{"id":244,"date":"2016-09-27T10:26:42","date_gmt":"2016-09-27T03:26:42","guid":{"rendered":"http:\/\/robostock.vn\/web\/?p=244"},"modified":"2016-09-27T10:26:42","modified_gmt":"2016-09-27T03:26:42","slug":"bien-do-an-toan-margin-of-safety","status":"publish","type":"post","link":"https:\/\/robostock.vn\/web\/bien-do-an-toan-margin-of-safety\/","title":{"rendered":"BI\u00caN \u0110\u1ed8 AN TO\u00c0N (MARGIN OF SAFETY)"},"content":{"rendered":"

\t\t\t\t-\u0110\u1ec3 \u0111\u1ea3m b\u1ea3o t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tuy\u1ec7t v\u1eddi khi mua c\u1ed5 phi\u1ebfu c\u00f4ng ty l\u00e0 \u0111\u1ea3m b\u1ea3o ch\u1eafc ch\u1eafn r\u1eb1ng ch\u00fang ta b\u1ecf 50 \u0111\u1ed3ng \u0111\u1ec3 thu v\u1ec1 100 \u0111\u1ed3ng. \u0110\u1ea7u ti\u00ean ch\u00fang ta t\u00ednh gi\u00e1 tr\u1ecb th\u1ef1c r\u1ed3i sau \u0111\u00f3 \u0111\u00f2i h\u1ecfi m\u1ed9t bi\u00ean \u0111\u1ed9 an to\u00e0n v\u1ec1 gi\u00e1, b\u1eb1ng m\u1ed9t n\u1eefa gi\u00e1 tr\u1ecb th\u1ef1c. N\u1ebfu ch\u00fang ta l\u00e0m t\u1ed1t kh\u00e2u \u0111\u1ecbnh gi\u00e1, c\u01a1 h\u1ed9i ki\u1ebfm ti\u1ec1n l\u00e0 r\u1ea5t l\u1edbn. Tuy nhi\u00ean ch\u00fang ta kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t thi\u00ean t\u00e0i v\u1ec1 \u0111\u1ecbnh gi\u00e1 n\u00ean ch\u00fang ta c\u1ea7n m\u1ed9t bi\u00ean \u0111\u1ed9 an to\u00e0n khi mua c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty. MOS gi\u00fap b\u1ea1n ki\u1ebfm r\u1ea5t nhi\u1ec1u ti\u1ec1n v\u00e0 c\u0169ng gi\u00fap b\u1ea1n tr\u00e1nh thua l\u1ed7 trong th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh<\/p>\n

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+Khi mua b\u1ea5t k\u1ef3 c\u1ed5 phi\u1ebfu n\u00e0o b\u1ea1n ph\u1ea3i xem x\u00e9t tr\u00ecnh t\u1ef1 b\u1ed1n y\u1ebfu t\u1ed1: c\u00f4ng ty b\u1ea1n th\u00edch, l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u1ee7a c\u00f4ng ty \u0111\u00f3, \u0111\u1ed9i ng\u0169 qu\u1ea3n l\u00fd v\u00e0 bi\u00ean \u0111\u1ed9 an to\u00e0n tr\u01b0\u1edbc. B\u1ea1n s\u1ebd vi ph\u1ea1m tri\u1ebft l\u00fd Value Investment (VIC) n\u1ebfu b\u1ea1n ch\u1ec9 t\u00ecm ki\u1ebfm MOS n\u1ebfu b\u1ea1n kh\u00f4ng xem x\u00e9t ba y\u1ebfu t\u1ed1 tr\u00ean tr\u01b0\u1edbc. \u0110i\u1ec1u n\u00e0y ho\u00e0n to\u00e0n sai l\u1ea7m.<\/p>\n

