{"id":26571,"date":"2025-03-31T17:04:45","date_gmt":"2025-03-31T10:04:45","guid":{"rendered":"https:\/\/infina.vn\/blog\/?p=26571"},"modified":"2025-03-31T17:04:45","modified_gmt":"2025-03-31T10:04:45","slug":"cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc","status":"publish","type":"post","link":"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/","title":{"rendered":"C\u00e1ch T\u00ednh Gi\u00e1 Tr\u1ecb N\u1ed9i T\u1ea1i C\u1ed5 Phi\u1ebfu Vi\u1ec7t Nam"},"content":{"rendered":"\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-right kksr-valign-top\"\n    data-payload='{&quot;align&quot;:&quot;right&quot;,&quot;id&quot;:&quot;26571&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;top&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;0&quot;,&quot;legendonly&quot;:&quot;&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;0&quot;,&quot;starsonly&quot;:&quot;&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;2&quot;,&quot;greet&quot;:&quot;\u0110\u00e1nh gi\u00e1 t\u1ea1i \u0111\u00e2y&quot;,&quot;legend&quot;:&quot;0\\\/5 - (0 votes)&quot;,&quot;size&quot;:&quot;24&quot;,&quot;title&quot;:&quot;C\u00e1ch T\u00ednh Gi\u00e1 Tr\u1ecb N\u1ed9i T\u1ea1i C\u1ed5 Phi\u1ebfu Vi\u1ec7t Nam&quot;,&quot;width&quot;:&quot;0&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}'>\n            \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 0px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n                \n\n<div class=\"kksr-legend\" style=\"font-size: 19.2px;\">\n            <span class=\"kksr-muted\">\u0110\u00e1nh gi\u00e1 t\u1ea1i \u0111\u00e2y<\/span>\n    <\/div>\n    <\/div>\n<p>B\u1ea1n mu\u1ed1n bi\u1ebft c\u1ed5 phi\u1ebfu m\u00ecnh \u0111ang quan t\u00e2m c\u00f3 th\u1ef1c s\u1ef1 \u0111\u00e1ng gi\u00e1 \u0111\u1ec3 \u0111\u1ea7u t\u01b0? <strong>Gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i<\/strong> l\u00e0 ch\u00eca kh\u00f3a gi\u00fap b\u1ea1n \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 phi\u1ebfu, tr\u00e1nh b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u1ea3m x\u00fac hay tin \u0111\u1ed3n th\u1ecb tr\u01b0\u1eddng. Trong b\u00e0i vi\u1ebft n\u00e0y, b\u1ea1n s\u1ebd h\u1ecdc c\u00e1ch t\u00ednh gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i b\u1eb1ng 3 ph\u01b0\u01a1ng ph\u00e1p ph\u1ed5 bi\u1ebfn:<\/p>\n<ul>\n<li><strong>Ph\u01b0\u01a1ng ph\u00e1p DCF (Chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n):<\/strong> D\u1ef1a tr\u00ean d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai c\u1ee7a doanh nghi\u1ec7p.<\/li>\n<li><strong>Ph\u01b0\u01a1ng ph\u00e1p P\/E:<\/strong> So s\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu v\u1edbi l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n.<\/li>\n<li><strong>Ph\u01b0\u01a1ng ph\u00e1p P\/B:<\/strong> \u0110\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch.<\/li>\n<\/ul>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung ch\u00ednh<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Tom_tat_nhanh\" title=\"T\u00f3m t\u1eaft nhanh:\">T\u00f3m t\u1eaft nhanh:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#3_Phuong_Phap_Tinh_Gia_Tri_Noi_Tai\" title=\"3 Ph\u01b0\u01a1ng Ph\u00e1p T\u00ednh Gi\u00e1 Tr\u1ecb N\u1ed9i T\u1ea1i\">3 Ph\u01b0\u01a1ng Ph\u00e1p T\u00ednh Gi\u00e1 Tr\u1ecb N\u1ed9i T\u1ea1i<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Phuong_phap_DCF_Chiet_khau_dong_tien\" title=\"Ph\u01b0\u01a1ng ph\u00e1p DCF (Chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n)\">Ph\u01b0\u01a1ng ph\u00e1p DCF (Chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Phuong_phap_PE\" title=\"Ph\u01b0\u01a1ng ph\u00e1p P\/E\">Ph\u01b0\u01a1ng ph\u00e1p P\/E<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Phuong_phap_PB\" title=\"Ph\u01b0\u01a1ng ph\u00e1p P\/B\">Ph\u01b0\u01a1ng ph\u00e1p P\/B<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#5_Buoc_Tinh_Gia_Tri_Noi_Tai_Co_Phieu_Viet_Nam\" title=\"5 B\u01b0\u1edbc T\u00ednh Gi\u00e1 Tr\u1ecb N\u1ed9i T\u1ea1i C\u1ed5 Phi\u1ebfu Vi\u1ec7t Nam\">5 B\u01b0\u1edbc T\u00ednh Gi\u00e1 Tr\u1ecb N\u1ed9i T\u1ea1i C\u1ed5 Phi\u1ebfu Vi\u1ec7t Nam<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Thu_Thap_Du_Lieu_Tai_Chinh\" title=\"Thu Th\u1eadp D\u1eef Li\u1ec7u T\u00e0i Ch\u00ednh\">Thu Th\u1eadp D\u1eef Li\u1ec7u T\u00e0i Ch\u00ednh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Doc_Bao_Cao_Tai_Chinh\" title=\"\u0110\u1ecdc B\u00e1o C\u00e1o T\u00e0i Ch\u00ednh\">\u0110\u1ecdc B\u00e1o C\u00e1o T\u00e0i Ch\u00ednh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Du_Bao_Tang_Truong\" title=\"D\u1ef1 B\u00e1o T\u0103ng Tr\u01b0\u1edfng\">D\u1ef1 B\u00e1o T\u0103ng Tr\u01b0\u1edfng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Lua_Chon_va_Ap_Dung_Phuong_Phap\" title=\"L\u1ef1a Ch\u1ecdn v\u00e0 \u00c1p D\u1ee5ng