{"id":755,"date":"2017-02-01T12:59:19","date_gmt":"2017-02-01T05:59:19","guid":{"rendered":"http:\/\/robostock.vn\/web\/?p=755"},"modified":"2017-02-01T12:59:19","modified_gmt":"2017-02-01T05:59:19","slug":"kien-thuc-nen-cach-danh-gia-co-phieu-dua-vao-cac-chi-so-tai-chinh","status":"publish","type":"post","link":"https:\/\/robostock.vn\/web\/kien-thuc-nen-cach-danh-gia-co-phieu-dua-vao-cac-chi-so-tai-chinh\/","title":{"rendered":"Ki\u1ebfn th\u1ee9c n\u1ec1n: C\u00e1ch \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu d\u1ef1a v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh"},"content":{"rendered":"
\n

Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n l\u00e0 m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ea5t ph\u1ed5 bi\u1ebfn. M\u1eb7c d\u00f9 gi\u00e1 giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng nhi\u1ec1u l\u00fac kh\u00f4ng ph\u1ea3n \u00e1nh \u0111\u00fang gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu, nh\u01b0ng vi\u1ec7c ph\u00e2n t\u00edch c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n c\u0169ng gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1ef1a ch\u1ecdn \u0111\u01b0\u1ee3c nh\u1eefng c\u1ed5 phi\u1ebfu t\u1ed1t v\u00e0 an to\u00e0n.<\/p>\n<\/div>\n

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Nh\u1eefng thu\u1eadt ng\u1eef, ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c d\u00f9ng trong ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt sau \u0111\u00e2y s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec3u \u0111\u01b0\u1ee3c khi \u0111\u1ecdc b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n:<\/p>\n

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1. Ch\u1ec9 ti\u00eau<\/h2>\n

– V\u1ed1n \u0111i\u1ec1u l\u1ec7<\/strong>: l\u00e0 s\u1ed1 v\u1ed1n do t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng \u0111\u00f3ng g\u00f3p v\u00e0 \u0111\u01b0\u1ee3c ghi v\u00e0o \u0111i\u1ec1u l\u1ec7 c\u1ee7a c\u00f4ng ty.<\/p>\n

– C\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh<\/strong>: l\u00e0 s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty hi\u1ec7n \u0111ang l\u01b0u h\u00e0nh tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

– C\u1ed5 phi\u1ebfu qu\u1ef9<\/strong>: l\u00e0 c\u1ed5 phi\u1ebfu \u0111\u00e3 ph\u00e1t h\u00e0nh v\u00e0 \u0111\u01b0\u1ee3c mua, b\u00e1n l\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng b\u1edfi ch\u00ednh t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh.<\/p>\n

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2. K\u1ebft qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng kinh doanh<\/h2>\n

– T\u1ed5ng t\u00e0i s\u1ea3n<\/strong>: l\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ee7a to\u00e0n b\u1ed9 t\u00e0i s\u1ea3n hi\u1ec7n c\u00f3 c\u1ee7a c\u00f4ng ty t\u00ednh \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m l\u1eadp b\u00e1o c\u00e1o<\/p>\n

– V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/strong>: l\u00e0 ngu\u1ed3n v\u1ed1n thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty, v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u01b0\u1eddng bao g\u1ed3m: v\u1ed1n g\u00f3p ban \u0111\u1ea7u, l\u1ee3i nhu\u1eadn kh\u00f4ng chia, ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi, c\u00e1c qu\u1ef9 c\u1ee7a c\u00f4ng ty.<\/p>\n

– Doanh thu thu\u1ea7n<\/strong>: l\u00e0 t\u1ed5ng s\u1ed1 doanh thu b\u00e1n h\u00e0ng (tr\u1eeb \u0111i c\u00e1c kho\u1ea3n gi\u1ea3m tr\u1eeb) c\u00f4ng ty \u0111\u1ea1t \u0111\u01b0\u1ee3c trong n\u0103m.<\/em><\/p>\n

– L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/strong>: L\u00e0 t\u1ed5ng s\u1ed1 ti\u1ec1n th\u1ef1c l\u00e3i (l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf \u2013 thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p) c\u00f4ng ty thu v\u1ec1 trong n\u0103m.<\/em><\/p>\n

