GVHD: TS NG QUANG HUNHVTH: NGUYN PH NGOC

PHN TCH TI CHNH CTCP BIBICA6TRNG I HC KINH T TP. H CH MINHVIN AO TO SAU I HCKHA QUN TR KINH DOANH

TIU LUNQUN TR TI CHNH TI:Phn tch bo co ti chnh Cng ty c phn Bbca(giai on 2008 - 2012)NGITH CHI N

GVHD: TS. NG QUANG HUN

L p: M 2 - QTKD - K21

SVTH: Nguy n Ph Ng c

STT: 16

Tp.HCM, Thng 04/2013MC LC1. GII THIU V CNG TY3a. H s doanh nghip3b. Lch s hnh thnh3c. Lnh vc kinh doanh3d. V th cng ty42. PHN TCH V NH GI TNH HNH TI CHNH CNG TY4a. Phn tch t l4i T l thanh khon5ii T l nh gi hiuquhot ng6iil T l qun tr n8iv T l kh nng sinhli9V T l gi th trng12b. Phn tch c cu13i Ti sn13ii Ngun vn14c. Phn tch DUPONT16d. Phn tch hiu qu kinh tti chnh17e. M hnh ch s z18f. Phn tch ha vn19g. Phn tch n by tichnh19i n by nh ph (DOL)19ii n by ti chnh (DFL)20iil n by tng th (DTL)203. LNG GI CHNG KHON20a. Lng gi20b. Lp danh mc u t hiu qu214. KT LUN225. TI LIU THAM KHO231. GII THIU V CNG TYa. H SO1 doanh nghipBIBICA - BIBICA CORPORATIONCNG TY C PHN BIBICA443 L Thng Kit, Phng 8, Qun Tn Bnh, TP.HCMin thoi: +84-(0)8-971.79.20Fax: +84-(0)8-971.79.21Email: bibica@hcm.vnn.vnWebsite: http://www.bibica.com.vnChi Tit

Sn Giao DchHOSE

Ngnh NghBnh keo

S lng nhn sN/A

b. Lch s hnh thnh

Cng ty c Phn Bnh Ko Bin Ha c thnh lp theo quyt nh s:234/1998/Q-TTg ngy 01/12/1998 ca Th Tng Chnh Ph c phn hat 03 phn xng: bnh, ko, nha thuc Cng ty ng Bin Ha. Giy php ng k kinh doanh s 059167 do S K Hoch u t Tnhng Nai cp ngy 16/01/1999 vi ngnh ngh kinh doanh chnh l sn xutkinh doanh cc sn phm ng, bnh, ko, nha, ru (nc ung c cn). Cng ty c y ban Chng khan Nh nc cp php nim yt ngy16/11/2001 v chnh thc giao dch ti Trung tm giao dch chng khanTP.HCM t u thng 12/2001.c. Lnh vc kinh doanhNgnh ngh kinh doanh chnh: Sn xut v kinh doanh cc sn phm bnh ko. Xut khu cc sn phm bnh ko v cc hng ho khc.- Nhp khu cc trang thit b, k thut v nguyn vt liu phc v qu trnhsn xut ca cng ty.Cng ty c phn Bnh ko Bin Ha l mt trong nhng cng ty sn xut vkinh doanh bnh ko hng u ti Vit Nam v c thng hiu rt quen thuci vi ngi tiu dng. Mi nm cng ty c th cung cp cho th trngkhong 15.000 tn bnh ko cc loi nh: socola, bnh quy, snack, bnhbng lan kem, bnh trung thu, ko cng, ko mm, ko do... trong Hura,Chocola Bella, Orienko, Zoo, on t t l nhng nhn hng kh mnh trn thtrng.Th trng ca cng ty kh rng ln. Ngoi cung cp cc sn phm bnh kotrong th trng ni a, cng ty cn cung cp mt s sn phm sang ncngoi nh M, c, Nam Phi...d. V th cng tyThng hiu Bibica lun c ngi tiu dng tn nhim bnh chn t danhhiu hng Vit Nam cht lng cao t nm 1997-2006. Thng hiu Bibicac chn l thng hiu mnh trong top 100 thng hiu mnh ti VitNam nm 2006 do bo Si Gn tip th bnh chn, ng thi l 1 trong 500thng hiu ni ting do Tp ch Vit Nam Business Forum thc hin. Qua cho thy Bibica lun c v tr nm trong Top Five ca ngnh hng bnh ko tiVit Nam v gi v tr dn u th trng v sn phm bnh koe. Chin lc pht trin v u tXy dng c cu sn phm hiu.Tp trung u t phn xng ko cao cp.Trin khai xy dng nh my mi ti KCN M Phc - Bnh Dng,sn xut cc loi sn phm ch lc c sc tiu th cao.y mnh th trng xut khu.2. PHN TCH V NH GI TNH HNH TI CHNH CNG TYa. Phn tch t l(Xin tham kho phn tnh ton chi tit trn File EXCEL - sheet Phan tchma CK)Phn tch t lNI DUNGKH20122011201020092008

