Báo cáo thường niên 2014

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CHUNG KHOAN DAU Kill
PEMOVIETNAIA SECURITIES INC.

PSI

BAO CAO THONG NIEN
TEN CONG TY iDAI CHONG

GONG TY CO PHAN CHUNG KHOAN BAH KHI

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Mani bao cao: 2014


CHUNG KHOAN DAU I011

SOO

1- 7170VP. 7,47.0.1 SE( IIH":1-S IN(

PSI

BAO CAO THUtiNG NIEN
Cong ty CO phAn Chivng khoan Dau Khi

Nam bao cao: 2014


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MIX LVC
Trang
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THONG TIN CHUNG

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THONG TIN KHAI MAT

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QUA TRINH HINH THANH VA PHAT TRIEN

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Thanh lap

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Qua trInh ghat trien

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Nganh nghe va dja ban kinh doanh

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MO hinh quail trj. T6 chiirc kinh doanh va BO may quanI9

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DINH !WONG PHAT TRIEN

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Can Muc lieu ChO yeu

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Chien loon Pluid Wen Trung va Dai hen

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Can Wan lieu dee vCri Mdi truths Xa hpi va Ong d&ng cue Con° ty

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CAC RCII RO
ROI ro ve Kinh to

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Bien Ong ye tang Intern kinh to

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Lam phat

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Rip ro Lai sulk

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Rai ro It gia Hai doal

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Rai ro ye Phap !oat

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ROI ro Ngudn nhan lye

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Rai ro ye Cann tranh

TINH HINH KINH TE Vi MO VA THI TRUCVNG CHONG KHOAN VIET NAM 2014

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Tinh hinh kinh t6 vi mei nam 2014

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Thi Outing chOng khoan 2014

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TINH HINH HOAT DQNG TRONG NAM COA PSI

TINH HINH HOAT EKING SAN XUAT KINH DOANH

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Danh gla chi lieu Doanh thu va can ;ming hoot Ong chlnh

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Danh gia Chi lieu chi phl

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Loi nhuan va Chi tieu An ban Tel chiral

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TO CHUM VA KHAN St/

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TINH HINH DAU TU. VA TINH HINH THVC HIeN CAC DV AN

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TINH HINH TAI CHINH

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CO CAu CO DONG, THAY DOI VON DAU Tlf COA CHIT SC? HC7U

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BAO CAO VA DANN GIA CUA BAN GIAM Dec

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DANH GIA KET QUA HOST DONG SAN XUAT KINH DOANH

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Hoot dOng m6i gieri, luu ky. quan ly 06 dOng va dich vy lei chlnh

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Hoot Ong by yin

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Hoot dOng dAu tu

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Lot nhuen va chl tiau an town tat chlnh

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NH SPIN TAI CHINH

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Tlnh Nth tai san

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Tlnh hIrth ng ghat tra

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Nhang cal an v6 co au t6 ch&c, chlnh sack cyan It

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Ke hooch phat tan trong nam 2015

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that trinh cUa Ban Giam MSc 061 v&i y kian lam loan

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DANH GIA COA Ho DONG QUAN TRI VE HOST BONG COA CONG TV

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Dant, gia cUa Wu dong quart tn v6 cac mat hoot dOng cOa COng ty

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Cac Ica hooch, djnh huong cUa HOi 66ng !wan tn

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QUAN TRI CONG TY

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Hui Bang quan try

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Hoot dOng cga HOi d8ng quart to

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Hoot dOng cua cac TiAu ban trongliOld6ng Quasi tn

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CAC GIAO DICH, THO LAO VA CAC KHOAN LOI ICH COA HOI BONG QUAN TRI, BAN GIAM DOC
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VA BAN KIEM SOAT
WONG, THONG, THO LAO VA CAC KHOAN LQI ICH

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GIAO DICH CO PHIEU COA CO DONG NOI BO

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CAC GIAO DICH KHAC..

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VIEC THI,TC HIEN CAC QUY DINH VE QUAN TRI CONG TY

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BAO CAO TAI CHINH

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I us num Mg pa
TIOPIMbeat SIKVittlEt

PSI

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TH•NG TIN K I QU T
• Ten giao dich: Cong ty CO phan Chung khoan Dau khi
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Clay citing nhan Bang ky doanh nghitp so: 26/UBCK-GPHIDKCI do Uy ban ChOng khoan Nha
nutt cap ngay 19/12/2006

• Van dieu 10: 598.413.000.000 oldng
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Von du to dm cher sr? hem: 598.413.000.000 dog

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Dia chi: Tang 2 Ida nha 18 Ly Thvang Kitt. Ha Ndi

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• Sd dien thoat 04 39343888

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• Sid fax: 04 39343999

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Website: www.osi.vn

• Ma co poieu: PSI

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QUA MINH HINH THANH VA PHAT TRIEN

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Thinh lap

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Gong ty CO phan Chirng khoan Dau khi la tang ty thong khoan duy nhet thudc Tap down Dau khi Du&
gia Viet Nam - Tap doan kinh le Ian nhat Vitt Nam. Nam trong Da an hinh thenh Tap doan Dau khi au&
gia Viet Nam duct Thu twang Chinh phi phe duyet. COIN ty Ca phan Chang khoan Dau khi (PSI) duoc
thanh lap va duct Uy ban Chang khoan Nha neat cep gley phep hoat Ong se, 26/UBCK- GPHDCK vat,
ngay 19/12/2006 vai cac nganh nghe kinh doanh: Mai gitri chOng khoan. Ty van tai chinh 8 Dau tv thing
khoan. Ty doanh thong khoan, Luu k9 chung khoan. Bac lanh phat hanh chang khoan.

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Qua trinh phat tri4n

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Cong ty chinh that di vac) hoat dOng vao ngay 07/02/2007 vial Hqi sa chinh tai HA Noi va 01 chi nhanh
tai TP H6 Chi Minh. se yen dieu 10 IA 150 ty deny. TO- mOt tang ty Chung khoan non tit, bat chap nhang
kh6 khan dm ea tnytmg. (hang tram cua nen kinh to Viet Nam thtn gian qua. PSI da kh6ng ngOng (hay
deli va phat Men.

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Hien nay, Gong ty da xac lap dvqc vi the virng chap tren thl Voting va tao ra Sc' khac biet Ian so vai cat
tong ty chi:mg khoan khac, thong qua:
Sc, Wei trOt ve Pith <10 chuyen men. chat Ivang to yen. djch vu vai clOi no chuyen gia hang dau.
• La dau mei men khai cat thoong vu Itrn vai cat don vj trong nganh Dau khl, gay bang yang ea ra
trong va ngoai nutc, zing clang thuang hieu nganh Dau khi.
• La deli tac hang dau Viet Nam coa cat dinh ch4 (Ai chinh Ion the gkai trong cat thvang vu ye du to.
to yen tai chinh... tai Viet Nam.
airr

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2006

Chinh that duvet cep phep hoat dOng

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2007

Chinh that di yea hoat dOng va ra dtri chi nhanh TP HO Chi Minh

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2009

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• Thanh lap hai chi nhanh rotri Tai VOng Thu va Da Mktg
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Cling tyd thuong hieu mei PSI

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Ap dyng he theng giao djch trot toyer hien dai cCia TongYang - Han Cluck.

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1111 cleat HS Mu KM

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PSI

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rt Tfl

T 1Y

zoio

M WinitS Pk

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Niern yet c6 phieu tren So Giao clich chOng khoan Ha NOi vao thang 7/2010
ThuOc nh6m 5 cling ly chang khoan co doanh thu dich \Ai tv vAn lOn nhet th; trudng
nem 2010. thorn 10 cac tong ty chOng khoan Ai lai nhuen cao nhet thi truing nem
2010.
Dal giai thvong thuang hitu noi tieng Ou6c gia nem 2010 ve danh hiOu Doanh nhan
suet sec DAt vie! nam 2010 danh cho 02 ca nhen Ong BOINgoc Theng - Chia tick
ve Ong Pham Quang Huy -- Giarn dot

HOOT

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Tang Von Dieu le caa Cling ty tit 150 ty (long len 485 ty ((Ong vac) thang 612010. ve
len 509,25 ty- ye° (hang 10/2010.

2011

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598.413 t9 clang
• Dal
giai binh akin Cong ly to yen M&A tau biau va giai Cong ty c6 Thvang Yu phet
henh deny le lieu bleu (vtri doi lac What Ban) tai Dien dan Mua ban - Sap nhep
• Tang von dieu ie len
thong qua viOc chao ban thanh cling 14,9%

c6 phen cho tong ty SMBC Nikko (Nhet Ban)

doanh nghiep 2011.

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• Dal gia' thuOng binh chon 'Bac) cao thutrng nien tot nhet 2010".

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Nhan giai thvong -Thvang hiOu nOi tong nhet ngenh chiing khoan tai Viet Nam
nem 2010 do ngvtri lieu dung binh chin" do VCCI t6 chem.

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Phoi hap yeti Dal hoc Newyork - Hoa Ky va don v; bao Ira fru* thong la Bao Deu
tv ChOng khcKin t6 chin thenh cling hdi than 'Chien IliSC SAP ceu cua cat doanh
nghiep Viet Nam trong b& cant) kinh to hien nay'.

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2013

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Nhart giai thvOng CAng ty Tv yen M&A lieu bieu gal clo?ri 2009 - 2013 do Dien dan
M&A 2013 trao tang.

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2014

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Tr& thanh thanh vien chinh thin tham gia deu Neu trai phi& chinh phi nem 2014

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• Doanh thu tie hoat Ong men giOi Val phi& trong Top 10 cera IN taking.

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DAi tv yen tai ceu lruc cho town bO Tap Doan Deu khi

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Dan vj tht.rc hien thanh ding do an to yen IPO gen lien yed niem yet cho Cong ty
Phan ben Deu khi CA Mau (Dam Ca Mau) - and hinh Ten deu lien ditcm ap dung tel
Th; tnyang Chong khaki Viet Nam.

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NOM) nyhe ye did ban kinh doanh

kinh doanh
MA gitri

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thing khoan:

TV doanh ch&ng

khoan:

Dia ban kinh doanh

o

Thanh ph6 Ha NOi

o

Thanh phi H6 Chi Minh
Thanh 61)6 Wing Thu
Thanh phi De Nen°

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Tu vAn deu ttr, Iv yen lai chinh:

o

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Lou ky chOng khoan:

o

Bao lanh phet hanh chOng khoan.

