IăH CăQU CăGIAăTP.ăHCM TR NGă IăH CăBÁCHăKHOA - HU NHăTH ăKIMăTỎ M IăQUANăH ăGI A CH ăS ăGIÁăTRểNăTHUăNH P VÀ SU TăSINHăL IăC AăC ăPHI U TRểNăTH ăTR NGăCH NGăKHOÁNăVI TăNAM THE RELATIONSHIP BETWEEN PRICE TO EARNINGS RATIO AND STOCK RETURN IN LISTED COMPANIES IN VIETNAM Chuyên ngành : Qu nătr ăkinhădoanh Mưăs : 8340101 LU NăV NăTH CăS TP.ăH ăCHệăMINH,ăthángă06 n mă2022 CỌNGăTRỊNHă TR Cánăb ăh NGă CăHOÀNăTHÀNHăT I: IăH CăBÁCHăKHOAăậ HQGăậ HCM ngăd năkhoaăh c:ăTS D ngăNh ăHùng Cánăb ăch mănh năxétă1: TS.ăNguy năAnhăPhong Cánăb ăch mănh năxétă2:ăTS.ăPh măHƠ Lu năv năđ căb oăv ăt iăTr ngă iăh căBáchăKhoa,ă HQGăTP.ăHCM Ngày 21 tháng 06 n mă2022 ThƠnhăph năH iăđ ngăđánhăgiáălu năv năth căs ăg m: Ch ăt ch: PGS.ăTSăV ngă căHoƠngăQuơn Th ăkỦ:ă TS.ăNguy năThuăHi n Ph năbi nă1:ăTS.ăNguy năAnhăPhong Ph năbi nă2:ăTS.ăPh măHƠ U ăviên: TS.ăD ngăNh ăHùng Xácănh năc aăCh ăt chăH iăđ ngăđánhăgiáăLVăvƠăTr ngƠnhăsauăkhiălu năv năđưăđ CH ăT CHăH Iă NG ngăKhoaăqu nălỦăchuyênă căs aăch aă(n uăcó) TR NGăKHOA QU NăLụăCỌNGăNGHI P C NGăHÒAăXÃăH IăCH ăNGH AăVI TăNAM IăH CăQU CăGIAăTP.ăHCM TR NGă IăH CăBÁCHăKHOA căl păậ T ădoăậ H nhăphúc NHI MăV LU NăV NăTH CăS H ătênăh căviên:ăHU NHăTH ăKIMăTÚ MSHV : 1970114 NgƠy,ătháng,ăn măsinh:ă23/11/1995 N iăsinhă:ăQu ngăNgưi ChuyênăngƠnh:ăQu nătr ăkinhădoanh Mưăs ă:ă8340101 I.ăTểNă ăTÀI: M IăQUANăH ăGI AăCH ăS ăGIÁăTRểNăTHUăNH P VÀăSU TăSINHăL IăC Aă C ăPHI U TRểNăTH ăTR NGăCH NGăKHOÁNăVI TăNAM THE RELATIONSHIP BETWEEN PRICE TO EARNINGS RATIO AND STOCK RETURN IN LISTED COMPANIES IN VIETNAM III.ăNHI MăV ăLU NăV N Tìmăhi uăm iăquanăh ăgi aăch ăs ăgiáătrênăthuănh păvƠăsu tăsinhăl iăc aăc ăphi uăt iăcácă côngătyăniêmăy tătrênăth ătr ngăch ngăkhốnăVi tăNam III.ăNGÀYăGIAOăNHI MăV :ă29/11/2021 IV.ăNGÀYăHỒNăTHÀNHăNHI MăV :ă05/05/2022 V.ăCÁNăB ăH NGăD N:ăTS D NGăNH ăHỐNG Tp HCM, ngày tháng n m 2022 CÁNăB ăH NGăD N CH ăNHI MăB ăMỌNă ÀOăT O (H ătênăvƠăch ăkỦ) TR (H ătênăvƠăch ăkỦ) NGăKHOA QU NăLụăCỌNGăNGHI P (H ătênăvƠăch ăkỦ) i L I C Mă N EmăxinăchơnăthƠnhăc mă năquỦ Th yăCôătrongăKhoaăQu năLỦ CôngăNghi păđưăgiúpăđ ă emăr tănhi uătrongăth iăgianăth căhi nălu năv n.ăKi năth cămƠăcácăTh yăCôătruy năđ t s ălƠăhƠnhătrangăgiúpăchúngăemăv ngăb căh nătrênăconăđ EmăxinăbƠyăt ălòngăbi tă năsơuăs căđ năTh y TS D ngăđ iăsauănƠy ngăNh ăHùngăđư t nătìnhăgiúpăđ ă emătrongăsu tăquáătrìnhăth căhi nălu năv năt tănghi p.ăNh ăcóăs h mƠăemăđưăhoƠnăthƠnhăđ călu năv năc aămìnhăvƠătíchăl yăđ ngăd năc aăTh y c nhi uăki năth căquỦ báu trongăl nhăv cătƠiăchính Conăxinăg iăl iăc mă năgiaăđình,ăng iăthân,ăb năbè đ ngănghi păđưăđ ngăviênăconă r tănhi uătrongăsu tăth i gian qua Cu iăcùng,ăxinăchúcăquỦ Th yăCô vƠăcácăb năluônăm nhăkh e,ăvuiăv ăvƠăthƠnhăđ t cu căs ng ii TĨM T T ưăcóăkháănhi uăcácăcơngătrìnhănghiênăc uătrênăth ăgi iăth căhi năvi căxemăxétă nh h ngăc aăcácăy uăt ăkhácănhauăđ năt ăsu tăsinhăl iăc ăphi u BƠiănghiênăc uănƠyăth că hi n vi căquanăsátăcácănhómăc ăphi uătrên sƠnăgiaoăd chăch ngăkhốnăVi tăNamălƠă HOSE HNX (1/2011 ậ 7/2021) xem xét đ d ăđoánăsu tăsinhăl iătrongăt căch ăs ăgiáătrênăthuănh păcóăkh ăn ngă ngălaiăchoăcácănhómăc ăphi u.