tiểu luận bất động sản công ty tân tạo

TRƯỜNG ĐẠI HỌC TÀI CHÍNH – MARKETING
KHOA TÀI CHÍNH- NGÂN HÀNG
 LỚP CLC- 12DNH2 
GVHD: MBA. TRẦN VĂN TRUNG
NHÓM 1:
VŨ THỊ VY THẢO
ĐỒNG VŨ VIỆT ANH
LÂM THỊ ÁI TRÂM
NGUYỄN THỊ PHƯƠNG THÚY
LƯƠNG VĂN THUẬN

TIỂU LUẬN
PHÂN TÍCH CỔ PHIẾU CÔNG TY CỔ PHẦN
ĐẦU TƯ CÔNG NGHIỆP TÂN TẠO (ITA)
MỤC LỤC
NHÓM 1 Page 2
I. TÌNH HÌNH KINH TẾ VĨ MÔ
1. Tình hình kinh tế thế giới
 !! " #$%&' ()*)+),) -.
)/$012!3&')45 !3)067,), -82 !
3)9)4:3! " );)4%)/$< = )>0'
# -?@A,, )BC)5 !)4DE))F&#BG)/$< ;HE
AE) >3I:E !:3! " <1*#,&''!),)AE) 
838J>KG&L)1*#,HMG$N),)O83
P.H*E))4),)AE) Q, -HM>3;>*)C)RS&')4),)
AE) Q, -
S (<; !3)KQT)U 1J'V)8+Q% ')%),)5 !Q,
 -83" G 7()<.E >85I)CHE)8" ,);>"&4%L)@
):W)/Q4.)83);)) !:L'XS)N<),)V)4 !
DE)HM>Y1$N 5
OA ),)5 !3SQ% > % AS!HEL>"&')4 !

! " K#$HT %&A,L)48*)&:>3),); Z
E:3831 ZQK %&NE # ZQ,Q/)/)H%[B)F). Z
A%83#; ) :H,)&L)\Q< +< ]7%#E )%.E )@
 ZQ,'3>*)RS,-) !3)V)&'1* !)4),)5
 !Q, -S>3^_
` !X) !)3>"B)4 !! " a1.3 )/(
 !X@-QT)U ).b8]Sca)d<V)&'
e_&' !XE)8" ),)1*#,)5)NV)_
)4abB5:H,)@)f>3'< E 8" 5 !/B>3 
" &")X)FK<&L) !#;>"8 Z) %L)4),))@S83),); 
S !XHM&L)&'>L +);)),)<1/,Q !H*)%
 Z)4$&g8 Z)>3833B)F&H*#QT))4>h8*))!<;)),)
<h]85>&L83)@ZH%[BK:SG 2 H* CQ !X
&'<N
`8*)?@B>3),)&")ijki8l1l85E);
&'83).-<+PP_me_ -82),))S( )n
ijkiS)HMG$)N; 83,))JU<  5>h8*)&
&N< &1>$)3 )/ 5Z @@ ZQ83>&L5).-'
3 -B)DE)oijki[:S1*);U8]Z)
 Tình hình chính trị - xã hội trong nước.
Kinh tế - xã hội nước ta 9 tháng năm 2014 diễn ra trong bối cảnh kinh tế thế giới hồi phục
chậm và không đồng đều giữa các nền kinh tế sau suy thoái toàn cầu. Ngoài ra, tình hình
chính trị bất ổn tại một số quốc gia, nhất là khu vực châu Âu dẫn đến kinh doanh trong lĩnh
NHÓM 1 Page 3
vực thương mại và công nghiệp cũng như xuất khẩu của khu vực đồng EURO bị ảnh hưởng
mạnh bởi các biện pháp trừng phạt kinh tế giữa các nước trong khu vực.
p&") !8h@1 q# !0&"/))*)S (G))45 !
)]<;H%[B 1)4),)1 ZQ)f.U3.
8l'V))jV)BQT8E)45 !)fS!# -?@). 51 q# !
QV)<Q%&'Q3!;, Q, - !m[K; 83g HE1:)&)%&")

 !m[K; &") !QT))S-# !/))*)C&"<!A%
%A(!),)>h8*)` !8h@G$><Q, !QT)&L) -H,)dHE
 , (1JBQB83 8+A
S (#()<I!A%K<&L)5 !QT)U )f)]H%[B 
1)4),)1 ZQ)f 5.HE1 ZQ % -+<;)f
)+,O8 Z)DE)<r, QsQ 38Jr)AS5 !83
5>T)$)4b Z8 Q<r)# Z (2>]Q,QAE)!S(#EV[)4
),)#('7 -?@tcuv83w])BQ) Ib ZmDE)K,); (
)*)!Q, - !m[K; )4b Z;HEQ[B>L 1T
(K).I38 Q,< ),))NH'H%[B)41 ZQ< ),)d7c&N
3h>3%&'*) !Q!H%[B 1)4),)1 ZQ)F
&@ &g& 1)4b Z&")./Q4K).I)d
<$Qg AS!> ZnG$ ]*xL),)1 ZQ#$Q,< )4)E
 5 )43&E 8" @ &g 1)4b Z
?by10[<S (1)z'7 -?@K !)dHE3S
 %(;>&L 5K)E>g -)S-H),)(&,)S ( $
&gHS %85V)O%>U 5+$&g)V,xL$&g#B
;H%K[EV)BQ
Nguồn vốn FDI
07,),+T)?&&")3 )/,A8E&&")3 t{cyvK
)&g)%S83>h8*) 1#B;H%83VV 8" e1*,&|"
83GHE8E)BQ" 83(<}=jc) !_G8E&|)%
&")
J8" )V,;1f8E>")%S<83$&g#B;H%cf
8E83#B;H%@)d , !QA8 Z))GQ !#B;H% (S!3
($&g*)! 5,)3)FKAS!$[E 5
cJ)&*)H*33' HY)H0]$)4! " )S(@$
&g#B;H%+#&")QT)U 83 83)~Q, -G$#58I
cf 5{cy83b Z'V)%}=jc•
O,G8E{cy)%|" 83(OO}=jc8" GHEO1*

