{"id":4996,"date":"2026-04-27T03:01:47","date_gmt":"2026-04-27T03:01:47","guid":{"rendered":"https:\/\/azan.com.vn\/blog\/5-co-phieu-hop-nha-dau-tu-menh-thuy-trong-nam-giap-thin-2024.html"},"modified":"2026-04-27T03:01:47","modified_gmt":"2026-04-27T03:01:47","slug":"5-co-phieu-hop-nha-dau-tu-menh-thuy-trong-nam-giap-thin-2024","status":"publish","type":"post","link":"https:\/\/azan.com.vn\/blog\/5-co-phieu-hop-nha-dau-tu-menh-thuy-trong-nam-giap-thin-2024.html","title":{"rendered":"5 c\u1ed5 phi\u1ebfu \u201ch\u1ee3p\u201d nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Thu\u1ef7 trong n\u0103m Gi\u00e1p Th\u00ecn 2024"},"content":{"rendered":"

H\u00e0nh Th\u1ee7y v\u00e0 H\u1ecfa l\u00e0 hai m\u1ec7nh c\u00f3 m\u1ed1i quan h\u1ec7 kh\u1eafc nhau, do \u0111\u00f3 v\u1edbi Gi\u00e1p Th\u00ecn n\u0103m 2024 mang h\u00e0nh H\u1ecfa, nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Th\u1ee7y c\u1ea7n \u0111\u1ec1 cao s\u1ef1 an to\u00e0n trong qu\u00e1 tr\u00ecnh \u0111\u1ea7u t\u01b0.<\/p>\n

Tr\u00ean c\u01a1 s\u1edf (1) \u01afu ti\u00ean c\u00e1c ng\u00e0nh \u0111ang c\u00f3 m\u1ee9c t\u0103ng tr\u01b0\u1edfng cao nh\u1edd h\u01b0\u1edfng l\u1ee3i t\u1eeb ch\u00ednh s\u00e1ch Ch\u00ednh ph\u1ee7 hay h\u01b0\u1edfng l\u1ee3i t\u1eeb vi\u1ec7c m\u1ee9c t\u0103ng tr\u01b0\u1edfng chung c\u1ee7a n\u1ec1n kinh t\u1ebf Vi\u1ec7t Nam \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o v\u1eabn \u1edf m\u1ee9c cao trong c\u00e1c n\u0103m t\u1edbi; (2) \u01afu ti\u00ean c\u00e1c doanh nghi\u1ec7p \u0111\u1ea7u ng\u00e0nh \u0111\u1ec3 t\u1eadn d\u1ee5ng t\u1ed1i \u0111a s\u1ef1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a ng\u00e0nh, Ch\u1ee9ng kho\u00e1n BIDV (BSC) \u0111\u00e3 \u0111\u01b0a ra 5 c\u1ed5 phi\u1ebfu h\u1ee3p v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Thu\u1ef7 theo c\u1ea3 2 tr\u01b0\u1eddng ph\u00e1i t\u1ea5n c\u00f4ng (VSC) v\u00e0 ph\u00f2ng th\u1ee7 (CTG, MBB, BWE, PNJ).<\/p>\n

\"photo-1708456676786\"<\/figure>\n

C\u00e1c c\u1ed5 phi\u1ebfu t\u1ea5n c\u00f4ng c\u00f3 d\u1ef1 ph\u00f3ng t\u0103ng tr\u01b0\u1edfng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn trong n\u0103m 2024 l\u1edbn h\u01a1n 20%. C\u00e1c c\u1ed5 phi\u1ebfu ph\u00f2ng th\u1ee7 c\u00f3 m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd, r\u1ebb, v\u1edbi P\/E, P\/B x\u1ea5p x\u1ec9 trung b\u00ecnh 3 n\u0103m g\u1ea7n nh\u1ea5t, ho\u1eb7c tr\u1ea3 c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh, th\u1ecb ph\u1ea7n \u1edf m\u1ee9c t\u1ed1t trong ng\u00e0nh.<\/p>\n