ăBƠiănghiênăc uăphơnătíchă m căđ ăd ăđốnăsu tăsinhăl iăc aăcácănhómăc ăphi uăkhiăphơnălo iăd aătrênăcácăch ăs ă thơngăd ngăv ăquyămơăcơngăty,ăBE/MEăvƠăP/E,ăcác nhóm cóăkhuynhăh ngăt oăraăsu tă sinh l iăcaoăđóălƠănhómăc ăphi uăcơngătyăl n soăv iănhómăc ăphi uăcơngăty nh , nhóm c ăphi uă“t ngătr ng” cóăBE/MEăth păsoăv iănhómăc ăphi uă“giáătr ”ăcó BE/ME cao vƠănhómăc ăphi uăcó t ăs ăgiáătrênăthuănh păP/E caoăsoăv iănhómăcóăt ăs ăgiáătrênăthuă nh p P/E th p.ăCácănhómăcơngătyăcóăquyămơăl n,ă có ch ăs ăBE/MEăth păvƠăP/Eăcaoă mangăv ăsu tăsinhăl iătrungăbìnhăvƠăsu tăsinhăl iătíchălu ăcaoăv nghiênăc u,ăng tătr iăquaă127ăthángă căl iăcácăcơngătyăcóăquyămơănh ,ăcóăch ăs ăBE/MEăcaoăvƠăP/Eăth păcóă su tăsinhăl iăkémăhi uăqu ănh t Su tăsinhăl iăc aăcácănhómădanhăm căc ăphi uăcóăs ă khácăbi tăgi aăcácăgiaiăđo năkinhăt ,ăs ădaoăđ ngăm nhăv ăsu tăsinhăl iădi năraăkhiăn nă kinhăt ăg păbi năđ ngă nhăh d chăCovidă19.ă ngăb iăsuyăthốiăkinhăt ătoƠnăc uăvƠătìnhăhìnhăd chăb nhă iii ABSTRACT There have been quite a few studies in the world that have examined the influence of different factors on stock returns This study observes groups of stocks on two Vietnamese stock exchanges, HOSE and HNX (January 2011 - July 2021), concluding that the price-to-earnings index can predict future stock market returns The study analyzes the predictive level of returns of groups of stocks when classified based on common indexes of company size, BE/ME, and P/E Groups that tend to generate high returns are large-company stocks versus small-company stocks, "growth" stocks with low BE/ME compared with "value" stocks with high BE/ME, and the group of stocks with a high price-to-earnings ratio (P/E) compares with the group with a low price-toearnings ratio (P/E) A group of large companies, with low BE/ME and high P/E ratios, have outperformed the average and high cumulative returns over the 127 months of the study In contrast to larger-sized companies, small businesses with high BE/ME and low P/E have the least efficient returns Returns of stock portfolio groups differ between economic periods strong fluctuations in returns occur when the economy experiences fluctuations affected by the global economic recession and the current economic situation Covid-19 epidemic iv L IăCAMă OAN Tôi xinăcamăđoanăr ng: - Nh ngăn iădungătrongălu năv nănƠyădoătôiăth căhi năd c aăTh y TS D - iăs ăh ngăd nătr căti pă ng Nh ăHùng M iăthamăkh oădùngătrongălu năv năđ uăđ cătríchăd nărõărƠngătênătácăgi ,ătênă cơngătrình,ăth iăgian,ăđ aăđi măcôngăb - M iăsaoăchépăkhôngăh păl ,ăviăph măquyăch ăđƠoăt o,ăhayăgianătrá,ătơiăxinăch uă hoƠnătoƠnătráchănhi m TPăH ăChíăMinh,ăngƠyă29/04/2022 Ng iăth căhi n Hu nhăTh ăKimăTú v M CL C L IăC Mă N i TịMăT T ii ABSTRACT iii L IăCAMă OAN iv M CăL C v DANHăM CăB NGăBI U viii DANHăM CăHỊNHă NH ix DANHăM CăCÁCăTHU TăNG ăVI TăT T x CH NGă1: GI IăTHI U 1.1ăT NGăQUAN 1.2ăM CăTIểUăNGHIểNăC U 1.3ăPH MăVIăVÀă 1.3.1ă iăt IăT NGăNGHIểNăC U ngănghiênăc u 1.3.2ăPh măviănghiênăc u 1.4ăPH NGăPHÁPăNGHIểNăC U 1.5ă ịNGăGịPăD ăKI NăC AăNGHIểNăC U 1.6ăC UăTRÚCăLU NăV N CH NGă2: C ăS ăLụăTHUY TăVÀăT NGăQUANăLụăLU N 2.1ăC ăS ăLụăTHUY T 2.1.1 Ch ăs ăgiáătrênăthuănh p 2.1.2ăMơăhìnhăđ nhăgiáătƠiăs năv nă(CAPMă- Capital Asset Pricing Model) 2.1.3ăMơăhìnhăbaănhơnăt ăc aăFamaăậ French 2.2ăT NGăQUANăCÁCăNGHIểNăC UăTR Că ỂY 2.2.1ăCácănghiênăc uăv ăkh ăn ngăcóăd ăbáoăđ căsu tăsinhăl iăc ăphi uăthơngă quaăch ăs ăP/E