C\u00f3 nhi\u1ec1u c\u00e1ch kh\u00e1c nhau \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu. \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 ph\u1ea3i t\u00ednh \u0111\u1ebfn t\u1eebng c\u00e1ch ti\u1ebfp c\u1eadn trong khi h\u00ecnh th\u00e0nh \u00fd ki\u1ebfn t\u1ed5ng th\u1ec3 v\u1ec1 c\u1ed5 phi\u1ebfu. N\u1ebfu \u0111\u1ecbnh gi\u00e1 c\u1ee7a m\u1ed9t c\u00f4ng ty th\u1ea5p h\u01a1n ho\u1eb7c cao h\u01a1n c\u00e1c c\u1ed5 phi\u1ebfu t\u01b0\u01a1ng t\u1ef1 kh\u00e1c, th\u00ec b\u01b0\u1edbc ti\u1ebfp theo s\u1ebd l\u00e0 x\u00e1c \u0111\u1ecbnh l\u00fd do.<\/p>\n\n\n\n
C\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ea7u ti\u00ean, Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, th\u01b0\u1eddng \u0111\u01b0\u1ee3c li\u00ean k\u1ebft v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 nh\u00e0 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh – \u0111\u1ea7u ra c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 bi\u1ec7n minh cho gi\u00e1 c\u1ed5 phi\u1ebfu. Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu h\u1ee3p l\u00fd nh\u1ea5t v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 “\u0111\u1ecbnh gi\u00e1 thu nh\u1eadp” ho\u1eb7c ph\u01b0\u01a1ng ph\u00e1p d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u (DCF). N\u00f3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng r\u1ed9ng r\u00e3i trong t\u1ea5t c\u1ea3 c\u00e1c l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh. C\u00f3 l\u1ebd ph\u01b0\u01a1ng ph\u00e1p c\u01a1 b\u1ea3n ph\u1ed5 bi\u1ebfn nh\u1ea5t l\u00e0 t\u1ef7 l\u1ec7 P\/E (T\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean thu nh\u1eadp). V\u00ed d\u1ee5 v\u1ec1 “\u0111\u1ecbnh gi\u00e1 t\u01b0\u01a1ng \u0111\u1ed1i” n\u00e0y d\u1ef1a tr\u00ean c\u00e1c t\u1ef7 l\u1ec7 l\u1ecbch s\u1eed v\u00e0 nh\u1eb1m m\u1ee5c \u0111\u00edch g\u00e1n gi\u00e1 tr\u1ecb cho m\u1ed9t c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean c\u00e1c thu\u1ed9c t\u00ednh c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c. H\u00ecnh th\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0y th\u01b0\u1eddng l\u00e0 y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu d\u00e0i h\u1ea1n.<\/p>\n\n\n\n
C\u00e1ch ti\u1ebfp c\u1eadn thay th\u1ebf – Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt – l\u00e0 d\u1ef1a tr\u00ean \u0111\u00e1nh gi\u00e1 v\u1ec1 cung v\u00e0 c\u1ea7u: \u0111\u01a1n gi\u1ea3n, c\u00e0ng nhi\u1ec1u ng\u01b0\u1eddi mu\u1ed1n mua c\u1ed5 phi\u1ebfu, gi\u00e1 c\u1ee7a n\u00f3 s\u1ebd c\u00e0ng cao; V\u00e0 ng\u01b0\u1ee3c l\u1ea1i, c\u00e0ng nhi\u1ec1u ng\u01b0\u1eddi mu\u1ed1n b\u00e1n c\u1ed5 phi\u1ebfu, gi\u00e1 s\u1ebd c\u00e0ng th\u1ea5p. H\u00ecnh th\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0y th\u01b0\u1eddng th\u00fac \u0111\u1ea9y xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ng\u1eafn h\u1ea1n; v\u00e0 \u0111\u01b0\u1ee3c li\u00ean k\u1ebft v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u c\u01a1 tr\u00e1i ng\u01b0\u1ee3c v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n
D\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u<\/strong><\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u (DCF) li\u00ean quan \u0111\u1ebfn vi\u1ec7c chi\u1ebft kh\u1ea5u l\u1ee3i nhu\u1eadn (c\u1ed5 t\u1ee9c, thu nh\u1eadp ho\u1eb7c d\u00f2ng ti\u1ec1n) m\u00e0 c\u1ed5 phi\u1ebfu s\u1ebd mang l\u1ea1i cho c\u1ed5 \u0111\u00f4ng trong t\u01b0\u01a1ng lai g\u1ea7n v\u00e0 \u0111\u00f4i khi l\u00e0 gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng khi x\u1eed l\u00fd, t\u00f9y thu\u1ed9c v\u00e0o ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1. T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u th\u01b0\u1eddng bao g\u1ed3m ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro th\u01b0\u1eddng d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n. \u0110\u1ec3 th\u1ea3o lu\u1eadn v\u1ec1 c\u01a1 h\u1ecdc, h\u00e3y xem \u0110\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u.<\/p>\n\n\n\n V\u00e0o th\u00e1ng 7 n\u0103m 2010, m\u1ed9t t\u00f2a \u00e1n Delaware \u0111\u00e3 ph\u00e1n quy\u1ebft v\u1ec1 c\u00e1c \u0111\u1ea7u v\u00e0o th\u00edch h\u1ee3p \u0111\u1ec3 s\u1eed d\u1ee5ng trong ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u trong tranh ch\u1ea5p gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng v\u00e0 m\u1ed9t c\u00f4ng ty v\u1ec1 gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd th\u00edch h\u1ee3p c\u1ee7a c\u1ed5 phi\u1ebfu. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, m\u00f4 h\u00ecnh c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng cung c\u1ea5p gi\u00e1 tr\u1ecb 139 \u0111\u00f4 la m\u1ed7i c\u1ed5 phi\u1ebfu v\u00e0 m\u00f4 h\u00ecnh c\u1ee7a c\u00f4ng ty cung c\u1ea5p 89 \u0111\u00f4 la m\u1ed7i c\u1ed5 phi\u1ebfu. C\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ea7u v\u00e0o g\u00e2y tranh c\u00e3i bao g\u1ed3m t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng cu\u1ed1i c\u00f9ng, ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0 beta.