{"id":326499,"date":"2025-08-01T00:39:12","date_gmt":"2025-08-01T00:39:12","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/types-of-actions-2\/"},"modified":"2025-08-01T00:39:12","modified_gmt":"2025-08-01T00:39:12","slug":"types-of-actions","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/learning\/types-of-actions\/","title":{"rendered":"C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu: C\u00e1ch ch\u1ecdn nh\u1eefng c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng Brazil n\u0103m 2025"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":212740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[47,41,48,32,30,39,44],"class_list":["post-326499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learning","tag-beginner","tag-copy","tag-crypto","tag-gold","tag-leverage","tag-platform","tag-strategy"],"acf":{"h1":"Pocket Option: C\u1ea9m Nang Ho\u00e0n Ch\u1ec9nh v\u1ec1 C\u00e1c Lo\u1ea1i C\u1ed5 Phi\u1ebfu cho Nh\u00e0 \u0110\u1ea7u T\u01b0 Brazil","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: C\u1ea9m Nang Ho\u00e0n Ch\u1ec9nh v\u1ec1 C\u00e1c Lo\u1ea1i C\u1ed5 Phi\u1ebfu cho Nh\u00e0 \u0110\u1ea7u T\u01b0 Brazil"},"description":"Kh\u00e1m ph\u00e1 t\u1ea5t c\u1ea3 c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu c\u00f3 s\u1eb5n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c ti\u1ec5n v\u00e0 c\u01a1 h\u1ed9i c\u1ee5 th\u1ec3 \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n v\u1edbi Pocket Option.","description_source":{"label":"Description","type":"textarea","formatted_value":"Kh\u00e1m ph\u00e1 t\u1ea5t c\u1ea3 c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu c\u00f3 s\u1eb5n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c ti\u1ec5n v\u00e0 c\u01a1 h\u1ed9i c\u1ee5 th\u1ec3 \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n v\u1edbi Pocket Option."},"intro":"Vi\u1ec7c th\u00e0nh th\u1ea1o c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau l\u00e0 \u0111i\u1ec1u c\u1ea7n thi\u1ebft \u0111\u1ec3 x\u00e2y d\u1ef1ng s\u1ef1 gi\u00e0u c\u00f3 v\u1eefng ch\u1eafc tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil. S\u1ed5 tay n\u00e0y ph\u00e2n t\u00edch chi ti\u1ebft c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m, l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a t\u1eebng lo\u1ea1i, cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 th\u1ef1c t\u1ebf \u0111\u1ec3 b\u1ea1n \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh c\u00f3 l\u1ee3i h\u01a1n trong b\u1ed1i c\u1ea3nh kinh t\u1ebf hi\u1ec7n t\u1ea1i c\u1ee7a Brazil.","intro_source":{"label":"Intro","type":"text","formatted_value":"Vi\u1ec7c th\u00e0nh th\u1ea1o c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau l\u00e0 \u0111i\u1ec1u c\u1ea7n thi\u1ebft \u0111\u1ec3 x\u00e2y d\u1ef1ng s\u1ef1 gi\u00e0u c\u00f3 v\u1eefng ch\u1eafc tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil. S\u1ed5 tay n\u00e0y ph\u00e2n t\u00edch chi ti\u1ebft c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m, l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a t\u1eebng lo\u1ea1i, cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 th\u1ef1c t\u1ebf \u0111\u1ec3 b\u1ea1n \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh c\u00f3 l\u1ee3i h\u01a1n trong b\u1ed1i c\u1ea3nh kinh t\u1ebf hi\u1ec7n t\u1ea1i c\u1ee7a Brazil."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao ch\u00fang l\u00e0 n\u1ec1n t\u1ea3ng trong k\u1ecbch b\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu l\u00e0 c\u00e1c ph\u1ea7n c\u1ee7a v\u1ed1n x\u00e3 h\u1ed9i c\u1ee7a m\u1ed9t c\u00f4ng ty bi\u1ebfn ng\u01b0\u1eddi s\u1edf h\u1eefu ch\u00fang th\u00e0nh \u0111\u1ed1i t\u00e1c kinh doanh, v\u1edbi quy\u1ec1n \u0111\u01b0\u1ee3c h\u01b0\u1edfng m\u1ed9t ph\u1ea7n l\u1ee3i nhu\u1eadn v\u00e0 k\u1ebft qu\u1ea3. T\u1ea1i Brazil, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u00e3 ph\u00e1t tri\u1ec3n \u0111\u00e1ng k\u1ec3 trong th\u1eadp k\u1ef7 qua, v\u1edbi B3 (Brasil, Bolsa, Balc\u00e3o) \u0111\u1ea1t h\u01a1n 5 tri\u1ec7u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0o n\u0103m 2024, t\u0103ng tr\u01b0\u1edfng 400% k\u1ec3 t\u1eeb n\u0103m 2019.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'><b>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> kh\u00e1c nhau b\u1edfi c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn quy\u1ec1n l\u1ee3i v\u00e0 ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn c\u1ee7a ch\u00fang. Trong b\u1ed1i c\u1ea3nh Brazil, v\u1edbi t\u1ef7 l\u1ec7 Selic cao l\u1ecbch s\u1eed (hi\u1ec7n t\u1ea1i l\u00e0 10,5%), m\u1ed7i lo\u1ea1i c\u1ed5 phi\u1ebfu mang l\u1ea1i l\u1ee3i th\u1ebf kh\u00e1c nhau cho c\u00e1c h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau. N\u1ec1n t\u1ea3ng Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 ph\u00e2n t\u00edch c\u00e1c lo\u1ea1i kh\u00e1c nhau n\u00e0y v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 th\u00edch \u1ee9ng v\u1edbi th\u1ef1c t\u1ebf c\u1ee7a Brazil.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u01b0\u1edbc khi kh\u00e1m ph\u00e1 c\u00e1c <b>lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n giao d\u1ecbch<\/b> kh\u00e1c nhau, \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 ph\u1ea3i hi\u1ec3u r\u1eb1ng th\u1ecb tr\u01b0\u1eddng Brazil c\u00f3 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o. V\u00ed d\u1ee5, trong khi c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng chi\u1ebfm \u01b0u th\u1ebf \u1edf M\u1ef9, Brazil \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t h\u1ec7 th\u1ed1ng lai m\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 s\u1ef1 hi\u1ec7n di\u1ec7n m\u1ea1nh m\u1ebd, chi\u1ebfm kho\u1ea3ng 40% gi\u00e1 tr\u1ecb giao d\u1ecbch tr\u00ean B3. V\u1edbi vi\u1ec7c t\u1ea1o ra Novo Mercado v\u00e0o n\u0103m 2000 v\u00e0 s\u1ef1 m\u1edf r\u1ed9ng c\u1ee7a n\u00f3 trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y, \u0111\u1ea5t n\u01b0\u1edbc \u0111\u00e3 b\u1eaft \u0111\u1ea7u m\u1ed9t s\u1ef1 chuy\u1ec3n \u0111\u1ed5i quan tr\u1ecdng trong c\u1ea5u tr\u00fac c\u1ed5 \u0111\u00f4ng c\u1ee7a m\u00ecnh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n lo\u1ea1i c\u01a1 b\u1ea3n: C\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 ph\u00e2n bi\u1ec7t c\u01a1 b\u1ea3n nh\u1ea5t gi\u1eefa <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 gi\u1eefa c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i -- m\u1ed9t s\u1ef1 ph\u00e2n chia kh\u00f4ng ch\u1ec9 x\u00e1c \u0111\u1ecbnh quy\u1ec1n ch\u00ednh tr\u1ecb m\u00e0 c\u00f2n c\u1ea3 ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn v\u00e0 h\u1ed3 s\u01a1 r\u1ee7i ro c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>\u0110\u1eb7c \u0111i\u1ec3m<\/th><th>C\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (ON)<\/th><th>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PN)<\/th><\/tr><\/thead><tbody><tr><td>M\u00e3 B3<\/td><td>K\u1ebft th\u00fac b\u1eb1ng 3 (v\u00ed d\u1ee5: PETR3)<\/td><td>K\u1ebft th\u00fac b\u1eb1ng 4 (v\u00ed d\u1ee5: PETR4)<\/td><\/tr><tr><td>Quy\u1ec1n bi\u1ec3u quy\u1ebft<\/td><td>C\u00f3<\/td><td>Th\u01b0\u1eddng kh\u00f4ng<\/td><\/tr><tr><td>\u01afu ti\u00ean trong c\u1ed5 t\u1ee9c<\/td><td>Kh\u00f4ng<\/td><td>C\u00f3 (\u00edt nh\u1ea5t 25% cao h\u01a1n ON)<\/td><\/tr><tr><td>\u01afu ti\u00ean trong tr\u01b0\u1eddng h\u1ee3p thanh l\u00fd<\/td><td>Sau c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/td><td>Tr\u01b0\u1edbc c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng<\/td><\/tr><tr><td>Thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/td><td>T\u0103ng t\u1eeb n\u0103m 2020<\/td><td>L\u1ecbch s\u1eed cao h\u01a1n (40% kh\u1ed1i l\u01b0\u1ee3ng)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (ON) \u0111\u1ea3m b\u1ea3o quy\u1ec1n bi\u1ec3u quy\u1ebft trong c\u00e1c cu\u1ed9c h\u1ecdp c\u00f4ng ty, cho ph\u00e9p \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c quy\u1ebft \u0111\u1ecbnh quan tr\u1ecdng nh\u01b0 ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c, s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i, v\u00e0 b\u1ea7u ch\u1ecdn h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 k\u1ebf ho\u1ea1ch mua c\u1ed5 ph\u1ea7n \u0111\u00e1ng k\u1ec3 ho\u1eb7c tin v\u00e0o t\u1ea7m quan tr\u1ecdng c\u1ee7a qu\u1ea3n tr\u1ecb t\u00edch c\u1ef1c, <b>lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> n\u00e0y mang l\u1ea1i gi\u00e1 tr\u1ecb chi\u1ebfn l\u01b0\u1ee3c v\u01b0\u1ee3t xa l\u1ee3i \u00edch t\u00e0i ch\u00ednh ngay l\u1eadp t\u1ee9c.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PN) b\u00f9 \u0111\u1eafp cho s\u1ef1 thi\u1ebfu v\u1eafng quy\u1ec1n bi\u1ec3u quy\u1ebft b\u1eb1ng c\u00e1c l\u1ee3i \u00edch kinh t\u1ebf h\u1eefu h\u00ecnh: c\u1ed5 t\u1ee9c \u00edt nh\u1ea5t 25% cao h\u01a1n ON (theo Lu\u1eadt C\u00f4ng ty 6.404\/76) v\u00e0 \u01b0u ti\u00ean trong vi\u1ec7c nh\u1eadn c\u00e1c gi\u00e1 tr\u1ecb n\u00e0y. Tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, n\u01a1i c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1 nh\u00e2n, PNs th\u01b0\u1eddng mang l\u1ea1i l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c t\u1eeb 7-10% m\u1ed7i n\u0103m, l\u00e0m cho <b>lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1ea5p d\u1eabn trong c\u00e1c k\u1ecbch b\u1ea3n gi\u1ea3m t\u1ef7 l\u1ec7 Selic.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil m\u00e0 m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean bi\u1ebft<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o c\u1ee7a Brazil l\u00e0 s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a nhi\u1ec1u l\u1edbp c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng c\u00e1c ch\u1eef c\u00e1i sau s\u1ed1 4. V\u00ed d\u1ee5, Petrobras c\u00f3 PETR4 (l\u1edbp PN A), trong khi Vale t\u1eebng c\u00f3 VALE5 (l\u1edbp PN C). M\u1ed7i l\u1edbp c\u00f3 c\u00e1c quy\u1ec1n c\u1ee5 th\u1ec3 \u0111\u01b0\u1ee3c chi ti\u1ebft trong \u0111i\u1ec1u l\u1ec7 c\u1ee7a c\u00f4ng ty, c\u00f3 th\u1ec3 bao g\u1ed3m c\u1ed5 t\u1ee9c kh\u00e1c bi\u1ec7t ho\u1eb7c quy\u1ec1n trong c\u00e1c t\u00ecnh hu\u1ed1ng \u0111\u1eb7c bi\u1ec7t nh\u01b0 s\u00e1p nh\u1eadp. Pocket Option cung c\u1ea5p quy\u1ec1n truy c\u1eadp mi\u1ec5n ph\u00ed v\u00e0o t\u1ea5t c\u1ea3 c\u00e1c \u0111i\u1ec1u l\u1ec7 c\u1ee7a c\u00e1c c\u00f4ng ty n\u00e0y, cho ph\u00e9p so s\u00e1nh chi ti\u1ebft c\u00e1c l\u1ee3i th\u1ebf c\u1ee7a t\u1eebng l\u1edbp.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t kh\u00eda c\u1ea1nh quan tr\u1ecdng kh\u00e1c l\u00e0 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i do Novo Mercado c\u1ee7a B3 mang l\u1ea1i, y\u00eau c\u1ea7u c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft trong ph\u00e2n kh\u00fac n\u00e0y ch\u1ec9 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng. \u0110i\u1ec1u n\u00e0y \u0111\u00e3 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 b\u1ee9c tranh c\u1ee7a <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n giao d\u1ecbch<\/b> \u1edf Brazil, v\u1edbi 142 c\u00f4ng ty (\u0111\u1ea1i di\u1ec7n cho 64% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a B3) tu\u00e2n theo m\u00f4 h\u00ecnh n\u00e0y v\u00e0o n\u0103m 2024. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 s\u1ef1 minh b\u1ea1ch v\u00e0 b\u1ea3o v\u1ec7 l\u1edbn h\u01a1n, v\u1edbi 100% tag along cho t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu theo h\u1ed3 s\u01a1 l\u1ee3i nhu\u1eadn: Gi\u00e1 tr\u1ecb so v\u1edbi T\u0103ng tr\u01b0\u1edfng trong b\u1ed1i c\u1ea3nh Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ngo\u00e0i ph\u00e2n lo\u1ea1i ph\u00e1p l\u00fd, <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i theo h\u00e0nh vi th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m l\u1ee3i nhu\u1eadn c\u1ee7a ch\u00fang -- ki\u1ebfn th\u1ee9c c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee7a b\u1ea1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>S\u1ef1 kh\u00e1c bi\u1ec7t quan tr\u1ecdng gi\u1eefa c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb v\u00e0 c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng \u1edf Brazil<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n lo\u1ea1i n\u00e0y, \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option v\u00e0 c\u00e1c chuy\u00ean gia th\u1ecb tr\u01b0\u1eddng Brazil kh\u00e1c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i, t\u00e1ch bi\u1ec7t c\u1ed5 phi\u1ebfu theo c\u00e1ch ch\u00fang t\u1ea1o ra l\u1ee3i nhu\u1eadn cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>\u0110\u1eb7c \u0111i\u1ec3m<\/th><th>C\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb<\/th><th>C\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng<\/th><\/tr><\/thead><tbody><tr><td>H\u1ed3 s\u01a1 c\u00f4ng ty<\/td><td>C\u00f4ng ty tr\u01b0\u1edfng th\u00e0nh v\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1<\/td><td>C\u00f4ng ty trong giai \u0111o\u1ea1n m\u1edf r\u1ed9ng<\/td><\/tr><tr><td>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh \u1edf Brazil<\/td><td>6-12% m\u1ed7i n\u0103m<\/td><td>0-3% m\u1ed7i n\u0103m<\/td><\/tr><tr><td>T\u0103ng gi\u00e1 trung b\u00ecnh h\u00e0ng n\u0103m (5 n\u0103m)<\/td><td>8-15%<\/td><td>20-40% (v\u1edbi bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n)<\/td><\/tr><tr><td>B\u1ed9i s\u1ed1 \u0111i\u1ec3n h\u00ecnh \u1edf Brazil<\/td><td>P\/E 5-10, P\/B 1-2<\/td><td>P\/E 20-50, P\/B 4-10<\/td><\/tr><tr><td>V\u00ed d\u1ee5 \u1edf Brazil<\/td><td>Taesa (TAEE11, DY 9.2%), Ita\u00fasa (ITSA4, DY 7.5%)<\/td><td>Locaweb (LWSA3), M\u00e9liuz (CASH3)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb \u0111\u00e3 tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn do truy\u1ec1n th\u1ed1ng ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c m\u1ea1nh m\u1ebd, \u0111\u1eb7c bi\u1ec7t h\u1ea5p d\u1eabn \u1edf m\u1ed9t qu\u1ed1c gia m\u00e0 t\u1ef7 l\u1ec7 ti\u1ebft ki\u1ec7m ch\u1ec9 mang l\u1ea1i 70% c\u1ee7a Selic (hi\u1ec7n t\u1ea1i kho\u1ea3ng 7,35% m\u1ed7i n\u0103m). C\u00e1c c\u00f4ng ty nh\u01b0 Taesa (TAEE11) \u0111\u00e3 li\u00ean t\u1ee5c ph\u00e2n ph\u1ed1i l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c tr\u00ean 9% trong n\u0103m n\u0103m qua, trong khi Engie Brasil (EGIE3) duy tr\u00ec c\u00e1c kho\u1ea3n thanh to\u00e1n t\u1eeb 8-10% ngay c\u1ea3 trong \u0111\u1ea1i d\u1ecbch Covid-19, ch\u1ee9ng t\u1ecf s\u1ef1 b\u1ec1n b\u1ec9 c\u1ee7a <b>lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1eb7t kh\u00e1c, c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng \u0111\u00e3 chi\u1ebfm \u0111\u01b0\u1ee3c kh\u00f4ng gian \u0111\u00e1ng k\u1ec3 v\u1edbi s\u1ef1 s\u1ed1 h\u00f3a nhanh ch\u00f3ng c\u1ee7a Brazil -- m\u1ed9t qu\u1ed1c gia c\u00f3 th\u1ecb tr\u01b0\u1eddng \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh l\u1edbn th\u1ee9 t\u01b0 tr\u00ean th\u1ebf gi\u1edbi, v\u1edbi 242 tri\u1ec7u thi\u1ebft b\u1ecb ho\u1ea1t \u0111\u1ed9ng v\u00e0o n\u0103m 2024. C\u00e1c c\u00f4ng ty nh\u01b0 Totvs (TOTS3), nh\u00e0 ph\u00e1t tri\u1ec3n ph\u1ea7n m\u1ec1m kinh doanh ch\u00ednh trong n\u01b0\u1edbc, \u0111\u00e3 ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng doanh thu trung b\u00ecnh h\u00e0ng n\u0103m l\u00e0 22% t\u1eeb 2020-2024, \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh trong s\u1ef1 t\u0103ng gi\u00e1 h\u01a1n 150% c\u1ee7a c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd trong c\u00f9ng k\u1ef3.