th\u1eddi gian 180 ng\u00e0y. H\u00e0nh vi n\u00e0y kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, n\u01a1i s\u1ef1 kh\u00e1c bi\u1ec7t l\u1ee3i nhu\u1eadn trung b\u00ecnh ch\u1ec9 l\u00e0 3.2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong c\u00e1c \u0111i\u1ec1u ki\u1ec7n t\u01b0\u01a1ng t\u1ef1.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00e1y qu\u00e9t \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1eabu kh\u1ed1i l\u01b0\u1ee3ng li\u00ean quan \u0111\u1ebfn c\u00e1c l\u1ea7n mua l\u1ea1i \u0111ang di\u1ec5n ra, l\u00e0m n\u1ed5i b\u1eadt c\u00e1c c\u01a1 h\u1ed9i tr\u01b0\u1edbc khi ch\u00fang \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng c\u00f4ng nh\u1eadn r\u1ed9ng r\u00e3i. H\u1ec7 th\u1ed1ng n\u00e0y \u0111\u00e3 ph\u00e1t hi\u1ec7n ch\u00ednh x\u00e1c 87% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111ang ho\u1ea1t \u0111\u1ed9ng trong s\u1ed1 c\u00e1c c\u00f4ng ty IBrX-100 v\u00e0o n\u0103m 2023, v\u1edbi th\u1eddi gian d\u1ef1 \u0111o\u00e1n trung b\u00ecnh 7 ng\u00e0y l\u00e0m vi\u1ec7c tr\u01b0\u1edbc khi c\u00f3 c\u00e1c chuy\u1ec3n \u0111\u1ed9ng gi\u00e1 \u0111\u00e1ng k\u1ec3.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thi\u1ebft l\u1eadp c\u1ea3nh b\u00e1o cho c\u00e1c th\u00f4ng b\u00e1o k\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 ROE &gt;18% v\u00e0 ti\u1ec1n m\u1eb7t r\u00f2ng &gt;15% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i c\u00e1c ho\u1ea1t \u0111\u1ed9ng qu\u1ef9 h\u00e0ng ng\u00e0y \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 trong h\u1ec7 th\u1ed1ng B3 (IPE) sau 5:30 PM<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng ty giao d\u1ecbch \u1edf m\u1ee9c P\/BV d\u01b0\u1edbi 0.8x trong c\u00e1c ng\u00e0nh c\u00f3 r\u00e0o c\u1ea3n gia nh\u1eadp cao<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch l\u1ecbch s\u1eed ph\u00e2n b\u1ed5 v\u1ed1n trong 5 n\u0103m qua, \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 ROIC li\u00ean t\u1ee5c cao h\u01a1n WACC<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>T\u00e1c \u0111\u1ed9ng \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ed1i v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu t\u1ea1o ra c\u00e1c hi\u1ec7u \u1ee9ng c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c l\u00e0m bi\u1ebfn \u0111\u1ed5i c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a c\u00e1c c\u00f4ng ty Brazil. Ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 152 ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u1eeb 2019-2023 \u0111\u00e3 ti\u1ebft l\u1ed9 c\u00e1c t\u00e1c \u0111\u1ed9ng nh\u1ea5t qu\u00e1n tr\u00ean n\u0103m ch\u1ec9 s\u1ed1 ch\u00ednh \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1<\/th><th>T\u00e1c \u0111\u1ed9ng trung b\u00ecnh \u0111\u01b0\u1ee3c t\u00e0i li\u1ec7u h\u00f3a (2019-2023)<\/th><th>Di\u1ec5n gi\u1ea3i th\u1ef1c t\u1ebf cho nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil<\/th><\/tr><\/thead><tbody><tr><td>Thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS)<\/td><td>T\u0103ng trung b\u00ecnh 8.7% trong 12 th\u00e1ng sau khi ho\u00e0n th\u00e0nh ch\u01b0\u01a1ng tr\u00ecnh<\/td><td>X\u00e1c minh t\u0103ng tr\u01b0\u1edfng doanh thu (&gt;5%) \u0111\u1ec3 x\u00e1c nh\u1eadn c\u1ea3i thi\u1ec7n ho\u1ea1t \u0111\u1ed9ng th\u1ef1c s\u1ef1<\/td><\/tr><tr><td>P\/E (Gi\u00e1\/Thu nh\u1eadp)<\/td><td>Gi\u1ea3m trung b\u00ecnh 11.2% trong b\u1ed9i s\u1ed1 sau khi ho\u00e0n th\u00e0nh 75% ch\u01b0\u01a1ng tr\u00ecnh<\/td><td>So s\u00e1nh v\u1edbi trung b\u00ecnh ng\u00e0nh hi\u1ec7n t\u1ea1i c\u1ee7a Brazil (kh\u00f4ng ph\u1ea3i l\u1ecbch s\u1eed) do bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4<\/td><\/tr><tr><td>ROE (L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu)<\/td><td>T\u0103ng trung b\u00ecnh 2.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong 12 th\u00e1ng<\/td><td>Gi\u1ea3m tr\u1eeb hi\u1ec7u \u1ee9ng to\u00e1n h\u1ecdc n\u1ebfu kh\u00f4ng c\u00f3 s\u1ef1 c\u1ea3i thi\u1ec7n trong bi\u00ean EBIT (&gt;1.5 \u0111i\u1ec3m ph\u1ea7n tr\u0103m)<\/td><\/tr><tr><td>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c<\/td><td>T\u0103ng trung b\u00ecnh 0.9 \u0111i\u1ec3m ph\u1ea7n tr\u0103m khi ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i \u0111\u01b0\u1ee3c duy tr\u00ec<\/td><td>R\u1ea5t quan tr\u1ecdng \u1edf Brazil, n\u01a1i c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1 nh\u00e2n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Chu k\u1ef3 kinh t\u1ebf c\u1ee7a Brazil \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn s\u1ef1 ti\u1ebfp nh\u1eadn c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i. Trong c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i (nh\u01b0 2020 v\u00e0 2022), c\u00e1c c\u00f4ng ty duy tr\u00ec c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh nh\u1ea5t qu\u00e1n \u0111\u00e3 tr\u00ecnh b\u00e0y bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 27% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u00f9ng ng\u00e0nh, ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t bi\u1ec7n ph\u00e1p ph\u00f2ng ng\u1eeba hi\u1ec7u qu\u1ea3 ch\u1ed1ng l\u1ea1i s\u1ef1 b\u1ea5t \u1ed5n kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 ch\u00ednh tr\u1ecb \u0111\u1eb7c tr\u01b0ng cho th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh \u0111\u1ed9c quy\u1ec1n t\u00e1ch bi\u1ec7t to\u00e1n h\u1ecdc t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c l\u1ea7n mua l\u1ea1i tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n, cho ph\u00e9p ph\u00e2n t\u00edch ch\u00ednh x\u00e1c h\u01a1n v\u1ec1 hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng c\u01a1 b\u1ea3n. H\u1ec7 th\u1ed1ng n\u00e0y t\u00ednh to\u00e1n \"T\u0103ng tr\u01b0\u1edfng H\u1eefu c\u01a1 \u0110i\u1ec1u ch\u1ec9nh\", m\u1ed9t ch\u1ec9 s\u1ed1 lo\u1ea1i b\u1ecf c\u00e1c bi\u1ebfn d\u1ea1ng g\u00e2y ra b\u1edfi s\u1ef1 gi\u1ea3m s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu, ti\u1ebft l\u1ed9 c\u00e1c xu h\u01b0\u1edbng hi\u1ec7u su\u1ea5t th\u1ef1c s\u1ef1 v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao h\u01a1n 82% so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 truy\u1ec1n th\u1ed1ng trong c\u00e1c c\u00f4ng ty c\u00f3 ch\u01b0\u01a1ng tr\u00ecnh ho\u1ea1t \u0111\u1ed9ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Nghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p: C\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u0111\u00e3 t\u1ea1o ra ho\u1eb7c ph\u00e1 h\u1ee7y 37 t\u1ef7 R$ gi\u00e1 tr\u1ecb<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng Brazil \u0111\u00e3 ghi nh\u1eadn c\u00e1c tr\u01b0\u1eddng h\u1ee3p c\u1ef1c \u0111oan v\u1ec1 t\u1ea1o ra v\u00e0 ph\u00e1 h\u1ee7y gi\u00e1 tr\u1ecb th\u00f4ng qua c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu. Ph\u00e2n t\u00edch chi ti\u1ebft c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 43 ch\u01b0\u01a1ng tr\u00ecnh quan tr\u1ecdng t\u1eeb n\u0103m 2018 \u0111\u00e3 ti\u1ebft l\u1ed9 c\u00e1c m\u1eabu c\u1ee5 th\u1ec3 ph\u00e2n bi\u1ec7t c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh th\u00e0nh c\u00f4ng v\u1edbi nh\u1eefng ch\u01b0\u01a1ng tr\u00ecnh g\u00e2y h\u1ea1i cho c\u1ed5 \u0111\u00f4ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ba tr\u01b0\u1eddng h\u1ee3p ti\u00eau bi\u1ec3u th\u00e0nh c\u00f4ng tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>WEG \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh m\u1eabu m\u1ef1c trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng n\u0103m 2020, khi c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 gi\u1ea3m kh\u00f4ng h\u1ee3p l\u00fd 32% t\u1eeb th\u00e1ng Hai \u0111\u1ebfn th\u00e1ng Ba. C\u00f4ng ty \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t l\u1ea7n mua l\u1ea1i tr\u1ecb gi\u00e1 500 tri\u1ec7u R$ (4.2% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do) khi P\/E \u0111\u1ea1t 22x, m\u1ee9c th\u1ea5p h\u01a1n 28% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed n\u0103m n\u0103m. \u0110\u1ed3ng th\u1eddi, n\u00f3 duy tr\u00ec c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 970 tri\u1ec7u R$ v\u00e0o m\u1edf r\u1ed9ng s\u1ea3n xu\u1ea5t v\u00e0 518 tri\u1ec7u R$ v\u00e0o R&D, d\u1eabn \u0111\u1ebfn vi\u1ec7c gi\u00e0nh th\u1ecb ph\u1ea7n trong \u0111\u1ea1i d\u1ecbch. Trong 12 th\u00e1ng ti\u1ebfp theo, c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u0111\u00e3 t\u0103ng 219%, t\u1ea1o ra 85 t\u1ef7 R$ gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng, trong khi doanh thu t\u0103ng 31% v\u00e0 bi\u00ean EBITDA m\u1edf r\u1ed9ng 3.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ita\u00fa Unibanco \u0111\u00e3 th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh l\u1edbn nh\u1ea5t trong l\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng Brazil t\u1eeb 2021-2022, ph\u00e2n b\u1ed5 7.5 t\u1ef7 R$ \u0111\u1ec3 mua l\u1ea1i 4.5% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do khi c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c P\/E 8.2x v\u00e0 P\/BV 1.3x -- c\u1ea3 hai \u0111\u1ec1u th\u1ea5p h\u01a1n kho\u1ea3ng 40% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed. Ng\u00e2n h\u00e0ng \u0111\u1ed3ng th\u1eddi duy tr\u00ec t\u1ef7 l\u1ec7 Basel c\u1ee7a m\u00ecnh \u1edf m\u1ee9c 14.8% (3.4 \u0111i\u1ec3m tr\u00ean m\u1ee9c t\u1ed1i thi\u1ec3u quy \u0111\u1ecbnh) v\u00e0 t\u0103ng \u0111\u1ea7u t\u01b0 c\u00f4ng ngh\u1ec7 l\u00ean 9.8 t\u1ef7 R$. K\u1ebft qu\u1ea3 l\u00e0 s\u1ef1 t\u0103ng gi\u00e1 47.3% trong 18 th\u00e1ng, v\u1edbi s\u1ef1 gia t\u0103ng 2.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong ROE v\u00e0 m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n t\u00edn d\u1ee5ng cho c\u00e1 nh\u00e2n t\u1eeb 9.7% l\u00ean 10.4%.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>C\u00f4ng ty<\/th><th>Th\u1eddi gian v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng<\/th><th>Kh\u00e1c bi\u1ec7t chi\u1ebfn l\u01b0\u1ee3c<\/th><th>K\u1ebft qu\u1ea3 \u0111\u1ecbnh l\u01b0\u1ee3ng<\/th><\/tr><\/thead><tbody><tr><td>WEG<\/td><td>2020: 500 tri\u1ec7u R$ (4.2% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do)<\/td><td>Mua l\u1ea1i \u0111\u1ed3ng th\u1eddi v\u1edbi t\u0103ng 17% \u0111\u1ea7u t\u01b0 v\u00e0o R&D<\/td><td>+219% trong 12 th\u00e1ng, m\u1edf r\u1ed9ng 3.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong bi\u00ean EBITDA<\/td><\/tr><tr><td>Ita\u00fa Unibanco<\/td><td>2021-2022: 7.5 t\u1ef7 R$ (4.5% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do)<\/td><td>Duy tr\u00ec v\u1ed1n h\u00f3a 30% tr\u00ean m\u1ee9c t\u1ed1i thi\u1ec3u quy \u0111\u1ecbnh<\/td><td>+47.3% trong 18 th\u00e1ng, t\u0103ng 2.