Cơ cấu vốn tối ưu cho nhóm công ty ngành Thép trên Sàn giao dịch chứng khoán TP.HCM giai đoạn 2010-2014: Khóa luận tốt nghiệp

................................................................................................................... i

................................................... v

....................................................................... vi

............................................................................ vii

....................................................................................... ix

............................................................................................. 1

..................................................................................................... 1

2 ................................................................................................ 2

................................................................................................. 3

........................................................................... 3

....................................................................................... 3

3.2 P .......................................................................................... 3

......................................................................................... 3

4.1 Ph ...................................................................... 3

4.2 ............................................................................ 4

4.3 ................................................................................ 4

........................................................................................................... 4

............................................. 5

....................................................................................................... 5

1.1 ........................................................................... 5

........................................................ 5

1.1.2 K .................................................................... 5

............................................. 6

.................................................. 6

ờ k ô ................................................................ 6

ờ ........................................................................... 8

1.2.2 ổi (Trade – off Theory) ................................................. 9

...................................... 11

................................... 13

k ................................................................................... 13

1.4.1.1 ........................................................................... 15

..................................................................................... 17

1.4.2.1 ............................................................................. 17

................................................ 18

............................................................. 19

1.5.1 Chi ph ............................................................ 19

f ........................................................................ 19

ờ M)........................................................ 20

1.5.1.3 ........................................................................................ 21

................................................................................. 22

................................................. 24

......................................................................... 26

2.1 ổ ................................................................................ 26

ổ ô .... 28

....................................................................................... 28

2.2.1.1 .................................................................................... 29

k .................................................. 30

2.2.1.3 ổ .................................................................................. 31

2.2.1.4 E).................................................................................................................. 32

2.2.1.5 ............................................................................. 34

k ................................................................................... 35

2.2.3 .................................................................................. 40

2.2.3.1 ....................................................................... 40

2.2.3.2 EPS .................................................................................................. 42

2.2.3.3 ROE ................................................................................................. 43

2.3 ô HOSE trong – 2014 ...................................................................... 46

ờ ......................... 46

................................................................ 46

................................................................................ 48

..................................................... 50

............................ 50

................................................ 51

............. 51

ổ p ..... 52

ổ .................................................... 55

.......................... 57

k ............................................................................................ 57

ô ......................... 58

3.2. k ờ ........................................................................ 59

3.2.2 EBIT ....................................................................................................... 60

k ............................................................ 62

......................................................................................................... 64

............................................................................. 64

.................................................................................. 65

................................................................................................ 65

................................................................................................................. 66

................................................................................................. 66

.......................................................................................... 67

.................................................................. 68

.................................................................................................................. 70

.......................................................................................................... 70

k ....................................................................... 72

............................................................................... 72

iii

k ................................................................. 73

ổ ....................................................................................................... 75

4. .................... 77

................................................................................................ 79

........................................................................ 80

.......................................................................................... 80

6. k ổ .................................................................................... 83

............................................................................................. 86

8. ROE ....................................................................................................................... 88

................................................................................................... 91

POM ...................................................................... 91

9. ........................................................................ 92

BCTC

ô CAPM

k HOSE

k HTK

ICR

TNDN

TPP

S Đ

ổ TTS

VCSH

ổ WTO

S Đ Đ

: ờ k ô ............................ 7

: ờ ....................................... 9

ờ k k

ô ................................................................................................................... 10

ổ .............................................. 11

- 2014 ................. 27

2.2: G ô ờ –

2014 ..................................................................................... 37

- 2014 ................................................................................................... 39

.................................................. 50

ổ ....... 23

ô – 2014 .................... 29

k ô

– 2014 ................................................................................................................... 31

ổ ô – 2014 ................. 32

ổ ô – 2014 ..... 33

ô - 2014 .................................. 34

ô – 2014 .......... 35

............................................................................. 36

ô - 2014 ............................ 41

ô 2010 – 2014 ....................................................... 43

ô - 2014 ..................................................... 44

- 2014 ........................................ 45

- 2013 .......................................... 45

ờ - 2014 46

ô ........................... 47

k ô .............................................................. 48

............................................. 50

- 2014 ....... 51

ô -

2014 ...................................................................................................................... 51

.......... 53

................ 54

vii

............................................................................................................................... 54

ổ ô .......................... 55

– ô . 57

ô ........................................ 58

......................... 58

k k M = % M = 30% (HSG –

2010) ..................................................................................................................... 59

k k = =

549.046.567.737 (HSG - .................................................................... 61

– 2014

............................................................................................................................... 62

ổ .... 64

viii

k –

ô k

ô ô

ổ Aswath Damodara ổ

ờ

k k

– % %

ổ

ô ô

ô k ô k

k k

ổ

ô ờ ô

Đ Đ

k ô

k ờ k

ô M

k k k ô k

Cô ổ k

– k ờ ô % ổ

ô ờ k ô

ty cổ ô ổ ô k

ô k ô

ô ổ ô ô

ô % –

ô k 1.

ô k ô

– ô k

k –

% k

k k k k k k k k

k k k ờ

ổ

ô k

- 2014

1 http://news.zing.vn/Thoi-vang-son-chong-vanh-cua-Bong-Bach-Tuyet-post338013.html

2.1 chung:

ô HOSE.

2.2

ô ô

– 2014.

k ,

3.1

3.2

k ô ô

k .

ờ ờ

4.1

v.v

4.2 :

k ô k k

k ,

4.3

ô k

ô ô

S ổ

: ô

: k k

Ư 1 Đ

ờ k

1.1

1.1.1

ổ ổ ờ ổ ô 2.

1.1.2

ổ ô ờ k

ờ ổ ờ ổ

k k ô

ô ổ ờ k ô

ổ

ô ô

ổ

2 k , trang 88.

ổ ô

ờ

ổ

ô .

1.2

1.2.1

Modigliani ờ

k ô ô

1.2.1.1 ờ k ô

ổ f

F f k

ô k ô

ô ờ k ô

- ô .

- ô k k .

- ô .

- ờ ờ

ệnh đề số 1 : k k ô ô

L ô k ô U L = VU.

k k ô ô

k ô k ô nh h

k ô

k ô ổ

ệnh đề số 2 ổ

(1.1) RE = R0 + (R0 – RD)*(D/E)

RE kỳ ổ n

R0 k ô % ổ

D ờ

E ờ ổ

𝐷

𝐸

𝐷

𝐸

% RE = R0 + ∗(R0 – RD)

𝐸+𝐷

WACC = ∗ 𝑅𝐷 + *𝑅𝐸 R0

𝐷

𝐸

RD RD

nh 1 1: ờ k ô

u n S

ổ

ổ k

k ô k ô

ổ ô .

k ô k

k k ô

1.2.1.2 ờ :

k k ô

M ô

f k

k ô ô

ổ

ờ ng:

ệnh đề số 1 ờ ô

L ô k ô U

(1.2) VL = VU + TC*D

VL ổ

VU ổ k ô

D: ờ

k %

ệnh đề số 2 ờ ổ

𝐷

(1.3) rE = r0 + (r0 – rB)*(1 – TC)*(D/E)

𝐸

𝐷

RE = R0 + ∗(R0 – RD)

𝐸

RE = R0 + ∗(R0 – RD)*(1 - TC)

𝐷

𝐸

𝐸+𝐷

R0 WACC = ∗ 𝑅𝐷*(1 – TC) + *𝑅𝐸

𝐷

𝐸

RD RD

nh 1 2: ờ

u n S

k k k

ô ô k %

ổ ổ

1.2.2 ổ – off Theory):

ổ k

% ổ ô

ổ k

ổ .

k ô

k k k

* k k . * ô

ô k k

k k

? k k k k

k ờ

k k k k k

ô ờ k k

k k ô

nh 1.3: ờ k k ô u n S

k ô k ổ ổ ff

(%)

(Re)

WACC

Ru

D*/E*

D/E

WACC nhỏ nhất

ỉ lệ nợ trên vốn chủ sở hữu tối ưu nh 1 4 ổ

u n: Ross, Westerfield, Jordan

k k (D*/E*)

1.3

ờ ổ k k

ô k ô k ô ờ

k ô ô ờ

k ổ

- ổ – synthetic rating

Aswath Damodaran ờ k ờ

w k

- -score: do w ờ k

ờ w k

k ô k ổ k ổ

 k f

Indonesia Telecommunication Companies Listed in Indonesia Stock Exchange

Period 2009 – . k ờ ô

ô Indonesia % %

 w

Structure Analysis of Food and Beverages Sub-Sector Industry in Indonesia from

2008 – ô

k Indonesia

– %

 f

Companies Listed in Indonesia Stock Exchange from 2009 -

ô k ờ

– ô

 Sarah Pars

Capital Structure of Coal Mining Companies Listed in Indonesian Stock Exchange

from 2008 – 2011. ô k ờ

 Harry Nurhadi Optimal capital structure analysis using Adjusted Present

Value (APV) approach a study of PLN in Indonesia YEAR 2004- T

ô k ổ ô

ổ ô

PLN – %

1.4

- k k ô

ô k ô k ô

- ô

k k k k ô

- ô

ổ

ô k k k k

ô k k ô

ô k

k k

ô – k

k k k

- ổ ổ

1.4.1 k

k ô ô k ô

- ô ổ k

k k ô ổ k ô

- ô

ờ k ô

ổ

- ô

- ổ ô

k k

ô k k ổ

k ô

- ô

ờ k ô

k ô

k f k ô ổ k

- ô

ô k ô

ổ k ổ k ô %

- Q ô ô

k ô k ô

1.4.1.1

ô k ô ổ k ổ

k k ờ

ổ

ổ k ổ ô

ổ

ổ k ổ

ờ ờ

f –

ổ

∆𝐸𝐵𝐼𝑇 𝐸𝐵𝐼𝑇

ổ

∆𝑄 𝑄

(1.4) DOLQ =

k k

∆𝐸𝐵𝐼𝑇 𝐸𝐵𝐼𝑇

𝑄

Cô 1.4 ổ ô

∆𝑄 𝑄

𝑄 𝑄𝐵𝐸

= DOLQ = (1.5)

QBE

F QBE =

ô Cô

𝐸𝐵𝐼𝑇+𝐹

ô k ô

𝐸𝐵𝐼𝑇

(1.6) DOLS =

ô 1.5),

= = 5 DOL500 =

ổ

k k c 1.4.1

k k

k ô

k k

ổ ờ

k k k ô

k k k k k 3.

