B GIÁO D O I H C KINH T Tp H CHÍ MINH Nguy n Th Ái Nhiên LÊN GIÁ C NG L I NHU N VÀ C T C PHI U T I TH NG CH NG KHOÁN VI T NAM LU TP H Chí Minh B GIÁO D O I H C KINH T Tp H CHÍ MINH Nguy n Th Ái Nhiên LÊN GIÁ C NG L I NHU N VÀ C T C PHI U T I TH NG CH NG KHỐN VI T NAM Chun ngành: Tài Ngân hàng Mã s : 60340201 LU NG D N KHOA H C: PGS TP H Chí Minh TS BÙI KIM Y N Tôi xin cam oan nh giá TP.HCM, ngày tháng n m 2012 N ôi xin chân thành cá n ã ng êm 10 K18 10 12 17 18 ng khoán 18 21 2.3 27 27 28 31 31 35 39 42 43 át hành 43 43 45 48 50 50 3.2.2 52 53 55 56 58 60 trung doan àng nâng Nhu nhu nhu a nhu ng khơng khốn nói riêng làm -2 - Làm rõ tác nhân húng ta - - (nhà phát 2009-2011 140 n : - UBCKNN - TTCK - TTLKCK - HNX - HSX - CTCK - CTQLQ - ADB - NHNN - BCTN - ACB - STB - VNM - DHG : tâm : Báo cáo niên - 1: 20 20 22 - 22 23 24 25 29 29 30 30 31 32 36 41 41 -2011 46 58 - - n lý danh -T6.2010 -2020 mô - Nguyên - Nam, - tháng 1-2/2012 - - - Garyvay.ner.chuk NXB n - M.J.Gordon, May 1959 Dividends, Earnings, and Stock Prices - The Review of Economics and Statistics, Vol 41, No 2, Part (May, 1959), pp 99-105 - John Y Campbell and Robert J Shiller (Yale University) 1988 Stock Prices, Earnings, and Expected Dividends - Source: Journal of Finance J King Saud Univ, Admin Sci -2006 The Relationships among Stock Prices (and Returns), Dividends and Earnings in the UK Stock Market College of Business & Economics by., Vol 18, (2), pp 63-91, - Cesare Fracassi July 29.2008 Stock Price Sensitivity to Dividend Changes- source: Journal of Financial Economics - Radhe Shyam Pradhan, Ph D.- Professor of Finance 2003 Effects of 59 Dividends on Common Stock Prices: The Nepalese Evidence - Seamus Mac and Jamie Thompson 2002 Profit expectations and investment tural Economic Analysis Division - Joseph Nguyen February 21, 2011 How To Choose The Best Stock Val tion Method - Source: Investtopedia - Stock valuation (Quoted: Security analysis investopedia) 60 2000,2006,2010,2011 Tên 2000 2006 2010 2011 STT 1 2 3 4 5 6 7 8 708 237.276 701.900 454.000 402 2.485 650 28% 2: Danh sách thô Sàn AAM HSX AAM HSX AAM HSX ABT HSX ABT HSX ABT HSX ACB HNX ACB HNX ACB HNX ACL HSX ACL HSX ACL HSX AGF HSX AGF HSX AGF HSX BED HNX BED HNX BED HNX BHS HSX BHS HSX BHS HSX BMC HSX BMC HSX 643 986 GDP 195 23% 40% 32% 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 45.870 29.431 21.938 48.338 51.470 35.795 39.859 30.587 21.725 26.082 32.520 23.125 23.865 31.261 20.044 17.904 14.066 11.094 23.156 34.048 28.265 65.717 43.697 DPS 1.500 3.000 3.000 2.000 5.000 6.000 2.400 2.400 2.000 3.000 3.000 4.500 1.000 2.000 2.000 570 1.055 800 2.500 3.500 2.000 3.000 2.300 EPS 5.219 4.028 6.522 11.644 8.136 7.937 3.326 3.001 4.346 5.588 6.020 10.039 