(\u0110TCK) B\u00e1o \u0110\u1ea7u t\u01b0 Ch\u1ee9ng kho\u00e1n tr\u00edch b\u00e1o c\u00e1o ph\u00e2n t\u00edch m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu c\u1ea7n quan t\u00e2m tr\u01b0\u1edbc phi\u00ean 13\/4 c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n
Khuy\u1ebfn ngh\u1ecb mua d\u00e0nh cho c\u1ed5 phi\u1ebfu GEX<\/em><\/strong><\/p>\n\n\n\n CTCK BIDV (BSC)<\/em><\/p>\n\n\n\n Tri\u1ec3n v\u1ecdng kinh doanh 2026-2027 \u0111\u1ed1i v\u1edbi C\u00f4ng ty c\u1ed5 ph\u1ea7n T\u1eadp \u0111o\u00e0n Gelex (GEX \u2013 s\u00e0n HOSE): m\u1ea3ng thi\u1ebft b\u1ecb \u0111i\u1ec7n (GEE) d\u01b0 \u0111\u1ecba t\u0103ng th\u1ecb ph\u1ea7n l\u1edbn, h\u01b0\u1edfng l\u1ee3i m\u1ea1nh t\u1eeb ch\u00ednh s\u00e1ch n\u1ed9i \u0111\u1ecba h\u00f3a; m\u1ea3ng v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng (VGC) bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p h\u1ed3i ph\u1ee5c v\u00e0 t\u00e1i c\u1ea5u tr\u00fac h\u01b0\u1edbng \u0111\u1ebfn t\u1ed1i \u01b0u; m\u1ea3ng B\u0110S KCN (VGC, PXL, Titan H\u1ea3i Ph\u00f2ng) h\u1ea1 t\u1ea7ng v\u00e0 ch\u00ednh s\u00e1ch t\u1ea1o c\u01a1 h\u1ed9i thu h\u00fat FDI.<\/p>\n\n\n\n N\u0103m 2026, doanh thu v\u00e0 l\u1ee3i nhu\u1eadn sau thu\u1ebf – c\u1ed5 \u0111\u00f4ng thi\u1ec3u s\u1ed1 d\u1ef1 ph\u00f3ng l\u1ea7n l\u01b0\u1ee3t \u0111\u1ea1t 43.081 t\u1ef7 \u0111\u1ed3ng (t\u0103ng tr\u01b0\u1edfng 9%) v\u00e0 1.201 t\u1ef7 \u0111\u1ed3ng, gi\u1ea3m 19% v\u00e0 gi\u1ea3m 7% n\u1ebfu lo\u1ea1i b\u1ecf kho\u1ea3n b\u1ea5t th\u01b0\u1eddng trong n\u0103m 2025.<\/p>\n\n\n\n N\u0103m 2027, doanh thu v\u00e0 l\u1ee3i nhu\u1eadn sau thu\u1ebf – c\u1ed5 \u0111\u00f4ng thi\u1ec3u s\u1ed1 d\u1ef1 ph\u00f3ng \u0111\u1ea1t 45,844 t\u1ef7 \u0111\u1ed3ng (t\u0103ng tr\u01b0\u1edfng 6%), 1.296 t\u1ef7 \u0111\u1ed3ng (t\u0103ng tr\u01b0\u1edfng 8%). Ch\u00fang t\u00f4i \u0111i\u1ec1u ch\u1ec9nh gi\u1ea3m 19% d\u1ef1 ph\u00f3ng l\u1ee3i nhu\u1eadn sau thu\u1ebf – c\u1ed5 \u0111\u00f4ng thi\u1ec3u s\u1ed1 n\u0103m 2026 so v\u1edbi b\u00e1o c\u00e1o tr\u01b0\u1edbc do: D\u1ef1 \u00e1n kh\u00e1ch s\u1ea1n Fairmont ho\u1ea1t \u0111\u1ed9ng s\u1edbm h\u01a1n d\u1ef1 ki\u1ebfn 1 n\u0103m, l\u00e0m t\u0103ng chi ph\u00ed l\u00e3i vay v\u00e0 kh\u1ea5u hao. C\u00f4ng ty \u0111\u00e3 vay th\u00eam 200 tri\u1ec7u USD trong qu\u00fd I\/2026, tr\u1ef1c ti\u1ebfp t\u0103ng chi ph\u00ed l\u00e3i vay v\u00e0 l\u1ed7 t\u1ef7 gi\u00e1.