{"id":13993,"date":"2026-05-07T10:42:55","date_gmt":"2026-05-07T03:42:55","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/07\/dinh-gia-chung-khoan-viet-nam-nhin-tu-mat-na-nhom-tru\/"},"modified":"2026-05-07T10:42:55","modified_gmt":"2026-05-07T03:42:55","slug":"dinh-gia-chung-khoan-viet-nam-nhin-tu-mat-na-nhom-tru","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/07\/dinh-gia-chung-khoan-viet-nam-nhin-tu-mat-na-nhom-tru\/","title":{"rendered":"\u0110\u1ecbnh gi\u00e1 ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam nh\u00ecn t\u1eeb “m\u1eb7t n\u1ea1” nh\u00f3m tr\u1ee5"},"content":{"rendered":"
\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u1eeba tr\u1ea3i qua m\u1ed9t th\u00e1ng 4 \u0111\u1ea7y c\u1ea3m x\u00fac v\u1edbi \u0111\u00e0 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd, \u0111\u01b0a ch\u1ec9 s\u1ed1 VN-Index l\u1ea5y l\u1ea1i v\u1ecb th\u1ebf sau nh\u1ecbp s\u1ee5t gi\u1ea3m s\u00e2u trong th\u00e1ng 3. Tuy nhi\u00ean, \u0111\u1eb1ng sau nh\u1eefng con s\u1ed1 t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng \u1ea5y l\u00e0 m\u1ed9t b\u1ee9c tranh \u0111a chi\u1ec1u v\u1ec1 \u0111\u1ecbnh gi\u00e1 ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n b\u00f3c t\u00e1ch k\u1ef9 l\u01b0\u1ee1ng. Khi lo\u1ea1i b\u1ecf s\u1ee9c \u1ea3nh h\u01b0\u1edfng c\u1ee7a nh\u00f3m c\u1ed5 phi\u1ebfu tr\u1ee5 c\u1ed9t, m\u1ee9c \u0111\u1ecbnh gi\u00e1 P\/E c\u1ee7a th\u1ecb tr\u01b0\u1eddng th\u1ef1c ch\u1ea5t \u0111ang \u1edf v\u00f9ng h\u1ea5p d\u1eabn h\u01a1n nhi\u1ec1u so v\u1edbi nh\u1eefng g\u00ec con s\u1ed1 t\u1ed5ng th\u1ec3 hi\u1ec3n th\u1ecb.<\/p>\n

\n \"\u0110\u1ecbnh
\u1ea2nh t\u1eeb ngu\u1ed3n: vneconomy.vn<\/em><\/figcaption><\/figure>\n

S\u1ee9c n\u1eb7ng c\u1ee7a nh\u00f3m tr\u1ee5 trong b\u1ee9c tranh \u0111\u1ecbnh gi\u00e1 ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam<\/h2>\n

Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0 \u0111\u00e0 h\u1ed3i ph\u1ee5c c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong th\u00e1ng qua ph\u1ee5 thu\u1ed9c \u0111\u00e1ng k\u1ec3 v\u00e0o m\u1ed9t v\u00e0i c\u00e1i t\u00ean v\u1ed1n h\u00f3a l\u1edbn. Trong t\u1ed5ng s\u1ed1 179 \u0111i\u1ec3m t\u0103ng c\u1ee7a VN-Index, ri\u00eang nh\u00f3m Vingroup v\u1edbi VIC v\u00e0 VHM \u0111\u00e3 \u0111\u00f3ng g\u00f3p t\u1edbi 167 \u0111i\u1ec3m. N\u1ebfu lo\u1ea1i tr\u1eeb nh\u00f3m c\u1ed5 phi\u1ebfu n\u00e0y ra kh\u1ecfi h\u1ec7 quy chi\u1ebfu, ch\u1ec9 s\u1ed1 chung g\u1ea7n nh\u01b0 \u0111i ngang v\u1edbi m\u1ee9c t\u0103ng kh\u00f4ng \u0111\u00e1ng k\u1ec3. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7t ra c\u00e2u h\u1ecfi v\u1ec1 th\u1ef1c tr\u1ea1ng s\u1ee9c kh\u1ecfe c\u1ee7a \u0111\u1ea1i b\u1ed9 ph\u1eadn c\u00e1c doanh nghi\u1ec7p c\u00f2n l\u1ea1i tr\u00ean s\u00e0n.<\/p>\n