,)BQ" ` 1#B;H%8" ^1*,|" G8E&)BQ" 83
(<a^^aa Z=jc) !e_?V8$/VatU{yim7;`!<)?&v
NHÓM 1 Page 4
FDI đổ vào bất động sản qua các năm (Soure: FIA)
a Tổng sản phẩn quốc nội
GH%QR&")tcv^,&")/OP_H8" )J~
a.A|yO^_€A|yyO_€A|yyyP^_?:S>3V))
H8" V))J~83a•‚)BS1B Z/))*))45 !
V)OP_)435 !8*)@>: ZQ834SH%a_)N
V)a^_)4)J~a..QO -Q83V))€8*)
)@ ZQ83[:S1*P_)NV)O_)4^,a..QP
 -Q€8*)1$)8TO^^_V))4)J~a>3PO_..Q
P -Q
8*)@>: ZQ834SH%34SH%).V))B8"
PO_&)d..Q -Q83V))1) !}2BQ€
3@ ZQr)1JBQ'V)_&AS@8*)>"Nt`%
eO_v(..Q^ -Q€3>: ZQOƒƒ_..Q -Q

8*))@ ZQ83[:S1*3)@ ZQP_H8" )J~
&").)@ ZQ)!# !)!<).I)S-# !/))*)8" V)ƒOe_
)N 5H8" V))J~;HE&")•‚.QQA2!V)
&')3 , %P_3[:S1*Pa_)NV)
Oa_)4^,a
8*)1$)8T..Q)4;HE3).}2>"83V)&'
)&H„
7,#@83#,>…P_H8" )J~a€1$)8T>&C83E
ea_€<;3 )/:383#% -O_<; 1#B;
H%&L))%  Z 58" V)^a_)NV)^_)4)J~&")
S(:)4S!1>K HB:3 !QT) %)/H,))43&")85xL
NHÓM 1 Page 5

3#B;H%K83Q,S,)1T)J8" I 5 Z)8S3&L)
" >w
b5)N)B !^,S8*)@>: ZQ834SH%) !}2
e_€8*))@ ZQ83[:S1*) !aƒ_€8*)1$)8T) !OP_tN)B
&NV)4)J~a>3„eƒO_€aeƒP_83^_v
†s85.);H1Tc)4^, (1J)E )JOƒ_H8" )J~
a..Q -Q83V))t (1J)E )J)41:)&
O_)NV)O_)4)J~&")v€/)>FS3 H%ƒ_..Q
P -Q
 Lãi suất
7&g>K HB *))B@>3,)N3 ) Q/3;&f Q% %)
8 Z)H1T 5)4&g ,)?E 8" !)C]I6>K HB9).>M>3@
).[><! K+).8S 5)4:3-% ) Q/2)3S-
3%.Q0),))&NBQ1l)4),):3SN %>38S8E85
&)),)1*,)3 LN !2>3I&g  -‡B856>K HB9!
&):)SZ85>K HB .)<SH$&g)V,>< @1+>< '.
ˆK HB).-%&'!3#;3&)/>3>K HB) !B)4:3
&Nt'b>3:33&")vˆK HB) !B>3) Q/3),):3N<
Q% %)8 Z)8S 5+:3&N. ‡3N ),):3&N
< ) 52).-8S':3&N#n),)) !B),) BSg). ,
8" ;>K HB1:3&N)@#E+&")2 >3>K HB) !B
,);!$&g)V,
‰‡3H*SG >K HB) !BK%&'!38 )4),)),:)F
&),)1 ZQ&):)SZ@)d).&8]S3$&g)V,)F
#$%&'&)CK# !;I),)-$ ,;1 ZQ)/>3
&B)%),)1f 5~82&N> ) !B85 Z< ˆBS ,$)41
 ZQ) )HE>&L)EQ>&3). ,$;)GQ/)V,S
G ~0),)~82,))43&85)@S'),)g  -,)c.
33&HŠH3r)#,)GQ'),)V) ,,)
; 1 ZQ#$$&gBS>3HM)Y %),)) Q/&&'r)

>31 ZQ<>L ]/N8) Q/8SL)r)>31HTQ
 %1&g  (1J1f 5&N> &L)1*,HM % b3ZA%>3 ,)G
Q)41 ZQHMBQ[E!HE>&L1 ZQ(`).H*HTQ %
3S4>"[s3#;$&g)dHE$&g)V,HM %
,);!&
?E 8"  53&$&g [Er) ,)V,HT %>3 5@
5E3&3)F~82 ,$%&)4HM@+
>().->3'1<>K 8E)GV)r))% &8" ~8285H*&'&N
NHÓM 1 Page 6
> BQN831f 5&N> )41 ZQ@E&L )Y))Y
@3&@ 3 !QT), ,)1 ZQ3&HML /
N Y I)GQ
NI&83)GQ !).-&L)[0>34 NH8" 8 Z)&83),)>h
8*),)` :3&N)@#E>K HB) !B&gHM‹0>3),)
)V,)/Q4" &L)Q,3/1T&, Q !)/Q4?:S&L)[0>3)N
; &3B. ),),)>C)3S}HBH >L Q 4 HM831.&
83, Q !)/Q483),))N; &&N*'(BQ1lN!3&8l
 !QT)38" ),))GQ !2HM:}HBH >L f w )4>(-#J
YQ)Q4 (;>&L2 >3Q#44 }HBH >L L +8 Z)
Y I)GQ !#UG)4}HBH >L Q 4 83Q#J4 $&gch
 (>3;>")4Q#J4 ,)8" x 3&~;)83%)$
*4 )F&1 ZQ32&S (. ;),)GA, :
3&N>K HB) !B>K HBQ 4 )F0831.G}HB
H >L &f w )FHMc8]S!Q#J4 f w  % }HB
H >L  58l&)Fr)])/>3BQN)Y)>33&HM)%BS
&83)GQ !'(4 N83!A%>32HM)S- 5)483),)>h8*)
&,)
 ˆK HB%&'&@AS!$$&g)V,
` >K HB) !B .HM>3 %>&L) 5nT)/)1S><
Q,'V)BQ8 Z)8S 5)4),)),:831 ZQ'(YN,);!