T L THANH KHON

T l lu ngCR2.032.011.812.173.98

T l thanh ton nhanhQR1.381.431.161.713.12

TY LE NH GI HIU QU HOATNG

Hiu qu s dng tng ti snTAT1.221.281.040.860.90

Vng quay tn khoIT5.435.804.836.114.85

K thu tin bnh qunACP77.9282.6735.8424.8353.51

T L QUN TR N

T l n/ Tng ti snD/A0.250.270.280.290.18

T l thanh ton li vayICR84.639.229.7636.644.04

T s kh nng tr n34.559.972.411.482.62

T L KH NNG SINH LI

Doanh li gp bn hng v dch vGPM0.290.290.270.300.23

Doanh li rngNPM0.030.050.050.090.04

Sc sinh li c bnBEP0.040.080.070.090.05

T sut li nhun trn tnq ti snROA0.030.060.060.080.03

T sut li nhun trn vn s huROE0.040.080.080.110.04

T L GI TH TRNG

T l P/EP/E10.043.687.987.669.90

Ty l P/BP/B0.450.300.610.840.45

Dng tin cho 1 c phiuCFPs4,365.144,970.855,028.265,027.272,490.43

T s gi/ dng tinp/cF3.862.234.305.665.81

i T l thanh khon77 l lu ng - Cf

Nu mt cng ty gp kh khn v ti chnh, cng ty s chi tr cho cc han thanh ton b chm tr hn (cc khon phi tr nh cung cp), hoc phivay tin t ngn hng...tt c cc hot ng ny lm cho n ngn hn tngln. Nu n ngn hn tng nhanh hn ti sn ngn hn, t l lu ng sgim xung v y l du hiu ca kh khn rc ri ti chnh c th xy ra ivi cng ty.T l lu ng BBC qua cc nm u bng hoc cao hn nhiu t l lu ngtrung bnh ca ngnh. Do vy v th thanh ton ca cng ty c m bo.77 l thanh ton nhanh - Qf

T l thanh ton nhanh ca BBC qua cc nm u cao hn t l thanh tonnhanh trung bnh ca ngnh v t s thanh ton nhanh ca BBC u cao hn1 (nm 2011 l 1,43), ngha l nu ch n i tin th BBC vn c khnng s dng ti khon nhanh chi tr m khng cn thanh l hng tn kho.ii T l nh gi hiu qu hot ngHiu qu s dng tng ti sn TATT s ny ca BBC cc nm thp hn mc trung bnh ngnh, cho thy rngbnh qun mt ng ti sn ca cng ty to ra c nhiu doanh thu hn sovi bnh qun nghnh ni chung. Tuy nhin t nm 2011 t s ny bt ucao hn t s trung bnh ngnh, trong tng lai cng ty nn cng c v phthuy hiu qu s dng ti sn.

Vng quay hng tn kho - ITT s ny cho bit c bao nhiu ln hng ha c quay vng trong mtnm, theo phn tch t l ta thy vng quay hng tn kho ca BBC lun nnh qua cc nm. iu ny cho thy hiu qu hot ng ca BBC l kh tti vi mt cng ty kinh doanh thc phm.