Viconship (VSC)<\/b> ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c d\u1ecbch v\u1ee5 \u0111\u1ea1i l\u00fd container, t\u00e0u bi\u1ec3n v\u00e0 m\u00f4i gi\u1edbi h\u00e0ng h\u1ea3i, ch\u1ee7 y\u1ebfu t\u1ea1i c\u1ee5m c\u1ea3ng H\u1ea3i Ph\u00f2ng. Theo BSC, v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p (ch\u1ec9 kho\u1ea3ng 30%) c\u00f9ng v\u1edbi l\u01b0\u1ee3ng ti\u1ec1n m\u1eb7t t\u01b0\u01a1ng \u0111\u1ed1i cao (ti\u1ec1n v\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh ng\u1eafn h\u1ea1n kho\u1ea3ng 700 t\u1ef7 \u0111\u1ed3ng b\u1eb1ng 50% vay n\u1ee3 d\u00e0i h\u1ea1n) \u0111\u1ea3m b\u1ea3o an to\u00e0n t\u00e0i ch\u00ednh cho VSC.<\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, VSC c\u00f2n s\u1edf h\u1eefu quy m\u00f4 c\u1ee5m c\u1ea3ng l\u1edbn. Sau khi mua l\u1ea1i c\u1ea3ng Nam H\u1ea3i \u0110\u00ecnh V\u0169 t\u1eeb ph\u00eda GMD, VSC s\u1edf h\u1eefu v\u1ecb th\u1ebf l\u1edbn nh\u1ea5t trong c\u1ee5m c\u1ea3ng H\u1ea3i Ph\u00f2ng. Vi\u1ec7c mua th\u00eam c\u1ea3ng gi\u00fap cho VSC v\u1ec1 (1) gi\u1ea3m thi\u1ec3u chi ph\u00ed v\u1eadn h\u00e0nh nh\u1edd l\u1ee3i th\u1ebf c\u1ea7u c\u1ea3ng d\u00e0i h\u01a1n 800m (2) h\u1ea1n ch\u1ebf vi\u1ec7c ph\u1ea3i thu\u00ea ngo\u00e0i khi c\u00f3 t\u00e0u tr\u00f9ng l\u1ecbch, gi\u00fap t\u1ed1i \u01b0u h\u00f3a doanh thu. V\u1edbi l\u1ee3i th\u1ebf v\u1ec1 quy m\u00f4 v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a khu v\u1ef1c s\u1ebd \u0111\u1ea3m b\u1ea3o cho t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a VSC trong giai \u0111o\u1ea1n 2024-2026.<\/p>\n

VietinBank (CTG)<\/b> l\u00e0 1 trong 3 ng\u00e2n h\u00e0ng qu\u1ed1c doanh tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n v\u1edbi v\u1ecb th\u1ebf h\u00e0ng \u0111\u1ea7u v\u1ec1 quy m\u00f4 t\u1ed5ng t\u00e0i s\u1ea3n v\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. Nh\u1edd vi\u1ec7c gia t\u0103ng danh m\u1ee5c cho vay b\u00e1n l\u1ebb (ng\u01b0\u1ee3c v\u1edbi xu h\u01b0\u1edbng chung c\u1ee7a ng\u00e0nh), CTG \u0111ang duy tr\u00ec NIM t\u1ed1t h\u01a1n c\u00e1c ng\u00e2n h\u00e0ng.<\/p>\n

BSC cho r\u1eb1ng vi\u1ec7c m\u1ea1nh tay x\u1eed l\u00fd n\u1ee3 v\u00e0 tr\u00edch l\u1eadp d\u1ef1 ph\u00f2ng t\u1ea1o ti\u1ec1n \u0111\u1ec1 t\u0103ng tr\u01b0\u1edfng t\u1eeb 2025. BSC d\u1ef1 ki\u1ebfn chi ph\u00ed t\u00edn d\u1ee5ng c\u1ee7a ng\u00e2n h\u00e0ng v\u1eabn c\u00f2n duy tr\u00ec cao trong 2024 nh\u01b0ng s\u1ebd b\u1eaft \u0111\u1ea7u h\u1ea1 nhi\u1ec7t t\u1eeb 2025 tr\u1edf \u0111i, gi\u00fap t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn \u0111\u1ea1t >20%\/n\u0103m trong 2025-2026. Ngo\u00e0i ra, v\u1edbi P\/B 2024F = 1,0x, CTG \u0111ang \u0111\u01b0\u1ee3c tr\u1ea3 gi\u00e1 r\u1ebb t\u01b0\u01a1ng \u0111\u01b0\u01a1ng c\u00e1c ng\u00e2n h\u00e0ng t\u01b0 nh\u00e2n.<\/p>\n

