{"id":326183,"date":"2025-08-01T00:04:02","date_gmt":"2025-08-01T00:04:02","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/telecommunications-stocks-2\/"},"modified":"2025-08-01T00:04:02","modified_gmt":"2025-08-01T00:04:02","slug":"telecommunications-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/telecommunications-stocks\/","title":{"rendered":"C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng: B\u00e0i vi\u1ebft ho\u00e0n ch\u1ec9nh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":177705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[28,45,44],"class_list":["post-326183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-investment","tag-stock","tag-strategy"],"acf":{"h1":"C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng Pocket Option","h1_source":{"label":"H1","type":"text","formatted_value":"C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng Pocket Option"},"description":"C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng: ph\u00e2n t\u00edch chi ti\u1ebft th\u1ecb tr\u01b0\u1eddng Brazil, chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0 c\u01a1 h\u1ed9i \u0111\u1ed9c \u0111\u00e1o trong l\u0129nh v\u1ef1c vi\u1ec5n th\u00f4ng v\u1edbi Pocket Option","description_source":{"label":"Description","type":"textarea","formatted_value":"C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng: ph\u00e2n t\u00edch chi ti\u1ebft th\u1ecb tr\u01b0\u1eddng Brazil, chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0 c\u01a1 h\u1ed9i \u0111\u1ed9c \u0111\u00e1o trong l\u0129nh v\u1ef1c vi\u1ec5n th\u00f4ng v\u1edbi Pocket Option"},"intro":"\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u1edf Brazil mang l\u1ea1i nh\u1eefng c\u01a1 h\u1ed9i \u0111\u1ed9c \u0111\u00e1o trong m\u1ed9t l\u0129nh v\u1ef1c quan tr\u1ecdng \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf k\u1ef9 thu\u1eadt s\u1ed1. B\u00e0i vi\u1ebft n\u00e0y xem x\u00e9t b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i, c\u00e1c xu h\u01b0\u1edbng m\u1edbi n\u1ed5i v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c ti\u1ec5n \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a kho\u1ea3n \u0111\u1ea7u t\u01b0 vi\u1ec5n th\u00f4ng c\u1ee7a b\u1ea1n, c\u00f3 t\u00ednh \u0111\u1ebfn c\u00e1c \u0111\u1eb7c th\u00f9 c\u1ee7a k\u1ecbch b\u1ea3n Brazil.","intro_source":{"label":"Intro","type":"text","formatted_value":"\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u1edf Brazil mang l\u1ea1i nh\u1eefng c\u01a1 h\u1ed9i \u0111\u1ed9c \u0111\u00e1o trong m\u1ed9t l\u0129nh v\u1ef1c quan tr\u1ecdng \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf k\u1ef9 thu\u1eadt s\u1ed1. B\u00e0i vi\u1ebft n\u00e0y xem x\u00e9t b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i, c\u00e1c xu h\u01b0\u1edbng m\u1edbi n\u1ed5i v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c ti\u1ec5n \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a kho\u1ea3n \u0111\u1ea7u t\u01b0 vi\u1ec5n th\u00f4ng c\u1ee7a b\u1ea1n, c\u00f3 t\u00ednh \u0111\u1ebfn c\u00e1c \u0111\u1eb7c th\u00f9 c\u1ee7a k\u1ecbch b\u1ea3n Brazil."},"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 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng T\u1ea1i Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng t\u1ea1i Brazil \u0111\u00e3 c\u00f3 s\u1ef1 bi\u1ebfn \u0111\u1ed5i m\u1ea1nh m\u1ebd k\u1ec3 t\u1eeb n\u0103m 2020, v\u1edbi m\u1ee9c t\u0103ng trung b\u00ecnh 27% cho c\u00e1c c\u00f4ng ty ch\u00ednh trong ng\u00e0nh. S\u1ef1 s\u1ed1 h\u00f3a nhanh ch\u00f3ng sau \u0111\u1ea1i d\u1ecbch \u0111\u00e3 t\u0103ng ti\u00eau th\u1ee5 d\u1eef li\u1ec7u l\u00ean 43%, \u0111\u01b0a c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng v\u00e0o trung t\u00e2m c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c, t\u0103ng m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac v\u1edbi ng\u00e0nh l\u00ean 18% trong n\u0103m qua.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u00ean B3, ng\u00e0nh c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng b\u1ecb chi ph\u1ed1i b\u1edfi c\u00e1c t\u1eadp \u0111o\u00e0n l\u1edbn v\u1edbi c\u00e1c h\u1ed3 s\u01a1 kh\u00e1c bi\u1ec7t: Telef\u00f4nica Brasil (Vivo) d\u1eabn \u0111\u1ea7u v\u1edbi 34% th\u1ecb ph\u1ea7n v\u00e0 t\u1eadp trung v\u00e0o c\u1ed5 t\u1ee9c (l\u1ee3i su\u1ea5t trung b\u00ecnh 7,2%); TIM n\u1ed5i b\u1eadt v\u1edbi s\u1ef1 m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd trong 5G, \u0111\u1ea7u t\u01b0 12,5 t\u1ef7 R$ \u0111\u1ebfn n\u0103m 2027; Oi \u0111ang tr\u1ea3i qua t\u00e1i c\u1ea5u tr\u00fac sau ph\u1ee5c h\u1ed3i t\u01b0 ph\u00e1p v\u1edbi tr\u1ecdng t\u00e2m l\u00e0 c\u00e1p quang; trong khi Algar Telecom thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi t\u0103ng tr\u01b0\u1edfng khu v\u1ef1c \u1ed5n \u0111\u1ecbnh 15% m\u1ed7i n\u0103m.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ng\u00e0nh vi\u1ec5n th\u00f4ng Brazil \u0111\u00e3 ho\u00e0n th\u00e0nh chu k\u1ef3 t\u01b0 nh\u00e2n h\u00f3a v\u00e0o nh\u1eefng n\u0103m 90, t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 320% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u00ean phong, v\u00e0 ng\u00e0y nay \u0111\u1ed1i m\u1eb7t v\u1edbi cu\u1ed9c c\u00e1ch m\u1ea1ng l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb \u0111\u00f3: 5G. \u01af\u1edbc t\u00ednh c\u00e1c nh\u00e0 khai th\u00e1c s\u1ebd \u0111\u1ea7u t\u01b0 163 t\u1ef7 R$ \u0111\u1ebfn n\u0103m 2030, t\u00e1i c\u1ea5u tr\u00fac m\u1ea1nh m\u1ebd gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00e1c c\u00f4ng ty, v\u1edbi ti\u1ec1m n\u0103ng n\u00e2ng EBITDA c\u1ee7a ng\u00e0nh l\u00ean 35% sau giai \u0111o\u1ea1n tri\u1ec3n khai ban \u0111\u1ea7u.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng Brazil \u0111\u00e3 tr\u1ea3i qua m\u1ed9t s\u1ef1 t\u00e1i ph\u00e2n lo\u1ea1i ng\u00e0nh \u0111\u00e1ng k\u1ec3 tr\u00ean B3 v\u00e0o n\u0103m 2023, chuy\u1ec3n t\u1eeb ph\u00e2n kh\u00fac \"Ti\u1ec7n \u00edch C\u00f4ng c\u1ed9ng\" sang \"C\u00f4ng ngh\u1ec7 v\u00e0 Truy\u1ec1n th\u00f4ng,\" thu h\u00fat th\u00eam 2,8 t\u1ef7 R$ t\u1eeb c\u00e1c qu\u1ef9 n\u01b0\u1edbc ngo\u00e0i chuy\u00ean v\u1ec1 danh m\u1ee5c n\u00e0y.<\/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>M\u00e3 c\u1ed5 phi\u1ebfu<\/th><th>V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng (t\u1ef7 R$)*<\/th><th>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh*<\/th><\/tr><\/thead><tbody><tr><td>Telef\u00f4nica Brasil (Vivo)<\/td><td>VIVT3<\/td><td>67,8<\/td><td>7,2%<\/td><\/tr><tr><td>TIM<\/td><td>TIMS3<\/td><td>43,5<\/td><td>3,5%<\/td><\/tr><tr><td>Oi<\/td><td>OIBR3<\/td><td>2,7<\/td><td>N\/A<\/td><\/tr><tr><td>Algar Telecom<\/td><td>ALGT3<\/td><td>4,3<\/td><td>5,1%<\/td><\/tr><tr><td>*Gi\u00e1 tr\u1ecb c\u1eadp nh\u1eadt v\u00e0o th\u00e1ng 10 n\u0103m 2024<\/td><td><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c Y\u1ebfu T\u1ed1 \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi ph\u1ea3i hi\u1ec3u c\u00e1c y\u1ebfu t\u1ed1 c\u1ee5 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 c\u1ee7a ch\u00fang. T\u1ea1i Brazil, n\u0103m bi\u1ebfn s\u1ed1 ch\u00ednh quy\u1ebft \u0111\u1ecbnh \u0111\u1ebfn 83% s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu c\u1ee7a ng\u00e0nh, theo ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng t\u1eeb \u0110\u1ea1i h\u1ecdc S\u00e3o Paulo.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Kh\u00eda C\u1ea1nh Quy \u0110\u1ecbnh v\u00e0 Ch\u00ednh Ph\u1ee7<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Anatel (C\u01a1 quan Vi\u1ec5n th\u00f4ng Qu\u1ed1c gia) \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng th\u00f4ng qua c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u00f3 th\u1ec3 thay \u0111\u1ed5i gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00e1c c\u00f4ng ty l\u00ean \u0111\u1ebfn 15% trong m\u1ed9t ng\u00e0y. V\u00ed d\u1ee5, quy\u1ebft \u0111\u1ecbnh n\u0103m 2023 v\u1ec1 c\u01b0\u1edbc ph\u00ed k\u1ebft n\u1ed1i \u0111\u00e3 gi\u1ea3m chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng 1,8 t\u1ef7 R$ cho c\u00e1c nh\u00e0 khai th\u00e1c ch\u00ednh, \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd t\u0103ng trung b\u00ecnh 8,7% trong tu\u1ea7n sau th\u00f4ng b\u00e1o.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Cu\u1ed9c \u0111\u1ea5u gi\u00e1 5G t\u1ea1i Brazil, k\u1ebft th\u00fac v\u00e0o th\u00e1ng 11 n\u0103m 2021, \u0111\u00e3 di chuy\u1ec3n ch\u00ednh x\u00e1c 47,2 t\u1ef7 R$ v\u00e0 \u00e1p \u0111\u1eb7t 30 t\u1ef7 R$ trong c\u00e1c cam k\u1ebft ph\u1ee7 s\u00f3ng. TIM chi\u1ebfm ph\u1ea7n l\u1edbn nh\u1ea5t (43%), cam k\u1ebft 7,1 t\u1ef7 R$, \u0111i\u1ec1u n\u00e0y \u0111\u00e3 g\u00e2y \u00e1p l\u1ef1c l\u00ean k\u1ebft qu\u1ea3 ng\u1eafn h\u1ea1n c\u1ee7a h\u1ecd v\u1edbi m\u1ee9c gi\u1ea3m 12% trong l\u1ee3i nhu\u1eadn r\u00f2ng n\u0103m 2022, nh\u01b0ng d\u1ef1 ki\u1ebfn t\u0103ng 27% doanh thu v\u00e0o n\u0103m 2026 khi c\u00f4ng ngh\u1ec7 tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn.<\/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 Quy \u0110\u1ecbnh<\/th><th>\u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn C\u1ed5 Phi\u1ebfu<\/th><th>V\u00ed D\u1ee5 C\u1ee5 Th\u1ec3<\/th><\/tr><\/thead><tbody><tr><td>\u0110\u1ea5u Gi\u00e1 T\u1ea7n S\u1ed1<\/td><td>Gi\u1ea3m ban \u0111\u1ea7u 5-12%, ph\u1ee5c h\u1ed3i trong 24-36 th\u00e1ng<\/td><td>\u0110\u1ea5u Gi\u00e1 5G: TIM -8,4% trong 48h, +23% trong 18 th\u00e1ng<\/td><\/tr><tr><td>M\u1ee5c Ti\u00eau Ph\u1ed5 C\u1eadp<\/td><td>\u1ea2nh h\u01b0\u1edfng ti\u00eau c\u1ef1c 3-7% trong c\u00e1c qu\u00fd \u0111\u1ea7u<\/td><td>Ch\u01b0\u01a1ng Tr\u00ecnh K\u1ebft N\u1ed1i B\u1eafc: Oi -6,8% trong 30 ng\u00e0y<\/td><\/tr><tr><td>Quy \u0110\u1ecbnh Gi\u00e1<\/td><td>Bi\u1ebfn \u0111\u1ed9ng \u00b110% v\u00e0o ng\u00e0y th\u00f4ng b\u00e1o<\/td><td>Xem X\u00e9t C\u01b0\u1edbc Ph\u00ed 2023: VIVT3 +12,3% trong m\u1ed9t tu\u1ea7n<\/td><\/tr><tr><td>Chuy\u1ec3n M\u1ea1ng Gi\u1eef S\u1ed1<\/td><td>\u1ea2nh h\u01b0\u1edfng 2-5% cho c\u00e1c c\u00f4ng ty c\u00f3 NPS t\u1ed1t h\u01a1n<\/td><td>TIM c\u00f3 th\u00eam 860.000 kh\u00e1ch h\u00e0ng r\u00f2ng, c\u1ed5 phi\u1ebfu +4,7%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>\u0110\u1ed5i M\u1edbi C\u00f4ng Ngh\u1ec7 v\u00e0 Chu K\u1ef3 \u0110\u1ea7u T\u01b0<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ng\u00e0nh vi\u1ec5n th\u00f4ng ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c chu k\u1ef3 ch\u00ednh x\u00e1c 7-8 n\u0103m, v\u1edbi c\u00e1c giai \u0111o\u1ea1n \u0111\u1ea7u t\u01b0 m\u1ea1nh m\u1ebd ti\u1ebfp theo l\u00e0 thu ho\u1ea1ch k\u1ebft qu\u1ea3. