{"id":327413,"date":"2025-08-01T02:16:18","date_gmt":"2025-08-01T02:16:18","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/vz-stock-price-dividend-2\/"},"modified":"2025-08-01T02:16:18","modified_gmt":"2025-08-01T02:16:18","slug":"vz-stock-price-dividend","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/news-events\/vz-stock-price-dividend\/","title":{"rendered":"Gi\u00e1 C\u1ed5 Phi\u1ebfu VZ C\u1ed5 T\u1ee9c: 7 Sai L\u1ea7m \u0110\u1eaft Gi\u00e1 L\u00e0m Gi\u1ea3m L\u1ee3i Nhu\u1eadn C\u1ee7a B\u1ea1n"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":327397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[39,40,45],"class_list":["post-327413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-events","tag-platform","tag-signal","tag-stock"],"acf":{"h1":"Ph\u00e2n T\u00edch C\u1ed5 T\u1ee9c Gi\u00e1 C\u1ed5 Phi\u1ebfu VZ c\u1ee7a Pocket Option","h1_source":{"label":"H1","type":"text","formatted_value":"Ph\u00e2n T\u00edch C\u1ed5 T\u1ee9c Gi\u00e1 C\u1ed5 Phi\u1ebfu VZ c\u1ee7a Pocket Option"},"description":"Ph\u00e2n t\u00edch c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu VZ ti\u1ebft l\u1ed9 c\u00e1ch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea5t 15-40% l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng th\u00f4ng qua nh\u1eefng sai l\u1ea7m c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c. Kh\u00e1m ph\u00e1 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option tr\u01b0\u1edbc khi b\u1ea1n \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh c\u1ed5 t\u1ee9c ti\u1ebfp theo.","description_source":{"label":"Description","type":"textarea","formatted_value":"Ph\u00e2n t\u00edch c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu VZ ti\u1ebft l\u1ed9 c\u00e1ch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea5t 15-40% l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng th\u00f4ng qua nh\u1eefng sai l\u1ea7m c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c. Kh\u00e1m ph\u00e1 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option tr\u01b0\u1edbc khi b\u1ea1n \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh c\u1ed5 t\u1ee9c ti\u1ebfp theo."},"intro":"\u0110i\u1ec1u h\u01b0\u1edbng \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi k\u1ef9 n\u0103ng ph\u00e2n t\u00edch c\u1ee5 th\u1ec3 m\u00e0 72% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb thi\u1ebfu khi \u0111\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty nh\u01b0 Verizon (VZ). Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n n\u00e0y x\u00e1c \u0111\u1ecbnh b\u1ea3y quan ni\u1ec7m sai l\u1ea7m v\u00e0 sai l\u1ea7m chi\u1ebfn thu\u1eadt g\u00e2y t\u1ed5n h\u1ea1i nh\u1ea5t m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eafc ph\u1ea3i khi ph\u00e2n t\u00edch c\u00e1c y\u1ebfu t\u1ed1 c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu VZ, cung c\u1ea5p c\u00e1c khung h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 bi\u1ebfn nh\u1eefng sai l\u1ea7m ph\u1ed5 bi\u1ebfn n\u00e0y th\u00e0nh c\u01a1 h\u1ed9i sinh l\u1ee3i th\u00f4ng qua vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean d\u1eef li\u1ec7u.","intro_source":{"label":"Intro","type":"text","formatted_value":"\u0110i\u1ec1u h\u01b0\u1edbng \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c vi\u1ec5n th\u00f4ng \u0111\u00f2i h\u1ecfi k\u1ef9 n\u0103ng ph\u00e2n t\u00edch c\u1ee5 th\u1ec3 m\u00e0 72% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb thi\u1ebfu khi \u0111\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty nh\u01b0 Verizon (VZ). Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n n\u00e0y x\u00e1c \u0111\u1ecbnh b\u1ea3y quan ni\u1ec7m sai l\u1ea7m v\u00e0 sai l\u1ea7m chi\u1ebfn thu\u1eadt g\u00e2y t\u1ed5n h\u1ea1i nh\u1ea5t m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eafc ph\u1ea3i khi ph\u00e2n t\u00edch c\u00e1c y\u1ebfu t\u1ed1 c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu VZ, cung c\u1ea5p c\u00e1c khung h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 bi\u1ebfn nh\u1eefng sai l\u1ea7m ph\u1ed5 bi\u1ebfn n\u00e0y th\u00e0nh c\u01a1 h\u1ed9i sinh l\u1ee3i th\u00f4ng qua vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean d\u1eef li\u1ec7u."},"body_html":"<div class=\"custom-html-container\">\n<h2>B\u1eaby C\u1ed5 T\u1ee9c: Hi\u1ec3u Sai T\u00edn Hi\u1ec7u L\u1ee3i Su\u1ea5t Trong C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2>\nKhi \u0111\u00e1nh gi\u00e1 c\u00e1c m\u00f4 h\u00ecnh c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz, 68% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb r\u01a1i v\u00e0o b\u1eaby l\u1ee3i su\u1ea5t c\u1ed5 \u0111i\u1ec3n - t\u1ef1 \u0111\u1ed9ng mua khi th\u1ea5y l\u1ee3i su\u1ea5t c\u1ee7a Verizon t\u0103ng t\u1eeb 5% l\u00ean 7%, hi\u1ec3u sai nguy hi\u1ec3m th\u00e0nh c\u01a1 h\u1ed9i. S\u1ef1 hi\u1ec3u l\u1ea7m c\u01a1 b\u1ea3n n\u00e0y khi\u1ebfn c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o c\u1ed5 t\u1ee9c b\u1ecb k\u00e9m hi\u1ec7u qu\u1ea3 trung b\u00ecnh 23.5% trong \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a ng\u00e0nh vi\u1ec5n th\u00f4ng n\u0103m 2022, theo ph\u00e2n t\u00edch ng\u00e0nh c\u1ee7a Morningstar.\n\nL\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c vz t\u0103ng l\u00ean v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc b\u00e1o hi\u1ec7u r\u1eafc r\u1ed1i ti\u1ec1m \u1ea9n - kh\u00f4ng ph\u1ea3i c\u01a1 h\u1ed9i. K\u1ec3 t\u1eeb n\u0103m 2010, gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Verizon \u0111\u00e3 gi\u1ea3m 86% th\u1eddi gian khi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a n\u00f3 v\u01b0\u1ee3t qu\u00e1 6.5%, cho th\u1ea5y m\u1ed1i quan h\u1ec7 ng\u01b0\u1ee3c gi\u1eefa l\u1ee3i su\u1ea5t v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu \u0111ang ho\u1ea1t \u0111\u1ed9ng. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 l\u1eb7p l\u1ea1i tr\u00ean to\u00e0n ng\u00e0nh vi\u1ec5n th\u00f4ng, nh\u01b0ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi li\u00ean t\u1ee5c mua ch\u00ednh x\u00e1c khi v\u1ed1n t\u1ed5 ch\u1ee9c \u0111ang tho\u00e1t kh\u1ecfi v\u1ecb tr\u00ed do c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n x\u1ea5u \u0111i.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>K\u1ecbch B\u1ea3n L\u1ee3i Su\u1ea5t<\/th>\n<th>Nh\u00e0 \u0110\u1ea7u T\u01b0 Ngh\u0129 G\u00ec<\/th>\n<th>Th\u01b0\u1eddng C\u00f3 Ngh\u0129a L\u00e0<\/th>\n<th>T\u00e1c \u0110\u1ed9ng Th\u1ef1c T\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i su\u1ea5t t\u0103ng t\u1eeb 5% l\u00ean 7%<\/td>\n<td>\"C\u01a1 h\u1ed9i thu nh\u1eadp l\u1edbn h\u01a1n\"<\/td>\n<td>Gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m do lo ng\u1ea1i c\u01a1 b\u1ea3n<\/td>\n<td>V\u00ed d\u1ee5 Q2 2022: M\u1ea5t v\u1ed1n 20.3% trong 4 th\u00e1ng x\u00f3a s\u1ea1ch thu nh\u1eadp c\u1ed5 t\u1ee9c 3 n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t v\u01b0\u1ee3t xa trung b\u00ecnh ng\u00e0nh<\/td>\n<td>\"Khai th\u00e1c s\u1ef1 kh\u00f4ng hi\u1ec7u qu\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng\"<\/td>\n<td>Th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 r\u1ee7i ro c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c<\/td>\n<td>Nghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p AT&amp;T 2022: Gi\u1ea3m thu nh\u1eadp 42.7% khi c\u1eaft gi\u1ea3m d\u1ef1 ki\u1ebfn x\u1ea3y ra<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t t\u0103ng trong khi l\u1ee3i su\u1ea5t ng\u00e0nh \u1ed5n \u0111\u1ecbnh<\/td>\n<td>\"C\u01a1 h\u1ed9i c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty\"<\/td>\n<td>S\u1ef1 suy gi\u1ea3m c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty<\/td>\n<td>VZ k\u00e9m h\u01a1n T-Mobile 26.8% trong 2022-2023 m\u1eb7c d\u00f9 l\u1ee3i su\u1ea5t cao h\u01a1n 4.2%<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t t\u0103ng d\u1ea7n qua c\u00e1c n\u0103m<\/td>\n<td>\"\u0110\u1ea7u t\u01b0 thu nh\u1eadp c\u1ea3i thi\u1ec7n\"<\/td>\n<td>C\u00f3 th\u1ec3 t\u0103ng tr\u01b0\u1edfng ch\u1eadm h\u01a1n so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7<\/td>\n<td>L\u1ee3i su\u1ea5t 6.8% c\u1ee7a VZ so v\u1edbi 0.5% c\u1ee7a AAPL mang l\u1ea1i t\u1ed5ng l\u1ee3i nhu\u1eadn \u00edt h\u01a1n 31.4% trong 5 n\u0103m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nPh\u00e2n t\u00edch c\u00e1c m\u00f4 h\u00ecnh l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu vz l\u1ecbch s\u1eed th\u00f4ng qua bi\u1ec3u \u0111\u1ed3 so s\u00e1nh 10 n\u0103m c\u1ee7a Pocket Option cho th\u1ea5y b\u1eaby n\u00e0y l\u1eb7p l\u1ea1i li\u00ean t\u1ee5c. Khi l\u1ee3i su\u1ea5t c\u1ee7a Verizon t\u0103ng v\u1ecdt tr\u00ean 6.5% v\u00e0o c\u00e1c n\u0103m 2018, 2020 v\u00e0 2022, l\u1ee3i nhu\u1eadn 12 th\u00e1ng ti\u1ebfp theo trung b\u00ecnh l\u00e0 -8.7% m\u1eb7c d\u00f9 c\u00f3 c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c. M\u00f4 h\u00ecnh n\u00e0y xu\u1ea5t hi\u1ec7n v\u00ec c\u00e1c ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c c\u1ee7a c\u00f4ng ty th\u01b0\u1eddng ch\u1eadm h\u01a1n c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n kinh doanh t\u1eeb 12-18 th\u00e1ng, t\u1ea1o ra s\u1ef1 ch\u1eadm tr\u1ec5 t\u00edn hi\u1ec7u nguy hi\u1ec3m cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t.\n\nThay v\u00ec t\u1eadp trung v\u00e0o t\u1ef7 l\u1ec7 l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 vi\u1ec5n th\u00f4ng th\u00e0nh c\u00f4ng theo d\u00f5i b\u1ed1n ch\u1ec9 s\u1ed1 b\u1ec1n v\u1eefng quan tr\u1ecdng: t\u1ef7 l\u1ec7 bao ph\u1ee7 d\u00f2ng ti\u1ec1n t\u1ef1 do (hi\u1ec7n t\u1ea1i l\u00e0 78.4% cho VZ), t\u0103ng tr\u01b0\u1edfng thu\u00ea bao c\u1ea1nh tranh (\u00e2m 1.2% trong 2023), xu h\u01b0\u1edbng chi ti\u00eau v\u1ed1n (t\u0103ng 6.3% h\u00e0ng n\u0103m k\u1ec3 t\u1eeb 2020), v\u00e0 t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA (hi\u1ec7n t\u1ea1i l\u00e0 3.2x). C\u00e1c y\u1ebfu t\u1ed1 n\u00e0y c\u00f9ng nhau d\u1ef1 \u0111o\u00e1n t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c l\u1ecbch s\u1eed 83% k\u1ec3 t\u1eeb n\u0103m 2000.\n<h3>Sai L\u1ea7m T\u00ednh To\u00e1n T\u1ef7 L\u1ec7 Chi Tr\u1ea3<\/h3>\nNgo\u00e0i ph\u00e2n t\u00edch l\u1ee3i su\u1ea5t, t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu vz \u0111\u1ea1i di\u1ec7n cho m\u1ed9t l\u0129nh v\u1ef1c kh\u00e1c m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eafc l\u1ed7i ph\u00e2n b\u1ed5 h\u00e0ng n\u0103m 4.3 t\u1ef7 \u0111\u00f4 la, theo m\u1ed9t kh\u1ea3o s\u00e1t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c n\u0103m 2023. Theo nghi\u00ean c\u1ee9u, 61% nh\u00e0 \u0111\u1ea7u t\u01b0 vi\u1ec5n th\u00f4ng ch\u1ec9 d\u1ef1a v\u00e0o t\u1ef7 l\u1ec7 chi tr\u1ea3 d\u1ef1a tr\u00ean thu nh\u1eadp GAAP, \u0111i\u1ec1u n\u00e0y \u0111\u00e3 ph\u00f3ng \u0111\u1ea1i r\u1ee7i ro c\u1ed5 t\u1ee9c c\u1ee7a Verizon l\u00ean 35% trong giai \u0111o\u1ea1n 2020-2022.\n\nT\u00ednh to\u00e1n chi tr\u1ea3 ti\u00eau chu\u1ea9n (c\u1ed5 t\u1ee9c tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu chia cho thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu) h\u1ec7 th\u1ed1ng h\u00f3a vi\u1ec7c g\u00e2y hi\u1ec3u l\u1ea7m cho c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng c\u00f3 v\u1ed1n l\u1edbn. T\u1ef7 l\u1ec7 chi tr\u1ea3 d\u1ef1a tr\u00ean EPS c\u1ee7a Verizon trong Q4 2023 \u0111\u1ea1t 87.3%, tr\u00f4ng c\u00f3 v\u1ebb nguy hi\u1ec3m cao, trong khi t\u1ef7 l\u1ec7 chi tr\u1ea3 d\u00f2ng ti\u1ec1n t\u1ef1 do c\u00f3 li\u00ean quan h\u01a1n l\u00e0 58.6%. S\u1ef1 kh\u00e1c bi\u1ec7t t\u00ednh to\u00e1n 28.7% n\u00e0y d\u1eabn \u0111\u1ebfn c\u00e1c \u0111i\u1ec1u ch\u1ec9nh danh m\u1ee5c kh\u00f4ng c\u1ea7n thi\u1ebft khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea5t \u01b0\u1edbc t\u00ednh 842 tri\u1ec7u \u0111\u00f4 la trong chi ph\u00ed giao d\u1ecbch v\u00e0 c\u01a1 h\u1ed9i thu nh\u1eadp b\u1ecb b\u1ecf l\u1ee1 h\u00e0ng n\u0103m tr\u00ean to\u00e0n ng\u00e0nh.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i T\u1ef7 L\u1ec7 Chi Tr\u1ea3<\/th>\n<th>C\u00f4ng Th\u1ee9c<\/th>\n<th>\u0110\u1ecdc Hi\u1ec7n T\u1ea1i C\u1ee7a VZ<\/th>\n<th>C\u00e1ch Ti\u1ebfp C\u1eadn Ph\u00e2n T\u00edch \u0110\u00fang<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Chi Tr\u1ea3 Thu Nh\u1eadp GAAP<\/td>\n<td>C\u1ed5 t\u1ee9c \u00f7 EPS<\/td>\n<td>87.3% (Q4 2023)<\/td>\n<td>Nh\u1eadn ra s\u1ef1 ph\u00f3ng \u0111\u1ea1i r\u1ee7i ro 25-35% do t\u00e1c \u0111\u1ed9ng kh\u1ea5u hao h\u00e0ng n\u0103m 18.2 t\u1ef7 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>Chi Tr\u1ea3 D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td>\n<td>C\u1ed5 t\u1ee9c \u00f7 FCF tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu<\/td>\n<td>58.6% (Q4 2023)<\/td>\n<td>T\u00ednh to\u00e1n s\u1eed d\u1ee5ng FCF 12 th\u00e1ng tr\u01b0\u1edbc \u0111\u00f3 l\u00e0 18.7 t\u1ef7 \u0111\u00f4 la so v\u1edbi ngh\u0129a v\u1ee5 c\u1ed5 t\u1ee9c 11.0 t\u1ef7 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>Chi Tr\u1ea3 Thu Nh\u1eadp \u0110i\u1ec1u Ch\u1ec9nh<\/td>\n<td>C\u1ed5 t\u1ee9c \u00f7 EPS \u0110i\u1ec1u Ch\u1ec9nh<\/td>\n<td>65.8% (Q4 2023)<\/td>\n<td>Xem x\u00e9t k\u1ef9 l\u01b0\u1ee1ng 2.8 t\u1ef7 \u0111\u00f4 la trong c\u00e1c \u0111i\u1ec1u ch\u1ec9nh \"m\u1ed9t l\u1ea7n\" n\u0103m 2023 cho c\u00e1c m\u1eabu l\u1eb7p l\u1ea1i<\/td>\n<\/tr>\n<tr>\n<td>Chi Tr\u1ea3 FCF \u0110i\u1ec1u Ch\u1ec9nh<\/td>\n<td>C\u1ed5 t\u1ee9c \u00f7 (FCF + \u0110\u1ea7u T\u01b0 T\u0103ng Tr\u01b0\u1edfng)<\/td>\n<td>43.2% (Q4 2023)<\/td>\n<td>T\u00e1ch bi\u1ec7t 6.4 t\u1ef7 \u0111\u00f4 la chi ph\u00ed b\u1ea3o tr\u00ec t\u1eeb 11.8 t\u1ef7 \u0111\u00f4 la \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p v\u1ec1 gi\u00e1 c\u1ed5 phi\u1ebfu vz c\u1ed5 t\u1ee9c li\u00ean t\u1ee5c s\u1eed d\u1ee5ng nhi\u1ec1u ch\u1ec9 s\u1ed1 chi tr\u1ea3 c\u00f9ng l\u00fac, nh\u1eadn ra r\u1eb1ng kh\u00f4ng c\u00f3 t\u00ednh to\u00e1n \u0111\u01a1n l\u1ebb n\u00e0o cung c\u1ea5p b\u1ed1i c\u1ea3nh \u0111\u1ea7y \u0111\u1ee7. H\u1ecd k\u1ebft h\u1ee3p b\u1ed1n t\u00ednh to\u00e1n t\u1ef7 l\u1ec7 n\u00e0y v\u1edbi ph\u00e2n t\u00edch \u0111\u1ecbnh t\u00ednh v\u1ec1 c\u00e1c \u01b0u ti\u00ean ph\u00e2n b\u1ed5 v\u1ed1n n\u0103m 2025 c\u1ee7a Verizon, v\u1ecb tr\u00ed c\u1ea1nh tranh 5G, v\u00e0 thay \u0111\u1ed5i m\u00f4i tr\u01b0\u1eddng ph\u00e1p l\u00fd. C\u00e1ch ti\u1ebfp c\u1eadn \u0111a y\u1ebfu t\u1ed1 n\u00e0y ng\u0103n ch\u1eb7n vi\u1ec7c b\u00e1n th\u00e1o trong th\u1eddi gian gi\u00e1n \u0111o\u1ea1n thu nh\u1eadp t\u1ea1m th\u1eddi 19.4% c\u1ee7a VZ trong Q3 2022 - m\u1ed9t giai \u0111o\u1ea1n khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb b\u00e1n nhi\u1ec1u h\u01a1n 27% c\u1ed5 phi\u1ebfu so v\u1edbi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u1ed5 ch\u1ee9c.\n<h2>M\u00f9 L\u1ecbch: L\u1ed7i Th\u1eddi Gian Trong Chi\u1ebfn L\u01b0\u1ee3c N\u1eafm B\u1eaft C\u1ed5 T\u1ee9c<\/h2>\nL\u1ed7i th\u1eddi gian c\u1ed5 t\u1ee9c khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 VZ m\u1ea5t \u01b0\u1edbc t\u00ednh 126 tri\u1ec7u \u0111\u00f4 la h\u00e0ng n\u0103m trong c\u00e1c kho\u1ea3n thanh to\u00e1n b\u1ecb b\u1ecf l\u1ee1 v\u00e0 h\u1eadu qu\u1ea3 thu\u1ebf c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c, theo ph\u00e2n t\u00edch c\u1ee7a m\u1ed9t nh\u00e0 m\u00f4i gi\u1edbi n\u0103m 2023. S\u1ef1 nh\u1ea7m l\u1eabn xung quanh b\u1ed1n ng\u00e0y c\u1ed5 t\u1ee9c quan tr\u1ecdng c\u1ee7a Verizon - ng\u00e0y tuy\u00ean b\u1ed1, ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c, ng\u00e0y ghi nh\u1eadn, v\u00e0 ng\u00e0y thanh to\u00e1n - d\u1eabn \u0111\u1ebfn c\u00e1c l\u1ed7i chi\u1ebfn thu\u1eadt v\u1edbi t\u00e1c \u0111\u1ed9ng ti\u1ec1n t\u1ec7 tr\u1ef1c ti\u1ebfp. S\u1ef1 \"m\u00f9 l\u1ecbch\" n\u00e0y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 43% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb kh\u00f4ng t\u00edch h\u1ee3p \u0111\u00fang th\u00f4ng tin ng\u00e0y c\u1ed5 t\u1ee9c ti\u1ebfp theo c\u1ee7a vz stock v\u00e0o h\u1ec7 th\u1ed1ng giao d\u1ecbch c\u1ee7a h\u1ecd.\n\nL\u1ed7i th\u1eddi gian t\u1ed1n k\u00e9m nh\u1ea5t x\u1ea3y ra khi mua c\u1ed5 phi\u1ebfu sau ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c trong khi mong \u0111\u1ee3i kho\u1ea3n thanh to\u00e1n s\u1eafp t\u1edbi. Trong Q1 2023, h\u01a1n 840,000 c\u1ed5 phi\u1ebfu Verizon \u0111\u01b0\u1ee3c giao d\u1ecbch v\u00e0o ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c c\u1ee7a n\u00f3 v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n 0.16 \u0111\u00f4 la so v\u1edbi gi\u00e1 \u0111\u00f3ng c\u1eeda ng\u00e0y tr\u01b0\u1edbc \u0111\u00f3 - m\u1eb7c d\u00f9 c\u00f3 \u0111i\u1ec1u ch\u1ec9nh c\u1ed5 t\u1ee9c h\u00e0ng qu\u00fd 0.6525 \u0111\u00f4 la. S\u1ef1 hi\u1ec3u l\u1ea7m c\u01a1 b\u1ea3n n\u00e0y v\u1ec1 c\u01a1 ch\u1ebf c\u1ed5 t\u1ee9c d\u1eabn \u0111\u1ebfn h\u00e0ng tri\u1ec7u kho\u1ea3n l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n ngay l\u1eadp t\u1ee9c c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c v\u1edbi nh\u1eadn th\u1ee9c \u0111\u00fang v\u1ec1 ng\u00e0y th\u00e1ng.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ng\u00e0y Quan Tr\u1ecdng<\/th>\n<th>T\u1ea7m Quan Tr\u1ecdng<\/th>\n<th>L\u1ed7i Th\u01b0\u1eddng G\u1eb7p C\u1ee7a Nh\u00e0 \u0110\u1ea7u T\u01b0<\/th>\n<th>T\u00e1c \u0110\u1ed9ng T\u00e0i Ch\u00ednh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ng\u00e0y Tuy\u00ean B\u1ed1<\/td>\n<td>C\u00f4ng ty c\u00f4ng b\u1ed1 s\u1ed1 ti\u1ec1n c\u1ed5 t\u1ee9c<\/td>\n<td>Gi\u1ea3 \u0111\u1ecbnh tuy\u00ean b\u1ed1 \u0111\u1ea3m b\u1ea3o thanh to\u00e1n<\/td>\n<td>V\u00ed d\u1ee5 AT&amp;T 2022: Gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m 47% sau th\u00f4ng b\u00e1o c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0y Kh\u00f4ng H\u01b0\u1edfng C\u1ed5 T\u1ee9c<\/td>\n<td>Ng\u00e0y \u0111\u1ea7u ti\u00ean c\u1ed5 phi\u1ebfu giao d\u1ecbch kh\u00f4ng c\u00f3 quy\u1ec1n c\u1ed5 t\u1ee9c<\/td>\n<td>Mua v\u00e0o\/sau ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c mong \u0111\u1ee3i thanh to\u00e1n<\/td>\n<td>V\u00ed d\u1ee5 th\u00e1ng 7 n\u0103m 2023: M\u1ea5t 0.6525 \u0111\u00f4 la m\u1ed7i c\u1ed5 phi\u1ebfu ngay l\u1eadp t\u1ee9c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 VZ mua v\u00e0o ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0y Ghi Nh\u1eadn<\/td>\n<td>Ki\u1ec3m tra h\u1ed3 s\u01a1 s\u1edf h\u1eefu \u0111\u1ec3 thanh to\u00e1n<\/td>\n<td>Nh\u1ea7m l\u1eabn ng\u00e0y ghi nh\u1eadn v\u1edbi ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c<\/td>\n<td>Ph\u1ea3i s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c b\u1ea5t k\u1ec3 ng\u00e0y ghi nh\u1eadn; l\u1ed7i \u0111i\u1ec3n h\u00ecnh t\u1ed1n m\u1ed9t qu\u00fd c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0y Thanh To\u00e1n<\/td>\n<td>C\u1ed5 t\u1ee9c th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i cho c\u1ed5 \u0111\u00f4ng<\/td>\n<td>B\u00e1n tr\u01b0\u1edbc khi thanh to\u00e1n gi\u1ea3 \u0111\u1ecbnh c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o<\/td>\n<td>L\u1ed7i h\u1ec7 th\u1ed1ng m\u00f4i gi\u1edbi g\u00e2y ra h\u01a1n 12,600 kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c VZ b\u1ecb b\u1ecf l\u1ee1 trong 2022-2023<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nH\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o c\u1ed5 t\u1ee9c t\u1ef1 \u0111\u1ed9ng c\u1ee7a Pocket Option lo\u1ea1i b\u1ecf nh\u1eefng l\u1ed7i th\u1eddi gian t\u1ed1n k\u00e9m n\u00e0y cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 VZ. N\u1ec1n t\u1ea3ng g\u1eedi th\u00f4ng b\u00e1o t\u00f9y ch\u1ec9nh 7, 3, v\u00e0 1 ng\u00e0y tr\u01b0\u1edbc m\u1ed7i ng\u00e0y quan tr\u1ecdng, ng\u0103n ch\u1eb7n s\u1ef1 gi\u00e1m s\u00e1t \u0111\u1eaft \u0111\u1ecf. Trong th\u1eed nghi\u1ec7m n\u0103m 2023, ng\u01b0\u1eddi d\u00f9ng nh\u1eadn \u0111\u01b0\u1ee3c c\u00e1c c\u1ea3nh b\u00e1o n\u00e0y \u0111\u00e3 n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c 99.7% c\u00e1c kho\u1ea3n thanh to\u00e1n \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n so v\u1edbi 94.2% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng \u0111\u01b0\u1ee3c c\u1ea3nh b\u00e1o - chuy\u1ec3n th\u00e0nh l\u1ee3i su\u1ea5t hi\u1ec7u qu\u1ea3 cao h\u01a1n 5.5% m\u00e0 kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 thay \u0111\u1ed5i n\u00e0o trong \u0111\u1ea7u t\u01b0 c\u01a1 b\u1ea3n.