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CMAIG MOM DAUM

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PSI

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Me hinh quan tri, T6 chirc kinh doanh va Be may quan ly

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MO hinh quan trj

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D$i /76i a6ng

hei ding c6 ding la ca quan quyen Nrc cao nhet dia Gong ty. baogem tat ca cac co deng so; hOu
Cong ty. Dai hOi d6ng c6 den c6 quyen: theng qua djnh hutng phat
c6 phap co quyen bieu quy6t
trign caa COng ty: quyet djnh beu. men nhiern, bai nhiem thanh vien HOi deng Quail trj, thanh vien Ban
Kiem seat; quyet dinh ye viOc tang giarn von dieu les Cong ty: quyet dinh t6 chin va giai the COng ty va
cac quyen. nghia vv khac Theo quy dinh cua ph& loot va Dieu 10 t6 chic va hoot Ong COng ty
/10)

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c6 (long

(long Q1111111 FII

HOi &mg Quan trj le ca quan quail ly cao nhet ctia Cong ty. bao gem 7 thanh vier, co loan quyen nhan
danh Cong ty guy& djnh va thvc hien cac quy6n va Igi Ich herp phap cOa Cong ty. ngooi trio can yen
de thuCc th6ni quyen cua Doi hei &rig c6 Ong HOi dung Quail In do Doi hei (long co &mg beu ra veri
nhiem ky khong qua 5 nam. Quyen va nghia VcIctia HOi dung Quan tri dugs guy dinh co the toi Di&
le via Cong ty.

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Ban

Maim soar

Ban Kiem scat gbm 03 trial:1h vien do Doi hol bong cb tieing beu re, nhiem kt cua Ban Kiem soat khOng
qua 5 nam. Ban Kiem soat dirqc DHDCD giao thvc hien quyen giam sat HOi deng Quart Tr!, Ban Giam
des trong viOc dieu halt quan ly Cong ty; chiu trash nhiem truerc phap lust va Dal HOi (Jong C6 deng
ye viec thvc hien cac quyen va nghia vy cea minh.
Ran Giam dot

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Ban Giam 46c cOa COng ty do HOi dung Quan trj b6 nhiem. bao gon, 06 nguitri: 01 Giam d6c va OS
Giam MC.


M

CHUM KIWAN °AU KM
N't.Y111714AMSCCIJe

rut tie:

PSO

Ca du b¢

may quart lir

Nam 2014. °Ong ty Ivan thank vitae tat cau trite tong ty chuyan sau han, tap trung vac) 03 khan Khat Djch
At thing khoan. Khai Tu, An, KnOi van hank.
Hyl atim:( 0 ant
11A•hl1 %IMP.?

llb stacctistai
PlIOM• AllN 100 Nel SO

Ra abe a&
t• Intl RI I Ilt01105M.
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tom

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1010s

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MUNI

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cac ruby;
OAOOIIL

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NM IDIOM OAU

PSI

DISH WONG PHAT TRIEN
Cac Myc troy Chu y6u
Tam nhin

Tr& thenh cang ty chting khoan hang (I& Vet Nam trong cac linh vyc tu van, phan
tfch va djch vy chung khoan. la 06i tat hang deu tai Viet Nam de cac to chic tai
chlnh woo té

Sir menh

PSI cam ket thvc hien va then khai hey qua chief" luvc va 4 ho4ch kinh doanh trung
va dai han nham bao tan va phat Men nguan van tat san cOa Cang ty clang than too
ra nhOng nguen 101 nun tOi tau va ben vOmg cho tet ca cac CO ding.
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PSI cam ket la mat dinh ohi tar chinh chuyen nghielp va fluting den vi trr hang
deu ye djch vitt chOng khoan cho nhieu (Jai tuvng khach hang tren pham vi toan
qu6c.

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PSI cam ket kik khat cac hoot (tang kinh doanh Neu qua dem lei nhUng 10 fch
thvang mai va kinh to dal han va filet (hut cho tat ca khach hang tong vai

khach hang xAy dying va to ra nhOng tai san ben vileg.
-

Chan diem
phat thin

xuyen suet

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PSI cam kit the hien met net van haa Van acing va dap ON nhu ciu phat then
sy nghtep lau dai va quyen Itn chinh Bang cUa tap the nhan nen PSI.

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La Cling ty chting khoan duy nhat thuac Tap (loan Deu khi Choc gia Viet Nam.
PSI c6 nhiem vy hi tra tfch cunt cho djnh hvang phat than cOa Tap doan.

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Phat then tvang ximg vai thvang hieu. tam vac cua nganh Diu khi, lay nganh
Day khi lam bong tarn, tang babe canh Vanh veri cac tong ty chi:mg khoan trong
nverc va wan ra tam khu vac

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Tao ra sy khac bet gifts PSI va cac clang ty chi:mg khoan khac thong qua:
Sy vvcrt trai ye trinh dO chuyen men. chat lacing tv yin. Bich vu vai dpi ngO
chuyen gia hang day trong ngAnh, sy am hieu Von von dal nal Doanh nghiep
Dau khi;

c

La du mai than khai cat thvang vy lan vbi cac dan vi trong nganh Deu khi.
to d6 se day manh djch vy ra ngoar nganh, dac bet cac kit& doanh nghiep
nha nuerc va coo doanh nghiep khac tren co so Mac/ cOacac C6 dang chien
luvc vong va ngoai nut:
La dal tat hang dab Viet Nam Dia cac djnh cho tai chinh Ian ma
trong
cac thvang vu ye dau tv, iv yin... to Viet Nam, clic bet la cac thuang vu
Yong nganh va khat Doanh nghiep Ian tai Viet Nam.

Chien !vac Phat trien Trung va Dal han

Quan dam
chill luvc

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Lay Tap doan Diu khi Vet Nam la (rang tarn.

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Lay djch vy va ken thine churl man say va nganh Diu khi lam nen tang ben
\ming, la yew t6 (twat djnh sy {Mac het so vdri cat Gong ty chring khoan khac:

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Ley dau tv de tang tec phat Men khi c6 din ur kien;

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Lay al! twang phla Nam la myc lieu. deu tv phat then chi nhanh TP HCM thank
diu tau phat than djch vy dac bet la mang djch vy kinh doanh cluing khoan.

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Ley nhan t6 con ngtrati lam hat (Man, cot con ngvai la tai san qi4nhat ciza Doanh
nghiep. Cling ty djnh Wang phat then then ma hinh learning organization', vier


MANkNI D111RfI

hpc tap nang cao trinh dQ chuyen men duct khuyen khich. Van hoa hpc se dupe
xay dvng Wan toan he thong PSI:

Gal !loon
2014-2016

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Ay ceng ngh0 thong tin la Gang cu quan trong, la xvong song ttong boat deng
cea Gang ty.

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La mel trong nhOmg ding ty chivng khoan uy tin hang du tei Viet Nam. lb dal tat
tot nhat dm cat nha ciao tt, quek to Lai Viet Nam. la nhjp tau kat n6i cac co hex
clau tv tat Viet Nam:

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LA cOng ty mai glee trong nhem Top 20 thj trutmg va chat Ivcmg dick vu va thi
phan.

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La ding ty chlYng khoan hang deu Viet Nam bong tinh vve to yen. lutIn c6 ten
trong Danh sash cat nha tit van duct mai tham gia cat thuvng vv et An Ian tai
Viet Nam. la doi tat hang deu tai Viet Nam cho cac to chin Lai thigh queic te:

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La t6 chin phan tich hang deu Viet Nam trong linh vve dau khi. nang Ivong, co
Ipe luvng phan tich du manh do c6 the phan tich dint tat ea cac diem ben trong
nganh, co hang Nei tren cat dien dan dau tis tai Viet Nam va khu vvc:

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Xay dung mar tasting lam viec chuyen nghiep vdri cat san phern, dich ye. guy
trinh dap (mg dvcrc cat lieu chum va thong 10 tea Vi0t Nam cling nhv guck tac

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LA cOng ty ma cac nhan sv gi6i tren thi tatting mong muon &roc lam viec:

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LA Gong ty mang lai cab gia trj gia tang ye uy tin cho cat khach hang

Cat Myc ban ddi yen Moi trtrang, Xa hai va COng thing cern Cong ty

Thom gia va Clang gap tich cvc cc& vai viec bao ve mei trutng, vai phong trao an sinh xa hei cua Chinh
phi} va cua Tap dean Deu khi Qv& gia Viet Nam.

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PSI

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CHUNG IOWAN flu KM

CAC ROI RO
Rtii ro ve Kinh te

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Rut ro ye kinh te IA mOt loan nil ro he thong c6 tac dOng aye Sep va gian bop den hot dQng san xuat kinh
doanh dm tat ca cat doanh nghidp haat Ong trong nen kinh te, thOng qua cac ca the lac dOng den t6c
dO tang truing GDP, lam phat lei suet ngan hang va ty gia hei doai.

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Hau het cac doanh nghiep trong nen kinh te deu c6 nherng rill ro lien quan den Wing bien Ong bet lei
c0a nen kinh a Dec biet dei vbi cat t6 civic host dOng tren thj trtrtyng cn&ng khoan (TTCK)nhe cac tO
chef tat chinh, quy au tv; °Ong ty chetng khoan so - bien Ong cCia nen kinh te se co anh twang tett thi
tai sty thanh bai caa cac tong ty trong nganh.

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Bien Ong ye tang trutng kinh
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III

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te

Tang truing kinh to la chi tieu kinh te tong hap ant) huerng trvc sap den thi truang cheng khoan. Trong
thtri ky nen kinh te tang truing tte cling yeti nheng teen %tong sang sua se kat) theo sv tang truing va
phat trien Giza Wong chi:mg khoan. Trong b6i canh nay, cat nha eau to. cac doanh nghiep kinh doanh
trong linh vvc thing khaki deli duet huemglot Tuy nhien, nen kinh te va thi truing cheng khoan khOng
phal lac nao gang ghat trien thean kyi ma ludo tern An nheng nit ro nh6t djnh. Khi cO mS de cloa den sv
On djnh va phat triOn kinh te, thi tretrng cluing khoan At se c6 Oar, eng lieu CVC. d6 la so suy giam ca
ye chi se gia, ca ye tinh thanh khoan ctia thi treeing.

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Haat don cua cac tong ty cheng khoan trong met axing moo nao dO se bj anh huong nha doanh the
caa host dQng mei gibi se bj giam set trait lien do thanh khoan &a us Strang kern hem.

