<\/span><\/h3>\n\n\n\nC\u00f4ng ty C\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n MB (MBS) khuy\u1ebfn ngh\u1ecb\u00a0KH\u1ea2 QUAN\u00a0\u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu CTD, v\u1edbi m\u1ee9c gi\u00e1 m\u1ee5c ti\u00eau\u00a094,200\u00a0\u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu, d\u1ef1a tr\u00ean k\u1ef3 v\u1ecdng v\u00e0o s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd c\u1ee7a th\u1ecb tr\u01b0\u1eddng x\u00e2y d\u1ef1ng v\u00e0 vi\u1ec7c ghi nh\u1eadn l\u1ee3i nhu\u1eadn t\u1eeb c\u00e1c d\u1ef1 \u00e1n li\u00ean doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n trong giai \u0111o\u1ea1n\u00a02026\u22122027.<\/p>\n\n\n\n
Backlog t\u0103ng tr\u01b0\u1edfng m\u1ea1nh, th\u00fac \u0111\u1ea9y doanh thu: CTD d\u1ef1 ki\u1ebfn doanh thu t\u0103ng 13% n\u0103m 2026 v\u00e0 10% n\u0103m 2027 nh\u1edd backlog x\u00e2y d\u1ef1ng d\u00e2n d\u1ee5ng, c\u00f4ng nghi\u1ec7p v\u00e0 h\u1ea1 t\u1ea7ng t\u0103ng l\u1ea7n l\u01b0\u1ee3t 10% v\u00e0 9%. C\u00e1c d\u1ef1 \u00e1n l\u1edbn nh\u01b0 s\u00e2n bay Long Th\u00e0nh v\u00e0 cao t\u1ed1c Ch\u01a1n Th\u00e0nh \u2013 Gia Ngh\u0129a \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng.<\/p>\n\n\n\n
L\u1ee3i nhu\u1eadn r\u00f2ng b\u1ee9t ph\u00e1 nh\u1edd m\u1ea3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n: LNST n\u0103m 2026 v\u00e0 2027 d\u1ef1 ki\u1ebfn \u0111\u1ea1t 730 v\u00e0 921 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 61% v\u00e0 26% YoY. \u0110\u1ed9ng l\u1ef1c ch\u00ednh \u0111\u1ebfn t\u1eeb bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p c\u1ea3i thi\u1ec7n v\u00e0 ghi nh\u1eadn l\u1ee3i nhu\u1eadn t\u1eeb d\u1ef1 \u00e1n li\u00ean doanh Emerald 68.<\/p>\n\n\n\n
Chi ph\u00ed qu\u1ea3n l\u00fd gi\u1ea3m, ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n c\u1ea3i thi\u1ec7n: CTD kh\u00f4ng ghi nh\u1eadn th\u00eam n\u1ee3 x\u1ea5u, c\u00f3 kh\u1ea3 n\u0103ng ho\u00e0n nh\u1eadp d\u1ef1 ph\u00f2ng 80\u2013100 t\u1ef7 \u0111\u1ed3ng m\u1ed7i n\u0103m. T\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u\/kho\u1ea3n ph\u1ea3i thu gi\u1ea3m v\u1ec1 7% n\u0103m 2026 v\u00e0 5% n\u0103m 2027, gi\u00fap gi\u1ea3m chi ph\u00ed qu\u1ea3n l\u00fd ~30%.<\/p>\n\n\n\n
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<\/figure>\n\n\n\n<\/p>\n\n\n\n