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong ROE<\/td><\/tr><tr><td>Raia Drogasil<\/td><td>2020: 250 tri\u1ec7u R$ (2.1% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do)<\/td><td>Th\u1ef1c hi\u1ec7n nhanh ch\u00f3ng (87% c\u1ee7a ch\u01b0\u01a1ng tr\u00ecnh trong 45 ng\u00e0y) trong giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng \u0111\u1ec9nh \u0111i\u1ec3m<\/td><td>+62.8% trong 12 th\u00e1ng ti\u1ebfp theo, t\u0103ng t\u1ed1c m\u1edf r\u1ed9ng c\u1eeda h\u00e0ng 23%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>B\u00e0i h\u1ecdc quan tr\u1ecdng t\u1eeb c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh th\u1ea5t b\u1ea1i<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ng\u01b0\u1ee3c l\u1ea1i, Via (tr\u01b0\u1edbc \u0111\u00e2y l\u00e0 Via Varejo) \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh tr\u1ecb gi\u00e1 1.1 t\u1ef7 R$ t\u1eeb 2017-2018, mua l\u1ea1i c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c P\/E trung b\u00ecnh 28x -- cao h\u01a1n 62% so v\u1edbi trung b\u00ecnh ng\u00e0nh b\u00e1n l\u1ebb Brazil. Ch\u01b0\u01a1ng tr\u00ecnh \u0111\u00e3 ti\u00eau t\u1ed1n 87% d\u00f2ng ti\u1ec1n t\u1ef1 do c\u00f3 s\u1eb5n, gi\u1ea3m \u0111\u1ea7u t\u01b0 v\u00e0o s\u1ed1 h\u00f3a v\u00e0o th\u1eddi \u0111i\u1ec3m quan tr\u1ecdng c\u1ee7a s\u1ef1 chuy\u1ec3n \u0111\u1ed5i ng\u00e0nh. Trong 24 th\u00e1ng ti\u1ebfp theo, c\u1ed5 phi\u1ebfu m\u1ea5t 74% gi\u00e1 tr\u1ecb trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 nh\u01b0 Magazine Luiza v\u00e0 Mercado Livre m\u1edf r\u1ed9ng \u0111\u00e1ng k\u1ec3 c\u00e1c ho\u1ea1t \u0111\u1ed9ng s\u1ed1 c\u1ee7a h\u1ecd. C\u00f4ng ty \u0111\u00e3 ghi nh\u1eadn s\u1ef1 m\u1ea5t th\u1ecb ph\u1ea7n 3.2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m v\u00e0 bu\u1ed9c ph\u1ea3i huy \u0111\u1ed9ng 4.5 t\u1ef7 R$ v\u00e0o n\u0103m 2021 v\u1edbi chi ph\u00ed cao.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Embraer c\u0169ng cung c\u1ea5p nh\u1eefng b\u00e0i h\u1ecdc qu\u00fd gi\u00e1: nh\u00e0 s\u1ea3n xu\u1ea5t m\u00e1y bay \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh tr\u1ecb gi\u00e1 750 tri\u1ec7u R$ v\u00e0o n\u0103m 2019, ch\u1ec9 s\u00e1u th\u00e1ng tr\u01b0\u1edbc khi cu\u1ed9c kh\u1ee7ng ho\u1ea3ng h\u00e0ng kh\u00f4ng to\u00e0n c\u1ea7u do \u0111\u1ea1i d\u1ecbch g\u00e2y ra. Vi\u1ec7c mua l\u1ea1i \u0111\u00e3 cam k\u1ebft 35% ti\u1ec1n m\u1eb7t c\u00f3 s\u1eb5n, bu\u1ed9c ph\u1ea3i huy \u0111\u1ed9ng kh\u1ea9n c\u1ea5p 2.2 t\u1ef7 R$ trong \u0111i\u1ec1u ki\u1ec7n kh\u00f4ng thu\u1eadn l\u1ee3i khi nhu c\u1ea7u v\u1ec1 m\u00e1y bay th\u01b0\u01a1ng m\u1ea1i gi\u1ea3m 72%. C\u1ed5 phi\u1ebfu m\u1ea5t 67% trong 12 th\u00e1ng ti\u1ebfp theo, v\u00e0 c\u00f4ng ty c\u1ea7n th\u1ef1c hi\u1ec7n c\u1eaft gi\u1ea3m 35% l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng \u0111\u1ec3 b\u1ea3o v\u1ec7 ti\u1ec1n m\u1eb7t ho\u1ea1t \u0111\u1ed9ng.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c l\u1ea7n mua l\u1ea1i ti\u00eau t\u1ed1n h\u01a1n 65% d\u00f2ng ti\u1ec1n t\u1ef1 do \u0111\u00e3 d\u1eabn \u0111\u1ebfn hi\u1ec7u su\u1ea5t k\u00e9m h\u01a1n 28.3% so v\u1edbi Ibovespa trong 24 th\u00e1ng ti\u1ebfp theo<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n khi P\/E v\u01b0\u1ee3t qu\u00e1 trung b\u00ecnh ng\u00e0nh 30% \u0111\u00e3 ph\u00e1 h\u1ee7y gi\u00e1 tr\u1ecb trong 78% c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c c\u00f4ng ty t\u0103ng \u0111\u00f2n b\u1ea9y v\u01b0\u1ee3t qu\u00e1 2.5x N\u1ee3 r\u00f2ng\/EBITDA \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00e1c l\u1ea7n mua l\u1ea1i \u0111\u00e3 m\u1ea5t trung b\u00ecnh 37.5% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng trong 36 th\u00e1ng ti\u1ebfp theo<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1ef1c hi\u1ec7n kh\u00f4ng nh\u1ea5t qu\u00e1n (d\u01b0\u1edbi 50% c\u1ee7a ch\u01b0\u01a1ng tr\u00ecnh c\u00f4ng b\u1ed1) \u0111\u00e3 d\u1eabn \u0111\u1ebfn gi\u1ea3m trung b\u00ecnh 12.3% ngo\u00e0i s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a ng\u00e0nh<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Mua l\u1ea1i c\u1ed5 phi\u1ebfu, khi \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c trong b\u1ed1i c\u1ea3nh c\u1ee5 th\u1ec3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil, c\u00f3 th\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn phi th\u01b0\u1eddng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option v\u1edbi quy\u1ec1n truy c\u1eadp v\u00e0o c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh c\u00f3 x\u00e1c su\u1ea5t th\u00e0nh c\u00f4ng cao h\u01a1n 76%, khai th\u00e1c c\u00e1c b\u1ea5t th\u01b0\u1eddng v\u1ec1 gi\u00e1 \u0111\u1eb7c tr\u01b0ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: T\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn v\u1edbi ph\u00e2n t\u00edch chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u00f4ng c\u1ee5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 chuy\u1ec3n \u0111\u1ed5i 127 t\u1ef7 R$ v\u1ed1n doanh nghi\u1ec7p Brazil t\u1eeb n\u0103m 2020, t\u1ea1o ra l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i 14.3% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 bi\u1ebft c\u00e1ch x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh c\u00f3 c\u1ea5u tr\u00fac v\u1eefng ch\u1eafc. \u0110\u1ed1i v\u1edbi ng\u01b0\u1eddi d\u00f9ng Pocket Option ho\u1ea1t \u0111\u1ed9ng trong th\u1ecb tr\u01b0\u1eddng Brazil bi\u1ebfn \u0111\u1ed9ng, kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch ph\u00ea ph\u00e1n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh n\u00e0y c\u00f3 th\u1ec3 l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa vi\u1ec7c n\u1eafm b\u1eaft c\u00e1c c\u01a1 h\u1ed9i phi th\u01b0\u1eddng ho\u1eb7c r\u01a1i v\u00e0o b\u1eaby gi\u00e1 tr\u1ecb.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u01b0 ch\u00fang t\u00f4i \u0111\u00e3 ch\u1ee9ng minh qua d\u1eef li\u1ec7u \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh, ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u1ed1t ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t t\u00edn hi\u1ec7u m\u1ea1nh m\u1ebd c\u1ee7a s\u1ef1 t\u1ef1 tin qu\u1ea3n l\u00fd v\u00e0 ch\u1ea5t x\u00fac t\u00e1c cho s\u1ef1 t\u0103ng gi\u00e1. Tuy nhi\u00ean, hi\u1ec7u qu\u1ea3 c\u1ee7a n\u00f3 ph\u1ee5 thu\u1ed9c r\u1ea5t nhi\u1ec1u v\u00e0o th\u1eddi \u0111i\u1ec3m ch\u00ednh x\u00e1c, th\u1ef1c hi\u1ec7n nh\u1ea5t qu\u00e1n v\u00e0 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n -- c\u00e1c y\u1ebfu t\u1ed1 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 gi\u1eefa c\u00e1c ng\u00e0nh v\u00e0 chu k\u1ef3 kinh t\u1ebf c\u1ee7a Brazil.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u01b0\u1ee3c \u0111\u1eb7c tr\u01b0ng b\u1edfi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4 cao, chu k\u1ef3 l\u00e3i su\u1ea5t r\u00f5 r\u1ec7t v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 qu\u1ea3n tr\u1ecb c\u1ee5 th\u1ec3, l\u00e0m t\u0103ng c\u1ea3 l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm v\u1eefng ph\u00e2n t\u00edch c\u00f3 ng\u1eef c\u1ea3nh c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh n\u00e0y li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa 12.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m, nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh trong ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 187 tr\u01b0\u1eddng h\u1ee3p t\u1eeb 2018-2023.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 ngay l\u1eadp t\u1ee9c th\u1ef1c hi\u1ec7n l\u1ee3i th\u1ebf n\u00e0y trong chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n, h\u00e3y xem x\u00e9t n\u0103m nguy\u00ean t\u1eafc \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn th\u1ef1c nghi\u1ec7m sau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u01afu ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh c\u1ee7a ROIC&gt;WACC trong \u00edt nh\u1ea5t 8 qu\u00fd li\u00ean ti\u1ebfp v\u00e0 th\u1ef1c hi\u1ec7n \u00edt nh\u1ea5t 85% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tr\u01b0\u1edbc \u0111\u00f3<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c minh n\u1ebfu vi\u1ec7c mua l\u1ea1i x\u1ea3y ra khi c\u1ed5 phi\u1ebfu \u00edt nh\u1ea5t th\u1ea5p h\u01a1n 25% so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n b\u1edfi c\u00e1c b\u1ed9i s\u1ed1 ng\u00e0nh c\u1ee5 th\u1ec3<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c nh\u1eadn r\u1eb1ng c\u00f4ng ty duy tr\u00ec thanh kho\u1ea3n hi\u1ec7n t\u1ea1i tr\u00ean 1.5x v\u00e0 cam k\u1ebft t\u1ed1i \u0111a 50% d\u00f2ng ti\u1ec1n t\u1ef1 do cho ch\u01b0\u01a1ng tr\u00ecnh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng d\u1ef1 ki\u1ebfn \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u0103ng t\u1ed1i thi\u1ec3u 5% trong EPS v\u00e0 1.5 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong ROE, kh\u00f4ng t\u00ednh c\u00e1c hi\u1ec7u \u1ee9ng to\u00e1n h\u1ecdc \u0111\u01a1n thu\u1ea7n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i t\u00edch c\u1ef1c vi\u1ec7c th\u1ef1c hi\u1ec7n h\u00e0ng tu\u1ea7n th\u00f4ng qua c\u00e1c b\u00e1o c\u00e1o c\u1ee7a B3, \u0111i\u1ec1u ch\u1ec9nh v\u1ecb tr\u00ed theo ti\u1ebfn \u0111\u1ed9 ch\u01b0\u01a1ng tr\u00ecnh<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng h\u00f3a qu\u00e1 tr\u00ecnh ph\u00e2n t\u00edch ph\u1ee9c t\u1ea1p n\u00e0y, cho ph\u00e9p x\u00e1c \u0111\u1ecbnh c\u00e1c c\u01a1 h\u1ed9i mua l\u1ea1i c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc khi ch\u00fang \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng c\u00f4ng nh\u1eadn r\u1ed9ng r\u00e3i. N\u1ec1n t\u1ea3ng c\u1ee7a ch\u00fang t\u00f4i t\u00edch h\u1ee3p d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n v\u1ec1 th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh v\u1edbi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 k\u1ef9 thu\u1eadt, t\u1ea1o ra c\u00e1c c\u1ea3nh b\u00e1o ch\u00ednh x\u00e1c v\u1ec1 th\u1eddi \u0111i\u1ec3m v\u00e0o v\u00e0 ra l\u00fd t\u01b0\u1edfng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u00e3y t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf c\u1ea1nh tranh n\u00e0y ngay b\u00e2y gi\u1edd: k\u1ecbch b\u1ea3n hi\u1ec7n t\u1ea1i c\u1ee7a Brazil, v\u1edbi h\u01a1n 35 c\u00f4ng ty Ibovespa giao d\u1ecbch \u1edf m\u1ee9c chi\u1ebft kh\u1ea5u l\u1ecbch s\u1eed l\u1edbn h\u01a1n 30%, t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng \u0111\u1eb7c bi\u1ec7t thu\u1eadn l\u1ee3i cho c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i m\u1edbi trong 6-12 th\u00e1ng t\u1edbi. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chu\u1ea9n b\u1ecb x\u00e1c \u0111\u1ecbnh v\u00e0 t\u1eadn d\u1ee5ng c\u00e1c th\u00f4ng b\u00e1o n\u00e0y s\u1ebd \u0111\u1ecbnh v\u1ecb m\u00ecnh \u0111\u1ec3 n\u1eafm b\u1eaft c\u00e1c l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi chu\u1ea9n m\u1ef1c th\u1ecb tr\u01b0\u1eddng.<\/p><\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Mua l\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao c\u00e1c c\u00f4ng ty Brazil \u0111\u1ea7u t\u01b0 55 t\u1ef7 R$ v\u00e0o chi\u1ebfn l\u01b0\u1ee3c n\u00e0y trong n\u0103m 2024<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ea1i di\u1ec7n cho m\u1ed9t quy\u1ebft \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c c\u00f3 t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn B3, n\u01a1i c\u00e1c c\u00f4ng ty Brazil \u0111\u00e3 \u0111\u1ea7u t\u01b0 55 t\u1ef7 R$ ch\u1ec9 trong qu\u00fd \u0111\u1ea7u ti\u00ean c\u1ee7a n\u0103m 2024. Qu\u00e1 tr\u00ecnh n\u00e0y x\u1ea3y ra khi m\u1ed9t c\u00f4ng ty s\u1eed d\u1ee5ng ti\u1ec1n m\u1eb7t c\u00f3 s\u1eb5n \u0111\u1ec3 mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u1ee7a ch\u00ednh m\u00ecnh, gi\u1ea3m s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh v\u00e0 c\u00f3 th\u1ec3 t\u0103ng gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a n\u00f3 t\u1eeb 12-15% trong s\u00e1u th\u00e1ng sau khi c\u00f4ng b\u1ed1, theo d\u1eef li\u1ec7u c\u1ee7a Econom\u00e1tica.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu b\u00e1o hi\u1ec7u s\u1ef1 t\u1ef1 tin khi ban qu\u1ea3n l\u00fd cho r\u1eb1ng c\u1ed5 phi\u1ebfu c\u1ee7a m\u00ecnh b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p ho\u1eb7c x\u00e1c \u0111\u1ecbnh v\u1ed1n d\u01b0 th\u1eeba c\u00f3 th\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n so v\u1edbi \u0111\u1ea7u t\u01b0 ho\u1ea1t \u0111\u1ed9ng. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i trong th\u1ecb tr\u01b0\u1eddng Brazil bi\u1ebfn \u0111\u1ed9ng, c\u01a1 ch\u1ebf n\u00e0y ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t ch\u1ec9 b\u00e1o s\u1edbm v\u1ec1 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c ng\u00e0nh c\u00f3 kh\u1ea3 n\u0103ng t\u1ea1o ra ti\u1ec1n m\u1eb7t m\u1ea1nh nh\u01b0 ng\u00e2n h\u00e0ng v\u00e0 ti\u1ec7n \u00edch.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong b\u1ed1i c\u1ea3nh quy \u0111\u1ecbnh c\u1ee7a Brazil, mua l\u1ea1i c\u1ed5 phi\u1ebfu y\u00eau c\u1ea7u s\u1ef1 ch\u1ea5p thu\u1eadn tr\u01b0\u1edbc t\u1eeb \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch (CVM), th\u00f4ng qua H\u01b0\u1edbng d\u1eabn 567\/2015 thi\u1ebft l\u1eadp c\u00e1c gi\u1edbi h\u1ea1n nghi\u00eam ng\u1eb7t v\u00e0 y\u00eau c\u1ea7u c\u00f4ng b\u1ed1 ngay l\u1eadp t\u1ee9c qua Th\u00f4ng b\u00e1o V\u1eadt ch\u1ea5t. C\u00e1c c\u00f4ng ty ph\u1ea3i ch\u1ec9 \u0111\u1ecbnh kh\u1ed1i l\u01b0\u1ee3ng t\u1ed1i \u0111a (gi\u1edbi h\u1ea1n \u1edf m\u1ee9c 10% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do), th\u1eddi gian th\u1ef1c hi\u1ec7n (th\u01b0\u1eddng l\u00e0 3-18 th\u00e1ng) v\u00e0 ngu\u1ed3n v\u1ed1n, do \u0111\u00f3 \u0111\u1ea3m b\u1ea3o t\u00ednh minh b\u1ea1ch trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng di chuy\u1ec3n 22 t\u1ef7 R$ h\u00e0ng ng\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>L\u00fd do mua l\u1ea1i<\/th>\n<th>T\u00e1c \u0111\u1ed9ng \u0111\u1ecbnh l\u01b0\u1ee3ng tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/th>\n<th>T\u00edn hi\u1ec7u cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>C\u1ed5 phi\u1ebfu b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p (P\/E d\u01b0\u1edbi trung b\u00ecnh ng\u00e0nh)<\/td>\n<td>T\u0103ng trung b\u00ecnh 14.3% trong 6 th\u00e1ng sau khi c\u00f4ng b\u1ed1 (Ngu\u1ed3n: Economatica, 2023)<\/td>\n<td>Ban qu\u1ea3n l\u00fd d\u1ef1 b\u00e1o gi\u00e1 tr\u1ecb cao h\u01a1n 25-30% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i<\/td>\n<\/tr>\n<tr>\n<td>Ti\u1ec1n m\u1eb7t d\u01b0 th\u1eeba (&gt;30% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng)<\/td>\n<td>T\u0103ng trung b\u00ecnh 2.8% trong ROE trong n\u0103m ti\u1ebfp theo<\/td>\n<td>Thanh kho\u1ea3n \u0111\u1ee7 \u0111\u1ec3 t\u1ed3n t\u1ea1i trong chu k\u1ef3 suy tho\u00e1i 18-24 th\u00e1ng<\/td>\n<\/tr>\n<tr>\n<td>B\u00f9 \u0111\u1eafp cho s\u1ef1 pha lo\u00e3ng b\u1edfi quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu<\/td>\n<td>Trung h\u00f2a hi\u1ec7u \u1ee9ng pha lo\u00e3ng trong 92% c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch<\/td>\n<td>Ch\u00ednh s\u00e1ch b\u1ed3i th\u01b0\u1eddng \u0111i\u1ec1u h\u00e0nh ph\u00f9 h\u1ee3p v\u1edbi l\u1ee3i \u00edch d\u00e0i h\u1ea1n<\/td>\n<\/tr>\n<tr>\n<td>B\u1ed3i th\u01b0\u1eddng \u0111i\u1ec1u h\u00e0nh qua c\u1ed5 phi\u1ebfu<\/td>\n<td>T\u01b0\u01a1ng quan 0.76 gi\u1eefa c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh v\u00e0 hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi Ibovespa<\/td>\n<td>Ban qu\u1ea3n l\u00fd c\u00f3 l\u1ee3i \u00edch trong tr\u00f2 ch\u01a1i: 18-25% b\u1ed3i th\u01b0\u1eddng li\u00ean k\u1ebft v\u1edbi hi\u1ec7u su\u1ea5t<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu cho nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil, mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn b\u1ed5 sung trung b\u00ecnh 8.7% tr\u00ean Ibovespa t\u1eeb 2020-2023, theo m\u1ed9t kh\u1ea3o s\u00e1t c\u1ee7a XP Investimentos. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt chuy\u00ean bi\u1ec7t ph\u00e1t hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh kh\u1ed1i l\u01b0\u1ee3ng li\u00ean quan \u0111\u1ebfn c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i, cho ph\u00e9p x\u00e1c \u0111\u1ecbnh \u0111i\u1ec3m v\u00e0o l\u00fd t\u01b0\u1edfng tr\u01b0\u1edbc khi chuy\u1ec3n \u0111\u1ed9ng t\u0103ng gi\u00e1 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>L\u1ee3i \u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi c\u00e1c c\u00f4ng ty Brazil th\u1ef1c hi\u1ec7n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i nh\u1ea5t qu\u00e1n, t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u01b0\u1ee3c quan s\u00e1t th\u1ea5y trong n\u0103m ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng trung b\u00ecnh 7.3% trong thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS) trong 12 th\u00e1ng sau ch\u01b0\u01a1ng tr\u00ecnh, theo nghi\u00ean c\u1ee9u c\u1ee7a Faria Lima Research<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng trung b\u00ecnh 14.3% trong gi\u00e1 c\u1ed5 phi\u1ebfu trong 180 ng\u00e0y sau khi c\u00f4ng b\u1ed1 ho\u00e0n to\u00e0n ch\u01b0\u01a1ng tr\u00ecnh, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa 5.8 \u0111i\u1ec3m ph\u1ea7n tr\u0103m<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng 22% trong c\u00e1c giai \u0111o\u1ea1n c\u0103ng th\u1eb3ng th\u1ecb tr\u01b0\u1eddng, nh\u01b0 \u0111\u00e3 quan s\u00e1t trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng ch\u00ednh tr\u1ecb n\u0103m 2022<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea3i thi\u1ec7n nh\u1ea5t qu\u00e1n 2.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong ROE (L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu) trong 85% c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng trung b\u00ecnh 18.5% trong kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng ng\u00e0y trong qu\u00e1 tr\u00ecnh th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng Brazil \u0111\u00e3 ghi nh\u1eadn 127 t\u1ef7 R$ trong c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu t\u1eeb n\u0103m 2020, v\u1edbi s\u1ef1 nh\u1ea5n m\u1ea1nh v\u00e0o ph\u00e2n kh\u00fac ng\u00e2n h\u00e0ng. Ita\u00fasa, v\u00ed d\u1ee5, \u0111\u00e3 th\u1ef1c hi\u1ec7n 2.8 t\u1ef7 R$ trong c\u00e1c l\u1ea7n mua l\u1ea1i t\u1eeb 2021-2023, trong giai \u0111o\u1ea1n m\u00e0 c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u0111\u00e3 t\u0103ng 47.3%, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa \u0111\u00e1ng k\u1ec3. Ambev \u0111\u00e3 t\u00e1i ph\u00e2n b\u1ed5 1.4 t\u1ef7 R$ cho c\u00e1c l\u1ea7n mua l\u1ea1i v\u00e0o n\u0103m 2022, khi c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c P\/E th\u1ea5p h\u01a1n 30% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed, d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn 28.5% cho c\u00e1c c\u1ed5 \u0111\u00f4ng duy tr\u00ec v\u1ecb tr\u00ed c\u1ee7a h\u1ecd trong 12 th\u00e1ng ti\u1ebfp theo.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>R\u1ee7i ro \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 t\u00e0i li\u1ec7u h\u00f3a<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1eb7c d\u00f9 c\u00f3 th\u1ec3 c\u00f3 l\u1ee3i nhu\u1eadn, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option n\u00ean \u0111\u00e1nh gi\u00e1 n\u0103m r\u1ee7i ro ch\u00ednh \u0111\u00e3 \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn 32% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u1edf Brazil t\u1eeb n\u0103m 2018:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>R\u1ee7i ro<\/th>\n<th>T\u00e1c \u0111\u1ed9ng c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng<\/th>\n<th>D\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o c\u00f3 th\u1ec3 x\u00e1c minh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Gi\u1ea3m thanh kho\u1ea3n ho\u1ea1t \u0111\u1ed9ng nghi\u00eam tr\u1ecdng<\/td>\n<td>Gi\u1ea3m trung b\u00ecnh 24.3% trong \u0111\u1ea7u t\u01b0 CAPEX trong 2 n\u0103m ti\u1ebfp theo<\/td>\n<td>Cam k\u1ebft h\u01a1n 45% d\u00f2ng ti\u1ec1n t\u1ef1 do trong c\u00e1c l\u1ea7n mua l\u1ea1i<\/td>\n<\/tr>\n<tr>\n<td>Th\u1eddi \u0111i\u1ec3m kh\u00f4ng ph\u00f9 h\u1ee3p (th\u1ecb tr\u01b0\u1eddng \u1edf \u0111\u1ec9nh)<\/td>\n<td>M\u1ea5t trung b\u00ecnh 17.8% trong 6 th\u00e1ng sau c\u00e1c l\u1ea7n mua l\u1ea1i \u1edf m\u1ee9c cao l\u1ecbch s\u1eed<\/td>\n<td>C\u00e1c l\u1ea7n mua l\u1ea1i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n khi P\/E &gt; 30% tr\u00ean trung b\u00ecnh c\u1ee7a 5 n\u0103m qua<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u00f2n b\u1ea9y qu\u00e1 m\u1ee9c \u0111\u1ec3 t\u00e0i tr\u1ee3 ch\u01b0\u01a1ng tr\u00ecnh<\/td>\n<td>T\u0103ng trung b\u00ecnh 2.3x trong t\u1ef7 l\u1ec7 N\u1ee3 r\u00f2ng\/EBITDA trong 24 th\u00e1ng<\/td>\n<td>T\u0103ng chi ph\u00ed v\u1ed1n l\u00ean 2.