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu theo quy m\u00f4: C\u00e1ch v\u1ed1n h\u00f3a \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Quy m\u00f4 c\u1ee7a c\u00f4ng ty, \u0111\u01b0\u1ee3c \u0111o b\u1eb1ng v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng, x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m quan tr\u1ecdng nh\u01b0 thanh kho\u1ea3n, bi\u1ebfn \u0111\u1ed9ng v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1. Trong b\u1ed1i c\u1ea3nh Brazil, n\u01a1i ch\u1ec9 c\u00f3 3% d\u00e2n s\u1ed1 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu (so v\u1edbi 55% \u1edf M\u1ef9), hi\u1ec3u \u0111\u01b0\u1ee3c s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 quy m\u00f4 n\u00e0y l\u00e0 r\u1ea5t quan tr\u1ecdng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a b\u1ea1n.<\/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'>Large Caps: C\u00e1c c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb tr\u00ean R$ 10 t\u1ef7, nh\u01b0 Petrobras (R$ 485 t\u1ef7), Vale (R$ 345 t\u1ef7), v\u00e0 Ita\u00fa Unibanco (R$ 280 t\u1ef7). Ch\u00fang \u0111\u1ea1i di\u1ec7n cho 72% c\u1ee7a Ibovespa v\u00e0 cung c\u1ea5p kh\u1ed1i l\u01b0\u1ee3ng trung b\u00ecnh h\u00e0ng ng\u00e0y v\u01b0\u1ee3t qu\u00e1 R$ 500 tri\u1ec7u, cho ph\u00e9p nh\u1eadp v\u00e0 xu\u1ea5t m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn gi\u00e1.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mid Caps: C\u00e1c c\u00f4ng ty gi\u1eefa R$ 2 t\u1ef7 v\u00e0 R$ 10 t\u1ef7, nh\u01b0 Marfrig (R$ 8.2 t\u1ef7), Dexco (R$ 4.5 t\u1ef7), v\u00e0 CVC (R$ 3.1 t\u1ef7). Ch\u00fang k\u1ebft h\u1ee3p s\u1ef1 v\u1eefng ch\u1eafc t\u00e0i ch\u00ednh v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng tr\u00ean trung b\u00ecnh, \u0111\u00e3 ghi nh\u1eadn m\u1ee9c t\u0103ng gi\u00e1 trung b\u00ecnh 65% trong ba n\u0103m qua, v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi 42% c\u1ee7a large caps.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Small Caps: C\u00e1c c\u00f4ng ty gi\u1eefa R$ 300 tri\u1ec7u v\u00e0 R$ 2 t\u1ef7, nh\u01b0 Vittia (R$ 1.7 t\u1ef7), Dotz (R$ 890 tri\u1ec7u), v\u00e0 Desktop (R$ 450 tri\u1ec7u). Ch\u00fang cung c\u1ea5p ti\u1ec1m n\u0103ng nh\u00e2n \u0111\u00f4i v\u1ed1n -- 23% c\u1ee7a small caps Brazil \u0111\u00e3 t\u0103ng g\u1ea5p \u0111\u00f4i gi\u00e1 tr\u1ecb trong 24 th\u00e1ng qua -- nh\u01b0ng v\u1edbi bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n 40% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Micro Caps: C\u00e1c c\u00f4ng ty d\u01b0\u1edbi R$ 300 tri\u1ec7u, th\u01b0\u1eddng giao d\u1ecbch d\u01b0\u1edbi R$ 1 tri\u1ec7u m\u1ed7i ng\u00e0y tr\u00ean B3. Ch\u00fang \u0111\u1ea1i di\u1ec7n cho ph\u00e2n kh\u00fac r\u1ee7i ro nh\u1ea5t, v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch trung b\u00ecnh (s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa mua v\u00e0 b\u00e1n) l\u00e0 2.5%, cao h\u01a1n n\u0103m l\u1ea7n so v\u1edbi large caps.<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t thu\u1eadt to\u00e1n \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng ph\u00e2n lo\u1ea1i c\u1ed5 phi\u1ebfu Brazil theo v\u1ed1n h\u00f3a v\u00e0 thanh kho\u1ea3n c\u1ee7a ch\u00fang, \u0111i\u1ec1u ch\u1ec9nh c\u00e1c tham s\u1ed1 h\u00e0ng qu\u00fd \u0111\u1ec3 ph\u1ea3n \u00e1nh nh\u1eefng thay \u0111\u1ed5i tr\u00ean th\u1ecb tr\u01b0\u1eddng. C\u00f4ng c\u1ee5 n\u00e0y cho ph\u00e9p x\u00e1c \u0111\u1ecbnh, v\u00ed d\u1ee5, c\u00e1c c\u00f4ng ty v\u1eeba chuy\u1ec3n t\u1eeb small caps sang mid caps -- m\u1ed9t th\u1eddi \u0111i\u1ec3m l\u1ecbch s\u1eed thu\u1eadn l\u1ee3i cho \u0111\u1ea7u t\u01b0, v\u1edbi m\u1ee9c t\u0103ng gi\u00e1 trung b\u00ecnh 28% trong 12 th\u00e1ng sau khi t\u00e1i ph\u00e2n lo\u1ea1i.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1eb7c bi\u1ec7t c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 s\u1ef1 gi\u1ea3m gi\u00e1 \u0111\u00e1ng k\u1ec3 c\u1ee7a small caps so v\u1edbi gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a ch\u00fang. Trong khi \u1edf M\u1ef9, c\u00e1c c\u00f4ng ty n\u00e0y giao d\u1ecbch, trung b\u00ecnh, \u1edf m\u1ee9c 2.4 l\u1ea7n gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a ch\u00fang, \u1edf Brazil, b\u1ed9i s\u1ed1 n\u00e0y ch\u1ec9 l\u00e0 1.3 l\u1ea7n, t\u1ea1o ra c\u01a1 h\u1ed9i cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng nghi\u00ean c\u1ee9u c\u00e1c c\u00f4ng ty \u00edt \u0111\u01b0\u1ee3c c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 l\u1edbn bao ph\u1ee7 (chi\u1ebfm 85% c\u00e1c ph\u00e2n t\u00edch c\u1ee7a h\u1ecd tr\u00ean 50 c\u00f4ng ty l\u1edbn nh\u1ea5t).<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu theo ng\u00e0nh: Chi\u1ebfn l\u01b0\u1ee3c ng\u00e0nh th\u00edch \u1ee9ng v\u1edbi n\u1ec1n kinh t\u1ebf Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n lo\u1ea1i theo ng\u00e0nh cho ph\u00e9p \u0111a d\u1ea1ng h\u00f3a chi\u1ebfn l\u01b0\u1ee3c v\u00e0 t\u1eadn d\u1ee5ng c\u00e1c xu h\u01b0\u1edbng c\u1ee5 th\u1ec3 trong n\u1ec1n kinh t\u1ebf Brazil, m\u1ed9t qu\u1ed1c gia c\u00f3 ng\u00e0nh n\u00f4ng nghi\u1ec7p l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi, \u0111a d\u1ea1ng sinh h\u1ecdc l\u1edbn nh\u1ea5t h\u00e0nh tinh, v\u00e0 tr\u1eef l\u01b0\u1ee3ng d\u1ea7u v\u00e0 kho\u00e1ng s\u1ea3n \u0111\u00e1ng k\u1ec3.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ng\u00e0nh<\/th><th>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 \u1edf Brazil<\/th><th>C\u00f4ng ty \u0111\u1ea1i di\u1ec7n<\/th><\/tr><\/thead><tbody><tr><td>T\u00e0i ch\u00ednh<\/td><td>T\u1eadp trung cao (5 ng\u00e2n h\u00e0ng n\u1eafm gi\u1eef 80% t\u00e0i s\u1ea3n), ch\u00eanh l\u1ec7ch trong s\u1ed1 cao nh\u1ea5t th\u1ebf gi\u1edbi (trung b\u00ecnh 32%)<\/td><td>Ita\u00fa (ITUB4, ROE 21%), Bradesco (BBDC4), B3 (B3SA3)<\/td><\/tr><tr><td>Nguy\u00ean li\u1ec7u c\u01a1 b\u1ea3n<\/td><td>C\u1ea1nh tranh to\u00e0n c\u1ea7u, chi ph\u00ed s\u1ea3n xu\u1ea5t trong s\u1ed1 th\u1ea5p nh\u1ea5t th\u1ebf gi\u1edbi, ti\u1ebfp x\u00fac v\u1edbi \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 Trung Qu\u1ed1c<\/td><td>Vale (VALE3, nh\u00e0 s\u1ea3n xu\u1ea5t qu\u1eb7ng s\u1eaft l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi), Suzano (SUZB3, chi ph\u00ed s\u1ea3n xu\u1ea5t b\u1ed9t gi\u1ea5y th\u1ea5p nh\u1ea5t)<\/td><\/tr><tr><td>N\u0103ng l\u01b0\u1ee3ng<\/td><td>Ma tr\u1eadn ch\u1ee7 y\u1ebfu l\u00e0 t\u00e1i t\u1ea1o (83%), gi\u00e1 c\u01b0\u1edbc \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh h\u00e0ng n\u0103m li\u00ean k\u1ebft v\u1edbi l\u1ea1m ph\u00e1t<\/td><td>Petrobras (PETR4, chi ph\u00ed khai th\u00e1c 5,2 USD\/th\u00f9ng), Eletrobras (ELET3), Engie (EGIE3)<\/td><\/tr><tr><td>Ti\u00eau d\u00f9ng<\/td><td>Th\u1ecb tr\u01b0\u1eddng n\u1ed9i \u0111\u1ecba 214 tri\u1ec7u ng\u01b0\u1eddi, d\u00e2n s\u1ed1 tr\u1ebb (33% d\u01b0\u1edbi 24 tu\u1ed5i), s\u1ed1 h\u00f3a nhanh ch\u00f3ng<\/td><td>Ambev (ABEV3, 62% th\u1ecb tr\u01b0\u1eddng bia), Renner (LREN3, t\u0103ng tr\u01b0\u1edfng k\u1ef9 thu\u1eadt s\u1ed1 h\u00e0ng n\u0103m 16%)<\/td><\/tr><tr><td>C\u00f4ng ngh\u1ec7<\/td><td>H\u1ec7 sinh th\u00e1i m\u1edf r\u1ed9ng, 20 k\u1ef3 l\u00e2n t\u1eeb n\u0103m 2018, th\u00e2m nh\u1eadp th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed 14,4% (so v\u1edbi 5,1% n\u0103m 2019)<\/td><td>Totvs (TOTS3, d\u1eabn \u0111\u1ea7u trong ERP v\u1edbi 50% th\u1ecb tr\u01b0\u1eddng), Locaweb (LWSA3, t\u0103ng tr\u01b0\u1edfng 38% m\u1ed7i n\u0103m)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 s\u1ef1 t\u1eadp trung ng\u00e0nh trong Ibovespa, n\u01a1i h\u00e0ng h\u00f3a v\u00e0 ng\u00e2n h\u00e0ng chi\u1ebfm 58% ch\u1ec9 s\u1ed1 -- cao h\u01a1n nhi\u1ec1u so v\u1edbi 23% m\u00e0 c\u00e1c ng\u00e0nh n\u00e0y chi\u1ebfm trong S&P 500 c\u1ee7a M\u1ef9. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 lo ng\u1ea1i v\u1ec1 \u0111a d\u1ea1ng h\u00f3a, Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t ch\u1ec9 s\u1ed1 \"t\u1eadp trung ng\u00e0nh\" c\u1ea3nh b\u00e1o khi danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n c\u00f3 s\u1ef1 ti\u1ebfp x\u00fac qu\u00e1 m\u1ee9c v\u1edbi m\u1ed9t ng\u00e0nh duy nh\u1ea5t (tr\u00ean 25%).<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t s\u1ed1 ng\u00e0nh c\u1ee7a Brazil c\u00f3 \u0111\u1ed9ng l\u1ef1c \u0111\u1ed9c \u0111\u00e1o \u0111\u00f2i h\u1ecfi ph\u00e2n t\u00edch chuy\u00ean bi\u1ec7t. Ng\u00e0nh \u0111i\u1ec7n, v\u00ed d\u1ee5, c\u00f3 c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7 r\u00f5 r\u1ec7t h\u01a1n so v\u1edbi c\u00e1c \u0111\u1ed1i t\u00e1c qu\u1ed1c t\u1ebf c\u1ee7a n\u00f3, v\u1edbi c\u00e1c h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n (20-30 n\u0103m) \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo l\u1ea1m ph\u00e1t, d\u1eabn \u0111\u1ebfn l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh 8,7% -- g\u1ea7n g\u1ea5p \u0111\u00f4i 4,5% \u0111\u01b0\u1ee3c tr\u1ea3 b\u1edfi c\u00e1c ti\u1ec7n \u00edch c\u1ee7a M\u1ef9. M\u1eb7t kh\u00e1c, ng\u00e0nh b\u00e1n l\u1ebb c\u1ee7a Brazil nh\u1ea1y c\u1ea3m h\u01a1n \u0111\u00e1ng k\u1ec3 v\u1edbi t\u1ef7 l\u1ec7 Selic, v\u1edbi m\u1ee9c gi\u1ea3m trung b\u00ecnh 12% trong gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu cho m\u1ed7i \u0111i\u1ec3m ph\u1ea7n tr\u0103m t\u0103ng trong t\u1ef7 l\u1ec7 c\u01a1 b\u1ea3n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1eb7c bi\u1ec7t tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil: C\u01a1 h\u1ed9i \u0111\u1ed9c \u0111\u00e1o \u0111\u1ec3 \u0111a d\u1ea1ng h\u00f3a<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ngo\u00e0i c\u00e1c ph\u00e2n lo\u1ea1i truy\u1ec1n th\u1ed1ng, Brazil \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 m\u1edf r\u1ed9ng kh\u1ea3 n\u0103ng \u0111\u1ea7u t\u01b0 m\u00e0 m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean bi\u1ebft.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>BDRs: Ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u t\u1eeb Brazil<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>BDRs (Ch\u1ee9ng ch\u1ec9 l\u01b0u k\u00fd Brazil) \u0111\u1ea1i di\u1ec7n cho c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty n\u01b0\u1edbc ngo\u00e0i \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean B3, cho ph\u00e9p ti\u1ebfp x\u00fac qu\u1ed1c t\u1ebf m\u00e0 kh\u00f4ng c\u1ea7n m\u1edf t\u00e0i kho\u1ea3n \u1edf n\u01b0\u1edbc ngo\u00e0i ho\u1eb7c x\u1eed l\u00fd c\u00e1c khai b\u00e1o thu\u1ebf thu nh\u1eadp ph\u1ee9c t\u1ea1p (nh\u01b0 IRPF Carn\u00ea-Le\u00e3o).<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>C\u1ea5p \u0111\u1ed9<\/th><th>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3<\/th><th>Kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u00e0 v\u00ed d\u1ee5<\/th><\/tr><\/thead><tbody><tr><td>BDR C\u1ea5p \u0111\u1ed9 I<\/td><td>Y\u00eau c\u1ea7u th\u00f4ng tin th\u1ea5p h\u01a1n, \u0111\u1ea1i di\u1ec7n cho 92% BDR c\u00f3 s\u1eb5n tr\u00ean B3<\/td><td>Ti\u1ebfp c\u1eadn cho t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eeb th\u00e1ng 10\/2020. V\u00ed d\u1ee5: AAPL34 (Apple), MSFT34 (Microsoft)<\/td><\/tr><tr><td>BDR C\u1ea5p \u0111\u1ed9 II<\/td><td>\u0110\u0103ng k\u00fd \u0111\u1ea7y \u0111\u1ee7 v\u1edbi CVM, b\u00e1o c\u00e1o t\u00e0i ch\u00ednh th\u00edch \u1ee9ng v\u1edbi ti\u00eau chu\u1ea9n Brazil<\/td><td>T\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, ch\u1ec9 c\u00f3 6 c\u00f4ng ty hi\u1ec7n c\u00f3<\/td><\/tr><tr><td>BDR C\u1ea5p \u0111\u1ed9 III<\/td><td>Cho ph\u00e9p huy \u0111\u1ed9ng v\u1ed1n \u1edf Brazil, cam k\u1ebft l\u1edbn h\u01a1n v\u1edbi th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng<\/td><td>T\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, ch\u1ec9 c\u00f3 2 c\u00f4ng ty tham gia v\u00e0o n\u0103m 2024<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>K\u1ec3 t\u1eeb khi ph\u00e1t h\u00e0nh BDR cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n v\u00e0o th\u00e1ng 10 n\u0103m 2020, th\u1ecb tr\u01b0\u1eddng n\u00e0y \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng 580%, \u0111\u1ea1t 25,6 t\u1ef7 R$ trong kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0o n\u0103m 2023. Pocket Option cung c\u1ea5p c\u00e1c so s\u00e1nh chi ti\u1ebft gi\u1eefa vi\u1ec7c \u0111\u1ea7u t\u01b0 tr\u1ef1c ti\u1ebfp v\u00e0o c\u1ed5 phi\u1ebfu qu\u1ed1c t\u1ebf so v\u1edbi BDR, xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 ch\u00eanh l\u1ec7ch, chi ph\u00ed trao \u0111\u1ed5i v\u00e0 thu\u1ebf c\u1ee5 th\u1ec3 c\u1ee7a Brazil.