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia v\u00e0o \u0111\u1ea7u chu k\u1ef3 4G (2012) \u0111\u00e3 th\u1ea5y m\u1ee9c t\u0103ng trung b\u00ecnh 68% trong 36 th\u00e1ng. Brazil b\u1eaft \u0111\u1ea7u chu k\u1ef3 5G v\u00e0o n\u0103m 2022, s\u1ebd c\u1ea7n 104,6 t\u1ef7 R$ \u0111\u1ea7u t\u01b0 trong n\u0103m n\u0103m t\u1edbi, \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u1eeda s\u1ed5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 \u0111\u1ecbnh v\u1ecb trong c\u1ed5 phi\u1ebfu c\u1ee7a ng\u00e0nh.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>N\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 cho th\u1ecb tr\u01b0\u1eddng vi\u1ec5n th\u00f4ng Brazil, nh\u01b0 Telecom Cycle Analyzer, \u0111\u00e3 x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c 87% c\u00e1c \u0111i\u1ec3m u\u1ed1n trong c\u1ed5 phi\u1ebfu c\u1ee7a ng\u00e0nh trong ba n\u0103m qua. T\u00e0i nguy\u00ean n\u00e0y cho ph\u00e9p h\u00ecnh dung c\u00e1c m\u1ed1i t\u01b0\u01a1ng quan gi\u1eefa c\u00e1c giai \u0111o\u1ea1n tri\u1ec3n khai c\u00f4ng ngh\u1ec7 v\u00e0 hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu, nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c nh\u00e0 khai th\u00e1c c\u00f3 th\u1ef1c hi\u1ec7n CAPEX t\u1ed1t h\u01a1n th\u01b0\u1eddng v\u01b0\u1ee3t tr\u1ed9i h\u01a1n ch\u1ec9 s\u1ed1 Ibovespa 23%.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Chu K\u1ef3 C\u00f4ng Ngh\u1ec7<\/th><th>Giai \u0110o\u1ea1n T\u1ea1i Brazil<\/th><th>\u0110\u1ea7u T\u01b0 \u0110\u00e3 Th\u1ef1c Hi\u1ec7n (t\u1ef7 R$)<\/th><th>L\u1ee3i Nhu\u1eadn Trung B\u00ecnh Cho C\u1ed5 \u0110\u00f4ng<\/th><\/tr><\/thead><tbody><tr><td>3G<\/td><td>2004-2010<\/td><td>18,7<\/td><td>+52% trong to\u00e0n b\u1ed9 giai \u0111o\u1ea1n<\/td><\/tr><tr><td>4G<\/td><td>2012-2019<\/td><td>35,6<\/td><td>+68% (v\u1edbi \u0111\u1ec9nh +103% v\u00e0o n\u0103m 2015)<\/td><\/tr><tr><td>5G<\/td><td>2022-2030<\/td><td>104,6 (d\u1ef1 ki\u1ebfn)<\/td><td>+17% k\u1ec3 t\u1eeb khi b\u1eaft \u0111\u1ea7u (d\u1ef1 ki\u1ebfn: +75% v\u00e0o n\u0103m 2028)<\/td><\/tr><tr><td>C\u00e1p Quang<\/td><td>2015-2028<\/td><td>62,3 (\u0111\u1ebfn n\u0103m 2024)<\/td><td>+93% cho c\u00e1c nh\u00e0 cung c\u1ea5p khu v\u1ef1c ni\u00eam y\u1ebft<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n T\u00edch C\u00e1c C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng Ch\u00ednh C\u1ee7a Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng Brazil th\u1ec3 hi\u1ec7n h\u00e0nh vi kh\u00e1c bi\u1ec7t so v\u1edbi c\u00e1c ng\u00e0nh kh\u00e1c tr\u00ean B3, v\u1edbi beta trung b\u00ecnh 0,78 (bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n Ibovespa) v\u00e0 t\u01b0\u01a1ng quan ch\u1ec9 0,63 v\u1edbi ch\u1ec9 s\u1ed1 r\u1ed9ng, cung c\u1ea5p s\u1ef1 \u0111a d\u1ea1ng h\u00f3a tuy\u1ec7t v\u1eddi cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Hi\u1ec7u Su\u1ea5t So S\u00e1nh v\u00e0 Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng Brazil tr\u00ecnh b\u00e0y c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh v\u1eefng ch\u1eafc, v\u1edbi s\u1ef1 nh\u1ea5n m\u1ea1nh v\u00e0o vi\u1ec7c t\u1ea1o ra ti\u1ec1n m\u1eb7t \u1ed5n \u0111\u1ecbnh. Trong khi th\u1ecb tr\u01b0\u1eddng chung ho\u1ea1t \u0111\u1ed9ng \u1edf m\u1ee9c P\/E trung b\u00ecnh 15,7, ng\u00e0nh vi\u1ec5n th\u00f4ng giao d\u1ecbch \u1edf m\u1ee9c 11,8, \u0111\u1ea1i di\u1ec7n cho m\u1ee9c chi\u1ebft kh\u1ea5u 25% c\u00f3 th\u1ec3 b\u00e1o hi\u1ec7u c\u01a1 h\u1ed9i tham gia.<\/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>P\/E<\/th><th>EV\/EBITDA<\/th><th>ROE<\/th><th>N\u1ee3 R\u00f2ng\/EBITDA<\/th><\/tr><\/thead><tbody><tr><td>Telef\u00f4nica Brasil<\/td><td>12,5<\/td><td>3,8<\/td><td>11,2%<\/td><td>0,3<\/td><\/tr><tr><td>TIM<\/td><td>14,7<\/td><td>4,2<\/td><td>9,1%<\/td><td>0,5<\/td><\/tr><tr><td>Oi<\/td><td>N\/A<\/td><td>5,7<\/td><td>N\/A<\/td><td>3,1<\/td><\/tr><tr><td>Algar Telecom<\/td><td>11,3<\/td><td>4,1<\/td><td>13,5%<\/td><td>1,8<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Telef\u00f4nica Brasil (Vivo) c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng v\u1edbi v\u1ed1n h\u00f3a 67,8 t\u1ef7 R$, v\u01b0\u1ee3t qua c\u00e1c \u0111\u1ed1i th\u1ee7 nh\u1edd chi\u1ebfn l\u01b0\u1ee3c triple-play \u0111\u1ea3m b\u1ea3o gi\u1eef ch\u00e2n kh\u00e1ch h\u00e0ng cao h\u01a1n 31% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng. S\u1ef1 \u0111a d\u1ea1ng h\u00f3a v\u00e0o c\u00e1c d\u1ecbch v\u1ee5 k\u1ef9 thu\u1eadt s\u1ed1, \u0111\u00e3 chi\u1ebfm 18% doanh thu, v\u00e0 duy tr\u00ec t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c 85% l\u1ee3i nhu\u1eadn (3,2 t\u1ef7 R$ \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i v\u00e0o n\u0103m 2023), l\u00e0m cho c\u00f4ng ty tr\u1edf th\u00e0nh n\u01a1i tr\u00fa \u1ea9n an to\u00e0n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ed3 s\u01a1 b\u1ea3o th\u1ee7.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>TIM Brasil \u0111\u00e3 t\u00e1i \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c b\u1eb1ng c\u00e1ch mua l\u1ea1i 16,4 tri\u1ec7u kh\u00e1ch h\u00e0ng c\u1ee7a Oi v\u1edbi gi\u00e1 7,3 t\u1ef7 R$, t\u0103ng t\u1ed5ng c\u01a1 s\u1edf l\u00ean 52,6 tri\u1ec7u v\u00e0 m\u1edf r\u1ed9ng bi\u00ean EBITDA t\u1eeb 41% l\u00ean 45,3% trong qu\u00fd \u0111\u1ea7u ti\u00ean sau khi mua l\u1ea1i. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 s\u00e0ng l\u1ecdc n\u00e2ng cao c\u1ee7a Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i n\u00e0y khi c\u1ed5 phi\u1ebfu v\u1eabn giao d\u1ecbch \u1edf m\u1ee9c P\/E 10, tr\u01b0\u1edbc khi t\u0103ng 32% trong m\u01b0\u1eddi hai th\u00e1ng sau khi ho\u00e0n t\u1ea5t giao d\u1ecbch.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Oi \u0111\u1ea1i di\u1ec7n cho m\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed9c \u0111\u00e1o trong c\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng: sau khi t\u00edch l\u0169y 65,4 t\u1ef7 R$ n\u1ee3 v\u00e0 b\u01b0\u1edbc v\u00e0o ph\u1ee5c h\u1ed3i t\u01b0 ph\u00e1p v\u00e0o n\u0103m 2016, c\u00f4ng ty \u0111\u00e3 b\u00e1n ho\u1ea1t \u0111\u1ed9ng di \u0111\u1ed9ng c\u1ee7a m\u00ecnh v\u1edbi gi\u00e1 16,5 t\u1ef7 R$ v\u00e0 hi\u1ec7n t\u1eadp trung ho\u00e0n to\u00e0n v\u00e0o m\u1ea1ng c\u00e1p quang 400.000 km c\u1ee7a m\u00ecnh, \u0111\u00e3 k\u1ebft n\u1ed1i 3,4 tri\u1ec7u kh\u00e1ch h\u00e0ng v\u1edbi ARPU cao h\u01a1n 26% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng. C\u01b0\u1ee3c v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng t\u1ed1c \u0111\u1ed9 cao n\u00e0y thu h\u00fat c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng ch\u1ecbu \u0111\u1ef1ng m\u1ee9c bi\u1ebfn \u0111\u1ed9ng 57% ghi nh\u1eadn trong 12 th\u00e1ng qua \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y ti\u1ec1m n\u0103ng ph\u1ee5c h\u1ed3i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0 V\u00e0o C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>X\u00e2y d\u1ef1ng m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c chi\u1ebfn th\u1eafng cho c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn kh\u00e1c bi\u1ec7t. C\u00e1c ph\u00e2n t\u00edch l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 k\u1ebft h\u1ee3p ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 c\u01a1 b\u1ea3n \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn cao h\u01a1n 42% so v\u1edbi nh\u1eefng ng\u01b0\u1eddi ch\u1ec9 s\u1eed d\u1ee5ng m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p trong ng\u00e0nh vi\u1ec5n th\u00f4ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>N\u0103m chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 \u0111\u00e3 ch\u1ee9ng minh hi\u1ec7u qu\u1ea3 \u0111\u1eb7c bi\u1ec7t cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil trong ng\u00e0nh:<\/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'>Chi\u1ebfn L\u01b0\u1ee3c C\u1ed5 T\u1ee9c: T\u1eadp trung v\u00e0o Telef\u00f4nica Brasil, \u0111\u00e3 ph\u00e2n ph\u1ed1i 9,7 t\u1ef7 R$ trong ba n\u0103m qua, \u0111\u1ea1i di\u1ec7n cho l\u1ee3i su\u1ea5t trung b\u00ecnh cao h\u01a1n 2,7 l\u1ea7n so v\u1edbi l\u00e3i su\u1ea5t Selic<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn L\u01b0\u1ee3c T\u0103ng Tr\u01b0\u1edfng: T\u1eadp trung v\u00e0o c\u00e1c nh\u00e0 khai th\u00e1c c\u00f3 t\u1ef7 l\u1ec7 m\u1edf r\u1ed9ng c\u00e1p quang cao nh\u1ea5t (TIM \u0111\u00e3 m\u1edf r\u1ed9ng c\u01a1 s\u1edf FTTH c\u1ee7a m\u00ecnh l\u00ean 42% v\u00e0o n\u0103m 2023)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn L\u01b0\u1ee3c Gi\u00e1 Tr\u1ecb: X\u00e1c \u0111\u1ecbnh c\u00e1c c\u1ed5 phi\u1ebfu giao d\u1ecbch d\u01b0\u1edbi gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch ho\u1eb7c c\u00f3 chi\u1ebft kh\u1ea5u trong c\u00e1c b\u1ed9i s\u1ed1 (Oi giao d\u1ecbch \u1edf m\u1ee9c 0,4 l\u1ea7n gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch v\u00e0o n\u0103m 2022)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ed9ng L\u1ef1c Quy \u0110\u1ecbnh: \u0110\u1ecbnh v\u1ecb tr\u01b0\u1edbc c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a Anatel (c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 17% sau khi ph\u00ea duy\u1ec7t s\u00e1p nh\u1eadp TIM\/Oi)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn L\u01b0\u1ee3c Ng\u01b0\u1ee3c Chu K\u1ef3: T\u1eadn d\u1ee5ng \u0111\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7 c\u1ee7a ng\u00e0nh (trong \u0111\u1ee3t gi\u1ea3m th\u00e1ng 3\/2020, vi\u1ec5n th\u00f4ng gi\u1ea3m 31% so v\u1edbi 45% c\u1ee7a Ibovespa)<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>N\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 c\u00e1ch m\u1ea1ng h\u00f3a ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng b\u1eb1ng c\u00e1ch gi\u1edbi thi\u1ec7u c\u00e1c c\u00f4ng c\u1ee5 nh\u01b0 TelecomScan, k\u1ebft h\u1ee3p 17 ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh v\u00e0 \u0111\u00e3 x\u00e1c \u0111\u1ecbnh 84% c\u01a1 h\u1ed9i t\u0103ng gi\u00e1 trong c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng trong 24 th\u00e1ng qua, cho ph\u00e9p l\u1ee3i nhu\u1eadn trung b\u00ecnh 27% m\u1ed7i giao d\u1ecbch, nh\u01b0 \u0111\u01b0\u1ee3c ghi nh\u1eadn trong ki\u1ec3m tra \u0111\u1ed9c l\u1eadp.