{"id":2117,"date":"2025-10-05T16:37:23","date_gmt":"2025-10-05T09:37:23","guid":{"rendered":"https:\/\/ckvn.net\/chung-khoan\/?p=2117"},"modified":"2025-10-05T16:51:29","modified_gmt":"2025-10-05T09:51:29","slug":"ipo-vpbanks-lieu-cac-gia-dinh-tang-truong-co-qua-lac-quan","status":"publish","type":"post","link":"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/ipo-vpbanks-lieu-cac-gia-dinh-tang-truong-co-qua-lac-quan\/","title":{"rendered":"IPO VPBankS: Li\u1ec7u c\u00e1c gi\u1ea3 \u0111\u1ecbnh t\u0103ng tr\u01b0\u1edfng c\u00f3 qu\u00e1 l\u1ea1c quan?"},"content":{"rendered":"
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VPBankS \u0111ang chu\u1ea9n b\u1ecb cho \u0111\u1ee3t\u00a0IPO\u00a0v\u00e0o \u0111\u1ea7u th\u00e1ng 9 n\u0103m 2025 trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng thu\u1eadn l\u1ee3i, nh\u1eb1m huy \u0111\u1ed9ng v\u1ed1n cho c\u00e1c s\u00e1ng ki\u1ebfn t\u0103ng tr\u01b0\u1edfng giai \u0111o\u1ea1n 2026\u20132030, v\u1edbi m\u1ee5c ti\u00eau L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf (LNTT) n\u0103m 2030 \u0111\u1ea1t\u00a017,500 t\u1ef7 \u0111\u1ed3ng\u00a0v\u00e0\u00a0ROE\u00a0\u0111\u1ea1t 19.0%, t\u01b0\u01a1ng \u1ee9ng v\u1edbi m\u1ee9c CAGR l\u1ee3i nhu\u1eadn\u00a032%\u00a0trong giai \u0111o\u1ea1n 2025\u20132030. Vietcap \u0111\u00e1nh gi\u00e1 cao c\u00e1c \u0111\u1ed9ng l\u1ef1c \u0111a d\u1ea1ng h\u1ed7 tr\u1ee3 m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n v\u00e0 ti\u1ec1m n\u0103ng \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n

K\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd giai \u0111o\u1ea1n 2025\u20132030: VPBankS \u0111\u1eb7t m\u1ee5c ti\u00eau LNTT n\u0103m 2030 \u0111\u1ea1t 17,500 t\u1ef7 \u0111\u1ed3ng, ROE 19%, t\u01b0\u01a1ng \u1ee9ng CAGR l\u1ee3i nhu\u1eadn 32%. D\u1ef1 ph\u00f3ng LNTT n\u0103m 2025 l\u00e0 4,552 t\u1ef7 \u0111\u1ed3ng (+273% YoY).<\/p>\n\n\n\n

M\u00f4 h\u00ecnh kinh doanh \u0111a k\u00eanh v\u00e0 h\u1ec7 sinh th\u00e1i VPBank l\u00e0 l\u1ee3i th\u1ebf c\u1ea1nh tranh: VPBankS t\u1eadn d\u1ee5ng 30 tri\u1ec7u kh\u00e1ch h\u00e0ng t\u1eeb ng\u00e2n h\u00e0ng m\u1eb9, k\u1ebft h\u1ee3p m\u00f4i gi\u1edbi truy\u1ec1n th\u1ed1ng v\u00e0 k\u1ef9 thu\u1eadt s\u1ed1, m\u1edf r\u1ed9ng k\u00eanh ph\u00e2n ph\u1ed1i qua \u1ee9ng d\u1ee5ng E-Partner v\u00e0 Stock Guru AI.<\/p>\n\n\n\n