vi 2.2.2ăCácănghiênăc uăl păt pădanhăm cătheoăquyămôăvƠăcácăch ăs ăt ng tr ngăđ ă xemătácăđ ngălênăsu tăsinhăl i 12 2.3ăGI ăTHUY TăNGHIểNăC U 16 CH NGă3: D ăLI UăVÀăPH NGăPHÁPăNGHIểNăC U 17 3.1ăMỌăHỊNHăNGHIểNăC U 17 3.1.1 Mơ hìnhătìmăhi uăm iăquanăh ăgi aăsu tăsinhăl iăc aăc ăphi uăvƠăcùngăchi uă hayăng căchi uăv iăch ăs ăP/E 17 3.1.2 Mơ hìnhătìmăhi uăs ăkhácăbi tăgi aăcácăt pădanhăm căc ăphi u 18 3.2ăCÁCăN IăDUNGăNGHIểNăC U 19 3.3 PH NGăPHÁPăNGHIểNăC U 20 3.3.1ăThuăth păd ăli uănghiênăc u 20 3.3.2ăPhơnăchiaăcácănhómăc ăphi u 22 3.3.3ăTínhătốnăcácăbi năs ăd ngătrongămơăhình 24 3.3.2.1ăT ăsu tăsinhăl iăc aădanhăm cătínhătheoătháng 24 3.3.2.2ăTínhăt ăsu tăsinhăl iătrungăbìnhăc aădanhăm cătrongănhi uăth iăkìăn măgi 25 3.3.2.3ăTínhăt ăsu tăsinhăl iătíchălu ăc aădanhăm cătrongănhi uăth iăkìăn măgi 25 3.3.2.4ăTínhătốnăhaiănhơnăt ăSMBăvƠăHML 26 3.3.2.5 Tính tốn Rm Rf: 26 3.4 CÁC PH NG PHÁP PHỂN TệCH D LI U 27 3.5ăNGU NăD ăLI U 27 CH NGă4: K TăQU ăNGHIểNăC U 29 4.1ăCH ăS ăP/EăCịăD ăBÁOă CăSU TăSINHăL IăC ăPHI U 29 4.2ă ÁNH GIÁ SU T SINH L I C A CÁC DANH M C C PHI U PHÂN LO I THEO CÁC Y U T 30 4.3ăBI Uă ăSU TăSINHăL IăTHEOăTH IăGIAN C A CÁC DANH M C C PHI U PHÂN LO I THEO T NG CÁC Y U T 36 4.4ăTỊMăHI UăS ăKHÁCăBI TăGI AăCÁCăT PăDANHăM CăC ăPHI U 47 CH NGă5: K TăLU NăVÀăKI NăNGH 53 vii 5.1ăK TăLU N 53 5.1.1ăK tălu năv ăkh ăn ngăd ăđốnăsu tăsinhăl iăcácănhómădanhăm căc ăphi uă c aăch ăs ăP/E 53 5.1.2ăK tălu năv ăs ăkhácăbi tăc aăsu tăsinhăl iăc ăphi uăthuăđ căkhiăđ uăt ăvƠoă cácănhómăc ăphi uăphơnătheoăch ăs ăP/Eăt ăth păđ năcao? 53 5.1.3ăK tălu năv ăs ăkhácăbi tătheoăth iăgianăc aăsu tăsinhăl iăc ăphi uăthuăđ că khiăđ uăt ăvƠoăcácănhómăc ăphi uăphơnătheoăch ăs ăP/Eăt ăth păđ năcao? 54 5.1.4ăK tălu năv ăs ăkhácăbi tăgi aăcácăt pădanhăm cătheoămơăhìnhăFama-French 3ănhơnăt ? 54 5.2ăH NăCH ăC Aă ăTÀI 55 5.3ăKI NăNGH 56 TÀIăLI UăTHAMăKH O 57 PH ăL C 60 PH L C 1: K T QU PHÂN TÍCH H I QUY MƠ HÌNH ) = 60 PH L C 2: K T QU PHÂN TÍCH H I QUY MƠ HÌNH 62 PH ăL Că3:ăSU TăSINHăL IăC AăTH ăTR NGăậ VNIă(HOSE)ăVÀăHNXăT ă 1/2011 ậ 7/2021 64 PH ăL Că4:ăSU TăSINHăL IăC AăCÁCăNHịMăDANHăM CăC ăPHI UăTệNHă THEOăT NGăTHÁNG,ăPHỂNăTHEOă3ăY UăT ăQUYăMỌ,ăBE/MEăVÀăP/E 69 PH ăL Că5:ăK TăQU ăPHỂNăTệCHăH IăQUYă3ăNHỂNăT ăFAMAăậ FRENCH TRÊN SÀN HNX & HOSE 93 82 2014 2015 2016 -2,59% -2,44% -6,26% 2,75% -4,58% -6,80% -7,49% -10,84% -3,30% -2,45% -11,32% -8,34% -7,42% -1,98% -6,63% -4,75% -4,09% -0,76% -1,31% 0,29% 4,99% 2,14% -9,55% -7,63% 10 6,47% 2,81% 4,89% -1,02% 2,44% 11,70% 11 25,02% 3,25% 16,07% 23,01% 26,62% 26,95% 12 -3,45% -5,16% -6,79% -3,13% -5,10% -1,01% -4,02% 1,36% 6,32% 3,79% 2,86% 8,65% 9,38% 8,40% 7,63% 21,16% 8,32% 14,64% 23,25% 19,01% 12,77% 26,76% 27,88% 29,10% -23,45% -14,34% -12,26% -15,35% -17,27% -12,39% -11,04% -12,07% -8,00% -11,41% 21,66% -6,02% 0,54% -1,33% -1,96% 0,16% -1,67% -2,20% -1,90% -2,26% -0,20% 1,67% -3,21% -3,13% 3,18% 3,15% 2,95% 0,92% 6,33% 3,82% -3,36% -0,59% -2,16% 1,51% 1,88% -1,85% 10 -1,56% -2,33% -3,81% -0,10% -0,90% -5,56% 11 0,38% -4,32% 2,84% -4,92% -2,19% 1,88% 12 -6,51% -6,93% -5,80% -3,06% -6,04% -7,62% -7,21% 6,87% -1,95% -6,38% -5,33% 2,82% -3,09% -1,38% 0,34% 4,74% -1,87% -2,17% -8,93% -1,20% 0,13% 0,10% -4,91% -2,40% -10,35% -2,97% -3,82% -3,67% -7,08% -2,56% -7,75% -7,21% -0,91% -4,54% -1,42% -3,40% 