{"id":13503,"date":"2025-05-28T14:46:33","date_gmt":"2025-05-28T07:46:33","guid":{"rendered":"https:\/\/www.phfm.vn\/?p=13503"},"modified":"2025-05-30T16:14:13","modified_gmt":"2025-05-30T09:14:13","slug":"vuot-qua-kho-khan-phan-tich-cac-co-phieu-co-hieu-suat-tot-trong-thi-truong-con-gau","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/vi\/vuot-qua-kho-khan-phan-tich-cac-co-phieu-co-hieu-suat-tot-trong-thi-truong-con-gau\/","title":{"rendered":"V\u01af\u1ee2T QUA KH\u00d3 KH\u0102N: PH\u00c2N T\u00cdCH C\u00c1C C\u1ed4 PHI\u1ebeU C\u00d3 HI\u1ec6U SU\u1ea4T T\u1ed0T TRONG TH\u1eca TR\u01af\u1edcNG \u201cCON G\u1ea4U\u201d"},"content":{"rendered":"

V\u01b0\u1ee3t qua kh\u00f3 kh\u0103n: Ph\u00e2n t\u00edch c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 hi\u1ec7u su\u1ea5t t\u1ed1t trong th\u1ecb tr\u01b0\u1eddng \u201ccon g\u1ea5u\u201d<\/strong><\/span><\/p>\n

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Trong su\u1ed1t l\u1ecbch s\u1eed, c\u00e1c th\u1eddi k\u1ef3 t\u0103ng gi\u00e1 v\u00e0 gi\u1ea3m gi\u00e1 \u0111\u1ec1u xen k\u1ebd nhau trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. Tuy nhi\u00ean, li\u1ec7u t\u1ea5t c\u1ea3 c\u00e1c nh\u00f3m ng\u00e0nh v\u00e0 c\u1ed5 phi\u1ebfu s\u1ebd \u0111\u1ec1u gi\u1ea3m gi\u00e1 trong th\u1ecb tr\u01b0\u1eddng con g\u1ea5u?<\/p>\n

Ch\u00fang t\u00f4i \u0111\u00e3 ti\u1ebfn ng\u00e0nh nghi\u00ean c\u1ee9u v\u00e0 x\u00e1c \u0111\u1ecbnh nh\u1eefng nh\u00f3m ng\u00e0nh, c\u1ed5 phi\u1ebfu c\u00f3 s\u1ee9c ph\u1ee5c h\u1ed3i \u201cresilience\u201d t\u1ed1t h\u01a1n th\u1ecb tr\u01b0\u1eddng. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd t\u1eadp trung ph\u00e2n t\u00edch v\u00e0 khai th\u00e1c nh\u1eefng c\u1ed5 phi\u1ebfu, nh\u00f3m ng\u00e0nh \u0111\u00e3 c\u00f3 bi\u1ec3u hi\u1ec7n hi\u1ec7u su\u1ea5t t\u1ed1t trong qu\u00e1 kh\u1ee9, \u0111\u1ed3ng th\u1eddi ch\u00fang t\u00f4i c\u0169ng s\u1ebd nghi\u00ean c\u1ee9u \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a nh\u1eefng c\u1ed5 phi\u1ebfu n\u00e0y.<\/p>\n

Ch\u00fang t\u00f4i \u0111\u1ecbnh ngh\u0129a th\u1ecb tr\u01b0\u1eddng con g\u1ea5u l\u00e0 th\u1ecb tr\u01b0\u1eddng c\u00f3 m\u1ee9c gi\u1ea3m l\u1edbn h\u01a1n 20% t\u1eeb \u0111\u1ec9nh xu\u1ed1ng \u0111\u00e1y. Theo \u0111\u00f3 ch\u00fang t\u00f4i quan s\u00e1t c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 s\u1ee9c ph\u1ee5c h\u1ed3i \u201cresilience\u201d t\u1ed1t h\u01a1n th\u1ecb tr\u01b0\u1eddng s\u1ebd l\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 m\u1ee9c gi\u1ea3m \u00edt h\u01a1n th\u1ecb tr\u01b0\u1eddng trong giai \u0111o\u1ea1n suy gi\u1ea3m v\u00e0 ph\u1ee5c h\u1ed3i m\u1ea1nh h\u01a1n sau khi \u0111\u00e3 t\u1ea1o \u0111\u00e1y. Ch\u00fang th\u1ef1c hi\u1ec7n nghi\u00ean c\u1ee9u qua ba th\u1eddi k\u1ef3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng con g\u1ea5u.<\/p>\n