3. H\u1ec7 s\u1ed1 kh\u1ea3 n\u0103ng thanh to\u00e1n<\/h2>\n

H\u1ec7 s\u1ed1 thanh to\u00e1n ng\u1eafn h\u1ea1n:<\/h3>\n

H\u1ec7 s\u1ed1 thanh to\u00e1n ng\u1eafn h\u1ea1n = T\u1ed5ng t\u00e0i s\u1ea3n l\u01b0u \u0111\u1ed9ng \/ T\u1ed5ng n\u1ee3 ng\u1eafn h\u1ea1n<\/strong><\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y l\u00e0 th\u01b0\u1edbc \u0111o kh\u1ea3 n\u0103ng thanh to\u00e1n ng\u1eafn h\u1ea1n c\u1ee7a c\u00f4ng ty, n\u00f3 cho bi\u1ebft t\u1ef7 l\u1ec7 c\u00e1c kho\u1ea3n n\u1ee3 ng\u1eafn h\u1ea1n c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c tr\u1ea3 b\u1eb1ng c\u00e1c t\u00e0i s\u1ea3n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi th\u1eddi h\u1ea1n c\u1ee7a c\u00e1c kho\u1ea3n n\u1ee3 \u0111\u00f3.<\/em><\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y c\u1ee7a t\u1eebng c\u00f4ng ty th\u01b0\u1eddng \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi h\u1ec7 s\u1ed1 trung b\u00ecnh c\u1ee7a ng\u00e0nh, tuy nhi\u00ean m\u1ed7i ng\u00e0nh s\u1ebd c\u00f3 m\u1ed9t h\u1ec7 s\u1ed1 trung b\u00ecnh kh\u00e1c nhau.<\/p>\n

H\u1ec7 s\u1ed1 thanh to\u00e1n nhanh:<\/h3>\n

H\u1ec7 s\u1ed1 thanh to\u00e1n nhanh = (T\u1ed5ng t\u00e0i s\u1ea3n l\u01b0u \u0111\u1ed9ng \u2013 H\u00e0ng t\u1ed3n kho) \/ T\u1ed5ng n\u1ee3 ng\u1eafn h\u1ea1n<\/strong><\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y n\u00f3i l\u00ean vi\u1ec7c c\u00f4ng ty c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng \u0111\u00e1p \u1ee9ng vi\u1ec7c thanh to\u00e1n n\u1ee3 ng\u1eafn h\u1ea1n v\u00ec c\u00f4ng ty d\u1ec5 d\u00e0ng chuy\u1ec3n t\u1eeb t\u00e0i s\u1ea3n l\u01b0u \u0111\u1ed9ng kh\u00e1c v\u1ec1 ti\u1ec1n m\u1eb7t.<\/em><\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y c\u0169ng th\u01b0\u1eddng \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi h\u1ec7 s\u1ed1 trung b\u00ecnh c\u1ee7a ng\u00e0nh, th\u00f4ng th\u01b0\u1eddng kh\u1ea3 n\u0103ng thanh to\u00e1n c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 an to\u00e0n khi h\u1ec7 s\u1ed1 n\u00e0y > 0,5 l\u1ea7n v\u00ec c\u00f4ng ty c\u00f3 th\u1ec3 trang tr\u1ea3i c\u00e1c kho\u1ea3n n\u1ee3 ng\u1eafn h\u1ea1n m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ebfn c\u00e1c ngu\u1ed3n thu hay doanh s\u1ed1 b\u00e1n h\u00e0ng.<\/p>\n

4. H\u1ec7 s\u1ed1 kh\u1ea3 n\u0103ng sinh l\u1eddi<\/h2>\n

H\u1ec7 s\u1ed1 t\u1ed5ng l\u1ee3i nhu\u1eadn:<\/h3>\n

H\u1ec7 s\u1ed1 t\u1ed5ng l\u1ee3i nhu\u1eadn = (Doanh s\u1ed1 \u2013 Tr\u1ecb gi\u00e1 h\u00e0ng \u0111\u00e3 b\u00e1n theo gi\u00e1 mua) \/ Doanh s\u1ed1 b\u00e1n<\/strong><\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y cho bi\u1ebft m\u1ee9c \u0111\u1ed9 hi\u1ec7u qu\u1ea3 khi s\u1eed d\u1ee5ng c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ea7u v\u00e0o (v\u1eadt t\u01b0, lao \u0111\u1ed9ng) trong m\u1ed9t quy tr\u00ecnh s\u1ea3n xu\u1ea5t c\u1ee7a doanh nghi\u1ec7p.<\/em><\/p>\n