38  (1J)4),)),:83) !>&L) 1)4),)1 ZQ )
Q/)),)1 ZQ !)]QBQN83).S&">3)$&g
)V,'(sBQ1lNE 8" ),)3&
!).H*HH,g  -83g  -,^•8h@b ZK).H*)%
 Z,-!.>3>K HBS;_)8S(_&L)>< !
g  - Z< >K HBS;)d)fP_)8S),)1 ZQ)d)fƒm^_b33S
O•ƒ•),):3>"'b ZU>< %(>K HBS;+_mO_
'B)%),)~<ˆK HBS;bcQG# !~<P, %+V)e•
[E)fP_t/!•^vb Z) %>K HBS;/)/))8S
8E&83$&g)V,ˆL HB, Q !/Q4<a)F %+
V)(e_•< [E1&" O_•83 I,^•/)/)),)3
&, Q !?:S>31B Z><)A)$&g)V,&'8"
5%>K HBBQ
O Lạm phát
ˆ<Q,>3H*B ,)4U 5>3SG 38  (1J83&)41:)&
ˆ<Q,&g&L)A)dHE , (1J
NHÓM 1 Page 7
`  Z+),)&")Q, -)BS><Q,83`).E > (Z$)) 5
#' >M[&")4><Q,[,)$/)B&'ˆ<Q,)>@>31B Z
)BS5 !.#, ZH*&'s#58I `&) !)
 Z!HV)w05 !
` ><Q,) 5B ,&g 1:@E I 5rr)  5
:33)S-HY I83#B;H%< Z< !;>&L8E
3x ,-)4[K; n 1&" 1<3 H%6)!9 !8E&@/)>FS-
';H%[BH*&')41 ZQtcv.  (83)%5 !)]>< 
ˆ<Q,))f%&'*) !Q" ),)c1J<; 18l).>K 
) )GV)'V))&}>Z)GV).2 >3BQ1l ><Q,)? 53S !
&)V,@)f>3(H >L  Lạm phát ảnh hưởng gián tiếp đến thị trường
chứng khoán thông qua tác động đến tình hình sản xuất hàng hoá, dịch vụ của các doanh
nghiệp nói chung và các doanh nghiệp niêm yết nói riêngˆ<Q,>3# - Z)4H*>(

83s13 )4V) ,)%)5 !€83;IS(:1l" ><
Q,>31) Q/)t><Q,) Q/RSvc8]S><Q,&gUh8"
8 Z)) Q/83)<;H%[B 1)4),)1 ZQ>(b/1T><
Q, !) Q/>K 8S)41 ZQYwN#' 8),)G)V))8S&:3
&N< KQ% :>K HBS;>(-%#%>K HB*)1&N)&g   5
` ) Q/H%[B) ,3),)H%QR1$)8T)41 ZQHMQ% 
0-%#%H%[BŒ 1r)).>L ]S (HV) (TH%QRm1$)
8T)41 ZQHMHT %1 ,#,)r)# ZY<83 &g  (1J
" ),)H%QRS!? 53S !)>L ]T) ()41 ZQ.&L)
%#%83])/HT %1l" >L ]~82)41 ZQ&N> #$$
 ,BQ`!A%>3 ,)GQ !)41 ZQ (S!($&g#$%&'0
&"HS %8" ),)V);,)!><Q,)3<ZA%3S1 q
)383 ,)GQ !)3#$%&'<!><Q,A,)>< 1 q
@ &g)/H,) 5Zm3 ,Y)r]A%)fr5N8%(
$&g#$)\Q,-1>U8E>&@($&gHT %? 53S(*)!
K1 q‡BƒtV8"   <((v#E )%><Q,>("
V) )HE}>T)&(),)1 ZQrQB 5.1 !8E&83
$&g#$\Qc8]S!A% 1)4),)1 ZQ (S!A|83
A|a•ƒBQNB 5H8" )J~e1l"  ,)GQ !HT %<(
$&g
V lạm phát có thể tác động trực tiếp đến tâm lý nhà đầu tư và giá trị của các khoản
đầu tư trên thị trường chứng khoán.ˆ<Q,>3;I# - Z#BG)45
 !c8]S><Q,)).-1l" S)N4% 5 835 !
B>3 /Q4w#B>*)8 Z) 5)!><Q,>0@ &g3S
:>|3&($&g)V,)F#$%&' (283$&g
)V,HM@)f>3;$)dC8E&#' .)F)/>3;6Q8F
# -9)45 !! 53S[%SHM[B Z6:>|#S398 Z)#,,)G
Q !14% 5 ]A%HM>3))GQ !>"BQ 5>H8" )83$
NHÓM 1 Page 8
&g1 q<s% (2? 53S)3'( Z*) ),)