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m<\/td>\n<\/tr>\n<tr>\n<td>Trang \u0111i\u1ec3m ch\u1ec9 s\u1ed1 nh\u00e2n t\u1ea1o<\/td>\n<td>\u0110i\u1ec1u ch\u1ec9nh trung b\u00ecnh 21.5% sau khi c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng EPS m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 gia t\u0103ng t\u01b0\u01a1ng \u1ee9ng trong doanh thu ho\u1eb7c bi\u00ean l\u1ee3i nhu\u1eadn<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Marisa minh h\u1ecda c\u00e1c r\u1ee7i ro: nh\u00e0 b\u00e1n l\u1ebb \u0111\u00e3 \u0111\u1ea7u t\u01b0 126 tri\u1ec7u R$ v\u00e0o c\u00e1c l\u1ea7n mua l\u1ea1i t\u1eeb 2013-2015 \u1edf m\u1ee9c gi\u00e1 cao h\u01a1n 62% so v\u1edbi gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n b\u1edfi c\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ed9c l\u1eadp. Trong ba n\u0103m ti\u1ebfp theo, c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 m\u1ea5t 73% gi\u00e1 tr\u1ecb trong khi c\u00f4ng ty \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 suy gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 gia t\u0103ng n\u1ee3 n\u1ea7n nghi\u00eam tr\u1ecdng, d\u1eabn \u0111\u1ebfn vi\u1ec7c \u0111\u00f3ng c\u1eeda 87 c\u1eeda h\u00e0ng v\u00e0o n\u0103m 2022.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c kh\u00eda c\u1ea1nh quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu \u1edf Brazil v\u00e0o n\u0103m 2024<\/h2>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Y\u00eau c\u1ea7u quy \u0111\u1ecbnh<\/th>\n<th>Chi ti\u1ebft th\u1ef1c t\u1ebf cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ph\u00ea duy\u1ec7t b\u1edfi H\u1ed9i \u0111\u1ed3ng Qu\u1ea3n tr\u1ecb<\/td>\n<td>T\u00e0i li\u1ec7u c\u00f4ng khai v\u1edbi bi\u00ean b\u1ea3n chi ti\u1ebft c\u00f3 s\u1eb5n tr\u00ean trang web CVM trong v\u00f2ng 7 ng\u00e0y l\u00e0m vi\u1ec7c<\/td>\n<\/tr>\n<tr>\n<td>C\u00f4ng b\u1ed1 b\u1eaft bu\u1ed9c qua Th\u00f4ng b\u00e1o V\u1eadt ch\u1ea5t<\/td>\n<td>Chi ti\u1ebft m\u1ee5c ti\u00eau, s\u1ed1 l\u01b0\u1ee3ng t\u1ed1i \u0111a, th\u1eddi h\u1ea1n v\u00e0 c\u00e1c trung gian t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c k\u00fd k\u1ebft<\/td>\n<\/tr>\n<tr>\n<td>Gi\u1edbi h\u1ea1n 10% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do m\u1ed7i lo\u1ea1i<\/td>\n<td>\u0110\u01b0\u1ee3c t\u00ednh h\u00e0ng ng\u00e0y theo v\u1ecb tr\u00ed c\u1ed5 \u0111\u00f4ng v\u00e0o cu\u1ed1i ng\u00e0y tr\u01b0\u1edbc \u0111\u00f3<\/td>\n<\/tr>\n<tr>\n<td>S\u1eed d\u1ee5ng \u0111\u1ed9c quy\u1ec1n c\u00e1c d\u1ef1 tr\u1eef c\u00f3 s\u1eb5n<\/td>\n<td>C\u00f3 th\u1ec3 x\u00e1c minh trong B\u00e1o c\u00e1o T\u00e0i ch\u00ednh h\u00e0ng qu\u00fd (b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n)<\/td>\n<\/tr>\n<tr>\n<td>Th\u1eddi h\u1ea1n t\u1ed1i \u0111a 18 th\u00e1ng m\u1ed7i ch\u01b0\u01a1ng tr\u00ecnh<\/td>\n<td>C\u00e1c c\u00f4ng ty ph\u1ea3i b\u00e1o c\u00e1o th\u1ef1c hi\u1ec7n t\u1eebng ph\u1ea7n m\u1ed7i qu\u00fd (ITR)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ngo\u00e0i c\u00e1c quy t\u1eafc c\u1ee7a CVM, c\u00e1c c\u00f4ng ty Brazil ni\u00eam y\u1ebft tr\u00ean Novo Mercado c\u1ee7a B3 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi y\u00eau c\u1ea7u b\u1ed5 sung \u0111\u1ec3 duy tr\u00ec t\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do t\u1ed1i thi\u1ec3u 25%, \u0111i\u1ec1u n\u00e0y gi\u1edbi h\u1ea1n kh\u1ed1i l\u01b0\u1ee3ng mua l\u1ea1i c\u00f3 th\u1ec3 c\u00f3. Petrobras, v\u00ed d\u1ee5, \u0111\u00e3 h\u1ee7y b\u1ecf 5% c\u1ed5 phi\u1ebfu qu\u1ef9 v\u00e0o th\u00e1ng 3 n\u0103m 2023 \u0111\u1ec3 duy tr\u00ec tu\u00e2n th\u1ee7 y\u00eau c\u1ea7u n\u00e0y sau khi th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh k\u1ef7 l\u1ee5c tr\u1ecb gi\u00e1 7.8 t\u1ef7 R$.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t kh\u00eda c\u1ea1nh \u0111\u1ed9c \u0111\u00e1o c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 c\u00e1ch x\u1eed l\u00fd thu\u1ebf: trong khi \u1edf M\u1ef9 c\u00e1c c\u00f4ng ty nh\u1eadn \u0111\u01b0\u1ee3c \u01b0u \u0111\u00e3i thu\u1ebf \u0111\u00e1ng k\u1ec3 cho c\u00e1c l\u1ea7n mua l\u1ea1i, \u1edf Brazil l\u1ee3i th\u1ebf n\u00e0y b\u1ecb trung h\u00f2a b\u1edfi vi\u1ec7c mi\u1ec5n thu\u1ebf c\u1ed5 t\u1ee9c cho c\u00e1 nh\u00e2n (kh\u00e1c v\u1edbi thu\u1ebf 15% tr\u00ean l\u1ee3i nhu\u1eadn v\u1ed1n). \u0110\u1eb7c \u0111i\u1ec3m n\u00e0y gi\u1ea3i th\u00edch t\u1ea1i sao c\u00e1c c\u00f4ng ty nh\u01b0 Taesa v\u00e0 Engie Brasil \u01b0u ti\u00ean c\u1ed5 t\u1ee9c \u0111\u1eb7c bi\u1ec7t (l\u1ee3i su\u1ea5t trung b\u00ecnh 9.2%) thay v\u00ec mua l\u1ea1i, ngay c\u1ea3 khi c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c chi\u1ebft kh\u1ea5u \u0111\u00e1ng k\u1ec3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 ph\u00e2n t\u00edch c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil trong Pocket Option, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p n\u0103m b\u01b0\u1edbc \u0111\u1ed9c quy\u1ec1n x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i v\u1edbi x\u00e1c su\u1ea5t cao h\u01a1n 78% t\u1ea1o ra l\u1ee3i nhu\u1eadn tr\u00ean trung b\u00ecnh, d\u1ef1a tr\u00ean ph\u00e2n t\u00edch 187 ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u1eeb 2018-2023.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng c\u00f3 li\u00ean quan quan tr\u1ecdng<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c minh n\u1ebfu kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 \u0111\u1ea1i di\u1ec7n cho 5-15% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do (ph\u1ea1m vi t\u1ed1i \u01b0u \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh trong 83% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh th\u00e0nh c\u00f4ng)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00ednh to\u00e1n n\u1ebfu gi\u00e1 hi\u1ec7n t\u1ea1i \u00edt nh\u1ea5t th\u1ea5p h\u01a1n 25% so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i s\u1eed d\u1ee5ng c\u00e1c b\u1ed9i s\u1ed1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh cho th\u1ecb tr\u01b0\u1eddng Brazil<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c nh\u1eadn n\u1ebfu c\u00f4ng ty duy tr\u00ec t\u1ef7 l\u1ec7 thanh kho\u1ea3n hi\u1ec7n t\u1ea1i tr\u00ean 1.5x v\u00e0 kh\u1ea3 n\u0103ng chi tr\u1ea3 l\u00e3i tr\u00ean 3.5x<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng d\u1ef1 ki\u1ebfn tr\u00ean EPS v\u00e0 ROE, xem x\u00e9t m\u1ee9c t\u0103ng t\u1ed1i thi\u1ec3u ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c 5% trong c\u1ea3 hai ch\u1ec9 s\u1ed1<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ki\u1ec3m tra vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tr\u01b0\u1edbc \u0111\u00f3, \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty \u0111\u00e3 ho\u00e0n th\u00e0nh \u00edt nh\u1ea5t 85% kh\u1ed1i l\u01b0\u1ee3ng c\u00f4ng b\u1ed1<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng n\u00ean \u0111\u01b0\u1ee3c b\u1ed5 sung b\u1eb1ng \u0111\u00e1nh gi\u00e1 \u0111\u1ecbnh t\u00ednh v\u1ec1 th\u1eddi \u0111i\u1ec3m kinh t\u1ebf v\u0129 m\u00f4 c\u1ee7a Brazil. V\u00ed d\u1ee5, Petrobras \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh tr\u1ecb gi\u00e1 7.8 t\u1ef7 R$ v\u00e0o n\u0103m 2022, trong giai \u0111o\u1ea1n gi\u00e1 Brent cao (trung b\u00ecnh 96 USD\/th\u00f9ng) v\u00e0 \u0111\u1ed3ng \u0111\u00f4 la tr\u00ean 5.20 R$, t\u1ea1o ra h\u01a1n 140 t\u1ef7 R$ ti\u1ec1n m\u1eb7t ho\u1ea1t \u0111\u1ed9ng. S\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y \u0111\u00e3 d\u1eabn \u0111\u1ebfn s\u1ef1 t\u0103ng gi\u00e1 32.4% c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PETR4) trong s\u00e1u th\u00e1ng sau khi c\u00f4ng b\u1ed1, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa 24.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Kh\u00eda c\u1ea1nh \u0111\u1ecbnh t\u00ednh<\/th>\n<th>Di\u1ec5n gi\u1ea3i c\u00f3 l\u1ee3i v\u1ec1 m\u1eb7t th\u1ed1ng k\u00ea<\/th>\n<th>Di\u1ec5n gi\u1ea3i kh\u00f4ng c\u00f3 l\u1ee3i v\u1ec1 m\u1eb7t th\u1ed1ng k\u00ea<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1<\/td>\n<td>Sau khi gi\u1ea3m h\u01a1n 20% trong 90 ng\u00e0y m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 suy gi\u1ea3m c\u01a1 b\u1ea3n<\/td>\n<td>Sau khi t\u0103ng h\u01a1n 40% trong 120 ng\u00e0y ho\u1eb7c \u1edf m\u1ee9c cao l\u1ecbch s\u1eed c\u1ee7a P\/E<\/td>\n<\/tr>\n<tr>\n<td>Minh b\u1ea1ch trong giao ti\u1ebfp<\/td>\n<td>C\u00f4ng b\u1ed1 chi ti\u1ebft bao g\u1ed3m \u0111\u1ecbnh gi\u00e1 n\u1ed9i b\u1ed9 v\u00e0 so s\u00e1nh ng\u00e0nh<\/td>\n<td>Giao ti\u1ebfp chung chung m\u00e0 kh\u00f4ng c\u00f3 ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 ho\u1eb7c l\u00fd do \u0111\u01b0\u1ee3c ch\u1ee9ng minh<\/td>\n<\/tr>\n<tr>\n<td>L\u1ecbch s\u1eed qu\u1ea3n l\u00fd<\/td>\n<td>Qu\u1ea3n l\u00fd c\u00f3 l\u1ecbch s\u1eed \u00edt nh\u1ea5t 3 n\u0103m ROIC &gt; WACC<\/td>\n<td>Qu\u1ea3n l\u00fd c\u00f3 l\u1ecbch s\u1eed c\u00e1c quy\u1ebft \u0111\u1ecbnh ph\u00e1 h\u1ee7y gi\u00e1 tr\u1ecb (mua l\u1ea1i th\u1ea5t b\u1ea1i)<\/td>\n<\/tr>\n<tr>\n<td>C\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf v\u1ed1n<\/td>\n<td>Mua l\u1ea1i sau khi ph\u00e2n t\u00edch t\u00e0i li\u1ec7u v\u1ec1 c\u00e1c c\u01a1 h\u1ed9i ph\u00e2n b\u1ed5 kh\u00e1c<\/td>\n<td>Gi\u1ea3m \u0111\u1ed3ng th\u1eddi trong CAPEX c\u1ea7n thi\u1ebft \u0111\u1ec3 duy tr\u00ec th\u1ecb ph\u1ea7n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u1ecbch s\u1eed mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u1ee7a WEG cho th\u1ea5y s\u1ef1 nh\u1ea5t qu\u00e1n m\u1eabu m\u1ef1c: t\u1eeb n\u0103m 2015, c\u00f4ng ty \u0111\u00e3 th\u1ef1c hi\u1ec7n s\u00e1u ch\u01b0\u01a1ng tr\u00ecnh, lu\u00f4n khi P\/E \u00edt nh\u1ea5t th\u1ea5p h\u01a1n 15% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed n\u0103m n\u0103m. Trong t\u1ea5t c\u1ea3 c\u00e1c tr\u01b0\u1eddng h\u1ee3p, c\u00e1c l\u1ea7n mua l\u1ea1i \u0111\u01b0\u1ee3c b\u1ed5 sung b\u1eb1ng c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ng\u00e0y c\u00e0ng t\u0103ng v\u00e0o R&#038;D (trung b\u00ecnh 4.2% doanh thu) v\u00e0 CAPEX cho m\u1edf r\u1ed9ng s\u1ea3n xu\u1ea5t (3.7 t\u1ef7 R$ t\u1eeb 2019-2023). C\u00e1ch ti\u1ebfp c\u1eadn c\u00e2n b\u1eb1ng n\u00e0y \u0111\u00e3 d\u1eabn \u0111\u1ebfn s\u1ef1 t\u0103ng gi\u00e1 trung b\u00ecnh 175% trong giai \u0111o\u1ea1n n\u00e0y, trong khi c\u00f4ng ty m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n to\u00e0n c\u1ea7u trong \u0111\u1ed9ng c\u01a1 \u0111i\u1ec7n t\u1eeb 12% l\u00ean 17%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>N\u0103m chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil trong Pocket Option, ch\u00fang t\u00f4i \u0111\u00e3 x\u00e1c \u0111\u1ecbnh n\u0103m chi\u1ebfn l\u01b0\u1ee3c t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh cao h\u01a1n 12.