Vietnam Today: tng ca VN-Index h nhit khi SAB gim im

27/11/2017 Nh my nhit in BOT Vn Phong 1 tip tc cng c dng vn FDI

Barry Weisblatt xut bi b cc quy nh gy hn ch xut khu xi mng
Gim c phng18Nghin
March cu & Phn tch
2011 MWG: Thi tit khng thun li nh hng n doanh thu thng 9-10, tuy
nhin khng phi vn v ni ti. Gi KN MUA.
PNJ: Cng b tm ng c tc bng tin mt t hai cho nm 2017 l
VNI HNI UP 800VND/c phiu
CoM
im
im nhn th trng: tng ca VN-Index h nhit khi SAB gim im
938,6 112,0 54,2
-% 0,5% 1,1% 0,2% HUT: Vic chuyn hng sang mng BS s kch thch tng trng v
- % 1 tun 3,9% 3,6% 1,7% gim ri ro pha long Bo co Cng ty
- % YTD 41,4% 39,8% 0,7%
- % YOY 39,1% 38,3% -6,7%
Quan im k thut: Hin ti, tn hiu ngn hn ca nhng HNX-Index,
GTGD VNMidcap v VNSmallcap duy tr trng thi rt Tch cc. Trong khi nhng VN-
- Hm nay
$261,7 $44,4 $25,1
Index v VN30 d vn duy tr trng thi k thut tch cc nhng c th ang cn
(triu)
thm s tch ly, t nht cho n khi cc ch s ny quay tr ra ngoi di Bollinger
- TB 1 thng
(triu)
$297,9 $28,1 $16,0 trn mt ln na. D bo, VN-Index v VN30 tip tc bin ng nh hp th
- TB 1 nm
$173,4 $26,1 $9,4
lc cung cht li t nhm vn ha ln. Trong khi , HNX-Index v cc ch s i
(triu) din nhm vn ha va v nh s tip tc duy tr tng im trong ngn hn.
Khi ngoi Cc nh u t c th theo di tn hiu k thut ca Top 15 c phiu nh hng
- Mua (triu) $27,5 $2,4 $4,4
- Bn (triu) $14,4 $0,6 $0,7
mnh nht n VN-Index, Top 10 c phiu nh hng mnh nht n HNX-Index
- GT rng v UpCom Index; cng nh ca mt s cc c phiu u c do VCSC la chn.
$13,0 $1,8 $3,7
(triu)
ti v bo co chi tit, xin vui lng nhn vo y.
rng TT
M tng 168 110 86 ----------------------------------------
M gim 93 63 58
Khng i 57 181 506
Nh my nhit in BOT Vn Phong 1 tip tc cng c dng vn FDI
Vic ph duyt ca nh my nhit in BOT Vn Phong 1 vi vn ng k 2,58 t
Ch s chnh
GT vn ha USD gip thc y tng vn FDI cam kt trong thng 11 ln 4,85 t USD, mc
$109,3 $9,2 $25,2
(t) cao nht trong nm nay. Trong 11 thng 2017, tng vn FDI cam kt t 33,09 t
P/E trt 12T 18,5x 13,6x 16,1x USD, tng ng k 53,4% YoY (so vi cng k nm ngoi). Tng vn FDI gii
LS c tc 2,4% 2,5% 2,8%
ngn cng tng 11,9% t 16 t USD, tin gn mc d bo cho c nm ca chng
USD/VND 22,720 ti l 17 t USD.
Ngnh sn xut/ch bin/ch to ghi nhn gn 15 t USD vn ng k, chim
45,2% tng vn FDI. Nhm ngnh sn xut phn phi in, kh, nc v iu ha
xp th hai vi 8,4 t USD, ng gp 25,3% s tng, nh cc siu d n bao gm:
nh my Nhit in Nghi Sn 2 (2,79 t USD), v nh my in Nam nh (2,07 t
USD), ng ng khi L B Mn (1,27 t USD) v nh my nhit in Vn
Phong 1.
Nh my nhit in Vn Phong 1 cng gip Nht Bn vt qua Hn Quc tr
thnh NT nc ngoi dn u trong 11 thng 2017, vi vn FDI cam kt t 8,9
t USD, tng ng vi 27% tng vn FDI vo Vit Nam. Xp sau Nht Bn l Hn
Quc (8,2 t USD) v Singapore (4,7 t USD).
----------------------------------------
xut bi b cc quy nh gy hn ch xut khu xi mng
* Tng cc Hi quan va xut iu chnh Ngh nh 100/2016/N-CP v
122/2016/N-CP v vic xut khu ti nguyn thin nhin, c nh hng trc tip
n hot ng xut khu xi mng. Cc quy nh ny bao gm:

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 1
 - Ngh nh 100/2016/N-CP, c hiu lc ngy 01/07/2016, quy nh nguyn vt liu,
nguyn liu th, bn thnh phm, vi gi tr ti nguyn khong sn cng chi ph nng lng
chim t 51% gi vn hng bn tr ln s khng c khu tr thu gi tr gia tng u
HOLD
vo.
- Ngh nh 122/2016/N-CP, c hiu lc t ngy 10/09/2016, quy nh nguyn vt liu,
nguyn liu th, bn thnh phm vi gi tr khong sn cng chi ph nng lng chim t
51% s chu mc thu xut khu
* C hai ngh nh trn u c mc ch hn ch xut khu ti nguyn thin nhin dng th hoc
bn thnh phm. Nhng vic thc hin gp mt s kh khn, c th l vic tnh t l 51%. Ngoi
ra, c nhiu sn phm ch yu gm ti nguyn thin nhin, nhng sau phi qua nhiu cng
on ch bin trc khi tr thnh thnh phm c th xut khu c. V d in hnh nht l xi
mng, vn c ch bin t clinker, vt liu c sn xut ch yu t vi v gypsum.
* T khi cc ngh nh trn c hiu lc c nh hng nht nh n hot ng xut khu xi
mng ca cc doanh nghip sn xut, qua khin tnh trng d cung trong nc ngy cng
trm trng.
* Vic iu chnh trn nu c thng qua s khin thu xut khu gim tr li 0% thay v 5%
nh hin nay v xi mng xut khu s c khu tr thu GTGT u vo. Vic iu chnh ny s
c li cho ngnh xi mng trong nc ni chung, c bit l CTCP Xi Mng H Tin 1 (HT1), nh
sn xut xi mng hng u min Nam. Vic iu chnh s gip gim p lc cnh tranh t xi
mng d tha ti min Bc c a vo min Nam tiu th v gp kh khn trong xut khu.
Chng ti hin a ra khuyn ngh MUA dnh cho HT1 vi gi mc tiu 19.000VND/c phiu, t
l tng 26% so vi gi hin nay. HT1 hin ang giao dch ti mc 5,7 ln EV/EBITDA 2017 v 5
ln EBITDA 2018. Vui lng xem bo co cp nht Qu 3 ca chng ti bit thm chi tit.
----------------------------------------
MWG: Thi tit khng thun li nh hng n doanh thu thng 9-10, tuy nhin khng
phi vn v ni ti. Gi KN MUA.
* CTCP u t Th gii Di ng (MWG) cng b kt qu kinh doanh 10 thng 2017 bao gm
doanh thu thun t 53,3 nghn t ng, tng 52% v LNST 1,8 nghn t ng, tng 36% so vi
cng k.
* Kt qu ny c h tr bi tng trng doanh thu ca hng hin hu vng chc ca chui
DienmayXANH, vic m ca hng tch cc, doanh thu trc tuyn tng 80% v ng gp ca cc
ca hng m ca vo nm 2016. Trong 10 thng 2017, MWG m 116 ca hng
Thegioididong, 310 ca hng DienmayXANH v 173 ca hng BachhoaXANH, a tng s ca
hng ca tng chui ln ln lt 1.067, 566 v 211 vo cui thng 10/2017, ph hp vi d bo
hin ti ca VCSC.
* Mt khc, chng ti nhn thy tng trng doanh thu c phn chng li trong thng 9-10. C
th, doanh thu ca Thegioididong khng c tng trng trong thi gian ny, trong khi doanh thu
ca DienmayXANH tng 106% so vi cng k. Hai con s ny thp hn mc tng trng 21%
v 139% tng ng trong 8 thng 2017 so vi 8 thng 2016.
* Theo MWG, doanh s bn hng trong thng 9-10 nm 2017 b nh hng bi vi cn bo ln
v ma nhiu, c bit l khu vc min Trung v pha Bc, lm nh hng n lu lng
khch hng. VCSC cng nhn thy xu hng tng t FPT Retail, vi mc tng trng
doanh thu gim xung cn 1% trong thng 9-10 nm 2017, so vi mc 25% trong 8 thng 2017.
* Mc d cc KQKD thng 9-10 nm 2017 l thp hn k vng ca chng ti v dn n mt s
iu chnh cho d bo nm 2017, chng ti cho rng nguyn nhn ny l t bin v khng phi
l vn v ni ti; qua k vng s c phc hi trong doanh thu hai thng cn li ca nm
2017, cng s c cng c bi cc sn phm mi ra mt bao gm Samsung Note 8 vo thng
11 v iPhone X vo thng 12.

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 2
 * Chng ti d kin s khng c s thay i ng k no n gi mc tiu cho MWG, hin ang
mc 178.900 ng/CP (tng mc sinh li 35% bao gm li sut c tc 0,6%). Chng ti tip
tc duy tr khuyn ngh MUA. HOLD
KQKD s b 10 thng 2017 ca MWG
T ng 10 thng 2017 % tng trng
Doanh thu 53.292 52%
- Thegioididong 28.943 17%
- DienmayXANH 23.340 135%
- BachhoaXANH 1.010 NA
LNST 1.811 36%
Doanh thu trc
4.545 80%
tuyn
Ngun: MWG
----------------------------------------
PNJ: Cng b tm ng c tc bng tin mt t hai cho nm 2017 l 800VND/c phiu
Theo , li sut c tc theo gi ng ca phin hm nay ca CTCP Vng bc qu Ph
Nhun (PNJ) l 0,7%.
Ngy giao dch khng hng quyn l 19/12/2017 v ngy tr c tc l 12/01/2018.
Trc , PNJ tm ng 1.000VND/c phiu cho nm 2017. V vy, nu tnh c khon tm
ng ny, PNJ cng b tng mc c tc bng tin mt cho nm 2017 l 1.800VND/c phiu
nh thng qua ti HC nm nay.
Chng ti hin a ra khuyn ngh KH QUAN dnh cho PNJ vi gi mc tiu 140.000VND/c
phiu, vi tng mc sinh li 16,2%, bao gm li sut c tc 1,5%.
----------------------------------------
im nhn th trng: tng ca VN-Index h nhit khi SAB gim im
Ch s VN-Index (+0,32%) tip tc tng trong phin hm nay do mc tng ca VIC (+3,36%),
MSN (+4,98%), GAS (+1,62%), VCB (+1,05%), VRE (+1,2%) v PLX (+1,16%), Nhng tng
ca ch s h nhit v cht phin di mc 940 im, khi SAB bt ng gim mnh 4,8%.
Dng tin tip tc tm kim cc c hi t cc c phiu vn ha trung bnh, c bit l ngnh
bt ng sn v chng khon, vi tng ca PDR, DXG, SSI, HCM, VND,
Chng ti cng ghi nhn mt vi din bin tch cc ca cc c phiu vn ha ln trn sn
UPCoM, nh HVN (+5,87%) v MCH (+4,56%).

Tm tt cc bo co pht hnh trong ngy

HUT: Vic chuyn hng sang mng BS s kch thch tng trng v gim ri ro pha
long Bo co Cng ty
Ngnh: BS & H tng 2016 2017F 2018F
Ngy bo co: 27/11/2017 Tng trng DT 69,2% 44,0% 32,8%
Gi hin ti: 11.200VND Tng trng EPS 77,9% 29,8% 46,3%
Li sut c tc: 6,3% Bin LN gp 30,3% 33,4% 32,6%
Bin LN rng 4,2% 3,8% 4,2%
EV/EBITDA 26,9x 16,1x 12,9x
P/B 6,8x 6,1x 5,3x
P/E 75,0x 57,8x 39,5x

GT vn ha: 120,5tr USD VIC Peers* VNI

Room KN: 21,2tr USD P/E (trt) 53,1x 27,4x 18,4x
GTGD/ngy (30n): 0,61tr USD P/B (hin ti) 6,6x 4,6x 2,7x
C phn Nh nc: 0% N rng/Vn CSH 65,3% 44% NA
SL c phiu lu hnh 251,0tr ROE 10,5% 15,0% 14,8%
Pha long hon ton: 266,8tr ROA 1,7% 5,7% 2,4%
* Cc CT cng ngnh trong khu vc s dng h s TT iu chnh

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 3
 * KQKD Qu 4/2017 ca CTCP Tasco (HUT) s tng i kh quan nh vic ghi nhn doanh
thu t mt s d n BS v mt trm thu ph mi i vo hot ng. Chng ti c tnh so vi
HOLD
cng k nm ngoi, doanh thu Qu 4/2017 s tng 72% v li nhun s tng 34%.
* KQKD nm 2018 s c h tr nh d n Foresa M nh v doanh thu thu ph tng mnh.
Chng ti d bo nm 2018, doanh thu s t 3.400 t ng, tng 17,2% so vi nm 2017, v
LNST t 510 t ng, tng 27,5% so vi cng k. EPS d bo ch tng 4,1% do tc ng pha
long t t pht hnh c phiu t l 25% v chuyn i tri phiu 9% trong nm 2017.
* Ri ro pha long t 2018 tr i s gim dn do cng ty s khng u t mi cc d n BOT,
vn c nhu cu vn kh cao.
* Gi c phiu thp so vi cc cng ty BS khc vi P/E trt 12 thng l 6,4 ln.