0,31% 1,07% -0,22% -9,02% -2,82% 5,83% -6,49% -4,90% 0,53% -2,00% -7,86% -7,03% -7,83% -11,72% -9,43% -13,71% -9,74% -6,20% -3,33% -6,04% 0,72% -0,09% -2,39% 0,89% 10 0,59% -4,93% -0,16% 0,85% 0,29% -3,34% 11 2,24% -0,60% -1,01% -0,43% -1,86% 2,95% 12 -0,27% -6,64% -2,38% -3,81% -3,17% 3,44% -4,30% -9,65% -5,34% -5,01% 4,29% -1,81% 9,33% 2,81% 2,37% 6,64% 7,90% 9,15% 5,09% -0,36% -5,45% 0,85% 3,74% 4,95% -10,41% -6,30% 0,44% -5,36% -7,07% -4,03% 83 2017 2018 2019 -1,98% -4,06% -0,49% -0,30% 4,45% -1,09% -4,21% -7,26% -0,63% -3,25% -8,45% -1,21% -3,34% -9,00% -7,32% -3,65% -11,33% -6,96% -2,73% -7,65% -3,66% -5,63% -6,47% -0,14% -0,85% -12,22% -4,77% -5,44% -3,72% -6,83% 10 -2,95% -12,09% 0,16% -3,91% 1,68% -0,66% 11 -3,57% -10,56% -3,22% 12,09% -1,68% -5,68% 12 -11,11% -0,13% -5,96% -8,66% 0,08% 5,57% -5,11% -7,93% -4,68% -6,27% 0,22% -8,99% 2,66% 10,74% 4,36% 15,60% 23,30% 6,18% -1,46% -4,18% -4,54% -4,59% -3,44% -2,94% -8,46% -9,80% -3,88% -7,80% -3,05% -7,09% 4,90% 1,25% 4,61% 3,42% 9,11% 13,43% 8,98% -5,18% -1,98% 4,31% 7,16% 3,28% 9,73% -0,80% 5,19% 9,11% -2,17% 4,46% -4,40% -1,96% -4,22% -8,29% -4,50% -1,61% -2,84% -2,51% -1,65% -0,56% -4,25% 0,10% 10 -10,94% -10,42% -8,45% -7,90% -7,30% -9,71% 11 -2,32% -0,49% 2,35% -2,07% -2,68% -2,28% 12 0,30% -3,08% -5,25% 7,24% -0,24% 0,29% -9,34% -1,01% -5,11% -8,46% -3,24% -0,41% -6,57% -8,08% 1,93% -3,48% -1,63% -2,22% -5,33% -2,87% -4,39% -4,20% -3,04% -2,03% -9,67% -6,65% -5,24% 0,22% -6,32% -5,26% -3,76% -7,18% -10,30% 0,56% -10,36% -4,10% -7,73% -6,89% -1,41% -3,64% -1,88% -3,40E05 -4,34% -2,42% -6,13% -6,77% 2,50% 1,30% -4,12% -5,57% -1,35% -1,76% 1,75% 4,69% 8,58% 1,76% -3,03% 6,48% 4,48% 7,97% 10 -9,15% -10,13% -6,56% -7,86% -0,71% -6,68% 11 -7,39% -11,57% -2,97% 0,49% 2,64% -1,23% 12 2,72% -2,21% -7,04% -5,02% -3,52% 1,70% -10,00% -4,15% -1,52% -4,89% -2,21% -2,40% 4,15% 1,87% 0,74% -1,46% 1,65% 1,25% 3,71% 4,89% 2,89% 8,61% 2,13% 0,07% 84 2020 2021 0,41% 1,15% 0,24% 3,28% -0,05% 2,10% -6,34% -10,63% -1,67% -9,21% -8,38% -5,30% -1,99% -7,43% -2,01% -1,30% -4,18% -1,70% -4,69% -4,84% -2,97% -1,26% -5,12% -6,53% 0,04% -6,91% -2,78% -7,14% -4,66% 2,82% 0,77% -6,60% -4,76% -6,03% -0,14% -0,94% 10 -6,32% -5,66% 2,92% -6,58% -5,95% 0,61% 11 -2,62% -3,61% -2,69% 3,09% 2,74% -0,38% 12 -4,58% -11,00% 1,07% -5,73% -0,05% -2,30% -2,88% -6,89% -2,28% -0,97% 4,61% 1,75% -3,03% -4,05% -4,63% -3,13% -5,30% 0,07% -20,28% -20,87% -17,45% -18,48% -16,46% 11,28% 12,45% 4,28% 12,32% 6,41% 10,86% 3,80% -0,80% 2,76% 4,07% -1,88% 6,81% 14,66% 8,78% -0,18% 1,51% 2,34% 9,96% 5,76% -8,38% -9,84% -6,18% -7,80% -10,91% -5,35% 10,62% 6,23% 11,40% 15,22% 10,02% 5,63% 5,20% -1,91% 3,39% -0,48% 10,57% 4,73% 10 -8,35% -4,95% -3,32% -4,44% -0,87% -2,19% 11 1,03% 2,57% 0,57% -1,11% 8,22% -2,73% 12 27,58% 12,93% 8,37% 17,76% 9,41% 21,86% 14,71% -1,62% 2,37% 6,31% 6,72% 6,16% 3,16% 2,14% 7,26% 2,55% 3,75% 4,35% 24,59% 10,11% 10,78% 9,38% 29,73% 28,78% 13,19% -2,37% -0,35% 1,34% -0,65% 0,13% -7,83% -2,87% -6,68% -7,81% -8,25% 1,21% -1,01% 0,65% 3,55% 4,36% 11,01% 3,57% -9,76% -6,58% -5,56% -12,38% -9,64% -9,21% SUM RA 291,17% -2,29% 465,39% -3,66% 257,01% -2,02% 222,78% -1,75% 169,63% -1,34% 99,69% -0,78% RC -96,85% -99,39% -94,37% -92,92% -87,99% 