Ph\u01b0\u01a1ng Ph\u00e1p\">L\u1ef1a Ch\u1ecdn v\u00e0 \u00c1p D\u1ee5ng Ph\u01b0\u01a1ng Ph\u00e1p<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Kiem_Tra_Ket_Qua\" title=\"Ki\u1ec3m Tra K\u1ebft Qu\u1ea3\">Ki\u1ec3m Tra K\u1ebft Qu\u1ea3<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#4_Yeu_To_Chinh_Anh_Huong_Den_Gia_Tri_Co_Phieu_Viet_Nam\" title=\"4 Y\u1ebfu T\u1ed1 Ch\u00ednh \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Gi\u00e1 Tr\u1ecb C\u1ed5 Phi\u1ebfu Vi\u1ec7t Nam\">4 Y\u1ebfu T\u1ed1 Ch\u00ednh \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Gi\u00e1 Tr\u1ecb C\u1ed5 Phi\u1ebfu Vi\u1ec7t Nam<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Tac_Dong_Kinh_Te_Vi_Mo\" title=\"T\u00e1c \u0110\u1ed9ng Kinh T\u1ebf V\u0129 M\u00f4\">T\u00e1c \u0110\u1ed9ng Kinh T\u1ebf V\u0129 M\u00f4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Phan_Tich_Nganh\" title=\"Ph\u00e2n T\u00edch Ng\u00e0nh\">Ph\u00e2n T\u00edch Ng\u00e0nh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Nang_Luc_Quan_Tri\" title=\"N\u0103ng L\u1ef1c Qu\u1ea3n Tr\u1ecb\">N\u0103ng L\u1ef1c Qu\u1ea3n Tr\u1ecb<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Dong_Luc_Tang_Truong_Dai_Han\" title=\"\u0110\u1ed9ng L\u1ef1c T\u0103ng Tr\u01b0\u1edfng D\u00e0i H\u1ea1n\">\u0110\u1ed9ng L\u1ef1c T\u0103ng Tr\u01b0\u1edfng D\u00e0i H\u1ea1n<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#4_Nguyen_Tac_Dinh_Gia_Co_Phieu\" title=\"4 Nguy\u00ean T\u1eafc \u0110\u1ecbnh Gi\u00e1 C\u1ed5 Phi\u1ebfu\">4 Nguy\u00ean T\u1eafc \u0110\u1ecbnh Gi\u00e1 C\u1ed5 Phi\u1ebfu<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Su_Dung_Nhieu_Phuong_Phap\" title=\"S\u1eed D\u1ee5ng Nhi\u1ec1u Ph\u01b0\u01a1ng Ph\u00e1p\">S\u1eed D\u1ee5ng Nhi\u1ec1u Ph\u01b0\u01a1ng Ph\u00e1p<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Dieu_Chinh_Theo_Thi_Truong\" title=\"\u0110i\u1ec1u Ch\u1ec9nh Theo Th\u1ecb Tr\u01b0\u1eddng\">\u0110i\u1ec1u Ch\u1ec9nh Theo Th\u1ecb Tr\u01b0\u1eddng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Danh_Gia_Cac_Yeu_To_Phi_Tai_Chinh\" title=\"\u0110\u00e1nh Gi\u00e1 C\u00e1c Y\u1ebfu T\u1ed1 Phi T\u00e0i Ch\u00ednh\">\u0110\u00e1nh Gi\u00e1 C\u00e1c Y\u1ebfu T\u1ed1 Phi T\u00e0i Ch\u00ednh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Tranh_Nhung_Sai_Lam_Thuong_Gap\" title=\"Tr\u00e1nh Nh\u1eefng Sai L\u1ea7m Th\u01b0\u1eddng G\u1eb7p\">Tr\u00e1nh Nh\u1eefng Sai L\u1ea7m Th\u01b0\u1eddng G\u1eb7p<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Tong_Ket\" title=\"T\u1ed5ng K\u1ebft\">T\u1ed5ng K\u1ebft<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Nhung_Diem_Chinh\" title=\"Nh\u1eefng \u0110i\u1ec3m Ch\u00ednh\">Nh\u1eefng \u0110i\u1ec3m Ch\u00ednh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/infina.vn\/blog\/cach-tinh-gia-tri-noi-tai-co-phieu-viet-nam-tc\/#Bat_Dau_Thuc_Hien\" title=\"B\u1eaft \u0110\u1ea7u Th\u1ef1c Hi\u1ec7n\">B\u1eaft \u0110\u1ea7u Th\u1ef1c Hi\u1ec7n<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Tom_tat_nhanh\"><\/span>T\u00f3m t\u1eaft nhanh:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Ph\u01b0\u01a1ng ph\u00e1p<\/th>\n<th colspan=\"1\" rowspan=\"1\">Khi n\u00e0o d\u00f9ng<\/th>\n<th colspan=\"1\" rowspan=\"1\">C\u00f4ng th\u1ee9c ch\u00ednh<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>DCF<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Doanh nghi\u1ec7p c\u00f3 d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh<\/td>\n<td colspan=\"1\" rowspan=\"1\"><code>Gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i = T\u1ed5ng (FCF\/(1+r)^n)<\/code><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>P\/E<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Ng\u00e0nh truy\u1ec1n th\u1ed1ng, l\u1ee3i nhu\u1eadn \u0111\u1ec1u<\/td>\n<td colspan=\"1\" rowspan=\"1\"><code>Gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i = P\/E m\u1ee5c ti\u00eau x EPS<\/code><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>P\/B<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Doanh nghi\u1ec7p t\u00e0i s\u1ea3n l\u1edbn, ng\u00e2n h\u00e0ng<\/td>\n<td colspan=\"1\" rowspan=\"1\"><code>Gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i = P\/B m\u1ee5c ti\u00eau x Gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch<\/code><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>H\u00e3y \u00e1p d\u1ee5ng c\u00e1c b\u01b0\u1edbc sau: thu th\u1eadp d\u1eef li\u1ec7u t\u00e0i ch\u00ednh, ph\u00e2n t\u00edch b\u00e1o c\u00e1o, d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng, ch\u1ecdn ph\u01b0\u01a1ng ph\u00e1p ph\u00f9 h\u1ee3p v\u00e0 ki\u1ec3m tra k\u1ebft qu\u1ea3. V\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y, b\u1ea1n s\u1ebd t\u1ef1 tin h\u01a1n khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0!