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Ben canh deo. boat deny tut yen tat chinh doanh nghiep nht I . Kr yen cO phan boa, tv van phat hanh. niem
yet cluing khoan... cling se bj anti twang. Float dOng tv doanh cheog khoan c6 the se de tat khoan 16
neu vec mua, ban kh6ng thing thin diem do khOng nhan eh dung diet' bien tea thj twang. Tuy nhien,
thbi ky nen kinh te khi khan la' la co hOi tot cho mOt 56 d!ch vv tv van nha mua ban, sap nhap doanh
nghlep, bao lank phat hanh. va (ham chi la co hei rat tot cho host dOng tv doanh thong khoan nhb du
te b tiling gia thAp va hien tturc hoe lot nhean a Wing gia cao.

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Lam Oat
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Lam ghat la met Song nheng y4u to kinh te VI mO quan tong, ch mei quan he mat thiet vbi sv On dinh va
phat tri4n via nen kinh te. Nen kinh te phat tritm thutrog di ddt vbi lam phat. Tuy nhien, lam phat cao 1st
la nguy co gay bet On de vbi skit phat then kinh te, xa hex. do de tac dOng rat bee cvc den thi truing
thing khoan va cac doanh nghiep hoot dOng trong anh vvc cluing khoan. Lam phat cling la mOt loci nii
ro he thong, do d6 vuot ngoai pham vi dies) chinh dm doanh nghiep. Bien phap phOng nwia reit ro IA lam
tot Gong lac dv bao, ben lieu cac tinh huong ye chit dOng trong host dOng kinh doanh cea minh, tranh bi
anh hutting do Ism phat gay ra. De Ranh nil ro nay. COng ty co Oen Chung khoan Dau khi da c6 del ngei

cheyen gia dv bao kinh te vi mb de thuteig xuyen cap nhat cat thOng tin lien quart. phan tich, danh gia
kha nang lam ghat tact, de oo chien luoc kinh doanh phi) hap. Them nii•a. IA dan vi trong Nganh Dee khi
di (boo Chien Ivac tea Tap loan Deli khi, PSI c6 ca hei titip c4n vbi cac nguen se liOu va luong thOng tin
Bang tin c$y cho ding lac dv bao tea minh.

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ROI ro L5i suet

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Lai stet la mot yeu te rat nhay cam <16i vbi nen kinh te, anti huong trvc tiOp den Het kiem, va deu Iv. san
suet kinh doanh tea cat doanh nghiep not chung va cat doanh nghiep kinh doanh trong linh vvc cheng
khoan ndi rieng, tang nhv cac nha clau Kr cheng khoan.

211

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Doi yeti cat doanh nghiep kinh doanh thong theerng, nit ro lei suet >tale ra khi lei suet thj Inking tang. lam
tang chi phi boat dOng va giam kyi nhuan tea cac doanh nghiep. Rieng dei vbi cac moan hang thvong
mat va cat to diet tin dung, rei ro lai suet con c6 the xuAt hien ngay ca khi lai suet thj truing giam 01

nget ',goat do tinh. (061 yeti cac Ctog ty cheng khoan tham gia thj truing vbi tut oath la mot nha clAu tv
&Ong khoan, khi lei suit tang se tat nit ro vl gia co phAn sut giam do tac thing kep to hieu qua kinh doanh
cue cat doanh nghiep giant va dOng yen vact thj twang cluing khoan gam sat.

10


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■ Nis ski Mu NM
PITOOVIIMUAI RCIPeTtlit INC

•

R' ro Tt gIA Hbi doSI

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COlig ty ChOng khoan Dau khi it O tat Ong trvc tiOp a's so bier Ong ti gia. Tuy nhien, hot Ong kinh
doanh c6 tha bj anh hvbng 6 mOt met dO nhat djnh thong qua sv tao Ong den thj Putting chirng khoan.

•

•

Ti gia hOi doai lac dOng dang Ice den nen kinh le va (hi (rating chimg khoan Meng qua lac dOng tai cac
doanh nghiep xuat nhap khAu, can can thanh toan ve sv di city* cua cac nguOn von dau hr Theo ca
the quan 19 hien tat II gia than anh quan he cung cau giCra cac don vj ten te khac nhau va dst dual sv
quan ly. Bleu bet cite Nha nverc. Wren vy cOng tat (pan 19 ti gia la bao darn sv 6n dinh tier te va Ii gia,
phyc sv nghiep that trier kinh te xa hOi.

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Rol ro

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ve Phan lust

PSI hoot dOng Wong linh vvc chting khoan, mOt linh vvc con meri va nhay cam. co anh twang den dbi
song kinh te xa hOi. Hoat dOng cua tong ty chirng khoan bl diau chinh trvc bleb beri he thbng cac van ban
04 It* cua Qv& hoi, Chinh phi), B0 Tai chinh, cac BO nganh va cac ca quan chOc nang lien quan. Do
chCrng khoan la mOt linh vvc meri 6 Viet Nam non he Sing 'vat con dang dukrc (hay dbi, PO sung va hoan
thin. Mac 0 Nha nverc da ban hart!, va ap dyng mOt se chinh sach bat Ici cho hoat dOng kinh doanh
nhv chinh sach thus thu nhap dta 01 hoat dOng dau tv, nhung TICK van khOng giam di sv hAp dAn,
thanh khoan cua (hi truong van gia tang. Nhin chung, loci rui ro nay thatmg it xay ra vi xu huong chung
IA Nha ntrOm ngay tang ban hanh cac quy djnh phap luAt thong thoang, lao dieu kien thuan lai han cho
cac doanh nghiep va hoot Ong kinh doanh
Ngoai ra, hoat dOng cua PSI sung nhv cac doanh nghiep khac Pen trt Inferno chung khoan chju sv chi
phbi trvc fiep cua he thong ;Map lint lien quan nhv Luat Doanh nghiep. Luat ChOng khoan, Luat Diu fir.
Lust Tnue.... Do vay, ngoti nit ro lien quan den sv thay del. di& chinh cac van ban lust ye link vvc chOng
khoan, con ton tai nhirng rui ro khac lien quan clan vise thieu tinh &Ong b0 va nhet quan gi&a Luat chOng

khoan va cac lust lien quan.

•

De phOng thong nit ro nay, PSI luth c6 60 Phan Phap the theo dol. barn sat qua trinh xay dung cac van
ban phap lust de don dau co hOi ve phong tranh troac rill ro.

•
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Ngoar rUi ro phap ly ye lust phAp not chung, trong hoat dOng cua cac pang ty chting khoan can 0 losi rei
ro phap ly phat sinh tv sv xung dot ye buyer, va loi ich giCra COng ty va cac &Si tac hay khach hang 0
the gay nhirng bet Icti cho Gong ty. De phOng tranh rei ro, Carlo ty C8 phan Chling khoan DAu khl luen
0 thai dO (On trong va chip hanh phap lust mOt each nghiem luc. Cdng ty c6 cac chuyen gia phap ly giOi,
giau kinh nghiem fro 910 cho Ban Lath dao Gong ty va cac 60 phOn. phong ban cua COng ly hoat Ong
theo dung cac quy dinh 0a phap !oat, thao ger nhOng khO khan ve phap 19 CO the xay ra trong qua tr1nh
hoat Ong. Vi nhirng 19 do d6. COng ty co toe kiem soot, han the ter da duct Ioai rUi ro nay.

•
•
•

Rai ro Ngu8n nhan Ivc

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Trong linh vvc kinh doanh chOng khoan, nhan t6 con ngu6i c6 vai tit suyet djnh. Chong khoan la! la mOt
nganh kinh doanh mdri nen nguen nhan hic c6 kinh nghiem con rat thieu. Do d6, nguen nhan No cOrrg la
met yeti t6 canh tranh kha manh. Trong &Au kiln canh tranh kha gay gat ve than sv trong nganh chung
khoan, PSI An darn bao Sc, 8n djnh va phat then nguen nhan Ivc 0 chat !yang cao, tinh than down ket,

On 0 vai Ceng ty, va dap Ong you cau boat dOng kinh doanh ngay tang phat then.

•
•

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ROI ro ■re Conti tranh

•

Canh tranh IA quy lust tat you trong nen kinh 14 efi tratmg, nO luort tOn Lei trong bet ar mei throng host
Ong kinh doanh nao. Theo thong ke cua Cling ty c6 phAn Chung khoan Dau khi, tinh den that diem hien
tat tit 105 Ong ty chung khoan nay chi cOn 81 tong ty Ming khoan aa duct cap phOp va boat Ong.
Tuy Mien, cuOc canh tranh gianh (hi phep dang dien ra kha gay gat. co to&

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CuOc canh tranh ve giam met phi djch vy nhAm thu hid khach hang, gianh thj phap:
Canh tranh chiem linh dia ban kinh doanh thuen
Canh tranh ye viec dau tu. trang lac cOng nghe Meng tin hien dal,
Canh tranh trong vise sang too ra cac son pham. dish la) men. hap dAn cac nha dau tu:
Cant, tranh nhan sv c6 chat lacing cao

tt


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cxipfCISxSW me

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PSI

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TINH HINH KINH TE VT MO VA THI TRITeiNG CHUNG KHOAN VIET NAM 2014

to

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Tinh hinh kinh

•

LAI qua bac tranh toan canh nen kinh le vi me Viet Nam 2014 co nhOng diem sang ben canh nhOng
kh6 khan, thach tht nhut:

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vi me nam 2014

Nam 2014 GDP ce nuac at tang 5.98%, cao han so vex' chi Ilk Chinh ph0 dat ra lit du ram 2014 ye
cao turn tat ca moi da bao cua cac t6 chile trong va ngoei mac. CPI (hang 1212014 tang 1,84% so yeti
cOng ki nam ngoai, rnt lam ghat nam 2014 la Map nhat trong %trig 10 nam tree lai day.
Tong thu ngan sach Nha ntrc tit: du ram den thor Cam 15/12/2014 dat 814,1 nghin 19 dng. bang 104%
diu the dot 98,1 nghin t9 deng. bang 115,2%; thu can ddi ngan sech tO hot dOng
du loan nam. thu
xuat. nhOp khau dt 160.3 nghin t9 dong, bang 104,1%. Gia dau tho giam manh chi) yau (Cr thang 12.
cram kip c6 tac dog anh hutng tan thu ngan seek. Tong chi ngan sach Nha nut ta dau nam den th6i
diem 15/12/2014 ut tinh dat 968.5 nghin tip dang, bang 96.2% dv loan nam, trong Q6 chi tre no ve vien
op' 120 nghin tjr deng. bang 100%.