77,13% 85 N m Tháng 2011 2012 2013 QUYăMỌăNH ă- BE/ME TRUNG BÌNH Nhóm A (-) B (L) C D E F (H) -10,25% -2,12% -4,47% -3,12% -4,53% -2,12% -11,33% -6,79% -11,99% -7,26% -11,20% -7,65% -6,15% -8,66% -6,55% -7,27% -5,95% -9,78% -16,93% -6,87% -7,54% -6,96% -6,68% -8,17% -27,58% -18,93% -18,70% -16,85% -19,91% -16,93% 7,88% 3,86% 3,05% 4,60% 0,82% 6,92% -2,70% -7,45% -5,69% -8,69% -6,16% -6,48% 1,14% -1,10% 6,12% -1,06% 0,93% 4,02% -6,71% -1,62% -2,32% -1,59% 1,45% 5,48% 10 -6,03% -4,46% -1,88% -2,87% -0,79% -8,26% 11 -2,05% -13,13% -10,37% -16,60% -9,59% -13,20% 12 -11,97% -16,93% -11,36% -11,70% -3,76% 1,49% 3,85% 10,82% 10,89% 4,00% 10,69% 0,07% 9,34% 8,75% 5,31% 8,94% 17,68% 11,97% 12,37% 7,27% 7,53% 7,41% 3,90% 10,67% 4,12% 5,10% 10,97% 13,90% 18,07% 10,91% -7,67% -6,20% -2,54% -4,64% -4,81% 1,86% -2,18% -6,66% -3,85% -2,85% -0,65% -5,09% -6,85% -7,32% -2,71% -3,05% 0,79% -2,38% -13,39% -11,30% -9,94% -6,14% -3,72% -4,27% -10,37% -7,25% -3,61% -3,30% -3,81% -9,11% 10 -6,79% -6,91% -3,61% -3,46% 1,18% -2,21% 11 5,73% -3,94% 0,42% -0,90% -3,15% -5,93% 12 19,85% 6,29% 3,82% 5,20% 7,90% 10,78% 7,46% 8,98% 7,89% 0,88% 9,54% 1,94% -1,81% 2,40% 2,25% 3,54% 1,74% 1,97% -1,49% 1,60% 0,30% -2,12% 1,67% -5,31% 0,38% -0,31% -3,70% 1,19% 0,99% 5,28% 13,83% 3,39% 3,51% 6,08% 4,28% 5,63% 5,20% -2,32% -2,70% -0,83% -0,18% 1,04% -6,03% -1,64% -5,01% -1,27% -3,32% -4,18% -1,53% -4,69% -2,54% -1,06% 2,07% -1,14% 0,03% -4,24% -0,66% 0,43% -1,59% -3,87% 10 10,31% 1,06% 5,40% 5,77% -2,17% 3,62% 86 2014 2015 2016 11 25,59% 9,19% 10,09% 11,30% 17,83% 19,93% 12 10,88% 2,17% 2,32% 4,58% 5,61% 4,57% 0,59% 10,76% 9,71% 6,12% 2,43% 6,10% 12,01% 14,74% 14,23% 16,99% 7,27% 21,97% 25,48% 2,85% 6,78% 10,35% 25,30% 23,55% -10,95% -7,29% -4,11% -3,55% -5,59% -8,87% -7,50% -6,54% -0,81% -5,32% -3,94% -3,41% -3,05% 0,72% 1,53% 3,67% 1,02% 4,79% 7,60% 2,85% -1,54% -0,52% 3,80% 7,97% 4,47% 2,52% 6,69% 4,12% 6,26% 7,20% 4,33% 0,53% -0,22% 5,56% 4,77% 5,03% 10 2,78% -2,44% -1,57% 3,19% 4,54% 4,34% 11 0,98% 1,55% -0,16% 2,37% 3,03% 9,00% 12 -7,63% -2,43% -1,43% -1,83% 1,61% -3,12% -3,93% 8,50% -0,88% 1,52% 2,42% 4,85% 0,58% 6,56% 1,20% -0,95% 2,81% 4,08% -2,47% -1,43% -1,50% 5,10% 1,24% 0,90% 3,23% -2,80% 3,55% 3,34% 0,09% 3,26% -3,98% -5,68% 1,20% 1,00% 1,78% 3,74% 3,05% -0,45% 0,74% 0,51% -0,67% 3,41% 2,50% -3,17% -1,99% -0,86% -1,44% 12,03% -4,24% -2,47% -3,16% -2,44% -4,80% -2,34% 7,57% -3,11% 0,14% 1,19% 6,13% -2,64% 10 1,81% 2,03% 2,22% -0,65% 2,47% 3,19% 11 -0,71% -2,52% -2,11% -0,57% 2,37% 0,23% 12 9,23% 2,31% 0,95% -1,12% 7,42% 5,65% -3,92% -4,28% -2,65% -4,09% -4,61% -1,32% -0,18% 2,92% 1,07% 2,69% 2,39% 6,26% 7,43% 3,92% -0,67% 9,03% 2,80% 5,64% -9,64% 3,46% 2,40% -2,52% 3,80% 5,55% -6,63% -2,17% 2,50% 2,21% 2,84% 2,14% 14,34% -1,57% 5,09% 3,03% 0,21% 2,21% 9,09% -1,63% -0,92% -0,24% 5,01% -3,08% 2,58% -5,76% 0,76% -3,94% -0,15% 1,43% 2,36% -2,34% 1,38% -0,15% 2,91% -0,59% 10 -10,68% -3,72% -2,13% -2,83% -6,71% -0,64% 87 2017 2018 2019 11 -1,17% -1,91% -1,13% 0,12% 0,60% -0,80% 12 23,57% -4,23% 1,93% -2,03% -0,21% -2,22% 1,65% -1,27% 1,85% 0,82% 4,23% -1,85% -0,66% 3,14% 6,14% 4,62% 3,33% 2,30% -9,58% -0,38% -0,61% 3,56% -0,12% 5,49% -3,16% -0,80% -0,41% 0,72% 6,65% 4,85% 13,49% 0,96% -0,77% 4,09% 