Luận văn Thạc sĩ Kinh tế: Giá trị nội tại và giá trị thị trường của 5 công ty niêm yết đầu tiên tại thành phố Hồ Chí Minh

Tu khai nic$m tren cho ta tha'y r~ng MV A cang cao cang to't. M()t MV A

cao cho ta tha'y cong ty da t~o ra m()t khmln thu nh~p chil:c chil:n cho cac c6 dong.

Ngu'

cua cong ty du'

vao cong ty, di~u nay c6 nghia la m()t so' ngudn llfc nao d6 cua cong ty da hi ma't

1.2.3 Phu'dng phap xac lfinh

di.

Ta c6 cong thuc tinh MV A nhu' sau: MVA = Gia trj thj tru'ong ciia c6ng ty- (tru) v6n ddu tu' ciia c6ng ty (CT-1.7)

7

hoijc ta c6 th€ th€ hic$n cong thuc tren nhu' sau:

+(c()ng) a (tru)

(CT-1.8)

Ghi tri thi tru(ing ciia vo'n chii sfi huu Ghi tri thi tru(ing ciia vo'n vay Vo'n ddu tti ciia cong ty MVA

Theo (CT-8), c6 4 bu'dc c~n thl,l'c hic$n trong vic$c tinh MVA nhu' sau: Bzt{Jc 1: Tinh gia trt tht trztiJng cua vdn chu sa hilu.

Gia trj thj tru'ong cua v6n chu sd hfi'u m()t cong ty niem ye't du'

vao gia trj thi tntong ciia c6 phie'u du'

mua ho~c ban va s6Iu

X

(CT-1.9)

Gia tri thi tntong mot c6 phie'u cua doanh nghic$p i t~i thoi di€m t

Gia tri thi tntong ~ua v6n chu sd hfi'u doanh nghic$p i t~i ~oi di~m t

S6 lu'

Pi,t du'

Qi,t du'

Bzt{Jc 2: Tinh gia trt tht trztiJng cua khodn m;

Gia trj thj tru'ong cua cac khoan n

khoan n

djnh gia thi tru'ong ciia v6n chii sd hfi'u.

Bzt{Jc 3: Tim vdn d&u tzt (con gQi la vdn hor;zt dt)ng) cua cong ty

=

V6n ho~t d()ng cua doanh nghic$p t~i m()t thoi di€m

theo s6 sach ciia .chii sd hfi'u doanh nghic$p (con gQi Ia v6n chii sd hfi'u) va cac khoan n

chinh ciia doanh nghic$p.

Bzt{Jc 4: Tfnh MVA theo cong thTic (CT-7)

la t6ng gia trj v6n

8

1.3

LYLU!NVEM(hTu'ONGQUANGrUAMVA VA EVA

1.3.1

St! khac nhau giii'a EVA va MV A.

EVA la d~i lu'

ty, do lu'ong S\1' thanh cong hay th!t b~i cua cong ty d6 qua rn()t ky ho~t d()ng. f)~i

lu'

cong ty cho nha d~u tu' t6t toi rnuc nao. so' li~u nay th€ hi~n trong t6ng tai san

theo s6 sach cua cong ty.

MV A don gian chi do lu'ong chenh l~ch giua gia trj thj tru'ong cua cong ty

so voi t6ng v6n d~u tu' thlfc t€ cua cong ty, MV A chi th€ hi~n tren thj tru'ong chu

khong th€ hi~n trong s6 sach t~i cong ty.

1.3.2 Mo'i lien h~ giii'a EVA va MV A.

M6i lien h~ giua EVA va MV theo ly thuy€t

thl MV A chinh la gia trj

hi~n t~i (present value - PV) cua t!t ca cac khoan EVA trong tu'ong lai rna rn()t

cong ty d~t du'

MV A = PV (EVA trong tlidng lai)

B€ giai thich ro cho rn6i lien h~ nay ta xern xet cac tru'ong h

Truong h

toi (J ph~n tren, ta tha'y r~ng ABC d~t du'

nhu~n rnong d

su!t ROE cua ABC trong tu'ong lai rna khong d~t 15% thl nha d~u tu' se khong

d~u tu' vao ABC rna chuy€n hu'ong d~u tu' vao doanh nghi~p khac. Bieu nay c6

nghia la ne'u ABC ho~t d()ng khong di;lt du'

cac nha d~u tu' se khong rnua cong ty voi gia theo s6 sach cua cong ty rna rnua

voi gia th!p hon hay n6i each khac la MV A nho hon ( <) 0. Va n€u nhu' trong

tu'ong lai ABC ho~t d()ng d~t ke't qua ROE b~ng 15% thl nha d~u tu' se rnua cong

ty dung b~ng voi gia trj s6 sach cua cong ty, hay MVA b~ng 0. Con ngu'

9

nhtt trong tu'dng lai ROE cua ABC tren 15% thl nha d~u ttl' san sang tnl gia cao

(>) 0.

hdn gia tri s5 sach cua cong ty d~ mua ABC, hay n6i each khac la MV A Ion hdn

Ta xem xet m('>t tru'ong hqp cv th~ thu 2 sau:

d~u ttl' nay dttqc tai tr<;1 theo ty 1<$ la 40% vo'n vay va 60% vo'n chu sd hfi'u. Uii vay

Cong ty XYZ dttqc d~u ttl' 1.000 tric$u d6ng vao d~u nam tai chinh. Vo'n

trttoc thue' phiii trii voi Hii su~t la 12%/nam, thue' su~t thue' thu nh~p doanh nghic$p

la 30% va chi phi sll' dvng vo'n blnh quan (WACC) la 15%. Lqi nhu~n trttoc thue'

va Hii vay cua XYZ d~t dttqc trong nam tai chinh nay la 300 tric$u.

Lai vay phiii trii: I = T5ng vo'n d~u ttl' x ty 1<$ vo'n vay x lai su~t vay

Thue' phai n('>p: T

NOP AT

= 40% * 1.000 * 12% = 48 tric$u. = (Lqi nhu~n tru'oc thue' va lai- lai vay) x thue' su~t = (300- 48) * 30% = 75,6 tric$u. = Lqi nhu~n tru'oc thue' va lai vay - thue' TNDN = 300- 75,6 = 224,4 tric$u = NOPAT- (W ACC x t5ng vo'n d~u ttl') = 224,4- (15% * 1000) = 74,4 tric$u.

EVA

Ne'u trong tu'dng lai, XYZ v~n luon gifi' muc EVA la 74,4 tric$u m6i nam

thl MV A cua XYZ dttqc tinh nhu' sau:

MV A = 74,4 I 15% = 496 tric$u.

C6 nghia la nha d~u ttl' ~£n sang bo ra them 496 tric$u so voi gia tri s5

sach hic$n t~i cua cong ty d~ mua du'QC cong ty.

Qua cac vi dl,l tren ta th~y ding, ne'u nhu' trong tu'dng lai rna m9t doanh

nghic$p c6 EVA > 0 thl MV A > 0 va ngu'qc l~i ne'u doanh nghic$p c6 EVA < 0 thl

MVA se < 0. Nhtt v~y, EVA va MVA c6 mo'i quan he$ tuye'n tinh kha m~t thie't,

m('>t doanh nghic$p ho~t d('>ng c6 hic$u quii thl se lam tang EVA va di€u nay d~n toi

m('>t MV A cao hon.

10

1.3.3 Va'n d~ d~t ra:

Nhu' da neu (J phffn tren, giii'a EVA va MV A c6 m6i quan h~ tuye'n tinh

voi nhau. Khi doanh nghi~p tC:J.o ra nhieu lqi nhu~n tuc la EVA >0, cac nha dffu tu'

nhln nh~n dieu nay va djnh gia gia trj doanh nghi~p cao hdn gia trj s6 sach lam

cho gia trj thj tru'ong cua cong ty tang c6 nghia la MV A tang. Va ngu'qc lC:ti khi

doanh nghi~p khong dC:tt du'qc muc EVA du'dng, dieu nay c6 nghia la nha dffu tu'

se khong dC;lt du'

gia trj thj tru'ong cua cong ty bj giam xuO'ng c6 nghia la MV A giam xuO'ng.

Nhu' v~y theo ly thuye't khi EVA cang Ion hdn 0 thl MV A cang tang, va

ngu'

Va'n de d~t ra la li~u rftng tC:ti thi tru'ong chung khoan Vi~t Nam, cac cong

ty niem ye't tren thj tru'ong nay c6 tuan theo ly thuye't tren ve EVA va MV A hay

khong? I>~ ly giai du'

nghien cll'u ve mO'i tu'dng quan giii'a EVA va MV A cua 5 cong ty du'qc niem ye't

I>~ thl;t'c hi~n du'

tren thi trttong chung khoan.

Bu'oc 1: Tinh EVA cua tung cong ty qua cac nam - sii' dgng cac cong thuc

(CT-1) toi (CT-5).

Bu'oc 2: Tinh MV A cua tung cong ty qua cac nam - sii' dgng cac cong thuc

(CT-6) toi (CT-9).

Bttoc 3: Sau khi da c6 EVA va MV A ta xac djnh mO'i tu'dng quan giii'a 2

1.3.4 Cac ye'u t6 khac anh htidng t8i gia tri thi tru(ing (ngoai EVA):

chi tieu nay va du'a ra nh~n xet ve m6i tu'dng quan.

Theo ly thuye't o tren thl nguyen nhan cd ban cua sl;t' bie'n d{)ng ghi c6 phie'u la sl;t' thay d6i cua EVA. Lqi nhu~n cua doanh nghi~p la nhan t6 trl;t'c tie'p

quan trQng nha't trong vi~c quye't djnh gia c6 phie'u, bdi gia c5 phie'u chinh la gia

11

tq hi~n t~i (present value) ciia ta't ca l<;li tuc c6 ph~n trong tu'dng lai. Thlfc te", ghi

tq ciia m()t c6 phie"u khong phai Ut m()t h~ng sef ba't bie"n, n6 se thay d6i khi c6 slJ'

St! tie'n tri~n ctia n~n kinh te' quo'c dan n6i rit~ng, tlnh hinh kinh te'

khu vrf.c va the' gi6i n6i chung: Ghi c6 phie"u c6 chi~u hu'6ng di len khi n~n kinh

thay d6i trong nhfi'ng ye"u tef cd ban, c1,1 th~ nhu' sau:

te" m~nh len (va c6 chi~u hu'dng di xuo'ng khi n~n kinh te" ye"u di). BC1i khi d6, kha

nang V~ kinh doanh CO tri~n VQng teft dt;p, cua cai tang len va nhi~u ngu'oi se d~u

Nhii'ng bie'n dqng v~ chfnh trj, xa hqi: Day la nhfi'ng ye"u tef phi kinh te"

tu' vao c6 phie"u.

nhu'ng ding anh hu'dng khong nho de"n ghi c6 phie"u tren thi tru'ong. Ne"u nhfi'ng

ye"u tef nay c6 kha nang anh hu'dng t6i tlnh hlnh kinh doanh ciia doanh nghi~p

V~ tam Iy nha d'u tti: Ph~n 16n cac thi tru'ong chung khoan tren the' gi6i

d~u phai cha'p nh~n m()t thlfc te" la cac l~nh mua, ban c6 xu the' bi cuefn vao dam

theo hu'dng tich clJ'c thl gia c6 phie"u ciia doanh nghi~p se tang len.

Nhii'ng nhan to' nqi t~i gi\n Ii~n v8i nha phat hanh bie'n dqng: Nhan tef

V~ ky thu~t san xufft: trang thie"t bi may moe, cong ngh~, ti~m nang nghien CUu

dong theo ki~u "b~y diu" (animal spirit).

thi tru'ong ... Nhan tef v~ con ngu'oi: cha't lu'<;lng ban Hinh d~o, trlnh d() ngh~ nghi~p

phat tri~n ... ; Nhan tef v~ thi tru'ong tieu th1,1: kha nang v~ c~nh tranh va md r()ng

ciia cong nhan; Tlnh tr~ng tai chinh ctia doanh nghi~p ...

12

2

Chtiong 2: T6NG qUAN vE T1Q TRUONG CK ~T NAM

vAs coNG TY NIEM YET soM :NIIAT

2.1

TONG QUAN VE THf TRUONG CmJNG KHOAN TP HCM

2.1.1 Ye'u to' d~c thu ciia thi trti{lng chung khmin Vi~t Nam

Sau m9t qua trinh chu~n bi cong phu trong su6t gftn 7 nam, tu h1c chu

tntdng thtmh l~p thi tru'ong chung khoan Vi~t Nam (TTCKVN) dtt<;1c Qu6c h9i

kh6a IX (1994) thong qua, ngay 20/7/2000 TTCKVN da chinh thuc ra doi va di

vao ho~t dQng. Khac voi cac nu'oc khac tren the' gioi, TTCKVN dtt<;1c hinh thanh

tren cd sd n€n kinh te' thi trttong c6 djnh httong xa h9i chu nghia, Uy ban Chung

khoan Nha nttoc (UBCKNN) dtt<;1c thanh l~p trttoc, h~ th6ng phap lu~t dtt<;1c hoan

thi~n r6i moi hinh thanh thj trttong. Trung Him giao djch chung khoan (TTGDCK)

la m9t bQ ph~n cua UBCKNN, va nhfi'ng doanh nghi~p niem ye't d TTGDCK la

nhung cong ty c6 phftn rna Nha nu'oc sd hfi'u v6n voi ty 1~ tu'dng d6i IOn.

£>€ v~n hanh TTCKVN, Chinh phil cho thanh l~p 2 TTGDCK, mQt d

TP.H6 Chi Minh, mQt d Ha NQi. H~ th6ng giao djch chung khoan t~i TTGDCK

TP.H6 Chi Minh du'<;1c thie't ke' theo mo hinh Sd Giao djch Chung khoan c6 duy tri

san giao djch, cac thie't bj dftu cu6i (terminal) cho cac thanh Vien giao djch du'QC

b6 tri t~i san giao djch va do d~i di~n cua thanh vien sii' dL;mg. Qua trinh ho~t

d9ng cua Trung tam Giao djch Chung khoan Thanh ph6 sau gftn 5 nam c6 nhung

net d~c tru'ng tieu bi€u sau:

Giao djch chzmg khoan:

Ho~t d9ng giao djch chung khoan chinh la tam di€m chu y tren thi

tru'ong. Tinh tu ngay giao djch dftu tien de'n nay TTGDCK da t6 chuc d11<;1c hdn

1.000 phien giao djch. Khi moi khai tru'dng, TTGDCK t6 chuc 3 ngay/ tuftn va tu

ngay 0113/2002 trd di da tang len 5 ngay/tuftn. Hang hoa giao djch t~i TTGDCK

13

bu'oc dffu Ut c6 phie'u (CP), tnli phie'u Chfnh phd (TPCP), tnli phie'u doanh nghi~p

va chU'ng chi quy dffu tu'.

Cac giao dich chung khoan du'

phu'dng thuc: khop I~nh (Call market) va thoa thu~n (Put through). Phu'dng thuc

khop I~nh (J day Ia khop I~nh dinh ky du'

trong thoi gian toi, Trung tam se tie'n toi vi~c ap dvng phu'dng thuc khop I~nh lien

tvc. Phu'dng thuc giao dich thoa thu~n du'

giao dich Io Ion (lo Ion Ia Io c6 t6i thi~u 10.000 CP ho~c 10.000 chung chi quy

dffu tu' ho~c 3.000 trai phie'u). Ngoai ra, voi cac giao dich Io CP Ie (du'oi 100 CP

ho~c chung chi quy dffu tu' ho~c du'oi 10 trai phie'u), Cong ty chung khoan

(CTCK) c6 trach nhi~m giao dich trlfc tie'p voi khach hang theo gia thoa thu~n va

gom cac Io Ie thanh 10 chan d~ htu ky vao Trung tam.

Cong bff thong tin:

Cong b6 thong tin c6 vai tro ra't quan trQng trong vi~c xay d\l'ng m{)t

TTCK 6n dinh, cong b~ng va hi~u qua cho cac nha dffu tu' tham gia thi tru'ong.

Nh~n dinh v€ vi~c cong b6 thong tin cua TTCKVN, cac nha dffu tu' cho r~ng, day

Ia di€m ye'u cua TTCKVN, thong tin cung d(p vita thie'u, vita khong chinh xac va

thong tin

da tac d{)ng khong t6t de'n tam Iy nha dffu tu'. · Trong khi d6 ICJ.i c6 nhi€u

bi tie't I{) qua som t(}.o di€u ki~n cho m{)t s6 ngu'oi l

tru'ong.

Thong tin tit cac t6 chuc niem ye't: Trong thoi gian qua, cac t6 chuc niem

ye't chua c6 kinh nghi~m trong linh vvc nay, nen c6 nhi€u vi phCJ.m v€ quy dinh

cong b6 thong tin. f)~ cha'n chinh va du'a ho(}.t d{)ng nay vao n€ ne'p, ngay

22/2/2002, TTGDCK da ra quy dinh s6 05/TTGD-NY hu'ong d~n thlfc hi~n chu~n

hoa vi~c cong b6 thong tin cua cac t6 chuc niem ye't ra thi tru'ong.

14

Thong tin tu cac CTCK: Cac CTCK cung ca'p cac thong tin nh~n du'qc tu

TTGDCK cho cac nha dffu tu'. Tuy nhien, vi~c cung ca'p thong tin nay vfin chua

dam bao du'QC tinh cong b~ng trong Vi~c tie'p nh~n thong tin cua cac nha dffu tu',

nguyen nhan Ia do vi~c chu tn;mg dffu tu' vao cong tac cong bO' thong tin cua cac

CTCK khac nhau.

Qudn ly cong ty chling khodn thanh vien:

Trong 5 nam qua, cac CTCK d~u t~p trung vao vi~c ki~n toan b9 may t6

chuc, 6n djnh ho~t d()ng kinh doanh va tie'n dffn toi vi~c md r()ng ph~m vi ho~t

d()ng cua mlnh. Trong qua trlnh ho~t d()ng, cac CTCK cfing g~p phai m9t sO'

vu'ong ma:c d6 la vi~c tie'n hanh nh~n l~nh va xU' ly l~nh, cac cong ty da phai du'a

ra nhi~u bi~n phap tlnh the' d~ tll'ng bu'oc kha:c phgc, dam bao thi tru'ong ho~t

d()ng du'qc cong b~ng va 6n djnh.

Sau m()t thai gian ho~t d()ng, TTCK ba:t dffu trd thanh kenh huy d()ng vO'n

trung va dai h~n cho n~n kinh te' va doanh nghi~p thong qua vi~c tri~n khai d~ an

phat hanh CP moi d~ huy d()ng vO'n qua TTGDCK cua cac cong ty c6 phffn nhu'

Hapaco, REB .... Tuy nhien, hi~n nay sO' cong ty da c6 phffn h6a dang tri~n khai

vi~c phat hanh c6 phie'u moi d~ huy d()ng them vO'n tren thi tru'ong chung khoan

con ra't it. C6 ra't nhi~u nguyen nhan lam ch~m tie'n trlnh nay. Trong d6, c6 nhung

nguyen nhan tu phia doanh nghi~p cfing nhu' tu phia cd quan quan ly Nha nu'oc.

Qudn ly gidm sat thi tnt?mg:

Vi~c giam sat quan ly t~i TTGDCK du'qc thtfc hi~n qua 2 h~ thO'ng: quan

ly thi tru'ong va h~ thO'ng ke't nO'i tn;lc tie'p voi cac thanh vien, dam bao kha nang

giam sat cac hoc.tt d<)ng giao dich bie'n d<)ng tren thi tru'ong (gia ca, khO'i lu'qng

tang giam d()t bie'n, CK bi canh bao, CK bi ki~m soat, dlnh chi giao djch ho~c

huy niem ye't), nh~m phat hi~n va du'a ra du'qc nhfi'ng bi~n phap xU' ly vi ph~m,

Huy dqng von qua ITGDCK:

15

ngan ngua Sl! thao tung, lung do~n thi tnl'ong va mua ban n9i gian. Cac nghic$p Vl.J

nay muo'n lam to't phiii du'

chi nay dang du'

Ngoai cac giao dich di~n ra t~i trung tam giao dich chung khoan, con c6

nhi~u giao dich khac di~n ra ngoai Trung tam. d day, nhi~u ngu'oi cho r~ng thi

tru'ong nay la thi tru'ong phi t~p trung (OTC). Tuy nhien, day c6 th~ g<;>i la thi

tru'ong giao dich "ng~m ", bdi vi thi tru'ong OTC c6 nhii'ng dinh che" nha't dinh

?

trong ho~t d9ng; tuan thu theo phap lu~t va chiu Sl! qmln ly cua Uy ban Chung

khoan Nha nu'dc. Cac giao dich tren thi tru'ong "ng~m" c6 muc d9 rui ro kha cao,

nhii'ng ngu'oi tham gia thi tru'ong c6 th~ bi thic$t thoi, th~m chi bi Ilia dao do bi h~n

che" v~ thong tin, do thie"u hi~u bie"t. Trong thoi gian g~n day, thi tru'ong tl! do v~n

khong ngung soi d9ng. Tuy nhien, tren thi tru'ong tl! do, co che" t~o gia b~t ngu6n tu dau, do ai, nhu' the" nao va sl! v~n d9ng ra sao ra't kh6 xac dinh va chu'a c6 t6

chuc nao ki~m soat va quan ly.

Mqt sff hqn che'

M~c du da c6 cac qui che" qui dinh v~ giao dich chung khoan, tuy nhien,

v~n con nhi~u tinh huo'ng tht!c te" xay ra chu'a du'

h~n nhu' tru'dc day, tren thi tru'ong chung khoan Thanh phd H6 Chi Minh da xay

ra nhii'ng ho~t d9ng d~u co du'di nhi~u hinh thuc ra't tinh vi. E>i~u nay da gop ph~n

d~n de"n tinh tr~ng ma't can do'i nghiem tr<;>ng trong mo'i quan he$ cung va c~u

chung khoan lam cho gia cac Io~i c6 phie"u tang v<;>t. £>~ do'i ph6 vdi tinh tr~ng

nay, Trung tam Giao dich Chung khoan Thanh pho' da du'a ra m9t so' che" dinh

nh~m "giam so't" thi tru'ong, nhu' gidi h~n kho'i lu'qng c6 phie"u do'i vdi ngu'oi mua,

thay d6i bien d9 v~ gia chung khoan ... St! thay d6i nay th~ hic$n sl! thie"u nha't

quan trong cac van ban phap qui, va vi v~y da lam cho cac nha d~u tu' f\lt re hdn

trong vic$c kinh doanh chung khoan.

16

it va c6 phie'u niem ye't chua d~i di~n cho cac nh6m nganh san xua't trong n€n

Scflu'

kinh te'. Chinh vl v~y, chi scf VN-Index chua c6 y nghia va chu'a phan anh dung

Vi~c giao dich tren Trung tam chung khoan trong thC1i gian qua chu ye'u

tlnh hlnh phat tri€n cua n€n kinh te'.

la qua trlnh mua di r6i ban l~i nhil'ng c6 phie'u da niem ye't. Cho de'n nay, chi c6

m()t vai cong ty phat hanh them c6 phie'u moi. I>i€u nay cho tha'y thi tru'C1ng

chung khmin d Thanh phcf v~n chua thl!c hi~n du'

Ph~m vi ho~t d()ng cua cac cong ty chung khoan con ra't h~n che', chi chu

kenh huy d()ng vcfn moi cho n€n kinh te'.

ye'u trong ph~m vi hai Thanh phcf Ha N()i va Thanh phcf H6 Chi Minh, do d6 moi

dap ung m()t ph~n nao d6 nhu c~u cua cac nha d~u tu' tren hai dia ban nay. Kha

nang tie'p c~n cua cong chung tren toan qucfc voi thi tru'C1ng chung khoan, cac

cong ty c6 ph~n va cac cong ty chung khoan cua thanh phcf con nhi€u h~n che'.

thi tru'C1ng chung khoan cua thanh phcf, tuy nhien scflu'

ThC1i gian g~n day da c6 S\1' tham gia cua cac nha d~u tu' nu'oc ngoai vao

con thie'u va:ng ca phap nhan l~n th€ nhan.

2.1.2 Khai quat tinh hinh bie'n d()ng chi sffVNI-index

700

600

500

400

300

200

100

0

(',1

(',1

.,...

.,...

.,...

t""l

0

1.0

t""l

t""l

"""'"

"""'"

"""'"

t""l

t""l

t""l

t""l

t""l

t""l

~ :5 ~ ~

Co

00 (',1

0 - - ~ - ~ ~

00 (',1

(',1

(',1

(',1

00 (',1

00 (',1

00 (',1

00 (',1

00 (',1

00 (',1

(',1

(',1

(',1

(',1

(',1

(',1

N

---

- (',1 - ~ ~ - ~ ~ - ~ ~ ~ ~ ~ ~ ~ :5 ~ ~ :5 ~ ~ :5 ~ :5 ~ ~ :5 ~ 0 t::: --- ---

17

Da gffn nam nam tinh tu ngay 2817/2000 (ngay Trung Him Giao dich chling khmin TP.HCM chinh thuc ho~t d<)ng phien giao djch dffu tien), thi tnl'ong

thang trffm va

chung khmin (TTCK) Vi~t Nam ra doi va phat tri~n voi kha nhi€u

bie'n d<)ng. Nam dffu tien ho~t d<)ng voi von vt;n 5 thanh vien niem ye't g6m HAP,

REE, SAM, TMS (08/2000) va LAF (12/2000). Chi so' VNI-index c6 xu httong tang d€u va vao thoi di~m cuo'i nam da tang tu 100 di~m vao thoi di~m ba:t dffu ho~t d<)ng len toi 206 di~m vao cuo'i nam.

Tinh tr~ng tang chi so' VNI-index v~n duc:Jc duy trl toi thoi di~m cu6i

thang 6/2001 va chi s6 VNI-index d~t dinh la 571 di~m va cung chi c6 5 thanh

vien niem ye't. Sau thoi di~m nay chi s6 VNI-index ba:t dffu di xuo'ng m<)t each

nhanh chong, va sau 3 thang, chi so' VNI-index giam xu6ng con 203 di~m vao

dffu thang 10/2001. Cho de'n cu6i nam 2001, VNI-index duy trl (J muc 239 di~m

va c6 them 5 cong ty nua niem ye't vao thi trttong chung khoan la SGH (7/2001),

CAN (10/2001), DPC (1112001), BBC va TRI (12/2001).

