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2 FiinPro - Phng php lun Tnh b Ch s Ti chnh
Ni dung
Gii thiu StoxPlus v FiinPro ...................................................................... 3
Phn mm FiinPro .......................................................................................... 3
Phng php lun Tnh b Ch s Ti chnh ................................................. 4
1 Nhm ch s chung ....................................................................................... 6
2 Nhm ch s nh gi .................................................................................. 11
3 Nhm ch s Li nhun............................................................................... 12
4 Nhm ch s Hiu qu qun l ................................................................... 13
5 Nhm ch s Sc khe ti chnh ................................................................ 15
6 Nhm ch s Khi lng, gi v bin ng gi ........................................ 17
7 Nhm ch s dnh ring cho Ngn hng ................................................... 19
8 Nhm ch s Ngnh/Th trng ................................................................. 22
9 Phng php lun tnh ch s INDEX Ngnh ........................................... 23
Lin h 24
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3 FiinPro - Phng php lun Tnh b Ch s Ti chnh
Gii thiu StoxPlus v FiinPro
Cng ty C phn StoxPlus chuyn cung cp cc sn phm thng tin a chiu, chuyn su v ng tin cy v tnh hnh ti chnh doanh nghip, d liu th trng tc thi, bo co phn tch chng khon hu ch, cng c qun l u t ti u, cng cc s kin v tin tc v cng quan trng cho nh u t c nhn v cc chuyn gia ti Vit nam. Cc knh cung cp thng tin ca StoxPlus ti nh u t bao gm: Ban lnh o ca StoxPlus Ban lnh o ca StoxPlus l cc chuyn gia CFA Charteredholder, ACCA, MBA v c b dy trn 38 nm kinh nghim su trong lnh vc u t, Ngn hng, Phn tch Ti chnh v Cng ngh t Trung tm Ti chnh Lun n, Anh Quc, Thy S, c v ng Nam .
Phn mm FiinPro
Phn mm FiinPro v phn mm ton din v chuyn su nht v D liu ti chnh Vit Nam. FiinPro cung cp thng tin v D liu th trng bng c Ting Vit v Ting Anh. FiinPro bao ph thng tin ton din v 2000+ doanh nghip i chng (trong l 800+ DN nim yt v 1200+ DN i chng). FiinPro c tch hp cng c phn tch chuyn nghip sn sng h tr nhng nh phn tch, qun l qu, chuyn vin u t, nh nghin cu, t vn ti chnh v tt c cc chuyn gia ti chnh khc trong vic nm bt d liu v thng tin tng hp theo thi gian thc
(real-time data) nhm n ton b th trng hay tp trung cho mt c phiu. Mc ch ca ti liu ny Trong ti liu ny, chng ti hn hnh trnh by vi qu khch hng v cc bn v phng php lun tnh ton chun mt b ch s ti chnh cho cc doanh nghip, ngnh v ton th trng chng khon Vit nam. Mong mun ca chng ti l em n cho nh u t cc con s ng tin cy c th nh gi, so snh cc c phiu v c c s vng chc khi a ra quyt nh u t. Chng ti tin tng ti liu ny cng lm tng tnh minh bch khi qu v v cc bn s dng thng tin d liu do StoxPlus cung cp.
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4 FiinPro - Phng php lun Tnh b Ch s Ti chnh
Phng php lun Tnh b Ch s Ti chnh B ch s ti chnh ca StoxPlus c xy dng da trn cc quy nh ca Ch K ton Vit nam (VAS), quy nh v cng b thng tin theo Thng t 52 ca B Ti Chnh. Tuy nhin cc chuyn gia CFA v ACCA ca StoxPlus nghin cu v p dng cc thng l tin tin trn th gii v tnh ton ch s ti chnh p ng mong mun ca nh u t. Cc thng l bao gm ti liu CFA v InvestorPedia.Com. im mnh trong b ch s ca StoxPlus bao gm:
Ch s c tnh ton da theo nguyn tc
trt hay (trailing) da trn s liu ca 4
qu hoc nm ti chnh gn nht. Do vy ch
s s mang tnh thi s hn so vi ch s
do cc cng ty chng khon tnh ton.
Cc s kin s xy ra trong tng li lm
pha long li trn mi c phiu nh tri
phiu chuyn i, quyn chn, c phiu u
i chuyn i c m ha v a vo
cng thc tnh ton v c trnh by ring.
Cc ch s trn c phiu c tnh ton da
trn s c phiu lu hnh bnh qun thay v s
c phiu lu hnh cui k. Hin VAS cng yu
cu tnh trn c s ny nhng cc doanh
nghip ch tnh trong bo co ti chnh nm
c kim ton.
S c phiu lu hnh c tnh ton t ng
trong c s d liu chuyn sau ca StoxPlus
khi c s thay i v pht hnh c phiu hoc
giao dch c phiu qu. StoxPlus i chiu
nh k vi HOSE v HNX m bo vic
theo di bin ng s c phiu lu hnh l
chnh xc.
B ch s c tnh ton y cho 2000+
doanh nghip i chng ti Vit Nam, trong
c 800+ doanh nghip nim yt v 1200+
doanh nghip i chng.
Quy trnh kim tra Cht lng cht ch
Ton b cc ch s ca StoxPlus c tnh ton da trn mt nn tng c s d liu phong ph, c quy trnh nhp liu chun v c kim tra i chiu hng ngy.
