Việt Nam bước vào thời kỳ hội nhập với một thị trường tài chính nói chung và một thị trường chứng khoán (TTCK) nói riêng còn non trẻ và đầy biến động. TTCK đóng một vai trò cực kỳ quan trọng đối với nền kinh tế Việt Nam vì nó là một kênh huy động vốn cho nền kinh tế. Quyết định số 252/ QĐTTg Chính phủ phê duyệt chiến lược phát triển thị trường chứng khoán Việt Nam giai đoạn 2011 đến 2020 ngày 01/03/2012 thị trường chứng khoán, phấn đấu đưa tổng giá trị vốn hóa thị trường cổ phiếu đạt 70% GDP vào năm 2020. Với tốc độ phát triển như trên, TTCK Việt Nam đã là một kênh hấp dẫn các nhà đầu tư trong và ngoài nước. Mặc dù là một kênh đầu tư khá hấp dẫn đối với các nhà đầu tư nhưng với bản chất của một thị trường mới nổi, còn non trẻ, TTCK Việt Nam cũng chứa đựng không ít rủi ro cho các nhà đầu tư. Điều này được thể hiện rất rõ thông qua tình hình biến động của chỉ số VNIndex. Cụ thể là chỉ số VNIndex sau gần một năm thành lập TTCK Việt Nam là 571 điểm, nhưng sau đó lại nhanh chóng rớt xuống mức thấp kỷ lục là 130,9 điểm vào phiên giao dịch ngày 24/10/2003.
BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KỸ THUẬT CÔNG NGHỆ TP HCM - HÀ MINH PHƯỚC CÁC YẾU TỐ ẢNH HƯỞNG ĐẾN TỶ SUẤT SINH LỜI CỦA CÁC CỔ PHIẾU NIÊM YẾT TRÊN SÀN CHỨNG KHỐN THÀNH PHỐ HỒ CHÍ MINH LUẬN VĂN THẠC SĨ Chuyên ngành: Quản Trị Kinh Doanh Mã số ngành: 60340102 TP HỒ CHÍ MINH, tháng năm 2013 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KỸ THUẬT CÔNG NGHỆ TP HCM CƠNG TRÌNH ĐƯỢC HỒN THÀNH TẠI TRƯỜNG ĐẠI HỌC KỸ THUẬT CƠNG NGHỆ TP HCM Cán hướng dẫn khoa học : TS Phan Đình Nguyên HÀ MINH PHƯỚC Luận văn Thạc sĩ bảo vệ Trường Đại học Kỹ thuật Công nghệ TP HCM ngày 31 tháng 01 năm 2013 CÁC YẾU TỐ ẢNH HƯỞNG ĐẾN TỶ SUẤT SINH LỜI Thành phần Hội đồng đánh giá Luận văn Thạc sĩ gồm: (Ghi rõ họ, tên, PHIẾU học hàm, họcNIÊM vị Hội đồng chấm bảo vệ Luận văn Thạc sĩ) CỦA CÁC CỔ YẾT TRÊN SÀN CHỨNG THÀNH 1.KHOÁN PGS TS Phước Minh Hiệp TS Trần Quốc Tuấn TS Ngô Quang Huân TS Đinh Công Tiến PGS.TS Lê Thị Lanh PHỐChủ HỒ CHÍ tịch hội đồngMINH Phản biện phản biện Ủy viên Ủy viên, thư ký LUẬN VĂN THẠC SĨ Xác nhận Chủ tịch Hội đồng đánh giá Luận sau Luận văn sửa chữa (nếu có) Chuyên ngành: Quản Trị Kinh Doanh Mã số ngành: 60340102 Chủ tịch Hội đồng đánh giá LV HƯỚNG DẪN KHOA HỌC: TS PHAN ĐÌNH NGUYÊN TP HỒ CHÍ MINH, tháng năm 2013 i LỜI CAM ĐOAN Tôi xin cam đoan luận văn “Các yếu tố ảnh hưởng đến tỷ suất sinh lợi cổ phiếu niêm yết sàn chứng khoán thành phố hồ chí minh” cơng trình nghiên cứu riêng thực hướng dẫn khoa học Thầy TS Phan Đình Nguyên Luận văn kết nghiên cứu độc lập, không chép trái phép tồn hay mơt phần cơng trình nghiên cứu khác Những nội dung trình bày luận văn hoàn toàn trung thực Phần lớn số liệu bảng biểu phục vụ cho việc phân tích, chứng minh, nhận xét, đánh giá tác giả thu thập từ nguồn khác có ghi phần tài liệu tham khảo Ngồi ra, luận văn sử dụng số nhận xét, đánh số liệu tác giả khác, quan khác, người viết có thích nguồn gốc sau trích dẫn để dễ tra cứu, kiểm chứng Các nội dung nghiên cứu, số liệu kết nghiên cứu Luận văn chưa cơng bố cơng trình khác Tp Hồ Chí Minh, tháng 12 năm 2012 Hà Minh Phước ii LỜI CẢM ƠN Tơi xin kính gửi lời cám ơn chân thành tới Ban giám hiệu thầy cô trường Đại Học Kỹ Thuật Công Nghệ Thành phố Hồ Chí Minh, khoa Sau đại học tận tình giảng dạy, truyền đạt kiến thức suốt thời gian học để tơi có tảng kiến thức thực luận văn Đặc biệt xin gởi lời tri ân sâu sắc tới Thầy TS Phan Đình Ngun Trường Đại Học Kỹ Thuật Cơng Nghệ Thành phố Hồ Chí Minh tận tình hướng dẫn suốt thời gian làm luận văn Xin chúc Thầy gia đình vạn ý Cuối cùng, tơi xin bày tỏ lịng biết ơn sâu sắc đến gia đình người bạn thân thiết, động viên, ủng hộ thời gian học tập làm luận văn tốt nghiệp Trân trọng TP Hồ Chí Minh, tháng 12/2012 Tác giả Hà Minh Phước iii TÓM TẮT Đề tài nghiên cứu yếu tố ảnh hưởng đến suất sinh lợi cổ phiếu niêm yết sàn giao dịch chứng khốn TP Hồ Chí Minh (HOSE) việc sử dụng mơ hình CAPM, Fama-French Carhart Nghiên cứu mở rộng mơ hình Carhart cách đưa thêm yếu tố phần bù ROE, phần bù EPS/P phần bù doanh thu vào mơ hình Cụ thể,tác giả thực xây dựng mơ hình sử dụng kỹ thuật phân tích tương quan, phân tích hồi quy để kiễm định tác động biến số: phần bù thị trường, phần bù quy mô, phần bù giá trị, phần bù xu hướng, phần bù ROE, phần bù EPS/P phần bù doanh thu ảnh hưởng đến suất sinh lời cổ phiếu Để thực nghiên cứu này, luận văn sử dụng liệu thứ cấp chủ yếu số VN-Index, giá đóng cửa cổ phiếu công ty niêm yết sau phiên giao dịch báo cáo tài chính, số lượng cổ phiếu thường lưu hành, lợi nhuận cổ phiếu, doanh thu từ hoạt động kinh doanh công ty cơng ty chứng khốn niêm yết HOSE từ ngày 2/1/2009 – 30/12/2011 Lãi suất phi rủi ro sử dụng nghiên cứu lãi suất tín phiếu kho bạc qua năm từ năm 2009 đến năm 2011, thu thập từ website Ngân hàng Nhà nước Việt Nam Kết nghiên cứu yếu tố suất sinh lời thị trường, phần bù quy mô, phần bù giá trị, phần bù EPS/P phần bù doanh thu có mối quan hệ đồng biến với suất sinh lời cổ phiếu ngược lại yếu tố phần bù xu hướng, phần bù ROE có quan hệ nghịch biến với suất sinh lời cổ phiếu Kết giúp cho doanh nghiệp nhìn nhận rõ rủi ro lực cạnh tranh thân Bên cạnh đó, nhà đầu tư có điều kiện để ứng dụng kỹ thuật phân tích dự báo cách hiệu hơn, gần với kỳ vọng Mặc khác, kết nghiên cứu giúp cho nhà đầu tư có dự báo bổ sung cần thiết cho hoạt động kinh doanh thị trường chứng khoán Việt Nam iv ABSTRACT This thesis researchs on the factors with affect the rate of return of the stocks listed on the stock exchanges TP Ho Chi Minh City (HOSE) by using the CAPM model, the Fama-French and Carhart models This study extended Carhart model by adding three factor: ROE premium, EPS/P premium and sales premium Specifically, the authors perform specifically the model and use technical analysis correlation and regression analysis to test the effects of variables: the market premium, size premium, value premium, momentum premium, ROE premium, EPS/P premium and sales premium impact how the profitability of stock To this research, this thesis uses research mainly in VN-Index, the closing price of the shares of the companies listed after each session and the financial statements, number of common shares outstanding, earnings per share, net revenue from the business results of the company are not stock companies listed on the HOSE from 2/1/2009 - 30/ 12/2011 Risk-free interest rate used in this study is the interest rate of treasury bills over the years from 2009 