\n\nNgo\u00e0i nh\u1eadn th\u1ee9c v\u1ec1 ng\u00e0y th\u00e1ng \u0111\u01a1n gi\u1ea3n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c chuy\u00ean nghi\u1ec7p c\u1ee7a VZ th\u1ef1c hi\u1ec7n c\u00e1c v\u1ecb tr\u00ed t\u00f9y ch\u1ecdn chi\u1ebfn l\u01b0\u1ee3c xung quanh c\u00e1c s\u1ef1 ki\u1ec7n l\u1ecbch n\u00e0y. V\u00ed d\u1ee5, c\u1ed5 phi\u1ebfu Verizon th\u01b0\u1eddng giao d\u1ecbch trong ph\u1ea1m vi th\u1ef1c trung b\u00ecnh h\u1eb9p h\u01a1n 3.2% gi\u1eefa ng\u00e0y tuy\u00ean b\u1ed1 v\u00e0 ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c. S\u1ef1 gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n n\u00e0y t\u1ea1o ra \u0111i\u1ec1u ki\u1ec7n l\u00fd t\u01b0\u1edfng cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c t\u00f9y ch\u1ecdn t\u1ea1o thu nh\u1eadp nh\u01b0 vi\u1ebft quy\u1ec1n ch\u1ecdn mua c\u00f3 b\u1ea3o hi\u1ec3m ng\u1eafn h\u1ea1n \u1edf c\u00e1c \u0111i\u1ec3m delta 0.15-0.20, c\u00f3 th\u1ec3 th\u00eam 0.8-1.2% v\u00e0o l\u1ee3i nhu\u1eadn h\u00e0ng qu\u00fd m\u00e0 kh\u00f4ng t\u0103ng r\u1ee7i ro v\u1ecb tr\u00ed.\n<h2>S\u1ef1 Ng\u1eaft K\u1ebft N\u1ed1i \u0110\u01b0\u1eddng Cong L\u1ee3i Su\u1ea5t: T\u00e1c \u0110\u1ed9ng L\u00e3i Su\u1ea5t \u0110\u1ebfn \u0110\u1ecbnh Gi\u00e1 C\u1ed5 T\u1ee9c<\/h2>\nSai l\u1ea7m t\u00e0i ch\u00ednh quan tr\u1ecdng nh\u1ea5t trong ph\u00e2n t\u00edch c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz li\u00ean quan \u0111\u1ebfn vi\u1ec7c kh\u00f4ng \u0111i\u1ec1u ch\u1ec9nh c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 cho s\u1ef1 thay \u0111\u1ed5i l\u00e3i su\u1ea5t. T\u1eeb 2020-2023, c\u1ed5 phi\u1ebfu VZ th\u1ec3 hi\u1ec7n h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan -0.82 v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m, nh\u01b0ng 58% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb duy tr\u00ec c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u0129nh trong su\u1ed1t giai \u0111o\u1ea1n n\u00e0y, d\u1eabn \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1 sai h\u1ec7 th\u1ed1ng.\n\nT\u1eeb 2010-2020, c\u1ed5 phi\u1ebfu VZ c\u00f3 t\u1ef7 l\u1ec7 P\/E cao h\u01a1n 22% khi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a n\u00f3 v\u01b0\u1ee3t qu\u00e1 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m h\u01a1n 350 \u0111i\u1ec3m c\u01a1 b\u1ea3n, t\u1ea1o ra c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n. Tuy nhi\u00ean, trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t t\u0103ng, m\u1ed1i quan h\u1ec7 n\u00e0y thay \u0111\u1ed5i c\u01a1 b\u1ea3n. Khi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m t\u0103ng t\u1eeb 1.5% l\u00ean 4.8% gi\u1eefa \u0111\u1ea7u n\u0103m 2022 v\u00e0 cu\u1ed1i n\u0103m 2023, VZ gi\u1ea3m 37.4% m\u1eb7c d\u00f9 duy tr\u00ec c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh - m\u1ed9t m\u1ed1i quan h\u1ec7 m\u00e0 71% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c kh\u1ea3o s\u00e1t kh\u00f4ng d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>M\u00f4i Tr\u01b0\u1eddng L\u00e3i Su\u1ea5t<\/th>\n<th>T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Gi\u00e1 C\u1ed5 Phi\u1ebfu C\u1ed5 T\u1ee9c<\/th>\n<th>Sai L\u1ea7m Th\u01b0\u1eddng G\u1eb7p C\u1ee7a Nh\u00e0 \u0110\u1ea7u T\u01b0<\/th>\n<th>\u0110i\u1ec1u Ch\u1ec9nh Chi\u1ebfn L\u01b0\u1ee3c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u0103ng l\u00e3i su\u1ea5t m\u1ea1nh (&gt;0.75% trong 6 th\u00e1ng)<\/td>\n<td>V\u00ed d\u1ee5 2022: VZ gi\u1ea3m 27.4% trong chu k\u1ef3 t\u0103ng l\u00e3i su\u1ea5t 425 \u0111i\u1ec3m c\u01a1 b\u1ea3n c\u1ee7a Fed<\/td>\n<td>Quy k\u1ebft s\u1ef1 gi\u1ea3m gi\u00e1 cho v\u1ea5n \u0111\u1ec1 c\u1ee7a c\u00f4ng ty<\/td>\n<td>Duy tr\u00ec v\u1ecb tr\u00ed nh\u01b0ng ph\u00f2ng ng\u1eeba v\u1edbi ph\u00e2n b\u1ed5 5-15% v\u00e0o ng\u00e0nh t\u00e0i ch\u00ednh h\u01b0\u1edfng l\u1ee3i t\u1eeb l\u00e3i su\u1ea5t cao h\u01a1n<\/td>\n<\/tr>\n<tr>\n<td>L\u00e3i su\u1ea5t t\u0103ng d\u1ea7n<\/td>\n<td>2017-2018: VZ k\u00e9m h\u01a1n S&amp;P 500 6.3% trong khi t\u0103ng l\u00e3i su\u1ea5t 175 \u0111i\u1ec3m c\u01a1 b\u1ea3n<\/td>\n<td>Kh\u00f4ng \u0111i\u1ec1u ch\u1ec9nh ph\u00e2n b\u1ed5 ng\u00e0nh<\/td>\n<td>Chuy\u1ec3n 30-40% ph\u00e2n b\u1ed5 vi\u1ec5n th\u00f4ng sang c\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c v\u1edbi t\u1ef7 l\u1ec7 chi tr\u1ea3 &lt;50%<\/td>\n<\/tr>\n<tr>\n<td>\u1ed4n \u0111\u1ecbnh l\u00e3i su\u1ea5t sau khi t\u0103ng<\/td>\n<td>Q4 2023: VZ v\u01b0\u1ee3t tr\u1ed9i S&amp;P 500 5.8% khi l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh g\u1ea7n 4.5%<\/td>\n<td>Tho\u00e1t kh\u1ecfi v\u1ecb tr\u00ed sau khi thi\u1ec7t h\u1ea1i \u0111\u00e3 x\u1ea3y ra<\/td>\n<td>T\u0103ng v\u1ecb tr\u00ed khi l\u1ee3i su\u1ea5t VZ v\u01b0\u1ee3t qu\u00e1 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m &gt;400 \u0111i\u1ec3m c\u01a1 b\u1ea3n<\/td>\n<\/tr>\n<tr>\n<td>L\u00e3i su\u1ea5t gi\u1ea3m<\/td>\n<td>2019-2020: VZ t\u0103ng 17.3% trong khi gi\u1ea3m l\u00e3i su\u1ea5t 225 \u0111i\u1ec3m c\u01a1 b\u1ea3n<\/td>\n<td>Ph\u00e2n b\u1ed5 kh\u00f4ng \u0111\u1ee7 cho c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c<\/td>\n<td>Qu\u00e1 t\u1ea3i vi\u1ec5n th\u00f4ng 5-8% khi Fed b\u00e1o hi\u1ec7u b\u1eaft \u0111\u1ea7u chu k\u1ef3 c\u1eaft gi\u1ea3m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p ph\u00e2n t\u00edch l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu vz nh\u01b0 m\u1ed9t ch\u00eanh l\u1ec7ch so v\u1edbi c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf kh\u00f4ng r\u1ee7i ro thay v\u00ec m\u1ed9t con s\u1ed1 tuy\u1ec7t \u0111\u1ed1i. Trong Q4 2023, l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 6.8% c\u1ee7a Verizon \u0111\u1ea1i di\u1ec7n cho m\u1ed9t m\u1ee9c ch\u00eanh l\u1ec7ch 200 \u0111i\u1ec3m c\u01a1 b\u1ea3n so v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m l\u00e0 4.8% - th\u1ea5p h\u01a1n m\u1ee9c ch\u00eanh l\u1ec7ch trung b\u00ecnh l\u1ecbch s\u1eed l\u00e0 320 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong c\u00e1c giai \u0111o\u1ea1n kinh t\u1ebf \u1ed5n \u0111\u1ecbnh. M\u1ee9c ch\u00eanh l\u1ec7ch n\u00e9n n\u00e0y gi\u1ea3i th\u00edch 76% s\u1ef1 k\u00e9m hi\u1ec7u qu\u1ea3 gi\u00e1 c\u1ee7a VZ theo ph\u00e2n t\u00edch h\u1ed3i quy, nh\u01b0ng kh\u1ea3o s\u00e1t nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb ch\u1ec9 ra r\u1eb1ng ch\u1ec9 22% nh\u1eadn ra m\u1ed1i quan h\u1ec7 n\u00e0y.\n\nPh\u00e2n t\u00edch l\u1ee3i su\u1ea5t so s\u00e1nh c\u1ee7a Pocket Option lo\u1ea1i b\u1ecf kho\u1ea3ng c\u00e1ch ph\u00e2n t\u00edch n\u00e0y b\u1eb1ng c\u00e1ch t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n v\u00e0 tr\u1ef1c quan h\u00f3a c\u00e1c m\u1ee9c ch\u00eanh l\u1ec7ch quan tr\u1ecdng n\u00e0y. Ch\u1ec9 b\u00e1o \"Treasury Yield Gap\" c\u1ee7a n\u1ec1n t\u1ea3ng n\u00e0y theo d\u00f5i c\u1ee5 th\u1ec3 m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t VZ so v\u1edbi c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf tr\u00e1i phi\u1ebfu kho b\u1ea1c t\u1ea1i 5 \u0111i\u1ec3m \u0111\u00e1o h\u1ea1n, cung c\u1ea5p c\u00e1c t\u00edn hi\u1ec7u h\u00e0nh \u0111\u1ed9ng khi c\u00e1c m\u1ee9c ch\u00eanh l\u1ec7ch n\u00e0y \u0111\u1ea1t \u0111\u1ebfn c\u00e1c m\u1ee9c \u0111\u1ed9 c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea. Ki\u1ec3m tra l\u1ea1i l\u1ecbch s\u1eed cho th\u1ea5y c\u00e1c t\u00edn hi\u1ec7u n\u00e0y s\u1ebd t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 14.3% trong 12 th\u00e1ng khi c\u00e1c v\u1ecb tr\u00ed \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp \u1edf m\u1ee9c ch\u00eanh l\u1ec7ch v\u01b0\u1ee3t qu\u00e1 350 \u0111i\u1ec3m c\u01a1 b\u1ea3n.\n<h3>S\u1ee9c M\u1ea1nh D\u1ef1 \u0110o\u00e1n C\u1ee7a \u0110\u01b0\u1eddng Cong L\u1ee3i Su\u1ea5t<\/h3>\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c ti\u00ean ti\u1ebfn nh\u1eadn ra r\u1eb1ng c\u00e1c \u0111\u1ea3o ng\u01b0\u1ee3c \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t cung c\u1ea5p c\u00e1c t\u00edn hi\u1ec7u d\u1ef1 \u0111o\u00e1n cho \u0111\u1ecbnh gi\u00e1 c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz. T\u1eeb n\u0103m 2000-2023, b\u1ed1n \u0111\u1ea3o ng\u01b0\u1ee3c \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t quan tr\u1ecdng \u0111\u00e3 d\u1ef1 \u0111o\u00e1n s\u1ef1 k\u00e9m hi\u1ec7u qu\u1ea3 c\u1ee7a ng\u00e0nh vi\u1ec5n th\u00f4ng trong 7-9 th\u00e1ng v\u1edbi \u0111\u1ed9 tin c\u1eady 85%. M\u1ed1i quan h\u1ec7 n\u00e0y t\u1ea1o ra c\u00e1c m\u00f4 h\u00ecnh \u00e1p l\u1ef1c c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n tr\u00ean c\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng c\u00f3 t\u1ef7 l\u1ec7 chi tr\u1ea3 cao m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi k\u1ebft h\u1ee3p v\u00e0o c\u00e1c m\u00f4 h\u00ecnh ph\u00e2n b\u1ed5.\n<ul>\n \t<li>Khi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 2 n\u0103m v\u01b0\u1ee3t qu\u00e1 l\u1ee3i su\u1ea5t 10 n\u0103m h\u01a1n 40 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0o n\u0103m 2000 v\u00e0 2006, VZ sau \u0111\u00f3 k\u00e9m h\u01a1n S&amp;P 500 18.3% v\u00e0 15.7% t\u01b0\u01a1ng \u1ee9ng trong 12 th\u00e1ng ti\u1ebfp theo<\/li>\n \t<li>VZ v\u00e0 c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng kh\u00e1c th\u1ec3 hi\u1ec7n \u0111\u1ed9 nh\u1ea1y c\u1ea3m l\u1edbn h\u01a1n 1.32 l\u1ea7n v\u1edbi c\u00e1c \u0111\u1ea3o ng\u01b0\u1ee3c \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t so v\u1edbi th\u1ecb tr\u01b0\u1eddng r\u1ed9ng h\u01a1n do g\u00e1nh n\u1eb7ng n\u1ee3 h\u01a1n 134 t\u1ef7 \u0111\u00f4 la v\u00e0 c\u00e1c d\u1ef1 \u00e1n x\u00e2y d\u1ef1ng m\u1ea1ng 5G \u0111\u00f2i h\u1ecfi v\u1ed1n l\u1edbn<\/li>\n \t<li>C\u00e1c \u0111\u1ea3o ng\u01b0\u1ee3c \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t n\u0103m 2019 v\u00e0 2022 \u0111\u00e3 d\u1ef1 \u0111o\u00e1n hi\u1ec7u su\u1ea5t t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a VZ trong ph\u1ea1m vi sai s\u1ed1 3.8%, t\u1ea1o ra c\u00e1c t\u00edn hi\u1ec7u ph\u00e2n b\u1ed5 c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng<\/li>\n \t<li>\u0110\u1ea3o ng\u01b0\u1ee3c n\u0103m 2022-2023 (\u0111\u1ea1t -107 \u0111i\u1ec3m c\u01a1 b\u1ea3n) l\u00e0 nghi\u00eam tr\u1ecdng nh\u1ea5t trong h\u01a1n 40 n\u0103m, gi\u1ea3i th\u00edch s\u1ef1 gi\u1ea3m 37.4% t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y c\u1ee7a VZ m\u1eb7c d\u00f9 duy tr\u00ec c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh trong su\u1ed1t<\/li>\n<\/ul>\nThay v\u00ec \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh mua\/b\u00e1n \u0111\u01a1n gi\u1ea3n d\u1ef1a tr\u00ean c\u00e1c t\u00edn hi\u1ec7u n\u00e0y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi th\u1ef1c hi\u1ec7n c\u00e1c \u0111i\u1ec1u ch\u1ec9nh v\u1ecb tr\u00ed m\u1ee5c ti\u00eau. Khi c\u00e1c \u0111\u1ea3o ng\u01b0\u1ee3c v\u01b0\u1ee3t qu\u00e1 50 \u0111i\u1ec3m c\u01a1 b\u1ea3n, gi\u1ea3m ph\u00e2n b\u1ed5 VZ 15-20% trong khi th\u00eam c\u00e1c qu\u1ef9 ETF ti\u1ec7n \u00edch t\u1eadp trung v\u00e0o c\u1ed5 t\u1ee9c v\u1edbi h\u1ed3 s\u01a1 n\u1ee3 th\u1ea5p h\u01a1n \u0111\u00e3 b\u1ea3o to\u00e0n thu nh\u1eadp trong khi gi\u1ea3m thi\u1ec3u t\u1ed5n th\u1ea5t 38%. C\u00e1ch ti\u1ebfp c\u1eadn tinh t\u1ebf n\u00e0y duy tr\u00ec d\u00f2ng thu nh\u1eadp trong khi c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro.\n<h2>\u1ea2o T\u01b0\u1edfng T\u0103ng Tr\u01b0\u1edfng: Nh\u1ea7m L\u1eabn Gi\u1eefa L\u1ee3i Su\u1ea5t V\u00e0 T\u1ed5ng L\u1ee3i Nhu\u1eadn<\/h2>\nS\u1ef1 t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i 6.8% c\u1ee7a Verizon l\u00e0m m\u00f9 76% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c v\u1edbi s\u1ef1 kh\u00e1c bi\u1ec7t quan tr\u1ecdng gi\u1eefa thu nh\u1eadp ngay l\u1eadp t\u1ee9c v\u00e0 ti\u1ec1m n\u0103ng t\u1ed5ng l\u1ee3i nhu\u1eadn 10 n\u0103m. Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 c\u00e1c c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c t\u1eeb 2013-2023 cho th\u1ea5y l\u1ee3i su\u1ea5t ban \u0111\u1ea7u ch\u1ec9 gi\u1ea3i th\u00edch 31% s\u1ef1 bi\u1ebfn \u0111\u1ed9ng t\u1ed5ng l\u1ee3i nhu\u1eadn, trong khi t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c gi\u1ea3i th\u00edch 58% - nh\u01b0ng kh\u1ea3o s\u00e1t nh\u00e0 \u0111\u1ea7u t\u01b0 cho th\u1ea5y s\u1ef1 nh\u1ea5n m\u1ea1nh g\u1ea5p 2.7 l\u1ea7n v\u00e0o l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh ph\u00e2n b\u1ed5.\n\nM\u00f4 h\u00ecnh to\u00e1n h\u1ecdc cho th\u1ea5y t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c th\u01b0\u1eddng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i nhu\u1eadn d\u00e0i h\u1ea1n nhi\u1ec1u h\u01a1n so v\u1edbi t\u1ef7 l\u1ec7 l\u1ee3i su\u1ea5t ban \u0111\u1ea7u. M\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 10,000 \u0111\u00f4 la v\u00e0o VZ n\u0103m 2013 v\u1edbi l\u1ee3i su\u1ea5t trung b\u00ecnh 4.5% nh\u01b0ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c h\u00e0ng n\u0103m khi\u00eam t\u1ed1n 2.1% \u0111\u00e3 t\u1ea1o ra 5,743 \u0111\u00f4 la thu nh\u1eadp t\u00edch l\u0169y \u0111\u1ebfn n\u0103m 2023. Tuy nhi\u00ean, c\u00f9ng kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o Apple c\u00f3 l\u1ee3i su\u1ea5t th\u1ea5p (l\u1ee3i su\u1ea5t ban \u0111\u1ea7u 2.5%) v\u1edbi t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 9.6% \u0111\u00e3 t\u1ea1o ra 6,881 \u0111\u00f4 la thu nh\u1eadp t\u1ed5ng c\u1ed9ng - nhi\u1ec1u h\u01a1n 19.8% m\u1eb7c d\u00f9 b\u1eaft \u0111\u1ea7u v\u1edbi l\u1ee3i su\u1ea5t g\u1ea7n nh\u01b0 m\u1ed9t n\u1eeda.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>K\u1ecbch B\u1ea3n \u0110\u1ea7u T\u01b0<\/th>\n<th>L\u1ee3i Su\u1ea5t Ban \u0110\u1ea7u<\/th>\n<th>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng C\u1ed5 T\u1ee9c<\/th>\n<th>Thu Nh\u1eadp T\u00edch L\u0169y 10 N\u0103m<\/th>\n<th>L\u1ee3i Su\u1ea5t Tr\u00ean Chi Ph\u00ed G\u1ed1c (N\u0103m 10)<\/th>\n<th>V\u00ed D\u1ee5 C\u00f4ng Ty Th\u1ef1c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Cao, Kh\u00f4ng T\u0103ng Tr\u01b0\u1edfng<\/td>\n<td>6.0%<\/td>\n<td>0%<\/td>\n<td>60.0%<\/td>\n<td>6.0%<\/td>\n<td>Frontier Communications, 2013-2019 (cu\u1ed1i c\u00f9ng c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c xu\u1ed1ng kh\u00f4ng)<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Cao, T\u0103ng Tr\u01b0\u1edfng T\u1ed1i Thi\u1ec3u<\/td>\n<td>5.0%<\/td>\n<td>3%<\/td>\n<td>58.9%<\/td>\n<td>6.7%<\/td>\n<td>AT&amp;T, 2013-2021 (tr\u01b0\u1edbc khi c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c n\u0103m 2022)<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Trung B\u00ecnh, T\u0103ng Tr\u01b0\u1edfng Trung B\u00ecnh<\/td>\n<td>4.0%<\/td>\n<td>7%<\/td>\n<td>55.5%<\/td>\n<td>7.9%<\/td>\n<td>Southern Company (SO), 2013-2023<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Th\u1ea5p, T\u0103ng Tr\u01b0\u1edfng Cao<\/td>\n<td>3.0%<\/td>\n<td>10%<\/td>\n<td>50.6%<\/td>\n<td>7.8%<\/td>\n<td>Lockheed Martin (LMT), 2013-2023<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Th\u1ea5p, T\u0103ng Tr\u01b0\u1edfng \u0110\u1eb7c Bi\u1ec7t<\/td>\n<td>2.0%<\/td>\n<td>15%<\/td>\n<td>49.6%<\/td>\n<td>8.1%<\/td>\n<td>Microsoft (MSFT), 2013-2023<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nT\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c c\u1ee7a c\u1ed5 phi\u1ebfu vz l\u00e0 87.3% (c\u01a1 s\u1edf GAAP) ho\u1eb7c 58.6% (c\u01a1 s\u1edf FCF) gi\u1edbi h\u1ea1n v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c, t\u1ea1o ra m\u1ed9t chi\u1ec1u ph\u00e2n t\u00edch th\u01b0\u1eddng b\u1ecb b\u1ecf qua kh\u00e1c. T\u1ef7 l\u1ec7 chi tr\u1ea3 t\u01b0\u01a1ng \u0111\u1ed1i cao c\u1ee7a Verizon cho n\u00f3 kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c \u00edt h\u01a1n 36% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u00f3 t\u1ef7 l\u1ec7 chi tr\u1ea3 th\u1ea5p h\u01a1n. H\u1ea1n ch\u1ebf c\u01a1 b\u1ea3n n\u00e0y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ti\u1ec1m n\u0103ng c\u1ed9ng d\u1ed3n d\u00e0i h\u1ea1n, nh\u01b0ng m\u1ed9t kh\u1ea3o s\u00e1t n\u0103m 2023 cho th\u1ea5y ch\u1ec9 19% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb t\u00ednh to\u00e1n t\u1ef7 l\u1ec7 chi tr\u1ea3 tr\u01b0\u1edbc khi th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c vi\u1ec5n th\u00f4ng.\n\nC\u00f4ng c\u1ee5 m\u00f4 h\u00ecnh h\u00f3a t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c c\u1ee7a Pocket Option tr\u1ef1c quan h\u00f3a c\u00e1c hi\u1ec7u \u1ee9ng c\u1ed9ng d\u1ed3n quan tr\u1ecdng n\u00e0y th\u00f4ng qua m\u1ed9t m\u00e1y t\u00ednh t\u01b0\u01a1ng t\u00e1c. D\u1ef1 b\u00e1o c\u1ee5 th\u1ec3 c\u1ee7a n\u1ec1n t\u1ea3ng cho VZ minh h\u1ecda c\u00e1ch t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c trung b\u00ecnh h\u00e0ng n\u0103m 2.1% c\u1ee7a c\u00f4ng ty gi\u1edbi h\u1ea1n ti\u1ec1m n\u0103ng thu nh\u1eadp d\u00e0i h\u1ea1n m\u1eb7c d\u00f9 l\u1ee3i su\u1ea5t ban \u0111\u1ea7u h\u1ea5p d\u1eabn. Khi ki\u1ec3m tra l\u1ea1i tr\u00ean 50 c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c trong 20 n\u0103m, c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng b\u1eb1ng c\u00e1ch ti\u1ebfp c\u1eadn t\u1eadp trung v\u00e0o t\u0103ng tr\u01b0\u1edfng n\u00e0y v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t 3.8% h\u00e0ng n\u0103m m\u00e0 kh\u00f4ng t\u0103ng \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng.\n<h2>S\u1ef1 M\u00f9 Qu\u00e1ng V\u1ec1 T\u01b0\u01a1ng Quan Ng\u00e0nh: Th\u1ea5t B\u1ea1i Trong \u0110a D\u1ea1ng H\u00f3a C\u1ed5 T\u1ee9c<\/h2>\nR\u1ee7i ro b\u1ecb b\u1ecf qua nh\u1ea5t trong c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c li\u00ean quan \u0111\u1ebfn c\u00e1c m\u00f4 h\u00ecnh t\u01b0\u01a1ng quan \u1ea9n gi\u1eefa c\u00e1c c\u1ed5 phi\u1ebfu thu nh\u1eadp c\u00f3 v\u1ebb \u0111a d\u1ea1ng. M\u1ed9t ph\u00e2n t\u00edch n\u0103m 2023 v\u1ec1 c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb ti\u1ebft l\u1ed9 73% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c t\u1ef1 qu\u1ea3n l\u00fd kh\u00f4ng bi\u1ebft r\u1eb1ng h\u1ecd t\u1eadp trung 64% t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh v\u00e0o c\u00e1c ng\u00e0nh c\u00f3 h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan v\u01b0\u1ee3t qu\u00e1 0.70. L\u1ed7 h\u1ed5ng c\u1ea5u tr\u00fac n\u00e0y t\u1ea1o ra c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1 tr\u00ean to\u00e0n danh m\u1ee5c \u0111\u1ea7u t\u01b0 trong c\u00e1c giai \u0111o\u1ea1n c\u0103ng th\u1eb3ng c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh.\n\nC\u00e1c ng\u00e0nh vi\u1ec5n th\u00f4ng, ti\u1ec7n \u00edch, h\u00e0ng ti\u00eau d\u00f9ng thi\u1ebft y\u1ebfu, v\u00e0 REIT th\u1ec3 hi\u1ec7n h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan trung b\u00ecnh 0.78 trong ba chu k\u1ef3 th\u1eaft ch\u1eb7t c\u1ee7a Fed g\u1ea7n \u0111\u00e2y (2015-2018, 2022-2023), v\u1edbi c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1 \u0111\u1ed3ng th\u1eddi v\u01b0\u1ee3t qu\u00e1 15%. Trong khi h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 cho r\u1eb1ng \u0111a d\u1ea1ng h\u00f3a ng\u00e0nh cung c\u1ea5p s\u1ef1 b\u1ea3o v\u1ec7 \u0111\u1ea7y \u0111\u1ee7, ph\u00e2n t\u00edch h\u00e0nh vi c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz trong c\u00e1c giai \u0111o\u1ea1n n\u00e0y ti\u1ebft l\u1ed9 s\u1ef1 \u0111\u1ed3ng b\u1ed9 nguy hi\u1ec3m v\u1edbi c\u00e1c ng\u00e0nh thu nh\u1eadp truy\u1ec1n th\u1ed1ng kh\u00e1c.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>K\u1ebft H\u1ee3p Ng\u00e0nh<\/th>\n<th>H\u1ec7 S\u1ed1 T\u01b0\u01a1ng Quan<\/th>\n<th>\u0110\u1ed9 Nh\u1ea1y C\u1ea3m Y\u1ebfu T\u1ed1 Chung<\/th>\n<th>\u0110i\u1ec1u Ch\u1ec9nh \u0110a D\u1ea1ng H\u00f3a<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Vi\u1ec5n Th\u00f4ng + Ti\u1ec7n \u00cdch<\/td>\n<td>0.82 (2022-2023)<\/td>\n<td>L\u00e3i su\u1ea5t, r\u1ee7i ro ph\u00e1p l\u00fd<\/td>\n<td>Gi\u1edbi h\u1ea1n ph\u01a1i nhi\u1ec5m k\u1ebft h\u1ee3p t\u1ed1i \u0111a 20%; gi\u1ea3m thi\u1ec3u t\u1ed5n th\u1ea5t t\u1ed1i \u0111a 42% trong l\u1ecbch s\u1eed<\/td>\n<\/tr>\n<tr>\n<td>Vi\u1ec5n Th\u00f4ng + REITs<\/td>\n<td>0.73 (2022-2023)<\/td>\n<td>L\u00e3i su\u1ea5t, t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf<\/td>\n<td>Th\u00eam c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c b\u00e1n d\u1eabn (AVGO, TXN) v\u1edbi t\u01b0\u01a1ng quan \u00e2m (-0.32) v\u1edbi VZ<\/td>\n<\/tr>\n<tr>\n<td>Vi\u1ec5n Th\u00f4ng + H\u00e0ng Ti\u00eau D\u00f9ng Thi\u1ebft Y\u1ebfu<\/td>\n<td>0.67 (2022-2023)<\/td>\n<td>\u0110\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7, \u0111\u1ed9 nh\u1ea1y c\u1ea3m l\u1ea1m ph\u00e1t<\/td>\n<td>C\u00e2n b\u1eb1ng v\u1edbi c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c ng\u00e0nh t\u00e0i ch\u00ednh (ph\u00e2n b\u1ed5 30%) \u0111\u1ec3 b\u00f9 \u0111\u1eafp chu k\u1ef3 l\u00e3i su\u1ea5t<\/td>\n<\/tr>\n<tr>\n<td>Vi\u1ec5n Th\u00f4ng + N\u0103ng L\u01b0\u1ee3ng<\/td>\n<td>0.38 (2022-2023)<\/td>\n<td>C\u1ea3 hai \u0111\u1ec1u \u0111\u00f2i h\u1ecfi v\u1ed1n l\u1edbn nh\u01b0ng c\u00f3 \u0111\u1ed9ng l\u1ef1c kinh t\u1ebf kh\u00e1c nhau<\/td>\n<td>Gi\u1ea3m \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 58% khi k\u1ebft h\u1ee3p trong ph\u00e2n b\u1ed5 55%\/45%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nTrong chu k\u1ef3 t\u0103ng l\u00e3i su\u1ea5t 2022-2023, m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 \u0111\u1ec1u gi\u1eefa c\u00e1c ng\u00e0nh c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng (vi\u1ec5n th\u00f4ng, ti\u1ec7n \u00edch, REITs, v\u00e0 h\u00e0ng ti\u00eau d\u00f9ng thi\u1ebft y\u1ebfu) \u0111\u00e3 tr\u1ea3i qua m\u1ee9c gi\u1ea3m gi\u00e1 t\u1ed1i \u0111a 28.7% m\u1eb7c d\u00f9 duy tr\u00ec c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c. S\u1ef1 gi\u1ea3m gi\u00e1 \u0111\u1ed3ng b\u1ed9 n\u00e0y \u0111\u00e3 khi\u1ebfn 76% nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp b\u1ea5t ng\u1edd, theo c\u00e1c kh\u1ea3o s\u00e1t sau khi gi\u1ea3m gi\u00e1. S\u1ef1 t\u01b0\u01a1ng quan \u1ea9n n\u00e0y c\u00f3 ngh\u0129a l\u00e0 c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 thu nh\u1eadp c\u00f3 v\u1ebb \u0111a d\u1ea1ng mang r\u1ee7i ro h\u1ec7 th\u1ed1ng nhi\u1ec1u h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi nh\u1eefng g\u00ec c\u00f3 th\u1ec3 th\u1ea5y qua ph\u00e2n t\u00edch ph\u00e2n b\u1ed5 ng\u00e0nh c\u01a1 b\u1ea3n.\n\nC\u00f4ng c\u1ee5 ph\u00e2n t\u00edch ma tr\u1eadn t\u01b0\u01a1ng quan c\u1ee7a Pocket Option t\u1ef1 \u0111\u1ed9ng x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1ed1i quan h\u1ec7 \u1ea9n n\u00e0y cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c. C\u00e1c ch\u1ec9 s\u1ed1 ph\u01a1i nhi\u1ec5m y\u1ebfu t\u1ed1 \u0111\u1ed9c quy\u1ec1n c\u1ee7a n\u1ec1n t\u1ea3ng n\u00e0y t\u00ednh to\u00e1n c\u1ee5 th\u1ec3 li\u1ec7u vi\u1ec7c th\u00eam m\u1ed9t v\u1ecb tr\u00ed VZ c\u00f3 th\u1ef1c s\u1ef1 \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 hay ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 t\u0103ng r\u1ee7i ro y\u1ebfu t\u1ed1 hi\u1ec7n c\u00f3. C\u00e1ch ti\u1ebfp c\u1eadn h\u1ec7 th\u1ed1ng n\u00e0y \u0111\u00e3 ng\u0103n ch\u1eb7n 62% m\u1ee9c gi\u1ea3m gi\u00e1 t\u1ed1i \u0111a trong giai \u0111o\u1ea1n 2022-2023 cho ng\u01b0\u1eddi d\u00f9ng th\u1ef1c hi\u1ec7n c\u00e1c \u0111i\u1ec1u ch\u1ec9nh \u0111a d\u1ea1ng h\u00f3a \u0111\u01b0\u1ee3c khuy\u1ebfn ngh\u1ecb.\n<ul>\n \t<li>C\u00e2n b\u1eb1ng VZ (l\u1ee3i su\u1ea5t 6.8%) v\u1edbi AAPL (l\u1ee3i su\u1ea5t 0.5%, t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 8%) \u0111\u1ec3 gi\u1ea3m \u0111\u1ed9 nh\u1ea1y c\u1ea3m l\u00e3i su\u1ea5t 43% trong khi duy tr\u00ec l\u1ee3i su\u1ea5t danh m\u1ee5c \u0111\u1ea7u t\u01b0 pha tr\u1ed9n 3.6%<\/li>\n \t<li>Th\u00eam c\u00e1c ADR vi\u1ec5n th\u00f4ng qu\u1ed1c t\u1ebf nh\u01b0 TEF (T\u00e2y Ban Nha) v\u00e0 BCE (Canada) \u0111\u1ec3 gi\u1ea3m t\u01b0\u01a1ng quan v\u1edbi c\u00e1c chu k\u1ef3 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a M\u1ef9 37%<\/li>\n \t<li>Th\u1ef1c hi\u1ec7n vi\u1ebft quy\u1ec1n ch\u1ecdn mua c\u00f3 b\u1ea3o hi\u1ec3m m\u1ee5c ti\u00eau tr\u00ean 30-40% v\u1ecb tr\u00ed VZ trong c\u00e1c \u0111\u1ee3t bi\u1ebfn \u0111\u1ed9ng \u0111\u1ec3 t\u1ea1o th\u00eam thu nh\u1eadp trong c\u00e1c giai \u0111o\u1ea1n gi\u1ea3m gi\u00e1<\/li>\n \t<li>S\u1eed d\u1ee5ng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i nh\u01b0 BAC-L (Bank of America Series L) v\u1edbi \u0111\u1ed9 nh\u1ea1y c\u1ea3m l\u00e3i su\u1ea5t ng\u01b0\u1ee3c l\u1ea1i \u0111\u1ec3 c\u00e2n b\u1eb1ng t\u01b0\u01a1ng quan l\u00e3i su\u1ea5t \u00e2m c\u1ee7a VZ<\/li>\n<\/ul>\n<h2>S\u1ef1 B\u1ecf Qua Hi\u1ec7u Qu\u1ea3 Thu\u1ebf: Th\u1ea5t B\u1ea1i Trong L\u1ee3i Nhu\u1eadn Sau Thu\u1ebf<\/h2>\nTheo d\u1eef li\u1ec7u IRS, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c t\u1eeb b\u1ecf trung b\u00ecnh 17.3% l\u1ee3i nhu\u1eadn c\u1ed5 t\u1ee9c VZ c\u1ee7a h\u1ecd cho thu\u1ebf, nh\u01b0ng 82% \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1eb7t t\u00e0i kho\u1ea3n m\u00e0 kh\u00f4ng xem x\u00e9t thu\u1ebf. S\u1ef1 b\u1ecf qua n\u00e0y t\u1ea1o ra c\u00e1c v\u1ea5n \u0111\u1ec1 \u0111\u1eb7c bi\u1ec7t khi \u0111\u00e1nh gi\u00e1 c\u00e1c x\u1eed l\u00fd c\u1ed5 t\u1ee9c vz stock trong c\u00e1c lo\u1ea1i t\u00e0i kho\u1ea3n kh\u00e1c nhau. M\u1ed9t kh\u1ea3o s\u00e1t c\u1ed1 v\u1ea5n t\u00e0i ch\u00ednh n\u0103m 2023 ti\u1ebft l\u1ed9 r\u1eb1ng t\u1ed1i \u01b0u h\u00f3a v\u1ecb tr\u00ed t\u00e0i kho\u1ea3n m\u1ed9t m\u00ecnh \u0111\u00e3 th\u00eam 0.8-1.2% v\u00e0o l\u1ee3i nhu\u1eadn sau thu\u1ebf h\u00e0ng n\u0103m m\u00e0 kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 thay \u0111\u1ed5i n\u00e0o trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 b\u1ea3n.\n\nC\u1ed5 t\u1ee9c c\u1ee7a Verizon nh\u1eadn \u0111\u01b0\u1ee3c x\u1eed l\u00fd c\u1ed5 t\u1ee9c \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n (hi\u1ec7n \u0111ang b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 0%, 15% ho\u1eb7c 20% t\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c thu nh\u1eadp, c\u1ed9ng v\u1edbi ti\u1ec1m n\u0103ng 3.8% NIIT cho nh\u1eefng ng\u01b0\u1eddi c\u00f3 thu nh\u1eadp cao h\u01a1n). \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong khung thu\u1ebf c\u1eadn bi\u00ean 32%, l\u1ee3i th\u1ebf thu\u1ebf n\u00e0y ti\u1ebft ki\u1ec7m kho\u1ea3ng 17% so v\u1edbi x\u1eed l\u00fd thu nh\u1eadp th\u00f4ng th\u01b0\u1eddng. M\u1eb7c d\u00f9 c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 n\u00e0y, ph\u00e2n t\u00edch h\u01a1n 10,000 danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb cho th\u1ea5y 58% \u0111\u00e3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh lo\u1ea1i t\u00e0i kho\u1ea3n kh\u00f4ng t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c c\u1ee7a h\u1ecd.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i T\u00e0i Kho\u1ea3n<\/th>\n<th>\u0110\u1eb7c \u0110i\u1ec3m C\u1ed5 Phi\u1ebfu C\u1ed5 T\u1ee9c T\u1ed1i \u01afu<\/th>\n<th>L\u1ee3i Th\u1ebf Hi\u1ec7u Qu\u1ea3 Thu\u1ebf<\/th>\n<th>V\u00ed D\u1ee5 Th\u1ef1c T\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>M\u00f4i Gi\u1edbi Ch\u1ecbu Thu\u1ebf<\/td>\n<td>C\u1ed5 t\u1ee9c \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n, l\u1ee3i su\u1ea5t th\u1ea5p h\u01a1n, t\u0103ng tr\u01b0\u1edfng cao h\u01a1n<\/td>\n<td>M\u1ee9c thu\u1ebf \u01b0u \u0111\u00e3i 15%\/20% so v\u1edbi thu nh\u1eadp th\u00f4ng th\u01b0\u1eddng 35%+<\/td>\n<td>\u0110\u1ed1i v\u1edbi khung 32%: 10,000 \u0111\u00f4 la trong VZ mang l\u1ea1i 680 \u0111\u00f4 la tr\u01b0\u1edbc thu\u1ebf, nh\u01b0ng ch\u1ec9 565 \u0111\u00f4 la sau thu\u1ebf li\u00ean bang so v\u1edbi thu nh\u1eadp th\u00f4ng th\u01b0\u1eddng b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 462 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>IRA\/401(k) Truy\u1ec1n Th\u1ed1ng<\/td>\n<td>REITs, MLPs, tr\u00e1i phi\u1ebfu l\u1ee3i su\u1ea5t cao, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/td>\n<td>Ho\u00e3n thu\u1ebf c\u1ee7a thu nh\u1eadp b\u1ecb \u0111\u00e1nh thu\u1ebf cao<\/td>\n<td>10,000 \u0111\u00f4 la trong REIT c\u00f3 l\u1ee3i su\u1ea5t 7% t\u1ea1o ra 700 \u0111\u00f4 la thu nh\u1eadp ho\u00e0n to\u00e0n ho\u00e3n thu\u1ebf so v\u1edbi 483 \u0111\u00f4 la sau thu\u1ebf trong m\u00f4i gi\u1edbi<\/td>\n<\/tr>\n<tr>\n<td>Roth IRA<\/td>\n<td>Ng\u01b0\u1eddi t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c c\u00f3 t\u1ed5ng l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng cao nh\u1ea5t<\/td>\n<td>C\u1ed9ng d\u1ed3n kh\u00f4ng thu\u1ebf c\u1ee7a ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao nh\u1ea5t<\/td>\n<td>10,000 \u0111\u00f4 la trong MSFT v\u1edbi l\u1ee3i su\u1ea5t 2% nh\u01b0ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 15% t\u1ea1o ra 23,360 \u0111\u00f4 la kh\u00f4ng thu\u1ebf trong 20 n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>T\u00e0i Kho\u1ea3n Ti\u1ebft Ki\u1ec7m S\u1ee9c Kh\u1ecfe<\/td>\n<td>Thu nh\u1eadp hi\u1ec7n t\u1ea1i cao nh\u1ea5t, ng\u01b0\u1eddi tr\u1ea3 \u0111\u00e1ng tin c\u1eady nh\u1ea5t<\/td>\n<td>L\u1ee3i th\u1ebf thu\u1ebf ba l\u1ea7n: \u0111\u00f3ng g\u00f3p \u0111\u01b0\u1ee3c kh\u1ea5u tr\u1eeb, t\u0103ng tr\u01b0\u1edfng kh\u00f4ng thu\u1ebf, r\u00fat kh\u00f4ng thu\u1ebf<\/td>\n<td>10,000 \u0111\u00f4 la trong VZ t\u1ea1o ra 680 \u0111\u00f4 la h\u00e0ng n\u0103m ho\u00e0n to\u00e0n kh\u00f4ng thu\u1ebf cho chi ph\u00ed y t\u1ebf - thu nh\u1eadp hi\u1ec7u qu\u1ea3 sau thu\u1ebf cao h\u01a1n 41% so v\u1edbi t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong khung thu\u1ebf li\u00ean bang 35% c\u1ed9ng v\u1edbi 3.8% NIIT, v\u1ecb tr\u00ed t\u00e0i kho\u1ea3n kh\u00f4ng \u0111\u00fang c\u1ee7a c\u1ed5 t\u1ee9c VZ t\u1ed1n kho\u1ea3ng 23.8% l\u1ee3i su\u1ea5t c\u1ee7a h\u1ecd trong thu\u1ebf kh\u00f4ng c\u1ea7n thi\u1ebft. Kh\u00f4ng c\u00f3 k\u1ebf ho\u1ea1ch thu\u1ebf chi\u1ebfn l\u01b0\u1ee3c, \u0111i\u1ec1u n\u00e0y gi\u1ea3m l\u1ee3i su\u1ea5t tr\u01b0\u1edbc thu\u1ebf 6.8% xu\u1ed1ng kho\u1ea3ng 5.18% sau thu\u1ebf li\u00ean bang. Trong c\u00e1c khung th\u1eddi gian l\u1eadp k\u1ebf ho\u1ea1ch ngh\u1ec9 h\u01b0u \u0111i\u1ec3n h\u00ecnh 15-20 n\u0103m, s\u1ef1 b\u1ecf qua n\u00e0y c\u1ed9ng d\u1ed3n th\u00e0nh gi\u1ea3m 26-32% gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0.\n\nC\u00f4ng c\u1ee5 ph\u00e2n t\u00edch t\u1ed1i \u01b0u h\u00f3a thu\u1ebf c\u1ee7a Pocket Option t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n l\u1ee3i nhu\u1eadn sau thu\u1ebf tr\u00ean c\u00e1c c\u1ea5u tr\u00fac t\u00e0i kho\u1ea3n kh\u00e1c nhau cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c. C\u00f4ng c\u1ee5 T\u1ed1i \u01afu H\u00f3a V\u1ecb Tr\u00ed T\u00e0i Kho\u1ea3n c\u1ee7a n\u1ec1n t\u1ea3ng n\u00e0y \u0111\u00e1nh gi\u00e1 c\u1ee5 th\u1ec3 VZ v\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c kh\u00e1c d\u1ef1a tr\u00ean tr\u1ea1ng th\u00e1i \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n, m\u1ee9c l\u1ee3i su\u1ea5t, v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m t\u0103ng tr\u01b0\u1edfng \u0111\u1ec3 \u0111\u1ec1 xu\u1ea5t v\u1ecb tr\u00ed t\u00e0i kho\u1ea3n l\u00fd t\u01b0\u1edfng. C\u00e1ch ti\u1ebfp c\u1eadn h\u1ec7 th\u1ed1ng n\u00e0y b\u1ea3o to\u00e0n trung b\u00ecnh 0.84% l\u1ee3i su\u1ea5t b\u1ed5 sung h\u00e0ng n\u0103m sau thu\u1ebf cho ng\u01b0\u1eddi d\u00f9ng trong giai \u0111o\u1ea1n th\u1eed nghi\u1ec7m 2021-2023.\n<h3>Quy\u1ebft \u0110\u1ecbnh T\u00e1i \u0110\u1ea7u T\u01b0 C\u1ed5 T\u1ee9c<\/h3>\nNgo\u00e0i v\u1ecb tr\u00ed t\u00e0i kho\u1ea3n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eafc b\u1ed1n l\u1ed7i ph\u1ed5 bi\u1ebfn li\u00ean quan \u0111\u1ebfn chi\u1ebfn l\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c. M\u1ed7i ng\u00e0y c\u1ed5 t\u1ee9c ti\u1ebfp theo c\u1ee7a vz stock tr\u00ecnh b\u00e0y m\u1ed9t \u0111i\u1ec3m quy\u1ebft \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c n\u01a1i c\u00e1ch ti\u1ebfp c\u1eadn t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u ph\u1ee5 thu\u1ed9c v\u00e0o \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u1ee5 th\u1ec3, nh\u01b0ng 67% nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00f9ng m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn t\u0129nh b\u1ea5t k\u1ec3 \u0111\u1ecbnh gi\u00e1 hay chi ph\u00ed c\u01a1 h\u1ed9i.\n<ul>\n \t<li>T\u00e1i \u0111\u1ea7u t\u01b0 DRIP t\u1ef1 \u0111\u1ed9ng v\u00e0o VZ ti\u1ebft ki\u1ec7m cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 0.28% chi ph\u00ed giao d\u1ecbch h\u00e0ng n\u0103m nh\u01b0ng hy sinh 1.8% l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng so v\u1edbi t\u00e1i tri\u1ec3n khai c\u00f3 ch\u1ecdn l\u1ecdc trong giai \u0111o\u1ea1n 2020-2023<\/li>\n \t<li>T\u00e1i \u0111\u1ea7u t\u01b0 c\u00f3 ch\u1ecdn l\u1ecdc cho ph\u00e9p t\u00e1i \u0111\u1ecbnh v\u1ecb v\u00e0o c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p khi ch\u1ec9 s\u1ed1 s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a VZ v\u01b0\u1ee3t qu\u00e1 70, c\u1ea3i thi\u1ec7n l\u1ee3i nhu\u1eadn 2.3% h\u00e0ng n\u0103m trong th\u1eed nghi\u1ec7m 2018-2023<\/li>\n \t<li>Thu ho\u1ea1ch thu nh\u1eadp (chi ti\u00eau c\u1ed5 t\u1ee9c) t\u1eeb 2013-2023 gi\u1ea3m gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng c\u1ee7a v\u1ecb tr\u00ed VZ 100,000 \u0111\u00f4 la 41,370 \u0111\u00f4 la so v\u1edbi t\u00e1i \u0111\u1ea7u t\u01b0 \u0111\u1ea7y \u0111\u1ee7 - m\u1ed9t chi ph\u00ed c\u01a1 h\u1ed9i 41.4%<\/li>\n \t<li>Thu ho\u1ea1ch l\u1ed7 thu\u1ebf c\u00e1c v\u1ecb tr\u00ed VZ trong khi gi\u1ea3m 37.4% 2022-2023 trong khi duy tr\u00ec ph\u01a1i nhi\u1ec5m c\u1ed5 t\u1ee9c th\u00f4ng qua c\u00e1c ETF vi\u1ec5n th\u00f4ng t\u01b0\u01a1ng t\u1ef1 t\u1ea1o ra l\u1ee3i \u00edch thu\u1ebf trung b\u00ecnh 3,700 \u0111\u00f4 la cho m\u1ed7i 50,000 \u0111\u00f4 la \u0111\u1ea7u t\u01b0<\/li>\n<\/ul>\nH\u1ea7u h\u1ebft c\u00e1c n\u1ec1n t\u1ea3ng \u0111\u1ea7u t\u01b0 m\u1eb7c \u0111\u1ecbnh l\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng \u0111\u1ea7y \u0111\u1ee7 ho\u1eb7c kh\u00f4ng t\u00e1i \u0111\u1ea7u t\u01b0, nh\u01b0ng ph\u00e2n t\u00edch cho th\u1ea5y kh\u00f4ng c\u00e1ch ti\u1ebfp c\u1eadn n\u00e0o t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn trong m\u1ecdi \u0111i\u1ec1u ki\u1ec7n. Trong giai \u0111o\u1ea1n \u0111\u1ecbnh gi\u00e1 th\u1ea5p 18.3% c\u1ee7a VZ trong Q4 2022 (d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u), t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng \u0111\u00e3 th\u00eam gi\u00e1 tr\u1ecb \u0111\u00e1ng k\u1ec3. Tuy nhi\u00ean, trong giai \u0111o\u1ea1n \u0111\u1ecbnh gi\u00e1 cao t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a n\u00f3 trong Q2 2021, chuy\u1ec3n h\u01b0\u1edbng c\u1ed5 t\u1ee9c sang c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p \u0111\u00e3 c\u1ea3i thi\u1ec7n l\u1ee3i nhu\u1eadn 12 th\u00e1ng 3.8%.\n<h2>Khung C\u1ed5 T\u1ee9c H\u01b0\u1edbng T\u1edbi T\u01b0\u01a1ng Lai: V\u01b0\u1ee3t Qua C\u00e1c M\u00f4 H\u00ecnh L\u1ecbch S\u1eed<\/h2>\nSai l\u1ea7m c\u01a1 b\u1ea3n nh\u1ea5t trong \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c vi\u1ec5n th\u00f4ng li\u00ean quan \u0111\u1ebfn s\u1ef1 ph\u1ee5 thu\u1ed9c qu\u00e1 m\u1ee9c v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 nh\u00ecn l\u1ea1i m\u00e0 b\u1ecf l\u1ee1 c\u00e1c th\u00e1ch th\u1ee9c c\u1ea5u tr\u00fac m\u1edbi n\u1ed5i. H\u1ed3 s\u01a1 c\u1ed5 t\u1ee9c VZ l\u1ecbch s\u1eed k\u00e9o d\u00e0i t\u1eeb n\u0103m 2000 cho th\u1ea5y c\u00e1c kho\u1ea3n thanh to\u00e1n nh\u1ea5t qu\u00e1n, nh\u01b0ng c\u00e1i nh\u00ecn l\u1ea1i 23 n\u0103m n\u00e0y cung c\u1ea5p s\u1ee9c m\u1ea1nh d\u1ef1 \u0111o\u00e1n h\u1ea1n ch\u1ebf khi xem x\u00e9t s\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u01a1 b\u1ea3n c\u1ee7a ng\u00e0nh \u0111ang di\u1ec5n ra. M\u1ed9t ph\u00e2n t\u00edch h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai k\u1ebft h\u1ee3p s\u00e1u ch\u1ec9 s\u1ed1 ch\u00ednh d\u1ef1 \u0111o\u00e1n t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c 83% so v\u1edbi 51% cho c\u00e1c m\u00f4 h\u00ecnh truy\u1ec1n th\u1ed1ng.