<\/span>Backlog d\u1ef1 ki\u1ebfn t\u0103ng tr\u01b0\u1edfng 10% v\u00e0 9% trong n\u0103m 2026 v\u00e0 2027.<\/span><\/h3>\n\n\n\nMBS d\u1ef1 b\u00e1o doanh thu c\u1ee7a CTD s\u1ebd t\u0103ng tr\u01b0\u1edfng m\u1ea1nh, \u0111\u1ea1t l\u1ea7n l\u01b0\u1ee3t\u00a013%\u00a0v\u00e0\u00a010%\u00a0so v\u1edbi c\u00f9ng k\u1ef3 trong hai n\u0103m\u00a02026\u22122027. \u0110\u1ed9ng l\u1ef1c ch\u00ednh \u0111\u1ebfn t\u1eeb s\u1ef1 t\u0103ng tr\u01b0\u1edfng thu\u1eadn l\u1ee3i c\u1ee7a\u00a0backlog\u00a0(doanh s\u1ed1 k\u00fd h\u1ee3p \u0111\u1ed3ng) d\u1ef1 ki\u1ebfn t\u0103ng\u00a010%\u00a0v\u00e0\u00a09%\u00a0trong c\u00f9ng giai \u0111o\u1ea1n.<\/p>\n\n\n\n
S\u1ef1 t\u0103ng tr\u01b0\u1edfng backlog n\u00e0y \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi ba ph\u00e2n kh\u00fac kinh doanh c\u1ed1t l\u00f5i c\u1ee7a CTD:<\/p>\n\n\n\n
1. X\u00e2y d\u1ef1ng D\u00e2n d\u1ee5ng:\u00a0Ph\u00e2n kh\u00fac n\u00e0y d\u1ef1 ki\u1ebfn t\u0103ng tr\u01b0\u1edfng\u00a011%\u00a0v\u00e0\u00a010%\u00a0v\u00e0 \u0111\u1ea1t m\u1ee9c\u00a023,814 v\u00e0 25,545 t\u1ef7 \u0111\u1ed3ng\u00a0nh\u1edd ngu\u1ed3n cung b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u1ee5c h\u1ed3i v\u00e0 s\u1ef1 \u0111\u00f3ng g\u00f3p l\u1edbn t\u1eeb c\u00e1c \u0111\u1ed1i t\u00e1c l\u00e2u n\u0103m (\u201crepeat sale\u201d). MBS nh\u1eadn \u0111\u1ecbnh CTD h\u01b0\u1edfng l\u1ee3i nh\u1edd kinh nghi\u1ec7m tri\u1ec3n khai c\u00e1c d\u1ef1 \u00e1n cao c\u1ea5p v\u00e0 ph\u1ee9c t\u1ea1p, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh ngu\u1ed3n cung c\u0103n h\u1ed9 cao c\u1ea5p t\u1ea1i H\u00e0 N\u1ed9i v\u00e0 TP.HCM \u0111ang quay l\u1ea1i.<\/p>\n\n\n\n
2. X\u00e2y d\u1ef1ng C\u00f4ng nghi\u1ec7p:\u00a0Backlog d\u1ef1 ki\u1ebfn c\u1ea3i thi\u1ec7n\u00a010%\u00a0v\u00e0\u00a09%, l\u1ea7n l\u01b0\u1ee3t \u0111\u1ea1t m\u1ee9c\u00a07,560 v\u00e0 8,240 t\u1ef7\u00a0\u0111\u1ed3ng, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi d\u00f2ng v\u1ed1n\u00a0FDI\u00a0\u0111\u1ed5 v\u00e0o Vi\u1ec7t Nam. L\u1ee3i th\u1ebf c\u1ea1nh tranh c\u1ee7a CTD l\u00e0 vi\u1ec7c ti\u00ean phong \u0111\u00e1p \u1ee9ng ti\u00eau chu\u1ea9n\u00a0E<\/strong>SG<\/strong>, gi\u00fap doanh nghi\u1ec7p tr\u00fang th\u1ea7u c\u00e1c d\u1ef1 \u00e1n l\u1edbn t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i nh\u01b0 Lego, Pandora, v\u00e0 Logos.<\/p>\n\n\n\n3. H\u1ea1 t\u1ea7ng:\u00a0Ph\u00e2n kh\u00fac n\u00e0y \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 kh\u1ea3 quan v\u1edbi backlog t\u0103ng tr\u01b0\u1edfng\u00a010%\u00a0v\u00e0\u00a015%, nh\u1edd s\u1ef1 t\u0103ng t\u1ed1c gi\u1ea3i ng\u00e2n v\u1ed1n\u00a0\u0110\u1ea7u t\u01b0 c\u00f4ng<\/strong>. CTD \u0111ang t\u1eadp trung t\u0103ng t\u1ed1c m\u1ea3ng n\u00e0y \u0111\u1ec3 h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u00e1c d\u1ef1 \u00e1n tr\u1ecdng \u0111i\u1ec3m qu\u1ed1c gia nh\u01b0 s\u00e2n bay Long Th\u00e0nh v\u00e0 cao t\u1ed1c\u00a0Ch\u01a1n Th\u00e0nh \u2013 Gia Ngh\u0129a.\u00a0.<\/p>\n\n\n\n<\/p>\n\n\n