to 2011, was obtained from the website of the State Bank of Vietnam The results of this study indicate that market premium factor, size premium factor, value premium factor, EPS/P premium and sales premium factor have relationship with covariates profitability of shares andreverse WML premium factor , ROE premium inverse relationship with profitability of the stock These results will help enterprises to recognize the risks and competitiveness of themselves better In addition, investors have conditions for the application of technical analysis and forecast more efficient, closer to expectations On the other hand, the results of this study also help investors with necessary additional predictions for its business activities on the Vietnamese stock market v MỤC LỤC LỜI CAM ĐOAN i LỜI CẢM ƠN ii TÓM TẮT iii MỤC LỤC v DANH MỤC CÁC TỪ VIẾT TẮT ix DANH MỤC CÁC BẢNG BIỂU xi DANH MỤC CÁC HÌNH VẺ xii PHẦN MỞ ĐẦU…………………………………………………………………….1 Lý nghiên cứu Xác định vấn đề nghiên cứu Mục tiêu nghiên cứu .3 Phương pháp nghiên cứu Nội dung nghiên cứu Giới hạn phạm vi đối tượng nghiên cứu Ý nghĩa ứng dụng đề tài nghiên cứu CHƯƠNG 1: CƠ SỞ LÝ THUYẾT VÀ MƠ HÌNH NGHIÊN CỨU 1.1 Khái niệm mơ hình .6 1.1.1 Mô hình định giá tài sản vốn CAPM (Capital assetpricingmodel) 1.1.2 Mơ hình Fama French ba yếu tố 1.1.3 Mơ hình Carhart 11 1.2 Tổng kết số kết nghiên cứu có liên quan Việt Nam giới thời gian gần 12 1.2.1 Nghiên cứu nước giới: 12 vi 1.2.2 Những nghiên cứu Việt Nam 13 1.3 Mô hình nghiên cứu giả thiết nghiên cứu 15 1.3.1 Mơ hình nghiên cứu .16 1.3.2 Các giả thiết nghiên cứu 17 1.4 Một số khái niệm cách đo lường kết đầu tư 18 1.4.1 Một số khái niệm 18 1.4.2 Cách đo lường kết đầu tư 22 CHƯƠNG 2: PHƯƠNG PHÁP NGHIÊN CỨU 25 2.1 Phương pháp nghiên cứu 25 2.1.1 Phương pháp thu thập liệu 25 2.1.2 Phương pháp xử lý liệu 27 2.1.2.1 Cách tính suất sinh lợi 27 2.1.2.2 Cách tính biến (SMB, HML,WML, R ROE , D DT E EPS/P ) 28 2.1.3 Phương pháp phân tích liệu 30 2.1.3.1 Phân tích tương quan (Correlation Analysis) .30 2.1.3.2 Phân tích hồi quy tuyến tính (Linear Regression) 30 2.2 Quy trình nghiên cứu 31 CHƯƠNG 3: KẾT QUẢ KIỂM ĐỊNH MƠ HÌNH ĐỐI VỚI DỮ LIỆU TRÊN HOSE 32 3.1 Mơ tả thống kê phân tích tương quan .32 3.1.1 Mô tả thống kê .32 3.1.2 Phân tích tương quan (Correlation Analysis) 33 3.2 Kiểm định tính phù hợp mơ hình hồi quy 34 3.2.1 Kiểm định tính phù hợp mơ hình CAPM 35 vii 3.2.1.1 Kết hồi quy tuyến tính mơ hình CAPM 35 3.2.1.2 Kiểm định giả thiết hệ số hồi quy mơ hình CAPM 35 3.2.1.3 Kiểm định tính phù hợp hàm hồi quy mơ hình CAPM 36 3.2.2 Kiểm định tính phù hợp mơ hình Fama-French 36 3.2.2.1 Kết hồi quy tuyến mơ hình ba yếu tố Fama-French 36 3.2.2.2 Kiểm định giả thiết hệ số hồi quy mơ hình ba yếu tố Fama-French .37 3.2.2.3 Kiểm định tính phù hợp hàm hồi quy mơ hình ba yếu tố FamaFrench 37 3.2.2.4 Kiểm định tượng đa cộng tuyến mơ hình ba yếu tố FamaFrench 38 3.2.3 Kiểm định mơ hình Carhart 38 3.2.3.1 Kết hồi quy tuyến mơ hình bốn yếu tố Carhart .38 3.2.3.2 Kiểm định giả thiết hệ số hồi quy mơ hình bốn yếu tố Carhart 39 3.2.3.3 Kiểm định tính phù hợp hàm hồi quy mơ hình bốn yếu tố Carhart 39 3.2.3.4 Kiểm định tượng đa cộng tuyến mơ hình bốn yếu tố Carhart 39 3.2.4 Kiểm định mơ hình mở rộng bảy yếu tố 40 3.2.4.1 Kết hồi quy tuyến mơ hình mở rộng bảy yếu tố 40 3.2.4.2 Kiểm định giả thiết hệ số hồi quy mơ hình mở rộng .40 3.2.4.3 Kiểm định tính phù hợp hàm hồi quy mơ hình mở rộng 41 3.2.4.4 Kiểm định tượng đa cộng tuyến mơ hình mở rộng 41 3.3 Kiểm định giả thiết nghiên cứu 41 3.4 Phân tích hồi qui tuyến tính (Linear Regression) .45 TT 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 Ngày 12/7/2011 11/7/2011 8/7/2011 7/7/2011 6/7/2011 5/7/2011 4/7/2011 1/7/2011 30/06/2011 29/06/2011 28/06/2011 27/06/2011 24/06/2011 23/06/2011 22/06/2011 21/06/2011 20/06/2011 17/06/2011 16/06/2011 15/06/2011 14/06/2011 13/06/2011 10/6/2011 9/6/2011 8/6/2011 7/6/2011 6/6/2011 3/6/2011 2/6/2011 1/6/2011 31/05/2011 30/05/2011 27/05/2011 26/05/2011 25/05/2011 24/05/2011 23/05/2011 20/05/2011 19/05/2011 18/05/2011 17/05/2011 R i − R f R m -R f -0.91% -1.89% -0.69% -1.24% -0.57% 0.04% -0.41% 0.36% -0.97% -0.66% 1.42% 1.28% -0.07% -0.01% -1.53% -1.70% -0.62% -0.52% -0.40% 0.50% -1.11% -0.47% 0.17% 0.15% 0.17% -0.35% -0.97% -1.12% -0.22% -0.73% 1.39% 2.54% -1.64% -1.70% -1.90% -1.45% 0.85% 0.83% -2.19% -0.06% 0.69% -0.30% 1.59% -0.55% 1.67% 0.21% 0.28% 0.95% -0.26% -0.96% 2.11% 2.25% -0.07% -2.20% -0.43% -1.63% 2.62% 3.39% 1.87% 3.36% -0.50% 2.22% -2.25% 0.28% 1.24% 3.18% 1.29% 2.97% -3.15% -4.06% -3.13% -3.67% -2.59% -3.52% -1.60% -2.73% -0.96% -2.23% -1.35% -2.08% -1.22% -1.54% SMB 0.21% -0.40% 0.04% 0.51% 0.46% -0.56% 0.19% -0.27% -0.10% 0.38% 0.37% 0.64% 0.50% 0.01% 0.03% -0.32% 1.80% -0.06% -0.29% -0.77% 1.02% 0.14% 0.61% -0.75% -0.94% -0.60% -0.13% -0.67% -1.26% -0.45% -0.52% 0.69% -0.83% -1.08% 0.42% 1.25% 1.16% 0.68% 1.22% -0.41% 0.56% HML 0.25% 0.82% -0.38% -0.40% 0.51% 0.77% -0.04% 0.74% -0.22% -0.76% 0.85% 0.34% 1.28% -0.10% -1.16% -0.99% -2.43% 1.64% -0.26% 1.43% -0.22% 0.85% -0.36% 2.31% 1.00% -0.85% 0.97% 0.65% 0.60% -1.25% -0.11% 1.12% -0.54% -0.04% -0.04% -0.59% -0.03% 0.58% -1.43% 1.51% 0.11% WML 0.31% 0.14% -0.15% 0.19% -0.33% -0.60% 1.06% 1.08% 1.65% 0.93% -0.73% 0.49% 0.52% 0.24% 0.86% 0.54% 1.54% 1.51% 0.42% 1.07% -2.15% 0.11% -0.39% 0.07% -0.08% -1.16% 0.08% 0.22% -1.16% -0.76% 0.94% 1.46% 0.00% -0.46% 1.04% 1.71% 0.84% 0.03% 0.61% 0.79% 0.71% E EPS/P 1.12% 0.11% 0.49% 0.07% 0.02% -0.37% 0.42% 0.57% 0.66% 0.48% -0.03% -0.48% 0.47% 0.43% 0.91% -0.11% 1.16% -0.46% 0.89% 0.16% -1.27% -0.32% -0.17% 0.90% -0.33% -0.55% 0.57% -0.24% -0.88% -0.37% 0.99% -1.60% -0.50% -0.64% 0.72% 0.19% 1.30% 0.49% -0.19% -0.26% 0.29% R ROE 1.23% 0.40% 1.16% -0.40% -0.51% -0.72% 0.90% 1.16% 1.32% 0.87% -0.81% -0.61% -0.12% 0.26% 1.50% 0.33% 2.53% -0.68% 0.48% -0.06% -1.07% -0.77% -0.07% -0.37% -0.47% 0.05% -1.16% -1.05% -0.77% 0.54% 1.81% -1.32% 0.90% 0.60% 0.33% 0.43% 1.08% 0.55% -0.06% -0.25% -0.05% D DT 0.47% 0.72% 1.35% -1.01% -0.32% 0.15% 0.05% 0.89% 0.25% 0.56% 2.09% 0.11% -1.03% 0.10% 0.63% -0.80% -0.21% -0.02% -0.14% -0.62% -0.32% 0.15% -0.70% 0.27% 0.00% 0.13% -0.69% -0.94% 0.69% -0.05% 0.24% -1.53% 0.52% 0.78% 0.21% -0.46% 0.89% 0.11% 0.43% 0.88% 0.05% TT 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 Ngày 16/05/2011 13/05/2011 12/5/2011 11/5/2011 10/5/2011 9/5/2011 6/5/2011 5/5/2011 4/5/2011 29/04/2011 28/04/2011 27/04/2011 26/04/2011 25/04/2011 22/04/2011 