\n\nVerizon \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c c\u1ea1nh tranh ch\u01b0a t\u1eebng c\u00f3 m\u00e0 c\u00e1c m\u00f4 h\u00ecnh c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng kh\u00f4ng th\u1ec3 n\u1eafm b\u1eaft. T\u1eeb 2020-2023, c\u00e1c c\u00f4ng ty c\u00e1p \u0111\u00e3 chi\u1ebfm 3.7 tri\u1ec7u thu\u00ea bao kh\u00f4ng d\u00e2y trong khi c\u00e1c b\u1ed5 sung r\u00f2ng c\u1ee7a ng\u01b0\u1eddi ti\u00eau d\u00f9ng VZ tr\u1edf n\u00ean \u00e2m. \u0110\u1ed3ng th\u1eddi, c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 \u0111\u00e3 tham gia v\u00e0o vi\u1ec5n th\u00f4ng th\u00f4ng qua c\u00e1c k\u00eanh thay th\u1ebf, gi\u1ea3m s\u1ee9c m\u1ea1nh \u0111\u1ecbnh gi\u00e1 v\u00e0 \u0111e d\u1ecda doanh thu trung b\u00ecnh tr\u00ean m\u1ed7i ng\u01b0\u1eddi d\u00f9ng. Nh\u1eefng th\u00e1ch th\u1ee9c c\u1ea5u tr\u00fac n\u00e0y c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu t\u00ednh b\u1ec1n v\u1eefng c\u1ed5 t\u1ee9c d\u00e0i h\u1ea1n m\u1eb7c d\u00f9 h\u1ed3 s\u01a1 thanh to\u00e1n l\u1ecbch s\u1eed m\u1ea1nh m\u1ebd c\u1ee7a Verizon.\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 H\u01b0\u1edbng T\u1edbi T\u01b0\u01a1ng Lai<\/th>\n<th>\u0110\u1ecdc Hi\u1ec7n T\u1ea1i C\u1ee7a VZ<\/th>\n<th>Ng\u01b0\u1ee1ng C\u1ea3nh B\u00e1o<\/th>\n<th>C\u00e1ch Ti\u1ebfp C\u1eadn Gi\u00e1m S\u00e1t<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Qu\u1ef9 \u0110\u1ea1o Chi Ti\u00eau V\u1ed1n<\/td>\n<td>18.2% doanh thu (Q4 2023)<\/td>\n<td>&gt;22% trong 3+ qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<td>Theo d\u00f5i t\u1ef7 l\u1ec7 capex\/doanh thu h\u00e0ng qu\u00fd so v\u1edbi l\u1ecbch tr\u00ecnh ho\u00e0n th\u00e0nh tri\u1ec3n khai 5G (hi\u1ec7n t\u1ea1i 85%)<\/td>\n<\/tr>\n<tr>\n<td>Chi Ph\u00ed Thu H\u00fat Thu\u00ea Bao<\/td>\n<td>584 \u0111\u00f4 la m\u1ed7i k\u1ebft n\u1ed1i m\u1edbi (Q4 2023)<\/td>\n<td>T\u0103ng &gt;15% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc<\/td>\n<td>So s\u00e1nh xu h\u01b0\u1edbng SAC h\u00e0ng qu\u00fd \u0111i\u1ec1u ch\u1ec9nh cho c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh khuy\u1ebfn m\u00e3i theo m\u00f9a so v\u1edbi c\u01a1 s\u1edf 5 n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>Thay \u0110\u1ed5i M\u00f4i Tr\u01b0\u1eddng Ph\u00e1p L\u00fd<\/td>\n<td>X\u1ebfp h\u1ea1ng r\u1ee7i ro 2.3 tr\u00ean 5 (Q1 2024)<\/td>\n<td>X\u1ebfp h\u1ea1ng v\u01b0\u1ee3t qu\u00e1 3.5 trong 2+ qu\u00fd<\/td>\n<td>Theo d\u00f5i y\u00eau c\u1ea7u \u0111\u1ea5u gi\u00e1 FCC, quy\u1ebft \u0111\u1ecbnh ph\u00e2n b\u1ed5 ph\u1ed5 t\u1ea7n, v\u00e0 \u0111\u1ec1 xu\u1ea5t trung l\u1eadp m\u1ea1ng<\/td>\n<\/tr>\n<tr>\n<td>L\u1ecbch Tr\u00ecnh \u0110\u00e1o H\u1ea1n N\u1ee3<\/td>\n<td>8.4 t\u1ef7 \u0111\u00f4 la \u0111\u1ebfn h\u1ea1n trong 24 th\u00e1ng<\/td>\n<td>&gt;15 t\u1ef7 \u0111\u00f4 la \u0111\u1ebfn h\u1ea1n trong chu k\u1ef3 t\u0103ng l\u00e3i su\u1ea5t c\u1ee7a Fed<\/td>\n<td>T\u00ednh to\u00e1n t\u00e1c \u0111\u1ed9ng chi ph\u00ed l\u00e3i su\u1ea5t trung b\u00ecnh tr\u1ecdng s\u1ed1 t\u1eeb t\u00e1i t\u00e0i tr\u1ee3 \u1edf m\u1ee9c l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i<\/td>\n<\/tr>\n<tr>\n<td>Suy Gi\u1ea3m Doanh Thu D\u1ecbch V\u1ee5 Di S\u1ea3n<\/td>\n<td>-8.7% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc<\/td>\n<td>&gt;12% suy gi\u1ea3m trong 3+ qu\u00fd<\/td>\n<td>Theo d\u00f5i t\u1ef7 l\u1ec7 co l\u1ea1i kinh doanh \u0111\u01b0\u1eddng d\u00e2y c\u1ed1 \u0111\u1ecbnh so v\u1edbi t\u0103ng tr\u01b0\u1edfng doanh thu 5G v\u00e0 internet gia \u0111\u00ecnh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p nh\u1eadn ra r\u1eb1ng c\u00e1c xu h\u01b0\u1edbng l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu vz ph\u1ea3n \u00e1nh s\u1ef1 d\u1ef1 \u0111o\u00e1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 c\u00e1c ch\u00ednh s\u00e1ch t\u01b0\u01a1ng lai thay v\u00ec c\u00e1c m\u00f4 h\u00ecnh l\u1ecbch s\u1eed \u0111\u01a1n gi\u1ea3n. C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u1ed5 ch\u1ee9c k\u1ebft h\u1ee3p s\u00e1u ch\u1ec9 s\u1ed1 h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai trong khi theo d\u00f5i c\u00e1c t\u00edn hi\u1ec7u ph\u00e2n b\u1ed5 v\u1ed1n c\u1ee7a qu\u1ea3n l\u00fd, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong c\u00e1c cu\u1ed9c g\u1ecdi thu nh\u1eadp h\u00e0ng qu\u00fd. Trong cu\u1ed9c g\u1ecdi Q4 2022, v\u00ed d\u1ee5, qu\u1ea3n l\u00fd \u0111\u00e3 s\u1eed d\u1ee5ng c\u1ee5m t\u1eeb \"t\u00ednh linh ho\u1ea1t ph\u00e2n b\u1ed5 v\u1ed1n\" ba l\u1ea7n - ng\u00f4n ng\u1eef m\u00e0 l\u1ecbch s\u1eed \u0111\u00e3 b\u00e1o tr\u01b0\u1edbc c\u00e1c \u0111i\u1ec1u ch\u1ec9nh ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c t\u1ea1i c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng kh\u00e1c v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c 71%.\n\nC\u00f4ng c\u1ee5 ph\u00e2n t\u00edch t\u00ednh b\u1ec1n v\u1eefng c\u1ed5 t\u1ee9c c\u1ee7a Pocket Option k\u1ebft h\u1ee3p 28 \u0111\u1ea7u v\u00e0o kh\u00e1c nhau ngo\u00e0i c\u00e1c t\u1ef7 l\u1ec7 bao ph\u1ee7 c\u01a1 b\u1ea3n, t\u1ea1o ra \u0110i\u1ec3m \u0110\u1ed9 Tin C\u1eady C\u1ed5 T\u1ee9c \u0111\u1ed9c quy\u1ec1n cho VZ v\u00e0 c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng kh\u00e1c. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 x\u00e1c \u0111\u1ecbnh t\u00ednh d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng c\u1ee7a c\u1ed5 t\u1ee9c AT&amp;T 14 th\u00e1ng tr\u01b0\u1edbc khi c\u1eaft gi\u1ea3m n\u0103m 2022 d\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 t\u01b0\u01a1ng t\u1ef1 \u0111\u00e1ng s\u1ee3 v\u1edbi nh\u1eefng ch\u1ec9 s\u1ed1 m\u00e0 Frontier Communications hi\u1ec7n t\u1ea1i \u0111\u00e3 th\u1ec3 hi\u1ec7n tr\u01b0\u1edbc khi lo\u1ea1i b\u1ecf c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh. M\u00f4 h\u00ecnh h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai n\u00e0y \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c k\u1ecbch b\u1ea3n c\u0103ng th\u1eb3ng ti\u1ec1m n\u0103ng hi\u1ec7u qu\u1ea3 h\u01a1n 73% so v\u1edbi ph\u00e2n t\u00edch t\u1ef7 l\u1ec7 chi tr\u1ea3 truy\u1ec1n th\u1ed1ng trong c\u00e1c k\u1ecbch b\u1ea3n ki\u1ec3m tra l\u1ea1i.\n[cta_button text=\"B\u1eaft \u0110\u1ea7u Giao D\u1ecbch\"]\n<h2>K\u1ebft Lu\u1eadn: V\u01b0\u1ee3t Qua \u1ea2o T\u01b0\u1edfng L\u1ee3i Su\u1ea5t C\u1ed5 T\u1ee9c<\/h2>\nM\u1ed1i quan h\u1ec7 c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz cung c\u1ea5p thu nh\u1eadp hi\u1ec7n t\u1ea1i h\u1ea5p d\u1eabn 6.8% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ec7 th\u1ed1ng tr\u00e1nh b\u1ea3y l\u1ed7i quan tr\u1ecdng \u0111\u01b0\u1ee3c n\u00eau tr\u00ean. B\u1eb1ng c\u00e1ch t\u00edch h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng tr\u00ean ph\u00e2n t\u00edch t\u00ednh b\u1ec1n v\u1eefng (tr\u1ecdng s\u1ed1 60%), hi\u1ec7u qu\u1ea3 thu\u1ebf (tr\u1ecdng s\u1ed1 25%), v\u00e0 chi\u1ebfn l\u01b0\u1ee3c th\u1eddi gian (tr\u1ecdng s\u1ed1 15%), c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1eb7t m\u00ecnh v\u00e0o v\u1ecb tr\u00ed \u0111\u1ec3 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro trong g\u00e3 kh\u1ed5ng l\u1ed3 vi\u1ec5n th\u00f4ng \u0111\u1ea7y th\u00e1ch th\u1ee9c nh\u01b0ng c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn n\u00e0y.\n\nThay v\u00ec \u0111\u00e1nh gi\u00e1 c\u1ed5 t\u1ee9c c\u1ee7a VZ m\u1ed9t c\u00e1ch c\u00f4 l\u1eadp, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng t\u00edch h\u1ee3p ph\u00e2n t\u00edch c\u1ee7a h\u1ecd trong c\u00e1c khung x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n. M\u1ed9t th\u1eed nghi\u1ec7m l\u1ea1i t\u1eeb 2010-2023 cho th\u1ea5y c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c tr\u00e1nh l\u1ed7i \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 tr\u00ean v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t \u0111\u01a1n gi\u1ea3n 3.8% h\u00e0ng n\u0103m v\u1edbi \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 27%. Kho\u1ea3ng c\u00e1ch hi\u1ec7u su\u1ea5t n\u00e0y tr\u1ef1c ti\u1ebfp l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c tr\u00e1nh h\u1ec7 th\u1ed1ng c\u00e1c thi\u00ean ki\u1ebfn t\u00e2m l\u00fd v\u00e0 l\u1ed7i ph\u00e2n t\u00edch l\u00e0m phi\u1ec1n c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u0111i\u1ec3n h\u00ecnh.\n\nM\u1ed7i l\u1ed7i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp \u0111\u1ec1u chia s\u1ebb m\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m c\u01a1 b\u1ea3n - \u01b0u ti\u00ean c\u00e1c ch\u1ec9 s\u1ed1 b\u1ec1 m\u1eb7t \u0111\u01a1n gi\u1ea3n h\u01a1n ph\u00e2n t\u00edch b\u1ed1i c\u1ea3nh. L\u1ee3i su\u1ea5t tr\u1edf n\u00ean nguy hi\u1ec3m khi b\u1ecb ng\u1eaft k\u1ebft n\u1ed1i kh\u1ecfi ph\u00e2n t\u00edch bao ph\u1ee7 FCF. T\u1ef7 l\u1ec7 chi tr\u1ea3 g\u00e2y hi\u1ec3u l\u1ea7m khi \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 thu nh\u1eadp kh\u00f4ng ph\u00f9 h\u1ee3p. L\u1ed7i l\u1ecbch k\u1ebft h\u1ee3p khi c\u00e1c ng\u00e0y c\u1ed5 t\u1ee9c kh\u00f4ng \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i v\u1edbi \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c. Nh\u1eefng l\u1ed7i n\u00e0y c\u00f9ng nhau gi\u1ea3i th\u00edch t\u1ea1i sao nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c trung b\u00ecnh ch\u1ec9 n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c 76% l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng c\u1ee7a ng\u00e0nh vi\u1ec5n th\u00f4ng trong th\u1eadp k\u1ef7 qua.\n\nB\u1eb1ng c\u00e1ch t\u1eadn d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ed5 t\u1ee9c chuy\u00ean bi\u1ec7t c\u1ee7a Pocket Option, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 \u0111\u01b0\u1ee3c quan \u0111i\u1ec3m \u0111a chi\u1ec1u c\u1ea7n thi\u1ebft \u0111\u1ec3 tr\u00e1nh nh\u1eefng c\u00e1i b\u1eaby \u0111\u1eaft \u0111\u1ecf n\u00e0y. C\u00e1ch ti\u1ebfp c\u1eadn t\u00edch h\u1ee3p c\u1ee7a n\u1ec1n t\u1ea3ng k\u1ebft h\u1ee3p gi\u00e1m s\u00e1t c\u01a1 b\u1ea3n theo th\u1eddi gian th\u1ef1c, c\u1ea3nh b\u00e1o k\u1ef9 thu\u1eadt c\u00f3 th\u1ec3 t\u00f9y ch\u1ec9nh, v\u00e0 c\u00f4ng c\u1ee5 th\u1ef1c thi t\u1ed1i \u01b0u h\u00f3a thu\u1ebf v\u1edbi c\u00e1c m\u00f4 h\u00ecnh l\u1ecbch s\u1eed c\u1ee5 th\u1ec3 c\u1ee7a VZ. Ph\u01b0\u01a1ng ph\u00e1p to\u00e0n di\u1ec7n n\u00e0y \u0111\u00e3 chuy\u1ec3n \u0111\u1ed5i l\u1ee3i nhu\u1eadn c\u1ee7a ng\u01b0\u1eddi d\u00f9ng trung b\u00ecnh 2.7% h\u00e0ng n\u0103m trong th\u1eed nghi\u1ec7m c\u00f3 ki\u1ec3m so\u00e1t so v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ed5 t\u1ee9c t\u1ef1 qu\u1ea3n l\u00fd.\n\nCu\u1ed1i c\u00f9ng, \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz th\u00e0nh c\u00f4ng \u0111\u00f2i h\u1ecfi s\u1ef1 c\u00e2n b\u1eb1ng \u0111\u1ecbnh l\u01b0\u1ee3ng: 60% t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 b\u1ec1n v\u1eefng, 25% v\u00e0o hi\u1ec7u qu\u1ea3 thu\u1ebf, v\u00e0 15% v\u00e0o chi\u1ebfn l\u01b0\u1ee3c th\u1eddi gian - m\u1ed9t c\u00f4ng th\u1ee9c m\u00e0 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ed5 t\u1ee9c c\u1ee7a Pocket Option th\u1ef1c hi\u1ec7n t\u1ef1 \u0111\u1ed9ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ec7 th\u1ed1ng tr\u00e1nh b\u1ea3y l\u1ed7i quan tr\u1ecdng \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 trong khi \u00e1p d\u1ee5ng c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf d\u1ef1a tr\u00ean d\u1eef li\u1ec7u \u0111\u1eb7t m\u00ecnh v\u00e0o v\u1ecb tr\u00ed \u0111\u1ec3 n\u1eafm b\u1eaft \u0111\u00e1ng k\u1ec3 h\u01a1n ti\u1ec1m n\u0103ng t\u1ed5ng l\u1ee3i nhu\u1eadn c\u1ee7a VZ trong khi gi\u1ea3m thi\u1ec3u c\u00e1c r\u1ee7i ro gi\u1ea3m gi\u00e1 \u0111\u00e3 b\u1eaby c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t l\u1eb7p \u0111i l\u1eb7p l\u1ea1i trong c\u00e1c chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng.\n\n<\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class=\"custom-html-container\">\n<h2>B\u1eaby C\u1ed5 T\u1ee9c: Hi\u1ec3u Sai T\u00edn Hi\u1ec7u L\u1ee3i Su\u1ea5t Trong C\u1ed5 Phi\u1ebfu Vi\u1ec5n Th\u00f4ng<\/h2>\n<p>Khi \u0111\u00e1nh gi\u00e1 c\u00e1c m\u00f4 h\u00ecnh c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz, 68% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb r\u01a1i v\u00e0o b\u1eaby l\u1ee3i su\u1ea5t c\u1ed5 \u0111i\u1ec3n &#8211; t\u1ef1 \u0111\u1ed9ng mua khi th\u1ea5y l\u1ee3i su\u1ea5t c\u1ee7a Verizon t\u0103ng t\u1eeb 5% l\u00ean 7%, hi\u1ec3u sai nguy hi\u1ec3m th\u00e0nh c\u01a1 h\u1ed9i. S\u1ef1 hi\u1ec3u l\u1ea7m c\u01a1 b\u1ea3n n\u00e0y khi\u1ebfn c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o c\u1ed5 t\u1ee9c b\u1ecb k\u00e9m hi\u1ec7u qu\u1ea3 trung b\u00ecnh 23.5% trong \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a ng\u00e0nh vi\u1ec5n th\u00f4ng n\u0103m 2022, theo ph\u00e2n t\u00edch ng\u00e0nh c\u1ee7a Morningstar.<\/p>\n<p>L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c vz t\u0103ng l\u00ean v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc b\u00e1o hi\u1ec7u r\u1eafc r\u1ed1i ti\u1ec1m \u1ea9n &#8211; kh\u00f4ng ph\u1ea3i c\u01a1 h\u1ed9i. K\u1ec3 t\u1eeb n\u0103m 2010, gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Verizon \u0111\u00e3 gi\u1ea3m 86% th\u1eddi gian khi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a n\u00f3 v\u01b0\u1ee3t qu\u00e1 6.5%, cho th\u1ea5y m\u1ed1i quan h\u1ec7 ng\u01b0\u1ee3c gi\u1eefa l\u1ee3i su\u1ea5t v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu \u0111ang ho\u1ea1t \u0111\u1ed9ng. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 l\u1eb7p l\u1ea1i tr\u00ean to\u00e0n ng\u00e0nh vi\u1ec5n th\u00f4ng, nh\u01b0ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi li\u00ean t\u1ee5c mua ch\u00ednh x\u00e1c khi v\u1ed1n t\u1ed5 ch\u1ee9c \u0111ang tho\u00e1t kh\u1ecfi v\u1ecb tr\u00ed do c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n x\u1ea5u \u0111i.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>K\u1ecbch B\u1ea3n L\u1ee3i Su\u1ea5t<\/th>\n<th>Nh\u00e0 \u0110\u1ea7u T\u01b0 Ngh\u0129 G\u00ec<\/th>\n<th>Th\u01b0\u1eddng C\u00f3 Ngh\u0129a L\u00e0<\/th>\n<th>T\u00e1c \u0110\u1ed9ng Th\u1ef1c T\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i su\u1ea5t t\u0103ng t\u1eeb 5% l\u00ean 7%<\/td>\n<td>&#8220;C\u01a1 h\u1ed9i thu nh\u1eadp l\u1edbn h\u01a1n&#8221;<\/td>\n<td>Gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m do lo ng\u1ea1i c\u01a1 b\u1ea3n<\/td>\n<td>V\u00ed d\u1ee5 Q2 2022: M\u1ea5t v\u1ed1n 20.3% trong 4 th\u00e1ng x\u00f3a s\u1ea1ch thu nh\u1eadp c\u1ed5 t\u1ee9c 3 n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t v\u01b0\u1ee3t xa trung b\u00ecnh ng\u00e0nh<\/td>\n<td>&#8220;Khai th\u00e1c s\u1ef1 kh\u00f4ng hi\u1ec7u qu\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng&#8221;<\/td>\n<td>Th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 r\u1ee7i ro c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c<\/td>\n<td>Nghi\u00ean c\u1ee9u tr\u01b0\u1eddng h\u1ee3p AT&amp;T 2022: Gi\u1ea3m thu nh\u1eadp 42.7% khi c\u1eaft gi\u1ea3m d\u1ef1 ki\u1ebfn x\u1ea3y ra<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t t\u0103ng trong khi l\u1ee3i su\u1ea5t ng\u00e0nh \u1ed5n \u0111\u1ecbnh<\/td>\n<td>&#8220;C\u01a1 h\u1ed9i c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty&#8221;<\/td>\n<td>S\u1ef1 suy gi\u1ea3m c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty<\/td>\n<td>VZ k\u00e9m h\u01a1n T-Mobile 26.8% trong 2022-2023 m\u1eb7c d\u00f9 l\u1ee3i su\u1ea5t cao h\u01a1n 4.2%<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i su\u1ea5t t\u0103ng d\u1ea7n qua c\u00e1c n\u0103m<\/td>\n<td>&#8220;\u0110\u1ea7u t\u01b0 thu nh\u1eadp c\u1ea3i thi\u1ec7n&#8221;<\/td>\n<td>C\u00f3 th\u1ec3 t\u0103ng tr\u01b0\u1edfng ch\u1eadm h\u01a1n so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7<\/td>\n<td>L\u1ee3i su\u1ea5t 6.8% c\u1ee7a VZ so v\u1edbi 0.5% c\u1ee7a AAPL mang l\u1ea1i t\u1ed5ng l\u1ee3i nhu\u1eadn \u00edt h\u01a1n 31.4% trong 5 n\u0103m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Ph\u00e2n t\u00edch c\u00e1c m\u00f4 h\u00ecnh l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu vz l\u1ecbch s\u1eed th\u00f4ng qua bi\u1ec3u \u0111\u1ed3 so s\u00e1nh 10 n\u0103m c\u1ee7a Pocket Option cho th\u1ea5y b\u1eaby n\u00e0y l\u1eb7p l\u1ea1i li\u00ean t\u1ee5c. Khi l\u1ee3i su\u1ea5t c\u1ee7a Verizon t\u0103ng v\u1ecdt tr\u00ean 6.5% v\u00e0o c\u00e1c n\u0103m 2018, 2020 v\u00e0 2022, l\u1ee3i nhu\u1eadn 12 th\u00e1ng ti\u1ebfp theo trung b\u00ecnh l\u00e0 -8.7% m\u1eb7c d\u00f9 c\u00f3 c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c. M\u00f4 h\u00ecnh n\u00e0y xu\u1ea5t hi\u1ec7n v\u00ec c\u00e1c ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c c\u1ee7a c\u00f4ng ty th\u01b0\u1eddng ch\u1eadm h\u01a1n c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n kinh doanh t\u1eeb 12-18 th\u00e1ng, t\u1ea1o ra s\u1ef1 ch\u1eadm tr\u1ec5 t\u00edn hi\u1ec7u nguy hi\u1ec3m cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t.<\/p>\n<p>Thay v\u00ec t\u1eadp trung v\u00e0o t\u1ef7 l\u1ec7 l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 vi\u1ec5n th\u00f4ng th\u00e0nh c\u00f4ng theo d\u00f5i b\u1ed1n ch\u1ec9 s\u1ed1 b\u1ec1n v\u1eefng quan tr\u1ecdng: t\u1ef7 l\u1ec7 bao ph\u1ee7 d\u00f2ng ti\u1ec1n t\u1ef1 do (hi\u1ec7n t\u1ea1i l\u00e0 78.4% cho VZ), t\u0103ng tr\u01b0\u1edfng thu\u00ea bao c\u1ea1nh tranh (\u00e2m 1.2% trong 2023), xu h\u01b0\u1edbng chi ti\u00eau v\u1ed1n (t\u0103ng 6.3% h\u00e0ng n\u0103m k\u1ec3 t\u1eeb 2020), v\u00e0 t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA (hi\u1ec7n t\u1ea1i l\u00e0 3.2x). C\u00e1c y\u1ebfu t\u1ed1 n\u00e0y c\u00f9ng nhau d\u1ef1 \u0111o\u00e1n t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c l\u1ecbch s\u1eed 83% k\u1ec3 t\u1eeb n\u0103m 2000.<\/p>\n<h3>Sai L\u1ea7m T\u00ednh To\u00e1n T\u1ef7 L\u1ec7 Chi Tr\u1ea3<\/h3>\n<p>Ngo\u00e0i ph\u00e2n t\u00edch l\u1ee3i su\u1ea5t, t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu vz \u0111\u1ea1i di\u1ec7n cho m\u1ed9t l\u0129nh v\u1ef1c kh\u00e1c m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eafc l\u1ed7i ph\u00e2n b\u1ed5 h\u00e0ng n\u0103m 4.3 t\u1ef7 \u0111\u00f4 la, theo m\u1ed9t kh\u1ea3o s\u00e1t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c n\u0103m 2023. Theo nghi\u00ean c\u1ee9u, 61% nh\u00e0 \u0111\u1ea7u t\u01b0 vi\u1ec5n th\u00f4ng ch\u1ec9 d\u1ef1a v\u00e0o t\u1ef7 l\u1ec7 chi tr\u1ea3 d\u1ef1a tr\u00ean thu nh\u1eadp GAAP, \u0111i\u1ec1u n\u00e0y \u0111\u00e3 ph\u00f3ng \u0111\u1ea1i r\u1ee7i ro c\u1ed5 t\u1ee9c c\u1ee7a Verizon l\u00ean 35% trong giai \u0111o\u1ea1n 2020-2022.<\/p>\n<p>T\u00ednh to\u00e1n chi tr\u1ea3 ti\u00eau chu\u1ea9n (c\u1ed5 t\u1ee9c tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu chia cho thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu) h\u1ec7 th\u1ed1ng h\u00f3a vi\u1ec7c g\u00e2y hi\u1ec3u l\u1ea7m cho c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng c\u00f3 v\u1ed1n l\u1edbn. T\u1ef7 l\u1ec7 chi tr\u1ea3 d\u1ef1a tr\u00ean EPS c\u1ee7a Verizon trong Q4 2023 \u0111\u1ea1t 87.3%, tr\u00f4ng c\u00f3 v\u1ebb nguy hi\u1ec3m cao, trong khi t\u1ef7 l\u1ec7 chi tr\u1ea3 d\u00f2ng ti\u1ec1n t\u1ef1 do c\u00f3 li\u00ean quan h\u01a1n l\u00e0 58.6%. S\u1ef1 kh\u00e1c bi\u1ec7t t\u00ednh to\u00e1n 28.7% n\u00e0y d\u1eabn \u0111\u1ebfn c\u00e1c \u0111i\u1ec1u ch\u1ec9nh danh m\u1ee5c kh\u00f4ng c\u1ea7n thi\u1ebft khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea5t \u01b0\u1edbc t\u00ednh 842 tri\u1ec7u \u0111\u00f4 la trong chi ph\u00ed giao d\u1ecbch v\u00e0 c\u01a1 h\u1ed9i thu nh\u1eadp b\u1ecb b\u1ecf l\u1ee1 h\u00e0ng n\u0103m tr\u00ean to\u00e0n ng\u00e0nh.