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110i\u1ec1u quan tr\u1ecdng c\u1ea7n l\u01b0u \u00fd l\u00e0 BDRs l\u00e0m cho nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebfp x\u00fac v\u1edbi bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i, m\u1ed9t y\u1ebfu t\u1ed1 r\u1ee7i ro v\u00e0 c\u01a1 h\u1ed9i. L\u1ecbch s\u1eed cho th\u1ea5y, \u0111\u1ed3ng real \u0111\u00e3 m\u1ea5t gi\u00e1 trung b\u00ecnh 6,8% m\u1ed7i n\u0103m so v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la trong 10 n\u0103m qua, l\u00e0m t\u0103ng l\u1ee3i nhu\u1eadn c\u1ee7a BDRs khi \u0111o b\u1eb1ng \u0111\u1ed3ng real. V\u00ed d\u1ee5, trong khi Apple t\u0103ng gi\u00e1 491% \u1edf M\u1ef9 t\u1eeb 2018-2023, BDR c\u1ee7a n\u00f3 (AAPL34) \u0111\u00e3 t\u0103ng 688% trong c\u00f9ng k\u1ef3 do hi\u1ec7u \u1ee9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu theo qu\u1ea3n tr\u1ecb: T\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c ph\u00e2n kh\u00fac \u0111\u1eb7c bi\u1ec7t c\u1ee7a B3<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B3 \u0111\u00e3 thi\u1ebft l\u1eadp c\u00e1c ph\u00e2n kh\u00fac ni\u00eam y\u1ebft kh\u00e1c bi\u1ec7t thi\u1ebft l\u1eadp c\u00e1c ti\u00eau chu\u1ea9n qu\u1ea3n tr\u1ecb c\u00f4ng ty ti\u1ebfn b\u1ed9 -- m\u1ed9t y\u1ebfu t\u1ed1 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh l\u00e0 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u su\u1ea5t d\u00e0i h\u1ea1n c\u1ee7a <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b>.<\/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'>Novo Mercado: Ti\u00eau chu\u1ea9n cao nh\u1ea5t, y\u00eau c\u1ea7u 100% c\u1ed5 phi\u1ebfu ON, t\u1ef7 l\u1ec7 t\u1ef1 do t\u1ed1i thi\u1ec3u 25%, h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb v\u1edbi \u00edt nh\u1ea5t 2 th\u00e0nh vi\u00ean \u0111\u1ed9c l\u1eadp (ho\u1eb7c 20%), 100% tag along cho t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng, v\u00e0 c\u00f4ng b\u1ed1 th\u00f4ng tin t\u00e0i ch\u00ednh b\u1eb1ng ti\u1ebfng Anh. C\u00e1c c\u00f4ng ty nh\u01b0 WEG, Raia Drogasil, v\u00e0 Magazine Luiza \u00e1p d\u1ee5ng m\u00f4 h\u00ecnh n\u00e0y.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5p \u0111\u1ed9 2: Cho ph\u00e9p c\u1ed5 phi\u1ebfu PN, nh\u01b0ng cho ch\u00fang quy\u1ec1n bi\u1ec3u quy\u1ebft trong c\u00e1c t\u00ecnh hu\u1ed1ng quan tr\u1ecdng nh\u01b0 s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i. Y\u00eau c\u1ea7u 100% tag along cho t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng v\u00e0 nhi\u1ec7m k\u1ef3 th\u1ed1ng nh\u1ea5t t\u1ed1i \u0111a 2 n\u0103m cho h\u1ed9i \u0111\u1ed3ng. Banco ABC, Alupar, v\u00e0 Marcopolo l\u00e0 c\u00e1c v\u00ed d\u1ee5 trong ph\u00e2n kh\u00fac n\u00e0y.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5p \u0111\u1ed9 1: T\u1eadp trung v\u00e0o minh b\u1ea1ch v\u00e0 ph\u00e2n t\u00e1n c\u1ed5 \u0111\u00f4ng, v\u1edbi c\u00e1c ngh\u0129a v\u1ee5 t\u1ef7 l\u1ec7 t\u1ef1 do t\u1ed1i thi\u1ec3u 25% v\u00e0 c\u00f4ng b\u1ed1 chi ti\u1ebft c\u00e1c giao d\u1ecbch v\u1edbi c\u00e1c b\u00ean li\u00ean quan. Bradesco, Gerdau, v\u00e0 Oi n\u1eb1m trong ph\u00e2n kh\u00fac n\u00e0y.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bovespa Mais: \u0110\u01b0\u1ee3c t\u1ea1o ra cho c\u00e1c c\u00f4ng ty nh\u1ecf v\u00e0 v\u1eeba mu\u1ed1n ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng d\u1ea7n d\u1ea7n, v\u1edbi th\u1eddi gian l\u00ean \u0111\u1ebfn 7 n\u0103m \u0111\u1ec3 \u0111\u1ea1t t\u1ef7 l\u1ec7 t\u1ef1 do t\u1ed1i thi\u1ec3u. Nutriplant v\u00e0 Altus l\u00e0 c\u00e1c v\u00ed d\u1ee5.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Truy\u1ec1n th\u1ed1ng: Ch\u1ec9 tu\u00e2n theo c\u00e1c y\u00eau c\u1ea7u t\u1ed1i thi\u1ec3u c\u1ee7a Lu\u1eadt C\u00f4ng ty, kh\u00f4ng c\u00f3 cam k\u1ebft b\u1ed5 sung. Petrobras, Eletrobras, v\u00e0 Cemig l\u00e0 c\u00e1c v\u00ed d\u1ee5 v\u1ec1 c\u00e1c c\u00f4ng ty l\u1edbn v\u1eabn n\u1eb1m trong ph\u00e2n kh\u00fac n\u00e0y.<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nghi\u00ean c\u1ee9u \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi Pocket Option h\u1ee3p t\u00e1c v\u1edbi c\u00e1c nh\u00e0 kinh t\u1ebf t\u1eeb FGV \u0111\u00e3 ch\u1ee9ng minh r\u1eb1ng, t\u1eeb n\u0103m 2015 \u0111\u1ebfn 2023, c\u00e1c c\u00f4ng ty Novo Mercado li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi nh\u1eefng c\u00f4ng ty trong ph\u00e2n kh\u00fac truy\u1ec1n th\u1ed1ng, v\u1edbi l\u1ee3i nhu\u1eadn trung b\u00ecnh cao h\u01a1n 7,3% m\u1ed7i n\u0103m v\u00e0 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 22%. Hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i n\u00e0y c\u00e0ng t\u0103ng c\u01b0\u1eddng trong c\u00e1c giai \u0111o\u1ea1n kh\u1ee7ng ho\u1ea3ng -- trong \u0111\u1ea1i d\u1ecbch Covid-19, c\u00e1c c\u00f4ng ty Novo Mercado gi\u1ea3m trung b\u00ecnh 27%, so v\u1edbi 41% c\u1ee7a c\u00e1c c\u00f4ng ty trong ph\u00e2n kh\u00fac truy\u1ec1n th\u1ed1ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil lo ng\u1ea1i v\u1ec1 an ninh t\u00e0i s\u1ea3n, \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty t\u1eeb c\u00e1c ph\u00e2n kh\u00fac qu\u1ea3n tr\u1ecb cao nh\u1ea5t \u0111\u1ea1i di\u1ec7n cho m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u r\u1ee7i ro hi\u1ec7u qu\u1ea3, \u0111\u1eb7c bi\u1ec7t khi xem x\u00e9t c\u00e1c v\u1ee5 b\u00ea b\u1ed1i g\u1ea7n \u0111\u00e2y nh\u01b0 c\u1ee7a Americanas v\u00e0 IRB Brasil, d\u1eabn \u0111\u1ebfn thi\u1ec7t h\u1ea1i v\u01b0\u1ee3t qu\u00e1 90% cho c\u00e1c c\u1ed5 \u0111\u00f4ng ch\u1ec9 trong v\u00e0i ng\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ti\u00eau ch\u00ed kh\u00e1ch quan \u0111\u1ec3 ch\u1ecdn c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t cho th\u1ef1c t\u1ebf c\u1ee7a b\u1ea1n<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1edbi h\u01a1n 400 c\u00f4ng ty ni\u00eam y\u1ebft tr\u00ean B3 trong s\u1ed1 c\u00e1c <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec<\/b> kh\u00e1c nhau, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n thi\u1ebft l\u1eadp c\u00e1c ti\u00eau ch\u00ed r\u00f5 r\u00e0ng v\u00e0 kh\u00e1ch quan \u0111\u1ec3 l\u1ecdc ra c\u00e1c c\u01a1 h\u1ed9i t\u1ed1t nh\u1ea5t theo h\u1ed3 s\u01a1 v\u00e0 m\u1ee5c ti\u00eau c\u1ee7a h\u1ecd. Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n ph\u01b0\u01a1ng ph\u00e1p ri\u00eang c\u1ee7a m\u00ecnh d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 \u0111\u1ecbnh t\u00ednh:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ti\u00eau ch\u00ed<\/th><th>C\u00e2u h\u1ecfi kh\u00e1ch quan \u0111\u1ec3 t\u1ef1 \u0111\u00e1nh gi\u00e1<\/th><th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn vi\u1ec7c ch\u1ecdn c\u1ed5 phi\u1ebfu<\/th><\/tr><\/thead><tbody><tr><td>Th\u1eddi gian \u0111\u1ea7u t\u01b0<\/td><td>T\u00f4i c\u00f3 c\u1ea7n ngu\u1ed3n l\u1ef1c trong ch\u01b0a \u0111\u1ea7y 2 n\u0103m? Gi\u1eefa 2-5 n\u0103m? H\u01a1n 5 n\u0103m?<\/td><td>Th\u1eddi gian ng\u1eafn \u01b0u ti\u00ean blue chips; th\u1eddi gian d\u00e0i cho ph\u00e9p small caps (c\u1ea7n th\u1eddi gian \u0111\u1ec3 hi\u1ec7n th\u1ef1c h\u00f3a ti\u1ec1m n\u0103ng c\u1ee7a ch\u00fang)<\/td><\/tr><tr><td>Nhu c\u1ea7u thu nh\u1eadp hi\u1ec7n t\u1ea1i<\/td><td>T\u00f4i c\u1ea7n nh\u1eadn bao nhi\u00eau ph\u1ea7n tr\u0103m \u0111\u1ea7u t\u01b0 h\u00e0ng n\u0103m t\u1eeb c\u1ed5 t\u1ee9c?<\/td><td>Nhu c\u1ea7u tr\u00ean 5% h\u01b0\u1edbng \u0111\u1ebfn ti\u1ec7n \u00edch, ng\u00e2n h\u00e0ng v\u00e0 vi\u1ec5n th\u00f4ng<\/td><\/tr><tr><td>Kh\u1ea3 n\u0103ng ch\u1ecbu \u0111\u1ef1ng bi\u1ebfn \u0111\u1ed9ng<\/td><td>M\u1ea5t m\u00e1t t\u1ea1m th\u1eddi t\u1ed1i \u0111a n\u00e0o c\u00f3 th\u1ec3 ch\u1ecbu \u0111\u1ef1ng m\u00e0 kh\u00f4ng b\u00e1n (10%, 20%, 30%)?<\/td><td>Kh\u1ea3 n\u0103ng ch\u1ecbu \u0111\u1ef1ng th\u1ea5p \u01b0u ti\u00ean c\u1ed5 phi\u1ebfu t\u1eeb c\u00e1c ng\u00e0nh ph\u00f2ng th\u1ee7 v\u1edbi beta d\u01b0\u1edbi 0.8<\/td><\/tr><tr><td>Ki\u1ebfn th\u1ee9c ng\u00e0nh<\/td><td>B\u1ea1n c\u00f3 kinh nghi\u1ec7m chuy\u00ean m\u00f4n ho\u1eb7c h\u1ecdc thu\u1eadt trong ng\u00e0nh n\u00e0o?<\/td><td>Hi\u1ec3u bi\u1ebft ng\u00e0nh cho ph\u00e9p x\u00e1c \u0111\u1ecbnh l\u1ee3i th\u1ebf c\u1ea1nh tranh ch\u01b0a \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1<\/td><\/tr><tr><td>V\u1ed1n c\u00f3 s\u1eb5n<\/td><td>Gi\u00e1 tr\u1ecb ban \u0111\u1ea7u v\u00e0 \u0111\u00f3ng g\u00f3p h\u00e0ng th\u00e1ng b\u1ea1n d\u1ef1 \u0111\u1ecbnh th\u1ef1c hi\u1ec7n l\u00e0 bao nhi\u00eau?<\/td><td>Gi\u00e1 tr\u1ecb nh\u1ecf h\u01a1n (t\u1ed1i \u0111a R$1,000\/th\u00e1ng) ho\u1ea1t \u0111\u1ed9ng t\u1ed1t h\u01a1n v\u1edbi ETFs; gi\u00e1 tr\u1ecb l\u1edbn h\u01a1n cho ph\u00e9p danh m\u1ee5c \u0111a d\u1ea1ng v\u1edbi 10-15 c\u1ed5 phi\u1ebfu<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong b\u1ed1i c\u1ea3nh Brazil, v\u1edbi l\u1ecbch s\u1eed b\u1ea5t \u1ed5n t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i (\u0111\u1ed3ng real \u0111\u00e3 m\u1ea5t gi\u00e1 h\u01a1n 130% so v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la trong th\u1eadp k\u1ef7 qua), \u0111\u00e1nh gi\u00e1 s\u1ef1 ti\u1ebfp x\u00fac t\u1ef7 gi\u00e1 c\u1ee7a c\u00e1c c\u00f4ng ty l\u00e0 \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng. C\u00e1c nh\u00e0 xu\u1ea5t kh\u1ea9u nh\u01b0 Vale, JBS, v\u00e0 Suzano, ki\u1ebfm \u0111\u01b0\u1ee3c b\u1eb1ng \u0111\u00f4 la nh\u01b0ng c\u00f3 ph\u1ea7n l\u1edbn chi ph\u00ed b\u1eb1ng \u0111\u1ed3ng real, \u0111\u00e3 ch\u1ee9ng minh kh\u1ea3 n\u0103ng t\u0103ng gi\u00e1 trung b\u00ecnh 22% trong c\u00e1c giai \u0111o\u1ea1n m\u1ea5t gi\u00e1 c\u1ee7a \u0111\u1ed3ng real tr\u00ean 10%.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110a d\u1ea1ng h\u00f3a gi\u1eefa c\u00e1c <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n giao d\u1ecbch<\/b> kh\u00e1c nhau \u1edf Brazil n\u00ean xem x\u00e9t kh\u00f4ng ch\u1ec9 c\u00e1c ng\u00e0nh truy\u1ec1n th\u1ed1ng m\u00e0 c\u00f2n c\u00e1c y\u1ebfu t\u1ed1 c\u1ee5 th\u1ec3 nh\u01b0: ti\u1ebfp x\u00fac v\u1edbi c\u00e1c khu v\u1ef1c kh\u00e1c nhau c\u1ee7a \u0111\u1ea5t n\u01b0\u1edbc (\u0110\u00f4ng Nam so v\u1edbi \u0110\u00f4ng B\u1eafc, n\u01a1i t\u0103ng tr\u01b0\u1edfng GDP cao h\u01a1n 1,8% trong 3 n\u0103m qua), \u0111\u1ed9 nh\u1ea1y c\u1ea3m v\u1edbi chu k\u1ef3 ch\u00ednh tr\u1ecb (c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft so v\u1edbi c\u00f4ng ty t\u1ef1 do), v\u00e0 m\u1ee9c \u0111\u1ed9 b\u1ea3o v\u1ec7 ch\u1ed1ng l\u1ea1m ph\u00e1t (c\u00e1c c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ecbnh gi\u00e1, c\u00f3 kh\u1ea3 n\u0103ng chuy\u1ec3n chi ph\u00ed t\u0103ng l\u00ean).<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p c\u1ee5 th\u1ec3 \u0111\u1ec3 ph\u00e2n t\u00edch t\u1eebng lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed7i <b>lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> \u0111\u00f2i h\u1ecfi c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch c\u1ee5 th\u1ec3, th\u00edch \u1ee9ng v\u1edbi c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m ri\u00eang c\u1ee7a ch\u00fang v\u00e0 b\u1ed1i c\u1ea3nh kinh t\u1ebf Brazil.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Lo\u1ea1i ph\u00e2n t\u00edch<\/th><th>Ch\u1ec9 s\u1ed1 li\u00ean quan trong b\u1ed1i c\u1ea3nh Brazil<\/th><th>\u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n cho Gi\u00e1 tr\u1ecb<\/td><td>P\/E \u0111i\u1ec1u ch\u1ec9nh theo CDI, P\/B so v\u1edbi ROE, L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c so v\u1edbi t\u1ef7 l\u1ec7 Selic, N\u1ee3 r\u00f2ng\/EBITDA trong quan \u0111i\u1ec3m ng\u00e0nh<\/td><td>X\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng ty nh\u01b0 Ita\u00fasa (ITSA4) giao d\u1ecbch v\u1edbi P\/B 1.4x trong khi t\u1ea1o ra ROE 16.5% - gi\u1ea3m gi\u00e1 30% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed<\/td><\/tr><tr><td>Ph\u00e2n t\u00edch T\u0103ng tr\u01b0\u1edfng<\/td><td>TAM (T\u1ed5ng th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn) \u1edf Brazil, th\u00e2m nh\u1eadp hi\u1ec7n t\u1ea1i so v\u1edbi ti\u1ec1m n\u0103ng, l\u1ee3i th\u1ebf c\u1ea1nh tranh \u0111\u1ecba ph\u01b0\u01a1ng, EV\/EBITDA hi\u1ec7n t\u1ea1i so v\u1edbi d\u1ef1 ki\u1ebfn<\/td><td>\u0110\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty nh\u01b0 Locaweb (LWSA3) xem x\u00e9t ti\u1ec1m n\u0103ng m\u1edf r\u1ed9ng c\u1ee7a h\u1ecd trong th\u1ecb tr\u01b0\u1eddng l\u01b0u tr\u1eef v\u00e0 d\u1ecbch v\u1ee5 k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a Brazil, t\u0103ng tr\u01b0\u1edfng 23% m\u1ed7i n\u0103m<\/td><\/tr><tr><td>Ph\u00e2n t\u00edch K\u1ef9 thu\u1eadt Th\u00edch \u1ee9ng<\/td><td>Kh\u1ed1i l\u01b0\u1ee3ng \u0111i\u1ec1u ch\u1ec9nh theo thanh kho\u1ea3n trung b\u00ecnh c\u1ee7a Brazil, h\u1ed7 tr\u1ee3\/kh\u00e1ng c\u1ef1 t\u1ea1i c\u00e1c \u0111i\u1ec3m quan t\u00e2m c\u1ee7a B3, c\u00e1c \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng c\u1ee5 th\u1ec3 (17 v\u00e0 34 k\u1ef3)<\/td><td>Xem x\u00e9t c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m nh\u01b0 hi\u1ec7u \u1ee9ng \"d\u00f2ng ch\u1ea3y n\u01b0\u1edbc ngo\u00e0i\", ch\u1ecbu tr\u00e1ch nhi\u1ec7m cho 46% kh\u1ed1i l\u01b0\u1ee3ng tr\u00ean B3 v\u00e0 c\u00f3 h\u00e0nh vi kh\u00e1c bi\u1ec7t so v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecba ph\u01b0\u01a1ng<\/td><\/tr><tr><td>Ph\u00e2n t\u00edch \u0110\u1ecbnh l\u01b0\u1ee3ng cho Brazil<\/td><td>Beta li\u00ean quan \u0111\u1ebfn Ibovespa, t\u01b0\u01a1ng quan v\u1edbi t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i v\u00e0 t\u1ef7 l\u1ec7 Selic, bi\u1ebfn \u0111\u1ed9ng trong c\u00e1c k\u1ef3 b\u1ea7u c\u1eed, kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i trong c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng \u0111\u1ecba ph\u01b0\u01a1ng<\/td><td>X\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 b\u1ec1n v\u1eefng v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a Brazil, nh\u01b0 bi\u1ec3u t\u00ecnh, \u0111\u00ecnh c\u00f4ng, v\u00e0 thay \u0111\u1ed5i quy \u0111\u1ecbnh ng\u00e0nh<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ed9c quy\u1ec1n xem x\u00e9t c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil. V\u00ed d\u1ee5, ch\u1ec9 s\u1ed1 \"\u0111\u1ed9 nh\u1ea1y Selic\" c\u1ee7a n\u00f3 \u0111\u1ecbnh l\u01b0\u1ee3ng t\u00e1c \u0111\u1ed9ng l\u1ecbch s\u1eed c\u1ee7a c\u00e1c thay \u0111\u1ed5i trong t\u1ef7 l\u1ec7 c\u01a1 b\u1ea3n \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e0nh v\u00e0 c\u00f4ng ty kh\u00e1c nhau, cho ph\u00e9p \u0111i\u1ec1u ch\u1ec9nh ph\u00f2ng ng\u1eeba trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 tr\u01b0\u1edbc c\u00e1c cu\u1ed9c h\u1ecdp c\u1ee7a COPOM.