Chi s6 VNI-index tie'p tvc giam nhttng voi t6c d<) ch~m hdn trong su6t

nam 2002 va 10 thang dfiu nam 2003. Vao cu6i thang 10/2003, VNI-index con

132 di~m. So' cong ty gia nh~p thi trttong chung khoan trong nam 2001 la 1 cong

ty va nam 2005 Ia 5 cong ty.

toi

thoi di~m

Tu thang 1112003, VNI-index c6 xu httong tang,

31112/2005, VNI-index d~t 307 di~m va s6 cong ty niem ye't tren thi trttong

chung khoan la 35 cong ty. Trong 4 thang dfiu nam 2006, VNI-index tang m~nh

va d~t 632 di~m vao cu6i thang 4/2006 (tang hdn 300 di~m trong vong 4 thang). 2.1.3 M(U s6 nhan t6 anh hu'dng de'n thj tru'flng chung khm1n Vi~t Nam

Ngoai anh httCJng cua ke't qua ho~t d<)ng kinh doanh cua cac cong ty niem

ye't, gia c6 phie'u t~i thi trttong chung khoan Vi~t Nam thay d6i Ia do c6 slf thay

d6i trong nhung ye'u t6 cd ban nhtt da d€ c~p t~i phffn cd sd ly lu~n, cv th~ nhtt

sau:

r td CIAO Dl)C vA o~o TP,.O

THtfVI~N

a .

r-

ltRUONG CH KINH T__E TP.HCM

18

Sf! tie'n tri~n cua n~n kinh te' quo'c ddn n6i rit~ng, tlnh hinh kinh te'

khu Vtfc va the' gi8i n6i chung: T5c dQ tang GDP cua Vi~t Nam nam 2005 d~t

8,4%, tie'p tt;tc da tang tntong cao len, nam sau cao hdn nam tntoc va d~t muc cao

nha't so voi bay nam tntoc d6. Nho v~y rna blnh quan m()t nam trong thoi ky

2001- 2005 da tang 7,5%, vua cao hdn t5c d() tang 6,95%/nam cua 5 nam tntoc,

VUa d~t ffil,lC tieu cua ke' ho~ch 5 nam nay. E>ay cfing la t5c dQ tang thUQC lo~i cao

nha't the' gioi. Nho tang tntong kinh te' cao nen cac mt;tc tieu ve tich liiy, tieu

dung, cac mt;tc tieu ve xa h()i, bao v~ va cai thi~n moi tntong ciing d~t nhieu ke't

qua dang khich 1~. Va dieu nay da lam cho S\1' phat tri~n cua thi tru'ong chU'ng

khoan.

Nhii'ng bie'n d()ng v~ chinh tri, xa h()i: Hi~n nay Vi~t Nam dang la m()t

dfft nu'oc 6n dinh, an toan ve chinh tq-xa hQi va day la mQt trong nhfi'ng ye'u t6

quan tr<;mg, gop ph~n lam cho cac nha d~U tu' tren the' gioi ngay cang hu'ong S\1'

chu y vao Vi~t Nam. Va cac nha d~u tu' trong nu'oc cfing an tam hdn trong vi~c

d~u tu' cua minh. Cac ye'u t6 thu~n l<;li nay dang lam cho thi tru'ong chU'ng khoan

Vi~t Nam ngay cang phat tri~n.

V~ tdm ly nha dAu tti: Theo m()t s5 chuyen gia, nha d~u tu' chung khoan

Vi~t N am ph~n Ion thie'u kinh nghi~m, ra't d~ bi anh hu'ong hoi cac nha d~u tu'

nhieu v5n. Cach day 2 nam, khong it ngu'oi b6ng ch5c tro thanh ty phu khi lieu

llnh om vai cht;tc nghln c6 phie'u REE ho~c SAM, HAP. Gia ba lo~i c6 phie'u c6

tinh thanh khoan cao nay leo thang voi t5c dQ chi c6 "trong md" cua }ich sit

chung khoan the' gioi: gffp 2-3 l~n chi trong vai thang. Tuy nhien, voi m()t thi

tru'ong chung khoan non tre, v5n it (chi bAng 11500 ne'u so voi t6ng lu'<;lng tien

giao dich qua h~ th5ng ngan hang), d~u tu' c6 phie'u t~i Vi~t Nam giai do~n 2000-

2001 gi6ng nhu' vi~c "om born n6 ch~m". Khong y thuc du'<;lc dieu nay, nhieu nha

d~u tu' da the' chffp ba't d()ng san, vay tien ngan hang d~ ch~y theo m6t tich trii' c6

19

phie'u. Thang 6/2001, thoi diem hoang kim cua cac "ty phu chung khoan" cha'm

dUt. Chi s6 Vn-Index (muc dinh la 571) b6ng ch6c roi khong tr~mg htqng. Nhieu

nguoi bi keo xu6ng vrf.c pha san. Ai mc:tnh tay ban thao c6 phie'u thl con giii' duqc

it v6n, ch~m chan thl danh chju.

A

A '

A

A

~

~

2.2

THONG TIN VE CONG TY CO PHAN CO DI~N L~NH (REE)

2.2.1 Gi8i thi~u v~ C6ng ty

Cong ty C6 ph~n Co Dic$n Lc:tnh (Sau day gQi ti{t Ia REE), tien than la m<)t

Doanh nghic$p Nha nude thrf.c hic$n c6 ph~n h6a theo Quye't djnh s61707/QD-UB

do Uy Ban Nhan dan Thanh ph6 H6 Chi Minh ban hanh ngay 13/1111993. Ngay ..

niem ye't 28/07/2000

Linh v(lc ho{lt dQng chinh

San xua't, Ii{p rap, thie't ke', Mp dijt, sii'a chua va cac djch V\1 ve nganh

dic$n, dic$n ttl', co khi va dic$n lc:tnh - kinh doanh thuong mc:ti, xua't nh~p khffu cac

loc:ti hang tu lic$u san xua't, tu lic$u tieu dung, cac thie't bi le, thie't bi hoan chinh ciia

nganh cd dic$n lc:tnh; Xay drf.ng dan dvng va cong nghic$p - kinh doanh nha Ci. Thi

cong cac cong trlnh xay drf.ng dic$n vdi dung luqng de'n 35KV; Cho thue van

phong, kho bai, nha xuCing.

Chien lu(lc kinh doanh

Khong ngll'ng phat trien va giii' vii'ng vi tri hang d~u trong linh vrf.c he$

dic$n, he$ lc:tnh, he$ nude, he$ co khi ky thu~t khac va cac he$ th6ng phong trii', ca'p

dong .. (gQi ti{t la M&E). D6ng thoi phat trien he$ tho'ng phan ph6i cac san phffm

co dic$n lc:tnh trong d6 c6 san phffm nhan hic$u Reetech. Tai ca'u true lc:ti Cong ty,

xay drf.ng REE thanh m<)t t~p doan Cong ty (Holding).

20

2.2.2 Thf trtiong

Cac san phfim, dich V\} chinh cua cong ty tham gia vao cac thi tnl'ong sau:

Kho'i ho~t d()ng M&E: REE c6 kha nang tham gia cac cong trlnh c6 quy

mo IOn trong mtoc va quo'c te'.

Cac san phdm di~n va di~n I~nh gia dl}ng: Cac san phffm nhan hi~u

Reetech du'

tinh, thanh phcS Ion trong ca nu'oc va sang Campuchia. Ml;lc tieu trong cac nam

toi, Cong ty se mo r()ng thi tru'ong sang Trung Dong va Chau Phi.

Ho~t d()ng kinh doanh ba't d()ng san: REE dang so hfi'u va khai thac

40.430 m2 van phong cho thue va de'n cu6i nam 2006 voi vi~c du'a e.town 2 vao

khai thac di~n tich van phong se tang len 66.820 m2

Dfch Vl} cung ca'p cd slJ h~ tftng cho nganh cong ngh~ thong tin: Cong

ty da d~u tu' xay dlfng khu cong ngh~ thong tin Saigon E-town voi di~n tich sii' dl;lng 38.675m2 da ho~t d()ng tu cuo'i nam 2002.

Dftu tti tai chinh: D~u tu' tai chinh se la m()t trong cac ho~t d()ng chinh

cua REE trong 5 nam toi.

2.2.3 Danh gia SWOT (di~m m~nh, ye'u va cac thul)n lqi, kh6 khan)

THEM;).NH

NHu'(1C DIEM

Thie'u kinh nghi~m kinh doanh trong cac linh vtfc: tai chinh, ba't d()ng san, va cong ngh~ thong tin.

Uy tin san phdm va uy tin thtidng hi~u: hon 25 nam ho~t d()ng va cac san phfim Reetech da t~o dlfng d~n uy tin tren thi tru'ong

Ph1,1 thu()c vao ngu6n nguyen vl)t li~u nhl)p khdu: 60% nguyen v~t li~u phai nh~p khfiu, dieu nay se d~n de'n rui ro ve ty gia, khong chu d()ng trong kinh doanh.

Ho~t d()ng nghien cuu va phat tri~n: Ho~t d()ng nghien CUu va phat tri~n san phfim moi du'

21

M~,tng lti8i phftn ph6i, bao hanh: Chua dtia ra dti(/c chinh sach thich tu thtmh ph6 IOn de'n hf/p d~ ghli quye't tlnh hinh c~nh tranh phan b6 d€u -~-~-~ .... ~!~!J: ... !i~.~-~-~~-~:.-.......... -................ -............ -................ _ ................. - _g~_y__g_~!. .... ~~-~-~Q~ .... M~:g __ Q~~!! .... ~!il'~ ... -........ - .... ·-··----

coH{n

THACHTHUC

Kha nang md r()ng thi tru{lng: san phffm Reetech va kh6i M&E ne'u phat tri~n thj tntong t~i cac mtoc dang phat tri~n nhu' Campuchia va Lao voi gia ca c~nh tranh se da d~ng hoa thj tru'ong t~o cd h<)i qming ba thu'dng hic%u ra't Ion.

Ap hfc c~,tnh tranh va h()i nh~p: vic%c dlt giam thu€ nh~p khffu tu 20% xu6ng 5% theo hic%p dinh CEPT/AFTA nam 2005 doi hoi REE phai h

Thi trti{lng cao 6c d~ hi bao boa: Ne'u d~u tu' xay dt;(ng cao 6c ngay cang m~nh thi thj tru'ong se c6 th~ bao hoa nhanh hdn.

thue Cong

Mang kinh doanh ba't d()ng san va cho thue van phong c6 th~ se phat tri~n ne'u nhu' tlnh hinh ma't can b~ng cung c~u van phong cho thue v~n xay ra trong vong m<)t hai nam toi. Khi d6 dt;( an Etown se c6 kha nang thu h6i v6n theo ke' ho~ch. Hic%n REE da ty Dinning & Associates (D&A) tu' va'n ba't d<)ng sancho cong ty.

St! d~m chAn t~,ti ch6 cua nganh cong ngh~ thong tin, phdn m~m tin hQc se lam cho cac khu nhu' Etown, Cong vien ph~n m€m Quang Trung, Sai gon Park kh6 cho thue hdn va khie'n cac ndi nay c~nh tranh gay g~t hdn.

2.2.4 Khai quat s6Ii~u gia c6 phie'u cua REE

Gia thj tnrirng (ngan iiOng)

BIEU DO GI.A CHUNG KHOAN REE

100,00

90,00

80,00

70,00

60,00

50,00

40,00

30,00

20,00

10,00

Th/riiliSm

22

Chung khmin ky hic$u REE cua Cong ty C6 phffn Cd dic$n l~nh du'

dich tren thi tru'ong chung khoan Vic$t Nam vao ngay 28/07/2000 voi gia phien

dffu tien la 16.000 d6ng (mc$nh gia la 10.000 d6ng). Day la m()t trong bO'n cong ty

niem ye't dffu tien tren thi tru'ong chU'ng khoan Vic$t N am va du'

2.2.5 Khai quat tinh hinh ho~t dqng kinh doanh

1997

1998

1999 2000

2001

2002 2003

2004 2005

l?.?..~~~ ... !~~ .... (!Y .... Y.'.@..J... .................. ~.!:'!IQ.?. ...... ~?l .... Q~ ... J...?..~.?.~~-- .~1.?.?_?:.~ ·······~-~~ ... ~?. .......... :'!~?. ..... ! }.§.?..&?. .... ?..712_4. ?..?..?. ... 9..§. ~--!~!l:K ................. ·-················--···········--··········· ................. -.............. _:?.12..! .. ~ ..... :.?..?.. .... ?..~ --~-~-.. 4~ .. ~7.19..§. .. ~ .. ?.. .. ! . ...?..?...~ --~-?.7..9. ... ~ ..... :~.&! ... ~ ... ?..&.!.~ !~~ ... !l:.~.~P .. EQ~g ___ (!Y ... Y.'.@..2. .... ?. .. ~_..?.} .......... -~!.&~ ................ 7. .... ?..2 .... }_Q,O 1. ............. 4...4..?..?..?.. .............. ?.:!.?..?.. .. .?...?. ... 9.~ ........... ?..~~2 ...... 2?..?..~~ ~--~-~.!J:.g .......................................................................................................... -.......... ::?.?.?...!.~ ...... :.~?.. .... ~.~ ..... ?.t!J...f!;.. .. 4.?....7. .. ~.~ .... :.~~ .... ?..~ ... .! ... ~!.§. .. ~ ................. ~~ .. f. ... ~9. .... ~~ ~Q.~ ..................................................................................... ?~ .... ~ ......... ?..?.Q~-~ ........ ?.. .... ~.~-~ J..~!?..~ ....... ...!.±&~ ............... ~2.~ ....... §.!.?.~ ...... J.L?..~ ....! .. Q .... ~f!;.. 47,0% 11,52% 4,48% 17,2% 20,40% 12,98% 3,97% 19,10% 16,8% ROE Bang tren la s6Iic$u cua REE tu nam 1997, tuy nhien chung toi chi phan

nhil'ng cong ty dffu dan cua thi tru'ong chung khoan Vic$t Nam.

tich tlnh hlnh san xua't kinh doanh cua cac cong ty trong lu~n van nay n6i chung va REE n6i rieng tu nam 2000 de'n nam 2005 bdi vl day la thoi di~m cac cong ty

nay tham gia niem ye't c6 phie'u tren thi tru'ong chung khoan.

Theo sO' lic$u tren ta tha'y rAng, nhln chung thu nh~p rong ciia REE c6 slf

tang tru'dng hang nam, nam sau cao hdn nam tru'oc ngo~i tru ke't qua nam 2002.

Sd di nam 2002 cong ty c6 thu nh~p rong bie'n d()ng giam 23,66% trong khi doanh

thu tang 31,8% so voi nam 2001 vl trong nam 2002 gia v6n hang ban cua cong ty

'·

tang 42%, cao hdn ca muc tang doanh thu. Nguyen nhan cua vic$c tang gia v6n nay, theo thong tin tu doanh nghic$p, Thi tru'ong ME nam 2002 ra't cc,mh tranh, la 1 nam chu ky di xuO'ng cua thi tru'ong ME, khong c6 nhi€u cong trlnh dffu tu' nu'oc

ngoai, thay vao d6 la nhi€u cong trlnh nho, dffu tu' trong nu'oc, nhi€u cong ty ME

nho tham gia lam cho gia thffu trung tha'p, khong t~o du'<;fc l<;1i nhu~n, d6ng thoi

xac dinh du thi tru'ong kh6 khan va c~nh tranh, REE vua phai tham gia giil' thi

23

phffn, gitl' khach hang, cho thoi cd xong toi. M()t s6 cong trlnh trung thffu voi ty

sua't lqi nhu~n bien te" thffp. Ngoai cac ye"u t6 tren, v€ cong tac qulm ly trong nam

2002 cong ty REE ph

tnfc thu()c va dang dffn 6n dinh v€

t6 chuc va nhan slj, cong tac qu{m ly cong

trlnh, qulm ly gia thanh (gia thanh cao), h~ch toan ke" toan khong duqc nhu' mong

mu6n. Ben c~nh d6 cong ty phai phffn dffu va t~p trung nhi€u cho E-town hoan ta"t

va di vao ho~t d()ng cling la nguyen nhan d~n de"n vi~c quan ly ME khong du'qc

sau sat va d~t nhu' y.

Sang nam 2003, REE da khcic phvc du'qc cac nhu'qc di~m cua nam 2002

va c6 slj tang tru'CJng v€ doanh thu va l

thffp hdn nam 2003, tuy nhien l

th~ la tang khoang 17 ty d6ng tu'dng du'dng 44,18%. Nguyen nhan cua va'n d€ nay

la trong nam 2004 cong ty da h

cv th~ la du doanh thu thuffn chi giam khoang 10 ty d6ng nhu'ng gia v6n giam hdn

nam tru'oc 20 ty d6ng, d6ng thoi chi phi ho~t d()ng giam them 12 ty d6ng. Ke"t qua

ho~t d()ng kinh doanh t6t trong nam 2004 ciing Ia nguyen nhan du'a ty 1~ ROE cua

cong ty tang cao so voi cac nam khac, d~t 19,10%. E>ay la m()t dffu hi~u t6t trong

cong tac quan ly chi phi cua cong ty' va se thu hut nhi€u nha dffu tu' chu y toi

cong ty.

2.3

CONG TY CP GIAO NH!N NGO~I THlJONG SAl GON (TMS)

2.3.1 Gi8i thi~u v~ Cong ty

Cong ty c6 phffn Giao nh~n ngo~i thu'dng Sai Gon (sau day gQi tcit la TMS) Ia doanh nghi~p du'qc c6 phffn h6a tu Nha nu'oc tu nam 1999 theo quye"t dinh s6 989/QE>-TTg ngay 26 thang 10 nam 1999 cua Thu tu'ong Chinh phu.

Phien giao dich dffu tien t~i san giao dich chung khoan la ngay 11108/2000.

24

Linh v{lc ho{lt df)ng :

:E>~i ly giao nh~n v~n chuy6n hang h6a xua't nh~p kh~u du'ong bi6n, du'ong

hang khong va du'ong bQ.

Kinh doanh kho bai, kho ngo~i quan, kho thu gom dong hang u~ CFS

(Container Freight Station), di6m thong quan n9i dla lCD (Inland Clearance

Chiln lll(lc kinh doanh

Depot).

E>fiu tu' phat tri6n, dap U'ng ngay cang cao nhii'ng nhu cfiu cua thi tru'ong

Va CUa khach hang, nang cao chfft lu'

2.3.2 Thf trtiO'ng

cua khach hang, gia ca c~nh tranh.

Khach hang chu ye"u cua Cong ty la cac nha dfiu tu' nu'oc ngoai, cac chu

dlf an cac cong trinh IOn va cac nha kinh doanh xua't nh~p kh~u hang h6a. Cong

ty dang thlfc hi~n dich VlJ. giao nh~n v~n chuy6n hang h6a xua't nh~p kh~u cho cac

nha may thuQc cac khu cong nghi~p Bien Hoa II va Khu che" xufft Tan Thu~n

2.3.3 Danh gia SWOT

NHU(1C DIEM

THE M~NH

1~

nhu': nha may Fujitsu, Mabuchi Motor.

Uy tin: Kinh nghi~m 20 nam.

tha'p: Vo'n

Vo'n cua Transimex-Saigon khong nhi€u, h~n

Kha nang cung ca'p kho bai t6t: che" nang llfc kinh doanh. Cong ty c6 12,330m2 kho chua hang va hon 90,000m2 bai da du'

di€u

.. .......................... --··-

................................................... _ ..... ..

lCD Transimex: La cang C<;tn c6 vi tri thu~n l

di€u ki~n v€ vo'n khong cho phep.

25

COH(H

THACHTHUC

Tang doanh thu: Vi~t Nam hQi nh~p C~nh tranh gay gilt trong mioc: do vao cac t6 chuc kinh te' quo'c te' nhli gia tang so' luqng cac doanh nghi~p AFTA (thang 3/2002) va trong tlidng hoc,tt dQng trong linh lai gffn Ia WTO la nhfi'ng nhan to' lam vt;(c nay. tang Iu6ng hang hoa xufft nh~p khfiu ra vao Vi~t Nam.

te' AFT A, WTO ...

Sue ep c~nh tranh tu cac hang tau nlioc ngoai: Day la ke't qua ctia Vi~t Vi~c di doi cang bi€n CJ Thanh ph6 H6 Nam gia nh~p cac t6 chuc kinh te' quo'c Chi Minh c6 l<;1i cho TMS vl TMS khong n~m trong khu vt;t'c di doi cang. Khi cang bi€n bj di doi, khach hang Gia nguyen li~u ddu vao khong 6n mu6n t~p ke't hang nhanh chong se dfnh: Gia xang dffu tren the' gioi thuong xuyen bie'n dQng phuc tc,tp, tac chQn v~n chuy€n nQi thtiy va dung lCD Transimex do xe tai va container hi dQng de'n gia thanh djch vt;t. cffm v~n chuy€n b~ng duong bQ trong iO cao di€m.

2.3.4 Khai quat s61i~u gia c6 phie'u ctia TMS

BIEU DO GIA CHUNG KHOAN cuA TMS

Gia tri tnrirng (ngan dilng)

160,00

140,00

120,00

100,00

80,00

60,00

40,00

20,00

Thiri di@m

Chung khoan ky hi~u TMS du<;1c niem ye't tren thi truong chung khoan

Vi~t Nam vao cling thoi di€m voi REE voi gia khop l~nh vao ngay dffu tien la

14.000 d6ng.

26

2.3.5 Tinh hinh ho:;tt d{)ng kinh doanh

c_ __ ... ,, __ ...... -

................................................................... -!.~.~~ .-.. --~·~·~2 --~09.9 -·-.. -· 20f!! ............ ~-9..9.~ ........ -.... ~99.~ ................ ~9.9.~ .............. ~9..9.?. J.?.g.~~!!.!h.l!..(!Y. .... Y.~2....... ·---~..! .. :1.~.~ ..... ?.} · ?§..'! ...... .?..! .. :.~~§. ........ ~.~.:.~.~~ ........ ?1.: .. ?..?~ ....... !..!_~:.~.!:'! .J.~?.J>.Q~ .. J.?.&:.?~J ~ .... !.~.!1:8. ........................................................................................ __ ................ :.~~ .. _ ........... ~?~ ·----·--::.~.~ _ ............. }.:'!.~ ................. ?. .. ~~ ...................... ?..~ ............ - ... .9.~ Thu nMp rong (ty Y._@.) ..... _ .......................................................................... ?.:.~.~~ ........ .:'!.:~4~ , ___ ,_,_8. ~.?..? ................ ?.:..~.?.-~ ........... !.9.: .. ?..?..! ....... !..!.: .. ~.4.

muc 25% de'n 29%, khong c6 slf bie'n d9ng Ion. Thu nh~p rong tang hang nam.

Trong nam 2003 ta tha'y doanh thu tang m(}.nh so voi nam 2002, Cl;l th€ la

tang 52%, tuy nhien l<;1i nhu~n chi tang c6 8%. Ly do doanh thu tang m~nh trong

nam 2003 la do trong nam nay doanh s6 xua't nh~p khi{u cua ca nu'oc tang m~nh

m~nh va d~u, CQng voi Slf cfS g~ng quye't tam cua can bQ cong ty trong chie'n lu'

t~o ra m9t doanh thu tang cao. Doanh thu tang cao da lam l

trong nam 2003 va nhfi'ng thang d~u nam 2004, m~c du c6 slf c(}.nh tranh m~nh me tu nhi~u d6i thu, nhu'ng nho c6 htu lu'

nh~p doanh nghi~p.

tang 41%, l

Trong nam 2005, doanh thu khong tang so voi nam 2004 nhu'ng thu nh~p

rong tang 20%. Ly do la cong ty da tlm m<;>i bi~n phap, t6 chU'c thlfc hi~n cac dich

V\l da d~ng, nang cao cha't lu'

vfi'ng ch~c, mCJ r9ng m~ng lu'oi dich vv tr<;>n g6i de'n nhfi'ng doanh nghi~p ti~m

nang t~i cac tinh phfa B~c va Mi~n Trung. Nam 2005, thlfc hi~n chu tru'dng kinh

doanh linh ho~t, mCJ fQng them dich V\l Va d6i moi Cd che' quan ly theo hu'ong

chuyen mon h6a de'n tang cu'ong dao t~o va dao t~o l~i CB-CNV, nang cao trlnh

27

d() tay nghe, cong ty da khclng dinh du'qc uy tin cua mlnh va trd thanh do'i tac

chi~n lu'qc cua cac nha giao nh~n trong nu'oc va quo'c t~.

Nam 2004 cong ty phat hanh them 1.100.000 (tang 50% so voi nam 2003)

c6 phi~u va nam 2005 phat hanh them 990.000 (tang 30% so voi nam 2004).

"

A

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2.4

, CONG TY CO PHAN KHACH S~N SAl GON (SGH)

2.4.1 Gi8i thi~u v~ Cong ty

Cong ty C6 Phftn Khach S~n Sai Gon (Sau day gQi ti{t la SGH) tien than

Ia m()t Doanh nghi~p Nha Nu'oc thlfc hi~n c6 phftn hoa theo Quy~t dinh so'

213/QB-UB-KT do Uy Ban Nhan Dan Thanh pho' H6 Chi Minh ban hanh ngay

151111997. Phien giao dich dciu tien t~i san giao dich chd'ng khoan vao ngay

11/08/2000.

Cac tinh v(tc hot;zt df)ng chinh go'm: Kinh doanh phong nghi, van phong

cho thue; Kinh doanh an uo'ng va vii tru'ong; Thu d6i ngo~i t~ cho khach (theo

gia'y phep cua cd quan chd'c nang); Dich Vl;l du Iich, Iii' hanh trong nu'oc; Dich Vl;l

vui chdi gilti tri, ban hang htu ni~m, phong hQp.

Chien ltt(Jc kinh doanh

Cd ca'u I~i Io~i hlnh ho~t d()ng, giam dcin ty tr<;>ng cac ho~t d()ng kinh

doanh kern hi~u qua, mo r()ng cac ho~t d()ng kinh doanh moi.

Cling co' d~y m~nh ho~t d()ng Iii' hanh trong nu'oc, d~c bi~t nhi{m d~n cac

t6 chd'c, cac do'i tu'qng la clfu chi~n binh My, cac tour hanh hu'dng. Ky k~t cac hqp

d6ng lien k~t hqp tac voi cac cong ty du Iich trong nu'oc va ngoai nu'oc va ti~n toi

xin gia'y phep t6 chd'c tour du Iich nu'oc ngoai;

Chu tr<;>ng d~n cong tac hua'n Iuy~n nghi~p Vl;l cho Can bQ cong nhan

vien, nang cao tay ngh~ chuyen mon cho tung nhan vien, nha't la nhan vien b()

ph~n ti~p tan va nha hang. Cac nhan vien ccin nang cao hi~u bi~t v~ khach hang

d~ c6 du'qc nhii'ng quan tam san s6c to't hdn voi tung Io~i do'i tu'qng.