K thu tin bnh qun - ACPT s ny cho bit cng ty trung bnh mt bao nhiu ngy t lc bn chng ha v dch v n lc nhn c tin. Theo nh kt qu phn tch t lta thy rng k thu tin bnh qun ca cng trong 2 nm gn y c xu hngtng so vi trc, c th nm 2011 l 82,67 ngy, nm 2012 l 77,92 ngy sovi 35,84 ngy ca nm 2010. T nhng kt qu ny cho thy, BBC cn phiquan tm n vic thu n, rt ngn thi hn thu tin trong thi gian sp ti.

iii T l qun tr n77 l n/Tng ti sn

T l n/tng ti sn ca BBC qua cc nm khong 25%, ngha l cc ch nca cng ty cung cp khong mt phn t tng vn ti tr. T l n/tng tisn ca BBC qua cc nm u thp hn trung bnh ca ngnh l du hiu tt.Cc ch n vn s sn lng cho cng ty vay thm.

77 l thanh ton li vay -ICRCh tiu ny o lng kh nng tr n li vay ca cng ty, v cho bit cng tyc kh nng p ng bao nhiu ln hay chi tr bao nhiu ln cho li vay cacng ty. Con s ny ca BBC kh cao v ngy cng tng ln n 84,36 nm2008, iu ny chng t kh nng thanh ton li vay ca cng ty ngy cnghiu qu v ng tin cy.

T s kh nng tr nCh tiu ny o lng kh nng tr n ca cng ty, v cho bit cng ty c khnng p ng bao nhiu ln hay chi tr bao nhiu ln cho n. Con s ny caBBC kh cao v ngy cng tng ln n 34,55 nm 2008, iu ny chng tkh nng tr n ca cng ty ngy cng hiu qu v ng tin cy.

iv T l kh nng sinh liDoanh li rng - NPM

Doanh li rng ca BBC qua cc nm t nm 2008-2012 u cao hn mctrung bnh ca ngnh. iu ny phn nh hot ng kh hiu qu, chi ph sdng lin quan n doanh thu c gim ng k.

0.01 NPM0.0020122011201020092008NPIMSut sinh li c bn - BEP

BEPT s ny cho bit kh nng sinh li c bn ca BBC, dng so snh cngty vi nhng cng ty khc trong ngnh v kh nng to ra li nhun hotng t ti sn ca cng ty. Sut sinh li c bn ca BBC nm 2012 l 4%gim so vi nm 2011 l 8%. iu ny cho thy hot ng cng ty b nhhng do khng hong kinh t nm 2012.T sut li nhun trn tng ti sn -ROA

ROA ca BBC qua cc nm u thp hn mc trung bnh ca ngnh. iuny l khng tt, nhng ROA thp khng hn l xu - c th do quyt nh sdng n vay, trong trng hp ny lm chi ph li vay cao v lm gim linhun rng. N vay l mt phn l do lm cho li nhun ca BBC gimxung. Mt phn cng do cuc khng hong kinh t hin nay.

ROAT sut li nhun trn vn ch s hu -ROECc c ng k vng thu c li nhun t tin u t ca h, v t s nycho bit tin u t ca cc c ng c hiu qu nh th no v phng dink ton. ROE ca BBC qua cc nm u thp hn mc trung bnh nhng cxu hng tng ln ngang bng vi ngnh, duy ch c nm 2012 l do cuckhng hon kinh t nn ROE b gim cn 4%.

V T l gi th trngT l P/ET l ny cho bit nh u t sn sng tr bao nhiu tin thu c mtng li nhun ca cng ty. T s ny BBC qua cc nm cng c bin ngkhng ng k, ch duy nht nm 2011 l t s ny ch l 3.68 %, trong khi nm 2012 t s ny l 10.04 %. y l mt iu tt v cho thy u t vocng ty t gp ri ro hn cc cng ty khc v trin vng tng trng tt.P/E

T l P/BT l ny cho thy mc so snh gia gi c c phiu trn th trng v gi trc phiu trn s sch. Qua kt qu ta thy gi tr th trng ca cc c phiuBBC lun thp hn gi tr s sch, t nm 2008 n nay t l ny l 0,45. iuny cho thy cc nh u t nh gi thp hn v cng ty BBC v nh githp v kh nng u t c li ti BBC nn c th h s khng tip tc u thn na.P/B

b. Phn tch CO cu(Xin tham kho phn tnh ton chi tit trn File EXCEL - sheet Phan tichma CK)BNG CN I K TONNI DUNG20122011201020092008