+T\u00f3m l\u1ea1i, m\u1ea5u ch\u1ed1t l\u00e0 b\u1ea1n ph\u1ea3i x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu v\u00e0 mua v\u1edbi gi\u00e1 d\u01b0\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c. H\u00e3y kh\u00e1m ph\u00e1 ch\u00e2n l\u00fd n\u00e0y lu\u00f4n \u0111\u00fang qua
\n+\u0110\u1ec3 \u0111\u1ea3m b\u1ea3o t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tuy\u1ec7t v\u1eddi khi mua c\u1ed5 phi\u1ebfu c\u00f4ng ty l\u00e0 \u0111\u1ea3m b\u1ea3o ch\u1eafc ch\u1eafn r\u1eb1ng ch\u00fang ta b\u1ecf 50 \u0111\u1ed3ng \u0111\u1ec3 thu v\u1ec1 100 \u0111\u1ed3ng. \u0110\u1ea7u ti\u00ean ch\u00fang ta t\u00ednh gi\u00e1 tr\u1ecb th\u1ef1c r\u1ed3i sau \u0111\u00f3 \u0111\u00f2i h\u1ecfi m\u1ed9t bi\u00ean \u0111\u1ed9 an to\u00e0n v\u1ec1 gi\u00e1, b\u1eb1ng m\u1ed9t n\u1eefa gi\u00e1 tr\u1ecb th\u1ef1c. N\u1ebfu ch\u00fang ta l\u00e0m t\u1ed1t kh\u00e2u \u0111\u1ecbnh gi\u00e1, c\u01a1 h\u1ed9i ki\u1ebfm ti\u1ec1n l\u00e0 r\u1ea5t l\u1edbn. Tuy nhi\u00ean ch\u00fang ta kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t thi\u00ean t\u00e0i v\u1ec1 \u0111\u1ecbnh gi\u00e1 n\u00ean ch\u00fang ta c\u1ea7n m\u1ed9t bi\u00ean \u0111\u1ed9 an to\u00e0n khi mua c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty. MOS gi\u00fap b\u1ea1n ki\u1ebfm r\u1ea5t nhi\u1ec1u ti\u1ec1n v\u00e0 c\u0169ng gi\u00fap b\u1ea1n tr\u00e1nh thua l\u1ed7 trong th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh<\/p>\n

-Khi mua b\u1ea5t k\u1ef3 c\u1ed5 phi\u1ebfu n\u00e0o b\u1ea1n ph\u1ea3i xem x\u00e9t tr\u00ecnh t\u1ef1 b\u1ed1n y\u1ebfu t\u1ed1: c\u00f4ng ty b\u1ea1n th\u00edch, l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u1ee7a c\u00f4ng ty \u0111\u00f3, \u0111\u1ed9i ng\u0169 qu\u1ea3n l\u00fd v\u00e0 bi\u00ean \u0111\u1ed9 an to\u00e0n tr\u01b0\u1edbc. B\u1ea1n s\u1ebd vi ph\u1ea1m tri\u1ebft l\u00fd Value Investment (VIC) n\u1ebfu b\u1ea1n ch\u1ec9 t\u00ecm ki\u1ebfm MOS n\u1ebfu b\u1ea1n kh\u00f4ng xem x\u00e9t ba y\u1ebfu t\u1ed1 tr\u00ean tr\u01b0\u1edbc. \u0110i\u1ec1u n\u00e0y ho\u00e0n to\u00e0n sai l\u1ea7m.<\/p>\n

\"\"<\/span>T\u00f3m l\u1ea1i, m\u1ea5u ch\u1ed1t l\u00e0 b\u1ea1n ph\u1ea3i x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu v\u00e0 mua v\u1edbi gi\u00e1 d\u01b0\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c. H\u00e3y kh\u00e1m ph\u00e1 ch\u00e2n l\u00fd n\u00e0y lu\u00f4n \u0111\u00fang qua<\/p>\n

“Gi\u00e1 c\u1ee7a m\u1ed9t c\u00f4ng ty kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng b\u1eb1ng v\u1edbi gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3\u201d<\/strong><\/p>\n

-\u0110\u00e2y l\u00e0 kh\u00e1i ni\u1ec7m m\u00e0 ch\u00fang ta ph\u1ea3i l\u00e0m r\u00f5, \u201cgi\u00e1 c\u1ee7a m\u1ed9t c\u00f4ng ty l\u00e0 m\u1ee9c th\u1ecb tr\u01b0\u1eddng x\u00e1c \u0111\u1ecbnh cho ng\u00e0y h\u00f4m nay\u201d nh\u01b0ng \u201cgi\u00e1 tr\u1ecb th\u1ec3 hi\u1ec7n c\u1ed5 phi\u1ebfu \u0111\u00f3 \u0111\u00e1ng gi\u00e1 th\u1ebf n\u00e0o\u201d. \u0110\u00f4i khi gi\u00e1 c\u1ee7a m\u1ed9t s\u1ea3n ph\u1ea9m n\u00e0o \u0111\u00f3 th\u01b0\u1eddng kh\u00f4ng b\u1eb1ng v\u1edbi gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3. V\u00ed d\u1ee5, khi b\u1ea1n mua m\u1ed9t chi\u1ebfc \u0111\u1ed3ng h\u1ed3 b\u1ea1n n\u00ean bi\u1ebft gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 tr\u01b0\u1edbc khi b\u1ea1n h\u1ecfi gi\u00e1, n\u1ebfu kh\u00f4ng b\u1ea1n s\u1ebd mua v\u1edbi gi\u00e1 l\u1edbn h\u01a1n g\u1ea5p nhi\u1ec1u l\u1ea7n v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a n\u00f3. N\u1ebfu chi\u1ebfc \u0111\u1ed3ng h\u1ed3 c\u00f3 gi\u00e1 tr\u1ecb 100 USD nh\u01b0ng n\u1ebfu b\u1ea1n mua \u0111\u01b0\u1ee3c 50 USD, b\u1ea1n l\u00e0 ng\u01b0\u1eddi mua h\u00e0ng gi\u1ecfi. Mua c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty c\u0169ng v\u1eady, n\u1ebfu b\u1ea1n bi\u1ebft \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty, b\u1ea1n h\u00e3y ch\u1edd gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb m\u00e0 b\u1ea1n mua, \u0111\u1eebng bao gi\u1edd mua khi gi\u00e1 c\u1ed5 phi\u1ebfu cao h\u01a1n gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3.<\/p>\n

