{"id":11096,"date":"2026-05-01T16:05:05","date_gmt":"2026-05-01T09:05:05","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/01\/cong-ty-chung-khoan-huong-den-muc-loi-nhuan-ky-luc-trong-chu-ky-nang-hang\/"},"modified":"2026-05-01T16:05:05","modified_gmt":"2026-05-01T09:05:05","slug":"cong-ty-chung-khoan-huong-den-muc-loi-nhuan-ky-luc-trong-chu-ky-nang-hang","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/01\/cong-ty-chung-khoan-huong-den-muc-loi-nhuan-ky-luc-trong-chu-ky-nang-hang\/","title":{"rendered":"C\u00f4ng ty ch\u1ee9ng kho\u00e1n h\u01b0\u1edbng \u0111\u1ebfn m\u1ee9c l\u1ee3i nhu\u1eadn k\u1ef7 l\u1ee5c trong chu k\u1ef3 n\u00e2ng h\u1ea1ng"},"content":{"rendered":"
\n

S\u1ef1 k\u1ef3 v\u1ecdng v\u1ec1 m\u1ed9t m\u1ee9c l\u1ee3i nhu\u1eadn k\u1ef7 l\u1ee5c c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n kh\u00f4ng c\u00f2n l\u00e0 nh\u1eefng d\u1ef1 b\u00e1o xa v\u1eddi tr\u00ean gi\u1ea5y t\u1edd, m\u00e0 \u0111ang d\u1ea7n hi\u1ec7n h\u1eefu th\u00f4ng qua nh\u1eefng chuy\u1ec3n \u0111\u1ed9ng m\u1ea1nh m\u1ebd c\u1ee7a d\u00f2ng v\u1ed1n trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam chu\u1ea9n b\u1ecb \u0111\u00f3n nh\u1eadn lu\u1ed3ng sinh kh\u00ed m\u1edbi t\u1eeb s\u1ef1 ki\u1ec7n n\u00e2ng h\u1ea1ng. Khi ng\u01b0\u1ee1ng c\u1eeda th\u1ecb tr\u01b0\u1eddng m\u1edbi \u0111ang m\u1edf r\u1ed9ng, n\u0103ng l\u1ef1c h\u1ea5p th\u1ee5 d\u00f2ng v\u1ed1n c\u1ee7a c\u00e1c \u0111\u1ecbnh ch\u1ebf trung gian t\u00e0i ch\u00ednh tr\u1edf th\u00e0nh th\u01b0\u1edbc \u0111o quan tr\u1ecdng nh\u1ea5t cho s\u1ee9c kh\u1ecfe n\u1ed9i t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u1ea3 h\u1ec7 th\u1ed1ng. Nh\u1eefng con s\u1ed1 trong b\u00e1o c\u00e1o t\u00e0i ch\u00ednh s\u1eafp t\u1edbi kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh k\u1ebft qu\u1ea3 kinh doanh \u0111\u01a1n thu\u1ea7n, m\u00e0 c\u00f2n l\u00e0 minh ch\u1ee9ng cho kh\u1ea3 n\u0103ng th\u00edch \u1ee9ng c\u1ee7a c\u00e1c “tay ch\u01a1i” l\u1edbn tr\u01b0\u1edbc v\u1eadn h\u1ed9i l\u1ecbch s\u1eed.<\/p>\n

\n \"C\u00f4ng
\u1ea2nh t\u1eeb ngu\u1ed3n: cafef.vn<\/em><\/figcaption><\/figure>\n

Khi nh\u1eefng con s\u1ed1 bi\u1ebft n\u00f3i k\u1ec3 c\u00e2u chuy\u1ec7n v\u1ec1 s\u1ef1 chuy\u1ec3n m\u00ecnh<\/h2>\n