21/04/2011 20/04/2011 19/04/2011 18/04/2011 15/04/2011 14/04/2011 13/04/2011 8/4/2011 7/4/2011 6/4/2011 5/4/2011 4/4/2011 1/4/2011 31/03/2011 30/03/2011 29/03/2011 28/03/2011 25/03/2011 24/03/2011 23/03/2011 22/03/2011 21/03/2011 18/03/2011 17/03/2011 16/03/2011 15/03/2011 R i − R f R m -R f -1.29% -1.74% -0.16% -0.53% -0.26% -0.24% -0.47% 0.34% -0.13% 0.76% 0.22% 0.98% 0.06% -1.41% -0.78% -1.53% 0.12% 1.32% 0.43% 1.49% -0.34% 0.74% -0.15% 1.57% -1.47% -0.82% 1.75% 1.99% -1.86% -0.88% -1.31% 0.36% -0.55% 1.03% -0.86% -0.42% -1.86% -1.22% -0.86% 0.06% -0.53% -0.12% -0.69% -0.74% -0.31% 0.14% -0.47% -0.33% 1.18% 1.65% -0.55% -0.03% -0.29% -0.46% -0.07% -0.44% -0.23% 0.21% -0.72% 0.43% -0.66% -0.38% -0.49% 0.36% 0.03% -0.81% -0.15% -1.38% 0.37% 0.57% -0.76% -0.76% 0.65% 1.51% 0.81% 0.10% -0.22% -0.70% 0.28% -1.12% -0.48% -2.36% SMB 0.18% 0.39% -0.04% 0.30% 0.01% 0.23% 0.16% -0.90% -0.14% -0.63% 0.97% 0.96% -0.17% -0.53% -0.43% 0.02% 0.17% -0.21% -0.44% -0.14% 0.56% -0.23% -0.66% -0.06% 0.45% 0.41% -0.24% 1.01% 0.38% -0.28% -0.83% -0.95% 0.21% 1.96% -1.52% 1.56% 0.44% 1.22% -0.81% 1.46% -0.45% HML 0.90% -0.68% 0.57% -1.03% -0.34% -0.12% -0.68% 0.38% 0.53% 0.21% -1.27% -1.43% 0.60% 0.30% -0.01% -1.38% -1.72% -0.01% 0.14% -0.18% -0.50% 0.64% 0.59% -0.68% -1.15% -0.42% 0.67% -1.47% -0.54% 0.59% 0.41% 1.12% 0.62% -1.93% 0.90% -1.57% -0.12% -0.69% 0.52% -1.93% 1.59% WML -0.93% -0.68% 0.03% 1.12% -0.95% 1.58% 0.22% -0.96% -0.38% 0.77% 0.54% 0.36% 1.47% -1.20% 0.56% -0.20% 0.18% 0.41% -0.33% 0.86% 0.20% 0.65% 0.36% 0.00% -0.13% 0.83% 1.10% 0.16% -0.97% 0.65% 0.92% 0.55% 0.40% -0.18% -0.28% -0.36% 0.13% -0.41% 0.43% 1.44% -0.74% E EPS/P -0.55% -0.51% -0.09% 0.48% -0.14% 0.21% 0.57% -0.12% -0.13% -0.55% 0.25% -0.70% 0.43% -0.85% 1.01% -0.37% -0.83% 0.19% -0.51% 0.84% -0.06% 0.27% -0.17% 0.36% -0.45% 0.12% 0.81% 0.91% -0.22% 0.09% 0.88% 0.27% 0.09% -0.32% -0.59% 0.16% -0.79% -0.43% -0.05% 1.44% -0.41% R ROE -1.13% -0.43% -0.40% 0.50% -0.21% -0.26% 0.82% -0.23% -0.32% 0.47% 1.06% -0.13% 0.89% -1.00% 1.36% 1.37% 1.02% -0.28% -1.56% 0.72% -0.04% 0.48% 0.08% 0.24% 0.62% -0.13% 0.52% 1.26% 0.23% -0.58% 0.18% -0.67% -0.32% 1.16% -0.76% -0.16% 0.14% -0.07% 0.52% 2.16% -1.13% D DT 0.32% 0.00% -0.37% -0.08% 0.30% -1.04% 0.60% -0.54% -0.09% 0.39% -1.12% -0.29% 1.34% 0.86% 0.52% -0.03% 0.42% -0.21% -0.30% 0.11% -0.26% 0.16% -0.49% -0.59% 0.44% -0.08% 0.27% 0.33% 0.66% -0.64% -1.00% 0.11% -0.15% -0.56% 0.43% -0.85% -0.61% 0.49% 1.14% 0.59% 0.51% TT 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 Ngày 14/03/2011 11/3/2011 10/3/2011 9/3/2011 8/3/2011 7/3/2011 4/3/2011 3/3/2011 2/3/2011 1/3/2011 28/02/2011 25/02/2011 24/02/2011 23/02/2011 22/02/2011 21/02/2011 18/02/2011 17/02/2011 16/02/2011 15/02/2011 14/02/2011 11/2/2011 10/2/2011 9/2/2011 8/2/2011 28/01/2011 27/01/2011 26/01/2011 25/01/2011 24/01/2011 21/01/2011 20/01/2011 19/01/2011 18/01/2011 17/01/2011 14/01/2011 13/01/2011 12/1/2011 11/1/2011 10/1/2011 7/1/2011 6/1/2011 R i − R f R m -R f -1.98% -3.10% 2.06% 2.58% 1.98% 2.52% -1.14% -1.06% 0.01% 1.51% 0.04% 1.93% -0.29% 1.50% -1.70% -1.23% -2.59% -1.81% -0.15% 0.99% -0.71% -1.23% 0.54% 1.21% -2.16% -2.03% 0.36% 0.12% SMB 0.90% -1.19% -0.50% 0.14% -0.01% -0.26% -0.35% -0.14% 0.31% -0.94% 1.60% 1.07% 0.26% 0.07% HML -0.96% 1.64% 0.40% -0.29% -0.75% -0.96% -0.55% -0.38% -0.36% 0.56% -0.37% -0.71% 2.98% -0.92% WML -0.28% -2.04% -1.18% 0.00% 0.19% -0.76% 1.18% 1.35% 1.04% 0.27% 1.26% -0.59% 1.25% 0.21% E EPS/P 0.30% -0.20% -0.03% 0.91% -1.00% -0.11% -0.83% 1.39% 0.91% -0.31% 1.13% -1.50% -0.64% -0.08% R ROE 0.57% -1.91% 0.03% 1.44% -0.23% 0.68% -0.08% 1.70% 0.65% -0.19% 0.71% 0.13% -0.95% 0.44% D DT 0.08% 0.16% -0.64% 0.76% 0.48% 0.29% 0.11% 0.30% -0.34% -0.23% 0.24% 0.49% -0.64% 0.03% 0.17% -0.10% 0.00% 0.25% -0.37% -1.55% 0.23% 0.61% -0.16% -0.60% -0.76% -0.80% -0.51% 0.28% -0.63% 0.41% 0.03% 0.27% -0.59% -0.51% -0.36% 1.12% -0.64% -0.75% 1.98% 1.02% -0.65% -1.28% -0.12% 0.42% -0.43% 0.61% -0.28% -0.17% 0.88% -1.46% -0.62% -1.04% 1.01% -0.05% 0.47% 1.35% 0.49% 0.34% 0.84% 0.28% 0.56% 0.32% -0.33% 0.70% -0.04% 0.25% -1.10% -0.98% 1.68% 0.84% 0.18% -0.07% 0.71% -0.51% -0.35% 0.85% -0.04% 0.39% 0.26% -0.06% 0.51% 0.59% 0.38% 0.21% -0.02% -1.00% -1.15% -0.01% 0.99% -0.10% -0.58% -0.07% 0.89% 0.27% 0.58% -0.12% -0.31% 1.13% -0.10% -0.02% 1.10% 0.54% 0.50% -0.11% -0.20% -0.28% -0.81% -0.04% 0.46% 1.04% 0.37% 0.47% -0.70% -0.40% -0.67% -0.10% -0.20% -0.03% 0.52% 0.09% -0.73% -0.21% -1.16% -0.21% 0.13% 0.87% 0.23% -0.50% 0.58% -0.26% 0.21% 0.00% 1.03% -0.06% 0.20% -0.18% -0.47% -0.09% 0.09% 0.49% 0.69% -1.54% -1.12% -1.99% 0.05% -2.31% -3.01% -1.70% -1.08% -0.85% -0.51% -0.37% 0.11% -0.45% -0.49% 0.70% 0.47% 0.68% 0.26% -0.72% -1.15% 0.08% 0.06% 0.01% -0.39% -2.86% -4.04% -1.19% -0.67% -0.96% 0.73% -1.18% -0.07% -0.49% 0.33% 1.95% 1.54% 0.27% -0.19% -1.58% -1.88% 1.44% 1.18% 1.68% 0.42% 0.36% 1.20% 0.85% 1.02% -0.36% 1.00% 1.16% 0.35% -0.49% 0.31% 0.18% 0.17% 0.57% 0.90% -0.20% 0.13% 0.06% -0.44% 0.21% -0.67% -0.12% -1.52% -0.69% -0.22% -0.36% 0.70% -0.17% -1.17% -0.41% -0.27% -0.30% 0.01% -1.63% -0.11% 0.78% -0.55% 0.05% -0.34% 1.44% 0.02% 0.29% 0.28% 0.93% 0.25% 0.53% 1.37% -0.22% 0.24% 0.06% -0.54% 0.47% -0.12% 0.07% TT 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 Ngày 5/1/2011 4/1/2011 31/12/2010 30/12/2010 29/12/2010 28/12/2010 27/12/2010 24/12/2010 23/12/2010 22/12/2010 21/12/2010 20/12/2010 17/12/2010 16/12/2010 15/12/2010 14/12/2010 13/12/2010 10/12/2010 9/12/2010 8/12/2010 7/12/2010 6/12/2010 3/12/2010 2/12/2010 1/12/2010 30/11/2010 29/11/2010 26/11/2010 25/11/2010 24/11/2010 23/11/2010 22/11/2010 19/11/2010 18/11/2010 17/11/2010 16/11/2010 15/11/2010 12/11/2010 11/11/2010 10/11/2010 9/11/2010 8/11/2010 Ri − Rf R m -R f SMB HML WML E EPS/P R ROE D DT -0.77% 0.23% 0.22% -0.56% -0.73% 1.05% 0.00% -0.57% -1.25% -0.62% 0.31% -0.45% 1.53% -1.68% -0.54% -0.92% -0.87% 0.24% 0.66% 0.51% -0.13% 1.28% 0.03% -0.58% -1.30% -0.09% 0.70% -1.47% 1.03% -2.72% 0.77% -0.15% -0.10% -0.22% 0.19% -0.27% -0.37% -0.40% -0.58% 1.01% 0.11% 0.38% 0.59% 0.30% -1.11% 0.60% 0.18% -0.61% -0.56% 0.40% -1.34% -0.30% 0.17% 0.76% 0.66% -1.27% -1.43% -0.45% -0.06% -0.06% 0.47% -0.15% -1.76% 0.29% -0.31% 0.27% -0.13% 0.26% 0.33% -0.85% 0.22% 0.99% 1.20% -0.21% 0.01% -0.12% -0.17% 0.52% 1.03% 0.37% -0.04% 0.97% -0.43% -0.15% -0.04% -0.32% 0.26% 0.87% -0.62% 0.18% -0.41% -0.18% -0.28% 1.54% -0.13% -0.08% -0.25% 0.42% 0.52% 0.68% -0.71% -1.48% 0.74% 1.44% 