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![\"\"](\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/10\/2-1.png\")
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<\/span>L\u1ee3i nhu\u1eadn r\u00f2ng B\u1ee9t ph\u00e1 nh\u1edd c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p v\u00e0 M\u1ea3ng B\u0110S<\/span><\/h3>\n\n\n\nL\u1ee3i nhu\u1eadn r\u00f2ng c\u1ee7a CTD \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o s\u1ebd t\u0103ng tr\u01b0\u1edfng \u0111\u1ed9t ph\u00e1, \u0111\u1ea1t 61% trong n\u0103m 2026 v\u00e0 26% trong n\u0103m 2027, v\u1edbi m\u1ee9c l\u1ee3i nhu\u1eadn r\u00f2ng l\u1ea7n l\u01b0\u1ee3t l\u00e0 730 t\u1ef7 VN\u0110 v\u00e0 921 t\u1ef7 VN\u0110. S\u1ef1 b\u1ee9t ph\u00e1 n\u00e0y d\u1ef1a tr\u00ean hai y\u1ebfu t\u1ed1 ch\u00ednh:<\/p>\n\n\n\n
MBS \u01b0\u1edbc t\u00ednh bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p s\u1ebd c\u1ea3i thi\u1ec7n nh\u1eb9 (t\u0103ng\u00a00.3%\u00a0v\u00e0\u00a00.2%\u00a0so v\u1edbi c\u00f9ng k\u1ef3) v\u00e0 \u0111\u1ea1t m\u1ee9c\u00a03.4%\u00a0v\u00e0\u00a03.6%\u00a0trong\u00a02026\u22122027. S\u1ef1 ph\u1ee5c h\u1ed3i n\u00e0y \u0111\u1ebfn t\u1eeb vi\u1ec7c ngu\u1ed3n vi\u1ec7c thu\u1eadn l\u1ee3i h\u01a1n gi\u00fap doanh nghi\u1ec7p c\u00f3 gi\u00e1 tr\u00fang th\u1ea7u cao h\u01a1n, c\u00f9ng v\u1edbi c\u00e1c bi\u1ec7n ph\u00e1p th\u00e0nh l\u1eadp chu\u1ed7i cung \u1ee9ng nguy\u00ean v\u1eadt li\u1ec7u \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh gi\u00e1 v\u1ed1n.<\/p>\n\n\n\n
Gi\u00e1 nguy\u00ean v\u1eadt li\u1ec7u chi\u1ebfm kho\u1ea3ng 70% chi ph\u00ed gi\u00e1 v\u1ed1n c\u1ee7a DN b\u00ean c\u1ea1nh nh\u00e2n c\u00f4ng v\u00e0 chi ph\u00ed kh\u00e1c. CTD \u0111\u00e3 th\u1ef1c hi\u1ec7n 1 s\u1ed1 bi\u1ec7n ph\u00e1p nh\u1eb1m gi\u1ea3m thi\u1ec3u t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c t\u1eeb \u0111\u00e0 t\u0103ng gi\u00e1 NVL nh\u01b0 \u0111\u00e1 v\u00e0 c\u00e1t x\u00e2y d\u1ef1ng nh\u01b0 (1) k\u1ebft h\u1ee3p v\u1edbi nh\u00e0 cung c\u1ea5p t\u1ea1o n\u00ean chu\u1ed7i cung \u1ee9ng nguy\u00ean li\u1ec7u cho h\u00e0ng lo\u1ea1t d\u1ef1 \u00e1n nh\u1edd \u0111\u00f3 c\u00f3 th\u1ec3 th\u01b0\u01a1ng l\u01b0\u1ee3ng m\u1ee9c gi\u00e1 \u1ed5n \u0111\u1ecbnh h\u01a1n (2) C\u00f3 \u0111i\u1ec1u kho\u1ea3n th\u01b0\u01a1ng l\u01b0\u1ee3ng v\u1edbi ch\u1ee7 \u0111\u1ea7u t\u01b0 trong tr\u01b0\u1eddng h\u1ee3p gi\u00e1 nguy\u00ean v\u1eadt li\u1ec7u t\u0103ng v\u01b0\u1ee3t m\u1ee9c ki\u1ec3m so\u00e1t.<\/p>\n\n\n
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![\"\"](\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/10\/3.png\")
