{"id":14663,"date":"2022-11-14T10:59:18","date_gmt":"2022-11-14T03:59:18","guid":{"rendered":"http:\/\/infina.vn\/blog\/?p=14663"},"modified":"2023-03-28T14:41:58","modified_gmt":"2023-03-28T07:41:58","slug":"the-nao-la-mot-trai-phieu-an-toan","status":"publish","type":"post","link":"https:\/\/infina.vn\/blog\/the-nao-la-mot-trai-phieu-an-toan\/","title":{"rendered":"Th\u1ebf n\u00e0o l\u00e0 m\u1ed9t tr\u00e1i phi\u1ebfu an to\u00e0n?"},"content":{"rendered":"\n\n
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\n 5\/5 - (1 vote) <\/div>\n <\/div>\n

B\u00e0i vi\u1ebft n\u00e0y \u0111\u01b0\u1ee3c vi\u1ebft t\u1eeb th\u00e0nh vi\u00ean c\u1ee7a Group c\u1ed9ng \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 Infina (Offcial Group)<\/a>. Link g\u1ed1c b\u00e0i vi\u1ebft t\u1ea1i \u0111\u00e2y<\/a> nh\u00e9!<\/p>\n

Th\u1ef1c t\u1ebf kh\u00f4ng c\u00f3 tr\u00e1i phi\u1ebfu an to\u00e0n m\u00e0 c\u00e1ch \u0111\u1eb7t c\u00e2u h\u1ecfi ch\u00ednh x\u00e1c h\u01a1n l\u00e0 th\u1ebf n\u00e0o l\u00e0 m\u1ed9t tr\u00e1i phi\u1ebfu r\u1ee7i ro th\u1ea5p. V\u00ec Tr\u00e1i phi\u1ebfu l\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m \u0111\u1ea7u t\u01b0. DN \u0111i vay ti\u1ec1n c\u1ee7a ch\u00fang ta tr\u00ean nguy\u00ean t\u1eafc T\u1ef1 vay, t\u1ef1 tr\u1ea3, tr\u1ef1 ch\u1ecbu tr\u00e1ch nhi\u1ec7m!<\/p>\n

Tr\u00e1i phi\u1ebfu r\u1ee7i ro th\u1ea5p th\u00ec \u0111\u00f3 ph\u1ea3i l\u00e0 do doanh nghi\u1ec7p c\u00f3 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m t\u1ed1t. X\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m t\u1ed1t kh\u00f4ng ch\u1ec9 \u0111\u1ebfn t\u1eeb t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh t\u1ed1t m\u00e0 c\u00f2n \u0111\u1ebfn t\u1eeb m\u1ee9c \u0111\u1ed9 r\u1ee7i ro th\u1ea5p tr\u01b0\u1edbc t\u00e1c \u0111\u1ed9ng c\u1ee7a m\u00f4i tr\u01b0\u1eddng v\u0129 m\u00f4, r\u1ee7i ro c\u1ee7a ng\u00e0nh v\u00e0 r\u1ee7i ro ch\u00ednh doanh nghi\u1ec7p \u0111\u00f3.
\n\u0110\u1ec3 d\u1ec5 h\u00ecnh dung, chia s\u1ebb m\u1ecdi ng\u01b0\u1eddi m\u1ed9t ch\u00fat v\u1ec1 ki\u1ebfn th\u1ee9c ph\u00e2n t\u00edch t\u00edn d\u1ee5ng qua 3 cases sau:<\/p>\n

1) VNM: h\u1ecd kh\u00f4ng \u0111\u00f2n b\u1ea3y t\u00e0i ch\u00ednh (ti\u1ec1n m\u1eb7t h\u01a1n 23 ng\u00e0n t\u1ef7 nh\u01b0ng ch\u1ec9 vay 9,5 ng\u00e0n t\u1ef7); v\u1edbi d\u00f2ng ti\u1ec1n EBITDA h\u00e0ng n\u0103m kho\u1ea3ng 14 ng\u00e0n t\u1ef7\/n\u0103m th\u00ec h\u1ecd c\u00f3 th\u1ec3 vay \u0111\u01b0\u1ee3c v\u00e0i t\u1ef7 USD, nh\u01b0ng m\u00f4 h\u00ecnh kinh doanh c\u1ee7a h\u1ecd \u0111\u00e3 b\u00e3o h\u00f2a v\u00e0 chi\u1ebfn l\u01b0\u1ee3c m\u1edf r\u1ed9ng c\u0169ng th\u1eadn tr\u1ecdng. ==> nh\u01b0ng R\u1ea4T TI\u1ebeC h\u1ecd l\u1ea1i kh\u00f4ng c\u00f3 nhu c\u1ea7u ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu. Vay ng\u1eafn h\u1ea1n c\u1ee7a h\u1ecd th\u00ec c\u0169ng ch\u1ec9 xung quang 3%\/ n\u0103m v\u00e0 l\u00e3i su\u1ea5t c\u00f2n th\u1ea5p h\u01a1n l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam, k\u1ef3 h\u1ea1n 10 n\u0103m hi\u1ec7n nay.<\/p>\n