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 4
 C phiu Khuyn Ngh
Li Tng
M Ngnh
Ngy bo
co gn
T l
sut c
tng
tc
trng
EPS
P/E
trt
P/E
ngn
P/E
2018
P/B
trt
P/B
Ngn
Room
khi HOLD c/
Khng
Xu hng k
thut 3T 6T
H
nht 12T h 12T h ngoi tr
2017 2018
MUA (Tng mc sinh li > 20% theo gi mc tiu gn nht)
BVH Bo him 17/11/2017 26% 1.7% 27% 24.9 31.7 19.6 2.8 3.0 25% TIU CC 48,000
CII H tng 30/08/2017 18% 3.2% -29% 7.4 10.7 10.4 1.7 2.1 15% TIU CC 29,000
FPT CNTT 21/11/2017 19% 3.4% -18% 10.1 10.0 12.3 2.9 2.2 0% TCH CC 52,000
HPG Thp 07/11/2017 20% 0.0% 5% 8.1 11.5 7.8 2.0 1.7 9% TCH CC 40,000
HT1 Xi mng 30/10/2017 26% 0.0% 5% 11.4 11.5 10.9 1.1 1.7 43% TIU CC 11,000
MWG Bn l 06/11/2017 34% 0.6% 34% 17.6 14.4 13.2 7.9 6.0 0% TCH CC N/A
NLG Bt ng sn 31/10/2017 23% 1.6% 30% 9.1 43.1 7.0 1.6 3.1 4% TRUNG TNH N/A
QNS Thc phm/ ung 22/08/2017 52% 3.3% -3% 10.3 N/A 10.6 3.1 N/A 42% TIU CC N/A
REE Tin ch 07/11/2017 23% 5.2% 13% 8.1 27.5 7.2 1.6 1.9 0% TRUNG TNH 35,000
TCM Dt may 08/08/2017 31% 2.0% 2% 7.4 16.9 7.3 1.3 3.1 0% TRUNG TNH 29,000
VIC Bt ng sn 24/11/2017 36% 0.0% 46% 59.7 43.1 40.8 6.8 3.1 19% TRUNG TNH N/A
VPB Ngn hng 31/10/2017 46% 0.0% 32% 9.0 13.8 6.8 2.0 1.8 0% TCH CC N/A
KH QUAN (20% > Tng mc sinh li > 10% theo gi mc tiu gn nht)
DPM Phn bn 21/08/2017 5% 9.5% 3% 12.0 11.5 11.7 1.0 1.7 28% TIU CC 20,500
DRC Sm lp 19/09/2017 7% 12.0% 33% 12.6 9.7 9.5 1.8 1.9 24% TIU CC N/A
DXG Bt ng sn 25/10/2017 16% 0.0% 25% 9.1 43.1 7.3 1.7 3.1 19% TRUNG TNH 20,200
HSG Thp 15/11/2017 6% 4.2% 16% 6.5 11.5 5.7 1.6 1.7 23% TIU CC 23,000
KBC Pht trin KCN 07/09/2017 18% 0.0% -12% 7.9 43.1 8.9 0.8 3.1 24% TIU CC 12,900
MBB Ngn hng 11/10/2017 16% 2.0% 14% 9.7 13.8 8.5 1.6 1.8 0% TCH CC N/A
NT2 Tin ch 25/10/2017 3% 7.9% 10% 9.7 23.6 8.9 1.9 2.9 27% TCH CC 29,500
NVL Bt ng sn 10/08/2017 11% 0.0% 22% 12.1 43.1 9.9 4.0 3.1 40% TIU CC 57,600
PNJ Bn l 23/10/2017 15% 1.5% 25% 18.8 16.9 15.0 4.8 3.1 0% TRUNG TNH 115,000
TLG Sn xut 18/09/2017 8% 2.0% 14% 20.1 16.2 17.6 4.6 3.6 72% TRUNG TNH 101,000
PH HP TH TRNG (+10% > Tng mc sinh li > -10% theo gi mc tiu gn nht)
BID Ngn hng 10/11/2017 3% 2.8% 18% 12.6 13.8 10.7 2.0 1.8 28% TCH CC 24,000
CTD Xy dng 26/10/2017 6% 2.2% 12% 11.1 27.5 9.9 2.6 1.9 1% TCH CC 219,000
CTG Ngn hng 10/11/2017 -5% 3.0% 14% 11.2 13.8 9.8 1.4 1.8 0% TCH CC 22,000
DHG Dc phm 25/10/2017 -7% 2.2% 4% 20.3 16.8 19.5 4.9 3.2 0% TCH CC 130,000
DQC Chiu sng 14/08/2017 -16% 7.6% -10% 15.9 27.5 17.7 1.1 1.9 31% TIU CC 30,000
GTN NN/Thc phm 18/08/2017 5% 0.0% 117% 81.0 20.8 37.4 1.4 7.0 52% TRUNG TNH 17,500
KDF Thc phm/ ung 08/05/2017 4% 2.8% 27% 19.0 20.8 14.9 4.9 7.0 34% TRUNG TNH 60,500
PC1 in 13/11/2017 3% 0.0% 40% 13.4 27.5 9.5 1.9 1.9 3% TRUNG TNH 36,500
PLX Xng du 14/11/2017 -1% 4.9% 21% 19.1 36.2 15.8 3.6 0.9 11% TRUNG TNH 65,000
PVS DV Du kh 14/08/2017 -5% 3.8% -5% 12.3 36.2 13.0 0.8 0.9 32% TRUNG TNH 16,600
PVT DV Du kh 20/11/2017 4% 5.8% 17% 15.1 36.2 12.9 1.4 0.9 19% TIU CC 13,200
SCS DV Hng khng 10/11/2017 3% 4.6% 24% 18.2 N/A 14.7 7.9 N/A 42% N/A N/A
VNM Thc phm/ ung 13/11/2017 -1% 3.1% 17% 27.3 20.8 23.4 11.2 7.0 40% TRUNG TNH 150,000
KM KH QUAN (-10% > Tng mc sinh li > -20% theo gi mc tiu gn nht)
ACB Ngn hng 10/11/2017 -11% 0.0% 71% 16.6 13.8 9.7 2.2 1.8 0% TCH CC 40,000
KDC Thc phm/ ung 11/08/2017 -17% 4.1% -74% 17.0 20.8 66.1 1.3 7.0 40% TIU CC 32,500
KDH Bt ng sn 14/08/2017 -21% 3.4% 2% 17.4 43.1 17.1 2.5 3.1 1% TRUNG TNH 20,500
MSN a ngnh 10/05/2017 -18% 0.0% 45% 31.6 20.8 21.8 4.1 7.0 23% TCH CC 58,500
BN (Tng mc sinh li < -20% theo gi mc tiu gn nht)
GAS Tin ch 29/08/2017 -29% 4.9% 10% 19.8 23.6 17.9 3.9 2.9 46% TCH CC 72,500
PVD Nng lng 05/09/2017 -36% 0.0% NM NM 36.2 65.6 0.6 0.9 29% TIU CC 13,000
STB Ngn hng 27/10/2017 -58% 0.0% NA 24.6 13.8 16.1 1.0 1.8 15% TRUNG TNH 13,000
VCB Ngn hng 03/11/2017 -37% 1.7% 23% 20.6 13.8 16.8 3.2 1.8 9% TCH CC 42,000
VJC GTVT 22/08/2017 -22% 0.8% 7% 13.5 10.7 12.6 12.0 2.1 4% TCH CC N/A
Ghi ch: cc ngnh c phn chia theo chun GICS, tng trng EPS da theo d phng ca VCSC.