tie

Tinh chung ca nam 2014, kim ngach hang h6a xuat khau dat 150 t9 USD. tang 13,6% so veri nam 2013.
trong Q6, khu vac kinh to trong nut Qat 48,4 09 USD. khu we pa van eau Its nut ngoai dal 101,6 19
USD (gem ca du the), va dat 94.4 1.9 USD (khOng ke du the). Tfnh chung nam 2014. kim ngach hang

hOS nhap kheu uac tinh dat 148 19 USD, tang 12.1% so vai nam Out, trong 66 khu we c6 von ciau tv
nverc ngoai doi 84,519 USD. tang 13,6%; khu vac kinh to trong mac dat 63,519 USD . nhu vey ca nut
nam 2014 xuat sift 2 t9 USD. rieng khu vvc kinh te trong nut nhap slat, han 1519 USD. phan xuat Neu
yeu nam a khu vac du Iv mac ngoat
Tee dau nam den that diem 15/12/2014. du Iv trvc tiep cOa nut ngoai thu hOt 1.588 dv an Out cap
phep mai vai sa von dang k9 dat 15.642,6 trieu USD, tang 24.5% ye so da an va tang 9.6% ye so von so
vai cOng ky nam 2013. Deng then c6 594 Vat do an da cap phep tit cac nam tat Qat cap von b6
sung veri 4.588,3 trieu USD. Nhtt vey tong van dang k9 cua cac dv an cap inCri va van cap 1)6 sung dot
20.230.9 Viet, USD, tuy Om 6.5% so vai cOng kjr nam 2013 nhvng cao han 19% so vat Ice hoach. Von
clau to tn,rc beg nut ngoai thvc hien nam 2014 vac tInh dat 12,4 19 USD, tang 7,4% so veri nam that
va cao han 19% so ven Ice hoach nam 2014.
TO den ngay 19/12/2014. tang phuang ben thanh loan tang 15,65%. ye huy dOng van tang 15,15%.
trong 06 huy dOng van bang VND tang 16,31%. Tang trvang tin dung nam 2014 dv kien dot chi lieu Binh
twang 12 - 14% d ra fir du rem: Irony do, den ngay 19/12. tin dung tang 11.8/0 so vai cuei nam 2013.
Thi truong chirng khoin 2014

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Thj Wang chOng khoan Viet Nam nam 2014 65 dial, Bien rat kha quan xet ye cac phuang titan t6c Q0
tang chi so, mat dO on dinh, khei luang giao dich va phen anh kha re net nhOng chuyen bien lich cvc
trong nen kinh te. Thj twang phat trien theo chleu hvang tang (rutting, mac du xen ka nhting khoang they

chin germ Chi s6 VN-Index da lap dinh tai mac diem 640.75 (Nay 3/9) sau ghn 6 nam dat Out, trong
khi chi so HNX-Index aing da lap clinh tai mac diem 92,99 (ngay 24/3) sau &mg 3 nam. TInh den ngay
0811212014. chi so VN-Index dat 571.68 diem tang 13,3% so veil cue' nam 2013. con chi so HNX-Index
dat 87,17 diem tang 28.5% so veri cuiSi nam 2013.
Tinh den ngay 08/12/2014, tang gia trj giao djch town (hi twang dat 1.164 nghin deng, tang 90% soya
nam 2013; gia tri giao dich binh quan m& phien dot 5.448 t9 &mg. trong do gia tri giao djch co phieu,
chirng chi qu9 binh quan mai phien dat 2.971 t9 &wig. cao gap 2.2 [an so vai nam 2013.
Tong gia to huy Ong van qua TICK nam 2014 vac dat 237 nghin dem tang 6% so ven cOng k9 nam
2013 va dOng gap 27,1% tang von dau tut loan xa hei, Irony Q6 t6ng gia VI huy dOng qua phat hanh Tire
phleu Chinh phe vac dot 214 nghin t9 ding, chiem ty tong 90% tong gia tri yen huy dOng va gan Nang
dvang yen mac huy dOng von k9 lye Irony nam 2013.

•

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12


CMS KIS

TINH HINH HOAT BONG TRONG N M CUA PSI
H H NH HOAT DONG S XU T KINN
Key qua host Ong son xuat kinh doanh trong nom:
Don vi firth: VND

SIT

Khoin nnic

I

Tong doanh thu

1

Doanh thu DVCK

CK, Op win

Doanh Mu Writs
Doanh thu MSc
I Lai tin gin

4.2 PVN Index
.3

Khac

[I Tong chi phi
III 141 nhucin tnthc thoe

Nam % TH so 1.01
2014
KH 2014
97.0
1213%

Nam % TH 2014 so
2013
1.61 Ili 2013
150.6
64.4%

56.0
22.7
5.3
28.0

163.1%
209.9%
177.3%
136.4%

39.2
10.7
3.1
25.4

142.'6
211.1%
173.t/o
11011%

29.0
9.6
6.4
2.7

1.0

15.7
14.7
16t7
5.0
3.6
2.0

221.4%
50.7%
110.9%
78.8%
163.6%
201.0%

23.2%
51.2%

75.0
5.0

92.0
5.0

122.7%
100.4%

67.7
28.7

15.0
10.2
2.6
2.3
148.0

34.3
I

L

Wtii cling khoin
2 Luu Ice chimp Moan
Ettch vo TM chinh
Doanh thu tau 1w

KO hooch
2014
80.0
10.8

3.0
20.5
7.1

2.7

70.8%
49.5%
138.8%

89.0°./0

62.2%
187.6%

Dapiti gli chi tiou Doanh thu vi cac Ming hoot dOng chlnh
Heat d6ng mei glen, No k9, quan 19 e6 dong vi dich vu tai chink
Mang hoot Ong nay bao g6m cac chi lieu doanh thu moi gibi, doanh thu No kt va quan 19 o6 (Song ve 1

phin doanh thu khac. Cy the nhv sau:
Nam 2014 la mot nom c6 nheu ben dOng tich cat to non nhigu ca hOi cho nha dau tv. TTCKVN CO sv
tang twang ca ve gia trl giao dich va Urn thanh khoan. VN Index ket thk nom 2014 dot 545.6 digm tang
7.5% so vbi then diem 31/12/2013, HNX Index tang tel 67,84 diem len 82,98 digm (yang dvcrng tang
18,'F4%. Nam 2014. cOng vied sy tang tnrimg tich cvc cOa thj trvirng. loan the Can bO PSI da c6 nhiing
ninlyt kh6ng ngang glOp din doanh thu hoat dOng MN gibi an PSI vvqt kg hooch de ra.
Ting doanh thu cOa KhAi DVCK nom 2014 dot 56 t9 d6ng, vvcrt ke hooch vbi tie le 163.1%. Trong d6
Doenh thu mai gibi 2014 dot 22.7, t9 deng, vuat kg hooch clau nam vbi t9 i4 209.9%. Doanh thu Iuu
ye quan ice co ding ve doanh thu DVTC Ian !vat dot 5.3 t9 d6ng ve 28 t9 ding, vtrcrt ke hoach yin t9 I0
171.3% va 136.4% do PSI da Sp dung chfnh &Itch djch vy nhat quan, linh hoot theo Mj trytmg, dap taw
tat nhu ceu aia khach hang deu
Hoyt dgng Tis van va Bao Ianh final hank

Doenh thu hr van trong nom 2014 dot 14,7 t9 nano, dot 50.7% so vbi KH nom de ra la 29 t9 ding va dot
5142% so vin ding icy nam ngotti. Nam 2014 la nom deu betel PSI by dung m6 hInh he win men, do d6 vigc
th4 d6i ca Stu quan 19 va con nguiri trong Kh61 bong thin glan thir nghiem da gap phai khong it kh6
kh4n, din den viOc thyc hien va Men khai hqp d6ng tu win chug! mang Iii Neu qua thigt thyc nhv mong
d anh hating den kit qua kinh doanh aia Wan !Choi. Ngotli ra, do anh hating c6a cac y4u t6 khach
titian nhv via 461 Luet dau theu cOng nhv qua trinh trInh xln 9 kIgn cOa BO ban nganh lien quan bj keo
.

13


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IIII
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El
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CHAS kIIOAM ;AU Km

dal da anh hinny rat Ian den ben da va kat qua nghiam thu hqp Ong Oa PSI. Tuy chin dot auto chi
tieu ke hooch Mir mong muon nhvng PSI da chang US nhing no lot kheng oiling trong vino cal thien
chat Ivong tv van.
DO val host dOng ngoal nganh, PSI cOng da ky kat Ow kha nhieu cac hop clang tv van co phan h6a
cho cac Ong ty, dac biet tai thi Voting phia Nam, nang cao uy tin cOa PSI. Tuy nhien, lino quy djnh dm
phap lint ye chi phi c6 phan h6a bj gib, han Theo quy ma von doanh nghiap, nen mac dit s6 logo hop
Ong ghi nhan la cao, nhong tong gia to doanh thu chin dat &roc nho ki yang.
Del vol hoot dOng tv van mua ban 0 sap map doanh nghiep, PSI An then khai theo clang kA hooch da
dinh hutng. V61 myc tieu tap 'rung khai thac tot thj trvang trong riganh nhung kin kheing 66 qua cac co
hoi phial then thi trvang ngoal ngenh. hoat dang Itsvan M&A mat mat luon tich cvc then khai to yen thoai
von tim co deng °hien lot cho cat tong tong ty ma tap doan dang eh nhu cau thoai von, mOt mat. barn
sat nhu tau thi truing, cac de an tai cat, trite cin cac tap doan va cat tong Ong ty Ian khac cua nha
mien, butt dAu gat hat duct nh&ng thanh cling va ghi nhan duct uy tin tren thi tru&ng. Tuy nhien. vdci
dac the °Oa hoot dOng M&A va mat s6 thou kian khach quart (KA hoach bj hoan then khai. hqp Ong bj
thorn k9 kat, v.v...) ma mang M&A trong nam qua da khOng ghi nhan duot doanh thu nho Ice hoach. Tuy
nhien, clu• kien trong quy dau 2015. v6i no lot vocii bac cOa toan the ban lanh dao ve nhan wen on khei
to van, die kien boatdeng M&A se ghi nhan duct nhieu kat qua kha quan vai vitt hoan tat mdt so hqp
Ong to van Ian.
Va cling can phai kheng dinh la, cho den nay, PSI da xay Ong dine deli ng0 to van c6 trinh de cao, CO
kha hang dap (mg yeu eau Oa thj inning trong nuerc 0 kat n& &roc vat cac t6 critic to yen tai chMh
hang dau the gitri. Cling val str h8 tro to Ian to OS tic chien lutc SMBC Nikko, thong qua 02 co van
thirang Vitt tai PSI trong suOt 4 nam vita qua. so hop tic ye nghiep vy va mang [yeti giOa hat ben da
gap phan Ova vi the cita PSI len tam cao rndn, nhieu to chin tai chinh 16m tren the gieri da chit dung tim
den vat PSI ngay tang nhieu hon. C6 the khang djnh, cat nha dau to Nhat Ban tim kiem co hal day to
tai Viet Nam thong qua SMBC Nikko va PSI dang ngay tang nhieu hon, hen hen kha clang thanh cony
cao trong boat Ong tv van M&A trong nam 2015
Hoyt Ong Dau to

III
.