<\/p>\n\n\n\n Ch\u00fang t\u00f4i gi\u1ea3m 8% gi\u00e1 m\u1ee5c ti\u00eau n\u0103m 2026 t\u1eeb m\u1ee9c 53.200 \u0111\u1ed3ng\/CP xu\u1ed1ng m\u1ee9c 48.800 \u0111\u1ed3ng\/CP v\u1edbi c\u00e1c gi\u1ea3 \u0111\u1ecbnh sau: \u0110i\u1ec1u ch\u1ec9nh t\u0103ng WACC t\u1eeb 10.7% l\u00ean m\u1ee9c 11,6% v\u00e0 c\u00e1c B\u0110S \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee9c cap rate t\u1eeb 6% l\u00ean 9% do m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t \u0111\u00e3 t\u0103ng cao h\u01a1n so v\u1edbi n\u0103m 2025;<\/p>\n\n\n\n \u0110\u1ecbnh gi\u00e1 m\u1ea3ng v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng t\u0103ng 50% \u0111\u1ecbnh gi\u00e1 t\u1eeb 8.300 t\u1ef7 \u0111\u1ed3ng l\u00ean 12.482 t\u1ef7 \u0111\u1ed3ng, v\u1edbi gi\u1ea3 \u0111\u1ecbnh thu\u1ebf ch\u1ed1ng b\u00e1n ph\u00e1 gi\u00e1 k\u00ednh x\u00e2y d\u1ef1ng gi\u00fap t\u0103ng bi\u00ean g\u1ed9p m\u1ea3ng n\u00e0y 2 \u0111i\u1ec3m % v\u00e0 t\u00e1i c\u01a1 c\u1ea5u doanh nghi\u1ec7p gi\u00fap gi\u1ea3m 0,7 \u0111i\u1ec3m% t\u1ef7 l\u1ec7 SGA\/doanh thu;<\/p>\n\n\n\n B\u1ed5 sung 2.800 t\u1ef7 \u0111\u1ed3ng gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a 2 c\u00f4ng ty con l\u00e0 Titan H\u1ea3i Ph\u00f2ng (B\u0110S KCN) v\u00e0 FIH (d\u1ef1 \u00e1n nh\u00e0 \u1edf th\u01b0\u01a1ng m\u1ea1i 226 L\u00ea Lai, H\u1ea3i Ph\u00f2ng). Trong qu\u00fd I\/2026, GEL ho\u00e0n th\u00e0nh huy \u0111\u1ed9ng 2.800 t\u1ef7 \u0111\u1ed3ng t\u1eeb IPO \u0111\u1ec3 g\u00f3p v\u1ed1n 2 c\u00f4ng ty k\u1ec3 tr\u00ean.<\/p>\n\n\n\n Tuy nhi\u00ean, trong \u0111\u1ee3t t\u0103ng IPO t\u0103ng v\u1ed1n c\u1ee7a GEL di\u1ec5n ra qu\u00fd IV\/2025, GEX kh\u00f4ng \u0111\u0103ng k\u00fd mua d\u1eabn \u0111\u1ebfn t\u1ef7 l\u1ec7 s\u1edf h\u1eefu t\u1ea1i GEL gi\u1ea3m t\u1eeb 80% xu\u1ed1ng m\u1ee9c 70%.