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 5
 Cp nht KQKD Q3/2017 - Cc c phiu VCSC theo di
Tng trng Tng
HOLD
EPS 9T2017 trng EPS Khuyn ngh Khuyn ngh
M Nhn xt
so vi cng 2017 c mi
k d bo

Ngn hng
Tuy chi ph d phng tng mnh 46,1% cng k qu trc nhng thu nhp thun tng mnh cng nh chi ph hot ng c kim sot tt khin
ACB 53% 47% KKQ PHTT
li nhun rng tng 8,9% so vi Qu 2 v vt d bo ca chng ti.
KQKD qu 3/2017 din bin mnh m n t mng kinh doanh ct li. Ngn hng tch cc v thn trng d phng nhm tip tc gii quyt vn
BID -9% 10% MUA KQ
n xu.
Li nhun rng 9 thng u nm t 98% d bo ca chng ti. Tuy NIM gim nhng m d phng cho php chi ph d phng gim 35% so vi
CTG 13% 14% MUA KQ
Qu 2, dn n li nhun tng 4% so vi Qu 2.
MBB cng b KQKD 9 thng 2017 vi li nhun rng 9 thng t 3,2 nghn t ng, tng gn 41% YoY (so vi cng k). Vi mc tng trng
MBB 63% 49% MUA MUA
mnh trong 9 thng 2017, chng ti k vng thu nhp rng trong nm 2017 s vt d bo ca chng ti 16,3%.
Ngn hng TMCP Si Gn Thng Tn (STB) va cng b KQLN Qu 3 vi thu nhp thun 1.630 t ng, tng 51% so vi Qu 2 v 45% so vi
cng k nm ngoi, gip li nhun tng 45% so vi Qu 2. Cc khon phi thu c gi ti mc 18% trong Qu 3/2017. T l n xu gim 5% so
STB N/A N/A BN BN
vi Qu 2. Hin tng trng thu nhp thun l kt qu ca phn b d phng v li nhun khng phn nh c c hi u t cho n khi hon
tt ti vn ha bng cn i k ton.
Mc d NIM iu chnh nh, mc gim 6.1% ca chi ph d phng ri ro tn dng so vi qu trc dn n vic li nhun tng nh so vi qu 2
2017. Chi ph d phng ri ro tn dng tip tc tng nhanh hn s d n xu v mc d phng tng thm tip tc gy p lc ln li nhun qu 3,
VCB 26% 23% BN BN
nh d bo. thn trng, ch khi c s d n xu chnh thc t bo co sot xt qu 4 2017 mi cho php chng ti to mt gc nhn mi v
chi ph d phng v li nhun trong tng lai.
VPB cng b KQLN Qu 3 cao hn so vi d bo ca chng ti cng nh mc tiu ban lnh o ra. Thu nhp thun qu 3 t gn 1.900 t
VPB 72% 68% MUA MUA ng, cao hn 18% so vi d bo ca chng ti. Trong bi cnh li nhun ny, nhiu kh nng VPB s vt 15% mc tiu m ban lnh o ra
v vt 18% so vi d bo consensus cho nm 2017.
CTC phi ngn hng
Li nhun rng qu 3 2017 gim 50.3% cng k nm trc t 157.4 t do li nhun t HKD bo him b gim mnh trong qu 3 xung -723,2 t
BVH 18% 42% PHTT MUA
bi d phng, trong khi li nhun t hot ng ti chnh (tng 10% Y-o-Y) khng th b p cho tc ng trn.
Tiu dng
DQC -51% -56% KKQ Cnh tranh gi bn ko di nh hng n bin LN

DHG 6% 10% KKQ PHTT Kt qu Q3 ng tht vng khi tnh hnh cnh tranh gay gt v sn phm khng ni bt, mc d tng cng qung co
FPT 13% 54% MUA MUA Tng trng tch cc cc mng kinh doanh chnh bao gm xut khu phn mm, vin thng v gio dc
GTN 59% 95% PHTT Hp nht VLC thc y li nhun

KDC -59% -60% BN LN gim do LN bt thng gim; LN thng xuyn thp do chi ph khu hao li th thng mi v chi ph hot ng ca cng ty m
Thi tit lnh v k hoch tng trng im bn chm lm nh hng tng trng doanh thu kem; sn phm thc phm mi cha c tin trin r
KDF -2% 20% PHTT
rt
MSN -34% 17% Gi heo thp nh hng n li nhun, mt phn b p bi tng trng cao t ngn hng v khai khong
MWG 34% 41% MUA MUA Tng trng LNST n tng 34% n t tch cc m ca hng, ng gp t cc ca hng m trong nm 2016 v doanh s online tng mnh
QNS -16% -15% MUA Gi ng gim mnh nh hng n li nhun Q3/2017
PNJ 42% 63% MUA MUA Tng trng ca hng hin hu v k hoch m ca hng nhanh chng thc y tng trng LN
VNM 13% 16% PHTT PHTT Tng trng sn lng trong nc cao trong khi xut khu gim do tnh hnh bt n Iraq

Bt ng sn
DXG 58% -24% KQ MUA Tng trng li nhun bng n trong 9 thng t 219% dn dt bi mng u t th cp v pht trin d n vi bin li nhun cao hn.
KDH 38% 28% PHTT Bn giao mnh m dn dt tng trng li nhun 38% trong 9 thng d gia bi cnh bin li nhun gim
NLG 115% 46% MUA MUA Chuyn nhng d n Mizuki Park dn dt 115% tng trng EPS trong 9 thng 2017 so vi cng k

NVL -30% 48% PHTT Bn giao thp nh hng ti li nhun 9 thng gim 16% so vi cng k

VIC 23% 30% PHTT MUA Bn giao mnh ti cc d n trng im duy tr tng trng li nhun 23% trong 9 thng 2017