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D\u1ef1 \u00e1n li\u00ean doanh\u00a0Emerald 68\u00a0(CTD s\u1edf h\u1eefu\u00a049%) \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd ho\u00e0n t\u1ea5t b\u00e1n h\u00e0ng v\u00e0o n\u0103m\u00a02026. V\u1edbi t\u1ef7 l\u1ec7 h\u1ea5p th\u1ee5 tr\u00ean\u00a070%\u00a0v\u00e0 k\u1ef3 v\u1ecdng b\u00e0n giao\u00a040%\u00a0v\u00e0\u00a060%\u00a0trong\u00a02026\u22122027, d\u1ef1 \u00e1n n\u00e0y c\u00f3 th\u1ec3 mang v\u1ec1 l\u1ee3i nhu\u1eadn t\u1eeb c\u00f4ng ty li\u00ean k\u1ebft l\u1ea7n l\u01b0\u1ee3t\u00a0257\u00a0t\u1ef7 v\u00e0\u00a0370\u00a0t\u1ef7 VN\u0110, \u0111\u00f3ng g\u00f3p \u0111\u00e1ng k\u1ec3 v\u00e0o t\u1ed5ng l\u1ee3i nhu\u1eadn r\u00f2ng.<\/p>\n\n\n\n
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![\"\"](\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/10\/4-1024x363.png\")
<\/figure><\/div>\n\n\n<\/p>\n\n\n\n
<\/span>C\u1ea3i thi\u1ec7n Ch\u1ea5t l\u01b0\u1ee3ng T\u00e0i s\u1ea3n\u00a0<\/span><\/h3>\n\n\n\nMBS c\u0169ng nh\u1ea5n m\u1ea1nh s\u1ef1 c\u1ea3i thi\u1ec7n v\u1ec1\u00a0ch\u1ea5t l\u01b0\u1ee3ng kho\u1ea3n ph\u1ea3i thu\u00a0c\u1ee7a CTD. Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u1ea5m l\u00ean, t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c ch\u1ee7 \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn t\u1ed1t h\u01a1n, gi\u00fap CTD d\u1ef1 ki\u1ebfn\u00a0kh\u00f4ng ghi nh\u1eadn th\u00eam kho\u1ea3n d\u1ef1 ph\u00f2ng n\u1ee3 x\u1ea5u\u00a0trong giai \u0111o\u1ea1n\u00a02026\u22122027\u00a0v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng ho\u00e0n nh\u1eadp d\u1ef1 ph\u00f2ng\u00a080\u2212100\u00a0t\u1ef7 VN\u0110. Vi\u1ec7c n\u00e0y s\u1ebd gi\u00fap chi ph\u00ed qu\u1ea3n l\u00fd doanh nghi\u1ec7p gi\u1ea3m kho\u1ea3ng\u00a030%\u00a0so v\u1edbi giai \u0111o\u1ea1n kh\u00f3 kh\u0103n\u00a02022\u22122024.<\/p>\n\n\n\n
MBS \u0111\u00e1nh gi\u00e1 t\u1ef7 l\u1ec7 t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u\/ kho\u1ea3n ph\u1ea3i thu c\u1ee7a DN d\u1ef1 ki\u1ebfn gi\u1ea3m d\u1ea7n v\u1ec1 m\u1ee9c 7% trong n\u0103m 2026 v\u00e0 5% trong n\u0103m 2027.<\/p>\n\n\n\n
MBS th\u1eadn tr\u1ecdng d\u1ef1 b\u00e1o CTD c\u00f3 th\u1ec3 ghi nh\u1eadn ho\u00e0n nh\u1eadp l\u1ea7n l\u01b0\u1ee3t 80\/100 t\u1ef7 VN\u0110 trong n\u0103m 2026-27 khi c\u00e1c ch\u1ee7 \u0111\u1ea7u t\u01b0 B\u0110S c\u00f3 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh t\u1ed1t h\u01a1n.<\/p>\n\n\n\n![\"\"](\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/10\/5-1024x355.png\")