7,41% 2,21% 8,47% 0,29% -0,97% 2,33% 3,41% 19,40% 13,05% -3,17% -0,38% 2,97% 3,54% 8,56% 0,39% -3,80% -4,37% -0,74% -5,03% -4,72% -3,13% -1,80% -1,27% -1,03% 3,07% 5,47% 10 -7,23% -5,29% -2,47% -1,38% 4,30% -1,03% 11 3,18% 0,74% -0,70% -4,61% 1,02% -0,30% 12 1,65% -1,66% -1,87% 0,85% 0,16% 3,45% -5,40% 0,16% -1,71% -2,47% -0,98% 2,53% 2,91% -0,17% 0,46% -2,67% -3,17% 3,87% 3,52% -6,27% 0,49% 0,28% 0,42% 2,89% 2,25% -7,93% 1,75% -2,14% 1,67% -2,83% 8,29% -4,66% -1,75% -0,45% -0,04% 6,69% -1,80% -1,19% 2,90% -0,73% 0,85% -0,97% 4,63% -2,74% -2,89% -0,34% 0,56% -4,52% -7,21% -2,80% -1,77% 3,69% 4,98% -1,99% 7,28% 3,50% -1,73% -3,46% 1,38% 8,78% 10 -0,56% -4,65% -2,67% -6,19% -4,61% 1,93% 11 0,31% -1,23% -0,08% -0,74% 6,28% 2,63% 12 0,17% 0,04% -0,77% -0,45% 4,44% 6,01% -5,69% 0,49% -1,45% 1,18% 1,02% -3,11% 4,21% 0,36% 2,13% 2,68% 1,07% 0,17% 13,09% 2,66% -0,14% 1,09% -0,65% 11,90% 13,06% 1,89% -0,37% 0,98% 0,86% 3,06% -4,21% -1,61% -2,80% 0,64% 2,55% 1,91% 0,57% 3,24% -0,37% 1,12% -1,87% 0,21% -4,99% -3,12% 2,59% -0,62% 3,96% 0,91% 10,62% 3,24% 2,31% 0,50% 2,92% -2,47% 0,90% -5,16% -2,20% -0,40% -0,04% -0,41% 10 1,86% 0,03% -1,42% -3,43% -1,82% 5,96% 88 2020 2021 11 -6,79% -6,52% -2,71% -1,25% 1,66% 1,69% 12 -3,28% 1,23% 3,52% -4,25% -0,93% 2,06% -0,36% 0,55% 2,05% 0,77% -0,62% -1,30% -0,64% -2,71% -3,67% 1,71% 0,27% -6,90% -11,74% -13,19% -14,33% -8,41% -5,72% -5,08% 11,99% 12,52% 5,61% 1,58% -0,03% 7,09% 8,74% 6,36% 6,58% 5,99% -0,61% 6,30% 21,51% -2,02% -1,20% 1,45% -2,36% 7,50% 7,36% -3,25% -2,63% -4,22% -0,34% -4,05% 8,91% 5,73% 7,22% 6,94% 4,64% 4,58% -0,42% 2,79% -1,10% 0,79% 0,92% 5,34% 10 0,24% 1,15% -2,62% -3,06% 1,70% 0,40% 11 4,85% 2,52% 1,12% -0,05% 3,74% 0,52% 12 3,01% 8,93% 4,57% 10,61% 14,43% 22,72% 16,98% 3,80% 2,90% -3,22% 1,90% 2,70% 3,92% 4,72% -0,52% 3,45% 1,08% 12,47% 13,60% 5,66% 8,77% 8,32% 13,30% 18,16% 5,11% -0,54% -3,00% 1,35% -3,31% 8,62% -8,39% -4,00% -0,95% -2,01% -1,94% 4,15% 4,55% 2,24% 11,02% 4,68% 5,05% 1,60% -4,69% -6,85% -4,24% -3,01% -4,16% -9,75% SUM 183,38% -101,49% -3,73% 31,19% 174,82% 283,35% RA 1,44% -0,80% -0,03% 0,25% 1,38% 2,23% RC 292,39% -70,24% -17,29% 16,96% 369,79% 1151,33% 89 N m Tháng 2011 2012 2013 QUYăMỌăNH ă- BE/MEăTH P Nhóm A (-) B (L) C D E F (H) -3,80% -1,61% 2,72% -0,15% -5,41% 2,53% -6,06% -2,68% -9,26% -0,13% -6,93% 19,14% -6,44% -5,54% 2,40% -3,48% -4,81% 4,09% -3,09% -8,45% -7,89% -2,99% -8,11% -3,25% 11,93% 9,69% -11,03% -13,25% -5,08% -9,44% 16,81% 3,86% 5,79% -0,19% 11,04% 1,94% -7,18% -2,21% -4,59% -2,02% -6,13% -1,22% -4,44% 1,71% -1,52% 2,52% 4,59% 2,42% 8,51% 6,15% -1,53% 0,85% 10,13% 2,37% 10 5,32% -5,90% -0,69% 1,21% -1,99% 4,54% 11 -8,05% -5,81% -2,98% -6,23% 2,16% -1,37% 12 -2,49% -2,61% 2,87% 14,74% 2,86% 26,65% 5,04% 6,07% 5,29% 7,81% 2,61% 1,58% -5,34% 8,66% 12,37% 10,61% 6,04% 6,27% 9,04% 3,61% 8,47% 10,23% -0,55% -4,94% 3,78% 8,85% 15,82% 12,25% 13,74% 8,44% -0,25% -2,24% -1,34% 7,73% 1,60% -2,78% -1,63% -6,25% 1,74% -2,10% -3,70% 3,73% -4,58% -1,64% 4,41% -0,43% 0,24% 3,84% -8,36% 1,49% 1,70% 0,83% 3,98% 2,29% 0,53% -3,31% -3,88% 0,03% -4,21% -7,55% 10 7,53% 1,87% -1,26% 3,93% -2,16% -2,41% 11 0,28% 0,36% 4,77% 1,83% 6,49% 12,02% 12 6,40% 0,80% 7,77% 10,27% 1,36% 9,36% 6,99% 15,12% 16,45% 4,96% 0,04% 16,41% -0,07% 