<\/p>\n\n\n\n Thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS)<\/strong><\/p>\n\n\n\n EPS l\u00e0 thu nh\u1eadp r\u00f2ng d\u00e0nh cho c\u1ed5 \u0111\u00f4ng ph\u1ed5 th\u00f4ng c\u1ee7a c\u00f4ng ty chia cho s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh. Th\u00f4ng th\u01b0\u1eddng, s\u1ebd c\u00f3 hai lo\u1ea1i EPS \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea: EPS GAAP (Nguy\u00ean t\u1eafc k\u1ebf to\u00e1n \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn chung) v\u00e0 EPS Pro Forma, c\u00f3 ngh\u0129a l\u00e0 thu nh\u1eadp \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 lo\u1ea1i tr\u1eeb b\u1ea5t k\u1ef3 kho\u1ea3n m\u1ee5c m\u1ed9t l\u1ea7n n\u00e0o c\u0169ng nh\u01b0 m\u1ed9t s\u1ed1 kho\u1ea3n m\u1ee5c kh\u00f4ng d\u00f9ng ti\u1ec1n m\u1eb7t nh\u01b0 kh\u1ea5u hao l\u1ee3i th\u1ebf th\u01b0\u01a1ng m\u1ea1i ho\u1eb7c chi ph\u00ed quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu. \u0110i\u1ec1u quan tr\u1ecdng nh\u1ea5t c\u1ea7n t\u00ecm ki\u1ebfm trong con s\u1ed1 EPS l\u00e0 ch\u1ea5t l\u01b0\u1ee3ng thu nh\u1eadp t\u1ed5ng th\u1ec3. H\u00e3y ch\u1eafc ch\u1eafn r\u1eb1ng c\u00f4ng ty kh\u00f4ng c\u1ed1 g\u1eafng thao t\u00fang s\u1ed1 EPS c\u1ee7a h\u1ecd \u0111\u1ec3 l\u00e0m cho n\u00f3 tr\u00f4ng gi\u1ed1ng nh\u01b0 h\u1ecd c\u00f3 l\u1ee3i h\u01a1n. Ngo\u00e0i ra, h\u00e3y nh\u00ecn v\u00e0o s\u1ef1 t\u0103ng tr\u01b0\u1edfng EPS trong v\u00e0i qu\u00fd \/ n\u0103m qua \u0111\u1ec3 hi\u1ec3u EPS c\u1ee7a h\u1ecd bi\u1ebfn \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o v\u00e0 \u0111\u1ec3 xem li\u1ec7u h\u1ecd l\u00e0 ng\u01b0\u1eddi k\u00e9m th\u00e0nh c\u00f4ng hay v\u01b0\u1ee3t tr\u1ed9i. N\u00f3i c\u00e1ch kh\u00e1c, h\u1ecd \u0111\u00e3 li\u00ean t\u1ee5c \u0111\u00e1nh b\u1ea1i k\u1ef3 v\u1ecdng hay h\u1ecd li\u00ean t\u1ee5c nh\u1eafc l\u1ea1i v\u00e0 h\u1ea1 th\u1ea5p d\u1ef1 b\u00e1o c\u1ee7a h\u1ecd?<\/p>\n\n\n\n Con s\u1ed1 EPS m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 ph\u00e2n t\u00edch s\u1eed d\u1ee5ng l\u00e0 EPS chi\u1ebfu l\u1ec7. \u0110\u1ec3 t\u00ednh con s\u1ed1 n\u00e0y, h\u00e3y s\u1eed d\u1ee5ng thu nh\u1eadp r\u00f2ng kh\u00f4ng bao g\u1ed3m b\u1ea5t k\u1ef3 kho\u1ea3n l\u00e3i ho\u1eb7c l\u1ed7 m\u1ed9t l\u1ea7n n\u00e0o v\u00e0 lo\u1ea1i tr\u1eeb m\u1ecdi chi ph\u00ed phi ti\u1ec1n m\u1eb7t nh\u01b0 kh\u1ea5u hao l\u1ee3i th\u1ebf th\u01b0\u01a1ng m\u1ea1i. Kh\u00f4ng bao gi\u1edd lo\u1ea1i tr\u1eeb chi ph\u00ed b\u1ed3i th\u01b0\u1eddng kh\u00f4ng d\u00f9ng ti\u1ec1n m\u1eb7t v\u00ec \u0111i\u1ec1u \u0111\u00f3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu. Sau \u0111\u00f3 chia s\u1ed1 n\u00e0y cho s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu pha lo\u00e3ng ho\u00e0n to\u00e0n \u0111ang l\u01b0u h\u00e0nh. C\u00e1c s\u1ed1 li\u1ec7u v\u00e0 d\u1ef1 b\u00e1o EPS l\u1ecbch s\u1eed trong 1-2 n\u0103m t\u1edbi c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ecm th\u1ea5y b\u1eb1ng c\u00e1ch truy c\u1eadp c\u00e1c trang web t\u00e0i ch\u00ednh mi\u1ec5n ph\u00ed nh\u01b0 Yahoo Finance (nh\u1eadp m\u00e3 v\u00e0 sau \u0111\u00f3 nh\u1ea5p v\u00e0o “\u01b0\u1edbc t\u00ednh”).<\/p>\n\n\n\n Gi\u00e1 tr\u00ean thu nh\u1eadp (P\/E)<\/strong><\/p>\n\n\n\n B\u00e2y gi\u1edd nh\u00e0 ph\u00e2n t\u00edch \u0111\u00e3 c\u00f3 m\u1ed9t s\u1ed1 s\u1ed1 li\u1ec7u EPS (l\u1ecbch s\u1eed v\u00e0 d\u1ef1 b\u00e1o), nh\u00e0 ph\u00e2n t\u00edch s\u1ebd c\u00f3 th\u1ec3 xem x\u00e9t k\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 ph\u1ed5 bi\u1ebfn nh\u1ea5t \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng, t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean thu nh\u1eadp ho\u1eb7c P\/E. \u0110\u1ec3 t\u00ednh con s\u1ed1 n\u00e0y, ng\u01b0\u1eddi ta chia gi\u00e1 c\u1ed5 phi\u1ebfu cho con s\u1ed1 EPS h\u00e0ng n\u0103m. V\u00ed d\u1ee5: n\u1ebfu c\u1ed5 phi\u1ebfu \u0111ang giao d\u1ecbch \u1edf m\u1ee9c 10 \u0111\u00f4 la v\u00e0 EPS l\u00e0 0,50 \u0111\u00f4 la, P\/E l\u00e0 20 l\u1ea7n. M\u1ed9t ph\u00e2n t\u00edch \u0111\u1ea7y \u0111\u1ee7 v\u1ec1 b\u1ed9i s\u1ed1 P\/E bao g\u1ed3m m\u1ed9t c\u00e1i nh\u00ecn v\u1ec1 c\u00e1c t\u1ef7 l\u1ec7 l\u1ecbch s\u1eed v\u00e0 k\u1ef3 h\u1ea1n.<\/p>\n\n\n\n P\/E l\u1ecbch s\u1eed \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch l\u1ea5y gi\u00e1 hi\u1ec7n t\u1ea1i chia cho t\u1ed5ng EPS trong b\u1ed1n qu\u00fd g\u1ea7n nh\u1ea5t ho\u1eb7c cho n\u0103m tr\u01b0\u1edbc. Xu h\u01b0\u1edbng l\u1ecbch s\u1eed c\u1ee7a P\/E c\u0169ng n\u00ean \u0111\u01b0\u1ee3c xem x\u00e9t b\u1eb1ng c\u00e1ch xem bi\u1ec3u \u0111\u1ed3 P\/E l\u1ecbch s\u1eed c\u1ee7a n\u00f3 trong v\u00e0i n\u0103m qua (ng\u01b0\u1eddi ta c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y \u0111i\u1ec1u n\u00e0y tr\u00ean h\u1ea7u h\u1ebft c\u00e1c trang web t\u00e0i ch\u00ednh nh\u01b0 Yahoo Finance). C\u1ee5 th\u1ec3, h\u00e3y xem x\u00e9t ph\u1ea1m vi P\/E \u0111\u00e3 giao d\u1ecbch \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh xem P\/E hi\u1ec7n t\u1ea1i cao hay th\u1ea5p so v\u1edbi m\u1ee9c trung b\u00ecnh l\u1ecbch s\u1eed c\u1ee7a n\u00f3.