28

2.4.2 Thi trliitng

Khach s~n Saigon Ut m(>t trong nhung khach s~n 3 sao t~i TP. H6 Chi

Minh, voi vi tri C1 trung tam thu'dng m~i du lich cua th~mh ph6, la dia di€m t~p

trung cac cii'a hang, di€m vui chdi, huon ban. Ho~t d(>ng cho thue phong chie"m

62% doanh thu cua cong ty. Ho~t d(>ng dich V\1 nha hang chie"m 25% doanh thu.

Ho~t d(>ng du lich lu hanh hi~n chi chie"m 1% doanh thu.

2.4.3 Danh gia SWOT

d

'

NHu'(1CDIEM Marketing: Ho~t d(>ng marketing, tlm kie"m, phat tri€n thi tru'ong, quang cao con yeu.

THEM~NH Vi tri dja ly, dja diim kinh doanh: N~m t~i vi tri trung tam thanh ph6, ndi t~p trung cac nha hang, cii'a hi~u. cac dja di€m vui chdi giiH tri, thu~n ti~n thu hut du khach.

Ban Hinh d~o: Nang hfc Hinh d~o. di€u hanh chua cao.

Uy tin: Kinh nghi~m 30 nam trong linh vt;(c khach s~n

Qui mo, cd sd v{U cha't: Cd sC1 v~t cha't, ti~n nghi cua SGH khong cao, Cung ca'p da d~ng cac djch Vl}: Tu g~p kh6 khan khi c~nh tranh thu hut khach s~n. nha hang, h(>i nghj, t6 chU'c khach voi cac khach s~n IOn, cha't __ t_

COH(H

THACHTHUC

Tang trlidng du ljch: N8n kinh te" Vi~t C~nh tranh gay gAt trong nli8c: tu Nam tie"p tvc tang tru'dng, cac n8n kinh cac khach s~n cung lo~i va cac khach te" IOn nhu' Trung Quo'c, My, Nh~t Ban, s~n tu' nhan d~c bi~t la v€ giam gia EU tang tru'dng va phvc hdi. Do d6, so' thue phong. lu'ng gffn day nhu' dich b~nh SARS, chie"n tranh da lam anh hu'C1ng nghiem trc;mg de"n ho~t d(>ng du ljch.

29

2.4.4 Khai quat s6Ii~u gia c6 phie'u ciia SGH

BIEU DO GI.A CHUNG KHOAN CUA SGH

Gia thi trii'O'ng (Ngim dBng)

60,00

50,00

40,00

30,00

20,00

10,00

M

M

M

M

~ ~ ~ ~ Vl Vl Vl

Vl

N

N

\0 TMi

N ~ ~ ~ ~ ~

~ t-

0

~ t-

t- ~

N ~ t- ~

:% ~ ~ ~ ~ \0 \0

\0

\0

\0

\0

\0

\0

\0

\0

\0

\0

\0

0 \0

\0

\0

-~ 0 -\0

---

\0 -

-~ \0 -

0 - ;s ~ ~ ~ :% ~ ~ ~ ~ di@m ~ ~ ~ - ~ ~ ~ - ~ - - - - - -

0 - ~ t- - ~ ~ ~ - - - - - -

Cong ty c6 phffn khach s~n Sai Gon, rna chll'ng khoan SGH, niem ye't c6

phie'u tren thi tntong chung khoan vao ngay 16/07/2001 voi gia khop l~nh phien

Ia cong ty thu 6 du'

dffu tien la 25.200 ddng. Luc nay cdn so't chung khoan nam 2001 da di qua. SHG

2.4.5 Tinh hinh ho~t dqng kinh doanh

11,57%

10,68%

8,27%

7,29%

.......................... .............................................................................. . ......................................................... ~9..9..! ..................... -... ~.9..9.~ ................................ ~9..9.~ .................................... ~9..9.~ .................. -......... ~9..9.?. .. .............. ----.............. ...! ... ! .. :.9.?. .. !. ..... __ .. ____ ... ! ... ~&~2. ............................ ..!..! .. :.4..~..? ..................... _..!..~.: .. ~.?..?. -----...... _ . ...!.~:..~-~? 1?.2.'.l:~~ .. !h~ ..... <.!Y. .... Y.~1.......................... ~-!~.~g .................................................................................................................... _ ........................................... ·--·--·-.... !.?..!?]_~ ..................... : .. !.9~4..?..~ ...................... -~..9!..2.~.~f--.. --!.?..?. .. ?..?..~ !h!:! ... ~~~P .. E.~-~g.l.!Y ... Y.~J.. ........... _ .......................... _ ............ ! .. :.?.?...?. .... __ .................... ?.:..? 1.~ ..................................... t?..?...! ........................... _..?.:..4.:!:.~ ............ _ ............. ?..:..?..?.§. ~-!~.~.s. ........................................................................... _ ................................................ _. __ ........ ___ ........ _.-...... 2L.~6-~ ........... ___ :.~~?..~?..~ ___ .............. ~L2?. .. ~.--.. --..... ±.§?..~ ~QA .................................................................. _ ........... _ ..................................................... _ . ..§282 ~ ---·----..... !.Q?.l~ ............................ ?~.~.~ --................... _9 ,9~.~ .. _______ ..!.9?.?. .. 4.~ ROE 11,05%

la cong ty thu 3 cua Thanh phd HCM du'<;lc niem ye't.

Ta tha'y doanh thu cua cong ty tang hang nam vi khach du lich de'n Vi~t

Nam ngay cang cao va lam cho lqi nhu~n rong cling tang, ngo~i tru nam 2003 thi

doanh thu va lqi nhu~n giam. Vi~c svt giam doanh thu va l

svt giam ve ROA va ROE so voi nam 2002. Nguyen nhan cua vi~c giam doanh

thu trong nam 2003 la do trong nam nay ca the' giOi bi anh hu'dng n~ng ne bdi

30

dich cum ga va dich SARS, lam cho khach du lich de"n Vi~t Nam trong nam giam

8%. Nhu' v~y thl doanh s6 nam 2003 giam la m()t ye"u t6 khach quan. Va do khach

hang giam nen sl! c~nh tranh trong n()i b() nganh trC5 nen gay g~t hdn va do d6

cong ty phai h~ gia va tang them nhi€u chi phi nh~m thu hut khach, di€u nay Ia

nguyen nhan chinh lam cho thu nh~p rang giam 26% so voi nam tntoc.

Sang nam 2004, tlnh hlnh kinh doanh da blnh thu'ong trd l~i, doanh thu

tang d€u cho toi nay. Trong nam 2005, cong ty he"t du'<;1c hu'dng u'u da v€

thue" thu

nh~p doanh nghi~p, nen thue" thu nh~p phai dong cao hdn nam 2004la 382 ty. Do

d6 doanh thu tang khoan 20%, va thu nh~p tru'oc thue" tang 16% nhu'ng thu nh~p

sau thue" chi tang 4,36%, day khong phai la di€u ba't thu'ong trong ho~t d()ng kinh

doanh cua cong ty.

2.5

CONG TY co PHAN NUOC GIAI KHAT SAl GON (TRI)

2.5.1 Gioi thi~u v~ Cong ty

Llnh v(lc kinh doanh chii ye'u :

Che" bie"n thl!c phffm, sii'a d~u nanh, nu'oc ep trai cay va nu'oc giai khat cac

lo~i; Mua ban hang tu' li~u san xua't ( vo chai, hu'dng li~u .... ) va cac lo~i nu'oc giai

khat; San xua't, kinh doanh, che" bie"n lu'dng thl!c; E>~i ly mua ban hang h6a; San

xua't ru'

hang an u6ng.

Chien lzt(lc kinh doanh

E>ffu tu' cong ngh~ theo chi€u sau nh~m da d~ng san phffm, luon t~o ra

nhi€u san ph~m moi thich ung voi nhu cffu thi tru'ong (nu'oc khoang thien nhien,

ru'QU nh¥ c6 gas, trai cay ep .. ). Xay dl!ng va phat tri~n thu'dng hi~u cho tung lo~i

?

h~

san p am.

31

2.5.2 Thi truong

Trong su6t qua trinh k€'

tu ngay thanh l~p (1987) de'n nay, uy tin ciia

Cong ty Tribeco khong ngung Ion m~nh. E>O'i voi thi tntong trong mtoc cac san

phffm ciia Cong ty mang thttong hi~u Tribeco da dtt<;1c ngttoi tieu dung mQi mi€n

da't nttoc tin nhi~m, blnh chQn hang Vi~t N am cha't ltt<;1ng cao 05 nam 1i€n.

Tribeco dinh httong ding thi trttong n()i dia la thi trttong chinh, c6 d~y dii l<;1i the'

d€' chie'm linh thi trttong cac tinh d6ng b~ng N am B() va Thanh phd H6 Chi Minh.

2.5.3 Danh gia SWOT

NmJQC DIEM

THE M~NH

phffm trong ca nttoc.

Thudng hi~u- Trong suO't qua trlnh k€' Vo'n - Do vO'n kinh doanh khong cao tu ngay thanh l~p de'n nay, uy tin ciia cho nen cong ty khong th€' xay dlfng cong ty TRIBECO khong ngung IOn m~ng lttoi tie'p thi va phan phO'i san m~nh.

H~ tho'ng phdn pho'i san phAm: da May moe ky thu~t: Ph~n IOn may d~ng r()ng kh~p cac tinh phia Nam.

m6c da trd nen l~c h~u.

Thi truong san phAm: Tribeco ho~t d()ng chii ye'u C1 thi trttong mi€n N am.

Chie'n luqc: da d~ng hoa san phffm, va t~o ra chie'n dich 'Thuc uO'ng xanh' r()ng kh~p.

THACHTHUC

CO HOI

Ti~m nang cua thi truong- Vi~t Nam Ia m()t nttoc dang phat tri€'n voi dan sO' khoang 80 tri~u, day la m()t thi trttong tieu thl,l d~y ti€m nang Va tri€'n VQng.

C\lnh tranh: Slf g1a nh~p AFT A, WTO lam cho thue' nh~p khffu ghlm xu6ng., TRI phai c~nh tranh gay g~t hon voi cac d6 uO'ng nh~p khffu. Ben c~nh d6, thi trttong giai khat ciia Vi~t N am dang c6 sue ha'p ddn Ion dO'i voi cac t~p doan giai khat IOn tren the' gioi, vl v~y muc 49 c~nh tranh tren thi trl1oJ.'!g_ kha khO'c li~t

32

2.5.4 Khtli quat s6Ii~u gia ell phi~u ciia TRI

BIEU DO GIA CHUNG KHOAN CUA TRI

Gia thi tmimg (ngim dang)

40,00 35,00 30,00 25,00 20,00 15,00 10,00 5,00

V"l

V"l

00

C"l ~ C"l

Thiri di~m

C"l

('f) ~ ""'" ~ 00 C"l

('f) ('f) ""'" ~ ~ ~ 00 C"l ....... ""'" ~ ~ 00 00 C"l C"l C"l

V"l ""'" ~ ~ ~ ~ ~ 00 ""'" ~ ~ ~ 00 00 C"l C"l

""'" C"l ....... 00 C"l

00 C"l

C"l ....... 00 C"l

....... -00

-00

-

-

Cong ty C6 phffn Nuoc giiH khat Sai Gon niem ye't c6 phie'u cua mlnh

tren thi truong chung khoan vao nga y 28112/2001 voi ten gQi la TRI. Thoi di€m

nay la thoi di€m di xuo'ng cua VNI-index, va TRI cling hi keo theo xu huong nay

cua thi trliong cho toi cuo'i nam 2003.

2.5.5 Tinh hinh ho~t d()ng kinh doanh

1999

2000

2001

2002

2003

2004

2005

l.?.S>..'.l:P.:~ .... ~!J:l!. .... (~Y. ... Y@.) .................................. 7~.:.§.~_9. ........ ! .. ~.?..:.4.A.9 ............. ! .. 79:7.~..9 ·--A~.~:-~~-? ...... ~.~4..: .. ~.7.! _ ....... ~7.9.:.7.~9 .......... ?. .. !..?. .. :.4..!.~ ~ ... !!.~.8. .................................... -................. -................................. --............... -.... - .......... -............. ~.~~ ............... ,_, __ , .. ~.'.!.~ ........ -.............. -~.~ _ .. , ............... -~.! .. ~ ........................... ~9..~ ·----.... ...!.?...~ !h~ ... ~.!J:~P .. F.~~g .. J.~Y. .... Y~.J ........................... ..!..4.9 ....... -........ §..~2_9 .................. !..9:~.~9. .................. ~L~?.~ .......... ...! .. ~:9 .. ~.~ ...... .. ......... ~:_?..~2 _ ..................... ?. .. :.7.9..~ ~ .... ! .. ~-~Lt ..................................................................................................... -................................ 4.~Q..Z~ ........................ _ .. §.?.~ .................... :.~ .. !-~ ................ J .. ~Q-~ ......... _____ ..:?..?..~ ......................... ~-~?..~ gQ!.\ ....................... -.................................................................... -·--....... 9: .. ~9.~ ............... ~!~§..~ ............... !.?..?..~.~-~ .-.......... ~?-~.9~ ......... !.?.?..~.~ .......... ,_ .. &?..?~.~ .................... 4..0~~ 9,21% ROE

23,77% 15,92% 32,53%

0.43% 17.42%

14,36%

Ta tha'y ding tlnh hlnh ho~t d()ng san xua't kinh doanh cua TRI nam tu

nam 2001 toi nay la doanh thu cua cong ty tang hang nam, tuy nhien lqi nhu~n

sau thue' cua cong ty nam giam hang nam. Doanh thu tang hang nam la do thi

trliong nlioc giai khat d6 uo'ng tie'p tvc tang trlidng, ben c~nh cac san ph~m truy~n

tho'ng nhu xa xi, d6 uo'ng c6 gas, TRI con phat tri€n cac san ph~m moi nhu nuoc

33

ep hoa qua, sua dffu n~mh. Tuy nhil~n. thi tntong d6 uo'ng va mtoc giiii khat c~nh

tranh m~nh me, voi cac nha san xua't IOn nhu Coca-Cola, Pepsi , va cac cong ty

che' bie'n sua va d6 uo'ng hang dffu nhu Vinamilk, DutchLady la m()t kh6 khan va

thach thuc trong qua trinh c~nh tranh ciia Tribeco . Do d6 san phffm ciia Tribeco

bi c~nh tranh m~nh me tren thi truong, chi phi ban hang va quan ly doanh nghi~p

tang cao, lqi nhu~n tu ho~t d()ng san xua't kinh doanh khong cao mi,ic du doanh

thu tang.

Nam 2003, TRI c6 muc lqi nhu~n sau thue'la 19,088 ty, tang 120% so voi

nam 2002, Ia do trong d6 c6 9,9 ty la thu nh~p tu ho~t d()ng tai chinh do TRI ban

phffn g6p trong lien doanh.

f)~ cai thi~n tlnh hlnh lqi nhu~n sau thue' va md r()ng thi truong, cuo'i nam

2005 cong ty da thong qua dlf an dffu tu dffu t112 nha may Tribeco Blnh Dudng va

Tribeco Mi~n B~c va md r()ng sang linh vrf.c dffu tu ba't d()ng san b~ng vi~c dffu tu

vao khu can h() cao ca'p Tribeco.

Va m()t slf ki~n n6i b~t trong nam 2005 la vao thoi di~m qui 4 nam 2005,

Cong ty TNHH Xay drf.ng & Che' bie'n thrf.c phffm Kinh Do da thrf.c hi~n thau t6m

chung khoan REE b~ng each n~m giu 1.607.613 c6 phie'u ciia TRI, chie'm 35,4%

kho'i luqng c6 phie'u TRI dang htu hanh.

"

,

"

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2.6

CONG TY CO PHAN CO KHI XA Y Dl}NG BINH TR~U (BTC)

2.6.1 Gioi thi~u v~ Cong ty

Cong Ty Cd Phffn Cd Khi Va Xay Drf.ng Blnh Tri~u (Sau day g<;>i t~t la

BTC) duqc thanh l~p theo gia'y phep so' 206/1998/QD/BNN- TCCB do B() Nong

Nghi~p va Phat Tri~n Nong Thon ca'p ngay 1011211998 va quye't dinh so'

5089/QD/BNN- TCCB ciia B() Trudng B() Nong Nghi~p va Phat Tri~n Nong

Thon ban hanh ngay 08/12/1999 v~ vi~c chuy~n Cong Ty Cd Khi L~p Rap Thie't

Bi Blnh T!i~u thanh Cong Ty C6 Phffn Cd Khi Va Xay Drf.ng Blnh Tri~u.

34

Nganh nghi kinh doanh chinh: Xay dlfng cong trlnh thuy l<;li, thuy di~n,

cong nghi~p va dan d1,mg; Xay dlfng cffu du'ong;

Chie'n lll(lc kinh doanh

Hu'ong dffu tu' dai h~n de'n nam 2010: Cong ty se trang hi them cac thie't

bi moi d€ nang cao cha"t lu'

Trong d6 dlf kie'n trang bi m9t nha may che' t~o ke't ca"u thep hi~n d~i va d6ng b9

d~t t~i thi xa Vinh An, £>6ng Nai.

V€

thi tru'ong: Chie'n lu'<;lc siip toi cua Cong ty la t~p trung vao nhung

mang thi tru'ong, cac cong trlnh c6 dffu vo'n dffu tu' nu'oc ngoai, cac cong trlnh c6

vo'n dffu tu' trong nu'oc.

V€ san phffm: Xac dinh san phffm hang h6a t5n dinh, chfft lu'<;lng cao, ty

tn;mg xua"t khffu 30%. N

2.6.2 Thj trli

Cac san phffm cd khi trong nganh thuy l<;li va nong nghi~p cua Cong ty da

chie'm linh du'<;lc hffu he't thi tru'ong cac doanh nghi~p trong BQ Nong Nghi~p va

Phat Tri€n Nong Thon nhu' nha may thuy di~n, nha may du'ong, xi mang, phan

b6n, cac cong trlnh thuy l<;li... do cha"t lu'

thoi do cong ty du'<;lc thua hu'dng m9t lu'<;lng khach hang truy€n tho'ng tru'oc khi ct5

phffn hoa.

Thi trti

My, NamA, cac nu'oc Trung Dong. Hi~n nay, Cong ty dang thlfc hi~n mvc tieu

gia tang kha nang xua"t khffu vao cac thi tru'ong trong khu vlfc ASEAN, Chau Phi.

35

2.6.3 Danh gia SWOT

NHU(1C DIEM

THEM~NH

Uy tin: Cong ty Cd khi Blnh Tri~u Ut m(;)t cong ty c6 uy tin tren thi tntong.

May moe c6ng ngh~: May m6c thie't bi l~c h~u, trlnh dQ cong ngh~ kern.

Kha nang quan Iy: Kha nang qmln ly ttti chinh va kinh doanh ye'u.

COH(H

Kha nang c~nh tranh: ye'u THACHTHUC

Thf trliO'ng chong: Ho~t d(;)ng d~u tu' trong linh vrfc cd sd h~ t~ng, d~u tu' may m6c thie't bi ctia cac doanh nghi~p nga y m(;)t tang tru'dng, do d6 nhu c~u thi tru'ong ngay cang tang.

Ap hfc c~nh tranh: Cac san ph~m cd khi tu cac mtoc khac se c~nh tranh gay ga:t voi nganh cd khi Vi~t Nam do cha't lu'qng cao hdn, gia ca c6 sue c~nh tranh khi hang rao thue' quan giam m~nh vao nam 2006 theo AFTA

Rui ro thanh toan: Thoi gian cac khoan phai thu dai, anh hu'dng m~nh de'n kha nang thanh toan ctia cong ty.

2.6.4 Khai quat s6li~u gia c6 phi~u cua BTC

BIEU DO GIA CHi:JNG KHO.AN CUA BTC

Gia thj truO'ng (ngan dAng)

30,00

25,00

20,00

15,00

10,00

5,00

-.:!" Q ~ ~

N !;2 0

0

0

.,... .,... ~ Q

.,... Q r-

-.:!"

-.:!"

\0 ThO'i ~ di~m

r- Q

N Q -.:!" Q

N §; Q

...., Q -.:!" Q

s

...., ...., !;2 ~ Q r- §; s ~ §;

N

N Q r- ~ N

N

...., ~ §; N

N

N

N

N

N

N

N

N

N

N

N

:::::: ~ ~ Q - §;

- -N

-

.,... Q - - -- 0

- c::;

36

Cong ty c6 phftn co khi XD Blnh Tri~u la cong ty thu 5 cua Thanh pho'

la BTC du'

HCM tham gia thi tntong chung khm1n Vi~t Nam voi rna c6 phi€u

nh~m y€t vao ngay 21/10/2002. Gh1 c6 phi€u cua BTC c6 xu hu'ong di xu6ng tu

hie niem y€t toi nay. Ghi cao nha't d~t du'

tha'p nha't la 8.100 vao ngay 06/02/2006.

2.6.5 Tinh hlnh ho~t d()ng kinh doanh

··········-·····································-··········-···-···········-··

-17,2%

-4,4%

7,9%

1,4%

-··················-.!.~~ ·········--·-·--~9..9..9. ··-···-··---~-00!·--··-·········-~Q_Q~ ············--·-····~.9..9.~ ··---·-·····-····~Q_Q~ ----··-·~99.?. Qg.~!!~ ... !.h~ .. J.!.Y. .. Y.~t ..... _ ................... _L~.J.Q~ ·-·-···~.?..:.?..9_~ ·-··········~:1_:_~.?.} .............. ?._? .. J . .?.Q .............. ~.?. .. :.~?..?. .............. ~.7..:.?9~ ·······-·····~.?..:_!?? ~.-!.~.~g········--·················-·-················--·············-············-··· ·························-·········--·· -············--!-?. .. !-~ ·······-···········-·····=·~~···············-········?..!_~ ..................... :~?.~ ··················-·=·~·~·~ ················-···-··1~~ I~~ ... ~.~~P .. E9!!g ... (~_t...Y.~1 .... ···--·········}_.:.92J. .............. _ . ..-!_&~?. -·-·····--! .. :..!.~2 ···-·-··-········-·?..~.?. ··-···D-.:2.?..~) .... __ J?..:2.!.?.J -·--···-·-·······4_?.! ············-·------·············· ···--·····..7.Q.7.g ··--··········-:.~2.~ ..... _ ............ :.?..§~ ............ ::_4...!..?.~ .............. :.~.94..7.g ··················-··-···-··············· ~--t.~.~K-·················-··········-·--············-···-·······----·· 13:Q~·······-·········· ···································-······························· ·········································-·· ........ J .. §~?.:!.7.g ··········-···~.&?..~ ............... }.?..4.?_~ ···-·: .. ! .. ~ ... ~.?. .. ~ ___ :.?..~ .... ~}:_~ ·-··-····-~ ... ~.?..~ 1,9% ROE 4,0% Ta tha'y ding ke"t qua kinh doanh cua BTC c6 xu hu'cJng giam tu nam 2001

va keo dai cho toi nam 2004. Sang nam 2005 thl cong ty moi b~t dftu c6lai. Qua

trlnh kinh doanh di xuo'ng tu nam 2001 b~t ngu6n tu cac nguyen nhan sau:

Nam 2003, Cong ty Co khi Blnh Tri~u chi la thftu ph1;1 du'

cong trlnh nen doanh thu thuftn cua Cong ty da giam di 40%, l

am 1,65 ty d6ng. M{)t lu'

toan ch~m. Ngoai ra Cong ty con chiu anh hu'dng chung cua nhii'ng bi€n d{)ng ba't

thu'ong v€ gia nhu' nhii'ng cong ty khac cung nganh. Gia cac lo~i v~t tu', s~t thep,

que han ... tang cao d{)t bie"n. Tuy v~y gia trung thftu l~i khong du'

l~i. Them vao d6 BTC chi c6 m{)t lu'

ty d6ng), do d6 lu'

2003 da tang len d€n 1 ,2 ty d6ng.

Nam 2004, thlfc t€ cac chi phi san xua't t6n dQng tu cac nam tru'oc

tl;lC vao nam 2004 va nam 2005. Khi ban giao tai chinh giii'a hai T6ng

d6n 18 ti€p

la

giam do'c cu va moi, ke"t thuc 06 thang dftu nam 2004 c6 so' 18 IUy k€

37

4.496.937.298 d6ng. Do nhi~m Vl;t ke' hoC;tch va cong an vi~c lam cua nhan vien,

cong ty da nh~n m(>t s6 it cong trlnh khong c6 lai, th~m chi 16 it cling lam. M(>t s6

cong trlnh phat sinh 16 trong khi lam hoc}c sau khi lam xong nhu'ng chua quye't

toan dli't di~m.

Do v6n cong ty khong cao, cong ty phiH di vay d~ b6 sung v6n htu

d(>ng, trong cac nam 2002, 2003, 6 thang d~u nam 2004 m6i thang tra lai Ngan

hang hdn ca tram tri~u d6ng.

Trong cac nam qua, cong ty d~ xay ra m(>t s6 sai s6t trong cac khau

quan ly, di6u hanh; tuy khong IOn nhu'ng d~n de'n lang phi, lam tang chi phi san

xua't. Vi dt;t: Chua lu'ong he't du't s6

cong trlnh tha'p; chu'a quan ly t6t chi phi cho tung cong trlnh d~n toi hi~n tu'

lam thie'u, lam thua; lam sai, lam hong m9t s6 chi tie't gia cong cua m(>t s6 cong

trlnh ...

Sang nam 2005, c6 slf thay d6i ban di6u hanh, cong ty quan ly chc}t che

hdn va vi~c kinh doanh c6 chi6u hu'ong thu~n l

ba:t d~u c6 lai.

38

3

Chtidng 3: xAC DJND GIA TRJ N()I T~I VA GIA TRJ

TIQTRUONG

3.1

XAC DlNH EVA VA MV A CUA CHUNG KHOAN REE

3.1.1 Xac djnh EVA:

Can cu vao each tinh EVA t~i ph~n 1, ta tfnh EVA cua REE nhu' sau:

TimNOPAT

Bang 3.1-1: Tinh NOPAT- DVT: tri~u d6ng

Chi ti~ul Nam (1) EBT Chi phi Hii vay (I) (2) IEBIT = EBT + I (3) (4) lfhue' sua't thue' TNDN (5) lrhue' thu nh~p DN Cac khoan chi phi khac (6) (7)

2005 80.972 7.553 88.524 28% 12.971 151 75.402

2001 50.415 527 50.942 32% 5.484 2 45.456

2002 36.222 748 36.970 32% 2.347 (427) 35.050

2003 48.390 7.789 56.180 32% 10.065 (696) 46.811

2004 64.750 9.756 74.506 28% 8.455 31 66.020

200~ 37.238 152 37.390 32% 6.383 53 30.954

~"OPAT N gu6n sd li~u:

Cdc chl tieu ( 1), (2), (3), (4), (5), va (6) duf/c lfiy ttl bdo cdo tai chfnh tai

chfnh hang niim cua Cong ty Cd phfln Ca Di~n L(;tnh.