5,98% 3,95% 2,66% 2,91% 0,80% -8,21% 3,35% 6,60% 1,76% 1,18% 2,92% -4,89% 2,76% 1,09% 6,03% 7,60% -0,27% 5,49% 3,49% 8,87% 9,68% 6,37% 11,11% -1,10% 0,53% 0,99% 4,51% 2,96% -2,96% -2,21% -1,73% 0,69% 3,69% 3,67% 1,16% -6,02% -2,75% -0,43% 2,74% 1,73% 11,03% 90 2014 0,49% -1,47% -1,44% 0,74% -0,27% 5,61% 10 9,71% 6,09% 9,40% 10,66% 3,47% -3,15% 11 24,01% 7,30% 10,50% 6,41% 11,24% 13,88% 12 34,68% 3,94% 9,97% 2,56% 6,86% 4,74% 7,88% 3,94% 9,57% 15,35% 11,36% 3,76% 5,30% 10,12% 10,63% 14,66% 10,50% 17,32% 33,23% 0,63% 2,46% 5,98% 12,88% 14,52% -2,23% -4,06% 4,43% -1,59% 6,48% -2,95% -2,79% -2,79% 3,43% -1,63% 22,25% 21,18% 6,08% 2,57% 1,34% 4,26% 7,33% 13,41% 7,11% -0,70% -0,42% 5,24% 10,61% 7,87% 11,04% 4,59% 2,49% 6,50% 4,97% 14,47% 2,29% 1,64% 4,35% 2,23% 8,00% 11,17% 10 8,87% -0,73% 3,30% 5,84% 16,01% 0,18% 11 5,18% -0,44% 5,82% 5,83% 5,23% 15,21% 12 -1,93% -0,88% -0,33% 0,43% 8,15% 9,74% -5,60% 6,65% 2,40% 2,36% 4,32% 0,34% -1,94% 4,01% 1,88% 1,46% 7,03% 2,34% -3,48% 2,62% 1,21% 1,22% 2,10% 4,59% -3,24% 3,85% 0,02% 5,77% 2,41% -3,77% -7,99% -1,35% -0,53% 5,70% -0,22% 2,20% 5,68% -1,65% 0,93% 8,27% 3,92% 10,36% 0,25% 8,14% 1,21% 1,50% 3,87% 1,60% 7,45% -2,50% -3,53% 6,96% 6,35% -3,36% -2,56% -0,86% 0,09% 3,18% 2,69% 0,12% 10 -1,89% 5,53% 3,78% 1,77% 4,02% 5,73% 11 1,70% -1,16% 0,50% 0,79% -2,35% 10,00% 12 28,44% -0,83% 3,32% 4,65% 4,52% 1,41% 9,04% -0,68% -1,59% 4,27% 5,29% 6,90% 1,63% 3,28% 4,36% 3,53% 6,03% 5,49% 11,11% 7,00% 6,50% -1,18% 6,39% 4,15% 7,05% 2,14% 0,18% 6,55% 4,44% 3,27% 8,53% 3,86% 5,88% 2,72% 5,87% 0,96% 12,43% 1,88% 9,28% 3,98% 11,05% 10,35% -0,96% 2,33% -0,55% 5,14% -5,97% 6,76% 2015 2016 91 2017 2018 2019 -6,27% -1,75% 2,55% -0,02% 0,40% 3,73% -4,68% -2,63% -0,44% 0,92% 9,69% 13,42% 10 9,84% -3,11% 2,24% 1,38% -1,29% 8,96% 11 6,78% -0,75% -0,66% 6,70% 3,57% 6,77% 12 2,76% 1,55% 1,94% 2,40% 9,10% 9,35% 6,36% -2,33% 2,33% -0,09% 5,98% -4,24% -1,68% 5,16% -0,45% 0,55% -0,56% 4,75% 2,31% 2,49% 1,98% 1,70% 6,64% -2,16% -4,69% -2,33% 2,39% 0,04% -1,98% 3,14% 21,49% -1,65% 1,71% 5,47% 8,33% 5,84% 10,10% 2,01% 4,62% 4,04% 13,39% 8,42% 4,09% -0,71% 0,98% 6,43% 7,21% 5,15% 2,53% 2,55% -4,12% 2,37% -5,45% 14,98% 1,14% -0,39% 2,03% 8,99% -2,86% 6,08% 10 3,87% -2,60% 0,32% 3,90% 2,20% 1,70% 11 5,05% -1,85% -0,15% 5,33% -0,85% 6,24% 12 3,60% -0,51% -0,93% 0,63% -0,70% 7,03% -3,94% -1,17% -1,73% 0,16% 26,14% -8,61E-05 -3,25% -2,21% 2,78% 0,66% 3,79% -0,62% -0,27% 0,64% 2,91% 0,73% 6,33% 4,03% -8,31% -0,10% -3,95% -1,46% 2,65% 1,07% -6,18% -2,22% 6,68% 0,12% 2,32% 0,64% -0,29% -1,36% 0,25% 2,68% 7,54% 5,36% 1,46% 0,37% -0,18% 1,82% 7,39% 4,30% -0,38% 0,08% 0,29% 22,89% 1,75% 0,03% 4,50% 1,35% 8,54% 0,45% 1,96% 8,13% 10 -2,16% 8,29% -4,65% 3,86% 10,18% 4,67% 11 8,14% 0,75% -1,66% 3,62% 5,30% 7,95% 12 2,26% -4,17% -0,49% 3,94% 5,48% 4,65% 3,09% 1,78% 2,69% 1,17% 2,11% 7,38% 3,30% -1,81% 4,31% 2,47% 0,37% 9,46% 9,52% 3,44% 1,47% 2,28% -1,45% 2,63% 4,21% -0,10% 2,23% 0,40% 0,63% -1,53% 0,88% -4,19% 4,44% 8,13% 7,26% 3,68% 10,70% 0,12% 0,26% -2,32% 3,10% 4,02% 5,65% -0,02% 5,55% 3,57% 9,89% -0,88% 92 2020 2021 -0,52% 3,63% 0,46% 0,08% -0,55% 3,08% 10,35% -0,76% -1,65% -0,72% 4,63% 2,17% 10 7,48% -4,72% -1,40% 0,98% 6,23% 2,58% 11 5,49% 0,18% 4,01% 1,25% 0,85% -0,07% 12 -1,39% 