I. TI SN NGN HN49.55%53.65%43.93%46.35%66.36%

1. Tin v cc khon tng ngtin6.44%7.67%11.74%27.79%5.04%

2. Cc khon u t ti chnh ngnhn0.37%0.00%5.93%0.68%32.34%

3. Cc khon phi thu ngn hn26.19%29.22%10.33%5.87%13.35%

4. Hng tn kho15.63%15.37%15.47%9.61%14.29%

5. Ti sn ngn hn khc0.92%1.39%0.46%2.40%1.34%

II. TI SN DI HN50.45%46.35%56.07%53.65%33.64%

1. Cc khon phi thu di hn0.00%0.00%0.00%0.00%0.00%

2. Ti sn c nh48.62%43.76%52.90%49.75%28.65%

3. Bt ng sn u t0.00%0.00%0.00%0.00%0.00%

4. Cc khon u t ti chnh di hn0.00%0.59%1.42%1.92%3.00%

4. Li th thng mi0.00%0.00%0.00%0.00%0.00%

5. Ti sn di hn khc1.84%1.99%1.75%1.97%1.98%

III. TNG TI SN100.00%100.00%100.00%100.00%100.00%

IV. N PHI TR24.64%26.95%28.24%28.98%18.43%

1. N ngn hn24.41%26.63%24.21%21.34%16.68%

2. N di hn0.23%0.32%4.03%7.65%1.75%

V. VN CH S HU75.36%73.05%71.76%71.02%81.57%

1. Vn ch s hu75.36%73.05%71.76%70.79%81.11%

2. Ngun kinh ph v gu khc0.00%0.00%0.00%0.23%0.45%

VI. LI CH C NG THIU S0.00%0.00%0.00%0.00%0.00%

V. TNG CNG NGUN VN100.00%100.00%100.00%100.00%100.00%

i Ti snQua bng c cu ngun vn v ti sn ca BBC cui nm ti chnh 2012, tathy c cu ti sn ca Cng ty thay i theo hng gim t trng ti snngn hn v tng t trng ti sn di hn.Nm 2011 ti sn ngn hn chim 53,65%, n nm 2012 ti sn ngn hnchim 49,55%. Mc gim ca t trng TSNH 4,1 % ch yu l do gim t trngca Cc khon phi thu ngn hn (-3,03%), k tip l Tin v cc khontng ng tin (-1,23%). Ngc li, cc khon u t ti chnh ngn hnc xu hng tng v t trng (+0,37%)..S gim v t trng ca khon phi thu (-3,03%) do cng ty gim t trngch yu ca Khon phi thu khch hng v Tr trc cho ngi bn, y lnhng khon phi thu chim t trng ln trong c cu TS ca cng ty. Cckhon phi thu ngn hn khc cn c trn thuyt minh bo co ti chnh gmc li tin gi, c tc phi thu, li tri phiu v li cho vay, thu NK chon....T trng Hng tn kho tng 0,37% so vi nm 2011. Hng tn kho ca Cngty bao gm Hng mua ang i ng, Nguyn vt liu, cng c dngc...Theo bng s liu th trong Hng tn kho, t trng thnh phm v hngha l do b nh hng chung ca kinh t nm 2012 .Ti sn di hn nm 2012 chim t trng 50.45%, nm 2011 chim t trng46.35%. S tng ln v t trng ca TSDH ch yu l do cng ty tng ti snc nh (+4,86%) cho thy Cng ty u t m rng quy m sn xut.ii Ngun vnXu hng thay i t trng cc khon mc ngun vn ca Cng ty t nm2011 n nm 2012 nghing v s gia tng t trng ca vn ch s hu. Ttrng vn ch s hu c hai thi im u cao chng t kh nng t ch vti chnh ca cng ty rt cao. Nm 2011, t trng vn ch s hu 73.05% vnn 2012 l 75.36%. Mc tng ny ch yu cng ty tng Qu u t phttrin. S gim xung ca t trng n phi tr ch yu l t trng ca Phi trngi bn. y l du hiu cho thy cng ty tr bt c n vay ngnhn, lm gim p lc thanh ton cho cng ty.Nh vy c th nhn thy xu hng bin ng t trng ca ti sn v ngunvn c th rt ra mt vi kt lun s b nh sau :S gia tng ca t trng ngun vn di hn (VCSH tng 2,31 % v n di hngim 0,09%) v s tng t trng ti sn di hn lm cho nng lc t chti chnh ca cng ty thm mnh.Cng ty thu hi cc khon u t ti chnh ngn hn v di hn hnch ri ro. T trng tin v cc khon tng ng tin cao chng t khnng thanh ton ca cng ty cng cao.BNG BO CO KT QU KINH DOANHNI DUNG20122011201020092008

