TM HIU LCH S TH TRNG CHNG KHON VIT NAM

I. V m nn kinh t:

1. Lm pht:

T l lm pht qua cc nm t 2008 n 2014 c xu hng gim dn, cao nht l nm 2008 do nh hng ca cuc khng hong kinh t th gii dn n tnh trng KT VN cng k n nh. Lm pht dao ng trong khong 20%, t s lm pht trong nm 2008 tng kh cao trong cc qu u nm nhng sang qu IV/2008 li gim xung nh. V sau mt qu trnh bin ng th n nm 2014 lm pht c kim sot mc thp. Lp mc 1,84% v lp c bn mc 3%, l mc lp thp nht trong vng hn 10 nm tr li y.

2. GDP:

Da trn s liu ca Tng cc Thng k GSO , tng sn phm quc ni (GDP) ca Vit Nam nm 2014 tnh theo gi hin hnh t 3.937.856 t ng, tng ng 184 t USD. Da trn quy m dn s 90,73 triu ngi ca nm 2014 (cng theo s liu do GSO cng b), GDP bnh qun u ngi ca Vit Nam nm 2014 t 2.028 USD, tng ng 169 USD/thng.

Trc , nm 2013, GDP bnh qun u ngi t 1.900 USD, tng so vi mc 1.749 USD ca nm 2012. V sn lng kinh t ca Vit Nam nm 2014 tng trng 5,98% so vi nm 2013. Trong nm 2016, Chnh ph t mc tiu t tc tng trng GDP 6,2%.

3. Li sut

NHNN s gim mc li sut tin gi ti a bng tin ng ca cc t chc, c nhn ti cc t chc tn dng, chi nhnh ngn hng nc ngoi t 6%/nm xung 5,5%/nm nhng gi nguyn cc mc li sut iu hnh (gm li sut ti cp vn, li sut ti chit khu, li sut cho vay qua m trong thanh ton in t lin ngn hng v cho vay b p thiu ht trong thanh ton b tr ca NHNN i vi cc ngn hng).

Nhn chung, mt bng li sut trong 2 nm 2013 v 2014 khng c nhiu bin ng v c xu hng gin dn. Nm 2014 lsuat gim khong 2% so vi cui nm 2013. Tng trng tn dng n cui thng 9 t 7,26% (cng k l 6,87%).

4. T gi hi oi:

Tm l th trng n nh tc ng tch cc ti th trng ngoi hi. Thm vo , t gi n nh, t gi lin ngn hng c nh gi nm trong vng cho php nn tc ng n cung cu ngoi t tng i cn bng v n nh. D tr ngoi hi t mc k lc 35 t USD, iu ny cng tc ng tch cc n th trng ngoi hi trong nc.

5. Cn cn thanh ton

Tng cn cn thanh ton thng d 10,2 t USD trong 6 thng u nm. Theo NHNN, n thng 11/2014, cn cn tng th thng d mc hn 10 t USD.

Tc ng ti nn kinh t l ng k. D tr ngoi hi nh c ci thin, tng ln mc cao k lc hn 36 t USD. iu ny gip Chnh ph duy tr t gi n nh v gi lm pht mc thp.6. Ngun vn FDI:

Tnh n ngy 15/12/2014, c tnh cc dn u t trc tip nc ngoi gii ngn c 12,35 t USD, tng 7,4 % so vi cng knm 2013 v tng 2,9% so vi k hoch nm 2014.

V vn FDI ng k, tnh n ngy 15/12/2014, c nc c 1.588 d n mi c cp giy chng nhn u t vi tng vn ng k 15,64 t USD, tng 9,6% so vi cng k nm 2013.

Theo lnh vc u t, cng nghip ch bin, ch to l lnh vc thu ht c nhiu s quan tm ca nh u t nc ngoi vi 774 d n u t ng k mi, tng s vn cp mi v tng thm l 14,49 t USD, chim 71,6% tng vn u t ng k trong 12 thng nm 2014.

Kt lun:

Kinh t t nc tip tc tng trng. C th, qu 1 t 5,09%, qu 2 t 5,25%, qu 3 t 6,19%, tnh chung 9 thng t 5,62%, cao hn cng k 2 nm trc, cho thy nn kinh t Vit Nam nm 2014 n nay tip tc phc hi c th vi tc tng trng GDP cao hn, lm pht c kim sot, dng vn u t mnh m iu ny cng to ng lc cho s phc hi v pht trin bn vng ca th trng CK VN trong nhng nm gn y.