– Trong th\u1ef1c t\u1ebf khi mu\u1ed1n xem c\u00e1c chi ph\u00ed n\u00e0y c\u00f3 cao qu\u00e1 hay kh\u00f4ng l\u00e0 \u0111em so s\u00e1nh h\u1ec7 s\u1ed1 t\u1ed5ng s\u1ed1 l\u1ee3i nhu\u1eadn c\u1ee7a m\u1ed9t c\u00f4ng ty v\u1edbi h\u1ec7 s\u1ed1 c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh, n\u1ebfu h\u1ec7 s\u1ed1 t\u1ed5ng l\u1ee3i nhu\u1eadn c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh cao h\u01a1n, th\u00ec c\u00f4ng ty c\u1ea7n c\u00f3 gi\u1ea3i ph\u00e1p t\u1ed1t h\u01a1n trong vi\u1ec7c ki\u1ec3m so\u00e1t c\u00e1c chi ph\u00ed \u0111\u1ea7u v\u00e0o.<\/p>\n

H\u1ec7 s\u1ed1 l\u1ee3i nhu\u1eadn r\u00f2ng<\/h3>\n

H\u1ec7 s\u1ed1 l\u1ee3i nhu\u1eadn r\u00f2ng = L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ Doanh thu thu\u1ea7n<\/strong><\/p>\n

– H\u1ec7 s\u1ed1 l\u1ee3i nhu\u1eadn r\u00f2ng ph\u1ea3n \u00e1nh kho\u1ea3n thu nh\u1eadp r\u00f2ng (thu nh\u1eadp sau thu\u1ebf) c\u1ee7a m\u1ed9t c\u00f4ng ty so v\u1edbi doanh thu c\u1ee7a n\u00f3. H\u1ec7 s\u1ed1 n\u00e0y c\u00e0ng cao th\u00ec c\u00e0ng t\u1ed1t v\u00ec n\u00f3 ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty.<\/p>\n

– Tr\u00ean th\u1ef1c t\u1ebf m\u1ee9c l\u1ee3i nhu\u1eadn r\u00f2ng gi\u1eefa c\u00e1c ng\u00e0nh l\u00e0 kh\u00e1c nhau, c\u00f2n trong b\u1ea3n th\u00e2n 1 ng\u00e0nh th\u00ec c\u00f4ng ty n\u00e0o qu\u1ea3n l\u00fd v\u00e0 s\u1eed d\u1ee5ng y\u1ebfu t\u1ed1 \u0111\u1ea7u v\u00e0o t\u1ed1t h\u01a1n th\u00ec s\u1ebd c\u00f3 h\u1ec7 s\u1ed1 l\u1ee3i nhu\u1eadn cao h\u01a1n.<\/em> \u0110\u00e2y l\u00e0 m\u1ed9t trong c\u00e1c bi\u1ec7n ph\u00e1p quan tr\u1ecdng \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng t\u1ea1o l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty n\u0103m nay so v\u1edbi c\u00e1c n\u0103m kh\u00e1c.<\/p>\n

T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean t\u1ed5ng t\u00e0i s\u1ea3n (ROA)<\/h3>\n

ROA = L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ T\u1ed5ng t\u00e0i s\u1ea3n<\/strong><\/p>\n