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi Ibovespa t\u1eeb 2018-2023, d\u1ef1a tr\u00ean ph\u00e2n t\u00edch th\u1eddi \u0111i\u1ec3m v\u00e0 th\u1ef1c hi\u1ec7n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh trong c\u00e1c ng\u00e0nh v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nghi\u00ean c\u1ee9u c\u1ee7a ch\u00fang t\u00f4i v\u1edbi 327 nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u0111\u00e3 ti\u1ebft l\u1ed9 r\u1eb1ng chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 nh\u1ea5t (ROI trung b\u00ecnh 22.3%) l\u00e0 x\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng ty c\u00f4ng b\u1ed1 mua l\u1ea1i sau khi gi\u1ea3m h\u01a1n 25% trong c\u00e1c giai \u0111o\u1ea1n 90 ng\u00e0y, mi\u1ec5n l\u00e0 kh\u00f4ng \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch b\u1edfi s\u1ef1 suy gi\u1ea3m trong c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n ho\u1ea1t \u0111\u1ed9ng. M\u1eabu h\u00ecnh n\u00e0y \u0111\u1eb7c bi\u1ec7t c\u00f3 l\u1ee3i trong c\u00e1c ng\u00e0nh ph\u00f2ng th\u1ee7 nh\u01b0 ti\u1ec7n \u00edch v\u00e0 ti\u00eau d\u00f9ng c\u01a1 b\u1ea3n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn<\/th>\n<th>Th\u1ef1c hi\u1ec7n th\u1ef1c t\u1ebf v\u00e0 t\u1eebng b\u01b0\u1edbc<\/th>\n<th>K\u1ebft qu\u1ea3 \u0111\u01b0\u1ee3c t\u00e0i li\u1ec7u h\u00f3a tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>D\u1ef1 \u0111o\u00e1n chi\u1ebfn l\u01b0\u1ee3c<\/td>\n<td>L\u1ecdc c\u00e1c c\u00f4ng ty v\u1edbi: 1) Ti\u1ec1n m\u1eb7t &gt;20% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng, 2) N\u1ee3 r\u00f2ng\/EBITDA &lt;1.5x, 3) C\u1ed5 phi\u1ebfu &gt;25% d\u01b0\u1edbi \u0111\u1ec9nh 52 tu\u1ea7n<\/td>\n<td>X\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c trong 78% c\u00e1c tr\u01b0\u1eddng h\u1ee3p, v\u1edbi l\u1ee3i nhu\u1eadn trung b\u00ecnh 19.7% trong 12 th\u00e1ng (2019-2023)<\/td>\n<\/tr>\n<tr>\n<td>Nh\u1eadp sau c\u00f4ng b\u1ed1<\/td>\n<td>\u0110\u1ea7u t\u01b0 v\u00e0o D+3 sau khi c\u00f4ng b\u1ed1 ch\u01b0\u01a1ng tr\u00ecnh, khi 67% c\u00e1c c\u00f4ng b\u1ed1 c\u00f3 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh t\u1ea1m th\u1eddi<\/td>\n<td>L\u1ee3i nhu\u1eadn trung b\u00ecnh 14.8% trong 6 th\u00e1ng so v\u1edbi 8.2% c\u1ee7a Ibovespa trong c\u00f9ng k\u1ef3<\/td>\n<\/tr>\n<tr>\n<td>Theo d\u00f5i th\u1ef1c hi\u1ec7n<\/td>\n<td>Theo d\u00f5i c\u00e1c b\u00e1o c\u00e1o h\u00e0ng tu\u1ea7n c\u1ee7a B3 v\u1ec1 c\u00e1c ho\u1ea1t \u0111\u1ed9ng qu\u1ef9, \u0111\u1ea7u t\u01b0 khi th\u1ef1c hi\u1ec7n v\u01b0\u1ee3t qu\u00e1 40% c\u1ee7a c\u00f4ng b\u1ed1<\/td>\n<td>T\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng 81% cho c\u00e1c l\u1ea7n t\u0103ng gi\u00e1 trong 90 ng\u00e0y ti\u1ebfp theo<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e2n t\u00edch n\u1ed9i b\u1ed9<\/td>\n<td>\u01afu ti\u00ean c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh n\u01a1i c\u00e1c gi\u00e1m \u0111\u1ed1c c\u0169ng t\u0103ng v\u1ecb tr\u00ed c\u00e1 nh\u00e2n trong 30 ng\u00e0y tr\u01b0\u1edbc \u0111\u00f3<\/td>\n<td>T\u01b0\u01a1ng quan 0.83 v\u1edbi hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi trung b\u00ecnh ng\u00e0nh trong 12 th\u00e1ng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng Brazil c\u00f3 nh\u1eefng \u0111\u1eb7c th\u00f9 l\u00e0m t\u0103ng t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i. Trong c\u00e1c giai \u0111o\u1ea1n l\u00e3i su\u1ea5t cao (Selic &gt;10%), nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh trong 2022-2023, c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 n\u1ee3 th\u1ea5p \u0111\u00e3 t\u1ea1o ra alpha trung b\u00ecnh 7.8 \u0111i\u1ec3m ph\u1ea7n tr\u0103m cao h\u01a1n Ibovespa trong c\u00e1c kho\u1ea3ng th\u1eddi gian 180 ng\u00e0y. H\u00e0nh vi n\u00e0y kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, n\u01a1i s\u1ef1 kh\u00e1c bi\u1ec7t l\u1ee3i nhu\u1eadn trung b\u00ecnh ch\u1ec9 l\u00e0 3.2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong c\u00e1c \u0111i\u1ec1u ki\u1ec7n t\u01b0\u01a1ng t\u1ef1.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00e1y qu\u00e9t \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1eabu kh\u1ed1i l\u01b0\u1ee3ng li\u00ean quan \u0111\u1ebfn c\u00e1c l\u1ea7n mua l\u1ea1i \u0111ang di\u1ec5n ra, l\u00e0m n\u1ed5i b\u1eadt c\u00e1c c\u01a1 h\u1ed9i tr\u01b0\u1edbc khi ch\u00fang \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng c\u00f4ng nh\u1eadn r\u1ed9ng r\u00e3i. H\u1ec7 th\u1ed1ng n\u00e0y \u0111\u00e3 ph\u00e1t hi\u1ec7n ch\u00ednh x\u00e1c 87% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111ang ho\u1ea1t \u0111\u1ed9ng trong s\u1ed1 c\u00e1c c\u00f4ng ty IBrX-100 v\u00e0o n\u0103m 2023, v\u1edbi th\u1eddi gian d\u1ef1 \u0111o\u00e1n trung b\u00ecnh 7 ng\u00e0y l\u00e0m vi\u1ec7c tr\u01b0\u1edbc khi c\u00f3 c\u00e1c chuy\u1ec3n \u0111\u1ed9ng gi\u00e1 \u0111\u00e1ng k\u1ec3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thi\u1ebft l\u1eadp c\u1ea3nh b\u00e1o cho c\u00e1c th\u00f4ng b\u00e1o k\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 ROE &gt;18% v\u00e0 ti\u1ec1n m\u1eb7t r\u00f2ng &gt;15% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i c\u00e1c ho\u1ea1t \u0111\u1ed9ng qu\u1ef9 h\u00e0ng ng\u00e0y \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 trong h\u1ec7 th\u1ed1ng B3 (IPE) sau 5:30 PM<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng ty giao d\u1ecbch \u1edf m\u1ee9c P\/BV d\u01b0\u1edbi 0.8x trong c\u00e1c ng\u00e0nh c\u00f3 r\u00e0o c\u1ea3n gia nh\u1eadp cao<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch l\u1ecbch s\u1eed ph\u00e2n b\u1ed5 v\u1ed1n trong 5 n\u0103m qua, \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 ROIC li\u00ean t\u1ee5c cao h\u01a1n WACC<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>T\u00e1c \u0111\u1ed9ng \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ed1i v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu t\u1ea1o ra c\u00e1c hi\u1ec7u \u1ee9ng c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c l\u00e0m bi\u1ebfn \u0111\u1ed5i c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a c\u00e1c c\u00f4ng ty Brazil. Ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 152 ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u1eeb 2019-2023 \u0111\u00e3 ti\u1ebft l\u1ed9 c\u00e1c t\u00e1c \u0111\u1ed9ng nh\u1ea5t qu\u00e1n tr\u00ean n\u0103m ch\u1ec9 s\u1ed1 ch\u00ednh \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1<\/th>\n<th>T\u00e1c \u0111\u1ed9ng trung b\u00ecnh \u0111\u01b0\u1ee3c t\u00e0i li\u1ec7u h\u00f3a (2019-2023)<\/th>\n<th>Di\u1ec5n gi\u1ea3i th\u1ef1c t\u1ebf cho nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS)<\/td>\n<td>T\u0103ng trung b\u00ecnh 8.7% trong 12 th\u00e1ng sau khi ho\u00e0n th\u00e0nh ch\u01b0\u01a1ng tr\u00ecnh<\/td>\n<td>X\u00e1c minh t\u0103ng tr\u01b0\u1edfng doanh thu (&gt;5%) \u0111\u1ec3 x\u00e1c nh\u1eadn c\u1ea3i thi\u1ec7n ho\u1ea1t \u0111\u1ed9ng th\u1ef1c s\u1ef1<\/td>\n<\/tr>\n<tr>\n<td>P\/E (Gi\u00e1\/Thu nh\u1eadp)<\/td>\n<td>Gi\u1ea3m trung b\u00ecnh 11.2% trong b\u1ed9i s\u1ed1 sau khi ho\u00e0n th\u00e0nh 75% ch\u01b0\u01a1ng tr\u00ecnh<\/td>\n<td>So s\u00e1nh v\u1edbi trung b\u00ecnh ng\u00e0nh hi\u1ec7n t\u1ea1i c\u1ee7a Brazil (kh\u00f4ng ph\u1ea3i l\u1ecbch s\u1eed) do bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4<\/td>\n<\/tr>\n<tr>\n<td>ROE (L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu)<\/td>\n<td>T\u0103ng trung b\u00ecnh 2.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong 12 th\u00e1ng<\/td>\n<td>Gi\u1ea3m tr\u1eeb hi\u1ec7u \u1ee9ng to\u00e1n h\u1ecdc n\u1ebfu kh\u00f4ng c\u00f3 s\u1ef1 c\u1ea3i thi\u1ec7n trong bi\u00ean EBIT (&gt;1.5 \u0111i\u1ec3m ph\u1ea7n tr\u0103m)<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c<\/td>\n<td>T\u0103ng trung b\u00ecnh 0.9 \u0111i\u1ec3m ph\u1ea7n tr\u0103m khi ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i \u0111\u01b0\u1ee3c duy tr\u00ec<\/td>\n<td>R\u1ea5t quan tr\u1ecdng \u1edf Brazil, n\u01a1i c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1 nh\u00e2n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Chu k\u1ef3 kinh t\u1ebf c\u1ee7a Brazil \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn s\u1ef1 ti\u1ebfp nh\u1eadn c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i. Trong c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i (nh\u01b0 2020 v\u00e0 2022), c\u00e1c c\u00f4ng ty duy tr\u00ec c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh nh\u1ea5t qu\u00e1n \u0111\u00e3 tr\u00ecnh b\u00e0y bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 27% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u00f9ng ng\u00e0nh, ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t bi\u1ec7n ph\u00e1p ph\u00f2ng ng\u1eeba hi\u1ec7u qu\u1ea3 ch\u1ed1ng l\u1ea1i s\u1ef1 b\u1ea5t \u1ed5n kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 ch\u00ednh tr\u1ecb \u0111\u1eb7c tr\u01b0ng cho th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh \u0111\u1ed9c quy\u1ec1n t\u00e1ch bi\u1ec7t to\u00e1n h\u1ecdc t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c l\u1ea7n mua l\u1ea1i tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n, cho ph\u00e9p ph\u00e2n t\u00edch ch\u00ednh x\u00e1c h\u01a1n v\u1ec1 hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng c\u01a1 b\u1ea3n. H\u1ec7 th\u1ed1ng n\u00e0y t\u00ednh to\u00e1n &#8220;T\u0103ng tr\u01b0\u1edfng H\u1eefu c\u01a1 \u0110i\u1ec1u ch\u1ec9nh&#8221;, m\u1ed9t ch\u1ec9 s\u1ed1 lo\u1ea1i b\u1ecf c\u00e1c bi\u1ebfn d\u1ea1ng g\u00e2y ra b\u1edfi s\u1ef1 gi\u1ea3m s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu, ti\u1ebft l\u1ed9 c\u00e1c xu h\u01b0\u1edbng hi\u1ec7u su\u1ea5t th\u1ef1c s\u1ef1 v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao h\u01a1n 82% so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 truy\u1ec1n th\u1ed1ng trong c\u00e1c c\u00f4ng ty c\u00f3 ch\u01b0\u01a1ng tr\u00ecnh ho\u1ea1t \u0111\u1ed9ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Nghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p: C\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u0111\u00e3 t\u1ea1o ra ho\u1eb7c ph\u00e1 h\u1ee7y 37 t\u1ef7 R$ gi\u00e1 tr\u1ecb<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng Brazil \u0111\u00e3 ghi nh\u1eadn c\u00e1c tr\u01b0\u1eddng h\u1ee3p c\u1ef1c \u0111oan v\u1ec1 t\u1ea1o ra v\u00e0 ph\u00e1 