<\/p>\n\n\n\n M\u1eb7c d\u00f9 \u0111i\u1ec1u ch\u1ec9nh gi\u1ea3m 8% \u0111\u1ecbnh gi\u00e1, tuy nhi\u00ean, gi\u00e1 c\u1ed5 phi\u1ebfu c\u0169ng \u0111\u00e3 gi\u1ea3m 38% t\u1eeb \u0111\u1ec9nh g\u1ea7n nh\u1ea5t m\u1edf ra c\u01a1 h\u1ed9i mua c\u1ed5 phi\u1ebfu GEX v\u1edbi gi\u00e1 m\u1ee5c ti\u00eau n\u0103m 2026 \u0111\u1ea1t 48.800 \u0111\u1ed3ng\/CP, upside 23% (so v\u1edbi gi\u00e1 tham chi\u1ebfu ng\u00e0y 10\/04\/2026) d\u1ef1a tr\u00ean ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 t\u1eebng ph\u1ea7n. D\u1ef1 ph\u00f3ng l\u1ee3i nhu\u1eadn sau thu\u1ebf – c\u1ed5 \u0111\u00f4ng thi\u1ec3u s\u1ed1 2026 \u0111\u1ea1t 1.201 t\u1ef7 \u0111\u1ed3ng (gi\u1ea3m 19%), c\u1ed5 phi\u1ebfu \u0111ang giao d\u1ecbch \u1edf m\u1ee9c P\/E FW 2026 l\u00e0 30.2x, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi trung b\u00ecnh 2021 \u2013 2025.<\/p>\n\n\n\n Khuy\u1ebfn ngh\u1ecb t\u0103ng t\u1ef7 tr\u1ecdng d\u00e0nh cho c\u1ed5 phi\u1ebfu MSR<\/em><\/strong><\/p>\n\n\n\n CTCK Agriseco (AGR)<\/em><\/p>\n\n\n\n CTCP Masan High-Tech Materials (UPCOM: MSR) m\u1edbi \u0111\u00e2y \u0111\u00e3 c\u00f4ng b\u1ed1 t\u00e0i li\u1ec7u \u0110HC\u0110 th\u01b0\u1eddng ni\u00ean 2026 v\u1edbi nhi\u1ec1u th\u00f4ng tin \u0111\u00e1ng ch\u00fa \u00fd. Theo \u0111\u00f3, MSR \u0111\u1eb7t k\u1ebf ho\u1ea1ch kinh doanh v\u1edbi 2 k\u1ecbch b\u1ea3n. Trong k\u1ecbch b\u1ea3n th\u1ea5p, doanh thu thu\u1ea7n d\u1ef1 ki\u1ebfn \u0111\u1ea1t 16.000 t\u1ef7 \u0111\u1ed3ng, l\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ea1t 1.700 t\u1ef7 \u0111\u1ed3ng. Trong k\u1ecbch b\u1ea3n cao, doanh thu thu\u1ea7n d\u1ef1 ki\u1ebfn \u0111\u1ea1t 20.300 t\u1ef7 \u0111\u1ed3ng v\u00e0 l\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ea1t 2.500 t\u1ef7 \u0111\u1ed3ng. C\u00e1c k\u1ecbch b\u1ea3n \u0111\u1ec1 ra \u0111\u1ec1u t\u0103ng tr\u01b0\u1edfng m\u1ea1nh so v\u1edbi k\u1ebft qu\u1ea3 th\u1ef1c hi\u1ec7n 2025. C\u00f4ng ty gi\u1eef nguy\u00ean l\u1ee3i nhu\u1eadn sau thu\u1ebf c\u1ed5 \u0111\u00f4ng c\u00f4ng ty m\u1eb9 kh\u00f4ng chia c\u1ed5 t\u1ee9c v\u00e0 d\u1ef1 ki\u1ebfn ph\u00e1t h\u00e0nh g\u1ea7n 11 tri\u1ec7u c\u1ed5 phi\u1ebfu ESOP v\u1edbi m\u1ee9c gi\u00e1 15.000 \u0111\u1ed3ng\/cp.