<\/p>\n<div class=\"sb-iframe-wrapper\" contenteditable=\"false\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"3_Phuong_Phap_Tinh_Gia_Tri_Noi_Tai\"><\/span>3 Ph\u01b0\u01a1ng Ph\u00e1p T\u00ednh Gi\u00e1 Tr\u1ecb N\u1ed9i T\u1ea1i<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>C\u00f3 ba c\u00e1ch ph\u1ed5 bi\u1ebfn \u0111\u1ec3 t\u00ednh gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. M\u1ed7i c\u00e1ch \u0111\u1ec1u c\u00f3 \u01b0u \u0111i\u1ec3m v\u00e0 h\u1ea1n ch\u1ebf ri\u00eang.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Phuong_phap_DCF_Chiet_khau_dong_tien\"><\/span>Ph\u01b0\u01a1ng ph\u00e1p DCF (Chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ph\u01b0\u01a1ng ph\u00e1p DCF d\u1ef1a tr\u00ean d\u00f2ng ti\u1ec1n d\u1ef1 b\u00e1o trong t\u01b0\u01a1ng lai. C\u00f4ng th\u1ee9c:<\/p>\n<pre><code><span class=\"hljs-title class_\">Gi<\/span>\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i = T\u1ed5<span class=\"hljs-title function_\">ng<\/span> (<span class=\"hljs-variable constant_\">FCF<\/span>\/(<span class=\"hljs-number\">1<\/span>+r)^n)\r\n<br class=\"ProseMirror-trailingBreak\" \/><\/code><\/pre>\n<p>Trong \u0111\u00f3:<\/p>\n<ul>\n<li><strong>FCF<\/strong>: D\u00f2ng ti\u1ec1n t\u1ef1 do d\u1ef1 b\u00e1o<\/li>\n<li><strong>r<\/strong>: T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u<\/li>\n<li><strong>n<\/strong>: S\u1ed1 n\u0103m d\u1ef1 b\u00e1o<\/li>\n<\/ul>\n<p>V\u00ed d\u1ee5 v\u1edbi c\u1ed5 phi\u1ebfu VNM (Vinamilk):<\/p>\n<ul>\n<li>D\u1ef1 b\u00e1o FCF n\u0103m 2024: 8.500 t\u1ef7 \u0111\u1ed3ng<\/li>\n<li>T\u0103ng tr\u01b0\u1edfng d\u1ef1 ki\u1ebfn: 8%\/n\u0103m<\/li>\n<li>T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u: 12%<\/li>\n<\/ul>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">N\u0103m<\/th>\n<th colspan=\"1\" rowspan=\"1\">D\u00f2ng ti\u1ec1n (t\u1ef7 VN\u0110)<\/th>\n<th colspan=\"1\" rowspan=\"1\">H\u1ec7 s\u1ed1 chi\u1ebft kh\u1ea5u<\/th>\n<th colspan=\"1\" rowspan=\"1\">Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (t\u1ef7 VN\u0110)<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">2024<\/td>\n<td colspan=\"1\" rowspan=\"1\">8.500<\/td>\n<td colspan=\"1\" rowspan=\"1\">0,893<\/td>\n<td colspan=\"1\" rowspan=\"1\">7.590<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">2025<\/td>\n<td colspan=\"1\" rowspan=\"1\">9.180<\/td>\n<td colspan=\"1\" rowspan=\"1\">0,797<\/td>\n<td colspan=\"1\" rowspan=\"1\">7.316<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">2026<\/td>\n<td colspan=\"1\" rowspan=\"1\">9.914<\/td>\n<td colspan=\"1\" rowspan=\"1\">0,712<\/td>\n<td colspan=\"1\" rowspan=\"1\">7.059<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Phuong_phap_PE\"><\/span>Ph\u01b0\u01a1ng ph\u00e1p P\/E<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y d\u1ef1a tr\u00ean t\u1ef7 l\u1ec7 gi\u00e1\/EPS, v\u1edbi c\u00f4ng th\u1ee9c:<\/p>\n<pre><code><span class=\"hljs-title class_\">Gi<\/span>\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i = P\/E m\u1ee5c ti\u00eau x <span class=\"hljs-variable constant_\">EPS<\/span> d\u1ef1 b\u00e1o\r\n<br class=\"ProseMirror-trailingBreak\" \/><\/code><\/pre>\n<p>\u1ede Vi\u1ec7t Nam, P\/E trung b\u00ecnh ng\u00e0nh dao \u0111\u1ed9ng t\u1eeb 10 \u0111\u1ebfn 20 l\u1ea7n. V\u00ed d\u1ee5 ng\u00e0nh ng\u00e2n h\u00e0ng:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">M\u00e3 CP<\/th>\n<th colspan=\"1\" rowspan=\"1\">P\/E trung b\u00ecnh 2024<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">VCB<\/td>\n<td colspan=\"1\" rowspan=\"1\">17,5<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">BID<\/td>\n<td colspan=\"1\" rowspan=\"1\">15,8<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">CTG<\/td>\n<td colspan=\"1\" rowspan=\"1\">14,2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Phuong_phap_PB\"><\/span>Ph\u01b0\u01a1ng ph\u00e1p P\/B<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ph\u01b0\u01a1ng ph\u00e1p P\/B so s\u00e1nh gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u1edbi gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a c\u1ed5 phi\u1ebfu, ph\u00f9 h\u1ee3p v\u1edbi doanh nghi\u1ec7p c\u00f3 t\u00e0i s\u1ea3n l\u1edbn nh\u01b0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n ho\u1eb7c ng\u00e2n h\u00e0ng. C\u00f4ng th\u1ee9c:<\/p>\n<pre><code><span class=\"hljs-title class_\">Gi<\/span>\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i = P\/B m\u1ee5c ti\u00eau x <span class=\"hljs-title class_\">Gi<\/span>\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch tr\u00ean <span class=\"hljs-variable constant_\">CP<\/span>\r\n<br class=\"ProseMirror-trailingBreak\" \/><\/code><\/pre>\n<p>P\/B h\u1ee3p l\u00fd ph\u1ee5 thu\u1ed9c v\u00e0o:<\/p>\n<ul>\n<li><strong>ROE c\u1ee7a doanh nghi\u1ec7p<\/strong>: ROE cao th\u00ec P\/B m\u1ee5c ti\u00eau cao<\/li>\n<li><strong>T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng<\/strong>: \u1ea2nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1<\/li>\n<li><strong>R\u1ee7i ro ng\u00e0nh<\/strong>: Ng\u00e0nh \u1ed5n \u0111\u1ecbnh th\u01b0\u1eddng c\u00f3 P\/B cao h\u01a1n<\/li>\n<\/ul>\n<p>K\u1ebft h\u1ee3p c\u1ea3 ba ph\u01b0\u01a1ng ph\u00e1p v\u00e0 \u0111i\u1ec1u ch\u1ec9nh theo \u0111\u1eb7c \u0111i\u1ec3m doanh nghi\u1ec7p c\u00f9ng \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng s\u1ebd gi\u00fap k\u1ebft qu\u1ea3 ch\u00ednh x\u00e1c h\u01a1n.