Bn cnh quy trnh kim sot ni b, StoxPlus cng thu chuyn vin t vn kim ton c lp phng php lun tnh ton v r sot m bo tnh chnh xc ca c s d liu.
Cc nhm ch s:
Nhm ch Chung
Nhm ch s nh gi
Nhm ch s Li nhun
Nhm ch s Hiu qu Qun l
Nhm ch s Sc khe Ti chnh
Nhm ch s Khi lng, Gi v bin
ng gi
Nhm ch s Ngnh
StoxPlus khng ngng hon thin c s d liu v r sot phng php tnh vi mc ch lm sao phc v tt nht nhu cu thng tin ca nh u t trong bi cnh v h thng k ton, nhng c th v hot ng ca cc doanh nghip cng nh h thng cng b thng tin hin hnh theo thng t s 52 ca B Ti Chnh.
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5 FiinPro - Phng php lun Tnh b Ch s Ti chnh
M chng khon StoxPlus p dng h thng m Chng khon ca cc cng ty nim yt trn sn HOSE, HNX v cc cng ty c y ban Chng khon chp thun nim yt. i vi cc doanh nghip i chng cha nim yt, m chng khon l m c t theo quy nh ca StoxPlus, khi cc doanh nghip ny nim yt th m chng khon c cp nht theo thng bo ca sn chng khon giao dch. H thng M ca FiinPro c cp nht mt tun trc khi m chng khon i vo giao dch chnh thc. Cc cng ty i chng hoc cc cng ty mi c Chp thun nim yt nhng cha c giao dch nn cc d liu v gi s bng 0. n
ngy chnh thc giao dch cc d liu v gi ca cng ty ny s t ng c cp nht. Tn Cng ty Tn cng ty c chn theo tn ngn theo quan im t tn ca StoxPlus nh u t c th nhn din ngay v doanh nghip. Tn ngnh Phn ngnh v tn ngnh c thc hin theo chun Industry Classification Benchmarking (ICB) c hng Dow Jones v FTSE xy dng v ng dng trong vic phn b trn 65,000 cng ty trn th gii. Cc chuyn gia chng khon ca StoxPlus Vit ha tiu chun ca ICB cho ph hp vi Vit Nam. Chi tit c th tham kho thm ti liu H thng phn ngnh ca StoxPlus.
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StoxPlus Phng php lun Tnh b Ch s Ti chnh 6
Our Vision is to become the Best Stock Market Research and Finnaical Information Portal in Vietnam
1 Nhm ch s chung Tn trng d liu M t v cch tnh ngha v ng dng
Gi ng ca Gi ng ca ngy giao dch c ly theo d liu t Sn gi v
KLCPLH hin ti
Khi lng c phiu lu hnh hin ti( KLCPLH hin ti) = Khi lng CP ang nim yt C phiu qu. KLCPLH hin ti c cp nht theo Sn. Tuy nhin c trng hp Stox.vn s cp nht s c phiu lu hnh hin ti trc khi sn cp nht. C th: Khi DN nim yt pht hnh c phiu: Ti ngy cht quyn sn iu chnh gi, Stox.vn s cp nht ngay KLCPLH hin ti: KLCPLH hin ti = KLCPLH hin ti (theo sn) + KL c phiu pht hnh thm.
S CPLHBQ Hin ti
S CPLHBQ Hin ti = S CPLHBQ trong k (1) + S c phiu pht hnh mi (2) s CP mua li mi (3) (1) S CPLHBQ trong k: S CPLHBQ trong k l s c phiu lu hnh trong k (trt 4 qu) c tnh bnh qun theo yu t gia quyn l s ngy m c phiu c lu hnh. S thay i s c phiu lu hnh trong k do cc yu t: (i) Pht hnh mi (pht hnh ra cng chng, pht hnh ring l, c phiu thng, (bonus issue), quyn mua c phiu (right issue), c tc bng c phiu, (ii) Giao dch c phiu qu, (iii) Chuyn i t tri phiu hoc quyn chn cho CBCNV. Theo VAS30, S CPLHBQ trong k c tnh theo cng thc sau:
(2) S CP pht hnh mi : L s c phiu c pht hnh mi trong k tip
Theo chun mc quc t (CFA) v chun mc k ton s 30 ca Vit Nam, S CPLHBQ trong k phi c tnh phc v mc ch tnh EPS v cc ch s trn c phiu khc. Hin nay nhiu nh cung cp d liu tnh EPS da trn s c phiu lu hnh cui k. iu ny khng hp l trong iu kin th trng vn ca Vit Nam khi c nhiu cng ty lin tc pht hnh c phiu, tri phiu chuyn i, quyn chn cng nh c phiu qu. Vic tnh da trn s CP lu hnh ti thi im cui k s phn nh khng chnh xc kt qu kinh doanh trong k ca doanh nghip. Stox.vn rt t ho l n v theo di chi tit qu trnh tng gim s CPLH ca tt c cc cng ty trn hai sn HOSE v HASTC.