MB (MBB)<\/b> v\u1edbi l\u1ee3i th\u1ebf ngu\u1ed3n v\u1ed1n CASA gi\u00e1 r\u1ebb, \u0111\u00e3 th\u1ec3 hi\u1ec7n kh\u1ea3 n\u0103ng b\u1ea3o v\u1ec7 NIM t\u1ed1t h\u01a1n c\u00e1c ng\u00e2n h\u00e0ng c\u1ea1nh tranh khi \u0111ang s\u1edf h\u1eefu NIM ri\u00eang l\u1ebb d\u1eabn \u0111\u1ea7u to\u00e0n ng\u00e0nh. BSC th\u1eadn tr\u1ecdng d\u1ef1 b\u00e1o NIM 2024F c\u1ee7a MBB s\u1ebd ph\u1ee5c h\u1ed3i 10bps YoY.<\/p>\n

Trung b\u00ecnh giai \u0111o\u1ea1n 2023F-2027F, BSC d\u1ef1 b\u00e1o MBB ghi nh\u1eadn (1) t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng \u0111\u1ea1t >20% nh\u1edd vi\u1ec7c \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh ti\u1ebfp qu\u1ea3n 1 TCTD y\u1ebfu k\u00e9m, (2) NIM \u0111\u1ea1t >5.0% thu\u1ed9c top \u0111\u1ea7u ng\u00e0nh nh\u1edd l\u1ee3i th\u1ebf ngu\u1ed3n CASA \u1ed5n \u0111\u1ecbnh t\u1eeb h\u1ec7 sinh th\u00e1i qu\u00e2n \u0111\u1ed9i, gi\u00fap (3) ROAE \u0111\u1ea1t >20%. \u0110\u1ecbnh gi\u00e1 c\u0169ng t\u01b0\u01a1ng \u0111\u1ed1i r\u1ebb so v\u1edbi ng\u00e0nh v\u1edbi P\/B 2024F = 0,8x v\u1edbi ROAE 2024F = 23% so v\u1edbi l\u1ea7n l\u01b0\u1ee3t 0,9x v\u00e0 18% trung b\u00ecnh c\u00e1c ng\u00e2n h\u00e0ng t\u01b0 nh\u00e2n trong danh s\u00e1ch theo d\u00f5i c\u1ee7a BSC.<\/p>\n

Biwase (BWE)<\/b> l\u00e0 \u0111\u01a1n v\u1ecb \u0111\u1ed9c quy\u1ec1n trong l\u0129nh v\u1ef1c cung c\u1ea5p n\u01b0\u1edbc s\u1ea1ch v\u00e0 x\u1eed l\u00fd r\u00e1c th\u1ea3i ho\u1ea1t \u0111\u1ed9ng t\u1ea1i khu v\u1ef1c t\u1ec9nh B\u00ecnh D\u01b0\u01a1ng. Trong \u0111\u00f3, l\u0129nh v\u1ef1c cung c\u1ea5p n\u01b0\u1edbc s\u1ea1ch hi\u1ec7n \u0111\u00f3ng g\u00f3p ch\u00ednh v\u00e0o k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a C\u00f4ng ty \u0111ang \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i th\u1ebf l\u1edbn nh\u1edd kh\u1ea3 n\u0103ng thu h\u00fat ngu\u1ed3n v\u1ed1n \u0111\u1ea7u t\u01b0 t\u1ea1i khu v\u1ef1c t\u1ec9nh B\u00ecnh D\u01b0\u01a1ng.<\/p>\n

BWE c\u00f3 t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh v\u1edbi l\u01b0\u1ee3ng ti\u1ec1n m\u1eb7t v\u00e0 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ti\u1ec1n duy tr\u00ec \u1edf m\u1ee9c x\u1ea5p x\u1ec9 1.000 t\u1ef7 \u0111\u1ed3ng, c\u1ed5 t\u1ee9c duy tr\u00ec 12%\/m\u1ec7nh gi\u00e1 l\u00e0 m\u1ee9c t\u01b0\u01a1ng \u0111\u1ed1i h\u1ea5p d\u1eabn. Doanh thu v\u00e0 l\u1ee3i nhu\u1eadn t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng nh\u1edd nhu c\u1ea7u \u0111\u00f4 th\u1ecb h\u00f3a v\u00e0 ph\u00e1t tri\u1ec3n c\u00f4ng nghi\u1ec7p. Ngo\u00e0i ra, gi\u00e1 b\u00e1n \u0111\u1ea7u ra \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh t\u0103ng theo chu k\u00ec gi\u00fap \u0111\u1ea3m b\u1ea3o t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng cho doanh nghi\u1ec7p.<\/p>\n