Bt ng sn
Backlog cao tip tc dn dt LNST trong 9T 2017 tng trng 24% so vi cng k, nhng EPS tng mc thp hn do pha long t t pht
CTD 11% 9% KQ KQ
hnh ring l vo thng 11/2016.
LN rng hp nht 9T 2017 ch yu nh li ti chnh n t vic nh gi li gi tr hp l ca khon u t trc y ti LGC v CEE khi CII hp
CII 97% 80% KQ
nht li hai cng ty ny.
Vt liu
HPG 16% 7% MUA MUA Li nhun 9 thng tng trng 21% nh vo sn lng bn thp xy dng tng 31% v s phc hi mnh ca gi qung st v gi bn thp.
HSG (*) -12% -12% PHTT PHTT Bin LN gp gim, tn kho cao v t l n by tng mnh nh hng n tng trng li nhun
HT1 -49% -23% MUA MUA Sn lng bn hng tng trng chm, bin li nhun thu hp mnh do hot ng mua ngoi xi mng, v l t gi ln lm st gim li nhun

in
NT2 -12% -9% MUA KQ Li nhun ct li 9 thng gim 12.4% v sn lng gim 26.6% so vi cng k do i tu v lng ma ln

PC1 -31% -15% PHTT KQ Doanh thu 9 thng tng 9.6% nhng LNST gim 31.1% do li nhun t thy in khng th b p cho vic khng c ng gp t mng BS
REE 113% 35% MUA MUA Doanh thu v LNST 9 thng tng 41.1% v 112.7% do ng gp tch cc t mng M&E v in

Du kh
DPM -40% -30% PHTT Li nhun 9 thng gim do gi kh u vo tng 36.5% theo tng ca du FO, d gi bn urea hi phc v tng khong 3%

GAS 43% 10% PHTT Li nhun 9 thng tng trng 47.4% ch yu do gi du FO tng mnh hn nhiu so vi du th
Li nhun 9 thng gim 14,3% do l (1) khng cn c hng u i thu khi nhp khu t Hn Quc v (2) Sn lng bn ra tng trng
PLX -14% -25% PHTT KQ
chm li.
PVD NM NM PHTT LNST 9 thng 2017 ghi nhn l khong 227 t so vi khon li 86 t trong 9 thng 2016. Gi gin mc thp khng b p chi ph.
Li nhun gim do (1) Chi ph d phng cho n xu tng; (2) Khng c ng gp li nhun t Kho ni FPSO Lam Sn trong Qu 3; v (3) li
PVS -17% -26% PHTT nhun ngoi HKD t hon nhp d phng cho cc s n C kh du kh gim. Li nhun gp v LNST tr li ch CTS ln lt t 90,9% v
81,9% d bo c nm ca chng
PVT -13% -14% PHTT KQ Doanh thu v li nhun 9 thng gim do Dung Qut bo tr trong 52 ngy lm nh hng n hot ng vn chuyn du th

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 6
Cng nghip
Li nhun sau thu (LNST) qu 3 nm 2017 gim 70% v LNST 9 thng nm 2017 gim 54% ch yu do (1) DRC mua cao su (nguyn liu u
DRC -54% -39% PHTT
vo chnh) vng gi cao v (2) tng chi ph bn hng h tr doanh s v cc hot ng xut khu.

KBC 80% 73% KQ HOLD

Doanh thu v li nhun sau thu 9 thng 2017 ca TCM tng ln lt 6,1% v 90,6% so vi cng k, ch yu nh ci thin v nng sut lao ng
ti nh my Vnh Long v ci thin c cu sn phm vi vic TCM gim dn ng gp ca mng si, mng kinh doanh khng hiu qu
Doanh thu 9 thng 2017 gim 35,5%. Tuy nhin, LNST tng 4,3%, ch yu n t thu nhp ti chnh 354,9 t ng t bn c phn khch sn Hoa
TCM 4% 47% PHTT
Sen ghi nhn trong qu 2/2017
TLG 14% 13% PHTT Li nhun vng chc 9 thng 2017 khi bin LN n nh v chi ph SG&A thp

Giao thng Vn ti
Doanh thu v li nhun sau thu 9 thng 2017 ca SCS tng ln lt 20.4% v 37.1% ch yu nh (1) tng trng lng hng cao, nht l lng
SCS 24% 31% KQ KQ
hng xut khu, (2) tng nh gi dch v v (3) chi ph nhn cng n nh
Doanh thu v li nhun sau thu 9 thng 2017 ca VJC tng ln lt 16.1% v 39.7% so vi cng k ch yu nh (1) tng trng cc chuyn bay
VJC (**) N/A 27% KQ quc t h tr tng trng s hnh khch v doanh thu ph tr (do cc chuyn quc t thng di nn hnh khch thng mua thm hnh l v
sut n) v (2) VJC kim sot chi ph tt
(*) Ghi ch: Chng ti s cp nht kt qu ca tng cng ty khi KQKD c cng b. Nm ti chnh ca HSG bt u t ngy 01/10 n ngy 30/09. Do kt qu trn l tng
trng EPS ca 9T nm ti chnh 2017 so vi 9T nm ti chnh 2016. (**) Khng c d liu ti chnh ca VJC cho giai on qu 4 nm 2015 nn vic tnh ton tng trng EPS
khng thc hin c (***): KQ: KH QUAN, PHTT; PH HP TH TRNG, KKQ: KM KH QUAN, KG: KHNG NH GI. Chng ti s cp nht KQKD ca cc DN khi cc
thng tin c cng b

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 7
 Cc tin tc doanh nghip ng ch khc:

IMP: t 123 t ng li nhun trc thu trong 10 thng

HOLD
Trong thng 10/2017, doanh thu ca Cng ty c phn Dc phm Imexpharm (IMP) gim so vi
thng 9 v cng k nm trc; li nhun gim so vi thng 9, nhng cao hn so vi cng k nm
trc. Ly k 10 thng u nm, Cng ty t doanh thu 836,4 t ng, tng 14,6% so vi cng k
nm trc v bng 66,4% k hoch nm (1.260 t ng); li nhun trc thu t 123 t ng, bng
gn 77% k hoch nm (160 t ng). Trong c cu doanh thu, sn phm do IMP sn xut chim
khong 86%, cn li l hng nhng quyn v hng xut khu, gia cng. Trong bi cnh sn phm
phn phi qua knh nh thuc (OTC) ang c s cnh tranh mnh m, Cng ty s y mnh hot
ng xut khu trong thi gian ti. (TCK)