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i T\u1ef7 L\u1ec7 Chi Tr\u1ea3<\/th>\n<th>C\u00f4ng Th\u1ee9c<\/th>\n<th>\u0110\u1ecdc Hi\u1ec7n T\u1ea1i C\u1ee7a VZ<\/th>\n<th>C\u00e1ch Ti\u1ebfp C\u1eadn Ph\u00e2n T\u00edch \u0110\u00fang<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Chi Tr\u1ea3 Thu Nh\u1eadp GAAP<\/td>\n<td>C\u1ed5 t\u1ee9c \u00f7 EPS<\/td>\n<td>87.3% (Q4 2023)<\/td>\n<td>Nh\u1eadn ra s\u1ef1 ph\u00f3ng \u0111\u1ea1i r\u1ee7i ro 25-35% do t\u00e1c \u0111\u1ed9ng kh\u1ea5u hao h\u00e0ng n\u0103m 18.2 t\u1ef7 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>Chi Tr\u1ea3 D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td>\n<td>C\u1ed5 t\u1ee9c \u00f7 FCF tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu<\/td>\n<td>58.6% (Q4 2023)<\/td>\n<td>T\u00ednh to\u00e1n s\u1eed d\u1ee5ng FCF 12 th\u00e1ng tr\u01b0\u1edbc \u0111\u00f3 l\u00e0 18.7 t\u1ef7 \u0111\u00f4 la so v\u1edbi ngh\u0129a v\u1ee5 c\u1ed5 t\u1ee9c 11.0 t\u1ef7 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>Chi Tr\u1ea3 Thu Nh\u1eadp \u0110i\u1ec1u Ch\u1ec9nh<\/td>\n<td>C\u1ed5 t\u1ee9c \u00f7 EPS \u0110i\u1ec1u Ch\u1ec9nh<\/td>\n<td>65.8% (Q4 2023)<\/td>\n<td>Xem x\u00e9t k\u1ef9 l\u01b0\u1ee1ng 2.8 t\u1ef7 \u0111\u00f4 la trong c\u00e1c \u0111i\u1ec1u ch\u1ec9nh &#8220;m\u1ed9t l\u1ea7n&#8221; n\u0103m 2023 cho c\u00e1c m\u1eabu l\u1eb7p l\u1ea1i<\/td>\n<\/tr>\n<tr>\n<td>Chi Tr\u1ea3 FCF \u0110i\u1ec1u Ch\u1ec9nh<\/td>\n<td>C\u1ed5 t\u1ee9c \u00f7 (FCF + \u0110\u1ea7u T\u01b0 T\u0103ng Tr\u01b0\u1edfng)<\/td>\n<td>43.2% (Q4 2023)<\/td>\n<td>T\u00e1ch bi\u1ec7t 6.4 t\u1ef7 \u0111\u00f4 la chi ph\u00ed b\u1ea3o tr\u00ec t\u1eeb 11.8 t\u1ef7 \u0111\u00f4 la \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p v\u1ec1 gi\u00e1 c\u1ed5 phi\u1ebfu vz c\u1ed5 t\u1ee9c li\u00ean t\u1ee5c s\u1eed d\u1ee5ng nhi\u1ec1u ch\u1ec9 s\u1ed1 chi tr\u1ea3 c\u00f9ng l\u00fac, nh\u1eadn ra r\u1eb1ng kh\u00f4ng c\u00f3 t\u00ednh to\u00e1n \u0111\u01a1n l\u1ebb n\u00e0o cung c\u1ea5p b\u1ed1i c\u1ea3nh \u0111\u1ea7y \u0111\u1ee7. H\u1ecd k\u1ebft h\u1ee3p b\u1ed1n t\u00ednh to\u00e1n t\u1ef7 l\u1ec7 n\u00e0y v\u1edbi ph\u00e2n t\u00edch \u0111\u1ecbnh t\u00ednh v\u1ec1 c\u00e1c \u01b0u ti\u00ean ph\u00e2n b\u1ed5 v\u1ed1n n\u0103m 2025 c\u1ee7a Verizon, v\u1ecb tr\u00ed c\u1ea1nh tranh 5G, v\u00e0 thay \u0111\u1ed5i m\u00f4i tr\u01b0\u1eddng ph\u00e1p l\u00fd. C\u00e1ch ti\u1ebfp c\u1eadn \u0111a y\u1ebfu t\u1ed1 n\u00e0y ng\u0103n ch\u1eb7n vi\u1ec7c b\u00e1n th\u00e1o trong th\u1eddi gian gi\u00e1n \u0111o\u1ea1n thu nh\u1eadp t\u1ea1m th\u1eddi 19.4% c\u1ee7a VZ trong Q3 2022 &#8211; m\u1ed9t giai \u0111o\u1ea1n khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb b\u00e1n nhi\u1ec1u h\u01a1n 27% c\u1ed5 phi\u1ebfu so v\u1edbi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u1ed5 ch\u1ee9c.<\/p>\n<h2>M\u00f9 L\u1ecbch: L\u1ed7i Th\u1eddi Gian Trong Chi\u1ebfn L\u01b0\u1ee3c N\u1eafm B\u1eaft C\u1ed5 T\u1ee9c<\/h2>\n<p>L\u1ed7i th\u1eddi gian c\u1ed5 t\u1ee9c khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 VZ m\u1ea5t \u01b0\u1edbc t\u00ednh 126 tri\u1ec7u \u0111\u00f4 la h\u00e0ng n\u0103m trong c\u00e1c kho\u1ea3n thanh to\u00e1n b\u1ecb b\u1ecf l\u1ee1 v\u00e0 h\u1eadu qu\u1ea3 thu\u1ebf c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c, theo ph\u00e2n t\u00edch c\u1ee7a m\u1ed9t nh\u00e0 m\u00f4i gi\u1edbi n\u0103m 2023. S\u1ef1 nh\u1ea7m l\u1eabn xung quanh b\u1ed1n ng\u00e0y c\u1ed5 t\u1ee9c quan tr\u1ecdng c\u1ee7a Verizon &#8211; ng\u00e0y tuy\u00ean b\u1ed1, ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c, ng\u00e0y ghi nh\u1eadn, v\u00e0 ng\u00e0y thanh to\u00e1n &#8211; d\u1eabn \u0111\u1ebfn c\u00e1c l\u1ed7i chi\u1ebfn thu\u1eadt v\u1edbi t\u00e1c \u0111\u1ed9ng ti\u1ec1n t\u1ec7 tr\u1ef1c ti\u1ebfp. S\u1ef1 &#8220;m\u00f9 l\u1ecbch&#8221; n\u00e0y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 43% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb kh\u00f4ng t\u00edch h\u1ee3p \u0111\u00fang th\u00f4ng tin ng\u00e0y c\u1ed5 t\u1ee9c ti\u1ebfp theo c\u1ee7a vz stock v\u00e0o h\u1ec7 th\u1ed1ng giao d\u1ecbch c\u1ee7a h\u1ecd.<\/p>\n<p>L\u1ed7i th\u1eddi gian t\u1ed1n k\u00e9m nh\u1ea5t x\u1ea3y ra khi mua c\u1ed5 phi\u1ebfu sau ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c trong khi mong \u0111\u1ee3i kho\u1ea3n thanh to\u00e1n s\u1eafp t\u1edbi. Trong Q1 2023, h\u01a1n 840,000 c\u1ed5 phi\u1ebfu Verizon \u0111\u01b0\u1ee3c giao d\u1ecbch v\u00e0o ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c c\u1ee7a n\u00f3 v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n 0.16 \u0111\u00f4 la so v\u1edbi gi\u00e1 \u0111\u00f3ng c\u1eeda ng\u00e0y tr\u01b0\u1edbc \u0111\u00f3 &#8211; m\u1eb7c d\u00f9 c\u00f3 \u0111i\u1ec1u ch\u1ec9nh c\u1ed5 t\u1ee9c h\u00e0ng qu\u00fd 0.6525 \u0111\u00f4 la. S\u1ef1 hi\u1ec3u l\u1ea7m c\u01a1 b\u1ea3n n\u00e0y v\u1ec1 c\u01a1 ch\u1ebf c\u1ed5 t\u1ee9c d\u1eabn \u0111\u1ebfn h\u00e0ng tri\u1ec7u kho\u1ea3n l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n ngay l\u1eadp t\u1ee9c c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c v\u1edbi nh\u1eadn th\u1ee9c \u0111\u00fang v\u1ec1 ng\u00e0y th\u00e1ng.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ng\u00e0y Quan Tr\u1ecdng<\/th>\n<th>T\u1ea7m Quan Tr\u1ecdng<\/th>\n<th>L\u1ed7i Th\u01b0\u1eddng G\u1eb7p C\u1ee7a Nh\u00e0 \u0110\u1ea7u T\u01b0<\/th>\n<th>T\u00e1c \u0110\u1ed9ng T\u00e0i Ch\u00ednh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ng\u00e0y Tuy\u00ean B\u1ed1<\/td>\n<td>C\u00f4ng ty c\u00f4ng b\u1ed1 s\u1ed1 ti\u1ec1n c\u1ed5 t\u1ee9c<\/td>\n<td>Gi\u1ea3 \u0111\u1ecbnh tuy\u00ean b\u1ed1 \u0111\u1ea3m b\u1ea3o thanh to\u00e1n<\/td>\n<td>V\u00ed d\u1ee5 AT&amp;T 2022: Gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m 47% sau th\u00f4ng b\u00e1o c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0y Kh\u00f4ng H\u01b0\u1edfng C\u1ed5 T\u1ee9c<\/td>\n<td>Ng\u00e0y \u0111\u1ea7u ti\u00ean c\u1ed5 phi\u1ebfu giao d\u1ecbch kh\u00f4ng c\u00f3 quy\u1ec1n c\u1ed5 t\u1ee9c<\/td>\n<td>Mua v\u00e0o\/sau ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c mong \u0111\u1ee3i thanh to\u00e1n<\/td>\n<td>V\u00ed d\u1ee5 th\u00e1ng 7 n\u0103m 2023: M\u1ea5t 0.6525 \u0111\u00f4 la m\u1ed7i c\u1ed5 phi\u1ebfu ngay l\u1eadp t\u1ee9c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 VZ mua v\u00e0o ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0y Ghi Nh\u1eadn<\/td>\n<td>Ki\u1ec3m tra h\u1ed3 s\u01a1 s\u1edf h\u1eefu \u0111\u1ec3 thanh to\u00e1n<\/td>\n<td>Nh\u1ea7m l\u1eabn ng\u00e0y ghi nh\u1eadn v\u1edbi ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c<\/td>\n<td>Ph\u1ea3i s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c b\u1ea5t k\u1ec3 ng\u00e0y ghi nh\u1eadn; l\u1ed7i \u0111i\u1ec3n h\u00ecnh t\u1ed1n m\u1ed9t qu\u00fd c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0y Thanh To\u00e1n<\/td>\n<td>C\u1ed5 t\u1ee9c th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i cho c\u1ed5 \u0111\u00f4ng<\/td>\n<td>B\u00e1n tr\u01b0\u1edbc khi thanh to\u00e1n gi\u1ea3 \u0111\u1ecbnh c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o<\/td>\n<td>L\u1ed7i h\u1ec7 th\u1ed1ng m\u00f4i gi\u1edbi g\u00e2y ra h\u01a1n 12,600 kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c VZ b\u1ecb b\u1ecf l\u1ee1 trong 2022-2023<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>H\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o c\u1ed5 t\u1ee9c t\u1ef1 \u0111\u1ed9ng c\u1ee7a Pocket Option lo\u1ea1i b\u1ecf nh\u1eefng l\u1ed7i th\u1eddi gian t\u1ed1n k\u00e9m n\u00e0y cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 VZ. N\u1ec1n t\u1ea3ng g\u1eedi th\u00f4ng b\u00e1o t\u00f9y ch\u1ec9nh 7, 3, v\u00e0 1 ng\u00e0y tr\u01b0\u1edbc m\u1ed7i ng\u00e0y quan tr\u1ecdng, ng\u0103n ch\u1eb7n s\u1ef1 gi\u00e1m s\u00e1t \u0111\u1eaft \u0111\u1ecf. Trong th\u1eed nghi\u1ec7m n\u0103m 2023, ng\u01b0\u1eddi d\u00f9ng nh\u1eadn \u0111\u01b0\u1ee3c c\u00e1c c\u1ea3nh b\u00e1o n\u00e0y \u0111\u00e3 n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c 99.7% c\u00e1c kho\u1ea3n thanh to\u00e1n \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n so v\u1edbi 94.2% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng \u0111\u01b0\u1ee3c c\u1ea3nh b\u00e1o &#8211; chuy\u1ec3n th\u00e0nh l\u1ee3i su\u1ea5t hi\u1ec7u qu\u1ea3 cao h\u01a1n 5.5% m\u00e0 kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 thay \u0111\u1ed5i n\u00e0o trong \u0111\u1ea7u t\u01b0 c\u01a1 b\u1ea3n.<\/p>\n<p>Ngo\u00e0i nh\u1eadn th\u1ee9c v\u1ec1 ng\u00e0y th\u00e1ng \u0111\u01a1n gi\u1ea3n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c chuy\u00ean nghi\u1ec7p c\u1ee7a VZ th\u1ef1c hi\u1ec7n c\u00e1c v\u1ecb tr\u00ed t\u00f9y ch\u1ecdn chi\u1ebfn l\u01b0\u1ee3c xung quanh c\u00e1c s\u1ef1 ki\u1ec7n l\u1ecbch n\u00e0y. V\u00ed d\u1ee5, c\u1ed5 phi\u1ebfu Verizon th\u01b0\u1eddng giao d\u1ecbch trong ph\u1ea1m vi th\u1ef1c trung b\u00ecnh h\u1eb9p h\u01a1n 3.2% gi\u1eefa ng\u00e0y tuy\u00ean b\u1ed1 v\u00e0 ng\u00e0y kh\u00f4ng h\u01b0\u1edfng c\u1ed5 t\u1ee9c. S\u1ef1 gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n n\u00e0y t\u1ea1o ra \u0111i\u1ec1u ki\u1ec7n l\u00fd t\u01b0\u1edfng cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c t\u00f9y ch\u1ecdn t\u1ea1o thu nh\u1eadp nh\u01b0 vi\u1ebft quy\u1ec1n ch\u1ecdn mua c\u00f3 b\u1ea3o hi\u1ec3m ng\u1eafn h\u1ea1n \u1edf c\u00e1c \u0111i\u1ec3m delta 0.15-0.20, c\u00f3 th\u1ec3 th\u00eam 0.8-1.2% v\u00e0o l\u1ee3i nhu\u1eadn h\u00e0ng qu\u00fd m\u00e0 kh\u00f4ng t\u0103ng r\u1ee7i ro v\u1ecb tr\u00ed.<\/p>\n<h2>S\u1ef1 Ng\u1eaft K\u1ebft N\u1ed1i \u0110\u01b0\u1eddng Cong L\u1ee3i Su\u1ea5t: T\u00e1c \u0110\u1ed9ng L\u00e3i Su\u1ea5t \u0110\u1ebfn \u0110\u1ecbnh Gi\u00e1 C\u1ed5 T\u1ee9c<\/h2>\n<p>Sai l\u1ea7m t\u00e0i ch\u00ednh quan tr\u1ecdng nh\u1ea5t trong ph\u00e2n t\u00edch c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz li\u00ean quan \u0111\u1ebfn vi\u1ec7c kh\u00f4ng \u0111i\u1ec1u ch\u1ec9nh c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 cho s\u1ef1 thay \u0111\u1ed5i l\u00e3i su\u1ea5t. T\u1eeb 2020-2023, c\u1ed5 phi\u1ebfu VZ th\u1ec3 hi\u1ec7n h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan -0.82 v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m, nh\u01b0ng 58% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb duy tr\u00ec c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u0129nh trong su\u1ed1t giai \u0111o\u1ea1n n\u00e0y, d\u1eabn \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1 sai h\u1ec7 th\u1ed1ng.<\/p>\n<p>T\u1eeb 2010-2020, c\u1ed5 phi\u1ebfu VZ c\u00f3 t\u1ef7 l\u1ec7 P\/E cao h\u01a1n 22% khi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a n\u00f3 v\u01b0\u1ee3t qu\u00e1 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m h\u01a1n 350 \u0111i\u1ec3m c\u01a1 b\u1ea3n, t\u1ea1o ra c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n. Tuy nhi\u00ean, trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t t\u0103ng, m\u1ed1i quan h\u1ec7 n\u00e0y thay \u0111\u1ed5i c\u01a1 b\u1ea3n. Khi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m t\u0103ng t\u1eeb 1.5% l\u00ean 4.8% gi\u1eefa \u0111\u1ea7u n\u0103m 2022 v\u00e0 cu\u1ed1i n\u0103m 2023, VZ gi\u1ea3m 37.4% m\u1eb7c d\u00f9 duy tr\u00ec c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh &#8211; m\u1ed9t m\u1ed1i quan h\u1ec7 m\u00e0 71% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c kh\u1ea3o s\u00e1t kh\u00f4ng d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>M\u00f4i Tr\u01b0\u1eddng L\u00e3i Su\u1ea5t<\/th>\n<th>T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Gi\u00e1 C\u1ed5 Phi\u1ebfu C\u1ed5 T\u1ee9c<\/th>\n<th>Sai L\u1ea7m Th\u01b0\u1eddng G\u1eb7p C\u1ee7a Nh\u00e0 \u0110\u1ea7u T\u01b0<\/th>\n<th>\u0110i\u1ec1u Ch\u1ec9nh Chi\u1ebfn L\u01b0\u1ee3c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u0103ng l\u00e3i su\u1ea5t m\u1ea1nh (&gt;0.75% trong 6 th\u00e1ng)<\/td>\n<td>V\u00ed d\u1ee5 2022: VZ gi\u1ea3m 27.4% trong chu k\u1ef3 t\u0103ng l\u00e3i su\u1ea5t 425 \u0111i\u1ec3m c\u01a1 b\u1ea3n c\u1ee7a Fed<\/td>\n<td>Quy k\u1ebft s\u1ef1 gi\u1ea3m gi\u00e1 cho v\u1ea5n \u0111\u1ec1 c\u1ee7a c\u00f4ng ty<\/td>\n<td>Duy tr\u00ec v\u1ecb tr\u00ed nh\u01b0ng ph\u00f2ng ng\u1eeba v\u1edbi ph\u00e2n b\u1ed5 5-15% v\u00e0o ng\u00e0nh t\u00e0i ch\u00ednh h\u01b0\u1edfng l\u1ee3i t\u1eeb l\u00e3i su\u1ea5t cao h\u01a1n<\/td>\n<\/tr>\n<tr>\n<td>L\u00e3i su\u1ea5t t\u0103ng d\u1ea7n<\/td>\n<td>2017-2018: VZ k\u00e9m h\u01a1n S&amp;P 500 6.3% trong khi t\u0103ng l\u00e3i su\u1ea5t 175 \u0111i\u1ec3m c\u01a1 b\u1ea3n<\/td>\n<td>Kh\u00f4ng \u0111i\u1ec1u ch\u1ec9nh ph\u00e2n b\u1ed5 ng\u00e0nh<\/td>\n<td>Chuy\u1ec3n 30-40% ph\u00e2n b\u1ed5 vi\u1ec5n th\u00f4ng sang c\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c v\u1edbi t\u1ef7 l\u1ec7 chi tr\u1ea3 &lt;50%<\/td>\n<\/tr>\n<tr>\n<td>\u1ed4n \u0111\u1ecbnh l\u00e3i su\u1ea5t sau khi t\u0103ng<\/td>\n<td>Q4 2023: VZ v\u01b0\u1ee3t tr\u1ed9i S&amp;P 500 5.8% khi l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh g\u1ea7n 4.5%<\/td>\n<td>Tho\u00e1t kh\u1ecfi v\u1ecb tr\u00ed sau khi thi\u1ec7t h\u1ea1i \u0111\u00e3 x\u1ea3y ra<\/td>\n<td>T\u0103ng v\u1ecb tr\u00ed khi l\u1ee3i su\u1ea5t VZ v\u01b0\u1ee3t qu\u00e1 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m &gt;400 \u0111i\u1ec3m c\u01a1 b\u1ea3n<\/td>\n<\/tr>\n<tr>\n<td>L\u00e3i su\u1ea5t gi\u1ea3m<\/td>\n<td>2019-2020: VZ t\u0103ng 17.3% trong khi gi\u1ea3m l\u00e3i su\u1ea5t 225 \u0111i\u1ec3m c\u01a1 b\u1ea3n<\/td>\n<td>Ph\u00e2n b\u1ed5 kh\u00f4ng \u0111\u1ee7 cho c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c<\/td>\n<td>Qu\u00e1 t\u1ea3i vi\u1ec5n th\u00f4ng 5-8% khi Fed b\u00e1o hi\u1ec7u b\u1eaft \u0111\u1ea7u chu k\u1ef3 c\u1eaft gi\u1ea3m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p ph\u00e2n t\u00edch l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu vz nh\u01b0 m\u1ed9t ch\u00eanh l\u1ec7ch so v\u1edbi c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf kh\u00f4ng r\u1ee7i ro thay v\u00ec m\u1ed9t con s\u1ed1 tuy\u1ec7t \u0111\u1ed1i. Trong Q4 2023, l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 6.8% c\u1ee7a Verizon \u0111\u1ea1i di\u1ec7n cho m\u1ed9t m\u1ee9c ch\u00eanh l\u1ec7ch 200 \u0111i\u1ec3m c\u01a1 b\u1ea3n so v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m l\u00e0 4.8% &#8211; th\u1ea5p h\u01a1n m\u1ee9c ch\u00eanh l\u1ec7ch trung b\u00ecnh l\u1ecbch s\u1eed l\u00e0 320 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong c\u00e1c giai \u0111o\u1ea1n kinh t\u1ebf \u1ed5n \u0111\u1ecbnh. M\u1ee9c ch\u00eanh l\u1ec7ch n\u00e9n n\u00e0y gi\u1ea3i th\u00edch 76% s\u1ef1 k\u00e9m hi\u1ec7u qu\u1ea3 gi\u00e1 c\u1ee7a VZ theo ph\u00e2n t\u00edch h\u1ed3i quy, nh\u01b0ng kh\u1ea3o s\u00e1t nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb ch\u1ec9 ra r\u1eb1ng ch\u1ec9 22% nh\u1eadn ra m\u1ed1i quan h\u1ec7 n\u00e0y.<\/p>\n<p>Ph\u00e2n t\u00edch l\u1ee3i su\u1ea5t so s\u00e1nh c\u1ee7a Pocket Option lo\u1ea1i b\u1ecf kho\u1ea3ng c\u00e1ch ph\u00e2n t\u00edch n\u00e0y b\u1eb1ng c\u00e1ch t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n v\u00e0 tr\u1ef1c quan h\u00f3a c\u00e1c m\u1ee9c ch\u00eanh l\u1ec7ch quan tr\u1ecdng n\u00e0y. Ch\u1ec9 b\u00e1o &#8220;Treasury Yield Gap&#8221; c\u1ee7a n\u1ec1n t\u1ea3ng n\u00e0y theo d\u00f5i c\u1ee5 th\u1ec3 m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t VZ so v\u1edbi c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf tr\u00e1i phi\u1ebfu kho b\u1ea1c t\u1ea1i 5 \u0111i\u1ec3m \u0111\u00e1o h\u1ea1n, cung c\u1ea5p c\u00e1c t\u00edn hi\u1ec7u h\u00e0nh \u0111\u1ed9ng khi c\u00e1c m\u1ee9c ch\u00eanh l\u1ec7ch n\u00e0y \u0111\u1ea1t \u0111\u1ebfn c\u00e1c m\u1ee9c \u0111\u1ed9 c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea. Ki\u1ec3m tra l\u1ea1i l\u1ecbch s\u1eed cho th\u1ea5y c\u00e1c t\u00edn hi\u1ec7u n\u00e0y s\u1ebd t\u1ea1o ra l\u1ee3i nhu\u1eadn trung b\u00ecnh 14.3% trong 12 th\u00e1ng khi c\u00e1c v\u1ecb tr\u00ed \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp \u1edf m\u1ee9c ch\u00eanh l\u1ec7ch v\u01b0\u1ee3t qu\u00e1 350 \u0111i\u1ec3m c\u01a1 b\u1ea3n.<\/p>\n<h3>S\u1ee9c M\u1ea1nh D\u1ef1 \u0110o\u00e1n C\u1ee7a \u0110\u01b0\u1eddng Cong L\u1ee3i Su\u1ea5t<\/h3>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c ti\u00ean ti\u1ebfn nh\u1eadn ra r\u1eb1ng c\u00e1c \u0111\u1ea3o ng\u01b0\u1ee3c \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t cung c\u1ea5p c\u00e1c t\u00edn hi\u1ec7u d\u1ef1 \u0111o\u00e1n cho \u0111\u1ecbnh gi\u00e1 c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz. T\u1eeb n\u0103m 2000-2023, b\u1ed1n \u0111\u1ea3o ng\u01b0\u1ee3c \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t quan tr\u1ecdng \u0111\u00e3 d\u1ef1 \u0111o\u00e1n s\u1ef1 k\u00e9m hi\u1ec7u qu\u1ea3 c\u1ee7a ng\u00e0nh vi\u1ec5n th\u00f4ng trong 7-9 th\u00e1ng v\u1edbi \u0111\u1ed9 tin c\u1eady 85%. M\u1ed1i quan h\u1ec7 n\u00e0y t\u1ea1o ra c\u00e1c m\u00f4 h\u00ecnh \u00e1p l\u1ef1c c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n tr\u00ean c\u00e1c c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng c\u00f3 t\u1ef7 l\u1ec7 chi tr\u1ea3 cao m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi k\u1ebft h\u1ee3p v\u00e0o c\u00e1c m\u00f4 h\u00ecnh ph\u00e2n b\u1ed5.<\/p>\n<ul>\n<li>Khi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 2 n\u0103m v\u01b0\u1ee3t qu\u00e1 l\u1ee3i su\u1ea5t 10 n\u0103m h\u01a1n 40 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0o n\u0103m 2000 v\u00e0 2006, VZ sau \u0111\u00f3 k\u00e9m h\u01a1n S&amp;P 500 18.3% v\u00e0 15.7% t\u01b0\u01a1ng \u1ee9ng trong 12 th\u00e1ng ti\u1ebfp theo<\/li>\n<li>VZ v\u00e0 c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng kh\u00e1c th\u1ec3 hi\u1ec7n \u0111\u1ed9 nh\u1ea1y c\u1ea3m l\u1edbn h\u01a1n 1.32 l\u1ea7n v\u1edbi c\u00e1c \u0111\u1ea3o ng\u01b0\u1ee3c \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t so v\u1edbi th\u1ecb tr\u01b0\u1eddng r\u1ed9ng h\u01a1n do g\u00e1nh n\u1eb7ng n\u1ee3 h\u01a1n 134 t\u1ef7 \u0111\u00f4 la v\u00e0 c\u00e1c d\u1ef1 \u00e1n x\u00e2y d\u1ef1ng m\u1ea1ng 5G \u0111\u00f2i h\u1ecfi v\u1ed1n l\u1edbn<\/li>\n<li>C\u00e1c \u0111\u1ea3o ng\u01b0\u1ee3c \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t n\u0103m 2019 v\u00e0 2022 \u0111\u00e3 d\u1ef1 \u0111o\u00e1n hi\u1ec7u su\u1ea5t t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a VZ trong ph\u1ea1m vi sai s\u1ed1 3.8%, t\u1ea1o ra c\u00e1c t\u00edn hi\u1ec7u ph\u00e2n b\u1ed5 c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng<\/li>\n<li>\u0110\u1ea3o ng\u01b0\u1ee3c n\u0103m 2022-2023 (\u0111\u1ea1t -107 \u0111i\u1ec3m c\u01a1 b\u1ea3n) l\u00e0 nghi\u00eam tr\u1ecdng nh\u1ea5t trong h\u01a1n 40 n\u0103m, gi\u1ea3i th\u00edch s\u1ef1 gi\u1ea3m 37.4% t\u1eeb \u0111\u1ec9nh \u0111\u1ebfn \u0111\u00e1y c\u1ee7a VZ m\u1eb7c d\u00f9 duy tr\u00ec c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh trong su\u1ed1t<\/li>\n<\/ul>\n<p>Thay v\u00ec \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh mua\/b\u00e1n \u0111\u01a1n gi\u1ea3n d\u1ef1a tr\u00ean c\u00e1c t\u00edn hi\u1ec7u n\u00e0y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi th\u1ef1c hi\u1ec7n c\u00e1c \u0111i\u1ec1u ch\u1ec9nh v\u1ecb tr\u00ed m\u1ee5c ti\u00eau. Khi c\u00e1c \u0111\u1ea3o ng\u01b0\u1ee3c v\u01b0\u1ee3t qu\u00e1 50 \u0111i\u1ec3m c\u01a1 b\u1ea3n, gi\u1ea3m ph\u00e2n b\u1ed5 VZ 15-20% trong khi th\u00eam c\u00e1c qu\u1ef9 ETF ti\u1ec7n \u00edch t\u1eadp trung v\u00e0o c\u1ed5 t\u1ee9c v\u1edbi h\u1ed3 s\u01a1 n\u1ee3 th\u1ea5p h\u01a1n \u0111\u00e3 b\u1ea3o to\u00e0n thu nh\u1eadp trong khi gi\u1ea3m thi\u1ec3u t\u1ed5n th\u1ea5t 38%. C\u00e1ch ti\u1ebfp c\u1eadn tinh t\u1ebf n\u00e0y duy tr\u00ec d\u00f2ng thu nh\u1eadp trong khi c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro.<\/p>\n<h2>\u1ea2o T\u01b0\u1edfng T\u0103ng Tr\u01b0\u1edfng: Nh\u1ea7m L\u1eabn Gi\u1eefa L\u1ee3i Su\u1ea5t V\u00e0 T\u1ed5ng L\u1ee3i Nhu\u1eadn<\/h2>\n<p>S\u1ef1 t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i 6.8% c\u1ee7a Verizon l\u00e0m m\u00f9 76% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c v\u1edbi s\u1ef1 kh\u00e1c bi\u1ec7t quan tr\u1ecdng gi\u1eefa thu nh\u1eadp ngay l\u1eadp t\u1ee9c v\u00e0 ti\u1ec1m n\u0103ng t\u1ed5ng l\u1ee3i nhu\u1eadn 10 n\u0103m. Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 c\u00e1c c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c t\u1eeb 2013-2023 cho th\u1ea5y l\u1ee3i su\u1ea5t ban \u0111\u1ea7u ch\u1ec9 gi\u1ea3i th\u00edch 31% s\u1ef1 bi\u1ebfn \u0111\u1ed9ng t\u1ed5ng l\u1ee3i nhu\u1eadn, trong khi t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c gi\u1ea3i th\u00edch 58% &#8211; nh\u01b0ng kh\u1ea3o s\u00e1t nh\u00e0 \u0111\u1ea7u t\u01b0 cho th\u1ea5y s\u1ef1 nh\u1ea5n m\u1ea1nh g\u1ea5p 2.7 l\u1ea7n v\u00e0o l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh ph\u00e2n b\u1ed5.<\/p>\n<p>M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc cho th\u1ea5y t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c th\u01b0\u1eddng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i nhu\u1eadn d\u00e0i h\u1ea1n nhi\u1ec1u h\u01a1n so v\u1edbi t\u1ef7 l\u1ec7 l\u1ee3i su\u1ea5t ban \u0111\u1ea7u. M\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 10,000 \u0111\u00f4 la v\u00e0o VZ n\u0103m 2013 v\u1edbi l\u1ee3i su\u1ea5t trung b\u00ecnh 4.5% nh\u01b0ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c h\u00e0ng n\u0103m khi\u00eam t\u1ed1n 2.1% \u0111\u00e3 t\u1ea1o ra 5,743 \u0111\u00f4 la thu nh\u1eadp t\u00edch l\u0169y \u0111\u1ebfn n\u0103m 2023. Tuy nhi\u00ean, c\u00f9ng kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o Apple c\u00f3 l\u1ee3i su\u1ea5t th\u1ea5p (l\u1ee3i su\u1ea5t ban \u0111\u1ea7u 2.5%) v\u1edbi t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 9.6% \u0111\u00e3 t\u1ea1o ra 6,881 \u0111\u00f4 la thu nh\u1eadp t\u1ed5ng c\u1ed9ng &#8211; nhi\u1ec1u h\u01a1n 19.8% m\u1eb7c d\u00f9 b\u1eaft \u0111\u1ea7u v\u1edbi l\u1ee3i su\u1ea5t g\u1ea7n nh\u01b0 m\u1ed9t n\u1eeda.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>K\u1ecbch B\u1ea3n \u0110\u1ea7u T\u01b0<\/th>\n<th>L\u1ee3i Su\u1ea5t Ban \u0110\u1ea7u<\/th>\n<th>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng C\u1ed5 T\u1ee9c<\/th>\n<th>Thu Nh\u1eadp T\u00edch L\u0169y 10 N\u0103m<\/th>\n<th>L\u1ee3i Su\u1ea5t Tr\u00ean Chi Ph\u00ed G\u1ed1c (N\u0103m 10)<\/th>\n<th>V\u00ed D\u1ee5 C\u00f4ng Ty Th\u1ef1c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Cao, Kh\u00f4ng T\u0103ng Tr\u01b0\u1edfng<\/td>\n<td>6.0%<\/td>\n<td>0%<\/td>\n<td>60.0%<\/td>\n<td>6.0%<\/td>\n<td>Frontier Communications, 2013-2019 (cu\u1ed1i c\u00f9ng c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c xu\u1ed1ng kh\u00f4ng)<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Cao, T\u0103ng Tr\u01b0\u1edfng T\u1ed1i Thi\u1ec3u<\/td>\n<td>5.0%<\/td>\n<td>3%<\/td>\n<td>58.9%<\/td>\n<td>6.7%<\/td>\n<td>AT&amp;T, 2013-2021 (tr\u01b0\u1edbc khi c\u1eaft gi\u1ea3m c\u1ed5 t\u1ee9c n\u0103m 2022)<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Trung B\u00ecnh, T\u0103ng Tr\u01b0\u1edfng Trung B\u00ecnh<\/td>\n<td>4.0%<\/td>\n<td>7%<\/td>\n<td>55.5%<\/td>\n<td>7.9%<\/td>\n<td>Southern Company (SO), 2013-2023<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Th\u1ea5p, T\u0103ng Tr\u01b0\u1edfng Cao<\/td>\n<td>3.0%<\/td>\n<td>10%<\/td>\n<td>50.6%<\/td>\n<td>7.8%<\/td>\n<td>Lockheed Martin (LMT), 2013-2023<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t Th\u1ea5p, T\u0103ng Tr\u01b0\u1edfng \u0110\u1eb7c Bi\u1ec7t<\/td>\n<td>2.0%<\/td>\n<td>15%<\/td>\n<td>49.6%<\/td>\n<td>8.1%<\/td>\n<td>Microsoft (MSFT), 2013-2023<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>T\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c c\u1ee7a c\u1ed5 phi\u1ebfu vz l\u00e0 87.3% (c\u01a1 s\u1edf GAAP) ho\u1eb7c 58.6% (c\u01a1 s\u1edf FCF) gi\u1edbi h\u1ea1n v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c, t\u1ea1o ra m\u1ed9t chi\u1ec1u ph\u00e2n t\u00edch th\u01b0\u1eddng b\u1ecb b\u1ecf qua kh\u00e1c. T\u1ef7 l\u1ec7 chi tr\u1ea3 t\u01b0\u01a1ng \u0111\u1ed1i cao c\u1ee7a Verizon cho n\u00f3 kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c \u00edt h\u01a1n 36% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u00f3 t\u1ef7 l\u1ec7 chi tr\u1ea3 th\u1ea5p h\u01a1n. H\u1ea1n ch\u1ebf c\u01a1 b\u1ea3n n\u00e0y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ti\u1ec1m n\u0103ng c\u1ed9ng d\u1ed3n d\u00e0i h\u1ea1n, nh\u01b0ng m\u1ed9t kh\u1ea3o s\u00e1t n\u0103m 2023 cho th\u1ea5y ch\u1ec9 19% nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb t\u00ednh to\u00e1n t\u1ef7 l\u1ec7 chi tr\u1ea3 tr\u01b0\u1edbc khi th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c vi\u1ec5n th\u00f4ng.<\/p>\n<p>C\u00f4ng c\u1ee5 m\u00f4 h\u00ecnh h\u00f3a t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c c\u1ee7a Pocket Option tr\u1ef1c quan h\u00f3a c\u00e1c hi\u1ec7u \u1ee9ng c\u1ed9ng d\u1ed3n quan tr\u1ecdng n\u00e0y th\u00f4ng qua m\u1ed9t m\u00e1y t\u00ednh t\u01b0\u01a1ng t\u00e1c. D\u1ef1 b\u00e1o c\u1ee5 th\u1ec3 c\u1ee7a n\u1ec1n t\u1ea3ng cho VZ minh h\u1ecda c\u00e1ch t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c trung b\u00ecnh h\u00e0ng n\u0103m 2.1% c\u1ee7a c\u00f4ng ty gi\u1edbi h\u1ea1n ti\u1ec1m n\u0103ng thu nh\u1eadp d\u00e0i h\u1ea1n m\u1eb7c d\u00f9 l\u1ee3i su\u1ea5t ban \u0111\u1ea7u h\u1ea5p d\u1eabn. Khi ki\u1ec3m tra l\u1ea1i tr\u00ean 50 c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c trong 20 n\u0103m, c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng b\u1eb1ng c\u00e1ch ti\u1ebfp c\u1eadn t\u1eadp trung v\u00e0o t\u0103ng tr\u01b0\u1edfng n\u00e0y v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t 3.8% h\u00e0ng n\u0103m m\u00e0 kh\u00f4ng t\u0103ng \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng.<\/p>\n<h2>S\u1ef1 M\u00f9 Qu\u00e1ng V\u1ec1 T\u01b0\u01a1ng Quan Ng\u00e0nh: Th\u1ea5t B\u1ea1i Trong \u0110a D\u1ea1ng H\u00f3a C\u1ed5 T\u1ee9c<\/h2>\n<p>R\u1ee7i ro b\u1ecb b\u1ecf qua nh\u1ea5t trong c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c li\u00ean quan \u0111\u1ebfn c\u00e1c m\u00f4 h\u00ecnh t\u01b0\u01a1ng quan \u1ea9n gi\u1eefa c\u00e1c c\u1ed5 phi\u1ebfu thu nh\u1eadp c\u00f3 v\u1ebb \u0111a d\u1ea1ng. M\u1ed9t ph\u00e2n t\u00edch n\u0103m 2023 v\u1ec1 c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb ti\u1ebft l\u1ed9 73% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c t\u1ef1 qu\u1ea3n l\u00fd kh\u00f4ng bi\u1ebft r\u1eb1ng h\u1ecd t\u1eadp trung 64% t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh v\u00e0o c\u00e1c ng\u00e0nh c\u00f3 h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan v\u01b0\u1ee3t qu\u00e1 0.70. L\u1ed7 h\u1ed5ng c\u1ea5u tr\u00fac n\u00e0y t\u1ea1o ra c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1 tr\u00ean to\u00e0n danh m\u1ee5c \u0111\u1ea7u t\u01b0 trong c\u00e1c giai \u0111o\u1ea1n c\u0103ng th\u1eb3ng c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh.<\/p>\n<p>C\u00e1c ng\u00e0nh vi\u1ec5n th\u00f4ng, ti\u1ec7n \u00edch, h\u00e0ng ti\u00eau d\u00f9ng thi\u1ebft y\u1ebfu, v\u00e0 REIT th\u1ec3 hi\u1ec7n h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan trung b\u00ecnh 0.78 trong ba chu k\u1ef3 th\u1eaft ch\u1eb7t c\u1ee7a Fed g\u1ea7n \u0111\u00e2y (2015-2018, 2022-2023), v\u1edbi c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1 \u0111\u1ed3ng th\u1eddi v\u01b0\u1ee3t qu\u00e1 15%. Trong khi h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 cho r\u1eb1ng \u0111a d\u1ea1ng h\u00f3a ng\u00e0nh cung c\u1ea5p s\u1ef1 b\u1ea3o v\u1ec7 \u0111\u1ea7y \u0111\u1ee7, ph\u00e2n t\u00edch h\u00e0nh vi c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz trong c\u00e1c giai \u0111o\u1ea1n n\u00e0y ti\u1ebft l\u1ed9 s\u1ef1 \u0111\u1ed3ng b\u1ed9 nguy hi\u1ec3m v\u1edbi c\u00e1c ng\u00e0nh thu nh\u1eadp truy\u1ec1n th\u1ed1ng kh\u00e1c.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>K\u1ebft H\u1ee3p Ng\u00e0nh<\/th>\n<th>H\u1ec7 S\u1ed1 T\u01b0\u01a1ng Quan<\/th>\n<th>\u0110\u1ed9 Nh\u1ea1y C\u1ea3m Y\u1ebfu T\u1ed1 Chung<\/th>\n<th>\u0110i\u1ec1u Ch\u1ec9nh \u0110a D\u1ea1ng H\u00f3a<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Vi\u1ec5n Th\u00f4ng + Ti\u1ec7n \u00cdch<\/td>\n<td>0.82 (2022-2023)<\/td>\n<td>L\u00e3i su\u1ea5t, r\u1ee7i ro ph\u00e1p l\u00fd<\/td>\n<td>Gi\u1edbi h\u1ea1n ph\u01a1i nhi\u1ec5m k\u1ebft h\u1ee3p t\u1ed1i \u0111a 20%; gi\u1ea3m thi\u1ec3u t\u1ed5n th\u1ea5t t\u1ed1i \u0111a 42% trong l\u1ecbch s\u1eed<\/td>\n<\/tr>\n<tr>\n<td>Vi\u1ec5n Th\u00f4ng + REITs<\/td>\n<td>0.73 (2022-2023)<\/td>\n<td>L\u00e3i su\u1ea5t, t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf<\/td>\n<td>Th\u00eam c\u00e1c c\u00f4ng ty tr\u1ea3 c\u1ed5 t\u1ee9c b\u00e1n d\u1eabn (AVGO, TXN) v\u1edbi t\u01b0\u01a1ng quan \u00e2m (-0.32) v\u1edbi VZ<\/td>\n<\/tr>\n<tr>\n<td>Vi\u1ec5n Th\u00f4ng + H\u00e0ng Ti\u00eau D\u00f9ng Thi\u1ebft Y\u1ebfu<\/td>\n<td>0.67 (2022-2023)<\/td>\n<td>\u0110\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7, \u0111\u1ed9 nh\u1ea1y c\u1ea3m l\u1ea1m ph\u00e1t<\/td>\n<td>C\u00e2n b\u1eb1ng v\u1edbi c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c ng\u00e0nh t\u00e0i ch\u00ednh (ph\u00e2n b\u1ed5 30%) \u0111\u1ec3 b\u00f9 \u0111\u1eafp chu k\u1ef3 l\u00e3i su\u1ea5t<\/td>\n<\/tr>\n<tr>\n<td>Vi\u1ec5n Th\u00f4ng + N\u0103ng L\u01b0\u1ee3ng<\/td>\n<td>0.38 (2022-2023)<\/td>\n<td>C\u1ea3 hai \u0111\u1ec1u \u0111\u00f2i h\u1ecfi v\u1ed1n l\u1edbn nh\u01b0ng c\u00f3 \u0111\u1ed9ng l\u1ef1c kinh t\u1ebf kh\u00e1c nhau<\/td>\n<td>Gi\u1ea3m \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 58% khi k\u1ebft h\u1ee3p trong ph\u00e2n b\u1ed5 55%\/45%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Trong chu k\u1ef3 t\u0103ng l\u00e3i su\u1ea5t 2022-2023, m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 \u0111\u1ec1u gi\u1eefa c\u00e1c ng\u00e0nh c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng (vi\u1ec5n th\u00f4ng, ti\u1ec7n \u00edch, REITs, v\u00e0 h\u00e0ng ti\u00eau d\u00f9ng thi\u1ebft y\u1ebfu) \u0111\u00e3 tr\u1ea3i qua m\u1ee9c gi\u1ea3m gi\u00e1 t\u1ed1i \u0111a 28.7% m\u1eb7c d\u00f9 duy tr\u00ec c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c. S\u1ef1 gi\u1ea3m gi\u00e1 \u0111\u1ed3ng b\u1ed9 n\u00e0y \u0111\u00e3 khi\u1ebfn 76% nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp b\u1ea5t ng\u1edd, theo c\u00e1c kh\u1ea3o s\u00e1t sau khi gi\u1ea3m gi\u00e1. S\u1ef1 t\u01b0\u01a1ng quan \u1ea9n n\u00e0y c\u00f3 ngh\u0129a l\u00e0 c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 thu nh\u1eadp c\u00f3 v\u1ebb \u0111a d\u1ea1ng mang r\u1ee7i ro h\u1ec7 th\u1ed1ng nhi\u1ec1u h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi nh\u1eefng g\u00ec c\u00f3 th\u1ec3 th\u1ea5y qua ph\u00e2n t\u00edch ph\u00e2n b\u1ed5 ng\u00e0nh c\u01a1 b\u1ea3n.<\/p>\n<p>C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch ma tr\u1eadn t\u01b0\u01a1ng quan c\u1ee7a Pocket Option t\u1ef1 \u0111\u1ed9ng x\u00e1c \u0111\u1ecbnh c\u00e1c m\u1ed1i quan h\u1ec7 \u1ea9n n\u00e0y cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c. C\u00e1c ch\u1ec9 s\u1ed1 ph\u01a1i nhi\u1ec5m y\u1ebfu t\u1ed1 \u0111\u1ed9c quy\u1ec1n c\u1ee7a n\u1ec1n t\u1ea3ng n\u00e0y t\u00ednh to\u00e1n c\u1ee5 th\u1ec3 li\u1ec7u vi\u1ec7c th\u00eam m\u1ed9t v\u1ecb tr\u00ed VZ c\u00f3 th\u1ef1c s\u1ef1 \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 hay ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 t\u0103ng r\u1ee7i ro y\u1ebfu t\u1ed1 hi\u1ec7n c\u00f3. C\u00e1ch ti\u1ebfp c\u1eadn h\u1ec7 th\u1ed1ng n\u00e0y \u0111\u00e3 ng\u0103n ch\u1eb7n 62% m\u1ee9c gi\u1ea3m gi\u00e1 t\u1ed1i \u0111a trong giai \u0111o\u1ea1n 2022-2023 cho ng\u01b0\u1eddi d\u00f9ng th\u1ef1c hi\u1ec7n c\u00e1c \u0111i\u1ec1u ch\u1ec9nh \u0111a d\u1ea1ng h\u00f3a \u0111\u01b0\u1ee3c khuy\u1ebfn ngh\u1ecb.<\/p>\n<ul>\n<li>C\u00e2n b\u1eb1ng VZ (l\u1ee3i su\u1ea5t 6.8%) v\u1edbi AAPL (l\u1ee3i su\u1ea5t 0.5%, t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 8%) \u0111\u1ec3 gi\u1ea3m \u0111\u1ed9 nh\u1ea1y c\u1ea3m l\u00e3i su\u1ea5t 43% trong khi duy tr\u00ec l\u1ee3i su\u1ea5t danh m\u1ee5c \u0111\u1ea7u t\u01b0 pha tr\u1ed9n 3.6%<\/li>\n<li>Th\u00eam c\u00e1c ADR vi\u1ec5n th\u00f4ng qu\u1ed1c t\u1ebf nh\u01b0 TEF (T\u00e2y Ban Nha) v\u00e0 BCE (Canada) \u0111\u1ec3 gi\u1ea3m t\u01b0\u01a1ng quan v\u1edbi c\u00e1c chu k\u1ef3 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a M\u1ef9 37%<\/li>\n<li>Th\u1ef1c hi\u1ec7n vi\u1ebft quy\u1ec1n ch\u1ecdn mua c\u00f3 b\u1ea3o hi\u1ec3m m\u1ee5c ti\u00eau tr\u00ean 30-40% v\u1ecb tr\u00ed VZ trong c\u00e1c \u0111\u1ee3t bi\u1ebfn \u0111\u1ed9ng \u0111\u1ec3 t\u1ea1o th\u00eam thu nh\u1eadp trong c\u00e1c giai \u0111o\u1ea1n gi\u1ea3m gi\u00e1<\/li>\n<li>S\u1eed d\u1ee5ng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i nh\u01b0 BAC-L (Bank of America Series L) v\u1edbi \u0111\u1ed9 nh\u1ea1y c\u1ea3m l\u00e3i su\u1ea5t ng\u01b0\u1ee3c l\u1ea1i \u0111\u1ec3 c\u00e2n b\u1eb1ng t\u01b0\u01a1ng quan l\u00e3i su\u1ea5t \u00e2m c\u1ee7a VZ<\/li>\n<\/ul>\n<h2>S\u1ef1 B\u1ecf Qua Hi\u1ec7u Qu\u1ea3 Thu\u1ebf: Th\u1ea5t B\u1ea1i Trong L\u1ee3i Nhu\u1eadn Sau Thu\u1ebf<\/h2>\n<p>Theo d\u1eef li\u1ec7u IRS, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c t\u1eeb b\u1ecf trung b\u00ecnh 17.3% l\u1ee3i nhu\u1eadn c\u1ed5 t\u1ee9c VZ c\u1ee7a h\u1ecd cho thu\u1ebf, nh\u01b0ng 82% \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1eb7t t\u00e0i kho\u1ea3n m\u00e0 kh\u00f4ng xem x\u00e9t thu\u1ebf. S\u1ef1 b\u1ecf qua n\u00e0y t\u1ea1o ra c\u00e1c v\u1ea5n \u0111\u1ec1 \u0111\u1eb7c bi\u1ec7t khi \u0111\u00e1nh gi\u00e1 c\u00e1c x\u1eed l\u00fd c\u1ed5 t\u1ee9c vz stock trong c\u00e1c lo\u1ea1i t\u00e0i kho\u1ea3n kh\u00e1c nhau. M\u1ed9t kh\u1ea3o s\u00e1t c\u1ed1 v\u1ea5n t\u00e0i ch\u00ednh n\u0103m 2023 ti\u1ebft l\u1ed9 r\u1eb1ng t\u1ed1i \u01b0u h\u00f3a v\u1ecb tr\u00ed t\u00e0i kho\u1ea3n m\u1ed9t m\u00ecnh \u0111\u00e3 th\u00eam 0.8-1.2% v\u00e0o l\u1ee3i nhu\u1eadn sau thu\u1ebf h\u00e0ng n\u0103m m\u00e0 kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 thay \u0111\u1ed5i n\u00e0o trong c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u01a1 b\u1ea3n.<\/p>\n<p>C\u1ed5 t\u1ee9c c\u1ee7a Verizon nh\u1eadn \u0111\u01b0\u1ee3c x\u1eed l\u00fd c\u1ed5 t\u1ee9c \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n (hi\u1ec7n \u0111ang b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 0%, 15% ho\u1eb7c 20% t\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c thu nh\u1eadp, c\u1ed9ng v\u1edbi ti\u1ec1m n\u0103ng 3.8% NIIT cho nh\u1eefng ng\u01b0\u1eddi c\u00f3 thu nh\u1eadp cao h\u01a1n). \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong khung thu\u1ebf c\u1eadn bi\u00ean 32%, l\u1ee3i th\u1ebf thu\u1ebf n\u00e0y ti\u1ebft ki\u1ec7m kho\u1ea3ng 17% so v\u1edbi x\u1eed l\u00fd thu nh\u1eadp th\u00f4ng th\u01b0\u1eddng. M\u1eb7c d\u00f9 c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 n\u00e0y, ph\u00e2n t\u00edch h\u01a1n 10,000 danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb cho th\u1ea5y 58% \u0111\u00e3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh lo\u1ea1i t\u00e0i kho\u1ea3n kh\u00f4ng t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c c\u1ee7a h\u1ecd.