{"id":3025,"date":"2026-04-19T02:14:55","date_gmt":"2026-04-18T19:14:55","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/morgan-stanley-but-pha-quy-1-phan-tich-chuyen-sau-ket-qua-kinh-doanh-va-tin-hieu-thi-truong\/"},"modified":"2026-04-19T02:14:55","modified_gmt":"2026-04-18T19:14:55","slug":"morgan-stanley-but-pha-quy-1-phan-tich-chuyen-sau-ket-qua-kinh-doanh-va-tin-hieu-thi-truong","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/morgan-stanley-but-pha-quy-1-phan-tich-chuyen-sau-ket-qua-kinh-doanh-va-tin-hieu-thi-truong\/","title":{"rendered":"Morgan Stanley B\u1ee9t Ph\u00e1 Qu\u00fd 1: Ph\u00e2n T\u00edch Chuy\u00ean S\u00e2u K\u1ebft Qu\u1ea3 Kinh Doanh v\u00e0 T\u00edn Hi\u1ec7u Th\u1ecb Tr\u01b0\u1eddng"},"content":{"rendered":"
\n

Morgan Stanley (MS) \u0111\u00e3 c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 kinh doanh qu\u00fd 1 v\u01b0\u1ee3t xa k\u1ef3 v\u1ecdng c\u1ee7a c\u00e1c nh\u00e0 ph\u00e2n t\u00edch, cho th\u1ea5y m\u1ed9t kh\u1edfi \u0111\u1ea7u m\u1ea1nh m\u1ebd trong n\u0103m 2024. V\u1edbi l\u1ee3i nhu\u1eadn v\u00e0 doanh thu t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 t\u1eeb c\u00e1c ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch s\u00f4i \u0111\u1ed9ng, ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 h\u00e0ng \u0111\u1ea7u n\u00e0y \u0111\u00e3 ch\u1ee9ng minh kh\u1ea3 n\u0103ng v\u01b0\u1ee3t qua nh\u1eefng bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng trong giai \u0111o\u1ea1n \u0111\u1ea7u n\u0103m.<\/p>\n

\u0110i\u1ec3m Nh\u1ea5n T\u00e0i Ch\u00ednh Qu\u00fd 1\/2024 c\u1ee7a Morgan Stanley<\/h2>\n

Trong qu\u00fd \u0111\u1ea7u ti\u00ean, Morgan Stanley ghi nh\u1eadn l\u1ee3i nhu\u1eadn t\u0103ng v\u1ecdt 29% l\u00ean 5.57 t\u1ef7 USD, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 3.43 USD tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu. T\u1ed5ng doanh thu \u0111\u1ea1t 20.58 t\u1ef7 USD, t\u0103ng 16% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc. Nh\u1eefng con s\u1ed1 n\u00e0y kh\u00f4ng ch\u1ec9 v\u01b0\u1ee3t qua \u01b0\u1edbc t\u00ednh c\u1ee7a gi\u1edbi ph\u00e2n t\u00edch m\u00e0 c\u00f2n cho th\u1ea5y s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd \u1edf nhi\u1ec1u m\u1ea3ng kinh doanh c\u1ed1t l\u00f5i.<\/p>\n

\u0110\u1ed9ng L\u1ef1c T\u0103ng Tr\u01b0\u1edfng T\u1eeb C\u00e1c Ho\u1ea1t \u0110\u1ed9ng Giao D\u1ecbch<\/h3>\n

M\u1ea3ng giao d\u1ecbch ch\u00ednh l\u00e0 \u0111\u1ed9ng l\u1ef1c l\u1edbn nh\u1ea5t gi\u00fap Morgan Stanley b\u1ee9t ph\u00e1. Doanh thu t\u1eeb giao d\u1ecbch c\u1ed5 phi\u1ebfu \u0111\u00e3 t\u0103ng 25% l\u00ean m\u1ee9c k\u1ef7 l\u1ee5c 5.15 t\u1ef7 USD, cao h\u01a1n kho\u1ea3ng 450 tri\u1ec7u USD so v\u1edbi \u01b0\u1edbc t\u00ednh c\u1ee7a StreetAccount. Ng\u00e2n h\u00e0ng l\u00fd gi\u1ea3i s\u1ef1 t\u0103ng tr\u01b0\u1edfng n\u00e0y nh\u1edd kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch m\u1ea1nh m\u1ebd tr\u00ean to\u00e0n c\u1ea7u, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong m\u1ea3ng m\u00f4i gi\u1edbi ch\u00ednh (prime brokerage) ph\u1ee5c v\u1ee5 c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 v\u00e0 \u0111\u01a1n v\u1ecb ph\u00e1i sinh c\u1ee7a m\u00ecnh.<\/p>\n