I.Tng quan v th trng chng khon:

Sau nhiu nm chun b v ch i , ngy 11-7-1998 Chnh ph k Ngh nh s 48/CP ban hnh v chng khon v TTCK chnh thc khai sinh cho Th trng chng khon Vit Nam ra i. Cng ngy, Chnh ph cng k quyt nh thnh lp Trung tm Giao dch Chng khon t ti TP.HCM v H Ni. Trung tm Giao dch Chng khon TP.HCM (TTGDCK TP.HCM) c thnh lp theo Quyt nh s 127/1998/Q-TTg ngy 11-7-1998 v chnh thc i vo hot ng thc hin phin giao dch u tin vo ngy 28-7-2000.Trung tm Giao dch chng khon (TTGDCK) H Ni chnh thc cho i vo ngy 8/3/2005. Khc vi TTGDCK TP.HCM (vn l ni nim yt v giao dch chng khon ca cc cng ty ln), TTGDCK H Ni s l sn chi cho cc DN nh v va (vi vn iu l t 5 n 30 t ng).

T n nay, TTCK VN khng ngng bin ng v ngy cng chng t rng n l 1 trong nhng th trng c quan tm nht hin nay.

1. Giai on 2000-2005: Giai on chp chng bit i ca thchng khon.

( VN- INdex l ch s c xy dng da trn gi tr th trng ca tt c cc c phiu c nim yt trn TTGDCK TP.HCM ch khng phi tt c cc c phiu c nim yt. Nh vy ch s VN - Index ch l ch s ca sn TP.HCM. Cn ch s ca TTCK H Ni l HASTC - Index. )S ra i ca th trng chng khon Vit Nam c nh du bng vic a vo vn hnh Trung tm giao dch chng khon TP.H Ch Minh ngy 20/07/2000 v thc hin phin giao dch u tin vo ngy 28/07/2000. thi im lc by gi, ch c 2 doanh nghip nim yt 2 loi c phiu (REE v SAM) vi s vn 270 t ng v mt s t tri phiu Chnh ph c nim yt giao dch.

T cho n 2005, th trng lun trong trng thi g gt, loi tr cn st vo nm 2001 Nhiu nh u t vn cn nh do din bin th trng lc tng trng qu nng trong thi ngn nn to ra bong bng chng khon, tim n nguy c v t iu chnh gim su. (ch s VN index cao nht t 571.04 im sau 6 thng u nm nhng ch trong vng cha y 4 thng, t thng 6 n thng 10, cc c phiu nim yt mt gi ti 70% gi tr, ch s VN Index st t 571,04 im vo ngy 25/4/2001 xung ch cn khong 200 im vo thng 10/2001. Trong 4 thng hong lon ny, trong khi nhiu nh u t tho chy khi th trng vi li nguyn khng bao gi quay li th mt s nh u t khc vn bnh tnh bm tr, m thm mua bn v tip tc kim c li nhun. th trong 5 nm ch s VN-Index lc cao nht ch c 300 im, mc thp nht xung n130 im ( tng c coi l thp nht trong lch s th trng). L do chnh l t hng ho, cc doanh nghip nim yt cng nh, khng ni ting, khng hp dn nh u t trong nc, trong khi "room" cng ht.

Ngy 8/3/2005 Trung tm giao dch chng khon H Ni (TTGDCK HN) chnh thc i vo hot ng. Giai on tnh ng dn xut hin t nm 2005 khi t l nm gi ca nh u t nc ngoi c nng t 30% ln 49% (tr lnh vc ngn hng).

Trong 5 nm u tin, dng nh th trng khng thc s thu ht c s quan tm ca ng o cng chng v cc din bin tng gim ca th trng cha to ra tc ng x hi m rng c th nh hng ti s vn hnh ca nn kinh t cng nh ti cuc sng ca mi ngi dn.