1.4.2

ổ ô k

ổ

1.4.2.1

ổ ô

ổ ô ờ ô

ổ

ổ ô ờ

ờ ờ

(degree of financial leverage – DFL).

ờ

k ổ

%∆ 𝐸𝑃𝑆

ổ k ổ

%∆ 𝐸𝐵𝐼𝑇

∆𝐸𝑃𝑆/𝐸𝑃𝑆 ∆𝐸𝐵𝐼𝑇/𝐸𝐵𝐼𝑇

(1.7) = DFLEBIT =

𝐸𝐵𝐼𝑇

ô ổ ô

𝐸𝐵𝐼𝑇 𝐼

𝑃𝐷 (1−𝑇𝐶)

3 http://www.baomoi.com/Hang-hang-khong-lon-thu-3-cua-My-nop-don-xin-bao-ho-pha-san/45/7449041.epi

DFLEBIT = (1.8)

PD: ổ

V ô ổ

% n

= = 1,29 DFLEBIT = 2.700.000 =

ổ

[

(1− )

DFLEBIT = 2.700.000 = = 1,51 ] = (1− )

ổ F =

F =

k ổ

1.4.2.2

ổ

ô ô k ô k

ô %

ô ô

ô k k ô

k ô

ờ ổ ô ổ

1.5

1.5.1

ổ ô

k ô ô ờ

ô – ô

(1.9) RE = Rf + 𝛽 ∗(RM – Rf)

RM ờ

RM – Rf ờ

1.5.1.1 Rf:

- k ô

k k

k ô

ờ k

- kỳ kỳ

k ô N kỳ

k ổ

kỳ kỳ

ỳ

kỳ

ô ô

kỳ

kỳ k ờ

ô CAPM

kỳ

1.5.1.2 ờ M):

ờ k

ờ

ô ờ

k k ô

ổ

k ờ ờ

ổ k ờ ờ

– k ổ

k ờ

M ờ ờ

ờ

ờ k ô

ờ kỳ ờ

ờ k ô

ro, RM

ờ ô M

1.5.1.3

ờ ổ

ờ

ổ

(1.10)

𝛽 =

𝐶𝑜𝑣 (𝑖 𝑚) 𝜎2𝑚

ờ

: ờ

k – kỳ

kỳ ổ ổ ổ ờ k

kỳ ổ kỳ

m. ổ i

ô k

ổ ổ ổ

4 http://www.cophieu68.vn/document/indexes/giadieuchinh.php

k T

k ổ

k ô k

k ô ô Trong

ô : ô ô ổ

ô ổ

ờ k ờ .

ờ

ô ô

k ô

(unlevered - 100% vcsh):

1+(1 𝑇𝐶)∗

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐵𝑒𝑡𝑎 𝐷𝑒𝑏𝑡 𝐸𝑞𝑢𝑖𝑡𝑦

(1.11) 𝛽𝑢𝑛𝑙𝑒𝑣𝑒𝑟𝑒𝑑 =

k ô

𝐸𝑞𝑢𝑖𝑡𝑦

] (1.12) β 𝛽𝑙𝑒𝑣𝑒𝑟𝑒𝑑 = 𝛽𝑢𝑛𝑙𝑒𝑣𝑒𝑟𝑒𝑑 [1 + (1 − 𝑇𝐶) ∗ 𝐷𝑒𝑏𝑡

1.5.2

ô ổ

ổ

(1.13) = D*(1 – TC)

TC:

𝐼

k ô

𝑛 𝑡=1

𝐹 (1+ 𝑅𝐷)𝑡 + (1+ 𝑅𝐷)𝑛

(1.14) Pnet =

Pnet

ô k ô

Damodaran (2006

vay (interest coverage

EBIT

ratio):

Cℎi pℎi la i vay

= (1.15)

0.499999

20.00%

-100000

0.799999

12.00%

0.5

1.249999

10.00%

0.8

1.499999

CCC

8.00%

1.25

1.999999

B-

6.00%

1.5

2.499999

4.00%

2.999999

B+

3.25%

2.5

3.499999

2.50%

n 1.1: ổ

3.5

3.9999999

BB+

2.00%

4.499999

BBB

1.50%

4.5

5.999999

A-

1.00%

7.499999

0.85%

7.5

9.499999

A+

0.70%

9.5

12.499999

0.50%

12.5

100000

AAA

0.35%

u n Damodaran (2006), Applied corporate finance, 2nd edition, trang 195.

ờ

 ờ k

ờ

k k k

- -

ờ k



Sau khi

RD = kỳ

(1.16)

1.5.3

ô ờ k ô k

𝐷

𝐸

𝐸+𝐷

WACC = (1.17) *RD*(1 – TC) + *RE

ờ

ô k ô

k ô ờ

k ờ

hươn 2: Đ Ư

S S

2.1 ổ

ô c gia. n cô

ổ k

k k ;

ô k

ô ô

k ổ k ờ

k ô k

ô k k

- ờ

- k

k k

- ổ ô

k k

k u.

- ô ô ổ

ờ ổ

k ô

k ô ô

- k

% k

ô k ô k

– 2.2.1.2).

- k

k % %

- – ô

" " ô ô ô

nh 2 1: - 2014

u n ổ k

2.2 ổ ô

T ô

ô ổ

ô k

STT ô

1 ổ DTL 04/06/2010

21/12/2006

2 ổ k k HMC 3 ổ 5 HSG 05/12/2008

4 ổ POM 20/04/2010

5 ổ SMC 30/10/2006

6 ổ TLH 16/03/2010

7 ổ VIS 25/12/2006

k k k

5 –

– ô k

ô ờ

2.2.1

2.2.1.1 /vcsh:

ờ

𝑇ổ𝑛𝑔 𝑛ợ 𝑉ô 𝑛 𝑐ℎ𝑢 𝑠ơ ℎư 𝑢

= (2.1)

ổ n.

k ô ờ

ờ

ổ k

doanh

ô ờ

ng nh ổ

ổ k k

k k k doanh

n 2.1: ô – 2014:

2010 2011 2012 2013 2014

DTL 1,50 1,37 1,64 2,07 1,98

POM 1,72 2,04 2,40 2,13 3,00

HMC 2,59 2,48 2,04 2,06 2,32

HSG 1,66 2,32 1,64 2,23 3,29

SMC 3,53 3,15 2,66 4,39 6,14

TLH 1,19 1,02 1,05 1,04 0,98

VIS 1,85 1,52 3,28 3,07 2,47

u n T

ô ổ ô

ổ ô ô

k ô k

– 2.2.1.2).

𝐸𝐵𝐼𝑇

2.2.1.2 k

𝐿𝑎𝑖 𝑣𝑎𝑦

k = (2.2)

- k

k k

- k

k k k k ô k k

. k ô k k k

– .

k k

k k ô ô ờ

k k ô

n 2.2: k ô – 2014:

2010 2011 2012 2013 2014

DTL 3,358 3,115 1,189 1.263 1,051

POM 4,092 2,521 1,118 0,429 0,794

HMC 1,186 1,008 0,988 1,523 1,072

HSG 2,203 1,347 2,023 4,688 3,338

SMC 1,670 1,294 1,211 0,871 0,710

TLH 1,631 1,138 1,941 1,572 2,313

VIS 4,794 1,199 0,803 0,765 1,170

u n T

ờ – k k

k ờ

ô – 2014 ô

k ô

2.2.1.3 ổ

𝑇ô 𝑛𝑔 𝑛ợ 𝑇ô 𝑛𝑔 𝑡𝑎 𝑖 𝑠𝑎𝑛

(2.3) ổ =

ổ

ổ ô

% % ô

T ờ k %

k k

k ô

k k

n 2.3: ổ ô – 2014:

2010 2011 2012 2013 2014

DTL 60,01% 57,79% 62,10% 67,41% 66,77% 62,82%

POM 63,25% 67,01% 70,58% 68,05% 75,08% 68,79%

HMC 72,15% 71,23% 67,12% 67,31% 69,84% 69,53%

HSG 62,38% 69,86% 62,08% 69,05% 76,69% 68,01%

SMC 77,85% 75,78% 72,48% 81,34% 85,92% 78,67%

TLH 54,05% 49,90% 50,68% 50,54% 48,93% 50,82%

VIS 64,93% 60,29% 76,61% 75,42% 71,19% 69,69%

u n T

N ổ ổ ô

k % % ô %

% ổ k % %

k k

% k ô ổ

ô – EPS, ROE 2.2.3.2 2.2.3.3.