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"5_Buoc_Tinh_Gia_Tri_Noi_Tai_Co_Phieu_Viet_Nam\"><\/span>5 B\u01b0\u1edbc T\u00ednh Gi\u00e1 Tr\u1ecb N\u1ed9i T\u1ea1i C\u1ed5 Phi\u1ebfu Vi\u1ec7t Nam<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 quy tr\u00ecnh t\u1eebng b\u01b0\u1edbc \u0111\u1ec3 t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Thu_Thap_Du_Lieu_Tai_Chinh\"><\/span>Thu Th\u1eadp D\u1eef Li\u1ec7u T\u00e0i Ch\u00ednh<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0110\u1ec3 t\u00ednh to\u00e1n ch\u00ednh x\u00e1c, b\u1ea1n c\u1ea7n thu th\u1eadp c\u00e1c d\u1eef li\u1ec7u t\u00e0i ch\u00ednh t\u1eeb nh\u1eefng ngu\u1ed3n \u0111\u00e1ng tin c\u1eady:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Lo\u1ea1i D\u1eef Li\u1ec7u<\/th>\n<th colspan=\"1\" rowspan=\"1\">Ngu\u1ed3n<\/th>\n<th colspan=\"1\" rowspan=\"1\">T\u1ea7n Su\u1ea5t C\u1eadp Nh\u1eadt<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">B\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/td>\n<td colspan=\"1\" rowspan=\"1\">HOSE, HNX, Website c\u00f4ng ty<\/td>\n<td colspan=\"1\" rowspan=\"1\">H\u00e0ng qu\u00fd<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">B\u00e1o c\u00e1o th\u01b0\u1eddng ni\u00ean<\/td>\n<td colspan=\"1\" rowspan=\"1\">Website c\u00f4ng ty, SSC<\/td>\n<td colspan=\"1\" rowspan=\"1\">H\u00e0ng n\u0103m<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Th\u00f4ng tin ng\u00e0nh<\/td>\n<td colspan=\"1\" rowspan=\"1\">SSC, VCCI, GSO<\/td>\n<td colspan=\"1\" rowspan=\"1\">H\u00e0ng th\u00e1ng<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">D\u1eef li\u1ec7u v\u0129 m\u00f4<\/td>\n<td colspan=\"1\" rowspan=\"1\">GSO, SBV, World Bank<\/td>\n<td colspan=\"1\" rowspan=\"1\">H\u00e0ng qu\u00fd<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Doc_Bao_Cao_Tai_Chinh\"><\/span>\u0110\u1ecdc B\u00e1o C\u00e1o T\u00e0i Ch\u00ednh<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Khi ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, h\u00e3y t\u1eadp trung v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 quan tr\u1ecdng:<\/p>\n<ul>\n<li><strong>Doanh thu v\u00e0 l\u1ee3i nhu\u1eadn<\/strong>: Xem x\u00e9t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng qua c\u00e1c n\u0103m.<\/li>\n<li><strong>Bi\u00ean l\u1ee3i nhu\u1eadn<\/strong>: So s\u00e1nh v\u1edbi trung b\u00ecnh ng\u00e0nh \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3.<\/li>\n<li><strong>D\u00f2ng ti\u1ec1n<\/strong>: Quan t\u00e2m \u0111\u1eb7c bi\u1ec7t \u0111\u1ebfn d\u00f2ng ti\u1ec1n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/li>\n<li><strong>N\u1ee3 vay<\/strong>: Ki\u1ec3m tra kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3 v\u00e0 c\u1ea5u tr\u00fac v\u1ed1n c\u1ee7a doanh nghi\u1ec7p.<\/li>\n<\/ul>\n<p>Sau khi ph\u00e2n t\u00edch, b\u01b0\u1edbc ti\u1ebfp theo l\u00e0 d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng c\u1ee7a doanh nghi\u1ec7p.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Du_Bao_Tang_Truong\"><\/span>D\u1ef1 B\u00e1o T\u0103ng Tr\u01b0\u1edfng<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>D\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng c\u1ea7n d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 sau:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Y\u1ebfu T\u1ed1<\/th>\n<th colspan=\"1\" rowspan=\"1\">Ti\u00eau ch\u00ed<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng tr\u01b0\u1edfng l\u1ecbch s\u1eed<\/td>\n<td colspan=\"1\" rowspan=\"1\">Ph\u00e2n t\u00edch s\u1ed1 li\u1ec7u 5 n\u0103m g\u1ea7n nh\u1ea5t<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Tri\u1ec3n v\u1ecdng ng\u00e0nh<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u0110\u00e1nh gi\u00e1 xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">K\u1ebf ho\u1ea1ch c\u00f4ng ty<\/td>\n<td colspan=\"1\" rowspan=\"1\">Xem x\u00e9t chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Y\u1ebfu t\u1ed1 v\u0129 m\u00f4<\/td>\n<td colspan=\"1\" rowspan=\"1\">T\u00e1c \u0111\u1ed9ng c\u1ee7a kinh t\u1ebf v\u00e0 ch\u00ednh s\u00e1ch<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Lua_Chon_va_Ap_Dung_Phuong_Phap\"><\/span>L\u1ef1a Ch\u1ecdn v\u00e0 \u00c1p D\u1ee5ng Ph\u01b0\u01a1ng Ph\u00e1p<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>D\u1ef1a v\u00e0o \u0111\u1eb7c \u0111i\u1ec3m doanh nghi\u1ec7p, ch\u1ecdn ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 ph\u00f9 h\u1ee3p:<\/p>\n<ul>\n<li><strong>C\u00f4ng ty t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh<\/strong>: \u01afu ti\u00ean ph\u01b0\u01a1ng ph\u00e1p DCF.