NGN HNG TMCP CHU

NGN HNG TMCP CHU

(HNX- ACB)
Ngy 01 thng 06 nm 2015

BO CO CP NHT: NM GI
ACB VN

Gi hin ti (04/05/2015):

VND

Gi mc tiu:

VND

Khuyn ngh ngn hn:

20.100

35

20.200

30

NM GI

25

Ngng khng c:

VND

24.000

Ngng h tr:

VND

16.300

M Bloomberg: ACB VN

SGD:

Ngnh:

Ngn hng

Beta:
Gi cao nht/thp nht 52
tun (VND)
Lng c phiu lu hnh
(triu c)
Vn ha th trng (t ng)
T l c phiu lu hnh t do
(%)
KLGDBQ 12 thng

HNX
0,75

20.600/14.800
936,5
18.015
93,12
1.005.000

S hu nc ngoi(%)

30,0

Nm

NIM
(%)

NPL
(%)

2016

3,26

1,85

2015

3,18

2,02

T l
c tc
(%)
7,0
7,0

1.015
881

2014

2,93

2,18

7,0

2013

2,95

3,03

7,0

15
10
5
0
-5
01/15

Ngnh
8,64

12,86

P/B (ln)

1,49

1,13

1,75

ROE (%)

8,92

5,81

14,47

ROA (%)

0,63

0,51

2,60

VNI

Gii thiu:

04/15

Tim nng tng trng thu nhp:

1.065

18,6

03/15

Chng ti gi nguyn khuyn ngh NM GI vi gi mc tiu 20.200

ng da trn nhng lun im sau y:

1,733

ACB

VNINDEX

20

EPS
(ng)

P/E (ln)

Banking Sector

Cc s c trc y li dn vo qu kh: Lnh o NH tin rng h

c th gii quyt tt c cc vn tn ng v ly l tng trng
thu nhp t nm 2016. Ban lnh o ra mc tiu li nhun trc
thu l 3.000 t ng vo nm 2016, tng 146,8% so vi nm 2014,
tr li mc tng t nh kt qu ACB t c trc s c. Ton b
khon cho vay su cng ty ca ng Kin tr gi 5.867 t ng c
bo m bng ti sn th chp v c trch lp d phng y .
Phn khc DNVVN s thc y nhu cu tn dng: mc d c phn
thn trng hn nhng chng ti vn c tnh LNTT 2016 s tng gp
i nm 2014., Chng ti cho rng SME, phn khc khch hng ch
cht ca ACB s tng nhu cu tn dng khi nn kinh t hi phc.
Ngoi ra, th mnh ngn hng bn l s y mnh tng c thu nhp
li v thu nhp ph.

Cht lng ti sn ci thin:

ACB tip tc tch cc trch lp d phng: ACB tip tc tch cc trch

lp d phng v bn n xu cho VAMC. K hoch nm 2015 l trch
lp 2.000 t ng v bn hn 1.000 t ng n xu cho VAMC. T
nm 2016, chng ti d bo chi ph d phng s gim nhiu so vi
mc hin ti.
Kt qu c th hin qua t l n xu gim: t l n xu ct
gim xung cn 2,10% vo Q1/2015 t 3,02% vo nm 2013 v
2,18% vo nm 2014.

ACB thnh lp nm 1993 v chnh thc nim yt

trn sn chng khon H Ni (HNX) trong nm
2006.

ACB cung cp y cc dch v ngn hng

thng mi, dch v ngn hng u t v cho
thu ti chnh.

Ngn hng hin c vn iu l l 9.377 t ng,

tng ti sn 177.295 t ng.

Cng ty ti chnh tiu dng s cng c cc hot ng ngn hng

bn l:

ng gp ng k vo thu nhp ngn hng: Cng ty ti chnh tiu

dng ca ACB s ng gp 3-4% mi nm vo LNST ca ACB.
Vui lng c khuyn co s dng trang cui.

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NGN HNG TMCP CHU

NI DUNG
NGNH NGN HNG

CP NHT KT QU 2014 V Q1/2015

CP NHT KHC

K HOCH KINH DOANH 2015 & D PHNG CA VPBS

10

NH GI V KIN NGH

13

PHN TCH K THUT

16

PH LC D PHNG CA VPBS

17

LIN H

19

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NGN HNG TMCP CHU

NGNH NGN HNG

C phiu ngn hng tng gi vt tri so vi th trng t u nm
n nay. C phiu ngn hng tng mnh 22,11% k t u nm so vi mc
tng 4,39% ca VN-Index (tnh ti ngy 29/05/2015). Mc d c xu hng
tng cng th trng, bin ng gi ca c phiu ngn hng c phn ln hn.
Trong thng 01, c phiu ngn hng tng mnh nh cng b li nhun cao v
cc tin n sp nhp, nhng sau c iu chnh phn no khi Ngn
hng Nh nc Vit Nam (NHNN) khng nh rng vic thi hnh Thng t 36 s
khng c hon li v iu ny c chng minh khi Thng t c p
dng ng theo lch trnh vo u thng 02. C phiu ngn hng li tng mnh
do tm l th trng kh tch cc trc khi k ngh Tt nhng sau li gim
theo xu hng chung ca thi trng trong thng 03 do cc nh u t nc
ngoi bn rng ri c phiu tt c cc ngnh vi quan ngi vic li sut ti
M s tng v kh nng mt gi ca ng Vit Nam. Cc c phiu ngn hng
tng gi mnh l do tng trng tn dng tt, tin trin tch cc trong vic gii
quyt n xu v quyt tm ca NHNN trong vic thc hin ti c cu ngnh
ngn hng. Ngnh ngn hng dng nh chuyn hng sang phc hi
sau khi chm y vo nm 2014.
Banking Sector

25

VNINDEX

20
15
10
5
0
-5
-10
05/14

07/14

09/14

11/14

01/15

03/15

04/15

Tng trng tn dng v tin gi vt ch tiu ca NHNN trong nm

2014 v tip tc tng tc trong nm 2015. Tng d n tn dng tng
14,16% so vi cng k, tng tin gi tng 19,37%, vt ch tiu nm 2014 ca
NHNN. Tng trng tn dng bn thng u nm 2015 c c tnh l 2,78%,
cao hn mc tng trng tn dng cng k nm 2014 mc 1,43%. i vi
thi gian cn li ca nm 2015, tng trng tn dng v huy ng c d kin
s d dng t c mc tiu ca NHNN t 13-15% cho tng trng tn dng
v 16-18% cho tng trng tng phng tin thanh ton.
N xu gim nh vic tch cc s dng qu DPRR v bn cho VAMC.
Do nhiu ngn hng tch cc x l n xu s dng qu DPRR v bn n xu
cho VAMC trong thng cui cng ca nm 2014, t l n xu ca ngnh ngn
hng gim ng k cn 3,25% trong thng 12 nm 2014 t 3,88% trong
thng 11 nm 2014 hay t 3,74% ti thi im thng 1 nm 2014 (da trn
bo co ca ngn hng). Nu nh bao gm c nhng khon n xu bn cho
VAMC, t l n xu ca ngnh ngn hng s l 4,76% ti thi im cui nm
2013 v 5,67% ti thi im cui nm 2014. T l n xu theo c tnh ca c
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NGN HNG TMCP CHU