1.57% -0.60% -0.32% -0.56% 0.70% -0.29% 0.76% -0.44% -0.69% 0.45% 0.34% 0.21% 0.27% -0.35% 0.99% 0.19% 0.31% -0.06% -0.34% -0.35% 1.19% -1.30% -1.20% -0.30% 2.65% 2.26% 1.20% -2.28% -0.56% 1.84% 2.65% 2.02% 0.06% 1.98% 1.44% 0.41% 1.13% 0.32% 1.05% -1.05% -0.37% 1.39% -0.50% -1.70% -2.23% -2.17% -1.50% -0.57% -1.49% -0.63% 3.59% 2.73% 1.65% -1.77% -1.06% 0.23% 1.50% 1.64% -0.41% 1.14% 1.45% -0.03% 1.21% 0.83% 1.05% -0.10% -1.00% 1.19% -0.36% -1.55% -1.86% -1.17% -1.05% 0.39% -1.71% -0.07% -0.01% -1.62% -0.69% -0.49% 0.63% 0.48% -0.01% -0.61% 0.31% 0.13% -1.29% 0.37% 0.17% -0.23% -0.20% 0.57% 1.12% -0.36% 0.90% -0.45% 0.11% -1.12% -0.76% -0.42% -0.07% -0.33% 0.26% 1.42% 0.59% 0.17% 0.71% 0.92% 1.86% 1.05% 0.19% 1.39% 0.61% 0.78% 0.73% -0.31% -0.82% -1.78% -1.28% 0.74% -0.49% -0.61% 0.34% 0.95% -0.53% -0.34% 0.44% -0.37% -1.42% -0.56% 0.47% 2.19% 0.50% -0.75% -1.34% -0.27% -0.40% -1.18% -0.14% -0.43% -0.40% -0.33% -0.85% 0.31% -0.37% -0.74% 0.38% 2.19% 1.14% 0.65% -0.05% -0.17% 0.38% 0.29% -1.83% -0.52% -0.19% 1.59% 1.23% 0.50% -0.08% -0.75% -0.73% 0.07% -1.48% -0.19% -0.77% -0.91% 0.22% 0.52% -0.56% -0.72% 0.23% 1.09% 0.07% 0.31% 0.54% 0.04% 0.02% 0.54% -1.45% -0.99% 0.00% 1.55% 0.81% -0.30% -1.49% -0.68% -1.69% -0.88% -1.14% -0.95% -1.19% -0.76% 0.21% 1.69% 0.95% -0.87% 0.66% 2.15% 0.14% 0.26% 0.28% -0.05% -0.42% -0.20% -0.09% 0.11% 0.17% -0.58% 0.31% 0.14% 0.19% 1.30% -0.01% 0.91% -0.23% -0.96% 0.41% 0.33% -0.65% 0.15% -0.18% 0.10% -0.41% 0.02% -0.26% 0.17% 0.20% -0.11% 0.05% 0.00% TT 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 Ngày 5/11/2010 4/11/2010 3/11/2010 2/11/2010 1/11/2010 29/10/2010 28/10/2010 27/10/2010 26/10/2010 25/10/2010 22/10/2010 21/10/2010 20/10/2010 19/10/2010 18/10/2010 15/10/2010 14/10/2010 13/10/2010 12/10/2010 11/10/2010 8/10/2010 7/10/2010 6/10/2010 5/10/2010 4/10/2010 1/10/2010 30/09/2010 29/09/2010 28/09/2010 27/09/2010 24/09/2010 23/09/2010 22/09/2010 21/09/2010 20/09/2010 17/09/2010 16/09/2010 15/09/2010 14/09/2010 13/09/2010 10/9/2010 9/9/2010 8/9/2010 R i − R f R m -R f 1.20% 1.84% 0.51% 1.03% -0.94% -0.50% -0.88% -1.09% -0.47% -0.36% -0.02% 0.52% -0.33% -0.01% -0.92% -1.15% 1.39% 1.42% 0.52% 0.73% -0.70% -0.01% -0.64% 0.62% -2.45% -2.67% -1.48% -0.78% -0.39% -0.21% -0.32% -0.10% -0.36% 0.19% -0.03% 0.72% -0.87% -1.12% -0.19% -0.03% -0.65% -0.64% -0.80% 0.27% 1.02% 2.12% -0.05% 1.13% -1.64% -1.34% -0.60% -0.65% -0.44% 0.32% -0.59% -0.52% 0.48% 1.06% -0.41% 0.08% 0.06% -0.28% -0.65% -0.71% 0.21% 0.10% -1.27% -1.04% 0.42% 0.03% 1.75% 1.77% -0.22% 0.15% -0.63% -0.10% 0.32% 0.35% -1.30% -0.94% -2.08% -2.68% 1.29% 1.12% -0.73% -0.51% SMB -0.05% 0.05% -0.65% -0.08% -0.65% -0.57% -0.01% 0.60% -0.11% -0.09% -1.64% -0.72% 0.04% 0.30% -0.02% 0.21% -0.28% -0.86% -0.29% 1.03% 0.35% -1.08% -0.89% -1.09% -0.40% -0.22% 0.36% 0.46% -0.27% 0.49% -0.02% 0.50% 0.35% 0.01% -0.62% -0.34% -0.16% -2.80% -0.07% -0.81% -0.07% 0.64% 0.00% HML 0.02% -0.67% 0.28% -0.34% -0.76% -0.21% 0.43% -1.43% 0.90% -0.21% -0.24% 0.04% -0.65% -0.60% -0.56% -0.21% -0.28% 0.51% -0.28% -1.47% -0.45% 0.43% 0.38% 0.72% -0.86% 0.00% -0.97% -0.13% -0.23% -0.61% 0.06% -1.98% -0.85% 1.38% 1.12% 0.40% 0.56% 3.29% 0.92% 0.77% -0.04% -0.35% -0.69% WML -0.44% 0.07% 0.78% 0.35% 0.24% 0.07% 0.88% 0.48% -1.06% 0.04% 0.35% 0.32% 0.93% 0.29% 0.37% 0.36% 0.17% 0.01% 0.77% 0.62% -0.22% -0.14% -1.39% 0.73% 0.51% 0.63% 0.19% 0.11% 1.07% 1.07% 0.43% -0.39% -0.61% -0.31% 1.04% -1.34% -0.53% -0.72% 0.00% 1.36% 1.72% 0.27% 0.67% E EPS/P -0.57% -0.60% 0.31% 0.15% 0.17% 1.05% 0.68% 0.41% -0.80% -0.25% 0.13% 0.34% 0.82% 0.07% 0.43% 0.22% 0.02% 0.34% -0.08% 0.43% 0.30% 0.25% -0.33% 0.23% 0.55% 0.08% 0.37% 0.15% -1.35% 0.68% 0.66% -0.36% 0.86% -0.13% -0.13% 0.38% 0.16% 0.00% 0.22% 0.39% 0.17% 0.26% 0.44% R ROE -0.45% -0.10% 0.19% 0.30% 0.89% 0.60% 0.35% 0.55% -1.12% 0.40% 0.73% 0.61% 0.58% 0.64% 0.09% 0.70% 0.42% 0.00% -0.15% 0.98% 1.48% 0.00% -1.30% 1.00% 0.96% -0.16% 0.93% -0.56% -0.24% 1.39% 0.38% 0.46% 0.58% -0.72% -0.21% -0.41% -0.61% -2.45% 0.26% 1.54% 0.10% 0.55% 0.84% D DT 0.05% 0.04% 0.52% -0.46% 0.44% 0.02% -0.32% 0.35% 0.46% 1.48% 0.85% -0.11% -0.52% -0.26% 0.62% -0.15% 0.46% 0.03% 0.24% -0.27% 0.83% -0.74% -0.73% -0.72% 0.11% -0.66% 0.32% 0.48% -0.10% -0.39% 0.08% -0.71% 0.00% 0.04% -0.22% 0.58% 0.38% -1.18% 0.82% 0.58% -0.21% -0.04% 0.10% TT 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 Ngày 7/9/2010 6/9/2010 1/9/2010 31/08/2010 30/08/2010 27/08/2010 26/08/2010 25/08/2010 24/08/2010 23/08/2010 20/08/2010 19/08/2010 18/08/2010 17/08/2010 16/08/2010 13/08/2010 12/8/2010 11/8/2010 10/8/2010 9/8/2010 6/8/2010 5/8/2010 4/8/2010 3/8/2010 2/8/2010 30/07/2010 29/07/2010 28/07/2010 27/07/2010 26/07/2010 23/07/2010 22/07/2010 21/07/2010 20/07/2010 19/07/2010 16/07/2010 15/07/2010 14/07/2010 13/07/2010 12/7/2010 9/7/2010 8/7/2010 7/7/2010 R i − R f R m -R f 0.04% -1.19% 2.01% 1.54% 1.16% 0.78% 2.39% 2.33% 2.18% 3.58% -0.85% 0.44% -0.71% 0.72% -2.35% -2.45% -3.11% -3.05% -1.76% -1.55% 0.26% 0.54% -0.64% -0.76% -2.01% -1.76% -0.26% -0.31% 2.01% 2.64% 0.01% 0.93% -2.76% -3.21% -0.13% 0.27% -2.49% -2.36% -1.80% -2.12% -0.87% -0.73% -0.38% -0.13% -0.96% -1.09% -0.10% 0.03% -0.34% -0.50% 0.22% 0.54% -0.33% -0.01% -1.51% -1.38% -0.48% -0.11% -0.56% -0.47% -0.19% -0.03% -1.04% -1.04% 0.29% -0.27% 0.02% -0.07% 0.08% 0.09% 0.16% 0.17% 0.06% -0.45% -0.23% -0.39% 1.45% 1.81% 0.21% 0.05% 0.13% 0.15% -0.10% 0.31% -0.69% -0.81% SMB -0.51% 0.09% -0.11% 0.33% -0.71% -1.34% -1.48% 0.76% -0.09% -0.80% -0.48% 0.37% 0.36% -0.83% -0.03% -0.44% 0.22% 0.48% -0.16% -0.28% 0.10% -0.95% 0.29% -0.19% 0.37% 0.24% 0.64% -0.28% -0.81% 0.30% -0.25% -0.73% 0.25% 1.06% 0.64% 0.81% 0.31% 0.02% -0.03% -0.68% 0.59% 0.02% 0.02% HML 1.05% 0.44% 0.90% -0.24% 0.77% 0.52% -0.62% -2.41% 0.69% 0.87% -1.19% -1.13% -0.25% 0.09% 0.16% 0.16% -0.44% -0.74% -0.26% -0.03% 0.09% 0.45% -0.89% -0.38% -0.50% 0.42% 0.27% -0.50% 0.32% -1.30% 0.10% 0.17% 0.40% 0.55% 0.31% -0.91% 0.36% 0.29% 0.80% 0.23% 0.05% -0.39% 0.31% WML 0.65% -0.83% -1.31% -2.11% -1.31% -0.03% 0.96% 1.39% 1.36% 0.44% 0.36% 0.27% 0.48% -0.69% -0.90% -0.54% 0.81% -0.12% 1.26% 1.26% 0.31% 0.41% 0.77% 0.65% -0.17% -0.03% 1.18% 0.12% 1.05% 0.87% -0.45% 1.21% 1.71% 0.14% 1.79% 0.69% -0.17% -0.30% -0.18% 0.08% -0.26% 0.00% 1.00% E EPS/P 0.65% -0.61% -0.44% -0.44% -1.47% -0.20% 0.63% 0.62% 0.92% 0.57% -0.25% 1.40% 0.96% -0.92% -1.00% -0.68% 0.24% 0.89% 0.70% 0.60% -0.19% 0.00% 1.62% 0.23% 0.05% -0.46% 0.27% 0.61% 0.93% 0.99% 