{"id":326080,"date":"2025-07-31T23:22:03","date_gmt":"2025-07-31T23:22:03","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/taesa-stocks-dividends-2\/"},"modified":"2025-07-31T23:22:03","modified_gmt":"2025-07-31T23:22:03","slug":"taesa-stocks-dividends","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/taesa-stocks-dividends\/","title":{"rendered":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu Taesa: C\u00e1ch t\u1ed1i \u0111a h\u00f3a thu nh\u1eadp c\u1ee7a b\u1ea1n v\u1edbi c\u1ed5 t\u1ee9c tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":192049,"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-326080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-investment","tag-platform","tag-stock","tag-strategy"],"acf":{"h1":"Pocket Option: c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa"},"description":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu Taesa - Ph\u00e2n t\u00edch ho\u00e0n ch\u1ec9nh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c kh\u1ea9n c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil. Pocket Option","description_source":{"label":"Description","type":"textarea","formatted_value":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu Taesa - Ph\u00e2n t\u00edch ho\u00e0n ch\u1ec9nh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c kh\u1ea9n c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil. Pocket Option"},"intro":"\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu c\u00f3 c\u1ed5 t\u1ee9c t\u1ed1t l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c c\u01a1 b\u1ea3n cho nh\u1eefng ai t\u00ecm ki\u1ebfm thu nh\u1eadp th\u1ee5 \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil. TAESA n\u1ed5i b\u1eadt l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng ty h\u00e0o ph\u00f3ng nh\u1ea5t trong vi\u1ec7c ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn. Ph\u00e2n t\u00edch \u0111\u1ea7y \u0111\u1ee7 n\u00e0y s\u1ebd gi\u00fap b\u1ea1n hi\u1ec3u ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa cho danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.","intro_source":{"label":"Intro","type":"text","formatted_value":"\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu c\u00f3 c\u1ed5 t\u1ee9c t\u1ed1t l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c c\u01a1 b\u1ea3n cho nh\u1eefng ai t\u00ecm ki\u1ebfm thu nh\u1eadp th\u1ee5 \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil. TAESA n\u1ed5i b\u1eadt l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng ty h\u00e0o ph\u00f3ng nh\u1ea5t trong vi\u1ec7c ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn. Ph\u00e2n t\u00edch \u0111\u1ea7y \u0111\u1ee7 n\u00e0y s\u1ebd gi\u00fap b\u1ea1n hi\u1ec3u ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa cho danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>To\u00e0n c\u1ea3nh hi\u1ec7n t\u1ea1i c\u1ee7a c\u1ed5 t\u1ee9c TAESA tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil n\u0103m 2025<\/h2><\/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 \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o v\u1ec1 c\u1ed5 t\u1ee9c, v\u1edbi TAESA (TAEE11) n\u1ed5i b\u1eadt l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng ty d\u1eabn \u0111\u1ea7u v\u1ec1 ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c. V\u1edbi t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c lu\u00f4n tr\u00ean 10%, vi\u1ec7c hi\u1ec3u r\u00f5 h\u1ed3 s\u01a1 c\u1ed5 t\u1ee9c c\u1ee7a c\u1ed5 phi\u1ebfu taesa \u0111\u00e3 tr\u1edf th\u00e0nh \u0111i\u1ec1u c\u01a1 b\u1ea3n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp. C\u00f4ng ty truy\u1ec1n t\u1ea3i \u0111i\u1ec7n duy tr\u00ec ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c \u0111\u1eb7t n\u00f3 v\u00e0o top ba c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c l\u1edbn nh\u1ea5t tr\u00ean Ibovespa t\u1eeb n\u0103m 2018.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>TAESA kh\u00e1c bi\u1ec7t tr\u00ean th\u1ecb tr\u01b0\u1eddng nh\u1edd chi\u1ebfn l\u01b0\u1ee3c c\u00f3 ch\u1ee7 \u0111\u00edch: trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 nh\u01b0 Eletrobras v\u00e0 CPFL ph\u00e2n b\u1ed5 30-50% l\u1ee3i nhu\u1eadn \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0, TAESA ph\u00e2n ph\u1ed1i h\u01a1n 95% d\u00f2ng ti\u1ec1n t\u1ef1 do cho c\u1ed5 \u0111\u00f4ng. Ch\u00ednh s\u00e1ch n\u00e0y l\u00e0m cho c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n \u01b0u ti\u00ean cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 coi tr\u1ecdng l\u1ee3i nhu\u1eadn h\u00e0ng qu\u00fd c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi ng\u01b0\u1eddi d\u00f9ng Pocket Option mu\u1ed1n \u0111a d\u1ea1ng h\u00f3a ngo\u00e0i c\u00e1c ho\u1ea1t \u0111\u1ed9ng ng\u1eafn h\u1ea1n, t\u00e0i s\u1ea3n TAESA \u0111\u1ea1i di\u1ec7n cho c\u01a1 h\u1ed9i ti\u1ebfp x\u00fac v\u1edbi th\u1ecb tr\u01b0\u1eddng Brazil v\u1edbi \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n. Kh\u00f4ng gi\u1ed1ng nh\u01b0 giao d\u1ecbch trong ng\u00e0y \u0111\u00f2i h\u1ecfi ph\u1ea3i theo d\u00f5i li\u00ean t\u1ee5c, \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c nh\u01b0 TAESA \u0111\u00f2i h\u1ecfi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n s\u00e2u h\u01a1n v\u00e0 t\u1ea7m nh\u00ecn \u0111\u1ea7u t\u01b0 3-5 n\u0103m \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a k\u1ebft qu\u1ea3.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>L\u1ecbch s\u1eed v\u00e0 s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u1ed5 t\u1ee9c TAESA (2020-2025)<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u1ecbch s\u1eed thanh to\u00e1n l\u00e0 ch\u1ec9 s\u1ed1 ch\u00ednh v\u1ec1 ti\u1ec1m n\u0103ng t\u01b0\u01a1ng lai c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa. Trong 5 n\u0103m qua (2020-2024), ngay c\u1ea3 trong th\u1eddi k\u1ef3 \u0111\u1ea1i d\u1ecbch khi 43% c\u00f4ng ty tr\u00ean Ibovespa c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c, TAESA v\u1eabn duy tr\u00ec ph\u00e2n ph\u1ed1i h\u00e0ng qu\u00fd kh\u00f4ng b\u1ecb gi\u00e1n \u0111o\u1ea1n, v\u1edbi l\u1ee3i su\u1ea5t v\u01b0\u1ee3t qu\u00e1 hai ch\u1eef s\u1ed1.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>N\u0103m<\/th><th>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh<\/th><th>T\u1ed5ng ph\u00e2n ph\u1ed1i (R$)<\/th><th>T\u1ea7n su\u1ea5t thanh to\u00e1n<\/th><\/tr><\/thead><tbody><tr><td>2020<\/td><td>11.2%<\/td><td>1.52 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td><td>H\u00e0ng qu\u00fd<\/td><\/tr><tr><td>2021<\/td><td>12.7%<\/td><td>1.87 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td><td>H\u00e0ng qu\u00fd<\/td><\/tr><tr><td>2022<\/td><td>10.8%<\/td><td>1.65 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td><td>H\u00e0ng qu\u00fd<\/td><\/tr><tr><td>2023<\/td><td>13.1%<\/td><td>2.05 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td><td>H\u00e0ng qu\u00fd<\/td><\/tr><tr><td>2024 (ho\u00e0n th\u00e0nh)<\/td><td>11.9%<\/td><td>1.78 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td><td>H\u00e0ng qu\u00fd<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch l\u1ecbch s\u1eed ch\u1ee9ng minh r\u1eb1ng, b\u1ea5t ch\u1ea5p dao \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4, bao g\u1ed3m c\u00e1c chu k\u1ef3 t\u0103ng l\u00e3i su\u1ea5t khi Selic \u0111\u1ea1t 13.75%, c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 duy tr\u00ec l\u1ee3i su\u1ea5t t\u1eeb 10.8% \u0111\u1ebfn 13.1%. S\u1ef1 nh\u1ea5t qu\u00e1n n\u00e0y thu h\u00fat c\u1ea3 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 qu\u1ea3n l\u00fd h\u01a1n R$500 tri\u1ec7u v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n m\u1edbi b\u1eaft \u0111\u1ea7u ho\u1ea1t \u0111\u1ed9ng th\u00f4ng qua Pocket Option v\u1edbi c\u00e1c kho\u1ea3n \u0111\u00f3ng g\u00f3p b\u1eaft \u0111\u1ea7u t\u1eeb R$1,000.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>N\u0103m y\u1ebfu t\u1ed1 quan tr\u1ecdng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ed5 t\u1ee9c TAESA<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hi\u1ec7u su\u1ea5t c\u1ee7a c\u1ed5 t\u1ee9c TAESA li\u00ean quan tr\u1ef1c ti\u1ebfp \u0111\u1ebfn n\u0103m y\u1ebfu t\u1ed1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh \u0111i\u1ec7n Brazil v\u00e0 m\u00f4 h\u00ecnh kinh doanh c\u1ee7a c\u00f4ng ty. \u0110\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn v\u1edbi c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 ch\u00ednh n\u00e0y.<\/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'>H\u1ee3p \u0111\u1ed3ng nh\u01b0\u1ee3ng quy\u1ec1n v\u1edbi th\u1eddi h\u1ea1n trung b\u00ecnh 23 n\u0103m v\u00e0 doanh thu \u0111\u01b0\u1ee3c ch\u1ec9 s\u1ed1 h\u00f3a theo IPCA<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u00ednh s\u00e1ch t\u1ef7 l\u1ec7 chi tr\u1ea3 95% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 65%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bi\u00ean EBITDA 87.3% trong qu\u00fd v\u1eeba qua, cao nh\u1ea5t trong ph\u00e2n kh\u00fac<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u1edbi chi ph\u00ed O&amp;M th\u1ea5p h\u01a1n 32% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ebfp x\u00fac t\u1ed1i thi\u1ec3u v\u1edbi r\u1ee7i ro quy \u0111\u1ecbnh c\u1ee7a MP 1.118\/2024 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c nh\u00e0 ph\u00e1t \u0111i\u1ec7n<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a m\u00f4 h\u00ecnh kinh doanh TAESA d\u1ef1a tr\u00ean 47 h\u1ee3p \u0111\u1ed3ng nh\u01b0\u1ee3ng quy\u1ec1n h\u1ebft h\u1ea1n t\u1eeb n\u0103m 2030 \u0111\u1ebfn 2048, \u0111\u1ea3m b\u1ea3o doanh thu c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c trong nhi\u1ec1u th\u1eadp k\u1ef7. \u0110\u1eb7c \u0111i\u1ec3m n\u00e0y cho ph\u00e9p l\u1eadp k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n v\u1edbi ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn 95%, kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c ng\u00e0nh nh\u01b0 b\u00e1n l\u1ebb, n\u01a1i c\u00e1c c\u00f4ng ty nh\u01b0 Magazine Luiza v\u00e0 Via Varejo c\u1ea7n li\u00ean t\u1ee5c t\u00e1i \u0111\u1ea7u t\u01b0 \u0111\u1ec3 duy tr\u00ec t\u00ednh c\u1ea1nh tranh.