<\/p>\n\n\n\n P\/E k\u1ef3 h\u1ea1n ph\u1ea3n \u00e1nh s\u1ef1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00f4ng ty trong t\u01b0\u01a1ng lai. P\/E k\u1ef3 h\u1ea1n \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch l\u1ea5y gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i chia cho t\u1ed5ng \u01b0\u1edbc t\u00ednh EPS trong b\u1ed1n qu\u00fd ti\u1ebfp theo ho\u1eb7c cho \u01b0\u1edbc t\u00ednh EPS cho l\u1ecbch ti\u1ebfp theo ho\u1eb7c m\u1ed9t ho\u1eb7c hai n\u0103m t\u00e0i ch\u00ednh.<\/p>\n\n\n\n P\/E thay \u0111\u1ed5i li\u00ean t\u1ee5c. N\u1ebfu c\u00f3 s\u1ef1 thay \u0111\u1ed5i gi\u00e1 l\u1edbn trong m\u1ed9t c\u1ed5 phi\u1ebfu ho\u1eb7c n\u1ebfu \u01b0\u1edbc t\u00ednh thu nh\u1eadp (EPS) thay \u0111\u1ed5i, t\u1ef7 l\u1ec7 n\u00e0y s\u1ebd \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n l\u1ea1i.<\/p>\n\n\n\n T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng<\/strong><\/p>\n\n\n\n \u0110\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u ph\u1ee5 thu\u1ed9c (r\u1ea5t) r\u1ea5t nhi\u1ec1u v\u00e0o t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng d\u1ef1 ki\u1ebfn c\u1ee7a m\u1ed9t c\u00f4ng ty. Do \u0111\u00f3, m\u1ed9t \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c l\u00e0 r\u1ea5t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi vi\u1ec7c \u0111\u1ecbnh gi\u00e1<\/p>\n\n\n\n \u1ede \u0111\u00e2y, nh\u00e0 ph\u00e2n t\u00edch th\u01b0\u1eddng s\u1ebd xem x\u00e9t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng l\u1ecbch s\u1eed c\u1ee7a c\u1ea3 doanh s\u1ed1 v\u00e0 thu nh\u1eadp \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c c\u01a1 s\u1edf cho lo\u1ea1i t\u0103ng tr\u01b0\u1edfng d\u1ef1 ki\u1ebfn trong t\u01b0\u01a1ng lai. Tuy nhi\u00ean, k\u1ec3 t\u1eeb \u0111\u00f3, c\u00e1c c\u00f4ng ty kh\u00f4ng ng\u1eebng ph\u00e1t tri\u1ec3n, c\u0169ng nh\u01b0 n\u1ec1n kinh t\u1ebf, ch\u1ec9 s\u1eed d\u1ee5ng t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng l\u1ecbch s\u1eed \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n t\u01b0\u01a1ng lai s\u1ebd kh\u00f4ng ph\u00f9 h\u1ee3p. Thay v\u00e0o \u0111\u00f3, ch\u00fang \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m h\u01b0\u1edbng d\u1eabn cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai “c\u00f3 th\u1ec3 tr\u00f4ng nh\u01b0 th\u1ebf n\u00e0o” n\u1ebfu c\u00f4ng ty g\u1eb7p ph\u1ea3i nh\u1eefng tr\u01b0\u1eddng h\u1ee3p t\u01b0\u01a1ng t\u1ef1.<\/p>\n\n\n\n Do \u0111\u00f3, t\u00ednh to\u00e1n t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai \u0111\u00f2i h\u1ecfi nghi\u00ean c\u1ee9u \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n – s\u1ef1 quen thu\u1ed9c v\u1edbi m\u1ed9t c\u00f4ng ty l\u00e0 \u0111i\u1ec1u c\u1ea7n thi\u1ebft tr\u01b0\u1edbc khi \u0111\u01b0a ra d\u1ef1 b\u00e1o. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 h\u00ecnh th\u00e0nh khi nghe cu\u1ed9c g\u1ecdi h\u1ed9i ngh\u1ecb h\u00e0ng qu\u00fd c\u1ee7a c\u00f4ng ty ho\u1eb7c \u0111\u1ecdc th\u00f4ng c\u00e1o b\u00e1o ch\u00ed ho\u1eb7c b\u00e0i b\u00e1o kh\u00e1c c\u1ee7a c\u00f4ng ty th\u1ea3o lu\u1eadn v\u1ec1 h\u01b0\u1edbng d\u1eabn t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00f4ng ty. Tuy nhi\u00ean, m\u1eb7c d\u00f9 c\u00e1c c\u00f4ng ty \u0111ang \u1edf v\u1ecb tr\u00ed t\u1ed1t nh\u1ea5t \u0111\u1ec3 d\u1ef1 b\u00e1o s\u1ef1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a ch\u00ednh h\u1ecd, nh\u01b0ng ch\u00fang th\u01b0\u1eddng kh\u00f4ng ch\u00ednh x\u00e1c; H\u01a1n n\u1eefa, c\u00e1c s\u1ef1 ki\u1ec7n v\u0129 m\u00f4 kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c c\u00f3 th\u1ec3 g\u00e2y ra t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn n\u1ec1n kinh t\u1ebf v\u00e0 \/ ho\u1eb7c ng\u00e0nh c\u00f4ng nghi\u1ec7p c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n B\u1ea5t k\u1ec3 n\u1ed7 l\u1ef1c nghi\u00ean c\u1ee9u l\u00e0 g\u00ec, do \u0111\u00f3, vi\u1ec7c \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng ph\u1ee5 thu\u1ed9c r\u1ea5t nhi\u1ec1u v\u00e0o kinh nghi\u1ec7m v\u00e0 ph\u00e1n \u0111o\u00e1n (“c\u1ea3m gi\u00e1c tr\u1ef1c gi\u00e1c”), v\u00e0 c\u00e1c nh\u00e0 ph\u00e2n t\u00edch do \u0111\u00f3 s\u1ebd (th\u01b0\u1eddng) \u0111\u01b0a ra d\u1ef1 b\u00e1o kh\u00f4ng ch\u00ednh x\u00e1c. Ch\u00ednh v\u00ec l\u00fd do n\u00e0y, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch th\u01b0\u1eddng hi\u1ec3n th\u1ecb m\u1ed9t lo\u1ea1t c\u00e1c gi\u00e1 tr\u1ecb d\u1ef1 b\u00e1o, \u0111\u1eb7c bi\u1ec7t l\u00e0 d\u1ef1a tr\u00ean c\u00e1c gi\u1ea3 \u0111\u1ecbnh gi\u00e1 tr\u1ecb \u0111\u1ea7u cu\u1ed1i kh\u00e1c nhau. [V\u00ed