2.2.1.4

= ổ

n 2.4: C ổ ô – 2014:

STT 2010 2011 2012 2013 2014

56,16% 44.03% 42.12% 41.47% 47.51% 46.26% 1

DTL 0,59% 5.64% 12.27% 15.43% 8.81% 8.55% 2

43,25% 50.33% 45.61% 43.10% 43.68% 45.19% 3

45.29% 38.41% 49.69% 46.99% 63.76% 48.83% 1

POM 11.92% 21.53% 18.12% 18.46% 9.05% 15.82% 2

42.80% 40.06% 32.19% 34.56% 27.18% 35.36% 3

54.39% 56.87% 55.15% 57.98% 59.69% 56.82% 1

HMC 7.50% 5.44% 3.64% 2.39% 0.97% 3.99% 2

38.11% 37.70% 41.21% 39.63% 39.33% 39.20% 3

45.23% 48.05% 43.48% 49.72% 58.64% 49.02% 1

HSG 11.17% 13.79% 13.06% 10.56% 11.85% 12.09% 2

43.60% 38.15% 43.46% 39.71% 29.51% 38.89% 3

58.82% 53.91% 51.44% 60.28% 79.15% 60.72% 1

SMC 4.63% 3.23% 5.44% 8.41% 3.73% 5.09% 2

36.55% 42.86% 43.12% 31.32% 17.12% 34.19% 3

44.38% 36.03% 35.52% 38.48% 45.39% 39.96% 1

TLH 1.07% 0.73% 0.10% 0.00% 0.00% 0.38% 2

54.55% 63.25% 64.38% 61.52% 54.61% 59.66% 3

47.44% 57.35% 63.21% 65.57% 65.59% 59.83% 1

VIS 0.40% 0.00% 12.00% 8.34% 3.97% 4.94% 2

52.16% 42.65% 24.79% 26.09% 30.45% 35.23% 3

ợ ℎ ̣

u n T

ợ ℎ ̣ +

ℎ ơ ℎư +

: 1 = ; 2 = ; 3 =

ô k

% % ô

ờ k k

k k

k ổ

% ô

ổ %

2.2.1.5

1.4.2.1

ô k ô ô ổ

= ô

𝐸𝐵𝐼𝑇 𝐸𝐵𝐼𝑇 𝐼

(2.4) DFLEBIT =

n 2 5 ô - 2014

2010 2011 2012 2013 2014

DTL 1,42 1,47 6,30 4,80 20,56

POM 1,32 1,66 9,50 -0,75 -3,84

HMC 6,39 132,23 -79,21 2,91 14,90

HSG 1,83 3,88 1,98 1,27 1,43

SMC 2,49 4,40 5,75 -6,76 -2,45

TLH 2,59 8,26 2,06 2,75 1,76

VIS 1,26 6,02 -4,09 -3,25 6,87

u n T

n F ô k

k ờ

– ô ô

F k

2.2.2 k

1.4.1.1.

n 2.6: ô – 2014:

2011 2012 2013 2014 2010

DTL 1,037 1,044 1,232 1,532 1,888 1,346

POM 1,282 1,355 1,943 4,322 2,551 2,291

HMC 1,107 1,176 1,166 1,200 1,331 1,196

HSG 1,415 1,594 1,453 1,430 1,579 1,494

SMC 1,175 1,301 1,748 1,777 2,087 1,618

TLH 1,104 1,157 1,152 1,260 1,175 1,170

VIS 1,229 1,440 1,627 1,983 1,827 1,621

u n T

k ờ k

k ô

k ô k ô

ô - 5.1).

ô ờ

k ô k k ô

k ô k

: S

ờ kỳ

k ờ

n 2 7

2010 2011 2012 2013 2014

6,8% 15,28% 5% 5% 9,5%

u n ổ

trang: http://vncpc.org/ ô

ô k - k

k k ô

k ô

 2.2.3.1

ổ ô



k ô ổ k

k ổ

ô – 2014

ô ờ

nh 2 2 G ô ờ –

u n: http://www.tradingeconomics.com/commodity/steel

+ ổ

ô k

ô k k k ờ

ô k k

ổ

+ R ô

ô k ô k

k ô k , SMC

ổ k

ô k ô

k ô

k ô cao

ổ k

k F

F –

ô k

ô k k

ô kỳ ô

k k ô

k k k k

k c 2.2.1.4 k

+ ờ ô :

ổ

2.2.1.4), ô

ổ ô

ổ

ô k

2.2.1.4)

k ổ

DTL POM

HMC HSG

: k

: /(D+E)

SMC TLH

u n

VIS

nh 2 3: M ô - 2014:

- k ổ

% –

k k k

- k ổ

2.2.3

(LN g p)

2.2.3.1 :

(Doanh thu thu n – Giá v n hàng bán)

(Doanh thu thu n)

(2.5) = =

k ô

C k ô

k ô

n 2.8: T ô - 2014

2010 2011 2012 2013 2014

DTL 19,74% 18,32% 9,99% 8,44% 7,76%

2,43% -13,84% 28,10% 0,82%

4,25% -5,05% 30,30% 1,58%

POM 12,09% 10,09% 3,97% 3,51% 4,02%

7,07% -2,06% -15,80% 9,24%

9,52% 4,60% -15,40% 8,67%

HMC 2,99% 2,81% 3,24% 4,42% 4,26%

45,12% -31,93% -28,15% -5,73%

45,38% -32,23% -29,02% -5,58%

HSG 19,00% 12,93% 13,93% 14,52% 11,64%

66,68% 23,54% 16,57% 27,47%

79,17% 22,12% 15,77% 31,77%

SMC 3,61% 3,51% 2,73% 2,83% 2,99%

30,36% 0,27% 7,67% 13,06%

30,49% 1,08% 7,56% 12,87%

TLH 8,67% 9,72% 4,46% 1,98% 5,51%

-1,32% -4,76% 8,22% 22,03%

-2,45% 0,79% 11,02% 17,63%

VIS 7,54% 6,59% 6,53% 6,67% 6,61%

26,93% -1,05% -11,81% 10,16%

28,24% -0,98% -11,94% 10,23%

u n T

ổ

% k %

30,30%.

cho ô

ô –

k k k k

ô ờ

con

ờ ổ ô

2.2.3.2 EPS:

ờ k i

ổ n

ờ

L ̣ i n u ̣ n sau t u Cô t c cô p n u đ𝑎 𝑖 Sô l ̣ ng cô p i u l u ha n bi n qu n trong ki

(2.6)

k ô ổ ổ

ổ k ô

n 2.9: ô – 2014

2010 2011 2012 2013 2014

DTL 3.869 3.476 281 400 75

POM 3.888 2.169 25 -1.175 -137

HMC 1.676 3.907 1.295 994 1.117

HSG 2.241 1.622 3.761 5.941 4.261

SMC 5.004 2.903 2.324 883 1.130

TLH 1.020 480 715 1.620 942

VIS 4.005 907 -431 -565 455

u n T

N ô ờ ô

k ô

ô k ô

k ô

2.2.3.3 ROE:

ổ ô

ổ ổ ô ổ ô

k k k

k ô

𝐿ợ 𝑖 𝑛ℎ𝑢ậ 𝑛 𝑟𝑜 𝑛𝑔 𝑑𝑎 𝑛ℎ 𝑐ℎ𝑜 𝑐ổ đô𝑛𝑔 𝐵𝑖 𝑛ℎ 𝑞𝑢â𝑛 𝑔𝑖𝑎 𝑡𝑟𝑖̣ 𝑣ô 𝑛 𝑐ổ 𝑝ℎâ 𝑛 𝑝ℎổ 𝑡ℎô𝑛𝑔

(2.7) ROE =

ổ ô

n 2.10: ô - 2014

2010 2011 2012 2013 2014

DTL 25,77% 20,95% 1,77% 2,56% 0,56% 10,32%

POM 26,47% 14,29% 0,19% -8,83% -1,06% 6,21%

HMC 11,59% 25,35% 7,93% 6,14% 7,02% 11,61%

HSG 16,25% 9,17% 19,37% 27,47% 17,88% 18,03%

SMC 19,29% 13,13% 12,01% 4,36% 5,86% 10,93%

TLH 7,34% 3,57% 5,59% 12,93% 7,28% 7,34%

VIS 21,72% 4,93% -3,01% -4,31% 3,48% 4,56%

u n T

n ô ờ

ô ờ k

k – xem

2.2.3.1, – xem 2.2.1.5 ô

ổ

ợ ℎ ậ

= ổ ổ

ℎ â ô ℎ â ô ô ℎ ơ ℎ

ℎ ℎ

ℎ ℎ ℎ â ô

= * *

TTS = ổ = ổ

ợ ℎ ậ

B nh qu n tổng n ℎ â ô ℎ ơ ℎ

ℎ ℎ

ℎ ℎ ℎ â ô

ROE = * * 1 +

ng n

B nh qu n t

ℎ ℎ ơ ℎư

n 2.11: P - 2014

POM 2012 2013 2014

0,044% -2,220% -0,234%

Doanh thu ổ 1,344 1,214 1,271

ổ 3,213 3,277 3,567

ROE 0,19% -8,83% -1,06%

u n T

n 2.12: P - 2013

VIS 2011 2012 2013

0,695% -0,459% -0,813%

ổ 2,631 1,875 1,269

ổ 2,693 3,497 4,174

ROE 4,93% -3,01% -4,31%

u n T

l i ô

–

k ô ô

2.3 ô

– 2014:

k ờ

2.3.1 ờ

n 2.13: L ờ - 2014:

ờ

– k

2010 6,925% 21,12% 25%

2011 7,611% 16,99% 25%

2012 7,901% 20,97% 25%

2013 7,982% 24,06% 25%

2014 7,880% 20,54% 22%

u n (*) T F

(**) T k

(***) L

ổ TNDN k ô

2.3.2

BCTC ô

ờ

ổ

ô k ô k ô

ờ ổ

ổ

. ờ = ổ ổ ổ ô ờ ổ ờ

DTL

POM

D/(D+E) E/(D+E) D/(D+E)

E/(D+E)

2010

49,99%

50,01%

267.508.324.927

41,42%

58,58%

857.421.208.377

2011

51,05%

48,95%

252.883.638.295

71,41%

28,59%

687.858.777.548

2012

59,19%

40,81%

103.485.615.381

69,58%

30,42%

305.550.985.200

2013

63,91%

36,09%

95.449.723.391

65,71%

34,29%

101.145.692.373

2014

65,35%

34,65%

73.586.532.274

80,22%

19,78%

217.798.304.712

HMC

HSG

D/(D+E) E/(D+E) D/(D+E)

E/(D+E)

2010

60,30%

39,70%

67.193.770.092

52,85%

47,15%

366.031.045.158

2011

75,51%

24,49%

72.758.952.545

77,95%

22,05%

388.118.592.882

2012

74,12%

25,88%

70.885.864.930

58,71%

41,29%

688.659.798.633

2013

74,26%

25,74%

63.036.487.435

46,10%

53,90%

786.903.098.730

2014

72,06%

27,94%

37.421.336.062

55,52%

44,48%

612.708.970.667

SMC

TLH

D/(D+E) E/(D+E) D/(D+E)

E/(D+E)

n 2.14: ô

2010

63,33%

36,67%

135.684.024.792

47,90%

52,10%

123.421.075.679

2011

77,24%

22,76%

126.202.130.798

63,31%

36,69%

85.231.084.161

2012

67,62%

32,38%

82.167.752.146

59,70%

40,3%

79.165.415.002

2013

77,17%

22,83%

61.111.427.022

51,71%

48,29%

76.568.257.249

2014

89,83%

10,17%

54.255.864.610

55,47%

44,53%

120.273.675.093

VIS

36,00%

64,00%

160.841.971.025

2010

67,12%

32,88%

82.417.416.733

2011

83,01%

16,99%

117.336.660.280

2012

76,28%

23,72%

124.781.878.153

2013

78,12%

21,88%

120.798.144.720

2014

D/(D+E) E/(D+E) EBIT

u n T

2.3.3

ô ô (1.10) k

ô (1.11)

k ô ô ờ k

n 2.15: k ô

Beta khô D/E

1,00 2010 1,438 0,822

1,04 2011 0,678 0,380

1,45 DTL 2012 0,233 0,112

1,77 2013 0,197 0,085

1,89 2014 0,238 0,099

0,71 2010 0,866 0,566

2,50 2011 0,674 0,234 POM 2,29 2012 1,077 0,396

1,92 2013 0,175 0,072

4,05 0,467 2014 0,116

1,52 1,429 2010 0,668

3,08 0,869 2011 0,262

2,86 0,859 HMC 2012 0,273

2,88 0,298 2013 0,094

2,58 0,411 2014 0,140

1,12 1,438 2010 0,781

3,54 1,276 2011 0,349

1,42 1,407 HSG 2012 0,681

0,86 1,534 2013 0,934

1,25 1,247 2014 0,644

1,73 1,211 2010 0,528

3,39 0,499 2011 0,141

2,09 0,521 SMC 2012 0,203

3,38 0,259 2013 0,073

8,84 0,425 2014 0,056

0,92 1,464 2010 0,867

1,73 1,039 2011 0,453

1,48 1,275 TLH 2012 0,604

1,07 1,467 2013 0,814

1,25 1,274 2014 0,659

0,56 1,612 2010 1,134

2,04 1,399 2011 0,553

4,89 1,714 VIS 2012 0,368

3,22 1,531 2013 0,449

3,57 1,239 2014 0,337

u n T .

2.3.4

2.3.4.1

ô 2.13 2.15.

n 2.16: C

2010 2011 2012 2013 2014

DTL 27,34% 13,97% 10,95% 11,15% 10,90%

POM 19,21% 13,93% 21,97% 10,80% 13,79%

HMC 27,21% 15,76% 19,12% 12,77% 13,09%

HSG 27,34% 19,58% 26,30% 32,65% 23,66%

SMC 24,12% 12,30% 14,71% 12,15% 13,26%

TLH 27,71% 17,36% 24,56% 31,58% 24,01%

VIS 29,81% 20,73% 30,31% 32,60% 23,56%

u n T .

T f, RM k ô ổ

, ô

nh 2 4: M u n excell.

2.3.4.2

1.1 ô 1.16

n 2.17: T - 2014

2010 2011 2012 2013 2014

DTL 9.42% 10.11% 17.90% 15.98% 17.88%

POM 8.42% 10.86% 17.90% 27.98% 19.88%

HMC 16.92% 17.61% 17.90% 13.98% 17.88%

HSG 10.92% 15.61% 11.90% 8.98% 10.38%

SMC 12.92% 15.61% 17.90% 17.98% 19.88%

TLH 12.92% 17.61% 13.90% 13.98% 11.88%

VIS 7.92% 17.61% 17.90% 19.98% 17.88%

u n T .

2.3.4.3

2.16 2.17

2.13 – ô

(1.17).

ng 2.18: ô - 2014

2010 2011 2012 2013 2014

DTL 17.20% 10.71% 12.41% 11.68% 12.89% 12.98%

POM 13.87% 9.80% 16.02% 17.49% 15.17% 14.47%

HMC 18.45% 13.83% 14.90% 11.07% 13.71% 14.39%

HSG 17.22% 13.44% 16.10% 20.70% 15.02% 16.50%

SMC 14.98% 11.84% 13.84% 13.18% 15.28% 13.82%

TLH 19.08% 14.73% 16.12% 20.67% 15.83% 17.29%

VIS 21.22% 15.68% 16.29% 19.16% 16.05% 17.68%

u n T .

T ô %

% ô

ô ô

ty.

2.3.5 ổ

ổ k ô ổ

ô 1.12. ổ

% %

ô ô 1.9

ổ k ổ

- – .

% nh

ổ

–

% k ô

k k

- k

2.20 k % % %

2010

Unlevered

Levered

D/E

Beta

2.065.020.886.125

0,00

0,822

18,60%

103.251.044.306

1.961.769.841.819

0,05

0,822

0,855

19,06%

0,891

19,57%

10%

206.502.088.613

1.858.518.797.513

0,11

0,822

0,931

20,14%

15%

309.753.132.919

1.755.267.753.206

0,18

0,822

0,976

20,78%

20%

413.004.177.225

1.652.016.708.900

0,25

0,822

1,028

21,51%

25%

516.255.221.531

1.548.765.664.594

0,33

0,822

1,086

22,35%

30%

619.506.265.838

1.445.514.620.288

0,43

0,822

1,154

23,31%

35%

722.757.310.144

1.342.263.575.981

0,54

0,822

1,233

24,43%

40%

826.008.354.450

1.239.012.531.675

0,67

0,822

1,327

25,76%

45%

929.259.398.756

1.135.761.487.369

0,82

0,822

1,439

27,35%

50% 1.032.510.443.063

1.032.510.443.063

1,00

0,822

1,576

29,29%

55% 1.135.761.487.369

929.259.398.756

1,22

0,822

1,747

31,73%

60% 1.239.012.531.675

826.008.354.450

1,50

0,822

1,967

34,85%

65% 1.342.263.575.981

722.757.310.144

1,86

0,822

2,261

39,02%

70% 1.445.514.620.288

619.506.265.838

2,33

0,822

2,672

44,86%

75% 1.548.765.664.594

516.255.221.531

3,00

0,822

3,289

53,61%

80% 1.652.016.708.900

413.004.177.225

4,00

0,822

4,316

68,20%

85% 1.755.267.753.206

309.753.132.919

5,67

0,822

6,372

97,38%

90% 1.858.518.797.513

206.502.088.613

9,00

0,822

n 2.19:

95% 1.961.769.841.819

103.251.044.306

19,00

0,822

12,538

184,91%

99% 2.044.370.677.264

20.650.208.861

99,00

0,822

61,868

885,19%

u n T 6.