<\/li>\n<li><strong>Doanh nghi\u1ec7p s\u1edf h\u1eefu t\u00e0i s\u1ea3n l\u1edbn<\/strong>: S\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p P\/B.<\/li>\n<li><strong>Ng\u00e0nh truy\u1ec1n th\u1ed1ng<\/strong>: \u00c1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p P\/E.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Kiem_Tra_Ket_Qua\"><\/span>Ki\u1ec3m Tra K\u1ebft Qu\u1ea3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Sau khi t\u00ednh to\u00e1n, h\u00e3y ki\u1ec3m tra k\u1ebft qu\u1ea3 b\u1eb1ng c\u00e1ch:<\/p>\n<ul>\n<li>So s\u00e1nh v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.<\/li>\n<li>\u0110\u1ed1i chi\u1ebfu v\u1edbi \u0111\u1ecbnh gi\u00e1 c\u1ee7a c\u00e1c doanh nghi\u1ec7p c\u00f9ng ng\u00e0nh.<\/li>\n<li>Xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1eb7c th\u00f9 c\u1ee7a doanh nghi\u1ec7p.<\/li>\n<li>T\u00ednh to\u00e1n bi\u00ean an to\u00e0n (th\u01b0\u1eddng t\u1eeb 20-30%).<\/li>\n<\/ul>\n<p><strong>V\u00ed d\u1ee5<\/strong>: V\u1edbi c\u1ed5 phi\u1ebfu VNM, \u00e1p d\u1ee5ng 3 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 cho k\u1ebft qu\u1ea3 sau:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Ph\u01b0\u01a1ng Ph\u00e1p<\/th>\n<th colspan=\"1\" rowspan=\"1\">K\u1ebft Qu\u1ea3 (VN\u0110)<\/th>\n<th colspan=\"1\" rowspan=\"1\">Ch\u00eanh L\u1ec7ch v\u1edbi Th\u1ecb Gi\u00e1<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">DCF<\/td>\n<td colspan=\"1\" rowspan=\"1\">75.000<\/td>\n<td colspan=\"1\" rowspan=\"1\">+15%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">P\/E<\/td>\n<td colspan=\"1\" rowspan=\"1\">72.000<\/td>\n<td colspan=\"1\" rowspan=\"1\">+10%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">P\/B<\/td>\n<td colspan=\"1\" rowspan=\"1\">70.000<\/td>\n<td colspan=\"1\" rowspan=\"1\">+7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>K\u1ebft qu\u1ea3 cu\u1ed1i c\u00f9ng n\u00ean l\u00e0 gi\u00e1 tr\u1ecb trung b\u00ecnh c\u00f3 tr\u1ecdng s\u1ed1 t\u1eeb c\u00e1c ph\u01b0\u01a1ng ph\u00e1p, t\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c \u0111\u1ed9 ph\u00f9 h\u1ee3p c\u1ee7a t\u1eebng ph\u01b0\u01a1ng ph\u00e1p v\u1edbi \u0111\u1eb7c \u0111i\u1ec3m doanh nghi\u1ec7p. Sau \u0111\u00f3, k\u1ebft h\u1ee3p c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecbnh gi\u00e1 kh\u00e1c \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c h\u01a1n.<\/p>\n    <div class=\"infina-box\">\n\t\t <div class=\"qr-code\" style=\"margin-top: 20px;\">\n            <a href=\"https:\/\/infina.vn\/?utm_content=blog_thuc\" target=\"_blank\">\n                <img decoding=\"async\" src=\"http:\/\/infina.vn\/blog\/wp-content\/uploads\/2025\/02\/app_banner-09-1-1.png\" alt=\"QR Code Infina\" title=\"\">\n            <\/a>\n        <\/div>\n        <p style=\"color: black;\"><strong>T\u00e0i kho\u1ea3n nh\u1eadn ti\u1ec1n, Sinh l\u1eddi t\u1ef1 \u0111\u1ed9ng nh\u01b0 g\u1eedi ti\u1ebft ki\u1ec7m!<\/strong><\/p>\n        <p class=\"my-3\">T\u00e0i kho\u1ea3n sinh l\u1eddi <a href=\"https:\/\/infina.vn\" data-internallinksmanager029f6b8e52c=\"2\" title=\"Infina\" target=\"_blank\" rel=\"noopener\">Infina<\/a> l\u00e0 s\u1ef1 l\u1ef1a ch\u1ecdn l\u00fd t\u01b0\u1edfng cho t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi, nh\u1eefng ai mu\u1ed1n t\u1ed1i \u01b0u h\u00f3a t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n v\u00e0 sinh l\u1eddi tr\u00ean d\u00f2ng ti\u1ec1n c\u1ee7a m\u00ecnh.<\/p>\n        <p class=\"my-3\">N\u1ea1p v\u00e0 r\u00fat ti\u1ec1n nhanh ch\u00f3ng trong v\u00f2ng 30 gi\u00e2y, nh\u1eadn l\u1ee3i nhu\u1eadn h\u00e0ng ng\u00e0y v\u00e0 r\u00fat v\u1ed1n b\u1ea5t k\u1ef3 l\u00fac n\u00e0o m\u00e0 kh\u00f4ng b\u1ecb m\u1ea5t l\u1ee3i nhu\u1eadn.<\/p>\n        <p class=\"my-3\">\u0110\u01b0\u1ee3c C\u00f4ng ty TNHH MTV qu\u1ea3n l\u00fd qu\u1ef9 ACB (ACBC), C\u00f4ng ty c\u1ed5 ph\u1ea7n qu\u1ea3n l\u00fd qu\u1ef9 PVI (PVI AM) qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 v\u00e0 Ng\u00e2n h\u00e0ng BIDV l\u01b0u k\u00fd. Qu\u1ef9 ACBC, v\u00e0 Qu\u1ef9 PVI AM s\u1ebd th\u1ef1c hi\u1ec7n g\u1eedi ti\u1ec1n t\u1ea1i c\u00e1c ng\u00e2n h\u00e0ng, t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng uy t\u00edn.