1.123 3.281 4.843 1.293 1.165 1.316 6.480 7.871 7.624 2.617 2.815 61 9 10 10 10 11 11 11 12 12 12 13 13 13 14 14 14 15 15 15 16 16 16 17 17 17 18 18 18 19 19 19 20 20 20 21 21 BMC BMP BMP BMP BPC BPC BPC BST BST BST CLC CLC CLC COM COM COM D2D D2D D2D DAD DAD DAD DAE DAE DAE DBC DBC DBC DBT DBT DBT DHA DHA DHA DHG DHG DHG DMC DMC HSX HSX HSX HSX HNX HNX HNX HNX HNX HNX HSX HSX HSX HSX HSX HSX HSX HSX HSX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HSX HSX HSX HSX HSX HSX HSX HSX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 25.184 72.723 54.410 36.790 15.149 19.335 8.750 11.206 7.159 14.130 21.510 21.422 11.860 45.383 37.988 20.763 55.974 51.893 22.629 14.277 12.000 7.398 14.287 13.078 7.921 27.722 38.342 16.330 29.169 26.670 18.959 30.141 35.742 13.674 123.879 117.632 86.061 55.917 40.496 2.000 1.500 2.000 2.000 1.500 1.350 1.250 600 1.200 1.200 2.000 2.000 1.000 1.100 1.800 900 1.000 3.000 1.000 800 1.500 1.500 1.500 1.500 700 1.500 1.500 2.000 1.000 2.000 2.000 3.000 2.000 1.000 3.000 4.000 1.000 2.000 2.200 11.062 14.461 8.289 8.420 3.856 2.411 2.256 1.546 1.398 1.679 3.873 3.271 4.586 7.571 3.610 2.419 4.826 9.234 3.780 1.744 1.769 2.136 2.403 2.681 2.925 5.516 9.369 7.549 2.123 3.822 3.882 2.123 3.822 3.882 6.762 4.870 2.560 5.094 4.730 62 21 22 22 22 23 23 23 24 24 24 25 25 25 26 26 26 27 27 27 28 28 28 29 29 29 30 30 30 31 31 31 32 32 32 33 33 33 34 34 DMC DNP DNP DNP DPM DPM DPM DPR DPR DPR DQC DQC DQC DVP DVP DVP DXP DXP DXP EBS EBS EBS ECI ECI ECI EIB EIB EIB EID EID EID FMC FMC FMC FPT FPT FPT GDT GDT HSX HNX HNX HNX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HNX HNX HNX HNX HNX HNX HNX HNX HNX HSX HSX HSX HNX HNX HNX HSX HSX HSX HSX HSX HSX HSX HSX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 23.566 15.875 19.577 10.653 40.130 32.446 33.257 45.315 60.896 54.382 20.300 37.574 18.244 42.613 36.678 34.805 45.139 57.425 36.162 18.370 14.141 6.974 11.935 16.277 7.601 24.867 19.087 14.800 24.339 15.887 7.872 14.620 15.360 11.410 68.243 74.192 52.456 26.603 21.190 1.000 1.500 1.500 600 2.000 2.000 1.000 2.000 3.000 1.500 1.000 1.200 1.500 2.500 3.000 2.000 5.000 5.500 3.000 1.200 800 600 1.200 1.200 600 400 1.350 1.400 900 1.500 1.500 1.200 2.300 1.500 2.500 1.500 1.000 1.270 2.000 4.576 2.987 2.580 3.596 3.557 4.497 8.220 5.269 9.628 18.663 226 2.368 1.677 4.243 6.776 7.581 11.695 14.020 7.533 1.517 1.360 1.484 1.998 1.924 2.089 1.292 2.002 2.872 2.713 2.437 2.038 1.893 3.718 3.930 7.480 7.486 8.443 2.972 3.245 63 34 35 35 35 36 36 36 37 37 37 38 38 38 39 39 39 40 40 40 41 41 41 42 42 42 43 43 43 44 44 44 45 45 45 46 46 46 47 47 GDT GIL GIL GIL GLT GLT GLT GMC GMC GMC HAI HAI HAI HBD HBD HBD HCM HCM HCM HDC HDC HDC HEV HEV HEV HGM HGM