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i T\u00e0i Kho\u1ea3n<\/th>\n<th>\u0110\u1eb7c \u0110i\u1ec3m C\u1ed5 Phi\u1ebfu C\u1ed5 T\u1ee9c T\u1ed1i \u01afu<\/th>\n<th>L\u1ee3i Th\u1ebf Hi\u1ec7u Qu\u1ea3 Thu\u1ebf<\/th>\n<th>V\u00ed D\u1ee5 Th\u1ef1c T\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>M\u00f4i Gi\u1edbi Ch\u1ecbu Thu\u1ebf<\/td>\n<td>C\u1ed5 t\u1ee9c \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n, l\u1ee3i su\u1ea5t th\u1ea5p h\u01a1n, t\u0103ng tr\u01b0\u1edfng cao h\u01a1n<\/td>\n<td>M\u1ee9c thu\u1ebf \u01b0u \u0111\u00e3i 15%\/20% so v\u1edbi thu nh\u1eadp th\u00f4ng th\u01b0\u1eddng 35%+<\/td>\n<td>\u0110\u1ed1i v\u1edbi khung 32%: 10,000 \u0111\u00f4 la trong VZ mang l\u1ea1i 680 \u0111\u00f4 la tr\u01b0\u1edbc thu\u1ebf, nh\u01b0ng ch\u1ec9 565 \u0111\u00f4 la sau thu\u1ebf li\u00ean bang so v\u1edbi thu nh\u1eadp th\u00f4ng th\u01b0\u1eddng b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 462 \u0111\u00f4 la<\/td>\n<\/tr>\n<tr>\n<td>IRA\/401(k) Truy\u1ec1n Th\u1ed1ng<\/td>\n<td>REITs, MLPs, tr\u00e1i phi\u1ebfu l\u1ee3i su\u1ea5t cao, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/td>\n<td>Ho\u00e3n thu\u1ebf c\u1ee7a thu nh\u1eadp b\u1ecb \u0111\u00e1nh thu\u1ebf cao<\/td>\n<td>10,000 \u0111\u00f4 la trong REIT c\u00f3 l\u1ee3i su\u1ea5t 7% t\u1ea1o ra 700 \u0111\u00f4 la thu nh\u1eadp ho\u00e0n to\u00e0n ho\u00e3n thu\u1ebf so v\u1edbi 483 \u0111\u00f4 la sau thu\u1ebf trong m\u00f4i gi\u1edbi<\/td>\n<\/tr>\n<tr>\n<td>Roth IRA<\/td>\n<td>Ng\u01b0\u1eddi t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c c\u00f3 t\u1ed5ng l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng cao nh\u1ea5t<\/td>\n<td>C\u1ed9ng d\u1ed3n kh\u00f4ng thu\u1ebf c\u1ee7a ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao nh\u1ea5t<\/td>\n<td>10,000 \u0111\u00f4 la trong MSFT v\u1edbi l\u1ee3i su\u1ea5t 2% nh\u01b0ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c 15% t\u1ea1o ra 23,360 \u0111\u00f4 la kh\u00f4ng thu\u1ebf trong 20 n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>T\u00e0i Kho\u1ea3n Ti\u1ebft Ki\u1ec7m S\u1ee9c Kh\u1ecfe<\/td>\n<td>Thu nh\u1eadp hi\u1ec7n t\u1ea1i cao nh\u1ea5t, ng\u01b0\u1eddi tr\u1ea3 \u0111\u00e1ng tin c\u1eady nh\u1ea5t<\/td>\n<td>L\u1ee3i th\u1ebf thu\u1ebf ba l\u1ea7n: \u0111\u00f3ng g\u00f3p \u0111\u01b0\u1ee3c kh\u1ea5u tr\u1eeb, t\u0103ng tr\u01b0\u1edfng kh\u00f4ng thu\u1ebf, r\u00fat kh\u00f4ng thu\u1ebf<\/td>\n<td>10,000 \u0111\u00f4 la trong VZ t\u1ea1o ra 680 \u0111\u00f4 la h\u00e0ng n\u0103m ho\u00e0n to\u00e0n kh\u00f4ng thu\u1ebf cho chi ph\u00ed y t\u1ebf &#8211; thu nh\u1eadp hi\u1ec7u qu\u1ea3 sau thu\u1ebf cao h\u01a1n 41% so v\u1edbi t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong khung thu\u1ebf li\u00ean bang 35% c\u1ed9ng v\u1edbi 3.8% NIIT, v\u1ecb tr\u00ed t\u00e0i kho\u1ea3n kh\u00f4ng \u0111\u00fang c\u1ee7a c\u1ed5 t\u1ee9c VZ t\u1ed1n kho\u1ea3ng 23.8% l\u1ee3i su\u1ea5t c\u1ee7a h\u1ecd trong thu\u1ebf kh\u00f4ng c\u1ea7n thi\u1ebft. Kh\u00f4ng c\u00f3 k\u1ebf ho\u1ea1ch thu\u1ebf chi\u1ebfn l\u01b0\u1ee3c, \u0111i\u1ec1u n\u00e0y gi\u1ea3m l\u1ee3i su\u1ea5t tr\u01b0\u1edbc thu\u1ebf 6.8% xu\u1ed1ng kho\u1ea3ng 5.18% sau thu\u1ebf li\u00ean bang. Trong c\u00e1c khung th\u1eddi gian l\u1eadp k\u1ebf ho\u1ea1ch ngh\u1ec9 h\u01b0u \u0111i\u1ec3n h\u00ecnh 15-20 n\u0103m, s\u1ef1 b\u1ecf qua n\u00e0y c\u1ed9ng d\u1ed3n th\u00e0nh gi\u1ea3m 26-32% gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n<p>C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch t\u1ed1i \u01b0u h\u00f3a thu\u1ebf c\u1ee7a Pocket Option t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n l\u1ee3i nhu\u1eadn sau thu\u1ebf tr\u00ean c\u00e1c c\u1ea5u tr\u00fac t\u00e0i kho\u1ea3n kh\u00e1c nhau cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c. C\u00f4ng c\u1ee5 T\u1ed1i \u01afu H\u00f3a V\u1ecb Tr\u00ed T\u00e0i Kho\u1ea3n c\u1ee7a n\u1ec1n t\u1ea3ng n\u00e0y \u0111\u00e1nh gi\u00e1 c\u1ee5 th\u1ec3 VZ v\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c kh\u00e1c d\u1ef1a tr\u00ean tr\u1ea1ng th\u00e1i \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n, m\u1ee9c l\u1ee3i su\u1ea5t, v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m t\u0103ng tr\u01b0\u1edfng \u0111\u1ec3 \u0111\u1ec1 xu\u1ea5t v\u1ecb tr\u00ed t\u00e0i kho\u1ea3n l\u00fd t\u01b0\u1edfng. C\u00e1ch ti\u1ebfp c\u1eadn h\u1ec7 th\u1ed1ng n\u00e0y b\u1ea3o to\u00e0n trung b\u00ecnh 0.84% l\u1ee3i su\u1ea5t b\u1ed5 sung h\u00e0ng n\u0103m sau thu\u1ebf cho ng\u01b0\u1eddi d\u00f9ng trong giai \u0111o\u1ea1n th\u1eed nghi\u1ec7m 2021-2023.<\/p>\n<h3>Quy\u1ebft \u0110\u1ecbnh T\u00e1i \u0110\u1ea7u T\u01b0 C\u1ed5 T\u1ee9c<\/h3>\n<p>Ngo\u00e0i v\u1ecb tr\u00ed t\u00e0i kho\u1ea3n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eafc b\u1ed1n l\u1ed7i ph\u1ed5 bi\u1ebfn li\u00ean quan \u0111\u1ebfn chi\u1ebfn l\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c. M\u1ed7i ng\u00e0y c\u1ed5 t\u1ee9c ti\u1ebfp theo c\u1ee7a vz stock tr\u00ecnh b\u00e0y m\u1ed9t \u0111i\u1ec3m quy\u1ebft \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c n\u01a1i c\u00e1ch ti\u1ebfp c\u1eadn t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u ph\u1ee5 thu\u1ed9c v\u00e0o \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u1ee5 th\u1ec3, nh\u01b0ng 67% nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00f9ng m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn t\u0129nh b\u1ea5t k\u1ec3 \u0111\u1ecbnh gi\u00e1 hay chi ph\u00ed c\u01a1 h\u1ed9i.<\/p>\n<ul>\n<li>T\u00e1i \u0111\u1ea7u t\u01b0 DRIP t\u1ef1 \u0111\u1ed9ng v\u00e0o VZ ti\u1ebft ki\u1ec7m cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 0.28% chi ph\u00ed giao d\u1ecbch h\u00e0ng n\u0103m nh\u01b0ng hy sinh 1.8% l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng so v\u1edbi t\u00e1i tri\u1ec3n khai c\u00f3 ch\u1ecdn l\u1ecdc trong giai \u0111o\u1ea1n 2020-2023<\/li>\n<li>T\u00e1i \u0111\u1ea7u t\u01b0 c\u00f3 ch\u1ecdn l\u1ecdc cho ph\u00e9p t\u00e1i \u0111\u1ecbnh v\u1ecb v\u00e0o c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p khi ch\u1ec9 s\u1ed1 s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a VZ v\u01b0\u1ee3t qu\u00e1 70, c\u1ea3i thi\u1ec7n l\u1ee3i nhu\u1eadn 2.3% h\u00e0ng n\u0103m trong th\u1eed nghi\u1ec7m 2018-2023<\/li>\n<li>Thu ho\u1ea1ch thu nh\u1eadp (chi ti\u00eau c\u1ed5 t\u1ee9c) t\u1eeb 2013-2023 gi\u1ea3m gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng c\u1ee7a v\u1ecb tr\u00ed VZ 100,000 \u0111\u00f4 la 41,370 \u0111\u00f4 la so v\u1edbi t\u00e1i \u0111\u1ea7u t\u01b0 \u0111\u1ea7y \u0111\u1ee7 &#8211; m\u1ed9t chi ph\u00ed c\u01a1 h\u1ed9i 41.4%<\/li>\n<li>Thu ho\u1ea1ch l\u1ed7 thu\u1ebf c\u00e1c v\u1ecb tr\u00ed VZ trong khi gi\u1ea3m 37.4% 2022-2023 trong khi duy tr\u00ec ph\u01a1i nhi\u1ec5m c\u1ed5 t\u1ee9c th\u00f4ng qua c\u00e1c ETF vi\u1ec5n th\u00f4ng t\u01b0\u01a1ng t\u1ef1 t\u1ea1o ra l\u1ee3i \u00edch thu\u1ebf trung b\u00ecnh 3,700 \u0111\u00f4 la cho m\u1ed7i 50,000 \u0111\u00f4 la \u0111\u1ea7u t\u01b0<\/li>\n<\/ul>\n<p>H\u1ea7u h\u1ebft c\u00e1c n\u1ec1n t\u1ea3ng \u0111\u1ea7u t\u01b0 m\u1eb7c \u0111\u1ecbnh l\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng \u0111\u1ea7y \u0111\u1ee7 ho\u1eb7c kh\u00f4ng t\u00e1i \u0111\u1ea7u t\u01b0, nh\u01b0ng ph\u00e2n t\u00edch cho th\u1ea5y kh\u00f4ng c\u00e1ch ti\u1ebfp c\u1eadn n\u00e0o t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn trong m\u1ecdi \u0111i\u1ec1u ki\u1ec7n. Trong giai \u0111o\u1ea1n \u0111\u1ecbnh gi\u00e1 th\u1ea5p 18.3% c\u1ee7a VZ trong Q4 2022 (d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u), t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng \u0111\u00e3 th\u00eam gi\u00e1 tr\u1ecb \u0111\u00e1ng k\u1ec3. Tuy nhi\u00ean, trong giai \u0111o\u1ea1n \u0111\u1ecbnh gi\u00e1 cao t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a n\u00f3 trong Q2 2021, chuy\u1ec3n h\u01b0\u1edbng c\u1ed5 t\u1ee9c sang c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p \u0111\u00e3 c\u1ea3i thi\u1ec7n l\u1ee3i nhu\u1eadn 12 th\u00e1ng 3.8%.<\/p>\n<h2>Khung C\u1ed5 T\u1ee9c H\u01b0\u1edbng T\u1edbi T\u01b0\u01a1ng Lai: V\u01b0\u1ee3t Qua C\u00e1c M\u00f4 H\u00ecnh L\u1ecbch S\u1eed<\/h2>\n<p>Sai l\u1ea7m c\u01a1 b\u1ea3n nh\u1ea5t trong \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c vi\u1ec5n th\u00f4ng li\u00ean quan \u0111\u1ebfn s\u1ef1 ph\u1ee5 thu\u1ed9c qu\u00e1 m\u1ee9c v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 nh\u00ecn l\u1ea1i m\u00e0 b\u1ecf l\u1ee1 c\u00e1c th\u00e1ch th\u1ee9c c\u1ea5u tr\u00fac m\u1edbi n\u1ed5i. H\u1ed3 s\u01a1 c\u1ed5 t\u1ee9c VZ l\u1ecbch s\u1eed k\u00e9o d\u00e0i t\u1eeb n\u0103m 2000 cho th\u1ea5y c\u00e1c kho\u1ea3n thanh to\u00e1n nh\u1ea5t qu\u00e1n, nh\u01b0ng c\u00e1i nh\u00ecn l\u1ea1i 23 n\u0103m n\u00e0y cung c\u1ea5p s\u1ee9c m\u1ea1nh d\u1ef1 \u0111o\u00e1n h\u1ea1n ch\u1ebf khi xem x\u00e9t s\u1ef1 chuy\u1ec3n \u0111\u1ed5i c\u01a1 b\u1ea3n c\u1ee7a ng\u00e0nh \u0111ang di\u1ec5n ra. M\u1ed9t ph\u00e2n t\u00edch h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai k\u1ebft h\u1ee3p s\u00e1u ch\u1ec9 s\u1ed1 ch\u00ednh d\u1ef1 \u0111o\u00e1n t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c 83% so v\u1edbi 51% cho c\u00e1c m\u00f4 h\u00ecnh truy\u1ec1n th\u1ed1ng.<\/p>\n<p>Verizon \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c c\u1ea1nh tranh ch\u01b0a t\u1eebng c\u00f3 m\u00e0 c\u00e1c m\u00f4 h\u00ecnh c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng kh\u00f4ng th\u1ec3 n\u1eafm b\u1eaft. T\u1eeb 2020-2023, c\u00e1c c\u00f4ng ty c\u00e1p \u0111\u00e3 chi\u1ebfm 3.7 tri\u1ec7u thu\u00ea bao kh\u00f4ng d\u00e2y trong khi c\u00e1c b\u1ed5 sung r\u00f2ng c\u1ee7a ng\u01b0\u1eddi ti\u00eau d\u00f9ng VZ tr\u1edf n\u00ean \u00e2m. \u0110\u1ed3ng th\u1eddi, c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 \u0111\u00e3 tham gia v\u00e0o vi\u1ec5n th\u00f4ng th\u00f4ng qua c\u00e1c k\u00eanh thay th\u1ebf, gi\u1ea3m s\u1ee9c m\u1ea1nh \u0111\u1ecbnh gi\u00e1 v\u00e0 \u0111e d\u1ecda doanh thu trung b\u00ecnh tr\u00ean m\u1ed7i ng\u01b0\u1eddi d\u00f9ng. Nh\u1eefng th\u00e1ch th\u1ee9c c\u1ea5u tr\u00fac n\u00e0y c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu t\u00ednh b\u1ec1n v\u1eefng c\u1ed5 t\u1ee9c d\u00e0i h\u1ea1n m\u1eb7c d\u00f9 h\u1ed3 s\u01a1 thanh to\u00e1n l\u1ecbch s\u1eed m\u1ea1nh m\u1ebd c\u1ee7a Verizon.<\/p>\n<div class=\"table-container\">\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 H\u01b0\u1edbng T\u1edbi T\u01b0\u01a1ng Lai<\/th>\n<th>\u0110\u1ecdc Hi\u1ec7n T\u1ea1i C\u1ee7a VZ<\/th>\n<th>Ng\u01b0\u1ee1ng C\u1ea3nh B\u00e1o<\/th>\n<th>C\u00e1ch Ti\u1ebfp C\u1eadn Gi\u00e1m S\u00e1t<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Qu\u1ef9 \u0110\u1ea1o Chi Ti\u00eau V\u1ed1n<\/td>\n<td>18.2% doanh thu (Q4 2023)<\/td>\n<td>&gt;22% trong 3+ qu\u00fd li\u00ean ti\u1ebfp<\/td>\n<td>Theo d\u00f5i t\u1ef7 l\u1ec7 capex\/doanh thu h\u00e0ng qu\u00fd so v\u1edbi l\u1ecbch tr\u00ecnh ho\u00e0n th\u00e0nh tri\u1ec3n khai 5G (hi\u1ec7n t\u1ea1i 85%)<\/td>\n<\/tr>\n<tr>\n<td>Chi Ph\u00ed Thu H\u00fat Thu\u00ea Bao<\/td>\n<td>584 \u0111\u00f4 la m\u1ed7i k\u1ebft n\u1ed1i m\u1edbi (Q4 2023)<\/td>\n<td>T\u0103ng &gt;15% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc<\/td>\n<td>So s\u00e1nh xu h\u01b0\u1edbng SAC h\u00e0ng qu\u00fd \u0111i\u1ec1u ch\u1ec9nh cho c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh khuy\u1ebfn m\u00e3i theo m\u00f9a so v\u1edbi c\u01a1 s\u1edf 5 n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>Thay \u0110\u1ed5i M\u00f4i Tr\u01b0\u1eddng Ph\u00e1p L\u00fd<\/td>\n<td>X\u1ebfp h\u1ea1ng r\u1ee7i ro 2.3 tr\u00ean 5 (Q1 2024)<\/td>\n<td>X\u1ebfp h\u1ea1ng v\u01b0\u1ee3t qu\u00e1 3.5 trong 2+ qu\u00fd<\/td>\n<td>Theo d\u00f5i y\u00eau c\u1ea7u \u0111\u1ea5u gi\u00e1 FCC, quy\u1ebft \u0111\u1ecbnh ph\u00e2n b\u1ed5 ph\u1ed5 t\u1ea7n, v\u00e0 \u0111\u1ec1 xu\u1ea5t trung l\u1eadp m\u1ea1ng<\/td>\n<\/tr>\n<tr>\n<td>L\u1ecbch Tr\u00ecnh \u0110\u00e1o H\u1ea1n N\u1ee3<\/td>\n<td>8.4 t\u1ef7 \u0111\u00f4 la \u0111\u1ebfn h\u1ea1n trong 24 th\u00e1ng<\/td>\n<td>&gt;15 t\u1ef7 \u0111\u00f4 la \u0111\u1ebfn h\u1ea1n trong chu k\u1ef3 t\u0103ng l\u00e3i su\u1ea5t c\u1ee7a Fed<\/td>\n<td>T\u00ednh to\u00e1n t\u00e1c \u0111\u1ed9ng chi ph\u00ed l\u00e3i su\u1ea5t trung b\u00ecnh tr\u1ecdng s\u1ed1 t\u1eeb t\u00e1i t\u00e0i tr\u1ee3 \u1edf m\u1ee9c l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i<\/td>\n<\/tr>\n<tr>\n<td>Suy Gi\u1ea3m Doanh Thu D\u1ecbch V\u1ee5 Di S\u1ea3n<\/td>\n<td>-8.7% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc<\/td>\n<td>&gt;12% suy gi\u1ea3m trong 3+ qu\u00fd<\/td>\n<td>Theo d\u00f5i t\u1ef7 l\u1ec7 co l\u1ea1i kinh doanh \u0111\u01b0\u1eddng d\u00e2y c\u1ed1 \u0111\u1ecbnh so v\u1edbi t\u0103ng tr\u01b0\u1edfng doanh thu 5G v\u00e0 internet gia \u0111\u00ecnh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p nh\u1eadn ra r\u1eb1ng c\u00e1c xu h\u01b0\u1edbng l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu vz ph\u1ea3n \u00e1nh s\u1ef1 d\u1ef1 \u0111o\u00e1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 c\u00e1c ch\u00ednh s\u00e1ch t\u01b0\u01a1ng lai thay v\u00ec c\u00e1c m\u00f4 h\u00ecnh l\u1ecbch s\u1eed \u0111\u01a1n gi\u1ea3n. C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u1ed5 ch\u1ee9c k\u1ebft h\u1ee3p s\u00e1u ch\u1ec9 s\u1ed1 h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai trong khi theo d\u00f5i c\u00e1c t\u00edn hi\u1ec7u ph\u00e2n b\u1ed5 v\u1ed1n c\u1ee7a qu\u1ea3n l\u00fd, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong c\u00e1c cu\u1ed9c g\u1ecdi thu nh\u1eadp h\u00e0ng qu\u00fd. Trong cu\u1ed9c g\u1ecdi Q4 2022, v\u00ed d\u1ee5, qu\u1ea3n l\u00fd \u0111\u00e3 s\u1eed d\u1ee5ng c\u1ee5m t\u1eeb &#8220;t\u00ednh linh ho\u1ea1t ph\u00e2n b\u1ed5 v\u1ed1n&#8221; ba l\u1ea7n &#8211; ng\u00f4n ng\u1eef m\u00e0 l\u1ecbch s\u1eed \u0111\u00e3 b\u00e1o tr\u01b0\u1edbc c\u00e1c \u0111i\u1ec1u ch\u1ec9nh ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c t\u1ea1i c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng kh\u00e1c v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c 71%.<\/p>\n<p>C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch t\u00ednh b\u1ec1n v\u1eefng c\u1ed5 t\u1ee9c c\u1ee7a Pocket Option k\u1ebft h\u1ee3p 28 \u0111\u1ea7u v\u00e0o kh\u00e1c nhau ngo\u00e0i c\u00e1c t\u1ef7 l\u1ec7 bao ph\u1ee7 c\u01a1 b\u1ea3n, t\u1ea1o ra \u0110i\u1ec3m \u0110\u1ed9 Tin C\u1eady C\u1ed5 T\u1ee9c \u0111\u1ed9c quy\u1ec1n cho VZ v\u00e0 c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng kh\u00e1c. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 x\u00e1c \u0111\u1ecbnh t\u00ednh d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng c\u1ee7a c\u1ed5 t\u1ee9c AT&amp;T 14 th\u00e1ng tr\u01b0\u1edbc khi c\u1eaft gi\u1ea3m n\u0103m 2022 d\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 t\u01b0\u01a1ng t\u1ef1 \u0111\u00e1ng s\u1ee3 v\u1edbi nh\u1eefng ch\u1ec9 s\u1ed1 m\u00e0 Frontier Communications hi\u1ec7n t\u1ea1i \u0111\u00e3 th\u1ec3 hi\u1ec7n tr\u01b0\u1edbc khi lo\u1ea1i b\u1ecf c\u1ed5 t\u1ee9c c\u1ee7a m\u00ecnh. M\u00f4 h\u00ecnh h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai n\u00e0y \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c k\u1ecbch b\u1ea3n c\u0103ng th\u1eb3ng ti\u1ec1m n\u0103ng hi\u1ec7u qu\u1ea3 h\u01a1n 73% so v\u1edbi ph\u00e2n t\u00edch t\u1ef7 l\u1ec7 chi tr\u1ea3 truy\u1ec1n th\u1ed1ng trong c\u00e1c k\u1ecbch b\u1ea3n ki\u1ec3m tra l\u1ea1i.<br \/>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\">B\u1eaft \u0110\u1ea7u Giao D\u1ecbch<\/span>\n        <\/a>\n    <\/div>\n    <\/p>\n<h2>K\u1ebft Lu\u1eadn: V\u01b0\u1ee3t Qua \u1ea2o T\u01b0\u1edfng L\u1ee3i Su\u1ea5t C\u1ed5 T\u1ee9c<\/h2>\n<p>M\u1ed1i quan h\u1ec7 c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz cung c\u1ea5p thu nh\u1eadp hi\u1ec7n t\u1ea1i h\u1ea5p d\u1eabn 6.8% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ec7 th\u1ed1ng tr\u00e1nh b\u1ea3y l\u1ed7i quan tr\u1ecdng \u0111\u01b0\u1ee3c n\u00eau tr\u00ean. B\u1eb1ng c\u00e1ch t\u00edch h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng tr\u00ean ph\u00e2n t\u00edch t\u00ednh b\u1ec1n v\u1eefng (tr\u1ecdng s\u1ed1 60%), hi\u1ec7u qu\u1ea3 thu\u1ebf (tr\u1ecdng s\u1ed1 25%), v\u00e0 chi\u1ebfn l\u01b0\u1ee3c th\u1eddi gian (tr\u1ecdng s\u1ed1 15%), c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1eb7t m\u00ecnh v\u00e0o v\u1ecb tr\u00ed \u0111\u1ec3 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro trong g\u00e3 kh\u1ed5ng l\u1ed3 vi\u1ec5n th\u00f4ng \u0111\u1ea7y th\u00e1ch th\u1ee9c nh\u01b0ng c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn n\u00e0y.<\/p>\n<p>Thay v\u00ec \u0111\u00e1nh gi\u00e1 c\u1ed5 t\u1ee9c c\u1ee7a VZ m\u1ed9t c\u00e1ch c\u00f4 l\u1eadp, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng t\u00edch h\u1ee3p ph\u00e2n t\u00edch c\u1ee7a h\u1ecd trong c\u00e1c khung x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n. M\u1ed9t th\u1eed nghi\u1ec7m l\u1ea1i t\u1eeb 2010-2023 cho th\u1ea5y c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c tr\u00e1nh l\u1ed7i \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 tr\u00ean v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t \u0111\u01a1n gi\u1ea3n 3.8% h\u00e0ng n\u0103m v\u1edbi \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 27%. Kho\u1ea3ng c\u00e1ch hi\u1ec7u su\u1ea5t n\u00e0y tr\u1ef1c ti\u1ebfp l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c tr\u00e1nh h\u1ec7 th\u1ed1ng c\u00e1c thi\u00ean ki\u1ebfn t\u00e2m l\u00fd v\u00e0 l\u1ed7i ph\u00e2n t\u00edch l\u00e0m phi\u1ec1n c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u0111i\u1ec3n h\u00ecnh.<\/p>\n<p>M\u1ed7i l\u1ed7i \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp \u0111\u1ec1u chia s\u1ebb m\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m c\u01a1 b\u1ea3n &#8211; \u01b0u ti\u00ean c\u00e1c ch\u1ec9 s\u1ed1 b\u1ec1 m\u1eb7t \u0111\u01a1n gi\u1ea3n h\u01a1n ph\u00e2n t\u00edch b\u1ed1i c\u1ea3nh. L\u1ee3i su\u1ea5t tr\u1edf n\u00ean nguy hi\u1ec3m khi b\u1ecb ng\u1eaft k\u1ebft n\u1ed1i kh\u1ecfi ph\u00e2n t\u00edch bao ph\u1ee7 FCF. T\u1ef7 l\u1ec7 chi tr\u1ea3 g\u00e2y hi\u1ec3u l\u1ea7m khi \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 thu nh\u1eadp kh\u00f4ng ph\u00f9 h\u1ee3p. L\u1ed7i l\u1ecbch k\u1ebft h\u1ee3p khi c\u00e1c ng\u00e0y c\u1ed5 t\u1ee9c kh\u00f4ng \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i v\u1edbi \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c. Nh\u1eefng l\u1ed7i n\u00e0y c\u00f9ng nhau gi\u1ea3i th\u00edch t\u1ea1i sao nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c trung b\u00ecnh ch\u1ec9 n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c 76% l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng c\u1ee7a ng\u00e0nh vi\u1ec5n th\u00f4ng trong th\u1eadp k\u1ef7 qua.<\/p>\n<p>B\u1eb1ng c\u00e1ch t\u1eadn d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ed5 t\u1ee9c chuy\u00ean bi\u1ec7t c\u1ee7a Pocket Option, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 \u0111\u01b0\u1ee3c quan \u0111i\u1ec3m \u0111a chi\u1ec1u c\u1ea7n thi\u1ebft \u0111\u1ec3 tr\u00e1nh nh\u1eefng c\u00e1i b\u1eaby \u0111\u1eaft \u0111\u1ecf n\u00e0y. C\u00e1ch ti\u1ebfp c\u1eadn t\u00edch h\u1ee3p c\u1ee7a n\u1ec1n t\u1ea3ng k\u1ebft h\u1ee3p gi\u00e1m s\u00e1t c\u01a1 b\u1ea3n theo th\u1eddi gian th\u1ef1c, c\u1ea3nh b\u00e1o k\u1ef9 thu\u1eadt c\u00f3 th\u1ec3 t\u00f9y ch\u1ec9nh, v\u00e0 c\u00f4ng c\u1ee5 th\u1ef1c thi t\u1ed1i \u01b0u h\u00f3a thu\u1ebf v\u1edbi c\u00e1c m\u00f4 h\u00ecnh l\u1ecbch s\u1eed c\u1ee5 th\u1ec3 c\u1ee7a VZ. Ph\u01b0\u01a1ng ph\u00e1p to\u00e0n di\u1ec7n n\u00e0y \u0111\u00e3 chuy\u1ec3n \u0111\u1ed5i l\u1ee3i nhu\u1eadn c\u1ee7a ng\u01b0\u1eddi d\u00f9ng trung b\u00ecnh 2.7% h\u00e0ng n\u0103m trong th\u1eed nghi\u1ec7m c\u00f3 ki\u1ec3m so\u00e1t so v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ed5 t\u1ee9c t\u1ef1 qu\u1ea3n l\u00fd.