<\/p>\n\n\n\n Tri\u1ec3n v\u1ecdng c\u00e1c m\u1ea3ng kinh doanh c\u1ee7a MSR: M\u1ea3ng vonfram: \u0110\u00e2y hi\u1ec7n l\u00e0 m\u1ea3ng kinh doanh ch\u1ee7 l\u1ef1c c\u1ee7a MSR, \u0111\u00f3ng g\u00f3p kho\u1ea3ng 60% t\u1ed5ng doanh thu. Tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng duy tr\u00ec t\u00edch c\u1ef1c khi nhu c\u1ea7u to\u00e0n c\u1ea7u gia t\u0103ng, \u0111\u1eb7c bi\u1ec7t t\u1eeb c\u00e1c ng\u00e0nh c\u00f4ng ngh\u1ec7 cao, trong khi ngu\u1ed3n cung b\u1ecb th\u1eaft ch\u1eb7t do Trung Qu\u1ed1c \u2013 qu\u1ed1c gia chi ph\u1ed1i ph\u1ea7n l\u1edbn s\u1ea3n l\u01b0\u1ee3ng \u2013 si\u1ebft ch\u1eb7t ki\u1ec3m so\u00e1t xu\u1ea5t kh\u1ea9u. Gi\u00e1 vonfram hi\u1ec7n t\u1ea1i \u0111\u00e3 t\u0103ng h\u01a1n g\u1ea5p \u0111\u00f4i so v\u1edbi \u0111\u1ea7u n\u0103m, dao \u0111\u1ed9ng quanh ng\u01b0\u1ee1ng 2.000 USD\/MTU v\u00e0 d\u1ef1 ki\u1ebfn duy tr\u00ec \u1edf m\u1ee9c cao trong th\u1eddi gian t\u1edbi. V\u1edbi v\u1ecb th\u1ebf l\u00e0 m\u1ed9t trong nh\u1eefng nh\u00e0 cung c\u1ea5p l\u1edbn ngo\u00e0i Trung Qu\u1ed1c, MSR \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng h\u01b0\u1edfng l\u1ee3i t\u1eeb xu h\u01b0\u1edbng gi\u00e1 v\u00e0 s\u1ef1 thi\u1ebfu h\u1ee5t ngu\u1ed3n cung.<\/p>\n\n\n\n M\u1ea3ng \u0111\u1ed3ng: Gi\u00e1 b\u00e1n \u0111\u1ed3ng hi\u1ec7n t\u1ea1i t\u0103ng kho\u1ea3ng 20%. \u0110\u00e0 t\u0103ng n\u00e0y \u0111\u1ebfn t\u1eeb ngu\u1ed3n cung gi\u00e1n \u0111o\u1ea1n k\u00e9o d\u00e0i v\u00e0 ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1 t\u1ea1i th\u1ecb tr\u01b0\u1eddng M\u1ef9. Theo d\u1ef1 b\u00e1o c\u1ee7a Goldman Sachs, gi\u00e1 \u0111\u1ed3ng v\u1eabn duy tr\u00ec cao trong n\u1eeda \u0111\u1ea7u n\u0103m 2026, tr\u01b0\u1edbc khi c\u00f3 th\u1ec3 h\u1ea1 nhi\u1ec7t khi M\u1ef9 l\u00e0m r\u00f5 ch\u00ednh s\u00e1ch nh\u1eadp kh\u1ea9u \u0111\u1ed3ng. Ch\u00fang t\u00f4i k\u1ef3 v\u1ecdng l\u00e3i g\u1ed9p m\u1ea3ng \u0111\u1ed3ng n\u0103m 2026 t\u0103ng kho\u1ea3ng 25% so v\u1edbi n\u0103m tr\u01b0\u1edbc nh\u1edd gi\u00e1 cao v\u00e0 s\u1ea3n l\u01b0\u1ee3ng ph\u1ee5c h\u1ed3i.<\/p>\n\n\n\n M\u1ea3ng florit: Gi\u00e1 florit b\u00ecnh qu\u00e2n n\u0103m 2025 duy tr\u00ec xu h\u01b0\u1edbng \u0111i ngang, trong khi m\u1eb7t b\u1eb1ng gi\u00e1 hi\u1ec7n t\u1ea1i \u0111\u00e3 t\u0103ng kho\u1ea3ng 4% so v\u1edbi cu\u1ed1i n\u0103m. Trong ng\u1eafn h\u1ea1n, gi\u00e1 \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng v\u1eadn \u0111\u1ed9ng theo xu