Tham v\u1ecdng m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn: C\u00f4ng ty \u0111\u1eb7t m\u1ee5c ti\u00eau t\u0103ng th\u1ecb ph\u1ea7n cho vay k\u00fd qu\u1ef9 t\u1eeb 10% l\u00ean 15% v\u00e0 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u1eeb 10.2% l\u00ean 18.5% \u0111\u1ebfn 2030. \u0110\u1ecbnh gi\u00e1 P\/E 2025 l\u00e0 14.3 l\u1ea7n, th\u1ea5p h\u01a1n trung v\u1ecb ng\u00e0nh, cho th\u1ea5y d\u01b0 \u0111\u1ecba t\u0103ng gi\u00e1. TpInvest cho r\u1eb1ng c\u00e1c tham v\u1ecdng v\u1ec1 th\u1ecb ph\u1ea7n cho vay, ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 l\u1ea1c quan v\u00ec c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp v\u1edbi \u00f4ng l\u1edbn TCBS.<\/p>\n\n\n

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VPBankS s\u1edf h\u1eefu m\u1ed9t l\u1ee3i th\u1ebf c\u1ea1nh tranh kh\u00e1c bi\u1ec7t th\u00f4ng qua vi\u1ec7c\u00a0t\u1eadn d\u1ee5ng s\u1ee9c m\u1ea1nh t\u1eeb T\u1eadp \u0111o\u00e0n VPBank. C\u00f4ng ty h\u01b0\u1edfng l\u1ee3i t\u1eeb kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn h\u01a1n\u00a030 tri\u1ec7u kh\u00e1ch h\u00e0ng\u00a0trong h\u1ec7 sinh th\u00e1i, cho ph\u00e9p th\u00fac \u0111\u1ea9y c\u01a1 h\u1ed9i b\u00e1n ch\u00e9o m\u1ea1nh m\u1ebd qua c\u1ea3 k\u00eanh tr\u1ef1c tuy\u1ebfn v\u00e0 ngo\u1ea1i tuy\u1ebfn.<\/p>\n\n\n\n

Vi\u1ec7c t\u00edch h\u1ee3p \u1ee9ng d\u1ee5ng giao d\u1ecbch\u00a0Neo Invest v\u1edbi n\u1ec1n t\u1ea3ng ng\u00e2n h\u00e0ng s\u1ed1\u00a0Neo Bank\u00a0c\u1ee7ng c\u1ed1 s\u1ee9c m\u1ea1nh t\u1ed5ng h\u1ee3p c\u1ee7a h\u1ec7 sinh th\u00e1i, mang l\u1ea1i tr\u1ea3i nghi\u1ec7m giao d\u1ecbch li\u1ec1n m\u1ea1ch, t\u1eeb chuy\u1ec3n ti\u1ec1n t\u1ee9c th\u00ec \u0111\u1ebfn gi\u00e1m s\u00e1t d\u00f2ng ti\u1ec1n t\u1eadp trung. VPBankS c\u0169ng s\u1eed d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c th\u01b0\u01a1ng hi\u1ec7u r\u00f5 r\u00e0ng khi logo m\u00f4 ph\u1ecfng ch\u1eb7t ch\u1ebd logo c\u1ee7a ng\u00e2n h\u00e0ng m\u1eb9, nh\u1eb1m t\u1eadn d\u1ee5ng gi\u00e1 tr\u1ecb th\u01b0\u01a1ng hi\u1ec7u v\u00e0 uy t\u00edn v\u1eefng ch\u1eafc s\u1eb5n c\u00f3.<\/p>\n\n\n\n

C\u00f4ng ty \u00e1p d\u1ee5ng\u00a0m\u00f4 h\u00ecnh m\u00f4i gi\u1edbi k\u1ebft h\u1ee3p\u00a0\u0111\u1ed9c \u0111\u00e1o, c\u00e2n b\u1eb1ng gi\u1eefa hi\u1ec7u qu\u1ea3 k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 vi\u1ec7c s\u1eed d\u1ee5ng c\u00f3 m\u1ee5c ti\u00eau c\u00e1c chuy\u00ean vi\u00ean m\u00f4i gi\u1edbi truy\u1ec1n th\u1ed1ng \u0111\u1ec3 ph\u1ee5c v\u1ee5 ph\u00e2n kh\u00fac kh\u00e1ch h\u00e0ng gi\u00e0u c\u00f3 v\u00e0 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng cao, nh\u1eefng ng\u01b0\u1eddi c\u1ea7n t\u01b0 v\u1ea5n c\u00e1 nh\u00e2n h\u00f3a v\u00e0 b\u00e1n ch\u00e9o s\u1ea3n ph\u1ea9m.<\/p>\n\n\n\n