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option mu\u1ed1n c\u00e2n b\u1eb1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y trong c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 m\u1ed9t \u0111\u1ed1i tr\u1ecdng l\u00fd t\u01b0\u1edfng v\u1edbi c\u00e1c ho\u1ea1t \u0111\u1ed9ng r\u1ee7i ro cao h\u01a1n. V\u1edbi beta ch\u1ec9 0.45 (th\u1ea5p h\u01a1n th\u1ecb tr\u01b0\u1eddng), TAESA cung c\u1ea5p s\u1ef1 b\u1ea3o v\u1ec7 trong c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng, nh\u01b0 \u0111\u00e3 x\u1ea3y ra v\u00e0o th\u00e1ng 3 n\u0103m 2020, khi c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 gi\u1ea3m 18% trong khi Ibovespa gi\u1ea3m 30%.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch so s\u00e1nh: TAESA so v\u1edbi 4 c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c l\u1edbn nh\u1ea5t \u1edf Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 \u0111\u1eb7t \u0111\u00fang b\u1ed1i c\u1ea3nh hi\u1ec7u su\u1ea5t c\u1ee7a TAESA, ch\u00fang t\u00f4i so s\u00e1nh c\u00e1c ch\u1ec9 s\u1ed1 c\u1ee7a n\u00f3 v\u1edbi b\u1ed1n c\u00f4ng ty l\u1edbn kh\u00e1c c\u1ee7a Brazil n\u1ed5i ti\u1ebfng v\u1ec1 c\u1ed5 t\u1ee9c. Ph\u00e2n t\u00edch n\u00e0y ti\u1ebft l\u1ed9 l\u00fd do t\u1ea1i sao c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa th\u01b0\u1eddng v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf trong c\u00f9ng ph\u00e2n kh\u00fac \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>C\u00f4ng ty<\/th><th>Ng\u00e0nh<\/th><th>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh (3 n\u0103m qua)<\/th><th>T\u1ef7 l\u1ec7 chi tr\u1ea3<\/th><th>Bi\u1ebfn \u0111\u1ed9ng (\u0110\u1ed9 l\u1ec7ch chu\u1ea9n h\u00e0ng n\u0103m)<\/th><\/tr><\/thead><tbody><tr><td>TAESA (TAEE11)<\/td><td>Truy\u1ec1n t\u1ea3i \u0111i\u1ec7n<\/td><td>12.2%<\/td><td>95%<\/td><td>18.3%<\/td><\/tr><tr><td>ITA\u00daSA (ITSA4)<\/td><td>Holding<\/td><td>8.1%<\/td><td>70%<\/td><td>22.7%<\/td><\/tr><tr><td>COPEL (CPLE6)<\/td><td>\u0110i\u1ec7n l\u1ef1c<\/td><td>7.5%<\/td><td>65%<\/td><td>24.8%<\/td><\/tr><tr><td>ENGIE (EGIE3)<\/td><td>\u0110i\u1ec7n l\u1ef1c<\/td><td>6.8%<\/td><td>80%<\/td><td>19.4%<\/td><\/tr><tr><td>VALE (VALE3)<\/td><td>Khai th\u00e1c m\u1ecf<\/td><td>9.7%<\/td><td>45-85%<\/td><td>37.2%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>TAESA n\u1ed5i b\u1eadt kh\u00f4ng ch\u1ec9 v\u00ec l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c cao nh\u1ea5t v\u00e0 \u1ed5n \u0111\u1ecbnh (12.2%), m\u00e0 c\u00f2n v\u00ec s\u1ef1 d\u1ef1 \u0111o\u00e1n cao c\u1ee7a c\u00e1c kho\u1ea3n thanh to\u00e1n k\u1ebft h\u1ee3p v\u1edbi bi\u1ebfn \u0111\u1ed9ng t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p (18.3%). Trong khi VALE c\u00f3 th\u1ec3 th\u1ec9nh tho\u1ea3ng cung c\u1ea5p c\u1ed5 t\u1ee9c \u0111\u1eb7c bi\u1ec7t \u0111\u1ea1t 20% v\u00e0o n\u0103m 2021, s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o gi\u00e1 qu\u1eb7ng s\u1eaft theo chu k\u1ef3 d\u1eabn \u0111\u1ebfn dao \u0111\u1ed9ng c\u1ef1c \u0111oan, v\u1edbi m\u1ee9c gi\u1ea3m 35% trong c\u1ed5 t\u1ee9c gi\u1eefa n\u0103m 2022-2023.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00e1c ph\u00e2n t\u00edch so s\u00e1nh n\u00e0y \u0111\u1ec3 c\u1ea5u tr\u00fac danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111a d\u1ea1ng gi\u1eefa c\u00e1c ng\u00e0nh ph\u00f2ng th\u1ee7 v\u00e0 theo chu k\u1ef3. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi 30-40% trong c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 v\u00e0 b\u1ed5 sung trong c\u00e1c ng\u00e0nh theo chu k\u1ef3 nh\u01b0 h\u00e0ng h\u00f3a \u0111\u00e3 qu\u1ea3n l\u00fd \u0111\u1ec3 c\u00e2n b\u1eb1ng l\u1ee3i su\u1ea5t \u1ed5n \u0111\u1ecbnh (8-10% h\u00e0ng n\u0103m) v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 trong c\u00e1c chu k\u1ef3 kinh t\u1ebf kh\u00e1c nhau.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ba l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u1ee7a TAESA trong ng\u00e0nh \u0111i\u1ec7n Brazil<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ng\u00e0nh \u0111i\u1ec7n Brazil ch\u1ee9a c\u00e1c \u0111\u1eb7c th\u00f9 quy \u0111\u1ecbnh c\u00f3 l\u1ee3i cho c\u00e1c c\u00f4ng ty truy\u1ec1n t\u1ea3i \u0111i\u1ec7n. TAESA n\u1ed5i b\u1eadt v\u1edbi ba l\u1ee3i th\u1ebf c\u1ee5 th\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh:<\/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'>Ho\u1ea1t \u0111\u1ed9ng \u0111\u1ed9c quy\u1ec1n trong truy\u1ec1n t\u1ea3i, m\u1ed9t ng\u00e0nh c\u00f3 Doanh thu H\u00e0ng n\u0103m \u0110\u01b0\u1ee3c ph\u00e9p (RAP) \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o theo h\u1ee3p \u0111\u1ed3ng v\u00e0 t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u d\u01b0\u1edbi 0.5%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5u tr\u00fac v\u1ed1n t\u1ed1i \u01b0u v\u1edbi 62% n\u1ee3 \u0111\u01b0\u1ee3c ch\u1ec9 s\u1ed1 h\u00f3a theo IPCA, c\u00f9ng ch\u1ec9 s\u1ed1 h\u00f3a nh\u01b0 doanh thu<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quy\u1ec1n ph\u00e1t sinh t\u1eeb nh\u01b0\u1ee3ng quy\u1ec1n cho ph\u00e9p \u0111\u00f2n b\u1ea9y l\u00ean \u0111\u1ebfn 70% m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn kh\u1ea3 n\u0103ng thanh to\u00e1n c\u1ed5 t\u1ee9c<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m n\u00e0y l\u00e0m cho c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 n\u1ed5i b\u1eadt ngay c\u1ea3 trong s\u1ed1 c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp. Trong khi CTEEP (TRPL4) v\u00e0 Alupar (ALUP11) c\u00f3 l\u1ee3i su\u1ea5t trung b\u00ecnh l\u1ea7n l\u01b0\u1ee3t l\u00e0 7.8% v\u00e0 8.2%, ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i t\u00edch c\u1ef1c h\u01a1n c\u1ee7a TAESA li\u00ean t\u1ee5c d\u1eabn \u0111\u1ebfn c\u1ed5 t\u1ee9c tr\u00ean 11% m\u1ed7i n\u0103m.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>B\u1ed1n chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn v\u1edbi c\u1ed5 t\u1ee9c TAESA<\/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 quy\u1ebft t\u00e2m t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn v\u1edbi c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa, ch\u00fang t\u00f4i \u0111\u00e3 th\u1eed nghi\u1ec7m v\u00e0 x\u00e1c nh\u1eadn b\u1ed1n chi\u1ebfn l\u01b0\u1ee3c v\u1edbi k\u1ebft qu\u1ea3 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh. N\u1ec1n t\u1ea3ng Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 gi\u00fap d\u1ec5 d\u00e0ng tri\u1ec3n khai c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn n\u00e0y cho c\u00e1c h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Chi\u1ebfn l\u01b0\u1ee3c<\/th><th>Ph\u01b0\u01a1ng ph\u00e1p<\/th><th>H\u1ed3 s\u01a1 l\u00fd t\u01b0\u1edfng<\/th><th>K\u1ebft qu\u1ea3 l\u1ecbch s\u1eed (5 n\u0103m)<\/th><\/tr><\/thead><tbody><tr><td>T\u00edch l\u0169y t\u1ef1 \u0111\u1ed9ng<\/td><td>T\u00e1i \u0111\u1ea7u t\u01b0 100% c\u1ed5 t\u1ee9c h\u00e0ng qu\u00fd<\/td><td>T\u00edch l\u0169y t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n<\/td><td>CAGR 18.3% (c\u1ed5 t\u1ee9c + t\u0103ng gi\u00e1)<\/td><\/tr><tr><td>Mua chi\u1ebfn l\u01b0\u1ee3c<\/td><td>Mua b\u1ed5 sung khi P\/BV &lt; 1.2 v\u00e0 l\u1ee3i su\u1ea5t d\u1ef1 ki\u1ebfn &gt; 12%<\/td><td>Trung b\u00ecnh v\u1edbi d\u1ef1 tr\u1eef c\u01a1 h\u1ed9i<\/td><td>L\u1ee3i su\u1ea5t trung b\u00ecnh tr\u00ean chi ph\u00ed 14.2%<\/td><\/tr><tr><td>B\u1ea3o v\u1ec7 ch\u00e9o ng\u00e0nh<\/td><td>TAESA (60%) + ETF IVVB11 (40%) v\u1edbi c\u00e2n b\u1eb1ng l\u1ea1i h\u00e0ng n\u0103m<\/td><td>Trung b\u00ecnh v\u1edbi ti\u1ebfp x\u00fac qu\u1ed1c t\u1ebf<\/td><td>T\u1ed5ng l\u1ee3i nhu\u1eadn 97.2% v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 22%<\/td><\/tr><tr><td>Thu nh\u1eadp \u0111\u1ecbnh k\u1ef3<\/td><td>Tr\u00edch xu\u1ea5t 80% c\u1ed5 t\u1ee9c v\u1edbi t\u00e1i \u0111\u1ea7u t\u01b0 20%<\/td><td>T\u1ea1o thu nh\u1eadp b\u1ed5 sung<\/td><td>D\u00f2ng ti\u1ec1n t\u0103ng tr\u01b0\u1edfng 7.8% p.a.<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Chi\u1ebfn l\u01b0\u1ee3c T\u00edch l\u0169y T\u1ef1 \u0111\u1ed9ng \u0111\u00e3 ch\u1ee9ng minh \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 trong giai \u0111o\u1ea1n \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch (2020-2025). C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00e1i \u0111\u1ea7u t\u01b0 ho\u00e0n to\u00e0n c\u1ed5 t\u1ee9c h\u00e0ng qu\u00fd c\u1ee7a c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c CAGR (t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m k\u00e9p) 18.3%, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa 6.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong c\u00f9ng k\u1ef3.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 tri\u1ec3n khai v\u00e0o n\u0103m 2024 m\u1ed9t ch\u1ee9c n\u0103ng t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng \u0111\u1ed9c quy\u1ec1n cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng l\u00ean l\u1ecbch mua c\u00e1c ph\u1ea7n nh\u1ecf c\u1ee7a c\u1ed5 phi\u1ebfu v\u1edbi c\u1ed5 t\u1ee9c nh\u1eadn \u0111\u01b0\u1ee3c, lo\u1ea1i b\u1ecf s\u1ef1 kh\u00f4ng hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c ngu\u1ed3n l\u1ef1c nh\u00e0n r\u1ed7i v\u00e0 t\u1ed1i \u0111a h\u00f3a s\u1ee9c m\u1ea1nh c\u1ee7a l\u00e3i k\u00e9p ngay c\u1ea3 v\u1edbi s\u1ed1 ti\u1ec1n nh\u1ecf.