\"Th\u1ebf<\/p>\n

2) MWG: c\u0169ng l\u00e0 m\u1ed9t doanh nghi\u1ec7p l\u1edbn \u0111\u1ea7u ng\u00e0nh c\u00f3 s\u1ed1 d\u01b0 vay n\u1ee3 v\u00e0 tr\u00e1i phi\u1ebfu 22,3 ng\u00e0n t\u1ef7. T\u1ee9c l\u00e0 DN c\u0169ng c\u00f3 m\u1ee9c \u0111\u1ed9 \u0111\u00f2n b\u1ea3y t\u00e0i ch\u00ednh nh\u1ea5t \u0111inh:<\/p>\n

– N\u1ee3 vay\/ V\u1ed1n ch\u1ee7 \u1edf m\u1ee9c kho\u1ea3ng 1x v\u00e0o gi\u1eefa n\u0103m 2022. N\u1ee3 vay r\u00f2ng\/ V\u1ed1n ch\u1ee7 = 0,32x v\u00ec MWG c\u0169ng c\u00f3 s\u1ed1 d\u01b0 ti\u1ec1n m\u1eb7t l\u1edbn: 15 ng\u00e0n t\u1ef7.<\/p>\n

– H\u1ec7 s\u1ed1 bao ph\u1ee7 l\u00e3i vay = kho\u1ea3ng 11-14x (l\u1ea5y EBITDA chia cho chi ph\u00ed l\u00e3i vay). T\u1ee9c l\u00e0 \u1edf m\u1ee9c r\u1ee7i ro r\u1ea5t th\u1ea5p. DN l\u00e0m ra l\u1ee3i nhu\u1eadn v\u00e0 ti\u1ec1n \u0111\u1ec3 c\u00f3 th\u1ec3 tr\u1ea3 \u0111\u01b0\u1ee3c nhi\u1ec1u l\u1ea7n chi ph\u00ed l\u00e3i vay nh\u01b0 v\u1eady.<\/p>\n

– H\u1ec7 s\u1ed1 bao ph\u1ee7 g\u1ed1c vay = kho\u1ea3ng 4x (l\u1ea5y g\u1ed1c vay chia cho EBITDA)<\/p>\n

==> MWG vay l\u00e3i su\u1ea5t th\u1ea5p ch\u1ee7 y\u1ebfu l\u00e0 v\u1ed1n l\u01b0u \u0111\u1ed9ng tr\u00ean s\u1ed1 d\u01b0 h\u00e0ng t\u1ed3n kho l\u1edbn v\u00e0 tr\u00e1i phi\u1ebfu MWG c\u00f3 ph\u00e1t h\u00e0nh nh\u01b0ng c\u0169ng ch\u1ec9 l\u00e3i su\u1ea5t 6,5%\/ n\u0103m (t\u00edn ch\u1ea5p nh\u01b0ng \u0111\u01b0\u1ee3c b\u1ea3o l\u00e3nh).<\/p>\n

N\u00f3i t\u00f3m l\u1ea1i tr\u00e1i phi\u1ebfu c\u1ee7a c\u00e1c DN ki\u1ec3u nh\u01b0 tr\u00ean th\u00ec h\u1ea7u h\u1ebft l\u00e0 tr\u00e1i phi\u1ebfu c\u00f3 r\u1ee7i ro th\u1ea5p, v\u00e0 v\u00ec l\u1ebd \u0111\u00f3 n\u00ean l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu c\u0169ng s\u1ebd th\u1ea5p, ch\u1ec9 t\u1ea7m 5-7%\/ n\u0103m v\u00e0 gi\u1edd \u0111i \u0111\u1ebfn m\u1ed9t case r\u1ee7i ro r\u1ea5t cao n\u00e0y:<\/p>\n

3) VKC Holdings: c\u00f4ng ty \u0111\u1ea7u ti\u00ean t\u1ef1 nguy\u00ean c\u00f4ng b\u1ed1 l\u00e0 kh\u00f4ng c\u00f3 tr\u1ea3 n\u0103ng tr\u1ea3 l\u00e3i v\u00e0 g\u1ed1c tr\u00e1i phi\u1ebfu. V\u1eady h\u00e3y xem tr\u01b0\u1edbc \u0111\u00f3 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u00f4ng ty n\u00e0y ra sao:<\/p>\n

– Vay ng\u1eafn h\u1ea1n 378 t\u1ef7 \u0111\u1ed3ng tr\u00ean v\u1ed1n ch\u1ee7 52 t\u1ef7 – t\u1ee9c l\u00e0 \u0111\u00f2n b\u1ea3y N\u1ee3 vay\/V\u1ed1n ch\u1ee7 t\u1ea7m h\u01a1n 7x t\u1ea1i 30\/6\/2022. Tr\u01b0\u1edbc \u0111\u00f3 th\u00ec N\u1ee3 vay\/ V\u1ed1n ch\u1ee7 ch\u1ec9 kho\u1ea3ng 2x v\u00e0o cu\u1ed1i n\u0103m 2021 nh\u01b0ng do t\u00ecnh h\u00ecnh kinh doanh l\u1ed7 l\u1edbn 6T2022 \u0111\u00e3 l\u00e0m t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh suy y\u1ebfu m\u1ea1nh.<\/p>\n