Chl tieu (5) duf/c ldy theo chi phi thut thu nhqp doanh nghi~p thlfc tt cua doanh nghi~p thi hi~n tren ktt qud kinh doanh. Thut thu nhqp doanh nghi~p trong cdc nam nay khong dn djnh Vl doanh nghi~p dang trong giai doc;tn mcJi chuyin ddi sang cd phfln nen du(/c ztu diii thut thu nh~p doanh nghi~p.

Chl tieu NOPAT (7) = (3)- (4)- (6).

Tim t6ng v6n kinh doanh

Bang 3.1 - 2: Tinh t6ng vo'n kinh doanh- DVT: tri~u d6ng

2001

2002 200 18.824

2000 -

1999 -

-

-

46.785 55.865

2.005 2004 2003 3.860 25.727 60.40~ (8) 37.601 87.779 79.071 102.151 88.741 87.475 167.737 (9) (10) 7.000 71.199 100.000 64.300 43.90~ (11) 128.888 128.888 219.378 225.000 225.000 225.000 282.155 (12) 694 20.704 32.643 39.565 172.196 (13) (847) (1.066) 36.833 26.044 29.120 37.801 50.832 (14) 212.427 271.466 343.177 463.922 479.363 479.869 777.220

Nam (s6Ii~u cu6i nam) N<;1 ng~n h~n phiii tnllai N<;1 khong tnllai N <;1 dai h~n phiii tra Iai ~6 _Qhh thu'C1ng Vo'n g6p khac L<;fi nhu~n giu l~i T6'ng v6n kinh doanh Ngu6n so' li~u: ttl bdo cdo tai chfnh tai chfnh cua Cong ty Cd phtln Ca Di~n Lc;znh.

39

Trong lu~n van nay, chung toi ghl dinh rang cac khmln n

cac nha cung cffp; n

hic$n tren bao cao tai chinh la cac khoan n

cac khoan vay th~ hic$n tren cac khoan ffilJC vay ngi{n hC;J.n, vay dai hC;J.n de'n hC;J.n tra va vay dai hC;J.n. Tim chi phi sd dung vo'n binh quan (WACC) ang_ • - . ang 1 .

2004

2001

2003

2002

2000

1,232

1,232

1,232

(17) (18) (19) (20)

2005 10,60% 10,60% 10,60% 11,90% 11,90% 12,00% 8,08% 8,08% 8,08% 10,83% 10,83% 10,93% 19,95% 20,29% 23,34% 23,13% 23,28% 20,63% 7,20% 7,20% 7,20% 8,50% 8,50% 8,60% 1,232 1,232 1,232 22,91% 23,33% 27,09% 26,53% 26,71% 23,43%

(21) (22) (23) (24) (25)

(26)

17,00

32,33% 23,04% 22,02% 18,51% 18,23% 21,58% 0,00% 0,06% 4,06% 0,81% 5,36% 7,77% 0,00% 2,04% 15,35% 20,86% 13,40% 5,65% 67,66% 74,86% 58,58% 59,82% 63,01% 65,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 100% 100% 100% 100% 100% 100% 18,34 16,34 17,58 15,50 17,47

Chi phivO'n ~ai sufft n

Chl tieu (15),(16) dur;c ltfy tit bao cao tai chinh hang nam cua cong ty REE. Va trong cac pha'n sau cua lu(in van, Vl cac khoan vay dai hf;m cua cac cong ty khac cung la vay tit ngan hang cho nen liii sutft cua cac khoan vay dai hf;tn nay dur;c ltfy theo liii sutft cua chang khoan REE. Con liii sutft vay ngdn h(m dur;c tinh rieng theo tltng cong ty.

Chl tieu ( 17) dur;c tinh theo Bang PL-11: chl sd lr;i nhu(in bznh quan toim

thi tru?mg.

(CT- 2)

Chl tieu ( 18) la liii sutft trai phie'u dai hf;m cua chfnh phil. Chl tieu ( 19) dur;c tfnh theo Bang PL-12: Chl sdbeta cua REE Chl tieu (20) dur;c tfnh theo mo hznh djnh gia tai san von -CAPM. Ks = Kr + fJ (KM- Kr) Chl tieu (26) la dur;c tfnh theo cong thac : WACC = Wd*Kd*(l-T) + Ws*Ks

40

Tim EVA

. 3 1 4 T' h EVA

ang • - . m

2003

2002

2004

2000

(3

2005 36.970 56.180 74.506 88.524

2001 37.390 50.942

1.920

8.486

9.369

5.486

(27 (7

13.123 6.436 30.954 45.456 35.050 46.811 66.020 75.402 (28 241.947 307.322 403.550 471.643 479.616 628.545 (26 15,50% 17,58% 17,00% 17,47% 18,34% 16,34% (29 82.418 87.938 102.727 37.513 54.030 68.621 (6.559) (8.574) (33.571) (35.607) (21.918) (27.326) (30

B? Chitieu ~BIT Trit: lfhue' va cac khoan khac NOPAT [1'6ng v6n kinh doanh bq IWACC Thu nh~p ky v<;mg EVA = (27)-(28) Ngu6n sff li?u va each tfnh:

Chi tieu (28) la sff trung binh cqng cua tdng vffn kinh doanh (14) ddu nam

""~.

""'

'

va cuoz nam.

Chi tieu (29) = (28)*(26)

Phftn tich sd bo v~ bi~n dOng EVA:

REE la c6 phie'u m~nh tren thi tntong chung khoan Vi~t Nam, duqc

nhi€u nha d~u tu d€ y va giao dich nhi€u

tren thi truong cho nen chi scf beta W)

cao hon muc blnh quan thi tntong, keo theo ty sua't lqi nhu~n mong dqi (Ks) cua chung khoan REE cao hon binh quan thi tn.tong. Nhu'ng th\l'c te' ROE tu ho~t d(>ng

kinh doanh cua REE khong d~t du'qc muc lqi nhu~n mong mucfn nhu' ta da tinh (J

tren. Di€u nay d~n toi gia tq EVA·hang nam cua REE hi am.

Trong co ca'u vcfn cua REE thl ty 1~ vcfn vay nam c.ao nha't la 21%

tren t6ng vcfn ho~t d(>ng, va ty 1~ vcfn chu sd trung blnh khmlng 65%. Di€u nay d~n toi chi phi sa d\lng vcfn cua cong ty tang cao do chi phi sa d\lng vcfn chu sd hii'u cao hon nhi€u so voi chi phi sa d\lng vcfn vay. Day cfing la nguyen nhan lam

cho EVA hi am.

Nam 2002 va 2003 EVA hi ghlm m~nh vl thu nh~p rong cua REE

giam (nhu' phan tich t~i chu'ong 2) d6ng thoi 'cto cong ty huy d(>ng them vcfn chu sCi

hii'u d€ d~u tu' md r(>ng ho~t d(>ng.

41

3.1.2 Xac (Qnh MV A

Ill

ang . - :

200(] 32.800

2003 15.800

2001 32.90Q

2002 19.800

(31 (32

2004 23.80C 12.888.805 21.937 .82_Q 22.500.000 22.500.000 22.500.00C

2005 34.400 28.215.524

(33

422.753

355.50(

B? 315 T' hMVA Chitieu Qhi c6 _]J_hie'u (d6ng) [6c6phle'uphathanh Ghi thi trtiong vo'n CHS

721.754

445.50_Q

535.50C

970.614

(34 (35

Giathitruongcuanq MV

87.779 510.532

86.271 808.026

192.174 637.674

192.601 548.101

177.503 713.003

272.037 1.242.651

Trir: T6ng v6n g6p thtfc te' (14

271.466

343.177

463.922 464.849 173.751

479.363 68.73?

479.869 233.134

777.220 465.431

BAng: MVA (tri~u d6ng) (36 Ngu6n sff li~u va each tfnh:

Chi tieu (31) va (32) dur;c ldy http://www.bsc.com.vn Chi tieu (33) = (31)*(32) Chi tieu ( 14 ), ( 34) lay tit bdo cdo tai chinh cila REE Chi tieu (35) = (33)+(34) Chi tieu (36)= (35)- (14)

Phan tich sd bo v~ bi~n dong MV A:

MVA ghlm tit 2001 de'n 2003 ba:t ngu6n tit nguyen nhan thu nha't la EVA

ghlm hang nam va do thi tntong di xuo'ng tit thai di~m d6 cho toi cuo'i 2003.

Sang d~u 2004 thl thi tntong ba:t d~u ph\lc h6i ben c~nh d6 ke't qua kinh

doanh ctia nam 2004 va 2005 ctia REE tang cao da keo theo MV A tang.

Ben c~nh d6 s\1' tang m~nh ctia MV A trong nam 2005 chti ye'u la do s\1' ky

v<;mg ctia nha d~u ttt vao s\1' phat tri~n ctia REE thong qua cac s\1' ki~n: REE la c6

phie'u m~nh tren thi trttong; ty 1~ thue nha ctia REE d~t 100%; REE dang c6 d\1'

an xay d\l'ng them 2 toa nha cho thue; REE xay dt;l'ng them cong ty con v€ di~n

may ...

3.2

XAC DlNH EVA VA MVA CUA CHUNG KHOAN TMS

3.2.1 Xac (ijnh EVA

Tttong t\1' nhtt ke't qua ctia c6 phie'u REE, ta l~n ltt

sau:

42

0

32 1 T' hNOPAT DVT t "" d~

. r1~u ong

-

ang • - . m

2001 9.398 576 9.974 32% - 9.974

2005 19.710 809 20.519 28% 2.256 18.262

2004 16.428 1.279 17.708 28% 1.936 15.771

2002 10.991 1.542 12.533 32% - 12.533

B?

3 2 2 T' h t~

"' ki h d

.

ang • - . m ong von n

oan - 2000

2003

2002

1999

. B? Chi tieu/ Nam 2003 2000 (1) 15.511 8.257 lEBT (2) thi phi H'ii vay (I) 1.723 174 EBIT = EBT +I (3) 17.234 8.431 32% Thue' sua't thue' TNDN ( 4) 32% (5) 3.666 Thue' thu nh~p DN - NOPAT (7) 13.569 8.431 Ngu6n stf li~u: duf/c lffy tit baa caa tlli chinh tai chinh hang nam. . r1~u ong . h DVT t "" d~ 2004 2001 (9) 35.918 42.722 26.076 36.942 32.099 25.502 9 7.457 5.966 21.883 16.735 5.750 (11) 22.555 22.000 22.000 27.931 31.886 33.095 (12) 6.670 4.693 5.329 5.723 5.844 12.391 (13) 6.771 10.374 11.718

4.109 7.041

-

2.005 INam (s6Ii~u cu6i nam) 26.037 IN

t' h WACC

ang • - . ang m . 3 2 3 B?

2002

2001 0,00% 8,08%

7,20% 8,50% 8,50% 1,061 1,061 1,061

7,20% 1,061

2005 2003 2004 2000 0,00% 0,00% 0,00% 0,00% 0,00% 8,08% 10,83% 10,83% 10,93% 8,08% 19,95% 20,29% 23,34% 23,13% 23,28% 20,63% 7,20% 8,60% 1,061 1,061 20,73% 21,09% 24,325% 24,03% 24,12% 21,37%

0,00% 9,21%

0,00% 0,00% 0,00% 8,98% 22,05% 17,26%

(21) (22) (23) (24) (25)

55,13% 52,76% 39,26% 37,22% 33,11% 28,83% 0,00% 0,00% 6,50% 0,01% 44,86% 38,04% 51,75% 40,73% 49,62% 64,67% 0,00%

0,00%

0,00% 0,00% 0,00% 100% 100% 100%

100%

B? Chi phiv6n Lai sua't n

(26)

0,00% 100% 100% 8,39% 11,41% 11,12% 13,19% 16,14% 15,84%

~ACC N gu6n stf li~u: baa caa tai chinh hang nam cua cong ty TMS

Chl tieu ( 17) duf/c tinh thea Bang PL-11: chl stf ll;i nhu(in b'inh quan thi

tru®g. Chl tieu ( 19) duf/c tinh thea Bang PL-13

43

. 3 2 4 T' h EVA

ang . - . m

2003

(3)

2000 8.431

2002 2001 9.974 12.533

2004 17.234 17.708

2005 20.519

-

- 9.974 12.533 73.696 82.831

9.211 3.322

625

- 3.666 2.256 1.936 13.569 15.771 18.262 8.431 73.067 98.094 92.697 101.576 8,39% 11,41% 11,12% 13,19% 16,14% 15,84% 6.131 16.090 2.300 2.173

12.943 14.965 806

8.407 1.568

B? Chi tit~u EBIT Trit: Thue' va cac khmin khac (27) (7) NOPAT T6ng vo'n kinh doanh bq (28) (26) WACC lfhu nh~p ky VQng (29) lEV A = (27)-(28) (30)

Phan tich sd bo v~ bie'n dong EVA:

EVA cac nam 2003 va 2004 giam m~nh khong phai do TMS ho~t d()ng kinh doanh kern hi~u qua hdn nam tntoc rna do trong 2 nam nay ty 1~ vo'n chu sd tang m~nh (tu 40% nam 2002len toi 49% va 65% trong nam 2003 va 2004) keo theo t6ng vo'n kinh doanh tang va W ACC cling tang, va ke't qua la EVA bi giam xuo'ng.

3 2 5 T' h MV A Ill

2000 34.000

2001 45.000

2003 33.000

2002 36.300

2004 (31) 32.500 (32) 2.200.000 2.200.000 2.200.000 2.200.000 3.309.520 (33) 72.600 107.559

74.800

2005 43.400 4.290.000 186.186

3.2.2 Xac dinh MV A ang . - : B? Chi ti~u Gia c6 phie'u ( d6ng) s5c6pme'uphathanh Gia thi tru'

99.000 79.860 32.041. 58.825

48.835

(34) (35) (14) (36)

31.785 217.971 114.697 103.274

96.938 24.496

66.412 64.630

Gia thi tntong ciia n<;f 50.179 31.252 MV 124.979 131.041 138.685 121.435 138.812 ~ru: Tdng v6n gop thtfc te' 88.456 99.250 80.981 43.998 ~hng: MV A (tri~u d6ng) 50.355 39.435 Ngu6n stfli?u va each tfnh: (31) va (32) du'QC la'y http://www.bsc.com.vn Phan tich sd bo v~ bie'n dong MV A:

MV A giam tu 2001 de'n 2003 la do thi tru'ong di xuo'ng tu thoi diem d6 cho

toi cuo'i 2003.

Sang d~u 2004 thl thi tru'ong biit d~u ph\lc h6i keo theo MV A tang.

Nguyen nhan chfnh ciia st;( tang m~nh MV A trong nam 2005 la do EVA

ciia TMS tang m~nh, ben c~nh d6 con do cong ty c6 hai dqt phat hanh c6 phie'u

dung thoi diem.

44

3o3

XAC DfNH EVA VA MVA CUA CHUNG KHOAN SGH

3o3o1 Xac djnh EVA

"

0 0

d~

: m

ang o -

-

B? 331 T' hNOPAT DVT t 0 Chi tieul Nam

(1) (2) (3) (4) (5)

r1~u ong 2001 2.289 - 2.289 32% 733

2002 3.307 - 3.307 32% 794

2003 2.308 - 2.308 32% 457

2004 3.092 - 3.092 28% 649

2005 3.588 - 3.588 28% 1.032

(7)

1o557

2o513

1o851

2o443

2o556

~BT ~hi Qhi Hii vay_ (I) EBIT = EBT +I Thue' sufft thue' TNDN Thue' thu nh~p DN NOPAT N gu6n stf li~u: dttf/c ldy tit btw cao tai chfnh tai chfnh hang nam.

"

B?

0 0

3 3 2 T' h t,..?

d~

"' ki h d

ang o - : m ong von n

oan -

ri~U OJ!g 2002 2.039 -

2003 1.700 -

2004 1.482 -

h DVT t 0 2001 1.471 -

1.208 3.232 24o142

928 2.752 22o815

2o005 1.709 - 17.663 17.663 17.663 17.663 17.663 3.554 2.795 2.208 1.954 24o880 24o365

3.389 2.028 24o561

iNam (s6u~u cuo1 nam) (9) 11'i9 khong tra Hii N 9 dai h£,tn phai tra Uii (10) c6 ph§n thu'C5ng (11) K' 6n gop khac (12) (13) ~Qi nhu~n giu 1£,ti (14) T6ng vo'n kinh doanh Ngu6n stf li?u: tit bao cao tai chfnh tai chtnh cua SGH.

B?

t' h WACC

ang_ o - : ang m 3 3 3 B?

2004

2002 2001 0,00% 0,00% 8,08% 8,08% 19,95% 19,95% 7,20% 7,20% 0,384 0,384

2003 0,00% 10,83% 20,29% 7,20% 0,384

7,20% 0,384

(17) (18) (19) (20)

2005 0,00% 10,00% 10,83% 10,93% 23,34% 23,13% 8,50% 0,384 12,101% 12,231% 13,403% 14,125% 14,180%

(21) (22) (23) (24) (25)

6,448% 8,447% 0,00% 0,00% 0,00% 0,00% 93,55% 91,55% 0,00% 0,00%

6,976% 0,00% 0,00% 93,02% 0,00%

6,87% 6,032% 0,00% 0,00% 0,00% 0,00% 93,97% 93,13% 0,00% 0,00%

Chiphivo'n -'-'ai sua't nq ng~n h£,tn Lai sua't nq dai h£,tn Muc sinh 1qi tren v6n (Rm) -'-'ai sua't phi rtii ro (Rr) Chi s6 beta (j3) Chi phi c6 ph~n (Ks) [ i trqng vo'n (cd ca'u vo'n) lfy 1~ nq khong tnl 1ai lfy 1~ nq ng~n h£,tn lfy 1~ nq dai h£,tn lfy 1~ v6n chti sd ht1'u lfy 1~ c6 ph§n u'u dai 1r6ng c()ng

100%

100%

100%

(26)

100% 13,14%

100% 13,32% 12,32%

11,44% 12,27%

[WACC Ngu6n stfli~u: bao cao titi chfnh hang niim cua cong ty SGH; PL-11; PL-14.

45

- . I . . 3 3 4 T'nh EVA

(3)

2001 2.289

2002 3.307

2003 2.308

2004 3.092

2005 3.588

(27) (7) (28) (26) (29) (30)

794 2.513 23.478 12,27% 2.881 (368)

649 2.443 24.463 13,32% 3.260 (817)

1.032 2.556 24.721 12,32% 3.045 (489)

733 1.557 22.815 11,44% 2.610 (1.054)

457 1.851 24.254 13,14% 3.187 (1.336)

B? ang Chitieu EBIT Tra: lfhue" va cac khmln khac INOPAT if6ng vO'n kinh doanh bq IWACC ifhu nh~p ky VQng ~v A = (27)-(28)

Phftn tich sd bo v~ bie'n dong EVA:

Xem qua tinh hinh hoC;tt d()ng kinh doanh cua SGH ta tha'y r~ng ROE cua

SGH tir nam 2001 de'n 2005 dao d()ng tir 7,29% de'n 11 ,5%, cac chi s6 nay luon

nho hdn W ACC va Ks rna ta da tinh, va di~u nay lam cho EVA luon am.

Trong cd ca'u v6n cua SGH thi ty 1~ v6n chu sCJ hfi'u luon tren 90% Bay

cfing la nguyen nhan lam cho W ACC tang cao do l<;1i nhu~n mong d<;1i cua chu sCJ

hfi'u luon cao hdn chi phllai vay va keo theo EVA bi am.

3.3.2 Xac djnh MV A

3 3 5 T' h MV A

ang . - : m

2001 24.300

2003 14.100

42.921

1.471 ~.039

2005 18.000 1.766.300 31.793 1.709 33.503 24.880 8.623

24.905 1.700 26.605 24.365 2.239

26.944 24.142 2.802

44.392 22.815 21.577

B? Chitieu 2004 2002 (31) Gia c6 phie"u ( d6ng) 14.400 14.100 (32) 1.766.300 1.766.300 1.766.300 1.766.300 SO' c6 phie"u phat hanh (33) 25.435 24.905 Ghi thi tru"O'n2 vo'n CHS (34) 1.482 K:Jia thj tntong ciia n<;1 (35) 26.916 ~v trru: T6ng vO'n g6p tht;l'c te" (14) 24.561 IBiing: MV A (tri~u d6ng) (36) 2.355 Ngu6n sdli~u va each tfnh: (31) va (32) du'<;1c la'y http://www.bsc.com.vn Phftn tich sd bo v~ bie'n dong MV A:

M~c du EVA hang nam d~u am nhu'ng gia c6 phie'u cua cong ty luon cao

hdn m~nh gia, di~u nay da lam cho MV A hang nam c6 gia tri du'dng.

46

MVA giam tu 2001 de"n 2003 ba:t ngu6n tu nguyen nhan thu nha't Ut EVA

giam hang nam va do thi tntong di xuo'ng tu thoi di€m d6 cho toi cuo'i 2003.

Sang dffu 2004 thl thi tntong ba:t dffu phvc hdi ben cc,lnh d6 ke"t qua kinh

doanh nam 2004 va 2005 cua cong ty tang tntdng da lam cho MV A tang.

3.4

XAC l>fNH EVA VA MVA CUA CHUNG KHOAN TRI

3.4.1 Xac dinh EVA

I

-

. r1~u ong . 3 4 1 T'nh NOPAT DVT t .,.. d~ 2001 14.640 1.040 15.680 32% 3.650 12.030

2005 7.758 1.194 8.953 28% 2.051 6.902

2002 10.186 883 11.069 32% 1.515 9.555

2004 12.116 62 12.177 28% 3.127 9.051

ang . - : B? Chi tieu/ Nam 2003 (1) 20.756 tEBT (2) Chi phi Hii vay (I) 422 tEBIT = EBT + I (3) 21.178 ri'hue' sua't thue'TNDN (4) 32% (5) [rhue' thu nh~p DN 1.668 NOPAT (7) 19.510 N gu6n stf li?u: azt{/C lify ttl bao cao tlli chfnh tai chfnh hlmg nam.

"' ki h d

3 4 2 T' h t,..?

ang • - : m ongvon n

. r1~u ong . h DVT t .,.. d~

oan -

2001 1.500

2002 7.500

2003 -

2004 -

3.730

-

-

-

5.230

5.582

2.005 27.003 27.080 31.895 64.188 70.258 58.588 2.120 37.903 37.903 45.484 45.484 45.484 5.402 4.240 5.381 12.487 11.153 12.220 11.073 10.977 86.940 93.681 127.273 132.397 149.573

B? Nam (s6li~u cu6i nam) (8) NQ ngfin h~n phiH tni Hii (9) ~9 khong tni Hii · N9 dai h~n phiii tra Hii (10) <:6 ph~n thu'ong (11) (12) V6n gop khac (13) L.Qi nhu~n gifi' h,ti (14) T6ng v6n kinh doanh N gu6n stf li?u: ttl bao cao tai chfnh tlli chfnh cua TRI.

t' h WACC

3 4 3 B? ang . - : ang m

2002

2004

2003

2001

0,810

0,810

2005 10,60% 10,60% 11,90% 11,90% 12,00% 8,08% 10,83% 10,83% 10,93% 8,08% 20,29% 23,34% 23,13% 23,28% 20,63% 7,20% 8,50% 8,50% 8,60% 7,20% 0,810 0,810 0,810 17,800% 20,271% 20,35% 20,47% 18,34%

B? Chi phiv6n ~ai sua't nc:j nga:n hc,ln iLai sua't nc:j dai hc,ln Muc sinh l<;1i tren v6n (Rm) (17) (18) ILai sua't phi rui ro (Rr) ~hi s6 beta (B) (19) (20) Chi phi c6 phitn (Ks)

47

1,73% 4,29%

(21) (22) (23) (24)

100%

(26)

31,148% 34,046% 50,43% 8,01% 0,00% 0,00% 0,00% 62,84% 57,95% 49,57% 100% 100% 11,55% 12,32% 10,09%

53,07% 39,17% 0,00% 18,05% 0,00% 1,42% 46,93% 41,36% 100% 100% 9,61% 9,26%

Ty trqng_ vo'n ( cd ca'u vo'n) Ty 1~ n

tY l~ lai vay ngfin hang cua TRI, va do chenh l~ch lai sudt cho vay giila cdc ngfin hang khong qua Zan nen chi tieu nay chung toi xin sa d1:tng ngu6n cua chang khodn REE.

Chi tieu ( 17) dztr;c tlnh theo Bang P L-11: chi so' lr;i nhuQn b1nh qufin thf

trztimg. Chi tieu ( 19) dur;c tfnh theo Bang PL-15

34 4 T' hEVA

an_g • - . m

.

B? Chi ti~u

(3)

2004 12.177

2001 15.680

2002 11.069

2003 21.168

2005 8.953

1.515 9.555

3.127 9.051

1.668 19.510

2.051 6.902 90.310 110.477 129.835 140.985 9,26% 13.053 (6.151)

9,61% 12.473 (3.422)

9.278 2.752

3.650 12.030 80.365 11,55% 12,32% 10,09% 11.144 11.130 (1.575) 8.366

~BIT Tru: [fhue' va cac khoan khac(27) (7) NOPAT T6ng v6n kinh doanh b_g(28) (26) W_ACC Thu nh~p ky VQng (29) EVA = (27)-(28) (30) Phan tfch sd bo v~ bie'n dong EVA:

Theo tinh hlnh ho(].t d()ng kinh doanh ctia TRI thl EVA nam 2003 tang d()t

bie'n la do trong nam nay cong ty c6 m()t khoan thu nh~p tai chinh tu vi~c chuy~n

nhu'qng vo'n lien doanh voi so' ti~n khoang 10 ty.

Lqi nhu~n tu ho(].t d()ng kinh doanh ctia cong ty hang nam c6 xu hu'ong di

xuo'ng (ngo(].i tru nam 2003), mi,it khac vo'n kinh doanh l(].i tang da lam cho EVA

ngay cang di xuO'ng.

48

3.4.2 Xac djnh MV A

ang • - : m

2001 29.500

2003 20.000

B? 345 T" hMVA Chi tieu k:Jia c6 phi6u ( d6ng) ~6 c6 phi6u phat h~mh Ghi thi trtiO'n~ vo'n CHS Pia thi tntong cua n

90.967 64.188 155.156 127.273 27.883

111.814 32.310 144.124 86.940 57.184

2005 28.000 4.548.360 127.354 87.711 215.065 149.573 65.492

2002 2004 (31) 20.500 23.200 (32) 3.790.300 3.790.300 4.548.360 4.548.360 (33) 93.241 87.935 (34) 70.258 39.395 (35) 127.330 163.499 ~v Tru: T611g v6ng6p thtfc te" (14) 132.397 93.681 ~ling: MVA (tri~u d6ng) (36) 33.649 31.102 Ngu6n sffli~u va each tfnh: (31) va (32) dlif!C lfiy http://www.bsc.com.vn

Phan tich sd bo v~ bie'n dong MV A:

Tu'dng tlf nhu' cac chung khoan khac, MVA giam tu 2001 de'n 2003 b~t

ngu6n tu nguyen nhan thu nha't la EVA giam hang nam va do thi tru'ong di xuo'ng

tu thoi di~m d6 cho toi cu6i 2003.