Rd*(1 -

ICR

Rd (%)

Tc %)

Tc)

AAA

25%

103.251.044.306

7.511.306.971

35,61

AAA

7,27%

25%

5,46%

10%

206.502.088.613

15.022.613.942

17,81

AAA

7,27%

25%

5,46%

15%

309.753.132.919

22.998.550.613

11,63

25%

7,42%

5,57%

20%

413.004.177.225

31.490.742.505

8,49

25%

7,62%

5,72%

A+

25%

516.255.221.531

40.137.810.964

6,66

25%

7,77%

5,83%

30%

619.506.265.838

49.094.632.555

5,45

25%

7,92%

5,94%

A-

35%

722.757.310.144

57.277.071.314

4,67

25%

7,92%

5,94%

A-

40%

826.008.354.450

73.719.593.618

BB+

8,92%

3,63

25%

6,69%

45%

929.259.398.756

87.580.839.814

3,05

25%

9,42%

7,07%

50%

1.032.510.443.063 105.055.872.561

2,55

10,17%

25%

7,63%

B+

55%

1.135.761.487.369 124.079.670.972

2,16

10,92%

25%

8,19%

60%

1.239.012.531.675 160.139.891.694

1,67

12,92%

25%

9,69%

B-

65%

1.342.263.575.981 173.484.882.668

1,54

12,92%

25%

9,69%

B-

70%

1.445.514.620.288 244.650.458.454

1,09

16,92%

25%

12,69%

75%

1.548.765.664.594 262.125.491.201

1,02

16,92%

25%

12,69%

80%

1.652.016.708.900 279.600.523.948

0,96

16,92%

25%

12,69%

85%

1.755.267.753.206 297.075.556.695

0,90

16,92%

25%

12,69%

90%

1.858.518.797.513 314.550.589.441

0,85

16,92%

25%

12,69%

95%

1.961.769.841.819 332.025.622.188

0,81

16,92%

25%

12,69%

99%

2.044.370.677.264 386.893.061.931

0,69

18,92%

25%

14,19%

n 2.20:

u n T .

Rd*(1 - Tc)

WACC

100%

18,60%

6 ổ % ổ %

n 2.21: :

95%

5,46%

19,06%

18,38%

10%

90%

5,46%

19,57%

18,16%

15%

85%

5,57%

20,14%

17,95%

20%

80%

5,72%

20,78%

17,77%

25%

75%

5,83%

21,51%

17,59%

30%

70%

5,94%

22,35%

17,43%

35%

65%

5,94%

23,31%

17,23%

36%

64%

5,94%

23,52%

17,19%

40%

60%

6,69%

24,43%

17,34%

45%

55%

7,07%

25,76%

17,35%

50%

7,63%

27,35%

17,49%

55%

45%

8,19%

29,29%

17,69%

60%

40%

9,69%

31,73%

18,51%

65%

35%

9,69%

34,85%

18,50%

70%

30%

12,69%

39,02%

20,59%

75%

25%

12,69%

44,86%

20,73%

80%

20%

12,69%

53,61%

20,88%

85%

15%

12,69%

68,20%

21,02%

90%

10%

12,69%

97,38%

21,16%

95%

12,69%

184,91%

21,30%

99%

14,19%

885,19%

22,90%

u n T .

% %

2.3.6 ổ

n 2.22: ổ ô

2010

17,19% 14,18% 15,64% 17,11% 13,70% 18,25% 21,52%

36% 26% 23% 24% 25% 24% 30%

49,99% 41,42% 60,30% 52,85% 63,33% 47,90% 36,00% DTL POM HMC HSG SMC TLH VIS

2011

2012

2013

2014

51,05% 71,41% 75,51% 77,95% 77,24% 63,31% 67,12% 59,19% 69,58% 74,12% 58,71% 67,62% 59,70% 83,01% 63,91% 65,71% 74,26% 46,10% 77,17% 51,71% 76,28% 65,35% 80,22% 72,06% 55,52% 89,83% 55,47% 78,12% 64%

10,28% 9,32% 9,65% 10,38% 8,44% 11,15% 12,31% 9,09% 12,86% 10,92% 15,49% 10,21% 14,93% 12,41% 9,11% 9,09% 9,14% 21,71% 9,02% 20,34% 14,80% 8,97% 9,22% 9,44% 15,50% 8,52% 15,56% 11,74% 12,78%

44% 29% 24% 26% 33% 32% 20% 17% 9% 26% 38% 18% 27% 12% 15% 3% 22% 26% 9% 16% 13% 11% 6% 13% 14% 4% 18% 15% 21%

DTL POM HMC HSG SMC TLH VIS DTL POM HMC HSG SMC TLH VIS DTL POM HMC HSG SMC TLH VIS DTL POM HMC HSG SMC TLH VIS

u n T .

- % %

hươn 3 S

3.1 k

, k (

2. 2.2.2 k

2.22 k ô

ô rong – 2014.

– % k

64%. – -

–

k k % %

ờ

–

% %

d ô k ờ

ô ổ ô ô

k ô – 2014.

25%

75%

10,93%

12.98%

DTL

15%

85%

10,93%

14.47%

POM

22%

78%

10,95%

14.39%

HMC

26%

74%

16,04%

16.50%

HSG

18%

82%

9,98%

13.82%

SMC

23%

77%

16,05%

17.29%

TLH

ng 3.1: – ô

VIS

18%

82%

14,56%

17.68%

21%

64%

12,78%

15,30%

ô ờ

3.2).

n 3 2: ô

2010 2011 2012 2013 2014

ô 27% 30% 21% 15% 12%

ô k

k ô

EPS ô

k ô

ờ

k ờ

ô 3.3:

2010

2011

2012

2013

2014

27%

30%

21%

15%

12%

50,26%

69,08%

67,42%

65,02%

70,94%

EPS ô

3.100,43 2.209,14

1.138,57

1.156,86

1.120,43

n 3 3:

3.2 ô

Theo k

from Indonesia Telecommunication Companies Listed in Indonesia Stock Exchange

Period 2009 – ổ

3.2.1 k ờ

k ờ

ờ ờ k –

ờ M k

ô ờ

ô k M

k k k ô ổ M

k k

k ô ổ

RM i

ờ M % k

k ô ổ M % ờ

n 3 4: k khi RM = % M = 30% (HSG –

Debt Ratio

Rd*(1 - Tc)

WACC Rd*(1 - Tc)

WACC

18,01%

24,95%

5,46%

18,45%

17,80%

5,46%

25,66%

24,65%

5,57%

18,94%

17,60%

5,57%

26,45%

24,36%

10%

5,72%

19,48%

17,42%

5,72%

27,34%

24,09%

15%

5,94%

20,09%

17,26%

5,94%

28,33%

23,85%

20%

5,94%

20,64%

17,11%

5,94%

29,22%

23,63%

24%

6,69%

21,25%

17,17%

6,69%

30,21%

23,62%

28%

8,19%

22,49%

17,49%

8,19%

32,23%

23,82%

35%

8,19%

23,56%

17,41%

8,19%

33,96%

23,66%

40%

2010):

45%

9,69%

24,82%

18,01%

9,69%

36,01%

24,17%

50%

12,69%

26,33%

19,51%

12,69%

38,47%

25,58%

55%

12,69%

28,18%

19,66%

12,69%

41,48%

25,65%

60%

12,69%

30,49%

19,81%

12,69%

45,23%

25,71%

65%

14,19%

33,46%

20,94%

14,19%

50,06%

26,75%

70%

14,19%

37,42%

21,16%

14,19%

56,50%

26,88%

75%

14,19%

42,97%

21,39%

14,19%

65,51%

27,02%

80%

14,19%

51,28%

21,61%

14,19%

79,03%

27,16%

85%

14,19%

65,15%

21,84%

14,19%

101,56% 27,30%

90%

14,19%

92,87%

22,06%

14,19%

146,63% 27,44%

95%

20,19%

176,04% 27,99%

20,19%

281,83% 33,28%

99%

20,19%

841,43% 28,41%

20,19%

1363,41% 33,63%

u n T .

k k k ô ổ k M

% % k ô ổ

% %

. k k k ô ổ k

3.2.2 EBIT:

EBI

ô k

k k k ô ổi.

k – k

k k ô ổ .

k ô ổ % ờ

549.046.567.737 (HSG - ):

Debt Ratio

Rd*(1 - Tc)

WACC

Rd*(1 - Tc)

WACC

5,46%

18,01%

5,46%

18,01%

5,46%

18,45%

17,80%

5,46%

18,45%

17,80%

5,57%

18,94%

17,60%

5,46%

18,94%

17,59%

10%

5,72%

19,48%

17,42%

5,57%

19,48%

17,40%

15%

5,94%

20,09%

17,26%

5,72%

20,09%

17,22%

20%

5,94%

20,64%

17,11%

5,83%

20,64%

17,09%

24%

7,07%

21,58%

17,23%

5,94%

21,58%

16,89%

30%

8,19%

22,49%

17,49%

5,94%

22,49%

16,70%

35%

8,19%

22,69%

17,47%

5,94%

22,69%

16,66%

36%

8,19%

23,56%

17,41%

6,69%

23,56%

16,81%

40%

9,69%

24,82%

18,01%

7,07%

24,82%

16,83%

45%

12,69%

26,33%

19,51%

7,63%

26,33%

16,98%

50%

12,69%

28,18%

19,66%

8,19%

28,18%

17,19%

55%

12,69%

30,49%

19,81%

8,19%

30,49%

17,11%

60%

14,19%

33,46%

20,94%

9,69%

33,46%

18,01%

65%

14,19%

37,42%

21,16%

11,19%

37,42%

19,06%

70%

14,19%

42,97%

21,39%

12,69%

42,97%

20,26%

75%

14,19%

51,28%

21,61%

12,69%

51,28%

20,41%

80%

14,19%

65,15%

21,84%

12,69%

65,15%

20,56%

85%

14,19%

92,87%

22,06%

12,69%

92,87%

20,71%

90%

20,19%

176,04% 27,99%

12,69%

176,04% 20,86%

95%

20,19%

841,43% 28,41%

14,19%

841,43% 22,47%

99%

n 3 5: k k = =

u n T .

k %

k ô ổ k

% %

–

k k % % k

ờ ô

n 3 6: – 2014

2012 2013 2014

EBIT 305.550.985.200

101.145.692.373 217.798.304.712

18%

POM

EBIT

82.167.752.146

61.111.427.022

54.255.864.610

SMC

3.3 k

mô

ờ k

ờ ô

ờ

ờ M. k

am c

k k - -

ờ ờ ô

k ờ

k ô ô y.

k k

ô k

ổ

c k

k ô ô

ô trong – %

ô ờ - 2%

ô – %.