3&)%BSH*B,($&g)V,1 ,$),)%8E&83
)V,)42K#$ % 85r ,$&NE H8" @ &g ><Q,)&
j*"(3)%3S>3$&g)V,)3'(sBQ1lNH
8" ),)V)&,)&  ! Z1>K HBK&L)-%#%>K *)(
ZE:3r)H8" &83831HV) ,)483>"N8" 8 f>3
6N CR93@ &g#BG !.>M Z*)3SK1 qV8"  
<((8" I# - ZB‡&><Q,,->K HB($&g 5
Z) ,83>0>(),)V)}>T)>$)H83$&g)V,)
[E!)&-!),)S!E !,)).,);&%&')4$&g!
 " ) 5/)BJ8T88•I1 q# !(‡3)$%&')4@
&g><Q,831 qQJLQ8" ),)AS>] !„“Lạm phát tăng cao luôn là kẻ thù
)4$&g)GQ !9
,^•><Q, !QT)&L) IG$'V)BQNA>3
a_Chỉ số giá tiêu dùng tháng 10/2014 chỉ tăng 3,23% so với cùng kỳ 2013 và 2,36% so với
đầu năm (là mức tăng thấp nhất trong vòng 10 năm qua ). Lạm phát cơ bản (so với cùng kỳ) ở
mức 3,09% trong tháng 10/2014, tiếp tục xu hướng giảm kể từ đầu năm.Với xu hướng
trên=7jD1*#,!@).I# !;>"85 ,),)r3)N#%><
Q,)%)d%aŒ_? 5.)Vw><Q,K&L) -H,3
)@83.QQG$ !8h@+.,);/))*)" `)T->3„< ; $
&g (),)3&G)V)+3SOme•• b Q >)# !
&'>L ]&")/))GQ !b Z'V)a_83bm
y10[&L)~82HM>(OƒmP -83)E & Z< V)~82K
>(PmPO -
6. Chính sách tiền tệ
V7?j#n. xLa}
&")I.)4$&g3B83 '>< :S%&'!H*Q, -
)45 !a/Q4K$AS!HE•Dm)4/Q4„b5;
HE % Q,Q,Ž.)H%[B 1xL$&g % AS!L[B0
.. xLa}n % )V7?jK&L)
b Z)g )4.  % )V3SK:SIQ%V, ) 5)4 " )S(  

1#B;H%& 5&g r82H*g )4.  % )V3SHMxLY)>*)
)H*8*)1]S$&g7?j)F.QQ8*)1]S5 !
S8]S+ g 18 Z) !Q)]U8E8S+),):3.1I
8&"Y)854T)3)/1JK).B 5@&&"1l)47;†:S1*&"
1l)T-858 Z)[,)$E &L 5 Z*4T))8S&!)E 
a.  % )Va})&,QV&L)&~82
NHÓM 1 Page 9
0E(/! I,aGHE 5O:3&L))d$)
8S. a}UU„7ycbb 0)#b 0 #i #83:3
, -3?U#nH@ˆ % :)d" <OOO}U(PO}UK
)!V))&#n_GU8E1* !
]$85.  % )V3S@Sqb?*). ,E)@S$E)?Bˆ3
z$„6. a}KB#< 8@)J%< 9
II. ĐÁNH GIÁ VỀ THỊ TRƯỜNG CHỨNG KHOÁN
A. Quy mô thị trường
- DS@ (S!

Toàn thị
trường
Cổ phiếu Trái phiếu
Chứng chỉ
quỹ
ETF
Số mã CK
niêm yết
346,00 306,00 38,00 1,00 1,00
(1 CK)
Tỉ trọng(%) 88,44 10,98 0,29 0,29
Khối lượng
niêm yết

33.276.004,74 33.163.622,61 67.174,13 24.008,00 21.200,00
(1.000 CK)
Tỉ trọng(%) 99,66 0,20 0,07 0,06
Giá trị niêm
yết
339.779.380,10 331.636.226,10
7.691.074,0
0
240.080,0
0
212.000,00
(Tr iệu đồng)
Tỉ trọng(%) 97,60 2,26 0,07 0,06
NHÓM 1 Page 10
- DS@ 1$)
QUY MÔ GIAO DỊCH CỦA CHỨNG KHOÁN TRONG 12 THÁNG GẦN NHẤT
,
`"Q>Z w]
`E >&L
t8„)v
 ,$
tdUv
`E >&L
t8„)v
 ,$
tdUv
m
^^aƒ^ƒ aaePeOe Oea^eƒa a^eOP
m
^eOƒe OPƒe eaeeOa^ OeO

^m
aOPaa OPOO aOƒƒeP ^Oe
ƒm
aae^e OPaƒ ^PaPO ƒaƒPaOe
em
aPa^P aO^aae e^ƒƒPa ^OePP
Pm
PeOa^ ƒeƒP aea aPOO^
Om
^Oƒ^^P e^aPe ƒa^ ae^a
m
^a^Oa^e^ aaOOea aPƒaO PPOa^
am
aƒPƒaa OP^eP a^aOO OPƒee
m
eƒeOP aƒPeƒa P^OeP aa^PP
m
O^a^aP aP ƒeOP^^eO ƒaPƒ
NHÓM 1 Page 11
ma
ƒPaƒe eea ^^^Pa OƒOO
- QI)@S).8E,>"
jUV
*
()@S
bE.$&g
t3}Uv
 G@S`/b Ztijv ƒ
 @SGQjIb Ztbv Oƒ
a :3b 0)#tb7v P^ƒ