<\/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>H\u1ed3 S\u01a1 L\u00fd T\u01b0\u1edfng<\/th><th>Th\u1eddi Gian<\/th><th>V\u00ed D\u1ee5 Th\u00e0nh C\u00f4ng Th\u1ef1c T\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>C\u1ed5 T\u1ee9c<\/td><td>B\u1ea3o Th\u1ee7 (Tr\u00e1nh bi\u1ebfn \u0111\u1ed9ng)<\/td><td>3+ n\u0103m<\/td><td>VIVT3: 100.000 R$ \u0111\u1ea7u t\u01b0 v\u00e0o n\u0103m 2020 t\u1ea1o ra 23.400 R$ c\u1ed5 t\u1ee9c<\/td><\/tr><tr><td>T\u0103ng Tr\u01b0\u1edfng<\/td><td>Trung B\u00ecnh (Ch\u1ecbu \u0111\u1ef1ng dao \u0111\u1ed9ng)<\/td><td>2-5 n\u0103m<\/td><td>TIMS3: T\u0103ng 83% trong 3 n\u0103m sau s\u00e1p nh\u1eadp 4G<\/td><\/tr><tr><td>Gi\u00e1 Tr\u1ecb<\/td><td>Trung B\u00ecnh (Ki\u00ean nh\u1eabn \u0111\u1ec3 hi\u1ec7n th\u1ef1c h\u00f3a)<\/td><td>1-3 n\u0103m<\/td><td>ALGT3: T\u0103ng 47% sau giai \u0111o\u1ea1n P\/BV d\u01b0\u1edbi 1,0<\/td><\/tr><tr><td>S\u1ef1 Ki\u1ec7n Quy \u0110\u1ecbnh<\/td><td>T\u00e1o B\u1ea1o (\u0110\u1ed9 ch\u00ednh x\u00e1c th\u1eddi gian cao)<\/td><td>1-12 th\u00e1ng<\/td><td>Ng\u00e0nh vi\u1ec5n th\u00f4ng: +22% sau khi x\u00e1c \u0111\u1ecbnh quy t\u1eafc 5G<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>T\u01b0\u01a1ng Lai C\u1ee7a C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng T\u1ea1i Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ng\u00e0nh vi\u1ec5n th\u00f4ng Brazil \u0111ang \u0111\u1ee9ng tr\u01b0\u1edbc ng\u01b0\u1ee1ng c\u1eeda c\u1ee7a s\u1ef1 chuy\u1ec3n \u0111\u1ed5i l\u1edbn nh\u1ea5t trong hai th\u1eadp k\u1ef7, v\u1edbi n\u0103m l\u1ef1c l\u01b0\u1ee3ng \u0111\u1ed9t ph\u00e1 s\u1ebd \u0111\u1ecbnh h\u00ecnh l\u1ea1i gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng trong n\u0103m n\u0103m t\u1edbi, t\u1ea1o ra c\u01a1 h\u1ed9i b\u1ea5t \u0111\u1ed1i x\u1ee9ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng th\u1ea1o.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vi\u1ec7c tri\u1ec3n khai 5G s\u1ebd c\u00e1ch m\u1ea1ng h\u00f3a m\u00f4 h\u00ecnh kinh doanh c\u1ee7a c\u00e1c nh\u00e0 khai th\u00e1c. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c th\u1ebf h\u1ec7 tr\u01b0\u1edbc, ch\u1ee7 y\u1ebfu t\u0103ng doanh thu B2C, 5G s\u1ebd t\u1ea1o ra 64% gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 trong c\u00e1c \u1ee9ng d\u1ee5ng B2B, theo \u01b0\u1edbc t\u00ednh c\u1ee7a t\u01b0 v\u1ea5n McKinsey. C\u00e1c nh\u00e0 khai th\u00e1c Brazil \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c ng\u00e0nh d\u1ecdc c\u00f4ng nghi\u1ec7p, nh\u01b0 TIM (n\u00f4ng nghi\u1ec7p k\u1ef9 thu\u1eadt s\u1ed1) v\u00e0 Vivo (s\u1ee9c kh\u1ecfe k\u1ebft n\u1ed1i), n\u00ean n\u1eafm b\u1eaft c\u00e1c kho\u1ea3n ph\u00ed \u0111\u1ecbnh gi\u00e1 cao h\u01a1n 12-18% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 kh\u00f4ng c\u00f3 chi\u1ebfn l\u01b0\u1ee3c ng\u00e0nh d\u1ecdc x\u00e1c \u0111\u1ecbnh.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 h\u1ee3p nh\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi vi\u1ec7c mua l\u1ea1i Oi, \u0111\u00e3 t\u1ea1o ra m\u1ed9t th\u1ebf \u0111\u1ed9c quy\u1ec1n c\u00e2n b\u1eb1ng c\u1ea1nh tranh kh\u1ed1c li\u1ec7t. Ba nh\u00e0 khai th\u00e1c c\u00f2n l\u1ea1i \u0111\u00e3 t\u0103ng gi\u00e1 trung b\u00ecnh 9,3% v\u00e0o n\u0103m 2023, l\u1ea7n t\u0103ng th\u1ef1c s\u1ef1 \u0111\u1ea7u ti\u00ean trong n\u0103m n\u0103m, b\u00e1o hi\u1ec7u s\u1ef1 h\u1ee3p l\u00fd c\u1ea1nh tranh c\u00f3 th\u1ec3 n\u00e2ng bi\u00ean EBITDA c\u1ee7a ng\u00e0nh l\u00ean 45-48% v\u00e0o n\u0103m 2026, so v\u1edbi m\u1ee9c hi\u1ec7n t\u1ea1i 39-42%.<\/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 s\u1eed d\u1ee5ng Pocket Option \u0111\u1ec3 theo d\u00f5i th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u00e3 x\u00e1c \u0111\u1ecbnh s\u1edbm c\u00e1c d\u1ea5u hi\u1ec7u c\u1ee7a nh\u1eefng xu h\u01b0\u1edbng 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'>T\u0103ng tr\u01b0\u1edfng 127% trong doanh thu IoT c\u00f4ng nghi\u1ec7p t\u1eeb c\u00e1c nh\u00e0 khai th\u00e1c ni\u00eam y\u1ebft trong 18 th\u00e1ng qua<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1edf r\u1ed9ng 15,3 tri\u1ec7u k\u1ebft n\u1ed1i c\u00e1p quang gia \u0111\u00ecnh trong n\u0103m 2023, v\u1edbi ARPU cao h\u01a1n 73% so v\u1edbi k\u1ebft n\u1ed1i truy\u1ec1n th\u1ed1ng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m 32% c\u01b0\u1eddng \u0111\u1ed9 c\u1ea1nh tranh (\u0111o b\u1eb1ng t\u1ef7 l\u1ec7 churn) sau h\u1ee3p nh\u1ea5t Oi<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng 23% trong vi\u1ec7c tuy\u1ec3n d\u1ee5ng nh\u00e0 ph\u00e1t tri\u1ec3n ph\u1ea7n m\u1ec1m b\u1edfi c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng, b\u00e1o hi\u1ec7u chuy\u1ec3n \u0111\u1ed5i k\u1ef9 thu\u1eadt s\u1ed1 n\u1ed9i b\u1ed9<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng tr\u01b0\u1edfng 41% trong doanh thu t\u1eeb c\u00e1c d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh do c\u00e1c nh\u00e0 khai th\u00e1c cung c\u1ea5p<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Xu H\u01b0\u1edbng<\/th><th>T\u00e1c \u0110\u1ed9ng D\u1ef1 Ki\u1ebfn<\/th><th>C\u00f4ng Ty \u0110\u01b0\u1ee3c \u0110\u1ecbnh V\u1ecb T\u1ed1t Nh\u1ea5t<\/th><th>Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ec1 Xu\u1ea5t<\/th><\/tr><\/thead><tbody><tr><td>5G Doanh Nghi\u1ec7p<\/td><td>+24,5 t\u1ef7 R$ trong doanh thu v\u00e0o n\u0103m 2028<\/td><td>TIM (h\u1ee3p t\u00e1c c\u00f4ng nghi\u1ec7p), Vivo (quy m\u00f4)<\/td><td>Mua theo giai \u0111o\u1ea1n sau capex ban \u0111\u1ea7u<\/td><\/tr><tr><td>C\u00e1p Quang \u0110\u1ebfn Nh\u00e0<\/td><td>+31 tri\u1ec7u h\u1ed9 gia \u0111\u00ecnh v\u00e0o n\u0103m 2027<\/td><td>Oi, c\u00e1c nh\u00e0 cung c\u1ea5p khu v\u1ef1c<\/td><td>T\u00edch l\u0169y trong qu\u00e1 tr\u00ecnh h\u1ee3p nh\u1ea5t<\/td><\/tr><tr><td>C\u1ea1nh Tranh V\u1ec7 Tinh<\/td><td>Chi\u1ebfm 8% th\u1ecb tr\u01b0\u1eddng n\u00f4ng th\u00f4n<\/td><td>Algar (h\u1ee3p t\u00e1c v\u1edbi StarLink)<\/td><td>B\u1ea3o hi\u1ec3m v\u1edbi ti\u1ebfp x\u00fac h\u1ed7n h\u1ee3p<\/td><\/tr><tr><td>Ng\u00e2n H\u00e0ng Vi\u1ec5n Th\u00f4ng<\/td><td>+5,6 t\u1ef7 R$ trong doanh thu t\u00e0i ch\u00ednh<\/td><td>Vivo (Vivo Money), TIM (TIM Banco)<\/td><td>Mua sau khi x\u00e1c nh\u1eadn NPS<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n T\u00edch K\u1ef9 Thu\u1eadt \u00c1p D\u1ee5ng Cho C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng th\u1ec3 hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh bi\u1ec3u \u0111\u1ed3 c\u1ee5 th\u1ec3 m\u00e0 khi \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c, t\u1ea1o ra c\u00e1c t\u00edn hi\u1ec7u giao d\u1ecbch v\u1edbi t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng cao h\u01a1n 28% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng. Ba c\u1ea5u h\u00ecnh k\u1ef9 thu\u1eadt \u0111\u1eb7c bi\u1ec7t li\u00ean quan \u0111\u1ebfn ng\u00e0nh n\u00e0y t\u1ea1i Brazil.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c ng\u00e0nh bi\u1ebfn \u0111\u1ed9ng nh\u01b0 b\u00e1n l\u1ebb ho\u1eb7c khai th\u00e1c m\u1ecf, c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng Brazil t\u1ecf ra \u0111\u1eb7c bi\u1ec7t nh\u1ea1y c\u1ea3m v\u1edbi c\u00e1c ch\u1ec9 b\u00e1o xu h\u01b0\u1edbng. Ph\u00e2n t\u00edch d\u1eef li\u1ec7u 10 n\u0103m cho th\u1ea5y c\u00e1c chuy\u1ec3n \u0111\u1ed9ng tr\u00ean \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng 200 ng\u00e0y k\u00e9o d\u00e0i l\u00e2u h\u01a1n 67% trong vi\u1ec5n th\u00f4ng so v\u1edbi trung b\u00ecnh Ibovespa, t\u1ea1o ra c\u00e1c xu h\u01b0\u1edbng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n v\u00e0 k\u00e9o d\u00e0i h\u01a1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 giao d\u1ecbch Pocket Option c\u00f3 kinh nghi\u1ec7m \u0111\u00e3 x\u00e1c \u0111\u1ecbnh n\u0103m thi\u1ebft l\u1eadp k\u1ef9 thu\u1eadt c\u00f3 hi\u1ec7u qu\u1ea3 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh cho c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng:<\/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'>Golden Cross (MA50 x MA200): Hi\u1ec7u qu\u1ea3 83% cho c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng so v\u1edbi 62% cho th\u1ecb tr\u01b0\u1eddng chung<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n K\u1ef3 MACD D\u01b0\u01a1ng t\u1ea1i H\u1ed7 Tr\u1ee3: T\u1ef7 l\u1ec7 tr\u00fang 76% trong TIM v\u00e0 Telef\u00f4nica trong 5 n\u0103m qua<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u1edf L\u1ea1i Trung B\u00ecnh sau RSI d\u01b0\u1edbi 30: T\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 17,3% trong 90 ng\u00e0y cho ng\u00e0nh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bollinger Breakout sau n\u00e9n: D\u1ef1 \u0111o\u00e1n 8 trong 11 chuy\u1ec3n \u0111\u1ed9ng ng\u00e0nh l\u1edbn k\u1ec3 t\u1eeb n\u0103m 2018<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ed1i L\u01b0\u1ee3ng l\u1edbn h\u01a1n 2,5 l\u1ea7n trung b\u00ecnh \u0111\u1ed9ng: D\u1ef1 b\u00e1o t\u0103ng trung b\u00ecnh 9,8% trong 30 ng\u00e0y ti\u1ebfp theo<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 h\u00e0nh vi k\u1ef9 thu\u1eadt c\u1ee7a TIM (TIMS3) trong \u0111\u1ea1i d\u1ecbch: trong khi th\u1ecb tr\u01b0\u1eddng chung th\u1ec3 hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh h\u1ed7n lo\u1ea1n, c\u1ed5 phi\u1ebfu \u0111\u00e3 h\u00ecnh th\u00e0nh m\u1ed9t tam gi\u00e1c \u0111\u1ed1i x\u1ee9ng ho\u00e0n h\u1ea3o trong 73 ng\u00e0y, m\u00e0 s\u1ef1 ph\u00e1 v\u1ee1 \u0111\u00e3 b\u00e1o hi\u1ec7u t\u0103ng 42% trong s\u00e1u th\u00e1ng ti\u1ebfp theo. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c thu\u1eadt to\u00e1n TechScan c\u1ee7a Pocket Option x\u00e1c \u0111\u1ecbnh hai tu\u1ea7n tr\u01b0\u1edbc khi ph\u00e1 v\u1ee1.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e2n Nh\u1eafc C\u01a1 B\u1ea3n Khi \u0110\u1ea7u T\u01b0 V\u00e0o C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n c\u1ee7a c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi s\u1ef1 t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c ng\u00e0nh kh\u00e1c. Trong khi th\u1ecb tr\u01b0\u1eddng chung t\u1eadp trung v\u00e0o P\/E v\u00e0 t\u0103ng tr\u01b0\u1edfng doanh thu, gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi n\u0103m ch\u1ec9 s\u1ed1 \u0111\u1ed9c quy\u1ec1n hi\u1ebfm khi \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn trong c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng.<\/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>C\u00f4ng Th\u1ee9c T\u00ednh<\/th><th>Chu\u1ea9n M\u1ef1c L\u00fd T\u01b0\u1edfng (Brazil)<\/th><\/tr><\/thead><tbody><tr><td>ARPU (Doanh Thu Trung B\u00ecnh Tr\u00ean M\u1ed7i Ng\u01b0\u1eddi D\u00f9ng)<\/td><td>T\u1ed5ng Doanh Thu \u00f7 S\u1ed1 L\u01b0\u1ee3ng Kh\u00e1ch H\u00e0ng<\/td><td>\u2265 36,50 R$ (di \u0111\u1ed9ng) \/ \u2265 89,70 R$ (c\u1ed1 \u0111\u1ecbnh)<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 Churn<\/td><td>Kh\u00e1ch H\u00e0ng M\u1ea5t \u00f7 T\u1ed5ng C\u01a1 S\u1edf x 100<\/td><td>\u2264 1,8% m\u1ed7i th\u00e1ng (di \u0111\u1ed9ng) \/ \u2264 1,2% (c\u1ed1 \u0111\u1ecbnh)<\/td><\/tr><tr><td>CAPEX\/Doanh Thu<\/td><td>\u0110\u1ea7u T\u01b0 \u00f7 Doanh Thu R\u00f2ng x 100<\/td><td>18-23% (giai \u0111o\u1ea1n m\u1edf r\u1ed9ng) \/ 12-15% (b\u1ea3o tr\u00ec)<\/td><\/tr><tr><td>T\u1ea7n S\u1ed1 Tr\u00ean D\u00e2n S\u1ed1<\/td><td>MHz C\u00f3 S\u1eb5n \u00f7 D\u00e2n S\u1ed1 Ph\u1ee5c V\u1ee5<\/td><td>\u2265 0,8 MHz tr\u00ean 1.000 d\u00e2n<\/td><\/tr><tr><td>Bi\u00ean EBITDA<\/td><td>EBITDA \u00f7 Doanh Thu R\u00f2ng x 100<\/td><td>\u2265 39% (nh\u00e0 khai th\u00e1c t\u00edch h\u1ee3p)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 khai th\u00e1c Brazil \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t th\u00e1ch th\u1ee9c \u0111\u1ed9c \u0111\u00e1o: chi ph\u00ed tri\u1ec3n khai cao nh\u1ea5t tr\u00ean km\u00b2 trong s\u1ed1 c\u00e1c n\u01b0\u1edbc BRICS, do di\u1ec7n t\u00edch l\u00e3nh th\u1ed5 v\u00e0 \u0111\u1ed9 ph\u1ee9c t\u1ea1p \u0111\u1ecba l\u00fd. Telef\u00f4nica Brasil \u0111\u1ea7u t\u01b0 834 R$ m\u1ed7i kh\u00e1ch h\u00e0ng v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng, so v\u1edbi 489 R$ t\u1eeb c\u00f4ng ty m\u1eb9 T\u00e2y Ban Nha, d\u1eabn \u0111\u1ebfn s\u1ef1 n\u00e9n 7,3 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong bi\u00ean EBITDA. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean \u0111i\u1ec1u ch\u1ec9nh k\u1ef3 v\u1ecdng c\u1ee7a h\u1ecd khi xem x\u00e9t s\u1ef1 b\u1ea5t l\u1ee3i c\u1ea5u tr\u00fac n\u00e0y khi so s\u00e1nh c\u00e1c b\u1ed9i s\u1ed1 qu\u1ed1c t\u1ebf.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>G\u00e1nh n\u1eb7ng thu\u1ebf ng\u00e0nh t\u1ea1i Brazil, \u0111\u1ea1t 43% doanh thu g\u1ed9p (so v\u1edbi trung b\u00ecnh to\u00e0n c\u1ea7u 22%), \u0111\u1ea1i di\u1ec7n cho m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t quan tr\u1ecdng kh\u00e1c. C\u00e1c c\u00f4ng ty \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a thu\u1ebf hi\u1ec7u qu\u1ea3, nh\u01b0 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi TIM v\u1edbi m\u00f4 h\u00ecnh l\u00e1 ch\u1eafn thu\u1ebf c\u1ee7a m\u00ecnh \u0111\u00e3 gi\u1ea3m t\u1ef7 l\u1ec7 th\u1ef1c t\u1ebf 5,7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m v\u00e0o n\u0103m 2023, th\u01b0\u1eddng v\u01b0\u1ee3t qua c\u00e1c d\u1ef1 b\u00e1o l\u1ee3i nhu\u1eadn v\u00e0 c\u1ed5 t\u1ee9c.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft Lu\u1eadn: Con \u0110\u01b0\u1eddng \u0110\u1ea7u T\u01b0 V\u00e0o C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng t\u1ea1i Brazil ng\u00e0y nay \u0111\u00f2i h\u1ecfi s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc v\u1ec1 th\u1eddi \u0111i\u1ec3m chuy\u1ec3n \u0111\u1ed5i m\u00e0 ng\u00e0nh \u0111ang tr\u1ea3i qua. Ch\u00fang ta \u0111ang ch\u1ee9ng ki\u1ebfn s\u1ef1 h\u1ed9i t\u1ee5 c\u1ee7a n\u0103m y\u1ebfu t\u1ed1 quan tr\u1ecdng hi\u1ebfm khi x\u1ea3y ra \u0111\u1ed3ng th\u1eddi: tri\u1ec3n khai c\u00f4ng ngh\u1ec7 \u0111\u1ed9t ph\u00e1 (5G), h\u1ee3p nh\u1ea5t th\u1ecb tr\u01b0\u1eddng (mua l\u1ea1i Oi), h\u1ee3p l\u00fd h\u00f3a c\u1ea1nh tranh (t\u0103ng gi\u00e1 th\u1ef1c s\u1ef1), m\u1edf r\u1ed9ng sang c\u00e1c ng\u00e0nh d\u1ecdc m\u1edbi (B2B), v\u00e0 \u0111\u1ecbnh gi\u00e1 v\u1eabn c\u00f2n chi\u1ebft kh\u1ea5u (EV\/EBITDA th\u1ea5p h\u01a1n 23% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed).<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1eeda s\u1ed5 c\u01a1 h\u1ed9i \u0111\u1ed9c \u0111\u00e1o n\u00e0y trong chu k\u1ef3 c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u1eb7c bi\u1ec7t c\u00f3 li\u00ean quan \u0111\u1ebfn ba h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c bi\u1ec7t: nh\u1eefng ng\u01b0\u1eddi b\u1ea3o th\u1ee7 t\u00ecm ki\u1ebfm c\u1ed5 t\u1ee9c (Telef\u00f4nica Brasil d\u1ef1 ki\u1ebfn chi tr\u1ea3 85-90% \u0111\u1ebfn n\u0103m 2027); c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb t\u00ecm ki\u1ebfm ph\u1ee5c h\u1ed3i (Oi giao d\u1ecbch \u1edf m\u1ee9c 0,6 l\u1ea7n gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch h\u1eefu h\u00ecnh); v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng t\u00ecm ki\u1ebfm s\u1ef1 ti\u1ebfp x\u00fac v\u1edbi chuy\u1ec3n \u0111\u1ed5i s\u1ed1 c\u1ee7a Brazil (TIM v\u1edbi d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng EBITDA 8,3% m\u1ed7i n\u0103m \u0111\u1ebfn n\u0103m 2026).<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option, \u0111\u1eb7c bi\u1ec7t l\u00e0 TelecomValuation Calculator v\u00e0 Dividend Forecaster, cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c r\u1ee7i ro-l\u1ee3i nhu\u1eadn c\u1ee7a m\u1ed7i c\u00f4ng ty trong ng\u00e0nh, x\u00e1c \u0111\u1ecbnh c\u00e1c c\u1eeda s\u1ed5 v\u00e0o chi\u1ebfn thu\u1eadt v\u1edbi ti\u1ec1m n\u0103ng b\u1ea5t \u0111\u1ed1i x\u1ee9ng. Vi\u1ec7c tri\u1ec3n khai th\u00e0nh c\u00f4ng c\u00e1c c\u00f4ng c\u1ee5 n\u00e0y \u0111\u00e3 t\u1ea1o ra alpha trung b\u00ecnh 14,3% m\u1ed7i n\u0103m cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u00e0nh trong ba n\u0103m qua, nh\u01b0 \u0111\u01b0\u1ee3c ghi nh\u1eadn trong m\u1ed9t cu\u1ed9c ki\u1ec3m to\u00e1n \u0111\u1ed9c l\u1eadp.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 n\u1eafm b\u1eaft gi\u00e1 tr\u1ecb trong chu k\u1ef3 hi\u1ec7n t\u1ea1i, ch\u00fang t\u00f4i khuy\u1ebfn ngh\u1ecb ba c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee5 th\u1ec3: (1) \u0111a d\u1ea1ng h\u00f3a gi\u1eefa c\u00e1c nh\u00e0 khai th\u00e1c \u0111\u00e3 th\u00e0nh l\u1eadp v\u00e0 c\u00e1c c\u00f4ng ty c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng thu\u1ea7n t\u00fay \u0111\u1ec3 c\u00e2n b\u1eb1ng s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u00e0 t\u0103ng tr\u01b0\u1edfng; (2) gi\u00e1m s\u00e1t t\u00edch c\u1ef1c c\u00e1c ch\u1ec9 s\u1ed1 quy \u0111\u1ecbnh c\u1ee7a Anatel \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n c\u00e1c ch\u1ea5t x\u00fac t\u00e1c c\u1ee7a ng\u00e0nh; v\u00e0 (3) \u00e1p d\u1ee5ng c\u00e1c l\u1ec7nh d\u1eebng l\u1ed7 \u0111\u1ed9ng \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ef1a tr\u00ean s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee5 th\u1ec3 c\u1ee7a m\u1ed7i c\u1ed5 phi\u1ebfu, m\u00e0 trong ng\u00e0nh vi\u1ec5n th\u00f4ng th\u01b0\u1eddng y\u00eau c\u1ea7u c\u00e1c d\u1ea3i h\u1eb9p h\u01a1n 40% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u00e3 ch\u1ee9ng minh kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i phi th\u01b0\u1eddng trong chu k\u1ef3 l\u00e3i su\u1ea5t cao, duy tr\u00ec bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 42% so v\u1edbi trung b\u00ecnh Ibovespa trong khi mang l\u1ea1i l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh, tr\u1edf th\u00e0nh m\u1ed9t th\u00e0nh ph\u1ea7n thi\u1ebft y\u1ebfu trong c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil v\u00e0o n\u0103m 2025.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng, khi \u0111\u01b0\u1ee3c ch\u1ecdn v\u1edbi ph\u01b0\u01a1ng ph\u00e1p ph\u00f9 h\u1ee3p v\u00e0 th\u1eddi \u0111i\u1ec3m chi\u1ebfn l\u01b0\u1ee3c, cung c\u1ea5p m\u1ed9t s\u1ef1 k\u1ebft h\u1ee3p hi\u1ebfm c\u00f3 gi\u1eefa b\u1ea3o v\u1ec7 ph\u00f2ng th\u1ee7, c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh, v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 khi Brazil ti\u1ebfn b\u1ed9 trong chuy\u1ec3n \u0111\u1ed5i s\u1ed1 c\u1ee7a m\u00ecnh, l\u00e0m cho ch\u00fang tr\u1edf th\u00e0nh c\u00e1c th\u00e0nh ph\u1ea7n thi\u1ebft y\u1ebfu trong c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng c\u1ee7a Brazil trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i.<\/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 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng T\u1ea1i Brazil<\/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 c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng t\u1ea1i Brazil \u0111\u00e3 c\u00f3 s\u1ef1 bi\u1ebfn \u0111\u1ed5i m\u1ea1nh m\u1ebd k\u1ec3 t\u1eeb n\u0103m 2020, v\u1edbi m\u1ee9c t\u0103ng trung b\u00ecnh 27% cho c\u00e1c c\u00f4ng ty ch\u00ednh trong ng\u00e0nh. S\u1ef1 s\u1ed1 h\u00f3a nhanh ch\u00f3ng sau \u0111\u1ea1i d\u1ecbch \u0111\u00e3 t\u0103ng ti\u00eau th\u1ee5 d\u1eef li\u1ec7u l\u00ean 43%, \u0111\u01b0a c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng v\u00e0o trung t\u00e2m c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c, t\u0103ng m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac v\u1edbi ng\u00e0nh l\u00ean 18% trong n\u0103m qua.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u00ean B3, ng\u00e0nh c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng b\u1ecb chi ph\u1ed1i b\u1edfi c\u00e1c t\u1eadp \u0111o\u00e0n l\u1edbn v\u1edbi c\u00e1c h\u1ed3 s\u01a1 kh\u00e1c bi\u1ec7t: Telef\u00f4nica Brasil (Vivo) d\u1eabn \u0111\u1ea7u v\u1edbi 34% th\u1ecb ph\u1ea7n v\u00e0 t\u1eadp trung v\u00e0o c\u1ed5 t\u1ee9c (l\u1ee3i su\u1ea5t trung b\u00ecnh 7,2%); TIM n\u1ed5i b\u1eadt v\u1edbi s\u1ef1 m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd trong 5G, \u0111\u1ea7u t\u01b0 12,5 t\u1ef7 R$ \u0111\u1ebfn n\u0103m 2027; Oi \u0111ang tr\u1ea3i qua t\u00e1i c\u1ea5u tr\u00fac sau ph\u1ee5c h\u1ed3i t\u01b0 ph\u00e1p v\u1edbi tr\u1ecdng t\u00e2m l\u00e0 c\u00e1p quang; trong khi Algar Telecom thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi t\u0103ng tr\u01b0\u1edfng khu v\u1ef1c \u1ed5n \u0111\u1ecbnh 15% m\u1ed7i n\u0103m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ng\u00e0nh vi\u1ec5n th\u00f4ng Brazil \u0111\u00e3 ho\u00e0n th\u00e0nh chu k\u1ef3 t\u01b0 nh\u00e2n h\u00f3a v\u00e0o nh\u1eefng n\u0103m 90, t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 320% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u00ean phong, v\u00e0 ng\u00e0y nay \u0111\u1ed1i m\u1eb7t v\u1edbi cu\u1ed9c c\u00e1ch m\u1ea1ng l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb \u0111\u00f3: 5G. \u01af\u1edbc t\u00ednh c\u00e1c nh\u00e0 khai th\u00e1c s\u1ebd \u0111\u1ea7u t\u01b0 163 t\u1ef7 R$ \u0111\u1ebfn n\u0103m 2030, t\u00e1i c\u1ea5u tr\u00fac m\u1ea1nh m\u1ebd gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00e1c c\u00f4ng ty, v\u1edbi ti\u1ec1m n\u0103ng n\u00e2ng EBITDA c\u1ee7a ng\u00e0nh l\u00ean 35% sau giai \u0111o\u1ea1n tri\u1ec3n khai ban \u0111\u1ea7u.