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 Brazil, c\u00e1c ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 nh\u01b0 CAC (Chi ph\u00ed thu h\u00fat kh\u00e1ch h\u00e0ng) so v\u1edbi LTV (Gi\u00e1 tr\u1ecb tr\u1ecdn \u0111\u1eddi c\u1ee7a kh\u00e1ch h\u00e0ng) c\u00f3 \u00fd ngh\u0129a \u0111\u1eb7c bi\u1ec7t do chi ph\u00ed v\u1ed1n cao h\u01a1n \u1edf Brazil. M\u1ed9t quy t\u1eafc th\u1ef1c t\u1ebf l\u00e0, tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, t\u1ef7 l\u1ec7 LTV\/CAC ph\u1ea3i \u00edt nh\u1ea5t l\u00e0 4:1 \u0111\u1ec3 bi\u1ec7n minh cho m\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c, trong khi \u1edf M\u1ef9 3:1 \u0111\u00e3 \u0111\u01b0\u1ee3c coi l\u00e0 \u0111\u1ee7.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh t\u1ea5t c\u1ea3 c\u00e1c b\u1ed9i s\u1ed1 theo CDI\/Selic. V\u00ed d\u1ee5, trong khi P\/E 15 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 \"r\u1ebb\" \u1edf M\u1ef9 v\u1edbi l\u00e3i su\u1ea5t 3%, \u1edf Brazil, v\u1edbi Selic \u1edf m\u1ee9c 10,5%, c\u00f9ng m\u1ed9t P\/E s\u1ebd \u0111\u1ea1i di\u1ec7n cho m\u1ed9t \u0111\u1ecbnh gi\u00e1 \u0111\u1eaft h\u01a1n \u0111\u00e1ng k\u1ec3. Pocket Option s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh CAPM th\u00edch \u1ee9ng v\u1edbi Brazil, k\u1ebft h\u1ee3p r\u1ee7i ro qu\u1ed1c gia hi\u1ec7n t\u1ea1i l\u00e0 2,53% (JP Morgan EMBI+) trong c\u00e1c ph\u00e2n t\u00edch c\u1ee7a m\u00ecnh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c t\u1ebf cho c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed7i lo\u1ea1i c\u1ed5 phi\u1ebfu ph\u1ea3n \u1ee9ng t\u1ed1t h\u01a1n v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3, \u0111\u1eb7c bi\u1ec7t khi th\u00edch \u1ee9ng v\u1edbi c\u00e1c \u0111\u1eb7c th\u00f9 v\u1ec1 thu\u1ebf, quy \u0111\u1ecbnh v\u00e0 kinh t\u1ebf c\u1ee7a Brazil.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c \u1edf Brazil<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Brazil cung c\u1ea5p m\u1ed9t l\u1ee3i th\u1ebf thu\u1ebf \u0111\u1ed9c \u0111\u00e1o cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c: mi\u1ec5n thu\u1ebf thu nh\u1eadp ho\u00e0n to\u00e0n tr\u00ean c\u00e1c kho\u1ea3n thu nh\u1eadp n\u00e0y, trong khi l\u1ee3i nhu\u1eadn v\u1ed1n b\u1ecb \u0111\u00e1nh thu\u1ebf 15% (ho\u1eb7c 20% cho c\u00e1c giao d\u1ecbch trong ng\u00e0y). S\u1ef1 b\u1ea5t \u0111\u1ed1i x\u1ee9ng thu\u1ebf n\u00e0y l\u00e0m cho chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3:<\/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'>Ch\u1ecdn c\u00e1c c\u00f4ng ty c\u00f3 l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c t\u1ed1i thi\u1ec3u 6% m\u1ed7i n\u0103m v\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 b\u1ec1n v\u1eefng (d\u01b0\u1edbi 80% cho c\u00e1c ng\u00e0nh chu k\u1ef3, l\u00ean \u0111\u1ebfn 95% cho c\u00e1c ti\u1ec7n \u00edch c\u00f3 doanh thu \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u01afu ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed \u00edt nh\u1ea5t 5 n\u0103m li\u00ean ti\u1ebfp t\u0103ng ho\u1eb7c \u1ed5n \u0111\u1ecbnh c\u00e1c kho\u1ea3n thanh to\u00e1n, nh\u01b0 Taesa \u0111\u00e3 t\u0103ng c\u1ed5 t\u1ee9c trung b\u00ecnh 8,2% m\u1ed7i n\u0103m k\u1ec3 t\u1eeb n\u0103m 2018<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110a d\u1ea1ng h\u00f3a gi\u1eefa c\u00e1c ng\u00e0nh c\u00f3 t\u00ednh m\u00f9a v\u1ee5 thanh to\u00e1n kh\u00e1c nhau: ng\u00e2n h\u00e0ng (th\u00e1ng 2\/th\u00e1ng 8), c\u00f4ng ty \u0111i\u1ec7n (th\u00e1ng 5\/th\u00e1ng 11), c\u00f4ng ty b\u1ea3o hi\u1ec3m (th\u00e1ng 3\/th\u00e1ng 9)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Xem x\u00e9t \"ch\u00eanh l\u1ec7ch c\u1ed5 t\u1ee9c\" c\u1ee7a Brazil: mua c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc k\u1ef3 h\u1ea1n c\u1ed5 t\u1ee9c v\u00e0 b\u00e1n ch\u00fang sau khi thanh to\u00e1n, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 3,2% tr\u00ean CDI trong 24 th\u00e1ng qua<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t \"L\u1ecbch c\u1ed5 t\u1ee9c\" c\u1ea3nh b\u00e1o v\u1ec1 c\u00e1c ng\u00e0y quan tr\u1ecdng (ng\u00e0y cu\u1ed1i c\u00f9ng c\u00f3 quy\u1ec1n, thanh to\u00e1n th\u1ef1c t\u1ebf) v\u00e0 t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c r\u00f2ng xem x\u00e9t c\u00e1c kh\u00eda c\u1ea1nh c\u1ee5 th\u1ec3 nh\u01b0 JCP (L\u00e3i tr\u00ean v\u1ed1n t\u1ef1 c\u00f3), m\u1ed9t h\u00ecnh th\u1ee9c ph\u00e2n ph\u1ed1i ph\u1ed5 bi\u1ebfn \u1edf Brazil ch\u1ecbu kh\u1ea5u tr\u1eeb 15% t\u1ea1i ngu\u1ed3n, nh\u01b0ng t\u1ea1o ra l\u1ee3i \u00edch thu\u1ebf cho c\u00f4ng ty tr\u1ea3.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, c\u00e1c c\u00f4ng ty holding nh\u01b0 Ita\u00fasa (ITSA4) v\u00e0 Bradespar (BRAP4) th\u01b0\u1eddng giao d\u1ecbch v\u1edbi \"chi\u1ebft kh\u1ea5u holding\" -- s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang -- hi\u1ec7n t\u1ea1i l\u00e0 21,7% cho Ita\u00fasa, t\u1ea1o ra c\u01a1 h\u1ed9i th\u00fa v\u1ecb cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o c\u1ed5 t\u1ee9c. C\u00e1c c\u00f4ng ty holding n\u00e0y ho\u1ea1t \u0111\u1ed9ng nh\u01b0 \"ng\u01b0\u1eddi t\u1eadp trung\" c\u1ed5 t\u1ee9c t\u1eeb nhi\u1ec1u c\u00f4ng ty, \u0111\u01a1n gi\u1ea3n h\u00f3a vi\u1ec7c qu\u1ea3n l\u00fd cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: C\u00e1ch x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng v\u1edbi c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau \u1edf Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>N\u1eafm v\u1eefng c\u00e1c <b>lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> kh\u00e1c nhau c\u00f3 s\u1eb5n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil ch\u1ec9 l\u00e0 b\u01b0\u1edbc \u0111\u1ea7u ti\u00ean \u0111\u1ec3 x\u00e2y d\u1ef1ng s\u1ef1 gi\u00e0u c\u00f3 b\u1ec1n v\u1eefng. S\u1ef1 kh\u00e1c bi\u1ec7t th\u1ef1c s\u1ef1 n\u1eb1m \u1edf kh\u1ea3 n\u0103ng k\u1ebft h\u1ee3p chi\u1ebfn l\u01b0\u1ee3c c\u00e1c lo\u1ea1i kh\u00e1c nhau n\u00e0y trong m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n h\u00f3a c\u00e2n b\u1eb1ng gi\u1eefa thu nh\u1eadp hi\u1ec7n t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u01b0\u1ee3c \u0111\u1eb7c tr\u01b0ng b\u1edfi c\u00e1c chu k\u1ef3 kinh t\u1ebf ng\u1eafn h\u01a1n v\u00e0 r\u00f5 r\u1ec7t h\u01a1n (trung b\u00ecnh 3,2 n\u0103m so v\u1edbi 5,7 n\u0103m \u1edf M\u1ef9), \u0111a d\u1ea1ng h\u00f3a th\u00f4ng minh gi\u1eefa c\u00e1c <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n giao d\u1ecbch<\/b> kh\u00e1c nhau tr\u1edf n\u00ean c\u00e0ng quan tr\u1ecdng h\u01a1n. M\u1ed9t m\u00f4 h\u00ecnh hi\u1ec7u qu\u1ea3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil l\u00e0 ph\u01b0\u01a1ng ph\u00e1p \"l\u00f5i-v\u1ec7 tinh\", n\u01a1i 60-70% danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 cho c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 t\u1eeb c\u00e1c ph\u00e2n kh\u00fac Novo Mercado v\u00e0 C\u1ea5p \u0111\u1ed9 2, b\u1ed5 sung b\u1edfi c\u00e1c v\u1ecb tr\u00ed nh\u1ecf h\u01a1n (5-10% m\u1ed7i v\u1ecb tr\u00ed) trong c\u00e1c small caps \u0111\u1ea7y h\u1ee9a h\u1eb9n v\u00e0 c\u00e1c BDR \u0111\u01b0\u1ee3c ch\u1ecdn l\u1ecdc.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option khuy\u1ebfn ngh\u1ecb r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil duy tr\u00ec k\u1ef7 lu\u1eadt ngay c\u1ea3 khi \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 th\u1ef1c hi\u1ec7n c\u00e1c \u0111\u00f3ng g\u00f3p h\u00e0ng th\u00e1ng nh\u1ea5t qu\u00e1n v\u00e0o Ibovespa trong 15 n\u0103m qua, ngay c\u1ea3 khi tr\u1ea3i qua c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng nh\u01b0 n\u0103m 2008, b\u00e3i nhi\u1ec7m t\u1ed5ng th\u1ed1ng, v\u00e0 \u0111\u1ea1i d\u1ecbch, \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn trung b\u00ecnh h\u00e0ng n\u0103m 14,2%, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi CDI t\u00edch l\u0169y trong giai \u0111o\u1ea1n n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u00e3y nh\u1edb r\u1eb1ng, b\u1ea5t k\u1ec3 <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> m\u00e0 b\u1ea1n ch\u1ecdn, th\u00e0nh c\u00f4ng trong \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil \u0111\u00f2i h\u1ecfi s\u1ef1 th\u00edch \u1ee9ng li\u00ean t\u1ee5c v\u1edbi c\u00e1c thay \u0111\u1ed5i kinh t\u1ebf, quy \u0111\u1ecbnh v\u00e0 thu\u1ebf. S\u1ef1 kh\u00e1c bi\u1ec7t kh\u00f4ng ch\u1ec9 n\u1eb1m \u1edf vi\u1ec7c ch\u1ecdn c\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t, m\u00e0 c\u00f2n \u1edf vi\u1ec7c x\u00e2y d\u1ef1ng m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee7a b\u1ea1n v\u00e0 li\u00ean t\u1ee5c \u0111i\u1ec1u ch\u1ec9nh n\u00f3 v\u1edbi th\u1ef1c t\u1ebf c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil n\u0103ng \u0111\u1ed9ng.<\/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'>C\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao ch\u00fang l\u00e0 n\u1ec1n t\u1ea3ng trong k\u1ecbch b\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu l\u00e0 c\u00e1c ph\u1ea7n c\u1ee7a v\u1ed1n x\u00e3 h\u1ed9i c\u1ee7a m\u1ed9t c\u00f4ng ty bi\u1ebfn ng\u01b0\u1eddi s\u1edf h\u1eefu ch\u00fang th\u00e0nh \u0111\u1ed1i t\u00e1c kinh doanh, v\u1edbi quy\u1ec1n \u0111\u01b0\u1ee3c h\u01b0\u1edfng m\u1ed9t ph\u1ea7n l\u1ee3i nhu\u1eadn v\u00e0 k\u1ebft qu\u1ea3. T\u1ea1i Brazil, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u00e3 ph\u00e1t tri\u1ec3n \u0111\u00e1ng k\u1ec3 trong th\u1eadp k\u1ef7 qua, v\u1edbi B3 (Brasil, Bolsa, Balc\u00e3o) \u0111\u1ea1t h\u01a1n 5 tri\u1ec7u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0o n\u0103m 2024, t\u0103ng tr\u01b0\u1edfng 400% k\u1ec3 t\u1eeb n\u0103m 2019.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'><b>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> kh\u00e1c nhau b\u1edfi c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn quy\u1ec1n l\u1ee3i v\u00e0 ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn c\u1ee7a ch\u00fang. Trong b\u1ed1i c\u1ea3nh Brazil, v\u1edbi t\u1ef7 l\u1ec7 Selic cao l\u1ecbch s\u1eed (hi\u1ec7n t\u1ea1i l\u00e0 10,5%), m\u1ed7i lo\u1ea1i c\u1ed5 phi\u1ebfu mang l\u1ea1i l\u1ee3i th\u1ebf kh\u00e1c nhau cho c\u00e1c h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau. N\u1ec1n t\u1ea3ng Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 ph\u00e2n t\u00edch c\u00e1c lo\u1ea1i kh\u00e1c nhau n\u00e0y v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 th\u00edch \u1ee9ng v\u1edbi th\u1ef1c t\u1ebf c\u1ee7a Brazil.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u01b0\u1edbc khi kh\u00e1m ph\u00e1 c\u00e1c <b>lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n giao d\u1ecbch<\/b> kh\u00e1c nhau, \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 ph\u1ea3i hi\u1ec3u r\u1eb1ng th\u1ecb tr\u01b0\u1eddng Brazil c\u00f3 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o. V\u00ed d\u1ee5, trong khi c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng chi\u1ebfm \u01b0u th\u1ebf \u1edf M\u1ef9, Brazil \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t h\u1ec7 th\u1ed1ng lai m\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 s\u1ef1 hi\u1ec7n di\u1ec7n m\u1ea1nh m\u1ebd, chi\u1ebfm kho\u1ea3ng 40% gi\u00e1 tr\u1ecb giao d\u1ecbch tr\u00ean B3. V\u1edbi vi\u1ec7c t\u1ea1o ra Novo Mercado v\u00e0o n\u0103m 2000 v\u00e0 s\u1ef1 m\u1edf r\u1ed9ng c\u1ee7a n\u00f3 trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y, \u0111\u1ea5t n\u01b0\u1edbc \u0111\u00e3 b\u1eaft \u0111\u1ea7u m\u1ed9t s\u1ef1 chuy\u1ec3n \u0111\u1ed5i quan tr\u1ecdng trong c\u1ea5u tr\u00fac c\u1ed5 \u0111\u00f4ng c\u1ee7a m\u00ecnh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n lo\u1ea1i c\u01a1 b\u1ea3n: C\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 ph\u00e2n bi\u1ec7t c\u01a1 b\u1ea3n nh\u1ea5t gi\u1eefa <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 gi\u1eefa c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i &#8212; m\u1ed9t s\u1ef1 ph\u00e2n chia kh\u00f4ng ch\u1ec9 x\u00e1c \u0111\u1ecbnh quy\u1ec1n ch\u00ednh tr\u1ecb m\u00e0 c\u00f2n c\u1ea3 ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn v\u00e0 h\u1ed3 s\u01a1 r\u1ee7i ro c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/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>\u0110\u1eb7c \u0111i\u1ec3m<\/th>\n<th>C\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (ON)<\/th>\n<th>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PN)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>M\u00e3 B3<\/td>\n<td>K\u1ebft th\u00fac b\u1eb1ng 3 (v\u00ed d\u1ee5: PETR3)<\/td>\n<td>K\u1ebft th\u00fac b\u1eb1ng 4 (v\u00ed d\u1ee5: PETR4)<\/td>\n<\/tr>\n<tr>\n<td>Quy\u1ec1n bi\u1ec3u quy\u1ebft<\/td>\n<td>C\u00f3<\/td>\n<td>Th\u01b0\u1eddng kh\u00f4ng<\/td>\n<\/tr>\n<tr>\n<td>\u01afu ti\u00ean trong c\u1ed5 t\u1ee9c<\/td>\n<td>Kh\u00f4ng<\/td>\n<td>C\u00f3 (\u00edt nh\u1ea5t 25% cao h\u01a1n ON)<\/td>\n<\/tr>\n<tr>\n<td>\u01afu ti\u00ean trong tr\u01b0\u1eddng h\u1ee3p thanh l\u00fd<\/td>\n<td>Sau c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/td>\n<td>Tr\u01b0\u1edbc c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng<\/td>\n<\/tr>\n<tr>\n<td>Thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/td>\n<td>T\u0103ng t\u1eeb n\u0103m 2020<\/td>\n<td>L\u1ecbch s\u1eed cao h\u01a1n (40% kh\u1ed1i l\u01b0\u1ee3ng)<\/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\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (ON) \u0111\u1ea3m b\u1ea3o quy\u1ec1n bi\u1ec3u quy\u1ebft trong c\u00e1c cu\u1ed9c h\u1ecdp c\u00f4ng ty, cho ph\u00e9p \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c quy\u1ebft \u0111\u1ecbnh quan tr\u1ecdng nh\u01b0 ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c, s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i, v\u00e0 b\u1ea7u ch\u1ecdn h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 k\u1ebf ho\u1ea1ch mua c\u1ed5 ph\u1ea7n \u0111\u00e1ng k\u1ec3 ho\u1eb7c tin v\u00e0o t\u1ea7m quan tr\u1ecdng c\u1ee7a qu\u1ea3n tr\u1ecb t\u00edch c\u1ef1c, <b>lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> n\u00e0y mang l\u1ea1i gi\u00e1 tr\u1ecb chi\u1ebfn l\u01b0\u1ee3c v\u01b0\u1ee3t xa l\u1ee3i \u00edch t\u00e0i ch\u00ednh ngay l\u1eadp t\u1ee9c.