HGM HHC HHC HHC HLG HLG HLG HMC HMC HMC HRC HRC HSX HSX HSX HSX HNX HNX HNX HSX HSX HSX HSX HSX HSX HNX HNX HNX HSX HSX HSX HSX HSX HSX HNX HNX HNX HNX HNX HNX HNX HNX HNX HSX HSX HSX HSX HSX HSX HSX HSX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 13.343 24.339 28.905 24.835 46.800 38.400 16.865 22.947 23.569 14.679 29.030 33.069 25.050 12.710 16.008 12.626 69.777 45.005 19.722 44.971 52.196 23.263 14.601 15.290 9.150 64.278 81.971 90.237 21.258 38.881 16.708 34.224 25.258 11.062 16.294 18.975 11.577 33.853 49.604 2.000 2.000 2.700 4.000 4.000 2.500 1.700 2.200 2.000 2.000 2.000 3.000 2.000 2.000 2.500 2.500 2.000 1.700 1.000 1.000 1.000 1.000 1.700 1.800 1.800 2.000 4.000 5.000 1.500 1.500 1.200 1.000 1.200 600 1.100 1.300 1.000 2.000 2.500 4.123 5.649 3.188 5.451 3.620 3.622 3.425 4.760 3.943 4.870 542 1.464 2.395 2.228 2.732 3.736 6.992 3.168 3.070 9.247 6.846 3.833 3.379 3.486 2.313 3.833 9.593 24.908 3.719 3.454 2.899 2.747 1.414 1.421 1.311 1.676 3.907 3.814 5.547 64 47 48 48 48 49 49 49 50 50 50 51 51 51 52 52 52 53 53 53 54 54 54 55 55 55 56 56 56 57 57 57 58 58 58 59 59 59 60 60 HRC HSI HSI HSI HVG HVG HVG KDC KDC KDC KHA KHA KHA KHP KHP KHP L10 L10 L10 L18 L18 L18 L61 L61 L61 LBM LBM LBM LSS LSS LSS MCP MCP MCP NAV NAV NAV NGC NGC HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HNX HNX HNX HNX HNX HNX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HNX HNX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 58.079 12.282 13.093 8.675 51.630 34.352 19.339 51.813 56.508 37.958 20.442 22.443 11.350 17.100 12.256 8.202 16.856 26.158 11.864 20.015 29.352 15.975 13.774 17.113 9.315 15.599 14.994 7.954 29.717 37.276 26.032 18.083 12.515 10.778 13.184 13.888 7.049 19.656 18.772 1.500 1.200 1.200 1.300 2.000 3.000 1.000 2.400 2.400 1.200 2.000 2.000 1.000 1.100 1.200 500 1.500 1.500 500 1.600 1.700 1.800 1.500 1.400 700 700 1.200 1.000 2.500 3.500 1.500 1.200 1.600 1.600 1.200 1.200 1.200 1.500 800 7.425 1.614 1.987 2.010 4.888 3.509 6.448 8.329 5.753 2.359 3.653 3.210 1.799 2.445 2.298 1.771 2.694 3.261 2.675 3.888 6.861 4.630 2.473 2.290 2.233 1.156 1.295 1.596 5.366 10.067 9.579 1.799 2.258 3.850 1.469 1.457 1.496 3.260 2.526 65 60 61 61 61 62 62 62 63 63 63 64 64 64 65 65 65 66 66 66 67 67 67 68 68 68 69 69 69 70 70 70 71 71 71 72 72 72 73 73 NGC NHC NHC NHC NSC NSC NSC NTL NTL NTL NTP NTP NTP OPC OPC OPC PAC PAC PAC PAN PAN PAN PGD PGD PGD PGS PGS PGS PHR PHR PHR PJC PJC PJC PJT PJT PJT PMC PMC HNX HNX HNX HNX HSX HSX HSX HSX HSX HSX HNX HNX HNX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HNX HNX HNX HSX HSX HSX HNX HNX HNX HSX HSX HSX HNX HNX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 8.942 32.673 37.195 26.655 38.290 35.200 31.350 