Sang d~u 2004 thl thj tru'ong b~t d~u pht,Ic h6i nen MV A tang.

Ben c~nh d6 slf tang m~nh ctia MV A trong nam 2005 chti ye'u la do slf ky

v<;mg ctia nha d~u tu' vao slf phat tri~n ctia TRI trong tu'dng lai nhu' da phan tkh

t~i ffil,IC 2.5.5.

3.5

XAC DlNHEVA VA MVA CUA CHUNG KHOAN BTC

3.5.1 Xac djnh EVA

ang • - : m

-

3 5 1 T' h NOPAT DVT t .,.. d~ : r1~u ong 2001 1.359 - 1.359 32% 170 1.189

2004 (5.015) 547 (4.468) 28% - (4.468)

2005 452 154 606 28% - 606

200() 2.131 - 2.131 32% 266 1.865

2002 580 1.411 1.991 32% 55 1.936

B? 2003 Chi tieu/ Nam (1) (1.652) EBT (2) 1.249 ChijJhf Uii vay (I) EBIT = EBT +I (403) (3) 28% Thue" sua't thue" TNDN ( 4) - (5) Thue" thu nh~p DN NOPAT (403) (7) Ngu6n sff li~u: duf!c ltiy tit bao cao tai chfnh tai chfnh hang nam.

49

3 52 T' h t,._?

h DVT t "" d~

ang . - : In ongvon

258

"' kinh d

2004 45] 17.581 -

365 683

(84) (1.727)

(102) 18

oan - 2000 3.322 9.958 11.326 767 10.526 14.331 467 498

(18) (6.890)

(8) (9) (10) (11) (12) (13) (14)

2.005 466 14.921 - 14.855 13.784 13.784 13.784 4 (6.438) 25.112 35.021 40.840 33.413 24.909 22.737

B? INam (sffli~u cu6i nam) IN

ang • - : ang m

2000

2001

2003

2002

2004

8,08%

7,20% 0,270

0,270

0,270

2,19%

1,03%

(26)

100% 5,92%

100% 6,38%

(21) 39,654% 32,341% 22,517% 27,00% 70,58% 65,62% (22) 13,23% 21,79% 40,29% 36,63% 1,82% 2,05% (23) 1,03% 0,54% 0,00% 0,00% (24) 46,09% 43,68% 36,17% 35,83% 27,60% 32,33% 100% 100% 100% 100% 7,50% 7,64% 3,62% 4,01%

Chiphiv6n 2005 Uii sua't n

Ngu6n sd li?u: bdo cdo tili chfnh cila cong ty BTC; PL-11; PL-16

ang - . m . . 3 5 4 T' h EVA

2001 1.359 170 1.189

2003 (403) - (403) 37.126 7,64% 2.837 (3.241)

2005 606 - 606 23.823 4,01% 955 (349)

2002 1.991 55 1.936 30.067 37.930 6,38% 7,50% 2.846 1.918 (729) (910

2004 (4.468) - (4.468) 29.161 3,62% 1.057 (5.525)

2000 2.131 266 1.865 23.657 5,92% 1.400 465

B? Chi tieu (3) EBIT (27) Tra: Thue' (7) NOPAT T6ng v6n kinh doanh bq (28) (26) WACC Thu nh~p ky VQng (29) EVA = (27) - (28) (30)

Phan tich sd bo v~ bie'n dong EVA:

Theo phan tfch t~i mvc 2.6.5 thl tlnh hlnh ho~t d()ng khong c6 hi~u qua

hang nam ctia cong ty chlnh la nguyen nhan lam cho EVA bi am.

: r1~u ong 200_2 2001 2003 7.632 16.454 12.238 9.023 9.196 419 179

50

3.5.2 Xac djnh MV A

35 5 T' hMVA Ill

ang • - :

2003 14.700

2001 19.600

2000 21.900

2004 8.100

2005 2002 (31) 8.100 16.400 (32) 1.261.345 1.261.345 1.261.345 1.261.345 1.261.345 1.261.345 (33) 10.217 20.686

10.217

18.542

27.623

24.722

B? Chitieu Phi c6 phie'u ( d6ng) ~6c6phle'uphathanh Gia thi tru'

15.386

19.725 44.447 35.021 9.426

21.440 39.98] 33.413 6.569

18.034 28.251 24.909 3.341

25.60~ 22.737 2.867

13.538 41.161 25.112 16.049

(34) 26.069 bia thi tru'C1ng cua n<;l MV (35) 46.755 Tru: T6ng v6n gop th\fc te' (14) 40.840 Bilng: MV A (tri~u d

Phan tich sd bo v~ bie'n dong MV A:

Tu'dng tg, MVA giam tu 2001 de'n 2003 biit ngu6n tu nguyen nhan thi

tntC:lng di xuo'ng tu thC:li di~m nam 2001 cho toi cuo'i nam 2003.

Sang d~u 2004 thl thi tntC:lng biit d~u ph\lc h6i, nhu'ng do tlnh hlnh kinh

doanh khong hi~u qua nen MV A cua cong ty tie'p tt;tc di xuo'ng.

51

A

,

~

9

4

Chucmg 4: PIIAN TICD KET QUA

?

?

,

"

,Q

'

4.1

BANG TONG H(jP MV A VA EVA CUA CAC CONG TY

Tu cac seS li~u da tinh du'<;1c C1 chu'dng 3, chung toi c6 bang t6ng h<;1p EVA

C6n_g_ ty Chi ti@u Nam 200_() Nam 2001 Nam 2002 Nam 2003 Nam 2004 Nam 2005 ~.Y.~ ........................ _ .... (~.: .. ?..?_~~?._~) ... -.. (~_:..?..7..?..?..55) .. _

TMS

~.Y.~ ...................... .................. ~: .. '?:..?...?..?. . .?? .............. .J .. 1~7 !?. .. ?. _ ........ ..?.:..?.~~.!..~.~ ............. --.... ~~..?.!..4..?. ........................... ~-Q~!.i?. ................... ~~XL~?.?..~ 50.355,38 103.274,10 39.434,81 MVA

43.997,53 64.629,67

24.496,33

SGH

-

~..Y~ .......... -................. -........................................... : --·-·Q~Q53, ?_?,) ............. _.Q_67 ! .. ~~) ............ <.!.: .. ~.?..?.~~6.2 .................. (~.!.?.~9.?) _, ___ j4.~.~.&7.l 8.622,60 2.802,28 MVA

21.577,48

2.239,20

2.355,14

TRI

§Y.~ ......................................... -............. ·-·-····--... : , __ ........ ~7?...! .. ?..?_! ........ 5..! .. :.?..7..?. .. !..9.~) .................... ~ .. :~.~.~.?..9~ ..... _J?..:.4..~ .. ! .. &?.) ........... (~.: .. !.?.J.?..Q.?.) 65.491,70 33.649,16 MVA

31.102,28

27.882,62

57183,85

lBTC

-

~Y.~ ............................................................. _._ .................... ~.~.?.!..~~ ..... _ ........ JZ~?..!.4..4.) ............ -..... (?. .. !.9.?..?..~.2 .......... J.?..: .. ~iQ_&?,) ....... J?. .. :..?.~_?._,_~?,) 3.341,43 9.426,36 MVA

16.049,46

5.915,43

6.568,97 S61i~u nay du'

'

'

,{1

,..,

,

" '

4.2

DO LUONG VA KIEM DlNH MOl TUONG QUAN TUYEN TINH

4.2.1 Do ht(ing m6i tlidng quan tuye'n tinh

va MV A cua cac cong ty khao sat nhu' sau:

Qua seS li~u t~i bang tren, tru'oc he't ta do Iuong meSi quan h~ giua 2 bie'n

h~ seS tu'dng quan (ky hi~u la r) trong phu'dng phap tu'dng quan va h6i quy d~

EVA va MVA cua tung cong ty. f)~ do Iuong m6i quan h~ nay, chung toi su dvng

lu'<;jng h6a muc dQ ch:llt che cua meSi lien h~ tuye'n tinh giua 2 bie'n tren.

N L(Xi- X)(Y-Y) 1=1

r=

Cong thuc tinh h~ seS r nhu' sau:

(n-l)SxSy

di~n cho EVA) va Y( d~i di~Ji cho MV A).

Trong d6 n la s6 quan sat va Sx, Sy la d9 l~ch chuffn cua tung bie'n X( d~i

52

Gia tri tuy«$t ddi cua r cho bie't muc d<) chl}t che cua mo"i lien hi$ tuye'n

tinh. Gia tri tuy«$t ddi cua r tie'n gffn de'n 1 khi hai bie'n c6 mo"i tu'dng quan tuye'n

tinh chl}t che. Gia tri r = 0 chi r~ng hai bie'n khong c6 mo"i quan hi$.

lu~n van nay chung toi sti' dt,mg phffn m€m SPSS d~ tinh ra hi$ so' nay. Ta c6 cac

Tren day la ly thuye't v€ vi«$c do Iuong mo"i tu'dng quan tuye'n tinh, trong

bang tinh nhu' sau:

khoan)

Ngu6n: tlt phdn m~m SPSS- xem ph¥ lT:tc, bang PL-17.

0,500 0,195 -0,177 -0,439 0,808

Qua so' li«$u tren ta tha'y r~ng MV A va EVA cua cac cong ty tren c6 mdi

tu'dng quan tuye'n tinh voi nhau nhu'ng ra't tha'p. Trong d6 c6 chung khoan TRI va

SGH c6 mo"i tu'dng quan nghich (r < 0); BTC c6 mo"i tu'dng quan kha chl}t che

(>80% ), REE c6 mo"i tu'dng quan trung blnh (50%) va TMS c6 mo"i tu'dng quan

tha'p (20% ).

Truong h

tie'p theo ta di vao ki~m dinh xem cac thong so' r cua chung khoan c6 phan anh

gia dtnh la hi$ so' tu'dng quan cua t6ng th~ th~t slf la b~ng 0, (n6i each khac Ia

m<)t hi«$p bie'n thien th~t slf trong t6ng th~ khong hay chi la do tlnh co. Chung ta

4.2.2 Ki~m djnh gb1 thuytt v~ h~ s6 ttidng quan tuytn tfnh r

B~ ki~m tra gia dinh tren, nguyen t~c sti' dl;lng trong SPSS la dung gia tri

khong c6 mo"i lien hi$ nao giii'a hai bie'n). H0: r =0.

P-value. P-value la xac sua't b;;tn se ph;;tm sai lffm lo;;ti 1, nghia la xac sua't lo;;ti bo

gia thi6t H0 (r=O hay n6i each khac la giii'a MV A va EVA khong c6 m6i quan) voi

53

nhfi'ng thong tin rna bc,lll tlnh tmin du'QC, nhu' V~Y no CO ci!ng y nghia VOi muc y

nghia a. Xac sua't nay cang cao cho tha'y h~u qua cua cong vic$c phl;lm sai l~m kho

lol;li bo gia thuye't H0 cang nghiem tr<;mg (va ngu'

la khong bac bo H0 ne'u P-value qua IOn. Voi quy t~c nay chung ta khong phai c~n

ma't cong tra bang tim gia tq toi hl;ln rna chi xem xet d(> IOn cua P-value r6i ra

quye't dinh nhu' sau:

Chdp nhrJ,n H0 nlu P-value > a, vz nlu ta bac bo H0 thz kha nang

phr;tm sai z&m cua ta se lfin han mac y nghla cho phep.

Bac bo H0 nlu P-value >a, vzluc nay xac sudt phr;tm sai l&m nlu bac

bo H0 nho han mac cho phep nen co thi an tocm khi bac bo H0•

Trong SPSS gQi gia tti P-value la sig. Theo s61ic$u tl;li bang PL-17, ta c6

bang t6ng h

uan (r)

P-value (si .)

He$ s6 tu'dn

-·--""""'''""""'"""'''''"-"""''''''"""""""'"''''''''"""'"""''""'""""'''--"""'""'''''-""'""""''''''"""'"'"''''''''""'-''"''''"'"'"'-''''''''''"'"-"""""_"_9..~.~Q9. .... """"""'"'""'"""' . ............................... . .............. """"""""""""""""'"' """""""""""'"'""""'-"'"""""""""'-'"""""""'""-"""""""'"""""""""":.9) .. !.?..?..... ........ ............................. " ............

............................................................................... .................................. -................. -................. -............ .<.~2 .... .9.~ .. ? .9 .§ ...................................................................... -

...... .....................

•

.

'"""'"''"'"""'"""''"''"'"'"""'''"''"'"'""''""''''''"'"""'"'''" ___ ,_Q)._! .. ~- .. ............................... .9.~}?. .. ................... Q .. Q?. .. .. .................................... """""'""""""""""""""'""""'""""""""'""""-"""""""'""""""""'"'"'""""""':.Q~:!.~.2 ..... ""'""" """""'""'"""""""'"""""""""'"""""""-""""""""""'"'Q~.~'~"'" 0,36

0,195

N gu6n: til ph&n mgm SPSS- xem ph¥ l¥c, bang PL-17.

Nhu' v~y voi dQ tin c~y 95%, ta tha'y r~ng chi c6 MV A va EVA cua cong

ty BTC c6 quan he$ voi nhau (r > 0) va m6i quan he$ nay c6 y nghia (sig. < 5% ).

B6ng thoi ta c6 cac phu'dng trinh h6i quy cua tung chung khoan nhu' sau :

t.QP.:!.t!Y._(~.h.~~.g .... ~s>..~P.:t .... _ ........... -........................... ~h~~~&..!~!~.h .... h.~Lq~y .............................................................................. _ ............................................ .. ~E.:. ......... -..................................................................... ___ , __ ........ _ ......................... M_Y.~J . .:: ..... ~L?..J.?..1. .. :t.:_§~~2~ ... ~ ..... ~Y..~.t.:'.: .... ~--·-....................................... .. ~.Q!! .............................................................................. ____ ............. _ ..................... MY..~i .. :=. ....... 4:.~.!-~ ...... ~ ....... Q'-2.2.§.2 .... ~ .... ~.Y.~i ... ± ...... ~--..................... ___ ........... . ~TC ...................................... _ ........................................ --·---·---............ J~-:!.Y.~t.:= ........ U_:.?.~.9 ... ± ..... ! ... &4..~--·~ ..... ~Y.~L.:t ..... ~ ....... -.................... __ ........... . .. ......................................... __ .......... -................ M.Y.~t-=: ...... 44:§.§1 ... :'.: ....... ?. .... ~.~-~ .. :. .... ~Y..~.t.±_~ .......... -........... _ .............. . [fM~~f:: ....... -... ................... ifRI

MVAi = 43.054 - 1,315 * EVAi + E

Ngu6n: til ph&n me'rn SPSS- xem ph¥ l¥c, bang PL-18.

Trong d6 e la anh hu'dng cua cac ye'u t6 khac ngoai EVA toi MV A cua

chung khoan.

54

Sau day chung toi di vao tim hi~u nguyen nhan cac cong ty khong c6 slf

tu'dng quan giii'a EVA va MV A:

4.2.3 Nguyen nhan ciia cong ty SGH

Sau day chung toi xin tim hi~u nguyen nhan rna chung khoan SGH c6 slf

tu'dng quan nghjch (n6i each khac la khong c6 slf tu'dng quan vi tu'dng quan

nghjch khong c6 y nghia thljc te') giii'a MV A va EVA. Tit cac thong tin cua SGH

t~i chu'dng 2 va chu'dng 3, ta con c6 bang t6ng h

SGH

Nam 2001 Nam 2002 Nam 2003 Nam 2004 Nam 2005

21.577

2.239

2.355

.. ........ .!..~ .. : .. ~.?-~ ... -.............. _,_ .. ..! .. ~ .. :.~~?. Q.9..~!!Q ... !h~ ... (!~.: ... ~2._ ................... -............ !...! .. :..9.~..! ............... _ ............... !.~..:..~-~ , ___ , .. , .................. ..! . ..!. .. :.~.~.~ .................. ~-~T(!~:_ .. ~L--.-............ -.............................................. ! .. ::?. .. ?1 ... _ ........................... -~:~J 3 --.... -........................ ..!. .. : .. ~ .. :?. ... ! ....................................... ~.:-~~~ ._ ................................... ~:.:?. .. ?..~ ~Y.~ ................ -.................. _ ......... _ ............ _ ................. n .. ~..9:?..~l ____ ............... -............ Q-~.~2 .............................. J.L.~.~~2 .................................... J.~J.n -................ ___ .. _(4?..?.2 8.623 2.802 MV A Qua bang tren ta tha'y r~ng tu nam 2001 de'n nay, trong khi EVA hang

nam c6 gia trj am thl MV A c6 gia tq du'dng. Dieu nay khong th~ giai thich b~ng

ly thuye't slf pht;t thu()c cua MV A vao EVA rna du'

khac anh hu'dng de'n gia c6 phie'u nhu' sau:

Vi ST! phat triln kinh tl: Slf phat tri~n cua nen kinh te' n6i chung da lam

cho thu nh~p binh quan d~u ngu'oi tang va keo theo nhu c~u vui chdi, giai tri va

du lich. Vi~c gia tang m~nh cua thj tru'ong du ljch lam cho cac nha d~u tu' ky VQng

nhieu vao tu'dng lai cua SGH, do d6 lam cho MV A cua SGH tang.

Vis¥ dn dtnh chfnh trt, xii hqi: St! 6n dinh xa h()i d nu'oc ta trong thoi gian

qua cling la ye'u to' thu hut khach du lich nu'oc ngoai toi Vi~t Nam ngay cang

nhieu va lam cho nganh du ljch tang tru'dng nhanh.

Vi nhan tff nqi t(li: Toa nha khach s~n 10 t~ng cua Cong ty Khach s~n Sai

Gon n~m tren m()t di~n tich 612m2 voi t6ng s6 phong cho thue hi~n c6 la 101

phong d ngay trung tam thanh ph6 la m9t vj tri thu~n l

ty con c6 chi nhanh t~i Vilng Tau voi di~n tich 299m2 pht;tc Vt;l khach theo quy

55

trlnh khep kin trong ho~t d()ng kinh doanh lu h~mh. Hai toa nha ngay trung Him hai th~mh ph6 du dich nay da dem l~i m()t gia tri tm tntong cao cho cong ty.

Qua cac di~m chinh o tren, ta tha'y r~ng MV A hang nam cua SGH khong

emu anh hu'ong boi gia tri n()i t~i hic$n c6 cua cong ty' rna emu anh hu'ong m~nh

boi ky v<;mg cua cac nha dffu tu' vao slf phat tri~n m~nh cua SGH trong tu'dng lai.

4.2.4 Nguyen nh~n cua cong ty TRI

Sau day chung toi xin tlm hi~u ky nguyen nhan rna chung khoan TRI c6

S\1' tu'dng quan nghich (n6i each khac la khong CO S\1' tu'dng quan VI tu'dng quan

nghich khong c6 y nghia thlfc te') giua MVA va EVA. Ngoai cac thong tin cua

TRI t~i chu'dng 2, ta con c6 bang t6ng hqp sau:

Nam 2001 Nam 2002 Nam 2003 Nam 2004 Nam 2005

rrRI

57.184

31.102

27.883

Q~~-~!l. .. !h~ .. (!~~ ... ~2 ........................... J ... ?.9.: . .?..~..9 -----...... ...! .. ~.~:.~.~?. ······················-~~~..:.??..! .......................... ~?.9.: .. ? .. ~.9 ........................... ~.t?. .. :.~.! ... ~ ~~!..(!~.:.~2 ........................................................... ..!.9.~.2..2.9. ······················---···-~··: .. ~..?...! .................................. !2. .. :..9.~ .. ~ ........................................ ? .. : .. ~?~ ····-·-················--?.. .. :.7 ... 9.7. EY..~ ............................................................................................................ ~..:.?..?... .. ~ ................................ C..L.?...7.:?2 ....... -.......................... ~ .. : .. ~-~~ ··----·····-Q..:.4..~~2 .............................. {~ .. : .. !.?....!.2 65.492 33.649 MVA Qua bang tinh va cac s61ic$u tu phffn m€m o tren ta tha'y r~ng tu nam

2002 de"n nay, trong khi EVA va EAT giam hang nam thl MVA va Doanh thu l~i

tang len. Ta tha'y r~ng MV A tang theo doanh thu cua cong ty chu khong phai

tang theo EVA. Di€u nay du'qc giai thich dlfa vao cac ye"u t6 khac anh hu'ong de"n

ghi c6 phie"u nhu' sau:

vi Slf phat triln kinh tl: S\1' phat tri~n cua n€n kinh te" n6i chung da keo

theo S\1' phat tri~n m~nh CUa thi tru'ong nu'OC giai khat dd u6ng, bao gdm cac san

phffm truy€n th6ng la d6 u6ng c6 gas, va cac san phffm moi nhu' nu'oc ep hoa qua,

sua dffu nanh ... Vic$c gia tang m~nh cua thi tru'ong nu'oc giai khat lam cho cac nha

dffu tu' ky v<;mg nhi€u vao tu'dng lai cua TRI, do d6 lam cho MV A cua TRI tang.

56

yg quy mo thi tnt?mg: Tuy trong moi tntong C<_tnh tranh gay g~t voi cac

cong ty IOn nhu' Coca-cola va Pepsi, quy mo v~ thi tru'ong cua cong ty ngay cang

phat tri<~n th~ hi~n qua doanh thu tang hang nam, cong ty cfing tich qtc da d<_tng

hoa san phftm va m<_tnh d<_tn dffu tu' cong ngh~ moi ... Ta't ca cac di~u tren lam cho

cac nha dffu tu' dlf doan ding TRI se phat tri~n m<_tnh trong tu'ong lai va da lam

cho MVA tang. EVA va EAT giam trong giai do<_tn nay chu ye"u la chi phi trong

Vi~c nghien CUu san phftm moi va chi phi ban hang trong di~U ki~n C<_tnh tranh

m<_tnhme.

vg nhan to' nqi tr;zi: Vao thoi di~m qui 4 nam 2005, Cong ty TNHH Xay

dlfng & Ch€ bie"n thlfc phffm Kinh Do da thlfc hi~n thau t6m chung khoan TRI

b~ng each n~m gifi' 1.607.613 c6 phie"u cua TRI, chie"m 35,4% kh6i lu'<;lng c6

phie"u TRI dang htu hanh. Vi~c thau t6m nay cung voi ke"t qua ho<_tt d()ng kinh

doanh dang phat tri~n m<_tnh me cua Cong ty TNHH Xay dlfng & Ch€ bie"n thlfc

phftm Kinh Do da lam cho cac nha dffu tu' hy v<;mg vao m9t ke"t qua ho<_tt d9ng t6t

trong tu'ong lai, do d6 gia c6 phie"u cua TRI tang m<_tnh trong thoi di~m cu6i nam

2005.

Qua cac di~m chinh C1 tren, ta tha'y r~ng MV A hang nam cua TRI khong

chiu anh hu'dng bdi gia tq n9i t<_ti hi~n c6 cU. a cong ty' rna chiu anh hu'dng m<_tnh

bdi ky v<;mg cua cac nha dffu tu' vao slf phat tri~n m<_tnh cua TRI trong tu'dng lai.

Tuy nhien vi~c anh hu'dng bdi tam ly ky VQng nha dffu tu' chi trong m()t thoi di~m

nha't dinh, qua m9t thoi gian ho<_tt d9ng thl gia tq n9i t<_ti cua cong ty se quye"t dinh

gia thi tru'ong cua cong ty.

4.2.5 Nguyen nhan ciia cong ty REE

Trong phffn nay chung toi di tim hi~u vl sao MV A cua chung khoan REE

chiu anh hu'C1ng khong nhi~u bC1i gia tri n9i t<_ti (r=0,5; va sig. = 0,16). Va t<_ti sao

trong khi EVA am rna MV A v~n tang hang nam.

57

239.066

233.134

464.849

68.737

~~.~ ..................... ·-·························-- ..... N:~ .. I.!! .... ~ .. QQ9. ..... N:~_I,!!_~QQ! -~~m .~_f!Q.~ .... .N:!..~ .. ~-9..9.~ _ .. N:~I.!! .... ~QQ.~ -~!!!1.. ... ~9.9.? ~b.:!..f!~.: .. 5~2 ............................. ...................... ?..9: .. ~.9~ ·------·!'!:2..?..1 ......................... ?..:!:?...Q.~ ..... _ .. __ ,_?.2..:.9 .. ?...!. ....................... ?~ .. :.~.~-4. ........................ ~?. 84 ~ .. ..... -............................ <§..: .. ?...?.22 ....................... (~.:.?..?4..2 ................ Q.?..:.?. .. ?. .. D _ .............

nhung cong ty dffu dan cua thj tru'ong chung khmin Vi~t Nam hi~n nay. Do la c6

phie'u m~nh nen giao djch nhieu, c6 tinh thanh khoan cao nen ra't nhieu nha dffu

tu' muo'n sd hfi'u c6 phie'u nay. Day ctlng la nguyen nhan ve tam ly cua nha ddu tu

lam cho MV A cua REE tang m~nh. Ben c~nh d6, gia MV A con chju anh hu'dng

bdi cac ye'u to' sau:

Slf titn triln mf;mh cua n~n kinh tt viz Slf tJn dtnh xii hqi: Slf phat tri~n kinh

te' lam cho nhu cffu su d1:1ng cac djch V\1 va san ph~m cua REE tang trong dan

chung. D6ng thoi slf fin djnh xa h()i da thu hut nhieu nha dffu tu' nu'oc ngoai nen

djch V\1 xay dlfng va cho thue van phong cua REE dang la nganh ho~t d()ng c6

hi~u qua nha't hi~n nay.

Nhflng nhan tff nqi tt;ti gdn lien voi nha phat hanh bitn dqng: Trong giai

do~n nay, REE luon ho~t d()ng c6 hi~u qua thong qua cac chi so' sau: Ty 1~ thue

cac toa nha la 100%; trong nam 2005 tie'p t\lC dffu tu' xay dlfng them 2 toa nha;

md r(}ng dffu tu' vao linh VlfC tai chinh rna C\1 th~ la vao thj tru'ong chung khoan;

xay dlfng cong ty TNHH Di~n may R.E.E va chinh thuc ho~t d()ng vao thang 1

nam 2006 .... Ta't ca cac nhan to' n()i t~i tren hua hyn m()t tu'dng lai hi~u qua cua

REE va g6p phffn lam MV A tang cao.