Nh\u00ecn v\u00e0o b\u1ee9c tranh t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n th\u1eddi gian g\u1ea7n \u0111\u00e2y, ch\u00fang ta d\u1ec5 d\u00e0ng nh\u1eadn th\u1ea5y s\u1ef1 d\u1ecbch chuy\u1ec3n m\u1ea1nh m\u1ebd trong c\u1ea5u tr\u00fac ngu\u1ed3n thu. Kh\u00f4ng c\u00f2n \u0111\u01a1n thu\u1ea7n ph\u1ee5 thu\u1ed9c v\u00e0o ph\u00ed giao d\u1ecbch nh\u01b0 m\u1ed9t ngu\u1ed3n thu truy\u1ec1n th\u1ed1ng, c\u00e1c c\u00f4ng ty \u0111ang t\u1eadn d\u1ee5ng t\u1ed1i \u0111a \u0111\u00f2n b\u1ea9y t\u1eeb nghi\u1ec7p v\u1ee5 cho vay k\u00fd qu\u1ef9 v\u00e0 ho\u1ea1t \u0111\u1ed9ng t\u1ef1 doanh \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a bi\u00ean l\u1ee3i nhu\u1eadn. S\u1ef1 t\u0103ng tr\u01b0\u1edfng n\u00e0y th\u1ef1c ch\u1ea5t l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c qu\u1ea3n tr\u1ecb danh m\u1ee5c linh ho\u1ea1t, n\u01a1i c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c s\u00e0ng l\u1ecdc k\u1ef9 l\u01b0\u1ee1ng th\u00f4ng qua c\u00e1c b\u1ed9 l\u1ecdc t\u00e0i ch\u00ednh kh\u1eaft khe nh\u1ea5t. Gi\u1ed1ng nh\u01b0 c\u00e1ch ch\u00fang t\u00f4i \u0111\u00e3 t\u1eebng b\u00f3c t\u00e1ch s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh trong b\u00e0i Novaland l\u00e3i 10 t\u1ef7 m\u1ed7i ng\u00e0y: B\u00f3c t\u00e1ch s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh v\u00e0 nh\u1eefng con s\u1ed1 bi\u1ebft n\u00f3i<\/a>, vi\u1ec7c \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn k\u1ef7 l\u1ee5c trong ng\u00e0nh ch\u1ee9ng kho\u00e1n \u0111\u00f2i h\u1ecfi doanh nghi\u1ec7p ph\u1ea3i ki\u1ec3m so\u00e1t t\u1ed1t d\u00f2ng ti\u1ec1n v\u00e0 chi ph\u00ed v\u1ed1n, \u0111\u1ed3ng th\u1eddi t\u1eadn d\u1ee5ng tri\u1ec7t \u0111\u1ec3 nh\u1eefng l\u1ee3i th\u1ebf t\u1eeb h\u1ea1 t\u1ea7ng c\u00f4ng ngh\u1ec7 m\u1edbi.<\/p>\n

\u0110\u1ed9ng l\u1ef1c t\u1eeb s\u1ef1 n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng v\u00e0 lu\u1ed3ng v\u1ed1n ngo\u1ea1i<\/h2>\n

Vi\u1ec7c ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 m\u1ed9t danh hi\u1ec7u, m\u00e0 l\u00e0 t\u1ea5m v\u00e9 th\u00f4ng h\u00e0nh \u0111\u1ec3 d\u00f2ng v\u1ed1n t\u1ef7 \u0111\u00f4 t\u1eeb c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf \u0111\u1ed5 b\u1ed9 v\u00e0o th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. S\u1ef1 quan t\u00e2m n\u00e0y v\u00f4 h\u00ecnh trung t\u1ea1o ra \u00e1p l\u1ef1c t\u00edch c\u1ef1c l\u00ean c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n, bu\u1ed9c h\u1ecd ph\u1ea3i n\u00e2ng c\u1ea5p n\u0103ng l\u1ef1c cung \u1ee9ng d\u1ecbch v\u1ee5. C\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n h\u00e0ng \u0111\u1ea7u hi\u1ec7n nay kh\u00f4ng ch\u1ec9 l\u00e0 \u0111\u01a1n v\u1ecb m\u00f4i gi\u1edbi, m\u00e0 \u0111ang tr\u1edf th\u00e0nh nh\u1eefng \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a kh\u1ed1i ngo\u1ea1i, n\u1eafm gi\u1eef vai tr\u00f2 t\u01b0 v\u1ea5n v\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n chuy\u00ean nghi\u1ec7p. Ngu\u1ed3n thu t\u1eeb m\u1ea3ng ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0, t\u01b0 v\u1ea5n ph\u00e1t h\u00e0nh v\u00e0 b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh d\u1ef1 ki\u1ebfn s\u1ebd \u0111\u00f3ng g\u00f3p t\u1ef7 tr\u1ecdng l\u1edbn v\u00e0o c\u01a1 c\u1ea5u l\u1ee3i nhu\u1eadn, t\u1ea1o ra m\u1ed9t \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng v\u01b0\u1ee3t xa nh\u1eefng bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u01a1 s\u1edf.<\/p>\n

B\u1ea3n ch\u1ea5t c\u1ee7a chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng v\u00e0 th\u00e1ch th\u1ee9c v\u1ec1 qu\u1ea3n tr\u1ecb r\u1ee7i ro<\/h2>\n