Kh\u00e1c v\u1edbi m\u00f4 h\u00ecnh ho\u00e0n to\u00e0n d\u1ef1a tr\u00ean c\u00f4ng ngh\u1ec7 c\u1ee7a m\u1ed9t s\u1ed1 \u0111\u1ed1i th\u1ee7, VPBankS v\u1eabn duy tr\u00ec \u0111\u1ed9i ng\u0169 m\u00f4i gi\u1edbi \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p, \u01b0u ti\u00ean ch\u1ea5t l\u01b0\u1ee3ng trong vi\u1ec7c tuy\u1ec3n d\u1ee5ng v\u1edbi m\u1ee5c ti\u00eau gi\u1edbi h\u1ea1n \u1edf 350 chuy\u00ean vi\u00ean<\/strong> v\u00e0 \u0111\u01b0a ra m\u1ee9c hoa h\u1ed3ng c\u1ea1nh tranh (85% ph\u00ed giao d\u1ecbch) \u0111\u1ec3 thu h\u00fat nh\u00e2n t\u00e0i.<\/p>\n\n\n\n

M\u00f4 h\u00ecnh d\u1ecbch v\u1ee5 v\u00e0 b\u00e1n h\u00e0ng \u0111a k\u00eanh n\u00e0y ho\u1ea1t \u0111\u1ed9ng th\u00f4ng qua n\u0103m k\u00eanh ch\u00ednh bao g\u1ed3m k\u00eanh truy\u1ec1n th\u1ed1ng, h\u1ec7 sinh th\u00e1i \u0111\u1ed1i t\u00e1c, k\u00eanh \u0111\u1ed1i t\u00e1c b\u00ean ngo\u00e0i, k\u00eanh c\u1ed9ng t\u00e1c vi\u00ean v\u00e0 k\u00eanh k\u1ef9 thu\u1eadt s\u1ed1.<\/p>\n\n\n

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\u0110\u1eb7c bi\u1ec7t, c\u00f4ng ty l\u00e0 \u0111\u01a1n v\u1ecb ti\u00ean phong ra m\u1eaft n\u1ec1n t\u1ea3ng chuy\u00ean d\u1ee5ng cho c\u00e1c c\u1ed1 v\u1ea5n v\u00e0 \u0111\u1ed1i t\u00e1c (\u1ee9ng d\u1ee5ng E-Partner) \u0111\u1ec3 m\u1edf r\u1ed9ng k\u00eanh ph\u00e2n ph\u1ed1i \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00f4ng ngh\u1ec7. V\u1ec1 m\u1eb7t s\u1ea3n ph\u1ea9m, VPBankS cung c\u1ea5p \u0111\u1ea7y \u0111\u1ee7 c\u00e1c gi\u1ea3i ph\u00e1p, t\u1eeb s\u1ea3n ph\u1ea9m c\u01a1 b\u1ea3n \u0111\u1ebfn c\u00e1c d\u1ecbch v\u1ee5 n\u00e2ng cao nh\u01b0 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0 t\u01b0 v\u1ea5n \u1ee7y th\u00e1c \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n