Ta c th nhn nh r c iu thng qua bng s liu sau:

Nm200020012002200320042005

S CT NY/KGD5520222632

Mc vn ho TTCP (% GDP)0.280.340.480.390.641.21

S lng CTCK389111314

S ti khon KH2.9088.77413.52015.73521.61631.316

Theo thng k ca U ban Chng khon Nh nc, tnh n ht nm 2005, tng gi tr th trng chng khon vit Nam t gn 40.000 t ng, chim 0,69% tng thu nhp quc ni (GDP). Th trng chng khon Vit Nam c 4.500 t ng c phiu, 300 t ng chng ch qu u t v gn 35.000 t ng tri phiu chnh ph, tri phiu chnh quyn a phng, thu ht 28.300 ti khon giao dch .Trong nm 2005, tc tng trng ca th trng chng khon gp i so vi nm 2004, huy ng c 44,600 t ng, gi tr c phiu so vi GDP ca c nc t gn 1%.1. Giai on 2006 : S pht trin t ph ca TTCK Vit Nam.

Mc thi gian k t u nm 2006 c coi l mang tnh cht pht trin t ph, to cho th trng chng khon Vit Nam mt din mo hon ton mi vi hot ng giao dch si ng ti c 3 sn: S giao dch Tp.H Ch Minh, Trung tm Giao dch H Ni v th trng OTC

Vi mc tng trng t ti 60% t u n gia nm 2006 th trng chng khon Vit Nam tr thnh "im" c tc tng trng nhanh th 2 th gii, ch sau Dim-ba-bu. V s bng dy ca th trng non tr ny ang ngy cng "ht hn" cc nh u t trong v ngoi nc.

Khng th ph nhn nm 2006 va qua th trng chng khon Vit Nam non tr ny c mn trnh din tuyt vi v c th s khng bao gi c li c vi khi lng vn ho tng gp 15 ln trong vng 1 nm. Nm 2006 , TTCK Vit Nam c s pht trin vt bc, ch s Vn-Index ti sn giao dch TP. H Ch Minh (HASTC) tng 144% nm 2006, ti sn giao dch H Ni (Hastc) tng 152,4%

Th trng chng khon Vit Nam 2006: VN-Index cui nm tng 2,5 ln so u nm. Tng gi tr vn ha t 13,8 t USD cui nm 2006 (chim 22,7% GDP) gi tr c phiu do cc nh u t nc ngoi ang nm gi t khong 4 t USD, chim 16,4% mc vn ha ca ton th trng.

Nm 2006, k lc mi ca VN-Index c xc lp mc 809,86 im. Vi HASTC-Index l n lc chm mc 260 im. Tuy nhin, Sau tng nng, t na cui thng 4/2006, chng khon bc vo xu th gim vi nhp iu chnh nh tng d bo. Ngy 12/6/2006, Vn-Index mt 2,81 im (0,51%), sut 7 phin lin tip sau , ch s ny cng lao dc v gim tng cng hn 60 im (11,6%), xung cn 487,86 im. Bin giao ng lc ny ca th trng l 5%. Nhng nh chung, so vi u nm, ch s VN-Index c mc tng trng ti 146% v HASTC-Index tng ti 170%. y l nhng mc tng m cc th trng trn th gii phi tha nhn l qu n tng.

2. Giai on 2007: Giai on th trng chng khon bng n.

Lut Chng khon c hiu lc t ngy 01/01/2007 gp phn thc y th trng pht trin v tng cng kh nng hi nhp vo th trng ti chnh quc t. Tnh cng khai, minh bch ca cc t chc nim yt c tng cng.

- VNIndex t nh 1.170,67 im - HASTC-Index chm mc 459,36 im.

Nhn chung din bin ca th trng v gi c chng khon trong cc phin giao dch c nhiu bin ng, Index ca c 2 sn giao dch u c bin giao ng mnh. Kt thc phin giao dch cui nm, VNIndex t 927,02 im, Hastc-Index dng mc 323,55 im

Nh vy sau 1 nm hot ng VNIndex t c mc tng trng l 23,3%; Hastc-Index tng 33,2% so vi mc im thit lp vo cui nm 2006. Nhn nhn khch quan t gc th trng, bn cnh nhng thnh cng, TTCK qua mt nm hot ng cng ghi li du n cho nhng giai on thng trm nht nh khi th trng tri qua nhng bin ng tri st tht thng: giai on th trng bng n trong 3 thng u nm, th trng bt u h nhit v iu chnh mnh vo 5 thng gia nm, tip n l mt t phc hi trc khi i vo thoi tro trong 4 thng cui nm .3. Giai on 2008: Cng trong xu th chung ca nn kinh t, TTCK Vit Nam khp li nm 2008 vi s st gim mnh.