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ba r\u1ee7i ro quan tr\u1ecdng v\u00e0 c\u00e1ch gi\u1ea3m thi\u1ec3u ch\u00fang khi \u0111\u1ea7u t\u01b0 v\u00e0o TAESA<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1eb7c d\u00f9 c\u00f3 l\u1ecbch s\u1eed nh\u1ea5t qu\u00e1n, ba r\u1ee7i ro c\u1ee5 th\u1ec3 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u su\u1ea5t t\u01b0\u01a1ng lai c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1eadn tr\u1ecdng n\u00ean tri\u1ec3n khai c\u00e1c chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u cho t\u1eebng k\u1ecbch b\u1ea3n.<\/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'>R\u1ee7i ro quy \u0111\u1ecbnh: Xem x\u00e9t thu\u1ebf quan n\u0103m 2026 c\u00f3 th\u1ec3 gi\u1ea3m RAP t\u1eeb 8-12%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro l\u00e3i su\u1ea5t: C\u00e1c chu k\u1ef3 Selic tr\u00ean 11.5% g\u00e2y \u00e1p l\u1ef1c l\u00ean \u0111\u1ecbnh gi\u00e1<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro thu\u1ebf: \u0110\u1ec1 xu\u1ea5t thu\u1ebf c\u1ed5 t\u1ee9c 15% \u0111ang \u0111\u01b0\u1ee3c Qu\u1ed1c h\u1ed9i xem x\u00e9t<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ng\u00e0nh truy\u1ec1n t\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c \u0111\u1ee3t xem x\u00e9t \u0111\u1ecbnh k\u1ef3 c\u1ee7a ANEEL m\u00e0 l\u1ecbch s\u1eed \u0111\u00e3 gi\u1ea3m RAP t\u1eeb 7-13%. Chu k\u1ef3 xem x\u00e9t ti\u1ebfp theo c\u1ee7a TAESA di\u1ec5n ra v\u00e0o n\u0103m 2026 v\u00e0 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 43% nh\u01b0\u1ee3ng quy\u1ec1n c\u1ee7a c\u00f4ng ty. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option n\u00ean theo d\u00f5i c\u00e1c phi\u00ean \u0111i\u1ec1u tr\u1ea7n c\u00f4ng khai c\u1ee7a ANEEL t\u1eeb n\u1eeda cu\u1ed1i n\u0103m 2025 \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n c\u00e1c t\u00e1c \u0111\u1ed9ng ti\u1ec1m n\u0103ng.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Y\u1ebfu t\u1ed1 r\u1ee7i ro<\/th><th>X\u00e1c su\u1ea5t (1-5)<\/th><th>T\u00e1c \u0111\u1ed9ng ti\u1ec1m n\u0103ng<\/th><th>Chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u<\/th><\/tr><\/thead><tbody><tr><td>Xem x\u00e9t thu\u1ebf quan 2026<\/td><td>5 (Ch\u1eafc ch\u1eafn)<\/td><td>Gi\u1ea3m 8-12% RAP, ~6% t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn c\u1ed5 t\u1ee9c<\/td><td>Mua theo t\u1eebng giai \u0111o\u1ea1n sau khi xem x\u00e9t khi gi\u00e1 th\u01b0\u1eddng chi\u1ebft kh\u1ea5u qu\u00e1 m\u1ee9c t\u00e1c \u0111\u1ed9ng<\/td><\/tr><tr><td>Selic &gt; 11.5%<\/td><td>3 (C\u00f3 th\u1ec3)<\/td><td>N\u00e9n b\u1ed9i s\u1ed1 v\u00e0 gi\u1ea3m gi\u00e1 15-20%<\/td><td>B\u1ea3o hi\u1ec3m m\u1ed9t ph\u1ea7n v\u1edbi c\u00e1c v\u1ecb tr\u00ed trong LFT ho\u1eb7c quy\u1ec1n ch\u1ecdn b\u00e1n<\/td><\/tr><tr><td>\u0110\u00e1nh thu\u1ebf c\u1ed5 t\u1ee9c<\/td><td>4 (C\u00f3 kh\u1ea3 n\u0103ng)<\/td><td>Gi\u1ea3m 15% l\u1ee3i su\u1ea5t th\u1ef1c t\u1ebf<\/td><td>C\u1ea5u tr\u00fac th\u00f4ng qua c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u1edbi thu\u1ebf su\u1ea5t kh\u00e1c bi\u1ec7t<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t ph\u00e2n t\u00edch ng\u01b0\u1ee3c l\u1ea1i ch\u1ec9 ra r\u1eb1ng, l\u1ecbch s\u1eed, sau c\u00e1c \u0111\u1ee3t xem x\u00e9t thu\u1ebf quan, c\u1ed5 phi\u1ebfu TAESA \u0111\u00e3 cho th\u1ea5y s\u1ef1 ph\u1ee5c h\u1ed3i trung b\u00ecnh 18% trong 12 th\u00e1ng ti\u1ebfp theo, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n hi\u1ec7u su\u1ea5t tr\u01b0\u1edbc khi xem x\u00e9t. M\u00f4 h\u00ecnh n\u00e0y cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng c\u00f3 xu h\u01b0\u1edbng \u0111\u1ecbnh gi\u00e1 trong c\u00e1c k\u1ecbch b\u1ea3n qu\u00e1 bi quan, t\u1ea1o ra c\u01a1 h\u1ed9i cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>D\u1ef1 b\u00e1o c\u00f3 c\u01a1 s\u1edf cho c\u1ed5 t\u1ee9c TAESA \u0111\u1ebfn n\u0103m 2028<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1a tr\u00ean m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh chi ti\u1ebft v\u00e0 ph\u00e2n t\u00edch c\u00e1c nh\u01b0\u1ee3ng quy\u1ec1n hi\u1ec7n c\u00f3, ch\u00fang t\u00f4i d\u1ef1 b\u00e1o ba k\u1ecbch b\u1ea3n cho c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa trong ba n\u0103m t\u1edbi. C\u00e1c d\u1ef1 b\u00e1o n\u00e0y xem x\u00e9t chu k\u1ef3 xem x\u00e9t, s\u1ef1 tr\u01b0\u1edfng th\u00e0nh c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111ang di\u1ec5n ra v\u00e0 m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf v\u0129 m\u00f4 c\u1ee7a Brazil.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u00e1c k\u1ecbch b\u1ea3n d\u1ef1 ki\u1ebfn cho 2025-2028<\/h3><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>K\u1ecbch b\u1ea3n<\/th><th>Gi\u1ea3 \u0111\u1ecbnh ch\u00ednh<\/th><th>C\u1ed5 t\u1ee9c d\u1ef1 ki\u1ebfn<\/th><th>L\u1ee3i su\u1ea5t \u01b0\u1edbc t\u00ednh*<\/th><\/tr><\/thead><tbody><tr><td>L\u1ea1c quan<\/td><td>Xem x\u00e9t thu\u1ebf quan ch\u1ec9 gi\u1ea3m 6%, l\u1ea1m ph\u00e1t \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t \u1edf m\u1ee9c 3.5%, mua l\u1ea1i 2 t\u00e0i s\u1ea3n m\u1edbi<\/td><td>R$2.23 (2025) \/ R$2.37 (2026) \/ R$2.44 (2027)<\/td><td>13.8% \/ 14.7% \/ 15.1%<\/td><\/tr><tr><td>C\u01a1 s\u1edf<\/td><td>Xem x\u00e9t thu\u1ebf quan gi\u1ea3m 10%, l\u1ea1m ph\u00e1t trung b\u00ecnh 4.2%, duy tr\u00ec danh m\u1ee5c hi\u1ec7n t\u1ea1i<\/td><td>R$2.05 (2025) \/ R$1.97 (2026) \/ R$2.12 (2027)<\/td><td>12.7% \/ 12.2% \/ 13.1%<\/td><\/tr><tr><td>B\u1ea3o th\u1ee7<\/td><td>Xem x\u00e9t gi\u1ea3m 14%, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t 5.5%, \u00e1p \u0111\u1eb7t thu\u1ebf c\u1ed5 t\u1ee9c<\/td><td>R$1.88 (2025) \/ R$1.72 (2026) \/ R$1.65 (2027)<\/td><td>11.6% \/ 10.7% \/ 10.2%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>*L\u1ee3i su\u1ea5t \u0111\u01b0\u1ee3c t\u00ednh tr\u00ean gi\u00e1 hi\u1ec7n t\u1ea1i l\u00e0 R$16.15 m\u1ed7i c\u1ed5 phi\u1ebfu<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>K\u1ecbch b\u1ea3n c\u01a1 s\u1edf, v\u1edbi x\u00e1c su\u1ea5t \u01b0\u1edbc t\u00ednh 65%, ch\u1ec9 ra r\u1eb1ng c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa n\u00ean duy tr\u00ec l\u1ee3i su\u1ea5t tr\u00ean 12% trong ba n\u0103m t\u1edbi, ngo\u1ea1i tr\u1eeb giai \u0111o\u1ea1n ngay sau khi xem x\u00e9t thu\u1ebf quan n\u0103m 2026. S\u1ef1 ph\u1ee5c h\u1ed3i d\u1ef1 ki\u1ebfn cho n\u0103m 2027 d\u1ef1a tr\u00ean l\u1ecbch s\u1eed sau khi xem x\u00e9t v\u00e0 kh\u1ea3 n\u0103ng c\u1ee7a c\u00f4ng ty \u0111\u1ec3 b\u00f9 \u0111\u1eafp t\u1ed5n th\u1ea5t quy \u0111\u1ecbnh b\u1eb1ng c\u00e1c c\u1ea3i ti\u1ebfn hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ng\u01b0\u1eddi d\u00f9ng Pocket Option c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 d\u1ef1 b\u00e1o t\u00e0i ch\u00ednh c\u1ee7a n\u1ec1n t\u1ea3ng \u0111\u1ec3 m\u00f4 ph\u1ecfng c\u00e1c k\u1ecbch b\u1ea3n n\u00e0y v\u00e0 \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 c\u1ee7a h\u1ecd theo k\u1ef3 v\u1ecdng c\u1ee7a ri\u00eang h\u1ecd v\u1ec1 th\u1ecb tr\u01b0\u1eddng Brazil v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a h\u1ecd.<\/p><\/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 quy\u1ebft t\u00e2m bao g\u1ed3m c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t l\u1ed9 tr\u00ecnh th\u1ef1c t\u1ebf d\u1ef1a tr\u00ean c\u00e1c ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 h\u00e0nh vi. Quy tr\u00ecnh n\u0103m b\u01b0\u1edbc n\u00e0y t\u1ed1i \u0111a h\u00f3a c\u01a1 h\u1ed9i \u0111\u1ea1t \u0111\u01b0\u1ee3c k\u1ebft qu\u1ea3 nh\u1ea5t qu\u00e1n.<\/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'>X\u00e1c \u0111\u1ecbnh ph\u00e2n b\u1ed5 l\u00fd t\u01b0\u1edfng gi\u1eefa 5-15% danh m\u1ee5c \u0111\u1ea7u t\u01b0 theo h\u1ed3 s\u01a1 r\u1ee7i ro c\u1ee7a b\u1ea1n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1ef1c hi\u1ec7n nh\u1eadp theo t\u1eebng giai \u0111o\u1ea1n v\u1edbi 4 kho\u1ea3n \u0111\u00f3ng g\u00f3p h\u00e0ng qu\u00fd \u0111\u1ec3 gi\u1ea3m r\u1ee7i ro th\u1eddi gian<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5u h\u00ecnh t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng b\u1eb1ng c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 c\u1ee7a Pocket Option<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thi\u1ebft l\u1eadp ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1 \u0111\u1ecbnh l\u01b0\u1ee3ng: t\u0103ng v\u1ecb tr\u00ed khi P\/BV &lt; 1.2 v\u00e0 gi\u1ea3m khi P\/BV &gt; 1.8<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u00ean l\u1ecbch \u0111\u00e1nh gi\u00e1 b\u00e1n ni\u00ean ph\u00f9 h\u1ee3p v\u1edbi c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 v\u00e0 th\u00f4ng b\u00e1o c\u1ed5 t\u1ee9c<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Quy\u1ebft \u0111\u1ecbnh gi\u1eefa TAEE3 (ON), TAEE4 (PN), v\u00e0 TAEE11 (Unit) n\u00ean xem x\u00e9t c\u00e1c m\u1ee5c ti\u00eau c\u1ee5 th\u1ec3. Ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i cho th\u1ea5y r\u1eb1ng \u0111\u01a1n v\u1ecb TAEE11 cung c\u1ea5p s\u1ef1 c\u00e2n b\u1eb1ng t\u1ed1t nh\u1ea5t gi\u1eefa thanh kho\u1ea3n v\u00e0 l\u1ee3i su\u1ea5t cho h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>T\u00e0i s\u1ea3n<\/th><th>Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y<\/th><th>Ch\u00eanh l\u1ec7ch trung b\u00ecnh<\/th><th>L\u1ee3i th\u1ebf ch\u00ednh<\/th><th>H\u1ed3 s\u01a1 khuy\u1ebfn ngh\u1ecb<\/th><\/tr><\/thead><tbody><tr><td>TAEE3 (ON)<\/td><td>R$1.2 tri\u1ec7u<\/td><td>0.7%<\/td><td>Quy\u1ec1n bi\u1ec3u quy\u1ebft trong c\u00e1c quy\u1ebft \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c<\/td><td>Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c ho\u1eb7c ho\u1ea1t \u0111\u1ed9ng<\/td><\/tr><tr><td>TAEE4 (PN)<\/td><td>R$3.5 tri\u1ec7u<\/td><td>0.4%<\/td><td>\u01afu ti\u00ean ph\u00e1p l\u00fd trong ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c<\/td><td>T\u1eadp trung \u0111\u1ed9c quy\u1ec1n v\u00e0o thu nh\u1eadp<\/td><\/tr><tr><td>TAEE11 (Unit)<\/td><td>R$28.7 tri\u1ec7u<\/td><td>0.1%<\/td><td>Thanh kho\u1ea3n t\u1ed1i \u0111a v\u00e0 th\u00e0nh ph\u1ea7n c\u00e2n b\u1eb1ng (1 ON + 2 PN)<\/td><td>Ph\u1ea7n l\u1edbn nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 tri\u1ec3n khai v\u00e0o th\u00e1ng 1 n\u0103m 2025 m\u1ed9t ch\u1ee9c n\u0103ng \u0111\u1ed9c quy\u1ec1n c\u1ee7a c\u1ea3nh b\u00e1o c\u00e1 nh\u00e2n h\u00f3a cho c\u00e1c s\u1ef1 ki\u1ec7n doanh nghi\u1ec7p. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 c\u1ea5u h\u00ecnh th\u00f4ng b\u00e1o t\u1ef1 \u0111\u1ed9ng cho c\u00e1c th\u00f4ng b\u00e1o c\u1ed5 t\u1ee9c TAESA, lo\u1ea1i b\u1ecf nguy c\u01a1 b\u1ecf l\u1ee1 c\u00e1c ng\u00e0y c\u1eaft (ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n) th\u01b0\u1eddng x\u1ea3y ra 3-5 ng\u00e0y l\u00e0m vi\u1ec7c sau th\u00f4ng b\u00e1o.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: TAESA nh\u01b0 m\u1ed9t tr\u1ee5 c\u1ed9t chi\u1ebfn l\u01b0\u1ee3c trong danh m\u1ee5c c\u1ed5 t\u1ee9c Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa ch\u1ee9ng minh l\u00fd do t\u1ea1i sao c\u00f4ng ty n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 nh\u01b0 m\u1ed9t th\u00e0nh ph\u1ea7n c\u01a1 b\u1ea3n trong c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil. C\u00e1c h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n v\u1edbi doanh thu \u0111\u01b0\u1ee3c ch\u1ec9 s\u1ed1 h\u00f3a theo l\u1ea1m ph\u00e1t, l\u1ecbch s\u1eed ph\u00e2n ph\u1ed1i h\u00e0ng qu\u00fd kh\u00f4ng b\u1ecb gi\u00e1n \u0111o\u1ea1n, v\u00e0 l\u1ee3i su\u1ea5t lu\u00f4n tr\u00ean 10% t\u1ea1o th\u00e0nh m\u1ed9t s\u1ef1 k\u1ebft h\u1ee3p hi\u1ebfm th\u1ea5y tr\u00ean Ibovespa.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 n\u1ed5i b\u1eadt v\u1edbi s\u1ef1 k\u1ebft h\u1ee3p \u0111\u1ed9c \u0111\u00e1o gi\u1eefa t\u00ednh d\u1ef1 \u0111o\u00e1n v\u00e0 l\u1ee3i su\u1ea5t. Trong khi c\u00e1c c\u00f4ng ty ng\u00e0nh \u0111i\u1ec7n kh\u00e1c nh\u01b0 Eletrobras v\u00e0 CPFL \u01b0u ti\u00ean t\u00e1i c\u1ea5u tr\u00fac v\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0, gi\u1ea3m t\u1ef7 l\u1ec7 chi tr\u1ea3 xu\u1ed1ng 45-60%, TAESA duy tr\u00ec ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i cao (95%), tr\u1ef1c ti\u1ebfp mang l\u1ea1i l\u1ee3i \u00edch cho c\u1ed5 \u0111\u00f4ng v\u1edbi d\u00f2ng ti\u1ec1n h\u00e0ng qu\u00fd.<\/p><\/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 t\u00ecm ki\u1ebfm x\u00e2y d\u1ef1ng t\u00e0i s\u1ea3n v\u1edbi l\u1ee3i su\u1ea5t \u0111\u1ec1u \u0111\u1eb7n, TAESA \u0111\u1ea1i di\u1ec7n cho m\u1ed9t n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c b\u1ed5 sung v\u1edbi c\u00e1c t\u00e0i s\u1ea3n t\u0103ng tr\u01b0\u1edfng cao h\u01a1n ho\u1eb7c ti\u1ebfp x\u00fac qu\u1ed1c t\u1ebf. Trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng m\u00e0 t\u1ef7 l\u1ec7 Selic c\u00f3 xu h\u01b0\u1edbng dao \u0111\u1ed9ng t\u1eeb 8-11% trong nh\u1eefng n\u0103m t\u1edbi, duy tr\u00ec v\u1ecb tr\u00ed trong c\u00e1c c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng ph\u00e2n ph\u1ed1i h\u01a1n 12% c\u1ed5 t\u1ee9c s\u1ebd t\u1ea1o th\u00e0nh m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 trong t\u1ed5ng l\u1ee3i nhu\u1eadn c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p b\u1ed9 c\u00f4ng c\u1ee5 ho\u00e0n ch\u1ec9nh c\u1ea7n thi\u1ebft \u0111\u1ec3 tri\u1ec3n khai c\u00e1c chi\u1ebfn l\u01b0\u1ee3c d\u1ef1a tr\u00ean c\u1ed5 t\u1ee9c, t\u1eeb c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng \u0111\u1ebfn t\u00e1i \u0111\u1ea7u t\u01b0 theo l\u1ecbch tr\u00ecnh. Vi\u1ec7c gi\u00e1m s\u00e1t c\u00f3 h\u1ec7 th\u1ed1ng c\u00e1c y\u1ebfu t\u1ed1 quy \u0111\u1ecbnh, kinh t\u1ebf v\u0129 m\u00f4, v\u00e0 ng\u00e0nh \u0111\u01b0\u1ee3c n\u00eau b\u1eadt trong ph\u00e2n t\u00edch n\u00e0y s\u1ebd cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng ch\u1ec9 n\u1eafm b\u1eaft l\u1ee3i su\u1ea5t \u1ed5n \u0111\u1ecbnh c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa m\u00e0 c\u00f2n t\u1ed1i \u01b0u h\u00f3a c\u00e1c l\u1ea7n v\u00e0o v\u00e0 ra chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a t\u1ed5ng l\u1ee3i nhu\u1eadn trong d\u00e0i h\u1ea1n.<\/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'>To\u00e0n c\u1ea3nh hi\u1ec7n t\u1ea1i c\u1ee7a c\u1ed5 t\u1ee9c TAESA tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil n\u0103m 2025<\/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 c\u00f3 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o v\u1ec1 c\u1ed5 t\u1ee9c, v\u1edbi TAESA (TAEE11) n\u1ed5i b\u1eadt l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng ty d\u1eabn \u0111\u1ea7u v\u1ec1 ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c. V\u1edbi t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c lu\u00f4n tr\u00ean 10%, vi\u1ec7c hi\u1ec3u r\u00f5 h\u1ed3 s\u01a1 c\u1ed5 t\u1ee9c c\u1ee7a c\u1ed5 phi\u1ebfu taesa \u0111\u00e3 tr\u1edf th\u00e0nh \u0111i\u1ec1u c\u01a1 b\u1ea3n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp. C\u00f4ng ty truy\u1ec1n t\u1ea3i \u0111i\u1ec7n duy tr\u00ec ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c \u0111\u1eb7t n\u00f3 v\u00e0o top ba c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c l\u1edbn nh\u1ea5t tr\u00ean Ibovespa t\u1eeb n\u0103m 2018.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>TAESA kh\u00e1c bi\u1ec7t tr\u00ean th\u1ecb tr\u01b0\u1eddng nh\u1edd chi\u1ebfn l\u01b0\u1ee3c c\u00f3 ch\u1ee7 \u0111\u00edch: trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 nh\u01b0 Eletrobras v\u00e0 CPFL ph\u00e2n b\u1ed5 30-50% l\u1ee3i nhu\u1eadn \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0, TAESA ph\u00e2n ph\u1ed1i h\u01a1n 95% d\u00f2ng ti\u1ec1n t\u1ef1 do cho c\u1ed5 \u0111\u00f4ng. Ch\u00ednh s\u00e1ch n\u00e0y l\u00e0m cho c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n \u01b0u ti\u00ean cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 coi tr\u1ecdng l\u1ee3i nhu\u1eadn h\u00e0ng qu\u00fd c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi ng\u01b0\u1eddi d\u00f9ng Pocket Option mu\u1ed1n \u0111a d\u1ea1ng h\u00f3a ngo\u00e0i c\u00e1c ho\u1ea1t \u0111\u1ed9ng ng\u1eafn h\u1ea1n, t\u00e0i s\u1ea3n TAESA \u0111\u1ea1i di\u1ec7n cho c\u01a1 h\u1ed9i ti\u1ebfp x\u00fac v\u1edbi th\u1ecb tr\u01b0\u1eddng Brazil v\u1edbi \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n. Kh\u00f4ng gi\u1ed1ng nh\u01b0 giao d\u1ecbch trong ng\u00e0y \u0111\u00f2i h\u1ecfi ph\u1ea3i theo d\u00f5i li\u00ean t\u1ee5c, \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c nh\u01b0 TAESA \u0111\u00f2i h\u1ecfi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n s\u00e2u h\u01a1n v\u00e0 t\u1ea7m nh\u00ecn \u0111\u1ea7u t\u01b0 3-5 n\u0103m \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a k\u1ebft qu\u1ea3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>L\u1ecbch s\u1eed v\u00e0 s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u1ed5 t\u1ee9c TAESA (2020-2025)<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u1ecbch s\u1eed thanh to\u00e1n l\u00e0 ch\u1ec9 s\u1ed1 ch\u00ednh v\u1ec1 ti\u1ec1m n\u0103ng t\u01b0\u01a1ng lai c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa. Trong 5 n\u0103m qua (2020-2024), ngay c\u1ea3 trong th\u1eddi k\u1ef3 \u0111\u1ea1i d\u1ecbch khi 43% c\u00f4ng ty tr\u00ean Ibovespa c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c, TAESA v\u1eabn duy tr\u00ec ph\u00e2n ph\u1ed1i h\u00e0ng qu\u00fd kh\u00f4ng b\u1ecb gi\u00e1n \u0111o\u1ea1n, v\u1edbi l\u1ee3i su\u1ea5t v\u01b0\u1ee3t qu\u00e1 hai ch\u1eef s\u1ed1.<\/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>N\u0103m<\/th>\n<th>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh<\/th>\n<th>T\u1ed5ng ph\u00e2n ph\u1ed1i (R$)<\/th>\n<th>T\u1ea7n su\u1ea5t thanh to\u00e1n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2020<\/td>\n<td>11.2%<\/td>\n<td>1.52 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td>\n<td>H\u00e0ng qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>2021<\/td>\n<td>12.7%<\/td>\n<td>1.87 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td>\n<td>H\u00e0ng qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>2022<\/td>\n<td>10.8%<\/td>\n<td>1.65 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td>\n<td>H\u00e0ng qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>2023<\/td>\n<td>13.1%<\/td>\n<td>2.05 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td>\n<td>H\u00e0ng qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td>2024 (ho\u00e0n th\u00e0nh)<\/td>\n<td>11.9%<\/td>\n<td>1.78 m\u1ed7i c\u1ed5 phi\u1ebfu<\/td>\n<td>H\u00e0ng qu\u00fd<\/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'>Ph\u00e2n t\u00edch l\u1ecbch s\u1eed ch\u1ee9ng minh r\u1eb1ng, b\u1ea5t ch\u1ea5p dao \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4, bao g\u1ed3m c\u00e1c chu k\u1ef3 t\u0103ng l\u00e3i su\u1ea5t khi Selic \u0111\u1ea1t 13.75%, c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 duy tr\u00ec l\u1ee3i su\u1ea5t t\u1eeb 10.8% \u0111\u1ebfn 13.1%. S\u1ef1 nh\u1ea5t qu\u00e1n n\u00e0y thu h\u00fat c\u1ea3 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 qu\u1ea3n l\u00fd h\u01a1n R$500 tri\u1ec7u v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n m\u1edbi b\u1eaft \u0111\u1ea7u ho\u1ea1t \u0111\u1ed9ng th\u00f4ng qua Pocket Option v\u1edbi c\u00e1c kho\u1ea3n \u0111\u00f3ng g\u00f3p b\u1eaft \u0111\u1ea7u t\u1eeb R$1,000.