Vai tr\u00f2 c\u1ee7a\u00a0K\u1ef9 thu\u1eadt s\u1ed1\u00a0l\u00e0 thu h\u00fat kh\u00e1ch h\u00e0ng qua s\u1ea3n ph\u1ea9m c\u01a1 b\u1ea3n,\u00a0Chuy\u00ean vi\u00ean m\u00f4i gi\u1edbi\u00a0c\u00f9ng ph\u00e1t tri\u1ec3n gi\u1ea3i ph\u00e1p t\u00edch h\u1ee3p ng\u00e2n h\u00e0ng\u2013ch\u1ee9ng kho\u00e1n\u2013qu\u1ef9\u2013b\u1ea3o hi\u1ec3m, c\u00f2n\u00a0Qu\u1ea3n l\u00fd quan h\u1ec7 kh\u00e1ch h\u00e0ng\u00a0khai th\u00e1c t\u1ec7p kh\u00e1ch h\u00e0ng l\u1edbn c\u1ee7a VPBank \u0111\u1ec3 t\u1ea1o ra kh\u00e1ch h\u00e0ng ti\u1ec1m n\u0103ng.<\/p>\n\n\n\n

V\u1ec1\u00a0c\u00e1c d\u00f2ng s\u1ea3n ph\u1ea9m c\u1ea1nh tranh, VPBankS \u0111\u00e3 c\u00f3 s\u1ef1 m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd trong m\u1ea3ng\u00a0cho vay k\u00fd qu\u1ef9, v\u1edbi d\u01b0 n\u1ee3 \u0111\u1ea1t kho\u1ea3ng\u00a027-28 ngh\u00ecn t\u1ef7 \u0111\u1ed3ng\u00a0t\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd 3\/2025, x\u1ebfp v\u1ecb tr\u00ed th\u1ee9 ba to\u00e0n th\u1ecb tr\u01b0\u1eddng. \u0110\u00e0 t\u0103ng tr\u01b0\u1edfng n\u00e0y \u0111\u1ebfn t\u1eeb l\u1ee3i th\u1ebf chi ph\u00ed v\u1ed1n th\u1ea5p nh\u1edd s\u1ef1 h\u1eadu thu\u1eabn c\u1ee7a ng\u00e2n h\u00e0ng m\u1eb9 v\u00e0 SMBC, c\u00f9ng v\u1edbi m\u1ee9c l\u00e3i su\u1ea5t cho vay k\u00fd qu\u1ef9 c\u1ea1nh tranh.<\/p>\n\n\n

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TpInvest cho r\u1eb1ng, tham v\u1ecdng m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n cho vay margin c\u1ee7a VPBS t\u1eeb 10% hi\u1ec7n t\u1ea1i l\u00ean 15% l\u00e0 m\u1ed9t gi\u1ea3 \u0111\u1ecbnh l\u1ea1c quan. Nh\u00ecn sang TCBS \u0111ang d\u1eabn \u0111\u1ea7u v\u1edbi th\u1ecb ph\u1ea7n 11%, li\u1ec7u VPBS s\u1ebd l\u00e0m g\u00ec \u0111\u1ec3 h\u1ea5t v\u0103ng \u00f4ng l\u1edbn n\u00e0y?<\/p>\n\n\n