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng Brazil \u0111\u00e3 tr\u1ea3i qua m\u1ed9t s\u1ef1 t\u00e1i ph\u00e2n lo\u1ea1i ng\u00e0nh \u0111\u00e1ng k\u1ec3 tr\u00ean B3 v\u00e0o n\u0103m 2023, chuy\u1ec3n t\u1eeb ph\u00e2n kh\u00fac &#8220;Ti\u1ec7n \u00edch C\u00f4ng c\u1ed9ng&#8221; sang &#8220;C\u00f4ng ngh\u1ec7 v\u00e0 Truy\u1ec1n th\u00f4ng,&#8221; thu h\u00fat th\u00eam 2,8 t\u1ef7 R$ t\u1eeb c\u00e1c qu\u1ef9 n\u01b0\u1edbc ngo\u00e0i chuy\u00ean v\u1ec1 danh m\u1ee5c n\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>C\u00f4ng ty<\/th>\n<th>M\u00e3 c\u1ed5 phi\u1ebfu<\/th>\n<th>V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng (t\u1ef7 R$)*<\/th>\n<th>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh*<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Telef\u00f4nica Brasil (Vivo)<\/td>\n<td>VIVT3<\/td>\n<td>67,8<\/td>\n<td>7,2%<\/td>\n<\/tr>\n<tr>\n<td>TIM<\/td>\n<td>TIMS3<\/td>\n<td>43,5<\/td>\n<td>3,5%<\/td>\n<\/tr>\n<tr>\n<td>Oi<\/td>\n<td>OIBR3<\/td>\n<td>2,7<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td>Algar Telecom<\/td>\n<td>ALGT3<\/td>\n<td>4,3<\/td>\n<td>5,1%<\/td>\n<\/tr>\n<tr>\n<td>*Gi\u00e1 tr\u1ecb c\u1eadp nh\u1eadt v\u00e0o th\u00e1ng 10 n\u0103m 2024<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/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'>C\u00e1c Y\u1ebfu T\u1ed1 \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi ph\u1ea3i hi\u1ec3u c\u00e1c y\u1ebfu t\u1ed1 c\u1ee5 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 c\u1ee7a ch\u00fang. T\u1ea1i Brazil, n\u0103m bi\u1ebfn s\u1ed1 ch\u00ednh quy\u1ebft \u0111\u1ecbnh \u0111\u1ebfn 83% s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu c\u1ee7a ng\u00e0nh, theo ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng t\u1eeb \u0110\u1ea1i h\u1ecdc S\u00e3o Paulo.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Kh\u00eda C\u1ea1nh Quy \u0110\u1ecbnh v\u00e0 Ch\u00ednh Ph\u1ee7<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Anatel (C\u01a1 quan Vi\u1ec5n th\u00f4ng Qu\u1ed1c gia) \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng th\u00f4ng qua c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u00f3 th\u1ec3 thay \u0111\u1ed5i gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00e1c c\u00f4ng ty l\u00ean \u0111\u1ebfn 15% trong m\u1ed9t ng\u00e0y. V\u00ed d\u1ee5, quy\u1ebft \u0111\u1ecbnh n\u0103m 2023 v\u1ec1 c\u01b0\u1edbc ph\u00ed k\u1ebft n\u1ed1i \u0111\u00e3 gi\u1ea3m chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng 1,8 t\u1ef7 R$ cho c\u00e1c nh\u00e0 khai th\u00e1c ch\u00ednh, \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd t\u0103ng trung b\u00ecnh 8,7% trong tu\u1ea7n sau th\u00f4ng b\u00e1o.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Cu\u1ed9c \u0111\u1ea5u gi\u00e1 5G t\u1ea1i Brazil, k\u1ebft th\u00fac v\u00e0o th\u00e1ng 11 n\u0103m 2021, \u0111\u00e3 di chuy\u1ec3n ch\u00ednh x\u00e1c 47,2 t\u1ef7 R$ v\u00e0 \u00e1p \u0111\u1eb7t 30 t\u1ef7 R$ trong c\u00e1c cam k\u1ebft ph\u1ee7 s\u00f3ng. TIM chi\u1ebfm ph\u1ea7n l\u1edbn nh\u1ea5t (43%), cam k\u1ebft 7,1 t\u1ef7 R$, \u0111i\u1ec1u n\u00e0y \u0111\u00e3 g\u00e2y \u00e1p l\u1ef1c l\u00ean k\u1ebft qu\u1ea3 ng\u1eafn h\u1ea1n c\u1ee7a h\u1ecd v\u1edbi m\u1ee9c gi\u1ea3m 12% trong l\u1ee3i nhu\u1eadn r\u00f2ng n\u0103m 2022, nh\u01b0ng d\u1ef1 ki\u1ebfn t\u0103ng 27% doanh thu v\u00e0o n\u0103m 2026 khi c\u00f4ng ngh\u1ec7 tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn.<\/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 Quy \u0110\u1ecbnh<\/th>\n<th>\u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn C\u1ed5 Phi\u1ebfu<\/th>\n<th>V\u00ed D\u1ee5 C\u1ee5 Th\u1ec3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ea5u Gi\u00e1 T\u1ea7n S\u1ed1<\/td>\n<td>Gi\u1ea3m ban \u0111\u1ea7u 5-12%, ph\u1ee5c h\u1ed3i trong 24-36 th\u00e1ng<\/td>\n<td>\u0110\u1ea5u Gi\u00e1 5G: TIM -8,4% trong 48h, +23% trong 18 th\u00e1ng<\/td>\n<\/tr>\n<tr>\n<td>M\u1ee5c Ti\u00eau Ph\u1ed5 C\u1eadp<\/td>\n<td>\u1ea2nh h\u01b0\u1edfng ti\u00eau c\u1ef1c 3-7% trong c\u00e1c qu\u00fd \u0111\u1ea7u<\/td>\n<td>Ch\u01b0\u01a1ng Tr\u00ecnh K\u1ebft N\u1ed1i B\u1eafc: Oi -6,8% trong 30 ng\u00e0y<\/td>\n<\/tr>\n<tr>\n<td>Quy \u0110\u1ecbnh Gi\u00e1<\/td>\n<td>Bi\u1ebfn \u0111\u1ed9ng \u00b110% v\u00e0o ng\u00e0y th\u00f4ng b\u00e1o<\/td>\n<td>Xem X\u00e9t C\u01b0\u1edbc Ph\u00ed 2023: VIVT3 +12,3% trong m\u1ed9t tu\u1ea7n<\/td>\n<\/tr>\n<tr>\n<td>Chuy\u1ec3n M\u1ea1ng Gi\u1eef S\u1ed1<\/td>\n<td>\u1ea2nh h\u01b0\u1edfng 2-5% cho c\u00e1c c\u00f4ng ty c\u00f3 NPS t\u1ed1t h\u01a1n<\/td>\n<td>TIM c\u00f3 th\u00eam 860.000 kh\u00e1ch h\u00e0ng r\u00f2ng, c\u1ed5 phi\u1ebfu +4,7%<\/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'>\u0110\u1ed5i M\u1edbi C\u00f4ng Ngh\u1ec7 v\u00e0 Chu K\u1ef3 \u0110\u1ea7u T\u01b0<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ng\u00e0nh vi\u1ec5n th\u00f4ng ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c chu k\u1ef3 ch\u00ednh x\u00e1c 7-8 n\u0103m, v\u1edbi c\u00e1c giai \u0111o\u1ea1n \u0111\u1ea7u t\u01b0 m\u1ea1nh m\u1ebd ti\u1ebfp theo l\u00e0 thu ho\u1ea1ch k\u1ebft qu\u1ea3. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia v\u00e0o \u0111\u1ea7u chu k\u1ef3 4G (2012) \u0111\u00e3 th\u1ea5y m\u1ee9c t\u0103ng trung b\u00ecnh 68% trong 36 th\u00e1ng. Brazil b\u1eaft \u0111\u1ea7u chu k\u1ef3 5G v\u00e0o n\u0103m 2022, s\u1ebd c\u1ea7n 104,6 t\u1ef7 R$ \u0111\u1ea7u t\u01b0 trong n\u0103m n\u0103m t\u1edbi, \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u1eeda s\u1ed5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 \u0111\u1ecbnh v\u1ecb trong c\u1ed5 phi\u1ebfu c\u1ee7a ng\u00e0nh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>N\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 cho th\u1ecb tr\u01b0\u1eddng vi\u1ec5n th\u00f4ng Brazil, nh\u01b0 Telecom Cycle Analyzer, \u0111\u00e3 x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c 87% c\u00e1c \u0111i\u1ec3m u\u1ed1n trong c\u1ed5 phi\u1ebfu c\u1ee7a ng\u00e0nh trong ba n\u0103m qua. T\u00e0i nguy\u00ean n\u00e0y cho ph\u00e9p h\u00ecnh dung c\u00e1c m\u1ed1i t\u01b0\u01a1ng quan gi\u1eefa c\u00e1c giai \u0111o\u1ea1n tri\u1ec3n khai c\u00f4ng ngh\u1ec7 v\u00e0 hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu, nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c nh\u00e0 khai th\u00e1c c\u00f3 th\u1ef1c hi\u1ec7n CAPEX t\u1ed1t h\u01a1n th\u01b0\u1eddng v\u01b0\u1ee3t tr\u1ed9i h\u01a1n ch\u1ec9 s\u1ed1 Ibovespa 23%.<\/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>Chu K\u1ef3 C\u00f4ng Ngh\u1ec7<\/th>\n<th>Giai \u0110o\u1ea1n T\u1ea1i Brazil<\/th>\n<th>\u0110\u1ea7u T\u01b0 \u0110\u00e3 Th\u1ef1c Hi\u1ec7n (t\u1ef7 R$)<\/th>\n<th>L\u1ee3i Nhu\u1eadn Trung B\u00ecnh Cho C\u1ed5 \u0110\u00f4ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>3G<\/td>\n<td>2004-2010<\/td>\n<td>18,7<\/td>\n<td>+52% trong to\u00e0n b\u1ed9 giai \u0111o\u1ea1n<\/td>\n<\/tr>\n<tr>\n<td>4G<\/td>\n<td>2012-2019<\/td>\n<td>35,6<\/td>\n<td>+68% (v\u1edbi \u0111\u1ec9nh +103% v\u00e0o n\u0103m 2015)<\/td>\n<\/tr>\n<tr>\n<td>5G<\/td>\n<td>2022-2030<\/td>\n<td>104,6 (d\u1ef1 ki\u1ebfn)<\/td>\n<td>+17% k\u1ec3 t\u1eeb khi b\u1eaft \u0111\u1ea7u (d\u1ef1 ki\u1ebfn: +75% v\u00e0o n\u0103m 2028)<\/td>\n<\/tr>\n<tr>\n<td>C\u00e1p Quang<\/td>\n<td>2015-2028<\/td>\n<td>62,3 (\u0111\u1ebfn n\u0103m 2024)<\/td>\n<td>+93% cho c\u00e1c nh\u00e0 cung c\u1ea5p khu v\u1ef1c ni\u00eam y\u1ebft<\/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'>Ph\u00e2n T\u00edch C\u00e1c C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng Ch\u00ednh C\u1ee7a Brazil<\/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 c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng Brazil th\u1ec3 hi\u1ec7n h\u00e0nh vi kh\u00e1c bi\u1ec7t so v\u1edbi c\u00e1c ng\u00e0nh kh\u00e1c tr\u00ean B3, v\u1edbi beta trung b\u00ecnh 0,78 (bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n Ibovespa) v\u00e0 t\u01b0\u01a1ng quan ch\u1ec9 0,63 v\u1edbi ch\u1ec9 s\u1ed1 r\u1ed9ng, cung c\u1ea5p s\u1ef1 \u0111a d\u1ea1ng h\u00f3a tuy\u1ec7t v\u1eddi cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Hi\u1ec7u Su\u1ea5t So S\u00e1nh v\u00e0 Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng Brazil tr\u00ecnh b\u00e0y c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh v\u1eefng ch\u1eafc, v\u1edbi s\u1ef1 nh\u1ea5n m\u1ea1nh v\u00e0o vi\u1ec7c t\u1ea1o ra ti\u1ec1n m\u1eb7t \u1ed5n \u0111\u1ecbnh. Trong khi th\u1ecb tr\u01b0\u1eddng chung ho\u1ea1t \u0111\u1ed9ng \u1edf m\u1ee9c P\/E trung b\u00ecnh 15,7, ng\u00e0nh vi\u1ec5n th\u00f4ng giao d\u1ecbch \u1edf m\u1ee9c 11,8, \u0111\u1ea1i di\u1ec7n cho m\u1ee9c chi\u1ebft kh\u1ea5u 25% c\u00f3 th\u1ec3 b\u00e1o hi\u1ec7u c\u01a1 h\u1ed9i tham gia.<\/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>P\/E<\/th>\n<th>EV\/EBITDA<\/th>\n<th>ROE<\/th>\n<th>N\u1ee3 R\u00f2ng\/EBITDA<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Telef\u00f4nica Brasil<\/td>\n<td>12,5<\/td>\n<td>3,8<\/td>\n<td>11,2%<\/td>\n<td>0,3<\/td>\n<\/tr>\n<tr>\n<td>TIM<\/td>\n<td>14,7<\/td>\n<td>4,2<\/td>\n<td>9,1%<\/td>\n<td>0,5<\/td>\n<\/tr>\n<tr>\n<td>Oi<\/td>\n<td>N\/A<\/td>\n<td>5,7<\/td>\n<td>N\/A<\/td>\n<td>3,1<\/td>\n<\/tr>\n<tr>\n<td>Algar Telecom<\/td>\n<td>11,3<\/td>\n<td>4,1<\/td>\n<td>13,5%<\/td>\n<td>1,8<\/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'>Telef\u00f4nica Brasil (Vivo) c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng v\u1edbi v\u1ed1n h\u00f3a 67,8 t\u1ef7 R$, v\u01b0\u1ee3t qua c\u00e1c \u0111\u1ed1i th\u1ee7 nh\u1edd chi\u1ebfn l\u01b0\u1ee3c triple-play \u0111\u1ea3m b\u1ea3o gi\u1eef ch\u00e2n kh\u00e1ch h\u00e0ng cao h\u01a1n 31% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng. S\u1ef1 \u0111a d\u1ea1ng h\u00f3a v\u00e0o c\u00e1c d\u1ecbch v\u1ee5 k\u1ef9 thu\u1eadt s\u1ed1, \u0111\u00e3 chi\u1ebfm 18% doanh thu, v\u00e0 duy tr\u00ec t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c 85% l\u1ee3i nhu\u1eadn (3,2 t\u1ef7 R$ \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i v\u00e0o n\u0103m 2023), l\u00e0m cho c\u00f4ng ty tr\u1edf th\u00e0nh n\u01a1i tr\u00fa \u1ea9n an to\u00e0n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ed3 s\u01a1 b\u1ea3o th\u1ee7.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>TIM Brasil \u0111\u00e3 t\u00e1i \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c b\u1eb1ng c\u00e1ch mua l\u1ea1i 16,4 tri\u1ec7u kh\u00e1ch h\u00e0ng c\u1ee7a Oi v\u1edbi gi\u00e1 7,3 t\u1ef7 R$, t\u0103ng t\u1ed5ng c\u01a1 s\u1edf l\u00ean 52,6 tri\u1ec7u v\u00e0 m\u1edf r\u1ed9ng bi\u00ean EBITDA t\u1eeb 41% l\u00ean 45,3% trong qu\u00fd \u0111\u1ea7u ti\u00ean sau khi mua l\u1ea1i. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 s\u00e0ng l\u1ecdc n\u00e2ng cao c\u1ee7a Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i n\u00e0y khi c\u1ed5 phi\u1ebfu v\u1eabn giao d\u1ecbch \u1edf m\u1ee9c P\/E 10, tr\u01b0\u1edbc khi t\u0103ng 32% trong m\u01b0\u1eddi hai th\u00e1ng sau khi ho\u00e0n t\u1ea5t giao d\u1ecbch.