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PN) b\u00f9 \u0111\u1eafp cho s\u1ef1 thi\u1ebfu v\u1eafng quy\u1ec1n bi\u1ec3u quy\u1ebft b\u1eb1ng c\u00e1c l\u1ee3i \u00edch kinh t\u1ebf h\u1eefu h\u00ecnh: c\u1ed5 t\u1ee9c \u00edt nh\u1ea5t 25% cao h\u01a1n ON (theo Lu\u1eadt C\u00f4ng ty 6.404\/76) v\u00e0 \u01b0u ti\u00ean trong vi\u1ec7c nh\u1eadn c\u00e1c gi\u00e1 tr\u1ecb n\u00e0y. Tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, n\u01a1i c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1 nh\u00e2n, PNs th\u01b0\u1eddng mang l\u1ea1i l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c t\u1eeb 7-10% m\u1ed7i n\u0103m, l\u00e0m cho <b>lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1ea5p d\u1eabn trong c\u00e1c k\u1ecbch b\u1ea3n gi\u1ea3m t\u1ef7 l\u1ec7 Selic.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil m\u00e0 m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean bi\u1ebft<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o c\u1ee7a Brazil l\u00e0 s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a nhi\u1ec1u l\u1edbp c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng c\u00e1c ch\u1eef c\u00e1i sau s\u1ed1 4. V\u00ed d\u1ee5, Petrobras c\u00f3 PETR4 (l\u1edbp PN A), trong khi Vale t\u1eebng c\u00f3 VALE5 (l\u1edbp PN C). M\u1ed7i l\u1edbp c\u00f3 c\u00e1c quy\u1ec1n c\u1ee5 th\u1ec3 \u0111\u01b0\u1ee3c chi ti\u1ebft trong \u0111i\u1ec1u l\u1ec7 c\u1ee7a c\u00f4ng ty, c\u00f3 th\u1ec3 bao g\u1ed3m c\u1ed5 t\u1ee9c kh\u00e1c bi\u1ec7t ho\u1eb7c quy\u1ec1n trong c\u00e1c t\u00ecnh hu\u1ed1ng \u0111\u1eb7c bi\u1ec7t nh\u01b0 s\u00e1p nh\u1eadp. Pocket Option cung c\u1ea5p quy\u1ec1n truy c\u1eadp mi\u1ec5n ph\u00ed v\u00e0o t\u1ea5t c\u1ea3 c\u00e1c \u0111i\u1ec1u l\u1ec7 c\u1ee7a c\u00e1c c\u00f4ng ty n\u00e0y, cho ph\u00e9p so s\u00e1nh chi ti\u1ebft c\u00e1c l\u1ee3i th\u1ebf c\u1ee7a t\u1eebng l\u1edbp.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t kh\u00eda c\u1ea1nh quan tr\u1ecdng kh\u00e1c l\u00e0 s\u1ef1 chuy\u1ec3n \u0111\u1ed5i do Novo Mercado c\u1ee7a B3 mang l\u1ea1i, y\u00eau c\u1ea7u c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft trong ph\u00e2n kh\u00fac n\u00e0y ch\u1ec9 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng. \u0110i\u1ec1u n\u00e0y \u0111\u00e3 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 b\u1ee9c tranh c\u1ee7a <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n giao d\u1ecbch<\/b> \u1edf Brazil, v\u1edbi 142 c\u00f4ng ty (\u0111\u1ea1i di\u1ec7n cho 64% gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a B3) tu\u00e2n theo m\u00f4 h\u00ecnh n\u00e0y v\u00e0o n\u0103m 2024. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 s\u1ef1 minh b\u1ea1ch v\u00e0 b\u1ea3o v\u1ec7 l\u1edbn h\u01a1n, v\u1edbi 100% tag along cho t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu theo h\u1ed3 s\u01a1 l\u1ee3i nhu\u1eadn: Gi\u00e1 tr\u1ecb so v\u1edbi T\u0103ng tr\u01b0\u1edfng trong b\u1ed1i c\u1ea3nh Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ngo\u00e0i ph\u00e2n lo\u1ea1i ph\u00e1p l\u00fd, <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i theo h\u00e0nh vi th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m l\u1ee3i nhu\u1eadn c\u1ee7a ch\u00fang &#8212; ki\u1ebfn th\u1ee9c c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee7a b\u1ea1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>S\u1ef1 kh\u00e1c bi\u1ec7t quan tr\u1ecdng gi\u1eefa c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb v\u00e0 c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng \u1edf Brazil<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n lo\u1ea1i n\u00e0y, \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option v\u00e0 c\u00e1c chuy\u00ean gia th\u1ecb tr\u01b0\u1eddng Brazil kh\u00e1c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i, t\u00e1ch bi\u1ec7t c\u1ed5 phi\u1ebfu theo c\u00e1ch ch\u00fang t\u1ea1o ra l\u1ee3i nhu\u1eadn cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>\u0110\u1eb7c \u0111i\u1ec3m<\/th>\n<th>C\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb<\/th>\n<th>C\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>H\u1ed3 s\u01a1 c\u00f4ng ty<\/td>\n<td>C\u00f4ng ty tr\u01b0\u1edfng th\u00e0nh v\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1<\/td>\n<td>C\u00f4ng ty trong giai \u0111o\u1ea1n m\u1edf r\u1ed9ng<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh \u1edf Brazil<\/td>\n<td>6-12% m\u1ed7i n\u0103m<\/td>\n<td>0-3% m\u1ed7i n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng gi\u00e1 trung b\u00ecnh h\u00e0ng n\u0103m (5 n\u0103m)<\/td>\n<td>8-15%<\/td>\n<td>20-40% (v\u1edbi bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n)<\/td>\n<\/tr>\n<tr>\n<td>B\u1ed9i s\u1ed1 \u0111i\u1ec3n h\u00ecnh \u1edf Brazil<\/td>\n<td>P\/E 5-10, P\/B 1-2<\/td>\n<td>P\/E 20-50, P\/B 4-10<\/td>\n<\/tr>\n<tr>\n<td>V\u00ed d\u1ee5 \u1edf Brazil<\/td>\n<td>Taesa (TAEE11, DY 9.2%), Ita\u00fasa (ITSA4, DY 7.5%)<\/td>\n<td>Locaweb (LWSA3), M\u00e9liuz (CASH3)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb \u0111\u00e3 tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn do truy\u1ec1n th\u1ed1ng ph\u00e2n ph\u1ed1i c\u1ed5 t\u1ee9c m\u1ea1nh m\u1ebd, \u0111\u1eb7c bi\u1ec7t h\u1ea5p d\u1eabn \u1edf m\u1ed9t qu\u1ed1c gia m\u00e0 t\u1ef7 l\u1ec7 ti\u1ebft ki\u1ec7m ch\u1ec9 mang l\u1ea1i 70% c\u1ee7a Selic (hi\u1ec7n t\u1ea1i kho\u1ea3ng 7,35% m\u1ed7i n\u0103m). C\u00e1c c\u00f4ng ty nh\u01b0 Taesa (TAEE11) \u0111\u00e3 li\u00ean t\u1ee5c ph\u00e2n ph\u1ed1i l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c tr\u00ean 9% trong n\u0103m n\u0103m qua, trong khi Engie Brasil (EGIE3) duy tr\u00ec c\u00e1c kho\u1ea3n thanh to\u00e1n t\u1eeb 8-10% ngay c\u1ea3 trong \u0111\u1ea1i d\u1ecbch Covid-19, ch\u1ee9ng t\u1ecf s\u1ef1 b\u1ec1n b\u1ec9 c\u1ee7a <b>lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> n\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1eb7t kh\u00e1c, c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng \u0111\u00e3 chi\u1ebfm \u0111\u01b0\u1ee3c kh\u00f4ng gian \u0111\u00e1ng k\u1ec3 v\u1edbi s\u1ef1 s\u1ed1 h\u00f3a nhanh ch\u00f3ng c\u1ee7a Brazil &#8212; m\u1ed9t qu\u1ed1c gia c\u00f3 th\u1ecb tr\u01b0\u1eddng \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh l\u1edbn th\u1ee9 t\u01b0 tr\u00ean th\u1ebf gi\u1edbi, v\u1edbi 242 tri\u1ec7u thi\u1ebft b\u1ecb ho\u1ea1t \u0111\u1ed9ng v\u00e0o n\u0103m 2024. C\u00e1c c\u00f4ng ty nh\u01b0 Totvs (TOTS3), nh\u00e0 ph\u00e1t tri\u1ec3n ph\u1ea7n m\u1ec1m kinh doanh ch\u00ednh trong n\u01b0\u1edbc, \u0111\u00e3 ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng doanh thu trung b\u00ecnh h\u00e0ng n\u0103m l\u00e0 22% t\u1eeb 2020-2024, \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh trong s\u1ef1 t\u0103ng gi\u00e1 h\u01a1n 150% c\u1ee7a c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd trong c\u00f9ng k\u1ef3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu theo quy m\u00f4: C\u00e1ch v\u1ed1n h\u00f3a \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Quy m\u00f4 c\u1ee7a c\u00f4ng ty, \u0111\u01b0\u1ee3c \u0111o b\u1eb1ng v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng, x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m quan tr\u1ecdng nh\u01b0 thanh kho\u1ea3n, bi\u1ebfn \u0111\u1ed9ng v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1. Trong b\u1ed1i c\u1ea3nh Brazil, n\u01a1i ch\u1ec9 c\u00f3 3% d\u00e2n s\u1ed1 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu (so v\u1edbi 55% \u1edf M\u1ef9), hi\u1ec3u \u0111\u01b0\u1ee3c s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 quy m\u00f4 n\u00e0y l\u00e0 r\u1ea5t quan tr\u1ecdng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a b\u1ea1n.<\/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'>Large Caps: C\u00e1c c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb tr\u00ean R$ 10 t\u1ef7, nh\u01b0 Petrobras (R$ 485 t\u1ef7), Vale (R$ 345 t\u1ef7), v\u00e0 Ita\u00fa Unibanco (R$ 280 t\u1ef7). Ch\u00fang \u0111\u1ea1i di\u1ec7n cho 72% c\u1ee7a Ibovespa v\u00e0 cung c\u1ea5p kh\u1ed1i l\u01b0\u1ee3ng trung b\u00ecnh h\u00e0ng ng\u00e0y v\u01b0\u1ee3t qu\u00e1 R$ 500 tri\u1ec7u, cho ph\u00e9p nh\u1eadp v\u00e0 xu\u1ea5t m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn gi\u00e1.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mid Caps: C\u00e1c c\u00f4ng ty gi\u1eefa R$ 2 t\u1ef7 v\u00e0 R$ 10 t\u1ef7, nh\u01b0 Marfrig (R$ 8.2 t\u1ef7), Dexco (R$ 4.5 t\u1ef7), v\u00e0 CVC (R$ 3.1 t\u1ef7). Ch\u00fang k\u1ebft h\u1ee3p s\u1ef1 v\u1eefng ch\u1eafc t\u00e0i ch\u00ednh v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng tr\u00ean trung b\u00ecnh, \u0111\u00e3 ghi nh\u1eadn m\u1ee9c t\u0103ng gi\u00e1 trung b\u00ecnh 65% trong ba n\u0103m qua, v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi 42% c\u1ee7a large caps.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Small Caps: C\u00e1c c\u00f4ng ty gi\u1eefa R$ 300 tri\u1ec7u v\u00e0 R$ 2 t\u1ef7, nh\u01b0 Vittia (R$ 1.7 t\u1ef7), Dotz (R$ 890 tri\u1ec7u), v\u00e0 Desktop (R$ 450 tri\u1ec7u). Ch\u00fang cung c\u1ea5p ti\u1ec1m n\u0103ng nh\u00e2n \u0111\u00f4i v\u1ed1n &#8212; 23% c\u1ee7a small caps Brazil \u0111\u00e3 t\u0103ng g\u1ea5p \u0111\u00f4i gi\u00e1 tr\u1ecb trong 24 th\u00e1ng qua &#8212; nh\u01b0ng v\u1edbi bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n 40% so v\u1edbi trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Micro Caps: C\u00e1c c\u00f4ng ty d\u01b0\u1edbi R$ 300 tri\u1ec7u, th\u01b0\u1eddng giao d\u1ecbch d\u01b0\u1edbi R$ 1 tri\u1ec7u m\u1ed7i ng\u00e0y tr\u00ean B3. Ch\u00fang \u0111\u1ea1i di\u1ec7n cho ph\u00e2n kh\u00fac r\u1ee7i ro nh\u1ea5t, v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch trung b\u00ecnh (s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa mua v\u00e0 b\u00e1n) l\u00e0 2.5%, cao h\u01a1n n\u0103m l\u1ea7n so v\u1edbi large caps.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t thu\u1eadt to\u00e1n \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng ph\u00e2n lo\u1ea1i c\u1ed5 phi\u1ebfu Brazil theo v\u1ed1n h\u00f3a v\u00e0 thanh kho\u1ea3n c\u1ee7a ch\u00fang, \u0111i\u1ec1u ch\u1ec9nh c\u00e1c tham s\u1ed1 h\u00e0ng qu\u00fd \u0111\u1ec3 ph\u1ea3n \u00e1nh nh\u1eefng thay \u0111\u1ed5i tr\u00ean th\u1ecb tr\u01b0\u1eddng. C\u00f4ng c\u1ee5 n\u00e0y cho ph\u00e9p x\u00e1c \u0111\u1ecbnh, v\u00ed d\u1ee5, c\u00e1c c\u00f4ng ty v\u1eeba chuy\u1ec3n t\u1eeb small caps sang mid caps &#8212; m\u1ed9t th\u1eddi \u0111i\u1ec3m l\u1ecbch s\u1eed thu\u1eadn l\u1ee3i cho \u0111\u1ea7u t\u01b0, v\u1edbi m\u1ee9c t\u0103ng gi\u00e1 trung b\u00ecnh 28% trong 12 th\u00e1ng sau khi t\u00e1i ph\u00e2n lo\u1ea1i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1eb7c bi\u1ec7t c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 s\u1ef1 gi\u1ea3m gi\u00e1 \u0111\u00e1ng k\u1ec3 c\u1ee7a small caps so v\u1edbi gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a ch\u00fang. Trong khi \u1edf M\u1ef9, c\u00e1c c\u00f4ng ty n\u00e0y giao d\u1ecbch, trung b\u00ecnh, \u1edf m\u1ee9c 2.4 l\u1ea7n gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a ch\u00fang, \u1edf Brazil, b\u1ed9i s\u1ed1 n\u00e0y ch\u1ec9 l\u00e0 1.3 l\u1ea7n, t\u1ea1o ra c\u01a1 h\u1ed9i cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng nghi\u00ean c\u1ee9u c\u00e1c c\u00f4ng ty \u00edt \u0111\u01b0\u1ee3c c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 l\u1edbn bao ph\u1ee7 (chi\u1ebfm 85% c\u00e1c ph\u00e2n t\u00edch c\u1ee7a h\u1ecd tr\u00ean 50 c\u00f4ng ty l\u1edbn nh\u1ea5t).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu theo ng\u00e0nh: Chi\u1ebfn l\u01b0\u1ee3c ng\u00e0nh th\u00edch \u1ee9ng v\u1edbi n\u1ec1n kinh t\u1ebf Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n lo\u1ea1i theo ng\u00e0nh cho ph\u00e9p \u0111a d\u1ea1ng h\u00f3a chi\u1ebfn l\u01b0\u1ee3c v\u00e0 t\u1eadn d\u1ee5ng c\u00e1c xu h\u01b0\u1edbng c\u1ee5 th\u1ec3 trong n\u1ec1n kinh t\u1ebf Brazil, m\u1ed9t qu\u1ed1c gia c\u00f3 ng\u00e0nh n\u00f4ng nghi\u1ec7p l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi, \u0111a d\u1ea1ng sinh h\u1ecdc l\u1edbn nh\u1ea5t h\u00e0nh tinh, v\u00e0 tr\u1eef l\u01b0\u1ee3ng d\u1ea7u v\u00e0 kho\u00e1ng s\u1ea3n \u0111\u00e1ng k\u1ec3.<\/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>Ng\u00e0nh<\/th>\n<th>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 \u1edf Brazil<\/th>\n<th>C\u00f4ng ty \u0111\u1ea1i di\u1ec7n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u00e0i ch\u00ednh<\/td>\n<td>T\u1eadp trung cao (5 ng\u00e2n h\u00e0ng n\u1eafm gi\u1eef 80% t\u00e0i s\u1ea3n), ch\u00eanh l\u1ec7ch trong s\u1ed1 cao nh\u1ea5t th\u1ebf gi\u1edbi (trung b\u00ecnh 32%)<\/td>\n<td>Ita\u00fa (ITUB4, ROE 21%), Bradesco (BBDC4), B3 (B3SA3)<\/td>\n<\/tr>\n<tr>\n<td>Nguy\u00ean li\u1ec7u c\u01a1 b\u1ea3n<\/td>\n<td>C\u1ea1nh tranh to\u00e0n c\u1ea7u, chi ph\u00ed s\u1ea3n xu\u1ea5t trong s\u1ed1 th\u1ea5p nh\u1ea5t th\u1ebf gi\u1edbi, ti\u1ebfp x\u00fac v\u1edbi \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 Trung Qu\u1ed1c<\/td>\n<td>Vale (VALE3, nh\u00e0 s\u1ea3n xu\u1ea5t qu\u1eb7ng s\u1eaft l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi), Suzano (SUZB3, chi ph\u00ed s\u1ea3n xu\u1ea5t b\u1ed9t gi\u1ea5y th\u1ea5p nh\u1ea5t)<\/td>\n<\/tr>\n<tr>\n<td>N\u0103ng l\u01b0\u1ee3ng<\/td>\n<td>Ma tr\u1eadn ch\u1ee7 y\u1ebfu l\u00e0 t\u00e1i t\u1ea1o (83%), gi\u00e1 c\u01b0\u1edbc \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh h\u00e0ng n\u0103m li\u00ean k\u1ebft v\u1edbi l\u1ea1m ph\u00e1t<\/td>\n<td>Petrobras (PETR4, chi ph\u00ed khai th\u00e1c 5,2 USD\/th\u00f9ng), Eletrobras (ELET3), Engie (EGIE3)<\/td>\n<\/tr>\n<tr>\n<td>Ti\u00eau d\u00f9ng<\/td>\n<td>Th\u1ecb tr\u01b0\u1eddng n\u1ed9i \u0111\u1ecba 214 tri\u1ec7u ng\u01b0\u1eddi, d\u00e2n s\u1ed1 tr\u1ebb (33% d\u01b0\u1edbi 24 tu\u1ed5i), s\u1ed1 h\u00f3a nhanh ch\u00f3ng<\/td>\n<td>Ambev (ABEV3, 62% th\u1ecb tr\u01b0\u1eddng bia), Renner (LREN3, t\u0103ng tr\u01b0\u1edfng k\u1ef9 thu\u1eadt s\u1ed1 h\u00e0ng n\u0103m 16%)<\/td>\n<\/tr>\n<tr>\n<td>C\u00f4ng ngh\u1ec7<\/td>\n<td>H\u1ec7 sinh th\u00e1i m\u1edf r\u1ed9ng, 20 k\u1ef3 l\u00e2n t\u1eeb n\u0103m 2018, th\u00e2m nh\u1eadp th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed 14,4% (so v\u1edbi 5,1% n\u0103m 2019)<\/td>\n<td>Totvs (TOTS3, d\u1eabn \u0111\u1ea7u trong ERP v\u1edbi 50% th\u1ecb tr\u01b0\u1eddng), Locaweb (LWSA3, t\u0103ng tr\u01b0\u1edfng 38% m\u1ed7i n\u0103m)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 s\u1ef1 t\u1eadp trung ng\u00e0nh trong Ibovespa, n\u01a1i h\u00e0ng h\u00f3a v\u00e0 ng\u00e2n h\u00e0ng chi\u1ebfm 58% ch\u1ec9 s\u1ed1 &#8212; cao h\u01a1n nhi\u1ec1u so v\u1edbi 23% m\u00e0 c\u00e1c ng\u00e0nh n\u00e0y chi\u1ebfm trong S&#038;P 500 c\u1ee7a M\u1ef9. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 lo ng\u1ea1i v\u1ec1 \u0111a d\u1ea1ng h\u00f3a, Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t ch\u1ec9 s\u1ed1 &#8220;t\u1eadp trung ng\u00e0nh&#8221; c\u1ea3nh b\u00e1o khi danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n c\u00f3 s\u1ef1 ti\u1ebfp x\u00fac qu\u00e1 m\u1ee9c v\u1edbi m\u1ed9t ng\u00e0nh duy nh\u1ea5t (tr\u00ean 25%).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t s\u1ed1 ng\u00e0nh c\u1ee7a Brazil c\u00f3 \u0111\u1ed9ng l\u1ef1c \u0111\u1ed9c \u0111\u00e1o \u0111\u00f2i h\u1ecfi ph\u00e2n t\u00edch chuy\u00ean bi\u1ec7t. Ng\u00e0nh \u0111i\u1ec7n, v\u00ed d\u1ee5, c\u00f3 c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7 r\u00f5 r\u1ec7t h\u01a1n so v\u1edbi c\u00e1c \u0111\u1ed1i t\u00e1c qu\u1ed1c t\u1ebf c\u1ee7a n\u00f3, v\u1edbi c\u00e1c h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n (20-30 n\u0103m) \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo l\u1ea1m ph\u00e1t, d\u1eabn \u0111\u1ebfn l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh 8,7% &#8212; g\u1ea7n g\u1ea5p \u0111\u00f4i 4,5% \u0111\u01b0\u1ee3c tr\u1ea3 b\u1edfi c\u00e1c ti\u1ec7n \u00edch c\u1ee7a M\u1ef9. M\u1eb7t kh\u00e1c, ng\u00e0nh b\u00e1n l\u1ebb c\u1ee7a Brazil nh\u1ea1y c\u1ea3m h\u01a1n \u0111\u00e1ng k\u1ec3 v\u1edbi t\u1ef7 l\u1ec7 Selic, v\u1edbi m\u1ee9c gi\u1ea3m trung b\u00ecnh 12% trong gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu cho m\u1ed7i \u0111i\u1ec3m ph\u1ea7n tr\u0103m t\u0103ng trong t\u1ef7 l\u1ec7 c\u01a1 b\u1ea3n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1eb7c bi\u1ec7t tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil: C\u01a1 h\u1ed9i \u0111\u1ed9c \u0111\u00e1o \u0111\u1ec3 \u0111a d\u1ea1ng h\u00f3a<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ngo\u00e0i c\u00e1c ph\u00e2n lo\u1ea1i truy\u1ec1n th\u1ed1ng, Brazil \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c c\u00f4ng c\u1ee5 c\u1ee5 th\u1ec3 m\u1edf r\u1ed9ng kh\u1ea3 n\u0103ng \u0111\u1ea7u t\u01b0 m\u00e0 m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean bi\u1ebft.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>BDRs: Ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u t\u1eeb Brazil<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>BDRs (Ch\u1ee9ng ch\u1ec9 l\u01b0u k\u00fd Brazil) \u0111\u1ea1i di\u1ec7n cho c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty n\u01b0\u1edbc ngo\u00e0i \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean B3, cho ph\u00e9p ti\u1ebfp x\u00fac qu\u1ed1c t\u1ebf m\u00e0 kh\u00f4ng c\u1ea7n m\u1edf t\u00e0i kho\u1ea3n \u1edf n\u01b0\u1edbc ngo\u00e0i ho\u1eb7c x\u1eed l\u00fd c\u00e1c khai b\u00e1o thu\u1ebf thu nh\u1eadp ph\u1ee9c t\u1ea1p (nh\u01b0 IRPF Carn\u00ea-Le\u00e3o).<\/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\u1ea5p \u0111\u1ed9<\/th>\n<th>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3<\/th>\n<th>Kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u00e0 v\u00ed d\u1ee5<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>BDR C\u1ea5p \u0111\u1ed9 I<\/td>\n<td>Y\u00eau c\u1ea7u th\u00f4ng tin th\u1ea5p h\u01a1n, \u0111\u1ea1i di\u1ec7n cho 92% BDR c\u00f3 s\u1eb5n tr\u00ean B3<\/td>\n<td>Ti\u1ebfp c\u1eadn cho t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eeb th\u00e1ng 10\/2020. V\u00ed d\u1ee5: AAPL34 (Apple), MSFT34 (Microsoft)<\/td>\n<\/tr>\n<tr>\n<td>BDR C\u1ea5p \u0111\u1ed9 II<\/td>\n<td>\u0110\u0103ng k\u00fd \u0111\u1ea7y \u0111\u1ee7 v\u1edbi CVM, b\u00e1o c\u00e1o t\u00e0i ch\u00ednh th\u00edch \u1ee9ng v\u1edbi ti\u00eau chu\u1ea9n Brazil<\/td>\n<td>T\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, ch\u1ec9 c\u00f3 6 c\u00f4ng ty hi\u1ec7n c\u00f3<\/td>\n<\/tr>\n<tr>\n<td>BDR C\u1ea5p \u0111\u1ed9 III<\/td>\n<td>Cho ph\u00e9p huy \u0111\u1ed9ng v\u1ed1n \u1edf Brazil, cam k\u1ebft l\u1edbn h\u01a1n v\u1edbi th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng<\/td>\n<td>T\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, ch\u1ec9 c\u00f3 2 c\u00f4ng ty tham gia v\u00e0o n\u0103m 2024<\/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'>K\u1ec3 t\u1eeb khi ph\u00e1t h\u00e0nh BDR cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n v\u00e0o th\u00e1ng 10 n\u0103m 2020, th\u1ecb tr\u01b0\u1eddng n\u00e0y \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng 580%, \u0111\u1ea1t 25,6 t\u1ef7 R$ trong kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0o n\u0103m 2023. Pocket Option cung c\u1ea5p c\u00e1c so s\u00e1nh chi ti\u1ebft gi\u1eefa vi\u1ec7c \u0111\u1ea7u t\u01b0 tr\u1ef1c ti\u1ebfp v\u00e0o c\u1ed5 phi\u1ebfu qu\u1ed1c t\u1ebf so v\u1edbi BDR, xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 ch\u00eanh l\u1ec7ch, chi ph\u00ed trao \u0111\u1ed5i v\u00e0 thu\u1ebf c\u1ee5 th\u1ec3 c\u1ee7a Brazil.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110i\u1ec1u quan tr\u1ecdng c\u1ea7n l\u01b0u \u00fd l\u00e0 BDRs l\u00e0m cho nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebfp x\u00fac v\u1edbi bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i, m\u1ed9t y\u1ebfu t\u1ed1 r\u1ee7i ro v\u00e0 c\u01a1 h\u1ed9i. L\u1ecbch s\u1eed cho th\u1ea5y, \u0111\u1ed3ng real \u0111\u00e3 m\u1ea5t gi\u00e1 trung b\u00ecnh 6,8% m\u1ed7i n\u0103m so v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la trong 10 n\u0103m qua, l\u00e0m t\u0103ng l\u1ee3i nhu\u1eadn c\u1ee7a BDRs khi \u0111o b\u1eb1ng \u0111\u1ed3ng real. V\u00ed d\u1ee5, trong khi Apple t\u0103ng gi\u00e1 491% \u1edf M\u1ef9 t\u1eeb 2018-2023, BDR c\u1ee7a n\u00f3 (AAPL34) \u0111\u00e3 t\u0103ng 688% trong c\u00f9ng k\u1ef3 do hi\u1ec7u \u1ee9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu theo qu\u1ea3n tr\u1ecb: T\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c ph\u00e2n kh\u00fac \u0111\u1eb7c bi\u1ec7t c\u1ee7a B3<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>B3 \u0111\u00e3 thi\u1ebft l\u1eadp c\u00e1c ph\u00e2n kh\u00fac ni\u00eam y\u1ebft kh\u00e1c bi\u1ec7t thi\u1ebft l\u1eadp c\u00e1c ti\u00eau chu\u1ea9n qu\u1ea3n tr\u1ecb c\u00f4ng ty ti\u1ebfn b\u1ed9 &#8212; m\u1ed9t y\u1ebfu t\u1ed1 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh l\u00e0 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u su\u1ea5t d\u00e0i h\u1ea1n c\u1ee7a <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b>.<\/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'>Novo Mercado: Ti\u00eau chu\u1ea9n cao nh\u1ea5t, y\u00eau c\u1ea7u 100% c\u1ed5 phi\u1ebfu ON, t\u1ef7 l\u1ec7 t\u1ef1 do t\u1ed1i thi\u1ec3u 25%, h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb v\u1edbi \u00edt nh\u1ea5t 2 th\u00e0nh vi\u00ean \u0111\u1ed9c l\u1eadp (ho\u1eb7c 20%), 100% tag along cho t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng, v\u00e0 c\u00f4ng b\u1ed1 th\u00f4ng tin t\u00e0i ch\u00ednh b\u1eb1ng ti\u1ebfng Anh. C\u00e1c c\u00f4ng ty nh\u01b0 WEG, Raia Drogasil, v\u00e0 Magazine Luiza \u00e1p d\u1ee5ng m\u00f4 h\u00ecnh n\u00e0y.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5p \u0111\u1ed9 2: Cho ph\u00e9p c\u1ed5 phi\u1ebfu PN, nh\u01b0ng cho ch\u00fang quy\u1ec1n bi\u1ec3u quy\u1ebft trong c\u00e1c t\u00ecnh hu\u1ed1ng quan tr\u1ecdng nh\u01b0 s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i. Y\u00eau c\u1ea7u 100% tag along cho t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng v\u00e0 nhi\u1ec7m k\u1ef3 th\u1ed1ng nh\u1ea5t t\u1ed1i \u0111a 2 n\u0103m cho h\u1ed9i \u0111\u1ed3ng. Banco ABC, Alupar, v\u00e0 Marcopolo l\u00e0 c\u00e1c v\u00ed d\u1ee5 trong ph\u00e2n kh\u00fac n\u00e0y.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5p \u0111\u1ed9 1: T\u1eadp trung v\u00e0o minh b\u1ea1ch v\u00e0 ph\u00e2n t\u00e1n c\u1ed5 \u0111\u00f4ng, v\u1edbi c\u00e1c ngh\u0129a v\u1ee5 t\u1ef7 l\u1ec7 t\u1ef1 do t\u1ed1i thi\u1ec3u 25% v\u00e0 c\u00f4ng b\u1ed1 chi ti\u1ebft c\u00e1c giao d\u1ecbch v\u1edbi c\u00e1c b\u00ean li\u00ean quan. Bradesco, Gerdau, v\u00e0 Oi n\u1eb1m trong ph\u00e2n kh\u00fac n\u00e0y.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bovespa Mais: \u0110\u01b0\u1ee3c t\u1ea1o ra cho c\u00e1c c\u00f4ng ty nh\u1ecf v\u00e0 v\u1eeba mu\u1ed1n ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng d\u1ea7n d\u1ea7n, v\u1edbi th\u1eddi gian l\u00ean \u0111\u1ebfn 7 n\u0103m \u0111\u1ec3 \u0111\u1ea1t t\u1ef7 l\u1ec7 t\u1ef1 do t\u1ed1i thi\u1ec3u. Nutriplant v\u00e0 Altus l\u00e0 c\u00e1c v\u00ed d\u1ee5.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Truy\u1ec1n th\u1ed1ng: Ch\u1ec9 tu\u00e2n theo c\u00e1c y\u00eau c\u1ea7u t\u1ed1i thi\u1ec3u c\u1ee7a Lu\u1eadt C\u00f4ng ty, kh\u00f4ng c\u00f3 cam k\u1ebft b\u1ed5 sung. Petrobras, Eletrobras, v\u00e0 Cemig l\u00e0 c\u00e1c v\u00ed d\u1ee5 v\u1ec1 c\u00e1c c\u00f4ng ty l\u1edbn v\u1eabn n\u1eb1m trong ph\u00e2n kh\u00fac n\u00e0y.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nghi\u00ean c\u1ee9u \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi Pocket Option h\u1ee3p t\u00e1c v\u1edbi c\u00e1c nh\u00e0 kinh t\u1ebf t\u1eeb FGV \u0111\u00e3 ch\u1ee9ng minh r\u1eb1ng, t\u1eeb n\u0103m 2015 \u0111\u1ebfn 2023, c\u00e1c c\u00f4ng ty Novo Mercado li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi nh\u1eefng c\u00f4ng ty trong ph\u00e2n kh\u00fac truy\u1ec1n th\u1ed1ng, v\u1edbi l\u1ee3i nhu\u1eadn trung b\u00ecnh cao h\u01a1n 7,3% m\u1ed7i n\u0103m v\u00e0 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 22%. Hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i n\u00e0y c\u00e0ng t\u0103ng c\u01b0\u1eddng trong c\u00e1c giai \u0111o\u1ea1n kh\u1ee7ng ho\u1ea3ng &#8212; trong \u0111\u1ea1i d\u1ecbch Covid-19, c\u00e1c c\u00f4ng ty Novo Mercado gi\u1ea3m trung b\u00ecnh 27%, so v\u1edbi 41% c\u1ee7a c\u00e1c c\u00f4ng ty trong ph\u00e2n kh\u00fac truy\u1ec1n th\u1ed1ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil lo ng\u1ea1i v\u1ec1 an ninh t\u00e0i s\u1ea3n, \u01b0u ti\u00ean c\u00e1c c\u00f4ng ty t\u1eeb c\u00e1c ph\u00e2n kh\u00fac qu\u1ea3n tr\u1ecb cao nh\u1ea5t \u0111\u1ea1i di\u1ec7n cho m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u r\u1ee7i ro hi\u1ec7u qu\u1ea3, \u0111\u1eb7c bi\u1ec7t khi xem x\u00e9t c\u00e1c v\u1ee5 b\u00ea b\u1ed1i g\u1ea7n \u0111\u00e2y nh\u01b0 c\u1ee7a Americanas v\u00e0 IRB Brasil, d\u1eabn \u0111\u1ebfn thi\u1ec7t h\u1ea1i v\u01b0\u1ee3t qu\u00e1 90% cho c\u00e1c c\u1ed5 \u0111\u00f4ng ch\u1ec9 trong v\u00e0i ng\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ti\u00eau ch\u00ed kh\u00e1ch quan \u0111\u1ec3 ch\u1ecdn c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t cho th\u1ef1c t\u1ebf c\u1ee7a b\u1ea1n<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1edbi h\u01a1n 400 c\u00f4ng ty ni\u00eam y\u1ebft tr\u00ean B3 trong s\u1ed1 c\u00e1c <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec<\/b> kh\u00e1c nhau, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n thi\u1ebft l\u1eadp c\u00e1c ti\u00eau ch\u00ed r\u00f5 r\u00e0ng v\u00e0 kh\u00e1ch quan \u0111\u1ec3 l\u1ecdc ra c\u00e1c c\u01a1 h\u1ed9i t\u1ed1t nh\u1ea5t theo h\u1ed3 s\u01a1 v\u00e0 m\u1ee5c ti\u00eau c\u1ee7a h\u1ecd. Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n ph\u01b0\u01a1ng ph\u00e1p ri\u00eang c\u1ee7a m\u00ecnh d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 \u0111\u1ecbnh t\u00ednh:<\/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>Ti\u00eau ch\u00ed<\/th>\n<th>C\u00e2u h\u1ecfi kh\u00e1ch quan \u0111\u1ec3 t\u1ef1 \u0111\u00e1nh gi\u00e1<\/th>\n<th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn vi\u1ec7c ch\u1ecdn c\u1ed5 phi\u1ebfu<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Th\u1eddi gian \u0111\u1ea7u t\u01b0<\/td>\n<td>T\u00f4i c\u00f3 c\u1ea7n ngu\u1ed3n l\u1ef1c trong ch\u01b0a \u0111\u1ea7y 2 n\u0103m? Gi\u1eefa 2-5 n\u0103m? H\u01a1n 5 n\u0103m?<\/td>\n<td>Th\u1eddi gian ng\u1eafn \u01b0u ti\u00ean blue chips; th\u1eddi gian d\u00e0i cho ph\u00e9p small caps (c\u1ea7n th\u1eddi gian \u0111\u1ec3 hi\u1ec7n th\u1ef1c h\u00f3a ti\u1ec1m n\u0103ng c\u1ee7a ch\u00fang)<\/td>\n<\/tr>\n<tr>\n<td>Nhu c\u1ea7u thu nh\u1eadp hi\u1ec7n t\u1ea1i<\/td>\n<td>T\u00f4i c\u1ea7n nh\u1eadn bao nhi\u00eau ph\u1ea7n tr\u0103m \u0111\u1ea7u t\u01b0 h\u00e0ng n\u0103m t\u1eeb c\u1ed5 t\u1ee9c?<\/td>\n<td>Nhu c\u1ea7u tr\u00ean 5% h\u01b0\u1edbng \u0111\u1ebfn ti\u1ec7n \u00edch, ng\u00e2n h\u00e0ng v\u00e0 vi\u1ec5n th\u00f4ng<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 n\u0103ng ch\u1ecbu \u0111\u1ef1ng bi\u1ebfn \u0111\u1ed9ng<\/td>\n<td>M\u1ea5t m\u00e1t t\u1ea1m th\u1eddi t\u1ed1i \u0111a n\u00e0o c\u00f3 th\u1ec3 ch\u1ecbu \u0111\u1ef1ng m\u00e0 kh\u00f4ng b\u00e1n (10%, 20%, 30%)?<\/td>\n<td>Kh\u1ea3 n\u0103ng ch\u1ecbu \u0111\u1ef1ng th\u1ea5p \u01b0u ti\u00ean c\u1ed5 phi\u1ebfu t\u1eeb c\u00e1c ng\u00e0nh ph\u00f2ng th\u1ee7 v\u1edbi beta d\u01b0\u1edbi 0.8<\/td>\n<\/tr>\n<tr>\n<td>Ki\u1ebfn th\u1ee9c ng\u00e0nh<\/td>\n<td>B\u1ea1n c\u00f3 kinh nghi\u1ec7m chuy\u00ean m\u00f4n ho\u1eb7c h\u1ecdc thu\u1eadt trong ng\u00e0nh n\u00e0o?<\/td>\n<td>Hi\u1ec3u bi\u1ebft ng\u00e0nh cho ph\u00e9p x\u00e1c \u0111\u1ecbnh l\u1ee3i th\u1ebf c\u1ea1nh tranh ch\u01b0a \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1<\/td>\n<\/tr>\n<tr>\n<td>V\u1ed1n c\u00f3 s\u1eb5n<\/td>\n<td>Gi\u00e1 tr\u1ecb ban \u0111\u1ea7u v\u00e0 \u0111\u00f3ng g\u00f3p h\u00e0ng th\u00e1ng b\u1ea1n d\u1ef1 \u0111\u1ecbnh th\u1ef1c hi\u1ec7n l\u00e0 bao nhi\u00eau?