0,29% 4,36% 4,60% 1,27% 12,22% -6,49% 1,24% 2,31% 4,08% -0,55% -2,02% -4,69% 3,38% 3,23% -3,48% 0,39% 3,57% 2,22% -6,14% -3,99% 0,81% -3,77% -0,24% -5,86% 6,52% 1,49% 1,95% 6,19% 1,07% -8,63% 8,06% 5,69% 1,15% 1,94% -1,85% 11,20% 2,13% -2,31% 7,77% 0,09% 6,86% -2,08% -0,48% -0,21% -0,38% 0,10% 0,95% -5,00% 16,13% 8,27% 5,93% 1,53% 7,71% 6,03% 4,07% -0,87% 7,25% 1,67% 2,80% 10 -0,71% 1,49% 6,61% 4,58% 4,16% -0,86% 11 -1,79% 0,95% 2,05% -0,93% 8,16% 10,13% 12 1,47% 8,71% 10,43% 5,98% 4,06% 6,44% 6,76% 0,66% -0,31% 4,47% 0,27% -3,11% 7,08% 3,61% 10,99% 9,00% 7,13% 8,95% 25,68% 11,85% 8,06% 5,94% 8,02% 22,51% 1,16% 0,33% -1,47% 5,88% 6,43% 8,88% -1,71% -1,83% 1,84% 3,69% 4,96% 0,78% 12,37% 0,25% 7,90% 6,49% 2,68% 2,09% 3,12% -1,63% -1,32% 5,39% 10,14% 1,61% SUM 253,78 % 2,00% 136,81 % 1,08% 275,83% 413,54% 484,42% 531,98% 2,17% 3,26% 3,81% 4,19% 646,99 % 246,89 % 1260,71 % 5113,49 % 9868,23 % 15326,91 % RA RC 93 PH ă L Că 5:ă K Tă QU ă PHỂNă TệCHă H Iă QUYă 3ă NHỂNă T ă FAMAă ậ FRENCH TRÊN SÀN HNX & HOSE 6ăb ngătómăt tăv ăk tăqu ch yăh iăquyăphơnătheoăquyămôăcôngătyăvƠăch ăs ăBE/ME c aăcácă cơng ty sàn HNX Nhóm BH ậ Cơngătyăcóăquyămơăl năvƠăch ăs ăBE/MEăcao Nhóm BM ậ Cơngătyăcóăquyămơăl năvƠăch ăs ăBE/MEătrung bình Nhóm BL ậ Cơngătyăcóăquyămơăl năvƠăch ăs ăBE/MEăth p Nhóm SH ậ Cơng ty có quy mơ nh vƠăch ăs ăBE/MEăcao Nhóm SM ậ Cơng ty có quy mơ nh vƠăch ăs ăBE/MEătrung bình 94 Nhóm SL ậ Cơng ty có quy mơ nh vƠăch ăs ăBE/MEăth p 6ăb ngătómăt tăv ăk tăqu ăch yăh iăquyăphơnătheoăquyămôăcôngătyăvƠăch ăs ăBE/MEăc aăcácă công ty sàn HOSE Nhóm BH ậ Cơngătyăcóăquyămơăl năvƠăch ăs ăBE/MEăcao Nhóm BM ậ Cơngătyăcóăquyămơăl năvƠăch ăs ăBE/MEătrung bình Nhóm BL ậ Cơngătyăcóăquyămơăl năvƠăch ăs ăBE/MEăth p Nhóm SH ậ Cơng ty có quy mơ nh vƠăch ăs ăBE/MEăcao 95 Nhóm SM ậ Cơng ty có quy mơ nh vƠăch ăs ăBE/MEătrung bình Nhóm SH ậ Cơng ty có quy mơ nh vƠăch ăs ăBE/MEăth p 96 LụăL CHăTRệCHăNGANG H tên: Hu nh Th Kim Tú NgƠy,ătháng,ăn măsinh:ă23/11/1995 N iăsinh:ăT nh Qu ng Ngãi a ch liên l c: 13/139 Tr năV năHoƠng,ăPh ng 9, Qu n Tân Bình, Thành Ph H Chí Minh i n tho i: 0977.619.503 Email: htkimtu@gmail.com QUÁăTRỊNHă ÀOăT O IH C Ch đ h c: Chính quy Th i gian h c: 9/2013 ậ 4/2018 Ngành h c: Qu n tr kinh doanh N iăh c: Khoa Qu n lý Công Nghi p,ăTr SAUă ng i h c Bách khoa TP HCM ngă i h c Bách khoa TP HCM IH C Th i gian h c: 9/2019 ậ Ngành h c: Qu n tr kinh doanh N iăh c: Khoa Qu n lỦ Cơng nghi p,ăTr Q TRÌNH CƠNG TÁC 7/2017 ậ 10/2020: Làm vi c t i Công ty C ph n VNG 11/2020 ậ 3/2022: Làm vi c t i Công ty TNHH Trung Tâm Th D c Th Hình & Yoga Victoria 4/2022 ậ nay: Làm vi c t i Công ty C Ph n Shopee ... (1994) 16 2.3 GI ăTHUY TăNGHIểNăC U T ăcácănghiênăc uătr căt iăVi t? ?Nam? ?&? ?trên? ?Th ăGi iăgi ăthuy tăc aănghiênăc u,ăđ tìmăhi u m i? ?quan? ?h ăgi aăch ăs ? ?giá? ?trên? ?thu? ?nh păvƠăsu t? ?sinh? ?l i c aăc ăphi... ăs ? ?giá? ?trên? ?thu? ?nh p đ năsu t? ?sinh? ?l iăc ăphi u trên? ?th ă tr ngăch ng? ?khoán? ?Vi t? ?Nam? ?s ăd ngăd ăli uăth ăc păbaoăg măt tăc ăcácăcơngătyă đ căniêmăy t? ?trên? ?S ăgiaoăd chăch ngăkhốnă Vi t? ?Nam đ... NăV N CH NGă2: C ăS ăLụăTHUY TăVÀăT NG? ?QUAN? ?LụăLU N 2.1ăC ăS ăLụăTHUY T 2.1.1 Ch ăs ? ?giá? ?trên? ?thu? ?nh p 2.1.2ăMơăhìnhăđ nh? ?giá? ?tƠiăs năv nă(CAPMă- Capital Asset