{"id":47530,"date":"2025-09-06T04:54:04","date_gmt":"2025-09-05T21:54:04","guid":{"rendered":"https:\/\/hbbgroup.net\/dinh-gia-nganh-chung-khoan-khong-con-re-nhung-tang-von-van-la-con-duong-song-con\/"},"modified":"2025-09-06T04:54:04","modified_gmt":"2025-09-05T21:54:04","slug":"dinh-gia-nganh-chung-khoan-khong-con-re-nhung-tang-von-van-la-con-duong-song-con","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/dinh-gia-nganh-chung-khoan-khong-con-re-nhung-tang-von-van-la-con-duong-song-con\/","title":{"rendered":"\u0110\u1ecbnh gi\u00e1 ng\u00e0nh ch\u1ee9ng kho\u00e1n kh\u00f4ng c\u00f2n r\u1ebb nh\u01b0ng t\u0103ng v\u1ed1n v\u1eabn l\u00e0 con \u0111\u01b0\u1eddng s\u1ed1ng c\u00f2n"},"content":{"rendered":"
\n

\u0110\u1ecbnh gi\u00e1 ng\u00e0nh ch\u1ee9ng kho\u00e1n kh\u00f4ng c\u00f2n r\u1ebb nh\u01b0ng t\u0103ng v\u1ed1n v\u1eabn l\u00e0 con \u0111\u01b0\u1eddng s\u1ed1ng c\u00f2n<\/p>\n

S\u00f3ng ng\u00e0nh ch\u1ee9ng kho\u00e1n \u0111ang \u0111\u1ed3ng h\u00e0nh v\u1edbi nh\u1eefng b\u01b0\u1edbc v\u01b0\u1ee3t k\u1ef7 l\u1ee5c c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. M\u1ee9c \u0111\u1ecbnh gi\u00e1 c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu ng\u00e0nh ch\u1ee9ng kho\u00e1n c\u0169ng kh\u00f4ng c\u00f2n r\u1ebb, nh\u01b0ng vi\u1ec7c t\u0103ng v\u1ed1n v\u1eabn l\u00e0 ngu\u1ed3n l\u1ef1c then ch\u1ed1t gi\u00fap c\u00e1c doanh nghi\u1ec7p ganh \u0111ua \u0111\u00f3n s\u00f3ng n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng v\u00e0 tri\u1ec3n khai t\u00e0i s\u1ea3n s\u1ed1. <\/p>\n

Nhi\u1ec1u c\u1ed5 phi\u1ebfu ch\u1ee9ng kho\u00e1n t\u0103ng b\u1eb1ng l\u1ea7n, \u0111\u1ecbnh gi\u00e1 kh\u00f4ng c\u00f2n r\u1ebb<\/p>\n

V\u1edbi nh\u1eefng b\u01b0\u1edbc ti\u1ebfn \u1ea5n t\u01b0\u1ee3ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n g\u1ea7n \u0111\u00e2y, nh\u00f3m c\u1ed5 phi\u1ebfu ng\u00e0nh ch\u1ee9ng kho\u00e1n \u0111\u00e3 th\u1ec3 hi\u1ec7n r\u00f5 vai tr\u00f2 d\u1eabn s\u00f3ng khi h\u00e0ng lo\u1ea1t m\u00e3 ghi nh\u1eadn m\u1ee9c t\u0103ng gi\u00e1 \u1ea5n t\u01b0\u1ee3ng. <\/p>\n

N\u1ed5i b\u1eadt nh\u1ea5t l\u00e0 CTCP Ch\u1ee9ng kho\u00e1n VIX<\/a> (VIX<\/span>) \u0111\u00e3 t\u0103ng h\u01a1n 3 l\u1ea7n, CTCP Ch\u1ee9ng kho\u00e1n S\u00e0i G\u00f2n \u2013 H\u00e0 N\u1ed9i (SHS<\/a>) t\u0103ng 122%, CTCP Ch\u1ee9ng kho\u00e1n VNDirect (VND<\/a>) t\u0103ng g\u1ea5p \u0111\u00f4i, CTCP Ch\u1ee9ng kho\u00e1n APS<\/a> (APS<\/span>) t\u0103ng 84.6%… Di\u1ec5n bi\u1ebfn n\u00e0y ph\u1ea3n \u00e1nh s\u1ef1 h\u01b0ng ph\u1ea5n m\u1ea1nh m\u1ebd c\u1ee7a d\u00f2ng ti\u1ec1n, c\u00f9ng k\u1ef3 v\u1ecdng l\u1edbn v\u00e0o c\u00e1c c\u00e2u chuy\u1ec7n n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng v\u00e0 tri\u1ec3n khai t\u00e0i s\u1ea3n s\u1ed1.<\/p>\n