ô ;

ô k k ổ k

k ờ

k ô k

- % ờ – 5

ô k ô

% %

ờ ờ

k ờ k ô k k ô

ờ k ô k ô ổ

k k ờ k

3.4

3.4.1

k ô

ờ

2.14 k k

k ô

ổ ổ

k ô ổ

n 3.7: ổ

9.300

8.400

9.400

47.500 10.700

8.900

8.500

31/12/2014

12.733 3.256

6.975

235.236 19.818 1.198.466 464.161

DTL POM HMC HSG SMC TLH VIS

u n T k

3.2 k ô

k ờ ô

k ờ ô k

k k

ổ ô ổ ô

doanh thu;

2. 2.2.3.1.

3.4.2

ờ

ổ . k k k ô ổ k ô

k ô ổ kỳ k

kỳ ổ

h n

ô k

- ô

HOSE.

- ô

HOSE.

- k

k Minh.

ô ô

ờ ô k

ờ

k ô ô

- ô ô

- ổ

- k ờ

ờ

[1]

k , trang 19-40, trang 72 -82, trang 87 – 115.

[2]

trang 26 – 33.

[3] ổ

ô F F

[4] ô

k ô –

– 175.

[5] ô k F k

[6] ô k

[7] ô k k

[8] ô k

2011.

[9] ô

[1] f nd

[2] Debby Nurhikmah (2013), f

Indonesia Telecommunication Companies Listed in Indonesia Stock Exchange

Period 2009 –

[3] Eugene F F

Cengage Learning, trang 714 -758. –

ô – k –

[4] Gayatri Cahya Pertiwi and Ir. Achmad Herlanto Anggono (2012),

Capital Structure Analysis of Food and Beverages Sub-Sector Industry in Indonesia

from 2008 –

[5] Harry Nurhadi (2007), Optimal capital structure analysis using Adjusted

Present Value (APV) approach a study of PLN in Indonesia YEAR 2004-

[6] Nadhila Qamarani (2014), f

Companies Listed in Indonesia Stock Exchange from 2009 -

[7] Sarah Parsaulian Lumban Gaol and Ir. Achmad Herlanto Anggono (2012),

f k

Exchange from 2008 – 2011.