Khi nh\u00ecn v\u00e0o c\u00e1c con s\u1ed1 th\u1ed1ng k\u00ea t\u1eeb SSI Research, s\u1ef1 ch\u00eanh l\u1ec7ch tr\u1edf n\u00ean r\u00f5 r\u1ec7t. N\u1ebfu t\u00ednh theo P\/E d\u1ef1 ph\u00f3ng t\u1ed5ng th\u1ec3, th\u1ecb tr\u01b0\u1eddng \u0111ang giao d\u1ecbch \u1edf m\u1ee9c 13,2x, con s\u1ed1 n\u00e0y \u0111\u00e3 ti\u1ec7m c\u1eadn v\u1edbi m\u1ee9c trung b\u00ecnh 10 n\u0103m l\u00e0 14,0x. Th\u1ebf nh\u01b0ng, c\u00e2u chuy\u1ec7n s\u1ebd thay \u0111\u1ed5i ho\u00e0n to\u00e0n n\u1ebfu ch\u00fang ta th\u1ef1c hi\u1ec7n ph\u00e9p lo\u1ea1i tr\u1eeb nh\u00f3m Vingroup (VIC, VHM, VRE). Khi \u0111\u00f3, m\u1ee9c \u0111\u1ecbnh gi\u00e1 P\/E c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ec9 c\u00f2n d\u1eebng l\u1ea1i \u1edf ng\u01b0\u1ee1ng 10,3x. S\u1ef1 kh\u00e1c bi\u1ec7t g\u1ea7n 3 \u0111\u01a1n v\u1ecb P\/E n\u00e0y ch\u00ednh l\u00e0 “m\u1eb7t n\u1ea1” c\u1ee7a nh\u00f3m tr\u1ee5, che khu\u1ea5t m\u1ee9c \u0111\u1ecbnh gi\u00e1 r\u1ebb \u0111\u00e1ng kinh ng\u1ea1c c\u1ee7a \u0111\u1ea1i \u0111a s\u1ed1 c\u00e1c c\u1ed5 phi\u1ebfu midcap v\u00e0 nh\u1eefng th\u00e0nh ph\u1ea7n c\u00f2n l\u1ea1i trong danh m\u1ee5c VN-Index.<\/p>\n

Khi nh\u1eefng con s\u1ed1 \u0111\u1ecbnh gi\u00e1 ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam ph\u1ea3n \u00e1nh s\u1ef1 ph\u00e2n h\u00f3a<\/h2>\n

\u0110\u00e1ng ch\u00fa \u00fd, b\u00ean c\u1ea1nh s\u1ef1 \u00e1p \u0111\u1ea3o c\u1ee7a nh\u00f3m b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u1ed1n h\u00f3a l\u1edbn, d\u00f2ng ti\u1ec1n c\u0169ng \u0111\u00e3 t\u00ecm th\u1ea5y nh\u1eefng \u0111i\u1ec3m s\u00e1ng t\u1ea1i nh\u00f3m ng\u00e2n h\u00e0ng nh\u01b0 TCB, LPB, STB hay MSB v\u1edbi m\u1ee9c t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c. S\u1ef1 ph\u00e2n h\u00f3a n\u00e0y ph\u1ea3n \u00e1nh b\u1ea3n ch\u1ea5t c\u1ee7a m\u1ed9t th\u1ecb tr\u01b0\u1eddng \u0111ang trong qu\u00e1 tr\u00ecnh t\u00e1i \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean n\u0103ng l\u1ef1c n\u1ed9i t\u1ea1i thay v\u00ec ch\u1ec9 theo \u0111u\u1ed5i xu h\u01b0\u1edbng \u0111\u00e1m \u0111\u00f4ng. Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u1edf m\u1ee9c 10,3x khi lo\u1ea1i b\u1ecf nh\u00f3m tr\u1ee5 cho th\u1ea5y nhi\u1ec1u c\u1ed5 phi\u1ebfu hi\u1ec7n \u0111ang \u0111\u01b0\u1ee3c giao d\u1ecbch d\u01b0\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf n\u1ebfu x\u00e9t tr\u00ean n\u1ec1n t\u1ea3ng k\u1ebft qu\u1ea3 kinh doanh qu\u00fd 1 t\u01b0\u01a1ng \u0111\u1ed1i kh\u1ea3 quan.<\/p>\n

S\u1ef1 ph\u00e2n h\u00f3a c\u00f2n \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n r\u00f5 qua c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u1ecbnh k\u1ef3, n\u01a1i nh\u1eefng doanh nghi\u1ec7p minh b\u1ea1ch v\u00e0 c\u00f3 n\u1ec1n t\u1ea3ng t\u1ed1t \u0111ang tr\u1edf th\u00e0nh \u0111i\u1ec3m \u0111\u1ebfn c\u1ee7a d\u00f2ng ti\u1ec1n th\u00f4ng minh. Nh\u1eefng b\u00e0i h\u1ecdc v\u1ec1 qu\u1ea3n tr\u1ecb v\u00e0 s\u1ef1 r\u00f5 r\u00e0ng trong th\u00f4ng tin, nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp trong c\u00e1c nghi\u00ean c\u1ee9u v\u1ec1 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u1ecbnh k\u1ef3: B\u01b0\u1edbc ngo\u1eb7t t\u1eeb \u0111\u1ec1 xu\u1ea5t c\u1ee7a SEC<\/a>, cho th\u1ea5y t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c hi\u1ec3u r\u00f5 “s\u1ee9c kh\u1ecfe” th\u1ef1c t\u1ebf c\u1ee7a doanh nghi\u1ec7p tr\u01b0\u1edbc khi nh\u00ecn v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 b\u1ec1 n\u1ed5i.<\/p>\n