<\/p>\n

C\u00e1c c\u1ed5 phi\u1ebfu VIX<\/span>, SHS<\/span> \u0111\u00e3 t\u0103ng b\u1eb1ng l\u1ea7n c\u00f2n VND<\/span> \u0111\u00e3 t\u0103ng 97.3% t\u1edbi h\u1ebft phi\u00ean giao d\u1ecbch 12\/8.<\/p>\n<\/p><\/div>\n

Tuy nhi\u00ean, theo c\u00e1c chuy\u00ean gia, m\u1ee9c \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i \u0111\u00e3 ti\u1ec7m c\u1eadn v\u00f9ng kh\u00f4ng c\u00f2n r\u1ebb. \u00d4ng B\u00f9i V\u0103n Huy, Gi\u00e1m \u0111\u1ed1c Nghi\u00ean c\u1ee9u FIDT nh\u1eadn \u0111\u1ecbnh: \u201cSo v\u1edbi m\u1eb7t b\u1eb1ng P\/B (Price to Book \u2013 gi\u00e1 tr\u00ean gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch) trung b\u00ecnh l\u1ecbch s\u1eed, nh\u00f3m ch\u1ee9ng kho\u00e1n \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 cao h\u01a1n kh\u00e1 nhi\u1ec1u. \u0110\u1ecbnh gi\u00e1 kh\u00f4ng c\u00f2n r\u1ebb nh\u01b0ng nh\u1eefng c\u00e2u chuy\u1ec7n k\u1ef3 v\u1ecdng l\u1ea1i l\u00e0 \u0111i\u1ec3m nh\u1ea5n l\u1edbn nh\u1ea5t c\u1ee7a nh\u00f3m ch\u1ee9ng kho\u00e1n nh\u01b0 n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng, th\u00ed \u0111i\u1ec3m s\u00e0n giao d\u1ecbch t\u00e0i s\u1ea3n s\u1ed1.\u201d<\/p>\n

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C\u00f9ng quan \u0111i\u1ec3m, \u00f4ng Nguy\u1ec5n Anh Khoa, Tr\u01b0\u1edfng ph\u00f2ng Ph\u00e2n t\u00edch v\u00e0 T\u01b0 v\u1ea5n \u0111\u1ea7u t\u01b0 c\u1ee7a CTCP Ch\u1ee9ng kho\u00e1n Agribank<\/a> (Agriseco), cho bi\u1ebft P\/B c\u1ee7a nh\u00f3m ng\u00e0nh hi\u1ec7n h\u01a1n 2 l\u1ea7n, cao h\u01a1n m\u1ee9c trung b\u00ecnh 1,5 l\u1ea7n trong 5 n\u0103m g\u1ea7n \u0111\u00e2y. Ngo\u00e0i c\u00e1c \u0111\u1ed9ng l\u1ef1c n\u00e2ng h\u1ea1ng v\u00e0 t\u00e0i s\u1ea3n s\u1ed1, nh\u00f3m ch\u1ee9ng kho\u00e1n \u0111ang duy tr\u00ec d\u01b0 n\u1ee3 k\u00fd qu\u1ef9 \u1edf m\u1ee9c an to\u00e0n trong b\u1ed1i c\u1ea3nh thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng b\u00f9ng n\u1ed5. \u201c\u0110\u00e2y l\u00e0 ti\u1ec1n \u0111\u1ec1 \u0111\u1ec3 \u0111\u1ea9y m\u1ea1nh c\u00e1c tr\u1ee5 c\u1ed9t kh\u00e1c nh\u01b0 ho\u1ea1t \u0111\u1ed9ng IPO (ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang) v\u00e0 M&A (mua b\u00e1n, s\u00e1p nh\u1eadp), t\u1ea1o \u0111\u1ed9ng l\u1ef1c thu h\u00fat d\u00f2ng v\u1ed1n ngo\u1ea1i\u201d, \u00f4ng Khoa nh\u1ea5n m\u1ea1nh. <\/p>\n