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VPBankS \u0111\u00e3 th\u00e0nh c\u00f4ng trong vi\u1ec7c \u0111a d\u1ea1ng h\u00f3a c\u00e1c ngu\u1ed3n v\u1ed1n chi ph\u00ed th\u1ea5p. T\u00ednh \u0111\u1ebfn Qu\u00fd 2\/2025, n\u1ee3 ph\u1ea3i tr\u1ea3 c\u1ee7a c\u00f4ng ty ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb c\u00e1c kho\u1ea3n vay ng\u1eafn h\u1ea1n t\u1eeb ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i v\u00e0 kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n \u2013 trong \u0111\u00f3 nh\u00f3m kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n \u0111\u01b0\u1ee3c huy \u0111\u1ed9ng th\u00f4ng qua c\u00e1c s\u1ea3n ph\u1ea9m th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 ph\u1ed1i h\u1ee3p c\u00f9ng ng\u00e2n h\u00e0ng m\u1eb9. Ngo\u00e0i ra, trong 6T 2025, VPBankS \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 150 tri\u1ec7u USD kho\u1ea3n vay h\u1ee3p v\u1ed1n qu\u1ed1c t\u1ebf, v\u00e0 d\u1ef1 ki\u1ebfn huy \u0111\u1ed9ng th\u00eam 250 tri\u1ec7u USD trong 6T 2025 c\u00f2n l\u1ea1i t\u1eeb li\u00ean minh do SMBC d\u1eabn d\u1eaft. \u0110\u00e1ng ch\u00fa \u00fd, c\u00f4ng ty hi\u1ec7n v\u1eabn ch\u01b0a khai th\u00e1c k\u00eanh n\u1ee3 d\u00e0i h\u1ea1n hay tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ng\u1eafn h\u1ea1n, qua \u0111\u00f3 cho th\u1ea5y d\u01b0 \u0111\u1ecba l\u1edbn \u0111\u1ec3 ti\u1ebfp c\u1eadn th\u00eam ngu\u1ed3n v\u1ed1n trong t\u01b0\u01a1ng lai.\u00a0Vietcap cho r\u1eb1ng v\u1ecb th\u1ebf huy \u0111\u1ed9ng v\u1ed1n v\u1eefng ch\u1eafc n\u00e0y s\u1ebd t\u1ea1o n\u1ec1n t\u1ea3ng quan tr\u1ecdng \u0111\u1ec3 h\u1ed7 tr\u1ee3 c\u00e1c m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng tham v\u1ecdng c\u1ee7a VPBankS.<\/p>\n\n\n\n

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C\u00f4ng ty c\u0169ng \u0111\u00e3 ra m\u1eaft\u00a0Stock Guru, tr\u1ee3 l\u00fd AI th\u00f4ng minh t\u00edch h\u1ee3p h\u01a1n 300 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt, giao di\u1ec7n AI t\u00e1c t\u1eed v\u00e0 ph\u00e2n t\u00edch r\u1ee7i ro theo th\u1eddi gian th\u1ef1c, cho th\u1ea5y b\u01b0\u1edbc \u0111i t\u00edch c\u1ef1c ban \u0111\u1ea7u v\u1edbi h\u01a1n 5,600 ng\u01b0\u1eddi d\u00f9ng \u0111\u0103ng k\u00fd ch\u1ec9 sau 1.5 th\u00e1ng ra m\u1eaft, thi\u1ebft l\u1eadp m\u1ed9t ngu\u1ed3n thu nh\u1eadp ti\u1ec1m n\u0103ng b\u1ed5 sung. Ngo\u00e0i ra, VPBankS c\u0169ng thi\u1ebft k\u1ebf m\u1ed9t b\u1ed9 gi\u1ea3i ph\u00e1p t\u00f9y ch\u1ec9nh, \u0111a d\u1ea1ng h\u00f3a theo quy m\u00f4 AUM, m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro v\u00e0 kinh nghi\u1ec7m \u0111\u1ea7u t\u01b0 c\u1ee7a t\u1eebng ph\u00e2n kh\u00fac kh\u00e1ch h\u00e0ng.<\/p>\n\n\n\n

\u0110\u1ed1i v\u1edbi\u00a0ho\u1ea1t \u0111\u1ed9ng t\u1ef1 doanh, VPBankS \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 danh m\u1ee5c d\u01b0\u1edbi s\u1ef1 l\u00e3nh \u0111\u1ea1o c\u1ee7a \u00f4ng \u0110i\u1ec1n, m\u1ed9t chuy\u00ean gia k\u1ef3 c\u1ef1u.\u00a0Danh m\u1ee5c chuy\u1ec3n h\u01b0\u1edbng sang\u00a0\u0111a d\u1ea1ng h\u00f3a, gi\u1ea3m t\u1ef7 tr\u1ecdng v\u00e0o b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1eeb 64.1% xu\u1ed1ng 49.5% v\u00e0 t\u0103ng m\u1ea1nh t\u1ef7 tr\u1ecdng v\u00e0o ng\u00e0nh s\u1ea3n xu\u1ea5t l\u00ean 25.4%. M\u1ee5c ti\u00eau ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n trung h\u1ea1n l\u00e0 15%\u201320% v\u00e0o c\u1ed5 phi\u1ebfu, 45% v\u00e0o tr\u00e1i phi\u1ebfu v\u00e0 35%\u201340% v\u00e0o ch\u1ee9ng ch\u1ec9 ti\u1ec1n g\u1eedi.<\/p>\n\n\n\n