<\/td>\n<td>Gi\u00e1 tr\u1ecb nh\u1ecf h\u01a1n (t\u1ed1i \u0111a R$1,000\/th\u00e1ng) ho\u1ea1t \u0111\u1ed9ng t\u1ed1t h\u01a1n v\u1edbi ETFs; gi\u00e1 tr\u1ecb l\u1edbn h\u01a1n cho ph\u00e9p danh m\u1ee5c \u0111a d\u1ea1ng v\u1edbi 10-15 c\u1ed5 phi\u1ebfu<\/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'>Trong b\u1ed1i c\u1ea3nh Brazil, v\u1edbi l\u1ecbch s\u1eed b\u1ea5t \u1ed5n t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i (\u0111\u1ed3ng real \u0111\u00e3 m\u1ea5t gi\u00e1 h\u01a1n 130% so v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la trong th\u1eadp k\u1ef7 qua), \u0111\u00e1nh gi\u00e1 s\u1ef1 ti\u1ebfp x\u00fac t\u1ef7 gi\u00e1 c\u1ee7a c\u00e1c c\u00f4ng ty l\u00e0 \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng. C\u00e1c nh\u00e0 xu\u1ea5t kh\u1ea9u nh\u01b0 Vale, JBS, v\u00e0 Suzano, ki\u1ebfm \u0111\u01b0\u1ee3c b\u1eb1ng \u0111\u00f4 la nh\u01b0ng c\u00f3 ph\u1ea7n l\u1edbn chi ph\u00ed b\u1eb1ng \u0111\u1ed3ng real, \u0111\u00e3 ch\u1ee9ng minh kh\u1ea3 n\u0103ng t\u0103ng gi\u00e1 trung b\u00ecnh 22% trong c\u00e1c giai \u0111o\u1ea1n m\u1ea5t gi\u00e1 c\u1ee7a \u0111\u1ed3ng real tr\u00ean 10%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110a d\u1ea1ng h\u00f3a gi\u1eefa c\u00e1c <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n giao d\u1ecbch<\/b> kh\u00e1c nhau \u1edf Brazil n\u00ean xem x\u00e9t kh\u00f4ng ch\u1ec9 c\u00e1c ng\u00e0nh truy\u1ec1n th\u1ed1ng m\u00e0 c\u00f2n c\u00e1c y\u1ebfu t\u1ed1 c\u1ee5 th\u1ec3 nh\u01b0: ti\u1ebfp x\u00fac v\u1edbi c\u00e1c khu v\u1ef1c kh\u00e1c nhau c\u1ee7a \u0111\u1ea5t n\u01b0\u1edbc (\u0110\u00f4ng Nam so v\u1edbi \u0110\u00f4ng B\u1eafc, n\u01a1i t\u0103ng tr\u01b0\u1edfng GDP cao h\u01a1n 1,8% trong 3 n\u0103m qua), \u0111\u1ed9 nh\u1ea1y c\u1ea3m v\u1edbi chu k\u1ef3 ch\u00ednh tr\u1ecb (c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft so v\u1edbi c\u00f4ng ty t\u1ef1 do), v\u00e0 m\u1ee9c \u0111\u1ed9 b\u1ea3o v\u1ec7 ch\u1ed1ng l\u1ea1m ph\u00e1t (c\u00e1c c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ecbnh gi\u00e1, c\u00f3 kh\u1ea3 n\u0103ng chuy\u1ec3n chi ph\u00ed t\u0103ng l\u00ean).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u01b0\u01a1ng ph\u00e1p c\u1ee5 th\u1ec3 \u0111\u1ec3 ph\u00e2n t\u00edch t\u1eebng lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed7i <b>lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> \u0111\u00f2i h\u1ecfi c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch c\u1ee5 th\u1ec3, th\u00edch \u1ee9ng v\u1edbi c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m ri\u00eang c\u1ee7a ch\u00fang v\u00e0 b\u1ed1i c\u1ea3nh kinh t\u1ebf Brazil.<\/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>Lo\u1ea1i ph\u00e2n t\u00edch<\/th>\n<th>Ch\u1ec9 s\u1ed1 li\u00ean quan trong b\u1ed1i c\u1ea3nh Brazil<\/th>\n<th>\u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n cho Gi\u00e1 tr\u1ecb<\/td>\n<td>P\/E \u0111i\u1ec1u ch\u1ec9nh theo CDI, P\/B so v\u1edbi ROE, L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c so v\u1edbi t\u1ef7 l\u1ec7 Selic, N\u1ee3 r\u00f2ng\/EBITDA trong quan \u0111i\u1ec3m ng\u00e0nh<\/td>\n<td>X\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng ty nh\u01b0 Ita\u00fasa (ITSA4) giao d\u1ecbch v\u1edbi P\/B 1.4x trong khi t\u1ea1o ra ROE 16.5% &#8211; gi\u1ea3m gi\u00e1 30% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e2n t\u00edch T\u0103ng tr\u01b0\u1edfng<\/td>\n<td>TAM (T\u1ed5ng th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn) \u1edf Brazil, th\u00e2m nh\u1eadp hi\u1ec7n t\u1ea1i so v\u1edbi ti\u1ec1m n\u0103ng, l\u1ee3i th\u1ebf c\u1ea1nh tranh \u0111\u1ecba ph\u01b0\u01a1ng, EV\/EBITDA hi\u1ec7n t\u1ea1i so v\u1edbi d\u1ef1 ki\u1ebfn<\/td>\n<td>\u0110\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty nh\u01b0 Locaweb (LWSA3) xem x\u00e9t ti\u1ec1m n\u0103ng m\u1edf r\u1ed9ng c\u1ee7a h\u1ecd trong th\u1ecb tr\u01b0\u1eddng l\u01b0u tr\u1eef v\u00e0 d\u1ecbch v\u1ee5 k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a Brazil, t\u0103ng tr\u01b0\u1edfng 23% m\u1ed7i n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e2n t\u00edch K\u1ef9 thu\u1eadt Th\u00edch \u1ee9ng<\/td>\n<td>Kh\u1ed1i l\u01b0\u1ee3ng \u0111i\u1ec1u ch\u1ec9nh theo thanh kho\u1ea3n trung b\u00ecnh c\u1ee7a Brazil, h\u1ed7 tr\u1ee3\/kh\u00e1ng c\u1ef1 t\u1ea1i c\u00e1c \u0111i\u1ec3m quan t\u00e2m c\u1ee7a B3, c\u00e1c \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng c\u1ee5 th\u1ec3 (17 v\u00e0 34 k\u1ef3)<\/td>\n<td>Xem x\u00e9t c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m nh\u01b0 hi\u1ec7u \u1ee9ng &#8220;d\u00f2ng ch\u1ea3y n\u01b0\u1edbc ngo\u00e0i&#8221;, ch\u1ecbu tr\u00e1ch nhi\u1ec7m cho 46% kh\u1ed1i l\u01b0\u1ee3ng tr\u00ean B3 v\u00e0 c\u00f3 h\u00e0nh vi kh\u00e1c bi\u1ec7t so v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecba ph\u01b0\u01a1ng<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e2n t\u00edch \u0110\u1ecbnh l\u01b0\u1ee3ng cho Brazil<\/td>\n<td>Beta li\u00ean quan \u0111\u1ebfn Ibovespa, t\u01b0\u01a1ng quan v\u1edbi t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i v\u00e0 t\u1ef7 l\u1ec7 Selic, bi\u1ebfn \u0111\u1ed9ng trong c\u00e1c k\u1ef3 b\u1ea7u c\u1eed, kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i trong c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng \u0111\u1ecba ph\u01b0\u01a1ng<\/td>\n<td>X\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 b\u1ec1n v\u1eefng v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a Brazil, nh\u01b0 bi\u1ec3u t\u00ecnh, \u0111\u00ecnh c\u00f4ng, v\u00e0 thay \u0111\u1ed5i quy \u0111\u1ecbnh ng\u00e0nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ed9c quy\u1ec1n xem x\u00e9t c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil. V\u00ed d\u1ee5, ch\u1ec9 s\u1ed1 &#8220;\u0111\u1ed9 nh\u1ea1y Selic&#8221; c\u1ee7a n\u00f3 \u0111\u1ecbnh l\u01b0\u1ee3ng t\u00e1c \u0111\u1ed9ng l\u1ecbch s\u1eed c\u1ee7a c\u00e1c thay \u0111\u1ed5i trong t\u1ef7 l\u1ec7 c\u01a1 b\u1ea3n \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e0nh v\u00e0 c\u00f4ng ty kh\u00e1c nhau, cho ph\u00e9p \u0111i\u1ec1u ch\u1ec9nh ph\u00f2ng ng\u1eeba trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 tr\u01b0\u1edbc c\u00e1c cu\u1ed9c h\u1ecdp c\u1ee7a COPOM.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 Brazil, c\u00e1c ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3 nh\u01b0 CAC (Chi ph\u00ed thu h\u00fat kh\u00e1ch h\u00e0ng) so v\u1edbi LTV (Gi\u00e1 tr\u1ecb tr\u1ecdn \u0111\u1eddi c\u1ee7a kh\u00e1ch h\u00e0ng) c\u00f3 \u00fd ngh\u0129a \u0111\u1eb7c bi\u1ec7t do chi ph\u00ed v\u1ed1n cao h\u01a1n \u1edf Brazil. M\u1ed9t quy t\u1eafc th\u1ef1c t\u1ebf l\u00e0, tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, t\u1ef7 l\u1ec7 LTV\/CAC ph\u1ea3i \u00edt nh\u1ea5t l\u00e0 4:1 \u0111\u1ec3 bi\u1ec7n minh cho m\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c, trong khi \u1edf M\u1ef9 3:1 \u0111\u00e3 \u0111\u01b0\u1ee3c coi l\u00e0 \u0111\u1ee7.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh t\u1ea5t c\u1ea3 c\u00e1c b\u1ed9i s\u1ed1 theo CDI\/Selic. V\u00ed d\u1ee5, trong khi P\/E 15 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 &#8220;r\u1ebb&#8221; \u1edf M\u1ef9 v\u1edbi l\u00e3i su\u1ea5t 3%, \u1edf Brazil, v\u1edbi Selic \u1edf m\u1ee9c 10,5%, c\u00f9ng m\u1ed9t P\/E s\u1ebd \u0111\u1ea1i di\u1ec7n cho m\u1ed9t \u0111\u1ecbnh gi\u00e1 \u0111\u1eaft h\u01a1n \u0111\u00e1ng k\u1ec3. Pocket Option s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh CAPM th\u00edch \u1ee9ng v\u1edbi Brazil, k\u1ebft h\u1ee3p r\u1ee7i ro qu\u1ed1c gia hi\u1ec7n t\u1ea1i l\u00e0 2,53% (JP Morgan EMBI+) trong c\u00e1c ph\u00e2n t\u00edch c\u1ee7a m\u00ecnh.<\/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 th\u1ef1c t\u1ebf cho c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed7i lo\u1ea1i c\u1ed5 phi\u1ebfu ph\u1ea3n \u1ee9ng t\u1ed1t h\u01a1n v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3, \u0111\u1eb7c bi\u1ec7t khi th\u00edch \u1ee9ng v\u1edbi c\u00e1c \u0111\u1eb7c th\u00f9 v\u1ec1 thu\u1ebf, quy \u0111\u1ecbnh v\u00e0 kinh t\u1ebf c\u1ee7a Brazil.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c \u1edf Brazil<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Brazil cung c\u1ea5p m\u1ed9t l\u1ee3i th\u1ebf thu\u1ebf \u0111\u1ed9c \u0111\u00e1o cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c: mi\u1ec5n thu\u1ebf thu nh\u1eadp ho\u00e0n to\u00e0n tr\u00ean c\u00e1c kho\u1ea3n thu nh\u1eadp n\u00e0y, trong khi l\u1ee3i nhu\u1eadn v\u1ed1n b\u1ecb \u0111\u00e1nh thu\u1ebf 15% (ho\u1eb7c 20% cho c\u00e1c giao d\u1ecbch trong ng\u00e0y). S\u1ef1 b\u1ea5t \u0111\u1ed1i x\u1ee9ng thu\u1ebf n\u00e0y l\u00e0m cho chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3:<\/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'>Ch\u1ecdn c\u00e1c c\u00f4ng ty c\u00f3 l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c t\u1ed1i thi\u1ec3u 6% m\u1ed7i n\u0103m v\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 b\u1ec1n v\u1eefng (d\u01b0\u1edbi 80% cho c\u00e1c ng\u00e0nh chu k\u1ef3, l\u00ean \u0111\u1ebfn 95% cho c\u00e1c ti\u1ec7n \u00edch c\u00f3 doanh thu \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u01afu ti\u00ean c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed \u00edt nh\u1ea5t 5 n\u0103m li\u00ean ti\u1ebfp t\u0103ng ho\u1eb7c \u1ed5n \u0111\u1ecbnh c\u00e1c kho\u1ea3n thanh to\u00e1n, nh\u01b0 Taesa \u0111\u00e3 t\u0103ng c\u1ed5 t\u1ee9c trung b\u00ecnh 8,2% m\u1ed7i n\u0103m 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'>\u0110a d\u1ea1ng h\u00f3a gi\u1eefa c\u00e1c ng\u00e0nh c\u00f3 t\u00ednh m\u00f9a v\u1ee5 thanh to\u00e1n kh\u00e1c nhau: ng\u00e2n h\u00e0ng (th\u00e1ng 2\/th\u00e1ng 8), c\u00f4ng ty \u0111i\u1ec7n (th\u00e1ng 5\/th\u00e1ng 11), c\u00f4ng ty b\u1ea3o hi\u1ec3m (th\u00e1ng 3\/th\u00e1ng 9)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Xem x\u00e9t &#8220;ch\u00eanh l\u1ec7ch c\u1ed5 t\u1ee9c&#8221; c\u1ee7a Brazil: mua c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc k\u1ef3 h\u1ea1n c\u1ed5 t\u1ee9c v\u00e0 b\u00e1n ch\u00fang sau khi thanh to\u00e1n, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 3,2% tr\u00ean CDI trong 24 th\u00e1ng qua<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t &#8220;L\u1ecbch c\u1ed5 t\u1ee9c&#8221; c\u1ea3nh b\u00e1o v\u1ec1 c\u00e1c ng\u00e0y quan tr\u1ecdng (ng\u00e0y cu\u1ed1i c\u00f9ng c\u00f3 quy\u1ec1n, thanh to\u00e1n th\u1ef1c t\u1ebf) v\u00e0 t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c r\u00f2ng xem x\u00e9t c\u00e1c kh\u00eda c\u1ea1nh c\u1ee5 th\u1ec3 nh\u01b0 JCP (L\u00e3i tr\u00ean v\u1ed1n t\u1ef1 c\u00f3), m\u1ed9t h\u00ecnh th\u1ee9c ph\u00e2n ph\u1ed1i ph\u1ed5 bi\u1ebfn \u1edf Brazil ch\u1ecbu kh\u1ea5u tr\u1eeb 15% t\u1ea1i ngu\u1ed3n, nh\u01b0ng t\u1ea1o ra l\u1ee3i \u00edch thu\u1ebf cho c\u00f4ng ty tr\u1ea3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, c\u00e1c c\u00f4ng ty holding nh\u01b0 Ita\u00fasa (ITSA4) v\u00e0 Bradespar (BRAP4) th\u01b0\u1eddng giao d\u1ecbch v\u1edbi &#8220;chi\u1ebft kh\u1ea5u holding&#8221; &#8212; s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang &#8212; hi\u1ec7n t\u1ea1i l\u00e0 21,7% cho Ita\u00fasa, t\u1ea1o ra c\u01a1 h\u1ed9i th\u00fa v\u1ecb cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o c\u1ed5 t\u1ee9c. C\u00e1c c\u00f4ng ty holding n\u00e0y ho\u1ea1t \u0111\u1ed9ng nh\u01b0 &#8220;ng\u01b0\u1eddi t\u1eadp trung&#8221; c\u1ed5 t\u1ee9c t\u1eeb nhi\u1ec1u c\u00f4ng ty, \u0111\u01a1n gi\u1ea3n h\u00f3a vi\u1ec7c qu\u1ea3n l\u00fd cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/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: C\u00e1ch x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng v\u1edbi c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau \u1edf Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>N\u1eafm v\u1eefng c\u00e1c <b>lo\u1ea1i c\u1ed5 phi\u1ebfu<\/b> kh\u00e1c nhau c\u00f3 s\u1eb5n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil ch\u1ec9 l\u00e0 b\u01b0\u1edbc \u0111\u1ea7u ti\u00ean \u0111\u1ec3 x\u00e2y d\u1ef1ng s\u1ef1 gi\u00e0u c\u00f3 b\u1ec1n v\u1eefng. S\u1ef1 kh\u00e1c bi\u1ec7t th\u1ef1c s\u1ef1 n\u1eb1m \u1edf kh\u1ea3 n\u0103ng k\u1ebft h\u1ee3p chi\u1ebfn l\u01b0\u1ee3c c\u00e1c lo\u1ea1i kh\u00e1c nhau n\u00e0y trong m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n h\u00f3a c\u00e2n b\u1eb1ng gi\u1eefa thu nh\u1eadp hi\u1ec7n t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil, \u0111\u01b0\u1ee3c \u0111\u1eb7c tr\u01b0ng b\u1edfi c\u00e1c chu k\u1ef3 kinh t\u1ebf ng\u1eafn h\u01a1n v\u00e0 r\u00f5 r\u1ec7t h\u01a1n (trung b\u00ecnh 3,2 n\u0103m so v\u1edbi 5,7 n\u0103m \u1edf M\u1ef9), \u0111a d\u1ea1ng h\u00f3a th\u00f4ng minh gi\u1eefa c\u00e1c <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n giao d\u1ecbch<\/b> kh\u00e1c nhau tr\u1edf n\u00ean c\u00e0ng quan tr\u1ecdng h\u01a1n. M\u1ed9t m\u00f4 h\u00ecnh hi\u1ec7u qu\u1ea3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil l\u00e0 ph\u01b0\u01a1ng ph\u00e1p &#8220;l\u00f5i-v\u1ec7 tinh&#8221;, n\u01a1i 60-70% danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 cho c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 t\u1eeb c\u00e1c ph\u00e2n kh\u00fac Novo Mercado v\u00e0 C\u1ea5p \u0111\u1ed9 2, b\u1ed5 sung b\u1edfi c\u00e1c v\u1ecb tr\u00ed nh\u1ecf h\u01a1n (5-10% m\u1ed7i v\u1ecb tr\u00ed) trong c\u00e1c small caps \u0111\u1ea7y h\u1ee9a h\u1eb9n v\u00e0 c\u00e1c BDR \u0111\u01b0\u1ee3c ch\u1ecdn l\u1ecdc.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option khuy\u1ebfn ngh\u1ecb r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil duy tr\u00ec k\u1ef7 lu\u1eadt ngay c\u1ea3 khi \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ecba ph\u01b0\u01a1ng. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 th\u1ef1c hi\u1ec7n c\u00e1c \u0111\u00f3ng g\u00f3p h\u00e0ng th\u00e1ng nh\u1ea5t qu\u00e1n v\u00e0o Ibovespa trong 15 n\u0103m qua, ngay c\u1ea3 khi tr\u1ea3i qua c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng nh\u01b0 n\u0103m 2008, b\u00e3i nhi\u1ec7m t\u1ed5ng th\u1ed1ng, v\u00e0 \u0111\u1ea1i d\u1ecbch, \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn trung b\u00ecnh h\u00e0ng n\u0103m 14,2%, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi CDI t\u00edch l\u0169y trong giai \u0111o\u1ea1n n\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u00e3y nh\u1edb r\u1eb1ng, b\u1ea5t k\u1ec3 <b>c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/b> m\u00e0 b\u1ea1n ch\u1ecdn, th\u00e0nh c\u00f4ng trong \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil \u0111\u00f2i h\u1ecfi s\u1ef1 th\u00edch \u1ee9ng li\u00ean t\u1ee5c v\u1edbi c\u00e1c thay \u0111\u1ed5i kinh t\u1ebf, quy \u0111\u1ecbnh v\u00e0 thu\u1ebf. S\u1ef1 kh\u00e1c bi\u1ec7t kh\u00f4ng ch\u1ec9 n\u1eb1m \u1edf vi\u1ec7c ch\u1ecdn c\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t nh\u1ea5t, m\u00e0 c\u00f2n \u1edf vi\u1ec7c x\u00e2y d\u1ef1ng m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee7a b\u1ea1n v\u00e0 li\u00ean t\u1ee5c \u0111i\u1ec1u ch\u1ec9nh n\u00f3 v\u1edbi th\u1ef1c t\u1ebf c\u1ee7a th\u1ecb tr\u01b0\u1eddng Brazil n\u0103ng \u0111\u1ed9ng.