N\u0103m 2018:<\/strong> khi chi\u1ebfn tranh th\u01b0\u01a1ng m\u1ea1i di\u1ec5n ra, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u00e3 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n suy gi\u1ea3m v\u1edbi m\u1ee9c gi\u1ea3m kho\u1ea3n 27%.<\/p>\n

N\u0103m 2020:<\/strong> khi Vi\u1ec7t Nam ghi nh\u1eadn nh\u1eefng ca Covid-19 \u0111\u1ea7u ti\u00ean, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 gi\u1ea3m kho\u1ea3n 30%.<\/p>\n

N\u0103m 2022:<\/strong> khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 t\u00edn d\u1ee5ng kh\u1ee7ng ho\u1ea3ng, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 gi\u1ea3m kho\u1ea3n 40%.<\/p>\n

Trong danh s\u00e1ch c\u00e1c c\u1ed5 phi\u1ebfu ch\u00fang t\u00f4i theo d\u00f5i, c\u00f3 8 c\u1ed5 phi\u1ebfu \u0111\u00e3 c\u00f3 s\u1ee9c m\u1ea1nh t\u1ed1t h\u01a1n th\u1ecb tr\u01b0\u1eddng trong c\u00e1c th\u1eddi k\u1ef3 \u201ccon g\u1ea5u\u201d bao g\u1ed3m: BWE, FPT, GMD, MPC, NT2, QNS, REE, VNM. Ph\u1ea7n l\u1edbn c\u00e1c c\u00f4ng ty n\u00e0y c\u00f3 m\u00f4 h\u00ecnh kinh doanh v\u1eefng ch\u1eafc v\u00e0 c\u00f3 t\u00ednh ph\u00f2ng th\u1ee7 cao. Trong \u0111\u00f3, nhi\u1ec1u c\u1ed5 phi\u1ebfu thu\u1ed9c c\u00e1c nh\u00f3m ng\u00e0nh h\u00e0ng thi\u1ebft y\u1ebfu (v\u00ed d\u1ee5: VNM – s\u1eefa, BWE \u2013 n\u01b0\u1edbc, REE- \u0111i\u1ec7n, QNS \u2013 \u0111\u01b0\u1eddng, MPC \u2013 t\u00f4m xu\u1ea5t kh\u1ea9u), c\u00f4ng ngh\u1ec7 th\u00f4ng tin (FPT – d\u1ecbch v\u1ee5 IT), logistics (GMD – c\u1ea3ng bi\u1ec3n).<\/p>\n

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B\u1ea3ng 1: Hi\u1ec7u su\u1ea5t \u2013 Chi\u1ebfn tranh th\u01b0\u01a1ng m\u1ea1i 2018<\/figcaption><\/figure>\n

\u00a0<\/em><\/p>\n

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B\u1ea3ng 2: Hi\u1ec7u su\u1ea5t \u2013 Covid 2020<\/figcaption><\/figure>\n

\u00a0<\/em><\/p>\n

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B\u1ea3ng 3: Hi\u1ec7u su\u1ea5t \u2013 Kh\u1ee7ng ho\u1ea3ng t\u00edn d\u1ee5ng 2022<\/figcaption><\/figure>\n