•
IS
•

• Tang doanh thu (Cr hoot dOng dau tv nam 2014 la 15,7 (9 dat 221.4% ke hooch giao dAu nam. Trong
0 doanh thu tie lei tv doanh 7 t9, doanh thu to co tic 5,8 tit. doanh thu UT haat dOng hop lac dau to,
UTOLV dat 2,9 t9 Ong.
• 06i yeti djch vy hqp lac dau Iv. tong ty da thvc hien thanh 19 loan 1)0 cac hop Ong vot khach hang.
thvc hien thu von va at dOng theo kO hoach.
IV cat tinh huting
• Bich 0 ay that quart 19 van dot wanly chat che, dam bat tInh phap 19 cao. xa ,
phat sinh kjp thtri, hiOu qua
• COQ veri nh&ng Nguty ai dien von, cap nhat danh mvc dau tu - , lap bat cao day da, kjp thtti boo
cao lank duo.

El
.

Hoit deng thoai von danh mvc OTC butt dau da c6 nherng ben chuyen Lich cin (giant dint 24% tong
gia tri dau to OTC so vei th&i diem dau Om 2014), tuy nhien van chva dat yeu tau do danh rho chit
yeu On tut lit qua khir va do ngu6n nhan Ivc can han the trong vier chi) deng lao ra co hell thoai von.

El

Danh gib chi lieu chi phi

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11

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Trong nam 2014, ngay tiv dau nam, sac djnh thj truing van can nhieu kh6 khan. PSI da chi*, dOng tiep tyc
cat glarn cat khoan myc chi phi. gran tien dO cat Shoat) dau tv chin Mtn sv can thiet song song yeti
tong tat tai cat, We Citing ty. Cu the, chi phi boat dOng thviang xuyen dm COng ty cm tiet giam dint 33%
so VOL nam 2013

14


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M one

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PSI

111
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Loi nhuhn vh Chi tiOu An Wan Tel chinh

•
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MOAN DAB

Nam 2014 Cong ty dat &roc 5 ty dOng lot nhuan. dat 100% 4 hoach SHOCD giao. Chi tido An loan tai
chinh tat ngay 31.12.2014 cua Cong ty la 234%. dat ear, mire yeu cau t6i thieu (180%) theo quy Binh cOa
Oy Ban Cluing khoan Nha
TO CHOC VA NHAN Sly
Danh sach Ban (lieu hank:

•

Bi Hoing Hai Anh - Chi/ tjch HMI

•

Thac sy Quail tri kinh doanh 12 nam kinh nghiem trong rinh vyc

tai chinh, chi/rig khoan

• 7/2007 - 7/2010: Ph6 T6rtg Giam /Mc CON ty CP Deu to ya Tu yin Tau chinh Deu khi
•
•
•

812010 - 05/2013: Ph6 TOng Giam d6c Cong ty CP Ching khoan Deo khi.

• 2013 den nay: Chu tich Het ()Ong Quan trj Cong ty CP Chong khoan Deu khi.

•

Ong Pharn Quang Huy - Uy vien HOQT. Slam doe

•

Thac sy Quart tri kinh doanh, 19 nam kinh nghiem trong linh we Tat chinh. Ching khoan:

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• 10/2003 - 5/2009: PhO Tang Giam Mc Cong ty Ch'ing khoan Bao Viet.
•

•

6/2009 - 10/2009: Ph6 Tong Giam &SC Cong ty CP ChOng khoan Deo khi.

• 11/2009 den nay: Gam d6c COng ty CP Ch'ing khoan Deu kb/.

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Ong Cohn Thant) When - Lly vien HOOT chuyan trach

•

Thac sy Lust hoc. 19 nam kinh nghiem trong linh vVC phap lust: luat doanh nghietp, lust chUng khoan
ye cac nganh luat co lien quan.

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1995 - 2007. Clang vien Tat&ng OH Lust
• 2007 - 20091PhO phong phb trach phang Phap the va KSNB C6ng ty CP Ching khoan Bao ViSt
• 2009 - 2010: Giam (Mc Ban TCHC&PC Citing ty CP Chi.mg khoan Deu khi
•

•

2010 - 2011: Truteng ban TCNS Tong COng ty Tai chlnh CP Nu khi VN

• 2011 - nay:

uy vien HDQT chuyen trach. COng ty CP Ching khoan Deo khl

•

Ong Nguyen Van Nhihm - Touting Ban Kelm soft:

•

Thac sT Tai chinh K4 loan. 18 nam kinh nghiem trong linh vvt Ke toan ya Kiem loan.

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• 12/2006 dOn nay. ram viec tai Cong ty CP Ching khoan Dau khi qua cac chit vy
Trufrng Ban Kiem soat

Ke town trueng,

Ong Nguyen Xuan Hung - Ph6 Giam doe
Thac si Quart tri kinh doanh. 20 nam kinh nghiem trong enh vue tai chinh, thing khoan.
• 8/2007 - 412009: Gam d6c Ban Deu to - Gang ty CP Ching
• 512009

khoan Deu kb/

den nay. Ph6 Giam /16c Cong ty CP Ching khoan DAL/ Of

Ong Iran Meng DOng - Phe Giam d6c
'nen s9 Kinh to, 21 nail) kinh nghhm lam viec trong Thp down Deu khi Qut6c gia Viet Nam. trong dO co
8 nam kinh nghilarn trong linh vvc thong khoan.

15

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CHING MAN
PSI

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Th@c si tai chinh - ngan hang. 13 nam kinh nghiem trong link win cheng khoan va thi trveng chirng
ian

U

U

11/2013 den nay: PM Gam Mic Cling ty CP Chien° khoan [Au khi.

On g Gang Minh Quang - Ph6 Clam d6 e
Ti n si Quin tri kinh doanh, 16 nam kinh nghiem trong anh %Arc tai chinh, chimg khoan

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U
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2008 - 2010: Clam Mc Ire hooch chi en two va ghat tri&n he thong - Ngen hang Bao Vint
04/2010 - 102013: Cly vien Hai dal rig guan to kiem Ph6 Tang Giam d6c - Cong ty CP Qs& to
San HA.
11/2013 den nay: PM Gam

Co ng ty CP Chung khoan °au khi

BS Thai Vi at Anh - Ph6 Giam 66c
Thac sy guan trj kinh doanh, 11 nam kinh nghiem trong enh vyt tai chinh doanh nghlep ye chtimg
khoan
2010 - 11/2014: Ph6 Giam Mc, Gs' m d6c to yen phy each K, van mua ban va sap nhap doan
nghlep -Gang ty Co phAn ChOing kl can DAu khi.

•

U

Cong ty TNHH ChtYng khoan Ngan hang Ngoai thuong.

2002 - 10/2013: Ph6 Giam d6c

U

•

2007 den nay. PM Clam 66c Gang ty CP ChOng khoan DAu khi

Ong Mal Trung Dung- PM Giam d6c

U

•
•

eau xic

12/2014 den nay: PM Giam d6c CO ty CP Chung khoan (Mu khi
Oa Dinh Thl Lan Phtrang -K6 toan Truong

Cu nhan Kinh T6

-

Nganh Tai chinh Tin cl pig. 12 nam kinh nghiam trong linh yin lie loan nganh chin: 9

khoan

•

7/2010 : Ph6 PhOng Tai chinh k6 toan - Clang ty CP Chiing khoan Day khi

•

23/08/2013 den nay: K6 toan trutng - Cling ty CP Chung Khoan [Au khi

NhOng thay d61 trong Ban Dieu hanh
Thang 12/2014: B6 nhiem Ba Thai Viet Anh gi& chirc vy Ph6 Clam Mc Clang ty CP Chting khoan DAu
khi.
So lircrng can be, nhan vien tinh den ngay 31/12/2014: 146 ngureri (khOng bao 96m 5 M6i gibi OM
hien khach hang)
Try si•

116 nguti

Chi nhanh HCM

20 ngirth

Chi nhanh VOng Tay

6 niguen

Chi nhanh Da N5ng

4 nguitri

U

•

16

U
U

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mks =AN BAe oi
rt-

$40/1•TItS OK

PSI

TINH HINH OAU TV VA TINH HINH THVC HIEN CAC Dl/ AN

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Cac khoan 06u tv ion: Tinh clan the/ diem hien nay tong gia In dau hx: 259,5 ty' ding. Trong nam
2014, ngoar yiec thoai thank tong dal h myc chcing khoan niern yet, Cong ty de th oai von loan b0 c6
phieu PV Machin veti tong VI gia clAu to 79 nicl6rig. So yftri then diem 31/12/2013, ttng gia trj diu to
so hug xu6ng
giam 32%, Wang Ling Om 123,5 nit Ong. ti6p tyc dva t6ng gia In dew ty Van v6n
can 43%.

•

Cac tong ty con, tong ty lien ket: Kt)/ ng GO

•

TIN H HINH TAI CHINH
Don w ;Inn - VNO

% ta

lam

Nam 2014

Nam 2013

813,844.326,607

927,002,332,007

88%

97.034,154,119

150.637.051.780

64%

7.135,458,827

5,054,666,887

141%

L ri nhuan trot thue

5.021.994,582

2.676.010,726

188%

L ri nhuen sau thue

5,021.994,582

2.676,010,726

188%

Cad SW
ing gia tri tai san
0 )anh thu
T ma ye cac khoan phai nee

• •

Ca CAU CO DONG, THAY 001 VON DAU TV CUA CHO SC7 HOU
Co phan
S

co phan clang Jut hanh

59.841.300 co phan

S

c6 phan tv do chuyen ninsceng

59.841 300 c6 ph6n

S

c6 phan han the chuyen nhvvng

0 c6 phan

Ca •

c6 dorm

STT

C6 &mg

Ti I+

1

SMBC Nikko Securities Inc.

14.90%

2

Gong ty CO phan Quan ly Quy c1au nr Sai Gan - Ha NO1

14 47%

3

Ngan hang TMCP Del Chong Viet Nam (PVcombank)

9.43%

4

CTCP DAL, to. ya Kinh doanh Tar sari Viet Nam

6 75%

5

Cdng ty CP Dau tv Tai chInh Cong Doan Deu khf Viet Nam

6.68%

6

arc-1g ty CO phan Quan ly Quy Cat Viet

13.39%

7

Cong ty CP Du rich bran My Khe

4.68%

8

C6 riOng khac

36.07%

•

Tinh hinh thay 06i von ddu Pi cS chi, so hire Khang co

•

Giao dich c6 phiau guy: Kheng co.