quan gim st ca NHNN, mc d cao hn so vi con s bo co ca cc ngn
hng, cng ang gim dn. Con s c tnh l 9,1% vo u nm 2014 v
5,3% vo thng 11 nm 2014. Kt qu cui nm 2014 vn cha c cng b
nhng c tnh khong 4,7-4,8%. Tuy nhin, t l n xu ca h thng ngn
hng tnh n ht thng 1 nm 2015 (theo bo co ca cc ngn hng vi
NHNN v loi tr cc khon n xu bn cho VAMC) tng ln mc 3,49% so
vi mc 3,25% mt thng trc .
S d n xu cc ngn hng hon i vi tri phiu c bit ca VAMC trong
nm 2014 l khong 96 nghn t ng. NHNN quyt nh rng trong nm
VAMC s pht hnh 80 nghn t ng tri phiu c bit hon i cho
khong 100 nghn t ng n xu. ng lu l NHNN ban hnh ch th s
02/CT-NHNN ngy 28/1/2015, yu cu cc ngn hng thng mi thc y v
trnh k hoch x l n xu nhm m bo t nht 60% n xu s c x
l, v t nht 75% n xu ng k s c bn cho VAMC trc ngy
30/6/2015. NHNN ng thi cng a ra con s n xu m mi t chc tn
dng cn bn cho VAMC nm 2015, tuy nhin khng cng b ra cng chng
nhng con s ny.
Ngh nh 34 v nhng tc ng nh hng
(Ngh nh 34/2015/ND-CP ngy 31/3/2015 sa i Ngh nh 53/2013/ND-CP
ban hnh ngy 18/5/2013)
Ngh nh 34 nh hng ti hot ng ca Cng ty Qun l ti sn ca cc t
chc tn dng Vit Nam (VAMC), v th hin r quyt tm ca Ngn hng Nh
nc (NHNN) x l n xu trit . Theo chng ti Ngh nh 34 s gip y
nhanh hot ng mua bn n xu ca VAMC theo gi th trng.
Ngh nh mi tng vn iu l VAMC ln 2.000 t ng, v b sung iu 14a
cho php VAMC pht hnh tri phiu mua n theo gi th trng. Ngn hng
khi bn n xu v cc ti sn m bo km theo, s c thanh ton bng tri
phiu VAMC. Tri phiu ny c php s dng vay ti cp vn v vay qua
th trng m t NHNN. ng thi vic pht hnh tri phiu ca VAMC khng b
gii hn bi cc quy nh v qun l ti chnh i vi doanh nghip nh nc
thng thng. Do chng ti cho rng VAMC s c th pht hnh khi lng
ln tri phiu dng cho vic mua n xu theo gi th trng.
i tng n xu m VAMC mua theo gi th trng c m rng hn so vi
trc. Ngoi cc yu t khc, cc khon n xu phi c Ti sn m bo c
kh nng pht mi hoc khch hng vay c trin vng phc hi kh nng tr
n.
Vic bn n cho khch hng nc ngoi ca VAMC s c thc hin sau khi
NHNN c quy nh c th.
Ngh nh 34 trao cho VAMC nhiu quyn t ch hn so vi trc y trong vic
x l ti sn m bo do c th bn tha thun vi bn mua sau mt ln bn
u gi khng thnh cng v sau thng bo cho bn ngn hng, trong khi
trc y ch c th giao dch thng qua u gi.
Hot ng M&A
Vi quyt tm ca Chnh ph y nhanh vic ti c cu h thng t chc tn
dng, cc hot ng M&A trong lnh vc ngn hng c d bo s bng n
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Trang | 4

NGN HNG TMCP CHU

trong nhng nm ti. Nm 2015, th trng k vng s chng kin nhiu
thng v sp nhp loi b cc ngn hng yu km, ng thi cng c h
thng ngn hng. Tnh n nay, thng v gia BIDV v MHB c hon
thnh vi vic MHB chnh thc sp nhp vo BIDV. Ngn hng Hng Hi v
Ngn hng Pht trin M Kng cng ang hon tt nhng th tc cui cng
chnh thc sp nhp. Mt s thng v d kin s c thc hin sm bao
gm:
- Phng Nam Bank s sp nhp vi Sacombank trong nm 2015 vi t l hon
i c phiu d kin l 1,0: 0,7
- PG Bank s sp nhp vi Vietinbank trong Q3/2015 vi t l hon i c
phiu l 0,9: 1,0
Ngoi ra, cng c thng tin v kh nng sp nhp gia Vietcombank v Ngn
hng Si Gn, v Nam A Bank v Eximbank. Tuy nhin, nhng ngn ny
vncha chnh thc xc nhn v vic sp nhp.

CP NHT KT QU 2014 V Q1/2015

Mc d khng hon thnh mc tiu tng trng bng cn i k ton trong
nm 2014, tuy nhin, ACB hon thnh k hoch li nhun ca mnh, t
102% k hoch c nm v duy tr h s CAR ca ngn hng m cao hn 12%
v ca Tp on l 14,1%. Vi nhng kt qu ny, h s ROA v ROE ca ACB
u tng. Cc thng s chi tit c lit k di y:

7,8%

K
hoch
2014
14%

D
phng
VPBS
14,72%

8,5%

13%

12%

13%

2014
Tng trng ti sn
Tng trng tn
dng
Tng trng huy
ng KH
Li nhun hot ng
(t ng)
LNTT (t ng)

Tng trng bng cn i k

ton khng t ch tiu cng
nh d phng ca VPBS

6.057
1.215

D
phng
VPBS
2,95%

<3%

3,95%

Ch
s

2014

93%

NIM

2,84%

10%

96%

NPL

2,18%

13%

99%

ROA

0,70%

0,51%

ROE

9,80%

7,28%

5.989
1.189

K
hoch
2014

% Hon
thnh

1.161

102%

CIR

63,8%

64,2%

LDR

75,00%

75,55%

CAR

14,08%

>9%

Tng trng bng cn i k ton khng t ch tiu

Tn dng tng 8,5% so vi cng k, t 116.324 t ng, hon thnh 97% k
hoch c nm v thp hn mc trung bnh ngnh l 14,6% trong nm 2014.
Tng t nh vy, huy ng khch hng tng 12% so vi cng k, hon thnh
98% k hoch c nm v thp hn mc tng trng trung bnh ngnh l
19,37%. Mc d vy, tc tng trng huy ng khch hng ca ACB trong
nm 2014 cho thy khch hng ly li nim tin i vi ngn hng sau s c
nm 2012. Nm 2014, cc ngnh ACB u tin cho vay vn bao gm lnh vc
sn xut, ch bin v thng mi.
V mt c cu cho vay theo khch hng, cho vay doanh nghip nh nc
(DNNN) gim v chim 1,6% tng d n so vi mc 2,5% trong nm 2013.

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NGN HNG TMCP CHU

iu ny l nh n lc ca ngn hng trong vic bn 459 t ng khon cho
vay Vinashin cho VAMC trong nm 2014.
Trong Q1/2015, tn dng tng 2,47%, t 119.201 t ng, cao hn so vi
trung bnh ngnh l 1,25%. Huy ng khch hng tng 1,37%, t mc
156.734 t ng.
Tng mc u t chng khon n tng 20% trong nm 2014, t 33.981 t
ng cui nm 2013 ln 40.820 t ng. Khon u t tri phiu doanh nghip
trong nc do ACB nm gi trong nm 2014 gim 25%, t 4.539 t ng
trong khi khon u t vo tri phiu kho bc v tn phiu ch tng nh 4.771
t ng, tng 4% so vi u nm. Trong Q1/2015, tng mc u t chng
khon n ca ACB tng 10%.
Trong khi cho vay lin ngn hng ca ACB (c khon tin gi ti cc TCTD khc
v cho vay lin ngn hng), theo xu hng chung ca c ngnh, tip tc gim
trong nm 2014, chng ti nhn thy mc tin gi t cc t chc tn dng khc
ti ACB tng 173% trong Q1/2015. Tuy nhin, tng t nh kt qu Q1/2014,
con s ny c xu hng gim v cui nm.
Kt qu kinh doanh vt k hoch c nm
Tng trng mnh ca thu
nhp ngoi li thun b tr cho
tng trng khim tn ca thu
nhp li thun