d\u1ee5 \u1edf \u0111\u00e2y, n\u1ebfu c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u0111\u00e3 t\u0103ng thu nh\u1eadp t\u1eeb 5 \u0111\u1ebfn 10% m\u1ed7i n\u0103m trong 5 n\u0103m qua, nh\u01b0ng tin r\u1eb1ng n\u00f3 s\u1ebd t\u0103ng tr\u01b0\u1edfng 15-20% trong n\u0103m nay, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng th\u1eadn tr\u1ecdng h\u01a1n 10-15% s\u1ebd ph\u00f9 h\u1ee3p trong \u0111\u1ecbnh gi\u00e1. M\u1ed9t v\u00ed d\u1ee5 kh\u00e1c l\u00e0 \u0111\u1ed1i v\u1edbi m\u1ed9t c\u00f4ng ty \u0111\u00e3 tr\u1ea3i qua qu\u00e1 tr\u00ecnh t\u00e1i c\u1ea5u tr\u00fac. N\u00f3 c\u00f3 th\u1ec3 \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp \u1edf m\u1ee9c 10-15% trong v\u00e0i qu\u00fd ho\u1eb7c n\u0103m qua do c\u1eaft gi\u1ea3m chi ph\u00ed, nh\u01b0ng t\u0103ng tr\u01b0\u1edfng doanh thu c\u1ee7a h\u1ecd c\u00f3 th\u1ec3 ch\u1ec9 l\u00e0 0-5%. \u0110i\u1ec1u n\u00e0y s\u1ebd b\u00e1o hi\u1ec7u r\u1eb1ng t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp c\u1ee7a h\u1ecd c\u00f3 th\u1ec3 s\u1ebd ch\u1eadm l\u1ea1i khi vi\u1ec7c c\u1eaft gi\u1ea3m chi ph\u00ed \u0111\u00e3 ho\u00e0n to\u00e0n c\u00f3 hi\u1ec7u l\u1ef1c. Do \u0111\u00f3, d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp g\u1ea7n v\u1edbi t\u1ef7 l\u1ec7 0-5% s\u1ebd ph\u00f9 h\u1ee3p h\u01a1n l\u00e0 15-20%.]<\/p>\n\n\n\n Thay th\u1ebf c\u01a1 c\u1ea5u v\u1ed1n – c\u00f4ng th\u1ee9c \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n<\/strong><\/p>\n\n\n\n L\u00fd thuy\u1ebft thay th\u1ebf c\u1ea5u tr\u00fac v\u1ed1n (CSS) m\u00f4 t\u1ea3 m\u1ed1i quan h\u1ec7 gi\u1eefa thu nh\u1eadp, gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 c\u01a1 c\u1ea5u v\u1ed1n c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang. \u0110i\u1ec1u ki\u1ec7n c\u00e2n b\u1eb1ng c\u1ee7a l\u00fd thuy\u1ebft CSS c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng s\u1eafp x\u1ebfp l\u1ea1i th\u00e0nh c\u00f4ng th\u1ee9c \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n:<\/p>\n\n\n\n Trong \u0111\u00f3:<\/p>\n\n\n\n P l\u00e0 gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i c\u1ee7a c\u00f4ng ty \u0111\u1ea1i ch\u00fang x<\/p>\n\n\n\n E l\u00e0 thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty x<\/p>\n\n\n\n R l\u00e0 l\u00e3i su\u1ea5t danh ngh\u0129a \u0111\u1ed1i v\u1edbi tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u1ee7a c\u00f4ng ty x<\/p>\n\n\n\n T l\u00e0 thu\u1ebf su\u1ea5t doanh nghi\u1ec7p<\/p>\n\n\n\n L\u00fd thuy\u1ebft CSS cho th\u1ea5y gi\u00e1 c\u1ed5 phi\u1ebfu c\u00f4ng ty b\u1ecb \u1ea3nh h\u01b0\u1edfng m\u1ea1nh m\u1ebd b\u1edfi c\u00e1c tr\u00e1i ch\u1ee7. Do k\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c ch\u1ee7 \u0111\u1ed9ng mua l\u1ea1i ho\u1eb7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u1ee7a ban l\u00e3nh \u0111\u1ea1o c\u00f4ng ty, \u0111\u1ecbnh gi\u00e1 c\u00e2n b\u1eb1ng kh\u00f4ng c\u00f2n l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c c\u00e2n b\u1eb1ng cung v\u00e0 c\u1ea7u c\u1ed5 \u0111\u00f4ng. C\u00f4ng th\u1ee9c \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n ch\u1ec9 \u00e1p d\u1ee5ng cho c\u00e1c c\u00f4ng ty n\u1eafm gi\u1eef n\u1ee3.<\/p>\n\n\n\n C\u00f4ng th\u1ee9c \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u1edf c\u1ea5p \u0111\u1ed9 t\u1ed5ng h\u1ee3p th\u1ecb tr\u01b0\u1eddng. Bi\u1ec3u \u0111\u1ed3 k\u1ebft qu\u1ea3 cho th\u1ea5y S&P 500 Composite \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0o th\u1eddi \u0111i\u1ec3m n\u00e0o v\u00e0 v\u00e0o th\u1eddi \u0111i\u1ec3m n\u00e0o n\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n so v\u1edbi tr\u1ea1ng th\u00e1i c\u00e2n b\u1eb1ng l\u00fd thuy\u1ebft thay th\u1ebf c\u1ea5u tr\u00fac v\u1ed1n. Trong th\u1eddi \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p, c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ee7a c\u00f4ng ty s\u1ebd cho ph\u00e9p c\u00e1c c\u00f4ng ty t\u0103ng thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu v\u00e0 t\u1ea1o th\u00eam nhu c\u1ea7u tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n T\u1ef7 l\u1ec7 thu nh\u1eadp gi\u00e1 tr\u00ean t\u0103ng tr\u01b0\u1edfng (PEG)<\/strong><\/p>\n\n\n\n K\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 n\u00e0y \u0111\u00e3 tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn trong th\u1eadp k\u1ef7 qua ho\u1eb7c l\u00e2u h\u01a1n. N\u00f3 t\u1ed1t h\u01a1n l\u00e0 ch\u1ec9 nh\u00ecn v\u00e0o P\/E v\u00ec n\u00f3 c\u00f3 t\u00ednh \u0111\u1ebfn ba y\u1ebfu t\u1ed1; gi\u00e1 c\u1ea3, thu nh\u1eadp v\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp. \u0110\u1ec3 t\u00ednh t\u1ef7 l\u1ec7 PEG, P\/E k\u1ef3 h\u1ea1n \u0111\u01b0\u1ee3c chia cho t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp d\u1ef1 ki\u1ebfn (ng\u01b0\u1eddi ta c\u0169ng c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng P\/E l\u1ecbch s\u1eed v\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng l\u1ecbch s\u1eed \u0111\u1ec3 xem n\u00f3 \u0111\u00e3 giao d\u1ecbch \u1edf \u0111\u00e2u trong qu\u00e1 kh\u1ee9). \u0110i\u1ec1u n\u00e0y s\u1ebd mang l\u1ea1i m\u1ed9t t\u1ef7 l\u1ec7 th\u01b0\u1eddng \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb d\u01b0\u1edbi d\u1ea1ng ph\u1ea7n tr\u0103m. Ph\u1ecfng \u0111o\u00e1n cho r\u1eb1ng khi t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m t\u0103ng h\u01a1n 100%, c\u1ed5 phi\u1ebfu ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 khi t\u1ef7 l\u1ec7 PEG gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi 100%, c\u1ed5 phi\u1ebfu ng\u00e0y c\u00e0ng b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p. Ph\u1ecfng \u0111o\u00e1n d\u1ef1a tr\u00ean ni\u1ec1m tin r\u1eb1ng t\u1ef7 l\u1ec7 P \/ E ph\u1ea3i x\u1ea5p x\u1ec9 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a thu nh\u1eadp c\u1ee7a c\u00f4ng ty. \u0110i\u1ec1u n\u00e0y c\u00f3 \u0111\u00fang hay kh\u00f4ng s\u1ebd kh\u00f4ng bao gi\u1edd \u0111\u01b0\u1ee3c ch\u1ee9ng minh v\u00e0 ph\u1ecfng \u0111o\u00e1n do \u0111\u00f3 ch\u1ec9 l\u00e0 m\u1ed9t quy t\u1eafc ng\u00f3n tay c\u00e1i \u0111\u1ec3 s\u1eed d\u1ee5ng trong qu\u00e1 tr\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u1ed5ng th\u1ec3.<\/p>\n\n\n\n D\u01b0\u1edbi \u0111\u00e2y l\u00e0 m\u1ed9t v\u00ed d\u1ee5 v\u1ec1 c\u00e1ch s\u1eed d\u1ee5ng t\u1ef7 l\u1ec7 PEG \u0111\u1ec3 so s\u00e1nh c\u1ed5 phi\u1ebfu. C\u1ed5 phi\u1ebfu A \u0111ang giao d\u1ecbch \u1edf m\u1ee9c P\/E k\u1ef3 h\u1ea1n l\u00e0 15 v\u00e0 d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng tr\u01b0\u1edfng \u1edf m\u1ee9c 20%. C\u1ed5 phi\u1ebfu B \u0111ang giao d\u1ecbch \u1edf m\u1ee9c P\/E k\u1ef3 h\u1ea1n l\u00e0 30 v\u00e0 d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng tr\u01b0\u1edfng \u1edf m\u1ee9c 25%. T\u1ef7 l\u1ec7 PEG cho C\u1ed5 phi\u1ebfu A l\u00e0 75% (15\/20) v\u00e0 \u0111\u1ed1i v\u1edbi C\u1ed5 phi\u1ebfu B l\u00e0 120% (30\/25). Theo t\u1ef7 l\u1ec7 PEG, C\u1ed5 phi\u1ebfu A l\u00e0 m\u1ed9t giao d\u1ecbch mua t\u1ed1t h\u01a1n v\u00ec n\u00f3 c\u00f3 t\u1ef7 l\u1ec7 PEG th\u1ea5p h\u01a1n, hay n\u00f3i c\u00e1ch kh\u00e1c, t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp trong t\u01b0\u01a1ng lai c\u1ee7a n\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c mua v\u1edbi gi\u00e1 t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p h\u01a1n so v\u1edbi C\u1ed5 phi\u1ebfu B.<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p t\u1ed5ng v\u0129nh c\u1eedu<\/strong><\/p>\n\n\n\n T\u1ef7 l\u1ec7 PEG l\u00e0 m\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111\u1eb7c bi\u1ec7t trong ph\u01b0\u01a1ng tr\u00ecnh t\u1ed5ng v\u0129nh c\u1eedu (SPM) [4]. M\u1ed9t phi\u00ean b\u1ea3n t\u1ed5ng qu\u00e1t c\u1ee7a m\u00f4 h\u00ecnh Walter (1956),[5] SPM xem x\u00e9t \u1ea3nh h\u01b0\u1edfng c\u1ee7a c\u1ed5 t\u1ee9c, t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp, c\u0169ng nh\u01b0 h\u1ed3 s\u01a1 r\u1ee7i ro c\u1ee7a m\u1ed9t c\u00f4ng ty \u0111\u1ed1i v\u1edbi gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu. B\u1eaft ngu\u1ed3n t\u1eeb c\u00f4ng th\u1ee9c l\u00e3i k\u00e9p s\u1eed d\u1ee5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a ph\u01b0\u01a1ng tr\u00ecnh v\u0129nh c\u1eedu, SPM l\u00e0 m\u1ed9t gi\u1ea3i ph\u00e1p thay th\u1ebf cho M\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng Gordon. C\u00f4ng th\u1ee9c:<\/p>\n\n\n\n C\u00e1c bi\u1ebfn l\u00e0:<\/p>\n\n\n\n P l\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu ho\u1eb7c doanh nghi\u1ec7p<\/p>\n\n\n\n E l\u00e0 thu nh\u1eadp c\u1ee7a c\u00f4ng ty<\/p>\n\n\n\n G l\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng kh\u00f4ng ng\u1eebng c\u1ee7a c\u00f4ng ty<\/p>\n\n\n\n K l\u00e0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro c\u1ee7a c\u00f4ng ty<\/p>\n\n\n\n D l\u00e0 kho\u1ea3n chi tr\u1ea3 c\u1ed5 t\u1ee9c c\u1ee7a c\u00f4ng ty<\/p>\n\n\n\n Trong tr\u01b0\u1eddng h\u1ee3p \u0111\u1eb7c bi\u1ec7t khi K b\u1eb1ng 10% v\u00e0 c\u00f4ng ty kh\u00f4ng tr\u1ea3 c\u1ed5 t\u1ee9c, SPM gi\u1ea3m xu\u1ed1ng t\u1ef7 l\u1ec7 PEG.<\/p>\n\n\n\n C\u00e1c m\u00f4 h\u00ecnh b\u1ed5 sung \u0111\u1ea1i di\u1ec7n cho t\u1ed5ng c\u00e1c kho\u1ea3n v\u0129nh vi\u1ec5n v\u1ec1 thu nh\u1eadp, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng, t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro v\u00e0 gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch k\u1ebf to\u00e1n.