DTL

ổ

1.180.460.764.776

786.526.095.807

1,50

2010

1.045.389.904.396

763.607.602.072

1,37

2011

1.187.631.474.195

724.744.983.200

1,64

2012

1.536.215.773.799

742.620.812.163

2,07

2013

1.632.068.859.968

823.311.855.713

1,98

2014

POM

ổ

4.847.390.810.942

2.821.086.179.946

1,72

2010

5.812.447.585.323

2.855.059.480.137

2,04

2011

6.215.260.811.459

2.584.708.695.188

2,40

2012

5.099.952.794.435

2.389.503.414.126

2,13

2013

7.135.497.419.739

2.363.981.425.967

3,00

2014

HMC

ổ

783.524.874.016

302.486.729.187

2,59

2010

853.885.301.423

344.865.617.444

2,48

2011

696.938.219.754

341.371.782.270

2,04

2012

696.233.322.790

338.063.531.974

2,06

2013

764.160.673.362

330.021.111.548

2,32

2014

HSG

ổ

2.837.604.785.156

1.711.498.724.893

1,66

2010

4.133.025.325.171

1.782.725.401.374

2,32

2011

3.304.412.330.536

2.018.527.120.337

1,64

2012

4.931.735.187.568

2.210.435.794.604

2,23

2013

7.828.077.563.366

2.379.103.837.691

3,29

2014

SMC

ổ

1.918.817.788.261

543.182.549.757

3,53

2010

1.800.009.322.203

570.812.668.740

3,15

2011

1.551.187.852.029

583.905.867.815

2,66

2012

2.495.496.013.922

568.623.552.508

4,39

2013

3.539.603.698.970

576.138.993.383

6,14

2014

TLH

ổ

958.597.732.374

802.450.111.044

1,19

2010

748.763.148.362

736.392.795.711

1,02

2011

810.603.803.677

773.431.236.352

1,05

2012

1.001.198.866.574

962.216.873.778

1,04

2013

1.058.205.340.181

1.076.234.732.823

0,98

2014

VIS

ổ

2010

1.076.453.532.787

581.401.318.821

1,85

2011

794.838.365.131

523.614.771.454

1,52

2012

2.155.584.438.528

658.041.479.090

3,28

2013

1.937.319.676.037

631.458.122.290

3,07

2014

1.615.389.002.590

653.834.650.154

2,47

2. k

2.1 Minh

k k

STT

1.814.353.067.479 1

k 5.672.998.620 2

1.808.680.068.859 3

1.451.606.960.311 4

357.073.108.548 5

19.930.723.495 6

128.405.554.716 7

79.659.277.265

14.409.042.717 8

26.409.463.453 9

10 k 207.779.771.157

u n k k ô -

STT

k 207.779.771.157 1

2 19.930.723.495

3 79.659.277.265

4 EBIT (4 = 1 – 2 + 3) 267.508.324.927

5 = 3.358

DTL

EBIT

267.508.324.927

79.659.277.265

3,358

2010

252.883.638.295

81.180.510.228

3,115

2011

103.485.615.381

87.070.331.027

1,189

2012

95.449.723.391

75.569.271.657

1,263

2013

73.586.532.274

70.007.971.899

1,051

2014

POM

EBIT

857.421.208.377

209.536.572.527

4,092

2010

687.858.777.548

272.825.089.467

2,521

2011

305.550.985.200

273.382.213.989

1,118

2012

101.145.692.373

235.708.530.592

0,429

2013

217.798.304.712

274.466.539.735

0,794

2014

2.2 k

HMC

EBIT

67.193.770.092

56.672.790.423

1,186

2010

72.758.952.545

72.208.696.774

1,008

2011

70.885.864.930

71.780.799.009

0,988

2012

63.036.487.435

41.401.559.473

1,523

2013

37.421.336.062

34.909.351.695

1,072

2014

HSG

EBIT

366.031.045.158

166.117.089.761

2,203

2010

388.118.592.882

288.078.153.510

1,347

2011

688.659.798.633

340.390.787.401

2,023

2012

786.903.098.730

167.862.447.942

4,688

2013

612.708.970.667

183.550.314.096

3,338

2014

EBIT

135.684.024.792

81.240.469.964

1,670

2010

126.202.130.798

97.497.444.493

1,294

2011

82.167.752.146

67.873.071.181

1,211

2012

61.111.427.022

70.151.562.842

0,871

2013

54.255.864.610

76.441.592.579

0,710

2014

EBIT

vay

2010

123.421.075.679

75.693.823.760

1,631

85.231.084.161

74.913.289.128

1,138

2011

79.165.415.002

40.780.723.154

1,941

2012

76.568.257.249

48.698.910.207

1,572

2013

120.273.675.093

51.993.856.455

2,313

2014

EBIT

160.841.971.025

33.547.519.220

4,794

2010

82.417.416.733

68.725.431.789

1,199

2011

117.336.660.280

146.036.237.558

0,803

2012

124.781.878.153

163.212.576.687

0,765

2013

120.798.144.720

103.216.277.625

1,170

2014

ổ ổ

ổ

1.180.460.764.776

1.966.986.860.583

60,01%

2010

1.045.389.904.396

1.808.997.506.468

57,79%

2011

1.187.631.474.195

1.912.376.457.395

62,10%

2012

1.536.215.773.799

2.278.836.585.962

67,41%

2013

1.632.068.859.968

2.444.468.482.690

66,77%

2014

ổ ổ

ổ

4.847.390.810.942

7.664.317.156.534

63,25%

2010

5.812.447.585.323

8.673.455.210.249

67,01%

2011

6.215.260.811.459

8.805.461.019.636

70,58%

2012

3. ổ

5.099.952.794.435

7.494.243.256.938

68,05%

2013

7.135.497.419.739

9.504.469.457.806

75,08%

2014

ổ ổ

ổ

783.524.874.016

1.086.011.603.203

72,15%

2010

853.885.301.423

1.198.750.918.867

71,23%

2011

696.938.219.754

1.038.310.002.024

67,12%

2012

696.233.322.790

1.034.296.854.764

67,31%

2013

764.160.673.362

1.094.181.784.910

69,84%

2014

ổ ổ

ổ

2.837.604.785.156

4.549.103.510.049

62,38%

2010

4.133.025.325.171

5.915.750.726.545

69,86%

2011

3.304.412.330.536

5.322.939.450.873

62,08%

2012

4.931.735.187.568

7.142.170.982.172

69,05%

2013

7.828.077.563.366

10.207.181.401.057

76,69%

2014

ổ ổ

ổ

1.918.817.788.261

2.464.640.119.865

77,85%

2010

1.800.009.322.203

2.375.261.909.296

75,78%

2011

1.551.187.852.029

2.140.287.940.402

72,48%

2012

2.495.496.013.922

3.067.972.596.115

81,34%

2013

3.539.603.698.970

4.119.795.233.220

85,92%

2014

ổ ổ

ổ

2010

958.597.732.374

1.773.523.082.217

54,05%

2011

748.763.148.362

1.500.529.160.105

49,90%

2012

810.603.803.677

1.599.380.216.066

50,68%

2013

1.001.198.866.574

1.981.169.577.328

50,54%

2014

1.058.205.340.181

2.162.608.524.401

48,93%

ổ ổ

ổ

2010

1.076.453.532.787

1.657.854.851.608

64,93%

2011

794.838.365.131

1.318.453.136.585

60,29%

2012

2.155.584.438.528

2.813.625.917.618

76,61%

2013

1.937.319.676.037

2.568.777.798.327

75,42%

2014

1.615.389.002.590

2.269.223.652.744

71,19%

E/(D+E)

VCSH

NH/(D+E)

2010

1.021.451.537.925

10.786.237.200

786.526.095.807

56,16%

43,25%

2011

667.955.185.823

85.530.579.780

763.607.602.072

44,03%

50,33%

2012

669.222.608.154

194.948.410.650 724.744.983.200

42,12%

45,61%

2013

714.456.822.063

265.749.619.986 742.620.812.163

41,47%

43,10%

2014

895.616.258.282

165.987.741.678 823.311.855.713

47,51%

43,68%

4. /( :

E/(D+E)

VCSH

NH/(D+E)

45,29%

42,80%

2.991.507.703.467

787.154.354.054

2.821.086.179.946

2010

38,41%

40,06%

2011

2.743.756.744.445

1.537.927.856.170 2.855.059.480.137

49,69%

32,19%

3.997.934.921.599

1.457.467.361.229 2.584.708.695.188

2012

46,99%

34,56%

3.255.518.958.935

1.278.803.381.709 2.389.503.414.126

2013

2.363.981.425.967

63,76%

27,18%

5.556.497.445.410

789.011.238.445

2014

E/(D+E)

VCSH

NH/(D+E)

431.726.557.020

59.516.410.181

302.486.729.187

54,39%

38,11%

2010

344.865.617.444

520.215.226.558

49.724.999.999

56,87%

37,70%

2011

341.371.782.270

456.902.956.464

30.164.999.999

55,15%

41,21%

2012

338.063.531.974

494.548.808.697

20.384.999.999

57,98%

39,63%

2013

330.021.111.548

500.870.120.484

8.159.999.999

59,69%

39,33%

2014

E/(D+E)

VCSH

NH/(D+E)

1.711.498.724.893

45,23%

43,60%

2010

1.775.370.331.718

438.660.845.266

1.782.725.401.374

48,05%

38,15%

2.254.114.037.158

644.525.996.522

2011

2.018.527.120.337

43,48%

43,36%

2.039.925.750.068

606.309.432.779

2012

2.210.435.794.604

49,72%

39,71%

2.814.413.724.769

588.026.924.580

2013

2.379.103.837.691

58,64%

29,51%

4.754.178.782.435

955.652.495.613

2014

SMC

E/(D+E)

VCSH

NH/(D+E)

874.096.159.937

68.783.245.318

543.182.549.757

58,82%

36,55%

2010

718.021.184.401

43.050.000.000

570.812.668.740

53,91%

42,86%

2011

696.565.282.745

73.668.620.867

583.905.867.815

51,44%

43,12%

2012

1.094.449.659.491

152.645.857.774

568.623.552.508

60,28%

31,32%

2013

2.664.236.412.867

125.653.780.022

576.138.993.383

79,15%

17,12%

2014

E/(D+E)

VCSH

NH/(D+E)

652.762.922.505

15.705.814.240

802.450.111.044

44,38%

54,55%

2010

419.451.910.687

8.456.974.240

736.392.795.711

36,03%

63,25%

2011

426.658.903.678

1.208.134.240

773.431.236.352

35,52%

64,38%

2012

601.875.843.572

962.216.873.778

38,48%

61,52%

2013

894.580.797.981

1.076.234.732.823

45,39%

54,61%

2014

E/(D+E)

VCSH

NH/(D+E)

528.735.795.232

4.496.208.000

581.401.318.821

47,44%

52,16%

2010

704.196.738.260

523.614.771.454

57,35%

42,65%

2011

1.677.563.900.314

318.515.646.309

658.041.479.090

63,21%

24,79%

2012

1.587.252.687.370

201.828.233.137

631.458.122.290

65,57%

26,09%

2013

1.408.303.688.480

85.140.819.965

653.834.650.154

65,59%

30,45%

2014

5.1

STT

1 ờ 8.887.072.923

2 ờ 681.910.956

3 ờ 323.700.172

4 ờ 11.412.372

5 ổ 9.904.096.423

6 EBIT 267.508.324.927

7 DOL [7 = (5 + 6)/6] 1.037

u n ổ

5.2

(1) EBIT (2) (3) = [(1)+(2)]/(2)

2010 9.904.096.423 267.508.324.927 1,037

2011 11.208.846.615 252.883.638.295 1,044

2012 24.009.467.913 103.485.615.381 1,232

2013 50.734.932.814 95.449.723.391 1,532

2014 65.341.659.563 73.586.532.274 1,888

857.421.208.377

POM (1) EBIT (2) (3) = [(1)+(2)]/(2)

2010 241.524.907.387 1,282

687.858.777.548

305.550.985.200

244.097.944.908 1,355 2011

101.145.692.373

288.008.518.894 1,943 2012

217.798.304.712

336.054.114.562 4,322 2013

337.820.566.200 2,551 2014

67.193.770.092

(1) EBIT (2) (3) = [(1)+(2)]/(2)

72.758.952.545

7.223.131.947 1,107 2010

70.885.864.930

12.805.881.421 1,176 2011

63.036.487.435

11.786.056.870 1,166 2012

37.421.336.062

12.628.565.700 1,200 2013

12.378.941.288 1,331 2014

EBIT (2)

366.031.045.158

(1) (3) = [(1)+(2)]/(2)

388.118.592.882

152.071.726.357 1,415 2010

688.659.798.633

230.380.618.102 1,594 2011

786.903.098.730

311.737.373.339 1,453 2012

612.708.970.667

338.368.591.160 1,430 2013

354.516.590.836 1,579 2014

EBIT (2)

(3)

23.759.698.048

135.684.024.792

(3) = [(1)+(2)]/(2)

37.988.890.821

126.202.130.798

1,175 2010

61.424.722.660

82.167.752.146

1,301 2011

47.463.872.536

61.111.427.022

1,748 2012

58.998.347.114

54.255.864.610

1,777 2013

2,087 2014

EBIT (2)

TLH

12.862.442.731

123.421.075.679

(3) = [(1)+(2)]/(2)

13.340.540.273

85.231.084.161

1,104 2010

12.049.155.564

79.165.415.002

1,157 2011

19.936.607.694

76.568.257.249

1,152 2012

21.090.939.457

120.273.675.093

1,260 2013

EBIT (2)

1,175 2014

36.862.531.290

160.841.971.025

(3) = [(1)+(2)]/(2)

36.241.441.187

82.417.416.733

1,229 2010

73.535.207.644

117.336.660.280

1,440 2011

122.655.644.022

124.781.878.153

1,627 2012

1,983 2013

99.906.314.929

120.798.144.720

2014 1,827

6. k ổ

HTK/TTS (3) k ổ (3) = (1)/(2)

2010 1.449.679.577.079 1.966.986.860.583 73,70%

2011 1.022.724.015.592 1.808.997.506.468 56,54%

2012 936.438.103.645 1.912.376.457.395 48,97%

2013 1.062.204.700.037 2.278.836.585.962 46,61%

2014 1.100.355.683.129 2.444.468.482.690 45,01%

54,17%

HTK/TTS (3) POM k ổ (3) = (1)/(2)

2010 2.468.991.540.031 7.664.317.156.534 32,21%

2011 2.530.662.371.857 8.673.455.210.249 29,18%

2012 2.216.768.458.782 8.805.461.019.636 25,17%

2013 2.047.379.643.275 7.494.243.256.938 27,32%

2014 3.643.112.512.234 9.504.469.457.806 38,33%

30,44%

HTK/TTS (3) k ổ (3) = (1)/(2)

2010 410.284.329.790 1.086.011.603.203 37,78%

2011 434.518.059.308 1.198.750.918.867 36,25%

2012 373.997.970.509 1.038.310.002.024 36,02%

2013 445.432.225.800 1.034.296.854.764 43,07%

2014 433.704.350.069 1.094.181.784.910 39,64%

38,55%

HTK/TTS (3) k ổ (3) = (1)/(2)