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StoxPlus Phng php lun Tnh b Ch s Ti chnh 7
Our Vision is to become the Best Stock Market Research and Finnaical Information Portal in Vietnam
Tn trng d liu M t v cch tnh ngha v ng dng
theo (3) S CP mua li mi: L s c phiu c mua li trong k tip theo. Trng hp i vi cc DN mi nim yt khng xc nh c s CP u k cng nh s lng c phiu pht hnh thm/mua li trong k th s CPLHBQ hin ti bng S KLCPLH hin ti (R.29)
S CPLHBQ Pha Long
S CPLHBQ Pha long = S CPLHBQ hin ti (F5.1) + S CP tng thm do c phiu u i + S c phiu tng thm do tri phiu chuyn i + S CP tng thm do quyn chn c phiu. S c phiu tng thm do c phiu u i c tnh da trn s c phiu u i c quyn chuyn i thnh c phiu ph thng trong file Pht hnh c phiu. Tuy nhin c vn l hin theo VAS, c phiu u i cng c hoch ton vo vn c phn thay v cng n v khng c thuyt minh chi tit nn hu nh khng tch ra c. S c phiu tng thm do tri phiu chuyn i chnh l s tri phiu chuyn i ang lu hnh nhn vi t l chuyn i sang CP. S liu ny c tnh t file Tri phiu chuyn i. S c phiu tng thm do quyn chn c phiu: chnh l quyn chn c phiu pht hnh v s c chuyn thnh c phiu ph thng trong tng lai. Ti Vit Nam, c mt s cng ty p dng ESOP (Employee Stock Options Program) cho cn b qun l. Khi h t cc k hoch kinh doanh ra, h s c thc hin quyn mua hoc thng c phiu.
S CPLHBQ Pha long c dng tnh cc ch s trn c phiu trn c s c tnh pha long (v d nh EPS pha long). Mc ch l nhm cung cp cho NT ci nhn tng lai v doanh nghip nu nh vn duy tr mc li hin ti nhng trong khi s c phiu tng thm s lm chia nh ming bnh ca c ng hin ti.
Gi tr vn ha
c tnh bng S CPLH ti thi im tnh ton nhn vi gi ng ca trong ngy ca c phiu. Hai yu t l s CPLH v gi c phiu nm trong file d liu th trng do HOSE v HASTC cung cp.
Ch s ny o lng gi tr th trng ca vn c ng ca cng ty. Gi tr vn ha thng thp hn gi tr doanh nghip (EV) do khng bao gm gi tr cc khon vay, c ng thiu s v cc khon tin v u t ti chnh. Xem cng thc tnh EV.
EPS c bn
EPS c bn c tnh theo cng thc sau:
Net Income = Li nhun c ng cng ty m (F2.112) theo nm hoc Tng 4 qu lin tip
EPS c bn hay Li trn c phiu o lng mc li nhun m cng ty to ra tnh trn mt c phiu c thng. y l ch tiu quan trng bc nht trong vic ra quyt nh u t v l mt ch s u vo quan trng trong vic tnh ch s P/E. Khi dng ch s ny NT nn xem xt liu c kh nng b nh hng bi cc chnh sch hoc c tnh k ton hay
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StoxPlus Phng php lun Tnh b Ch s Ti chnh 8
Our Vision is to become the Best Stock Market Research and Finnaical Information Portal in Vietnam
Tn trng d liu M t v cch tnh ngha v ng dng
Dividends on prerred stock = c th b qua trong giai on ny Average Outstanding Shares = S CPLHBQ hin ti (F5.1) Hin trn th trng hu ht u dng s c phiu lu hnh cui k tnh nn kt qu s khng chnh xc phn nh mc sinh li trn c phiu ca doanh nghip khi m cc doanh nghip lin tc thay i c cu vn.
s c tnh bp mo li nhun ca doanh nghip. NT c th iu chnh li nhun thun ca doanh nghip v tnh li EPS theo nhng iu chnh ca mnh. Mt nhc im na l EPS khng phn nh vn t c trong vic to ra mc li nhun . C th hai cng ty c cng mc EPS nhng mt cng ty dng t vn hn v nhiu vn vay hn. Do , NT cn xem xt ch s ny trong s tng quan vi nhiu ch s khc, v d nh T l N/Vn.
EPS pha long
Theo CFA, EPS pha long c tnh nh sau:
Net income = Li nhun c ng cng ty m (F2.112) theo nm hoc tng 4 qu lin tip Preferred dividends = c tc ca c phiu u i, khng tch c v VAS cho php hch ton vo vn CSH. Convertible preferred dividends = c tc cho CP u i chuyn i, hin khng c trng hp no c pht hnh c phiu ny Convertible debt interest * (1-t) = chnh l chi phi li huy ng tri phiu chuyn i sau thu. Trong , t = thu sut m DN ang phi chu (thng l 28% hoc 14% nu nh cng ty mi c phn ha). Khi tnh ton EPS pha long cn lu : nu t l chi ph li vay sau thu ca Tri Phiu Chuyn i / S lng CP s c chuyn i t Tri Phiu Chuyn i m ln hn EPS c bn th TPC c tnh chng pha long v do khng nn a TPC vo tnh ton EPS pha long.