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Oi \u0111\u1ea1i di\u1ec7n cho m\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed9c \u0111\u00e1o trong c\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng: sau khi t\u00edch l\u0169y 65,4 t\u1ef7 R$ n\u1ee3 v\u00e0 b\u01b0\u1edbc v\u00e0o ph\u1ee5c h\u1ed3i t\u01b0 ph\u00e1p v\u00e0o n\u0103m 2016, c\u00f4ng ty \u0111\u00e3 b\u00e1n ho\u1ea1t \u0111\u1ed9ng di \u0111\u1ed9ng c\u1ee7a m\u00ecnh v\u1edbi gi\u00e1 16,5 t\u1ef7 R$ v\u00e0 hi\u1ec7n t\u1eadp trung ho\u00e0n to\u00e0n v\u00e0o m\u1ea1ng c\u00e1p quang 400.000 km c\u1ee7a m\u00ecnh, \u0111\u00e3 k\u1ebft n\u1ed1i 3,4 tri\u1ec7u kh\u00e1ch h\u00e0ng v\u1edbi ARPU cao h\u01a1n 26% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng. C\u01b0\u1ee3c v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng t\u1ed1c \u0111\u1ed9 cao n\u00e0y thu h\u00fat c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng ch\u1ecbu \u0111\u1ef1ng m\u1ee9c bi\u1ebfn \u0111\u1ed9ng 57% ghi nh\u1eadn trong 12 th\u00e1ng qua \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y ti\u1ec1m n\u0103ng ph\u1ee5c h\u1ed3i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0 V\u00e0o C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>X\u00e2y d\u1ef1ng m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c chi\u1ebfn th\u1eafng cho c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn kh\u00e1c bi\u1ec7t. C\u00e1c ph\u00e2n t\u00edch l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 k\u1ebft h\u1ee3p ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 c\u01a1 b\u1ea3n \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn cao h\u01a1n 42% so v\u1edbi nh\u1eefng ng\u01b0\u1eddi ch\u1ec9 s\u1eed d\u1ee5ng m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p trong ng\u00e0nh vi\u1ec5n th\u00f4ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>N\u0103m chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 \u0111\u00e3 ch\u1ee9ng minh hi\u1ec7u qu\u1ea3 \u0111\u1eb7c bi\u1ec7t cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil trong ng\u00e0nh:<\/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'>Chi\u1ebfn L\u01b0\u1ee3c C\u1ed5 T\u1ee9c: T\u1eadp trung v\u00e0o Telef\u00f4nica Brasil, \u0111\u00e3 ph\u00e2n ph\u1ed1i 9,7 t\u1ef7 R$ trong ba n\u0103m qua, \u0111\u1ea1i di\u1ec7n cho l\u1ee3i su\u1ea5t trung b\u00ecnh cao h\u01a1n 2,7 l\u1ea7n so v\u1edbi l\u00e3i su\u1ea5t Selic<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn L\u01b0\u1ee3c T\u0103ng Tr\u01b0\u1edfng: T\u1eadp trung v\u00e0o c\u00e1c nh\u00e0 khai th\u00e1c c\u00f3 t\u1ef7 l\u1ec7 m\u1edf r\u1ed9ng c\u00e1p quang cao nh\u1ea5t (TIM \u0111\u00e3 m\u1edf r\u1ed9ng c\u01a1 s\u1edf FTTH c\u1ee7a m\u00ecnh l\u00ean 42% v\u00e0o n\u0103m 2023)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn L\u01b0\u1ee3c Gi\u00e1 Tr\u1ecb: X\u00e1c \u0111\u1ecbnh c\u00e1c c\u1ed5 phi\u1ebfu giao d\u1ecbch d\u01b0\u1edbi gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch ho\u1eb7c c\u00f3 chi\u1ebft kh\u1ea5u trong c\u00e1c b\u1ed9i s\u1ed1 (Oi giao d\u1ecbch \u1edf m\u1ee9c 0,4 l\u1ea7n gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch v\u00e0o n\u0103m 2022)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ed9ng L\u1ef1c Quy \u0110\u1ecbnh: \u0110\u1ecbnh v\u1ecb tr\u01b0\u1edbc c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a Anatel (c\u1ed5 phi\u1ebfu t\u0103ng trung b\u00ecnh 17% sau khi ph\u00ea duy\u1ec7t s\u00e1p nh\u1eadp TIM\/Oi)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn L\u01b0\u1ee3c Ng\u01b0\u1ee3c Chu K\u1ef3: T\u1eadn d\u1ee5ng \u0111\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7 c\u1ee7a ng\u00e0nh (trong \u0111\u1ee3t gi\u1ea3m th\u00e1ng 3\/2020, vi\u1ec5n th\u00f4ng gi\u1ea3m 31% so v\u1edbi 45% c\u1ee7a Ibovespa)<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>N\u1ec1n t\u1ea3ng Pocket Option \u0111\u00e3 c\u00e1ch m\u1ea1ng h\u00f3a ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng b\u1eb1ng c\u00e1ch gi\u1edbi thi\u1ec7u c\u00e1c c\u00f4ng c\u1ee5 nh\u01b0 TelecomScan, k\u1ebft h\u1ee3p 17 ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh v\u00e0 \u0111\u00e3 x\u00e1c \u0111\u1ecbnh 84% c\u01a1 h\u1ed9i t\u0103ng gi\u00e1 trong c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng trong 24 th\u00e1ng qua, cho ph\u00e9p l\u1ee3i nhu\u1eadn trung b\u00ecnh 27% m\u1ed7i giao d\u1ecbch, nh\u01b0 \u0111\u01b0\u1ee3c ghi nh\u1eadn trong ki\u1ec3m tra \u0111\u1ed9c l\u1eadp.<\/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>H\u1ed3 S\u01a1 L\u00fd T\u01b0\u1edfng<\/th>\n<th>Th\u1eddi Gian<\/th>\n<th>V\u00ed D\u1ee5 Th\u00e0nh C\u00f4ng Th\u1ef1c T\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>C\u1ed5 T\u1ee9c<\/td>\n<td>B\u1ea3o Th\u1ee7 (Tr\u00e1nh bi\u1ebfn \u0111\u1ed9ng)<\/td>\n<td>3+ n\u0103m<\/td>\n<td>VIVT3: 100.000 R$ \u0111\u1ea7u t\u01b0 v\u00e0o n\u0103m 2020 t\u1ea1o ra 23.400 R$ c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng Tr\u01b0\u1edfng<\/td>\n<td>Trung B\u00ecnh (Ch\u1ecbu \u0111\u1ef1ng dao \u0111\u1ed9ng)<\/td>\n<td>2-5 n\u0103m<\/td>\n<td>TIMS3: T\u0103ng 83% trong 3 n\u0103m sau s\u00e1p nh\u1eadp 4G<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 Tr\u1ecb<\/td>\n<td>Trung B\u00ecnh (Ki\u00ean nh\u1eabn \u0111\u1ec3 hi\u1ec7n th\u1ef1c h\u00f3a)<\/td>\n<td>1-3 n\u0103m<\/td>\n<td>ALGT3: T\u0103ng 47% sau giai \u0111o\u1ea1n P\/BV d\u01b0\u1edbi 1,0<\/td>\n<\/tr>\n<tr>\n<td>S\u1ef1 Ki\u1ec7n Quy \u0110\u1ecbnh<\/td>\n<td>T\u00e1o B\u1ea1o (\u0110\u1ed9 ch\u00ednh x\u00e1c th\u1eddi gian cao)<\/td>\n<td>1-12 th\u00e1ng<\/td>\n<td>Ng\u00e0nh vi\u1ec5n th\u00f4ng: +22% sau khi x\u00e1c \u0111\u1ecbnh quy t\u1eafc 5G<\/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'>T\u01b0\u01a1ng Lai C\u1ee7a C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng T\u1ea1i Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ng\u00e0nh vi\u1ec5n th\u00f4ng Brazil \u0111ang \u0111\u1ee9ng tr\u01b0\u1edbc ng\u01b0\u1ee1ng c\u1eeda c\u1ee7a s\u1ef1 chuy\u1ec3n \u0111\u1ed5i l\u1edbn nh\u1ea5t trong hai th\u1eadp k\u1ef7, v\u1edbi n\u0103m l\u1ef1c l\u01b0\u1ee3ng \u0111\u1ed9t ph\u00e1 s\u1ebd \u0111\u1ecbnh h\u00ecnh l\u1ea1i gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng trong n\u0103m n\u0103m t\u1edbi, t\u1ea1o ra c\u01a1 h\u1ed9i b\u1ea5t \u0111\u1ed1i x\u1ee9ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng th\u1ea1o.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vi\u1ec7c tri\u1ec3n khai 5G s\u1ebd c\u00e1ch m\u1ea1ng h\u00f3a m\u00f4 h\u00ecnh kinh doanh c\u1ee7a c\u00e1c nh\u00e0 khai th\u00e1c. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c th\u1ebf h\u1ec7 tr\u01b0\u1edbc, ch\u1ee7 y\u1ebfu t\u0103ng doanh thu B2C, 5G s\u1ebd t\u1ea1o ra 64% gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 trong c\u00e1c \u1ee9ng d\u1ee5ng B2B, theo \u01b0\u1edbc t\u00ednh c\u1ee7a t\u01b0 v\u1ea5n McKinsey. C\u00e1c nh\u00e0 khai th\u00e1c Brazil \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c ng\u00e0nh d\u1ecdc c\u00f4ng nghi\u1ec7p, nh\u01b0 TIM (n\u00f4ng nghi\u1ec7p k\u1ef9 thu\u1eadt s\u1ed1) v\u00e0 Vivo (s\u1ee9c kh\u1ecfe k\u1ebft n\u1ed1i), n\u00ean n\u1eafm b\u1eaft c\u00e1c kho\u1ea3n ph\u00ed \u0111\u1ecbnh gi\u00e1 cao h\u01a1n 12-18% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 kh\u00f4ng c\u00f3 chi\u1ebfn l\u01b0\u1ee3c ng\u00e0nh d\u1ecdc x\u00e1c \u0111\u1ecbnh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 h\u1ee3p nh\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi vi\u1ec7c mua l\u1ea1i Oi, \u0111\u00e3 t\u1ea1o ra m\u1ed9t th\u1ebf \u0111\u1ed9c quy\u1ec1n c\u00e2n b\u1eb1ng c\u1ea1nh tranh kh\u1ed1c li\u1ec7t. Ba nh\u00e0 khai th\u00e1c c\u00f2n l\u1ea1i \u0111\u00e3 t\u0103ng gi\u00e1 trung b\u00ecnh 9,3% v\u00e0o n\u0103m 2023, l\u1ea7n t\u0103ng th\u1ef1c s\u1ef1 \u0111\u1ea7u ti\u00ean trong n\u0103m n\u0103m, b\u00e1o hi\u1ec7u s\u1ef1 h\u1ee3p l\u00fd c\u1ea1nh tranh c\u00f3 th\u1ec3 n\u00e2ng bi\u00ean EBITDA c\u1ee7a ng\u00e0nh l\u00ean 45-48% v\u00e0o n\u0103m 2026, so v\u1edbi m\u1ee9c hi\u1ec7n t\u1ea1i 39-42%.<\/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 s\u1eed d\u1ee5ng Pocket Option \u0111\u1ec3 theo d\u00f5i th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u00e3 x\u00e1c \u0111\u1ecbnh s\u1edbm c\u00e1c d\u1ea5u hi\u1ec7u c\u1ee7a nh\u1eefng xu h\u01b0\u1edbng 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'>T\u0103ng tr\u01b0\u1edfng 127% trong doanh thu IoT c\u00f4ng nghi\u1ec7p t\u1eeb c\u00e1c nh\u00e0 khai th\u00e1c ni\u00eam y\u1ebft trong 18 th\u00e1ng qua<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1edf r\u1ed9ng 15,3 tri\u1ec7u k\u1ebft n\u1ed1i c\u00e1p quang gia \u0111\u00ecnh trong n\u0103m 2023, v\u1edbi ARPU cao h\u01a1n 73% so v\u1edbi k\u1ebft n\u1ed1i truy\u1ec1n th\u1ed1ng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m 32% c\u01b0\u1eddng \u0111\u1ed9 c\u1ea1nh tranh (\u0111o b\u1eb1ng t\u1ef7 l\u1ec7 churn) sau h\u1ee3p nh\u1ea5t Oi<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng 23% trong vi\u1ec7c tuy\u1ec3n d\u1ee5ng nh\u00e0 ph\u00e1t tri\u1ec3n ph\u1ea7n m\u1ec1m b\u1edfi c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng, b\u00e1o hi\u1ec7u chuy\u1ec3n \u0111\u1ed5i k\u1ef9 thu\u1eadt s\u1ed1 n\u1ed9i b\u1ed9<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng tr\u01b0\u1edfng 41% trong doanh thu t\u1eeb c\u00e1c d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh do c\u00e1c nh\u00e0 khai th\u00e1c cung c\u1ea5p<\/li>\n<\/ul>\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>Xu H\u01b0\u1edbng<\/th>\n<th>T\u00e1c \u0110\u1ed9ng D\u1ef1 Ki\u1ebfn<\/th>\n<th>C\u00f4ng Ty \u0110\u01b0\u1ee3c \u0110\u1ecbnh V\u1ecb T\u1ed1t Nh\u1ea5t<\/th>\n<th>Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ec1 Xu\u1ea5t<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>5G Doanh Nghi\u1ec7p<\/td>\n<td>+24,5 t\u1ef7 R$ trong doanh thu v\u00e0o n\u0103m 2028<\/td>\n<td>TIM (h\u1ee3p t\u00e1c c\u00f4ng nghi\u1ec7p), Vivo (quy m\u00f4)<\/td>\n<td>Mua theo giai \u0111o\u1ea1n sau capex ban \u0111\u1ea7u<\/td>\n<\/tr>\n<tr>\n<td>C\u00e1p Quang \u0110\u1ebfn Nh\u00e0<\/td>\n<td>+31 tri\u1ec7u h\u1ed9 gia \u0111\u00ecnh v\u00e0o n\u0103m 2027<\/td>\n<td>Oi, c\u00e1c nh\u00e0 cung c\u1ea5p khu v\u1ef1c<\/td>\n<td>T\u00edch l\u0169y trong qu\u00e1 tr\u00ecnh h\u1ee3p nh\u1ea5t<\/td>\n<\/tr>\n<tr>\n<td>C\u1ea1nh Tranh V\u1ec7 Tinh<\/td>\n<td>Chi\u1ebfm 8% th\u1ecb tr\u01b0\u1eddng n\u00f4ng th\u00f4n<\/td>\n<td>Algar (h\u1ee3p t\u00e1c v\u1edbi StarLink)<\/td>\n<td>B\u1ea3o hi\u1ec3m v\u1edbi ti\u1ebfp x\u00fac h\u1ed7n h\u1ee3p<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e2n H\u00e0ng Vi\u1ec5n Th\u00f4ng<\/td>\n<td>+5,6 t\u1ef7 R$ trong doanh thu t\u00e0i ch\u00ednh<\/td>\n<td>Vivo (Vivo Money), TIM (TIM Banco)<\/td>\n<td>Mua sau khi x\u00e1c nh\u1eadn NPS<\/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'>Ph\u00e2n T\u00edch K\u1ef9 Thu\u1eadt \u00c1p D\u1ee5ng Cho C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng th\u1ec3 hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh bi\u1ec3u \u0111\u1ed3 c\u1ee5 th\u1ec3 m\u00e0 khi \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c, t\u1ea1o ra c\u00e1c t\u00edn hi\u1ec7u giao d\u1ecbch v\u1edbi t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng cao h\u01a1n 28% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng. Ba c\u1ea5u h\u00ecnh k\u1ef9 thu\u1eadt \u0111\u1eb7c bi\u1ec7t li\u00ean quan \u0111\u1ebfn ng\u00e0nh n\u00e0y t\u1ea1i Brazil.