h\u01b0\u1edbng t\u0103ng nh\u1eb9 nh\u1edd ngu\u1ed3n cung ti\u1ebfp t\u1ee5c b\u1ecb ki\u1ec3m so\u00e1t ch\u1eb7t t\u1eeb Trung Qu\u1ed1c, trong khi nhu c\u1ea7u duy tr\u00ec \u1ed5n \u0111\u1ecbnh, \u0111\u1eb7c bi\u1ec7t t\u1eeb c\u00e1c ng\u00e0nh h\u00f3a ch\u1ea5t v\u00e0 s\u1ea3n xu\u1ea5t v\u1eadt li\u1ec7u ph\u1ee5c v\u1ee5 chu\u1ed7i gi\u00e1 tr\u1ecb xe \u0111i\u1ec7n.<\/p>\n\n\n\n K\u1ebf ho\u1ea1ch chuy\u1ec3n s\u00e0n t\u1eeb UPCoM l\u00ean HOSE: N\u0103m 2026, MSR c\u0169ng l\u00ean k\u1ebf ho\u1ea1ch h\u1ee7y \u0111\u0103ng k\u00fd giao d\u1ecbch c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n UPCoM \u0111\u1ec3 ni\u00eam y\u1ebft tr\u00ean s\u00e0n HOSE. T\u1eadp \u0111o\u00e0n Masan c\u0169ng \u0111\u00e3 c\u00f4ng b\u1ed1 ngh\u1ecb quy\u1ebft v\u1ec1 vi\u1ec7c tho\u00e1i t\u1ed1i \u0111a 5% v\u1ed1n t\u1ea1i MSR nh\u1eb1m t\u0103ng t\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng, gi\u00fap MSR \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n tr\u1edf th\u00e0nh c\u00f4ng ty \u0111\u1ea1i ch\u00fang v\u00e0 chu\u1ea9n b\u1ecb cho qu\u00e1 tr\u00ecnh chuy\u1ec3n s\u00e0n. \u0110i\u1ec1u n\u00e0y s\u1ebd gi\u00fap MSR c\u1ea3i thi\u1ec7n t\u00ednh minh b\u1ea1ch, gia t\u0103ng thanh kho\u1ea3n v\u00e0 m\u1edf r\u1ed9ng t\u1ec7p nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u1eb7c bi\u1ec7t l\u00e0 d\u00f2ng v\u1ed1n t\u1ed5 ch\u1ee9c v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i.<\/p>\n\n\n\n K\u1ebft qu\u1ea3 kinh doanh c\u1ee7a MSR ghi nh\u1eadn s\u1ef1 c\u1ea3i thi\u1ec7n r\u00f5 r\u1ec7t trong n\u0103m 2025. B\u01b0\u1edbc sang n\u0103m 2026, doanh nghi\u1ec7p \u0111\u1eb7t k\u1ebf ho\u1ea1ch t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c c\u00f9ng k\u1ef3 v\u1ecdng ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n HOSE. Agriseco Research khuy\u1ebfn ngh\u1ecb t\u0103ng t\u1ef7 tr\u1ecdng c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 m\u1ee5c ti\u00eau l\u00e0 56.000 \u0111\u1ed3ng\/cp (upside 16% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i).