 @SGQ]Q3jtjv Pe
O b Qtbyv P
P b 0 #tv O
e ]Q37%b Zt7bv ƒ
ƒ j)#tj7v P
^ ]Q3f,tv P
 3i ˆ tiv e
NHÓM 1 Page 12
NHÓM 1 Page 13
- QI)@S).E >&L 1$)>"
B. Sự biến động giá của thị trường chứng khoán (trong tháng 11/2014)
Ngày VN-
INDE
X
Thay đổi Khối
lượng GD
Giá trị
GD
KL NN
mua
Giá trị
NN
mua
KL NN
bán
Giá
trị
NN
bán
O••


OƒOƒ •aƒt•OP
_v
Pae ^PO
ƒ}
mmm mmm mmm mmm
••

OƒOa mOOtm
^_v
O^Oe^

a
ƒ}
eOƒ aa
}
OePƒ e^ee
}
••

Oƒƒa mO^tmƒ^_v Pa

PP
}
eƒa^ eOa
}
aOeƒ^ aa
^}
••


O^aa •^et•ƒ
_v
OPOƒƒ

Oƒ
ƒ}
OaP^ ƒP^^
}
Paƒ P
ƒ}
^••

OƒƒaO mO^tm^^_v PaPO^
e
ƒƒƒ^
P}
aƒƒ ee
}
aPPa^P ^
a}
NHÓM 1 Page 14
ƒ••

O^O mPPƒtm_v a^P
O
eO
a}
OƒaO ƒ
}
ƒe^


aa
a}
e••

P^a •Oet•^
_v
ƒee

^ƒP
}
^O^ O^
}
eOƒa P
}
••

PaP mƒtmP_v OƒO
ƒ
O^O
}
aaaaƒ ^^^
}
eeƒ^ƒ aPP
e}
a••

PaP mƒOtm_v OeOaeP
P
ƒ^^

}
a^aO ƒ
}
Peae 
^}
••

P mtm_v POƒO^

Oae
^}
aa^ƒƒ eƒ
}
O^e^ ^e^e
}
••

Pa •t•aO
_v
aPPee
e
^ƒƒ
e}
Peƒ ^
}
OOOƒ ^O^
}
••

P metmƒ_v aƒƒPeP

^
ƒƒPP
}
^aaPa O^Oƒ
}
aOOP

PaP
}
e••

PO^ •et•e^
_v
OP^

ƒP
P}
ƒƒƒ^ ƒOO
}
OOae 
a}
P••

O^eƒO •ƒt•
_v
^aaƒO^ P^P
}
aPeOPO aPaO
}
aO^e O^

}
O••

O^e maƒtma_v Pƒ

a^Pa
e}
aeaƒ aPP
}
aaO^e a
}
••

O^ƒa^ mePtme^_v Pe
^
^P
O}
aeaa P
}
ea e
}
a••

PaO •at•aƒ
_v
aƒe

aPOO
}
PeOeO


OO
}
ea^^O aO^
}
C. Đánh giá chỉ số P/E
7Y+A|a•bmy10[&n(&g&'13 <HEA|
)dHE)NV))4)/.13 <&H.)dHE3SAS><
&g13 <83•k %+V)P>[E&ŽLQ>|N< ƒ>
ˆL HB< b Z#YA|aBQNy10H &!C)A|'V)8" ,
ˆ83 > Q 0H )dHE•k)!S8l'V)BQB.3S? 5.
)dn)dHE•kb ZHM -
NHÓM 1 Page 15
0.V)><Q,BQ83>L ], Q !'V)BQHM1S1f 5)%S83$
&g)GQ !83 I•k'V))7,),!>])E •kLQ>|'V)OOŒP
Uh8" bmy10[N 83%PmPa -8" V)]Q1 ZQ Z< 
D. Những đánh giá khác (đánh giá tổng quát thị trường ck thời gian qua)
0HE> Z)4•S#V,3&")t=7`v!g  -••)# !
V)8E.$&gK<%}U %^e_H8" ,&")
%Oa}UH8" a83&N&NaaOa_c
b5S;8E/!P••G ,$S;8EA$&g
)V,t`v<O}U^Oa_H8" V)8ES;,
a.S;8EAB, Q !<^^}U
aa^_H8" )J~&")€S;8EAQ,3)GQ !)@)C&")<
}U %^a_H8" )J~a€S;8EAB ,)GQ.<
a}UNBQ>H8" )J~a
f)dHEbmy10['V)O^O -t/< 3S•v %_H8" )E ,
&")83e_H8" )E adHE†my10[.)'V)ƒe - %
eƒ_H8" )E ,&")83ƒa_H8" )E a
 1$),)4a)FK). 5!A%%A/))*)