0.03% -0.67% 0.73% -0.30% 0.60% 0.68% 1.02% 0.16% -0.50% 0.15% -0.20% 0.28% 0.53% R ROE -0.60% -1.18% -1.27% -0.78% -0.79% 0.22% 0.76% 1.41% 0.54% 0.80% 0.78% 1.07% 0.95% -1.13% -0.59% -0.55% -0.05% 1.15% 0.93% 0.92% -0.21% -0.03% 1.07% 0.39% 0.39% 0.15% 0.07% 0.66% 0.60% 1.31% 0.45% 0.59% 0.77% -0.70% 0.61% 0.97% 0.31% -0.50% -1.38% 0.30% -0.15% 0.19% 0.63% D DT 0.13% 0.32% 0.25% 0.84% 0.19% 0.98% -0.83% -0.60% 0.21% 0.30% -0.72% -0.37% -0.92% 0.34% 0.30% 0.49% 0.29% 0.40% -0.65% -0.13% 0.35% 0.45% 0.30% 0.67% 0.47% 0.23% -0.53% -1.30% -1.13% 0.28% 0.29% 1.54% 0.13% -0.02% 0.83% -0.57% -0.31% -0.66% -0.23% 0.55% 0.45% 0.09% 0.32% TT 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 Ngày 6/7/2010 5/7/2010 2/7/2010 1/7/2010 30/06/2010 29/06/2010 28/06/2010 25/06/2010 24/06/2010 23/06/2010 22/06/2010 21/06/2010 18/06/2010 17/06/2010 16/06/2010 15/06/2010 14/06/2010 11/6/2010 10/6/2010 9/6/2010 8/6/2010 7/6/2010 4/6/2010 3/6/2010 2/6/2010 1/6/2010 31/05/2010 28/05/2010 27/05/2010 26/05/2010 25/05/2010 24/05/2010 21/05/2010 20/05/2010 19/05/2010 18/05/2010 17/05/2010 14/05/2010 13/05/2010 12/5/2010 11/5/2010 10/5/2010 7/5/2010 R i − R f R m -R f -1.03% -1.18% 0.56% 0.56% 0.29% -0.11% -0.19% -0.64% -0.78% -0.74% -0.06% 0.64% -0.62% 0.40% -0.97% -1.32% 0.31% -0.25% -0.20% 0.01% -0.08% -0.46% 0.74% 0.67% 0.08% 0.05% 0.11% -0.01% 0.62% 0.50% 0.03% -0.09% 0.61% 0.76% 0.59% 0.73% 0.41% 0.55% -0.26% 0.05% 0.13% 0.03% -1.78% -2.68% -0.08% -0.19% -0.09% 0.07% 0.15% 0.36% 0.28% 0.22% -0.95% -1.12% 1.94% 3.15% 0.60% 0.88% 0.97% 1.30% -0.15% -0.03% -0.25% 0.48% -2.95% -3.98% 0.38% 1.73% -3.18% -2.67% -0.80% -0.62% -1.78% -1.84% -0.24% 0.31% -0.79% -0.17% -1.88% -2.80% -0.61% -0.03% -1.79% -1.43% -1.12% -1.40% SMB 0.63% 0.00% 1.06% -0.17% 0.19% -1.24% 1.11% 0.25% 0.28% 1.08% 0.26% 0.26% 0.27% 0.25% -1.31% 0.85% 0.36% 0.01% -0.43% 0.50% 0.27% 0.42% -0.19% -0.20% 0.57% -0.98% 0.80% -0.62% -0.85% 0.38% -0.06% 0.45% 0.57% -1.05% 3.62% 0.07% 0.91% 1.40% 0.04% -0.47% 0.01% -0.99% 0.79% HML -0.94% 0.01% 0.08% 1.01% -1.19% 0.74% 0.90% 0.13% 0.77% 1.95% 0.61% 0.34% -0.62% -0.37% 2.06% 0.33% 0.48% 0.04% 0.82% -0.45% -0.69% 0.05% 0.49% 0.29% -0.19% 0.51% 0.01% 0.26% 0.97% -1.06% 0.53% -1.84% -0.62% -0.92% -1.24% -0.26% 0.37% -0.07% -0.99% -0.30% -1.09% -1.34% 2.44% WML 0.07% 0.88% 0.55% -0.18% 0.03% -0.23% -0.12% 0.03% -0.32% -0.28% -1.21% -0.08% 0.05% -0.44% 0.32% -0.15% 0.47% -0.88% -0.36% -0.55% 1.60% 0.66% 1.65% 1.08% 0.36% -0.18% -0.05% -0.74% -0.45% -0.50% -0.08% 0.51% 0.27% -0.28% -1.80% 0.12% 1.59% 0.07% 0.52% 0.97% -1.95% -0.41% -0.43% E EPS/P 0.59% 0.33% 0.49% 0.27% -0.28% 0.30% 0.93% 0.42% -0.05% 0.39% -1.04% -0.01% 0.87% -1.09% -0.12% -0.23% 0.27% -0.43% -0.26% 0.88% 0.18% -0.75% -0.31% 0.47% -0.14% -0.48% -0.03% -1.21% -0.23% -0.24% -0.34% -1.52% 1.20% -1.40% -3.17% -0.25% -0.40% -2.27% -0.20% 1.01% 0.31% 1.59% 0.30% R ROE 0.40% 0.15% 0.37% -0.02% 0.44% -0.77% 0.06% 0.02% -0.55% -0.01% -0.55% -0.32% 1.17% -0.53% -0.35% -0.52% 1.02% -0.90% 0.28% 1.65% 1.12% -0.94% -0.31% 0.34% -0.77% -0.22% -0.07% -0.02% -1.17% 0.84% -0.74% 0.16% 0.01% 0.40% -2.88% 0.41% -0.25% -0.80% 1.68% 0.73% 0.06% -0.49% -1.91% D DT -0.04% 1.23% 0.29% -0.73% 0.59% -0.75% 0.30% 0.86% 0.58% -0.28% -0.60% 0.15% -1.20% 0.04% 0.61% 0.16% 0.23% -0.58% 0.18% 0.36% 0.48% 0.22% -0.37% 1.16% 0.08% -0.50% 0.42% 1.38% -0.35% 0.71% -0.55% -1.12% -1.10% -0.11% -0.88% 0.25% 0.41% -1.72% -0.76% -0.30% -0.87% -0.58% 1.52% TT 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 Ngày 6/5/2010 5/5/2010 4/5/2010 29/04/2010 28/04/2010 27/04/2010 26/04/2010 22/04/2010 21/04/2010 20/04/2010 19/04/2010 16/04/2010 15/04/2010 14/04/2010 13/04/2010 12/4/2010 9/4/2010 8/4/2010 7/4/2010 6/4/2010 5/4/2010 2/4/2010 1/4/2010 31/03/2010 30/03/2010 29/03/2010 26/03/2010 25/03/2010 24/03/2010 23/03/2010 22/03/2010 19/03/2010 18/03/2010 17/03/2010 16/03/2010 15/03/2010 12/3/2010 11/3/2010 10/3/2010 9/3/2010 8/3/2010 5/3/2010 4/3/2010 R i − R f R m -R f 1.40% 0.24% 0.52% -0.23% 1.50% 1.20% 1.16% 0.56% 0.88% 0.62% -0.04% 0.82% 0.01% 0.33% 0.53% 1.82% 1.02% 0.84% 0.56% -0.32% -0.03% -1.05% 0.49% 0.06% 0.90% 0.99% 0.12% -0.38% -0.53% -0.40% -0.05% 0.45% 0.51% 0.26% 0.54% -0.01% 0.39% 0.07% 0.15% 0.07% 0.78% 0.81% 0.22% 0.42% 1.08% 1.77% -0.62% -0.33% -0.57% -1.02% 0.27% 0.05% 0.20% 0.35% -1.49% -1.73% 1.40% 1.08% -0.16% -1.03% -0.20% -0.88% -0.18% -0.74% 1.32% 1.69% -1.28% -1.04% -1.74% -3.00% 0.82% 0.05% 0.93% 1.29% 0.34% -0.24% 0.17% -0.33% 0.82% 1.16% 1.58% 1.47% 0.95% 0.26% 0.94% 0.88% SMB 0.39% 0.12% -0.02% 0.48% 0.35% 0.13% -0.63% -0.49% 0.11% 1.02% 0.31% 0.60% 0.50% -0.42% -0.58% -0.58% 0.45% 0.14% -0.05% 0.85% 0.37% -0.09% -0.43% 1.13% -0.21% 0.53% 1.65% 0.90% 0.95% 1.63% 0.71% 0.59% -0.15% -0.17% 0.06% 1.15% 0.70% 0.40% -0.61% -1.49% -0.79% -0.24% -0.21% HML 2.86% 1.42% 1.82% 0.86% -1.07% 0.23% -0.26% -0.29% 0.34% 0.95% 1.27% 0.21% -0.14% 1.29% 0.41% 0.63% 0.09% 0.09% 0.79% -0.57% 0.06% 0.32% -0.06% -1.31% 0.64% -0.37% -1.86% -0.52% -0.96% -0.82% 1.50% 0.03% -0.10% -1.06% 0.95% -0.22% -1.24% -0.27% 0.55% 1.76% 1.82% 0.13% 0.19% WML -0.58% 0.65% -0.18% -0.61% -1.25% -0.07% 0.69% -1.23% -0.84% 0.86% -0.86% -0.31% -0.29% 0.29% 0.16% 1.12% 0.26% -0.11% 0.24% -0.16% -1.03% 0.75% -0.57% -0.66% 0.25% -0.25% -0.12% 0.69% 0.54% 0.28% 0.31% 0.13% -0.82% 0.97% 0.75% 0.49% -0.64% -0.12% -0.04% 0.40% 0.19% 0.53% 0.62% E EPS/P -0.11% -0.20% -0.56% -0.59% -1.09% -0.12% -0.01% -1.35% -0.76% 0.01% -0.30% 0.39% -0.58% -0.03% 0.14% -0.48% -0.35% 0.23% 0.07% -0.07% -0.12% 0.91% -1.29% -0.88% 0.65% -0.33% -0.37% 0.00% 0.19% -0.29% -0.22% 0.42% 0.32% -0.18% 0.21% 0.31% -0.90% -0.98% 0.20% 0.69% 0.77% 0.36% 0.45% R ROE -1.07% -1.61% -1.03% -1.46% -0.86% -1.00% 0.04% -1.36% -1.65% 0.19% -1.34% -0.09% -1.41% 0.87% 0.24% -0.37% -0.72% -0.22% -0.80% -0.75% 0.23% 0.84% -1.15% 0.30% 0.57% -0.42% 1.27% 0.82% 0.44% 0.66% -0.40% 0.52% 0.04% 0.68% -1.21% 0.79% -0.55% -0.34% 1.01% -0.24% -0.75% 0.22% 1.16% D DT 0.50% 0.18% -0.22% 0.08% -0.03% -1.23% -0.17% -1.11% -0.04% 0.26% 0.95% 0.50% 0.25% 1.10% 0.66% 0.37% -0.46% 0.36% 0.79% 0.15% -0.77% -0.30% 0.72% -0.47% -0.84% -0.84% 0.70% 0.45% -0.12% -0.58% 0.38% -1.04% 0.14% 0.67% -0.53% 0.62% -0.02% -0.55% 0.46% -0.33% 0.30% 0.43% -0.66% TT 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 Ngày 3/3/2010 2/3/2010 1/3/2010 26/02/2010 25/02/2010 24/02/2010 23/02/2010 22/02/2010 12/2/2010 11/2/2010 10/2/2010 9/2/2010 8/2/2010 5/2/2010 4/2/2010 3/2/2010 2/2/2010 1/2/2010 