{"id":3194,"date":"2025-10-30T08:09:48","date_gmt":"2025-10-30T01:09:48","guid":{"rendered":"https:\/\/ckvn.net\/chung-khoan\/?p=3194"},"modified":"2025-10-30T08:09:49","modified_gmt":"2025-10-30T01:09:49","slug":"dinh-gia-co-phieu-cac-cong-ty-chung-khoan-ra-sao-giua-lan-song-ipo","status":"publish","type":"post","link":"https:\/\/ckvn.net\/chung-khoan\/thi-truong-chung-khoan\/dinh-gia-co-phieu-cac-cong-ty-chung-khoan-ra-sao-giua-lan-song-ipo\/","title":{"rendered":"\u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n ra sao gi\u1eefa l\u00e0n s\u00f3ng IPO?"},"content":{"rendered":"\n

Theo b\u00e1o c\u00e1o ph\u00e2n t\u00edch m\u1edbi \u0111\u00e2y c\u1ee7a VNDirect, m\u1ee9c \u0111\u1ecbnh gi\u00e1 cao c\u1ee7a nh\u00f3m c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u00e0 h\u1ee3p l\u00fd trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd.<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

Sau m\u00f9a b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 3\/2025, b\u1ee9c tranh \u0111\u1ecbnh gi\u00e1 nh\u00f3m c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u00e3 c\u00f3 nh\u1eefng thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3.<\/p>\n\n\n\n

Trong ph\u1ea1m vi t\u00ednh to\u00e1n 20 c\u1ed5 phi\u1ebfu c\u00f4ng ty ch\u1ee9ng kho\u00e1n tr\u00ean s\u00e0n, P\/B (Price to Book) v\u00e0o kho\u1ea3ng 2,2 l\u1ea7n. Con s\u1ed1 kh\u00f4ng qu\u00e1 cao trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng s\u00f4i \u0111\u1ed9ng v\u00e0 c\u00f3 tri\u1ec3n v\u1ecdng l\u1ea1c quan.<\/p>\n\n\n\n

Nhi\u1ec1u CTCK l\u1edbn nh\u01b0 TCX, SSI, HCM, VIX, MBS\u2026 \u0111ang c\u00f3 \u0111\u1ecbnh gi\u00e1 P\/B cao h\u01a1n trung b\u00ecnh ng\u00e0nh, v\u00e0o kho\u1ea3ng 2,5-3 l\u1ea7n. Trong khi \u0111\u00f3, ph\u1ea7n l\u1edbn c\u1ed5 phi\u1ebfu nh\u00f3m ch\u1ee9ng kho\u00e1n \u0111ang giao d\u1ecbch v\u1edbi P\/B t\u1eeb kho\u1ea3ng 1,5 l\u1ea7n \u0111\u1ebfn d\u01b0\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh. Tuy nhi\u00ean, ngo\u00e0i VND, VCI, SHS, nh\u00f3m n\u00e0y ch\u1ee7 y\u1ebfu l\u00e0 c\u00e1c CTCK v\u1eeba v\u00e0 nh\u1ecf. Ngo\u00e0i ra, BVS l\u00e0 c\u00e1i t\u00ean duy nh\u1ea5t trong ph\u1ea1m vi t\u00ednh to\u00e1n c\u00f3 P\/B d\u01b0\u1edbi 1, t\u1ee9c l\u00e0 d\u01b0\u1edbi gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

V\u1edbi ch\u1ec9 ti\u00eau P\/E (Price to Earning), m\u1ee9c trung b\u00ecnh ng\u00e0nh v\u00e0o kho\u1ea3ng g\u1ea7n 19 l\u1ea7n. Nhi\u1ec1u CTCK l\u1edbn nh\u01b0 TCX, SSI, HCM, MBS, VCI\u2026 \u0111ang giao d\u1ecbch tr\u00ean m\u1ee9c trung b\u00ecnh ng\u00e0y. Trong khi \u0111\u00f3, nh\u00f3m c\u00f3 P\/E d\u01b0\u1edbi trung b\u00ecnh ng\u00e0nh \u0111\u00e1ng ch\u00fa \u00fd c\u00f3 th\u1ec3 k\u1ec3 \u0111\u1ebfn VND, SHS, VIX. Ngo\u00e0i ra, m\u1ed9t s\u1ed1 c\u00e1i t\u00ean c\u00e1 bi\u1ec7t, quy m\u00f4 nh\u1ecf nh\u01b0 ORS, PHS c\u00f3 m\u1ee9c P\/E r\u1ea5t cao.<\/p>\n\n\n\n