Ti sao li c EPS pha long? n gin v c nhiu yu t to ra p lc cho c ng hin ti. Ming bnh ca h s b nh i khi cng ty cam kt cho tri ch hoc c phiu u i c quyn chuyn i hnh c phiu ph thng trong tng lai v chia s ming bnh li nhun. Nh vy, nu li nhun ca cng ty m khng tng ln th phn ca c ng hin ti s nh i trn c hai phng din l % s hu v li to ra cho h. EPS pha long ch ra rng nu nh vn mc li nhun ny trong tng lai th c ng hin ti s b pha long hay chia nh i cn bao nhiu khi c thm cc c ng mi. Thng thng EPS pha long nh hn EPS c bn do vic ct gim chi ph li vay ca TPC hoc li tc ca CP u i thng khng b p mc pha long do s lng c phiu mi to ra. V do , hu ht cc c ng hin ti thng khng tch b pha long, tr khi c nhng d n tt v vic huy ng vn c yu t chuyn i ny l cn thit.
Gi tr S sch/C phiu Book Value (BV)
BVS c tnh bng Vn ch s hu (F2.74) sau khi loi tr qu khen thng phc li chia cho KLCPLH hin ti (R.29)
BVS l gi tr s sch k ton trn mt c phiu v n thng khng c nhiu ngha khi cc chun mc k ton VAS vn phn ln theo nguyn tc gi gc (v d nh t
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StoxPlus Phng php lun Tnh b Ch s Ti chnh 9
Our Vision is to become the Best Stock Market Research and Finnaical Information Portal in Vietnam
Tn trng d liu M t v cch tnh ngha v ng dng
Vn CSH (F2.74) Qu khen thng phc li (F2.88) Book Value = KLCPLH hin ti (R.29)
ai, u t chng khon, etc). Trong th trng si ng, gi tr BVS thng thp hn rt nhiu so vi gi c phiu. Tuy nhin trong giai on th trng iu chnh su, rt nhiu c phiu c gi th trng thp hn gi tr s sch. BVS cng l mt trong cc ch s nh gi liu mt c phiu c b nh gi cao/(thp) trn TTCK v do n c xem l tin hiu nn bn/(mua). Ch s ny rt hu ch khi cc ti sn ca cng ty c hch ton theo nguyn tc th trng. Trn phng din ngnh th ch s BVS rt hu ch khi xem xet c phiu ngnh ngn hng, ti chnh chng khon v bo him.
Gi tr s sch hu hnh (tangible BV)/ C phiu
F5.5 = (Tng Ti sn Cng n - TSC v hnh) / KLCPLH hin ti (R.29)
EBITDA Ebitda = Li/l rng trc thu + Chi ph tin li + Khu hao ti sn c nh Ebitda c tnh theo nm hoc tng 4 qu
EBITDA l mt ch s rt hu ch v n loi b c nhng nh hng ca cc chnh sch v c cu vn v khu hao v do n phn nh gn ng dng tin m cng ty to ra. EBITDA cng cho thy kh nng tr gc v li cc khon vay ca cng ty. EBITDA khng phi l dng tin m cng ty to ra v n cha xt n dng tin thay i do vn lu ng.
EBIT Ebit = Li/l rng trc thu + Chi ph tin li Ebit c tnh theo nm hoc Tng 4 qu
EBIT thng c gi l li hot ng v n cha tnh n chi ph li vay v chi ph thu. L do m EBIT c bit n rng ri l n c th gip so snh kh nng sinh li ca cc doanh nghip trong cc ngnh khc nhau c c cu vn khc nhau v c c chnh sch u i thu khc nhau.
Dng tin/C phiu
CFS c tnh bng gi tr dng tin t hot ng kinh doanh (F2.131) sau khi tr i c tc ca c phiu u i chia cho s CPLHBQ hin ti (F5.1).
Rt nhiu chuyn gia phn tch v NT s dng ch s Dng tin/C phiu thay v EPS. L do l EPS rt d b thay i do cc chnh sch hch ton k ton trong khi gi tr dng tin to ra trn mt c phiu rt kh b sai lch. Do ch s Dng tin/C phiu cng l mt ch s nh gi sc mnh ca doanh nghip trong vic duy tr dng tin to ra cho c ng.
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StoxPlus Phng php lun Tnh b Ch s Ti chnh 10
Our Vision is to become the Best Stock Market Research and Finnaical Information Portal in Vietnam
Tn trng d liu M t v cch tnh ngha v ng dng
Lu : C phiu u i Vit Nam rt t v hch ton gp chung nn c th ignore khi tnh ton ci ny.
Doanh s/C phiu (Sales per Share)
i vi Doanh nghip: Doanh thu trn c phiu c tnh bng tng doanh s thun (F2.94) trong nm hoc tng ca 4 qu gn nht chia cho s CPLHBQ hin ti (F5.1). i vi Ngn hng: Doanh thu trn c phiu = Tng thu nhp hot ng (F3.55B) trong nm hoc tng ca 4 qu gn nht chia cho s CPLHBQ hin ti (F5.1).
Ch s Doanh s/C phiu c dng nh gi kh nng to ra doanh thu ca Cng ty so vi cc n v khc cng ngnh. Ch s ny cng cao chng t cng ty s dng vn hiu qu v ngc li.