Th\u00e1ch th\u1ee9c v\u0129 m\u00f4 v\u00e0 s\u1ef1 v\u1eadn \u0111\u1ed9ng c\u1ee7a d\u00f2ng ti\u1ec1n<\/h2>\n

Trong b\u1ed1i c\u1ea3nh th\u00e1ng 5 th\u01b0\u1eddng l\u00e0 giai \u0111o\u1ea1n “tr\u1ed1ng” th\u00f4ng tin, vi\u1ec7c quan s\u00e1t bi\u1ebfn s\u1ed1 v\u0129 m\u00f4 tr\u1edf n\u00ean quan tr\u1ecdng h\u01a1n bao gi\u1edd h\u1ebft. Khi \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng \u00e1p l\u1ef1c v\u1ec1 l\u1ea1m ph\u00e1t nh\u01b0 \u0111\u00e3 ph\u00e2n t\u00edch trong ch\u1ee7 \u0111\u1ec1 l\u1ea1m ph\u00e1t 4,5% v\u00e0 nh\u1eefng bi\u1ebfn s\u1ed1 trong \u0111i\u1ec1u h\u00e0nh v\u0129 m\u00f4<\/a>, th\u1ecb tr\u01b0\u1eddng s\u1ebd kh\u00f3 tr\u00e1nh kh\u1ecfi nh\u1eefng nh\u1ecbp rung l\u1eafc. T\u1ef7 l\u1ec7 d\u01b0 n\u1ee3 margin so v\u1edbi gi\u00e1 tr\u1ecb v\u1ed1n h\u00f3a free-float \u0111\u00e3 t\u0103ng l\u00ean 13,4%, m\u1ed9t con s\u1ed1 c\u1ea7n \u0111\u01b0\u1ee3c gi\u00e1m s\u00e1t ch\u1eb7t ch\u1ebd d\u00f9 t\u1ef7 l\u1ec7 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n v\u1eabn n\u1eb1m trong t\u1ea7m ki\u1ec3m so\u00e1t.<\/p>\n

Vi\u1ec7c hi\u1ec3u \u0111\u00fang b\u1ea3n ch\u1ea5t c\u1ee7a \u0111\u1ecbnh gi\u00e1 ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam th\u00f4ng qua l\u0103ng k\u00ednh lo\u1ea1i b\u1ecf nh\u00f3m tr\u1ee5 kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t b\u00e0i t\u1eadp to\u00e1n h\u1ecdc, m\u00e0 l\u00e0 c\u00e1ch \u0111\u1ec3 \u0111\u1ecbnh v\u1ecb l\u1ea1i k\u1ef3 v\u1ecdng. Trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 c\u00e1c y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 nh\u01b0 n\u00e2ng h\u1ea1ng hay c\u00e1c ch\u00ednh s\u00e1ch v\u0129 m\u00f4 \u0111\u00e3 d\u1ea7n ph\u1ea3n \u00e1nh v\u00e0o gi\u00e1, s\u1ef1 th\u1eadn tr\u1ecdng c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u01b0\u1edbc c\u00e1c nh\u1ecbp bi\u1ebfn \u0111\u1ed9ng l\u00e0 \u0111i\u1ec1u d\u1ec5 hi\u1ec3u. D\u00f9 \u0111\u1ecbnh gi\u00e1 chung c\u00f3 th\u1ec3 b\u1ecb k\u00e9o l\u00ean b\u1edfi nh\u00f3m tr\u1ee5, nh\u01b0ng s\u1ef1 “h\u1ea5p d\u1eabn” ti\u1ec1m \u1ea9n \u1edf m\u1ee9c P\/E 10,3x c\u1ee7a ph\u1ea7n c\u00f2n l\u1ea1i v\u1eabn \u0111ang l\u00e0 m\u1ed9t bi\u1ebfn s\u1ed1 th\u00fa v\u1ecb, s\u1eb5n s\u00e0ng ch\u1edd \u0111\u1ee3i nh\u1eefng d\u00f2ng ti\u1ec1n d\u00e0i h\u1ea1n khi th\u1ecb tr\u01b0\u1eddng t\u00ecm th\u1ea5y \u0111i\u1ec3m c\u00e2n b\u1eb1ng m\u1edbi.<\/p>\n

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

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u1eeba tr\u1ea3i qua m\u1ed9t th\u00e1ng 4 \u0111\u1ea7y c\u1ea3m x\u00fac v\u1edbi \u0111\u00e0 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd, \u0111\u01b0a ch\u1ec9 s\u1ed1 VN-Index l\u1ea5y l\u1ea1i v\u1ecb th\u1ebf sau nh\u1ecbp s\u1ee5t gi\u1ea3m s\u00e2u trong th\u00e1ng 3. Tuy nhi\u00ean, \u0111\u1eb1ng sau nh\u1eefng con s\u1ed1 t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng \u1ea5y l\u00e0 m\u1ed9t b\u1ee9c tranh \u0111a chi\u1ec1u […]<\/p>\n","protected":false},"author":1,"featured_media":13991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[44],"tags":[],"class_list":["post-13993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoan-viet-nam"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/13993","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=13993"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/13993\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/13991"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=13993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=13993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=13993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}