,• ,$ 1$)#A:x Q (<P^}UOƒ_H8"
#A:Q (a. 1$), Q !)/Q4#A:x Q (<
^ƒ}U•Q (_H8" #A:Q (a€ 1$)#A:)GQ !
)V)dAXx Q (<a^P}Uƒƒ_H8" #A:Q (a
<; (S!)4$&g)FK).V),<H8" aT-/
)!3S••(H3).Pe)GQ !83)V)dAX (S!8" G ,$
 (S!0Z ,>3}Uƒ_H8" g  -)E a
b5 (S!, Q !K).G);OeaK, Q ! (S!(H3t.aeK(
ujk83OaPK(†v8"  ,$ (S!>3PP}Ue_H8" )E
a
III. PHÂN TÍCH NGÀNH
 Tình hình chung của ngành
?r) -)4$&g#B;H%
m `@).$&g:„$&g#B;H%)&3&L)$&g
:3< .&g 3< .&g 8" &g #,).-*) !QrQ83,)
;*) !QA>< >l&B)%),) 1$)&L)*) Z)4S!@A
 >3),)G)V)@  "  1#B;H%A#,)/r)A),)@  "
),:c@).$&g:(),)@ 85$&g.]Q83).
; )]SBQ<(/ ! ZA%)4$&g3S
NHÓM 1 Page 16
m D,8];)4$&g)F&N*&I$&g,)„U  <„
QU8 tH@ ;vHS, t).1B Z)I>< v ( 5t.#v83QT)U
t.1>(83).-:SHEv
m $&g#B;H%/8J/8*)H:HY)@]Q83% ;>(
YQ),)8J 5)4B&")„r)/)4#B;H%>3@-1 1g ) )Y(H*
+% 'N 3S@-#JYQ !T'N ,)>3)$&g#B;H%
/)B$Q&Nr,)H*,)85;Q, - !8.[K
; 83];1:HE>3))85#B;H%)F,)85HE>&L1
)B>&L83+.1l" H*,)85V);Q, -$&g#B;H%)4+
$Q&N

m $&g#B;H%>3$&g@3%„.>3;$&gf w H*) ZQ
 583*) !Q)43&")(V);3%)43#B;H%BQN)4$
&g3. (1J83),)$&g,)7()<.1@, <&L)S/
 !($&g/;)AS5,)@ 85AS<)85A%>| !
[K; > (A!B )&&L)QG# ! Z- 53S>3)$&g#B;
H%).)<&>3)<)<@3%
m $&g#B;H%).E > (Z] !8" ),)$&g,)B>3$&g3
)/ 5Z/1T838" H*Q, -)4),)AE) „!),)%&5
83 >U>3&3 H%r)&83$&g3 )/ 5Z2 g  -
&g >@).))S-1$);>&L 5#<)H3 H%83&L)>< r,)
#%:)85 1$)#B;H%&g).)B>"858E(.>3U
S;BE85U3 )/>")Q, - !@A!)BQ83 % :
V);)<„
• jE>&L),)1 ZQ3„ ZS)%&")).(e1 ZQ).)V)
 13'837?j.%ƒ1 ZQ).AS@8E&ŒO
}U[BQ[daO_€1 ZQ).8E+OŒ}U%ON8$€(O
1 ZQ).8E+mO}U83%1 ZQ<HE8E(O}
U
• ? -" >3@)d).),)1 ZQ33)f).),)N8$3 3
)F1U8E 83>h8*)3S
• 7()<.),)N8$&8B !!1 ZQ )@[:S>YQ)43[:S1*
@)d85HE>&LAS@3)f4>*)-%]),)1*,)@
3) Z<
• S (S< g  - Z< 58&LA4% !83H*)<8"
),)]Q37?jAE)!),)1 ZQ7?j&")K#Y6#YS9-LQ
>*)1*,83:HV))<?:S).->3g  -,1B8 Z)LQ,);),)
)S( ZQ I),)1 ZQ7?j&")
z<&]Q3:C)/>3H*#YS)41 ZQ#U„@S)G
Qb)@S$E)?B[@S&8BQ, -3?< 83
)@S[:S1*b‡?j*)S( ZQ)48 Z)LQ,)- Z')x:S

@Q% >3H*LQ,))d- - ;1*,N>…3&N> QCHM
Q, - 51*,+AS<)![:S1*),))@@$83 5<T)> (
NHÓM 1 Page 17
AS (),)1 ZQ().H* ->*)2LQ,) ZA%b@
Q% )V1 ZQ<;>h8*)7?j>3).-#YSLQ,)j*!LQ)4
]Q3C&L)*) Z,#3 #%#' )@S(5).I!< (
-!LQ8" ? 53S CQ)Q8 Z))4+38 (> (1@
#$1l):>(3HM&L),)# Z)S( ZQ]1T!<)4+3
8 (=> Mức độ cạnh tranh khá gay gắt trong ngành.
 Các chỉ số tài chính của ngành và các công ty cùng ngành.
Vốn hóa
thị
trường(tỷ
)
EPS P/E
RO
A
RO
E
Giá
trung
bình
Giá sổ
sách
P/B
Hệ số
beta
Ngành Paa ƒa
O
ƒP O_ P_ a e a^_ a

Cty phân
tích (ITA)
PO eƒ ƒƒƒ _ _ ƒ ^ O^a_ 
Cty so sánh
1 (HAG)
ƒƒ P
P
P _ ^_ aƒ ^ O_ 
Cty so sánh
2 (VIC)
PePO ^ƒ
P
ƒ _ OP_ P^ ^ƒ ee_ ^^
Cty so sánh
3 (ASM)
ƒP eaa a^ _ O_  Oa PO_ 
Cty so sánh
4 (HQC )
ea O e _ _ P^ e Pe_ P
Kết luận
?!  <3S$&g7?jb Z@IU QT)'>< 3)f).
 5Q, -B>"I" †s85#%)B$&g7?j)4&")>3
" 3()Q, -@$'  <>"B
?E 8" ),)1*,>"' )@6BQ49+83 &")r)),)1*,[:S1*1'
1)4&c)F2 Q&N,,Ž.858E- !QT)[:S1*
331*,
'.);c ZS),)c 1>h8*)7?jB8 83 *)
>*))4c)f).),))/H,),Ž858E).-w]8S8E - 1*,+
Q/:3
b5Q&N1 Z&g 1: Z).I. /1TBExL&g 1:8S