Gi tr doanh nghip (EV)
i vi Doanh nghip: EV = Vn ha (F5.7) + Vn vay ngn hn (F2.55) + Vn vay di hn (F5.69) Tin v tng ng tin (F2.2). i vi Ngn hng: EV = Vn ha (F5.7) + Cc khon n chnh ph v NHNN Vit Nam (F3.29) + C ng thiu s (F3.42) Tin mt, vng bc, qu (F3.2)
Gi tr doanh nghip (EV) = Vn ha + Vn vay - Tin v tng ng tin Hay EV l ton b gi tr m bn phi b ra mua li ton b vn c phn, n vay bao gm c c ng thiu s. Tin v tng ng tin c loi khi cng thc tnh EV v n gin nu qu v s hu ton b cng ty th ng nhin s s hu s tin m cng ty ang c. EV cho bit nh gi ca th trng v ton b doanh nghip , bao gm c ti sn hu hnh, v hnh trong khi ch tiu Vn ha ch cho bit nh gi ca th trng v gi tr c phn. Nhng nh u t thng trng phi gi tr hay value investors hay ch n cc cng ty c dng tin ln so vi EV ca h. Nhng cng ty ny thng cn t vn ti u t v do c ng c th nhn c nhiu c tc hoc u t sang cc cng ty khc.
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StoxPlus Phng php lun Tnh b Ch s Ti chnh 11
Our Vision is to become the Best Stock Market Research and Finnaical Information Portal in Vietnam
2 Nhm ch s nh gi M Tn trng d liu M t v cch tnh ngha v ng dng
F5.50 P/E c bn P/E c bn c tnh bng Gi ng ca (F6.1) chia cho EPS c bn (F5.10)
P/E l h s gia th gi mu mt c phiu v thu nhp m n mang li, th hin mc gi m nh u t sn sang b ra cho mt ng li thu c t c phiu P/E cng phn nh s k vng ca th trng v s tng trng ca c phiu trong tng lai.
F5.51 P/E pha long P/E pha long c tnh bng Gi ng ca (F6.1) chia cho EPS pha long (F5.11)
F5.54 P/B P/B = Gi ng ca (F6.1) / Gi tr s sch Book value (F5.3)
P/B cho bit mi quan h gia gi tr th trng v gi tr s sch ca c phiu. Ch s P/B ch thc s c ch khi xem xt cc DN c mc tp trung vn cao hoc cc cng ty ti chnh bi gi tr ti sn ca cc cng ty ny tng i ln
F5.55 P/Sales P/Sales = Gi ng ca (F6.1) / Doanh s trn mt c phiu (F5.4)
F5.57 P/Cash Flow P/Cash Flow = Gi ng ca (F6.1) / Gi tr dng tin trn c phiu (F5.6)
1/F5.46 Vn ha/Doanh s Vn ha/Doanh s = Vn ha (F5.7)/ Doanh thu thun nm hoc doanh thu 4 qu gn nht (F2.94)
F5.59 EV/EBITDA EV/EBITDA = Gi tr doanh nghip (F5.8) / EBITDA (F5.152)
Ch s EV/EBITDA, c th hiu cng ging nh ch s PE, tuy nhin thng s dng so snh gia cc cng ty trong ngnh in. EV/EBITDA cho php phn nh y hn ch s PE v lung tin vn hnh trong doanh nghip v khng ph thuc vo c cu ngun vn ca cng ty.
F5.60 EV/EBIT EV/EBIT = Gi tr doanh nghip (F5.8) / EBIT (F5.153)
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StoxPlus Phng php lun Tnh b Ch s Ti chnh 12
Our Vision is to become the Best Stock Market Research and Finnaical Information Portal in Vietnam
3 Nhm ch s Li nhun M Tn trng d liu Cch tnh ngha v ng dng
F5.41 T l li gp %
c tnh bng cch ly li nhun gp chia cho doanh thu thun. Hay: F5.41 = F2.96/F2.94 Ch s ny c tnh theo nm hoc tng 4 qu gn nht
T l li gp cho bit mc li nhun sau khi tr chi ph c c hng ha dch v v cha tnh n chi ph bn hng v cc chi ph chung, chi ph qun l lin quan.
F5.42 T l li EBITDA %
c tnh bng cch ly EBITDA chia cho doanh thu thun. Hay: F5.42 = F2.152/F2.94 Ch s ny c tnh theo nm hoc tng 4 qu gn nht
T l EBITDA cho bit kh nng sinh li m n loi b c nhng nh hng ca cc chnh sch v c cu vn v chnh sch khu hao. Do , t l ny c th c dng so snh cc ngnh khc nhau hoc cc doanh nghip trong cc ngnh khc nhau.
F5.43 T l li EBIT %
c tnh bng cch ly EBIT chia cho doanh thu thun. Hay: F5.43 = F2.153/F2.94 Ch s ny c tnh theo nm hoc tng 4 qu gn nht
T l EBIT cho bit kh nng sinh li trc chi ph li vay v chi ph thu. Do , EBIT gip loi b c nh hng ca c cu vn trong vic so snh kh nng li nhun ca hai doanh nghip khc ngnh hoc hai ngnh.
F5.44 T l li trc thu %
c tnh bng cch ly li trc thu chia cho doanh thu thun. Hay: F5.44 = F2.106/F2.94 Ch s ny c tnh theo nm hoc tng 4 qu gn nht
F5.45 T l li thun %
c tnh bng cch ly li thun rng sau thu chia cho doanh thu thun. Hay F5.45 = F2.110/F2.94
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StoxPlus Phng php lun Tnh b Ch s Ti chnh 13
Our Vision is to become the Best Stock Market Research and Finnaical Information Portal in Vietnam
4 Nhm ch s Hiu qu qun l M Tn trng d liu Cch tnh ngha v ng dng
F5.27 ROE
ROE = Li nhun c ng cng ty m chia cho Vn ch s hu F5.27 = F2.112/Aver(F2.74) ROE c tnh theo nm hoc tnh theo 4 qu lin tip
- Theo Nm: F2.112 ca c nm, Trung bnh cng u nm v cui nm ca F2.74
- Theo 4 Qu: Tng F2.112 ca 4 qu, Trung bnh cng 4 qu ca F2.74
ROE cho bit kh nng mang li li nhun cho c ng trn mt ng vn b ra. ROE ca Stox.vn c tnh theo nguyn tc trt da trn s liu ca 4 qu gn nht. Nu ROE cng cao th cng tt nhng cng lu l cng ty c th dng nhiu vn vay v do ri ro v thanh khon s cao. Do cn phi lu v xem xt nhiu ch s mt lc.