2010 1.446.169.048.203 4.549.103.510.049 31,79%

2011 2.015.660.254.333 5.915.750.726.545 34,07%

2012 1.539.822.107.871 5.322.939.450.873 28,93%

2013 3.019.573.646.607 7.142.170.982.172 42,28%

2014 4.733.319.680.675 10.207.181.401.057 46,37%

36,69%

HTK/TTS (3) k ổ (3) = (1)/(2)

855.820.964.935 2.464.640.119.865 34,72% 2010

423.086.697.529 2.375.261.909.296 17,81% 2011

2012 372.737.276.849 2.140.287.940.402 17,42%

2013 1.157.610.086.636 3.067.972.596.115 37,73%

2014 1.166.850.226.520 4.119.795.233.220 28,32%

27,20%

HTK/TTS (3) k ổ (3) = (1)/(2)

2010 1.029.611.571.290 1.773.523.082.217 58,05%

807.929.075.210 1.500.529.160.105 53,84% 2011

578.431.551.514 1.599.380.216.066 36,17% 2012

848.363.511.455 1.981.169.577.328 42,82% 2013

963.386.100.064 2.162.608.524.401 44,55% 2014

47,09%

HTK/TTS (3) k ổ (3) = (1)/(2)

861.125.626.132 1.657.854.851.608 51,94% 2010

351.745.421.882 1.318.453.136.585 26,68% 2011

732.309.619.912 2.813.625.917.618 26,03% 2012

891.675.276.143 2.568.777.798.327 34,71% 2013

840.033.306.606 2.269.223.652.744 37,02% 2014

Trung 35,28%

(2)

(3) =

(1) ( )

(1)

2010 1.808.680.068.859 1.451.606.960.311 19.74%

2011 1.852.633.900.532 1.513.269.094.156 18.32%

2012 1.596.315.182.571 1.436.833.089.343 9.99%

2013 2.044.862.959.249 1.872.261.521.954 8.44%

(3) =

(1) ( )

(1)

2014 2.061.731.236.019 1.901.832.311.774 7.76%

2010 11.202.742.823.759 9.847.788.797.035 12,09%

2011 11.995.221.605.599 10.785.344.685.931 10,09%

2012 11.747.783.342.232 11.281.045.540.783 3,97%

2013 9.891.226.461.080 9.543.566.740.324 3,51%

2014 10.804.878.879.947 10.370.585.792.887 4,02%

(2)

(3) =

(1) ( )

(1)

HMC

2010 4.364.101.860.876 4.233.675.779.945 2,99%

2011 6.333.163.131.742 6.154.905.802.686 2,81%

2012 4.310.812.191.940 4.171.329.127.740 3,24%

2013 3.097.441.300.407 2.960.648.491.436 4,42%

(3) =

(1) ( )

(1)

2014 2.919.845.425.766 2.795.405.489.561 4,26%

2010 4.899.180.533.186 3.968.224.548.046 19,00%

2011 8.165.986.611.054 7.110.055.086.800 12,93%

2012 10.087.956.231.545 8.682.822.005.970 13,93%

2013 11.759.898.592.542 10.052.386.178.283 14,52%

2014 14.990.360.980.074 13.246.068.798.264 11,64%

(3) =

(1) ( )

(1)

(2)

2010 6.857.887.544.980 6.610.285.176.939 3,61%

2011 8.939.764.739.036 8.625.915.474.845 3,51%

2012 8.963.666.898.409 8.718.720.305.529 2,73%

2013 9.651.073.147.934 9.378.050.176.538 2,83%

2014 10.911.449.815.122 10.585.369.048.235 2,99%

(2)

(3) =

(1) ( )

(1)

2010 3.001.448.503.325 2.741.075.787.731 8,67%

2011 2.961.860.587.818 2.673.861.957.950 9,72%

2012 2.820.825.810.247 2.695.026.065.270 4,46%

2013 3.052.582.577.108 2.992.052.772.233 1,98%

(2)

(3) =

(1) ( )

(1)

2014 3.724.960.803.403 3.519.547.110.077 5,51%

2010 3.084.162.945.387 2.851.494.649.843 7,54%

2011 3.914.632.221.570 3.656.651.061.374 6,59%

2012 3.873.559.474.427 3.620.723.463.155 6,53%

2013 3.416.091.904.627 3.188.310.643.216 6,67%

2014 3.763.215.150.869 3.514.316.931.982 6,61%

8. ROE:

(1)

ROE (3) DTL

( )

(1) (3) =

2010 187.615.168.530 727.914.396.298 25,77%

2011 162.385.305.750 775.066.848.940 20,95%

2012 13.185.162.056 744.176.292.636 1,77%

2013 18.780.258.568 733.682.897.682 2,56%

2014 4.379.797.096 782.966.333.938 0,56%

(1)

ROE (3)

( )

(1) (3) =

2010 659.915.063.530 2.493,330,524,632 26.47%

2011 405.683.655.055 2.838.072,830,042 14.29%

2012 5.148.290.446 2.719.884,087,663 0.19%

2013 -219.551.784.312 2.487.106,054,657 -8.83%

2014 -25.318.424.436 2.376.742,420,047 -1.07%

(1)

ROE (3)

( )

(1) (3) =

2010 35.188.140.544 303.696.324.900 11,59%

2011 82.048.058.256 323.676.173.316 25,35%

2012 27.192.340.597 343.118.699.857 7,93%

2013 20.864.875.362 339.717.657.122 6,14%

2014 23.458.744.768 334.042.321.761 7,02%

(1)

ROE (3)

( )

(1) (3) =

2010 215.379.211.513 1.325.413.722.002 16,25%

2011 160.168.374.901 1.747.112.063.134 9,17%

2012 368.103.367.888 1.900.626.260.856 19,37%

2013 580.839.649.877 2.114.481.457.471 27,47%

2014 410.249.008.259 2.294.769.816.148 17,88%

(1)

ROE (3)

( )

(1) (3) =

2010 82.230.265.558 426.177.573.315 19,29%

2011 73.123.471.410 556.997.609.249 13,13%

2012 69.336.189.515 577.359.268.278 12,01%

2013 25.097.408.260 576.264.710.162 4,36%

2014 33.545.127.095 572.381.272.946 5,86%

(1)

ROE (3)

( )

(1) (3) =

2010 57.318.296.686 781.290.324.535 7,34%

2011 27.474.754.874 769.421.453.378 3,57%

2012 42.225.508.376 754.912.016.032 5,59%

2013 112.199.631.381 867.824.055.065 12,93%

2014 74.164.431.959 1.019.225.803.301 7,28%

(1)

ROE (3)

( )

(1) (3) =

2010 110.415.394.363 508.423.319.813 21,72%

4,93% 2011 27.213.452.633 552.508.045.138

-3,01% 2012 -17.775.912.364 590.828.125.272

-4,31% 2013 -27.787.922.448 644.749.800.690

3,48% 2014 22.376.527.864 642.646.386.222

9. Dupont:

9.1

ổ ổ ổ 5.148.290.446 11.747.783.342.232 8.673.455.210.249 8.805.461.019.636 8.739.458.114.943 2.855.059.480.137 2.584.708.695.188 2.719.884.087.663

ổ ổ ROE = (1)*(2)*(3) 0,044% 1,344 3,213 0,19%

ổ ổ ổ -219.551.784.312 9.891.226.461.080 8.805.461.019.636 7.494.243.256.938 8.149.852.138.287 2.584.708.695.188 2.389.503.414.126 2.487.106.054.657

(1) ổ (2) ổ (3) ROE = (1)*(2)*(3) -2,220% 1,214 3,277 -8,83%

-25.318.424.436 10.804.878.879.947 7.494.243.256.938 9.504.469.457.806 8.499.356.357.372 2.389.503.414.126 2.375.528.792.314 2.382.516.103.220

ổ ổ t ổ (1) Doanh thu ổ (2) ổ (3) ROE = (1)*(2)*(3) -0,234% 1,271 3,567 -1,06%

9.2

27.213.452.633 3.914,632.221.570 1.657,854.851.608 1.318,453.136.585 1.488,153.994.097 581.401.318.821 523.614.771.454 552.508.045.138

ổ ổ ổ (1) 0,695%

ổ (2) ổ (3) ROE = (1)*(2)*(3) 2,631 2,693 4,93%

-17.775.912.364 3.873.559.474.427 1.318.453.136.585 2.813.625.917.618 2.066.039.527.102 523.614.771.454 658.041.479.090 590.828.125.272

ổ ổ ổ (1) ổ (2) ổ (3) ROE = (1)*(2)*(3) -0,459% 1,875 3,497 -3,01%

-27.787.922.448 3.416.091.904.627 2.813.625.917.618 2.568.777.798.327 2.691.201.857.973 658.041.479.090 631.458.122.290 644.749.800.690

ổ ổ ổ (1) ổ (2) ổ (3) ROE = (1)*(2)*(3) -0,813% 1,269 4,174 -4,31%

Khóa luận tốt nghiệp: Xác định cơ cấu vốn tối ưu cho nhóm công ty thuộc ngành Thép trên Sàn giao dịch chứng khoán thành phố Hồ Chí Minh trong giai đoạn 2010-2014

Chủ đề:

S Đ Đ

Ru

ỉ lệ nợ trên vốn chủ sở hữu tối ưu nh 1 4 ổ

𝛽 =

hươn 2: Đ Ư

nh 2 2 G ô ờ –

h n

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