– ROA l\u00e0 h\u1ec7 s\u1ed1 t\u1ed5ng h\u1ee3p nh\u1ea5t \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng sinh l\u1ee3i c\u1ee7a m\u1ed9t \u0111\u1ed3ng v\u1ed1n \u0111\u1ea7u t\u01b0. ROA cho bi\u1ebft c\u1ee9 m\u1ed9t \u0111\u1ed3ng t\u00e0i s\u1ea3n th\u00ec c\u00f4ng ty t\u1ea1o ra bao nhi\u00eau \u0111\u1ed3ng l\u1ee3i nhu\u1eadn v\u00e0 ROA \u0111\u00e1nh gi\u00e1 hi\u1ec7u su\u1ea5t s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n c\u1ee7a c\u00f4ng ty.<\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y c\u00e0ng cao th\u00ec c\u1ed5 phi\u1ebfu c\u00e0ng c\u00f3 s\u1ee9c h\u1ea5p d\u1eabn h\u01a1n v\u00ec h\u1ec7 s\u1ed1 n\u00e0y cho th\u1ea5y kh\u1ea3 n\u0103ng sinh l\u1ee3i t\u1eeb ch\u00ednh ngu\u1ed3n t\u00e0i s\u1ea3n ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty.<\/p>\n

T\u1ec9 su\u1ea5t n\u00e0y r\u1ea5t quan tr\u1ecdng khi ph\u00e2n t\u00edch l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu. Khi \u0111\u00e1nh gi\u00e1 ROA c\u1ea7n ph\u1ea3i so s\u00e1nh v\u1edbi c\u00e1c c\u00f4ng ty trong c\u00f9ng ng\u00e0nh. Ch\u1ec9 ti\u00eau n\u00e0y l\u00e0 th\u01b0\u1edbc \u0111o cho bi\u1ebft t\u00e0i s\u1ea3n c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u01b0 th\u1ebf n\u00e0o.<\/p>\n

\u0110\u1ed3ng th\u1eddi c\u00f2n cho bi\u1ebft vi\u1ec7c th\u1ef1c hi\u1ec7n ch\u1ee9c n\u0103ng c\u1ee7a ban qu\u1ea3n l\u00fd trong vi\u1ec7c s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n \u0111\u1ec3 t\u1ea1o ra thu nh\u1eadp. N\u1ebfu ch\u1ec9 ti\u00eau n\u00e0y nh\u1ecf cho th\u1ea5y doanh nghi\u1ec7p s\u1eed d\u1ee5ng v\u1ed1n kh\u00f4ng hi\u1ec7u qu\u1ea3.<\/em><\/p>\n

H\u1ec7 s\u1ed1 sinh l\u1eddi tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (ROE)<\/h3>\n

ROE = L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/strong><\/p>\n

– ROE cho bi\u1ebft m\u1ed9t \u0111\u1ed3ng v\u1ed1n t\u1ef1 c\u00f3 t\u1ea1o \u0111\u01b0\u1ee3c bao nhi\u00eau \u0111\u1ed3ng l\u1ee3i nhu\u1eadn. ROE c\u00e0ng cao th\u00ec kh\u1ea3 n\u0103ng c\u1ea1nh tranh c\u1ee7a c\u00f4ng ty c\u00e0ng m\u1ea1nh v\u00e0 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty c\u00e0ng h\u1ea5p d\u1eabn,<\/p>\n

V\u00ec h\u1ec7 s\u1ed1 n\u00e0y cho th\u1ea5y kh\u1ea3 n\u0103ng sinh l\u1eddi v\u00e0 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty, h\u01a1n n\u1eefa t\u0103ng m\u1ee9c doanh l\u1ee3i v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu l\u00e0 m\u1ed9t m\u1ee5c ti\u00eau quan tr\u1ecdng nh\u1ea5t trong ho\u1ea1t \u0111\u1ed9ng qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty.<\/p>\n

T\u1ec9 s\u1ed1 n\u00e0y \u0111\u00e1nh gi\u00e1 m\u1ee9c sinh l\u1eddi v\u1ed1n ch\u1ee7 c\u1ee7a doanh nghi\u1ec7p, ch\u1ec9 ti\u00eau n\u00e0y c\u00e0ng cao th\u00ec v\u1ed1n c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty c\u00e0ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng hi\u1ec7u qu\u1ea3 v\u00e0 ng\u01b0\u1ee3c l\u1ea1i.<\/em><\/p>\n