38" >K HBBQ&g 3&L)8S!e_])/).:3)8S<V)
)N3 g  A1f8E< G837?j>3B>");8" /%
)4$&g)NH8"  &")
+IS!E.).-BS$&gK#&")H;  <" ),)c 
1#3 #%)S( ZQN€3&")K).),))/H,)wK8" ),)S())4
c-< 5 Z)cQ, -
&8]SI:E3S>3/ ZE)$&g7?jb Z !QT)Q, -
&N> $&g7?jHOHMU QT)&NE <
NHÓM 1 Page 18
?&13 <„$&g7?j&L)~82HMB1>(1),))/H,)x
L+Q/)/Q4)F&[&" % ,- %>&LU)4),)1 ZQ#B;
H%;HEK,)C|„7y`c
?&Y<„r)/)4.)GQ !B)@)GQ !#B;H%&gE
  <$&g -).-[0[s8 Z)1 Y<8" ),)K).#/
%E&„`7cyi
IV. PHÂN TÍCH CÔNG TY:
1. Thông tin chung về mã cổ phiếu
• K)GQ !„yi
• j3 (S!„H3 1$))V,tujkv
• jE)GQ !Q,3„e^e^)GQ !t7%S&g )/ Z@#E
&N #%S)/&g ;)GQ !vt••m••v
• jE)GQ !>&3„eƒ^Oƒe^)Q
• jE)GQ ! (S!„eeOaO)Q
• j*# !; ,)GQ !„
< yit?&)@ ZQ:<v!C)P,E >&L
 1$)#'V)ƒ ZN8$ ,)4)GQ !3S)FN_+
PUt3S••v>(ƒUt3Sa•P•v
NHÓM 1 Page 19
• GV)A),)„_
•  , Z< „ƒ^Ut/!3SO••v

• ZHEQ(„et3SP••v
•  ,HGH,)„U
• bE 5>Z„e^e^ ZUt,•v
• bE.$&g„PO}U
2. Phân tích các yếu tố phi tài chính
(Q,Q$„‘’“”?”=•b–‘y—W˜u
(AE)!„iiuybkjkyc=j‰’u‰u‰iyu
(8 !Y„yi
TH')/„`:<:<iA]7:U/ 
jE Z< „•ƒƒaeOOe
{[„•ƒƒaeOƒae
™0#H 0„ššš 0[Q0HH)8
.3„)@ ZQ
• .Y>$)H)@S
?&L)3>]Q1#3?r$3’!E ZQ&g?< 2)` !3QE
U/ ^^a#3AS!$<1*)&g ) ( 3>]Q@
S3’!Ha<;KG (3@SGQ`)@ ZQ
:< 5:)4]Q3:<3SS]Q3:<KQ, -'3
1 ZQQ, -<83)@ ZQ3< b Z83<3
38 Z)>3&") ZS]Q3:<).)@S)<;( 5>h
8*)&Q, -<[:S1*>&L83S5@
@S>3)4&`:<8" G1 Z/)0AS<)>3aO
.„
` ZI8" 1 Z/)ƒ&L)3>]Q3Sa••^^P()NH'4&"
/4Q(1SZc*,?&[:S1*83 1)NH'<`)@ ZQ:
<SZ7,
`';8" 1 Z/)PO&L)3>]Q3S•O•()NH'4&"
/4Q(1SZc*,?&[:S1*83 1)NH'<`)@ ZQ:
<';
 ZS`:<8l>3`1l85HE>&L3,S 83<;<

>3ƒN8$C(>;?!)E ,P•P`:<K).
a?&")83a?&")3 ` ZI).P?›`';).^
?
DXB„ete^eaƒ)0v#U^^ataP)0vK).HGw„)@
 ZQ@$" )@ ZQ)@Z)
3[&'83#K )(„eƒPe

t^a^ƒPHœv
• 35 1
NHÓM 1 Page 20
m ?&[:S1*83 1)NH'<`)@ ZQ:<
m ?&[:S1*83 1)@ ZQ1:)&@$
m (BK&L)[:S1*[)NH'<
m (r)#,3[&'1@S[:S1*)@ ZQ
m ` 1),)1$)8T`)@ ZQ
m c$)8T&8B&&8B2)X]83)S- )@Z
m †:S1*)@ ZQ1:1T @
m c$)8T ]3.831$)8T)(#K
m †:S1*),))@ Z!aO`b
m ` 13't[:S1*H)I3-#,r))(v
m c$)8TS5HE> Z€1$)8TS5ZQ ZS)]Q+[€1$)8TS)]Q
1I> Z0),)Q&NV),)€))BQ1$)8T 00tyjv))BQ
1$)8TV1T 00tujv))BQ; 1@ ( 00t
&L))BQQsQ0AS$)4Q,Q>]v€),)1$)8T>&I83))BQ@
 
• I3/)K<&L)
NHÓM 1 Page 21
• N
)B
)G

@
N)B„
,))G@>"„ jE)GQ !Q,3„e^e^
jE)GQ !>&3„eƒ^Oƒe^
jE)GQ ! (S!„eeOaO
jE)GQ !AX„a
Danh sách cổ đông Tỷ lệ
,:&") a_
G)V)&") aaPƒ_
NHÓM 1 Page 22
  % &'
2000 - 2004
 g &L)4&"r)!A% 
1[BHY)O> (T)+Œ

2001
 :)&N>;<#&L)4$)&")
r
  BS)V] -H,)B>&Lyju^„
 7n0  63 /) [:S 1* @  &g [
H<)\Q3838ZH 9&L)ˆ (3>;
b Zr3>;b Zr
2003
  BS)V] -H,@ &gyju„^^P
2006
 @SQ, -`)@ ZQ (&L) (
S!(H3ujk
 ; % &').!A% 1