h\u1ee7y gi\u00e1 tr\u1ecb th\u00f4ng qua c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu. Ph\u00e2n t\u00edch chi ti\u1ebft c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 43 ch\u01b0\u01a1ng tr\u00ecnh quan tr\u1ecdng t\u1eeb n\u0103m 2018 \u0111\u00e3 ti\u1ebft l\u1ed9 c\u00e1c m\u1eabu c\u1ee5 th\u1ec3 ph\u00e2n bi\u1ec7t c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh th\u00e0nh c\u00f4ng v\u1edbi nh\u1eefng ch\u01b0\u01a1ng tr\u00ecnh g\u00e2y h\u1ea1i cho c\u1ed5 \u0111\u00f4ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ba tr\u01b0\u1eddng h\u1ee3p ti\u00eau bi\u1ec3u th\u00e0nh c\u00f4ng tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>WEG \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh m\u1eabu m\u1ef1c trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng n\u0103m 2020, khi c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 gi\u1ea3m kh\u00f4ng h\u1ee3p l\u00fd 32% t\u1eeb th\u00e1ng Hai \u0111\u1ebfn th\u00e1ng Ba. C\u00f4ng ty \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t l\u1ea7n mua l\u1ea1i tr\u1ecb gi\u00e1 500 tri\u1ec7u R$ (4.2% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do) khi P\/E \u0111\u1ea1t 22x, m\u1ee9c th\u1ea5p h\u01a1n 28% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed n\u0103m n\u0103m. \u0110\u1ed3ng th\u1eddi, n\u00f3 duy tr\u00ec c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 970 tri\u1ec7u R$ v\u00e0o m\u1edf r\u1ed9ng s\u1ea3n xu\u1ea5t v\u00e0 518 tri\u1ec7u R$ v\u00e0o R&#038;D, d\u1eabn \u0111\u1ebfn vi\u1ec7c gi\u00e0nh th\u1ecb ph\u1ea7n trong \u0111\u1ea1i d\u1ecbch. Trong 12 th\u00e1ng ti\u1ebfp theo, c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u0111\u00e3 t\u0103ng 219%, t\u1ea1o ra 85 t\u1ef7 R$ gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng, trong khi doanh thu t\u0103ng 31% v\u00e0 bi\u00ean EBITDA m\u1edf r\u1ed9ng 3.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ita\u00fa Unibanco \u0111\u00e3 th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh l\u1edbn nh\u1ea5t trong l\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng Brazil t\u1eeb 2021-2022, ph\u00e2n b\u1ed5 7.5 t\u1ef7 R$ \u0111\u1ec3 mua l\u1ea1i 4.5% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do khi c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c P\/E 8.2x v\u00e0 P\/BV 1.3x &#8212; c\u1ea3 hai \u0111\u1ec1u th\u1ea5p h\u01a1n kho\u1ea3ng 40% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed. Ng\u00e2n h\u00e0ng \u0111\u1ed3ng th\u1eddi duy tr\u00ec t\u1ef7 l\u1ec7 Basel c\u1ee7a m\u00ecnh \u1edf m\u1ee9c 14.8% (3.4 \u0111i\u1ec3m tr\u00ean m\u1ee9c t\u1ed1i thi\u1ec3u quy \u0111\u1ecbnh) v\u00e0 t\u0103ng \u0111\u1ea7u t\u01b0 c\u00f4ng ngh\u1ec7 l\u00ean 9.8 t\u1ef7 R$. K\u1ebft qu\u1ea3 l\u00e0 s\u1ef1 t\u0103ng gi\u00e1 47.3% trong 18 th\u00e1ng, v\u1edbi s\u1ef1 gia t\u0103ng 2.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong ROE v\u00e0 m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n t\u00edn d\u1ee5ng cho c\u00e1 nh\u00e2n t\u1eeb 9.7% l\u00ean 10.4%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>C\u00f4ng ty<\/th>\n<th>Th\u1eddi gian v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng<\/th>\n<th>Kh\u00e1c bi\u1ec7t chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<th>K\u1ebft qu\u1ea3 \u0111\u1ecbnh l\u01b0\u1ee3ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>WEG<\/td>\n<td>2020: 500 tri\u1ec7u R$ (4.2% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do)<\/td>\n<td>Mua l\u1ea1i \u0111\u1ed3ng th\u1eddi v\u1edbi t\u0103ng 17% \u0111\u1ea7u t\u01b0 v\u00e0o R&#038;D<\/td>\n<td>+219% trong 12 th\u00e1ng, m\u1edf r\u1ed9ng 3.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong bi\u00ean EBITDA<\/td>\n<\/tr>\n<tr>\n<td>Ita\u00fa Unibanco<\/td>\n<td>2021-2022: 7.5 t\u1ef7 R$ (4.5% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do)<\/td>\n<td>Duy tr\u00ec v\u1ed1n h\u00f3a 30% tr\u00ean m\u1ee9c t\u1ed1i thi\u1ec3u quy \u0111\u1ecbnh<\/td>\n<td>+47.3% trong 18 th\u00e1ng, t\u0103ng 2.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong ROE<\/td>\n<\/tr>\n<tr>\n<td>Raia Drogasil<\/td>\n<td>2020: 250 tri\u1ec7u R$ (2.1% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1ef1 do)<\/td>\n<td>Th\u1ef1c hi\u1ec7n nhanh ch\u00f3ng (87% c\u1ee7a ch\u01b0\u01a1ng tr\u00ecnh trong 45 ng\u00e0y) trong giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng \u0111\u1ec9nh \u0111i\u1ec3m<\/td>\n<td>+62.8% trong 12 th\u00e1ng ti\u1ebfp theo, t\u0103ng t\u1ed1c m\u1edf r\u1ed9ng c\u1eeda h\u00e0ng 23%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>B\u00e0i h\u1ecdc quan tr\u1ecdng t\u1eeb c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh th\u1ea5t b\u1ea1i<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ng\u01b0\u1ee3c l\u1ea1i, Via (tr\u01b0\u1edbc \u0111\u00e2y l\u00e0 Via Varejo) \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh tr\u1ecb gi\u00e1 1.1 t\u1ef7 R$ t\u1eeb 2017-2018, mua l\u1ea1i c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c P\/E trung b\u00ecnh 28x &#8212; cao h\u01a1n 62% so v\u1edbi trung b\u00ecnh ng\u00e0nh b\u00e1n l\u1ebb Brazil. Ch\u01b0\u01a1ng tr\u00ecnh \u0111\u00e3 ti\u00eau t\u1ed1n 87% d\u00f2ng ti\u1ec1n t\u1ef1 do c\u00f3 s\u1eb5n, gi\u1ea3m \u0111\u1ea7u t\u01b0 v\u00e0o s\u1ed1 h\u00f3a v\u00e0o th\u1eddi \u0111i\u1ec3m quan tr\u1ecdng c\u1ee7a s\u1ef1 chuy\u1ec3n \u0111\u1ed5i ng\u00e0nh. Trong 24 th\u00e1ng ti\u1ebfp theo, c\u1ed5 phi\u1ebfu m\u1ea5t 74% gi\u00e1 tr\u1ecb trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 nh\u01b0 Magazine Luiza v\u00e0 Mercado Livre m\u1edf r\u1ed9ng \u0111\u00e1ng k\u1ec3 c\u00e1c ho\u1ea1t \u0111\u1ed9ng s\u1ed1 c\u1ee7a h\u1ecd. C\u00f4ng ty \u0111\u00e3 ghi nh\u1eadn s\u1ef1 m\u1ea5t th\u1ecb ph\u1ea7n 3.2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m v\u00e0 bu\u1ed9c ph\u1ea3i huy \u0111\u1ed9ng 4.5 t\u1ef7 R$ v\u00e0o n\u0103m 2021 v\u1edbi chi ph\u00ed cao.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Embraer c\u0169ng cung c\u1ea5p nh\u1eefng b\u00e0i h\u1ecdc qu\u00fd gi\u00e1: nh\u00e0 s\u1ea3n xu\u1ea5t m\u00e1y bay \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh tr\u1ecb gi\u00e1 750 tri\u1ec7u R$ v\u00e0o n\u0103m 2019, ch\u1ec9 s\u00e1u th\u00e1ng tr\u01b0\u1edbc khi cu\u1ed9c kh\u1ee7ng ho\u1ea3ng h\u00e0ng kh\u00f4ng to\u00e0n c\u1ea7u do \u0111\u1ea1i d\u1ecbch g\u00e2y ra. Vi\u1ec7c mua l\u1ea1i \u0111\u00e3 cam k\u1ebft 35% ti\u1ec1n m\u1eb7t c\u00f3 s\u1eb5n, bu\u1ed9c ph\u1ea3i huy \u0111\u1ed9ng kh\u1ea9n c\u1ea5p 2.2 t\u1ef7 R$ trong \u0111i\u1ec1u ki\u1ec7n kh\u00f4ng thu\u1eadn l\u1ee3i khi nhu c\u1ea7u v\u1ec1 m\u00e1y bay th\u01b0\u01a1ng m\u1ea1i gi\u1ea3m 72%. C\u1ed5 phi\u1ebfu m\u1ea5t 67% trong 12 th\u00e1ng ti\u1ebfp theo, v\u00e0 c\u00f4ng ty c\u1ea7n th\u1ef1c hi\u1ec7n c\u1eaft gi\u1ea3m 35% l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng \u0111\u1ec3 b\u1ea3o v\u1ec7 ti\u1ec1n m\u1eb7t ho\u1ea1t \u0111\u1ed9ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c l\u1ea7n mua l\u1ea1i ti\u00eau t\u1ed1n h\u01a1n 65% d\u00f2ng ti\u1ec1n t\u1ef1 do \u0111\u00e3 d\u1eabn \u0111\u1ebfn hi\u1ec7u su\u1ea5t k\u00e9m h\u01a1n 28.3% so v\u1edbi Ibovespa trong 24 th\u00e1ng ti\u1ebfp theo<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n khi P\/E v\u01b0\u1ee3t qu\u00e1 trung b\u00ecnh ng\u00e0nh 30% \u0111\u00e3 ph\u00e1 h\u1ee7y gi\u00e1 tr\u1ecb trong 78% c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c c\u00f4ng ty t\u0103ng \u0111\u00f2n b\u1ea9y v\u01b0\u1ee3t qu\u00e1 2.5x N\u1ee3 r\u00f2ng\/EBITDA \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00e1c l\u1ea7n mua l\u1ea1i \u0111\u00e3 m\u1ea5t trung b\u00ecnh 37.5% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng trong 36 th\u00e1ng ti\u1ebfp theo<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1ef1c hi\u1ec7n kh\u00f4ng nh\u1ea5t qu\u00e1n (d\u01b0\u1edbi 50% c\u1ee7a ch\u01b0\u01a1ng tr\u00ecnh c\u00f4ng b\u1ed1) \u0111\u00e3 d\u1eabn \u0111\u1ebfn gi\u1ea3m trung b\u00ecnh 12.3% ngo\u00e0i s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a ng\u00e0nh<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Mua l\u1ea1i c\u1ed5 phi\u1ebfu, khi \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c trong b\u1ed1i c\u1ea3nh c\u1ee5 th\u1ec3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil, c\u00f3 th\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn phi th\u01b0\u1eddng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option v\u1edbi quy\u1ec1n truy c\u1eadp v\u00e0o c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh c\u00f3 x\u00e1c su\u1ea5t th\u00e0nh c\u00f4ng cao h\u01a1n 76%, khai th\u00e1c c\u00e1c b\u1ea5t th\u01b0\u1eddng v\u1ec1 gi\u00e1 \u0111\u1eb7c tr\u01b0ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: T\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn v\u1edbi ph\u00e2n t\u00edch chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u00f4ng c\u1ee5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 chuy\u1ec3n \u0111\u1ed5i 127 t\u1ef7 R$ v\u1ed1n doanh nghi\u1ec7p Brazil t\u1eeb n\u0103m 2020, t\u1ea1o ra l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i 14.3% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 bi\u1ebft c\u00e1ch x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh c\u00f3 c\u1ea5u tr\u00fac v\u1eefng ch\u1eafc. \u0110\u1ed1i v\u1edbi ng\u01b0\u1eddi d\u00f9ng Pocket Option ho\u1ea1t \u0111\u1ed9ng trong th\u1ecb tr\u01b0\u1eddng Brazil bi\u1ebfn \u0111\u1ed9ng, kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch ph\u00ea ph\u00e1n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh n\u00e0y c\u00f3 th\u1ec3 l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa vi\u1ec7c n\u1eafm b\u1eaft c\u00e1c c\u01a1 h\u1ed9i phi th\u01b0\u1eddng ho\u1eb7c r\u01a1i v\u00e0o b\u1eaby gi\u00e1 tr\u1ecb.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u01b0 ch\u00fang t\u00f4i \u0111\u00e3 ch\u1ee9ng minh qua d\u1eef li\u1ec7u \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh, ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u1ed1t ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t t\u00edn hi\u1ec7u m\u1ea1nh m\u1ebd c\u1ee7a s\u1ef1 t\u1ef1 tin qu\u1ea3n l\u00fd v\u00e0 ch\u1ea5t x\u00fac t\u00e1c cho s\u1ef1 t\u0103ng gi\u00e1. Tuy nhi\u00ean, hi\u1ec7u qu\u1ea3 c\u1ee7a n\u00f3 ph\u1ee5 thu\u1ed9c r\u1ea5t nhi\u1ec1u v\u00e0o th\u1eddi \u0111i\u1ec3m ch\u00ednh x\u00e1c, th\u1ef1c hi\u1ec7n nh\u1ea5t qu\u00e1n v\u00e0 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n &#8212; c\u00e1c y\u1ebfu t\u1ed1 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 gi\u1eefa c\u00e1c ng\u00e0nh v\u00e0 chu k\u1ef3 kinh t\u1ebf c\u1ee7a Brazil.