Nhn li th trng sau 01 nm giao dch, nhng im ni bt ca th trng: Index gim im, th gi cc loi c phiu st gim mnh (nhiu m CP ri xung di mnh gi), tnh thanh khon km, s thoi vn ca khi ngoi, s can thip ca cc c quan iu hnh v s m m trong tm l cc NT.

Trong nm 2008, lng cung tip tc c b sung ng k thng qua vic Chnh ph y mnh c phn ho DNNN, c bit l cc DN quy m ln, kinh doanh hiu qu v vic bn bt CP Nh nc trong cc DN CPH, cha k hng lot ngn hng, Cng ty chng khon, doanh nghip... pht hnh tri phiu, c phiu tng vn iu l, dn n tnh trng th trng CK c nguy c tha "hng".

Mt trong nhng chui gim ni bt nht phi k n 7 phin lin tip khin Vn-Index mt 88,58 im (20,99%), bt u t ngy 3/10/2008. Nguyn nhn chnh l bt n kinh t v m th gii tc ng ln tm l khi ngoi, gy nh hng n khi ni cng thm vic thu hp bin giao dch.

Xu th chnh ca cc nh u t nc ngoi trong nm 2008 cng l bn rng. Hn 320 t ng trn sn TP HCM b khi ngoi rt rng khi sn TP HCM trong giai on Vn-Index gim trn 88 im.

4. Giai on nm 2009: Nm tng trng bt ng v n tng

Nu tnh t 1/1/2009 n ht 31/1/2009 th VN-index tng 171,96 im, t 312,49 ln 494,17 tng ng vi mc tng l 58%. Nu tnh t y thp nht nm 2009 khi VN- index mc 234,66 im ngy 24/ 02/2009 v nh cao nht 633,21 im (23/10/2009) th VN-index tng 2,69 ln. Tng t sn HNX mc tng trng ca ch s HNX-index nm 2009 l 60,9% v nu so t y thp nht 78,06 im ln nh cao nht 218,38 im th HNX- index tng 2,79 ln.

5. Giai on: 2010 - 2014

K t khi VN-Index ri xung y quanh 234 im vo thng 2/2009, th trng cha c mt chu k phc hi tht s no. Nm 2009 l nm th trng tr mnh nhiu nht trong sut gic ng 6 nm gn lin vi n lc ni lng tin t m h ly sau cng lm kh khn hn cho nn kinh t v th trng chng khon. Nu nhn t gc k thut, k t khi VN-Index t nh xp x 1.180 im vo thng 3/2007 v chm y 234 im vo thng 2/2009, ngay c n lc i ln mnh m nm 2009 cng cha y ch s ny phc hi c qu 38,2% mc st gim . V vy nhn t mt chu k tng trng v suy thoi di, nhng bin ng 2009 hay 8 thng u nm 2014 ny vn ch l nhng gn sng nh ca mt vng quay mi m thi gian hon tt c th tnh bng nhiu nm. Tuy nhin nhn vo nhng lt ct nh hn trong 6 nm , th trng cng c nhng chuyn bin tch cc dn c th tch ly li thnh mt nn tng vng chc. Sau nhng bin ng khng cn qu d di t nm 2010-2012 v nht l t u nm 2013 n nay, th trng nh hnh c mt xu hng phc hi kh chc chn. H tr cc bin ng ca th trng l s phc hi ngy cng tt hn ca nn kinh t, mc d tc cn km xa nhng k vng ca nh u t. S thay i din ra chm chp ri tch ly theo thi gian, gp phn nh hnh mt khi u xu hng mi r rng hn. C th thy, VN-Index sut t u nm 2013 n nay lin tc bin ng theo hng tng dn. .Tnh n ngy cui ca nm 31/12/2013, ch s VN - Index ng 505 im, tng 23%; HN - Index ng mc 67 im, tng 15% so vi cui nm 2012. TTCK Vit Nam c nh gi l mt trong trong s 10 nc c mc phc hi mnh nht v c mc tng cao so vi cc th trng trn th gii.

Mc vn ha th trng: Mc vn ha vo khong 964 nghn t ng (tng 199 nghn t ng so vi cui nm 2012), tng ng 31% GDP.