<\/p>\n<\/div>\n"},"faq":[{"question":"C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu an to\u00e0n nh\u1ea5t cho nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi b\u1eaft \u0111\u1ea7u \u1edf Brazil l\u00e0 g\u00ec?","answer":"\u0110\u1ed1i v\u1edbi ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u trong th\u1ecb tr\u01b0\u1eddng Brazil, c\u00e1c c\u1ed5 phi\u1ebfu an to\u00e0n nh\u1ea5t l\u00e0 blue chips c\u1ee7a Novo Mercado, \u0111\u1eb7c bi\u1ec7t t\u1eeb c\u00e1c ng\u00e0nh ph\u00f2ng th\u1ee7. C\u00e1c c\u00f4ng ty nh\u01b0 WEG (WEGE3), v\u1edbi m\u1ee9c t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh 18% m\u1ed7i n\u0103m trong th\u1eadp k\u1ef7 qua, Ambev (ABEV3), duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng tr\u00ean 30% ngay c\u1ea3 trong th\u1eddi k\u1ef3 suy tho\u00e1i, v\u00e0 Ita\u00fa Unibanco (ITUB4), v\u1edbi c\u00e1c d\u1ef1 ph\u00f2ng b\u1ea3o th\u1ee7 v\u00e0 ROE tr\u00ean 20%, k\u1ebft h\u1ee3p s\u1ee9c m\u1ea1nh t\u00e0i ch\u00ednh, qu\u1ea3n tr\u1ecb m\u1eabu m\u1ef1c v\u00e0 thanh kho\u1ea3n cao (kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng ng\u00e0y v\u01b0\u1ee3t qu\u00e1 R$200 tri\u1ec7u), cho ph\u00e9p v\u00e0o v\u00e0 ra m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1."},{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u1edf Brazil l\u00e0 g\u00ec?","answer":"T\u1ea1i Brazil, c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (ON) \u0111\u1ea3m b\u1ea3o quy\u1ec1n bi\u1ec3u quy\u1ebft t\u1ea1i c\u00e1c cu\u1ed9c h\u1ecdp c\u1ed5 \u0111\u00f4ng v\u00e0 tham gia tr\u1ef1c ti\u1ebfp v\u00e0o c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a c\u00f4ng ty, bao g\u1ed3m quy\u1ec1n b\u1ea7u ch\u1ecdn th\u00e0nh vi\u00ean c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. Ng\u01b0\u1ee3c l\u1ea1i, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PN) t\u1eeb b\u1ecf quy\u1ec1n ch\u00ednh tr\u1ecb n\u00e0y \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y c\u00e1c l\u1ee3i \u00edch kinh t\u1ebf c\u1ee5 th\u1ec3: c\u1ed5 t\u1ee9c \u00edt nh\u1ea5t cao h\u01a1n 25% so v\u1edbi ON (theo Lu\u1eadt 6.404\/76) v\u00e0 \u01b0u ti\u00ean trong vi\u1ec7c nh\u1eadn c\u00e1c gi\u00e1 tr\u1ecb n\u00e0y. L\u1ecbch s\u1eed cho th\u1ea5y, c\u00e1c PN c\u1ee7a Brazil c\u00f3 t\u00ednh thanh kho\u1ea3n cao h\u01a1n, v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng cao h\u01a1n 35% so v\u1edbi ON cho \u0111\u1ebfn n\u0103m 2015, nh\u01b0ng xu h\u01b0\u1edbng n\u00e0y \u0111\u00e3 \u0111\u1ea3o ng\u01b0\u1ee3c v\u1edbi s\u1ef1 m\u1edf r\u1ed9ng c\u1ee7a Novo Mercado, hi\u1ec7n \u0111\u00e3 chi\u1ebfm 64% gi\u00e1 tr\u1ecb c\u1ee7a B3 v\u00e0 y\u00eau c\u1ea7u ch\u1ec9 c\u00f3 c\u1ed5 phi\u1ebfu ON."},{"question":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c \u0111\u00e1nh thu\u1ebf nh\u01b0 th\u1ebf n\u00e0o \u1edf Brazil?","answer":"C\u1ed5 t\u1ee9c \u1edf Brazil ho\u00e0n to\u00e0n \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1 nh\u00e2n, b\u1ea5t k\u1ec3 s\u1ed1 l\u01b0\u1ee3ng hay t\u1ea7n su\u1ea5t ph\u00e2n ph\u1ed1i -- m\u1ed9t l\u1ee3i th\u1ebf thu\u1ebf \u0111\u00e1ng k\u1ec3 so v\u1edbi l\u00e3i v\u1ed1n, b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 15% (ho\u1eb7c 20% \u0111\u1ed1i v\u1edbi giao d\u1ecbch trong ng\u00e0y). L\u1ee3i \u00edch n\u00e0y \u00e1p d\u1ee5ng cho c\u1ea3 c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng v\u00e0 L\u00e3i tr\u00ean V\u1ed1n T\u1ef1 C\u00f3 (JSCPs), m\u1eb7c d\u00f9 lo\u1ea1i sau ph\u1ea3i ch\u1ecbu thu\u1ebf kh\u1ea5u tr\u1eeb 15%. Ch\u1ebf \u0111\u1ed9 thu\u1ebf \u01b0u \u0111\u00e3i n\u00e0y gi\u1ea3i th\u00edch t\u1ea1i sao l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh c\u1ee7a c\u00e1c c\u00f4ng ty Brazil (5,8%) cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng nh\u01b0 M\u1ef9 (1,7%) v\u00e0 Ch\u00e2u \u00c2u (3,2%)."},{"question":"T\u1ea1i sao m\u1ed9t s\u1ed1 m\u00e3 c\u1ed5 phi\u1ebfu Brazil c\u00f3 m\u00e3 k\u1ebft th\u00fac b\u1eb1ng 3, 4 ho\u1eb7c 11?","answer":"Trong h\u1ec7 th\u1ed1ng B3, c\u00e1c s\u1ed1 cu\u1ed1i c\u1ee7a m\u00e3 giao d\u1ecbch x\u00e1c \u0111\u1ecbnh lo\u1ea1i ch\u1ee9ng kho\u00e1n c\u1ee5 th\u1ec3: m\u00e3 k\u1ebft th\u00fac b\u1eb1ng 3 (nh\u01b0 VALE3) \u0111\u1ea1i di\u1ec7n cho c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (ON), c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft; nh\u1eefng m\u00e3 k\u1ebft th\u00fac b\u1eb1ng 4 (nh\u01b0 PETR4) l\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PN), th\u01b0\u1eddng kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft nh\u01b0ng c\u00f3 l\u1ee3i th\u1ebf kinh t\u1ebf; trong khi nh\u1eefng m\u00e3 k\u1ebft th\u00fac b\u1eb1ng 11 (nh\u01b0 TAEE11 ho\u1eb7c SANB11) ch\u1ec9 ra c\u00e1c \u0111\u01a1n v\u1ecb -- g\u00f3i k\u1ebft h\u1ee3p c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau t\u1eeb c\u00f9ng m\u1ed9t c\u00f4ng ty, th\u01b0\u1eddng l\u00e0 1 ON + 2 PNs, cung c\u1ea5p cho nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ef1 c\u00e2n b\u1eb1ng gi\u1eefa quy\u1ec1n ch\u00ednh tr\u1ecb v\u00e0 kinh t\u1ebf \u0111\u1ed3ng th\u1eddi."},{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa vi\u1ec7c \u0111\u1ea7u t\u01b0 tr\u1ef1c ti\u1ebfp v\u00e0o c\u1ed5 phi\u1ebfu v\u00e0 th\u00f4ng qua c\u00e1c qu\u1ef9 ho\u1eb7c ETF tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 g\u00ec?","answer":"\u0110\u1ea7u t\u01b0 tr\u1ef1c ti\u1ebfp v\u00e0o c\u1ed5 phi\u1ebfu \u1edf Brazil cung c\u1ea5p quy\u1ec1n ki\u1ec3m so\u00e1t ho\u00e0n to\u00e0n v\u1ec1 vi\u1ec7c l\u1ef1a ch\u1ecdn c\u00f4ng ty, th\u1eddi \u0111i\u1ec3m ho\u1ea1t \u0111\u1ed9ng v\u00e0 l\u1eadp k\u1ebf ho\u1ea1ch thu\u1ebf hi\u1ec7u qu\u1ea3 (ch\u1eb3ng h\u1ea1n nh\u01b0 s\u1eed d\u1ee5ng l\u1ed7 \u0111\u1ec3 b\u00f9 \u0111\u1eafp l\u00e3i), c\u0169ng nh\u01b0 mi\u1ec5n thu\u1ebf c\u1ed5 t\u1ee9c. M\u1eb7t kh\u00e1c, c\u00e1c qu\u1ef9 c\u1ed5 phi\u1ebfu v\u00e0 ETF c\u1ee7a Brazil cung c\u1ea5p s\u1ef1 \u0111a d\u1ea1ng h\u00f3a t\u1ee9c th\u00ec v\u1edbi c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 b\u1eaft \u0111\u1ea7u t\u1eeb R$100 v\u00e0 qu\u1ea3n l\u00fd chuy\u00ean nghi\u1ec7p, nh\u01b0ng t\u00ednh ph\u00ed qu\u1ea3n l\u00fd (trung b\u00ecnh 1,8% m\u1ed7i n\u0103m cho c\u00e1c qu\u1ef9 ch\u1ee7 \u0111\u1ed9ng v\u00e0 0,5% cho ETF) v\u00e0 c\u00f3 ch\u1ebf \u0111\u1ed9 thu\u1ebf k\u00e9m thu\u1eadn l\u1ee3i h\u01a1n, v\u1edbi m\u1ee9c thu\u1ebf ti\u00eau chu\u1ea9n 15% tr\u00ean thu nh\u1eadp b\u1ea5t k\u1ec3 ngu\u1ed3n g\u1ed1c (l\u00e3i v\u1ed1n hay c\u1ed5 t\u1ee9c) v\u00e0 b\u1ea3ng thu\u1ebf l\u0169y tho\u00e1i b\u1eaft \u0111\u1ea7u t\u1eeb 22,5% cho c\u00e1c kho\u1ea3n mua l\u1ea1i tr\u01b0\u1edbc 180 ng\u00e0y."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu an to\u00e0n nh\u1ea5t cho nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi b\u1eaft \u0111\u1ea7u \u1edf Brazil l\u00e0 g\u00ec?","answer":"\u0110\u1ed1i v\u1edbi ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u trong th\u1ecb tr\u01b0\u1eddng Brazil, c\u00e1c c\u1ed5 phi\u1ebfu an to\u00e0n nh\u1ea5t l\u00e0 blue chips c\u1ee7a Novo Mercado, \u0111\u1eb7c bi\u1ec7t t\u1eeb c\u00e1c ng\u00e0nh ph\u00f2ng th\u1ee7. C\u00e1c c\u00f4ng ty nh\u01b0 WEG (WEGE3), v\u1edbi m\u1ee9c t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh 18% m\u1ed7i n\u0103m trong th\u1eadp k\u1ef7 qua, Ambev (ABEV3), duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng tr\u00ean 30% ngay c\u1ea3 trong th\u1eddi k\u1ef3 suy tho\u00e1i, v\u00e0 Ita\u00fa Unibanco (ITUB4), v\u1edbi c\u00e1c d\u1ef1 ph\u00f2ng b\u1ea3o th\u1ee7 v\u00e0 ROE tr\u00ean 20%, k\u1ebft h\u1ee3p s\u1ee9c m\u1ea1nh t\u00e0i ch\u00ednh, qu\u1ea3n tr\u1ecb m\u1eabu m\u1ef1c v\u00e0 thanh kho\u1ea3n cao (kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng ng\u00e0y v\u01b0\u1ee3t qu\u00e1 R$200 tri\u1ec7u), cho ph\u00e9p v\u00e0o v\u00e0 ra m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1."},{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u1edf Brazil l\u00e0 g\u00ec?","answer":"T\u1ea1i Brazil, c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (ON) \u0111\u1ea3m b\u1ea3o quy\u1ec1n bi\u1ec3u quy\u1ebft t\u1ea1i c\u00e1c cu\u1ed9c h\u1ecdp c\u1ed5 \u0111\u00f4ng v\u00e0 tham gia tr\u1ef1c ti\u1ebfp v\u00e0o c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a c\u00f4ng ty, bao g\u1ed3m quy\u1ec1n b\u1ea7u ch\u1ecdn th\u00e0nh vi\u00ean c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. Ng\u01b0\u1ee3c l\u1ea1i, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PN) t\u1eeb b\u1ecf quy\u1ec1n ch\u00ednh tr\u1ecb n\u00e0y \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y c\u00e1c l\u1ee3i \u00edch kinh t\u1ebf c\u1ee5 th\u1ec3: c\u1ed5 t\u1ee9c \u00edt nh\u1ea5t cao h\u01a1n 25% so v\u1edbi ON (theo Lu\u1eadt 6.404\/76) v\u00e0 \u01b0u ti\u00ean trong vi\u1ec7c nh\u1eadn c\u00e1c gi\u00e1 tr\u1ecb n\u00e0y. L\u1ecbch s\u1eed cho th\u1ea5y, c\u00e1c PN c\u1ee7a Brazil c\u00f3 t\u00ednh thanh kho\u1ea3n cao h\u01a1n, v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng cao h\u01a1n 35% so v\u1edbi ON cho \u0111\u1ebfn n\u0103m 2015, nh\u01b0ng xu h\u01b0\u1edbng n\u00e0y \u0111\u00e3 \u0111\u1ea3o ng\u01b0\u1ee3c v\u1edbi s\u1ef1 m\u1edf r\u1ed9ng c\u1ee7a Novo Mercado, hi\u1ec7n \u0111\u00e3 chi\u1ebfm 64% gi\u00e1 tr\u1ecb c\u1ee7a B3 v\u00e0 y\u00eau c\u1ea7u ch\u1ec9 c\u00f3 c\u1ed5 phi\u1ebfu ON."},{"question":"C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c \u0111\u00e1nh thu\u1ebf nh\u01b0 th\u1ebf n\u00e0o \u1edf Brazil?","answer":"C\u1ed5 t\u1ee9c \u1edf Brazil ho\u00e0n to\u00e0n \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1 nh\u00e2n, b\u1ea5t k\u1ec3 s\u1ed1 l\u01b0\u1ee3ng hay t\u1ea7n su\u1ea5t ph\u00e2n ph\u1ed1i -- m\u1ed9t l\u1ee3i th\u1ebf thu\u1ebf \u0111\u00e1ng k\u1ec3 so v\u1edbi l\u00e3i v\u1ed1n, b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 15% (ho\u1eb7c 20% \u0111\u1ed1i v\u1edbi giao d\u1ecbch trong ng\u00e0y). L\u1ee3i \u00edch n\u00e0y \u00e1p d\u1ee5ng cho c\u1ea3 c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng v\u00e0 L\u00e3i tr\u00ean V\u1ed1n T\u1ef1 C\u00f3 (JSCPs), m\u1eb7c d\u00f9 lo\u1ea1i sau ph\u1ea3i ch\u1ecbu thu\u1ebf kh\u1ea5u tr\u1eeb 15%. Ch\u1ebf \u0111\u1ed9 thu\u1ebf \u01b0u \u0111\u00e3i n\u00e0y gi\u1ea3i th\u00edch t\u1ea1i sao l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c trung b\u00ecnh c\u1ee7a c\u00e1c c\u00f4ng ty Brazil (5,8%) cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng nh\u01b0 M\u1ef9 (1,7%) v\u00e0 Ch\u00e2u \u00c2u (3,2%)."},{"question":"T\u1ea1i sao m\u1ed9t s\u1ed1 m\u00e3 c\u1ed5 phi\u1ebfu Brazil c\u00f3 m\u00e3 k\u1ebft th\u00fac b\u1eb1ng 3, 4 ho\u1eb7c 11?","answer":"Trong h\u1ec7 th\u1ed1ng B3, c\u00e1c s\u1ed1 cu\u1ed1i c\u1ee7a m\u00e3 giao d\u1ecbch x\u00e1c \u0111\u1ecbnh lo\u1ea1i ch\u1ee9ng kho\u00e1n c\u1ee5 th\u1ec3: m\u00e3 k\u1ebft th\u00fac b\u1eb1ng 3 (nh\u01b0 VALE3) \u0111\u1ea1i di\u1ec7n cho c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng (ON), c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft; nh\u1eefng m\u00e3 k\u1ebft th\u00fac b\u1eb1ng 4 (nh\u01b0 PETR4) l\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (PN), th\u01b0\u1eddng kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft nh\u01b0ng c\u00f3 l\u1ee3i th\u1ebf kinh t\u1ebf; trong khi nh\u1eefng m\u00e3 k\u1ebft th\u00fac b\u1eb1ng 11 (nh\u01b0 TAEE11 ho\u1eb7c SANB11) ch\u1ec9 ra c\u00e1c \u0111\u01a1n v\u1ecb -- g\u00f3i k\u1ebft h\u1ee3p c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau t\u1eeb c\u00f9ng m\u1ed9t c\u00f4ng ty, th\u01b0\u1eddng l\u00e0 1 ON + 2 PNs, cung c\u1ea5p cho nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ef1 c\u00e2n b\u1eb1ng gi\u1eefa quy\u1ec1n ch\u00ednh tr\u1ecb v\u00e0 kinh t\u1ebf \u0111\u1ed3ng th\u1eddi."},{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa vi\u1ec7c \u0111\u1ea7u t\u01b0 tr\u1ef1c ti\u1ebfp v\u00e0o c\u1ed5 phi\u1ebfu v\u00e0 th\u00f4ng qua c\u00e1c qu\u1ef9 ho\u1eb7c ETF tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil l\u00e0 g\u00ec?","answer":"\u0110\u1ea7u t\u01b0 tr\u1ef1c ti\u1ebfp v\u00e0o c\u1ed5 phi\u1ebfu \u1edf Brazil cung c\u1ea5p quy\u1ec1n ki\u1ec3m so\u00e1t ho\u00e0n to\u00e0n v\u1ec1 vi\u1ec7c l\u1ef1a ch\u1ecdn c\u00f4ng ty, th\u1eddi \u0111i\u1ec3m ho\u1ea1t \u0111\u1ed9ng v\u00e0 l\u1eadp k\u1ebf ho\u1ea1ch thu\u1ebf hi\u1ec7u qu\u1ea3 (ch\u1eb3ng h\u1ea1n nh\u01b0 s\u1eed d\u1ee5ng l\u1ed7 \u0111\u1ec3 b\u00f9 \u0111\u1eafp l\u00e3i), c\u0169ng nh\u01b0 mi\u1ec5n thu\u1ebf c\u1ed5 t\u1ee9c. M\u1eb7t kh\u00e1c, c\u00e1c qu\u1ef9 c\u1ed5 phi\u1ebfu v\u00e0 ETF c\u1ee7a Brazil cung c\u1ea5p s\u1ef1 \u0111a d\u1ea1ng h\u00f3a t\u1ee9c th\u00ec v\u1edbi c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 b\u1eaft \u0111\u1ea7u t\u1eeb R$100 v\u00e0 qu\u1ea3n l\u00fd chuy\u00ean nghi\u1ec7p, nh\u01b0ng t\u00ednh ph\u00ed qu\u1ea3n l\u00fd (trung b\u00ecnh 1,8% m\u1ed7i n\u0103m cho c\u00e1c qu\u1ef9 ch\u1ee7 \u0111\u1ed9ng v\u00e0 0,5% cho ETF) v\u00e0 c\u00f3 ch\u1ebf \u0111\u1ed9 thu\u1ebf k\u00e9m thu\u1eadn l\u1ee3i h\u01a1n, v\u1edbi m\u1ee9c thu\u1ebf ti\u00eau chu\u1ea9n 15% tr\u00ean thu nh\u1eadp b\u1ea5t k\u1ec3 ngu\u1ed3n g\u1ed1c (l\u00e3i v\u1ed1n hay c\u1ed5 t\u1ee9c) v\u00e0 b\u1ea3ng thu\u1ebf l\u0169y tho\u00e1i b\u1eaft \u0111\u1ea7u t\u1eeb 22,5% cho c\u00e1c kho\u1ea3n mua l\u1ea1i tr\u01b0\u1edbc 180 ng\u00e0y."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - 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