L\u01b0u \u00fd khi \u0111\u00e1nh gi\u00e1 ch\u1ec9 ti\u00eau n\u00e0y, v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u00e0ng l\u1edbn th\u00ec ch\u1ec9 ti\u00eau n\u00e0y c\u00e0ng th\u1ea5p v\u00e0 n\u00ean so s\u00e1nh c\u00f4ng ty t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1ec1 v\u1ed1n. M\u1ee9c \u0111\u1ea7u t\u01b0 h\u1ee3p l\u00fd \u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t ch\u1ec9 ti\u00eau n\u00e0y ph\u1ea3i \u0111\u1ea1t t\u1eeb 20% tr\u1edf l\u00ean, l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh t\u1eeb 15% tr\u1edf l\u00ean.<\/p>\n

5. H\u1ec7 s\u1ed1 c\u01a1 c\u1ea5u t\u00e0i ch\u00ednh<\/h2>\n

H\u1ec7 s\u1ed1 n\u1ee3<\/h3>\n

H\u1ec7 s\u1ed1 n\u1ee3 = N\u1ee3 ph\u1ea3i tr\u1ea3 \/ T\u1ed5ng t\u00e0i s\u1ea3n<\/strong><\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y cho bi\u1ebft ph\u1ea7n tr\u0103m t\u1ed5ng t\u00e0i s\u1ea3n c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 b\u1eb1ng c\u00e1c kho\u1ea3n n\u1ee3 l\u00e0 bao nhi\u00eau.<\/em><\/p>\n

– H\u1ec7 s\u1ed1 n\u1ee3 th\u1ea5p c\u00f3 th\u1ec3 cho th\u1ea5y vi\u1ec7c s\u1eed d\u1ee5ng n\u1ee3 kh\u00f4ng hi\u1ec7u qu\u1ea3, c\u00f2n h\u1ec7 s\u1ed1 n\u1ee3 cao th\u1ec3 hi\u1ec7n g\u00e1nh n\u1eb7ng v\u1ec1 n\u1ee3 l\u1edbn, nh\u01b0 v\u1eady 1 h\u1ec7 s\u1ed1 n\u1ee3\/ t\u1ed5ng t\u00e0i s\u1ea3n l\u00e0 h\u1ee3p l\u00fd s\u1ebd tu\u1ef3 thu\u1ed9c v\u00e0o nhu c\u1ea7u v\u00e0 kh\u1ea3 n\u0103ng t\u1ef1 t\u00e0i tr\u1ee3 c\u1ee7a c\u00f4ng ty.<\/p>\n

H\u1ec7 s\u1ed1 c\u01a1 c\u1ea5u ngu\u1ed3n v\u1ed1n<\/h3>\n

H\u1ec7 s\u1ed1 c\u01a1 c\u1ea5u ngu\u1ed3n v\u1ed1n = L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/strong><\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y ph\u1ea3n \u00e1nh t\u1ef7 tr\u1ecdng ngu\u1ed3n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean t\u1ed5ng ngu\u1ed3n v\u1ed1n c\u1ee7a c\u00f4ng ty.<\/em><\/p>\n

– \u0110\u1ec3 x\u00e1c \u0111\u1ecbnh m\u1ee9c \u0111\u1ed9 ph\u00f9 h\u1ee3p v\u1ec1 t\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu trong t\u1ed5ng ngu\u1ed3n v\u1ed1n c\u1ee7a c\u00f4ng ty s\u1ebd ph\u1ee5 thu\u1ed9c r\u1ea5t l\u1edbn v\u00e0o ho\u1ea1t \u0111\u1ed9ng v\u00e0 ch\u00ednh s\u00e1ch c\u1ee7a t\u1eebng c\u00f4ng ty c\u0169ng nh\u01b0 c\u1ee7a t\u1eebng ng\u00e0nh.<\/p>\n

6. C\u00e1c ch\u1ec9 s\u1ed1 v\u1ec1 c\u1ed5 phi\u1ebfu<\/h2>\n

C\u1ed5 t\u1ee9c l\u00e0 g\u00ec?<\/h3>\n

C\u1ed5 t\u1ee9c l\u00e0 s\u1ed1 ti\u1ec1n h\u00e0ng n\u0103m \u0111\u01b0\u1ee3c tr\u00edch t\u1eeb l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty \u0111\u1ec3 tr\u1ea3 cho m\u1ed7i c\u1ed5 phi\u1ebfu m\u00e0 c\u1ed5 \u0111\u00f4ng n\u1eafm gi\u1eef.<\/p>\n

Thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu ( EPS )<\/h3>\n

EPS = (L\u1ee3i nhu\u1eadn r\u00f2ng \u2013 C\u1ed5 t\u1ee9c \u01b0u \u0111\u00e3i) \/ S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng<\/strong><\/p>\n

– EPS cho bi\u1ebft nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n h\u1ecd \u0111ang n\u1eafm gi\u1eef h\u00e0ng n\u0103m l\u00e0 bao nhi\u00eau.<\/em> Ch\u1ec9 s\u1ed1 n\u00e0y c\u00e0ng cao th\u00ec c\u00e0ng \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 t\u1ed1t v\u00ec khi \u0111\u00f3 kho\u1ea3n thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu s\u1ebd cao h\u01a1n.<\/p>\n

Gi\u00e1 tr\u00ean thu nh\u1eadp c\u1ee7a c\u1ed5 phi\u1ebfu ( P\/E )<\/h3>\n

P\/E = Gi\u00e1 th\u1ecb tr\u01b0\u1eddng \/ Thu nh\u1eadp c\u1ee7a m\u1ed7i c\u1ed5 phi\u1ebfu<\/strong><\/p>\n

– H\u1ec7 s\u1ed1 P\/E \u0111o l\u01b0\u1eddng m\u1ed1i quan h\u1ec7 gi\u1eefa gi\u00e1 th\u1ecb tr\u01b0\u1eddng (Market Price \u2013 P) v\u00e0 thu nh\u1eadp c\u1ee7a m\u1ed7i c\u1ed5 phi\u1ebfu<\/em> (Earning Per Share \u2013 EPS). P\/E l\u00e0 h\u1ec7 s\u1ed1 d\u00f9ng \u0111\u00e1nh gi\u00e1 \u0111o l\u01b0\u1eddng m\u1ed1i li\u00ean h\u1ec7 gi\u1eefa thu nh\u1eadp hi\u1ec7n t\u1ea1i v\u00e0 gi\u00e1 m\u1ed7i c\u1ed5 phi\u1ebfu, hay cho bi\u1ebft nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng tr\u1ea3 gi\u00e1 cho m\u1ed7i c\u1ed5 phi\u1ebfu cao h\u01a1n m\u1ee9c thu nh\u1eadp hi\u1ec7n t\u1ea1i bao nhi\u00eau l\u1ea7n.<\/p>\n

– P\/E cho th\u1ea5y gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i cao h\u01a1n thu nh\u1eadp t\u1eeb c\u1ed5 phi\u1ebfu \u0111\u00f3 bao nhi\u00eau l\u1ea7n, hay nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i b\u1ecf ra bao nhi\u00eau \u0111\u1ed3ng v\u1ed1n \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c 1 \u0111\u1ed3ng thu nh\u1eadp.<\/p>\n

– N\u1ebfu P\/E cao \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn c\u00f4ng ty \u0111\u1ea1t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng cao trong t\u01b0\u01a1ng lai. Th\u00f4ng th\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 t\u1ed1t khi t\u1ef7 l\u1ec7 P\/E n\u1eb1m trong kho\u1ea3ng gi\u00e1 tr\u1ecb 10 l\u1ea7n.<\/p>\n

Theo quan \u0111i\u1ec3m “b\u1ea3o th\u1ee7”<\/em>, P\/E d\u01b0\u1edbi 10 th\u00ec n\u00ean mua. N\u1ebfu \u0111ang n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu c\u00f3 m\u1ee9c P\/E t\u1eeb 10 – 12 l\u1ea7n th\u00ec kh\u00f4ng n\u00ean b\u00e1n v\u00e0 c\u00f3 th\u1ec3 mua ti\u1ebfp.<\/p>\n

P\/E 12 – 18 c\u00f3 th\u1ec3 mua \u0111\u01b0\u1ee3c khi th\u1ecb tr\u01b0\u1eddng \u0111ang trong giai \u0111o\u1ea1n \u1ed5n \u0111\u1ecbnh theo h\u01b0\u1edbng t\u1ed1t. P\/E t\u1eeb 18 tr\u1edf l\u00ean xem x\u00e9t b\u00e1n c\u1ed5 phi\u1ebfu.<\/p>\n