80.662 97.786 33.936 72.757 95.255 36.788 43.306 43.906 30.645 63.370 63.186 36.740 30.616 24.250 13.968 54.942 40.745 34.677 21.164 31.383 20.390 41.655 38.495 31.455 19.174 29.635 24.589 12.538 10.881 6.571 41.142 29.007 1.200 5.300 5.200 1.800 1.800 3.000 1.000 3.000 3.000 2.500 3.000 3.000 1.000 2.500 2.500 2.000 2.000 1.500 800 1.500 1.500 1.000 3.500 3.000 1.500 1.850 3.100 1.200 2.000 3.000 3.000 1.400 1.400 1.400 680 1.000 600 1.020 1.800 2.288 7.398 12.160 5.312 4.901 5.392 7.632 32.507 23.243 2.064 14.106 14.419 7.336 6.031 6.169 5.483 9.021 6.140 4.018 4.912 2.762 1.123 5.994 6.489 7.082 2.665 15.046 7.199 3.310 6.267 10.335 4.227 6.808 4.124 1.025 1.210 1.495 3.649 4.823 66 73 74 74 74 75 75 75 76 76 76 77 77 77 78 78 78 79 79 79 80 80 80 81 81 81 82 82 82 83 83 83 84 84 84 85 85 85 86 86 PMC PNJ PNJ PNJ PSC PSC PSC PTS PTS PTS PVA PVA PVA PVE PVE PVE PVG PVG PVG PVS PVS PVS QNC QNC QNC QST QST QST RAL RAL RAL RCL RCL RCL RDP RDP RDP REE REE HNX HSX HSX HSX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HSX HSX HSX HNX HNX HNX HSX HSX HSX HSX HSX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 18.971 65.977 45.401 31.467 25.869 29.879 17.675 17.794 29.654 13.039 18.142 56.414 19.879 17.933 22.332 11.105 18.660 20.306 12.568 34.283 29.173 17.661 28.097 28.660 13.656 16.293 12.849 9.144 25.575 25.861 17.731 61.422 75.320 26.880 23.184 17.610 8.495 39.369 31.080 1.800 3.000 2.500 2.000 1.800 1.500 1.500 1.000 1.700 1.500 1.000 1.200 700 1.200 1.800 1.500 800 1.100 650 2.000 1.500 1.500 2.500 2.200 1.000 1.600 1.600 1.600 1.200 2.000 1.500 1.200 3.000 1.000 800 1.000 1.000 700 1.600 5.970 5.923 4.413 4.285 5.142 4.179 2.083 3.538 3.104 1.887 5.924 6.547 (216) 3.995 2.884 3.791 1.000 1.346 5.174 3.806 4.657 5.075 5.223 3.424 1.504 2.408 2.370 2.515 3.169 3.198 5.218 22.176 15.289 5.695 972 1.658 1.523 5.338 2.810 67 86 87 87 87 88 88 88 89 89 89 90 90 90 91 91 91 92 92 92 93 93 93 94 94 94 95 95 95 96 96 96 97 97 97 98 98 98 99 99 REE SAV SAV SAV SBT SBT SBT SDN SDN SDN SEB SEB SEB SED SED SED SFC SFC SFC SFN SFN SFN SGD SGD SGD SHB SHB SHB SJC SJC SJC SMC SMC SMC SPP SPP SPP SRF SRF HSX HSX HSX HSX HSX HSX HSX HNX HNX HNX HNX HNX HNX HNX HNX HNX HSX HSX HSX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HSX HSX HSX HNX HNX HNX HSX HSX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 12.416 28.439 31.724 22.413 10.969 12.134 12.251 21.080 22.688 14.897 15.021 15.090 11.273 19.183 14.042 7.872 55.001 42.024 22.181 14.882 17.667 10.333 14.043 12.234 5.736 28.545 16.303 8.519 24.708 35.796 13.489 27.786 28.122 15.294 22.092 32.904 26.161 36.288 29.664 1.600 1.000 500 700 1.300 1.800 1.000 2.000 2.000 700 1.400 1.700 1.700 800 1.600 1.600 3.000 1.600 1.600 