Tnh n cui nm 2014, li nhun trc DPRR t 2.913 t ng, tng 16% so
vi nm ngoi. Thu nhp li thun ch tng 4,4% trong khi thu nhp ngoi li
tng mnh hn rt nhiu mc 19,2%. Tc tng trng thu nhp li thun
thp ch yu l do mc tng trng tn dng khim tn 8,5%. S thn trng
ca ngn hng c phn nh qua vic ci thin cht lng tn dng vi t l
n xu gim xung di ngng 3%, t 2,18% cui nm 2014 so vi 3,02%
cui nm 2013. Thay v m rng tn dng cho khch hng DNNN, ACB tp trung
vo vic gii quyt cc khon n ca Vinashin bng cch bn 459 t ng n
Vinashin cho VAMC, do , gim 17,3% d n ca DNNN. Mt khc, cho vay c
nhn tng 15,1% so vi cng k. y l th mnh ca ACB v cng l phn
khc khch hng c t l n xu thp. Tuy nhin, khng th ph nhn rng cc
doanh nghip va v nh SME (DNVVN), phn khc khch hng ch cht ca
ACB vn cha thc s phc hi. Do nhu cu tn dng ca nhm khch hng
ny cn hn ch v cho vay DNVVN ch tng 3,4% so vi nm 2013.
Thm vo , li sut thu nhp gim 155 im c bn, gim nhiu hn so vi
mc gim ca li sut phi tr l 129 im c bn. iu ny khin h s NIM
gim nh 2 im c bn t 2,95% xung cn 2,93%, xp sau cc NH tng
ng l STB v MBB. Nh m t trong bo co ln u, chng ti chn
MBB, STB, EIB, SHB l nhng ngn hng tng ng ca ACB v cc ngn
hng ny c quy m v m hnh hot ng tng t nh ACB. T nm 2014 tr
i, nhiu ngn hng nim yt phn loi li thu nhp vi vicphn loi thu
nhp t dch v bo lnh vo thu nhp li thay v thu nhp ph nh trc y.
Do , thu nhp li thun cng nh NIM s c ci thin mt cch khng thc
cht do hot ng dch v bo lnh thng khng pht sinh chi ph v gi tr
bo lnh l mt ch tiu ngoi bng cn i k ton. Nu chng ti phn loi
thu nhp dch v bo lnh vo thu nhp li ca ACB th h s NIM nm 2014
c ci thin 13 im c bn so vi cng k, t 3,06%. S tng trng cao
hn trong thu nhp ngoi li ch yu n t li nhun thun t dch v thanh
ton (tng 10,4%), dch v mi gii (tng 64,6%) v nhng thu nhp khc
(tng 7,5%) v theo nng mc tng trng thu nhp ca c ngn hng.

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NGN HNG TMCP CHU

Nm 2014, t l chi ph trn thu nhp (CIR) ca ACB l 63,8%, vn mc cao
so vi cc NH tng ng. Tuy nhin, con s ny c ci thin so vi
66,5% vo nm 2013 v nh im 73.19% vo nm 2012. Trong Q1/2015, h
s ny tip tc gim xung cn 62,31%. Trong vi nm ti, Ban lnh o ca
ACB s phn u a con s ny xung di 50% thng qua vic ci thin
thu nhp hot ng cng nh kim sot chi ph ca ngn hng.
Chi ph d phng tng 14,3% ln gn 1.000 t ng, th hin quyt tm ca
ngn hng trong vic gii quyt n xu. Li nhun ca ACB trc thu (LNTT)
t 1.215 t ng, tng trng n tng 17%, vt k hoch c nm. Li
nhun/c phiu (EPS) nm 2014 cng tng 17%, t 1.020 ng so vi mc
868 ng nm 2013.
Ch s
(%)
NIM

STB

MBB

ACB

SHB

EIB

2014

Q1/2015

2014

Q1/2015

2014

Q1/2015

2014

Q1/2015

2014

Q1/2015

4,31

4,57

3,77

4,45

3,06

3,47

2,00

1,70

1,82

2,60

Lu : NIM c tnh c nm da trn kt qu Q1/2015

Trong Q1/2015, kt qu kinh doanh ca ACB c phn thay i. Li nhun

trc DPRR tng trng mnh hn mc 24,2% so vi cng k trong khi li
nhun sau thu tng 12,3%. ng ch l li nhun qu ny c thc y
bi s tng trng cao ca thu nhp li thun, tng 31,7% so vi cng k,
trong khi thu nhp ngoi li gim. Kt qu ny mt phn do s thay i trong
phng thc phn loi thu nhp nh chng ti cp trn.
Thu nhp li thun: NIM c ci thin ng k trong qu u tin ca nm,
tng 41 im c bn t 3,06% ln 3,47% (tnh c thu nhp hot ng dch v
bo lnh vo thu nhp li). iu ny l do ti sn sinh li tng 3,9% trong
Q1/2015 trong khi thu nhp li tng 1,87% v chi ph li tin gi gim 14%,
vi li sut tin gi gim 119 im c bn, t 6,20% xung cn 5,01%.
Thu nhp ngoi li: Thu nhp ngoi li t 220 t ng, gim 42,8% so vi
cng k do hu ht cc thnh phn cu thnh u ghi nhn tng trng m.

Thu nhp Ph v hoa hng gim 16,1% so vi cng k.

Li t kinh doanh chng khon v u t: gim ng k, t 12,1 t
ng, tng ng vi 10% khon thu nhp ny vo Q1/2014.
Thu nhp t cc hot ng khc, ch yu n t thu hi n xu l
ngun thu duy nht ghi nhn tng trng tch cc, t 46,8%.
Li t kinh doanh ngoi t gim hn mt na, ch ghi nhn 20,8 t
ng.

Cht lng ti sn ci thin

Cht lng ti sn ni chung
c ci thin

www.VPBS.com.vn

Trong nm 2014, ACB bn 1.036 t ng n xu cho VAMC, s dng 496 t

ng d phng x l n xu, thu hi 593 t ng n xu v trch lp thm
1.531 t ng d phng. Do ACB tch cc gii quyt cc vn tn ng, n
xu, t l n xu, v h s LLR u c ci thin. n cui nm 2014, t l n
xu ca ngn hng ch cn 2,18% so vi con s 3,02% ca nm 2013. T l
LLC tng ln 62,32% t 47,73% vo nm 2013. C th nh sau:

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NGN HNG TMCP CHU

-

Lin quan n cc khon cho vay su cng ty ca ng Kin (trng im ca

v n nm 2012) tr gi 5.867 t ti thi im cui nm 2014 v ang c
phn loi vo nhm 2, ACB trch lp d phng 505 t ng. Nhng
khon cho vay ny c m bo bng ti sn th chp vi t l khong
93,4%, tng ng vi 5.480 t ng. Ti sn m bo phn ln l chng
khon vn ca cc t chc tn dng v cng ty cha nim yt. C mt thng
tin tch cc l ngn hng gim 14,7% d n cc khon cho vay ny
trong nm 2014. Trong Q1/2015, ACB truy thu 1.000 t ng v c k
hoch thu hi 3.000 t ng trong Q2/2015 thng qua vic bn ti sn m
bo. Tuy nhin, ACB thoi thu li tri phiu ca su cng ty cho nm
2014 v 2015.
Lin quan n khon 464 t ng cho vay Vinashin, trong nm 2014, ACB
bn 459 t ng gi tr ca khon vay ny cho VAMC, do , s d cn
li l 9 t ng. Vo thng 09 nm 2014, NHNN chp thun cho ACB gp
vn mua c phn ca mt s cng ty thnh vin ca Tng cng ty ny
cn tr 500 t ng s d tri phiu ca Tng cng ty ny m ACB ang
nm gi. n cui nm 2014, ACB thnh cng chuyn i 56.9 t ng
tri phiu doanh nghip thnh vn gp v trch lp d phng 67.3 t cho
443 t ng cn li (t l d phng 15%). Cho n nay, ACB thnh cng
chuyn i 200 t ng tri phiu doanh nghip thnh vn gp. Ngn hng
c nh chuyn i phn cn li trong nm 2015 v ln k hoch thu hi
vn khon u t ny khi iu kin kinh t c ci thin.