<\/p>\n\n\n\n L\u1ee3i t\u1ee9c tr\u00ean v\u1ed1n \u0111\u1ea7u t\u01b0 (ROIC)<\/strong><\/p>\n\n\n\n K\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 n\u00e0y \u0111o l\u01b0\u1eddng s\u1ed1 ti\u1ec1n c\u00f4ng ty ki\u1ebfm \u0111\u01b0\u1ee3c m\u1ed7i n\u0103m cho m\u1ed7i \u0111\u00f4 la v\u1ed1n \u0111\u1ea7u t\u01b0. V\u1ed1n \u0111\u1ea7u t\u01b0 l\u00e0 s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty b\u1edfi c\u1ea3 c\u1ed5 \u0111\u00f4ng v\u00e0 con n\u1ee3. T\u1ef7 l\u1ec7 n\u00e0y \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb b\u1eb1ng ph\u1ea7n tr\u0103m v\u00e0 ng\u01b0\u1eddi ta t\u00ecm ki\u1ebfm m\u1ed9t ph\u1ea7n tr\u0103m x\u1ea5p x\u1ec9 m\u1ee9c t\u0103ng tr\u01b0\u1edfng d\u1ef1 ki\u1ebfn. Theo \u0111\u1ecbnh ngh\u0129a \u0111\u01a1n gi\u1ea3n nh\u1ea5t, t\u1ef7 l\u1ec7 n\u00e0y \u0111o l\u01b0\u1eddng l\u1ee3i t\u1ee9c \u0111\u1ea7u t\u01b0 m\u00e0 ban qu\u1ea3n l\u00fd c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c cho v\u1ed1n c\u1ee7a n\u00f3. Con s\u1ed1 c\u00e0ng cao, l\u1ee3i nhu\u1eadn c\u00e0ng t\u1ed1t.<\/p>\n\n\n\n \u0110\u1ec3 t\u00ednh t\u1ef7 l\u1ec7, h\u00e3y l\u1ea5y thu nh\u1eadp r\u00f2ng chi\u1ebfu l\u1ec7 (c\u00f9ng m\u1ed9t thu nh\u1eadp \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong h\u00ecnh EPS \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean) v\u00e0 chia cho v\u1ed1n \u0111\u1ea7u t\u01b0. V\u1ed1n \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u01b0\u1edbc t\u00ednh b\u1eb1ng c\u00e1ch c\u1ed9ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u1ed5 \u0111\u00f4ng, t\u1ed5ng n\u1ee3 d\u00e0i h\u1ea1n v\u00e0 ng\u1eafn h\u1ea1n v\u00e0 c\u00e1c kho\u1ea3n ph\u1ea3i tr\u1ea3, sau \u0111\u00f3 tr\u1eeb \u0111i c\u00e1c kho\u1ea3n ph\u1ea3i thu v\u00e0 ti\u1ec1n m\u1eb7t (t\u1ea5t c\u1ea3 nh\u1eefng con s\u1ed1 n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ecm th\u1ea5y tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n h\u00e0ng qu\u00fd m\u1edbi nh\u1ea5t c\u1ee7a c\u00f4ng ty). T\u1ef7 l\u1ec7 n\u00e0y h\u1eefu \u00edch h\u01a1n nhi\u1ec1u khi so s\u00e1nh n\u00f3 v\u1edbi c\u00e1c c\u00f4ng ty kh\u00e1c \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1.<\/p>\n\n\n\n L\u1ee3i nhu\u1eadn tr\u00ean t\u00e0i s\u1ea3n (ROA)<\/strong><\/p>\n\n\n\n T\u01b0\u01a1ng t\u1ef1 nh\u01b0 ROIC, ROA, \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb b\u1eb1ng ph\u1ea7n tr\u0103m, \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng ki\u1ebfm ti\u1ec1n t\u1eeb t\u00e0i s\u1ea3n c\u1ee7a c\u00f4ng ty. \u0110\u1ec3 \u0111o l\u01b0\u1eddng ROA, h\u00e3y l\u1ea5y thu nh\u1eadp r\u00f2ng chi\u1ebfu l\u1ec7 chia cho t\u1ed5ng t\u00e0i s\u1ea3n. Tuy nhi\u00ean, do nh\u1eefng b\u1ea5t th\u01b0\u1eddng r\u1ea5t ph\u1ed5 bi\u1ebfn trong b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n (do nh\u1eefng th\u1ee9 nh\u01b0 Thi\u1ec7n ch\u00ed, x\u00f3a s\u1ed5, ng\u1eebng s\u1ea3n xu\u1ea5t\u2026) t\u1ef7 l\u1ec7 n\u00e0y kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 t\u1ed1t v\u1ec1 ti\u1ec1m n\u0103ng c\u1ee7a c\u00f4ng ty. N\u1ebfu t\u1ef7 l\u1ec7 cao h\u01a1n ho\u1eb7c th\u1ea5p h\u01a1n d\u1ef1 ki\u1ebfn, ng\u01b0\u1eddi ta n\u00ean xem x\u00e9t k\u1ef9 c\u00e1c t\u00e0i s\u1ea3n \u0111\u1ec3 xem nh\u1eefng g\u00ec c\u00f3 th\u1ec3 v\u01b0\u1ee3t qua ho\u1eb7c \u0111\u00e1nh gi\u00e1 th\u1ea5p con s\u1ed1.<\/p>\n\n\n\n Gi\u00e1 tr\u00ean doanh s\u1ed1 (P\/S) <\/strong><\/p>\n\n\n\n Con s\u1ed1 n\u00e0y r\u1ea5t h\u1eefu \u00edch v\u00ec n\u00f3 so s\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i v\u1edbi doanh s\u1ed1 h\u00e0ng n\u0103m. N\u00f3i c\u00e1ch kh\u00e1c, n\u00f3 m\u00f4 t\u1ea3 chi ph\u00ed c\u1ed5 phi\u1ebfu cho m\u1ed7i \u0111\u00f4 la b\u00e1n h\u00e0ng ki\u1ebfm \u0111\u01b0\u1ee3c.<\/p>\n\n\n\n V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n\n\n\n V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng, vi\u1ebft t\u1eaft c\u1ee7a v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng, l\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a t\u1ea5t c\u1ea3 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty. \u0110\u1ec3 \u0111o l\u01b0\u1eddng n\u00f3, nh\u00e2n gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh pha lo\u00e3ng ho\u00e0n to\u00e0n. V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng ch\u1ec9 l\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu. \u0110\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t b\u1ee9c tranh ho\u00e0n ch\u1ec9nh h\u01a1n, h\u00e3y nh\u00ecn v\u00e0o gi\u00e1 tr\u1ecb doanh nghi\u1ec7p.<\/p>\n\n\n\n Gi\u00e1 tr\u1ecb doanh nghi\u1ec7p (EV)<\/strong><\/p>\n\n\n\n Gi\u00e1 tr\u1ecb doanh nghi\u1ec7p b\u1eb1ng t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty, v\u00ec n\u00f3 \u0111ang giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. \u0110\u1ec3 t\u00ednh to\u00e1n n\u00f3, h\u00e3y th\u00eam v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng (xem \u1edf tr\u00ean) v\u00e0 t\u1ed5ng n\u1ee3 r\u00f2ng c\u1ee7a c\u00f4ng ty. T\u1ed5ng n\u1ee3 r\u00f2ng b\u1eb1ng t\u1ed5ng n\u1ee3 d\u00e0i h\u1ea1n v\u00e0 ng\u1eafn h\u1ea1n c\u1ed9ng v\u1edbi c\u00e1c kho\u1ea3n ph\u1ea3i tr\u1ea3, tr\u1eeb c\u00e1c kho\u1ea3n ph\u1ea3i thu, tr\u1eeb ti\u1ec1n m\u1eb7t. Gi\u00e1 tr\u1ecb doanh nghi\u1ec7p l\u00e0 x\u1ea5p x\u1ec9 t\u1ed1t nh\u1ea5t v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t c\u00f4ng ty t\u1ea1i b\u1ea5t k\u1ef3 th\u1eddi \u0111i\u1ec3m n\u00e0o v\u00ec n\u00f3 t\u00ednh \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu th\u1ef1c t\u1ebf thay v\u00ec gi\u00e1 b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. Khi c\u00e1c nh\u00e0 ph\u00e2n t\u00edch n\u00f3i r\u1eb1ng m\u1ed9t c\u00f4ng ty l\u00e0 m\u1ed9t c\u00f4ng ty “t\u1ef7 \u0111\u00f4 la”, h\u1ecd th\u01b0\u1eddng \u0111\u1ec1 c\u1eadp \u0111\u1ebfn t\u1ed5ng gi\u00e1 tr\u1ecb doanh nghi\u1ec7p c\u1ee7a n\u00f3. Gi\u00e1 tr\u1ecb doanh nghi\u1ec7p bi\u1ebfn \u0111\u1ed9ng nhanh ch\u00f3ng d\u1ef1a tr\u00ean s\u1ef1 thay \u0111\u1ed5i gi\u00e1 c\u1ed5 phi\u1ebfu.