<\/p>\n        <a class=\"infina-button\" href=\"https:\/\/infina.vn\/?utm_content=blog_thuc\" style=\"margin-bottom: 20px; display: inline-block;\">Tr\u1ea3i nghi\u1ec7m sinh l\u1eddi mi\u1ec5n ph\u00ed<\/a>\n    <\/div>\n    \n<h2><span class=\"ez-toc-section\" id=\"4_Yeu_To_Chinh_Anh_Huong_Den_Gia_Tri_Co_Phieu_Viet_Nam\"><\/span>4 Y\u1ebfu T\u1ed1 Ch\u00ednh \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Gi\u00e1 Tr\u1ecb C\u1ed5 Phi\u1ebfu Vi\u1ec7t Nam<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Sau khi x\u00e1c \u0111\u1ecbnh c\u00e1c b\u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i, vi\u1ec7c xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 b\u00ean ngo\u00e0i s\u1ebd gi\u00fap b\u1ea1n c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n h\u01a1n v\u1ec1 gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tac_Dong_Kinh_Te_Vi_Mo\"><\/span>T\u00e1c \u0110\u1ed9ng Kinh T\u1ebf V\u0129 M\u00f4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>C\u00e1c bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf c\u1ea7n theo d\u00f5i:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Y\u1ebfu T\u1ed1<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u1ea2nh H\u01b0\u1edfng<\/th>\n<th colspan=\"1\" rowspan=\"1\">Ch\u1ec9 S\u1ed1 Quan Tr\u1ecdng<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">L\u00e3i su\u1ea5t<\/td>\n<td colspan=\"1\" rowspan=\"1\">T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn chi ph\u00ed v\u1ed1n<\/td>\n<td colspan=\"1\" rowspan=\"1\">L\u00e3i su\u1ea5t li\u00ean ng\u00e2n h\u00e0ng, l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">L\u1ea1m ph\u00e1t<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u1ea2nh h\u01b0\u1edfng gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a t\u00e0i s\u1ea3n<\/td>\n<td colspan=\"1\" rowspan=\"1\">CPI, PPI<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">T\u1ef7 gi\u00e1<\/td>\n<td colspan=\"1\" rowspan=\"1\">T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn xu\u1ea5t nh\u1eadp kh\u1ea9u<\/td>\n<td colspan=\"1\" rowspan=\"1\">USD\/VND, EUR\/VND<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng tr\u01b0\u1edfng GDP<\/td>\n<td colspan=\"1\" rowspan=\"1\">Ph\u1ea3n \u00e1nh s\u1ee9c kh\u1ecfe n\u1ec1n kinh t\u1ebf<\/td>\n<td colspan=\"1\" rowspan=\"1\">GDP qu\u00fd, GDP n\u0103m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Phan_Tich_Nganh\"><\/span>Ph\u00e2n T\u00edch Ng\u00e0nh<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>C\u00e1c y\u1ebfu t\u1ed1 trong ng\u00e0nh c\u0169ng \u0111\u00f3ng vai tr\u00f2 kh\u00f4ng nh\u1ecf trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu:<\/p>\n<ul>\n<li>Giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh<\/li>\n<li>M\u1ee9c \u0111\u1ed9 c\u1ea1nh tranh<\/li>\n<li>R\u00e0o c\u1ea3n gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng<\/li>\n<li>C\u00e1c quy \u0111\u1ecbnh ph\u00e1p l\u00fd li\u00ean quan<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Nang_Luc_Quan_Tri\"><\/span>N\u0103ng L\u1ef1c Qu\u1ea3n Tr\u1ecb<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu. M\u1ed9t s\u1ed1 \u0111i\u1ec3m c\u1ea7n \u0111\u00e1nh gi\u00e1:<\/p>\n<ul>\n<li>Kinh nghi\u1ec7m c\u1ee7a \u0111\u1ed9i ng\u0169 l\u00e3nh \u0111\u1ea1o<\/li>\n<li>Chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n r\u00f5 r\u00e0ng<\/li>\n<li>Kh\u1ea3 n\u0103ng qu\u1ea3n tr\u1ecb r\u1ee7i ro hi\u1ec7u qu\u1ea3<\/li>\n<li>Minh b\u1ea1ch trong vi\u1ec7c c\u00f4ng b\u1ed1 th\u00f4ng tin<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Dong_Luc_Tang_Truong_Dai_Han\"><\/span>\u0110\u1ed9ng L\u1ef1c T\u0103ng Tr\u01b0\u1edfng D\u00e0i H\u1ea1n<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n, c\u1ea7n xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 sau:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Ti\u00eau Ch\u00ed<\/th>\n<th colspan=\"1\" rowspan=\"1\">N\u1ed9i Dung \u0110\u00e1nh Gi\u00e1<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">M\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n<\/td>\n<td colspan=\"1\" rowspan=\"1\">Kh\u1ea3 n\u0103ng duy tr\u00ec v\u00e0 ph\u00e1t tri\u1ec3n v\u1ecb th\u1ebf<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">\u0110\u1ed5i m\u1edbi c\u00f4ng ngh\u1ec7<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u0110\u1ea7u t\u01b0 R&amp;D v\u00e0 \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 m\u1edbi<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Ngu\u1ed3n l\u1ef1c<\/td>\n<td colspan=\"1\" rowspan=\"1\">S\u1ef1 v\u1eefng m\u1ea1nh v\u1ec1 t\u00e0i ch\u00ednh v\u00e0 nh\u00e2n s\u1ef1<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">M\u00f4 h\u00ecnh kinh doanh<\/td>\n<td colspan=\"1\" rowspan=\"1\">Kh\u1ea3 n\u0103ng th\u00edch \u1ee9ng v\u00e0 ph\u00e1t tri\u1ec3n l\u00e2u d\u00e0i<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Vi\u1ec7c ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y s\u1ebd gi\u00fap b\u1ea1n \u0111\u01b0a ra \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c h\u01a1n v\u1ec1 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu. Trong ph\u1ea7n ti\u1ebfp theo, ch\u00fang ta s\u1ebd \u0111i s\u00e2u v\u00e0o c\u00e1c nguy\u00ean t\u1eafc \u0111\u1ecbnh gi\u00e1 chi ti\u1ebft \u0111\u1ec3 h\u1ed7 tr\u1ee3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_Nguyen_Tac_Dinh_Gia_Co_Phieu\"><\/span>4 Nguy\u00ean T\u1eafc \u0110\u1ecbnh Gi\u00e1 C\u1ed5 Phi\u1ebfu<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0110\u1ec3 \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7u qu\u1ea3, b\u1ea1n n\u00ean tu\u00e2n th\u1ee7 c\u00e1c nguy\u00ean t\u1eafc sau.