PHÂN TÍCH tài CHÍNH CÔNG TY CP xây DỰNG COTEC (CTD) GIAI đoạn 2009 2011

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP. HCM VIỆN ĐÀO TẠO SAU ĐẠI HỌC KHOA QUẢN TRỊ KINH DOANH BA ̀ I TIÊ ̉ U LU ̣ N CÁ NHÂN: PHÂN TÍCH TÀI CHÍNH CÔNG TY CP XÂY DỰNG COTEC (CTD) GIAI ĐOẠN 2009 - 2011 Sa ̀ n niêm yê ́ t : HOSE Ma ̃ chư ́ ng khoa ́ n : CTD Nga ̀ nh : Xây dựng Môn : QUẢN TRỊ TÀI CHÍNH GVHD : NGÔ QUANG HUÂN Lơ ́ p : CH K20-QTKD ĐÊM 1 SVTH : TRƯƠNG BẢO LONG TP Hồ Chí Minh, tha ́ ng 10 năm 2012 MỤC LỤC     ! "# $%&'()(*+,(&-., $%&'()(*/&0(&/12(3 3$45'(/67(83 9$*,2/67/&7/6:.(*3 ;&<(/= > ?&%&0 > ,450 > /0 > 1?0 > 1-:5?&5@A B (/,A C (/A D EEFGEEGE9 HI JK ; &L1M&:N(*M&0 > MO; &L1M&:N(*M&0 > MP, D (&*,0 > /6A(*,0 > /6, D /0 C ,+0 B (61 C (*; 3&L1M&:N(*M&0 > M?&,A > /%&< > 5Q1 C (*/&5(&< D MRRRS TUVHWX Y+5Z/-8,(&5[(%\]^(*GM&:N(*+0,GP_-`?&?&5a(]0 C &`+bc,d(/&,A(?e0 ?&f(*%&12(g &1 D (?&: > (*%&10 > (PA B /&,A > /-< D MQ0(&h5 D ?P< C 5/:g 3@ B /61 D (*P< C 5/:G&A D +i > &10 C (]i > (%@ C ]1 D (*GPi D -A D ?&?&5< B (]0 C &A D +i > c,A > (/&,A(?5 B 0ci D  ?&: > (*%&10 > (*jF &k-k?2?/l-`/m,?&n(&M&k?]kM&<(/n?&21?21/m,?&n(& &5 D -5 D ?21?21%d/45'%,(&Q10(& &5 D -5 D ?3'(*?<(Pb,%d/12( &5 D -5 D ?9i(*/&f?/m,?&n(& &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE PHẦN I: GIỚI THIỆU CHUNG VỀ CÔNG TY CP XÂY DỰNG COTEC  Nhóm ngành:<@Qr(* Vốn điều lệ:9GEEEGEEEGEEEPs(* KL CP đang niêm yết:9GEEGEEE?M KL CP đang lưu hành:9G33G399?M Tổ chức kiểm toán:qi(*/@6(+/j15(*,`/0hqEE qi(*/@6(+/j15(*,`/0hqE Giới thiệu: 7?&+t&u(&/&m(& • i(*/@vM&w(<@Qr(*1/L?"x#/,$(/&<(-m_M&[( K&b,<@-yM/&5_?i(*/@Kz/&5[/{<@Qr(*]m[/-,`5{<@Qr(*| v(*i(*/@[/-,`5{<@Qr(*+b|_<@Qr(* • *m@OEXOEE9_6:}(*_{<@Qr(*Po%~45@d/P7(&+bg9O•Hq ]$],`?M&AQ5@`/M&:N(*2(?vM&w(&€0K&b,<@-yM|i(*/@ Kz/&5[/<@Qr(*]m/&5_?v(*i(*/@[/-,`5{<@Qr(*+b  • *m@3EOEXOEE9_6:}(*_<@Qr(*%~45@d/P7(&+b9O•Hq ]$],`??&5@•(K&b,<@-yM|i(*/@Kz/&5[/{<@Qr(*]m |v(*i(*/@[/-,`5{<@Qr(*+b/&m(&i(*/@?vM&w( • i(*/@Po?&n(&/&f?P,]m1&1p/P_(*/&L1&u(&/&f?i(*/@?vM&w( %•/‚(*m@9OEgOEE9/&L1*,Z@M&ƒM%,(&Q10(&9E3EES1x}Kd 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.012 H<@-0 C M&:N(*M&0 > MP, D (&*,0 > ?&: > (*%&10 > (M&i B c,A > ((&< > /G/&L1P1 > *,0 > ?&: > (* %&10 > (+L — M&5 D /&5i D ?]0 C 1@A > 5/i > x?5 B 0?i(*/@]0 C O/65(*c= C (&?5 B 0(*0 C (& ,0 > ?