29/01/2010 28/01/2010 27/01/2010 26/01/2010 25/01/2010 22/01/2010 21/01/2010 20/01/2010 19/01/2010 18/01/2010 15/01/2010 14/01/2010 13/01/2010 12/1/2010 11/1/2010 8/1/2010 7/1/2010 6/1/2010 5/1/2010 4/1/2010 31/12/2009 30/12/2009 29/12/2009 28/12/2009 25/12/2009 R i − R f R m -R f 1.09% 1.23% 0.30% -0.43% 0.58% 1.20% 0.12% 0.36% -0.58% 0.05% 0.13% -0.37% -1.35% -2.71% 0.03% 0.56% 0.70% 1.39% 0.63% 1.80% 0.70% 1.63% -1.19% -1.72% -0.73% -0.39% -0.99% -2.17% 1.23% 1.65% 0.61% 1.53% -0.30% 0.18% 0.67% 0.99% -0.04% 0.01% -1.07% -0.97% -1.40% -2.34% 2.59% 3.51% 0.79% 0.66% -0.84% -0.20% -2.11% -2.30% -1.23% -1.24% 0.33% 1.70% -2.40% -3.65% -1.02% -1.38% -0.10% 0.70% 0.64% 2.04% -2.13% -3.29% -0.80% -1.14% -1.45% -2.35% 1.33% -0.25% 0.89% 0.35% 2.49% 2.97% 2.86% 4.46% 0.06% -0.15% 1.91% 2.24% 0.17% -1.69% 0.67% -0.53% 2.55% 3.31% SMB -0.88% 0.91% -0.86% -0.39% 0.88% 1.05% 0.36% -0.15% -0.37% -1.62% -0.71% -0.55% 0.16% -0.54% -0.26% -1.10% -0.27% -1.16% -0.86% 0.81% 1.71% 0.65% 1.24% 0.09% -0.40% 0.12% 0.34% 1.46% -0.05% 1.10% -0.09% -0.08% -0.61% 0.03% -1.28% 0.20% -0.85% -1.73% 0.50% -0.68% -0.06% -0.16% -1.33% HML 0.69% -1.05% 1.15% 1.92% 0.29% -1.18% 0.08% 1.81% 0.80% 1.52% 0.00% 1.29% 0.55% 0.54% -1.27% 0.71% 0.75% 0.62% 0.04% -0.62% -1.62% -0.80% -0.79% -0.41% -0.05% -2.03% -2.10% -0.60% -0.94% -0.36% -0.54% -0.15% 1.21% 1.04% 3.23% -0.15% 2.02% 0.72% -0.13% 0.21% 0.18% -0.01% 0.98% WML -0.17% -0.04% -0.43% -0.64% 1.38% 0.25% 0.43% 0.71% -0.07% -0.26% -0.76% 0.62% 0.89% 0.19% -0.51% 0.25% -0.88% 0.54% -0.99% 1.23% 0.10% -1.90% 0.57% -0.33% 1.09% 0.17% 0.66% 0.87% -0.08% 1.08% 0.03% 0.63% 0.72% 1.49% 0.29% 0.34% -0.51% -0.34% -2.21% -0.55% 0.41% 0.72% -0.89% E EPS/P -0.74% -0.48% -0.08% -2.14% -0.02% -0.08% 1.37% -0.27% -0.81% -0.03% 0.06% 0.33% 0.52% 0.71% -0.37% 0.51% -0.10% 0.20% 0.12% 0.08% 0.50% -0.71% 0.77% 0.23% 0.15% 1.15% 0.15% 0.34% -0.39% 0.38% -1.60% 0.67% -0.29% 1.08% 1.14% -0.28% 0.33% -0.70% -0.63% -0.32% 0.86% 0.16% 0.06% R ROE -0.37% -0.05% -1.09% -0.46% -0.74% 0.27% 0.20% 0.07% -0.69% -0.54% -0.16% -0.20% 0.07% -0.07% -0.12% -0.02% -1.23% 0.53% -0.73% -0.03% 0.13% -0.12% 1.21% 0.11% 0.99% 1.38% 0.53% -0.03% 0.18% 0.01% -0.84% 0.40% 0.70% 1.09% -1.58% -1.11% -0.70% -0.10% -0.72% 0.32% -0.10% 0.97% 0.35% D DT -0.14% 0.30% -0.39% 0.21% -1.86% -0.25% -1.13% 0.39% 0.29% 0.09% 0.12% 0.50% -0.56% 1.10% 0.16% 0.23% -0.21% 0.42% -0.05% -0.79% -0.47% -0.22% 0.39% -0.51% -0.70% -0.84% -0.69% -0.57% -1.01% 0.18% 0.26% -0.82% -0.06% 0.40% 0.83% 0.51% -0.25% 0.79% -0.09% 0.45% 0.15% 0.61% 0.22% TT 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 Ngày 24/12/2009 23/12/2009 22/12/2009 21/12/2009 18/12/2009 17/12/2009 16/12/2009 15/12/2009 14/12/2009 11/12/2009 10/12/2009 9/12/2009 8/12/2009 7/12/2009 4/12/2009 3/12/2009 2/12/2009 1/12/2009 30/11/2009 27/11/2009 26/11/2009 25/11/2009 24/11/2009 23/11/2009 20/11/2009 19/11/2009 18/11/2009 17/11/2009 16/11/2009 13/11/2009 12/11/2009 11/11/2009 10/11/2009 9/11/2009 6/11/2009 5/11/2009 4/11/2009 3/11/2009 2/11/2009 30/10/2009 29/10/2009 28/10/2009 27/10/2009 R i − R f R m -R f 1.20% 1.73% 0.45% 1.18% 0.50% 0.88% 2.32% 3.97% 0.73% 1.90% -2.46% -1.66% -2.62% -3.79% -1.43% 0.19% 0.88% 3.17% -3.22% -3.19% -2.51% -2.56% -2.82% -3.69% -1.82% -2.05% 0.20% 0.70% 0.00% 0.01% -0.85% -0.89% -2.42% -3.10% 1.07% 2.12% 0.96% 2.73% -1.02% 1.63% -3.35% -4.16% -3.46% -4.52% -1.16% -1.92% -1.75% -3.36% 0.07% -0.77% 0.49% 1.09% 0.40% 1.20% -0.11% 0.23% -0.60% -0.48% 0.65% 0.38% 1.32% 1.54% 0.94% 2.49% -1.88% -1.84% -2.68% -3.77% -1.01% -0.13% 1.46% 3.32% -1.05% -0.41% -2.63% -3.96% -2.38% -4.35% 0.66% 0.94% -1.64% -3.09% 0.02% 0.49% -1.77% -2.08% SMB 0.54% 1.81% -1.17% -0.84% 0.54% -0.79% 0.17% 0.21% -0.17% 0.22% 0.90% -0.14% -0.13% -0.49% 0.02% 0.26% 0.17% -0.54% -1.53% 0.48% -0.49% -0.64% -0.32% 0.63% 0.68% -1.26% -0.04% -0.29% 0.84% -0.45% -0.25% -0.70% -0.03% 0.30% 1.15% 0.17% 1.34% 1.40% 1.16% 1.75% -0.04% -0.68% -0.25% HML 0.11% -1.56% 0.47% 1.16% 2.24% 2.21% 0.03% 0.58% -0.26% -1.63% -1.97% -0.52% 1.18% -1.79% -0.53% 0.38% 0.57% 1.06% 1.37% -0.41% 0.06% 1.19% 1.22% -0.40% 0.37% 1.15% -1.77% 0.88% 2.30% 0.04% -0.67% -1.13% -1.35% -0.46% -0.26% -2.02% -2.77% -1.18% 0.53% 0.37% -0.44% -0.98% -2.59% WML -0.10% 0.66% -0.48% -1.76% 0.92% -0.71% -0.30% -0.89% -0.35% 1.08% 1.38% 1.80% -0.33% -0.62% -0.92% 0.47% -0.08% -0.86% -0.31% 0.12% 1.36% 1.06% 0.41% 1.74% -0.16% -0.28% -0.41% 0.06% 2.02% -0.56% -0.68% -0.24% 1.13% 0.86% 0.21% -0.95% -1.15% 0.43% -0.06% -0.13% 1.42% -0.14% 0.95% E EPS/P -0.20% -0.67% -0.36% -0.75% -0.54% -0.49% -1.02% -0.73% -0.49% 0.44% 0.28% -0.12% -0.06% -0.04% 0.73% 0.83% 1.01% -1.08% -1.68% 1.86% 0.72% 0.12% 0.84% 0.72% -0.32% -1.08% -0.44% 1.02% 0.37% -1.04% 0.37% -0.09% 0.41% 0.62% 0.12% -1.22% 0.66% 0.65% 1.41% -0.22% 1.59% -0.80% 1.97% R ROE -0.88% -0.05% 0.72% -0.28% -1.01% -1.92% -1.21% -0.56% -0.14% 1.25% 1.54% 0.72% -0.62% 0.52% 0.43% 0.80% -0.22% -0.79% -1.54% 1.06% 1.41% -0.59% 0.00% 0.03% -1.30% 0.47% 1.65% 0.50% -1.28% -1.59% 0.18% 0.36% 1.15% -0.16% -1.60% 0.76% 1.81% 0.08% -0.38% 0.03% 2.09% 1.78% 1.99% D DT -0.03% -0.89% 0.06% 0.35% 0.07% -0.60% -0.35% -0.35% 0.50% 0.10% -0.06% 0.13% -0.29% 0.58% -0.04% 0.23% -0.05% 0.74% -0.64% 0.24% 0.15% 0.33% 0.98% -0.85% 0.16% 0.77% 0.52% 0.32% 1.19% 0.64% 0.91% 0.01% 0.19% -0.22% 0.37% 0.28% -1.37% 0.63% -0.24% -1.05% 0.36% 0.89% 0.68% TT 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585 586 587 588 589 Ngày 26/10/2009 23/10/2009 22/10/2009 21/10/2009 20/10/2009 19/10/2009 16/10/2009 15/10/2009 14/10/2009 13/10/2009 12/10/2009 9/10/2009 8/10/2009 7/10/2009 6/10/2009 5/10/2009 2/10/2009 1/10/2009 30/09/2009 29/09/2009 28/09/2009 25/09/2009 24/09/2009 23/09/2009 22/09/2009 21/09/2009 18/09/2009 17/09/2009 16/09/2009 15/09/2009 14/09/2009 11/9/2009 10/9/2009 9/9/2009 8/9/2009 7/9/2009 4/9/2009 3/9/2009 1/9/2009 31/08/2009 28/08/2009 27/08/2009 26/08/2009 R i − R f R m -R f -1.15% -1.06% -0.84% -1.37% 0.80% 0.88% 1.70% 0.28% 1.96% 1.54% 0.68% -0.42% 0.79% -1.30% 1.66% 1.93% 2.03% 2.64% 0.73% -0.76% 2.25% 2.09% 1.48% 1.76% 1.11% 0.93% 1.68% 2.59% 0.49% 0.52% -0.42% -0.15% -1.79% -3.41% -0.43% -2.07% -0.16% -0.31% 0.76% 0.08% 0.14% -0.16% 1.00% 1.37% -0.18% -1.28% 0.77% -0.16% 0.85% 0.83% 0.76% 1.20% 0.34% 1.72% 0.44% 0.73% -0.63% 0.01% 0.17% 0.01% 1.10% 1.55% 1.15% 1.42% 0.26% 0.74% 0.37% -0.34% 1.64% 2.51% -0.24% -0.78% -0.87% -2.30% 0.33% -1.28% 0.42% 0.14% 1.96% 1.90% 1.50% 1.78% 1.11% 0.17% 