Kt thc Q1/2015, t l n xu ca ACB cn 2,10%, gim t 3,03% nm 2013

v 2,18% vo nm 2014, vi gi tr tuyt i gim nh 1% cn 2.502 t ng.
T l LLC tng ln 66,98% so vi 62,32% cui nm 2014 v 47,73% cui nm
2013.
nhng nhng khon tin
gi qu hn v cho vay lin
NH vn cha c gii quyt

Mc d rt n lc x l n xu tn ng, mt s khon tin gi qu hn (

c gia hn nhiu ln) vn nm trn bng cn i ca ngn hng m cha
c trch lp d phng. C th nh sau:
- Tin gi qu hn ti t chc tn dng B: ACB c VND772 t ng tin gi qu
hn ti t chc tn dng ny, c gia hn nhiu ln, v s o hn vo
thng 09 nm 2016. ACB khng trch lp d phng cho khon tin gi ny do
Ban lnh o tin rng ngn hng c th sm thu hi c s tin trn.
- Tin gi qu hn ti t chc tn dng C (Ngn hng Xy dng-VNCB): ACB c
400 t ng tin gi qu hn ti mt t chc tn dng khc. Trong nm 2014,
ACB trch lp d phng 9.1 t ng cho khon tin gi ny. Ngy 31 thng 01
nm 2015, NHNN cng b s mua li ton b vn c phn ngn hng ny
vi gi 0 ng. ACB vn ang trong qu trnh thng tho vi VNCB mua li
cc khon cho vay khch hng ca VNCB v bn cc ti sn bo m m VNCB
ang th chp ti ACB thu hi 400 t ng tin gi qu hn.
- Khon cho vay i vi t chc tn dng E (Ngn hng Kin Long): ACB c 600
t ng cho vay t chc tn dng E. Khon tin ny trc y l tin gi c k
hn v o hn vo thng 03 nm 2013. Sau khi qu hn, ACB ti c cu
khon tin gi ny thnh khon cho vay v gia hn ngy o hn n thng 03
nm 2015. Khon vay ny c th chp bng tri phiu doanh nghip ca
mt trong su cng ty. Ti ngy 31 thng 12 nm 2014, Ban lnh o tin rng

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Trang | 8

NGN HNG TMCP CHU

Ngn hng s thu hi c khon cho vay ny v v phn li d thu lin quan,
do , ngn hng khng trch lp d phng cho khon cho vay ny.

CP NHT KHC
V n Huyn Nh
Lin quan n khon tin gi qu hn 719 t ng ti Vietinbank, ACB tin rng
mt khi ngn hng gi tin vo Vietinbank, Vietinbank phi c trch nhim vi
s tin ny, tuy nhin phn quyt cui cng ca Ta n khng kt lun nh
vy. B co Huyn Nh phi chu hon ton trch nhim cho khon 695 t ng
trong khi Vietinbank ch phi hon tr s tin l 24 t ng cho ACB. V vy,
n cui nm 2014, ACB trch lp d phng cho ton b khon tin gi c
cho l khng c kh nng thu hi 695 t ng ny. ACB k vng s nhn li
khon tin 24 t ng trong tng lai gn.
D nh thnh lp mt cng ty ti chnh tiu dng
Trong phin hp HC 2015, ACB nu s cn thit thnh lp Cng ty Ti
chnh Tiu dng nhm:
-

Tip tc pht trin v cng c phn khc khch hng bn l ca ACB.

NHNN c d tho ca hai Thng t, mt d tho Thng t quy nh
v hot ng cho vay ca cc t chc tn dng v d tho cn li quy
nh v hot ng tn dng tiu dng ca cng ty ti chnh. Hai thng t
ny mt khi c ban hnh s c tc ng n NH thng mi nh sau:
NHTM c th s khng cn c cho vay tiu dng, ty theo l
trnh ca NHNN.
NHTM c thnh lp cng ty ti chnh cho vay tiu dng.

ACB a ra ba phng thc hnh thnh Cng ty Ti chnh Tiu dng:

u tin, thnh lp cng ty ti chnh tiu dng mi.

Sau , sp nhp Cng ty cho thu ti chnh ACB vo Cng ty Ti
chnh ACB.

ACB son tho d phng ti chnh ca cng ty ti chnh tiu dng nh sau:
n v: triu ng

Nm 1

Nm 2

Nm 3

209.858

234.756

262.509

106.859

121.157

138.125

2.288

5.536

8.307

100.663

108.000

116.000

49

63

77

(116.439)

(125.183)

(134.493)

Li nhun trc DPRR

93.419

109.573

128.016

Chi ph DPRR

(4.451)

(4.636)

(4.537)

LNTT

88.968

104.937

128.016

LNST

69.395

81.850

96.314

Li nhun hot ng
Cho thu ti chnh
LCho vay
Dch v th
Hot ng khc
Chi ph hot ng

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Trang | 9

NGN HNG TMCP CHU

Da trn nhng d phng trn y, cng ty ti chnh tiu dng ACB s ng
gp khong 3% mi nm vo LNST ca ACB. Vi th mnh v kinh nghim
trong lnh vc ngn hng bn l, chng ti cho rng ACB c th m rng mng
li khch hng ca mnh cng nh kim sot t l n xu ca phn khc ny.
So vi nhng ngn hng khng c th mnh trong phn khc ngn hng bn l
v nhng ngn hng mua li cc cng ty ti chnh yu km, ACB phn no c
li th cnh tranh c th tng trung nhanh hn do ngn hng ny c th
tn dng cc nhn vin c o to tt cng nh c kinh nghim trong
phn khc ny. Nhn chung, chng ti cho rng ACB c th hon thnh cc mc
tiu tng trng li nhun ra.
C cu s hu
Vo thng 01 nm 2015, Standard Chartered bt ng ng ca mng kinh
doanh chng khon ton cu v ng thi ny c th l khc do u ca ngn
hng ny trong vic bn c phn ca mnh ti mt s ngn hng chu
tng vn. Vic s hu c phn ti thiu ti cc ngn hng khc tr nn km
hp dn i vi nhng t chc tn dng nh Standard Chartered do nhng quy
nh mi buc cc ngn hng ny phi c ngun vn i ng vi s c phn
nm gi. Tuy nhin, trong i hi c ng hm nay, ng Andrew Collin Vallis
khng nh Standard Chartered s duy tr 15% c phn ca mnh ti ACB v
khng c k hoch thoi vn k t khi bt u hp tc vo nm 2005.
Thay i thnh vin HQT v BKS
C ng thng qu vic thay th mt thnh vin HQT l ng Alain Xavier
Cany. Thnh vin HQT mi l ng Dominic Scriven, i din 6,84% c phn
ca Dragon Capital ti ACB.

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Trang | 10

NGN HNG TMCP CHU

K HOCH KINH DOANH 2015 & D PHNG

CA VPBS
ACB t mc tiu sau y cho nm 2015.:
Tng trng tn dng: Mc tiu tng trng tn dng cho nm 2015
c ra mc 13%, theo quy nh ca NHNN, mt s tng trng
ng k so vi tc tng trng 8,5% nm 2014.
T l n xu: kim sot t l n xu di mc 3% nh mc tiu
ra, ACB d kin s trch lp thm 2.000 t ng v ng k bn 1.043
t ng n xu cho VAMC, d kin thu v 970 t ng tri phiu c
bit v n lc thu hi n xu thng qua vic bn ti sn m bo.
LNTT: Trong nm 2015, mc tiu ca ngn hng l t li nhun trc
thu 1.314 t ng, tng 8,15% so vi 2014. Trong nm 2016, sau khi
tt c cc vn tn ng c gii quyt, li nhun trc thu d kin
s t 3.000 t ng. ACB k vng tr li v th trc y ca mnh.
Phn khc ngn hng bn l: tc tng trng chm li trong
vi nm gn y. Tuy nhin, l mt trong nhng ngn hng bn l hng
u vi v th vng mnh trn th trng, ACB tin rng vo nm 2018,
ngn hng s tr thnh ngn hng bn l hng u bt chp s cnh
tranh khc lit trn th trng ti thi im ny. Ngay c cc NHTMNN
bt u thm nhp vo phn khc ny vi mc tiu tng trng trn
20%. Trong nm 2015, ACB ra mc tiu tng trng d n cho vay
khch hng c nhn l 25% v tng trng cho vay DNVVN l 20%.
T ng