•

Cac chung khoan khac: KhOng c6

U

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17


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RI

CHUNG KNOMI OALI 1011

PSI

ir471

i I MIEN MI

71 Fre

DASH GIA K QU HOAT DONG S XUAT KISH DOANH
Kat qua hoat dOng san xuat kinh doanh trong nam:

Don vi Only TV VW)

="(

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Kt hooch

Khmin mot

2014
80.0
34.3

Tang doanh thu

1
Doanh thu DUCK
1 1 Mai gin cluing khodzi
1 2 tutu ki cluing khodn
1 1 Dich sit Ini chinh
Doanh thu dau to
2
CK, gip von
3 Doanh Mu its. ran
4 Doanh thu kink
4 1 lei lien gill
4.2 PVN Index
4.3 Khac
ling chi phi
III 1...yi nhui) n tnrir• tht.

10.8
3.0

56.0
22.7

5.3

163.1%
209.9%
177.3%
136.4%

20.5

28.0

7.1
29.0
9.6

15.7
10. 7

221.4%
50.7%
110.9%

6.4

5.0

78.8%

2.2

163.6%

75.0

3.6
2.0
92.0

5.0

5.0

1.0
•

Nam
% TH so sin
21114
KH 2014
97.11
121.3%

14. 7

201.0%
122.7%
100.4%

Nairn

'VG TH 2014 so

2013

vii TH 2013
64.4%
142.7%

150.6
39.2
10.7
25.4

211.7%
173.9%
110.0%

67.7
28. 7
15.0
102
2.6
2.3
148.0

23.2%
51.2%

70.8%
49.5%
138.8%
89.0%
62.2%

2.7

18Z6%

3.1

Vdri nheng chuyen Ong Wang deli tich we cita UN trireme eking khoan ding vat sy tin tuding ctUa net
dOng cOng nhv nd ivc khOng ngerng cUa tap the PSI aa dem den cho PSI kat qua kinh doanh kha quan
va hira hen nhieu tern nang ghat tridn trong Luang lai.

Ho* Ong mei gibi, loot kO, quan I9 ca Ong vi (Bch vy tai chinh
Doanh thu mei gidri nam 2014 dat 22,7 tit Ong, bang 209,9% so va ke hoach dat ra va bang 211.7% so
vat nam 2013.
Nam 2014. ben canh viec tat ceu true Kheli Tv van, Gang ty cling da bat Oat, giai down sam cua viec tat
cdu tritc host dOng mai giai va djch vy chung khoan. Veri mac tieu day ben ia nang cao chat ',Jong djch
vy. Cony ty da than khai dAng bO cac bian phap nang cao chat Ithang nhan sty. ra soot sea den quy trinh
nghtep vy, xay dung ve cling có be phan phan tich va to yen clau tu. Val eidri bran thuan Igi han cua thj
trvemg chins khoan Yong nam 2014. cung veri sir n6 Ivc khemg ngUng cOa ban lanh dao va can be nhan
vent doanh thu cua nang hoat dOng nay di Lac au viral xa ka hoach a ra va phat than manh so veri
nam 2013. Ben canh viec cOng c6 chat luang cac dich vy truyen thong. cOng ty cOng da chi trong nghien
cuu va phat then cac sari phem mad nhv cac san phem chi sec meo gidn day than bat phieu... Cac dich vy
mai da butt dL Ong gap cho doanh Ihu hoat Ong coa cling ty.
Hoat dOng Iteu k9 ve QLCD dat 5.3 t9 (Ong, hoar' thanh 177.3% so van lolt hooch nam nhe hoan thanh
xong viec Ivy ky cac ma chUng khoan cOa cac don vj 'Minh vien Tap doan Deu khl, nham rang cao hieu

qua quart Iy cac chUng khoan di dun niem yet va day nhanh lien de axial von then ke hooch. Ong then
glee tang doanh thu phi Ivy ky, wat chi lieu Ice hoach dat ra.
Doanh thu djch vy tai chinh Gang viten ke hoach nam de ra. dat 136.4% so ven lot hooch nam 2014 do
Clang ty a thuc hien thanh cling viec thoai van met phan danh myc day tu OTC de tang nguan von the
dich vv tai chinh.

la


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CHUNG IMAM

oAu 1011

PSI

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Hoot dang ter van

Doanh thu hoot dOng to yen thvc hien 14.7 ty clang, hoan thanh 43% ke hooch nam de ra. Nguyen nhan
chinh khien cho host dOng ter van khOng dat doom nhv ke hoach la do trong nam 2014 cac hop clang to
van Ier khach hang on PVN va cac doanh nghiep trong nganh slit giam va ram dau lien PSI ap dung
ma hinh to van
Viet thay dal ccr cau qudn ly va con ngtren trong Kh6i trong than gian the* nghiem ea
gap phai khOng it kh6 khan. don den viec thyc hian va then khai hqp clang to van chua mang 101 hieu qua
thief thut nhv mong do, anh hutng den ket qua truth doanh ctia Loan Kh6i. Ngoai ra, do anh hiking cs.ia
cac Au to khach quan nhv sera dOi Luat
that, clung nhu qua trinh trinh xin Kirin Pita BO ban nganh
lien quan bi keys dai Oa anh hoeing rat Ign den lien do va ket qua nghiem thu hop dOng dm PSI.
Tuy chva dot dvqc chi lieu ke hooch nhv mong muOn nhong PSI da chi:mg tO nherng no Icrc khOng nhOng
trong viec cal thian chat [Leong lit van bang nhOng thay cuSi rat cu the nhu nhan sv, co cau tO that. quan
ly A van hanh. Trong nam 2014. PSI ea co ban hen sang cung cep cac dich vy Lu An CO Olen hOa, chao
ban. thoai van cho cac don vi ngoai nganh (giao (hang. diet rivet) va la Lien de de cung cap cac dich vy
Iv van chit krong Ca0 Gong vtri sv h6 trq cOa clesi tac chitin luvc SMBC Nikko. Dac biet, khang chi fro
than nhe ter van quan IhuOc cho cac doanh nghiap trong nganh Dau khi, PSI can dang vai tra tich eye
trong vi0c then khai De an tai du Wk. thoai von da dvqc Chinh phu phe duyet cOa Tap doan Dau Khi
Viet Nam. COng ty cling titip tyc la clan vi van hanh tat BO chi s6 PVN Index cho Tay dean.

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Ngoai ra, PSI Gang dang tang butt then khai thorn cac san pham ter An tai chinh mai Mk/ ter van phat
hanh trai phi& cho doanh nghtp, to van quan in chitin Ivor yeti sy ket hop sing cac Tap doan to van
chain luoc hang dau the glut

•

Nhovay. nam 2014 da khep lai mart nam veri nhOng tarn tel va kh6 than sari veri hoot dOng to van tai chinh
doanh nobler), Fiera hen mat nam sap ten se can nhieu n6 Ivc non nOa cOa tap the can b0 ter van PSI nti
chung va ban (anh dao PSI nOi rieng Yong viec nghien cite va ap dung m8 hinh Khei to van m61 va cac
san pham b6 sung mat cach hieu qua va thiet thoc. dam boo hoot dang kinh doanh dat It& qua bat dep.

•
•

Heat dang dits ter

•

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Doanh thu hoot dOng dau Lu thyc hien la 15,7 ty (Tang, turang Ong 221.4% ke hooch nam. Ket qua dat
dvorc chi) yeu la khoan thu ter co tort cip c6 phieu trong danh myc dau ter va lai ban cherng khoan. Nam
2014 danh diu no icrc cOa Ban Wilt den Cong ty trong viec cal thin chat 'Leong Lai san cOa PSI th6ng
qua viec thvc hien thanh Pang thoai vOn mat phan dang ke danh muc dau ter c6 phi& OTC, too nguon
vOn cho cac howl dOng kinh doanh hieu qua hen Gera CON ty

■

Lq'I nhuen va chi lieu an roan tai chinh

•

Nam 2014 Cong ty dat dupe 5 ty &Ong Iqi nhuan, hoan thanh Ke hooch OHDCD giao. Tuy kat qua con
khiem ton nhvng rat Bang ghi nhan trong bOi can C6ng ty xuat phat diem con nhieu kh6 khan va xac
Binh myc lieu vu ten la tai cau trio va nang cac chat luvng tai san de ghat then ben vCrng.

■

Chi lieu An town tai chiral too ngay 31 12.2014 ctia COng ty la 234 4/0 tren mix yeu cau t61 thieu (180%)
thoo quy Binh cUa UY Ban Cluing khoan Nha Nutt

•

Ngoai cac chi tieu dinh luqng trong nam 2014. PSI da dot duet nherng kat qua sau,
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Hoot dOng Iv An da co dint sv tin tvarng cita Tap doan Dau khi Viet Nam. ciao bit trong hoot dOng tai
cau We doanh nghiep va keu gqi von dau ter nverc ngoai. Can b0 Kb& Iv An A (anh doe PSI da lam tot
sang tac tai cau trim cho cac den vi thuOc de an tai cat, Vac dm Tap doan, nOi bet la viec 16 chirc 006 Oar)
h6a, IPO Dom Ca Mau, thoc hien to van chuyen nhviong/ chuyen giao ha thong kinh doanh sang dau
cho 2 DNNN. Lu van tiro locitm co Ring Chien lint the cac doanh nghiep I6n cira Tap doan Dau khi va
thvc hen thoai von, t6 chirc lai cac doanh nghiep niece yet va chin niece yet Theo nhiem vy da dtrqc
Chinh phi) oho duyet caa cac doanh nghiep Nha mitt
PSI da thvc hien tot Wig tac quan tn. va kiem soar tot hoot Ong kinh doanh. Heat Ong quan Uj rill ro
!Lion barn sat cac quy dinh cOa UNCKNN cling nhv cac quy dinh nOi bc) cua Coop ty. 06i veri Gong tic

guan to doanh nghiep. Cong ty de ra soot va chinh sera, ban hanh clang Pa he thong quy cho. quy dinh
too hart lang phap ly it rang. khuyen khich cac hoot dOng kinh doanh ding thee quart le tot nil ro. Nam
19


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PSI

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CHUNG MANS

2014. ye cc ban Cting ty aa hoar, thanh dog tat tai ceu Ink (hanh 3 Kh6i, shay dinguiri (Jai then tritc
Phapluat, sits di. ban hanh cac Quy trinh quy the theo m6 hinh
Corp lac tai cau trOc nem C6ng ty d5 dat hieu qua, dac bit trong ding tac tai cat, trim nhan sv, cat giam
chi phi
TINH HINH TAI CHINH
Tinh hinh tai san
Cac tai san lien quan den ket qua boat Ong kinh doanh cm the nhv saw

Irrierrmur

Dau tu nigin han
Du ph6ng giam gia dau tv ngan han

404.596.329.975

596,657,131,094

68%

(2,329.227408)

(31,999.105.071)

7%

Dau tu dai han

Tinh hinh nq phai tra
-

firth hinh nq hiOn tai, bien dor 9 an vt? CAC khoan nq.