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C\u00f4ng ty k\u1ef3 v\u1ecdng t\u1ef7 su\u1ea5t sinh l\u1eddi trung b\u00ecnh tr\u00ean t\u00e0i s\u1ea3n FVTPL h\u1ea5p d\u1eabn, l\u1ea7n l\u01b0\u1ee3t \u0111\u1ea1t\u00a013.3%\u201313.8%\u00a0cho \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu v\u00e0\u00a016%\u201319%\u00a0cho \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu. \u0110\u00e2y l\u00e0 c\u00e1c gi\u1ea3 \u0111\u1ecbnh v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi m\u1ee9c sinh l\u1ee3i hi\u1ec7n t\u1ea1i c\u1ee7a ng\u00e0nh.<\/p>\n\n\n\n

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Ho\u1ea1t \u0111\u1ed9ng n\u00e0y c\u00f2n m\u1edf ra c\u01a1 h\u1ed9i tham gia c\u00e1c th\u01b0\u01a1ng v\u1ee5 \u0111\u1ed9c quy\u1ec1n nh\u01b0\u00a0M&A\u00a0v\u00e0\u00a0PIPE, d\u1ef1 ki\u1ebfn \u0111\u00f3ng g\u00f3p 10%\u201320% v\u00e0o LNTT trong 5 n\u0103m t\u1edbi.\u00a0\u0110\u00e1ng ch\u00fa \u00fd, VPBankS d\u1ef1 ki\u1ebfn mua l\u1ea1i 9.71% c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty b\u1ea3o hi\u1ec3m s\u1ed1\u00a0OPES\u00a0t\u1eeb ng\u00e2n h\u00e0ng m\u1eb9, m\u1ed9t \u0111\u1ed9ng th\u00e1i nh\u1eb1m \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o l\u0129nh v\u1ef1c c\u00f3 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng cao.<\/p>\n\n\n\n

VPBankS \u0111ang t\u00edch c\u1ef1c chu\u1ea9n b\u1ecb cho s\u1ef1\u00a0m\u1edf r\u1ed9ng sang c\u00e1c m\u1ea3ng kinh doanh m\u1edbi, bao g\u1ed3m\u00a0Qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n\/Qu\u1ea3n l\u00fd gia s\u1ea3n\u00a0v\u1edbi l\u1ed9 tr\u00ecnh r\u00f5 r\u00e0ng, h\u01b0\u1edbng \u0111\u1ebfn cung c\u1ea5p d\u1ecbch v\u1ee5 qu\u1ea3n l\u00fd danh m\u1ee5c c\u00e1 nh\u00e2n h\u00f3a cho h\u01a1n 30 tri\u1ec7u kh\u00e1ch h\u00e0ng.<\/p>\n\n\n\n

T\u00e0i s\u1ea3n s\u1ed1\u00a0c\u0169ng \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t c\u01a1 h\u1ed9i ti\u1ec1m n\u0103ng, khi VPBankS \u0111\u00e3 tham gia th\u00e0nh l\u1eadp CTCP S\u00e0n giao d\u1ecbch T\u00e0i s\u1ea3n s\u1ed1 Vi\u1ec7t Nam Th\u1ecbnh V\u01b0\u1ee3ng (CAEX) v\u1edbi 11% v\u1ed1n, c\u00f9ng c\u00e1c \u0111\u1ed1i t\u00e1c nh\u01b0 LynkiD v\u00e0 Future Land. D\u00f9 th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n s\u1ed1 v\u1eabn c\u1ea7n th\u1eddi gian \u0111\u1ec3 ho\u00e0n thi\u1ec7n khung ph\u00e1p l\u00fd v\u00e0 h\u1ea1 t\u1ea7ng, VPBankS s\u1edf h\u1eefu l\u1ee3i th\u1ebf v\u1ec1 quy m\u00f4, ngu\u1ed3n v\u1ed1n v\u00e0 c\u00f4ng ngh\u1ec7 \u0111\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng \u0111\u01a1n v\u1ecb ti\u00ean phong.<\/p>\n\n\n\n