F5.28 ROCE
ROCE = li trc thu v chi ph li vay (EBIT) chia cho vn di hn c s dng trong doanh nghip thng c tnh bng tng ti sn tr i n ngn hn. F5.28 = EBIT/Aver(F2.52 F2.54) ROCE c tnh theo nm hoc tnh theo 4 qu lin tip .
ROCE cho bit hiu qu s dng vn trong doanh nghip bao gm c vn t c v vn vay. ROCE ca Stox.vn c tnh theo nguyn tc trt da trn s liu ca 4 qu gn nht.
F5.29 ROA
ROA = Li nhun c ng cng ty m chia cho tng ti sn F5.29 = F2.112/Aver(F2.52) ROA c tnh theo nm hoc tnh theo 4 qu lin tip .
ROA cho qu v bit cng ty to c ra bao nhiu li nhun da trn nhng ti sn h c. ROA rt hu ch khi so snh cc doanh nghip trong cng mt ngnh tuy nhin s khng mang nhiu ngha cho cc ngnh khc nhau do c th v c cu vn v c s vt cht cn thit cho hot ng ca h. Cc cng ty cn nhiu vn u t ban u v d nh ng tu, xi mng s khng th c ROA cao nh cc doanh nghip nh thng mi, dch v.
F5.36 Doanh s/Nhn vin F5.36 = Doanh thu /Tng s nhn vin hin c ca Doanh nghip Ch s ny c tnh theo nm hoc tng 4 qu lin tip
F5.46 Doanh thu/Vn ha F5.46 = Doanh thu /Vn ha hin ti Ch s ny c tnh theo nm hoc Tng 4 qu lin tip
F5.30 H s vng quay phi thu khch hng
F5.30 =Doanh s thun F2.94 /AVER(F2.9+F2.25) AVER(F2.9+F2.25) l gi tr trung bnh cui nm nay v cui nm trc ca phi thu khch hng ngn hn v di hn. H s ny ny ch tnh theo nm
H s ny cng ln th hiu qu kinh doanh ca cng ty cng cao
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F5.31
Thi gian trung bnh thu tin khch hng
F5.31 =365/F5.30 H s ny ch tnh theo nm
F5.32 H s quay vng HTK
F5.32 = Gi vn hng bn F2.95/AVER(F2.16) AVER(F2.16) l gi tr trung bnh HTK cui nm nay v cui nm trc H s ny ch tnh theo nm
H s ny cng ln th hiu qu kinh doanh ca cng ty cng cao
F5.33 Thi gian trung bnh x l HTK
F5.33 = 360/F5.32 H s ny ch tnh theo nm
F5.34 H s quay vng phi tr nh cung cp
F5.34 =F2.95/AVER(F2.56+F2.66). AVER(F2.16) l gi tr trung bnh cui nm nay v cui nm trc ca phi tr nh cung cp ngn hn v di hn. H s ny ch tnh theo nm
F5.35 Thi gian trung bnh thanh ton cho nh cung cp
F5.35 =360/F5.34 H s ny ch tnh theo nm
Thi gian ny cng ln chng t kh nng chim dng vn ca DN cng tt
F5.47 H s vng quay ti sn (ln)
F5.47 = F2.94/AVER(F2.52)
F5.48 H s vng quay vn CSH (ln)
F5.48 = F2.94/AVER((F2.74)
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5 Nhm ch s Sc khe ti chnh
M Tn trng d liu Cch tnh ngha v ng dng
F5.16 T sut thanh ton tin mt
Theo VAS, t sut thanh ton nhanh bng Tin v tng ng tin chia cho cng n ngn hn. Hay: F5.16 = F2.2/F2.54
T sut thanh ton tin mt cho bit kh nng thanh ton ngay ca doanh nghip.
F5.17 T sut thanh ton nhanh
Theo VAS, t sut thanh ton nhanh l gi tr ca tin v tng ng tin cng vi cc khon u t c th bn c nhanh trong vic p ng yu cu thanh ton ca cc khon n ngn hn. Hay: F5.17 = (F2.2 + F2.6)/F2.54
H s thanh ton nhanh = (Tin v tng ng tin + u t ti chnh ngn hn)/n phi tr ngn hn. T sut thanh ton nhanh nh gi kh nng thanh l nhanh cc ti sn ca doanh nghip trong vic p ng cc cng n ngn hn. Ch s ny rt quan trng i vi cc nh bank cho vay ngn hn. Ch s thanh ton nhanh c tnh cn trng hn ch s thanh ton hin thi v n ch a vo nhng ti sn c xem l c th bn c mt cch nhanh chng.