<\/p>\n\n\n\n EV to Sales<\/strong><\/p>\n\n\n\n T\u1ef7 l\u1ec7 n\u00e0y \u0111o l\u01b0\u1eddng t\u1ed5ng gi\u00e1 tr\u1ecb c\u00f4ng ty so v\u1edbi doanh thu h\u00e0ng n\u0103m c\u1ee7a n\u00f3. T\u1ef7 l\u1ec7 cao c\u00f3 ngh\u0129a l\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty cao h\u01a1n nhi\u1ec1u so v\u1edbi doanh s\u1ed1 b\u00e1n h\u00e0ng. \u0110\u1ec3 t\u00ednh to\u00e1n n\u00f3, h\u00e3y chia EV cho doanh thu r\u00f2ng trong b\u1ed1n qu\u00fd g\u1ea7n nh\u1ea5t. T\u1ef7 l\u1ec7 n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch khi \u0111\u1ecbnh gi\u00e1 c\u00e1c c\u00f4ng ty kh\u00f4ng c\u00f3 thu nh\u1eadp ho\u1eb7c \u0111ang tr\u1ea3i qua th\u1eddi k\u1ef3 kh\u00f3 kh\u0103n b\u1ea5t th\u01b0\u1eddng. V\u00ed d\u1ee5: n\u1ebfu m\u1ed9t c\u00f4ng ty \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi vi\u1ec7c t\u00e1i c\u1ea5u tr\u00fac v\u00e0 hi\u1ec7n \u0111ang thua l\u1ed7, th\u00ec t\u1ef7 l\u1ec7 P\/E s\u1ebd kh\u00f4ng li\u00ean quan. Tuy nhi\u00ean, b\u1eb1ng c\u00e1ch \u00e1p d\u1ee5ng t\u1ef7 l\u1ec7 EV tr\u00ean Doanh s\u1ed1, ng\u01b0\u1eddi ta c\u00f3 th\u1ec3 t\u00ednh to\u00e1n nh\u1eefng g\u00ec c\u00f4ng ty \u0111\u00f3 c\u00f3 th\u1ec3 giao d\u1ecbch khi qu\u00e1 tr\u00ecnh t\u00e1i c\u1ea5u tr\u00fac k\u1ebft th\u00fac v\u00e0 thu nh\u1eadp c\u1ee7a n\u00f3 tr\u1edf l\u1ea1i b\u00ecnh th\u01b0\u1eddng.<\/p>\n\n\n\n EBITDA<\/strong><\/p>\n\n\n\n EBITDA l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a thu nh\u1eadp tr\u01b0\u1edbc l\u00e3i vay, thu\u1ebf, kh\u1ea5u hao v\u00e0 kh\u1ea5u hao. \u0110\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng th\u01b0\u1edbc \u0111o t\u1ed1t nh\u1ea5t v\u1ec1 d\u00f2ng ti\u1ec1n c\u1ee7a c\u00f4ng ty v\u00e0 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 c\u1ea3 c\u00f4ng ty nh\u00e0 n\u01b0\u1edbc v\u00e0 t\u01b0 nh\u00e2n. \u0110\u1ec3 t\u00ednh EBITDA, h\u00e3y s\u1eed d\u1ee5ng b\u00e1o c\u00e1o thu nh\u1eadp c\u1ee7a c\u00f4ng ty, l\u1ea5y thu nh\u1eadp r\u00f2ng v\u00e0 sau \u0111\u00f3 c\u1ed9ng l\u1ea1i ti\u1ec1n l\u00e3i, thu\u1ebf, kh\u1ea5u hao, kh\u1ea5u hao v\u00e0 b\u1ea5t k\u1ef3 kho\u1ea3n ph\u00ed kh\u00f4ng d\u00f9ng ti\u1ec1n m\u1eb7t ho\u1eb7c m\u1ed9t l\u1ea7n n\u00e0o kh\u00e1c. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn m\u1ed9t con s\u1ed1 x\u1ea5p x\u1ec9 s\u1ed1 ti\u1ec1n m\u1eb7t m\u00e0 c\u00f4ng ty \u0111ang s\u1ea3n xu\u1ea5t. EBITDA l\u00e0 m\u1ed9t con s\u1ed1 r\u1ea5t ph\u1ed5 bi\u1ebfn v\u00ec n\u00f3 c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng \u0111\u01b0\u1ee3c so s\u00e1nh gi\u1eefa c\u00e1c c\u00f4ng ty, ngay c\u1ea3 khi kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty \u0111\u1ec1u c\u00f3 l\u00e3i.<\/p>\n\n\n\n EV to EBITDA<\/strong><\/p>\n\n\n\n \u0110\u00e2y c\u00f3 l\u1ebd l\u00e0 m\u1ed9t trong nh\u1eefng ph\u00e9p \u0111o t\u1ed1t nh\u1ea5t v\u1ec1 vi\u1ec7c m\u1ed9t c\u00f4ng ty r\u1ebb hay \u0111\u1eaft. [7] \u0110\u1ec3 t\u00ednh to\u00e1n, h\u00e3y chia EV cho EBITDA (xem \u1edf tr\u00ean \u0111\u1ec3 t\u00ednh to\u00e1n). Con s\u1ed1 c\u00e0ng cao, c\u00f4ng ty c\u00e0ng \u0111\u1eaft. Tuy nhi\u00ean, c\u00e1c c\u00f4ng ty \u0111\u1eaft ti\u1ec1n h\u01a1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 cao h\u01a1n v\u00ec h\u1ecd \u0111ang ph\u00e1t tri\u1ec3n nhanh h\u01a1n ho\u1eb7c v\u00ec h\u1ecd l\u00e0 m\u1ed9t c\u00f4ng ty ch\u1ea5t l\u01b0\u1ee3ng cao h\u01a1n. Nh\u01b0 \u0111\u00e3 n\u00f3i, c\u00e1ch t\u1ed1t nh\u1ea5t \u0111\u1ec3 s\u1eed d\u1ee5ng EV \/ EBITDA l\u00e0 so s\u00e1nh n\u00f3 v\u1edbi c\u00e1c c\u00f4ng ty t\u01b0\u01a1ng t\u1ef1 kh\u00e1c.