4.2.6 Nguyen nhan cua c6ng ty TMS

Ta tha'y r~ng ke't qua kinh doanh cua TMS tang tru'dng hang nam.

!M§ ................................................. N:~.~-~9.9.9 ..... N:!~ ..... ~_Q_Q! ..... N:!~-~.9..9.~ ... ~.~.~ .. ~-9..9.~ .... N:~-~ .... ~..9. .. 9.~ -~~!!!.-~9.9. .. ?. §!.\! ... (!~: .... ~.2 ...................... _, ............ _ ................ ~.:~..?1_ .... _,, ___ ~}98 , .. _,_,__!_Q. 9~1 .......................... !...! ... : .. ~4.?.. ,_ ............ ..1_4..:4..~~ ..... _, ___ 17 ·~?...4. §Y. .. ~ ...................................................................................... ~:?..9.9 .... _ .. , .......... -~.?...~.~ ............................... ?. .. : .. ?..?..~ ............... ---....... ~.~?. ................................. _,_?. . .9~ ..... ,_,_ ....... -... ~.: ... !..?. .. ?. 103.274 MVA

24.496

50.355

43.998

64.630

39.435

58

Tuy nhien MV A h.ti khong tang tn.tdng theo slf thay d6i cua EVA. C\1 th~

la trong nam 2002, EVA la 3.322 ty va MVA tudng ung chi la 39.435 ty, va trong

nam 2005 thl EVA ghlm xu6ng con 2.173 ty nhung MV A l~i tang len 103.274 ty.

ST! phdt triin crla ngn kinh ti, dn dtnh vg chfnh tri xii h9i va h9i nhqp qudc tt: Di€u nay lam cho dlf bao cua cac nha d~u tu v€ ho~t d()ng trong tudng lai cua

Di€u nay du<;1c gicli thich nhu sau:

TMS se phat tri~n hdn do nhu c~u v€ ho~t d()ng giao nh~n v~n chuy~n hang h6a

Nhfing nhan tff n9i tr;d gdn lien vai nha phdt himh bie'n d9ng: Trong thang

xua't nh~p kh~u tang.

4/2004, va thang 10/2005 cong ty c6 phat hanh them l~n lu

(tang 50%- c6 dong sd hifu 2 c6 phie'u du<;1c nh~n 1 c6 phie'u, khong phat hanh ra

ben ngoai) va 990.000 c6 phie'u dung vao d

Vi~c phat hanh c6 phie'u dung thoi di~m lam cho gia c6 phie'u h~u nhu khong

tang m~nh va cling la thoi di~m doanh s6 xua't nh~p kh~u cua ca nuoc tang m~nh.

thay d6i so voi gia d~u nam, vi~c nay da lam cho t6ng gia tri v6n chu sd hifu theo

gia thi truong tang m~nh, va ddn de'n MV A tang m~nh.

KETLU!NVA YKIENDEXUAT

4.3

4.3.1 Ke't lu{ln

Nh1n chung gid trt n9i tr;ti crla 5 cong ty niem ye't tren tht tntimg khong dnh

huiJng mr;mh tai gid trt tht truimg crla chung. Trang 5 cong ty chi co MVA va EVA

crla cong ty BTC la co mdi quan h~ ch{lt che vai nhau. Gid trt tht truimg crla cd

phie'u con chtu dnh huiJng rfft ltrn b?Ji cdc ye'u tff khdc nhu: tam ly nha d&u tli, kY

w;mg cua nha d&u tli, ttnh h1nh kinh te' xii h9i crla ddt nutJc, va cdc nhan tff n9i tt;zi

crla ban than cong ty do.

Qua cac ke't qua tren chung toi du'a ra nh~n xet theo ke't qua nghien cll'u

59

Trong titng giai dot;m phat triin cua cong ty niem yit th'i co thi gia trt nqi

tt;zi cua cong ty khong anh hul!ng nhigu din gid tri thi trulmg ella cong ty do. Tuy

nhien xet vg dai ht;zn th'i gid trt nqi tt;zi la ye'u to' quye't dtnh de'n gid tri thj trulmg

ty se hot;zt dqng co hi~u qua, niu ma cdc cong ty hot;zt dqng khong hi~u qua nhu cdc

cua cong ty. Bi'li v'i hi~n tt;zi cac nha ddu tll dang hy w;mg trong tllang lai cac cong

4.3.2 Y kie'n d~ xud't

nha ddu tu mong mudn th'i gia thj trulmg cua cd phiiu se gidm xudng.

Thong qua ke't qua nghien CUu tren v~ gia tq n(>i te;ti va gia tri thj tntong

Dtfi vfJi quan ly vl mo:

cua 5 cong ty niem ye't, chung toi xin du'a ra m(>t s6 y kie'n d~ xua't nhu' sau:

Cong bd thong tin: Cac nha quan ly vi mo phai dam bao r~ng thong tin v~

gia tri n()i te;ti ciia cac cong ty niem ye't tren thi tru'ong chung khoan Ia h<;1p ly deS

cac nha d~u tu' c6 th€ danh gia dung gia tq n(>i te;ti ciia doanh nghi~p. Mu6n v~y

thl chung ta phai dam bao r~ng s6 li~u ciia cac hang h6a tren thi tru'ong phai

trung thlfc va h<;1p ly' c6 nghia la phai c6 cac t6 chuc ki€m toan, t6 chuc djnh muc

tin nhi~m hoe;tt d()ng hi~u qua deS h6 tr<;1 quan ly va thong tin, lam co sd cho quye't

djnh ciia cac nha d~u tu' tren thj tru'ong.

Tang cu'ong hoe;tt d()ng cong bo' thong tin chinh xac va kip thoi cua cac

d6i tu'<;1ng tham gia tren TTCK, dap ung nhu c~u d~y dii thong tin cho cong chung,

nha d~u tu' deS c6 quye't djnh d~u tu' h<;1p ly. Cac loe;ti thong tin lien quan c~n cong b6 nhu': thong tin cac quy djnh v~ phap ly, co che' v~n hanh thi tru'ong chll'ng

khoan; thong tin v~ d(>ng thai cung - c~u chung khoan va cac nhan t61ien quan

de'n thi tru'ong chung khoan ...

Nhanh chong nghien cU'u trlnh Chinh phii d€ hoan chinh Lu~t Chung

khoan nh~m te;to khung phap ly cho hoe;tt d()ng ciia Trung tam giao djch chung

khoan, te;tO Slf yen tam cho cac nha d~U tu' trong Va ngoai nu'oc.

60

V~ nhan llfc: Thi tntang chung khmin Vi~t Nam hi~n nay dang thie'u d9i

ngfi can b9 lam cong tac chung khoan c6 trinh d() cao, nha't Ut (J nhung co quan

hoc,tch dinh chfnh sach va di~u hanh thi tntang. Do d6 diy mc,tnh cac ho

dao tc,to la m()t trong nhung nhi~m V\1 tn.mg tam cua nganh chung khoan Vi~t

Nam trong thai gian toi, nh~m dap ung yeu cffu va t6c d() phat tri~n cua thi

tntang, nha't la trong b6i canh Vi~t N am chuin bi gia nh~p T6 chuc Thttdng mc,ti

The' gioi.

Thffng ke sff li?u: Hi~n nay tc,ti Vi~t Nam chua c6 t6 chuc nao th1,1'c hi~n

va cong b6 cac chi s6 v~ thi trttang chung khoan nhtt chi s6 beta cua tU'ng loc,ti

chung khoan, chi s6 l

cac nha dffu ttl' c6 them thong tin trong vi~c th1,1'c hi~n cac quye't dinh dffu ttl' thi

nen thanh l~p m()t b9 ph~n nh~m cung ca'p cac thong tin tren cua thj trttang chll'ng

khoan Vi~t Nam.

Dlfi vfli cl.lng ty niem yet:

Do gia tri thi trttang chiu anh httdng bdi gia tq n9i tc,ti cua doanh nghi~p,

trong khi d6 gia tq n()i tc,ti cua doanh nghi~p chfnh la ke't qua hoc,tt d()ng kinh

doanh cua doanh nghi~p d6. Do v~y d~ tc,to m9t gia tq thi trttang gia tang cua m()t

doanh nghi~p thi doanh nghi~p d6 trttoc he't phai tc,to cho minh m()t gia tri nl)i tc,ti

gia tang. Mu6n v~y thi doanh nghi~p phai t6 chuc hoc,tt dl)ng sao cho dc,tt hi~u qua

cao nha't, hoan thi~n h~ th6ng quan ly va nang 11,1'c cc,tnh tranh ...

Do'i vfli nha tliiu tll.~

Nha dffu ttt phai danh gia dung gia tq n()i tc,ti cua doanh nghi~p rna minh

mu6n dffu ttt vao. Mu6n v~y nha dffu ttt phai nang cao kie'n thuc, hi€u bie't cua

minh trong linh v1,1'c chung khoan, c~p nh~t va xu ly thong tin kip thai nh~m dtta

ra cac quye't djnh dung dAn.

V~ tam ly cua nha d&u tu: D€ c6 dtt

khoan Vi~t Nam trttoc va'n d~ tam ly khong 6n djnh cua nha dffu ttt trong nttoc,

trttoc he't cffn cha'p nh~n ml)t th1,1'c te' la "tam ly bffy dtu" v§:n c6 ch6 dung tren thi

61

h~n t~i Chicago (thi tru'ong ti6n t~ Ion nhfft the' gioi voi lu'<;5ng giao djch 1.500 ty

tntong. Bay Ia hinh thuc d~u tu' Ianh m~nh, t6n t~i kh~p ndi tren the' gioi. Ch~ng

USD/ngay), Solomon Brothers Ia "dicSm neo" cho 40% s6 nha d~u tu'- quye't djnh

cua nha tu' va"n nay se du'

nghi~m voi cac quye't djnh Iqp thoi deS c6 thcS vlfc d~y thi tru'ong. Va h~n che' vi~c

tru'ong chung khoan Vi~t Nam hi~n nay Ia thu hut nhung nha d~u tu' gioi, c6 kinh

tranh mua, tranh ban theo tam ly cua cac nha d~u tu' thl chung ta c~n phai phat

tricSn th~t nhi6u hang h6a cho thj tru'ong. BcS c6 hang h6a nhi6u va cha"t lu'

TTCK, c~n phai t~o moi tru'ong, di6u ki~n deS phat tricSn cac cong ty c6 ph~n v6 s6

4.3.3 H~n ch~ cua lu~n van

lu'

Bai vie't nay la nhung suy nghi bu'oc d~u cua ngu'oi vie't trong qua trlnh

tie'p C~n, nghien CUu v6 gia tq thi tru'ong va gia tq n(}i t~i CUa c6 phie'u du'

ye't tren thj tru'ong chung khoan. Do di6u ki~n v6 thoi gian va kha nang nghien

o

CUu, lu~n van nay con m(}t s6 h~n che' sau:

Vi thj tru'ong chli'ng khoan Vi~t Nam moi di vao ho~t d()ng tU' nam

2000 nen day s6Ii~u (C\1 thcS la MVA va EVA) sii' d1,1ng cho m1,1c dich phan tich

chu'a nhi6u nen ke't qua phan tich c6 thcS chu'a thcS hi~n he't quy lu~t cua thi tru'ong.

M~c du mo hlnh CAPM sii' d1,1ng trong vi~c tfnh ty sua"t l<;1i nhu~n

o

mong dqi cua nha d~u tu' da du'qc ung h() va sii' d1,1ng r()ng rai tren the' gioi. Tuy

4.3.4 Thay Uti ke't

nhien mo hlnh nay chu'a du'

vi~c xac djnh gia tq n()i t~i va gia tq thj tru'ong cua cong ty niem ye't, va c6 du'

Trong ph~n 1 da neu len du'

slf nh~n xet v6 m6i lien h~ giua gia tri thi tru'ong va gia trj n()i t~i cua cong ty

theo Iy thuye't.

62

Trong phffn 2 da cho tha'y nhfi'ng thlfc tr~ng cua thi tru'Cing chll'ng khoan

Vi~t Nam, va d~c bi~t di sau vao tim hi6u tlnh hlnh ho~t d()ng kinh doanh cua cac

cong ty niem ye't du'dng thCii thu th~p nhfi'ng thong tin cffn thie't

ph1,1c Vl,l cho Vi~c phan tich CUa d€ tai.

Thong qua cac s6 li~u thu th~p du'

gia tri n9i t~i va gia tri thi tru'Clng cua 5 cong ty du'

t~i phffn 3 cua d€ tai.

Va trong phffn 4, chung toi sti' dvng phffn m€m xti' ly s6 li~u SPSS d6

nghien CUu m6i quan h~ gifi'a gia tq n{)i t~i Vel gia tq thi tru'Clng CUa 05 cong ty

tai chung toi c6 m9t vai kie'n

tren, qua d6 du'a ra nhfi'ng nh~n xet v€ m6i quan h~ gifi'a gia tri n9i t~i va gia tri thi tru'Cing. E>dng thCii qua m6i quan h~ rut ra tu d€

nghi voi hy VQng thi tru'Clng chung khoan Vi~t Nam ngay cang phat tri6n. Tuy

nhien vi~c v~n hanh thi tru'Clng va quye't dinh dffu tu' cua cac nha dffu tu' trong thlfc

te' thu'Cing kh6 khan hdn so voi vi~c nghh~n CUu, xem xet va d€ xua't y kie'n. Trong

qua trlnh thl!c hi~n chung toi con c6 th6 xua't hi~n cac tlnh hu6ng moi chu'a lu'ong

he't du'

ddng nghi~p.

63

TAI L~u THAM KHAo:

Tie'ng Vi~t

PGS . .E>.~NG HAN: "Xac sufft th6'ng ke". Nha xufft ban Th6'ng ke

TS. PHAN THJ BfCH NGUY:f:T: "D~u tu tai chinh ". Nha xufft ban

HOANG NGQC NH!M: "Ly thuye't xac sufft va th6'ng ke toan ". Nha

PGS.TS TRAN NGQC THO: "Tai chinh doanh nghi~p hi~n d(;li".

HOANG TRQNG - CHU NGUYEN MQNG NGQC: "Phan tich du

T.S BlJI THJ KIM YEN: "Thi truong chung khoan". Nha xufft ban

T';t p chi Cong ngh~ N gan Hang - Truong d(;li hQc N gan Hang Thanh

1. nam 1996. 2. th6'ng ke nam 2006. 3. xufft ban Th6'ng ke nam 2003. 4. Nha xufft ban th6'ng ke nam 2005 5. li~u nghien cll'u voi SPSS ". Nha xufft ban th6'ng ke nam 2005. 6. GS.TS. NGUYEN THANH TUYEN - PGS.TS NGUYEN DANG DON (d6ng chii bien): "Thi truong chung khoan". Nha xufft ban th6'ng ke 2006. 7. lao d<)ng nam 2005. 8. ph6' H6 Chi Minh. 9.

Trang web ciia cong ty chung khoan, cong ty niem ye't ... o o o o o o o

http://www.vcbs.com.vn http://www.stockmarket.vnn.vn http://www.bsc.com.vn http://www.ssc.gov.vn http://www.reecorp.com http:/lhttp://www.transimexsaigon.com http://www.investopedia.com

"Investments-Analysis

FRANCIS:

CHARK

Tie'ngAnh 10. a11d JACK Management". McGRAW-HILL INTERNATIONAL EDITION- Finance Series

Ph1;1 L1;1c - Trang 1

Nam 2000

Nam 1999

Nam 2001 .............. ·--·-·---~~-~ 2002

- - - - · · - ·

- 21.241.689.000

1.175.040:9.Q_Q _________ ........ _____ .......

.

-···-·-···----·-----···-

··---·-·---··-·-··-··

544.200.308

787.530.000

1.602.256.000

2.117.072.000

--·----··

3.886.045.000 2.305.866.000 -·-

f-----'c:...:c:...___;_: _

· - · - · - · - - 1 - - - - - - - - ..

___,_ __ ___ - t - - - - - - - -1 - - - - - - - - t - - - - - · - · -·------··--·-

-

- 158.164.832.000 3.828.495.119

F-=-..::....:.....:r-=-~,..=...-::=:...:.:...::...=-'---t--:..:c.::;:____:___;_......:___'-+-__;_:..:.....:c...;...:...:....c:..:.....:....:...~.....:.._:._:..:..::_:......::...:.:........:....:.~.-·

200.000.000 18.824.006.000

N:!~l003 ----~am 2004 --·----~am 2005 143.624.782.000 191._35_3.515.Q_Q_Q2..,Q6.2~8.3~_0.QQQJ2~..:307.028.00Q_l~8.8~.:!::417.0QQ13~:068.~57.J}_6 .1_?._!_:979~839.877 46.003.987.000 24.224.456.000 50.087.490.000 25.333.281.000 15.822.450.000 10.848.202.430 160.779.165.356 ---·---·---··-·-·--·-··--·-r---·---·-·--·--------1 - 16.236.100:QQQ ___§_:_280.0Q_0.009_ . ...?·0_30.000.0Q_Q 51.230.883.000 67.720.691.000 69.438.157.000 65.718.199.000 89.236.228.000 64.901.288.724 52.567.215.371 - - - - - - - - - 1 45.602.382.000 76.564.423.000 83.410.571.000 103.369.503.000 65.253.773.000 52.494.666.334 100.703.459.150 ······-·---!--------- ·--·····------""""1 - - · - - - - -1 68.802.152.000 80.112.923.000 136.948.610.000 265.615.148.000 290.508.766.119342.800.593.873 456.140.316.079 - 50.145.427.000 53.570.631.000 92.984.248.000 56.072.959.000236.456.018.000227.739.642.532 243.226.934.764 18.656.725.000 26.542.292.000 43.964.362.000 51.377.357.000 50.224..:~~~.000 115.060.951.341 211.703.346.940 1.210.034.375 212.426.934.000 271.466.438.000 343.176.940.000 463.922.176.000 479.363.183.119 479.868.951.669 777.220.155.956 - - · · - - - -1 - - · · - - · · - - - - - - 1 - - - - - -1 -- 37.600.877.00C 87.779.276.000 86.271.307.000 19~.173.645.00Q 192.600.552.119177.502.620.716 272.037.084.645 37.600.877.000 87.779.276.000 79.271.307.000 118.874.547.000106.227.108.000 95.169.982.954 204.237.057.714 3.860._Q_10.000 25.727.339.984 60.400.000.000 15.300.000.000

.

.

.

-·-

-

-

!----------·-

.....

.

.

·--····-··--·--···-.

----

- -

··-----··--········-·--·---·-,....-·--·---- - -

___ ___::_ ·-----·-··----·

---·

-

-

46.784.532.000 55.864.922.000

Bam! PL 1 - Ban!! din dol ke' toan cua REE TAl SAN A.. Tai san ngjn hl;lQ.______ Ti€n r - - - - - - - - - - - - - - r - - f)~u tu'tai chfnh ng~n h?n - - r - - Cac khoan phai thu 1-----__...__--------+-----~--------- ·----··-· Hang t6n kho Tai san ng~n h1;1n khac f-------'·- ~- Taj scm dai ht;m IT'ai san c6 dinh ~~u tu' tai chfnh dai h1;1n lrai san dai hl;ln khac [ONG CQNG TAl SAN ~GUONVON 1------------+-------r----_,_______ ~- Nqphai tra [. Nq ng~n h1;1n Vay ng~n hl;ln No dai han de'n han tra Phai tra cho ngu'oi ban Nguoi mua tra ti€n tru'oc -'· Cac khoan phai tra khac II. No dai han - !B. V6n chu sa hii'u ~- V6n chu sa hii'u l - - - - - - - - - - - - -+ - - - - - - - - -1 - - - - - - -+ - - - - - - - - · - - - · · - - - · - - - - - · IV6n d~u tu cua chu sa hcru 1------------ lfh~ng du' v6n c6 ph~n ILCJi nhu?n chua phal!_ph6i IU. __ Ngu6n 9E_Y" khac,., [ONG NGUON VON

- - - - - - - - - · - · · - - - - - - -1 4.336.768.000 29.628.567.000 43.991.620.000 59.527.404.000 29.052.4,~7..:.9..9.0 26.624.620.108 38.382.321.122 10.565.490.328 72.897.390.287 5.478.785.000 12.588.338.000 14.854.187.000 - · - - - ·--··----·--·-----------·- -···---··· 27.785.324.000 45.562.371.000_ 20.225..:500.000 4.0.523.137.0QQ2_~.0~_:!..:§:!.LQ_Q9 _1_~.252.~_32.~~4 __ 32.157.346.391 7.000.000.000 73.299.098.000 86.373.444.119 82.332.637.762 67.800.026.931 ··--·-···-··-·-----1 174.826.057.000 183.687.162.000 256.905.633.000 271.748.531.000286.762.631.000302.366.330.953 505.183.071.311 ·- 128.041.525.000 127.822.240.000 256.211.149.000 251.090.888.000 254.119.894.000301.335.277.526 505.188.522.296 - · · - - - - - - - - - - - · · 128.888.054.ooo 128.888.o54.ooo 219.378.2oi.ooo 225.ooo.ooo.ooo 225.ooo.ooo.ooo 225.ooo.ooo.ooo 282.155.24o.ooo ·- - 107.450.000.000 (846.529.000) (1.065.814.000) 36.83~.948.000 26.044.246.000 ~9.119.§.2!..9..00 37.80l.J6l:~- 50.8_32.1_22.581 694.484.0_QQ ___ ~9..:.:Z..01.:~~5..:000 32.6~~.737.000 39.565.1§9.3?.1_§4.~45.J08}30 212~426.2_34.000 271.466.438.000 343.176.940.000 463.922.176.000 479.363.183.119 479.868.951.669 777.220.155.956

Ph1;1 L1;1c - Trang 2

Nam2000

Nam 1999

Nam2002

Nam2001

Nam2003 ---~~m .~004

-·

- - - - - - -- - - - - · · · - ·

Ban!! PL 2 - Bao cao ke't ami kinh doanh cua REE ~ET QUA HO~T DONG KD Doanh thu

. ··--·--·--··

Nam2005 _ .... - · - - · - · - -.. ·-·--·-·-···-·--···--·- --··-··---··--·--.......... __ ..,_ ---·---·····--·-···-" 187.456.981.000 231.781.031.000 322.451.214::.9.9..9 ~2~.1 00:?.?.4.000 387.855.643.000 377.739.260.000 399.684.060.000 ~ .. ,_.. 2.075.207.000 6.599.213.000 10.603.016.000 13.292.020.000 15.628.303.000 13.927.188.000 12.327.127.000

C

··---

· - -- -.. · - · - - - - -- - - - - - ·

Doanh thu thufin

---·--

··-----·

Gia v6n hang ban

185.381.774.000 225.181.818.000 311.848.198.000 ~11.808.?]4.000 372.227.340.000 363.812.072.000 387.356.933.000 · · - 140.529.878.000 164.453.425.000 237.621.370.000 336.825.420.000 264.4}9._233.000 243.663.891.000 244.395.882.000

----·- ------··

LQi nhu~n g()p

44.851.896.000 60.728.393.000 74.226.828.000 74.982.814.000 107.788.107.000 120.148.181.000 142.961.051.000

Doanh thu ho?t d()ng tai chlnh

__ ,, __

-·-·--··-· _,

··-·-·-··

-

151.820.000

95.308.000

526.863.000

~hi phi tai chinh

""

·-

·-

lfrong d6: Chi phllai vay

7.789.322.000

~hi phi ban hang

6.498.593.000 3. 763.566.000 13.376.849.000 8.985.358.000 9.207.064.000 9.048.595.000 18.282.645.000 -- -· 796.902.000 9.967.237.000 11.943.905.000 9.435.229.000 - - - - · - - - - - - - - - - - --- 3.772.537.000 5.584.968.000 8.626.870.000 7.238.396.000 10.158.710.000 9.469.059.000 12.116.600.000

15.302.557.000 24.133.336.000 29.744.331.000 40.632.830.000 49.323.335.000 43.604.784.000 53.070.477.000

1---·

- -

32.180.087.000 34.621.835.000 48.705.613.000 35.300.044.000 47.545.889.000 64.179.028.000 86.621.390.000

~hi phi quan ly doanh nghi~p ILN thufin tit' ho?t d()ng kinh ~oanh

570.506.000

1.818.000 2.684.990.000 1. 770.029.000 1.082.591.000 1.036.175.000

lfhu nh~p khac

1.220.000

68.807.000

'"

Ghi phi khac LQi nhu~n khac (40 = 31-32)

60.369.000 598.000 2.616.183.000 1. 709.660.000

160.598.000 921.993.000

191.866.000 844.309.000

5.649.836.000 570.506.000 (5.649.836.000)!

.

·-.

9.385.049.000 6.382.982.000 5.483.569.000 2.347.381.000 10.065.150.000 8.454.545.000 12.971.427.000

T6ng ldi nhuan tntoc thue' . ___, Thue' thu nh~p doanh nghi~J?.

32.180.685.000 37.238.018.000 50.415.273.000 36.222.037.000 48.390.198.000 64.7 49.534.000 80.971.554.000 - - - -r------· .. · · - - - -_, ........ , .. _______ _ ,_ ,_ , ___ ...