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>N\u0103m y\u1ebfu t\u1ed1 quan tr\u1ecdng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ed5 t\u1ee9c TAESA<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hi\u1ec7u su\u1ea5t c\u1ee7a c\u1ed5 t\u1ee9c TAESA li\u00ean quan tr\u1ef1c ti\u1ebfp \u0111\u1ebfn n\u0103m y\u1ebfu t\u1ed1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh \u0111i\u1ec7n Brazil v\u00e0 m\u00f4 h\u00ecnh kinh doanh c\u1ee7a c\u00f4ng ty. \u0110\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn v\u1edbi c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 ch\u00ednh n\u00e0y.<\/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'>H\u1ee3p \u0111\u1ed3ng nh\u01b0\u1ee3ng quy\u1ec1n v\u1edbi th\u1eddi h\u1ea1n trung b\u00ecnh 23 n\u0103m v\u00e0 doanh thu \u0111\u01b0\u1ee3c ch\u1ec9 s\u1ed1 h\u00f3a theo IPCA<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u00ednh s\u00e1ch t\u1ef7 l\u1ec7 chi tr\u1ea3 95% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 65%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bi\u00ean EBITDA 87.3% trong qu\u00fd v\u1eeba qua, cao nh\u1ea5t trong ph\u00e2n kh\u00fac<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u1edbi chi ph\u00ed O&amp;M th\u1ea5p h\u01a1n 32% so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ebfp x\u00fac t\u1ed1i thi\u1ec3u v\u1edbi r\u1ee7i ro quy \u0111\u1ecbnh c\u1ee7a MP 1.118\/2024 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c nh\u00e0 ph\u00e1t \u0111i\u1ec7n<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a m\u00f4 h\u00ecnh kinh doanh TAESA d\u1ef1a tr\u00ean 47 h\u1ee3p \u0111\u1ed3ng nh\u01b0\u1ee3ng quy\u1ec1n h\u1ebft h\u1ea1n t\u1eeb n\u0103m 2030 \u0111\u1ebfn 2048, \u0111\u1ea3m b\u1ea3o doanh thu c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c trong nhi\u1ec1u th\u1eadp k\u1ef7. \u0110\u1eb7c \u0111i\u1ec3m n\u00e0y cho ph\u00e9p l\u1eadp k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n v\u1edbi ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn 95%, kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c ng\u00e0nh nh\u01b0 b\u00e1n l\u1ebb, n\u01a1i c\u00e1c c\u00f4ng ty nh\u01b0 Magazine Luiza v\u00e0 Via Varejo c\u1ea7n li\u00ean t\u1ee5c t\u00e1i \u0111\u1ea7u t\u01b0 \u0111\u1ec3 duy tr\u00ec t\u00ednh c\u1ea1nh tranh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option mu\u1ed1n c\u00e2n b\u1eb1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y trong c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 m\u1ed9t \u0111\u1ed1i tr\u1ecdng l\u00fd t\u01b0\u1edfng v\u1edbi c\u00e1c ho\u1ea1t \u0111\u1ed9ng r\u1ee7i ro cao h\u01a1n. V\u1edbi beta ch\u1ec9 0.45 (th\u1ea5p h\u01a1n th\u1ecb tr\u01b0\u1eddng), TAESA cung c\u1ea5p s\u1ef1 b\u1ea3o v\u1ec7 trong c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng, nh\u01b0 \u0111\u00e3 x\u1ea3y ra v\u00e0o th\u00e1ng 3 n\u0103m 2020, khi c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 gi\u1ea3m 18% trong khi Ibovespa gi\u1ea3m 30%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch so s\u00e1nh: TAESA so v\u1edbi 4 c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c l\u1edbn nh\u1ea5t \u1edf Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 \u0111\u1eb7t \u0111\u00fang b\u1ed1i c\u1ea3nh hi\u1ec7u su\u1ea5t c\u1ee7a TAESA, ch\u00fang t\u00f4i so s\u00e1nh c\u00e1c ch\u1ec9 s\u1ed1 c\u1ee7a n\u00f3 v\u1edbi b\u1ed1n c\u00f4ng ty l\u1edbn kh\u00e1c c\u1ee7a Brazil n\u1ed5i ti\u1ebfng v\u1ec1 c\u1ed5 t\u1ee9c. Ph\u00e2n t\u00edch n\u00e0y ti\u1ebft l\u1ed9 l\u00fd do t\u1ea1i sao c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa th\u01b0\u1eddng v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf trong c\u00f9ng ph\u00e2n kh\u00fac \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>C\u00f4ng ty<\/th>\n<th>Ng\u00e0nh<\/th>\n<th>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh (3 n\u0103m qua)<\/th>\n<th>T\u1ef7 l\u1ec7 chi tr\u1ea3<\/th>\n<th>Bi\u1ebfn \u0111\u1ed9ng (\u0110\u1ed9 l\u1ec7ch chu\u1ea9n h\u00e0ng n\u0103m)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>TAESA (TAEE11)<\/td>\n<td>Truy\u1ec1n t\u1ea3i \u0111i\u1ec7n<\/td>\n<td>12.2%<\/td>\n<td>95%<\/td>\n<td>18.3%<\/td>\n<\/tr>\n<tr>\n<td>ITA\u00daSA (ITSA4)<\/td>\n<td>Holding<\/td>\n<td>8.1%<\/td>\n<td>70%<\/td>\n<td>22.7%<\/td>\n<\/tr>\n<tr>\n<td>COPEL (CPLE6)<\/td>\n<td>\u0110i\u1ec7n l\u1ef1c<\/td>\n<td>7.5%<\/td>\n<td>65%<\/td>\n<td>24.8%<\/td>\n<\/tr>\n<tr>\n<td>ENGIE (EGIE3)<\/td>\n<td>\u0110i\u1ec7n l\u1ef1c<\/td>\n<td>6.8%<\/td>\n<td>80%<\/td>\n<td>19.4%<\/td>\n<\/tr>\n<tr>\n<td>VALE (VALE3)<\/td>\n<td>Khai th\u00e1c m\u1ecf<\/td>\n<td>9.7%<\/td>\n<td>45-85%<\/td>\n<td>37.2%<\/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'>TAESA n\u1ed5i b\u1eadt kh\u00f4ng ch\u1ec9 v\u00ec l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c cao nh\u1ea5t v\u00e0 \u1ed5n \u0111\u1ecbnh (12.2%), m\u00e0 c\u00f2n v\u00ec s\u1ef1 d\u1ef1 \u0111o\u00e1n cao c\u1ee7a c\u00e1c kho\u1ea3n thanh to\u00e1n k\u1ebft h\u1ee3p v\u1edbi bi\u1ebfn \u0111\u1ed9ng t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p (18.3%). Trong khi VALE c\u00f3 th\u1ec3 th\u1ec9nh tho\u1ea3ng cung c\u1ea5p c\u1ed5 t\u1ee9c \u0111\u1eb7c bi\u1ec7t \u0111\u1ea1t 20% v\u00e0o n\u0103m 2021, s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o gi\u00e1 qu\u1eb7ng s\u1eaft theo chu k\u1ef3 d\u1eabn \u0111\u1ebfn dao \u0111\u1ed9ng c\u1ef1c \u0111oan, v\u1edbi m\u1ee9c gi\u1ea3m 35% trong c\u1ed5 t\u1ee9c gi\u1eefa n\u0103m 2022-2023.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00e1c ph\u00e2n t\u00edch so s\u00e1nh n\u00e0y \u0111\u1ec3 c\u1ea5u tr\u00fac danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111a d\u1ea1ng gi\u1eefa c\u00e1c ng\u00e0nh ph\u00f2ng th\u1ee7 v\u00e0 theo chu k\u1ef3. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi 30-40% trong c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 v\u00e0 b\u1ed5 sung trong c\u00e1c ng\u00e0nh theo chu k\u1ef3 nh\u01b0 h\u00e0ng h\u00f3a \u0111\u00e3 qu\u1ea3n l\u00fd \u0111\u1ec3 c\u00e2n b\u1eb1ng l\u1ee3i su\u1ea5t \u1ed5n \u0111\u1ecbnh (8-10% h\u00e0ng n\u0103m) v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 trong c\u00e1c chu k\u1ef3 kinh t\u1ebf kh\u00e1c nhau.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ba l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u1ee7a TAESA trong ng\u00e0nh \u0111i\u1ec7n Brazil<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ng\u00e0nh \u0111i\u1ec7n Brazil ch\u1ee9a c\u00e1c \u0111\u1eb7c th\u00f9 quy \u0111\u1ecbnh c\u00f3 l\u1ee3i cho c\u00e1c c\u00f4ng ty truy\u1ec1n t\u1ea3i \u0111i\u1ec7n. TAESA n\u1ed5i b\u1eadt v\u1edbi ba l\u1ee3i th\u1ebf c\u1ee5 th\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh:<\/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'>Ho\u1ea1t \u0111\u1ed9ng \u0111\u1ed9c quy\u1ec1n trong truy\u1ec1n t\u1ea3i, m\u1ed9t ng\u00e0nh c\u00f3 Doanh thu H\u00e0ng n\u0103m \u0110\u01b0\u1ee3c ph\u00e9p (RAP) \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o theo h\u1ee3p \u0111\u1ed3ng v\u00e0 t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u d\u01b0\u1edbi 0.5%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5u tr\u00fac v\u1ed1n t\u1ed1i \u01b0u v\u1edbi 62% n\u1ee3 \u0111\u01b0\u1ee3c ch\u1ec9 s\u1ed1 h\u00f3a theo IPCA, c\u00f9ng ch\u1ec9 s\u1ed1 h\u00f3a nh\u01b0 doanh thu<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quy\u1ec1n ph\u00e1t sinh t\u1eeb nh\u01b0\u1ee3ng quy\u1ec1n cho ph\u00e9p \u0111\u00f2n b\u1ea9y l\u00ean \u0111\u1ebfn 70% m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn kh\u1ea3 n\u0103ng thanh to\u00e1n c\u1ed5 t\u1ee9c<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m n\u00e0y l\u00e0m cho c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 n\u1ed5i b\u1eadt ngay c\u1ea3 trong s\u1ed1 c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp. Trong khi CTEEP (TRPL4) v\u00e0 Alupar (ALUP11) c\u00f3 l\u1ee3i su\u1ea5t trung b\u00ecnh l\u1ea7n l\u01b0\u1ee3t l\u00e0 7.8% v\u00e0 8.2%, ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i t\u00edch c\u1ef1c h\u01a1n c\u1ee7a TAESA li\u00ean t\u1ee5c d\u1eabn \u0111\u1ebfn c\u1ed5 t\u1ee9c tr\u00ean 11% m\u1ed7i n\u0103m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>B\u1ed1n chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn v\u1edbi c\u1ed5 t\u1ee9c TAESA<\/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 quy\u1ebft t\u00e2m t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn v\u1edbi c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa, ch\u00fang t\u00f4i \u0111\u00e3 th\u1eed nghi\u1ec7m v\u00e0 x\u00e1c nh\u1eadn b\u1ed1n chi\u1ebfn l\u01b0\u1ee3c v\u1edbi k\u1ebft qu\u1ea3 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh. N\u1ec1n t\u1ea3ng Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 gi\u00fap d\u1ec5 d\u00e0ng tri\u1ec3n khai c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn n\u00e0y cho c\u00e1c h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<th>Ph\u01b0\u01a1ng ph\u00e1p<\/th>\n<th>H\u1ed3 s\u01a1 l\u00fd t\u01b0\u1edfng<\/th>\n<th>K\u1ebft qu\u1ea3 l\u1ecbch s\u1eed (5 n\u0103m)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u00edch l\u0169y t\u1ef1 \u0111\u1ed9ng<\/td>\n<td>T\u00e1i \u0111\u1ea7u t\u01b0 100% c\u1ed5 t\u1ee9c h\u00e0ng qu\u00fd<\/td>\n<td>T\u00edch l\u0169y t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n<\/td>\n<td>CAGR 18.3% (c\u1ed5 t\u1ee9c + t\u0103ng gi\u00e1)<\/td>\n<\/tr>\n<tr>\n<td>Mua chi\u1ebfn l\u01b0\u1ee3c<\/td>\n<td>Mua b\u1ed5 sung khi P\/BV &lt; 1.2 v\u00e0 l\u1ee3i su\u1ea5t d\u1ef1 ki\u1ebfn &gt; 12%<\/td>\n<td>Trung b\u00ecnh v\u1edbi d\u1ef1 tr\u1eef c\u01a1 h\u1ed9i<\/td>\n<td>L\u1ee3i su\u1ea5t trung b\u00ecnh tr\u00ean chi ph\u00ed 14.2%<\/td>\n<\/tr>\n<tr>\n<td>B\u1ea3o v\u1ec7 ch\u00e9o ng\u00e0nh<\/td>\n<td>TAESA (60%) + ETF IVVB11 (40%) v\u1edbi c\u00e2n b\u1eb1ng l\u1ea1i h\u00e0ng n\u0103m<\/td>\n<td>Trung b\u00ecnh v\u1edbi ti\u1ebfp x\u00fac qu\u1ed1c t\u1ebf<\/td>\n<td>T\u1ed5ng l\u1ee3i nhu\u1eadn 97.2% v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 22%<\/td>\n<\/tr>\n<tr>\n<td>Thu nh\u1eadp \u0111\u1ecbnh k\u1ef3<\/td>\n<td>Tr\u00edch xu\u1ea5t 80% c\u1ed5 t\u1ee9c v\u1edbi t\u00e1i \u0111\u1ea7u t\u01b0 20%<\/td>\n<td>T\u1ea1o thu nh\u1eadp b\u1ed5 sung<\/td>\n<td>D\u00f2ng ti\u1ec1n t\u0103ng tr\u01b0\u1edfng 7.8% p.a.