C\u00f3 th\u1ec3 th\u1ea5y, VND, SHS, DSC, VFS, BVS l\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu \u0111ang giao d\u1ecbch d\u01b0\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh, x\u00e9t tr\u00ean c\u1ea3 2 ch\u1ec9 ti\u00eau P\/B v\u00e0 P\/E. M\u1eb7t kh\u00e1c, TCX, SSI, HCM, MBS v\u00e0 FTS l\u00e0 nh\u1eefng CTCK c\u00f3 \u0111\u1ecbnh gi\u00e1 cao h\u01a1n m\u1ee9c trung b\u00ecnh ng\u00e0nh v\u1ec1 c\u1ea3 2 ch\u1ec9 s\u1ed1 tr\u00ean. Tuy nhi\u00ean, kh\u00f3 c\u00f3 th\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c nh\u1eefng c\u1ed5 phi\u1ebfu n\u00e0y l\u00e0 \u0111\u1eaft hay r\u1ebb.<\/p>\n\n\n\n

Th\u1ef1c t\u1ebf, c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 cao, c\u0169ng c\u00f3 nh\u1eefng l\u1ee3i th\u1ebf c\u1ea1nh tranh nh\u1ea5t \u0111\u1ecbnh nh\u01b0 th\u1ecb ph\u1ea7n, quy m\u00f4 v\u1ed1n, ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng,\u2026 M\u1eb7t kh\u00e1c, m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu c\u00f3 \u0111\u1ecbnh gi\u00e1 th\u1ea5p \u0111ang t\u1ed3n t\u1ea1i nh\u1eefng v\u1ea5n \u0111\u1ec1 nh\u01b0 th\u1ecb ph\u1ea7n c\u00f3 d\u1ea5u hi\u1ec7u b\u1ecb thu h\u1eb9p, room cho vay c\u00f2n nhi\u1ec1u nh\u01b0ng v\u1ed1n \u0111\u1ecdng \u1edf c\u00e1c ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 kh\u00e1c khi\u1ebfn ngu\u1ed3n b\u1ecb h\u1ea1n ch\u1ebf,\u2026 Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn k\u1ef3 v\u1ecdng c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/a><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Nh\u00ecn chung, ng\u00e0nh ch\u1ee9ng kho\u00e1n \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u01b0\u01a1ng \u0111\u1ed1i cao. Theo b\u00e1o c\u00e1o ph\u00e2n t\u00edch m\u1edbi \u0111\u00e2y c\u1ee7a VNDirect, m\u1ee9c \u0111\u1ecbnh gi\u00e1 cao l\u00e0 h\u1ee3p l\u00fd trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd. Sau khi \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng b\u1edfi FTSE Russell v\u00e0 k\u1ef3 v\u1ecdng MSCI s\u1ebd theo sau v\u00e0o giai \u0111o\u1ea1n 2027\u20132028, thanh kho\u1ea3n v\u00e0 s\u1ed1 l\u01b0\u1ee3ng nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o t\u0103ng m\u1ea1nh, t\u1ea1o n\u1ec1n t\u1ea3ng t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn b\u1ec1n v\u1eefng cho c\u00e1c CTCK.<\/p>\n\n\n\n

L\u1ecbch s\u1eed t\u1eebng cho th\u1ea5y trong giai \u0111o\u1ea1n thu\u1eadn l\u1ee3i nh\u01b0 n\u0103m 2021, khi m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t th\u1ea5p, ROE trung b\u00ecnh ng\u00e0nh ch\u1ee9ng kho\u00e1n \u0111\u1ea1t cao k\u1ef7 l\u1ee5c, k\u00e9o P\/B to\u00e0n ng\u00e0nh l\u00ean 3,2x. Hi\u1ec7n nay, v\u1edbi m\u00f4i tr\u01b0\u1eddng v\u0129 m\u00f4 t\u00edch c\u1ef1c t\u01b0\u01a1ng t\u1ef1, VNDirect k\u1ef3 v\u1ecdng ROE c\u1ee7a nh\u00f3m \u0111\u1ea7u ng\u00e0nh c\u00f3 th\u1ec3 duy tr\u00ec \u1edf m\u1ee9c 15\u201320% trong v\u00e0i n\u0103m t\u1edbi, y\u1ebfu t\u1ed1 then ch\u1ed1t gi\u00fap th\u1ecb tr\u01b0\u1eddng ch\u1ea5p nh\u1eadn \u0111\u1ecbnh gi\u00e1 cao h\u01a1n.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

B\u00ean c\u1ea1nh \u0111\u00f3, c\u00e1c th\u01b0\u01a1ng v\u1ee5 IPO c\u1ee7a TCBS v\u00e0 s\u1eafp t\u1edbi l\u00e0 VPBankS, VPS \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o s\u1ebd t\u1ea1o ra hi\u1ec7u \u1ee9ng \u0111\u1ecbnh gi\u00e1 l\u1ea1i tr\u00ean nh\u00f3m CTCK. VNDirect cho r\u1eb1ng vi\u1ec7c c\u00e1c CTCK n\u00e0y ni\u00eam y\u1ebft v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 P\/B cao, th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 h\u00ecnh th\u00e0nh \u201cm\u1eb7t b\u1eb1ng gi\u00e1 m\u1edbi\u201d, \u0111\u1ea9y P\/B trung b\u00ecnh ng\u00e0nh t\u1eeb 2,2x l\u00ean kho\u1ea3ng 2,5x. Tuy nhi\u00ean, qu\u00e1 tr\u00ecnh t\u00e1i \u0111\u1ecbnh gi\u00e1 s\u1ebd ph\u00e2n h\u00f3a m\u1ea1nh.<\/p>\n\n\n\n