-\u0110\u1ec3 l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u n\u00e0y, b\u1ea1n c\u1ea7n t\u00ecm hi\u1ec3u m\u1ed9t \u0111\u1ed1i t\u00e1c m\u00e0 b\u1ea1n ph\u1ea3i h\u1ee3p t\u00e1c \u0111\u00f3 l\u00e0 \u201cNg\u00e0i th\u1ecb tr\u01b0\u1eddng\u201d. Ng\u00e0i th\u1ecb tr\u01b0\u1eddng l\u00e0 ng\u01b0\u1eddi x\u00e1c \u0111\u1ecbnh gi\u00e1 h\u00e0ng ng\u00e0y. \u0110\u1ed1i t\u00e1c c\u1ee7a ch\u00fang ta l\u00e0 ng\u01b0\u1eddi c\u00f3 t\u00e2m tr\u1ea1ng thay \u0111\u1ed5i th\u1ea5t th\u01b0\u1eddng, c\u00f3 l\u00fac vui, c\u00f3 l\u00fac bu\u1ed3n, l\u00fac bi quan v\u00e0 l\u00fac r\u1ea5t l\u1ea1c quan. Ch\u00ednh v\u00ec t\u00e2m l\u00fd b\u1ea5t \u1ed5n c\u1ee7a ng\u00e0i th\u1ecb tr\u01b0\u1eddng m\u00e0 gi\u00e1 h\u00e0ng ng\u00e0y lu\u00f4n bi\u1ebfn \u0111\u1ed9ng. Th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 l\u1ea1c quan th\u00e1i qu\u00e1 m\u00e0 b\u00e1o gi\u00e1 qu\u00e1 cao v\u00e0 \u0111\u00f4i khi th\u1ecb tr\u01b0\u1eddng bi quan th\u00e1i qu\u00e1 n\u00ean b\u00e1o gi\u00e1 qu\u00e1 th\u1ea5p so v\u1edbi gi\u00e1 th\u1ecb th\u1ef1c.<\/p>\n

–<\/span><\/span>R\u00f5 r\u00e0ng, ch\u00fang ta c\u00f3 th\u1ec3 l\u1ee3i d\u1ee5ng l\u1ee3i th\u1ebf t\u1eeb s\u1ef1 b\u1ea5t c\u00e2ng b\u1eb1ng n\u00e0y, ch\u00fang ta s\u1ebd mua khi th\u1ecb tr\u01b0\u1eddng h\u1ea1 gi\u00e1 v\u00e0 b\u00e1n khi ch\u00fang t\u0103ng gi\u00e1.
\n-B\u00ed quy\u1ebft ki\u1ebfm ti\u1ec1n tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n l\u00e0 bi\u1ebft gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty \u0111\u00f3, v\u00e0 l\u1ee3i d\u1ee5ng s\u1ef1 b\u1ea5t \u1ed5n c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 mua b\u00e1n. N\u1ebfu th\u1ecb tr\u01b0\u1eddng b\u00e1o gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang th\u00ec ch\u00fang ta mua v\u00e0 ng\u01b0\u1ee3c l\u1ea1i. L\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u n\u00e0y gi\u00fap ch\u00fang ta ki\u1ebfm \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u ti\u1ec1n.<\/p>\n

–>T\u00ednh gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u00f4ng ty<–<\/strong><\/p>\n