<\/figure>\n\n\n\n<\/span>\u0110\u1ecbnh gi\u00e1 v\u00e0 khuy\u1ebfn ngh\u1ecb<\/span><\/h3>\n\n\n\nMBS (30.9.2025) khuy\u1ebfn ngh\u1ecb\u00a0KH\u1ea2 QUAN\u00a0\u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu CTD<\/strong>, v\u1edbi m\u1ee9c gi\u00e1 m\u1ee5c ti\u00eau\u00a094,200\u00a0\u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu<\/p>\n\n\n\nMBS cho r\u1eb1ng CTD \u0111ang giao d\u1ecbch \u1edf m\u1ee9c\u00a0P\/B\u00a00.8x, th\u1ea5p h\u01a1n m\u1ee9c k\u1ef3 v\u1ecdng c\u1ee7a MBS l\u00e0\u00a00.95x\u00a0trong giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng ph\u1ee5c h\u1ed3i. M\u1ee9c P\/B m\u1ee5c ti\u00eau\u00a00.95x\u00a0\u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a tr\u00ean P\/B trung b\u00ecnh\u00a05\u00a0n\u0103m c\u1ed9ng th\u00eam\u00a01\u00a0\u0111\u1ed9 l\u1ec7ch chu\u1ea9n, ph\u1ea3n \u00e1nh v\u1ecb th\u1ebf doanh nghi\u1ec7p \u0111\u1ea7u ng\u00e0nh v\u00e0 k\u1ef3 v\u1ecdng bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p c\u1ea3i thi\u1ec7n c\u00f9ng r\u1ee7i ro d\u1ef1 ph\u00f2ng gi\u1ea3m.<\/p>\n\n\n\n
MBS kh\u1eb3ng \u0111\u1ecbnh v\u1ecb th\u1ebf\u00a0doanh nghi\u1ec7p \u0111\u1ea7u ng\u00e0nh\u00a0v\u1edbi c\u01a1 c\u1ea5u t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh v\u00e0 l\u1ee3i th\u1ebf v\u1ec1 quy m\u00f4 nh\u00e2n l\u1ef1c, l\u00e0 n\u1ec1n t\u1ea3ng \u0111\u1ec3 CTD h\u01b0\u1edfng l\u1ee3i m\u1ea1nh m\u1ebd khi ng\u00e0nh x\u00e2y d\u1ef1ng b\u01b0\u1edbc v\u00e0o chu k\u1ef3 ph\u1ee5c h\u1ed3i.<\/p>\n\n\n\n
KBSV (25.9.2025) duy tr\u00ec khuy\u1ebfn ngh\u1ecb\u00a0MUA\u00a0\u0111\u1ed1i v\u1edbi CTD. v\u00e0 x\u00e1c \u0111\u1ecbnh m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd c\u1ee7a CTD \u1edf\u00a099,000 VND\/c\u1ed5 phi\u1ebfu, t\u01b0\u01a1ng \u1ee9ng v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1\u00a020%.<\/p>\n\n\n\n
KBSV tin r\u1eb1ng gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i ch\u01b0a ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 nh\u1eefng t\u00edn hi\u1ec7u t\u00edch c\u1ef1c t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i, backlog gia t\u0103ng v\u00e0 tri\u1ec3n v\u1ecdng c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn.<\/p>\n\n\n\n
Elibook Team \u0111\u00e1nh gi\u00e1 trung l\u1eadp v\u1ec1 CTD khi ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u1ef1a v\u00e0o t\u01b0\u01a1ng l\u1ea1i xa. Theo d\u1ef1 b\u00e1o c\u1ee7a KBSV, LNST-C\u0110TS n\u0103m 2026 g\u1ea7n nh\u01b0 kh\u00f4ng t\u0103ng tr\u01b0\u1edfng v\u00e0 \u0111\u1ebfn n\u0103m 2027 m\u1edbi t\u0103ng tr\u01b0\u1edfng 72%, \u0111\u1ea1t 794 t\u1ef7 \u0111\u1ed3ng.<\/p>\n\n\n\n