K hoch
2015

Tng trng
2015

Ch s chnh

Tng ti sn

202.959

13%

T l n xu

Tng tn dng

131.446

13%

T l c tc

Huy ng KH

174.714

13%
8,15%

LNTT

1.314

K hoch
2015
<3%
9%

Theo Ban lnh o ca ACB, nm 2015 l nm cui cng ACB n lc lm sch

bng cn i k ton. Do , chng ti cho rng vic ngn hng t mc tiu
tng trng thn trng u tin gii quyt n xu trong nm 2015 l hp l.
ng thi ny s h tr ACB tng tc trong nm 2016. Chng ti k vng ACB
s tng trng mnh hn cc ngn hng tng ng trong thi gian ti v k
t s c nm 2012, ACB c cu li Ban lnh o ngn hng, dn hi phc
vi bng cn i lnh mnh hn, th hin qua t l n xu gim v tng trng
tn dng cng nh tng trng li nhun mnh m hn.
Do , chng ti iu chnh cc d phng sau y cho nm 2015:
Ch s (%)
Tng ti sn
Tng tn dng
Huy ng KH
NIM
T l n xu

www.VPBS.com.vn

D phng ban u
12

D phng iu chnh
13

11

12

13

13

2,91
4,24

3,19
2,02

Trang | 11

NGN HNG TMCP CHU

www.VPBS.com.vn

Nhn chung, chng ti iu chnh khng ng k cc ch tiu tng trng

ca bng cn i k ton, vi mc tng trng tn dng v tng ti sn
cao hn d phng ban u. Vi kt qu tng i kh quan trong
Q1/2015, chng ti d bo tng trng tn dng mc 12% trong nm
2015, cao hn so vi d bo trc l 11%. Tuy nhin, con s ny
thp hn k hoach ngn hng ra l 13% do kt qu khim tn ca
ngn hng trong nm 2014 v mi u tin ca ACB l lm sch bng
cn i ch khng phi l tng trng trong nm nay.
Trong nm 2015, chng ti iu chnh t l n xu gim t 4,24%
cn 2,02% da vo cc yu t sau y:
Chng ti khng cho rng khon n 5,867 t ng ca su cng ty
ca ng Kin s lm tng t l n xu ngn hng. Ti thi im ny,
khon n ny c phn loi vo nhm 2 do cha n thi im o
hn (cc khon n o hn vo nm 2015 v nm 2018, tri phiu
o hn vo nm 2018 v 2020).
Do ACB khng nh s trch lp d phng 2.000 t ng, chng
ti k vng ACB s s dng nhiu d phng x l n xu cho cc
khon n o hn vo nm 2015 nu cn thit, nh lm sch
bng cn i k ton.
Ngoi ra, nh cp trc , cc khon n ca su cng ty bu
Kin c bo m 93,4% bng ti sn th chp v gi tr ti sn
m bo c nh gi li mi nm.
n cui nm 2015, tng s d n xu bn cho VAMC t 2.500 t
ng. C kh nng l ACB s bn thm 1.000 t ng vo nm
2016. T nm 2017, chng ti d on ACB s bt u thu hi n
xu sau 5 nm chuyn giao cho VAMC vi tc thu hi khong 30
n 40% gi tr cc khon n xu bn cho VAMC.
T l NIM nm 2015 c iu chnh t 2,91% ln 3,19% v nhng l
do sau y:
Tng trng tn dng ACB trong nm 2015 c th s cao hn so vi
nm 2014, t khong 12%.
Quyt tm ca ACB trong vic cng c th mnh ca ngn hng l
phn khc ngn hng bn l. Phn khc ny thng em li mc li
sut thu nhp cao hn.
Mc d chi ph d phng ln, ACB vn ra k hoch tng trng li
nhun trc thu 8,15%. Ngn hng khng nh trong HC nm
2015 rng ACB s dn ht sc n lc trong vic kim sot chi ph v lm
gim t l CIR xung di 50%. Tuy nhin, do tc tng trng tn
dng khim tn ca ngn hng, chng ti d bo li nhun ca ACB
trc thu tng trng mc 7,3%, thp hn mt cht so vi k hoch
ca ngn hng.
Trong nm 2016, chng ti k vng ACB s phc hi tr li, vi li
nhun trc thu gn nh tng gp i. Khi hu ht cc tn ng
c gii quyt, chi ph d phng s c ct gim mt na so vi
2015. Tuy nhin, c v nh Ban lnh o hi lc quan qu trong vic
ra mc tiu li nhun trc thu l 3.000 t ng cho nm 2016.
Chng ti cho rng ngn hng ch c th t c mc tiu lc quan ny
trong iu kin c bit thun li, bao gm tng trng tn dng cao, t
l NIM ci thin, tng trng thu nhp li cao cng nh cht lng ti
sn ci thin ng k.
Trang | 12

NGN HNG TMCP CHU

NH GI V KIN NGH
Chng ti kt hp phng php thu nhp thng d, phng php P/E v P/B
nh gi c phiu ACB. Trong bo co ln u, chng ti p dng t trng cao
hn cho phng php thu nhp thng d v phng php P/B khi nh gi ngn
hng. Tuy nhin, trong bo co cp nht ln ny, chng ti iu chnh gim
t trng cho phng php thu nhp thng d. Do gi c phiu ACB din bin
tng i n nh trong 2 nm qua, beta v chi ph vn ch s hu c phn hi
thp, dn n thi phng gi tr ca c phiu ngn hng. V vy, gi tr c
phiu ACB kh cao khi chng ti s dng phng php nh gi ny.
Phng php thu nhp thng d
Phng php thu nhp thng d a ra mc gi mc tiu l 31.895 ng/c
phiu BID. Cc thng s u vo ca m hnh nh sau:

Li sut phi ri ro l li sut tri phiu chnh ph bng ng ni t k hn 5

nm, tng ng vi 6,00%

Phn b ri ro th trng l 8,56%

Ch s beta ca ACB l 0,6

Chi ph vn ch s hu c c tnh l 11,17% s dng m hnh CAPM

Tc tng trng vnh vin ca thu nhp thng d c c tnh mc

5%.

PP THU NHP THNG D

Li nhun rng
Vn ch s hu
Chi ph vn ch
Thu nhp thng d

2015F
963.924

2016F
1.871.856

2017F
2.188.703

2018F
2.798.642

2019F
3.757.010

12.679.866

12.704.840

15.420.623

16.484.090

20.047.893

1.412.030

1.414.811

1.717.241

1.835.668

2.232.533

(448.106)

457.045

471.462

962.974

1.524.477
26.087.040

Gi tr sau cng ca thu nhp

thng d
H s chiu khu hin ti
Gi tr hin ti ca thu nhp
thng d

Gi tr s sch VCSH hin ti

S lng c phiu
Gi tr c phiu (ng)

0.810

0.729

0.656

0.590

(403.205)

370.041

343.465

631.241

16.286.076

17.227.618

Tng gi tr thng d

Gi tr VCSH

0.900

12.679.866
29.907.485
937.697
31.895

Phng php so snh ch s gi giao dch

ACB hin c giao dch mc P/E l 18,6 ln v P/B l 1,49 ln, tng i cao
so vi trung bnh cc NH tng ng.