Phfin hun thi€u so'

222.540.000

52.675.000

2.332.000

(62_~.39_5.000)

( 427 .210.QOO)

31.343.000

151.292.000

·-·--.. --

-

LN san thue' thu nh~p DN

23.018.17 6.000 30.802.361.000 44.934.036.000 34.301.866.000 39.021.443.000 56.263.646.000 67.848.835.000

So' c6 phie'u htu hanh

22.500.000

22.500.000

22.500.000

22.500.000

22.500.000

22.500.000

""

---- -·-·---·-·

1.368,99

1.997,07

1.734,29

lfhu nh~p m6i c6 phie'u (BPS)

2.500,61

28.215.524 - - - 2.404)66

1.023,03 -

607

792

~6 tUc (DIV)

1.524,~1 ---·-···· 700

900

1.300

1400

·--· ---·-

·---

--

8.164

11.418

lfhu gia

7.770

12.745

13.439

12.078

17.904

Phl;l Ll;lc - Trang 3

Bang PL 3 - Bang_ can do'i ke' tmin ciia TMS

\TAl SAN

Nam 2002

Nam 2000

Nam 2003

Nam 1998

Nam 1990

Nam 2001

Nam 2004

lA. Tai san ngiln h~n

- - - - - -

· · - - - - - - - - -·---·-·······--·-·-··· ·-----···········---·····-

77.716.409

344.078.742

115.846.891

75.108.119

63.086.156

63.763.231

-·---·-·- · - - - - - - ·---·

I

-··---··---- ··-·----------·--·-----····----·- ·--·

\Ti6n lcac khoan phiii tht! Hang t6n kho ITai san ngiin h~n khac lB. Tai san dai h~n 'Tai san c6 dinh . le~u tu' tai chinh dai h~n Tai san dai h~n khac

Nam 2005' 44.680.198.454 42.273.511.848 44.188.528.769 2l~i"s7.2S7.345 36.727~·978.679 34.27J·:474.89J·---24.574.193.631 -47.302.805.539 -··-·-·····-··--·-....... ··-·-----··-·--·-·-- ··-·--·-··--··-··---·--- 30.143.693.977 31.390.734.19222.724.059.353 14.078.427.931 22.575.138.822 27.017.490.412 19.951.916.378 38.150.531.421 12.909.966.387 8.479.847.626 8.346.742.120 __ l:_~07.0Q7-~-~~Ji~113...:~56.3_i9 -~~74_~}47.8.63 ---~447.093.1~2 2.:844.974.977 1 359.722.410 1.285.368.427 --··--1---·--- I 1.548.821.681 2.339.166.799 13.054.641.140 3.426.?_14._280 ·---~:.~23.636.62~ ····-~1_64.55_!_:_~?:1,:_1:.~15.46_~:65! .. __ .... -~!:230:714_. 12.257.710.879 22.878.863.307 36.792.547.123 45.224.4~_4.211 62.522.289.851 62.666.?61.210 --~3.882.024.583 <;)_7.393.916.692 11.967.696.879 18.875.318.347 31.802.328.723 32.139.787.224 57.531.289.851 54.785.164.875 55.680.707.609 62.187.032.341 ··--· ·--·---·---- 4.994.800.00_9 -~=-994.800.000 3.206.516.974 ___ 212.084.351

290.014.000 4.003.544.960 4.990.218.400 13.084.646.?,87 4.944.800.0QQ _j_:.?.94_.800.000 46.200.000 2.886.796.335

-

-

-

-

!TONG CQNG TAl SAN

-

- 137.184.257

1 56.937.909.333 65.152.375.155 80.981.075.892 66.411.691.556 99.250.268.530 96.938.236.101 88.456.218.214114.696.722.231 I ·----~------1 37.243.664.458 35.927.032.456 50.178.607.358 32.041.359.066 58.825.074.890 48.834.570.415 31.252.204.071 31.784.826.501 - 37.240.884.458 35.917.916.456 44.209.236.223 27.562.794.811 42.062.568.623 37.590.445.528 25.502.077.954 30.040.700.494 1.487.198.880 1.487.198.880 5.120.198.880 5.491.198.880j 85.963.997

- 43.040.564

135.228.036

544.149.803

40.335.256

~--4.004.000.000 805.933.990

161.974.576

---

-----~·-·

. ---·=

1 37.103.700.201 35.712.901.316 42.586.809.307 26.035.260.675 36.398.219.940 32.013.282.651 25.502.077.954 25.230.766.504 9.116.ooo 5.969.371.135 4.478.564.2ssl6.762.~_o6.~~?._l!}44.i-~1.8~?.. -- 5.7~o.1}6.!1_?~_1.7:1.:~-126.o_o7

-··-!-----··---

·-··--

·-r-··-·

5.948.795.520 4.461.596.640 16.725.714.967 11.234.516.087 9.608.800

2.18o.ooo - 2.780.000

- 9.116.000

16.967.615

36.791.300

20.575.615

·---··---·-

.

-

-

··--·-

--!----------

----

-

-

rGUON v6N lA. N

·------·--!-------··---···-----··-

.

.

~------------_;,;ji

A

II. Quy khac CQNG NGUON VON

7.531.063.630 6.670.426.664 4.693.282.1961 5.329.162.7471 5.722.851.7031 5.843.823.207112.390.899.7361 7.531.063.630 56.937.909.333 65.152.375.155 80.981.075.892 66.411.691.556 99.250.268.530 96.938.236.101 88.456.218.214114.696.722.231

Phl;l Ll;lc - Trang 4

I

Nam 1998

Nam 1999

Nam2000

Nam2002

Nam2003

Nam2001

Nam2004

Nam2005

-

61.781.700.005 57.263.634.362 71.658.156.429 68.260.794.719 77.984.427.102 118.614.244.953 129.002.761.350 128.751.249.546

--···--·-------·-···- __________ ,, __ --------··- --·----··----r---· ____ ,, _______ !--·················-···-·-·--·-....... _ .... -··---······-........... ,,, ____ ..... ..... --···--·--·-.. ·-····-·-···-··-······"''""''''' ---······-·· ... ··----···--·---· ··---··---·-·-.. ·--···-

1.830.256

I

!--··--·----

--·····-·---·--

Doanh thu Cac khoan giam tru Doanh thu thu~n

-----------------·· 2. 772.429.486 59.009.270.519 57.263.634.362 71.656.326.173 68.260.794.719 77.984.427.102 118.614.244.953 129.002.761.350 128.7~_!.249.5~

-·-·····-- _____ ,_, ___________ ,,,,_,,, _ _ , ............. _____ -·-·--------·-- -------·-·---·-

Gia v6n hang ban

·------!----··

L

----·------- - · - - - - - 59.009.270.519 57.263.634.362 71.656.326.173 68.260.794.719 77.984.427.102 118.614.244.953 129.002.761.350 128.751.249.546

915.440.386 1.228.176.677 1.180.282.102 1.331.480.556

Doanh thu ho~t d()ng TC

4.569.107

174.280.710

Chi phi t~ti chinh

1.384.978. 790

259.796.608 1.240.665.604 -··-··-·-·---··-·····-f-------···----·· ·-------·------- 575.768.952 1.542.683.548 1. 722.984.056

1.228.375.395 2.213.204.199 · - · - - - - - 867.761.305

-------·---- _,_, __

1.541.756.605 1. 722.984.056

1.279.436.442

808.709.021

Trong d6: Chi J2hi Hii vay

4.036.862.197 4.333.392.321 5.475.044.381 5.169.886.331 5.602.826.520 7.014.783.002

45.723.269.676 46.633.071.475 59.016.154.777 55.183.804.347 60.158.517.169 95.737.265.454 104.846.940.797 100.066.563.724 - - · - - - - 8.107.334.632 10.398.485.041

·--

Chi phi ban hang Chi phiquan ly DN LN thuh tit kinh doanh

·------ ---·

85.395.441

241.010.219

566.348.383

Thu nh~p khac

10.164.579.032 7.520.778.136 8.171.128.407 8.662.815.645 10.940.196.473 15.379.878.045 15.891.882.526 19.631.643.675 - - - - 735.636.430 ---- 51.012.092 438.320.611

4.000.000

Chi phikhac

109.401.955

29.995.564

360.172.972

-4.000.000

85.395.441

735.636.430

131.608.264

536.352.819

78.147.639

L

-

51.012.092 ··-

LN ke' toan tntoc thue'

10.164.579.032 7.516.778.136 8.256.523.848 9.398.452.075 10.991.208.565 15.511.486.309 16.428.235.345 19.709.791.314

-

-·

4.741.107.104 2.572.415.551

1.936.444.955 2.256.027.284 ! - - · · - - - - · -

- -- ·-----···-···--·-··--1---------- _ , , _________________ 3.665.933.495

Thue' thu nh~p DN Ph~n hun thi~u s6

- -----·-·---------· -·------1-------- 5.423.471.928 4.944.362.585 8.256.523.848 9.398.452.075 10.991.208.565 11.845.552.814 14.491.790.390 17.453.764.030

+--

r-----··

N/A

N/A

2.200.000

2.200.000

2.200.000

3.309.520

4.290.000

LN sau thue' thu nh~p S6 c6 phie'u niem ye't

NIA

N/A

3.753

4.272

2.200.000 - · - - - · - -!---·--··--·---·---- 3.715

3.935

EPS

4.379

-·----··-

--

N/A

1.800

1.800

c6wc

1.650

NIA ·-

1.300 ··--·-· ·-·-·-· 14.473

Thu gia 1 c6 phie'u

14.001

15.623

2.200 ..... 15.086

17.285

4.068 -···--·- 1.500 ------r - - - - - - - - - 19.327

- - ·

-

- - - -

Bam! PL 4- Bao cao ke't oua kinh doanh cua TMS

Phl;l Ll;lc - Trang 5

Bang PL 5: Bang_~~n do'i ke' tmin ciia cong ty SGH

.

Nam 2001 1.·-----~am ~QQ.~~

Nam 20.9.?._j_ __ . __ .~am_200~-~-·---Na~~005_

'

?

TAISAN

·--·

--·-·

-

- --·-----.. ·------·------·

---·-·-.. - - -

~

.

·--·--

1 A. Tai san ngan h~n Ti€n va cac khoan tu'ong duong ti€n Cac khoan dffu tutai chfnh ngan h~n _ Cac khoan phai thu

-

-

-

A

'

?

N

6.159.028.360 519.992.234 3.086.631.000 1.757.656.797 120.050.862 674.697.467 I 16.655.582.923 I 16.305.694.123 I 335.000.000 14.888.800 22.814.611.283 Nam2000 1.471.001.335 1.360.355.254 110.697.019

·---

110.697.019 r

-·1.439.085.0751

1 Hang t6n kho Tai san ngan han khac B. Tai san dai h~n Tai san c6 dinh Cac khoan dffu tu tai chfnh dai h~n Tai san dai h~n khac TONG CQNG TAl SAN NGUONVON A. Nq phai tra I. Nq ngan h~n Phai tra cho nguoi ban Nguoi mua tra ti€n tru'oc Cac khoan _12_hai tra khac

1.249.658.235

I

- - · - - - 7.774.524.58~-... -~17.~47.837_ 8.986.72~.1~..Q. - · 7.889.231.595 1.180.360.171 4.225.171.169 1.297.147.421 2.373.807.958 ·-·-------.. ·- 3.340.996.500 ______ _:_ 3.340.996.500 3.840.99§..:..~9..9 .. _. __ , ___ ,,, , _____ ,_, ______ , ___ , ____ , __ , __ , - · - · - - · - - - · - · - 2.390.353.020 3.087.265.521 3.088.326.630 2.472.153.499 120.778.177 135.056.105 105.372.294 127.782.759 ------ ----·-- 34.978.285 30.846.292 194.397.679 180.945.471 - - - - - - - - ----·---·- - · - - "M " ____ ........ 16.786.654.475 16.476.126.490 15.154.959.595 17.962.998.427 -· 15.163.861.245 14.088.883.243 15.556.461.983 14.678.162.939 335.000.000 685.000.000 510.000.000 560.000.000 -- 752.265.245 731.076.352 1.721.536.444 1.598.491.536 24.141.687.525 24.880.246.264 24.561.179.064 24.365.358.085 Nam2000 Nam2000 Nam2000 Nam2000 2.039.140.700 1.699.725.853 1.709.441.514 1.481.598.500 - - - - - - - - - · 1.709.441.514 1.318.540.003 1.549. 782.094 1.915.316.320 - - · - - · - - - - - - · - - , ___ ,,, ____ , 110.697.019 110.697.019 110.697.019 57.509.141 32.805.408 - 1.541.235.354 1.175.037.576 --·-----

1.804.619.301 - - - - - ~4.380

~4.380 - - 546.825

Ph\l L\lC - Trang 6

Ban2 PL 6: Ke't oua kinh doanh cua SGH

... _ -·--·--·-.. ---------- _ , , __

--

·-·-- --····-------"

_,_,

-~-.

....

.

-·--·--·-----I---

Nam2001 11.081.225.957 572.577.058 -- 10.508.648.899 -- 6.352.742.575 4.155.906.324 220.870.341 251.451 1.762.414.278 330.178.725 2.283.932.211 5.385.000

· - - - - -

5.385.000 2.289.317.211 732.581.508

Nam2002 12.828.673.593 ·-··--··--·· 677.760.326 ·----- ·-···---.... -.. ------· .. , __ -·--------- 12.150.913.267 7 .034.030. 785 -- 5.116.882.482 298.528.898 902.610 ·----·----·· 1.808.499.170 450.738.976 3.155.270.624 1.411.196.297 1.259.273.439 151.922.858 3.307.193.482 793.726.435

13.279.654 3.091.816.500 649.281.465

9.098.599 3.587.865.669 1.032.130.660

Nam2003 Nam2004 Nam2005 - · - "----·-----·- _,,,,, ____ ·-······-·--- ··---· .... ·-·----·--··---··-····--·-· ·---·--··----·-····-·---··-·- 11.488.034.434 13.857.897.356 16.626.952.490 204.454.774 607.625.451 214.282.027 ---·-·---·----- c---·---·----- ..... _ ·-----·--· .. ·---·- 10.880.408.983 16.412.670.463 13.653.442.582 6.690.905.270 8.885.256.309 7.486.756.045 -- ---··--·------·-·- -·-·-------··-·- 4.189.503.713 7.527.414.154 6.166.686.537 -·-·-·---.... --··-·-· '----.. - - - - - - - - · - 348.163.681 488.511.430 359.022.083 -·---- ---- -·--- 695.276 673.380 607.300 ------- - - - · - - - - " - · - · - - - - - - 2.295.193.859 1.846.994.316 2.971.600.715 511.058.221 1.151.304.535 1.464.950.499 2.178.919.581 3.578.767.070 3.078.536.846 193.378.572 9.098.599 13.279.654 -·---- 64.465.758 128.912.814 2.307.832.395 456.781.064 ----

Doanh thu ban h~mg va cung cffp clich V\1 Cac khoan giam trit Doanh thu thufrn Gia v6n hal!$ ban Lng tai chlnh Chi phl tai chlnh Chi phl ban hang Chi phl quan ly doanh nghic$p Lng kinh doanh Thu nh~p khac Chi phl khac L

--·

2.513.467.047 1.766.300

1.851.051.331 1.766.300

,_, _____ , _____ ,

...

-

---

..

nghi~p s6 c6 phie'u h.tu hanh EPS DN Thugia

1.556. 735.703 1.766.300 881,4 650 12.084

... -'--- 900 12.513

600 12.832

2.442.535.035 1.766.300 -··------·---. 1.423,0 _____ _1_.04?,_?_Q _ __ , _____ .!,}82,9- ·---··-- ____ ,_, 850 13.067

2.555. 735.009 1.766.300 -- 1.446,9 1.000 --·--·--- 13.118

-

- -

- - - - - - -

- -

-

- - - - - -

?

A

do'i ke' t ,

~

tvTRI

Nam 1998

Nam2002

Nam2000

Nam2001

Nam 1999

Nam2003 --~~11?- 2004

-- --------:-----·----- - - - • - •H • - - • • • • - -.. -·-----·- - - - - - - - - - - ··-·-·--

180.000.000

180.000.000

-

1.350.000.000 ---·----- -

-

---·-.. -· ..

-·-·---·-

_ .....

- ···------ - - - - - - - · -

---

- - - - - · -r-------··-

I

140.000.000 2.690.000.000 1.940.000.000

330.000.000 1.011.695.339 1.123.053.882

r--·-·· r---·-·---- -----

· - - -·

---·

-

· - · - -

591.199.993

362.771.459

188.599.989

20.000.000

-

Nam2005 - - · - - - - - 38.530.000.000 38.920.000.000 53.280.000.000 ~~~~Q.OOO.OOO 64.112.969.021 90.932.175.871 99.673.933.295 117.787.903.941 - 690.000.000 5.960.000.000 6. 700.000.000 2.805.365.801 29.905.540.658 15.379.081.239 9.298.587.233 --·-----·--··--.. -·----·--·--·-.. - - --·-····--··--·---- -·--·--········-···-- -----·-----·---- ·- - 70.000.000 --·-----· - · - - - · - · - -· · - - - · · - 30.060.000.000 27.250.000.000 31.850.000.000 38.240.000.000 ~4.546.324.404 44.281.200.344 56.796.074.713 78.983.923.7~ 6.980.000.000 8.290.000.000 13.350.000.000 12.970.000.000 15.679.583.477 15.622.380.987 26.664.501.890 28.255.170.415 834.275.453 1.250.222.5071 26.850.000.000 25.190.000.000 20.510.000.000 28.520.000.000 29.567.709.564 36.340.841.326 32.723.265.869 31.785.375.195 14.230.000.000 13.020.000.000 8.570.000.000 18.280.000.000 18.726.509.571 25.902.241.337 22.110.494.410 21.353.989.454 12.620.000.000 12.170.000.000 11.940.000.000 10.220.000.000 10.250.000.000 10.250.000.000 10.250.000.000 10.250.000.000 181.385.741 65.380.000.000 64.110.000.000 73.790.000.000 86.940.000.000 93.680.678.585 127.273.017.197 132.3~_7 .19,9.164 149.573.279.136 - -

·- ---------·- --·--- - -·

..

-

20.000.000

-

·-

.........

--·--·--·

---·-- --···---

-·

840.000.000 3.730.000.000

4.310.000.000

--·- 2.540.000.000

- · · - · · - - - - -

r---------·--·-- ·-

.

---··

880.769.840

-

-

-

-

-

-·---·--·· - ·-··---·--... -·--------·-- -·----·----· - - - - · -·--·--

870.000.000

·--··--··-··--· - - - - -____ ,_, ___

38.520.000.000 34.350.000.000 35.950.000.000 32.310.000.000 39.394.881.019 64.188.439.408 70.258.095.420 87.710.900.667 38.520.000.000 30.040.000.000 32.570.000.000 28.580.000.000 33.908.657.738 51.325.983.824 62.279.148.001 78.058.259.851 18.960.000.000 9.580.000.000 10.170.000.000 1.500.000.000 7.500.000.000 27.003.183.355 104.569.261 12.010.000.000 14.860.000.000 18.420.000.000 19.520.000.000 18.679.627.440 32.984.354.087 41.278.177.469 30.861.283.147 7.550.000.000 711.010.700 5.600.000.000 3.980.000.000 7.540.000.000 7.729.030.298 18.341.629.737 21.000.970.532 19.378.213.388 - 4.310.000.000 3.380.000.000 3.730.000.000 5.486.223.281 12.862.455.584 7.978.947.419 9.652.640.816 2.015.197.975 ··- - - · - - · - - - - -····--·--···--·-- -·-----···-·-·····-···-- -·-------···-- - - - - - - · - - 5.486.223.281 12.862.455.584 7.978.947.419 7.637.442.841 f--·-------- - - - - - · · · - · · - - -------- -·-----·--- 26.860.000.000 29.760.000.000 37.840.000.000 54.630.000.000 54.285.797.566 63.084.577. ?~ 62.139.103.744 _§_1.862.378.469 r-------- 26.860.000.000 29.750.000.000 36.720.000.000 52.590.000.000 ~8.946.496.563 57.703.222.819 61.478.094.052 61.667.304.358 · - - - --···--·-·--.. ·-- - - · - - - - - 21.460.000.000 22.400.000.000 27.400.000.000 37.903.000.000 37.903.000.000 45.483.600.000 -· 45:~83.609.:000 45.483.600.000 -- 880.769.840 r--· 4.530.000.000 6.460.000.000 8.090.000.000 12.487.000.000 11.152.670.693 12.219.622.819 11.073.074.005 10.976.893.938 ---· r---· 900.000.000 2.350.000.000 4.240.000.000 5.230.126.873 5.381.354.970 4.701.659.899 4.521.114.691 65.380.000.000 64.110.000.000 73.790.000.000 86.940.000.000 93.680.678.585 127.273.017.197 132.397.199.164 149.573.279.136

Ban!! PL- 7: B? l.rAISAN A. Tai san ngAn h~n . Ti~n B~u tutai chinh ngiin h~n Cac khoan phai thu Hang t6nkho Tai san ngAn h~n khac B. Tai san dai h~n Tai san c6 dinh ~h tu' tai chinh dai h~n tfai san dai h~n khac [ONG CQNG TAl sAN ~ """' NGUONVON ~. N

Phv Lvc - Trang 7

Phl;l Ll;lC - Trang 8

Ban2: PL - 8: Ke't oua kinh doanh cua TRI Nam 1999

Nam2004

Nam2003

Nam2000

.

Nam2001 .

.

---

110.000.000

3.940.000.000

200.000.000

2.963.664.288

7.196.165.962

-- ·----

--··--.. -

.

..

--- --··-·-·-·

-·----.. -·

___ ,,_, ____ ,

-!----.. ----·-.... ·-·

. ··------·--

3.660.000.000 1.040.000.000

2.160.000.000 1.890.000.000

1.131.559.512 183.993.962

---· ·--·-----··-

785.171.496 10.527.281.848 ·----·---_,_ 905.940.095 623.531.478 --- -·------·····-------- _,,_,_, __ ,_ , __

13.690.000.000 28.680.000.000 31.870.000.000

9.900.995.947 19.043.974.943 10.304.837.330 1.712.356.147 1.810.667. 782 . -·---------

- -- -·-·

.....

2.870.000.000

1.712.356.147

-

- · - -..

4.548.360

,, __ ,_

-

~.906,53 1.000

- - - - · - - - - · - - -· Doanh thu Cac khoan giam tru Doanh thu thu~n Gia vo'n hang ban ~<;fi nhu~n g()p poanh thu ho~t d()ng tai chinh ~hi phi tai chinh !Trong d6: Chi phi 1ai vay ~hi phi ban hang rhi phi quan 1:9 doanh nghi~:e__ 9.070.000.000 (1.010.000.000) ~N tit ho~t d()ng kinh doanh 2.610.000.000 lfhu nh~p khac 1.460.000.000 Chi phi khac LQi nhu~n khac (40 = 31-32) 1.150.000.000 LN truO'c thue' 140.000.000 - Thue' thu nMp doanh nghi~p Lqi nhu~n sau thue' 140.000.000 So' c6 phie'u htu hanh N/A N/A EPS N/A ])IV

·-· -·-·-----·--·-·--- _, __ ,,_ .. ,, ___ ,_ , __ ---·---- Nam2002 Nam2005 ·--- -·-·-·-------__ ,, .... , .. , __ 72.660.000.000 137.430.000.000 170.790.000.000 186.225.457.752 224.870.965.753 270.729.931.271 315.416.326.950 -·-·---·--·-·---------····------ _,_,,, ........... ,, ___ , ___ ,,,, --.. - - - - · - - · · 358.948.170 8.965.642.213 -··- -·-· .. -·---·------- .. -......... --.. 72.550.000.000 137.230.000.000 166.850.000.000 185.866.509.582 217.674.799.791 267.766.266.983 306.450.684.737 - -- --·- . 53.490.000.000 93.290.000.000 114.880.000.000 126.198.107.145 153.500.852.355 191.118.479.485 227.482.934.446 --··----···---------·- ..... _ 19.060.000.000 43.940.000.000 51.970.000.000 59.668.402.437 64.173.947.436 76.647.787.498 78.967.750.291 2. 730.000.000 843.540.394 - - · - - - - - - 40.000.000 1.353.372.957 - · - - - -·-·---.. · - - - - 1.194.355.212 - - -- - - - - · - - 38.430.752.142 42.213.534.304 53.205.176.671 58.585.972.044 - 8.120.000.000 10.950.000.000 11.215.885.749 12.820.188.559 14.085.339.047 13.286.494.510 7.410.000.000 11.770.000.000 6.585.451.174 -- 2.870.000.000 1.547.529.072 304.891.791 1.410.000.000 19.677.982 130.000.000 374.636.562 1.280.000.000 285.213.809 1.172.892.510 1.810.667.782 8.690.000.000 14.640.000.000 10.186.209.756 20.756.331.090 12.115.505.112 7.758.343.684 1.514.606.697 3.126.653.492 1.667.990.169 2.050.536.231 2.100.000.000 3.650.000.000 - -- 5.707.807.453 8.988.851.620 8.671.603.059 19.088.340.921 6.590.000.000 10.990.000.000 N/A 4.548.360 4.548.360 4.548.360 N/A 1.254,92 1.976,28 4.196,75 N/A 1.500 1.620 1.000

NIA NIA NIA

Phl;l Ll;lc - Trang 9

?

...,,

Nam 2000

Nam 1999

. ~!!!! .. ~_QQ~I---·-- ~am }00.~.--.. ·-- Na!!!)OO~r--

.

797.000.000 -

:. ____ ....... - .... -= ·--------.. -

_

5.750.000.000 2. 774.000.000 4.843.000.000 3.805.000.000

.2_.482.000.000 __ .~1..:.22.!..·336~:?...?...§ _ _}_5.960.1?8.~41 8.352.229.091 4.144.000.000 3.927 .59_0.60_§ _2.856.459.269 3.513.576.161 4.99?._:QQQ.Q.QG 4.332.000.000

10.221.000.000 10.948.000.000 ~§~_02,7.000.000 7.067.643.182_ 9.830.4§6.267 4.910.000.000 707.000.000 4.849.000.00G 4.420.000.000

1.026.274.241~ 2.653.335.052 3.049.000.974 __ 2,.464.385.4101

]88.949.§42_

660.009.000

5.183.923.69~ _iQ§Jl.849.726r--}.222.2_~0.616 3.859.2Ql.719 4.645.295.127 173.949.642 ._ .. ___________ .. 230.648.007

1.038.000.000

429.000.000

538.628.570

r----·

...

Nam 2000

Nam 2002

Nam 1999

Nam 2001

Nam 2003

___ , ___ , ___ ,_ Nam 2004

452.261.146 3.20,1.967.444 - · - - · - - 11.746.216.790

6.164.954.2?_~~?76.?_27.717_2..:633.2?4.0!:1:

Bang Pf: 9: Bang can ~o'i ke' tmin cua BTC:-.---------·-·- ----·-·-·--·--·-----.. -·-.. ·--·-....... ----·---.. --.. -·--·-.. ·--- __ ,_, ___ .......... _. ___ ·--.. --·-.. ·-----.. -· ·-----------·-- ,.._AI SAN Nam 2_9051 . -·---· Nam 2001 A Tai san ngiin ht;m - · - - - ~-17.352.000.000 20.269.000.00{) 3Q.029 . .Q_QQ._()OO 35.655:_tj§_2.7_~%?.~.:.:?...?._?_:Z2..Z..0?_~_?,1 .. 686 .. ?,}.5.8J.J..r--20:..983.2E}33_ 37~.:..9.99~.QQQ. 1.669.282.453..-.. -~7?.}2_~.92.l_I~7 .. ?_Q6.4!_!r-·--584.674~Q?1 1.516.000.000 lfi~n --....... --·-----·--=-- (2.000.000) ~ffu tutai chinh ngan h~n ~. 9.062.924:_!52 13.057.039.817 ~ac khofm phai thu 5.415.249.138 ~ang t6n kho Tili s!m ngiln h~n khic B Tai san dai ht;m Tai san c6 dinh Dffu tutai chinh dai h~n Tai san dai h~n khac TONG CONG TAl SAN NGUON VON ~ Nq phai tra ~ N<;J ngan h~n ~ay ngan h~n fhai tra cho nguoi ban Nguoi mua tra ti~n tnroc Cac khoan phai tra khac

3.322.000.000 2.144.000.000 5.353.000.000 2.433.000.000

521.856.20Q .. ___ ..!..~ .. !.J56.20Q. __ .... _ .. _ ...... ---·-·-·-.... ...::_ ....... -

____

22.201.000.000 25.112.000.000 35.021.000~QOO 40.839.776.49~.-~~.~}..2.64~.82~_~4.909.1~6.431 22.736.572.285 Nam 2005 -· 11.222.000.000 13.538.000.000 19.725.000.000 _ _]6.069.15Q}_J..l..r-2:1.439.844.100 18.033.719.394 _ 15.386.450.856 10.201.000.000 13.252.000.000 18.855.000~000 25.547.294.151 21.257.987.~00 18.033.719.394 15.386.450.856 7.632.000.000 16.454.373.210 12.238:444.990 2.998.000.000 465.769.627 3.443.785.923 2.927.966.663_ 2.4'!~ .. 715.193 1.294.000.000 5.943.926.699 2.004.000.000 _____ 1 5.532.968.607 3.905.000.000 .... -------. .......::: 1.021.000.000 408.000.000 _ 613.000.000

267.000.00Q 9.602.000.000 1.354:00Q:2QQ 286.000.000 _,__§_?_O.OOO . ..Q.Q_9 258.000.000 28.000.000

767.000.000 -·-·--·-:1-_18.856.200 __ _}1_8.85_§.20.Qr-_ .... _._._,______ ____ 103.000.000

103.000.000

- - --·-·-------.. ·-·-- __ .. ,

---r----------- -·----------·--

.