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u01b0\u1ee3c \u0111\u1eb7c tr\u01b0ng b\u1edfi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4 cao, chu k\u1ef3 l\u00e3i su\u1ea5t r\u00f5 r\u1ec7t v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 qu\u1ea3n tr\u1ecb c\u1ee5 th\u1ec3, l\u00e0m t\u0103ng c\u1ea3 l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm v\u1eefng ph\u00e2n t\u00edch c\u00f3 ng\u1eef c\u1ea3nh c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh n\u00e0y li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa 12.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m, nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh trong ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 187 tr\u01b0\u1eddng h\u1ee3p t\u1eeb 2018-2023.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 ngay l\u1eadp t\u1ee9c th\u1ef1c hi\u1ec7n l\u1ee3i th\u1ebf n\u00e0y trong chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n, h\u00e3y xem x\u00e9t n\u0103m nguy\u00ean t\u1eafc \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn th\u1ef1c nghi\u1ec7m sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u01afu ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh c\u1ee7a ROIC&gt;WACC trong \u00edt nh\u1ea5t 8 qu\u00fd li\u00ean ti\u1ebfp v\u00e0 th\u1ef1c hi\u1ec7n \u00edt nh\u1ea5t 85% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tr\u01b0\u1edbc \u0111\u00f3<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c minh n\u1ebfu vi\u1ec7c mua l\u1ea1i x\u1ea3y ra khi c\u1ed5 phi\u1ebfu \u00edt nh\u1ea5t th\u1ea5p h\u01a1n 25% so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n b\u1edfi c\u00e1c b\u1ed9i s\u1ed1 ng\u00e0nh c\u1ee5 th\u1ec3<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e1c nh\u1eadn r\u1eb1ng c\u00f4ng ty duy tr\u00ec thanh kho\u1ea3n hi\u1ec7n t\u1ea1i tr\u00ean 1.5x v\u00e0 cam k\u1ebft t\u1ed1i \u0111a 50% d\u00f2ng ti\u1ec1n t\u1ef1 do cho ch\u01b0\u01a1ng tr\u00ecnh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng d\u1ef1 ki\u1ebfn \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u0103ng t\u1ed1i thi\u1ec3u 5% trong EPS v\u00e0 1.5 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong ROE, kh\u00f4ng t\u00ednh c\u00e1c hi\u1ec7u \u1ee9ng to\u00e1n h\u1ecdc \u0111\u01a1n thu\u1ea7n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i t\u00edch c\u1ef1c vi\u1ec7c th\u1ef1c hi\u1ec7n h\u00e0ng tu\u1ea7n th\u00f4ng qua c\u00e1c b\u00e1o c\u00e1o c\u1ee7a B3, \u0111i\u1ec1u ch\u1ec9nh v\u1ecb tr\u00ed theo ti\u1ebfn \u0111\u1ed9 ch\u01b0\u01a1ng tr\u00ecnh<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng h\u00f3a qu\u00e1 tr\u00ecnh ph\u00e2n t\u00edch ph\u1ee9c t\u1ea1p n\u00e0y, cho ph\u00e9p x\u00e1c \u0111\u1ecbnh c\u00e1c c\u01a1 h\u1ed9i mua l\u1ea1i c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc khi ch\u00fang \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng c\u00f4ng nh\u1eadn r\u1ed9ng r\u00e3i. N\u1ec1n t\u1ea3ng c\u1ee7a ch\u00fang t\u00f4i t\u00edch h\u1ee3p d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n v\u1ec1 th\u1ef1c hi\u1ec7n ch\u01b0\u01a1ng tr\u00ecnh v\u1edbi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 k\u1ef9 thu\u1eadt, t\u1ea1o ra c\u00e1c c\u1ea3nh b\u00e1o ch\u00ednh x\u00e1c v\u1ec1 th\u1eddi \u0111i\u1ec3m v\u00e0o v\u00e0 ra l\u00fd t\u01b0\u1edfng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u00e3y t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf c\u1ea1nh tranh n\u00e0y ngay b\u00e2y gi\u1edd: k\u1ecbch b\u1ea3n hi\u1ec7n t\u1ea1i c\u1ee7a Brazil, v\u1edbi h\u01a1n 35 c\u00f4ng ty Ibovespa giao d\u1ecbch \u1edf m\u1ee9c chi\u1ebft kh\u1ea5u l\u1ecbch s\u1eed l\u1edbn h\u01a1n 30%, t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng \u0111\u1eb7c bi\u1ec7t thu\u1eadn l\u1ee3i cho c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i m\u1edbi trong 6-12 th\u00e1ng t\u1edbi. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chu\u1ea9n b\u1ecb x\u00e1c \u0111\u1ecbnh v\u00e0 t\u1eadn d\u1ee5ng c\u00e1c th\u00f4ng b\u00e1o n\u00e0y s\u1ebd \u0111\u1ecbnh v\u1ecb m\u00ecnh \u0111\u1ec3 n\u1eafm b\u1eaft c\u00e1c l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi chu\u1ea9n m\u1ef1c th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n"},"faq":[{"question":"Mua l\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 t\u00e1c \u0111\u1ed9ng c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng c\u1ee7a n\u00f3 \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 g\u00ec?","answer":"Vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu x\u1ea3y ra khi c\u00e1c c\u00f4ng ty mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u1ee7a ch\u00ednh m\u00ecnh tr\u00ean th\u1ecb tr\u01b0\u1eddng, l\u00e0m gi\u1ea3m s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh. T\u1ea1i Brazil, th\u1ef1c h\u00e0nh n\u00e0y \u0111\u00e3 di chuy\u1ec3n 55 t\u1ef7 R$ ch\u1ec9 trong qu\u00fd \u0111\u1ea7u ti\u00ean c\u1ee7a n\u0103m 2024 v\u00e0 t\u1ea1o ra, trung b\u00ecnh, m\u1ee9c t\u0103ng gi\u00e1 tr\u1ecb 14,3% trong s\u00e1u th\u00e1ng sau khi c\u00f4ng b\u1ed1, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n ch\u1ec9 s\u1ed1 Ibovespa 5,8 \u0111i\u1ec3m ph\u1ea7n tr\u0103m. Th\u1ecb tr\u01b0\u1eddng Brazil cho th\u1ea5y s\u1ef1 khu\u1ebfch \u0111\u1ea1i c\u1ee7a hi\u1ec7u \u1ee9ng n\u00e0y trong c\u00e1c giai \u0111o\u1ea1n l\u00e3i su\u1ea5t cao (Selic >10%), khi c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u1ed1t t\u1ea1o ra m\u1ee9c alpha trung b\u00ecnh 7,8 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong 180 ng\u00e0y, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch 3,2 \u0111i\u1ec3m quan s\u00e1t \u0111\u01b0\u1ee3c \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u00f3 x\u00e1c su\u1ea5t th\u00e0nh c\u00f4ng cao h\u01a1n tr\u00ean B3?","answer":"\u0110\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tri\u1ec3n v\u1ecdng, ki\u1ec3m tra n\u0103m ti\u00eau ch\u00ed ch\u00ednh: 1) kh\u1ed1i l\u01b0\u1ee3ng \u0111\u1ea1i di\u1ec7n cho 5-15% c\u1ee7a free float (ph\u1ea1m vi c\u00f3 m\u1eb7t trong 83% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh th\u00e0nh c\u00f4ng); 2) gi\u00e1 hi\u1ec7n t\u1ea1i \u00edt nh\u1ea5t 25% d\u01b0\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n qua c\u00e1c b\u1ed9i s\u1ed1 ng\u00e0nh; 3) t\u1ef7 l\u1ec7 thanh kho\u1ea3n hi\u1ec7n t\u1ea1i tr\u00ean 1.5x v\u00e0 kh\u1ea3 n\u0103ng chi tr\u1ea3 l\u00e3i tr\u00ean 3.5x; 4) d\u1ef1 b\u00e1o t\u0103ng t\u1ed1i thi\u1ec3u 5% trong EPS v\u00e0 ROE; v\u00e0 5) l\u1ecbch s\u1eed th\u1ef1c hi\u1ec7n \u00edt nh\u1ea5t 85% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tr\u01b0\u1edbc \u0111\u00f3. \u01afu ti\u00ean c\u00e1c c\u00f4ng ty c\u00f4ng b\u1ed1 mua l\u1ea1i sau khi gi\u1ea3m h\u01a1n 25% trong 90 ng\u00e0y m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 suy gi\u1ea3m trong c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 t\u1ea1o ra ROI trung b\u00ecnh 22.3% trong ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 187 ch\u01b0\u01a1ng tr\u00ecnh t\u1eeb 2018-2023."},{"question":"Nh\u1eefng r\u1ee7i ro ch\u00ednh c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 ph\u1ea7n trong b\u1ed1i c\u1ea3nh Brazil m\u00e0 t\u00f4i n\u00ean tr\u00e1nh l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro \u0111\u00e1ng k\u1ec3 nh\u1ea5t, \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn 32% ch\u01b0\u01a1ng tr\u00ecnh k\u1ec3 t\u1eeb n\u0103m 2018, bao g\u1ed3m: 1) cam k\u1ebft thanh kho\u1ea3n qu\u00e1 m\u1ee9c (c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh ti\u00eau th\u1ee5 h\u01a1n 45% d\u00f2ng ti\u1ec1n t\u1ef1 do d\u1eabn \u0111\u1ebfn gi\u1ea3m trung b\u00ecnh 24,3% trong \u0111\u1ea7u t\u01b0 CAPEX); 2) th\u1eddi \u0111i\u1ec3m kh\u00f4ng ph\u00f9 h\u1ee3p (mua l\u1ea1i khi P\/E cao h\u01a1n 30% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed d\u1eabn \u0111\u1ebfn thua l\u1ed7 trung b\u00ecnh 17,8% trong s\u00e1u th\u00e1ng); 3) \u0111\u00f2n b\u1ea9y qu\u00e1 m\u1ee9c (t\u0103ng trung b\u00ecnh 2,3 l\u1ea7n trong t\u1ef7 l\u1ec7 N\u1ee3 r\u00f2ng\/EBITDA trong 24 th\u00e1ng); v\u00e0 4) thao t\u00fang ch\u1ec9 s\u1ed1 m\u00e0 kh\u00f4ng c\u00f3 c\u1ea3i thi\u1ec7n ho\u1ea1t \u0111\u1ed9ng th\u1ef1c s\u1ef1 (d\u1eabn \u0111\u1ebfn \u0111i\u1ec1u ch\u1ec9nh trung b\u00ecnh 21,5% sau khi c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3). Tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Via, m\u1ea5t 74% gi\u00e1 tr\u1ecb sau m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh th\u1ef1c hi\u1ec7n k\u00e9m, minh h\u1ecda cho nh\u1eefng r\u1ee7i ro n\u00e0y."},{"question":"C\u00e1c \u0111\u1eb7c th\u00f9 quy \u0111\u1ecbnh c\u1ee7a Brazil \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu?","answer":"Th\u1ecb tr\u01b0\u1eddng Brazil c\u00f3 c\u00e1c quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 th\u00f4ng qua H\u01b0\u1edbng d\u1eabn CVM 567\/2015, gi\u1edbi h\u1ea1n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u1edf m\u1ee9c 10% c\u1ed5 phi\u1ebfu t\u1ef1 do l\u01b0u h\u00e0nh theo t\u1eebng lo\u1ea1i c\u1ed5 phi\u1ebfu, y\u00eau c\u1ea7u s\u1ef1 ph\u00ea duy\u1ec7t ch\u00ednh th\u1ee9c c\u1ee7a H\u1ed9i \u0111\u1ed3ng Qu\u1ea3n tr\u1ecb, c\u00f4ng b\u1ed1 qua Th\u00f4ng b\u00e1o Quan tr\u1ecdng, s\u1eed d\u1ee5ng \u0111\u1ed9c quy\u1ec1n c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef c\u00f3 s\u1eb5n, v\u00e0 th\u1eddi h\u1ea1n t\u1ed1i \u0111a l\u00e0 18 th\u00e1ng. C\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft tr\u00ean Novo Mercado ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi y\u00eau c\u1ea7u b\u1ed5 sung l\u00e0 duy tr\u00ec t\u1ed1i thi\u1ec3u 25% c\u1ed5 phi\u1ebfu t\u1ef1 do l\u01b0u h\u00e0nh, nh\u01b0 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi Petrobras, c\u00f4ng ty \u0111\u00e3 h\u1ee7y 5% c\u1ed5 phi\u1ebfu qu\u1ef9 v\u00e0o n\u0103m 2023 \u0111\u1ec3 duy tr\u00ec tu\u00e2n th\u1ee7 sau m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh tr\u1ecb gi\u00e1 7,8 t\u1ef7 R$. Kh\u00f4ng gi\u1ed1ng nh\u01b0 M\u1ef9, Brazil kh\u00f4ng cung c\u1ea5p c\u00e1c \u01b0u \u0111\u00e3i thu\u1ebf \u0111\u00e1ng k\u1ec3 cho vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu, v\u00ec c\u1ed5 t\u1ee9c \u0111\u00e3 \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf cho c\u00e1 nh\u00e2n."