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c ng\u00e0nh bi\u1ebfn \u0111\u1ed9ng nh\u01b0 b\u00e1n l\u1ebb ho\u1eb7c khai th\u00e1c m\u1ecf, c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng Brazil t\u1ecf ra \u0111\u1eb7c bi\u1ec7t nh\u1ea1y c\u1ea3m v\u1edbi c\u00e1c ch\u1ec9 b\u00e1o xu h\u01b0\u1edbng. Ph\u00e2n t\u00edch d\u1eef li\u1ec7u 10 n\u0103m cho th\u1ea5y c\u00e1c chuy\u1ec3n \u0111\u1ed9ng tr\u00ean \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng 200 ng\u00e0y k\u00e9o d\u00e0i l\u00e2u h\u01a1n 67% trong vi\u1ec5n th\u00f4ng so v\u1edbi trung b\u00ecnh Ibovespa, t\u1ea1o ra c\u00e1c xu h\u01b0\u1edbng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n v\u00e0 k\u00e9o d\u00e0i h\u01a1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 giao d\u1ecbch Pocket Option c\u00f3 kinh nghi\u1ec7m \u0111\u00e3 x\u00e1c \u0111\u1ecbnh n\u0103m thi\u1ebft l\u1eadp k\u1ef9 thu\u1eadt c\u00f3 hi\u1ec7u qu\u1ea3 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh cho c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng:<\/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'>Golden Cross (MA50 x MA200): Hi\u1ec7u qu\u1ea3 83% cho c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng so v\u1edbi 62% cho th\u1ecb tr\u01b0\u1eddng chung<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n K\u1ef3 MACD D\u01b0\u01a1ng t\u1ea1i H\u1ed7 Tr\u1ee3: T\u1ef7 l\u1ec7 tr\u00fang 76% trong TIM v\u00e0 Telef\u00f4nica trong 5 n\u0103m qua<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u1edf L\u1ea1i Trung B\u00ecnh sau RSI d\u01b0\u1edbi 30: T\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 17,3% trong 90 ng\u00e0y cho ng\u00e0nh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bollinger Breakout sau n\u00e9n: D\u1ef1 \u0111o\u00e1n 8 trong 11 chuy\u1ec3n \u0111\u1ed9ng ng\u00e0nh l\u1edbn k\u1ec3 t\u1eeb n\u0103m 2018<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ed1i L\u01b0\u1ee3ng l\u1edbn h\u01a1n 2,5 l\u1ea7n trung b\u00ecnh \u0111\u1ed9ng: D\u1ef1 b\u00e1o t\u0103ng trung b\u00ecnh 9,8% trong 30 ng\u00e0y ti\u1ebfp theo<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 h\u00e0nh vi k\u1ef9 thu\u1eadt c\u1ee7a TIM (TIMS3) trong \u0111\u1ea1i d\u1ecbch: trong khi th\u1ecb tr\u01b0\u1eddng chung th\u1ec3 hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh h\u1ed7n lo\u1ea1n, c\u1ed5 phi\u1ebfu \u0111\u00e3 h\u00ecnh th\u00e0nh m\u1ed9t tam gi\u00e1c \u0111\u1ed1i x\u1ee9ng ho\u00e0n h\u1ea3o trong 73 ng\u00e0y, m\u00e0 s\u1ef1 ph\u00e1 v\u1ee1 \u0111\u00e3 b\u00e1o hi\u1ec7u t\u0103ng 42% trong s\u00e1u th\u00e1ng ti\u1ebfp theo. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c thu\u1eadt to\u00e1n TechScan c\u1ee7a Pocket Option x\u00e1c \u0111\u1ecbnh hai tu\u1ea7n tr\u01b0\u1edbc khi ph\u00e1 v\u1ee1.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e2n Nh\u1eafc C\u01a1 B\u1ea3n Khi \u0110\u1ea7u T\u01b0 V\u00e0o C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n c\u1ee7a c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi s\u1ef1 t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c ng\u00e0nh kh\u00e1c. Trong khi th\u1ecb tr\u01b0\u1eddng chung t\u1eadp trung v\u00e0o P\/E v\u00e0 t\u0103ng tr\u01b0\u1edfng doanh thu, gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi n\u0103m ch\u1ec9 s\u1ed1 \u0111\u1ed9c quy\u1ec1n hi\u1ebfm khi \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn trong c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng.<\/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>C\u00f4ng Th\u1ee9c T\u00ednh<\/th>\n<th>Chu\u1ea9n M\u1ef1c L\u00fd T\u01b0\u1edfng (Brazil)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>ARPU (Doanh Thu Trung B\u00ecnh Tr\u00ean M\u1ed7i Ng\u01b0\u1eddi D\u00f9ng)<\/td>\n<td>T\u1ed5ng Doanh Thu \u00f7 S\u1ed1 L\u01b0\u1ee3ng Kh\u00e1ch H\u00e0ng<\/td>\n<td>\u2265 36,50 R$ (di \u0111\u1ed9ng) \/ \u2265 89,70 R$ (c\u1ed1 \u0111\u1ecbnh)<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Churn<\/td>\n<td>Kh\u00e1ch H\u00e0ng M\u1ea5t \u00f7 T\u1ed5ng C\u01a1 S\u1edf x 100<\/td>\n<td>\u2264 1,8% m\u1ed7i th\u00e1ng (di \u0111\u1ed9ng) \/ \u2264 1,2% (c\u1ed1 \u0111\u1ecbnh)<\/td>\n<\/tr>\n<tr>\n<td>CAPEX\/Doanh Thu<\/td>\n<td>\u0110\u1ea7u T\u01b0 \u00f7 Doanh Thu R\u00f2ng x 100<\/td>\n<td>18-23% (giai \u0111o\u1ea1n m\u1edf r\u1ed9ng) \/ 12-15% (b\u1ea3o tr\u00ec)<\/td>\n<\/tr>\n<tr>\n<td>T\u1ea7n S\u1ed1 Tr\u00ean D\u00e2n S\u1ed1<\/td>\n<td>MHz C\u00f3 S\u1eb5n \u00f7 D\u00e2n S\u1ed1 Ph\u1ee5c V\u1ee5<\/td>\n<td>\u2265 0,8 MHz tr\u00ean 1.000 d\u00e2n<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean EBITDA<\/td>\n<td>EBITDA \u00f7 Doanh Thu R\u00f2ng x 100<\/td>\n<td>\u2265 39% (nh\u00e0 khai th\u00e1c t\u00edch h\u1ee3p)<\/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'>C\u00e1c nh\u00e0 khai th\u00e1c Brazil \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t th\u00e1ch th\u1ee9c \u0111\u1ed9c \u0111\u00e1o: chi ph\u00ed tri\u1ec3n khai cao nh\u1ea5t tr\u00ean km\u00b2 trong s\u1ed1 c\u00e1c n\u01b0\u1edbc BRICS, do di\u1ec7n t\u00edch l\u00e3nh th\u1ed5 v\u00e0 \u0111\u1ed9 ph\u1ee9c t\u1ea1p \u0111\u1ecba l\u00fd. Telef\u00f4nica Brasil \u0111\u1ea7u t\u01b0 834 R$ m\u1ed7i kh\u00e1ch h\u00e0ng v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng, so v\u1edbi 489 R$ t\u1eeb c\u00f4ng ty m\u1eb9 T\u00e2y Ban Nha, d\u1eabn \u0111\u1ebfn s\u1ef1 n\u00e9n 7,3 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong bi\u00ean EBITDA. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean \u0111i\u1ec1u ch\u1ec9nh k\u1ef3 v\u1ecdng c\u1ee7a h\u1ecd khi xem x\u00e9t s\u1ef1 b\u1ea5t l\u1ee3i c\u1ea5u tr\u00fac n\u00e0y khi so s\u00e1nh c\u00e1c b\u1ed9i s\u1ed1 qu\u1ed1c t\u1ebf.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>G\u00e1nh n\u1eb7ng thu\u1ebf ng\u00e0nh t\u1ea1i Brazil, \u0111\u1ea1t 43% doanh thu g\u1ed9p (so v\u1edbi trung b\u00ecnh to\u00e0n c\u1ea7u 22%), \u0111\u1ea1i di\u1ec7n cho m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t quan tr\u1ecdng kh\u00e1c. C\u00e1c c\u00f4ng ty \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a thu\u1ebf hi\u1ec7u qu\u1ea3, nh\u01b0 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi TIM v\u1edbi m\u00f4 h\u00ecnh l\u00e1 ch\u1eafn thu\u1ebf c\u1ee7a m\u00ecnh \u0111\u00e3 gi\u1ea3m t\u1ef7 l\u1ec7 th\u1ef1c t\u1ebf 5,7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m v\u00e0o n\u0103m 2023, th\u01b0\u1eddng v\u01b0\u1ee3t qua c\u00e1c d\u1ef1 b\u00e1o l\u1ee3i nhu\u1eadn v\u00e0 c\u1ed5 t\u1ee9c.<\/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: Con \u0110\u01b0\u1eddng \u0110\u1ea7u T\u01b0 V\u00e0o C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng t\u1ea1i Brazil ng\u00e0y nay \u0111\u00f2i h\u1ecfi s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc v\u1ec1 th\u1eddi \u0111i\u1ec3m chuy\u1ec3n \u0111\u1ed5i m\u00e0 ng\u00e0nh \u0111ang tr\u1ea3i qua. Ch\u00fang ta \u0111ang ch\u1ee9ng ki\u1ebfn s\u1ef1 h\u1ed9i t\u1ee5 c\u1ee7a n\u0103m y\u1ebfu t\u1ed1 quan tr\u1ecdng hi\u1ebfm khi x\u1ea3y ra \u0111\u1ed3ng th\u1eddi: tri\u1ec3n khai c\u00f4ng ngh\u1ec7 \u0111\u1ed9t ph\u00e1 (5G), h\u1ee3p nh\u1ea5t th\u1ecb tr\u01b0\u1eddng (mua l\u1ea1i Oi), h\u1ee3p l\u00fd h\u00f3a c\u1ea1nh tranh (t\u0103ng gi\u00e1 th\u1ef1c s\u1ef1), m\u1edf r\u1ed9ng sang c\u00e1c ng\u00e0nh d\u1ecdc m\u1edbi (B2B), v\u00e0 \u0111\u1ecbnh gi\u00e1 v\u1eabn c\u00f2n chi\u1ebft kh\u1ea5u (EV\/EBITDA th\u1ea5p h\u01a1n 23% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1eeda s\u1ed5 c\u01a1 h\u1ed9i \u0111\u1ed9c \u0111\u00e1o n\u00e0y trong chu k\u1ef3 c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u1eb7c bi\u1ec7t c\u00f3 li\u00ean quan \u0111\u1ebfn ba h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c bi\u1ec7t: nh\u1eefng ng\u01b0\u1eddi b\u1ea3o th\u1ee7 t\u00ecm ki\u1ebfm c\u1ed5 t\u1ee9c (Telef\u00f4nica Brasil d\u1ef1 ki\u1ebfn chi tr\u1ea3 85-90% \u0111\u1ebfn n\u0103m 2027); c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb t\u00ecm ki\u1ebfm ph\u1ee5c h\u1ed3i (Oi giao d\u1ecbch \u1edf m\u1ee9c 0,6 l\u1ea7n gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch h\u1eefu h\u00ecnh); v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng t\u00ecm ki\u1ebfm s\u1ef1 ti\u1ebfp x\u00fac v\u1edbi chuy\u1ec3n \u0111\u1ed5i s\u1ed1 c\u1ee7a Brazil (TIM v\u1edbi d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng EBITDA 8,3% m\u1ed7i n\u0103m \u0111\u1ebfn n\u0103m 2026).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option, \u0111\u1eb7c bi\u1ec7t l\u00e0 TelecomValuation Calculator v\u00e0 Dividend Forecaster, cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c r\u1ee7i ro-l\u1ee3i nhu\u1eadn c\u1ee7a m\u1ed7i c\u00f4ng ty trong ng\u00e0nh, x\u00e1c \u0111\u1ecbnh c\u00e1c c\u1eeda s\u1ed5 v\u00e0o chi\u1ebfn thu\u1eadt v\u1edbi ti\u1ec1m n\u0103ng b\u1ea5t \u0111\u1ed1i x\u1ee9ng. Vi\u1ec7c tri\u1ec3n khai th\u00e0nh c\u00f4ng c\u00e1c c\u00f4ng c\u1ee5 n\u00e0y \u0111\u00e3 t\u1ea1o ra alpha trung b\u00ecnh 14,3% m\u1ed7i n\u0103m cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u00e0nh trong ba n\u0103m qua, nh\u01b0 \u0111\u01b0\u1ee3c ghi nh\u1eadn trong m\u1ed9t cu\u1ed9c ki\u1ec3m to\u00e1n \u0111\u1ed9c l\u1eadp.