S\u00e2u xa h\u01a1n nh\u1eefng con s\u1ed1 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn, ch\u00fang ta c\u1ea7n nh\u00ecn nh\u1eadn v\u00e0o ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n trong b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. Vi\u1ec7c \u0111\u1ea9y m\u1ea1nh margin trong giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng h\u01b0ng ph\u1ea5n l\u00e0 con dao hai l\u01b0\u1ee1i n\u1ebfu kh\u00f4ng c\u00f3 s\u1ef1 qu\u1ea3n tr\u1ecb r\u1ee7i ro t\u01b0\u01a1ng x\u1ee9ng. L\u1ee3i nhu\u1eadn k\u1ef7 l\u1ee5c l\u00e0 m\u1ee5c ti\u00eau \u0111\u00e1ng kh\u00edch l\u1ec7, song s\u1ef1 b\u1ec1n v\u1eefng m\u1edbi l\u00e0 th\u1ee9 \u0111\u1ecbnh ngh\u0129a n\u00ean \u0111\u1eb3ng c\u1ea5p c\u1ee7a m\u1ed9t \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh. Trong b\u1ed1i c\u1ea3nh l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng c\u00f3 nh\u1eefng di\u1ec5n bi\u1ebfn kh\u00f3 l\u01b0\u1eddng, c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111ang cho th\u1ea5y s\u1ef1 th\u1eadn tr\u1ecdng c\u1ea7n thi\u1ebft th\u00f4ng qua vi\u1ec7c \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c t\u00e0i s\u1ea3n v\u00e0 n\u00e2ng cao t\u1ef7 l\u1ec7 an to\u00e0n v\u1ed1n. \u0110\u00e2y ch\u00ednh l\u00e0 y\u1ebfu t\u1ed1 then ch\u1ed1t gi\u00fap c\u00e1c doanh nghi\u1ec7p n\u00e0y \u0111\u1ee9ng v\u1eefng tr\u01b0\u1edbc nh\u1eefng c\u01a1n gi\u00f3 ng\u01b0\u1ee3c c\u1ee7a v\u0129 m\u00f4.<\/p>\n

D\u1ef1 b\u00e1o k\u1ecbch b\u1ea3n th\u1ecb tr\u01b0\u1eddng trong 6 th\u00e1ng t\u1edbi<\/h2>\n

D\u01b0\u1edbi g\u00f3c nh\u00ecn ph\u00e2n t\u00edch, ch\u00fang t\u00f4i cho r\u1eb1ng l\u00e0n s\u00f3ng l\u1ee3i nhu\u1eadn n\u00e0y s\u1ebd ti\u1ebfp t\u1ee5c k\u00e9o d\u00e0i \u00edt nh\u1ea5t trong hai qu\u00fd t\u1edbi, khi c\u00e1c k\u1ebf ho\u1ea1ch t\u0103ng v\u1ed1n v\u00e0 tri\u1ec3n khai s\u1ea3n ph\u1ea9m m\u1edbi \u0111i v\u00e0o giai \u0111o\u1ea1n cao \u0111i\u1ec3m. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean ch\u00fa tr\u1ecdng v\u00e0o nh\u1eefng c\u00f4ng ty c\u00f3 th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi \u1ed5n \u0111\u1ecbnh, kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn ngu\u1ed3n v\u1ed1n gi\u00e1 r\u1ebb v\u00e0 \u0111\u1eb7c bi\u1ec7t l\u00e0 h\u1ec7 sinh th\u00e1i kh\u00e1ch h\u00e0ng \u0111a d\u1ea1ng. Nh\u1eefng \u0111\u01a1n v\u1ecb c\u00f3 kh\u1ea3 n\u0103ng t\u1ed1i \u01b0u h\u00f3a chi ph\u00ed v\u1eadn h\u00e0nh th\u00f4ng qua chuy\u1ec3n \u0111\u1ed5i s\u1ed1 s\u1ebd l\u00e0 nh\u1eefng c\u00e1i t\u00ean s\u1edf h\u1eefu bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng h\u1ea5p d\u1eabn nh\u1ea5t. \u0110\u1ed9c gi\u1ea3 quan t\u00e2m \u0111\u1ebfn vi\u1ec7c \u0111\u00e1nh gi\u00e1 chi ti\u1ebft s\u1ee9c kh\u1ecfe c\u00e1c doanh nghi\u1ec7p c\u00f3 th\u1ec3 t\u00ecm hi\u1ec3u th\u00eam th\u00f4ng tin chuy\u00ean s\u00e2u qua b\u00e0i Novaland l\u00e3i 10 t\u1ef7 m\u1ed7i ng\u00e0y: B\u00f3c t\u00e1ch s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh v\u00e0 nh\u1eefng con s\u1ed1 bi\u1ebft n\u00f3i<\/a>, b\u1edfi ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1nh gi\u00e1 s\u1ee9c kh\u1ecfe d\u00f2ng ti\u1ec1n n\u00e0y ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng t\u01b0\u01a1ng t\u1ef1 \u0111\u1ec3 soi chi\u1ebfu c\u00e1c c\u1ed5 phi\u1ebfu ng\u00e0nh ch\u1ee9ng kho\u00e1n trong th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i.<\/p>\n