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T\u1ed5ng quan k\u1ebft qu\u1ea3 kinh doanh v\u00e0 \u0111\u1ecbnh gi\u00e1 (Vietcap d\u1ef1 ph\u00f3ng)\u00a0cho th\u1ea5y VPBankS \u0111ang \u0111i \u0111\u00fang h\u01b0\u1edbng \u0111\u1ec3 \u0111\u1ea1t LNTT d\u1ef1 ph\u00f3ng n\u0103m 2025 \u1edf m\u1ee9c\u00a04,552 t\u1ef7 \u0111\u1ed3ng\u00a0(+273% YoY), v\u01b0\u1ee3t k\u1ebf ho\u1ea1ch t\u1ea1i \u0110HC\u0110.<\/p>\n\n\n\n

Vietcap d\u1ef1 ph\u00f3ng CAGR doanh thu v\u00e0 l\u1ee3i nhu\u1eadn l\u1ea7n l\u01b0\u1ee3t \u0111\u1ea1t 31.8% v\u00e0 30.5% trong giai \u0111o\u1ea1n 2025-2030. Cho vay k\u00fd qu\u1ef9 s\u1ebd ti\u1ebfp t\u1ee5c l\u00e0 \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u00ednh, \u0111\u00f3ng g\u00f3p 40%\u201342% t\u1ed5ng doanh thu trong giai \u0111o\u1ea1n n\u00e0y.<\/p>\n\n\n\n

TpInvest l\u01b0u \u00fd, m\u1ee9c t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn b\u00ecnh qu\u00e2n 30.5% c\u1ee7a VPBankS l\u00e0 cao h\u01a1n\u00a0t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn b\u00ecnh qu\u00e2n c\u1ee7a TCBS trong 5 n\u0103m t\u1edbi l\u00e0 22.8%\/n\u0103m (theo \u01b0\u1edbc t\u00ednh c\u1ee7a HSC) v\u00e0 v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi c\u1ea3 ng\u00e0nh.<\/p>\n\n\n\n

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M\u1ea3ng Ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 (IB) d\u1ef1 ki\u1ebfn tr\u1edf l\u1ea1i m\u1ee9c b\u00ecnh th\u01b0\u1eddng t\u1eeb n\u0103m 2026 sau n\u0103m c\u01a1 s\u1edf cao 2025, nh\u01b0ng v\u1eabn \u0111\u01b0\u1ee3c duy tr\u00ec t\u00edch c\u1ef1c nh\u1edd s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p. C\u00f4ng ty \u0111\u1eb7t m\u1ee5c ti\u00eau m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ngo\u00e0i ng\u00e2n h\u00e0ng t\u1eeb 10.2% (2025) l\u00ean\u00a018.5% (2030).<\/p>\n\n\n\n

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TpInvest cho r\u1eb1ng \u0111\u00e2y l\u00e0 m\u1ed9t th\u00e1ch th\u1ee9c khi TCBS \u0111ang l\u00e0 \u00f4ng vua trong l\u0129nh v\u1ef1c m\u00f4i gi\u1ed1i ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u1edbi th\u1ecb ph\u1ea7n hi\u1ec7n t\u1ea1i l\u00e0 46%. Th\u00e1ch th\u1ee9c TCBS trong l\u0129nh v\u1ef1c c\u1ed1t l\u00f5i c\u1ee7a h\u1ecd th\u1eadt kh\u00f4ng h\u1ec1 d\u1ec5 d\u00e0ng.<\/p>\n\n\n\n