T\u01b0\u01a1ng t\u1ef1, \u00f4ng Nguy\u1ec5n Th\u1ebf Minh, Gi\u00e1m \u0111\u1ed1c Kh\u1ed1i Nghi\u00ean c\u1ee9u v\u00e0 Ph\u00e1t tri\u1ec3n kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n c\u1ee7a Ch\u1ee9ng kho\u00e1n Yuanta Vi\u1ec7t Nam c\u0169ng cho r\u1eb1ng sau nh\u1eefng k\u1ebft qu\u1ea3 t\u00edch c\u1ef1c nh\u1edd \u0111\u00f3ng g\u00f3p t\u1eeb ho\u1ea1t \u0111\u1ed9ng t\u1ef1 doanh v\u00e0 cho vay k\u00fd qu\u1ef9 trong c\u00e1c qu\u00fd v\u1eeba qua, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng n\u00ean ch\u00fa \u00fd \u0111\u1ebfn ngu\u1ed3n thu t\u1eeb ho\u1ea1t \u0111\u1ed9ng IB (Investment Banking \u2013 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0) c\u1ee7a c\u00e1c CTCK, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c c\u00f4ng ty quy m\u00f4 l\u1edbn.<\/p>\n

T\u0103ng v\u1ed1n v\u1eabn l\u00e0 y\u00eau c\u1ea7u s\u1ed1ng c\u00f2n <\/p>\n

C\u00e2u chuy\u1ec7n t\u0103ng v\u1ed1n kh\u00f4ng h\u1ec1 m\u1edbi trong v\u00e0i n\u0103m tr\u1edf l\u1ea1i \u0111\u00e2y \u0111\u1ed1i v\u1edbi nh\u00f3m ch\u1ee9ng kho\u00e1n. Tuy nhi\u00ean, \u1edf v\u00f9ng \u0111\u1ecbnh gi\u00e1 \u0111\u00e3 cao, th\u1ecb tr\u01b0\u1eddng v\u1eabn ch\u1ee9ng ki\u1ebfn ho\u1ea1t \u0111\u1ed9ng n\u00e0y ch\u01b0a c\u00f3 d\u1ea5u hi\u1ec7u h\u1ea1 nhi\u1ec7t.<\/p>\n

Sau khi ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb \u0111\u1ea7u n\u0103m 2025, CTCP Ch\u1ee9ng kho\u00e1n K\u1ef9 Th\u01b0\u01a1ng (TCBS<\/a>) \u0111ang tri\u1ec3n khai \u0111\u1ee3t IPO m\u1edbi v\u1edbi m\u1ee5c ti\u00eau n\u00e2ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 l\u00ean tr\u00ean 23.000 t\u1ef7 \u0111\u1ed3ng v\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u00f3 th\u1ec3 v\u01b0\u1ee3t 40.000 t\u1ef7 \u0111\u1ed3ng, kh\u1eb3ng \u0111\u1ecbnh quy\u1ebft t\u00e2m gi\u1eef v\u1ecb tr\u00ed top \u0111\u1ea7u ng\u00e0nh v\u1ec1 quy m\u00f4 v\u1ed1n. Kho\u1ea3ng c\u00e1ch gi\u1eefa TCBS<\/span> v\u1edbi ph\u1ea7n c\u00f2n l\u1ea1i khi\u1ebfn \u00e1p l\u1ef1c c\u1ea1nh tranh ng\u00e0y c\u00e0ng r\u00f5 r\u1ec7t.<\/p>\n

<\/p>\n

CTCP Ch\u1ee9ng kho\u00e1n TP.HCM<\/span> (HSC<\/a>) c\u0169ng \u0111ang g\u1ea5p r\u00fat ho\u00e0n t\u1ea5t \u0111\u1ee3t t\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 l\u00ean tr\u00ean 10.000 t\u1ef7 \u0111\u1ed3ng, \u0111\u1ec3 m\u1edf r\u1ed9ng d\u01b0 n\u1ee3 cho vay. D\u1ef1 ki\u1ebfn, HSC<\/span> s\u1ebd ho\u00e0n t\u1ea5t trong th\u00e1ng 9\/2025.<\/p>\n

Trong khi \u0111\u00f3, CTCP Ch\u1ee9ng kho\u00e1n SSI<\/a> v\u1edbi tham v\u1ecdng b\u01b0\u1edbc v\u00e0o l\u0129nh v\u1ef1c t\u00e0i s\u1ea3n s\u1ed1, c\u00f3 th\u1ec3 c\u0169ng kh\u00f4ng n\u1eb1m ngo\u00e0i cu\u1ed9c \u0111ua quy m\u00f4 n\u0103m 2025. <\/p>\n