Ch\u00fang ta mu\u1ed1n mua c\u1ed5 phi\u1ebfu c\u00f4ng ty v\u1edbi gi\u00e1 50 USD trong khi gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty \u0111\u00f3 l\u00e0 100 USD. V\u1eady l\u00e0m sao \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u00f4ng ty \u0111\u00f3. T\u00f4i s\u1ebd h\u01b0\u1edbng d\u1eabn b\u1ea1n t\u00ednh gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty, t\u00f4i ch\u1ecdn VNM v\u00ec h\u1ed9i t\u1ee5 ba y\u1ebfu t\u1ed1 theo VIC \u201cc\u00f4ng ty t\u00f4i y\u00eau th\u00edch, VNM c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh l\u1edbn v\u00e0 c\u00f3 \u0111\u1ed9i ng\u0169 qu\u1ea3n l\u00fd tuy\u1ec7t v\u1eddi\u201d<\/p>\n

\u0110\u00e2y l\u00e0 v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng, n\u00f3 kh\u00f4ng qu\u00e1 kh\u00f3 nh\u01b0ng \u0111\u00f2i h\u1ecfi b\u1ea1n ph\u1ea3i t\u1eadp trung. \u0110\u1ec3 t\u00ecm gi\u00e1 tr\u1ecb th\u1ef1c, ch\u00fang ta c\u1ea7n b\u1ed1n s\u1ed1 li\u1ec7u sau:
\n<\/span><\/p>\n

1. EPS hi\u1ec7n h\u00e0nh<\/p>\n

2. T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng EPS t\u01b0\u01a1ng lai<\/p>\n

3. P\/E d\u1ef1 \u0111o\u00e1n t\u01b0\u01a1ng lai<\/p>\n

4. T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cho m\u1ed7i kho\u1ea3n \u0111\u1ea7u t\u01b0<\/p>\n

M\u1ee5c ti\u00eau ch\u00fang ta t\u00ednh gi\u00e1 tr\u1ecb c\u1ee7a VNM 10 n\u0103m t\u1edbi l\u00e0 bao nhi\u00eau, t\u1eeb \u0111\u00f3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a n\u00f3. Ch\u00fang ta ch\u1ec9 c\u1ea7n bi\u1ebft t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn t\u1ed1i thi\u1ec3u c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn h\u00e0ng n\u0103m (th\u00f4ng th\u01b0\u1eddng 15%\/n\u0103m)<\/p>\n

T\u00ednh t\u1ea1i th\u1eddi \u0111i\u1ec3m cu\u1ed1i n\u0103m 2013 VNM c\u00f3 4 s\u1ed1 li\u1ec7u sau ( V\u00ed d\u1ee5 )<\/p>\n

\u2013 EPS l\u00e0 7.479 vnd<\/p>\n

\u2013 T\u1ef7 l\u1ec7 t\u01b0\u01a1ng tr\u01b0\u1edfng EPS t\u01b0\u01a1ng lai qua 10 n\u0103m l\u00e0 23%\/N\u0103m (ch\u00fang ta l\u1ea5y m\u1ee9c khi\u00eam t\u1ed1n l\u00e0 20%)<\/p>\n

\u2013 P\/E trong v\u00f2ng 10 n\u0103m n\u1eefa l\u00e0 20<\/p>\n

\u2013 T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cho kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u00e0y l\u00e0 15%<\/p>\n

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+Tr\u00ean b\u1ea3ng tr\u00ean c\u00f3 n\u0103m k\u1ebft qu\u1ea3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u1ee7a VNM, v\u00ec sao l\u1ea1i nh\u01b0 v\u1eady. Khi x\u00e1c \u0111\u1ecbnh gi\u00e1 theo tri\u1ebft l\u00fd VIC c\u00f3 hai bi\u1ebfn l\u00e0m \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn vi\u1ec7c x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb \u0111\u00f3 l\u00e0 EPS t\u01b0\u01a1ng lai v\u00e0 PE t\u01b0\u01a1ng lai. \u0110\u1ec3 \u0111\u1ea3m b\u1ea3o s\u1ef1 th\u1eadn tr\u1ecdng v\u00e0 theo t\u00f4i l\u00e0 ph\u00f9 h\u1ee3p, t\u00f4i ch\u1ecdn ph\u01b0\u01a1ng \u00e1n 4. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a VNM hi\u1ec7n t\u1ea1i c\u00f3 gi\u00e1 tr\u1ecb 150.000 \u0111\/cp.<\/p>\n