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Su_Dung_Nhieu_Phuong_Phap\"><\/span>S\u1eed D\u1ee5ng Nhi\u1ec1u Ph\u01b0\u01a1ng Ph\u00e1p<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>K\u1ebft h\u1ee3p c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 gi\u00fap b\u1ea1n c\u00f3 c\u00e1i nh\u00ecn r\u00f5 r\u00e0ng h\u01a1n v\u1ec1 gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Ph\u01b0\u01a1ng Ph\u00e1p<\/th>\n<th colspan=\"1\" rowspan=\"1\">Tr\u1ecdng S\u1ed1<\/th>\n<th colspan=\"1\" rowspan=\"1\">Khi N\u00e0o \u00c1p D\u1ee5ng<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">DCF<\/td>\n<td colspan=\"1\" rowspan=\"1\">40-50%<\/td>\n<td colspan=\"1\" rowspan=\"1\">Khi doanh nghi\u1ec7p c\u00f3 d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">P\/E<\/td>\n<td colspan=\"1\" rowspan=\"1\">30-40%<\/td>\n<td colspan=\"1\" rowspan=\"1\">So s\u00e1nh trong c\u00f9ng ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">P\/B<\/td>\n<td colspan=\"1\" rowspan=\"1\">20-30%<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00c1p d\u1ee5ng cho doanh nghi\u1ec7p t\u00e0i ch\u00ednh, b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Dieu_Chinh_Theo_Thi_Truong\"><\/span>\u0110i\u1ec1u Ch\u1ec9nh Theo Th\u1ecb Tr\u01b0\u1eddng<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>C\u1eadp nh\u1eadt \u0111\u1ecbnh gi\u00e1 khi c\u00f3 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh m\u1edbi ho\u1eb7c th\u00f4ng tin ng\u00e0nh thay \u0111\u1ed5i.<\/li>\n<li>\u0110i\u1ec1u ch\u1ec9nh gi\u1ea3 \u0111\u1ecbnh d\u1ef1a tr\u00ean c\u00e1c ch\u00ednh s\u00e1ch kinh t\u1ebf v\u0129 m\u00f4.<\/li>\n<li>Xem x\u00e9t l\u1ea1i d\u1ef1 b\u00e1o khi c\u00f3 th\u00f4ng tin quan tr\u1ecdng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn doanh nghi\u1ec7p.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Danh_Gia_Cac_Yeu_To_Phi_Tai_Chinh\"><\/span>\u0110\u00e1nh Gi\u00e1 C\u00e1c Y\u1ebfu T\u1ed1 Phi T\u00e0i Ch\u00ednh<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ngo\u00e0i c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh, h\u00e3y c\u00e2n nh\u1eafc th\u00eam c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecbnh t\u00ednh sau:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Y\u1ebfu T\u1ed1<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u0110i\u1ec3m C\u1ea7n L\u01b0u \u00dd<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Th\u01b0\u01a1ng hi\u1ec7u<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u0110\u1ed9 nh\u1eadn di\u1ec7n v\u00e0 uy t\u00edn tr\u00ean th\u1ecb tr\u01b0\u1eddng<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">C\u00f4ng ngh\u1ec7<\/td>\n<td colspan=\"1\" rowspan=\"1\">M\u1ee9c \u0111\u1ea7u t\u01b0 v\u00e0 kh\u1ea3 n\u0103ng c\u1ea1nh tranh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Nh\u00e2n s\u1ef1<\/td>\n<td colspan=\"1\" rowspan=\"1\">Ch\u1ea5t l\u01b0\u1ee3ng \u0111\u1ed9i ng\u0169 l\u00e3nh \u0111\u1ea1o v\u00e0 nh\u00e2n vi\u00ean<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">M\u1ea1ng l\u01b0\u1edbi<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u0110\u1ed9 ph\u1ee7 h\u1ec7 th\u1ed1ng ph\u00e2n ph\u1ed1i v\u00e0 quan h\u1ec7 \u0111\u1ed1i t\u00e1c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Tranh_Nhung_Sai_Lam_Thuong_Gap\"><\/span>Tr\u00e1nh Nh\u1eefng Sai L\u1ea7m Th\u01b0\u1eddng G\u1eb7p<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Kh\u00f4ng ch\u1ec9 d\u1ef1a v\u00e0o d\u1eef li\u1ec7u l\u1ecbch s\u1eed, h\u00e3y k\u1ebft h\u1ee3p d\u1ef1 b\u00e1o t\u01b0\u01a1ng lai.<\/li>\n<li>\u0110\u1eebng b\u1ecf qua r\u1ee7i ro \u0111\u1eb7c th\u00f9 c\u1ee7a doanh nghi\u1ec7p v\u00e0 th\u1ecb tr\u01b0\u1eddng.<\/li>\n<li>Ki\u1ec3m tra l\u1ea1i k\u1ebft qu\u1ea3 \u0111\u1ecbnh gi\u00e1 \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh ch\u00ednh x\u00e1c.<\/li>\n<li>\u0110\u1eb7t gi\u1ea3 \u0111\u1ecbnh t\u0103ng tr\u01b0\u1edfng v\u00e0 bi\u00ean l\u1ee3i nhu\u1eadn \u1edf m\u1ee9c h\u1ee3p l\u00fd, tr\u00e1nh qu\u00e1 l\u1ea1c quan.<\/li>\n<\/ul>\n<p>Nh\u1eefng nguy\u00ean t\u1eafc n\u00e0y s\u1ebd gi\u00fap b\u1ea1n n\u00e2ng cao \u0111\u1ed9 ch\u00ednh x\u00e1c khi \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tong_Ket\"><\/span>T\u1ed5ng K\u1ebft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>D\u1ef1a tr\u00ean c\u00e1c ph\u01b0\u01a1ng ph\u00e1p v\u00e0 y\u1ebfu t\u1ed1 \u0111\u00e3 \u0111\u01b0\u1ee3c tr\u00ecnh b\u00e0y, \u0111\u00e2y l\u00e0 ph\u1ea7n t\u00f3m t\u1eaft v\u00e0 h\u01b0\u1edbng d\u1eabn \u00e1p d\u1ee5ng th\u1ef1c t\u1ebf.