VNDirect cho r\u1eb1ng nh\u1eefng c\u00f4ng ty ni\u00eam y\u1ebft c\u00f3 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu l\u1edbn, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng v\u1ed1n cao (v\u00ec li\u00ean quan \u0111\u1ebfn kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng cho vay margin, \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu), s\u1edf h\u1eefu th\u1ecb ph\u1ea7n kh\u00e1ch h\u00e0ng t\u1ed1t, c\u00f3 chi\u1ebfn l\u01b0\u1ee3c \u1ee9ng d\u1ee5ng c\u00f4ng ngh\u1ec7 s\u1ed1 v\u00e0 AI hi\u1ec7u qu\u1ea3, t\u1ed1i \u01b0u \u0111\u01b0\u1ee3c chi ph\u00ed v\u00e0 c\u00f3 m\u1ee9c \u0111\u1ecbnh gi\u00e1 P\/B th\u1ea5p h\u01a1n nh\u1eefng c\u00f4ng ty s\u1eafp ni\u00eam y\u1ebft (d\u01b0\u1edbi 3,0x) v\u00e0 ROE \u1ed5n \u0111\u1ecbnh c\u00f3 th\u1ec3 s\u1ebd \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 l\u1ea1i \u1edf m\u1ee9c gi\u00e1 t\u1ed1t h\u01a1n (nh\u01b0 SSI, VND, HCM, VCI).<\/p>\n\n\n\n

M\u1eb7t kh\u00e1c, nh\u1eefng c\u00f4ng ty v\u1ed1n m\u1ecfng, ROE th\u1ea5p, ch\u01b0a \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c v\u1ec1 th\u1ecb ph\u1ea7n s\u1ebd d\u1ec5 b\u1ecb b\u1ecf l\u1ea1i ph\u00eda sau. Qu\u00e1 tr\u00ecnh h\u1ea5p th\u1ee5 \u0111\u1ecbnh gi\u00e1 l\u1ea1i n\u00e0y s\u1ebd \u0111\u01b0\u1ee3c di\u1ec5n ra nhanh ch\u00f3ng, \u0111\u1eb7c bi\u1ec7t khi d\u00f2ng ti\u1ec1n m\u1edbi (nh\u1ea5t l\u00e0 d\u00f2ng v\u1ed1n ngo\u1ea1i sau khi th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng) t\u00ecm ki\u1ebfm c\u00e1c t\u00e0i s\u1ea3n c\u00f3 th\u1ecb ph\u1ea7n t\u1ed1t, chi\u1ebfn l\u01b0\u1ee3c b\u00e0i b\u1ea3n, v\u1ed1n ch\u1ee7 s\u1ee1 h\u1eefu l\u1edbn v\u00e0 \u0111\u1ecbnh gi\u00e1 c\u00f2n h\u1ea5p d\u1eabn.<\/p>\n\n\n\n

<\/p>\n\n\n\n

H\u00e0 Linh<\/p>\n\n\n\n

Nh\u1ecbp S\u1ed1ng Th\u1ecb Tr\u01b0\u1eddng<\/p>\n","protected":false},"excerpt":{"rendered":"

Theo b\u00e1o c\u00e1o ph\u00e2n t\u00edch m\u1edbi \u0111\u00e2y c\u1ee7a VNDirect, m\u1ee9c \u0111\u1ecbnh gi\u00e1 cao c\u1ee7a nh\u00f3m c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u00e0 h\u1ee3p l\u00fd trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd. Sau m\u00f9a b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 3\/2025, b\u1ee9c tranh \u0111\u1ecbnh gi\u00e1 nh\u00f3m c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u00e3 c\u00f3 nh\u1eefng thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3. Trong ph\u1ea1m vi t\u00ednh to\u00e1n 20 c\u1ed5 phi\u1ebfu c\u00f4ng ty ch\u1ee9ng kho\u00e1n tr\u00ean s\u00e0n, P\/B (Price to Book) v\u00e0o kho\u1ea3ng 2,2 l\u1ea7n. Con s\u1ed1 kh\u00f4ng qu\u00e1 cao trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng s\u00f4i \u0111\u1ed9ng v\u00e0 c\u00f3 tri\u1ec3n v\u1ecdng l\u1ea1c quan. <\/p>\n","protected":false},"author":1,"featured_media":3199,"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":[180],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3194"}],"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=3194"}],"version-history":[{"count":2,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3194\/revisions"}],"predecessor-version":[{"id":3200,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3194\/revisions\/3200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media\/3199"}],"wp:attachment":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media?parent=3194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/categories?post=3194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/tags?post=3194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}