Hot ng nim yt v huy ng vn: Tnh chung n cui nm 2013, trn 2 sn c 683 c phiu v chng ch qu nim yt vi tng gi tr nim yt theo mnh gi l 361 nghn t ng, tng 6,8% so vi nm 2012.V nim yt tri phiu: c tng cng 517 m tri phiu nim yt trn 2 sn vi gi tr nim yt l 521 nghn t ng, tng 28% so vi cui nm 2012.Tng gi tr huy ng vn c t 179 nghn t ng, tng 13%; trong c phiu v c phn ha l 17,5 nghn t ng, tng 5% so vi nm 2012. Quy m huy ng vn qua pht hnh ring l cng tng mnh, t khong trn 24 nghn t ng (gp 5 ln so vi c nm 2012). Vn huy ng qua TPCP t 162 nghn t ng, tng 14% so vi nm 2012

Duy nht bin ng ri ro khng on trc c l s kin bin ng, nhng sau th trng cng nhanh chng phc hi. Chnh s mnh m trong cc giai on kh khn nht ca bi cnh chung bc l sc mnh tt hn ca th trng.

Nm 2014

Th trng chng khon c s tng trng v xc lp mt bng vng chc

Th trng chng khon Vit Nam nm 2014 c din bin rt kh quan xt v cc phng din tc tng ch s, mc n nh, khi lng giao dch v phn nh kh r nt nhng chuyn bin tch cc trong nn kinh t. Th trng pht trin theo chiu hng tng trng, mc d xen k nhng khong iu chnh gim. Ch s VN-Index lp nh ti mc im 640,75 (ngy 3/9) sau gn 6 nm t c, trong khi ch s HNX-Index cng lp nh ti mc im 92,99 (ngy 24/3) sau ng 3 nm. Tnh n ngy 08/12/2014, ch s VN-Index t 571,68 im tng 13,3% so vi cui nm 2013, cn ch s HNX-Index t 87,17 im tng 28,5% so vi cui nm 2013.

Tinh n ngay 08/12/2014, tng gi tr giao dch ton th trng at 1.164 nghin ty ng, tng 90% so vi nm 2013; gi tr giao dch bnh qun mi phin t 5.448 t ng, trong gi tr giao dch c phiu, chng ch qu bnh qun mi phin t 2.971 t ng, cao gp 2,2 ln so vi nm 2013.

Huy ng vn qua th trng chng khon tip tc duy tr mc caoTnh n ngay 08/12/2014, ton b th trng c 1.240 loi chng khon nim yt, trong bao gm 671 doanh nghip nim yt, 1 chng ch qu ng nim yt, 01 chng ch qu ETF v 567 tri phiu nim yt. Tng gi tr nim yt c phiu, chng ch qu l 425 nghn t ng, tng 19% so vi nm 2013; trong gi tr nim yt trn SGDCK Tp.H Ch Minh chim 78,19%. Mc vn ha th trng tnh n ngy 8/12/2014 t khong 1.156 nghn t ng, tng 21,77% so vi nm 2013 v tng ng 32,24% GDP.

Tng gi tr huy ng vn qua TTCK nm 2014 c t 237 nghn t ng, tng 6% so vi cung ky nm 2013 v ng gp 27,1% tng vn u t ton x hi, trong tng gi tr huy ng qua pht hnh Tri phiu Chnh ph c t 214 nghn t ng, chim t trng 90% tng gi tr vn huy ng v gn tng ng vi mc huy ng vn k lc trong nm 2013.

Tm li, tri qua giai on hnh thnh v pht trin, TTCK VN tri qua rt nhiu thng trm sng gi. Nhng cho n ngy hm nay, TTCK VN c nhng thnh cng nht nh.

II. PHN TCH VI M cng ty SSIA. Khi qut cng ty SSI

1.Lch s hnh thnh

SSI c thnh lp nm 1999 t tr s chnh ti TP. HCM v hot ng vi hai nghip v: Mi gii Chng khon v T vn u t Chng khon vi mc vn iu l ban u l 6 t ng.