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V\u1ec1\u00a0\u0111\u1ecbnh gi\u00e1, Vietcap cho r\u1eb1ng VPBankS mang l\u1ea1i ti\u1ec1m n\u0103ng h\u1ea5p d\u1eabn, hi\u1ec7n \u0111ang giao d\u1ecbch v\u1edbi m\u1ee9c P\/B n\u0103m 2025 tr\u01b0\u1edbc ph\u00e1t h\u00e0nh l\u00e0\u00a02.4 l\u1ea7n\u00a0(sau ph\u00e1t h\u00e0nh l\u00e0 1.9 l\u1ea7n) v\u00e0 P\/E n\u0103m 2025 tr\u01b0\u1edbc ph\u00e1t h\u00e0nh l\u00e0\u00a014.3 l\u1ea7n<\/strong>, th\u1ea5p h\u01a1n so v\u1edbi m\u1ee9c trung v\u1ecb ng\u00e0nh d\u1ef1 ph\u00f3ng n\u0103m 2025 l\u1ea7n l\u01b0\u1ee3t l\u00e0 2.5x v\u00e0 22.3x. S\u1ef1 chi\u1ebft kh\u1ea5u n\u00e0y di\u1ec5n ra ngay c\u1ea3 khi VPBankS \u0111\u01b0\u1ee3c d\u1ef1 ki\u1ebfn \u0111\u1ea1t ROE v\u01b0\u1ee3t tr\u1ed9i 18.5% n\u0103m 2025, cho th\u1ea5y ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 m\u1ea1nh m\u1ebd h\u01a1n so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 trong ng\u00e0nh.<\/p>\n\n\n\n

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TpInvest l\u01b0u \u00fd, m\u1ee9c \u0111\u1ecbnh gi\u00e1 P\/B tr\u01b0\u1edbc ph\u00e1t h\u00e0nh 2.4 l\u1ea7n c\u00f3 ngh\u0129a, VPBankS s\u1ebd v\u01b0\u01a1n l\u00ean ngang h\u00e0ng v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 c\u1ee7a SSI v\u00e0 VCI, nh\u1eefng c\u00f4ng ty ch\u1ee9ng kho\u00e1n h\u00e0ng \u0111\u1ea7u hi\u1ec7n t\u1ea1i. M\u1ee9c v\u1ed1n h\u00f3a 1.92 t\u1ef7 \u0111\u00f4la c\u1ee7a VPBS, g\u1ea7n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi VIX, v\u00e0 \u0111\u1ee9ng th\u1ee9 ba sau TCBS (3.7 t\u1ef7 \u0111\u00f4la) v\u00e0 SSI (2.9 t\u1ef7 \u0111\u00f4la).<\/p>\n\n\n\n

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\"\"<\/figure><\/div>","protected":false},"excerpt":{"rendered":"

VPBankS chu\u1ea9n b\u1ecb IPO trong n\u0103m 2025 v\u1edbi m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn 17.500 t\u1ef7 \u0111\u1ed3ng v\u00e0 ROE 19% v\u00e0o 2030. Li\u1ec7u c\u00e1c gi\u1ea3 \u0111\u1ecbnh t\u0103ng tr\u01b0\u1edfng n\u00e0y c\u00f3 qu\u00e1 l\u1ea1c quan khi c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp v\u1edbi TCBS v\u00e0 SSI?<\/p>\n","protected":false},"author":1,"featured_media":1936,"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":[395,406,402,394,393,398,404,385,384,407,410,388,387,386,390,409,269,403,275,401,389,397,396,408,267,392,391,400,399,405],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/2117"}],"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=2117"}],"version-history":[{"count":7,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/2117\/revisions"}],"predecessor-version":[{"id":2148,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/2117\/revisions\/2148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media\/1936"}],"wp:attachment":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media?parent=2117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/categories?post=2117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/tags?post=2117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}