Doanh thu thun v bn hng vcung cp dch v100.00%100.00%100.00%100.00%100.00%

Gi vn hng bn71.45%70.98%73.39%70.35%77.24%

Li nhun gp v bn hng v cungcp dch v28.55%29.02%26.61%29.65%22.76%

Doanh thu hot ng ti chnh0.68%1.48%1.74%4.30%5.79%

Chi ph ti chnh0.45%1.35%1.19%1.16%5.97%

Chi ph bn hng20.58%18.89%17.76%17.43%13.97%

Chi ph qun l doanh nghip5.09%4.91%4.44%5.23%5.16%

Li nhun thun t hot ng kinhdoanh3.11%5.36%4.96%10.12%3.45%

Thu nhp khc0.82%0.56%0.91%0.53%0.68%

Chi ph khc0.45%0.39%0.14%0.40%0.10%

Li nhun khc0.38%0.17%0.77%0.13%0.58%

Li nhun (l) thun trong cng tylin kt0.00%0.00%0.00%0.00%0.00%

Tng li nhun k ton trc thu3.49%5.53%5.73%10.26%4.03%

Chi ph thu tndn hin hnh0.71%0.90%0.42%1.12%0.20%

Chi ph thu tndn hon li0.00%0.00%0.00%0.00%0.00%

Li nhun sau thu thu nhp doanhnghip2.78%4.64%5.30%9.14%3.83%

Li c bn trn c phiu0.00%0.00%0.00%0.00%0.00%

Tc tng trng cao. Trong giai on t 2008 - 2011, BBC t tc tngtrng doanh thu trung bnh t 22%/nm v tc tng trng li nhuntrung bnh 31%/nm. Tuy nhin Kt qu kinh doanh 2012 kh trm lng khiBBC ghi nhn tc c tng trng doanh thu m ln u tin k t nm2005. Kt qu ny chu nh hng t kh nng tiu th thp hn k vngca sn phm Lotte Pie v xu hng tht cht chi tiu ca ngi tiu dng.C th, doanh thu thun t 930 t ng, gim 7.1% so vi nm 2011. Trongnm 2011, BBC t tc tng trng doanh thu l 27% v tc tng linhun sau thu l 11 %. Bin li nhun gp nm 2011 cng c sci thinng k v t mc 29% trong khi con s ny nm 2010 ch t 26,6%.Doanh thu ca BBC lin tc tng trng mnh t nm 2009 n nay l docng ty lin tc c cu li cc sn phm, mrng nng lc sn xut, phttrin h thng phn phi vi cc im bn l. ng thi, kh nng bn hngv thng hiu cng lin tc c nng cao vi s h tr ca Lotte (t nm2008), l c ng chin lc ca cng ty v cng l mt cng ty bnh ko niting ca Hn Quc.c. Phn tch DUPONT(Xin tham kho phn tnh ton chi tit trn File EXCEL - sheet Phan tichma CK)Bn cht ca phng php DUPONT l tch mt t s tng hp phn nhsc sinh li ca doanh nghip nh thu nhp trn ti sn ( ROA ), thu nhpsau thu trn vn ch s hu ( ROE ) thnh tch s ca chui cc t s cmi quan h nhn qu vi nhau. iu cho php phn tch nh hng cacc t s i vi t s tng hp.ROA = Li nhun rng trn doanh thu X Vng quay tng tiLi nhun rng Doanh thuDoanh thu Tng ti snROE = ROA X S nhn vn ch s huLi nhun rng Doanh thuTng tiDoanh thu Tng ti sn vn ch s huNI DUNG20122011201020092008