2.000 1.400 1.400 200 800 800 1.250 1.450 800 1.850 1.850 1.700 1.600 1.600 1.000 1.500 1.500 500 3.200 4.000 2.472 1.474 1.018 971 1.483 2.444 4.011 3.791 3.831 3.188 1.589 2.155 2.687 2.141 2.192 3.320 7.966 6.180 2.873 3.975 1.793 2.150 2.474 850 1.160 1.592 2.382 1.821 4.438 5.870 3.389 5.532 5.127 2.944 2.548 4.861 1.560 4.950 5.689 68 99 100 100 100 101 101 101 102 102 102 103 103 103 104 104 104 105 105 105 106 106 106 107 107 107 108 108 108 109 109 109 110 110 110 111 111 111 112 112 SRF SSC SSC SSC ST8 ST8 ST8 STC STC STC SZL SZL SZL TAC TAC TAC TBX TBX TBX TCL TCL TCL TCM TCM TCM TH1 TH1 TH1 TIC TIC TIC TIE TIE TIE TIX TIX TIX TMC TMC HSX HSX HSX HSX HSX HSX HSX HNX HNX HNX HSX HSX HSX HSX HSX HSX HNX HNX HNX HSX HSX HSX HSX HSX HSX HNX HNX HNX HSX HSX HSX HSX HSX HSX HSX HSX HSX HNX HNX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 21.059 39.207 38.014 21.117 26.847 27.918 12.588 13.062 12.854 8.187 51.907 36.822 13.994 30.753 28.934 24.062 20.763 35.105 21.740 40.750 39.555 20.381 14.071 17.907 15.178 53.781 46.540 21.138 17.661 12.212 8.058 22.447 23.429 10.402 56.170 53.314 22.404 35.576 29.036 2.000 1.500 1.500 2.000 1.000 3.000 2.000 1.200 1.300 1.300 2.000 2.000 1.000 1.400 2.000 1.600 3.300 2.500 1.500 2.500 2.000 1.800 500 800 700 1.000 2.500 1.000 700 500 1.000 1.500 1.500 1.400 1.800 3.000 2.500 1.800 1.600 7.215 5.100 4.677 3.958 6.719 4.260 2.906 2.163 1.870 2.074 4.538 3.234 2.318 1.466 4.619 1.329 5.553 4.715 3.908 5.076 5.657 4.882 1.477 4.644 2.524 8.883 6.333 1.797 1.740 865 1.218 3.876 3.826 3.248 4.272 6.295 5.201 7.640 2.625 69 112 113 113 113 114 114 114 115 115 115 116 116 116 117 117 117 118 118 118 119 119 119 120 120 120 121 121 121 122 122 122 123 123 123 124 124 124 125 125 TMC TNA TNA TNA TNG TNG TNG TPP TPP TPP TRA TRA TRA TRC TRC TRC TS4 TS4 TS4 TTP TTP TTP VC1 VC1 VC1 VC2 VC2 VC2 VC3 VC3 VC3 VC5 VC5 VC5 VC6 VC6 VC6 VC7 VC7 HNX HSX HSX HSX HNX HNX HNX HNX HNX HNX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 16.513 22.762 29.317 20.498 19.018 23.976 12.006 12.327 14.168 7.014 55.947 47.308 38.583 46.384 62.072 41.606 25.831 33.259 13.907 39.073 37.953 24.849 39.472 50.749 25.175 45.724 55.005 27.287 36.947 65.485 34.072 17.640 28.961 9.869 20.206 28.827 10.431 19.614 27.629 1.300 2.300 2.500 2.000 600 1.600 1.000 1.300 900 500 1.600 2.000 2.000 2.000 3.000 1.500 1.600 1.500 1.600 2.000 2.000 1.000 1.800 1.800 1.600 1.800 1.800 1.500 1.800 1.800 1.800 1.400 1.400 1.000 1.500 1.600 900 1.500 1.600 2.497 5.736 8.676 5.016 3.361 3.365 2.021 2.099 2.356 1.788 6.038 6.105 7.194 5.110 9.166 17.401 3.170 2.553 2.212 5.594 5.692 4.362 5.191 7.947 7.864 6.742 5.252 3.094 3.906 4.469 4.955 3.788 2.603 2.531 3.740 3.560 1.593 2.423 