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Trang | 13

NGN HNG TMCP CHU

P/B

EPS 12
thng
(ng)

Tng
trng EPS
(%)

Gi tr s
sch
Q1/2015
(ng)

Tng
trng
BVPS

ROE
(%)

ROA
(%)

NIM
2015

CIR

9,8

1,24

1.905

(2,57)

15.060

(2,66)

6,93

0,66

4,33

49,06

14.200

6,8

0,99

2.090

2,57

14.280

9,33

7,36

0,62

3,80

35,83

13.600

-203,2

1,15

(67)

(6,99)

11.780

1,14

5,82

0,54

2,08

46,86

8.100

9,4

0,67

866

(91,37)

12.050

(3,69)

3,14

0,20

2,45

67,95

8,64

1,13

5,81

0,51

3,17

49,93

18,6

1,49

8,92

0,63

3,14

62,31

Ngn hng

Gi ti ngy 01
thng 06 nm
2015

P/E

STB

18.600

MBB
EIB
SHB
Trung
bnh
ACB

20.100

1.082

14,74

13.522

1,93

Ghi ch: chng ti khng bao gm EIB khi tnh P/E trung bnh.
p dng h s P/E mc tiu mc 12,00 ln, v P/B mc tiu mc 1,20 ln,
cao hn h s hin ti ca cc ngn hng tng ng, nhng thp hn h s
hin ti ca ACB, chng ti nh gi gi tr hp l ca ACB l 12.332 ng v
16.259 ng.
ACB hin ang giao dch vi mc P/E hn gp i trung bnh cc ngn hng
tng ng do gi c phiu bin ng rt nh trong nhng thng gn y.
Chng ti cho rng mc P/E cao hn l hp l v chng ti k vng ACB s tng
trng li nhun mnh v x l c cc tn ng t v n bu Kin. Tuy
nhin, mc thng d hin ti l qu cao. Thay vo , chng ti s dng h s
P/E l 12,00 ln, vn cao hn trung bnh cc NH tng ng 50%.
Trong hai nm qua, ACB c giao dch mc P/B l 1,15 ln, tng ng vi
P/B trung bnh cc NH tng ng mc 1,17 ln. Tuy nhin, tnh hnh ca
ACB c ci thin ng k so vi hai nm trc y. Vi mt i ng qun
l mi, ngn hng lm sch n xu tn ng, a tng trng tn dng v
li nhun tr li phc hi. Do , chng ti k vng h s P/B ca ngn
hng s tng cao hn cc NH tng ng.
nh gi theo ch s P/E
EPS 2015 ca ACB
(VND)
P/E
ca ACB
P/E trung bnh
P/E mc tiu
nh gi

nh gi theo ch s P/B
1.028
13.549
BVPS 2015 ca ACB
(VND)
18,58
P/B
ca ACB
1,49
8,64
P/B trung bnh
1,13
12,00
P/B mc tiu
1,05
nh gi
16.259
12.332
12,332
Gi mc tiu cp nht ca c phiu ACB l 20.200 ng vi li sut c tc l
3,5% v tng li nhun d kin ca ACB trong mt nm l 3,8%
Tng hp nh gi
Phng php
Thu nhp thng d
P/E
P/B
Gi mc tiu

Gi mc tiu
31.895
12.332
16.259
20.164

T trng
30%
20%
50%

Khi nh gi ACB s dng phng php thu nhp thng d, gi tr ca ACB

tng i cao do h s beta hin ti kh thp, do , chng ti thc hin phn
tch nhy c bn ca c phiu ACB vi cc gi nh khc nhau v yu t ny.

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Trang | 14

NGN HNG TMCP CHU

H s beta iu chnh ca ACB hin l 0,6. Tuy nhin, do bin ng gi c xu
hng tng trong thi gian gn y vi khi lng giao dch tng gn su ln
ch trong khong thi gian mt tun, t ngy 22 thng 05 n ngy 29 thng
05, khi lng trung bnh l 896.400 c phiu, chng ti k vng h s beta
iu chnh ca ACB s tng trong thi gian ti.
H s Beta
Gi CP

0.50
22.034

0.60
20.164

0.70
18.762

0.80
17.674

0.90
16.807

1.00
16.102

Din bin gi c phiu gn y

Chng ti a ra bo co ACB ln u vi khuyn ngh NM GI, c cng b
vo ngy 08 thng 10 nm 2014. Ti thi im , chng ti a ra mc gi
mc tiu cho c phiu ACB l 15.400 ng. K t , c phiu ny c giao
dch kh n nh mc gi 15.500 ng cho n cui nm 2014. Trong thng
u tin ca nm 2015, c bit l sau khi cng b kt qu kinh doanh 2014
ng khch l, kt hp vi cc t sng c phiu ngn hng", gi c phiu ca
ACB tng xp x 16,9%. So vi mc tng gi ca cc c phiu khc, BID
(46,5%), CTG (35,5%), VCB (17,2%), mc bin ng gi ca c phiu ACB vn
tng i khim tn.
T thng 01 nm 2015, gi c phiu ACB gim dn, xung gn mc gi mc
tiu ca chng ti. Tuy nhin, trong sau ngy giao dch qua, gi c phiu
tng vt, and ng ca ti mc 20.100 ng vo ngy 01 thng 06 nm 2015.

Din bin gi c phiu ACB so vi gi mc tiu

21.5

20.200 ng

20.5
19.5
18.5
17.5
16.5

15.400 ng

15.5
14.5
13.5

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Trang | 15

NGN HNG TMCP CHU

PHN TCH K THUT

Gi c phiu ACB tng mnh trong thi gian gn y v c cng c nh s
gia tng ca khi lng giao dch. C phiu ny ph v tt cc ngng h
tr ngn hng cng nh trung hn v thit lp mc gi 20.600 ng/c phiu,
cao nht trong vng hai nm tr li y.
V vy, chng ti k vng rng xu hng tng gi ca ACB c th tip tc trong
trung hn, hng ti mc cao nht ba nm quanh mc gi 24.000. Tuy nhin,
v gi c phiu ny tng qu nhanh trong vng vi phin gn y nn c th s
xut hin mt iu chnh ngn hn v s c h tr bi ng MA10 ti
18.000 ng/c phiu.
Do , chng ti khuyn ngh NM GI i vi c phiu ACB ti mc gi hin
ti. Tuy nhin, cc nh u t c th xem xt tng t trng nm gi c phiu
ACB khi gi c phiu c iu chnh xung 18.000 ng/c phiu
M chng khon
Thi gian phn tch

ACB

Gi cao nht trong 3 thng

3 n 6 thng
20.600

Gi thp nht trong 3 thng

14.600

ng MA50 (t ngy

16.300

ng MA100 (t ngy

16.000

Khng c trung hn

24.000

H tr trung hn
Khuyn ngh

16.300
NM GI
n v: VND/cp

Biu gi c phiu ACB

Ngun: VPBS

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Trang | 16

NGN HNG TMCP CHU

PH LC D PHNG CA VPBS
Bng cn i k ton (t ng)

2013

2014

2015F

2016F

2017F

2018F

2019F

Tin mt v cc khon tng ng

2.043

2.496

2.359

2.155

2.388

2.254

2.540

Tin gi NHNN

3.065

3.358

4.387

4.979

5.677

6.414

7.216

Tin gi ti cc TCTD khc

7.216

4.559

4.656

4.965

5.293

5.642

5.924

105.642

114.745

128.057

145.024

164.158

188.911

217.612

D n cho vay
Chng khon n kinh doanh v u
t

33.415

40.361

48.494

58.195

66.925

76.966

88.512

151.381

165.520

187.954

215.318

244.441

280.187

321.805

Chng khon vn

1.842

1.307

1.390

1.479

1.575

1.677

1.777

TSC

2.553

2.805

3.324

3.942

4.680

5.560

6.511

Cc cng c TC phi sinh

Ti sn c khc

14

14

14

14

14

14

Ti sn sinh li

TNG TI SN

10.814

9.955

11.288

12.449

13.694

15.063

16.570

166.599

179.610

203.979

233.212

264.413

302.511

346.685

Vay NHNN
Tin gi v cho vay cc TCTD

1.583

877

996

1.135

1.283

2.598

Tin gi KH

7.794

6.145

7.897

9.959

11.353

15.395

23.092

Ngun vn chu li khc

138.111

154.614

175.486

199.177

227.062

256.580

288.652

Ngun vn khng chu li khc

3.863

3.266

3.276

3.285

3.296

3.307

3.320

TNG N PHI TR

2.744

3.187

3.703

4.260

4.897

5.631

6.477

154.095

167.212

191.239

217.677

247.743

282.196

324.139

12.504

12.397

12.740

15.535

16.669

20.315

22.546

166.599

179.610

203.979

233.212

264.413

302.511

346.685

-5,5%

7,8%

13,6%

14,3%

13,4%

14,4%

14,6%

Vn ch s hu
Li ch c ng thiu s
TNG N PHI TR V VCSH
Tng trng
Kt qu kinh doanh (t ng)
Thu nhp li
Chi ph li
Thu nhp li rng