F5.18 T sut thanh ton hin thi
Theo VAS, t sut thanh ton hin thi bng tng gi tr TSL chia cho tng cng n ngn hn. Hay: F5.18 = F2.1/F2.54
T sut thanh ton hin thi nh gi kh nng thanh ton cng n ngn hn ca doanh nghip. Ty vo tng ngnh khc nhau, tuy nhin, t sut ny vo khong 1 2 ln cho thy kh nng thanh khon tt ca doanh nghip.
F5.19 Vn vay di hn/Vn CSH
F2.69/F2.74 Ch s ny c tnh da trn s liu cui qu v cui nm
F5.20 Vn vay di hn/Tng Ti sn
F2.69/F2.52 Ch s ny c tnh da trn s liu cui qu v cui nm
F5.21 Vn vay /Vn CSH Vn vay di hn + vn vay ngn hn chia cho vn CSH
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M Tn trng d liu Cch tnh ngha v ng dng =(F2.55 + F2.69)/F2.74
F5.22 Vn vay /Tng Ti sn Vn vay di hn + vn vay ngn hn chia cho tng ti sn =(F2.55 + F2.69)/F2.52
F5.23 Cng n ngn hn/Vn CSH
= F2.54/F2.74
F5.24 Cng n ngn hn/Tng Ti sn
= F2.54/F2.52
F5.25 N phi tr/Vn CSH = F2.53/F2.74
F5.26 N phi tr/Tng Ti sn = F2.53/F2.52
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6 Nhm ch s Khi lng, gi v bin ng gi
M Tn trng d liu Cch tnh
- D mua, d bn hm nay
D mua = Tng khi lng t mua Khi lng khp lnh D bn = Tng khi lng t bn Khi lng khp lnh Tng khi lng t mua/t bn cp hng ngy theo d liu t sn
- Gi cao nht, tht nht hm nay Cp nht hng ngy theo d liu t sn
PC7D Tng/Gim 1 tun qua
PC7D = (Gi ng ca hm nay - gi ng ca 6 ngy giao dch trc) / Gi ng ca 6 ngy trc.
PC1M Tng/Gim 1 thng qua
PC1M = (Gi ng ca hm nay - gi ng ca ca ngy ny thng trc theo lch) / Gi ng ca ca ngy ny thng trc theo lch. Trng hp ngy ny thng trc l ngy ngh/ngy l th s ly theo gi ng ca ca ngy giao dch gn nht trc
PC3M Tng/Gim 3 thng qua
PC3M = (Gi ng ca hm nay - gi ng ca ngy ny 3 thng trc theo lch) / Gi ng ca ca ngy ny 3 thng trc theo lch Trng hp ngy ny 3 thng trc l ngy ngh/ngy l th s ly theo gi ng ca ca ngy giao dch gn nht trc
PC6M Tng/Gim 6 thng qua
PC6M = (Gi ng ca hm nay - gi ng ca ca ngy ny 6 thng trc theo lch) / Gi ng ca ca ngy ny 6 thng trc theo lch Trng hp ngy ny 6 thng trc l ngy ngh/ngy l th s ly theo gi ng ca ca ngy giao dch gn nht trc .
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PC1Y Tng/Gim t u nm
PC1Y = (Gi ng ca hm nay - gi ng ca ngy 31 thng 12 nm trc) / Gi ng ca ngy 31 thng 12 nm trc Trng hp ngy 31 thng 12 nm trc l ngy ngh/ngy l th s ly theo gi ng ca ca ngy giao dch gn nht trc .
PRICE_52HI Gi cao nht 52 tun qua Tnh bng hm MAX ca d liu gi cao nht ca 52 tun qua
PRICE_52LO Gi thp nht 52 tun qua Tnh bng hm MIN ca d liu gi thp nht ca 52 tun qua
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StoxPlus Phng php lun Tnh b Ch s Ti chnh 19
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7 Nhm ch s dnh ring cho Ngn hng Ngoi cc ch s tnh cho c Doanh nghip v ngn hng, StoxPlus c mt nhm ch s ti chnh tnh ring cho cc Ngn hng.