M\u1edbi \u0111\u00e2y, SSI<\/span> c\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch t\u1ed5 ch\u1ee9c \u0110\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng b\u1ea5t th\u01b0\u1eddng v\u00e0o ng\u00e0y 25\/9\/2025. D\u00f9 n\u1ed9i dung cu\u1ed9c h\u1ecdp ch\u01b0a \u0111\u01b0\u1ee3c ti\u1ebft l\u1ed9, gi\u1edbi ph\u00e2n t\u00edch cho r\u1eb1ng t\u0103ng v\u1ed1n nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd l\u00e0 tr\u1ecdng t\u00e2m, \u0111\u1eb7c bi\u1ec7t khi c\u00e1c \u0111\u1ed1i th\u1ee7 \u0111ang b\u1ee9t t\u1ed1c m\u1ea1nh m\u1ebd.<\/p>\n

Kh\u00f4ng ch\u1ec9 c\u00e1c \u00f4ng l\u1edbn, h\u00e0ng lo\u1ea1t CTCK quy m\u00f4 nh\u1ecf h\u01a1n nh\u01b0 CTCP Ch\u1ee9ng kho\u00e1n R\u1ed3ng Vi\u1ec7t (VDS<\/a>), CTCP Ch\u1ee9ng kho\u00e1n MB (MBS<\/a>), CTCP Ch\u1ee9ng kho\u00e1n KAFI<\/a> (KAFI<\/span>)\u2026 c\u0169ng \u0111\u00e3 ho\u1eb7c \u0111ang chu\u1ea9n b\u1ecb tri\u1ec3n khai k\u1ebf ho\u1ea1ch t\u0103ng v\u1ed1n \u0111\u1ec3 n\u00e2ng s\u1ee9c c\u1ea1nh tranh. <\/p>\n

Nh\u00ecn chung, trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 quy m\u00f4 v\u1ed1n l\u00e0 ch\u00eca kh\u00f3a duy tr\u00ec s\u1ee9c m\u1ea1nh, \u0111\u1ee3t s\u00f3ng t\u0103ng v\u1ed1n kh\u00f3 d\u1eebng l\u1ea1i trong ng\u1eafn h\u1ea1n. Khi c\u00e1c \u201c\u00f4ng l\u1edbn\u201d v\u1eabn quy\u1ebft li\u1ec7t m\u1edf r\u1ed9ng n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh, c\u00e1c doanh nghi\u1ec7p c\u00f2n l\u1ea1i bu\u1ed9c ph\u1ea3i nh\u1eadp cu\u1ed9c n\u1ebfu kh\u00f4ng mu\u1ed1n b\u1ecb thu h\u1eb9p th\u1ecb ph\u1ea7n. \u00d4ng B\u00f9i V\u0103n Huy l\u01b0u \u00fd r\u1eb1ng nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n \u0111\u00e1nh gi\u00e1 k\u1ef9 c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n, \u0111\u1eb7c bi\u1ec7t l\u00e0 nguy c\u01a1 pha lo\u00e3ng ROE (Return on Equity \u2013 l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu) n\u1ebfu vi\u1ec7c t\u0103ng v\u1ed1n kh\u00f4ng g\u1eafn v\u1edbi chi\u1ebfn l\u01b0\u1ee3c s\u1eed d\u1ee5ng hi\u1ec7u qu\u1ea3.<\/p>\n

Qu\u00e2n Mai<\/a><\/p>\n

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

– 07:30 14\/08\/2025<\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

\u0110\u1ecbnh gi\u00e1 ng\u00e0nh ch\u1ee9ng kho\u00e1n kh\u00f4ng c\u00f2n r\u1ebb nh\u01b0ng t\u0103ng v\u1ed1n v\u1eabn l\u00e0 con \u0111\u01b0\u1eddng s\u1ed1ng c\u00f2n S\u00f3ng ng\u00e0nh ch\u1ee9ng […]<\/p>","protected":false},"author":1,"featured_media":47531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[230],"tags":[],"class_list":["post-47530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cau-chuyen-dau-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/47530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=47530"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/47530\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/47531"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=47530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=47530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=47530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}