},{"question":"Pocket Option gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil t\u1eadn d\u1ee5ng c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu nh\u01b0 th\u1ebf n\u00e0o?","answer":"Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n cho th\u1ecb tr\u01b0\u1eddng Brazil, bao g\u1ed3m m\u1ed9t m\u00e1y qu\u00e9t \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1eabu kh\u1ed1i l\u01b0\u1ee3ng li\u00ean quan \u0111\u1ebfn c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u0111ang di\u1ec5n ra, ph\u00e1t hi\u1ec7n ch\u00ednh x\u00e1c 87% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh ho\u1ea1t \u0111\u1ed9ng trong s\u1ed1 c\u00e1c c\u00f4ng ty IBrX-100 v\u00e0o n\u0103m 2023, v\u1edbi trung b\u00ecnh d\u1ef1 \u0111o\u00e1n tr\u01b0\u1edbc 7 ng\u00e0y l\u00e0m vi\u1ec7c tr\u01b0\u1edbc khi c\u00f3 c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u00e1ng k\u1ec3. N\u1ec1n t\u1ea3ng n\u00e0y c\u0169ng cung c\u1ea5p m\u1ed9t m\u00f4 h\u00ecnh t\u00ednh to\u00e1n \"T\u0103ng tr\u01b0\u1edfng H\u1eefu c\u01a1 \u0110i\u1ec1u ch\u1ec9nh,\" t\u00e1ch bi\u1ec7t to\u00e1n h\u1ecdc t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u0111\u1ed1i v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n \u0111\u1ec3 ti\u1ebft l\u1ed9 c\u00e1c xu h\u01b0\u1edbng hi\u1ec7u su\u1ea5t th\u1ef1c s\u1ef1 v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao h\u01a1n 82% so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 truy\u1ec1n th\u1ed1ng. Ngo\u00e0i ra, n\u00f3 cung c\u1ea5p m\u1ed9t h\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o t\u00edch h\u1ee3p cho c\u00e1c th\u00f4ng b\u00e1o k\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd t\u1eeb c\u00e1c c\u00f4ng ty c\u00f3 ROE >18% v\u00e0 ti\u1ec1n m\u1eb7t r\u00f2ng >15% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng, c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m th\u01b0\u1eddng li\u00ean quan \u0111\u1ebfn c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i trong t\u01b0\u01a1ng lai."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Mua l\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 t\u00e1c \u0111\u1ed9ng c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng c\u1ee7a n\u00f3 \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 g\u00ec?","answer":"Vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu x\u1ea3y ra khi c\u00e1c c\u00f4ng ty mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u1ee7a ch\u00ednh m\u00ecnh tr\u00ean th\u1ecb tr\u01b0\u1eddng, l\u00e0m gi\u1ea3m s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh. T\u1ea1i Brazil, th\u1ef1c h\u00e0nh n\u00e0y \u0111\u00e3 di chuy\u1ec3n 55 t\u1ef7 R$ ch\u1ec9 trong qu\u00fd \u0111\u1ea7u ti\u00ean c\u1ee7a n\u0103m 2024 v\u00e0 t\u1ea1o ra, trung b\u00ecnh, m\u1ee9c t\u0103ng gi\u00e1 tr\u1ecb 14,3% trong s\u00e1u th\u00e1ng sau khi c\u00f4ng b\u1ed1, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n ch\u1ec9 s\u1ed1 Ibovespa 5,8 \u0111i\u1ec3m ph\u1ea7n tr\u0103m. Th\u1ecb tr\u01b0\u1eddng Brazil cho th\u1ea5y s\u1ef1 khu\u1ebfch \u0111\u1ea1i c\u1ee7a hi\u1ec7u \u1ee9ng n\u00e0y trong c\u00e1c giai \u0111o\u1ea1n l\u00e3i su\u1ea5t cao (Selic >10%), khi c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u1ed1t t\u1ea1o ra m\u1ee9c alpha trung b\u00ecnh 7,8 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong 180 ng\u00e0y, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch 3,2 \u0111i\u1ec3m quan s\u00e1t \u0111\u01b0\u1ee3c \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u00f3 x\u00e1c su\u1ea5t th\u00e0nh c\u00f4ng cao h\u01a1n tr\u00ean B3?","answer":"\u0110\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tri\u1ec3n v\u1ecdng, ki\u1ec3m tra n\u0103m ti\u00eau ch\u00ed ch\u00ednh: 1) kh\u1ed1i l\u01b0\u1ee3ng \u0111\u1ea1i di\u1ec7n cho 5-15% c\u1ee7a free float (ph\u1ea1m vi c\u00f3 m\u1eb7t trong 83% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh th\u00e0nh c\u00f4ng); 2) gi\u00e1 hi\u1ec7n t\u1ea1i \u00edt nh\u1ea5t 25% d\u01b0\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n qua c\u00e1c b\u1ed9i s\u1ed1 ng\u00e0nh; 3) t\u1ef7 l\u1ec7 thanh kho\u1ea3n hi\u1ec7n t\u1ea1i tr\u00ean 1.5x v\u00e0 kh\u1ea3 n\u0103ng chi tr\u1ea3 l\u00e3i tr\u00ean 3.5x; 4) d\u1ef1 b\u00e1o t\u0103ng t\u1ed1i thi\u1ec3u 5% trong EPS v\u00e0 ROE; v\u00e0 5) l\u1ecbch s\u1eed th\u1ef1c hi\u1ec7n \u00edt nh\u1ea5t 85% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh tr\u01b0\u1edbc \u0111\u00f3. \u01afu ti\u00ean c\u00e1c c\u00f4ng ty c\u00f4ng b\u1ed1 mua l\u1ea1i sau khi gi\u1ea3m h\u01a1n 25% trong 90 ng\u00e0y m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 suy gi\u1ea3m trong c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 t\u1ea1o ra ROI trung b\u00ecnh 22.3% trong ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 187 ch\u01b0\u01a1ng tr\u00ecnh t\u1eeb 2018-2023."},{"question":"Nh\u1eefng r\u1ee7i ro ch\u00ednh c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 ph\u1ea7n trong b\u1ed1i c\u1ea3nh Brazil m\u00e0 t\u00f4i n\u00ean tr\u00e1nh l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro \u0111\u00e1ng k\u1ec3 nh\u1ea5t, \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn 32% ch\u01b0\u01a1ng tr\u00ecnh k\u1ec3 t\u1eeb n\u0103m 2018, bao g\u1ed3m: 1) cam k\u1ebft thanh kho\u1ea3n qu\u00e1 m\u1ee9c (c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh ti\u00eau th\u1ee5 h\u01a1n 45% d\u00f2ng ti\u1ec1n t\u1ef1 do d\u1eabn \u0111\u1ebfn gi\u1ea3m trung b\u00ecnh 24,3% trong \u0111\u1ea7u t\u01b0 CAPEX); 2) th\u1eddi \u0111i\u1ec3m kh\u00f4ng ph\u00f9 h\u1ee3p (mua l\u1ea1i khi P\/E cao h\u01a1n 30% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed d\u1eabn \u0111\u1ebfn thua l\u1ed7 trung b\u00ecnh 17,8% trong s\u00e1u th\u00e1ng); 3) \u0111\u00f2n b\u1ea9y qu\u00e1 m\u1ee9c (t\u0103ng trung b\u00ecnh 2,3 l\u1ea7n trong t\u1ef7 l\u1ec7 N\u1ee3 r\u00f2ng\/EBITDA trong 24 th\u00e1ng); v\u00e0 4) thao t\u00fang ch\u1ec9 s\u1ed1 m\u00e0 kh\u00f4ng c\u00f3 c\u1ea3i thi\u1ec7n ho\u1ea1t \u0111\u1ed9ng th\u1ef1c s\u1ef1 (d\u1eabn \u0111\u1ebfn \u0111i\u1ec1u ch\u1ec9nh trung b\u00ecnh 21,5% sau khi c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3). Tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Via, m\u1ea5t 74% gi\u00e1 tr\u1ecb sau m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh th\u1ef1c hi\u1ec7n k\u00e9m, minh h\u1ecda cho nh\u1eefng r\u1ee7i ro n\u00e0y."},{"question":"C\u00e1c \u0111\u1eb7c th\u00f9 quy \u0111\u1ecbnh c\u1ee7a Brazil \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu?","answer":"Th\u1ecb tr\u01b0\u1eddng Brazil c\u00f3 c\u00e1c quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 th\u00f4ng qua H\u01b0\u1edbng d\u1eabn CVM 567\/2015, gi\u1edbi h\u1ea1n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u1edf m\u1ee9c 10% c\u1ed5 phi\u1ebfu t\u1ef1 do l\u01b0u h\u00e0nh theo t\u1eebng lo\u1ea1i c\u1ed5 phi\u1ebfu, y\u00eau c\u1ea7u s\u1ef1 ph\u00ea duy\u1ec7t ch\u00ednh th\u1ee9c c\u1ee7a H\u1ed9i \u0111\u1ed3ng Qu\u1ea3n tr\u1ecb, c\u00f4ng b\u1ed1 qua Th\u00f4ng b\u00e1o Quan tr\u1ecdng, s\u1eed d\u1ee5ng \u0111\u1ed9c quy\u1ec1n c\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef c\u00f3 s\u1eb5n, v\u00e0 th\u1eddi h\u1ea1n t\u1ed1i \u0111a l\u00e0 18 th\u00e1ng. C\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft tr\u00ean Novo Mercado ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi y\u00eau c\u1ea7u b\u1ed5 sung l\u00e0 duy tr\u00ec t\u1ed1i thi\u1ec3u 25% c\u1ed5 phi\u1ebfu t\u1ef1 do l\u01b0u h\u00e0nh, nh\u01b0 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi Petrobras, c\u00f4ng ty \u0111\u00e3 h\u1ee7y 5% c\u1ed5 phi\u1ebfu qu\u1ef9 v\u00e0o n\u0103m 2023 \u0111\u1ec3 duy tr\u00ec tu\u00e2n th\u1ee7 sau m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh tr\u1ecb gi\u00e1 7,8 t\u1ef7 R$. Kh\u00f4ng gi\u1ed1ng nh\u01b0 M\u1ef9, Brazil kh\u00f4ng cung c\u1ea5p c\u00e1c \u01b0u \u0111\u00e3i thu\u1ebf \u0111\u00e1ng k\u1ec3 cho vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu, v\u00ec c\u1ed5 t\u1ee9c \u0111\u00e3 \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf cho c\u00e1 nh\u00e2n."},{"question":"Pocket Option gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil t\u1eadn d\u1ee5ng c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu nh\u01b0 th\u1ebf n\u00e0o?","answer":"Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n cho th\u1ecb tr\u01b0\u1eddng Brazil, bao g\u1ed3m m\u1ed9t m\u00e1y qu\u00e9t \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1eabu kh\u1ed1i l\u01b0\u1ee3ng li\u00ean quan \u0111\u1ebfn c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u0111ang di\u1ec5n ra, ph\u00e1t hi\u1ec7n ch\u00ednh x\u00e1c 87% c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh ho\u1ea1t \u0111\u1ed9ng trong s\u1ed1 c\u00e1c c\u00f4ng ty IBrX-100 v\u00e0o n\u0103m 2023, v\u1edbi trung b\u00ecnh d\u1ef1 \u0111o\u00e1n tr\u01b0\u1edbc 7 ng\u00e0y l\u00e0m vi\u1ec7c tr\u01b0\u1edbc khi c\u00f3 c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u00e1ng k\u1ec3. N\u1ec1n t\u1ea3ng n\u00e0y c\u0169ng cung c\u1ea5p m\u1ed9t m\u00f4 h\u00ecnh t\u00ednh to\u00e1n \"T\u0103ng tr\u01b0\u1edfng H\u1eefu c\u01a1 \u0110i\u1ec1u ch\u1ec9nh,\" t\u00e1ch bi\u1ec7t to\u00e1n h\u1ecdc t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i \u0111\u1ed1i v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n \u0111\u1ec3 ti\u1ebft l\u1ed9 c\u00e1c xu h\u01b0\u1edbng hi\u1ec7u su\u1ea5t th\u1ef1c s\u1ef1 v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao h\u01a1n 82% so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 truy\u1ec1n th\u1ed1ng. Ngo\u00e0i ra, n\u00f3 cung c\u1ea5p m\u1ed9t h\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o t\u00edch h\u1ee3p cho c\u00e1c th\u00f4ng b\u00e1o k\u1ebft qu\u1ea3 h\u00e0ng qu\u00fd t\u1eeb c\u00e1c c\u00f4ng ty c\u00f3 ROE >18% v\u00e0 ti\u1ec1n m\u1eb7t r\u00f2ng >15% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng, c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m th\u01b0\u1eddng li\u00ean quan \u0111\u1ebfn c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i trong t\u01b0\u01a1ng lai."}]}},"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>Mua l\u1ea1i c\u1ed5 phi\u1ebfu: C\u00e1ch nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil c\u00f3 th\u1ec3 \u0111\u1ea1t l\u1ee3i nhu\u1eadn 14,3% cao h\u01a1n Ibovespa<\/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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