Tr\u01b0\u1edbc \u0111\u00f3, BVSC (15.9.2025) khuy\u1ebfn ngh\u1ecb\u00a0OUTPERFORM\u00a0(Kh\u1ea3 quan) cho c\u1ed5 phi\u1ebfu CTD v\u1edbi gi\u00e1 m\u1ee5c ti\u00eau l\u00e0\u00a097,374 VND\/c\u1ed5 phi\u1ebfu, t\u01b0\u01a1ng \u1ee9ng v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1\u00a018.9%.\u00a0BVSC d\u1ef1 ph\u00f3ng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn sau thu\u1ebf c\u1ee7a CTD cho n\u0103m t\u00e0i ch\u00ednh 2025-2026 s\u1ebd l\u1ea7n l\u01b0\u1ee3t \u0111\u1ea1t 34,515 t\u1ef7 \u0111\u1ed3ng (+38% so v\u1edbi c\u00f9ng k\u1ef3) v\u00e0 625 t\u1ef7 \u0111\u1ed3ng.<\/p>\n\n\n\n
So S\u00e1nh Quan \u0110i\u1ec3m C\u1ee7a C\u00e1c C\u00f4ng Ty Ch\u1ee9ng Kho\u00e1n V\u1ec1 C\u1ed5 Phi\u1ebfu CTD<\/strong><\/p>\n\n\n\n| BVSC (15.9.2025)<\/th> | MBS (30.9.2025)<\/th> | KBSV (25.9.2025)<\/th> | BVSC (15.9.2025)<\/th><\/tr> |
|---|
| Khuy\u1ebfn Ngh\u1ecb<\/td> | KH\u1ea2 QUAN<\/td> | MUA<\/td> | OUTPERFORM (Kh\u1ea3 quan)<\/td><\/tr> |
| Gi\u00e1 M\u1ee5c Ti\u00eau<\/td> | 94,200 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu<\/td> | 99,000 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu<\/td> | 97,374 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu<\/td><\/tr> |
| Ti\u1ec1m N\u0103ng T\u0103ng Gi\u00e1<\/td> | <\/td> | \u223c20%![\"\"]() <\/td> | \u223c18.9%![\"\"]() <\/td><\/tr> |
| Lu\u1eadn \u0110i\u1ec3m Ch\u00ednh<\/td> | \u0110\u00f3n \u0111\u1ea7u L\u1ee3i nhu\u1eadn B\u0110S\u00a0(2026\u22122027) v\u00e0 ph\u1ee5c h\u1ed3i bi\u00ean g\u1ed9p nh\u1edd ngu\u1ed3n vi\u1ec7c thu\u1eadn l\u1ee3i.<\/td> | Backlog k\u1ef7 l\u1ee5c\u00a0(45,000\u221250,000\u00a0t\u1ef7 VN\u0110), \u0111a d\u1ea1ng h\u00f3a sang \u0110\u1ea7u t\u01b0 c\u00f4ng, k\u1ef3 v\u1ecdng l\u1edbn v\u00e0o\u00a0Emerald 68.<\/td> | H\u1ed3i ph\u1ee5c m\u1ea1nh m\u1ebd sau t\u00e1i c\u01a1 c\u1ea5u, s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh\u00a0\u201cti\u1ec1n m\u1eb7t r\u00f2ng\u201d\u00a0v\u1eefng m\u1ea1nh, backlog cao nh\u1ea5t l\u1ecbch s\u1eed (35.353\u00a0t\u1ef7, t\u00ednh \u0111\u1ebfn 6T2025).<\/td><\/tr> |
| D\u1ef1 ph\u00f3ng L\u1ee3i nhu\u1eadn R\u00f2ng FY2026<\/td> | 730 t\u1ef7 VN\u0110 (+61% so v\u1edbi 2025)<\/td> | 454 t\u1ef7 VN\u0110 (KBSV d\u1ef1 b\u00e1o LNST-C\u0110TS g\u1ea7n nh\u01b0 kh\u00f4ng t\u0103ng tr\u01b0\u1edfng trong 2026 so v\u1edbi 2025)<\/td> | 625 t\u1ef7 VN\u0110 (+38% so v\u1edbi 2025 theo BVSC)<\/td><\/tr> |
| D\u1ef1 ph\u00f3ng Bi\u00ean L\u00e3i G\u1ed9p FY2026<\/td> | 3.4%<\/td> | 3.4%<\/td> | 4.0%![\"\"]() <\/td><\/tr> |