+\u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 theo VIC th\u00ec ch\u00fang ta kh\u00f4ng bao gi\u1edd mua VNM v\u1edbi gi\u00e1 tr\u00ean 150.000 VND v\u00ec ch\u00fang r\u1ea5t r\u1ee7i ro, \u0111\u1ec3 cho kho\u1ea3n \u0111\u1ea7u t\u01b0 an to\u00e0n v\u00e0 hy v\u1ecdng ki\u1ebfm \u0111\u01b0\u1ee3c t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn l\u1edbn th\u00ec b\u1ea1n h\u00e3y ki\u00ean nh\u1eabn mua VNM khi gi\u00e1 th\u1ea5p h\u01a1n 150.000 vnd, c\u00e0ng th\u1ea5p h\u01a1n nhi\u1ec1u b\u1ea1n c\u00e0ng y\u00ean t\u00e2m s\u1edf h\u1eefu. \u0110\u1ed1i v\u1edbi t\u00f4i l\u00fac n\u00e0y bi\u00ean \u0111\u1ed9 an to\u00e0n (MOS) v\u1ec1 gi\u00e1 l\u00e075.000 vnd\/cp. VNM gi\u00e1 75.000 vnd\/cp b\u1ea1n h\u00e3y m\u1ea1nh d\u1ea1n ra l\u1ec7nh mua v\u00e0 ch\u1edd \u0111\u1ee3i \u0111i\u1ec1u k\u1ef3 di\u1ec7u s\u1ebd \u0111\u1ebfn v\u1edbi b\u1ea1n.<\/p>\n

Th\u1ef1c t\u1ebf, \u0111\u1ed1i v\u1edbi nh\u1eefng c\u1ed5 phi\u1ebfu t\u1ed1t nh\u01b0 VNM c\u00f3 r\u1ea5t nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c qu\u00e2n t\u00e2m, v\u00ec v\u1eady gi\u00e1 c\u1ee7a n\u00f3 g\u1ea7n nh\u01b0 l\u00fac n\u00e0o c\u0169ng ti\u1ebfn v\u1ec1 g\u1ea7n v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a n\u00f3. L\u00fac n\u00e0y ch\u00fang ta h\u00e3y ki\u00ean nh\u1eabn, ch\u1edd \u0111\u1ee3i.<\/p>\n

\u0110\u1ebfn \u0111\u00e2y, n\u1ebfu c\u00e1c b\u1ea1n ch\u01b0a th\u1ef1c s\u1ef1 hi\u1ec3u th\u00ec h\u00e3y t\u1eadp l\u00e0m quen v\u1edbi b\u00e0i ph\u00e2n t\u00edch c\u00e1c c\u00f4ng ty trong h\u1ea1ng m\u1ee5c \u201cph\u00e2n t\u00edch c\u00f4ng ty\u201d c\u1ee7a t\u00f4i. \u1ede \u0111\u00f3 c\u00f3 r\u1ea5t nhi\u1ec1u b\u00e0i ph\u00e2n t\u00edch c\u00f4ng ty m\u00e0 theo t\u00f4i ch\u00fang r\u1ea5t \u0111\u00e1ng \u0111\u1ec3 ch\u00fang ta s\u1edf h\u1eefu. B\u1ea1n h\u00e3y d\u1ea7n d\u1ea7n kh\u00e1m ph\u00e1 v\u00e0 chia s\u1ebb quan \u0111i\u1ec3m c\u1ee7a m\u00ecnh… H\u00e3y li\u00ean h\u1ec7 ngay v\u1edbi RBS\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"

-\u0110\u1ec3 \u0111\u1ea3m b\u1ea3o t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tuy\u1ec7t v\u1eddi khi mua c\u1ed5 phi\u1ebfu c\u00f4ng ty l\u00e0 \u0111\u1ea3m b\u1ea3o ch\u1eafc ch\u1eafn r\u1eb1ng ch\u00fang ta b\u1ecf 50 \u0111\u1ed3ng \u0111\u1ec3 thu v\u1ec1 100 \u0111\u1ed3ng. \u0110\u1ea7u ti\u00ean ch\u00fang ta t\u00ednh gi\u00e1 tr\u1ecb th\u1ef1c r\u1ed3i sau \u0111\u00f3 \u0111\u00f2i h\u1ecfi m\u1ed9t bi\u00ean \u0111\u1ed9 an to\u00e0n v\u1ec1 gi\u00e1, b\u1eb1ng m\u1ed9t n\u1eefa gi\u00e1 … Continue reading “BI\u00caN \u0110\u1ed8 AN TO\u00c0N (MARGIN OF SAFETY)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-244","post","type-post","status-publish","format-standard","hentry","category-dau-tu"],"_links":{"self":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/comments?post=244"}],"version-history":[{"count":0,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/244\/revisions"}],"wp:attachment":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/media?parent=244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/categories?post=244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/tags?post=244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}