0.99% -0.57% SMB 1.40% 1.63% -0.63% 0.92% 1.30% 1.20% -0.49% -0.81% 0.51% 1.09% 0.26% 1.13% 0.65% -0.39% 0.11% 0.54% 0.26% 0.12% 0.84% 1.14% -0.48% -0.26% -0.76% -0.90% 1.25% 0.25% 0.80% -0.72% -0.41% -1.20% -0.09% 0.12% -0.74% -0.05% 0.59% 0.32% 1.56% 0.76% 1.55% 0.29% 0.20% 0.53% 0.34% HML -3.55% -1.26% 1.70% -0.96% -0.97% -1.04% 2.76% 1.09% 0.03% -0.64% 0.11% -0.78% -0.57% -0.90% -1.62% -1.94% -0.51% 0.46% -0.15% 0.43% -0.47% -0.48% 0.66% 0.52% -1.87% -0.06% 0.38% 0.01% 0.09% 1.47% 0.02% 0.29% 1.39% -0.48% -1.64% -1.53% -2.36% -0.44% -1.62% 0.24% 0.22% -0.25% 0.18% WML -0.91% 1.07% 0.76% -0.08% 0.16% -0.60% 0.44% 0.06% -1.20% 0.69% -1.09% -0.51% 0.02% -0.36% 0.28% 0.20% 0.87% 1.33% 0.76% 0.66% 0.38% 0.38% 0.83% 1.74% 0.66% -0.90% -1.37% 0.62% -0.12% 0.24% 0.77% 0.32% 0.92% -0.15% -0.42% -0.16% 1.36% 1.84% -0.13% 0.14% 0.79% 0.35% -0.41% E EPS/P -0.60% -1.02% -1.67% -0.64% 1.05% 0.07% -0.36% -0.06% -0.09% -0.75% 0.07% -1.69% 0.06% 0.20% 0.17% 1.62% 0.56% 0.17% -0.17% -0.73% 0.50% 0.24% 1.77% 1.59% 0.96% 0.63% -0.22% 0.32% 1.03% 0.08% -0.29% -0.67% -0.72% 0.78% 0.78% 0.72% 1.09% 1.23% -0.76% -0.73% 0.20% 0.49% 0.76% R ROE 0.89% -0.47% -1.81% -0.11% 0.46% -0.79% -2.40% -1.73% -0.65% -0.26% 0.01% 0.27% 0.56% -0.16% -0.03% 2.06% 0.39% 0.24% -1.00% 1.21% 0.75% 0.98% 1.47% 0.50% 1.79% -0.17% -1.25% 0.58% -1.29% -0.20% 0.72% 0.51% -0.29% 0.10% 0.86% 1.05% 1.49% 1.22% 0.30% -0.30% 0.96% 1.55% 0.86% D DT 0.30% -0.45% 1.39% -0.46% -0.03% 0.17% -1.10% -0.30% -0.38% 0.10% -0.50% 0.73% 0.49% 0.52% 0.16% -0.59% -0.42% -0.74% -1.35% -0.67% -0.50% 0.05% -0.14% -0.03% 0.39% -0.68% 0.35% -0.08% 0.02% 0.58% 1.61% 0.21% -0.72% 0.42% -0.59% -0.06% -0.25% 0.59% 1.00% -0.33% -0.87% -0.19% -0.40% TT 590 591 592 593 594 595 596 597 598 599 600 601 602 603 604 605 606 607 608 609 610 611 612 613 614 615 616 617 618 619 620 621 622 623 624 625 626 627 628 629 630 631 632 Ngày 25/08/2009 24/08/2009 21/08/2009 20/08/2009 19/08/2009 18/08/2009 17/08/2009 14/08/2009 13/08/2009 12/8/2009 11/8/2009 10/8/2009 7/8/2009 6/8/2009 5/8/2009 4/8/2009 3/8/2009 31/07/2009 30/07/2009 29/07/2009 28/07/2009 27/07/2009 24/07/2009 23/07/2009 22/07/2009 21/07/2009 20/07/2009 17/07/2009 16/07/2009 15/07/2009 14/07/2009 13/07/2009 10/7/2009 9/7/2009 8/7/2009 7/7/2009 6/7/2009 3/7/2009 2/7/2009 1/7/2009 30/06/2009 29/06/2009 26/06/2009 R i − R f R m -R f 0.16% 0.11% 0.80% 1.71% 0.48% 1.01% 1.29% 1.04% 1.73% 1.74% 0.81% -0.10% -0.09% -1.38% 0.02% 0.65% 0.43% 1.26% 0.84% 0.58% 1.98% 0.59% 1.89% 2.18% 0.45% -0.19% 1.23% 0.00% 1.01% 0.96% 0.59% 1.84% 0.15% 0.21% 1.44% 3.27% -0.72% -1.35% -0.78% -1.10% -0.80% -1.45% 2.03% 3.28% 2.60% 4.70% 1.52% 3.48% -0.05% 0.72% 0.09% 0.82% -2.40% -3.71% -0.01% -1.13% 0.69% 1.48% 0.21% 2.01% -1.69% -1.92% -2.22% -2.78% -1.36% -1.73% -0.62% -0.11% -0.10% -0.20% 0.17% -1.50% 2.24% 4.32% 0.36% 0.35% -0.16% 0.86% -3.13% -4.11% -2.26% -2.65% -0.76% -0.24% -0.76% 1.65% SMB 0.31% -0.52% -0.82% -1.46% -1.15% -0.16% -0.12% -0.06% -0.25% 1.03% 0.06% -0.54% 0.23% 0.09% -0.20% -0.40% 0.49% -2.25% 0.97% -0.36% 0.32% -0.51% -1.22% -2.02% -1.07% -0.27% -0.06% 0.07% -0.45% -0.49% -1.38% -0.41% -0.46% 0.07% -0.26% 0.32% -0.77% -0.72% 0.22% -0.81% 0.42% -0.16% -0.09% HML 0.67% 0.19% 2.00% 1.34% 0.79% -0.46% -0.37% -1.59% -0.65% -1.08% 0.28% 0.67% -0.74% -0.08% -0.68% -0.28% -1.01% -0.01% -0.62% 0.65% -0.75% -1.67% 0.94% 1.11% 0.14% -0.64% 1.36% -0.30% 0.18% 0.28% 0.77% -0.48% 0.24% -1.76% -0.63% -0.45% -0.85% -0.18% 0.68% 1.16% -0.21% 0.44% -0.89% WML 0.89% -0.05% 0.50% -0.34% 0.14% -0.54% 1.20% 1.16% -0.16% -1.32% 0.37% -0.87% 0.50% -0.24% 1.01% 0.47% -0.51% 0.03% 0.94% 0.32% -0.22% -0.30% -0.89% -1.00% -0.78% 0.01% 0.38% 1.32% -0.71% 0.88% -0.01% 0.93% 0.63% -0.94% 0.60% -0.48% -1.68% 0.15% -1.33% 0.01% 0.63% 0.16% 0.31% E EPS/P 0.72% -0.26% -0.42% -0.37% -0.71% 0.38% 0.27% 0.49% 0.58% 0.84% 0.50% 0.33% 0.32% -0.02% -0.20% -0.52% 0.21% 0.44% 1.52% 0.40% -0.11% -0.31% -0.78% -1.05% 0.20% 0.58% 0.38% 0.08% -1.34% 0.15% 0.76% 2.14% 1.45% 1.52% 0.22% 0.28% -0.71% -0.05% -0.30% 0.41% 0.59% 0.61% -1.75% R ROE -0.08% -0.02% -1.28% -0.24% -0.83% -0.09% 0.69% 1.67% 0.59% 0.69% 0.77% -0.74% 0.80% 1.13% 1.10% -0.30% 0.59% -0.65% 1.05% -0.66% -0.49% -0.15% -0.91% -0.68% 0.00% 1.27% -0.56% -1.09% -1.28% 0.64% 0.60% 1.78% 1.26% 1.24% 0.45% -0.45% -0.52% 0.36% -0.18% -0.04% -0.18% -1.08% 0.15% D DT 1.46% 0.98% 0.24% -0.23% 0.54% -0.30% -1.32% -0.72% 0.93% 0.05% -0.07% 0.88% 0.37% 0.85% -0.46% 0.34% -0.56% -0.51% 0.17% -1.20% 0.33% 1.38% -0.59% -0.05% 0.36% 0.64% 0.20% -0.20% -0.55% 0.72% 0.12% -0.39% 0.05% -0.75% 0.26% 0.39% 0.56% -0.49% 1.74% 1.58% 0.36% -1.58% 0.79% TT 633 634 635 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 Ngày 25/06/2009 24/06/2009 23/06/2009 22/06/2009 19/06/2009 18/06/2009 17/06/2009 16/06/2009 15/06/2009 12/6/2009 11/6/2009 10/6/2009 9/6/2009 8/6/2009 5/6/2009 4/6/2009 3/6/2009 2/6/2009 1/6/2009 29/05/2009 28/05/2009 27/05/2009 26/05/2009 25/05/2009 22/05/2009 21/05/2009 20/05/2009 19/05/2009 18/05/2009 15/05/2009 14/05/2009 13/05/2009 12/5/2009 11/5/2009 8/5/2009 7/5/2009 6/5/2009 5/5/2009 4/5/2009 29/04/2009 28/04/2009 27/04/2009 24/04/2009 R i − R f R m -R f -0.99% -0.55% 0.61% 3.99% -2.59% -4.28% -2.48% -3.62% -0.62% -0.88% 0.37% 1.42% -0.24% 0.08% -2.04% -4.38% -0.74% -3.18% 0.31% -0.35% 2.37% 2.75% -0.65% -2.95% 2.33% 2.17% 3.73% 4.74% 3.75% 4.45% 3.34% 2.99% 1.64% 0.93% 2.43% 3.31% 2.83% 3.57% 0.25% -0.94% -0.47% -2.33% 0.79% 0.03% 1.31% 0.74% 2.96% 4.23% 0.02% -1.94% 2.16% 0.49% 2.14% 2.35% 2.31% 2.54% 1.52% 0.16% 2.53% 3.54% 0.92% -0.39% 1.37% -1.02% 2.21% 2.42% 0.84% 1.81% 0.62% 0.61% 2.05% 3.92% -0.26% -0.36% 2.62% 4.35% 2.85% 4.64% 1.60% 1.85% 0.80% 0.62% 0.33% 1.21% -1.31% -1.70% SMB -0.03% -0.80% 1.22% 1.57% -0.34% 0.52% 1.70% 1.16% 1.80% -0.55% -0.73% 0.28% -2.27% -0.01% -0.54% 0.53% 0.45% -0.86% -0.87% -0.35% 0.75% 0.81% -0.13% -0.36% 0.24% 0.18% 0.41% -0.64% 1.00% 0.72% 1.99% 2.22% -0.29% 0.48% -0.85% -0.59% -0.23% -1.58% -0.72% -0.77% -0.26% 1.49% 1.30% HML 1.18% 0.13% -1.11% -1.40% -2.36% -1.67% -6.03% -0.92% -1.36% -0.13% 0.84% 1.29% 2.84% 0.01% -0.12% 0.44% -0.53% 0.55% 0.30% 2.07% 1.65% -0.72% -0.03% 0.97% 0.24% -0.38% 0.08% 0.92% -0.32% -1.15% 0.29% 0.37% 0.90% -2.92% -0.46% -0.93% -0.58% 1.02% 0.33% 0.92% -0.80% -1.80% -1.79% WML -0.33% 0.61% 2.30% 0.77% -0.53% -0.45% 2.26% 1.87% 3.34% -0.66% 1.92% 2.14% -0.33% -0.41% -1.04% -0.69% -0.23% -0.86% -1.43% 1.76% 1.70% 1.25% 0.71% -0.35% 2.00% -0.23% -0.17% -1.10% 