Li nhun rng/Doanh thu0.030.050.050.090.04

Doanh thu/Tng ti sn1.221.281.040.860.90

ROA0.030.060.060.080.03

Tng ti sn/vn ch s hu1.331.371.391.411.23

ROE0.040.080.080.110.04

Phng php phn tch DUPONT l phn tch tng hp tnh hnh ti chnhca doanh nghip. Thng qua quan h ca mt s ch tiu ch yu phnnh thnh tch ti chnh ca doanh nghip mt cch trc quan, r rng. Thngqua vic s dng phng php phn tch DUPONT phn tch t trnxung khng nhng c th tm hiu c tnh trng chung ca ti chnhdoanh nghip, cng cc quan h c cu gia cc ch tiu nh gi ti chnh,lm r cc nhn t nh hng lm bin ng tng gim ca cc ch tiu tichnh ch yu, cng cc vn cn tn ti m cn c th gip cc nh qunl doanh nghip lm u ho c cu kinh doanh v c cu hot ng ti chnh,to c s cho vic nng cao hiu qu ti chnh doanh nghip.d. Phn tch hiu qu kinh t ti chnh(Xin tham kho phn tnh ton chi tit trn File EXCEL - sheet Phan tichma CK)NI DUNG20122011201020092008

T s P/E10.043.687.987.6610.70

p16,857.1611,065.7621,617.8228,456.9014,463.90

ROE0.040.080.080.110.04

ROA0.030.060.060.080.03

Trong qu trnh phn tch nh gi tnh hnh ti chnh ca doanh nghip,chng ta thng c nhng nhn nh v cc t s ti chnh l chng cao haythp. a ra nhng nhn nh ny, chng ta phi da trn cc hnh thclin h ca cc t s ny. Do , cn xem xt ba vn :Khuynh hng pht trin: Chng ta cn phi xem xt khuynh hng binng qua thi gian nh gi t s ang xu i hay tt ln. Do , khi phntch cc t s ti chnh ca doanh nghip cn phi so snh vi cc gi tr canhng nm trc tm ra khuynh hng pht trin ca n.So snh vi t s ca cc doanh nghip khc cng ngnh: Vic so snh cct s ti chnh ca doanh nghip vi cc doanh nghip khc trong ngnh vvi tiu chun ca ngnh cng cho php ngi phn tch rt ra nhng nhnnh c ngha v v th ca doanh nghip trn th trng, sc mnh tichnh ca cng ty so vi cc i th cnh tranh. Trn c s c th ranhng quy nh ph hp vi kh nng ca cng ty.Nhng c im c th ca doanh nghip: Hu ht cc doanh nghip u cnhng c im ring to ra s khc bit, n c th hin trong cng ngh,u t, ri ro, a dng ho sn phm v nhiu lnh vc khc. Do , midoanh nghip cn phi thit lp mt tiu chun cho chnh n. Cc doanhnghip ny s c nhng gi tr khc nhau trong cc t s ti chnh ca chng.Ngoi ra, khi trnh by cc t s ti chnh cn phi cn thn, v: Trong thc t,cc khon mc ca bng cn i ti sn c th chu nh hng rt ln cacch tnh ton mng nng tnh hnh thc, cch tnh ton ny c th che ynhng gi tr tht ca cc t s ti chnh. Mt tr ngi khc gy tr ngi victh hin chnh xc cc t s ti chnh l s khc bit gia gi tr theo s schk ton v th gi ca cc loi ti sn v tri quyn trn cc loi ti sn. cnthit ht sc cn thn i vi nhng khc bit ny v phi so snh cc ktqu ca cc t s v mt thi gian v vi c cc doanh nghip khc cngngnh. Tuy nhin, cc gi tr ngnh ch l cc t s dng tham kh chkhng phi l gi tr m doanh nghip cn t ti. Nhng quan nim thntrng ny khng c ngha l s so snh cc t s l khng c ngha, m lcn phi c cc ch tiu c th cho tng ngnh s dng lm chun mcchung trong ngnh.e. M hnh ch s z

-M HNH CH sz(Xin tham kho phn tnh ton chi tit trn File EXCEL - sheet Phan tchma CK)NI DUNG20122011201020092008

X10.500.540.440.460.66

X2N/A0.050.050.070.03

X30.040.080.070.090.05

X43.062.712.542.454.42

X51.221.281.040.860.90

zN/A3.993.493.384.73

Cc bin s trong m hnh ca Altman ln lt phn nh: X1 - Kh nngthanh ton; X2 - Tui ca DN v kh nng tch ly li nhun; X3 - Kh nngsinh li; X4 - cu trc ti chnh; X5 - Vng quay vn.