– N\u0103ng l\u1ef1c tr\u1ea3 l\u00e3i vay c\u1ef1c y\u1ebfu: chi ph\u00ed l\u00e3i v\u00e2y b\u00ecnh qu\u00e2n 20 t\u1ef7\/n\u0103m nh\u01b0ng d\u00f2ng ti\u1ec1n kinh doanh lu\u00f4n \u00e2m. EBITDA c\u0169ng ch\u1ec9 \u0111\u1ee7 tr\u1ea3 l\u00e3i vay hai n\u0103m tr\u01b0\u1edbc 2020 v\u00e0 2021. B\u1ea1n c\u00f3 mu\u1ed1n \u0111\u01b0a ti\u1ec1n\/ mua tr\u00e1i phi\u1ebfu c\u1ee7a m\u1ed9t DN m\u00e0 l\u00e0m ra ti\u1ec1n ch\u1ec9 \u0111\u1ee7 ho\u1eb7c kh\u00f4ng \u0111\u1ee7 tr\u1ea3 l\u00e3i cho ch\u1ee7 n\u1ee3?<\/p>\n

– B\u00e1o c\u00e1o t\u00e0i ch\u00ednh th\u00ec b\u1ecb ki\u1ec3m to\u00e1n vi\u00ean ngo\u1ea1i tr\u1eeb v\u00e0 h\u00e3ng ki\u1ec3m to\u00e1n th\u00ec kh\u00f4ng c\u00f3 t\u00ean tu\u1ed5i.<\/p>\n

– M\u1edbi \u0111\u00e2y Ban l\u00e3nh \u0111\u1ea1o (m\u1edbi) c\u1ee7a VKC c\u0169ng \u0111\u00e3 ch\u1ee7 \u0111\u1ed9ng c\u00f4ng khai c\u00f4ng b\u1ed1 l\u00e0 kh\u00f4ng tr\u1ea3 \u0111\u01b0\u1ee3c l\u00e3i v\u00e0 g\u1ed1c tr\u00e1i phi\u1ebfu \u0111\u1ebfn h\u1ea1n, t\u1ee9c l\u00e0 v\u1ee1 n\u1ee3 tr\u00e1i phi\u1ebfu. Kho\u1ea3n tr\u00e1i phi\u1ebfu 200 t\u1ef7, l\u00e3i su\u1ea5t 12% n\u0103m v\u00e0 c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o.<\/p>\n

V\u1eady tr\u00e1i phi\u1ebfu b\u1ea1n \u0111ang s\u1edf h\u1eefu n\u1eb1m trong h\u01a1n 700 doanh nghi\u1ec7p c\u00f3 tr\u00e1i phi\u1ebfu l\u01b0u h\u00e0nh hi\u1ec7n nay ch\u1ea5t l\u01b0\u1ee3ng t\u00edn d\u1ee5ng ra sao?<\/p>\n

N\u00f3i chung \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u01b0\u1ee3c ch\u1ea5t l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu th\u00ec kh\u00f4ng ch\u1ec9 th\u00f4ng tin v\u1ec1 l\u00f4 tr\u00e1i phi\u1ebfu \u0111\u00f3 m\u00e0 \u0111i\u1ec1u quan tr\u1ecdng nh\u1ea5t l\u00e0 t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh \u0111\u00f3 l\u00e0m \u0103n ra sao.<\/p>\n

H\u01a1n n\u1eefa s\u1ed1 li\u1ec7u v\u00e0 BCTC qu\u00e1 kh\u1ee9 l\u00e0 quan tr\u1ecdng nh\u01b0ng tri\u1ec3n v\u1ecdng kinh doanh v\u00e0 d\u00f2ng ti\u1ec1n thu v\u1ec1 \u0111\u1ec3 \u0111\u00e1p \u1ee9ng ngh\u0129a v\u1ee5 n\u1ee3 \u0111\u00f3 c\u00f2n quan tr\u1ecdng h\u01a1n.<\/p>\n

T\u00e1c gi\u1ea3: Nguy\u00ean Thi<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Bài viết này được viết từ thành viên của Group cộng đồng đầu tư Infina (Offcial Group). Link gốc bài viết tại đây nhé! Thực tế không có trái phiếu an toàn mà cách đặt câu hỏi chính xác hơn là thế nào là một trái phiếu rủi ro thấp. Vì Trái phiếu là một […]<\/p>\n","protected":false},"author":17,"featured_media":14664,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[610],"tags":[],"class_list":{"0":"post-14663","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cong-dong-infina-noi-gi-hom-nay"},"_links":{"self":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/14663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/comments?post=14663"}],"version-history":[{"count":0,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/14663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media\/14664"}],"wp:attachment":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media?parent=14663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/categories?post=14663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/tags?post=14663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}