Th\u00eam v\u00e0o \u0111\u00f3, c\u00e1c c\u00f4ng ty n\u00e0y s\u1edf h\u1eefu t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh v\u1eefng m\u1ea1nh, th\u1ec3 hi\u1ec7n qua t\u1ef7 l\u1ec7 n\u1ee3 th\u1ea5p, d\u1ef1 tr\u1eef ti\u1ec1n m\u1eb7t d\u1ed3i d\u00e0o v\u00e0 kh\u1ea3 n\u0103ng thanh to\u00e1n t\u1ed1t h\u01a1n. Nh\u1edd v\u1eady, h\u1ecd c\u00f3 n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc \u0111\u1ec3 v\u01b0\u1ee3t qua nh\u1eefng giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng kh\u00f3 kh\u0103n. Kh\u1ea3 n\u0103ng t\u1ea1o ra d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i c\u0169ng l\u00e0 m\u1ed9t \u0111i\u1ec3m m\u1ea1nh, gi\u00fap h\u1ecd duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 ngay c\u1ea3 trong m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf kh\u00f4ng thu\u1eadn l\u1ee3i. \u0110\u00e1ng ch\u00fa \u00fd, th\u1ed1ng k\u00ea cho th\u1ea5y t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (ROE) trung b\u00ecnh trong 3 giai \u0111o\u1ea1n c\u1ee7a c\u00e1c c\u00f4ng ty n\u00e0y \u0111\u1ea1t kho\u1ea3ng 20%, c\u00f9ng v\u1edbi t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn trong th\u1eddi k\u1ef3 th\u1ecb tr\u01b0\u1eddng suy gi\u1ea3m, trung b\u00ecnh kho\u1ea3ng 12% trong c\u00f9ng k\u1ef3.<\/p>\n

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B\u1ea3ng 4: ROE<\/figcaption><\/figure>\n

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B\u1ea3ng 5: T\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c<\/figcaption><\/figure>\n

L\u01b0u \u00fd<\/strong><\/em>: T\u1ea5t c\u1ea3 th\u00f4ng tin tr\u00ean ch\u1ec9 mang t\u00ednh ch\u1ea5t nghi\u00ean c\u1ee9u v\u00e0 tham kh\u1ea3o, kh\u00f4ng \u0111\u01b0\u1ee3c xem l\u00e0 khuy\u1ebfn ngh\u1ecb \u0111\u1ea7u t\u01b0. Ch\u00fang t\u00f4i s\u1eed d\u1ee5ng d\u1eef li\u1ec7u l\u1ecbch s\u1eed cho m\u1ee5c \u0111\u00edch ph\u00e2n t\u00edch, nh\u01b0ng \u0111i\u1ec1u n\u00e0y kh\u00f4ng \u0111\u1ea3m b\u1ea3o hi\u1ec7u su\u1ea5t t\u01b0\u01a1ng lai c\u1ee7a c\u00e1c ng\u00e0nh ho\u1eb7c c\u1ed5 phi\u1ebfu n\u00e0y s\u1ebd t\u01b0\u01a1ng t\u1ef1. Th\u1ecb tr\u01b0\u1eddng lu\u00f4n ti\u1ec1m \u1ea9n nh\u1eefng y\u1ebfu t\u1ed1 b\u1ea5t ng\u1edd, v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n t\u1ef1 ch\u1ecbu tr\u00e1ch nhi\u1ec7m cho quy\u1ebft \u0111\u1ecbnh c\u1ee7a m\u00ecnh.<\/p>\n

Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 xu h\u01b0\u1edbng ch\u1ecdn c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean m\u1ed9t c\u00e2u chuy\u1ec7n ho\u1eb7c ch\u1ee7 \u0111\u1ec1. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi nh\u1eefng nh\u00e0 \u0111\u1ea7u c\u01a1 ng\u1eafn h\u1ea1n v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n \u0111\u00e1nh gi\u00e1 li\u1ec7u l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty c\u00f3 th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb tin t\u1ee9c hay kh\u00f4ng. Th\u1eadt d\u1ec5 d\u00e0ng \u0111\u1ec3 t\u00ecm th\u1ea5y \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng cao t\u1eeb nh\u1eefng c\u1ed5 phi\u1ebfu c\u00f3 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp trong b\u00e0i vi\u1ebft n\u00e0y. Nh\u1eefng c\u1ed5 phi\u1ebfu n\u00e0y \u0111\u01b0\u1ee3c \u0111\u1eb7c tr\u01b0ng b\u1edfi bi\u00ean l\u1ee3i nhu\u1eadn cao, t\u1ef7 l\u1ec7 n\u1ee3 h\u1ee3p l\u00fd v\u00e0 ti\u1ec1n m\u1eb7t d\u1ed3i d\u00e0o. \u0110\u1eb7c bi\u1ec7t l\u00e0 trong m\u1ed9t n\u0103m c\u00f3 nhi\u1ec1u b\u1ea5t \u1ed5n nh\u01b0 n\u0103m 2025, vi\u1ec7c l\u1ef1a ch\u1ecdn c\u00e1c c\u1ed5 phi\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng cao c\u00f3 th\u1ec3 gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed3n t\u1ea1i trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng. M\u1eb7c d\u00f9 c\u00e1c c\u00f4ng ty n\u00e0y c\u00f3 th\u1ec3 kh\u00f4ng c\u00f3 ch\u1ee7 \u0111\u1ec1 v\u00e0 c\u00e2u chuy\u1ec7n h\u1ea5p d\u1eabn v\u00e0 c\u00f3 v\u1ebb r\u1ea5t nh\u00e0m ch\u00e1n, nh\u01b0ng ch\u00fang c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong th\u1eddi gian d\u00e0i. T\u1ea1i PHFM, ch\u00fang t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu ch\u1ec9 d\u1ef1a tr\u00ean ch\u1ee7 \u0111\u1ec1 v\u00e0 c\u00e2u chuy\u1ec7n. Thay v\u00e0o \u0111\u00f3, ch\u00fang t\u00f4i ki\u1ec3m tra h\u1ed3 s\u01a1 theo d\u00f5i l\u1ecbch s\u1eed c\u1ee7a c\u00e1c c\u00f4ng ty, ph\u00e2n t\u00edch t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a h\u1ecd v\u00e0 c\u1ed1 g\u1eafng t\u00ecm ra nh\u1eefng l\u1ee3i th\u1ebf b\u1ec1n v\u1eefng c\u1ee7a .<\/p>\n

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Tr\u1ea7n Minh Tr\u00ed \u2013 Ph\u00f2ng \u0111\u1ea7u t\u01b0, PHFM<\/em><\/p>","protected":false},"excerpt":{"rendered":"

V\u01b0\u1ee3t qua kh\u00f3 kh\u0103n: Ph\u00e2n t\u00edch c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 hi\u1ec7u su\u1ea5t t\u1ed1t trong th\u1ecb tr\u01b0\u1eddng \u201ccon g\u1ea5u\u201d     Trong su\u1ed1t l\u1ecbch s\u1eed, c\u00e1c th\u1eddi k\u1ef3 t\u0103ng gi\u00e1 v\u00e0 gi\u1ea3m gi\u00e1 \u0111\u1ec1u xen k\u1ebd nhau trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. Tuy nhi\u00ean, li\u1ec7u t\u1ea5t c\u1ea3 c\u00e1c nh\u00f3m ng\u00e0nh v\u00e0 c\u1ed5 phi\u1ebfu s\u1ebd \u0111\u1ec1u gi\u1ea3m…<\/p>\n","protected":false},"author":10,"featured_media":13505,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[103,182,105],"tags":[175,173,174,176,177,178],"_links":{"self":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/13503"}],"collection":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/comments?post=13503"}],"version-history":[{"count":7,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/13503\/revisions"}],"predecessor-version":[{"id":13550,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/13503\/revisions\/13550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media\/13505"}],"wp:attachment":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media?parent=13503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/categories?post=13503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/tags?post=13503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}