Vay va nq ngan han
Phal Ira novel ban
Ngutei mua ire lien boat
Thue va can khoan phai nOp nha
nudit
Ph& tra ngvOn lao ding
Chi phi phai tra
Cac khodn phai tra phai nOp
nen han khan
Phai tra host deng goo Bich
chung knoen
Phat tra hes c6 IOc, gdc 4 Ni trai
phieu
Quy khan thuong phik loi
Doanh thu chva (hue hien ngan
hsn

T • • e • n•

40 .000.000,000

0%

41272,788
170,406,645

1.754,587,873
467.456,645

2%
36%

1.974,164,723

581.782.127

339%

2,772,331,295

11,145.483.075

25%

1.833.357,592
61490.100,828

4.983.315,555
111,850,423,581

37%
55%

116,561.806,802

147.970.568,725

79%

30.079,671,803

13,891,982,200

217%

(74,217,077)
850,000

(497,967,077)
383,112,677

15%
0%

21 850,745,399

332 530 745,381

85%

Nh&ng cal nen ve ca ceu t6 ethic. chinh sach, quart 19
Thtyc hien chi) twang chung trong viec tai thu trot cat Cong ty ChUng khoan, ngay t6 deu ram 2013.
PSI 05 quyet liet thin hien (16 an tai thu Ink Nan Cong ty nhhm tap trung nguon Itrc phai trien c.ac linh
vut host Ong dang la the monh cOa PSI, ra soat cat giam cat linh vvc host Ong chua Neu qua. sap
xep 131 nhan sv, insng Iuoi cho phO hqp vdri tinh hinh, chien lvqc kinh doanh men de tiet kiern chi phi,
tang cthang hieu qua kinh doanh.

■

Thuc hien kiern soat chi phi hang Man. thong theo king khoan awn chi phi, tai fling Clan vi, thvc hanh
net kiem thong lang phi trong Nan tong ty.

•

Cong ty cI5 xay dung ve du On dva vao van hanh m6 hinh boat Ong thou 3 Ith6i: Kh6i tit van, ktoSi djch
vu chtirng khoan va kh64 4n hanh 10 du nam 2014.

•
•
•

20


M

cotes

uni

PS,

Ke hooch pith trAn trong
..•

bao kinh

to

nim 2015

Viet Nan, nam 2015

Theo bao ciao ngay 29/12/2014 cOa Uy Ban Gam sat Tai chinh Quec gia (U8GSTCQG), kinh to the gioi
ram 2015 ()vac cac to chin quec to (IMF, OECD) dv bao 6 mire cao han nam 2014, 6 mat 3.8% (IMF)
va 3,7% (OECD) tang 0,5 - 0,4 diem phhn tram so veri m&c tit tinh cho nam 2014. Tang twang thvang
mai the giai duct dV bao se phyc hei b mac 4% (tang kha so va mtXc 3,1% nam 2013 va 2.1%nam
2012). (fat, its trvc tier) nut ngoai 6 mat 1,8 nghin bj USD. De dam bao tang twang phyc hoi, nhieu
quec gia se neri long chinh sach (al khoa va day monh tai w cau nen kinh te.
Hien Viet Nam dang 01 myc tieu lonh to nam 2015 veri tang twang GDP khoang 6,2%; lam phat kiem
the dual mac 5%. cal thien can can thaang mai. dau tv eat 30 - 32% GDP. tang Huang tin dyng khoang
15%, tiap lye tao &au Ken giam lai suat cho vay.
Tren ca sair kinh to the gioi va kinh to Viet Nam dang tren da phyc Xi& gia Pau the gioi Om, qua de he
Ira tich cvc cho giam chi phi dau vac, cho doanh nghiep, kith tau lieu clang. kinh to vi me. cling nhLr (hi
trutg chung khoan (TTCK) ket lhuc nam 2014 dat dirt nhieu kat qua tich cvc, day la cac flan tang h6
Ira let cho diem bien lac quan GO TICK Viet Nam trong nam 2015.

MOt trong nh&ng sv kien quan Uyng cua nganh chung khoan nam 2014 la thvc hien Hai nghi xtic Ken
dau tu vao thi Wong chOng khoan Viet Nam then ra tai the, de Tokyo, Nhat Ban ngay 25/4/2014. Hai nghi
da thu hat sv tham gia cua On 200 nha du it, Nhet Ban ye dal dien cac doanh nghiep Viet Nam da va
clang chart Lai niem yet tren san chOng khoan. Theo d6, TTCK V1.1 Nam ky vong se thu but duvc sv
quan tam dm cac nha dau ILK Nhet Ban trong nam 2015.
MOt so you to khac se h6 ace tich cvc cho sV phat Irian kha quan hen caa TTCK trong nam 2015 bao

gem:
•

Kha nang thu htit dau tv nut ngobi cao ban veri then \tong TPP dut ki kat trong nam 2015.
Ben canh de, viec saa (16t, va dv knan sin dai nhieu Luat quan trong nhv LuAt Dau tv, Luat Doanh
nghiep. Luat Oat dal. Luat Nha a tong tao dieu kien cai thien chi se nang Ivc conh tranh town eau
cOa Viet Nam. Deng then xuat khhu kap We tang truang kha t6 nhang dv an c6 yen dau at frac
fiep mit ngoai va se Kap KIP la dOng lac quan trong cho tang twang kinh to.

•

Vtri dv bao gia dau the giai trong nam 2015 Om 33% va gia dinh gib xang dau (rang ntrc giant
tvang Ong. vac tinh gia thanh sari pham san xuet trong nye:it se giam 3% (theo bao cao cea
U8GSTCOG), tin c16 Viet Nam oh the 01 mix lieu lam soat lam abet a met 3%.

•

Ke hooch c6 phan hOa DNNN, c6 phen has gen yen Ong ky giao each, niem yet Yen TTCK se
&roc why, khai qv* het hen.

•

Trien khai deng be cac giai phap do thu het hieu qua han cac dOng yen. MIA' la yen dhu lv mitre

ngoai tham gia thi bating bong nam 2015:

•

Tiep tuc trier khai tai cau tnic TICK theo hvang nang cao chat Itrang, da clang h6a san pham:
Trion khai OW mho thi twang phai sinh. de san sang then khai giao dick trong nam 2016

•

Sy ra dal caa Thong ttr 36/2014/TT-NHNN gitri han ty la sir dyng Yen vay caa niaan hang de dhu
tinh than
Iv vao linh vvc chung khoan (vay margin), tuy bong ngan han co the anh hvOng
khoan TICK, nhtmg trong dai han, chinh sach kiern seal chat dOng tian tv khu vvc ngan hang
vac TICK cua Ngan hang Nha nut (NHNN) se tac dOng tich cvc va mang lei tinh do djnh lau
dai cho ihj trvang.

ye hanh lang phap IY, do nam 2015 la nam cuoi cling thyt hien he hooch kinh to )(a hOi gia' down 5 nam
2011-2015 cOa Chinh pha de he trq TICK phat Irian tich cvc han trong nam 2015, ca quan wan ly se
Op lye hoar thien he (hang ca cho, chinh sach. de trinh Chinh pha The luting Chinh phu xem xet ban
hanh nhv: Cluyet djnh thanh lap S6 GDCK Viet Nam; va Nghi djnh ye chung khoan phai sinh va TTCK
phai sinh.

21


111 DUNI MU Ma tag
PORMWS

P

Nhln nhan mOt cacti tong quan, vat nen tang da dot then trong nam 2014 (chi bey tang tnning GDP
vital kit hooch va chi s6 CPI Thep nhat trong vong 10 nam tit lad day), trong nam 2015, TICK se chuyen
l suet va lam phat clyrqc gift 6n cljnh. COng vial so
bien theo chieu hiking Lich cvc Ion khi mat bang Al
phat tnen cOa thi trvang, nhieu co hoi so no ra clai vbi cac cong ty chirrig khoan, trong Q6 c6 PSI trong

rift 2015.
Ke hooch kinh doanh nam 2015

car theo nang lac hian tai va djnh hvOrng chien tact phat then trong twang el, PSI due ra k6 hooch
kind doanh nam 2015 nhv sau:
Don vi linty 7)% VND

I I
12
13

L

4

CT

Moot ci mac

Thirc hfin 2014 Kt pouch 2015

Tong doanh thu
Doanh thu DICK
Med gich chins khoan

Lou kV Ching khoan
lAch vo Tin chith
Doanh thu dims tie CK, Op yin
Doanh thu ttr van
Doanh Mu Akar
Lai lien ta il
PVN Index

0
4 1
42
43 Kit
il Ving chi phi
1111 Lgi nhu4n trut thut

97.0
56.0
22.7
5.3

28.0
15.7
14.7
..
10.7
5.0
3.6
2.0
92.0
5.0

88.8
55.2
23.0
6.0
7 6. 7

7.3
19.5
6.8
3.1
2.2
1.5
83.8
5.1)

% KH 2015 so
voi TH 2014
91.5%
98.6%
101.5%
112.8%
93.7%
46.4%
132.7%
63.8%
61.5%
61.1%
74.6%
91.1%

99.6%

Hoot Ong Chch vy Ching khoim
•

Trong nam 2015, doanh thu djch vy chang khoan dt,r Man dot 55,2 t9 clang, gem 1,4% so vai thvc
hian flan) 2014 do dv bao mat bang tai suet nam 2015 (hap han nam 2014. Truerc tinh hinh do.
PSI van Qat myc lieu se tiap tyc Play manh nguen von cho haat clang margin. Tuy Mien, do mat
bang lad suet thong nam 2015 da gem va cly kien bap tyc giam non chi tiOu doanh thu ke hooch
gem.
Ka hooch Yong tarn nam 2015 cda PSI dex yeti host Clang mai giOi se tap trong hen hanh (Ai cat'
Vex (fang ba ca ha thong bao g6m (i) cai thian chat Iuvng nhan sy, xay thing nguen nhan krc
cenh Vanity (ii) cai tier, va hoar, thian he thong citing ngha thong tin ha try giao djch; ve (iii) xay
Ong va then Kra san phern moi veti cac deg tac chien !vac bao gam Ngan hang TMCP Dai Chung
Viet Nam (PVcombank) va SMBC Nikko: nap tyc day manh cung cep cac sari phArn djch vy
chting khoan hien co (co phieu. trai phieu) va phat man cac sin pham mai den dau thi trading
(cac cling cv Chung khoan phai sinh) dva Van nen tang san CO la kinh ugh* phat then be chi
so PVN- Index visa qua.