&: > (*%&10 > (˜xQ: D %,A > ({O  O/65(*c= C (&(*0 C (&E-0 C SEFG]‡,/l-`/)(*/6:}(*?e0-o,6Š(**™˜gX•G xQ: D %,A > (E+L — c‰(* x E ˜SGg{"šgX•#˜XG9E;Pi C (* Gia ́ cô ̉ phiê ́ u BHS dư ̣ kiê ́ n 2012 la ̀ P = 7.405, x 6.09 = 45,094 đô ̀ ng (Xem chi tiê ́ t ơ ̉ phu ̣ lu ̣ c 2)  ,-./. ! .3 (  ! % !  (  '  &  '  61(*P1 > ,0 > /6, D /0 C ,+0 B (61 C (*˜i B (*/0 C ,+0 B (|i B (*(N D M&0 B ,/60 B ,0 > ?&: > (*%&10 > (Q: D %,A > (()hEP:N > ?/= > (&c) C (*?0 > ?&-< > @*,0 > ?i B M&,A > 5()h E/&L1M&:N(*M&0 > MP, D (&*,0 > /0 C ,+0 B (61 C (*(&<(]N > ,h: > ?/)(*/6:N B (*%@ C ]1 D (* *™˜gX• x i D ,Q5(* Hs(* 1 v(*/m,+'("V# G9;FGS3XG3XGE3S Page ; &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE 2 8M&',/6'"# GEGEgSGFg9GXS 3 ,0 > /6, D /0 C ,+0 B (61 C (* "3#˜"#q"# G93XG;;EG3gXG3E x i D ,Q5(* Hs(* 4 xb?vM&,d5/&:.(*P0(*-:5&m(& 9G33G399 5 ,0 > ?&: > (*%&10 > (()hE ";#˜"3#O"9# 39GF 6 ,0 > ?&: > (*%&10 > (Q: D %,A > (()hE 3XGEg9 (số liệu quý Gia ́ cô ̉ phiê ́ u BHS dư ̣ kiê ́ n 2012 la ̀ P = 37,084 đô ̀ ng (Xem chi tiê ́ t ơ ̉ phu ̣ lu ̣ c 3)  ,-./. ! ."%!!4 '  ( .5655 ,0 > ?i B M&,A > 5P:N D ?{0 > ?P, D (&/6A((*5@A(/) > ?-< > @*,0 > /6, D Q1 C (*(*<(-:5/: D Q1 "RRR#?&,0?&1+i > ?i B M&,A > 5/&:N C (*P0(*-:5&0 C (& 61(*P1 >  RRR,0 > /6, D /0 C ,+0 B (&10 D /Pi D (*?5 B 0?i(*/@ (+i > ?i B M&,A > 5/&:N C (*P0(*-:5&0 C (&"9G33G399?i B M&,A > 5# /i B (*(N D M&0 B ,/60 B Q: D %,A > (E 0# x5< > /+,(&-N D ,?5 B 0]i > ("•#  61(*P1 >   E &5(&< D M/6:N > ?-0 — ,]0@]0 C /&5A >  L ,0 > /6, D +i B +0 > ?&]i > (?&5 B +N B &: — 5  Q ,0 > /6, D +i B +0 > ?&(N D ]0@ &0@  E ˜g3G9G3SG3ESPs(*  LE ˜G93XG;;EG3gXG3EPi C (*  QE ˜GEGEgSGFg9GXSPi C (* ROC = g3G9G3SG3ES{"qE;#O"G93XG;;EG3gXG3EšGEGEgSGFg9GXS# •˜gS9• c# *<(-:5/: D Q1%@ C ]1 D (*E"RRR#  RRR˜ E {"q/#{›"š*™#q= B -A D /0 > ,P< C 5/:%@ C ]1 D (*#œ N > ,/= B -A D /0 > ,P< C 5/:%@ C ]1 D (*E-0 C 8.64%/12%˜X• RRR ˜g3G9G3SG3ES{"qE;#{›"šgX•#qX•œ ˜XXGFSG99XG;S3Pi C (* Page S &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE c) &,M&= > +: B Q5 D (*]i > (?&5 B +N B &: — 5  KL ˜K 6Ž š"K h qK 6Ž #{c ˜Fgg•š"gE•qFgg•#{E33˜Eg9• d) &,M&= > ]i > (c= C (&45<(/61 D (*+i > •V  "•L,*&/LQV]L60*L1+/1Ž 0M,/0-# = (10.84% x G93XG;;EG3gXG3Eš3;•{GEGEgSGFg9GXS#O "G93XG;;EG3gXG3EšGEGEgSGFg9GXS# •V˜X9• e) H, D (&*,0 > ?i B M&,A > 5E N > ,RRR,0 > /6, D /0 C ,+0 B (&10 D /Pi D (*?5 B 0?i(*/@P:N D ?