MPC: t 557,6 t ng li nhun trong 10 thng

Cng ty c phn Tp on Thy sn Minh Ph (MPC) va cng b kt qu kinh doanh hp nht 10
thng u nm 2017. Theo , sn lng sn xut t hn 46.640 tn, tng 34%; sn lng xut
khu t 45.371 tn, tng 24% so cng k nm ngoi. Doanh thu t 12.616 t ng, tng 38%; li
nhun sau thu t 557,6 t ng, tng 726% so cng k nm ngoi. Ring trong thng 10, doanh
thu v li nhun sau thu ln lt l 1.787,8 t ng v 127 t ng. Kt qu kinh doanh khi sc,
theo chia s ca lnh o MPC l do nhu cu tiu th ca th trng trong nc v trn th gii i
vi mt hng thy sn tng mnh, trong khi gi nguyn vt liu u vo n nh. Do , Cng ty
ch ng y mnh sn xut, nht l nhng mt hng gi tr gia tng, ng thi m rng th trng
tiu th. Thm vo , Cng ty pht trin v hon thin chui cung ng khp kn t con ging n
tm thng phm sch, p ng nhu cu v cht lng cao ca khch hng, t MPC k kt
c nhng n hng c gi tr ln. (TCK

HAS: Tm ng c tc t 1 nm 2017 t l 5%
CTCP Hacisco (HAS) va thng bo cht danh sch c ng nhn c tc t 1 nm 2017 t l 5%
bng tin mt. Ngy ng k cui cng d kin 7/12 v d kin chi tr vo ngy 18/12. Tng tin d
kin chi c tc t 1 ca HAS l 3,9 t ng. Kt thc 9 thng u nm, HAS t doanh thu 138 t
ng, gim 55% so vi cng k tuy nhin do li nhun khc n chuyn nhng quyn thu t v
ti sn lin quan ti Khu cng nghip L Minh Xun (TP.HCM), t hn 17 t ng, trong khi cng k
l hn 590 triu ng. Tnh n 30/9/3017, HAS ang phi trch lp d phng hn 5,2 t ng cho
hot ng u t chng khon kinh doanh. Mt s c phiu trong danh mc u t ca HAS tnh
n 29/9/2017 nh ATA, ITC, HDC, ITA, THI, HAG, VHG, Tng gi hp l cc c phiu trong danh
mc ca HAS hn 1,2 t ng trong khi gi gc hn 6,4 t ng. Kt qu, li nhun ca HAS sau 9
thng t 16,4 t ng, tng 17,6% so vi cng k, vt 3,4 t ng ch tiu li nhun nm. Trong
khi , doanh thu 9 thng ca HAS ch mi hon thnh 50% k hoch nm. (TCK)

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 8
Sn GDCK TPHCM (HSX) Sn GDCK H Ni (HNX) Sn UpCom (UPCoM)
im im im
VNI 938,6 3,0 HNI 112,0 1,2 UPCoM HOLD
54,2 0,1
VN 30 930,9 4,7 HN30 214,6 4,3
VN Mid 1.052,9 14,1 VNX Allshare 1.340,2 10,1
VN Small 908,9 11,8

GTGD % trong GTGD % trong GTGD % trong

Giao dch Giao dch Giao dch
(T ng) GTGD (T ng) GTGD (T ng) GTGD
Tha thun 1.178,1 19,8% Tha thun 33,5 3,3% Tha thun 233,3 40,9%
Khi ngoi mua 623,7 10,5% Khi ngoi mua 54,2 5,4% Khi ngoi mua 100,9 17,7%
Khi ngoi bn 327,7 5,5% Khi ngoi bn 12,6 1,2% Khi ngoi bn 16,2 2,8%
Tng giao dch 5.946,9 Tng giao dch 1.009,2 Tng giao dch 570,9

M tng ln Gi tr thay M tng ln Gi tr thay M tng ln Gi tr thay

Gi % Gi % Gi %
nht* i nht* i nht* i
AMD 600 7,0% SHS 1.700 9,3% VLC 2.400 13,2%
ITA 230 6,9% KLF 300 8,6% SAS 1.800 6,3%
HAI 510 6,9% SHB 500 6,0% HVN 1.700 5,2%
HHS 300 6,8% NVB 400 5,8% MCH 2.800 4,8%
DLG 230 6,8% VIX 500 5,1% DPG 1.900 3,2%

M gim ln Gi tr thay M gim ln Gi tr thay M gim ln Gi tr thay

Gi % Gi % Gi %
nht* i nht* i nht* i
SAB -15.300 -4,8% IDV -800 -2,1% VIB -1.300 -5,2%
LIX -1.200 -2,7% TV2 -1.300 -0,9% MSR -700 -3,8%
HVG -200 -2,7% PVC -100 -0,9% NTC -1.400 -1,8%
BHN -3.000 -2,1% DHT -500 -0,7% IBC -200 -0,9%
MWG -2.600 -1,9% PGS -100 -0,4% TIS -100 -0,7%
(*) GT vn ha > 500 t ng VND, Gi tr GD > 1,5 t ng
GTGD cao GTGD cao GTGD cao
T ng T ng T ng
nht nht nht
HPG 206,1 SHB 269,5 GEX 56,2
MWG 190,2 PVS 140,0 HVN 50,4
VRE 176,4 SHS 87,6 ACV 10,2
ROS 171,6 VCG 66,4 QNS 9,2
FLC 165,0 ACB 60,6 MCH 7,8

C phiu GD trung C phiu GD trung C phiu GD trung

Giao dch Giao dch Giao dch
KLGD nhiu bnh KLGD nhiu bnh KLGD nhiu bnh
hm nay hm nay hm nay
nht* 30 ngy nht* 30 ngy nht* 30 ngy
TDC 827.220 100.757 CMI 433.720 72.561 NTB 453.500 77.293
DAH 1.448.550 255.709 SHB 30.630.400 7.701.509 PFL 429.200 79.844
PET 815.470 155.825 NVB 207.500 56.005 VNP 238.600 56.843
EIB 1.356.270 269.708 MBS 631.800 189.563 GEX 2.456.500 585.471
NTL 991.580 238.800 KHB 779.730 235.846 SP2 256.790 94.313
LCM 180.020 52.509 HHG 483.500 165.823 HVN 1.470.600 556.524
CMG 694.130 207.400 PVC 707.000 243.506 PXL 183.900 100.766
VTO 536.140 160.418 VIX 1.738.900 629.307 SBS 646.300 358.010
NBB 451.330 137.295 SHS 4.538.800 1.662.661 MCH 130.600 76.150
DCL 210.900 67.135 VIG 723.500 280.157 MSR 308.900 180.159
* C t nht 50,000 c phiu giao dch trong phin hm nay