M Tn trng d liu Cch tnh
F5.71 Net Interest Margin (NIM)
NIM = Thu nhp li thun chia cho Ti sn sinh li
Ti sn sinh li = Tin gi ti NHNNVN + Tin gi li cc TCTC khc + Chng khon u t + Cho vay khch hng = F3.45/AVER(F3.178) Ch s ny tnh theo nm hoc Tng 4 qu lin tip
- Theo Nm: F3.45 theo nm, F3.178 l Trung bnh cng ca s u nm v cui nm - Theo 4 Qu: Tng F3.45 bn qu, F3.178 l trung bnh cng s bn qu
F5.72 Average Yield on Earning Assets (YOEA)
YOEA = Thu nhp li v cc khon tng t chia cho Ti sn sinh li
Ti sn sinh li c tnh tng t nh khi tnh NIM = F3.43/AVER(F3.178) Chi s ny c tnh theo nm hoc Tng 4 qu lin tip tng t tnh NIM
F5.73 Average Cost of Financing (COF)
COF = Chi ph li v cc chi ph tng t chia cho Cng n phi tr li
Cng n phi tr li = Cc khon n CP v NHNNVN + Tin gi v vay cc TCTD khc + Tin gi ca khch hng + Pht hnh giy t c gi =F3.44/AVER(F3.179) Ch s ny c tnh theo nm hoc Tng 4 qu lin tip
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F5.74 Non-interest income/ Net Interest Income
Non-interest income/ Net Interest Income = (Li thun t hot ng dch v + li thun t hot
ng kinh doanh nghoi hi v vng + Li thun t mua bn chng khon kinh doanh + Li thun t mua bn chng khon u t + Li thun t hot ng khc) chia cho Thu nhp li thun = (F3.48+F3.49+F3.50+ F3.51+F3.54)/F3.45 Ch s ny c tnh theo nm hoc Tng 4 qu lin tip
F5.75 Cost-to-Income Ratio
Cost-to-Income Ratio = Chi ph hot ng chia cho Tng thu nhp hot ng =F3.56/F3.55B Ch s ny c tnh theo nm hoc Tng 4 qu lin tip
F5.76 Preprovision ROA %
Preprovision ROA % = LN thun t hot ng kinh doanh trc CF d phng ri ro tn dng chia cho Tng ti sn =F3.57/AVER(F3.1) Ch s ny c tnh theo nm hoc Tng 4 qu lin tip
F5.77 Average Loans Growth % = Cho vay khch hng ca nm/qu ny cho nm/qu trc
F5.78 Aver Deposit Growth % = Tin gi khch hng ca nm/qu ny cho nm/qu trc
F5.79 CAR - Tier 1 Nhp t BCTC nm
F5.81 Equity/Liabilities =F3.36/F3.28
F5.82 Equity/Loans =F3.36/(F3.29)
F5.83 Equity/Assets =F3.36/F3.1
F5.84 Loans/Deposit Ratio =(F3.29)/ (F3.31)
F5.85 NPL
NPL = (N di tiu chun + N nghi ng + N c kh nng mt vn) chia Cho vay khch hng =(F3.146+F3.147+F3.148)/F3.10
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Ch s ny c tnh theo nm hoc theo Qu
F5.86 Loan-loss reserves/NPLs
Loan-loss reserves/NPL = D phng ri ro cho vay khch hng chia NPL =F3.11/(F3.146+F3.147+F3.148) Ch s ny c tnh theo nm hoc Qu
F5.87 Loan-loss reserves/Loans
= D phng ri roc ho vay khch hng / Cho vay khch hng =F3.11/F3.10
F5.88 Provision Charges/Loans
= Chi ph d phng ri ro tn dng / Cho vay khch hng =F3.58/F3.10
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22 StoxPlus Phng php lun Tnh b Ch s Ti chnh
8 Nhm ch s Ngnh/Th trng Phn ngnh ca StoxPlus c thc hin theo chun Industry Classification Benchmarking ICB c Dow Jones v FTSE xy dng v ng dng trong vic phn loi trn 65,000 cng ty trn th gii. Cc chuyn gia chng khon ca StoxPlus Vit ha tiu chun ca ICB cho ph hp vi Vit nam. Nhm ch s Ngnh cng bao gm cc nhm ch s ging cng ty:
Ch s nh gi
Ch s li nhun
Ch s sc khe ti chnh
Ch s Hiu qu qun l
Ch s bin ng gi
Ch s Index Ngnh
Cc ch s Ngnh cng nh Ch s cho ton Th trng (VNindex v HNX Index) c tnh theo nguyn tc bnh qun gia quyn theo t trng vn ha ca tng c phiu. Ring ch s P/E ngnh/th trng c p dng theo cng thc = Tng vn ha chia cho Tng li nhun 4 qu gn nht (hoc nm gn nht) ca cc cng ty trong ngnh/Index.
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23 StoxPlus Phng php lun Tnh b Ch s Ti chnh
9 Phng php lun tnh ch s
INDEX Ngnh I. Cng thc chung tnh Sector-Index
1 1
1
100 100
n n
it it it it
i it n
tio it
i
P Q P Q
IH
P Q
Trong :
tI : Ch s Sector-Index ti ngy t
itP : Gi c phiu i ti ngy t
Pi0 : Gi c phiu i ti ngy (t -1)
itQ : Khi lng c phiu i lu hnh ti ngy t
tH : l h s chia
II. Cng thc tnh Sector-Index trong cc ngy khng c s kin iu chnh p dng cng thc 1 III. Cng thc tnh Sector-Index trong cc trng hp iu chnh V sao phi iu chnh? Ch s phn nh s thay i gi c ca chng khon. V vy trong qu trnh tnh ton ch s, ngi ta loi b nhng yu t lm thay i gi tr ca ch s m khng phi do gi c thay i, v d nh: C c phiu mi nim yt, vic tch, gp c phiu ... Trong nhng trng hp ny, s chia s c iu chnh m bo ch s c tnh lin tc v phn nh ng nhng thay i v gi c trn th trng. Nguyn tc iu chnh chung: Tng gi tr trc khi thay i/ H s chia c = Tng gi tr sau khi thay i/ H s chia mi.
Cng thc 1
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24 StoxPlus Phng php lun Tnh b Ch s Ti chnh
Lin h Nu qu v v cc bn c bt k cu hi g v ti liu ny hoc v cc sn phm ca StoxPlus, xin lin h ngay vi chng ti: B phn D liu: Ms. Nguyen Cam Thach Data Manager 36 Hoang Cau Street, Hanoi, Vietnam T: +84 - 4 - 3562 69 62 (Ext: 113) E: [email protected]
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