Nm 2002 cng ty m thm chi nhnh H Ni v mc vn iu l ln n 23 t ng. Tri qua 25 nm hot ng SSI tr thnh cng ty chng khon hng u Vit Nam hin nay vi vn iu l ln n 3,537,949,420,000 VND. Ngoi ra SSI c vinh danh l thnh vin tiu biu ti HNX v Top 10 cng ty chng khon c th phn mi gii ln nht ti HOSE nm 2013. . Mt s khch hng tiu biu ca SSI l Morgan Stanley, HSBC, Vinamilk, Hong Anh Gia Lai, Tng Cng ty xng du Vit Nam Petrolimex, Credit Suisse, BIDV, ANZ, Tp on C.T Group, Prudential VN, Deutsche Bank

Top 500 Doanh nghip T nhn ln nht Vit Nam (VNR500)

Top 1000 Doanh nghip np thu thu nhp doanh nghip ln nht Vit Nam (V1000) 2. Cch dch v ca cng ty

Dch v chng khon: mi gii, t vn giao dch, thc hin lnh, thanh ton tin, lu k v h tr chuyn nhng chng khon cha nim yt ....Qun l qu: Qun l qu u t, huy ng v qun l cc qu u t trong nc, qu u t nc ngoi, qun l danh mc u t, t vn u t ....Dch v ngn hng u t T vn TCDN, t vn huy ng vn trong nc v ngoi nc bao gm TTCK vn v TTCK n, t vn c phn ha, t vn bo lnh pht hnh.....

Ngun vn v kinh doanh ti chnh bao gm cc hot ng giao dch u t vn thng qua cc hp ng tin gi, Repo, hp tc u t, mua bn GTCG c ls c nh...

3. Tnh hnh hot ng ca cng ty nm 2014

Ly k c nm 2014, cng ty m SSI t 1.601 t ng doanh thu, gp i so vi mc 806 t ng ca nm 2013.+ ng lc tng trng chnh l hot ng t doanh, tng t 300 t ln hn 770 t ng (tng 161%). Bn cnh , doanh thu mi gii cng tng thm gn 200 t ln 334 t ng.

+ Chi ph hot ng kinh doanh tng 82%, ln 726 t ng bao gm 535 t ng chi ph trc tip v 191 t ng d phng gim gi chng khon (ring trong qu 4 d phng 97 t).

Li nhun trc thu v sau thu u gp i kt qu ca nm 2013, tng ng t 913 t v 744 t ng.

+ Ti thi im 31/12/2014, tng ti sn v vn ch s hu ca cng ty m SSI tng ng t 8.554 t v 5.443 t ng.

+ S d phi thu khch hng v giao dch k qu v ng trc tin bn chng khon l 2.100 t ng, tng gn 1.200 so vi u nm 2014.

B.Phn tch SWOT

Strengths

L cng ty uy tn, ni ting, ng top 1 v mi gii chng khon.

C mng li hot ng rng ti nhng thnh ph ln nh H Ni, TP. H Ch Minh, Hi Phng, Nha Trang, Vng Tu.

SSI thu ht c khng nhng s quan tm ca cc nh u t trong nc, m cn ca nhiu nh u t nc ngoi danh ting.

Phn ln ti sn tp trung vo cc khon mc u t an ton: tin gi NH, tri phiu; cc cng ty lin kt hot ng qu. => trnh c ri ro khi TTCK bin ng

Weakness

i ng nhn lc thiu kinh nghim, chuyn mn cha cao.

Trnh qun l cn hn ch.

Cha a dng v danh mc u t.

Opportunities

Giai on kinh t c khi phc, th trng c c hi pht trin.

Nhu cu u t ln, l th trng thu ht nhiu c ng.

Cc sn phm tr trng ang c tng cng.

Threats

Th trng chng khon VN cn non tr.

Th trng cn nhiu bin ng, khin ngi tham gia th trng cn e ngi.

B cnh tranh vi nhiu cng ty chng khon ln.

Th trng phi sinh cha pht trin.

Sn phm th trng chng khon cn t.