 :)&N>;< &L)4$)&")

r83/)[BHY)  <mO
2007
 ;eK)V,3 (S!(
ujk).8E.>"B
 CQ83&N Z)4•S#&Nr]
GAE)b Z
  (S! (j' 1$))V,Q
 CQ83&N Z)4•S#&Nr]
GAE)b Z
 CQ83yju&L)#' 7;`2)83@
ZQE LQ8" ˆ (3>;b Z
 ;1 ZQH,<3&L)
f&N< 83)@ ZQb Z83?3
S5b Z#)2
2008
  % &'j (H8j* ZQQ, -b Z
  % &'jb3?Bb Zƒ
 CQ 83 6&N Z )V,  ( # -9 83
6@S (# -)4b Z9
 CQ83, .Œc ZQ (# -
2009
  % &'jb3?Bb Z^
bu{y80H0ˆ  01 ee_
0b0)Hk{Hm0
b0)HŒb 0k{
P^^_
,:›G)V)&")3 ,) e_
GQ !AX _
Nhận xét:}>ZY I)GQ&")>3eƒ_)Nd>Z&")3 ? 5. CQ
)@S/#$,);#' ),)S!E&")3 

]Q]3Sƒ••
Tên cổ đông Số cổ phiếu
Tỷ lệ
(%)
?83, -:?@&N ^e^P e
?r$3’! Oa^Paa eOP
bu{y80H0ˆ  01 Oaeƒa ee
?< 2):< ^^OeO Pƒ
080)Hk{Hm0b0)Hmb 0k{ ^aƒ^P O^e
@SGQS5@Œ % /j%[B01 7 ePO^ O^O
c0H)07i 00H0>>H)œ ePƒP a
DXyi8&N> ^a^aP ^
‰ )>)y0 >ˆ  01 ƒeaa P
‰ )>)y0 >ˆ1 ƒeaa P
?r3: ƒ^POaƒ Oa
b 0yœH)0H0 )ˆ  01 ^Peea a
]Q?3:< e^OPP 
?rD< ƒaee a^
Sq$j&N Oa a
SqB  e^Pƒe 
, b! PeƒO ^
?& Pee ^
Sq aOƒO^ O
Sqb O^ 
ˆ($&N eaO 
Sq$ˆ3  
Sq2cF P^ 
<( ^ 
?xB&g a 
• 7>K<

Chủ tịch HĐQT„#3?•žu–’Ÿtg  #G Z„+^^P!Sv
m Na  Z>38 Z))NA/Q4
m N  Z>h8*)Q, -B 83<< b ZN
O  Z>h8*)Q, -B83<< `~
m : !t?< 2)` !Qv
NHÓM 1 Page 23
m 7itb Z` !› !2)v
Thành viên HĐQT:@=’ =¡y@‰”?¢•#3=’ ž
ˆ–y
=’ =¡ytg  #G Z„ƒ•e!Sv
m 38 (; UA%$834$)k
m   ZQ, -1*,#B;H%
m  !Hh< ?< 2)7>)
‰”?¢•tg  #G Z„e••v
m G ,E)icyu
m 38 (; UA%$
m N  Z>3`!,&'
m . ,E)QT,)3 )/)4ijk‰u83.Gyiu
m <)HX`!,833 )/
=’ žˆ–ytg  #G Z„e••a
m 38 (; UA%$
m <)HXj 2)83c S5
m :` !83D%$ 1
m N  Z>h8*) ,1T)A%$ 1
Thành viên HĐQT độc lập„@=’ iu
=’ iutg  #G Z„Pv
m G ,E)?&Œ 2)83&8B[:S1*&N
m 38 (; UA%$yiuku)4&N
m   Z>h8*) !![:S1* -H,)B>&L83)@
Z@ 

m <)HX)S(3X][:S1*)@
Ban giám đốc/ kế toán trưởng
Tổng giám đốc:@, b!
ybŸtg  #G Z„^^Pv
m  ,E) 53yiu
m   Z>h8*)Q, -B < b Z
m ] % &'c: (# -ijkie&L)7G)V)c q3
1 ZQ4@ijkir
Phó tổng giám đốc„@SqB @?&
=’ =¡ytg  #G Z„ƒ•ev
G ,E)„< 2):<
‰”?¢•tg  #G Z„••v
NHÓM 1 Page 24
Kế toán trưởng:@<(
˜i£tg  #G Za•ƒ•v
m `!,&')4@S&83)@ ZQ:<
m :` !83:>]?< 2)` !
Ban kiểm soát:
Trưởng BKS„@?¤=¡•¥
?¤=¡•¥tg  #G Ze••v
m G ,E)yi‰ij
m S(8 ())BQA%>/1*,
m O  Z>h8*)3 )/`!,` 1 !Q$!
:H*A%$1 ZQ83A%>|1*,
Thành viên BKS„@Sq2cF#3ˆ($&N 
Vị trí khác
Công bố thông tin„@?&@?3J !
?–u¦yŸtg  #G Zƒ••v
m 38 (?D„:3&N:S
m . ,E)Œ#‰›c

m ƒ  Z85!,83A%>/83Q, -1*,
‰”?¢•tg  #G Z•a•v
• ,)1*,
`)@ ZQ < ,))@,)
∗ :<
∗ :?V)
∗ N;
∗ N<)
∗ :<m0>
∗ ` (ˆ&N
∗ 3,S Z` (ˆ&N
∗ 3,S&")ˆi
∗ 3,S[ :<
∗ %&")Hc
∗ 3,S Zˆi
∗ `@$" :?V)
∗ `@$" :<
∗ :<Œ>>0 
∗ `@$`2)Œ)@
Z)j3 f0
∗ 7Z8 Z:<
NHÓM 1 Page 25