Theo Altman, z > 2,99: DN nm trong vng an ton, cha c nguy cph sn; do ch s z ti BBC l tt.f. Phn tch ha vn(Xin tham kho phn tnh ton chi tit trn File EXCEL - sheet Phan tchma CK)NI DUNG2012

Tng doanh thu938,970,158,431.00

Tng nh ph189,503,930,000.37

Tng bin ph749,466,228,430.63

nh ph hch ton (khu hao v d phng)39,693,230,843.00

nh ph bng tin149,810,699,157.37

N phi tr trong k11,035,436,838.00

nh ph tr n160,846,135,995.37

Doanh thu ha vn li l977,722,954,977.73

Doanh thu ha vn tin mt772,930,458,313.65

Doanh thu ha vn tr n829,866,480,245.74

Kt lunLi tht

Theo kt qu tnh ton trn th nm 2012 tnh hnh kinh doanh ca BBC lli tht.g. Phn tch n by ti chnh(Xin tham kho phn tnh ton chi tit trn File EXCEL - sheet Phan tchma CK)NI DUNG20122011201020092008

Tng trng doanh thu so vi cng k% AS-0.070.270.250.160.19

Tng trng EPS so vi cng k% A EPS-0.440.11-0.271.54-0.42

Tng trng EBIT vi cng k% A EBIT-0.480.23-0.241.27-0.34

DFL0.930.471.131.221.24

DOL6.840.860.947.971.79

DTL6.330.401.069.702.21

i n by nh ph (DOL)Qua cc nm phn tch DOL ca BBC nm 2010 v 2011 l rt thp, tuynhin tnh hnh ci thin khi DOL ca nm 2012 l 6.84. Mt n by caoto ra c mt li th rt ln cho cng ty, gip to ra nhiu tin hn t midoanh s tng thm nu vic bn 1 sn phm tng thm khng lm giatng chi ph sn sut.ii n by ti chnh (DFL)n by ti chnh ca BBC trong 3 nm 2008, 2009, 2010 n nh, tuy nhinnm 2011 h s ny b gim, tnh hnh c kh quan hn khi nm 2012 h sny tng tr li l 0.93 do BBC tn dng ngun li vay u t vohot ng ca mnh, trong tng lai BBC cn gim chi ph li vay v tngEBIT.iii n by tng th (DTL)Th hin mc nhy cm ca li nhun vn ch s hu vi s thay i cadoanh thu. Nu mt DOL tng i cao chng hn v mong mun t cDTL no th th doanh nghip c th b tr mc DOL cao ny vi mt DFLthp hn. H s DTL nm 2012 c s thay i ng k so vi 2 nm trc,do ban qun tr BBC cn duy tr t s ny trong nhng nm tip theo3. LNG GI CHNG KHONa. Lng gi(Xin tham kho phn tnh ton chi tit trn File EXCEL - sheet Dinh giaCK)Phng phpKt qu (VN)

Phng php ch s P/E34,608.21

Phng php ch s EVA39,957.34

Phng php chit khu lung thu nhp44,823.93

Gi hin ti (thi im phn tch)20,200.00

50.0. 0045.0. CPPHNG PHP CH S P/EPHNG PHP CH S EVAPHNG PHP CHIT KHULUNG THU NHP (DCF)Gi tr th trng ca c phiu(P)Gi tr s sch ca c phiu (B)0040.0. 0035.0. 0030.0. 0025.0. 0020.0. 0015,000-0010,000.005,0. 000.00

Nhn xt: vi kt qu nh gi c phiu BBC ca ba phng php nu trn tathy cho ra kt qu gn tng t nhau. Vi gi hin ti ca BBC giao dchtrn th trng l 20,200 VN xp x vi gi tr c phiu tnh trn nn nhu t c th chon thi im hin ti mua vo c phiu BBC u t.b. Lp danh mc u t hiu qui Tim chng khon nghch (Xin tham kho phn tnh ton chi tit trn FileEXCEL - sheet He so tuong quan) th tng quan nghch gia BBC v MSN t 2009 - 2012BBC03^/2313 - Monthly Cwt(2b, TJ): u.Lteb txp (yj: u.32111 Divergence

Mjt try Fluw li idcx (14) 54.84 Momentum (12): 0.2

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