Bng cn i k ton

BNG KT QU HOT NG KINH DOANH

v: t ng

Khon mc201320122011

Doanh thu thun726.9849.3848

Gi vn hng bn386.4454.5656.8

Chi ph bn hng v chi ph QLDN121827.9

Doanh thu ti chnh000

Chi ph ti chnh000

Li nhun khc634(0.1)

Li l t cng ty lin kt114106(36.6)

Thu nhp trc thu505.5487.2126.6

Thu TNDN phi np88.521.843.9

Li nhun sau thu417465.582.8

Phn tch: Doanh thu qua 3 nm c s bin ng nhng khng nhiu (S liu c th), in hnh nm 2013 doanh thu thp hn 2 nm trc iu ny cho thy nm 2013 vic kinh doanh ca CTy gp nhiu kh khn cha thc s hiu qu mt mc l do s e d ca NT v tnh hiu qu v ri ro ca TTCK thi im hin ti mt khc iu ny ph hp vi xu th chung ca TTCK l vn cn nhiu bp bnh sau thi k hu khng hong. Nhng b li Cty ct gim c chi ph gi vn hng bn v chi ph bn hng v qun l DN (SL c th) v cng thm 1 phn t doanh thu ti chnh nn li nhun trc thu ca cng ty tng qua cc nm. iu ny cho thy CTy cho li thnh cng con tu ca mnh mc d phi i mc vi v vng kh khn.BNG CN I K TON

V: t ng

Khon mc201320122011

Tng ti sn7705.17980.96507.5

Ti sn ngn hn4467.448373223.9

T trng (%)57.98 60.6049.5

Ti sn di hn 3237.73143.93283.6

T trng (%)42.02 39.450.5

Ngun vn7705.17980.96507.5

N phi tr2379.92705.61350.3

T trng (%)30.89 33.920.8

N ngn hn2353.92677.71180.4

N di hn25.927.9169.9

Vn CSH5242.25191.65080.7

T trng (%)68.04 65.178.1

Ngun kinh ph v qu khc000

Phn tch: Xt 1 cch tng th bng cn i k ton c s tng ng vi bng KQ HKD . C s bin ng nh khng nhiu ( SL c th) v ph hp vi tng thi k kinh t ni chung v TTCK ni ring, c s cn bng gia t trng ca TS ngn hn v TS di hn, v theo nh bng trn ta thy t l n vn theo c cu CTY l 1-2 ( SL c th) v y l c cu m hu ht cc CTy s dng.

Bng ch tiu ti chnh

201320122011

Li nhun

Bin Li Nhun Gp45.20%44.40%19.30%

Bin Li Nhun Thun57.40%54.80%9.80%

ROE8.00%9.10%1.60%

ROA5.30%6.40%1.30%

EPS1195.161327.95227

PE14.611.251.5

n by ti chnh

Phi tr/Ti sn31%34%21%

N ti chnh/Ti sn5%4%

Thanh khon

Vng quay ti sn0.090.110.13

Thanh ton hin ti1.91.812.73

Thanh ton nhanh0.780.731.65

Phn tch:

T s Thanh ton hin ti:

(Ti Sn Ngn Hn) / (N Ngn Hn)

Nm 2013, th cng ty c 1.9 TSNH m bo cho 1 n ngn hn, m bo cho kh nng thanh ton n nhanh.

Theo bng s liu, t nm 2011 n 2012 c kh nng thanh ton n gim mnh, t 2.73 xung cn 1.81, cho ta thy TSNH ca cng ty gim i mt lng ln trong giai on ny.

T nm 2012 n nm 2013, con s ny tng ln, t 1.81 n 1.9, cho thy cng ty hot ng tt trong giai on ny, kh nng tr n tng ln. Vng quay ti sn:

(Doanh Thu Thun) / (Tng Ti Sn)

Vng quay tng ti sn phn nh hiu qu vic s dng tng ti sn to ra doanh thu.

Qua cc nm, cc ch s ny u nh hn 1 v ang gim i, nh nm 2011 l 0.13, nm 2012 l 0.11, nm 2013 l 0.09. iu ny cho ta thy, cng ty khng s dng hiu qu ti sn ca mnh kinh doanh hiu qu. Li nhun qua cc nm u gim i.

Bin li nhun:

(Li rng) / (Doanh thu)

Nm 2013, Bin LN = 45.20%, iu ny c ngha, c 1 doanh thu th s em v 45.20% li nhun.

Qua cc nm, ch s ny u tng => cng ty qun l chi ph ngy cng hiu qu hn.

T sut sinh li trn ti sn: (ROA)

(Tng LN sau thu) / (Tng ti sn)

Ti sn ca mt cng ty c hnh thnh t vn vay v vn ch s hu. C hai ngun vn ny c s dng ti tr cho cc hot ng ca cng ty. Hiu qu ca vic chuyn vn u t thnh li nhun c th hin qua ROA. ROA cng cao th cng tt v cng ty ang kim c nhiu tin hn trn lng u t t hn.