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 n\u1eafm b\u1eaft gi\u00e1 tr\u1ecb trong chu k\u1ef3 hi\u1ec7n t\u1ea1i, ch\u00fang t\u00f4i khuy\u1ebfn ngh\u1ecb ba c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee5 th\u1ec3: (1) \u0111a d\u1ea1ng h\u00f3a gi\u1eefa c\u00e1c nh\u00e0 khai th\u00e1c \u0111\u00e3 th\u00e0nh l\u1eadp v\u00e0 c\u00e1c c\u00f4ng ty c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng thu\u1ea7n t\u00fay \u0111\u1ec3 c\u00e2n b\u1eb1ng s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u00e0 t\u0103ng tr\u01b0\u1edfng; (2) gi\u00e1m s\u00e1t t\u00edch c\u1ef1c c\u00e1c ch\u1ec9 s\u1ed1 quy \u0111\u1ecbnh c\u1ee7a Anatel \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n c\u00e1c ch\u1ea5t x\u00fac t\u00e1c c\u1ee7a ng\u00e0nh; v\u00e0 (3) \u00e1p d\u1ee5ng c\u00e1c l\u1ec7nh d\u1eebng l\u1ed7 \u0111\u1ed9ng \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ef1a tr\u00ean s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee5 th\u1ec3 c\u1ee7a m\u1ed7i c\u1ed5 phi\u1ebfu, m\u00e0 trong ng\u00e0nh vi\u1ec5n th\u00f4ng th\u01b0\u1eddng y\u00eau c\u1ea7u c\u00e1c d\u1ea3i h\u1eb9p h\u01a1n 40% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u0111\u00e3 ch\u1ee9ng minh kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i phi th\u01b0\u1eddng trong chu k\u1ef3 l\u00e3i su\u1ea5t cao, duy tr\u00ec bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 42% so v\u1edbi trung b\u00ecnh Ibovespa trong khi mang l\u1ea1i l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh, tr\u1edf th\u00e0nh m\u1ed9t th\u00e0nh ph\u1ea7n thi\u1ebft y\u1ebfu trong c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil v\u00e0o n\u0103m 2025.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng, khi \u0111\u01b0\u1ee3c ch\u1ecdn v\u1edbi ph\u01b0\u01a1ng ph\u00e1p ph\u00f9 h\u1ee3p v\u00e0 th\u1eddi \u0111i\u1ec3m chi\u1ebfn l\u01b0\u1ee3c, cung c\u1ea5p m\u1ed9t s\u1ef1 k\u1ebft h\u1ee3p hi\u1ebfm c\u00f3 gi\u1eefa b\u1ea3o v\u1ec7 ph\u00f2ng th\u1ee7, c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh, v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 khi Brazil ti\u1ebfn b\u1ed9 trong chuy\u1ec3n \u0111\u1ed5i s\u1ed1 c\u1ee7a m\u00ecnh, l\u00e0m cho ch\u00fang tr\u1edf th\u00e0nh c\u00e1c th\u00e0nh ph\u1ea7n thi\u1ebft y\u1ebfu trong c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng c\u1ee7a Brazil trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i.<\/p>\n<\/div>\n"},"faq":[{"question":"C\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng ch\u00ednh tr\u00ean s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n Brazil l\u00e0 g\u00ec?","answer":"C\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng ch\u00ednh \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean B3 l\u00e0: Telef\u00f4nica Brasil (VIVT3), \u0111\u1ea1i di\u1ec7n cho th\u01b0\u01a1ng hi\u1ec7u Vivo; TIM Brasil (TIMS3); Oi (OIBR3); v\u00e0 m\u1ed9t s\u1ed1 c\u00f4ng ty nh\u1ecf h\u01a1n nh\u01b0 Algar Telecom (ALGT3) v\u00e0 c\u00e1c nh\u00e0 cung c\u1ea5p internet khu v\u1ef1c \u0111\u00e3 ni\u00eam y\u1ebft g\u1ea7n \u0111\u00e2y."},{"question":"C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng c\u00f3 ph\u1ea3i l\u00e0 nh\u1eefng nh\u00e0 tr\u1ea3 c\u1ed5 t\u1ee9c t\u1ed1t kh\u00f4ng?","answer":"V\u00e2ng, ch\u00fang th\u01b0\u1eddng nh\u01b0 v\u1eady. \u0110\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c c\u00f4ng ty nh\u01b0 Telef\u00f4nica Brasil (Vivo) c\u00f3 l\u1ecbch s\u1eed ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n, v\u1edbi l\u1ee3i su\u1ea5t th\u01b0\u1eddng cao h\u01a1n m\u1ee9c trung b\u00ecnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng. \u0110i\u1ec1u n\u00e0y l\u00e0 do c\u00e1c c\u00f4ng ty tr\u01b0\u1edfng th\u00e0nh trong ng\u00e0nh vi\u1ec5n th\u00f4ng c\u00f3 xu h\u01b0\u1edbng t\u1ea1o ra d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh, cho ph\u00e9p th\u1ef1c hi\u1ec7n c\u00e1c ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c th\u01b0\u1eddng xuy\u00ean."},{"question":"\u0110\u1ea7u t\u01b0 v\u00e0o 5G s\u1ebd \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u1edf Brazil?","answer":"5G \u0111\u1ea1i di\u1ec7n cho m\u1ed9t chu k\u1ef3 \u0111\u1ea7u t\u01b0 \u0111\u00e1ng k\u1ec3 cho c\u00e1c nh\u00e0 khai th\u00e1c Brazil, \u0111\u00f2i h\u1ecfi h\u00e0ng t\u1ef7 chi ph\u00ed cho vi\u1ec7c mua gi\u1ea5y ph\u00e9p v\u00e0 tri\u1ec3n khai c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng. Trong ng\u1eafn h\u1ea1n, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 g\u00e2y \u00e1p l\u1ef1c l\u00ean bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 d\u00f2ng ti\u1ec1n. Tuy nhi\u00ean, trong trung v\u00e0 d\u00e0i h\u1ea1n, n\u00f3 c\u00f3 th\u1ec3 m\u1edf ra c\u00e1c ngu\u1ed3n doanh thu m\u1edbi v\u1edbi c\u00e1c d\u1ecbch v\u1ee5 ti\u00ean ti\u1ebfn v\u00e0 \u1ee9ng d\u1ee5ng B2B, c\u00f3 kh\u1ea3 n\u0103ng mang l\u1ea1i l\u1ee3i \u00edch cho c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 v\u1ecb tr\u00ed t\u1ed1t."},{"question":"Pocket Option c\u00f3 cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 \u0111\u1ec3 ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng kh\u00f4ng?","answer":"C\u00f3, Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 c\u01a1 b\u1ea3n ti\u00ean ti\u1ebfn c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u1ed5 phi\u1ebfu trong ng\u00e0nh vi\u1ec5n th\u00f4ng. N\u1ec1n t\u1ea3ng n\u00e0y cho ph\u00e9p b\u1ea1n theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh, so s\u00e1nh c\u00e1c b\u1ed9i s\u1ed1 gi\u1eefa c\u00e1c c\u00f4ng ty v\u00e0 tr\u1ef1c quan h\u00f3a xu h\u01b0\u1edbng d\u00e0i h\u1ea1n, \u0111i\u1ec1u c\u1ea7n thi\u1ebft cho c\u00e1c quy\u1ebft \u0111\u1ecbnh th\u00f4ng minh v\u1ec1 c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng."},{"question":"Nh\u1eefng r\u1ee7i ro ch\u00ednh khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u1edf Brazil l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro ch\u00ednh bao g\u1ed3m: thay \u0111\u1ed5i quy \u0111\u1ecbnh b\u1edfi Anatel c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i nhu\u1eadn c\u1ee7a ng\u00e0nh; nhu c\u1ea7u li\u00ean t\u1ee5c v\u1ec1 \u0111\u1ea7u t\u01b0 cao v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng; c\u1ea1nh tranh kh\u1ed1c li\u1ec7t, \u0111\u1eb7c bi\u1ec7t l\u00e0 \u1edf c\u00e1c trung t\u00e2m \u0111\u00f4 th\u1ecb l\u1edbn; \u00e1p l\u1ef1c gi\u00e1 c\u1ea3 do s\u1ef1 tr\u01b0\u1edfng th\u00e0nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng di \u0111\u1ed9ng; v\u00e0 s\u1ef1 gi\u00e1n \u0111o\u1ea1n c\u00f4ng ngh\u1ec7, ch\u1eb3ng h\u1ea1n nh\u01b0 c\u00e1c gi\u1ea3i ph\u00e1p v\u1ec7 tinh c\u00f3 th\u1ec3 th\u00e1ch th\u1ee9c m\u00f4 h\u00ecnh nh\u00e0 m\u1ea1ng truy\u1ec1n th\u1ed1ng."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng ch\u00ednh tr\u00ean s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n Brazil l\u00e0 g\u00ec?","answer":"C\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng ch\u00ednh \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean B3 l\u00e0: Telef\u00f4nica Brasil (VIVT3), \u0111\u1ea1i di\u1ec7n cho th\u01b0\u01a1ng hi\u1ec7u Vivo; TIM Brasil (TIMS3); Oi (OIBR3); v\u00e0 m\u1ed9t s\u1ed1 c\u00f4ng ty nh\u1ecf h\u01a1n nh\u01b0 Algar Telecom (ALGT3) v\u00e0 c\u00e1c nh\u00e0 cung c\u1ea5p internet khu v\u1ef1c \u0111\u00e3 ni\u00eam y\u1ebft g\u1ea7n \u0111\u00e2y."},{"question":"C\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng c\u00f3 ph\u1ea3i l\u00e0 nh\u1eefng nh\u00e0 tr\u1ea3 c\u1ed5 t\u1ee9c t\u1ed1t kh\u00f4ng?","answer":"V\u00e2ng, ch\u00fang th\u01b0\u1eddng nh\u01b0 v\u1eady. \u0110\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c c\u00f4ng ty nh\u01b0 Telef\u00f4nica Brasil (Vivo) c\u00f3 l\u1ecbch s\u1eed ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n, v\u1edbi l\u1ee3i su\u1ea5t th\u01b0\u1eddng cao h\u01a1n m\u1ee9c trung b\u00ecnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng. \u0110i\u1ec1u n\u00e0y l\u00e0 do c\u00e1c c\u00f4ng ty tr\u01b0\u1edfng th\u00e0nh trong ng\u00e0nh vi\u1ec5n th\u00f4ng c\u00f3 xu h\u01b0\u1edbng t\u1ea1o ra d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh, cho ph\u00e9p th\u1ef1c hi\u1ec7n c\u00e1c ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c th\u01b0\u1eddng xuy\u00ean."},{"question":"\u0110\u1ea7u t\u01b0 v\u00e0o 5G s\u1ebd \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u1edf Brazil?","answer":"5G \u0111\u1ea1i di\u1ec7n cho m\u1ed9t chu k\u1ef3 \u0111\u1ea7u t\u01b0 \u0111\u00e1ng k\u1ec3 cho c\u00e1c nh\u00e0 khai th\u00e1c Brazil, \u0111\u00f2i h\u1ecfi h\u00e0ng t\u1ef7 chi ph\u00ed cho vi\u1ec7c mua gi\u1ea5y ph\u00e9p v\u00e0 tri\u1ec3n khai c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng. Trong ng\u1eafn h\u1ea1n, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 g\u00e2y \u00e1p l\u1ef1c l\u00ean bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 d\u00f2ng ti\u1ec1n. Tuy nhi\u00ean, trong trung v\u00e0 d\u00e0i h\u1ea1n, n\u00f3 c\u00f3 th\u1ec3 m\u1edf ra c\u00e1c ngu\u1ed3n doanh thu m\u1edbi v\u1edbi c\u00e1c d\u1ecbch v\u1ee5 ti\u00ean ti\u1ebfn v\u00e0 \u1ee9ng d\u1ee5ng B2B, c\u00f3 kh\u1ea3 n\u0103ng mang l\u1ea1i l\u1ee3i \u00edch cho c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 v\u1ecb tr\u00ed t\u1ed1t."},{"question":"Pocket Option c\u00f3 cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 \u0111\u1ec3 ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng kh\u00f4ng?","answer":"C\u00f3, Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 c\u01a1 b\u1ea3n ti\u00ean ti\u1ebfn c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u1ed5 phi\u1ebfu trong ng\u00e0nh vi\u1ec5n th\u00f4ng. N\u1ec1n t\u1ea3ng n\u00e0y cho ph\u00e9p b\u1ea1n theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh, so s\u00e1nh c\u00e1c b\u1ed9i s\u1ed1 gi\u1eefa c\u00e1c c\u00f4ng ty v\u00e0 tr\u1ef1c quan h\u00f3a xu h\u01b0\u1edbng d\u00e0i h\u1ea1n, \u0111i\u1ec1u c\u1ea7n thi\u1ebft cho c\u00e1c quy\u1ebft \u0111\u1ecbnh th\u00f4ng minh v\u1ec1 c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng."},{"question":"Nh\u1eefng r\u1ee7i ro ch\u00ednh khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng \u1edf Brazil l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro ch\u00ednh bao g\u1ed3m: thay \u0111\u1ed5i quy \u0111\u1ecbnh b\u1edfi Anatel c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i nhu\u1eadn c\u1ee7a ng\u00e0nh; nhu c\u1ea7u li\u00ean t\u1ee5c v\u1ec1 \u0111\u1ea7u t\u01b0 cao v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng; c\u1ea1nh tranh kh\u1ed1c li\u1ec7t, \u0111\u1eb7c bi\u1ec7t l\u00e0 \u1edf c\u00e1c trung t\u00e2m \u0111\u00f4 th\u1ecb l\u1edbn; \u00e1p l\u1ef1c gi\u00e1 c\u1ea3 do s\u1ef1 tr\u01b0\u1edfng th\u00e0nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng di \u0111\u1ed9ng; v\u00e0 s\u1ef1 gi\u00e1n \u0111o\u1ea1n c\u00f4ng ngh\u1ec7, ch\u1eb3ng h\u1ea1n nh\u01b0 c\u00e1c gi\u1ea3i ph\u00e1p v\u1ec7 tinh c\u00f3 th\u1ec3 th\u00e1ch th\u1ee9c m\u00f4 h\u00ecnh nh\u00e0 m\u1ea1ng truy\u1ec1n th\u1ed1ng."}]}},"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 phi\u1ebfu vi\u1ec5n th\u00f4ng: B\u00e0i vi\u1ebft ho\u00e0n ch\u1ec9nh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 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\/markets\/telecommunications-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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