0.23% -0.32% 1.40% 0.30% 0.54% 0.64% 0.46% 0.06% 0.64% -0.86% -0.91% 0.47% -0.30% 1.26% 1.32% E EPS/P 2.39% -4.02% 0.54% -0.55% -0.08% -1.16% -0.01% 1.35% 0.99% -1.86% -1.03% -0.05% 0.21% -0.39% 0.62% -0.49% 0.70% -0.76% 0.43% 0.69% 2.44% 0.19% -0.22% -0.55% 2.21% -0.30% 1.05% 1.04% 0.22% 0.13% -0.58% -1.19% 0.52% 0.40% 1.38% 0.43% 0.46% -0.10% 0.36% 0.75% 0.09% 1.28% 0.89% R ROE 1.21% -0.17% 0.84% 0.17% 0.37% 0.69% 3.31% 1.05% 1.06% -4.98% -4.29% -2.29% -1.07% 0.31% 0.53% 0.09% 1.20% -0.44% -0.03% 0.46% 1.30% 2.00% -0.01% -2.53% 1.42% -0.58% 1.57% -1.51% 0.27% 0.85% -0.53% -0.97% 0.66% 2.23% 1.09% 1.17% -0.86% -0.19% 0.22% 0.07% 0.17% 1.53% 1.88% D DT 0.02% 1.16% -0.60% -1.23% -0.55% -1.38% -0.02% -0.40% 1.23% 0.94% 0.62% 0.58% -0.04% -0.22% -0.19% 0.33% 0.37% 1.58% 0.93% 0.84% -1.38% -1.52% -0.33% 0.68% -1.26% 0.24% 1.25% -0.52% -0.15% 0.12% 0.82% 0.88% 0.31% -1.00% 0.40% -1.04% -0.82% -0.27% -0.46% -0.22% -0.81% -0.22% 0.75% TT 676 677 678 679 680 681 682 683 684 685 686 687 688 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 Ngày 23/04/2009 22/04/2009 21/04/2009 20/04/2009 17/04/2009 16/04/2009 15/04/2009 14/04/2009 13/04/2009 10/4/2009 9/4/2009 8/4/2009 7/4/2009 3/4/2009 2/4/2009 1/4/2009 31/03/2009 30/03/2009 27/03/2009 26/03/2009 25/03/2009 24/03/2009 23/03/2009 20/03/2009 19/03/2009 18/03/2009 17/03/2009 16/03/2009 13/03/2009 12/3/2009 11/3/2009 10/3/2009 9/3/2009 6/3/2009 5/3/2009 4/3/2009 3/3/2009 2/3/2009 27/02/2009 26/02/2009 25/02/2009 24/02/2009 23/02/2009 R i − R f R m -R f -1.19% -2.10% 1.16% 2.89% -1.72% -1.93% -2.65% -4.57% -0.07% -2.87% 1.33% 1.34% 0.05% -2.27% 2.34% 2.07% 3.19% 4.56% 2.59% 4.28% -0.03% -0.69% -0.10% -2.69% 2.53% 3.88% 2.78% 4.35% 2.47% 2.67% 2.02% 3.11% 0.10% -0.62% -0.30% -1.76% 0.82% 0.40% 1.66% 3.08% 1.02% 2.57% 2.04% 3.98% -1.20% -2.42% 0.61% -0.17% -0.97% -2.36% 2.04% 3.85% 1.95% 3.36% 0.77% 1.25% 0.10% 0.14% -0.50% -1.90% 1.58% 1.53% 1.88% 1.63% 0.53% 0.83% 0.17% -0.43% 0.28% 0.92% 0.44% 1.18% -0.51% -2.52% 0.51% 0.79% 0.44% 1.30% -0.66% -0.76% 1.49% 3.72% -2.09% -3.50% -2.36% -3.43% SMB 1.13% -0.31% 1.11% 0.12% 1.78% -0.04% -1.00% -0.43% -1.43% -0.94% -0.82% -1.86% -0.48% -0.96% -0.96% 0.14% 0.88% 0.86% 0.26% -1.58% -1.44% -0.19% 0.81% 0.78% 0.33% -0.51% -0.93% -0.80% -0.39% -0.90% -0.26% 0.21% -0.26% -0.76% -0.49% -0.95% 0.50% 1.11% 0.08% 0.06% -0.49% 0.72% 1.16% HML -0.50% -1.70% -1.22% 0.63% 1.44% 0.36% 2.96% 1.17% 1.15% 0.42% 0.38% 2.53% -0.51% 0.91% -0.05% -1.33% -0.68% -0.71% 0.96% 0.59% 0.91% -0.96% -0.04% 0.35% 0.27% -0.24% -0.70% -0.20% 0.57% 2.43% 0.81% 0.25% 1.67% 0.83% 0.58% 2.25% -0.62% -1.08% -0.53% -0.60% -0.42% 0.11% -0.28% WML 0.36% -0.25% 1.82% 0.91% 0.19% 0.07% 1.79% 0.53% -0.42% -0.70% 1.32% 0.67% -1.67% -0.69% -0.49% -0.02% 1.62% 1.04% 1.01% 0.32% -0.87% -0.31% 0.86% 0.87% -0.11% -0.50% -0.51% 0.00% -0.24% -0.55% -0.66% -0.19% 0.59% 0.41% -0.72% 0.31% 0.00% 0.34% 0.37% -1.18% -1.06% 1.12% 0.56% E EPS/P 1.05% 0.13% 0.57% -0.31% 0.00% -0.67% 0.21% -0.91% -0.59% 0.10% 0.34% -0.10% -0.56% -1.50% -0.27% 0.43% 1.14% -0.17% -0.08% -1.68% -0.45% 0.09% 1.15% -0.01% -0.72% -0.05% -1.10% -0.25% -0.60% -1.06% -1.06% -1.59% 0.34% 0.58% 0.77% 0.49% -0.45% -0.01% 0.28% -0.29% -0.03% 0.93% 0.25% R ROE 0.10% 1.43% 1.29% -0.02% -1.38% -1.54% -1.34% -1.24% -0.60% 0.33% 0.24% -0.93% -0.76% -0.79% -0.08% 0.66% 1.71% 0.88% -0.51% -1.34% -1.70% 0.41% 1.16% 0.26% -1.18% 0.13% -0.07% -1.24% -1.26% -1.47% -0.53% -1.37% -0.46% 1.27% 0.26% -0.10% -0.55% 0.32% 0.86% 0.61% 0.34% 0.19% 0.67% D DT 0.28% 0.78% 0.37% 0.26% 1.61% -0.33% 0.07% -0.44% 0.41% 0.39% -0.32% 0.03% -0.25% -0.09% -0.52% 0.18% -0.49% 1.06% 0.54% -0.07% -0.89% -0.57% -0.45% 0.31% 0.05% -0.94% -0.13% -0.37% -0.06% -0.84% 0.43% -0.51% -0.59% 0.64% 0.92% 0.83% 0.22% 0.55% 0.26% 1.02% 0.24% -1.03% -0.66% TT 719 720 721 722 723 724 725 726 727 728 729 730 731 732 733 734 735 736 737 738 739 740 741 742 743 744 745 746 747 748 Ngày 20/02/2009 19/02/2009 18/02/2009 17/02/2009 16/02/2009 13/02/2009 12/2/2009 11/2/2009 10/2/2009 9/2/2009 6/2/2009 5/2/2009 4/2/2009 3/2/2009 2/2/2009 23/01/2009 22/01/2009 21/01/2009 20/01/2009 19/01/2009 16/01/2009 15/01/2009 14/01/2009 13/01/2009 2/1/2009 9/1/2009 8/1/2009 7/1/2009 6/1/2009 5/1/2009 R i − R f R m -R f -0.69% -0.88% -0.63% -0.14% -2.10% -3.06% -1.94% -3.40% -0.71% -0.82% -0.37% -0.60% -1.06% -0.06% -1.43% -2.08% -1.11% -1.97% 0.73% 2.11% 0.35% 1.35% -2.05% -2.92% -0.98% -0.92% -2.12% -2.98% -1.46% -1.90% 0.37% 0.68% 0.48% 0.35% -0.55% -0.98% -0.27% -0.71% -0.38% -0.38% 0.26% 0.67% -0.81% -1.32% 0.10% 0.27% -0.95% -1.65% -0.45% -0.42% -0.41% -0.26% -0.45% -1.76% 1.40% 1.75% 1.02% 0.64% 0.21% -0.48% SMB -0.12% -0.54% 0.50% 1.02% 0.49% -0.39% 1.31% 1.99% 1.27% 0.56% 0.43% -0.01% 0.02% -0.14% -0.34% 0.18% -0.63% 0.12% 0.56% 1.43% 0.27% 1.03% -0.21% 0.61% -0.27% -0.20% -0.67% 0.11% 0.58% -0.14% HML 1.13% 1.21% -0.08% 0.01% -0.30% -1.08% -1.46% -2.70% -1.14% -1.71% -0.20% 0.68% 0.30% -0.50% 1.41% -0.51% 0.16% -0.12% -1.04% -1.02% -1.41% -0.18% -0.78% -0.39% -0.50% 1.32% 1.84% 0.20% -0.26% 1.46% WML -0.57% -0.21% 0.55% 1.34% -0.08% 0.24% -0.63% 1.30% -0.26% -0.93% 0.81% 0.11% 0.66% 0.43% 0.16% -0.35% -0.77% 0.64% 0.09% -0.26% 0.50% 0.15% 0.23% 0.90% -0.12% -0.02% 0.56% -0.57% 1.23% 0.27% E EPS/P -0.38% -0.31% 0.89% 0.55% 0.51% 1.62% 0.97% 1.11% -0.56% 0.52% -0.08% 1.55% -0.65% 0.33% 0.07% -0.01% 0.36% 0.46% 0.37% 0.44% -0.33% -0.62% -0.17% -0.15% 0.01% -0.20% 0.44% 0.00% 0.09% 0.84% R ROE -1.26% -0.90% 0.67% -0.32% -0.19% 0.68% 0.95% 1.68% -0.09% 0.62% 0.83% 0.35% -0.36% -0.10% -0.61% 0.72% -0.16% 0.06% 1.41% -0.19% 0.07% -0.93% 0.18% -0.10% -0.01% -0.39% -0.58% -0.87% -0.03% -0.04% D DT -0.44% -0.28% 0.42% -0.36% -0.48% 0.58% 0.25% -0.61% 0.68% -0.73% 0.12% 0.31% 0.03% 0.41% -0.92% -0.20% -0.09% -0.29% 0.27% -0.22% -0.76% 1.11% 0.39% 0.60% -0.23% 0.18% 0.86% -0.06% -0.10% 0.10% ... PHAN ĐÌNH NGUYÊN TP HỒ CHÍ MINH, tháng năm 2013 i LỜI CAM ĐOAN Tôi xin cam đoan luận văn ? ?Các yếu tố ảnh hưởng đến tỷ suất sinh lợi cổ phiếu niêm yết sàn chứng khoán thành phố hồ chí minh” cơng trình... CÁC YẾU TỐ ẢNH HƯỞNG ĐẾN TỶ SUẤT SINH LỜI Thành phần Hội đồng đánh giá Luận văn Thạc sĩ gồm: (Ghi rõ họ, tên, PHIẾU học hàm, họcNIÊM vị Hội đồng chấm bảo vệ Luận văn Thạc sĩ) CỦA CÁC CỔ YẾT TRÊN... đó, luận văn nhằm nghiên cứu yếu tố ảnh hưởng đến suất sinh lợi cổ phiếu cách chi tiết Mục tiêu nghiên cứu - Xây dựng mơ hình mở rộng nhằm tìm yếu tố có ảnh hưởng đến tỷ suất sinh lời cổ phiếu