<\/p>\n\n\n\n PVS v\u00e0 PVT l\u00e0 2 c\u1ed5 phi\u1ebfu th\u00edch h\u1ee3p \u0111\u1ec3 \u0111\u1ea7u t\u01b0 giai \u0111o\u1ea1n n\u00e0y<\/em><\/strong><\/p>\n\n\n\n CTCK MB (MBS)<\/em><\/p>\n\n\n\n Gi\u00e1 d\u1ea7u \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd chuy\u1ec3n sang tr\u1ea1ng th\u00e1i bi\u1ebfn \u0111\u1ed9ng cao theo th\u00f4ng tin \u0111\u00e0m ph\u00e1n, v\u1edbi m\u1eb7t b\u1eb1ng gi\u00e1 duy tr\u00ec \u1edf m\u1ee9c cao t\u01b0\u01a1ng \u0111\u1ed1i trong ng\u1eafn h\u1ea1n, thay v\u00ec quay tr\u1edf l\u1ea1i v\u00f9ng th\u1ea5p tr\u01b0\u1edbc xung \u0111\u1ed9t. V\u1edbi gi\u00e1 d\u1ea7u neo cao, ch\u00fang t\u00f4i d\u1ef1 ph\u00f3ng h\u1ea7u h\u1ebft c\u00e1c doanh nghi\u1ec7p d\u1ea7u kh\u00ed n\u1ed9i \u0111\u1ecba \u0111\u1ec1u s\u1ebd h\u01b0\u1edfng l\u1ee3i trong qu\u00fd I\/2026 v\u1edbi l\u01b0\u1ee3ng backlog d\u1ef1 \u00e1n v\u00e0 gi\u00e1 b\u00e1n s\u1ea3n ph\u1ea9m t\u0103ng cao.<\/p>\n\n\n\n Ch\u00fang t\u00f4i \u01b0u ti\u00ean l\u1ef1a ch\u1ecdn c\u00e1c doanh nghi\u1ec7p d\u1ea7u kh\u00ed c\u00f3 (1) \u0111\u1ecbnh gi\u00e1 th\u1ea5p v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 c\u00f2n nhi\u1ec1u, (2) h\u01b0\u1edfng l\u1ee3i t\u1eeb gi\u00e1 d\u1ea7u t\u0103ng cao v\u00e0 (3) kh\u00f4ng b\u1ecb \u1ea3nh h\u01b0\u1edfng qu\u00e1 l\u1edbn t\u1eeb gi\u00e1n \u0111o\u1ea1n ngu\u1ed3n cung d\u1ea7u. D\u1ef1a tr\u00ean 3 y\u1ebfu t\u1ed1 tr\u00ean, ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 PVS v\u00e0 PVT l\u00e0 2 c\u1ed5 phi\u1ebfu th\u00edch h\u1ee3p \u0111\u1ec3 \u0111\u1ea7u t\u01b0 giai \u0111o\u1ea1n n\u00e0y.<\/p>\n\n\n\n Khuy\u1ebfn ngh\u1ecb mua d\u00e0nh cho c\u1ed5 phi\u1ebfu MCH<\/em><\/strong><\/p>\n\n\n\n CTCK Ph\u00fa H\u01b0ng (PHS)<\/em><\/p>\n\n\n\n Sau khi ch\u1ee9ng ki\u1ebfn m\u1ee9c s\u1ee5t gi\u1ea3m v\u1ec1 k\u1ebft qu\u1ea3 kinh doanh do gi\u00e1n \u0111o\u1ea1n chung c\u1ee7a k\u00eanh GT trong n\u0103m 2025, k\u1ebft qu\u1ea3 kinh doanh 2 th\u00e1ng \u0111\u1ea7u n\u0103m 2026 c\u1ee7a CTCP H\u00e0ng ti\u00eau d\u00f9ng Masan (MCH \u2013 s\u00e0n HOSE) \u0111\u00e3 ghi nh\u1eadn m\u1ee9c ph\u1ee5c h\u1ed3i r\u00f5 r\u1ec7t, cho th\u1ea5y hi\u1ec7u qu\u1ea3 ban \u0111\u1ea7u c\u1ee7a m\u00f4 h\u00ecnh Retail Supreme.