| \u0110\u1ed9ng L\u1ef1c \u0110\u1ed9t Bi\u1ebfn<\/td> | Ghi nh\u1eadn l\u1ee3i nhu\u1eadn t\u1eeb d\u1ef1 \u00e1n\u00a0Emerald 68\u00a0(li\u00ean doanh) trong\u00a02026\u22122027.<\/td> | Ghi nh\u1eadn l\u1ee3i nhu\u1eadn t\u1eeb d\u1ef1 \u00e1n\u00a0Emerald 68\u00a0trong\u00a02027\u22122028\u00a0(377\u00a0t\u1ef7 VN\u0110).<\/td> | Ghi nh\u1eadn t\u1eeb B\u0110S v\u00e0 c\u1ea3i thi\u1ec7n bi\u00ean g\u1ed9p l\u00ean 4% nh\u1edd g\u00f3i th\u1ea7u gi\u00e1 th\u1ea5p k\u1ebft th\u00fac.<\/td><\/tr> |
| Ch\u1ea5t l\u01b0\u1ee3ng T\u00e0i s\u1ea3n<\/td> | Chi ph\u00ed QLDN gi\u1ea3m 30% (2026\u22122027) do kh\u00f4ng ghi nh\u1eadn th\u00eam n\u1ee3 x\u1ea5u, c\u00f3 kh\u1ea3 n\u0103ng ho\u00e0n nh\u1eadp d\u1ef1 ph\u00f2ng.<\/td> | T\u1ef7 l\u1ec7 tr\u00edch l\u1eadp d\u1ef1 ph\u00f2ng tr\u00ean kho\u1ea3n ph\u1ea3i thu gi\u1ea3m, k\u1ef3 v\u1ecdng v\u1ec1 0.5% trong c\u00e1c n\u0103m t\u1edbi (gi\u1ed1ng BVSC).<\/td> | Ti\u1ec1n m\u1eb7t r\u00f2ng\u00a01.793\u00a0t\u1ef7\u00a0(n\u1ee3 r\u00f2ng\/VCSH \u00e2m\u00a020%). T\u1ef7 l\u1ec7 tr\u00edch l\u1eadp d\u1ef1 ph\u00f2ng d\u1ef1 b\u00e1o gi\u1ea3m v\u1ec1\u00a00.5%.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Ng\u00e0y 3.10.2025, CTD \u0111ang n\u1ed7 l\u1ef1c breakout m\u1eabu h\u00ecnh Chi\u1ebfc C\u1ed1c Tay C\u1ea7m, v\u1edbi \u0111i\u1ec3m mua 84,000 \u0111\u1ed3ng.<\/p>\n\n\n\n![\"\"](\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/10\/6-1024x529.png\") <\/figure>\n","protected":false},"excerpt":{"rendered":"MBS khuy\u1ebfn ngh\u1ecb kh\u1ea3 quan c\u1ed5 phi\u1ebfu CTD v\u1edbi gi\u00e1 m\u1ee5c ti\u00eau 94,200\u0111, nh\u1ea5n m\u1ea1nh tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng nh\u1edd backlog x\u00e2y d\u1ef1ng, l\u1ee3i nhu\u1eadn t\u1eeb b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn giai \u0111o\u1ea1n 2026\u20132027<\/p>\n","protected":false},"author":1,"featured_media":1977,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[174],"tags":[282,281,294,288,285,287,259,295,293,280,286,283,290,262,291,289,273,292,284],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1966"}],"collection":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/comments?post=1966"}],"version-history":[{"count":12,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1966\/revisions"}],"predecessor-version":[{"id":1998,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1966\/revisions\/1998"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media\/1977"}],"wp:attachment":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media?parent=1966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/categories?post=1966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/tags?post=1966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} |