<\/p>\n<p>Cu\u1ed1i c\u00f9ng, \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c gi\u00e1 c\u1ed5 phi\u1ebfu vz th\u00e0nh c\u00f4ng \u0111\u00f2i h\u1ecfi s\u1ef1 c\u00e2n b\u1eb1ng \u0111\u1ecbnh l\u01b0\u1ee3ng: 60% t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 b\u1ec1n v\u1eefng, 25% v\u00e0o hi\u1ec7u qu\u1ea3 thu\u1ebf, v\u00e0 15% v\u00e0o chi\u1ebfn l\u01b0\u1ee3c th\u1eddi gian &#8211; m\u1ed9t c\u00f4ng th\u1ee9c m\u00e0 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ed5 t\u1ee9c c\u1ee7a Pocket Option th\u1ef1c hi\u1ec7n t\u1ef1 \u0111\u1ed9ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ec7 th\u1ed1ng tr\u00e1nh b\u1ea3y l\u1ed7i quan tr\u1ecdng \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 trong khi \u00e1p d\u1ee5ng c\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf d\u1ef1a tr\u00ean d\u1eef li\u1ec7u \u0111\u1eb7t m\u00ecnh v\u00e0o v\u1ecb tr\u00ed \u0111\u1ec3 n\u1eafm b\u1eaft \u0111\u00e1ng k\u1ec3 h\u01a1n ti\u1ec1m n\u0103ng t\u1ed5ng l\u1ee3i nhu\u1eadn c\u1ee7a VZ trong khi gi\u1ea3m thi\u1ec3u c\u00e1c r\u1ee7i ro gi\u1ea3m gi\u00e1 \u0111\u00e3 b\u1eaby c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o l\u1ee3i su\u1ea5t l\u1eb7p \u0111i l\u1eb7p l\u1ea1i trong c\u00e1c chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n"},"faq":[{"question":"Ch\u1ec9 s\u1ed1 \u0111\u00e1ng tin c\u1eady nh\u1ea5t v\u1ec1 t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c cho c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng l\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c.","answer":"D\u00f2ng ti\u1ec1n t\u1ef1 do bao ph\u1ee7 \u0111\u1ea1i di\u1ec7n cho ch\u1ec9 s\u1ed1 b\u1ec1n v\u1eefng \u0111\u00e1ng tin c\u1eady nh\u1ea5t cho c\u1ed5 t\u1ee9c c\u1ee7a ng\u00e0nh vi\u1ec5n th\u00f4ng, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 d\u1ef1a tr\u00ean thu nh\u1eadp. \u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng nh\u01b0 Verizon v\u1edbi c\u00e1c kho\u1ea3n kh\u1ea5u hao phi ti\u1ec1n m\u1eb7t \u0111\u00e1ng k\u1ec3, t\u1ef7 l\u1ec7 chi tr\u1ea3 FCF (c\u1ed5 t\u1ee9c \u0111\u00e3 tr\u1ea3 chia cho d\u00f2ng ti\u1ec1n t\u1ef1 do) cung c\u1ea5p c\u00e1i nh\u00ecn r\u00f5 r\u00e0ng h\u01a1n v\u1ec1 s\u1ef1 an to\u00e0n th\u1ef1c t\u1ebf c\u1ee7a c\u1ed5 t\u1ee9c. L\u00fd t\u01b0\u1edfng nh\u1ea5t, t\u1ef7 l\u1ec7 n\u00e0y n\u00ean duy tr\u00ec d\u01b0\u1edbi 70%, v\u1edbi 50-60% \u0111\u1ea1i di\u1ec7n cho s\u1ef1 c\u00e2n b\u1eb1ng t\u1ed1i \u01b0u gi\u1eefa thu nh\u1eadp hi\u1ec7n t\u1ea1i v\u00e0 t\u00e0i tr\u1ee3 t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 n\u00e0y b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng FCF trung b\u00ecnh ba n\u0103m \u0111\u1ec3 l\u00e0m m\u01b0\u1ee3t c\u00e1c chu k\u1ef3 chi ti\u00eau v\u1ed1n c\u00f3 th\u1ec3 l\u00e0m sai l\u1ec7ch c\u00e1c ph\u00e9p \u0111o trong m\u1ed9t n\u0103m."},{"question":"M\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu VZ v\u00e0 \u0111\u1ecbnh gi\u00e1 c\u1ed5 t\u1ee9c?","answer":"L\u00e3i su\u1ea5t \u1ea3nh h\u01b0\u1edfng c\u01a1 b\u1ea3n \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a VZ th\u00f4ng qua nhi\u1ec1u c\u01a1 ch\u1ebf. Th\u1ee9 nh\u1ea5t, khi l\u00e3i su\u1ea5t t\u0103ng, s\u1ee9c h\u1ea5p d\u1eabn t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a VZ gi\u1ea3m so v\u1edbi c\u00e1c l\u1ef1a ch\u1ecdn kh\u00f4ng r\u1ee7i ro, g\u00e2y \u00e1p l\u1ef1c l\u00ean \u0111\u1ecbnh gi\u00e1. Th\u1ee9 hai, g\u00e1nh n\u1eb7ng n\u1ee3 \u0111\u00e1ng k\u1ec3 c\u1ee7a Verizon (h\u01a1n 130 t\u1ef7 \u0111\u00f4 la) c\u00f3 ngh\u0129a l\u00e0 l\u00e3i su\u1ea5t t\u0103ng l\u00e0m t\u0103ng chi ph\u00ed vay khi t\u00e1i c\u1ea5p v\u1ed1n, c\u00f3 th\u1ec3 g\u00e2y \u00e1p l\u1ef1c l\u00ean kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c trong t\u01b0\u01a1ng lai. L\u1ecbch s\u1eed cho th\u1ea5y c\u1ed5 phi\u1ebfu VZ \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng k\u00e9m h\u01a1n th\u1ecb tr\u01b0\u1eddng chung t\u1eeb 8-12% trong c\u00e1c chu k\u1ef3 th\u1eaft ch\u1eb7t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, m\u1eb7c d\u00f9 \u0111i\u1ec1u n\u00e0y t\u1ea1o ra c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb ti\u1ec1m n\u0103ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n. C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch l\u1ee3i su\u1ea5t so s\u00e1nh c\u1ee7a Pocket Option gi\u00fap x\u00e1c \u0111\u1ecbnh khi n\u00e0o c\u00e1c \u0111\u1ee3t b\u00e1n th\u00e1o do l\u00e3i su\u1ea5t n\u00e0y t\u1ea1o ra c\u00e1c \u0111i\u1ec3m v\u00e0o c\u00f3 l\u1ee3i."},{"question":"Nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a thu\u1ebf n\u00e0o m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c n\u00ean c\u00e2n nh\u1eafc?","answer":"Vi\u1ec7c s\u1eafp x\u1ebfp t\u00e0i kho\u1ea3n chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea1i di\u1ec7n cho ph\u01b0\u01a1ng ph\u00e1p t\u1ed1i \u01b0u h\u00f3a thu\u1ebf m\u1ea1nh m\u1ebd nh\u1ea5t. Gi\u1eef c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng v\u1edbi c\u1ed5 t\u1ee9c \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n trong c\u00e1c t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf khi c\u00f3 th\u1ec3, \u0111\u1eb7c bi\u1ec7t n\u1ebfu b\u1ea1n \u1edf trong c\u00e1c khung thu\u1ebf th\u1ea5p h\u01a1n n\u01a1i c\u1ed5 t\u1ee9c \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n c\u00f3 th\u1ec3 b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 0%. \u0110\u1eb7t c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i t\u1ee9c cao h\u01a1n nh\u01b0ng kh\u00f4ng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n nh\u1eadn c\u1ed5 t\u1ee9c trong c\u00e1c t\u00e0i kho\u1ea3n \u0111\u01b0\u1ee3c \u01b0u \u0111\u00e3i thu\u1ebf nh\u01b0 IRA. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang ti\u1ebfp c\u1eadn ho\u1eb7c \u0111\u00e3 ngh\u1ec9 h\u01b0u, h\u00e3y c\u00e2n nh\u1eafc gi\u1eef \u0111\u1ee7 c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c trong c\u00e1c t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u thu nh\u1eadp trong khi cho ph\u00e9p c\u00e1c t\u00e0i kho\u1ea3n \u0111\u01b0\u1ee3c \u01b0u \u0111\u00e3i thu\u1ebf ti\u1ebfp t\u1ee5c sinh l\u00e3i k\u00e9p. Ngo\u00e0i ra, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong c\u00e1c khung thu\u1ebf cao h\u01a1n n\u00ean \u0111\u00e1nh gi\u00e1 li\u1ec7u tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb trong c\u00e1c t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i t\u1ee9c sau thu\u1ebf v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c hay kh\u00f4ng."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 li\u1ec7u l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c cao c\u00f3 b\u00e1o hi\u1ec7u gi\u00e1 tr\u1ecb hay nguy hi\u1ec3m?","answer":"Ng\u1eef c\u1ea3nh quy\u1ebft \u0111\u1ecbnh li\u1ec7u l\u1ee3i su\u1ea5t cao c\u00f3 \u0111\u1ea1i di\u1ec7n cho c\u01a1 h\u1ed9i hay r\u1ee7i ro. \u0110\u1ea7u ti\u00ean, so s\u00e1nh l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i v\u1edbi ph\u1ea1m vi l\u1ecbch s\u1eed c\u1ee7a c\u1ed5 phi\u1ebfu - l\u1ee3i su\u1ea5t cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed th\u01b0\u1eddng b\u00e1o hi\u1ec7u lo ng\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 t\u00ednh b\u1ec1n v\u1eefng. Th\u1ee9 hai, xem x\u00e9t xu h\u01b0\u1edbng l\u1ee3i su\u1ea5t - l\u1ee3i su\u1ea5t t\u0103ng d\u1ea7n th\u00f4ng qua t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c kh\u00e1c bi\u1ec7t c\u01a1 b\u1ea3n so v\u1edbi l\u1ee3i su\u1ea5t t\u0103ng \u0111\u1ed9t bi\u1ebfn do gi\u00e1 gi\u1ea3m. Th\u1ee9 ba, ph\u00e2n t\u00edch ch\u00eanh l\u1ec7ch gi\u1eefa l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c v\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m - ch\u00eanh l\u1ec7ch n\u00e0y n\u00ean \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 so v\u1edbi c\u00e1c ti\u00eau chu\u1ea9n l\u1ecbch s\u1eed thay v\u00ec m\u1ee9c \u0111\u1ed9 tuy\u1ec7t \u0111\u1ed1i. Cu\u1ed1i c\u00f9ng, x\u00e1c minh kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c th\u00f4ng qua t\u1ef7 l\u1ec7 chi tr\u1ea3 d\u00f2ng ti\u1ec1n t\u1ef1 do v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u00f2n b\u1ea9y n\u1ee3. Nh\u1eefng y\u1ebfu t\u1ed1 ng\u1eef c\u1ea3nh n\u00e0y c\u00f9ng nhau x\u00e1c \u0111\u1ecbnh li\u1ec7u l\u1ee3i su\u1ea5t cao c\u00f3 \u0111\u1ea1i di\u1ec7n cho \u0111i\u1ec3m v\u00e0o h\u1ea5p d\u1eabn hay s\u1ef1 ho\u00e0i nghi c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u00f3 c\u01a1 s\u1edf."},{"question":"Nh\u1eefng sai l\u1ea7m ph\u1ed5 bi\u1ebfn v\u1ec1 th\u1eddi gian m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng m\u1eafc ph\u1ea3i v\u1edbi c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c l\u00e0 g\u00ec?","answer":"L\u1ed7i th\u1eddi gian \u0111\u1eaft \u0111\u1ecf nh\u1ea5t li\u00ean quan \u0111\u1ebfn vi\u1ec7c mua c\u1ed5 phi\u1ebfu ngay sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n trong khi mong \u0111\u1ee3i nh\u1eadn \u0111\u01b0\u1ee3c kho\u1ea3n thanh to\u00e1n s\u1eafp t\u1edbi - gi\u00e1 c\u1ed5 phi\u1ebfu th\u01b0\u1eddng gi\u1ea3m kho\u1ea3ng b\u1eb1ng s\u1ed1 ti\u1ec1n c\u1ed5 t\u1ee9c v\u00e0o ng\u00e0y n\u00e0y, t\u1ea1o ra c\u00e1c kho\u1ea3n l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n ngay l\u1eadp t\u1ee9c. M\u1ed9t sai l\u1ea7m ph\u1ed5 bi\u1ebfn kh\u00e1c l\u00e0 b\u00e1n v\u1ecb th\u1ebf ngay tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n \u0111\u1ec3 \"ch\u1ed1t l\u1eddi,\" th\u1ef1c t\u1ebf l\u00e0 t\u1eeb b\u1ecf c\u1ed5 t\u1ee9c \u0111\u00e3 t\u00edch l\u0169y. Ngo\u00e0i ra, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c thu ho\u1ea1ch l\u1ed7 thu\u1ebf \u0111\u1ed1i v\u1edbi c\u00e1c v\u1ecb th\u1ebf c\u1ed5 t\u1ee9c \u0111ang gi\u1ea3m, b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i duy tr\u00ec m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac c\u1ed5 t\u1ee9c t\u01b0\u01a1ng t\u1ef1 trong khi t\u1eadn d\u1ee5ng l\u1ee3i \u00edch thu\u1ebf. Cu\u1ed1i c\u00f9ng, m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed1 g\u1eafng \u0111\u1ecbnh th\u1eddi th\u1ecb tr\u01b0\u1eddng v\u1edbi c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c xung quanh c\u00e1c s\u1ef1 ki\u1ec7n kinh t\u1ebf v\u0129 m\u00f4, th\u01b0\u1eddng xuy\u00ean hy sinh thu nh\u1eadp c\u1ed5 t\u1ee9c \u0111\u00e1ng k\u1ec3 trong c\u00e1c giai \u0111o\u1ea1n kh\u00f4ng tham gia th\u1ecb tr\u01b0\u1eddng."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Ch\u1ec9 s\u1ed1 \u0111\u00e1ng tin c\u1eady nh\u1ea5t v\u1ec1 t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a c\u1ed5 t\u1ee9c cho c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng l\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c.","answer":"D\u00f2ng ti\u1ec1n t\u1ef1 do bao ph\u1ee7 \u0111\u1ea1i di\u1ec7n cho ch\u1ec9 s\u1ed1 b\u1ec1n v\u1eefng \u0111\u00e1ng tin c\u1eady nh\u1ea5t cho c\u1ed5 t\u1ee9c c\u1ee7a ng\u00e0nh vi\u1ec5n th\u00f4ng, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 d\u1ef1a tr\u00ean thu nh\u1eadp. \u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty vi\u1ec5n th\u00f4ng nh\u01b0 Verizon v\u1edbi c\u00e1c kho\u1ea3n kh\u1ea5u hao phi ti\u1ec1n m\u1eb7t \u0111\u00e1ng k\u1ec3, t\u1ef7 l\u1ec7 chi tr\u1ea3 FCF (c\u1ed5 t\u1ee9c \u0111\u00e3 tr\u1ea3 chia cho d\u00f2ng ti\u1ec1n t\u1ef1 do) cung c\u1ea5p c\u00e1i nh\u00ecn r\u00f5 r\u00e0ng h\u01a1n v\u1ec1 s\u1ef1 an to\u00e0n th\u1ef1c t\u1ebf c\u1ee7a c\u1ed5 t\u1ee9c. L\u00fd t\u01b0\u1edfng nh\u1ea5t, t\u1ef7 l\u1ec7 n\u00e0y n\u00ean duy tr\u00ec d\u01b0\u1edbi 70%, v\u1edbi 50-60% \u0111\u1ea1i di\u1ec7n cho s\u1ef1 c\u00e2n b\u1eb1ng t\u1ed1i \u01b0u gi\u1eefa thu nh\u1eadp hi\u1ec7n t\u1ea1i v\u00e0 t\u00e0i tr\u1ee3 t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 n\u00e0y b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng FCF trung b\u00ecnh ba n\u0103m \u0111\u1ec3 l\u00e0m m\u01b0\u1ee3t c\u00e1c chu k\u1ef3 chi ti\u00eau v\u1ed1n c\u00f3 th\u1ec3 l\u00e0m sai l\u1ec7ch c\u00e1c ph\u00e9p \u0111o trong m\u1ed9t n\u0103m."},{"question":"M\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu VZ v\u00e0 \u0111\u1ecbnh gi\u00e1 c\u1ed5 t\u1ee9c?","answer":"L\u00e3i su\u1ea5t \u1ea3nh h\u01b0\u1edfng c\u01a1 b\u1ea3n \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a VZ th\u00f4ng qua nhi\u1ec1u c\u01a1 ch\u1ebf. Th\u1ee9 nh\u1ea5t, khi l\u00e3i su\u1ea5t t\u0103ng, s\u1ee9c h\u1ea5p d\u1eabn t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a VZ gi\u1ea3m so v\u1edbi c\u00e1c l\u1ef1a ch\u1ecdn kh\u00f4ng r\u1ee7i ro, g\u00e2y \u00e1p l\u1ef1c l\u00ean \u0111\u1ecbnh gi\u00e1. Th\u1ee9 hai, g\u00e1nh n\u1eb7ng n\u1ee3 \u0111\u00e1ng k\u1ec3 c\u1ee7a Verizon (h\u01a1n 130 t\u1ef7 \u0111\u00f4 la) c\u00f3 ngh\u0129a l\u00e0 l\u00e3i su\u1ea5t t\u0103ng l\u00e0m t\u0103ng chi ph\u00ed vay khi t\u00e1i c\u1ea5p v\u1ed1n, c\u00f3 th\u1ec3 g\u00e2y \u00e1p l\u1ef1c l\u00ean kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c trong t\u01b0\u01a1ng lai. L\u1ecbch s\u1eed cho th\u1ea5y c\u1ed5 phi\u1ebfu VZ \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng k\u00e9m h\u01a1n th\u1ecb tr\u01b0\u1eddng chung t\u1eeb 8-12% trong c\u00e1c chu k\u1ef3 th\u1eaft ch\u1eb7t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, m\u1eb7c d\u00f9 \u0111i\u1ec1u n\u00e0y t\u1ea1o ra c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb ti\u1ec1m n\u0103ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n. C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch l\u1ee3i su\u1ea5t so s\u00e1nh c\u1ee7a Pocket Option gi\u00fap x\u00e1c \u0111\u1ecbnh khi n\u00e0o c\u00e1c \u0111\u1ee3t b\u00e1n th\u00e1o do l\u00e3i su\u1ea5t n\u00e0y t\u1ea1o ra c\u00e1c \u0111i\u1ec3m v\u00e0o c\u00f3 l\u1ee3i."},{"question":"Nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a thu\u1ebf n\u00e0o m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c n\u00ean c\u00e2n nh\u1eafc?","answer":"Vi\u1ec7c s\u1eafp x\u1ebfp t\u00e0i kho\u1ea3n chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea1i di\u1ec7n cho ph\u01b0\u01a1ng ph\u00e1p t\u1ed1i \u01b0u h\u00f3a thu\u1ebf m\u1ea1nh m\u1ebd nh\u1ea5t. Gi\u1eef c\u1ed5 phi\u1ebfu vi\u1ec5n th\u00f4ng v\u1edbi c\u1ed5 t\u1ee9c \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n trong c\u00e1c t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf khi c\u00f3 th\u1ec3, \u0111\u1eb7c bi\u1ec7t n\u1ebfu b\u1ea1n \u1edf trong c\u00e1c khung thu\u1ebf th\u1ea5p h\u01a1n n\u01a1i c\u1ed5 t\u1ee9c \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n c\u00f3 th\u1ec3 b\u1ecb \u0111\u00e1nh thu\u1ebf \u1edf m\u1ee9c 0%. \u0110\u1eb7t c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i t\u1ee9c cao h\u01a1n nh\u01b0ng kh\u00f4ng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n nh\u1eadn c\u1ed5 t\u1ee9c trong c\u00e1c t\u00e0i kho\u1ea3n \u0111\u01b0\u1ee3c \u01b0u \u0111\u00e3i thu\u1ebf nh\u01b0 IRA. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang ti\u1ebfp c\u1eadn ho\u1eb7c \u0111\u00e3 ngh\u1ec9 h\u01b0u, h\u00e3y c\u00e2n nh\u1eafc gi\u1eef \u0111\u1ee7 c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c trong c\u00e1c t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u thu nh\u1eadp trong khi cho ph\u00e9p c\u00e1c t\u00e0i kho\u1ea3n \u0111\u01b0\u1ee3c \u01b0u \u0111\u00e3i thu\u1ebf ti\u1ebfp t\u1ee5c sinh l\u00e3i k\u00e9p. Ngo\u00e0i ra, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong c\u00e1c khung thu\u1ebf cao h\u01a1n n\u00ean \u0111\u00e1nh gi\u00e1 li\u1ec7u tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb trong c\u00e1c t\u00e0i kho\u1ea3n ch\u1ecbu thu\u1ebf c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i t\u1ee9c sau thu\u1ebf v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c hay kh\u00f4ng."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 li\u1ec7u l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c cao c\u00f3 b\u00e1o hi\u1ec7u gi\u00e1 tr\u1ecb hay nguy hi\u1ec3m?","answer":"Ng\u1eef c\u1ea3nh quy\u1ebft \u0111\u1ecbnh li\u1ec7u l\u1ee3i su\u1ea5t cao c\u00f3 \u0111\u1ea1i di\u1ec7n cho c\u01a1 h\u1ed9i hay r\u1ee7i ro. \u0110\u1ea7u ti\u00ean, so s\u00e1nh l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i v\u1edbi ph\u1ea1m vi l\u1ecbch s\u1eed c\u1ee7a c\u1ed5 phi\u1ebfu - l\u1ee3i su\u1ea5t cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed th\u01b0\u1eddng b\u00e1o hi\u1ec7u lo ng\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 t\u00ednh b\u1ec1n v\u1eefng. Th\u1ee9 hai, xem x\u00e9t xu h\u01b0\u1edbng l\u1ee3i su\u1ea5t - l\u1ee3i su\u1ea5t t\u0103ng d\u1ea7n th\u00f4ng qua t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c kh\u00e1c bi\u1ec7t c\u01a1 b\u1ea3n so v\u1edbi l\u1ee3i su\u1ea5t t\u0103ng \u0111\u1ed9t bi\u1ebfn do gi\u00e1 gi\u1ea3m. Th\u1ee9 ba, ph\u00e2n t\u00edch ch\u00eanh l\u1ec7ch gi\u1eefa l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c v\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m - ch\u00eanh l\u1ec7ch n\u00e0y n\u00ean \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 so v\u1edbi c\u00e1c ti\u00eau chu\u1ea9n l\u1ecbch s\u1eed thay v\u00ec m\u1ee9c \u0111\u1ed9 tuy\u1ec7t \u0111\u1ed1i. Cu\u1ed1i c\u00f9ng, x\u00e1c minh kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c th\u00f4ng qua t\u1ef7 l\u1ec7 chi tr\u1ea3 d\u00f2ng ti\u1ec1n t\u1ef1 do v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u00f2n b\u1ea9y n\u1ee3. Nh\u1eefng y\u1ebfu t\u1ed1 ng\u1eef c\u1ea3nh n\u00e0y c\u00f9ng nhau x\u00e1c \u0111\u1ecbnh li\u1ec7u l\u1ee3i su\u1ea5t cao c\u00f3 \u0111\u1ea1i di\u1ec7n cho \u0111i\u1ec3m v\u00e0o h\u1ea5p d\u1eabn hay s\u1ef1 ho\u00e0i nghi c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u00f3 c\u01a1 s\u1edf."},{"question":"Nh\u1eefng sai l\u1ea7m ph\u1ed5 bi\u1ebfn v\u1ec1 th\u1eddi gian m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng m\u1eafc ph\u1ea3i v\u1edbi c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c l\u00e0 g\u00ec?","answer":"L\u1ed7i th\u1eddi gian \u0111\u1eaft \u0111\u1ecf nh\u1ea5t li\u00ean quan \u0111\u1ebfn vi\u1ec7c mua c\u1ed5 phi\u1ebfu ngay sau ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n trong khi mong \u0111\u1ee3i nh\u1eadn \u0111\u01b0\u1ee3c kho\u1ea3n thanh to\u00e1n s\u1eafp t\u1edbi - gi\u00e1 c\u1ed5 phi\u1ebfu th\u01b0\u1eddng gi\u1ea3m kho\u1ea3ng b\u1eb1ng s\u1ed1 ti\u1ec1n c\u1ed5 t\u1ee9c v\u00e0o ng\u00e0y n\u00e0y, t\u1ea1o ra c\u00e1c kho\u1ea3n l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n ngay l\u1eadp t\u1ee9c. M\u1ed9t sai l\u1ea7m ph\u1ed5 bi\u1ebfn kh\u00e1c l\u00e0 b\u00e1n v\u1ecb th\u1ebf ngay tr\u01b0\u1edbc ng\u00e0y giao d\u1ecbch kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n \u0111\u1ec3 \"ch\u1ed1t l\u1eddi,\" th\u1ef1c t\u1ebf l\u00e0 t\u1eeb b\u1ecf c\u1ed5 t\u1ee9c \u0111\u00e3 t\u00edch l\u0169y. Ngo\u00e0i ra, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c thu ho\u1ea1ch l\u1ed7 thu\u1ebf \u0111\u1ed1i v\u1edbi c\u00e1c v\u1ecb th\u1ebf c\u1ed5 t\u1ee9c \u0111ang gi\u1ea3m, b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i duy tr\u00ec m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac c\u1ed5 t\u1ee9c t\u01b0\u01a1ng t\u1ef1 trong khi t\u1eadn d\u1ee5ng l\u1ee3i \u00edch thu\u1ebf. Cu\u1ed1i c\u00f9ng, m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed1 g\u1eafng \u0111\u1ecbnh th\u1eddi th\u1ecb tr\u01b0\u1eddng v\u1edbi c\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c xung quanh c\u00e1c s\u1ef1 ki\u1ec7n kinh t\u1ebf v\u0129 m\u00f4, th\u01b0\u1eddng xuy\u00ean hy sinh thu nh\u1eadp c\u1ed5 t\u1ee9c \u0111\u00e1ng k\u1ec3 trong c\u00e1c giai \u0111o\u1ea1n kh\u00f4ng tham gia th\u1ecb tr\u01b0\u1eddng."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gi\u00e1 C\u1ed5 Phi\u1ebfu VZ C\u1ed5 T\u1ee9c: 7 Sai L\u1ea7m \u0110\u1eaft Gi\u00e1 L\u00e0m Gi\u1ea3m L\u1ee3i Nhu\u1eadn C\u1ee7a B\u1ea1n<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/news-events\/vz-stock-price-dividend\/\" \/>\n<meta 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