- Nm 2010 - 2011: Cng ty thng bo l 59 t trong khi cng k nm 2010 li 670,6 t ng => h s ROA gim mnh v t ngt t hn 7.5% xung cn 1.3% Nm 2011 2012, cng ty hot ng c hiu qu hn da vo h s ROA tng t 1.30% n 6.40%, vic s dng ti sn to nn li nhun ca cng ty kh quan. Cng ty angn tng bc khi phc li nhng tn tht ca nm 2011

T nm 2012 2013, ch s gim t 6.40% cn 5.30%, ch s ny vn cao so vi h s ROA ton ngnh nm 2013 l 5%, tuy nhin, nm 2013 cng ty hot ng khng hiu qu so vi cng k nm trc .

T sut sinh li trn vn ch s hu: (ROE)

(Li nhun sau thu) / (Vn ch s hu)

- Nm 2010 - 2011 nh ni trn nm 2010 cng ty m ca SSI thng bo l 59 t chnh v vy m vic chi tr c tc cho c ng gim lm cho h s ROE gim t ngt ging nh ROA. y c xem nh mt nm hot ng khng c hiu qu ca cng ty.

T nm 2011 2012, ch s tng mnh, t 1.6% n 9.1%, cho thy cng ty s dng ngun vn ca mnh hiu qu rt tt. Bn cnh t l ROE tng ln 9.1% nm 2012 lm cho c phiu ca cng ty hp dn hn i vi nh u t => vn c huy ng nhiu hn

Nm 2013, ch s cn 8%, cho thy nm ny vic hot ng kinh doanh, s dng ngun vn ch s hu ca cng ty khng hiu qu bng nm 2012 nhng vn ngang bng vi ch s ROE ca ton ngnh nm .

Nhng nhn chung qua cc nm t 2010 - 2013 th h s ROE ( ROE = ROA x Hs n by ti chnh) lun ln hn h s ROA iu ny minh chng rng n by ti chnh ca cng ty c tc dng tch cc, ngha l cng ty thnh cng trong vic huy ng vn ca c ng kim li nhun vi t sut cao hn t l tin li m cng ty phi tr cho cc c ng.Nm 2014

Nhng sang n nm 2014 ROA ca cng ty bt ng st gim nhanh v d nh t Q2/2014 ROA t khong 2.5% gim xung cn khong 1.1% Q4/2014 . iu ny cng hp l vi tnh hnh li nhun ca cng ty vi cc cng ty lin kt (CTCP Hng Vng, TPT cng ngh in t Vin thng vi t l s hu l 20-25%) cui nm 2013 khi LN cng t gim mnh hn 8 ln xun cn hn 2 t. Ngoi ra cng c nhng cng ty lin kt thu c li nhun khng trong 3 thng cui nm nhng t l s hu ca SSI ch chiesm 7-8% nn khng th b p ht c khon l ny. Chnh v th sang n nm 2014 cng ty tht cht tt c cc loi chi ph t lm tng ti sn c xu hng gim nhng khng c bin ng g nhiu => ROA cng xu hng gim theo. Tng t cho ROE cng gim trong nm 2014 iu ny lm cho c phiu ca cng ty cng mt phn km hp dn hn vi cc nh u t. Bn cnh , vic gim c ROA v ROE cuxngn cha hn xu bi h s ROE vn lun cao hn hs ROA cho thy cng ty vn ang s dng mt cch tt nht ngun vn huy ng c t vic pht hnh c phiu hn vs vic i vay ngn hng.

Thu nhp trn mi c phiu: (EPS)

(Thu nhp rng-c tc ca c phiu u i)/(S c phiu lu hnh bnh qun)

Qua bn phn tch cho ta thy:

Nm 2011, li nhun trn mt c phiu l 227.

Nm 2012, li nhun trn mt c phiu l 1327.95

Nm 2013, li nhun trn mt c phiu l 1195.16

T nm 2011 n 2012, cng ty kinh doanh hiu qu, mang li li nhun cao.

n nm 2013, li nhun c gim, cng ty kinh doanh gp kh khn hn nm trc.

TNG KT

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