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 9
Top 5 m vn ha ln nht ca mi ngnh
HOLD
Hng Tiu dng Hng Tiu dng thit yu
GT vn FOL cn GT vn FOL cn
M P/E P/B ROE M P/E P/B ROE
ha li ha li
Trung bnh 517,3 14,1 4,8 0,2 Trung bnh 3.207,3 21,8 4,1 17,6
MWG 1.814,0 0,0 20,7 7,9 45,6 VNM 11.818,7 40,2 28,8 11,2 41,9
PNJ 580,1 0,0 19,6 4,8 28,9 MSN 3.112,3 23,1 35,5 4,1 12,4
TTF 43,9 48,8 4,5 9,0 -88,6 SBT 503,9 40,4 15,7 1,7 6,4
DRC 122,4 24,2 11,4 1,8 15,4 KDC 351,3 40,1 14,2 1,3 9,2
TSC 26,2 48,6 N/A 0,4 -0,1 VCF 250,4 19,3 14,7 2,5 18,3
Nng lng Ti chnh
GT vn FOL cn GT vn FOL cn
M P/E P/B ROE M P/E P/B ROE
ha li ha li
Trung bnh 190,7 10,7 1,0 9,6 Trung bnh 3.319,1 19,3 2,2 12,8
PVD 321,9 28,6 N/A 0,6 -1,4 VCB 7.585,9 9,2 24,8 3,2 13,7
PVT 213,1 18,7 13,7 1,4 10,1 CTG 3.818,9 0,0 11,6 1,4 12,2
PVS 363,8 32,1 9,2 0,8 8,6 BVH 1.752,3 24,5 30,5 2,8 10,7
CNG 33,3 22,2 6,7 1,7 25,8 MBB 1.954,0 0,0 11,5 1,6 14,8
PXS 21,5 37,5 13,2 0,6 4,8 ACB 1.484,2 0,0 18,2 2,2 12,7

Chm sc sc khe Cng nghip

GT vn FOL cn GT vn FOL cn
M P/E P/B ROE M P/E P/B ROE
ha li ha li
Trung bnh 210,3 20,0 3,2 16,8 Trung bnh 507,8 12,8 2,2 22,5
DHG 612,9 0,1 22,1 4,9 23,2 REE 528,2 0,0 7,3 1,6 23,1
DMC 190,6 36,9 21,8 4,5 22,1 CTD 778,2 0,8 11,3 2,6 28,2
IMP 125,8 0,0 24,0 2,1 9,6 BMP 333,0 57,1 17,4 3,1 18,3
OPC 66,9 40,5 19,2 2,8 15,3 CII 361,0 14,9 5,2 1,6 36,0
DCL 55,3 45,9 12,8 1,7 13,7 GMD 538,7 0,0 22,5 2,0 7,0
Cng ngh Thng tin Nguyn vt liu
GT vn FOL cn GT vn FOL cn
M P/E P/B ROE M P/E P/B ROE
ha li ha li
Trung bnh 370,8 12,3 1,6 11,1 Trung bnh 779,3 9,2 1,4 18,4
FPT 1.364,7 0,0 14,2 2,9 22,0 HPG 2.614,2 9,1 7,2 2,0 31,5
CMG 81,6 43,1 11,7 2,0 13,2 DPM 363,5 27,6 12,3 1,0 8,8

ELC 33,6 26,6 11,8 1,0 8,4 HT1 253,6 43,3 11,5 1,1 10,0

TIE 3,4 44,8 11,3 0,3 0,9 DCM 297,1 46,3 8,5 1,1 13,3
HSG 368,2 23,2 6,2 1,6 28,6
Bt ng sn Dch v tin tch
GT vn FOL cn GT vn FOL cn
M P/E P/B ROE M P/E P/B ROE
ha li ha li
Trung bnh 1.994,4 23,2 2,3 8,5 Trung bnh 1.576,2 15,3 2,2 17,6
VIC 8.940,4 19,2 59,9 6,8 10,5 GAS 6.864,2 45,7 17,6 3,9 22,4
KBC 283,3 23,6 10,7 0,7 7,3 NT2 400,4 27,3 13,4 1,9 14,4
ASM 113,4 46,2 20,9 0,9 4,6 PPC 309,8 32,3 4,2 1,2 32,1
KDH 436,3 0,7 16,6 2,5 12,9 VSH 156,2 33,7 12,4 1,2 10,2
FLC 198,6 39,7 7,6 0,5 7,2 PGD 150,5 20,8 28,6 2,6 8,8

* Tiu chun phn ngnh c cung cp bi HSX. GT vn ha. FOL cn li tnh theo triu USD

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 10
 Sn giao dch chng khon TPHCM (HSX) Sn giao dch chng khon H Ni (HNX)

Din bin hng ngy theo ngnh HOLD

Sn HSX Sn HNX

Nguyn vt liu 2.1%

Ti chnh 3.1%

Bt ng sn 2.0%
Bt ng sn 1.8%

Cng nghip 1.7%

Chm sc sc khe 0.9%

Nng lng 1.2%

Hng tiu dng thit yu 0.8%

Ti chnh 1.2%
Nguyn vt liu 0.1%

Cng ngh thng tin 0.6%

Cng nghip 0.0%

Hng tiu dng thit yu 0.5%

Dch v tin ch -0.2%

Chm sc sc khe 0.4%

Nng lng -0.3%

Hng tiu dng 0.3%

Hng tiu dng -0.8%

Dch v tin ch 0.2%

Cng ngh thng tin -1.0%

* data for UpCom Index is not available

GTGD khi ngoi (HSX+HNX) Khi ngoi mua rng v bn rng nhiu nht (HSX+HNX)
Triu USD 3.00
Triu USD Gi tr mua rng ly k

480 2.50
450
420 2.00
390
360
330 1.50
300
270
240 1.00
210
180 0.50
150
120
90 -
60
30
0 (0.50)
10/31/2017

11/2/2017

11/6/2017

11/8/2017

11/10/2017

11/14/2017

11/16/2017

11/20/2017

11/22/2017

11/24/2017

(1.00)
VSC
CTG
VHC
VRC
VFG
HVG
VSH
UIC
VNS
HAG
VRE
HBC
CTD
GAS
DXG
VIC
VCI
VNM
VCB
HPG

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 11
 Giao dch Phi sinh
HOLD
Khi Lng
Hp ng Gi % Hp ng % %
lng giao dch
VN30F1801 947,8 17,70 1,9% VN30F1801 898,0 -4,3% 550,0 10,0%
VN30F1806 985,0 5,00 0,5% VN30F1806 218,0 -19,3% 344,0 45,8%
VN30F1712 946,0 8,00 0,9% VN30F1712 5.616,0 -9,2% 9.354,0 -27,3%
VN30F1803 949,1 7,10 0,8% VN30F1803 876,0 -3,4% 285,0 11,8%
Closing %
Contracts Net
value Change

1200

1000

800

600

400

200

0
8/11/2017 9/10/2017 10/10/2017 11/9/2017

VN30F1801 VN30F1806 VN30F1712 VN30F1803 VN30

Ghi ch: Hp ng VN30F1711 o hn v hp ng mi - VN30F1801 s thay th

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 12
 Din bin cch ngnh t u nm (HSX)