3.103 70 125 126 126 126 127 127 127 128 128 128 129 129 129 130 130 130 131 131 131 132 132 132 133 133 133 134 134 134 135 135 135 136 136 136 137 137 137 138 138 VC7 VC9 VC9 VC9 VCS VCS VCS VDL VDL VDL VGP VGP VGP VHL VHL VHL VNC VNC VNC VNL VNL VNL VNM VNM VNM VNR VNR VNR VNS VNS VNS VNT VNT VNT VSC VSC VSC VSH VSH HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HNX HSX HSX HSX HSX HSX HSX HNX HNX HNX HSX HSX HSX HNX HNX HNX HSX HSX HSX HSX HSX 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 11.654 35.302 30.893 10.028 43.524 47.907 25.420 41.448 39.995 32.470 22.645 22.402 13.683 34.964 49.364 34.506 17.502 24.984 15.215 27.106 17.808 10.900 95.375 87.324 107.937 30.842 24.903 17.697 35.011 38.260 21.339 28.819 23.001 15.834 73.066 75.834 40.783 31.382 13.656 1.000 1.600 1.600 1.100 2.000 2.000 2.000 2.200 1.500 1.200 1.800 2.000 1.000 4.000 4.500 1.500 1.700 1.900 700 700 2.500 1.500 4.000 3.000 2.000 1.800 2.000 1.000 2.200 2.000 800 1.200 2.000 2.000 3.000 4.000 4.000 1.400 1.000 1.078 2.936 3.255 1.267 6.710 7.316 4.496 10.533 9.206 5.388 3.785 3.942 2.832 8.203 10.778 2.018 3.203 4.333 2.858 2.903 2.775 2.994 10.423 10.254 11.518 2.898 3.473 3.969 6.329 7.156 4.434 3.769 3.588 4.064 15.798 14.937 11.272 2.551 1.470 71 138 139 139 139 140 140 140 VSH VTB VTB VTB VTV VTV VTV HSX HSX HSX HSX HNX HNX HNX 2011 2009 2010 2011 2009 2010 2011 10.129 15.175 17.142 9.571 20.620 28.851 9.233 1.000 1.500 1.500 1.200 1.000 1.000 1.000 1.627 2.450 2.161 1.498 3.947 3.190 2.170 Ngành Tài Mã CP ACB ACB ACB EIB EIB EIB HCM HCM HCM SHB SHB SHB Sàn HNX HNX HNX HSX HSX HSX HSX HSX HSX HNX HNX HNX Ngành Mã CP DHG DHG DHG HAI HAI HAI OPC OPC OPC TRA TRA TRA Sàn HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX 72 Ngành Xây Mã CP DBC DBC DBC DQC DQC DQC NTL NTL NTL QNC QNC QNC REE REE REE VC2 VC2 VC2 VC9 VC9 VC9 VCS VCS VCS VTB VTB VTB Sàn HNX HNX HNX HSX HSX HSX HSX HSX HSX HNX HNX HNX HSX HSX HSX HNX HNX HNX HNX HNX HNX HNX HNX HNX HSX HSX HSX Ngành Mã CP AAM AAM AAM ABT ABT ABT ACL ACL ACL AGF AGF AGF HVG HVG HVG NAV NAV NAV TS4 TS4 TS4 Sàn HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX ...B GIÁO D O I H C KINH T Tp H CHÍ MINH Nguy n Th Ái Nhiên LÊN GIÁ C NG L I NHU N VÀ C T C PHI U T I TH NG CH NG KHOÁN VI T NAM Chuyên ngành: Tài Ngân hàng... mua giá tr chi phí lai lâu dài quan quan n 12 lai trung ng quan có Tuy khơng có th h ng quan -Bell- nhà phâ liên quan quan 1.3.5 - giá 13 tron V mà khơng quan trong ng lai mua mua quan phân tích. .. sá nhiên thông qua quan nghiên c sánh trung rong u m phân tí sai quan D trung ho c Thơng tin 10 ng qua a tài S so chia 1.3.4 l l phân tích dùng Có quan tron c g 11 có c ng có 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