L\u1eddi khuy\u00ean cho nh\u00e0 \u0111\u1ea7u t\u01b0 trong k\u1ef7 nguy\u00ean n\u00e2ng h\u1ea1ng<\/h2>\n

Khi \u0111\u1ee9ng tr\u01b0\u1edbc nh\u1eefng con s\u1ed1 l\u1ee3i nhu\u1eadn k\u1ef7 l\u1ee5c \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n gi\u1eef m\u1ed9t c\u00e1i \u0111\u1ea7u l\u1ea1nh. \u0110\u1eebng \u0111\u1ec3 nh\u1eefng con s\u1ed1 b\u1ec1 n\u1ed5i che m\u1eaft tr\u01b0\u1edbc c\u00e1c r\u1ee7i ro ti\u1ec1m \u1ea9n v\u1ec1 \u0111\u1ecbnh gi\u00e1. M\u1ed9t doanh nghi\u1ec7p ch\u1ee9ng kho\u00e1n t\u1ed1t kh\u00f4ng ch\u1ec9 l\u00e0 doanh nghi\u1ec7p ki\u1ebfm \u0111\u01b0\u1ee3c nhi\u1ec1u ti\u1ec1n nh\u1ea5t, m\u00e0 l\u00e0 doanh nghi\u1ec7p bi\u1ebft c\u00e1ch gi\u1eef v\u1eefng th\u00e0nh qu\u1ea3 \u0111\u00f3 qua c\u00e1c chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng. H\u00e3y nh\u00ecn v\u00e0o ch\u1ec9 s\u1ed1 ROE, t\u1ef7 l\u1ec7 n\u1ee3 vay tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0 s\u1ef1 chuy\u1ec3n d\u1ecbch trong c\u01a1 c\u1ea5u doanh thu t\u1eeb ph\u00ed sang l\u00e3i cho vay. \u0110\u00f3 m\u1edbi l\u00e0 nh\u1eefng t\u00edn hi\u1ec7u th\u1ef1c s\u1ef1 cho th\u1ea5y doanh nghi\u1ec7p \u0111ang \u0111i \u0111\u00fang l\u1ed9 tr\u00ecnh t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n kh\u00f4ng ch\u1ec9 l\u00e0 n\u01a1i t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn, m\u00e0 c\u00f2n l\u00e0 n\u01a1i ki\u1ec3m ch\u1ee9ng b\u1ea3n l\u0129nh c\u1ee7a ng\u01b0\u1eddi \u0111\u1ed3ng h\u00e0nh c\u00f9ng s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a n\u1ec1n kinh t\u1ebf.<\/p>\n

B\u00e0i vi\u1ebft \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i t\u1eeb ngu\u1ed3n: cafef.vn<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

S\u1ef1 k\u1ef3 v\u1ecdng v\u1ec1 m\u1ed9t m\u1ee9c l\u1ee3i nhu\u1eadn k\u1ef7 l\u1ee5c c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n kh\u00f4ng c\u00f2n l\u00e0 nh\u1eefng d\u1ef1 b\u00e1o xa v\u1eddi tr\u00ean gi\u1ea5y t\u1edd, m\u00e0 \u0111ang d\u1ea7n hi\u1ec7n h\u1eefu th\u00f4ng qua nh\u1eefng chuy\u1ec3n \u0111\u1ed9ng m\u1ea1nh m\u1ebd c\u1ee7a d\u00f2ng v\u1ed1n trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam chu\u1ea9n b\u1ecb \u0111\u00f3n nh\u1eadn […]<\/p>\n","protected":false},"author":1,"featured_media":11095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[47],"tags":[],"class_list":["post-11096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bao-cao-tai-chinh"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/11096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=11096"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/11096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/11095"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=11096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=11096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=11096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}