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Chi\u1ebfn l\u01b0\u1ee3c T\u00edch l\u0169y T\u1ef1 \u0111\u1ed9ng \u0111\u00e3 ch\u1ee9ng minh \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 trong giai \u0111o\u1ea1n \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch (2020-2025). C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00e1i \u0111\u1ea7u t\u01b0 ho\u00e0n to\u00e0n c\u1ed5 t\u1ee9c h\u00e0ng qu\u00fd c\u1ee7a c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c CAGR (t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m k\u00e9p) 18.3%, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Ibovespa 6.7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong c\u00f9ng k\u1ef3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option \u0111\u00e3 tri\u1ec3n khai v\u00e0o n\u0103m 2024 m\u1ed9t ch\u1ee9c n\u0103ng t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng \u0111\u1ed9c quy\u1ec1n cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng l\u00ean l\u1ecbch mua c\u00e1c ph\u1ea7n nh\u1ecf c\u1ee7a c\u1ed5 phi\u1ebfu v\u1edbi c\u1ed5 t\u1ee9c nh\u1eadn \u0111\u01b0\u1ee3c, lo\u1ea1i b\u1ecf s\u1ef1 kh\u00f4ng hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c ngu\u1ed3n l\u1ef1c nh\u00e0n r\u1ed7i v\u00e0 t\u1ed1i \u0111a h\u00f3a s\u1ee9c m\u1ea1nh c\u1ee7a l\u00e3i k\u00e9p ngay c\u1ea3 v\u1edbi s\u1ed1 ti\u1ec1n nh\u1ecf.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ba r\u1ee7i ro quan tr\u1ecdng v\u00e0 c\u00e1ch gi\u1ea3m thi\u1ec3u ch\u00fang khi \u0111\u1ea7u t\u01b0 v\u00e0o TAESA<\/h2>\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 l\u1ecbch s\u1eed nh\u1ea5t qu\u00e1n, ba r\u1ee7i ro c\u1ee5 th\u1ec3 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u su\u1ea5t t\u01b0\u01a1ng lai c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1eadn tr\u1ecdng n\u00ean tri\u1ec3n khai c\u00e1c chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u cho t\u1eebng k\u1ecbch b\u1ea3n.<\/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'>R\u1ee7i ro quy \u0111\u1ecbnh: Xem x\u00e9t thu\u1ebf quan n\u0103m 2026 c\u00f3 th\u1ec3 gi\u1ea3m RAP t\u1eeb 8-12%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro l\u00e3i su\u1ea5t: C\u00e1c chu k\u1ef3 Selic tr\u00ean 11.5% g\u00e2y \u00e1p l\u1ef1c l\u00ean \u0111\u1ecbnh gi\u00e1<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro thu\u1ebf: \u0110\u1ec1 xu\u1ea5t thu\u1ebf c\u1ed5 t\u1ee9c 15% \u0111ang \u0111\u01b0\u1ee3c Qu\u1ed1c h\u1ed9i xem x\u00e9t<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ng\u00e0nh truy\u1ec1n t\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c \u0111\u1ee3t xem x\u00e9t \u0111\u1ecbnh k\u1ef3 c\u1ee7a ANEEL m\u00e0 l\u1ecbch s\u1eed \u0111\u00e3 gi\u1ea3m RAP t\u1eeb 7-13%. Chu k\u1ef3 xem x\u00e9t ti\u1ebfp theo c\u1ee7a TAESA di\u1ec5n ra v\u00e0o n\u0103m 2026 v\u00e0 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 43% nh\u01b0\u1ee3ng quy\u1ec1n c\u1ee7a c\u00f4ng ty. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Pocket Option n\u00ean theo d\u00f5i c\u00e1c phi\u00ean \u0111i\u1ec1u tr\u1ea7n c\u00f4ng khai c\u1ee7a ANEEL t\u1eeb n\u1eeda cu\u1ed1i n\u0103m 2025 \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n c\u00e1c t\u00e1c \u0111\u1ed9ng ti\u1ec1m n\u0103ng.<\/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>Y\u1ebfu t\u1ed1 r\u1ee7i ro<\/th>\n<th>X\u00e1c su\u1ea5t (1-5)<\/th>\n<th>T\u00e1c \u0111\u1ed9ng ti\u1ec1m n\u0103ng<\/th>\n<th>Chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Xem x\u00e9t thu\u1ebf quan 2026<\/td>\n<td>5 (Ch\u1eafc ch\u1eafn)<\/td>\n<td>Gi\u1ea3m 8-12% RAP, ~6% t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn c\u1ed5 t\u1ee9c<\/td>\n<td>Mua theo t\u1eebng giai \u0111o\u1ea1n sau khi xem x\u00e9t khi gi\u00e1 th\u01b0\u1eddng chi\u1ebft kh\u1ea5u qu\u00e1 m\u1ee9c t\u00e1c \u0111\u1ed9ng<\/td>\n<\/tr>\n<tr>\n<td>Selic &gt; 11.5%<\/td>\n<td>3 (C\u00f3 th\u1ec3)<\/td>\n<td>N\u00e9n b\u1ed9i s\u1ed1 v\u00e0 gi\u1ea3m gi\u00e1 15-20%<\/td>\n<td>B\u1ea3o hi\u1ec3m m\u1ed9t ph\u1ea7n v\u1edbi c\u00e1c v\u1ecb tr\u00ed trong LFT ho\u1eb7c quy\u1ec1n ch\u1ecdn b\u00e1n<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u00e1nh thu\u1ebf c\u1ed5 t\u1ee9c<\/td>\n<td>4 (C\u00f3 kh\u1ea3 n\u0103ng)<\/td>\n<td>Gi\u1ea3m 15% l\u1ee3i su\u1ea5t th\u1ef1c t\u1ebf<\/td>\n<td>C\u1ea5u tr\u00fac th\u00f4ng qua c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u1edbi thu\u1ebf su\u1ea5t kh\u00e1c bi\u1ec7t<\/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'>M\u1ed9t ph\u00e2n t\u00edch ng\u01b0\u1ee3c l\u1ea1i ch\u1ec9 ra r\u1eb1ng, l\u1ecbch s\u1eed, sau c\u00e1c \u0111\u1ee3t xem x\u00e9t thu\u1ebf quan, c\u1ed5 phi\u1ebfu TAESA \u0111\u00e3 cho th\u1ea5y s\u1ef1 ph\u1ee5c h\u1ed3i trung b\u00ecnh 18% trong 12 th\u00e1ng ti\u1ebfp theo, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n hi\u1ec7u su\u1ea5t tr\u01b0\u1edbc khi xem x\u00e9t. M\u00f4 h\u00ecnh n\u00e0y cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng c\u00f3 xu h\u01b0\u1edbng \u0111\u1ecbnh gi\u00e1 trong c\u00e1c k\u1ecbch b\u1ea3n qu\u00e1 bi quan, t\u1ea1o ra c\u01a1 h\u1ed9i cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>D\u1ef1 b\u00e1o c\u00f3 c\u01a1 s\u1edf cho c\u1ed5 t\u1ee9c TAESA \u0111\u1ebfn n\u0103m 2028<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1a tr\u00ean m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh chi ti\u1ebft v\u00e0 ph\u00e2n t\u00edch c\u00e1c nh\u01b0\u1ee3ng quy\u1ec1n hi\u1ec7n c\u00f3, ch\u00fang t\u00f4i d\u1ef1 b\u00e1o ba k\u1ecbch b\u1ea3n cho c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa trong ba n\u0103m t\u1edbi. C\u00e1c d\u1ef1 b\u00e1o n\u00e0y xem x\u00e9t chu k\u1ef3 xem x\u00e9t, s\u1ef1 tr\u01b0\u1edfng th\u00e0nh c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111ang di\u1ec5n ra v\u00e0 m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf v\u0129 m\u00f4 c\u1ee7a Brazil.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u00e1c k\u1ecbch b\u1ea3n d\u1ef1 ki\u1ebfn cho 2025-2028<\/h3>\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>K\u1ecbch b\u1ea3n<\/th>\n<th>Gi\u1ea3 \u0111\u1ecbnh ch\u00ednh<\/th>\n<th>C\u1ed5 t\u1ee9c d\u1ef1 ki\u1ebfn<\/th>\n<th>L\u1ee3i su\u1ea5t \u01b0\u1edbc t\u00ednh*<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ea1c quan<\/td>\n<td>Xem x\u00e9t thu\u1ebf quan ch\u1ec9 gi\u1ea3m 6%, l\u1ea1m ph\u00e1t \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t \u1edf m\u1ee9c 3.5%, mua l\u1ea1i 2 t\u00e0i s\u1ea3n m\u1edbi<\/td>\n<td>R$2.23 (2025) \/ R$2.37 (2026) \/ R$2.44 (2027)<\/td>\n<td>13.8% \/ 14.7% \/ 15.1%<\/td>\n<\/tr>\n<tr>\n<td>C\u01a1 s\u1edf<\/td>\n<td>Xem x\u00e9t thu\u1ebf quan gi\u1ea3m 10%, l\u1ea1m ph\u00e1t trung b\u00ecnh 4.2%, duy tr\u00ec danh m\u1ee5c hi\u1ec7n t\u1ea1i<\/td>\n<td>R$2.05 (2025) \/ R$1.97 (2026) \/ R$2.12 (2027)<\/td>\n<td>12.7% \/ 12.2% \/ 13.1%<\/td>\n<\/tr>\n<tr>\n<td>B\u1ea3o th\u1ee7<\/td>\n<td>Xem x\u00e9t gi\u1ea3m 14%, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t 5.5%, \u00e1p \u0111\u1eb7t thu\u1ebf c\u1ed5 t\u1ee9c<\/td>\n<td>R$1.88 (2025) \/ R$1.72 (2026) \/ R$1.65 (2027)<\/td>\n<td>11.6% \/ 10.7% \/ 10.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>*L\u1ee3i su\u1ea5t \u0111\u01b0\u1ee3c t\u00ednh tr\u00ean gi\u00e1 hi\u1ec7n t\u1ea1i l\u00e0 R$16.15 m\u1ed7i c\u1ed5 phi\u1ebfu<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>K\u1ecbch b\u1ea3n c\u01a1 s\u1edf, v\u1edbi x\u00e1c su\u1ea5t \u01b0\u1edbc t\u00ednh 65%, ch\u1ec9 ra r\u1eb1ng c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa n\u00ean duy tr\u00ec l\u1ee3i su\u1ea5t tr\u00ean 12% trong ba n\u0103m t\u1edbi, ngo\u1ea1i tr\u1eeb giai \u0111o\u1ea1n ngay sau khi xem x\u00e9t thu\u1ebf quan n\u0103m 2026. S\u1ef1 ph\u1ee5c h\u1ed3i d\u1ef1 ki\u1ebfn cho n\u0103m 2027 d\u1ef1a tr\u00ean l\u1ecbch s\u1eed sau khi xem x\u00e9t v\u00e0 kh\u1ea3 n\u0103ng c\u1ee7a c\u00f4ng ty \u0111\u1ec3 b\u00f9 \u0111\u1eafp t\u1ed5n th\u1ea5t quy \u0111\u1ecbnh b\u1eb1ng c\u00e1c c\u1ea3i ti\u1ebfn hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ng\u01b0\u1eddi d\u00f9ng Pocket Option c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 d\u1ef1 b\u00e1o t\u00e0i ch\u00ednh c\u1ee7a n\u1ec1n t\u1ea3ng \u0111\u1ec3 m\u00f4 ph\u1ecfng c\u00e1c k\u1ecbch b\u1ea3n n\u00e0y v\u00e0 \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 c\u1ee7a h\u1ecd theo k\u1ef3 v\u1ecdng c\u1ee7a ri\u00eang h\u1ecd v\u1ec1 th\u1ecb tr\u01b0\u1eddng Brazil v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a h\u1ecd.<\/p>\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 quy\u1ebft t\u00e2m bao g\u1ed3m c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t l\u1ed9 tr\u00ecnh th\u1ef1c t\u1ebf d\u1ef1a tr\u00ean c\u00e1c ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 h\u00e0nh vi. Quy tr\u00ecnh n\u0103m b\u01b0\u1edbc n\u00e0y t\u1ed1i \u0111a h\u00f3a c\u01a1 h\u1ed9i \u0111\u1ea1t \u0111\u01b0\u1ee3c k\u1ebft qu\u1ea3 nh\u1ea5t qu\u00e1n.