V\u1edbi l\u1ee3i th\u1ebf s\u1edf h\u1eefu ngu\u1ed3n ti\u1ec1n m\u1eb7t d\u1ed3i d\u00e0o, BWE \u0111\u00e3 ti\u1ebfn h\u00e0nh t\u0103ng t\u1ef7 l\u1ec7 s\u1edf h\u1eefu t\u1ea1i c\u00e1c c\u00f4ng ty n\u01b0\u1edbc khu v\u1ef1c \u0111\u1ed3ng b\u1eb1ng s\u00f4ng C\u1eedu Long nh\u1eb1m t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf t\u0103ng tr\u01b0\u1edfng cao trong th\u1eddi gian s\u1eafp t\u1edbi t\u1ea1i khu v\u1ef1c n\u00e0y khi h\u1ea1 t\u1ea7ng giao th\u00f4ng ho\u00e0n th\u00e0nh v\u00e0 t\u1ef7 l\u1ec7 \u0111\u00f4 thi h\u00f3a \u0111\u01b0\u1ee3c gia t\u0103ng t\u1ea1i c\u00e1c khu v\u1ef1c nh\u01b0 \u0110\u1ed3ng Nai, C\u1ea7n Th\u01a1,…<\/p>\n

PNJ <\/b>l\u00e0 doanh nghi\u1ec7p kim ho\u00e0n c\u00f3 h\u1ec7 th\u1ed1ng b\u00e1n l\u1ebb l\u1edbn nh\u1ea5t Vi\u1ec7t Nam. Li\u00ean t\u1ee5c khai tr\u01b0\u01a1ng c\u1eeda h\u00e0ng, \u0111\u1ebfn nay \u0111\u00e3 c\u00f3 h\u01a1n 240 c\u1eeda h\u00e0ng PNJ ph\u00e2n b\u1ed1 t\u1ea1i nhi\u1ec1u t\u1ec9nh th\u00e0nh c\u1ea3 n\u01b0\u1edbc. Ngo\u00e0i th\u1ecb tr\u01b0\u1eddng trong n\u01b0\u1edbc, th\u01b0\u01a1ng hi\u1ec7u PNJ c\u0169ng c\u00f3 m\u1eb7t t\u1ea1i 13 qu\u1ed1c gia tr\u00ean 4 Ch\u00e2u l\u1ee5c.<\/p>\n

BSC d\u1ef1 b\u00e1o trong n\u0103m 2024, PNJ s\u1ebd ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng tr\u00ean m\u1ee9c n\u1ec1n cao, nh\u1edd c\u00e1c y\u1ebfu t\u1ed1: (1) ti\u1ebfp t\u1ee5c m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n, (2) gia t\u0103ng \u0111\u1ed9 ph\u1ee7 c\u1eeda h\u00e0ng v\u00e0 (3) t\u1ed1i \u01b0u h\u00f3a chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng. Ngo\u00e0i ra, \u0111\u1ecbnh gi\u00e1 \u0111\u00e3 \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u s\u00e2u so v\u1edbi KQKD v\u1edbi PE FW 2024 =12,4 l\u1ea7n \u2013 th\u1ea5p h\u01a1n trung b\u00ecnh l\u1ecbch s\u1eed 5 n\u0103m l\u00e0 15,2 l\u1ea7n.<\/p>\n","protected":false},"excerpt":{"rendered":"

2 m\u00e3 ng\u00e2n h\u00e0ng MBB, CTG v\u00e0 3 c\u1ed5 phi\u1ebfu kh\u00e1c \u0111\u01b0\u1ee3c BSC g\u1ee3i \u00fd cho nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Thu\u1ef7 trong n\u0103m Gi\u00e1p Th\u00ecn 2024.<\/p>\n","protected":false},"author":2,"featured_media":4997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[615],"tags":[503,1247,1248,504,427],"class_list":["post-4996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-phong-thuy","tag-co-phieu","tag-giap-thin-2024","tag-menh-thuy","tag-nha-dau-tu","tag-phong-thuy"],"_links":{"self":[{"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/posts\/4996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/comments?post=4996"}],"version-history":[{"count":0,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/posts\/4996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/media\/4997"}],"wp:attachment":[{"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/media?parent=4996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/categories?post=4996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/tags?post=4996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}