2013

2014

2015F

2016F

2017F

2018F

2019F

15.384

13.703

15.336

17.791

20.689

24.599

28.983

(10.819)

(8.937)

(9.810)

(11.334)

(13.518)

(16.103)

(19.184)

4.566

4.766

5.526

6.457

7.172

8.496

9.799

Li thun t hot ng dch v

591

694

909

1.137

1.421

1.705

2.046

Li rng t kinh doanh vng v ngoi t

(78)

184

211

243

279

321

369

Thu nhp t u t chng khon

539

364

310

330

275

293

311

32

49

54

59

131

418

460

Thu nhp khc

Thu nhp ngoi li rng

1.084

1.291

1.485

1.769

2.105

2.737

3.186

Tng thu nhp hot ng

5.650

6.056

7.011

8.226

9.277

11.232

12.985

Chi ph hot ng

(3.759)

(3.864)

(3.851)

(4.604)

(5.490)

(6.751)

(7.555)

1.890

2.193

3.160

3.621

3.787

4.481

5.430

Li nhun trc chi ph d phng

D phng
Li nhun trc thu
Chi ph thu

(855)

(977)

(1.879)

(1.183)

(962)

(881)

(616)

1.036

1.215

1.281

2.439

2.825

3.601

4.814

(209)

(264)

(282)

(488)

(565)

(720)

(963)

Li nhun sau thu

826

952

999

1.951

2.260

2.881

3.851

Tng trng

5.4%

15.2%

4.9%

95.3%

15.8%

27.5%

33.7%

EPS

881

1.015

1.065

1.733

2.008

2.133

2.851

www.VPBS.com.vn

Trang | 17

NGN HNG TMCP CHU

CAMELS

2013

2014F

2015F

2016F

2017F

2018F

2019F

VN
T l an ton vn

10,22%

14,08%

Vn ch/Huy ng

9,05%

8,02%

7,26%

7,80%

7,34%

7,92%

7,81%

Vn ch/Tng TS

7,51%

6,90%

6,25%

6,66%

6,30%

6,72%

6,50%

T trng ti sn sinh li

89,30%

90,42%

90,59%

90,82%

90,79%

91,05%

91,18%

Chng khon n/Huy ng

24,60%

26,40%

27,91%

29,51%

29,77%

30,30%

30,97%

3,32%

2,41%

2,63%

2,41%

2,18%

1,95%

1,93%

CHT LNG TI SN

T l n xu
T l d phng/Tng n xu

3,03%

2,18%

2,02%

1,85%

1,76%

1,58%

1,53%

47,73%

62,32%

91,64%

98,09%

99,89%

109,78%

112,57%

Chi ph hot ng/Ti sn TB

2,19%

2,23%

2,01%

2,11%

2,21%

2,38%

2,33%

Thu nhp/TTS

3,30%

3,50%

3,66%

3,76%

3,73%

3,96%

4,00%

D phng thc t/D phng cn thit

NNG LC QUN L

CIR

66,54%

63,79%

54,93%

55,97%

59,18%

60,10%

58,18%

Tng trng thu nhp li thun

-33,55%

4,38%

15,96%

16,84%

11,07%

18,47%

15,34%

Tng trng thu nhp ngoi li

-204,59%

19,09%

15,03%

19,14%

19,03%

29,98%

16,41%

Tng trng thu nhp

-3,17%

7,20%

15,76%

17,32%

12,78%

21,08%

15,60%

Tng trng li nhun thun

-0,68%

17,37%

5,37%

90,43%

15,84%

27,46%

33,69%

Tng trng tn dng

4,26%

8,52%

12,00%

13,00%

13,00%

15,00%

15,00%

Tng trng huy ng

10,28%

11,95%

13,50%

13,50%

14,00%

13,00%

12,50%

Tng trng tng TS

-5,51%

7,81%

13,57%

14,33%

13,38%

14,41%

14,60%

14,63%

15,72%

14,25%

23,72%

24,36%

25,65%

29,66%

3,07%

3,06%

3,18%

3,26%

3,17%

3,30%

3,31%

KH NNG SINH LI
T l li nhun thun
T l thu nhp li thun (NIM)

19,18%

21,31%

21,18%

21,50%

22,70%

24,36%

24,53%

10,34%

8,81%

8,83%

8,97%

9,16%

9,54%

9,80%

11,31%

9,04%

8,95%

9,10%

9,30%

9,50%

9,80%

Li sut chng khon n

7,87%

7,22%

7,60%

7,60%

7,70%

8,50%

8,50%

Li sut tin gi

4,76%

5,97%

5,35%

6,73%

7,29%

7,87%

9,95%

6,96%

5,67%

5,58%

5,65%

5,93%

6,20%

6,46%

Li sut tin gi

7,69%

5,72%

5,64%

5,77%

6,08%

6,39%

6,73%

Li sut vay

3,61%

3,62%

2,89%

2,90%

3,00%

3,24%

3,59%

Li sut tri phiu

4,26%

12,21%

13,00%

13,00%

13,00%

13,50%

13,50%

3,38%

3,14%

3,25%

3,32%

3,23%

3,34%

3,34%

ROE

6,61%

7,68%

7,84%

12,56%

13,56%

14,18%

17,08%

ROAE

6,58%

7,64%

7,95%

13,80%

14,04%

15,58%

17,97%

ROA

0,50%

0,53%

0,49%

0,84%

0,85%

0,95%

1,11%

ROAA

0,48%

0,55%

0,52%

0,89%

0,91%

1,02%

1,19%

77,61%

75,24%

74,24%

73,91%

73,27%

74,56%

76,22%

T l thu nhp ngoi li

Li sut thu nhp
Li sut cho vay

Li sut phi tr

Chnh lch li sut

KH NNG THANH KHON

Tng d n/Huy ng

www.VPBS.com.vn

Trang | 18

NGN HNG TMCP CHU

HNG DN KHUYN NGH

Cng ty TNHH Chng khon Ngn hng TMCP Vit Nam Thnh Vng (VPBS) s dng h thng khuyn ngh
nh sau:
Mua: Li sut k vng bao gm c tc trong 12 thng ti ln hn +15%
Gi: Li sut k vng bao gm c tc trong 12 thng ti dao ng t -10% n 15%
Bn: Li sut k vng bao gm c tc trong 12 thng ti thp hn -10%

LIN H
Mi thng tin lin quan n bo co ny, xin vui lng lin h Phng Phn tch ca VPBS:
Barry David Weisblatt
Gim c Khi Phn tch
barryw@vpbs.com.vn
Nguyn Th Thy Linh

Phm Lin H, CFA

Chu L nh Ngc

Gim c V m v Ti chnh

Chuyn vin phn tch cao cp

Tr l phn tch

linhntt@vpbs.com.vn

hapl@vpbs.com.vn

ngoccla@vpbs.com.vn

Mi thng tin lin quan n ti khon ca qu khch, xin vui lng lin h:
Marc Djandji, CFA
Gim c Khi Mi gii Khch hng T chc & Nh u t Nc ngoi
marcdjandji@vpbs.com.vn
+848 3823 8608 Ext: 158