<\/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'>X\u00e1c \u0111\u1ecbnh ph\u00e2n b\u1ed5 l\u00fd t\u01b0\u1edfng gi\u1eefa 5-15% danh m\u1ee5c \u0111\u1ea7u t\u01b0 theo h\u1ed3 s\u01a1 r\u1ee7i ro c\u1ee7a b\u1ea1n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1ef1c hi\u1ec7n nh\u1eadp theo t\u1eebng giai \u0111o\u1ea1n v\u1edbi 4 kho\u1ea3n \u0111\u00f3ng g\u00f3p h\u00e0ng qu\u00fd \u0111\u1ec3 gi\u1ea3m r\u1ee7i ro th\u1eddi gian<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5u h\u00ecnh t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng b\u1eb1ng c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 c\u1ee7a Pocket Option<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thi\u1ebft l\u1eadp ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1 \u0111\u1ecbnh l\u01b0\u1ee3ng: t\u0103ng v\u1ecb tr\u00ed khi P\/BV &lt; 1.2 v\u00e0 gi\u1ea3m khi P\/BV &gt; 1.8<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u00ean l\u1ecbch \u0111\u00e1nh gi\u00e1 b\u00e1n ni\u00ean ph\u00f9 h\u1ee3p v\u1edbi c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 v\u00e0 th\u00f4ng b\u00e1o c\u1ed5 t\u1ee9c<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Quy\u1ebft \u0111\u1ecbnh gi\u1eefa TAEE3 (ON), TAEE4 (PN), v\u00e0 TAEE11 (Unit) n\u00ean xem x\u00e9t c\u00e1c m\u1ee5c ti\u00eau c\u1ee5 th\u1ec3. Ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i cho th\u1ea5y r\u1eb1ng \u0111\u01a1n v\u1ecb TAEE11 cung c\u1ea5p s\u1ef1 c\u00e2n b\u1eb1ng t\u1ed1t nh\u1ea5t gi\u1eefa thanh kho\u1ea3n v\u00e0 l\u1ee3i su\u1ea5t cho h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>T\u00e0i s\u1ea3n<\/th>\n<th>Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y<\/th>\n<th>Ch\u00eanh l\u1ec7ch trung b\u00ecnh<\/th>\n<th>L\u1ee3i th\u1ebf ch\u00ednh<\/th>\n<th>H\u1ed3 s\u01a1 khuy\u1ebfn ngh\u1ecb<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>TAEE3 (ON)<\/td>\n<td>R$1.2 tri\u1ec7u<\/td>\n<td>0.7%<\/td>\n<td>Quy\u1ec1n bi\u1ec3u quy\u1ebft trong c\u00e1c quy\u1ebft \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c<\/td>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c ho\u1eb7c ho\u1ea1t \u0111\u1ed9ng<\/td>\n<\/tr>\n<tr>\n<td>TAEE4 (PN)<\/td>\n<td>R$3.5 tri\u1ec7u<\/td>\n<td>0.4%<\/td>\n<td>\u01afu ti\u00ean ph\u00e1p l\u00fd trong ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c<\/td>\n<td>T\u1eadp trung \u0111\u1ed9c quy\u1ec1n v\u00e0o thu nh\u1eadp<\/td>\n<\/tr>\n<tr>\n<td>TAEE11 (Unit)<\/td>\n<td>R$28.7 tri\u1ec7u<\/td>\n<td>0.1%<\/td>\n<td>Thanh kho\u1ea3n t\u1ed1i \u0111a v\u00e0 th\u00e0nh ph\u1ea7n c\u00e2n b\u1eb1ng (1 ON + 2 PN)<\/td>\n<td>Ph\u1ea7n l\u1edbn nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb<\/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'>Pocket Option \u0111\u00e3 tri\u1ec3n khai v\u00e0o th\u00e1ng 1 n\u0103m 2025 m\u1ed9t ch\u1ee9c n\u0103ng \u0111\u1ed9c quy\u1ec1n c\u1ee7a c\u1ea3nh b\u00e1o c\u00e1 nh\u00e2n h\u00f3a cho c\u00e1c s\u1ef1 ki\u1ec7n doanh nghi\u1ec7p. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 c\u1ea5u h\u00ecnh th\u00f4ng b\u00e1o t\u1ef1 \u0111\u1ed9ng cho c\u00e1c th\u00f4ng b\u00e1o c\u1ed5 t\u1ee9c TAESA, lo\u1ea1i b\u1ecf nguy c\u01a1 b\u1ecf l\u1ee1 c\u00e1c ng\u00e0y c\u1eaft (ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n) th\u01b0\u1eddng x\u1ea3y ra 3-5 ng\u00e0y l\u00e0m vi\u1ec7c sau th\u00f4ng b\u00e1o.<\/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: TAESA nh\u01b0 m\u1ed9t tr\u1ee5 c\u1ed9t chi\u1ebfn l\u01b0\u1ee3c trong danh m\u1ee5c c\u1ed5 t\u1ee9c Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa ch\u1ee9ng minh l\u00fd do t\u1ea1i sao c\u00f4ng ty n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 nh\u01b0 m\u1ed9t th\u00e0nh ph\u1ea7n c\u01a1 b\u1ea3n trong c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil. C\u00e1c h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n v\u1edbi doanh thu \u0111\u01b0\u1ee3c ch\u1ec9 s\u1ed1 h\u00f3a theo l\u1ea1m ph\u00e1t, l\u1ecbch s\u1eed ph\u00e2n ph\u1ed1i h\u00e0ng qu\u00fd kh\u00f4ng b\u1ecb gi\u00e1n \u0111o\u1ea1n, v\u00e0 l\u1ee3i su\u1ea5t lu\u00f4n tr\u00ean 10% t\u1ea1o th\u00e0nh m\u1ed9t s\u1ef1 k\u1ebft h\u1ee3p hi\u1ebfm th\u1ea5y tr\u00ean Ibovespa.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c taee11 n\u1ed5i b\u1eadt v\u1edbi s\u1ef1 k\u1ebft h\u1ee3p \u0111\u1ed9c \u0111\u00e1o gi\u1eefa t\u00ednh d\u1ef1 \u0111o\u00e1n v\u00e0 l\u1ee3i su\u1ea5t. Trong khi c\u00e1c c\u00f4ng ty ng\u00e0nh \u0111i\u1ec7n kh\u00e1c nh\u01b0 Eletrobras v\u00e0 CPFL \u01b0u ti\u00ean t\u00e1i c\u1ea5u tr\u00fac v\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0, gi\u1ea3m t\u1ef7 l\u1ec7 chi tr\u1ea3 xu\u1ed1ng 45-60%, TAESA duy tr\u00ec ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i cao (95%), tr\u1ef1c ti\u1ebfp mang l\u1ea1i l\u1ee3i \u00edch cho c\u1ed5 \u0111\u00f4ng v\u1edbi d\u00f2ng ti\u1ec1n h\u00e0ng qu\u00fd.<\/p>\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 t\u00ecm ki\u1ebfm x\u00e2y d\u1ef1ng t\u00e0i s\u1ea3n v\u1edbi l\u1ee3i su\u1ea5t \u0111\u1ec1u \u0111\u1eb7n, TAESA \u0111\u1ea1i di\u1ec7n cho m\u1ed9t n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c b\u1ed5 sung v\u1edbi c\u00e1c t\u00e0i s\u1ea3n t\u0103ng tr\u01b0\u1edfng cao h\u01a1n ho\u1eb7c ti\u1ebfp x\u00fac qu\u1ed1c t\u1ebf. Trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng m\u00e0 t\u1ef7 l\u1ec7 Selic c\u00f3 xu h\u01b0\u1edbng dao \u0111\u1ed9ng t\u1eeb 8-11% trong nh\u1eefng n\u0103m t\u1edbi, duy tr\u00ec v\u1ecb tr\u00ed trong c\u00e1c c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng ph\u00e2n ph\u1ed1i h\u01a1n 12% c\u1ed5 t\u1ee9c s\u1ebd t\u1ea1o th\u00e0nh m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 trong t\u1ed5ng l\u1ee3i nhu\u1eadn c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p b\u1ed9 c\u00f4ng c\u1ee5 ho\u00e0n ch\u1ec9nh c\u1ea7n thi\u1ebft \u0111\u1ec3 tri\u1ec3n khai c\u00e1c chi\u1ebfn l\u01b0\u1ee3c d\u1ef1a tr\u00ean c\u1ed5 t\u1ee9c, t\u1eeb c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng \u0111\u1ebfn t\u00e1i \u0111\u1ea7u t\u01b0 theo l\u1ecbch tr\u00ecnh. Vi\u1ec7c gi\u00e1m s\u00e1t c\u00f3 h\u1ec7 th\u1ed1ng c\u00e1c y\u1ebfu t\u1ed1 quy \u0111\u1ecbnh, kinh t\u1ebf v\u0129 m\u00f4, v\u00e0 ng\u00e0nh \u0111\u01b0\u1ee3c n\u00eau b\u1eadt trong ph\u00e2n t\u00edch n\u00e0y s\u1ebd cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng ch\u1ec9 n\u1eafm b\u1eaft l\u1ee3i su\u1ea5t \u1ed5n \u0111\u1ecbnh c\u1ee7a c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu taesa m\u00e0 c\u00f2n t\u1ed1i \u01b0u h\u00f3a c\u00e1c l\u1ea7n v\u00e0o v\u00e0 ra chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a t\u1ed5ng l\u1ee3i nhu\u1eadn trong d\u00e0i h\u1ea1n.<\/p>\n<\/div>\n"},"faq":[{"question":"L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh c\u1ee7a TAESA trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y l\u00e0 bao nhi\u00eau?","answer":"TAESA (TAEE11) duy tr\u00ec t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh 12,2% trong giai \u0111o\u1ea1n 2020-2024, li\u00ean t\u1ee5c x\u1ebfp h\u1ea1ng trong ba c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c cao nh\u1ea5t tr\u00ean Ibovespa. T\u1ef7 su\u1ea5t n\u00e0y v\u01b0\u1ee3t xa m\u1ee9c trung b\u00ecnh c\u1ee7a ch\u1ec9 s\u1ed1 (5,7%) v\u00e0 cao h\u01a1n g\u1ea5p \u0111\u00f4i m\u1ee9c trung b\u00ecnh c\u1ee7a l\u00e3i su\u1ea5t Selic trong c\u00f9ng k\u1ef3, l\u00e0m cho n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t tham chi\u1ebfu cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp th\u1ee5 \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil."},{"question":"Li\u1ec7u TAESA c\u00f3 th\u1ec3 duy tr\u00ec ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh sau khi \u0111i\u1ec1u ch\u1ec9nh thu\u1ebf quan n\u0103m 2026 kh\u00f4ng?","answer":"Vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh thu\u1ebf quan n\u0103m 2026 s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 43% c\u00e1c nh\u01b0\u1ee3ng quy\u1ec1n c\u1ee7a TAESA, v\u1edbi kh\u1ea3 n\u0103ng gi\u1ea3m 8-12% trong RAP c\u1ee7a c\u00e1c nh\u01b0\u1ee3ng quy\u1ec1n n\u00e0y. Tuy nhi\u00ean, ph\u00e2n t\u00edch l\u1ecbch s\u1eed c\u1ee7a c\u00e1c l\u1ea7n \u0111i\u1ec1u ch\u1ec9nh tr\u01b0\u1edbc \u0111\u00f3 (2018 v\u00e0 2022) cho th\u1ea5y c\u00f4ng ty \u0111\u00e3 qu\u1ea3n l\u00fd \u0111\u1ec3 b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n t\u00e1c \u0111\u1ed9ng b\u1eb1ng c\u00e1ch t\u0103ng hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng. Ch\u00fang t\u00f4i d\u1ef1 \u0111o\u00e1n r\u1eb1ng c\u1ed5 t\u1ee9c s\u1ebd t\u1ea1m th\u1eddi gi\u1ea3m v\u00e0o n\u0103m 2026 (\u01b0\u1edbc t\u00ednh l\u00e0 1,97 R$ m\u1ed7i c\u1ed5 phi\u1ebfu), nh\u01b0ng s\u1ebd ph\u1ee5c h\u1ed3i v\u00e0o n\u0103m 2027 l\u00ean m\u1ee9c g\u1ea7n 2,12 R$, duy tr\u00ec l\u1ee3i su\u1ea5t tr\u00ean 12% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i."},{"question":"C\u00e1ch \u0111\u00e1nh thu\u1ebf c\u1ed5 t\u1ee9c TAESA ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil?","answer":"Hi\u1ec7n t\u1ea1i, c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i b\u1edfi c\u00e1c c\u00f4ng ty Brazil \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp \u0111\u1ed1i v\u1edbi c\u00e1 nh\u00e2n, m\u1eb7c d\u00f9 l\u1ee3i nhu\u1eadn v\u1ed1n t\u1eeb vi\u1ec7c b\u00e1n c\u1ed5 phi\u1ebfu b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 15%. Tuy nhi\u00ean, c\u00f3 m\u1ed9t \u0111\u1ec1 xu\u1ea5t ti\u00ean ti\u1ebfn trong Qu\u1ed1c h\u1ed9i v\u1ec1 vi\u1ec7c \u00e1p d\u1ee5ng thu\u1ebf 15% \u0111\u1ed1i v\u1edbi c\u1ed5 t\u1ee9c b\u1eaft \u0111\u1ea7u t\u1eeb n\u0103m 2026. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 gi\u1ea3m thi\u1ec3u t\u00e1c \u0111\u1ed9ng ti\u1ec1m n\u0103ng n\u00e0y b\u1eb1ng c\u00e1ch c\u1ea5u tr\u00fac c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 th\u00f4ng qua c\u00e1c qu\u1ef9 \u0111\u00f3ng ho\u1eb7c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed, n\u01a1i m\u00e0 vi\u1ec7c \u0111\u00e1nh thu\u1ebf tu\u00e2n theo c\u00e1c quy t\u1eafc kh\u00e1c bi\u1ec7t v\u1edbi c\u00e1c m\u1ee9c thu\u1ebf gi\u1ea3m d\u1ea7n theo th\u1eddi gian n\u1eafm gi\u1eef."