<\/p>\n\n\n\n C\u1ee5 th\u1ec3, doanh thu t\u0103ng 15,2% \u0111\u1ea1t 5.160 t\u1ef7 \u0111\u1ed3ng, m\u1ee9c t\u0103ng tr\u01b0\u1edfng \u0111\u01b0\u1ee3c \u0111\u00f3ng g\u00f3p b\u1edfi ng\u00e0nh h\u00f3a m\u1ef9 ph\u1ea9m (t\u0103ng tr\u01b0\u1edfng 27,7%), gia v\u1ecb (t\u0103ng tr\u01b0\u1edfng 22,8%) v\u00e0 th\u1ef1c ph\u1ea9m ti\u1ec7n l\u1ee3i (t\u0103ng tr\u01b0\u1edfng 10,3%).<\/p>\n\n\n\n MCH l\u00e0 doanh nghi\u1ec7p d\u1eabn \u0111\u1ea7u ng\u00e0nh h\u00e0ng ti\u00eau d\u00f9ng t\u1ea1i Vi\u1ec7t Nam, s\u1edf h\u1eefu h\u1ec7 sinh th\u00e1i th\u01b0\u01a1ng hi\u1ec7u m\u1ea1nh, th\u1ecb ph\u1ea7n d\u1eabn \u0111\u1ea7u, danh m\u1ee5c s\u1ea3n ph\u1ea9m \u0111a d\u1ea1ng \u0111\u00e1p \u1ee9ng m\u1ecdi nhu c\u1ea7u thi\u1ebft y\u1ebfu. Ch\u00fang t\u00f4i k\u1ef3 v\u1ecdng MCH s\u1ebd ti\u1ebfp t\u1ee5c duy tr\u00ec \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng v\u00e0 v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi ng\u00e0nh, nh\u1edd h\u1ec7 th\u1ed1ng ph\u00e2n ph\u1ed1i \u0111\u1ed9c nh\u1ea5t, n\u0103ng l\u1ef1c R&D, qu\u1ea3ng b\u00e1 th\u01b0\u01a1ng hi\u1ec7u m\u1ea1nh m\u1ebd c\u00f9ng v\u1edbi chi\u1ebfn l\u01b0\u1ee3c cao c\u1ea5p h\u00f3a s\u1ea3n ph\u1ea9m v\u00e0 m\u1edf r\u1ed9ng ra th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf.<\/p>\n\n\n\n Vi\u1ec7c ni\u00eam y\u1ebft l\u00ean HOSE v\u00e0o th\u00e1ng 12\/2025 s\u1ebd m\u1edf ra c\u01a1 h\u1ed9i b\u1ed5 sung v\u00e0o c\u00e1c r\u1ed5 ch\u1ec9 s\u1ed1, thu h\u00fat d\u00f2ng v\u1ed1n m\u1edbi; c\u00f9ng v\u1edbi ch\u00ednh s\u00e1ch chi tr\u1ea3 c\u1ed5 t\u1ee9c cao c\u0169ng l\u00e0 y\u1ebfu t\u1ed1 h\u1ea5p d\u1eabn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n Cho n\u0103m 2026F\/2027F, ch\u00fang t\u00f4i d\u1ef1 ph\u00f3ng MCH s\u1ebd ghi nh\u1eadn doanh thu thu\u1ea7n l\u1ea7n l\u01b0\u1ee3t t\u0103ng 11,2%\/8,7% \u0111\u1ea1t 33.977\/36.934 t\u1ef7 \u0111\u1ed3ng. S\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p DCF v\u00e0 P\/E, ch\u00fang t\u00f4i \u01b0\u1edbc t\u00ednh gi\u00e1 h\u1ee3p l\u00fd \u0111\u1ed1i v\u1edbi MCH l\u00e0 177.200 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu. Do \u0111\u00f3, ch\u00fang t\u00f4i \u0111\u01b0a ra khuy\u1ebfn ngh\u1ecb mua v\u1edbi m\u1ee9c t\u0103ng gi\u00e1 ti\u1ec1m n\u0103ng l\u00e0 25%<\/p>",
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