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Nhung_Diem_Chinh\"><\/span>Nh\u1eefng \u0110i\u1ec3m Ch\u00ednh<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>T\u00f3m t\u1eaft c\u00e1c y\u1ebfu t\u1ed1 quan tr\u1ecdng trong \u0111\u1ecbnh gi\u00e1:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Y\u1ebfu T\u1ed1<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u0110i\u1ec3m C\u1ea7n L\u01b0u \u00dd<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1<\/td>\n<td colspan=\"1\" rowspan=\"1\">K\u1ebft h\u1ee3p c\u00e1c ph\u01b0\u01a1ng ph\u00e1p nh\u01b0 DCF, P\/E v\u00e0 P\/B \u0111\u1ec3 c\u00f3 g\u00f3c nh\u00ecn to\u00e0n di\u1ec7n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">D\u1eef li\u1ec7u ph\u00e2n t\u00edch<\/td>\n<td colspan=\"1\" rowspan=\"1\">D\u1ef1a tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u00e0 th\u00f4ng tin t\u1eeb ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Y\u1ebfu t\u1ed1 phi t\u00e0i ch\u00ednh<\/td>\n<td colspan=\"1\" rowspan=\"1\">Bao g\u1ed3m th\u01b0\u01a1ng hi\u1ec7u, c\u00f4ng ngh\u1ec7, \u0111\u1ed9i ng\u0169 nh\u00e2n s\u1ef1 v\u00e0 m\u1ea1ng l\u01b0\u1edbi ho\u1ea1t \u0111\u1ed9ng<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">\u0110i\u1ec1u ch\u1ec9nh \u0111\u1ecbnh k\u1ef3<\/td>\n<td colspan=\"1\" rowspan=\"1\">C\u1eadp nh\u1eadt theo c\u00e1c b\u00e1o c\u00e1o m\u1edbi v\u00e0 bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>T\u1eeb nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y, b\u1ea1n c\u00f3 th\u1ec3 b\u1eaft \u0111\u1ea7u \u00e1p d\u1ee5ng v\u00e0o th\u1ef1c t\u1ebf.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bat_Dau_Thuc_Hien\"><\/span>B\u1eaft \u0110\u1ea7u Th\u1ef1c Hi\u1ec7n<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0110\u1ec3 b\u1eaft \u0111\u1ea7u \u00e1p d\u1ee5ng \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu, b\u1ea1n c\u00f3 th\u1ec3 l\u00e0m theo c\u00e1c b\u01b0\u1edbc sau:<\/p>\n<ul>\n<li><strong>T\u1ea3i \u1ee9ng d\u1ee5ng <\/strong><strong>Infina<\/strong> \u0111\u1ec3 s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean bi\u1ec7t.<\/li>\n<li>Tr\u00ean n\u1ec1n t\u1ea3ng n\u00e0y, b\u1ea1n c\u00f3 th\u1ec3:\n<ul>\n<li>Theo d\u00f5i th\u1ecb tr\u01b0\u1eddng v\u00e0 truy c\u1eadp b\u00e1o c\u00e1o ph\u00e2n t\u00edch.<\/li>\n<li>T\u00ecm hi\u1ec3u c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n.<\/li>\n<li>X\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p.<\/li>\n<\/ul>\n<\/li>\n<li>T\u1eadp trung v\u00e0o vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 m\u00f4 h\u00ecnh kinh doanh \u0111\u01a1n gi\u1ea3n v\u00e0 d\u1eef li\u1ec7u r\u00f5 r\u00e0ng.<\/li>\n<\/ul>\n<p>Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ea7n \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n th\u01b0\u1eddng xuy\u00ean v\u00e0 \u0111i\u1ec1u ch\u1ec9nh theo bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng. H\u00e3y b\u1eaft \u0111\u1ea7u t\u1eeb nh\u1eefng b\u01b0\u1edbc c\u01a1 b\u1ea3n tr\u01b0\u1edbc khi m\u1edf r\u1ed9ng k\u1ef9 n\u0103ng ph\u00e2n t\u00edch c\u1ee7a m\u00ecnh.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>B&#7841;n mu&#7889;n bi&#7871;t c&#7893; phi&#7871;u m&igrave;nh &#273;ang quan t&acirc;m c&oacute; th&#7921;c s&#7921; &#273;&aacute;ng gi&aacute; &#273;&#7875; &#273;&#7847;u t&#432;? Gi&aacute; tr&#7883; n&#7897;i t&#7841;i l&agrave; ch&igrave;a kh&oacute;a gi&uacute;p b&#7841;n &#273;&aacute;nh gi&aacute; ch&iacute;nh x&aacute;c ti&#7873;m n&#259;ng c&#7911;a c&#7893; phi&#7871;u, tr&aacute;nh b&#7883; &#7843;nh h&#432;&#7903;ng b&#7903;i c&#7843;m x&uacute;c hay tin &#273;&#7891;n th&#7883; tr&#432;&#7901;ng. Trong b&agrave;i vi&#7871;t n&agrave;y, b&#7841;n s&#7869; h&#7885;c c&aacute;ch [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":26572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-26571","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-kien-thuc-tai-chinh"},"_links":{"self":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/26571","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\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/comments?post=26571"}],"version-history":[{"count":0,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/26571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media\/26572"}],"wp:attachment":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media?parent=26571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/categories?post=26571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/tags?post=26571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}