L c Dng
Gim c Khi Mi gii Khch hng C nhn
dungld@vpbs.com.vn
+844 3974 3655 Ext: 335
V Vn Phng
Gim c Mi gii Nguyn Ch Thanh 1
Thnh ph H Ch Minh
phuongvv@vpbs.com.vn
+848 6296 4210 Ext: 130

Domalux
Gim c Mi gii Nguyn Ch Thanh 2
Thnh ph H Ch Minh
domalux@vpbs.com.vn
+848 6296 4210 Ext: 128

Trn c Vinh
Gim c Mi gii PGD Lng H
H Ni
vinhtd@vpbs.com.vn
+844 3835 6688 Ext: 369

Nguyn Danh Vinh

Ph Gim c Mi gii L Lai
Thnh ph H Ch Minh
vinhnd@vpbs.com.vn
+848 3823 8608 Ext: 146

www.VPBS.com.vn

Trang | 19

NGN HNG TMCP CHU

Hng dn Khuyn ngh
Cng ty Chng khon Ngn hng Thng mi C phn Vit Nam Thnh vng s dng h thng khuyn ngh
sau:
Mua: Li sut k vng, bao gm c tc, trong 12 thng ti ln hn +10%
Gi: Li sut k vng, bao gm c tc, trong 12 thng ti dao ng t -10% n +15%
Bn: Li sut k vng, bao gm c tc, trong 12 thng ti thp hn -10%

Khuyn co

Hi s H Ni
362 Ph Hu
Qun Hai B Trng H Ni
T - +84 (0) 4 3974 3655
F - +84 (0) 4 3974 3656
Chi nhnh H Ch Minh
76 L Lai
Qun 1 TP. H Ch Minh
T - +84 (0) 8 3823 8608
F - +84 (0) 8 3823 8609
Chi nhnh Nng
112 Phan Chu Trinh
Qun Hi Chu Nng
T - +84 (0) 511 356 5419
F - +84 (0) 511 356 5418

www.VPBS.com.vn

Bo co phn tch c lp v pht hnh bi Cng ty TNHH Chng khon Ngn hng TMCP Vit Nam Thnh
Vng (VPBS), Bo co ny khng trc tip hoc ng dng phn phi, pht hnh hay s dng cho bt k
c nhn hay t chc no l cng dn hay thng tr hoc tm tr ti bt k a phng, lnh th, quc gia
hoc n v c ch quyn no khc m vic phn phi, pht hnh hay s dng tri vi quy nh ca php
lut, Bo co ny khng nhm pht hnh rng ri ra cng chng v ch mang tnh cht cung cp thng tin cho
nh u t cng nh khng c php sao chp hoc phn phi li cho bt k bn th ba no khc, Tt c
nhng c nhn, t chc nm gi bo co ny u phi tun th nhng iu trn,
Mi quan im v khuyn ngh v bt k hay ton b m chng khon hay t chc pht hnh l i tng
cp trong bn bo co ny u phn nh chnh xc kin c nhn ca nhng chuyn gia phn tch tham gia
vo qu trnh chun b v lp bo co, theo ,lng v thng ca nhng chuyn gia phn tch , ang v s
khng lin quan trc tip hay gin tip i vi nhng quan im hoc khuyn ngh c a ra bi cc chuyn
gia phn tch trong bo co ny, Cc chuyn gia phn tch tham gia vo vic chun b v lp bo co khng
c quyn i din (thc t, ng hay cng khai) cho bt k t chc pht hnh no c cp trong bn bo
co,
Cc bo co nghin cu ch nhm mc ch cung cp thng tin cho nhng nh u t c nhn v t chc ca
VPBS, Bo co nghin cu ny khng phi l mt liku gi, ngh, mi cho mua hoc bn bt k m chng
khon no,
Cc thng tin trong bo co nghin cu c chun b t cc thng tin cng b cng khai, d liu pht trin ni
b v cc ngun khc c cho l ng tin cy, nhng cha c kim chng c lp bi VPBS v VPBS s
khng i din hoc m bo i vi tnh chnh xc, ng n v y ca nhng thng tin ny, Ton b
nhng nh gi, quan im v khuyn nghnu ti y c thc hin ti ngy a ra bo co v c th c
thay i m khng bo trc, VPBS khng c ngha v phi cp nht, sa i hoc b sung bn bo co cng
nh khng c ngha v thng bo cho t chc, c nhn nhn c bn bo cony trong trng hp cc nh
gi, quan im hay khuyn ngh c a ra c s thay i hoc tr nn khng cn chnh xc hay trong trng
hp bo co b thu hi,
Cc din bin trong qu kh khng m bo kt qu trong tng lai, khng i din hoc bo m, cng khai
hay ng , cho din bin tng lai ca bt k m chng khon no cp trong bn bo co ny, Gi ca cc
m chng khon c cp trong bn bo co v li nhunt cc m chng khon c th c dao ng
v/hoc b nh hng tri chiu bi nhng yu t th trng hay t gi vnh u t phi thc c r rng
vkh nngthua lkhi u t vo nhng m chng khon , bao gm c nhng khon lm vo vn u t ban
u, Hn na, cc chng khon c cp trong bn bo co c th khng c tnh thanh khon cao, hoc gi
c b bin ng ln, hay c nhng ri ro cng hng v c bit gn vi cc m chng khon v vic u t
vo th trng mi ni v/hoc th trng nc ngoi khin tng tnh ri ro cng nhkhng ph hp cho tt c
cc nh u t, VPBS khng chutrch nhim v bt k thit hi no pht sinh t vic s dng hoc da vo
cc thng tin trong bn bo co ny,
Cc m chng khon trong bn bo co c th khng ph hp vi tt c cc nh u t, v ni dung ca bn
bo co khng cp n cc nhu cu u t, mc tiu v iu kin ti chnh ca bt k nh u t c th
no, Nh u t khng nn ch da trn nhng khuyn ngh u t, nu c,ti bn bo co ny thay th cho
nhng nh gi c lp trong vic a ra cc quyt nh u t ca chnh mnh v, trc khi thc hin u t
bt k m chng khon no nu trong bo co ny, nh u t nn lin h vi nhng c vn u t ca h
tho lun v trng hp c th ca mnh,
VPBS v nhng n v thnh vin, nhn vin, gim c v nhn s ca VPBS trn ton th gii, ty tng thi
im,c quyn cam kt mua hoc cam kt bn, mua hoc bn cc m chng khon thuc s hu ca
(nhng)t chc pht hnhc cp trong bn bo co ny cho chnh mnh;c quyn tham gia vo bt k
giao dch no khc lin quan n nhng m chng khon ; c quyn thu ph mi gii hoc nhng khon
hoa hng khc; c quyn thit lp th trng giao dchcho cc cng c ti chnh ca (nhng) t chc pht
hnh ; c quyn tr thnhnh t vn hoc bn vay/cho vay i vi (nhng) t chc pht hnh ; hay ni
cch khc l lun tn tinhng xung t tim n v li ch trong bt k khuyn ngh v thng tin, quan im c
lin quan no c nu trong bn bo co ny,
Bt k vic sao chp hoc phn phi mt phn hoc ton b bo co nghin cu ny m khng c s cho
php ca VPBS u b cm,
Nu bo co nghin cu ny c phn phi bng phng tin in t, nh e-mail, th khng th m bo rng
phng thc truyn thng ny s an ton hoc khng mc nhng li nh thng tin c th b chn, b hng, b
mt, b ph hy, n mun, khng y hay c cha virus, Do , nu bo co cung cp a ch trang web,
hoc cha cc lin kt n trang web th ba, VPBS khng xem xt li v khng chu trch nhim cho bt c ni
dung no trong nhng trang web , a ch web v hoc cc lin kt ch c cung cp thun tin cho
ngi c, v ni dung ca cc trang web ca bn th ba khng c a vo bo co di bt k hnh thc
no, Ngi c c th ty chn truy cp vo a ch trang web hoc s dng nhng lin kt v chu hon
ton ri ro,

Trang | 20