_

397.000.000 68.000.000

683.000.000 365.000:QQQr----~~.:_Q§_8.1?,,Z ___ (l5.24!..:..!}12 __ j_4_~._?_81.756) ...... - .... -i!_8.31_3.5_21}c........_ ... -

3.000.000 10.979.000.00G 11.574.000.000 15.296.0QQ_:.Qf2!!. 14.770._626.1j_J.._l__L972.fj,02.724 6.875.467.03_Z_].350.121.42~1 10.911.000.000 11.209.000.000 14.?29.000.000 14.750.857.818 . 12.021.5~:1-.4~Qr-_].245.I66~!J45 ____2,_697.781.9._37 10.514.000.000 10.526.000.000 14.331.000.000 1::!:..:§~5.1§~.313 -~3.783.54.~.Q95r-!,3_.783:_546.09,_?_1}..783.546.095_ 498.QQQ:OOO __ .... _. ___ 11..:§_0?..:9 .. !.~ ..J.l:.?26.~_?._2.171) __ ,{6.889.735.46! .. 2r-.._(§.437.721.069) ..... _±.29?.40~ 22.201.000.000 25.112.000.000 35.021.000.000 40.839.776.496 33.412.646.824 24.909.186.431 22.736.572.285,

11 N<;J ~ai h~n Vay/n<;J dai h~n Cac khoan no dai han khac . 8 Vo'n chu siJ hi1u ~ V6n chii sd hii'u ~6n dffu tuciia chii sd hii'u IL

Phl;l Ll;lC - Trang 10

Bang PL 10: Ke't qua kinh doanh ciia BTC

16.102.000.00035.505.000.000 34.681.000.000 59.169.543.836

--

· ?

t:rU

-

_ Nam 1999 _, ____ Nam 2000 -----.-~!_m_~001._ ...... -... --~~~ 2002·-·-·--·-·-~~!!! ... ~9.03 .... -.-... -~aJ.ll ~004 -·~am 2005J 35.857.647.145 27.602.866.519 39.199.288.236 -

. --·----·--.. ·--·--.......... _ . : .. ___ .. ___ ,_______

-

·-

·-----·--·- ·----·--·-·-- - 16.102.000.000~5.505.000.000 34.68l.Q_90.009 _59_1_69:~4.?...:?.l~_3_?:_?_?.7.64 __ 1 12.586.000.00030.165.000.000JQ.555.0Q0.000. __ ~?..:~?.~:4.2.2:..?.~-.. --~·~.412.532.3'Z_Q 30.8:J-9.14.2,.7~0 -· 36}55.961.075 2.843.327.161 3.516.000.000 5.340.000.000 4.126.000.000 5.587.043.994 - · - · - - - - - - - - _____ 41.5~0.058

37.086.044 ___ 5!_~ .. :~~6.729

153.~Q9.513

85.000.000 -

2.445.114.775 (3.246.283.231) 13.229.227 1.450.225.712 ___ 1._~:!_8.508.261_ 609.~55.371

---------···--- . .1!1:.9.00.000 l.QOO.OOO

172.000.000 79.000.000

. _1.411.080.617 __ !.:~1-~:.50~-=-~~r-·---

_

338.000.000

240.000.000

383.000.000 _

-

710.172.409

----~

290.246.771 .

290.~46.771

73.000.000 - 73.000.000

702.612.453

366.000.000

-

-

.

1~3.9--'-0-'-9.:..::..5..:.:..:13=-l---------. 9.500.000 __ 2~.181.818 ~~.807.588 2.572.800.690 3.645:!?.0.477 -.!.:§53.724.649 1.969.000.000 3.451.000.000 2.736.000.000 3.793.166.384 _ 380.737.942 ~12.117.234)_,(5.717.615.842) _(4.640.572) 1.392.000.000 1.644.000.000 1.123.000.000 199.483.168 456.654.964 236.000.000 487.000.000 . -----------·-- r----- , __ ..:::, ___ 7_.5_5_9._95_6+--------1 . - - ~. 456.654.9641 199.483.168 236.000.000 487.000.000 580.221.110 1.465.000.000 2.131.000.000 1.359.QOO.OOO (1.651..:_?.7_0.46,~) (5.0}5.003.389) _, __ 452.014.3921 55.264.712 170.000.000 266.000.000 __ , ___ ,_______

·----- - - - - · -.. · - - -+ - - - · - - - - - !

--·

1.099.000.000 1.865.000.000

Doanh thu rv kh ? ~ac oan g1am Doanh thu thu~n Gia von hang ban .LJ

1.1~2-00_!l.00~=~-·-.. -524~9s6.39sl __ (~.~51.8?.0.4§~).(. (?._&!.~·0.93~~8~2[_:!52.9.l4.3921

~B6phl€u!UUhanh _

_ E~-

E~ !~!~ ~-=~ ci~f -~ ~~

Phv Lvc - Trang 11

-

-

-

----o - - - - - - - - - - -

. -

L<}I NHU!N SAU THuE (trd)

MaCK

- -. Ban2: PL-11: Tinh Chi s6 ldi nhuan binh ouan thi tru'

.. ·-·-·"""'-'

·----·- _, _____ __!!QE,:_(r.~- ·---- r-··--

--·-· __ , __ , __ ,_ ·--.. -''-- _,_, ____

- "'

1999

.. 2f!~r---·-

.. ~ 1---

3.880

----·-··----·-·

._,, ___ , ,_ , __ ,_,,_ -·-·-·-·-·-··---· ... ---·-3i~9i

·--··-···--"""

-----·

29,39 _,_'2:§!.?_6

............ , ___ , _ _ ,_,,, _ ___ ,,, ...... - . c . .. _

·-··-·······-···-··--........... ···--···--·--···--...... ......... ,_, ______ , ................ ,_, ____ -·-··---- - - - ' - - ----···---- ........... ,,,_,, ......... _ __ , __ ,,_, __

-·-·-.. ·-

---

52.697 302.366 257.238 57.204 67.902

1 - - - - - - ·---

· - - - - - ' - - -

·-· ...........

-

·--· -

3.033 44.934 29.556 34.826 9.398 8.257 8.416 8.005 _,_,_ 1.557 5.783 2.630

-·-"''""'" _]_,~ ---'·- 10,01 _i!~~ 14,07 ---'·-- __ , .. ,_~

-~-

·----·---.... --····-··-· ... ··

---~ 10.990

-·---··-··----

-----·----·-- ----·----·- 1.851 - - · · -.. ·-- ---·····-····-· 10.598 -----·· 701 5.038 19.088 525 __ (!.:§1!.2

16.815 14.673 6.019

- - c--------.. ·--· !--·"- - · - -.. - -i - - · -

21,5

20!).§ --~~1!9. ·-·----~ __ , ......... _l~l!~ ·------ 200.~ ............ ~_!1~ - ........ ~!~ ~1!~.!!-~-·-·-200~_,}~~-~0~1·~ 6.610 ,g,§~ _?..~!! --·~~ ,,_..!.?.&~ ._?.2.!.51 .J;.Q~ 6.882 23.101 67.848 .E .. !§ ~Q@ ____ }2,~?, , _ _!_3,97. , __ !.9,10 _)6,?,Q 39.021 56.263 103.200 _!2,&6 .. }2,~ --~3,66 ~2,_~2 _}2.,_~2 . 26,46 60.375 73.095 17.454 27,51 28,84 27,52 ~--~"!,.?..!. 11.846 14.492 14.581 50,31 ... ~,~~ 21,68 _,JJ..,,5.3 _.!2,_~ 21,16 10.050 12.308 ·---···-··-- !--.... _ . 2.556 2.443 11,57 ... -~1.~ 10,68 11,05 -----·-·---- , __ c_ 1----- 12.284 11,55 13,84 9.195 __ ,_ , ,_ ._,_, --·----- 12,47 ... _~J.]_ _!,73 12,37, 2.349 311 ,..1..?-'!Q clldQ _, ~Qd§ _ _l.LQZ _11,56 15,92 7.369 5.218 __ , ... --···------·-- :..2:.~11 .... ,...!:5.,2.2. _,}2,5~ ~.4,36 9,21 5.708 8.989 _, _ _}.!_~ _i!2,35) rJ_?3,22) __§_,~ (5.01?1 ._,,_,_4~ ---- · - · 13,44 14,87 20,18 __!2,91 20,37 19,87 21,22 20,62 ---~~ ·- 23,73 . 23,86 19,31 _ _2.6,28 ._2.~ - 23,51 32,34 19,64 13,55

8.163 34.301 ·······-··········-··---.. 58.021 10.991 8.857 2.513 (10.086) 2.358 ....... _,_,,,, ___ , _ , , __ ------·-- .. 8.492 8.672 -----··---.. -- ___ , -··--··---- _,_,_ __ ___?..~ ~J2:.?_19 7.368 18.206 19.076 .... _ - - - , ____ --------· - - - - 16.481 18.161 7.738 7.185 - - - -·-·- ·------ - - - - 4.243 4.372 101.470 111.140

27,83 33,?._1

28,6~ _.2.§J_~ .~

1---- ---

31.941 256.906 149.799 30.802 -- 34.370 24.497 20.623 21.344 21.344 82.573 32.980 16.141 18.698 39.275 33.762 37.840 54.630 15.588 48.992 81.564 49.873 21.699 17.511 261.149 21.159 52.360 31.938

41,39 43,35

2000 ~-----.... ___ .. ____ ,_ - 28~~ ,-~2..50~ 174.826 183:687 lREE 143.166 154.501 ~AM - 29.225 ~MS 12.836 HAP SGH BBC DPC CAN TRI BTC BPC BT6 SAV KHA rrs4 PMD IHAS ~GF PIL PMS

31,86 37,2_4 ,__..g}1

2003 201!~- 35.250 34.763 286.763 271.749 215.964 194.904 40.425 48.104 57.222 _.?L.iZQ ·--- 22.103 72.135 19.112 44.157 54.286 14.771 50.023 81.564 66.848 24.115 20.158 308.211 24.952 65.905 34.208 35.366 24.952

_, __ ·-- 38,13

-- -- ··--

--

- · - - - - - - - · · - -

56.731 505.183 .. --·-·-·--- ----···----.. - 522.751 ·------··-- 82.912 ·----- 69.887 22.666 1--~,Q~, 23.171 78.525 96.771 18.072 46.897 63.085 11.972 54.213 89.994 72.030 25.943 20.381 399.850 29.884 73.929 43.642 34.958 29.884 82.656 54.608 42.444

-- __ ,,,,,,. __ , ....................... _

-------·

~i§ 1--38,1_3 ~l~ 21,85 21,87 20,85 43,19 21,41 - ' - - 16,63 16,00 34,33 26,8~ (2,71) 1,63 ,, ___ ,, 38,36 47,04 , _ _]f?,79 - 29,5_? 29&Q _E_,_7!)_

--

·-·-""""·-·- !----"""'"""""'-' -·····-"'""'''"" ·----······

tvrc IBBT IDHA INKD ~sc VNM VF1 TNA

20.!:5.2 49.205 61.862 7.350 57.099 107.812 87.495 46.586 24.008 576.151 40.655 95.990 130.302 37.821 41.521 77.060 93.715 162.964 106.628 2.207.169 358.386 18.463

_,, _ ___ ,_,,_,_ 1---·-·- --·-··- ---·-·---·- t----·-""'"_,,_ .. __ ... ·-··---·---- ·- -··--···- _____ .. _ - - - -

------· ----- - - - - · ------- --·-·

-

.24:J.~ r11~ ~12§ ·-·--.. -· _ , .. _ .. -··-- """·--·- -·---1----.. 16,42 14,42 -·-

-

--~

,_, _____ ·-··-·······-·---- ---·-· -·-··---··-····-- --·-···

- - - --·-·-- --· ·--····--

102.163 275.924 -·-·-·- ---· 39.863 - -

____ , - - - 12,93

80.712 17.815 43.367 62.139 6.875 55.395 97.295 80.173 39.897 22.833 449.751 37.311 87.832 59.418 36.546 37.311 79.400 62.068 76.783 90.505 2.157.306 358.386 17.783 - 27.792 --~ 94.983 264.507 25.877 1.240.237

1.267.759

7,03

8.365 20.376 16.192 13.986 3.174 --·-.. -·- 5.241 118.593 96.631 ·- ---... -·---- 10.454 7.944 11.5~.i , __ 8_.?_!§. --··---- - - - - 19.161 22.276 17.685 24.475 20.309 14.496 22.254 14.338 · - - -- - ---- ---·-.. -- ·----__ , - - -----·- 4.469 5.949 5.946 10.454 ,_11.534 r--10...:570 ----- --- f - 1.273 r - - ---- (2.19~) _, __ . --- 36.637 22.377 - - - r--·- 23.723 35.381 -·--1--"·-- __ .. -----·· -···-· ·-··--····· ·----·- - - "'"""' 29.374 --- .. ..... _ ... -·-·--·--· ---·-·- -·""·-·- 604.373 , ___ , __ c..... ---·- __ ,, -·---......... -···-··--··- ---- 88.600 4.250 --·---- __ , __ -·--·---.. · - ----·-··--·-·-·-· · - - - - ,.,, __ ----· __ , ,_ ···-·-- ----·- --·---- ---- ___ , __ ·---- ·-·····-··"'"""' ____ ----- ---··-·· ____ .. 6.668 16.189 38.974 -·- 4.249 --·- ·---·--- 88.123

6.470.784 7.485.005

388.956 564.188 1.315.866 1.561.929 1.939.183 405.539 639.111 1.408.738 1.660.702

2.066.295 6.977.894

80.911 129.666

23,28 20,63

328.799 384.181 ~80.985 1.439.692 19,95 20,29 23,34 23,13

SFC MHC TYA PNC IVSH lrcSng c()ng toan TT ifcSng cQng tinh ROE Ngu6n stfli~u: cdc bdo cdo tili chinh cua cdc cong ty niem yit tren TICK tq.i http://www.vcbs.com.vn va http://www.bsc.com.vn

-. - -

Phv Lt,Ic - Trang 12

.

- . Ill c I SO e acua

H~ s6 sinh lc1i Vni-index

eli tt?c

H~ s6 sinh lcji REE

0,61

0,79

0,7

0,9

1,3

3,37% -1,09% 16,48% 25,94% 25,12% 20,12% -0,51% 2,55% 20,90% 25,51% 35,25% -21,21% -35,38% -15,48% 3,94% 9,49% -16,60% -15,20% -7,17% 6,18% 15,64% 4,72% 0,90% -36,01% -5,12% -6,37% -2,62% 2,15% 7,89% -11,11% -9,09% -20,00% 0,78% -1,55% -2,36% -4,84% -8,47% -1,85% -3,77% 47,06% 12,00% 44,65% 22,61% -7,80% -4,23% 2,01% -1,57% -7,60% -0,43% 0,00% 10,43% -0,41% -0,83% 0,84% -2,08% 14,89% -2,59% -1,52% 3,09% -3,75% 9,34% 27,76%

13,39% 4,83% 16,68% 19,80% 22,58% 18,84% 2,69% 6,70% 19,22% 25,91% 23,75% -15,56% -34,34% -11,87% 6,48% 10,85% -18,41% -11,83% -7,93% 4,74% 4,16% -0,65% -2,44% -2,22% -2,99% -4,97% -2,48% -0,20% 3,43% -5,97% -4,51% -11,66% 4,90% -0,20% 0,02% -3,91% -2,47% -2,38% -2,23% 20,31% 1,87% 28,38% 21,59% 6,46% -4,69% -4,70% -0,91% -4,51% -2,54% 0,35% -0,26% -1,30% 4,24% -2,49% 0,76% 4,85% -0,11% -0,82% 1,05% -0,52% 3,65% 13,69%

ang Ky 2000-Thang7 2000 - Thang 8 2000 - Thang 9 2000 - Thang 10 2000 - Thang 11 2000 - Thang 12 2001- Thang 1 2001- Thang 2 2001- Thang 3 2001- Thang 4 2001- Thang 5 2001- Thang 6 2001 - Thang 7 2001- Thang 8 2001- Thang 9 2001 - Thang 10 2001 - Thang 11 2001 - Thang 12 2002- Thang 1 2002-Thang 2 2002 - Thang 3 2002 - Thang 4 2002 - Thang 5 2002 - Thang 6 2002- Thang 7 2002 - Thang 8 2002- Thang9 2002 - Thang 10 2002 - Thang 11 2002- Thang 12 2003- Thang 1 2003 - Thang 2 2003 - Thang 3 2003 - Thang 4 2003 - Thang 5 2003 - Thang 6 2003- Thang 7 2003 - Thang 8 2003 - Thang 9 2003- Thang 10 2003 - Thang 11 2003- Thang 12 2004 - Thang 1 2004- Thang2 2004- Thang 3 2004 - Thang 4 2004 - Thang 5 2004 - Thang 6 2004 - Thang 7 2004 - Thang 8 2004 - Thang 9 2004 - Thang 10 2004 - Thang 11 2004- Thang 12 2005 - Thang 1 2005 - Thang 2 2005 - Thang 3 2005 - Thang 4 2005- Thang 5 2005- Thang 6 2005 -Thang7 2005 - Thang 8 2005 - Thang 9

PL 12 t' h h? A, b t Chi so'VNINDEX 101,55 115,15 120,71 140,84 168,73 206,83 245,80 252,40 269,30 321,07 404,26 500,28 422,46 277,40 244,46 260,29 288,52 235,40 207,55 191,10 200,15 208,48 207,12 202,06 197,57 191,66 182,13 177,61 177,25 183,33 172,38 164,61 145,41 152,54 152,24 152,27 146,32 142,71 139,32 136,21 163,87 166,94 214,32 260,60 277,44 264,43 251,99 249,70 238,44 232,38 233,19 232,59 229,56 239,29 233,32 235,10 246,51 246,25 244,24 246,81 245,53 254,50 289,33

? REE Chi so' gia CK REE 17,80 18,40 18,20 21,20 26,70 32,80 39,40 39,20 40,20 48,60 61,00 82,50 65,00 42,00 35,50 36,90 40,40 32,90 27,90 25,90 27,50 31,80 33,30 33,60 21,50 20,40 19,10 18,60 19,00 19,80 17,60 16,00 12,80 12,90 12,70 12,40 11,80 10,80 10,60 10,20 15,00 15,90 23,00 28,20 26,00 24,90 25,40 25,00 23,10 23,00 23,00 24,10 24,00 23,80 24,00 23,50 27,00 26,30 25,90 26,70 25,70 28,10 35,90

Phv Lvc - Trang 13

307,40 311,33 307,50

35,50 34,60 34,40

1,4

6,25% 1,28% -1,23%

-1,11% -2,54% 3,47% 1,23

2005 - Thang 10 2005 - Thang 11 2005- Thang 12 Chi s6 beta (j3) cua REE - Sii' dvng ham SLOPE trong excel. Ngu8n stf li?u: tu trang web http://www.bsc.com.vn

Phv Lvc - Trang 14

?

PL 13 t' h h? "'b t

oan

. . m c I SO e a cua c ng

.

hu kh ' TMS C6tti'c

H~ sO' sinh 11/i Vni-index

H~ sO' sinh 11/i REE

1,80

1,80

1,3

2,2

1,65

13% 5% 17% 20% 23% 19% 3% 7% 19% 26% 24% -16% -34% -12% 6% 11% -18% -12% -8% 5% 4% -1% -2% -2% -3% -5% -2% 0% 3% -6% -5% -12% 5% 0% 0% -4% -2% -2% -2% 20% 2% 28% 22% 6% -5% -5% -1% -5% -3% 0% 0% -1% 4% -2% 1% 5% 0% -1% 1% -1% 4% 14%

0% 29% 23% 26% 29% 20% 25% 25% 18% 26% 21% -26% -39% -17% 8% 18% -14% -9% -16% 12% 3% -1% 0% -1% 0% -3% -2% -4% 6% -5% -3% -20% 8% 0% -2% -2% -2% 1% -3% 19% 9% 21% 13% 9% 0% 5% -33% -7% 2% 1% -1% -2% 7% -3% 1% 9% -3% 0% -7% -2% 4% 13%

Chi sllVNINDEX 101,55 115,15 120,71 140,84 168,73 206,83 245,80 252,40 269,30 321,07 404,26 500,28 422,46 277,40 244,46 260,29 288,52 235,40 207,55 191,10 200,15 208,48 207,12 202,06 197,57 191,66 182,13 177,61 177,25 183,33 172,38 164,61 145,41 152,54 152,24 152,27 146,32 142,71 139,32 136,21 163,87 166,94 214,32 260,60 277,44 264,43 251,99 249,70 238,44 232,38 233,19 232,59 229,56 239,29 233,32 235,10 246,51 246,25 244,24 246,81 245,53 254,50 289,33

Chi sO' gia CK REE 14,00 14,00 18,00 22,10 27,80 34,00 40,90 51,00 64,00 75,50 95,00 115,00 85,00 51,50 43,00 46,30 54,50 45,00 40,80 34,30 38,30 39,30 38,80 38,80 38,50 38,60 37,50 36,90 35,60 36,30 34,60 33,60 27,00 29,10 29,00 28,50 28,00 27,50 27,80 27,10 32,30 33,00 40,00 45,10 49,00 49,00 51,50 34,50 32,00 32,50 32,80 32,60 32,00 32,50 31,50 31,70 34,40 33,50 33,50 31,00 30,30 31,60 35,70

ang Ky 2000 - Thang 7 2000- Thang8 2000 - Thang 9 2000 - Thang 10 2000 - Thang 11 2000 - Thang 12 2001 - Thang 1 2001 - Thang 2 2001 - Thang 3 2001 - Thang4 2001 - Thang 5 2001 - Thang 6 2001 - Thang 7 2001 - Thang 8 2001 - Thang 9 2001 - Thang 10 2001- Thang 11 2001 - Thang 12 2002 - Thang 1 2002 - Thang 2 2002 - Thang 3 2002 - Thang 4 2002 - Thang 5 2002 - Thang 6 2002 - Thang 7 2002 - Thang 8 2002 - Thang 9 2002 - Thang 10 2002 - Thang 11 2002- Thang 12 2003 - Thang 1 2003 - Thang 2 2003 - Thang 3 2003 - Thang 4 2003 - Thang 5 2003 - Thang 6 2003 - Thang 7 2003 - Thang 8 2003 - Thang 9 2003 - Thang 10 2003 - Thang 11 2003- Thang 12 2004 - Thang 1 2004- Thang 2 2004 - Thang 3 2004 - Thang 4 2004 - Thang 5 2004 - Thang 6 2004 - Thang 7 2004 - Thang 8 2004 - Thang 9 2004 - Thang 10 2004 - Thang 11 2004- Thang 12 2005 - Thang_ 1 2005 - Thang 2 2005- Thang 3 2005 - Thang 4 2005 - Thang 5 2oo5 - ThaJ!g 6 2005 - Thang 7 2005 - Thang 8 2005 - Thang 9

Phl;l Ll;lc - Trang 15

1,5

6% 1% -1%

307,40 311,33 307,50

22% 0% 3%

1,06

43,50 2005 - Thang 10 43,70 2005 - Thang 11 43,40 2005- Thang 12 Chi so' beta d3) cua TMS - Sa dt.mg ham SLOPE trong excel.

Ngu6n stfli~u: tutrang web http://www.bsc.com.vn

Phv Lvc - Trang 19

* Correlation is significant at the 0.05 level (!-tailed). ** Correlation is significant at the O.Ollevel (1-tailed).

Phv Lvc - Trang 20

Ban PL-18: Tinh h~ s6h6i u

angtm ~so 01 quy cua c un_g_

oan

Model

Unstandardized Coefficients

t

Standardized Coefficients

Sig.

Std. Error

Beta

1

B 418153,529 6,469

139818,893 5,601

,500

,040 ,312

2,991 1,155

(Constant) REB EVA a Dependent Variable: REE_MV A

Bang tinh he$ s6 h6i quy ciia chung khoan TMS

Unstandardized Coefficients

Standardized Coefficients

Model

Sig.

t

Std. Error

Beta

1

26775,473 13,238

,195

B 44887,275 5,268

1,676 ,398

,169 ,711

(Constant) TMS EVA a Dependent Variable: TMS_MV A

?

ng m

kh ' SGH

Ba

~so 01 quy cua c ung oan

U nstandardized Coefficients

Standardized Coefficients

Sig.

Mode 1

t

B

Std. Error

Beta

1

4514,358 -3,698

10507,037 11,842

,430 -,312

,696 ,775

-,177

(Constant) SGH EVA a Dependent Variable: SGH_MV A

ng m

~so 01 quy cua c hu kh ' TRI

ng

oan

U nstandardized Coefficients

Standardized Coefficients

Model

Sig.

t

Std. Error

Beta

1

B 43053,956 -1,315

5,437 -,845

,012 ,460

7918,933 1,555

-,439

(Constant) TRI EVA a Dependent Variable: TRI_MV A

ang m

~so 01 quy cua c hu kh ' BTC

ng

oan

Sig.

Model

U nstandardized Coefficients

t

Standardized Coefficients

Std. Error

Beta

1

5,709 2,377

,011 ,098

B 11529,583 1,644

2019,675 ,692

,808

(Constant) BTC_EVA a De endent Variable: BTC_MVA