Hoot Ong Diu tit Chting khoan va Goa von
•

Doanh thu dau tit Chung khoan 96p von dy kien IA 7,3 t9 long, Om 53.5% so vett thvc hien nam
2014. Do Mn trong dank mite dau tv oda Gang ty co t9 acing cao la OTC, nen Gang ty cling can
nhac ten twig trong viec clAnh again lot van cho tv doanh de darn bac, khong qua moo Nem

22


11 coin MOAN ogo ur

PSI

trong deu hr. Vi vay, doanh thu dim tv nam 2015 dtrqc dat muc lieu khiem ten nhvng Gang ty se
cal than duqc chat luong danh muc va gem chi phi von do thu hei duet yen ton dong
•

Chi] trvong nam 2015 eta PSI la (i) tiep tyc tap trung w cauloic.ec khoan deu lo. (ii) kh6ng day
tv mtri, khang clau lo moo hem, (hi) tan dung co hei thj trotmg de Op tyc giam tong gia tri danh
muc deu tu, thoal von danh muc ten dying, dam bao an loan tai chinh chung.

Hoot dOng Tv van

•

Doanh thu Iv van nam 2015 la 19,5 ty (Song. tang 323% so vtri thuc hien nam 2014 Day cuing la
mang hoat dting PSI dat ky vong se tang truemg tot trong nam 2015.
Co so' de PSI datke ho0ch doanh thu to van nam 2015 bao gem: (i) cat dv an da Men khai trong
nam 2014 se duoc ghi than doanh thu trong nam 2015: (ii) cat hop dog to van intn da )(9 cub'
nam 2014, se doge Irian khai va thu phi ngay trong nam 2015); va (iii) dy bao cat hop citing se
ky mai va thu duvet phi hoac met phan phi trong nam 2015.
Trong rem 2015, Cling ty liep tyc del muc hew cling co vat tr6 to An tai chinh cho cat dan vi
trong nganh du khi, sat canh cuing cat dan vi trong nganh got hien muc lieu phat then Watling
don vi, th6ng qua viec cung cep cac djch vu tv van nhv niem yet. ghat hanh chung khoan, rim
kiem co clOng chitin loot va mua ban sap nhap, to van quan In doanh nghiep... Ngoai ra. PSI van
se hvtmg 16i vet kha' that va phyc vu cac (Ian vl ngoai nganh, nham dam bao kha nang hoan
thank muc lieu Ire hosch de ra cho mang tv yen trong nam 2015

Hoot clang Khac
•

yeu tO tai lien giti
Nam 2015, PSI dat k6 hooch doanh thu tit hot dong khac la 6,8 ty clang,
ngan hang. giam 36,2% so vel Mir hien nam 2014 do dv bao mat bang tai suet nam 2015 thep
hon nam 2014. Theo bao coo cOa Ngan hang Nha Nutt (NHNN), trong nam 2014, mat bang tai
suet giam 1.5-2%/nam so ven cute nam 2013. Trong d6. mat bang lei suet huy Ong Om 1,52%/nam, lai suet cho vay giam khoing 2%/nam, dtra met bang tai suet thAp hen min Al suet da
giai (than 2005-2006. Cuing theo NHNN, dei vol chinh sach lien to nam 2015, mat bang !Ai suet
cho vay trung va dal hen se of, the xuang them 1%, hueng lei mat bang lai suet cho vay trung va
dai hon xuang then 10%.

Chi phi
•

KO hoach chi phi nam 2015 la 83,8 hi &mg, Om 8.9% so ken thvc hien nam 2014. Chi phi nam
2015 dv ken giam do muc heti pia PSI trong nam 2015 la lhoc hien cat bin ghat) cat giam chi
phi, OC biet IA del vtri cat mang hoat Ong cat ka hoach doanh thu giam.

•

Met se ben phap cat giam chi phi bao gem (i) nang cao chat luqng tai san; (ii) xay dying chitin
luoc kinh doanh va ken Man t6 chic hoot dOng cUa town clang ty trong do day moth tai tau We
trich lap do phtmg
host dOng aia cac kin& van hanh va khoi kinh doanh; deny the, dr) tyc
cat khoan dau tu OTC.

Gal hint? cria Ban Glom clec dee vai y kid() kiem roan (xin xem van ben Binh kern).

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II
PS

CON MAN OM kid
011110YRUMIN SIKUS/1.5 a(

?

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DANN G1A CUA HQI DONG QUAN TRI VE HOAT DQNG CCIA CONG TY

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Danh gia cua Hei clang quan trj ye cac mat host ding cua Cong ty

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Kinh te - xa hQi nut la nam 2014 dien ra trong ba canh kinh te the giai phyc hag them sau suy thoai
toan chu. Cac nen kinh te Ion phat then theo hoeing day nhanh tang twang nhvng co nhieu yeti tb nii ro
hong viec dieu chinh chinh sach tien te. Trong khi db. nhieu nen kinh te mai nth gap Oa ngai tit viec Mix
manh
hien chinh sach that chat a glam ap Ivc din tO. Ben canh dO. khu vvc ding EURO bj anh by
so
bht

On
tai
mat
cac
Dien
phap
bung
phat
kinh
te
gi&a
cac
nut
lrong
khu
vve
do
tinh
hinh
chinh
trj
obi
nen
kinh
te
Dv
ban
tang
trutng
nam

2014
va
2015
cua
hau
het
cac
qui& gia. nhat la khu vvc chau Au.
cob
nam
la
gia
dau
mb
tren
Ding Nam A cling dot dieu chinh giam. Diem nai bat lrong naing thang
IN Wong the gidri giam sau va van dang keg lye giam. Doi vai cac quOc gia nhap khAu dau. gia diu giam
giQp link day lieu dOng va dau to to MIMI cOng nhv cal thien can can thanh toan. Tuy nhien, dip van cat
nut san xuat get], thvc (rang thj trvong gia dau mb giam se tac dOng manh den kinh te then chieu
hinfrng thuan Ict va khi khan dan ken,

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1111

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Of trong nett. san xuat kinh doanh chju ap lyr l0 nhAng bat On ye kinh te va chinh lri cua thj trtmg the
gitd, cOng vbn nhAng kh6 khan tir nhCrng him Atm chva dirt giai quyet triet de nhv ap Ivc ye kha nang
hap thy yen cua nen kinh te chva cao; sire Op nq xeu con nang ne; hang hoa trig nut lieu thy them;
nang Ivc quan ly va canh tranh cua doanh nghiep thip..
Tang san phAm trong nv6c (GDP) nam 2014 tic tinh tang 5,98% so v6i nam 2013. trong dO quy I tang
5,06%; quy II tang 5,34%; quy III tang 6,07%; quy IV tang 6,96%. Mt tang trtyng nam nay cao ban

rot tang 525% cOa nam 2012 va nit tang 5,42W° cua nam 2013 cho thAy dau hiOu itch cut cOa nen
kinh te.
Ben canh narng khi khan anh hi/Ong den sir phat then cOa (hi trutmg (hi Kong nam 2014 cOng boo
rat co NA de thj tarty phat trier. Chfnh pal tiep tyc tich eve tan khai cac bier' phap d4 tai cAu ink
nen kinh te sau khi cac de an ye lei chu trt doanh ngthOp nhe nut he thong ngan hang va thi Inking
thvc hien cac chinh sach de On dinh kinh t6 vi ma, boo dam
thing khoan da dut ban hanh. clang
myc tieu tang triking nam 2014. Chinh phu chi di° trier khai cac giai phap tich we nham thao gb kh6
khan cho doanh nghiep, x8 ly cac yen dO ye no xeu trong he thong ngan hang, thj truing bet dOng san.
tang Outing tin dung va mat bang lap suet. Dieu kit kinh tO trong nut da c6 nhAng cal thien nhat dInh
khi lam phat (Ong bv6c dut kiem cho. Can can thvang map cal thien Oleo hoeing tich cvc. mat bang Qi
suet co xu htmg giam din, ty gia dirge duy tri bn djnh. dir trCr ngoai 116i tang din Chinh ono ban hanh
nth& giai phap nham thao khi khan cho san xuat kinh doanh va ha trq thj trtmg thong qua cac giai
phap ye thue, phi, ha trq tap chinh. chi lieu ngan sach. du Iv xay dyng co ban. Ngan hang Nha not
doe ra nhieu giai phap nnhm giam an met bang {al suit. Pik khai cac cawing trinh tin dung ha fro lai
suet d&vibi doanh nghiep, cling nhv thao ga kh6 khan cho Chi Inky ng bat dOng san, Khung phaply cho
thi Inking vA cho cOng tac tai cau lnic thi In.rang, dac biet la lei cAu tac cac cOng ty chting khoan ye co
ban da dust (hue hien. tee ra tien de ret quan trong di laic day Of Yu-Ong carng khoan Irong Ih&i gian
ten.
Xen ke bong nam cO nhirng yeu t6 vi me bet Iqi anh htrang den sv phat glen cua TTCK nhv tinh hlnh
Bien Deng, gia au quit tit giam manh va met s6 diet, chinh cua chinh sach lien te, toy nhien thi tatting
thing knot Viet Nam ghi nhan sy tang truAng. Thin den ngay 08/12/2014, chi s6 VN-Index dal 571,68
aim tang 13,3°/0 so van cu6i nam 2013. con chi s6 HNX-index dal 87,17 diam tang 28.5% so v6i cubi
nam 2013.
Trong diau kien db, lap the lanh dao va can tab nhan vien Cong ty C6 pan Chung khoan Diu khi da no
iqc pan deu hoan thanh chi lieu Ica hoach do Dai hbi clang cO clang de ra yen tong doanh thu 97 ty eking
dat 131.3% so ven Ka hooch va Icri nhuan dal 5 ty daily dat 100.4% ke hooch do Dai hei clang co ding
giao.

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Trong d6 dang cal Y la doanh thu hoet dOng diu lit tht hien la 15.7 19 ding. twang Ong 2214% liA
hoech nam. Doanh thu djch vy chtg khoan dat 56 ty Ching dat 163 1% ke hoach nam.

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Nghy 15/5/2014, Nei ding Chian Of PSI da Meng qua Nghi guy& s6 04(NQ-HDQT-CKDK bo nhiem ha

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