5 Nhm ngnh tch cc nht*

HOLD

70%

60%

50%

40%

30%

20%

10%

0%

-10%

-20%
14/02 14/03 14/04 14/05 14/06 14/07 14/08 14/09 14/10 14/11

Bt ng sn Chm sc sc khe Ti chnh Hng tiu dng thit yu Cng ngh thng tin

5 Nhm ngnh tiu cc nht*

70%

60%

50%

40%

30%

20%

10%

0%

-10%

-20%
14/02 14/03 14/04 14/05 14/06 14/07 14/08 14/09 14/10 14/11

Hng tiu dng Nguyn vt liu Cng nghip Dch v tin ch Nng lng

* Tiu chun phn ngnh c cung cp bi HSX,

* Din bin cc ngnh c tnh da theo c s trung bnh n gin vi cc cng ty c GT vn ha >500 t ng
* Trong tng s 10 phn nhm ngnh

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 13
 ng gp cc ngnh din bin ca VN-Index t u nm

5 Nhm ngnh tch cc nht*

HOLD

50
S im ng gp vo s tng trng
40

30
ca VN-Index

20

10

-10
20/02 20/03 20/04 20/05 20/06 20/07 20/08 20/09 20/10 20/11

Hng tiu dng thit yu Bt ng sn Ti chnh Cng nghip Dch v tin ch

5 Nhm ngnh tiu cc nht*

50
S im ng gp vo s tng trng

40

30
ca VN-Index

20

10

-10
20/02 20/03 20/04 20/05 20/06 20/07 20/08 20/09 20/10 20/11

Hng tiu dng Nguyn vt liu Nng lng Cng ngh thng tin Chm sc sc khe

* Tiu chun phn ngnh c cung cp bi HSX,

* Trong tng s 10 phn nhm ngnh

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 14
 Din bin cc th trng trong khu vc
Vietnam Thailand Indonesia Philippines
HOLD
45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

-5%

-10%
Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17

Thailand Indonesia Philippines Vit Nam

Vietnam Thailand Indonesia Philippines
SET PCOMP
JCI Index VN- Index
25 Index Index
P/E 17,7 22,2 22,6 18,5
20 P/B 2,0 2,5 2,4 2,7
ROE (%) 11,6 11,8 11,6 14,8
15 ROA (%) 3,0 3,1 2,6 2,4
GT vn ha,
513,08 499,10 199,63 109,28
10 t USD
Mua rng khi
5 ngoi -YTD tr (285) (2,363) 1,234 855
USD
0 Mua rng khi
P/E P/B ROE ROA ngoi - 5 ngy (15) 161 (18) (2)
(tr USD)
Li sut TPCP 5
2,15% 8,80% 4,10% 4,64%
nm

See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> 27/11/2017 | 15
 Lin h
CTCP Chng khon Bn Vit (VCSC) HOLD
www.vcsc.com.vn
Tr s chnh Chi nhnh H Ni
Bitexco, Lu 15, S 2 Hi Triu 109 Trn Hng o
Qun 1, Tp. HCM Qun Hon Kim, H Ni
+84 28 3914 3588 +84 24 6262 6999

Phng giao dch Phng giao dch

S 10 Nguyn Hu 236 - 238 Nguyn Cng Tr
Qun 1, TP. HCM Qun 1, Tp. HCM
+84 28 3914 3588 +84 28 3914 3588

Phng Nghin cu v Phn tch

Phng Nghin cu v Phn tch Barry Weisblatt, Gim c ext 105
+84 28 3914 3588 barry.weisblatt@vcsc.com.vn
research@vcsc.com.vn

Cameron Joyce, Trng phng ext 163 BS v Vt liu Xy dng

Ti chnh, Cng nghip, Tp on a ngnh
- in c Minh Ngha, Chuyn vin ext 138
- Tng Nguyn Tin Sn, Chuyn vin ext 116
V m
- Hong Thy Lng, Chuyn vin ext 364
- Trng Thanh Nguyn, Chuyn vin ext 132
Hng tiu dng v Dc phm
ng Vn Php, Trng phng cao cp ext 143
- Nguyn Th Anh o, CV cao cp ext 185
- L Trng Ngha, Chuyn vin ext 181
Cng nghip v Vn ti
Lucy Huynh, Trng phng cao cp ext 130
- Phm Hong Thin Ph, Chuyn vin ext 124
-Trn Thu Trang, Chuyn vin ext 149
Lu Bch Hng, Trng phng ext 120
- Nguyn Tun Anh, Chuyn vin ext 174
- Nguyn Tho Vy, Chuyn vin 147
Du kh, in v Phn bn
inh Th Thy Dng, Trng phng ext 140
- Ng Thy Trm, Chuyn vin ext 135
- Nguyn c Ph Thnh, Chuyn vin ext 194
Khch hng c nhn
V Minh c, Trng phng ext 363
- Hong Hoi Nam, Chuyn vin ext 196
- o Danh Long H, Chuyn vin ext 194
- Vng Thu Tr, Chuyn vin ext 365

Phng Giao dch chng khon khch hng t chc

& C nhn nc ngoi
T chc nc ngoi T chc trong nc
Michel Tosto, M. Sc. Nguyn Quc Dng
+84 28 3914 3588 ext 102 +84 28 3914 3588 ext 136
michel.tosto@vcsc.com.vn dung.nguyen@vcsc.com.vn

Phng Mi gii khch hng trong nc

H Ch Minh H Ni
Chu Thin Trc Qunh Nguyn Huy Quang
+84 28 3914 3588 ext 222 +84 24 6262 6999 ext 312
quynh.chau@vcsc.com.vn quang.nguyen@vcsc.com.vn

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 Khuyn co
Bo co ny c vit v pht hnh bi Cng ty C phn Chng khon Bn Vit, Bo co ny c vit da trn ngun
HOLD
thng tin ng tin cy vo thi im cng b, Cng ty C phn Chng khon Bn Vit khng chu trch nhim v chnh xc
ca nhng thng tin ny, Quan im, d bo v nhng c lng trong bo co ny ch th hin kin ca tc gi ti thi
im pht hnh, Nhng quan im ny khng th hin quan im chung ca Cng ty C phn Chng khon Bn Vit v c
th thay i m khng cn thng bo trc, Bo co ny ch nhm mc ch cung cp thng tin cho cc t chc u t cng
nh cc nh u t c nhn ca Cng ty c phn chng khon Bn Vit v khng mang tnh cht mi cho mua hay bn bt
k chng khon no c tho lun trong bo co ny, Quyt nh ca nh u t nn da vo nhng s t vn c lp v
thch hp vi tnh hnh ti chnh cng nh mc tiu u t ring bit, Bo co ny khng c php sao chp, ti to, pht
hnh v phn phi vi bt k mc ch no nu khng c s chp thun bng vn bn ca Cng ty C phn Chng khon
Bn Vit, Xin vui lng ghi r ngun trch dn nu s dng cc thng tin trong bo co ny,

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