<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 g\u1ea7n \u0111\u00fang<\/strong><\/p>\n\n\n\n X\u1ea5p x\u1ec9 t\u0103ng tr\u01b0\u1edfng trung b\u00ecnh<\/strong><\/p>\n\n\n\n Gi\u1ea3 s\u1eed r\u1eb1ng hai c\u1ed5 phi\u1ebfu c\u00f3 c\u00f9ng m\u1ee9c t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn, c\u1ed5 phi\u1ebfu c\u00f3 P\/E th\u1ea5p h\u01a1n s\u1ebd c\u00f3 gi\u00e1 tr\u1ecb t\u1ed1t h\u01a1n. Ph\u01b0\u01a1ng ph\u00e1p P\/E c\u00f3 l\u1ebd l\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng ph\u1ed5 bi\u1ebfn nh\u1ea5t trong ng\u00e0nh m\u00f4i gi\u1edbi ch\u1ee9ng kho\u00e1n. B\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng ty so s\u00e1nh, t\u1ef7 l\u1ec7 gi\u00e1 m\u1ee5c ti\u00eau \/ thu nh\u1eadp (ho\u1eb7c P \/ E) \u0111\u01b0\u1ee3c ch\u1ecdn cho c\u00f4ng ty v\u00e0 sau \u0111\u00f3 thu nh\u1eadp trong t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c \u01b0\u1edbc t\u00ednh. Gi\u00e1 h\u1ee3p l\u00fd c\u1ee7a \u0111\u1ecbnh gi\u00e1 ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 \u01b0\u1edbc t\u00ednh th\u1eddi gian thu nh\u1eadp m\u1ee5c ti\u00eau P \/ E. M\u00f4 h\u00ecnh n\u00e0y v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 c\u00f9ng m\u1ed9t m\u00f4 h\u00ecnh v\u1edbi m\u00f4 h\u00ecnh c\u1ee7a Gordon, n\u1ebfu k-g \u0111\u01b0\u1ee3c \u01b0\u1edbc t\u00ednh l\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c (D \/ E) chia cho t\u1ef7 l\u1ec7 P \/ E m\u1ee5c ti\u00eau.<\/p>\n\n\n\n X\u1ea5p x\u1ec9 t\u0103ng tr\u01b0\u1edfng li\u00ean t\u1ee5c<\/strong><\/p>\n\n\n\n M\u00f4 h\u00ecnh Gordon ho\u1eb7c m\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng c\u1ee7a Gordon [10] \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn nhi\u1ec1u nh\u1ea5t trong s\u1ed1 c\u00e1c m\u00f4 h\u00ecnh c\u1ed5 t\u1ee9c chi\u1ebft kh\u1ea5u. N\u00f3 gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng c\u1ed5 t\u1ee9c s\u1ebd t\u0103ng v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng kh\u00f4ng \u0111\u1ed5i (\u00edt h\u01a1n t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u) m\u00e3i m\u00e3i. Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 \u0111\u01b0\u1ee3c \u0111\u01b0a ra theo c\u00f4ng th\u1ee9c:<\/p>\n\n\n\n Trong \u0111\u00f3:<\/p>\n\n\n\n T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c kh\u00f4ng \u0111\u01b0\u1ee3c bi\u1ebft, nh\u01b0ng t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u1edf v\u1ecb tr\u00ed c\u1ee7a n\u00f3, gi\u1ea3 s\u1eed r\u1eb1ng t\u1ef7 l\u1ec7 chi tr\u1ea3 l\u00e0 kh\u00f4ng \u0111\u1ed5i.<\/p>\n","protected":false},"excerpt":{"rendered":" \u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu l\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u00ednh gi\u00e1 tr\u1ecb l\u00fd thuy\u1ebft c\u1ee7a c\u00e1c c\u00f4ng ty v\u00e0 c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd. Vi\u1ec7c s\u1eed d\u1ee5ng ch\u00ednh c\u1ee7a c\u00e1c ph\u01b0\u01a1ng ph\u00e1p n\u00e0y l\u00e0 d\u1ef1 \u0111o\u00e1n gi\u00e1 th\u1ecb tr\u01b0\u1eddng trong t\u01b0\u01a1ng lai, ho\u1eb7c n\u00f3i chung l\u00e0 gi\u00e1 th\u1ecb tr\u01b0\u1eddng ti\u1ec1m n\u0103ng, v\u00e0 do \u0111\u00f3 thu l\u1ee3i nhu\u1eadn t\u1eeb […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"doc_category":[5],"doc_tag":[],"class_list":["post-33","docs","type-docs","status-publish","hentry","doc_category-dau-tu"],"year_month":"2026-04","word_count":6161,"total_views":0,"reactions":{"happy":0,"normal":0,"sad":0},"author_info":{"author_nicename":"admin","author_url":"https:\/\/a.funds.io.vn\/?author=1"},"doc_category_info":[{"term_name":"\u0110\u1ea7u t\u01b0","term_url":"https:\/\/a.funds.io.vn\/?doc_category=dau-tu"}],"doc_tag_info":[],"author_list":[{"ID":"1","user_login":"admin","display_name":"admin","id":"1"}],"_links":{"self":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs\/33","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs"}],"about":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/types\/docs"}],"author":[{"embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33"}],"version-history":[{"count":1,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs\/33\/revisions"}],"predecessor-version":[{"id":37,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs\/33\/revisions\/37"}],"wp:attachment":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33"}],"wp:term":[{"taxonomy":"doc_category","embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fdoc_category&post=33"},{"taxonomy":"doc_tag","embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fdoc_tag&post=33"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/a.funds.io.vn\/wp-content\/uploads\/2024\/07\/dinh_gia_co_phieu_1.png\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/a.funds.io.vn\/wp-content\/uploads\/2024\/07\/dinh_gia_co_phieu_2.png\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/a.funds.io.vn\/wp-content\/uploads\/2024\/07\/dinh_gia_co_phieu_3.png\")
<\/figure>\n\n\n\nK\u00fd hi\u1ec7u<\/strong><\/td> \u00dd ngh\u0129a<\/strong><\/td> \u0110\u01a1n v\u1ecb<\/strong><\/td><\/tr> P<\/td> Gi\u00e1 c\u1ed5 phi\u1ebfu \u01b0\u1edbc t\u00ednh<\/td> $ ho\u1eb7c \u20ac ho\u1eb7c \u00a3<\/td><\/tr> D<\/td> C\u1ed5 t\u1ee9c cu\u1ed1i c\u00f9ng \u0111\u01b0\u1ee3c tr\u1ea3<\/td> $ ho\u1eb7c \u20ac ho\u1eb7c \u00a3<\/td><\/tr> K<\/td> Su\u1ea5t chi\u1ebft kh\u1ea5u<\/td> %<\/td><\/tr> G<\/td> T\u1ed1c \u0111\u1ed9 t\u0103ng c\u1ee7a c\u1ed5 t\u1ee9c<\/td> %<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n