/= > (&/&L1?i(*/&: > ? +05 ˜XXGFSG99XG;S3O"X9•qgX•#˜G3XEGE;gG9E;Pi C (* i B (*(N D c= C (&45<(Q: D P10 > (EGQ: D 0/6A(/i B (*(N D c= C (&45<(*,0,P10 D ( EEFqE]0 C (&<(]N > ,/i > ?Pi D /)(*Q10(&/&5Q: D %,A > (E"*#  E ˜ c= C (&45<(  EEFqE {*˜g;GE;9G;EXGE9E{"q•#  E ˜XXG9XGFSSGF;Pi C (* &:]< D @*,0 > ?i B M&,A > 5xQ: D %,A > (E-0 C  ˜"G;S9G;;9GFSG;qXXG9XGFSSGF;#O 42,133,344 = 43.844Pi C (* ,-./. ! .3 (  ! "7&.%! ' 8 ' $%+%! ( 9 ! "7&.%! 6,:4 ( %!)'; & <=+)>?+)*@37'0"7&.%!9 "A.B6,:"C4DE;;FGH"I;)GJ;K">+)) GJ"LM;))HN+=))96,:O;;P.Q4 "K;)773PR;J"3CST" 6,:"CUEVD.WXY+HZD;[3"\ 78B3P+43C;K"]^G_)D$- 8^VQ`F3P43F))*a)3 "A.B#bc PHẦN IV: THIẾT LẬP DANH MỤC ĐẦU TƯ i D /+i > *,0 B P, D (&+05 • A C {0 > ?+5< > /{0 B @60&,A D (/:N D (*%,(&/A > P:N D ?*,0 B P, D (&(&:cA(Q:N > , Page X &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE = C (&/60 D (*%,(&/A > *,0 B P, D (& 0 > ?+5< > / )(*/6:N B (*(&0(& E3 = C (&/&:N C (* E; K&5 B (*&10 B (*%,(&/A >  E • &i(*/,(PA B /= > (&Pi D -A D ?&?&5< B (]0 C &A D +i > c,A > (/&,A(Q: D 0/6A(/&i > (*%A+5< > / +,(&-N D ,/6A(/v(*/m,+'(*,0,P10 D (;()hEEXqE  Td suDt li nhuVn kỳ v_ng, ph/ng sai, đP lEch chuen v ' hE sI biBn thiên cfa chKng khoán 6,:        "K h qK#  δ 2 =  , {"K h qK#  E3  !"# #"$% #"&$ E; &' %"## #"#$ #"# E &( "'# #"' #"# &%"&# #" Phương sai2 -m*,2/67/65(*cu(&/n(&/&L1M&:N(*M&2Mcu(&45<(*,0 45@$(?e0?2?cu(&M&:N(*?e0P_-`?&*,„0*,2/67/&r?/d+1]‡,*,2/67/65(* cu(&H_-`?&cu(&M&:N(*P1-:.(*P_M&<(/2(?e0M&<(M&b,{2?+5Z/ δ  ˜ Phương sai của CTD δ  = 0.22% Độ lệch chuẩn của CTD =  ˜E• - Hệ số biến thiên (C V - Coefficient of variation):-m/&:‡?P16e,61/6A(h•, PN(]7/Y+5Z/+,(&-.,%\]^(*`+bc,d(/&,A(?m(*?01hf?6e,61?m(*-‡(   ] ˜ Hệ số biến thiên của CTD  ] = 0,006 (hay = 0.6%)  6 ( " !  ! 3%&%! ( .4; ( "3' &L1%d/45'/uhho?&f(*%&12(/:N(*450((*&7?&"/&i > (*%A*,0 > *,01Q,)ch trên thi) tr*+̀ng ch*́ng khoa ́ n TPHCM 6 tha ́ ng đâ ̀ u năm 2012)G/0/uhP:8? ho?&*́ng khoa ́ n(*&, D ?&"i(*/@v&w(<)t t* xăng dâ ̀ u q#/:N(*450((*&7?&]‡,hoG&`+b/:N(*450(0  ˜qEgS Page g . NHÂN: PHÂN TÍCH TÀI CHÍNH CÔNG TY CP XÂY DỰNG COTEC (CTD) GIAI ĐOẠN 2009 - 2011 Sa ̀ n niêm yê ́ t : HOSE Ma ̃ chư ́ ng khoa ́ n : CTD Nga ̀ nh : Xây dựng. http://s.cafef.vn/hose/CTD-cong -ty- co-phan-xay-dung -cotec. chn) PHẦN II: PHÂN TÍCH BÁO CÁO TÀI CHÍNH CÔNG TY CP XÂY DỰNG COTEC (CTD) Xem chi tiết thêm các tỷ số tài chính ở phụ