Tuy nhi\u00ean, v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 theo tr\u01b0\u1eddng ph\u00e1i “t\u0103ng tr\u01b0\u1edfng”, P\/E c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn cao h\u01a1n n\u1ebfu t\u1ed1c \u0111\u1ed9 t\u0103ng l\u1ee3i nhu\u1eadn (E) cao.<\/em><\/p>\n

C\u1ed5 t\u1ee9c tr\u00ean thu nh\u1eadp ( D\/E )<\/h3>\n

D\/E = C\u1ed5 t\u1ee9c \/ Thu nh\u1eadp c\u1ee7a m\u1ed7i c\u1ed5 phi\u1ebfu<\/strong><\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y \u0111o l\u01b0\u1eddng t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m l\u1ee3i nhu\u1eadn r\u00f2ng tr\u1ea3 cho c\u1ed5 \u0111\u00f4ng ph\u1ed5 th\u00f4ng d\u01b0\u1edbi d\u1ea1ng c\u1ed5 t\u1ee9c.<\/em> H\u1ec7 s\u1ed1 n\u00e0y c\u00e0ng cao th\u00ec c\u1ed5 phi\u1ebfu \u0111\u00f3 c\u00e0ng nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 quan t\u00e2m c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, b\u1edfi l\u1ebd h\u1ecd s\u1ebd \u0111\u01b0\u1ee3c tr\u1ea3 m\u1ee9c c\u1ed5 t\u1ee9c cao cho m\u1ed7i c\u1ed5 phi\u1ebfu n\u1eafm gi\u1eef.<\/p>\n

C\u1ed5 t\u1ee9c tr\u00ean th\u1ecb gi\u00e1 ( D\/P )<\/h3>\n

D\/E = C\u1ed5 t\u1ee9c \/ Gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n th\u1eddi<\/strong><\/p>\n

– H\u1ec7 s\u1ed1 n\u00e0y ph\u1ea3n \u00e1nh m\u1ee9c l\u1ee3i t\u1ee9c mong \u0111\u1ee3i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 khi mua m\u1ed9t lo\u1ea1i c\u1ed5 phi\u1ebfu t\u1ea1i th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i.<\/em> N\u1ebfu t\u1ef7 l\u1ec7 n\u00e0y c\u00e0ng cao th\u00ec c\u1ed5 phi\u1ebfu \u0111\u00f3 c\u00e0ng \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0a th\u00edch v\u00ec h\u1ecd k\u1ef3 v\u1ecdng v\u00e0o l\u1ee3i nhu\u1eadn cao thu v\u1ec1 khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu.<\/p>\n

Gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng<\/h3>\n

Gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch = (T\u1ed5ng t\u00e0i s\u1ea3n \u2013 T\u1ed5ng s\u1ed1 n\u1ee3 \u2013 C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i) \/ S\u1ed1 c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng<\/strong><\/p>\n

Ch\u1ec9 ti\u00eau n\u00e0y \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu theo s\u1ed1 li\u1ec7u tr\u00ean s\u1ed5 s\u00e1ch, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng quan t\u00e2m \u0111\u1ebfn ch\u1ec9 ti\u00eau n\u00e0y \u0111\u1ec3 so s\u00e1nh v\u1edbi gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u1ed5 phi\u1ebfu.<\/em><\/p>\n

 <\/p>\n

Ngu\u1ed3n Stock24h<\/p>\n<\/div>\n

 \t\t<\/p>\n","protected":false},"excerpt":{"rendered":"

Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n l\u00e0 m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ea5t ph\u1ed5 bi\u1ebfn. M\u1eb7c d\u00f9 gi\u00e1 giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng nhi\u1ec1u l\u00fac kh\u00f4ng ph\u1ea3n \u00e1nh \u0111\u00fang gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu, nh\u01b0ng vi\u1ec7c ph\u00e2n t\u00edch c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n c\u0169ng gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 … Continue reading “Ki\u1ebfn th\u1ee9c n\u1ec1n: C\u00e1ch \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu d\u1ef1a v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh”<\/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-755","post","type-post","status-publish","format-standard","hentry","category-dau-tu"],"_links":{"self":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/755","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=755"}],"version-history":[{"count":0,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/755\/revisions"}],"wp:attachment":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/media?parent=755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/categories?post=755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/tags?post=755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}