},{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t th\u1ef1c t\u1ebf gi\u1eefa vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o TAEE3, TAEE4 v\u00e0 TAEE11 l\u00e0 g\u00ec?","answer":"TAEE11 (\u0111\u01a1n v\u1ecb) k\u1ebft h\u1ee3p m\u1ed9t c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (TAEE3) v\u00e0 hai c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (TAEE4), cung c\u1ea5p kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y l\u00e0 28,7 tri\u1ec7u R$ v\u00e0 ch\u00eanh l\u1ec7ch ch\u1ec9 0,1%, l\u00fd t\u01b0\u1edfng cho h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb. TAEE3 cung c\u1ea5p quy\u1ec1n bi\u1ec3u quy\u1ebft nh\u01b0ng c\u00f3 t\u00ednh thanh kho\u1ea3n th\u1ea5p h\u01a1n 95% (1,2 tri\u1ec7u R$\/ng\u00e0y), trong khi TAEE4 cung c\u1ea5p quy\u1ec1n \u01b0u ti\u00ean ph\u00e1p l\u00fd v\u1ec1 c\u1ed5 t\u1ee9c v\u1edbi t\u00ednh thanh kho\u1ea3n trung b\u00ecnh (3,5 tri\u1ec7u R$\/ng\u00e0y). \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 ph\u00e2n b\u1ed5 d\u01b0\u1edbi 100.000 R$, \u0111\u01a1n v\u1ecb TAEE11 \u0111\u01b0\u1ee3c khuy\u1ebfn ngh\u1ecb \u0111\u1ec3 \u0111\u1ea1t hi\u1ec7u qu\u1ea3 chi ph\u00ed giao d\u1ecbch v\u00e0 d\u1ec5 d\u00e0ng giao d\u1ecbch."},{"question":"N\u1ec1n t\u1ea3ng Pocket Option h\u1ed7 tr\u1ee3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c nh\u01b0 TAESA nh\u01b0 th\u1ebf n\u00e0o?","answer":"V\u00e0o n\u0103m 2025, Pocket Option \u0111\u00e3 tri\u1ec3n khai ba ch\u1ee9c n\u0103ng c\u1ee5 th\u1ec3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c: 1) H\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng cho c\u00e1c ng\u00e0y c\u1eaft gi\u1ea3m (ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n) v\u00e0 th\u00f4ng b\u00e1o thanh to\u00e1n; 2) T\u00e1i \u0111\u1ea7u t\u01b0 l\u1eadp tr\u00ecnh cho ph\u00e9p mua c\u1ed5 phi\u1ebfu ph\u00e2n \u0111o\u1ea1n b\u1eb1ng c\u1ed5 t\u1ee9c nh\u1eadn \u0111\u01b0\u1ee3c m\u00e0 kh\u00f4ng t\u1ed1n th\u00eam chi ph\u00ed; v\u00e0 3) B\u1ea3ng \u0111i\u1ec1u khi\u1ec3n d\u1ef1 b\u00e1o s\u1eed d\u1ee5ng d\u1eef li\u1ec7u l\u1ecbch s\u1eed v\u00e0 m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh \u0111\u1ec3 \u01b0\u1edbc t\u00ednh c\u1ed5 t\u1ee9c t\u01b0\u01a1ng lai trong c\u00e1c k\u1ecbch b\u1ea3n kh\u00e1c nhau. Nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0y gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed1i \u0111a h\u00f3a ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c th\u00f4ng qua \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c v\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh c\u1ee7a TAESA trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y l\u00e0 bao nhi\u00eau?","answer":"TAESA (TAEE11) duy tr\u00ec t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh 12,2% trong giai \u0111o\u1ea1n 2020-2024, li\u00ean t\u1ee5c x\u1ebfp h\u1ea1ng trong ba c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c cao nh\u1ea5t tr\u00ean Ibovespa. T\u1ef7 su\u1ea5t n\u00e0y v\u01b0\u1ee3t xa m\u1ee9c trung b\u00ecnh c\u1ee7a ch\u1ec9 s\u1ed1 (5,7%) v\u00e0 cao h\u01a1n g\u1ea5p \u0111\u00f4i m\u1ee9c trung b\u00ecnh c\u1ee7a l\u00e3i su\u1ea5t Selic trong c\u00f9ng k\u1ef3, l\u00e0m cho n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t tham chi\u1ebfu cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp th\u1ee5 \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil."},{"question":"Li\u1ec7u TAESA c\u00f3 th\u1ec3 duy tr\u00ec ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh sau khi \u0111i\u1ec1u ch\u1ec9nh thu\u1ebf quan n\u0103m 2026 kh\u00f4ng?","answer":"Vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh thu\u1ebf quan n\u0103m 2026 s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 43% c\u00e1c nh\u01b0\u1ee3ng quy\u1ec1n c\u1ee7a TAESA, v\u1edbi kh\u1ea3 n\u0103ng gi\u1ea3m 8-12% trong RAP c\u1ee7a c\u00e1c nh\u01b0\u1ee3ng quy\u1ec1n n\u00e0y. Tuy nhi\u00ean, ph\u00e2n t\u00edch l\u1ecbch s\u1eed c\u1ee7a c\u00e1c l\u1ea7n \u0111i\u1ec1u ch\u1ec9nh tr\u01b0\u1edbc \u0111\u00f3 (2018 v\u00e0 2022) cho th\u1ea5y c\u00f4ng ty \u0111\u00e3 qu\u1ea3n l\u00fd \u0111\u1ec3 b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n t\u00e1c \u0111\u1ed9ng b\u1eb1ng c\u00e1ch t\u0103ng hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng. Ch\u00fang t\u00f4i d\u1ef1 \u0111o\u00e1n r\u1eb1ng c\u1ed5 t\u1ee9c s\u1ebd t\u1ea1m th\u1eddi gi\u1ea3m v\u00e0o n\u0103m 2026 (\u01b0\u1edbc t\u00ednh l\u00e0 1,97 R$ m\u1ed7i c\u1ed5 phi\u1ebfu), nh\u01b0ng s\u1ebd ph\u1ee5c h\u1ed3i v\u00e0o n\u0103m 2027 l\u00ean m\u1ee9c g\u1ea7n 2,12 R$, duy tr\u00ec l\u1ee3i su\u1ea5t tr\u00ean 12% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i."},{"question":"C\u00e1ch \u0111\u00e1nh thu\u1ebf c\u1ed5 t\u1ee9c TAESA ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil?","answer":"Hi\u1ec7n t\u1ea1i, c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i b\u1edfi c\u00e1c c\u00f4ng ty Brazil \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp \u0111\u1ed1i v\u1edbi c\u00e1 nh\u00e2n, m\u1eb7c d\u00f9 l\u1ee3i nhu\u1eadn v\u1ed1n t\u1eeb vi\u1ec7c b\u00e1n c\u1ed5 phi\u1ebfu b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 15%. Tuy nhi\u00ean, c\u00f3 m\u1ed9t \u0111\u1ec1 xu\u1ea5t ti\u00ean ti\u1ebfn trong Qu\u1ed1c h\u1ed9i v\u1ec1 vi\u1ec7c \u00e1p d\u1ee5ng thu\u1ebf 15% \u0111\u1ed1i v\u1edbi c\u1ed5 t\u1ee9c b\u1eaft \u0111\u1ea7u t\u1eeb n\u0103m 2026. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 gi\u1ea3m thi\u1ec3u t\u00e1c \u0111\u1ed9ng ti\u1ec1m n\u0103ng n\u00e0y b\u1eb1ng c\u00e1ch c\u1ea5u tr\u00fac c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 th\u00f4ng qua c\u00e1c qu\u1ef9 \u0111\u00f3ng ho\u1eb7c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed, n\u01a1i m\u00e0 vi\u1ec7c \u0111\u00e1nh thu\u1ebf tu\u00e2n theo c\u00e1c quy t\u1eafc kh\u00e1c bi\u1ec7t v\u1edbi c\u00e1c m\u1ee9c thu\u1ebf gi\u1ea3m d\u1ea7n theo th\u1eddi gian n\u1eafm gi\u1eef."},{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t th\u1ef1c t\u1ebf gi\u1eefa vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o TAEE3, TAEE4 v\u00e0 TAEE11 l\u00e0 g\u00ec?","answer":"TAEE11 (\u0111\u01a1n v\u1ecb) k\u1ebft h\u1ee3p m\u1ed9t c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (TAEE3) v\u00e0 hai c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (TAEE4), cung c\u1ea5p kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y l\u00e0 28,7 tri\u1ec7u R$ v\u00e0 ch\u00eanh l\u1ec7ch ch\u1ec9 0,1%, l\u00fd t\u01b0\u1edfng cho h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb. TAEE3 cung c\u1ea5p quy\u1ec1n bi\u1ec3u quy\u1ebft nh\u01b0ng c\u00f3 t\u00ednh thanh kho\u1ea3n th\u1ea5p h\u01a1n 95% (1,2 tri\u1ec7u R$\/ng\u00e0y), trong khi TAEE4 cung c\u1ea5p quy\u1ec1n \u01b0u ti\u00ean ph\u00e1p l\u00fd v\u1ec1 c\u1ed5 t\u1ee9c v\u1edbi t\u00ednh thanh kho\u1ea3n trung b\u00ecnh (3,5 tri\u1ec7u R$\/ng\u00e0y). \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 ph\u00e2n b\u1ed5 d\u01b0\u1edbi 100.000 R$, \u0111\u01a1n v\u1ecb TAEE11 \u0111\u01b0\u1ee3c khuy\u1ebfn ngh\u1ecb \u0111\u1ec3 \u0111\u1ea1t hi\u1ec7u qu\u1ea3 chi ph\u00ed giao d\u1ecbch v\u00e0 d\u1ec5 d\u00e0ng giao d\u1ecbch."},{"question":"N\u1ec1n t\u1ea3ng Pocket Option h\u1ed7 tr\u1ee3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c nh\u01b0 TAESA nh\u01b0 th\u1ebf n\u00e0o?","answer":"V\u00e0o n\u0103m 2025, Pocket Option \u0111\u00e3 tri\u1ec3n khai ba ch\u1ee9c n\u0103ng c\u1ee5 th\u1ec3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c: 1) H\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng cho c\u00e1c ng\u00e0y c\u1eaft gi\u1ea3m (ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n) v\u00e0 th\u00f4ng b\u00e1o thanh to\u00e1n; 2) T\u00e1i \u0111\u1ea7u t\u01b0 l\u1eadp tr\u00ecnh cho ph\u00e9p mua c\u1ed5 phi\u1ebfu ph\u00e2n \u0111o\u1ea1n b\u1eb1ng c\u1ed5 t\u1ee9c nh\u1eadn \u0111\u01b0\u1ee3c m\u00e0 kh\u00f4ng t\u1ed1n th\u00eam chi ph\u00ed; v\u00e0 3) B\u1ea3ng \u0111i\u1ec1u khi\u1ec3n d\u1ef1 b\u00e1o s\u1eed d\u1ee5ng d\u1eef li\u1ec7u l\u1ecbch s\u1eed v\u00e0 m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh \u0111\u1ec3 \u01b0\u1edbc t\u00ednh c\u1ed5 t\u1ee9c t\u01b0\u01a1ng lai trong c\u00e1c k\u1ecbch b\u1ea3n kh\u00e1c nhau. Nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0y gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed1i \u0111a h\u00f3a ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c th\u00f4ng qua \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c v\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3."}]}},"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>C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu Taesa: C\u00e1ch t\u1ed1i \u0111a h\u00f3a thu nh\u1eadp c\u1ee7a b\u1ea1n v\u1edbi c\u1ed5 t\u1ee9c tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/taesa-stocks-dividends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andrew OK\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/taesa-stocks-dividends\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/taesa-stocks-dividends\/\"},\"author\":{\"name\":\"Andrew OK\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/8c927d60ff98b0ebe00861e922a035d3\"},\"headline\":\"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu Taesa: C\u00e1ch t\u1ed1i \u0111a h\u00f3a thu nh\u1eadp c\u1ee7a b\u1ea1n v\u1edbi c\u1ed5 t\u1ee9c tr\u00ean th\u1ecb tr\u01b0\u1eddng 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