T\u01b0\u01a1ng t\u1ef1, doanh thu t\u1eeb giao d\u1ecbch thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh (fixed income) c\u0169ng t\u0103ng 29% l\u00ean 3.36 t\u1ef7 USD, v\u01b0\u1ee3t \u01b0\u1edbc t\u00ednh kho\u1ea3ng 540 tri\u1ec7u USD. Th\u00e0nh c\u00f4ng n\u00e0y \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 \u0111\u00e1ng k\u1ec3 b\u1edfi ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch h\u00e0ng h\u00f3a (commodities trading), v\u1ed1n h\u01b0\u1edfng l\u1ee3i t\u1eeb s\u1ef1 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh m\u1ebd tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u0103ng l\u01b0\u1ee3ng trong giai \u0111o\u1ea1n n\u00e0y. \u0110\u00e1ng ch\u00fa \u00fd, Morgan Stanley \u0111\u00e3 v\u01b0\u1ee3t qua \u0111\u1ed1i th\u1ee7 truy\u1ec1n ki\u1ebfp Goldman Sachs trong l\u0129nh v\u1ef1c giao d\u1ecbch thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh, khi Goldman Sachs ghi nh\u1eadn m\u1ed9t m\u1ee9c h\u1ee5t \u0111\u00e1ng k\u1ec3 910 tri\u1ec7u USD so v\u1edbi \u01b0\u1edbc t\u00ednh.<\/p>\n

S\u1ef1 H\u1ed3i Sinh c\u1ee7a Ng\u00e2n H\u00e0ng \u0110\u1ea7u T\u01b0 v\u00e0 Qu\u1ea3n L\u00fd T\u00e0i S\u1ea3n<\/h3>\n

M\u1ea3ng ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 c\u1ee7a Morgan Stanley c\u0169ng ch\u1ee9ng ki\u1ebfn s\u1ef1 t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd, v\u1edbi doanh thu t\u0103ng 36% l\u00ean 2.12 t\u1ef7 USD, g\u1ea7n nh\u01b0 kh\u1edbp v\u1edbi \u01b0\u1edbc t\u00ednh. S\u1ef1 ph\u1ee5c h\u1ed3i n\u00e0y \u0111\u1ebfn t\u1eeb ph\u00ed thu \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c th\u01b0\u01a1ng v\u1ee5 s\u00e1p nh\u1eadp \u0111\u00e3 ho\u00e0n t\u1ea5t c\u0169ng nh\u01b0 ho\u1ea1t \u0111\u1ed9ng b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu, b\u00e1o hi\u1ec7u m\u1ed9t th\u1ecb tr\u01b0\u1eddng M&A v\u00e0 ph\u00e1t h\u00e0nh \u0111ang d\u1ea7n \u1ea5m l\u1ea1i.<\/p>\n

Trong khi \u0111\u00f3, doanh thu t\u1eeb qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n (wealth management) ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t tr\u1ee5 c\u1ed9t v\u1eefng ch\u1eafc, t\u0103ng 16% l\u00ean m\u1ee9c k\u1ef7 l\u1ee5c 8.52 t\u1ef7 USD. Morgan Stanley cho bi\u1ebft s\u1ef1 t\u0103ng tr\u01b0\u1edfng n\u00e0y \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n t\u0103ng l\u00ean v\u00e0 c\u00e1c giao d\u1ecbch t\u1ea1o ph\u00ed. \u0110\u00e2y l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u t\u00edch c\u1ef1c cho th\u1ea5y ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi t\u1eeb c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0.<\/p>\n

Tuy nhi\u00ean, m\u1ea3ng kinh doanh nh\u1ecf nh\u1ea5t c\u1ee7a Morgan Stanley, qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 (investment management), l\u1ea1i ghi nh\u1eadn doanh thu gi\u1ea3m 4.2% xu\u1ed1ng c\u00f2n 1.54 t\u1ef7 USD, th\u1ea5p h\u01a1n kho\u1ea3ng 110 tri\u1ec7u USD so v\u1edbi k\u1ef3 v\u1ecdng. Ng\u00e2n h\u00e0ng cho bi\u1ebft nguy\u00ean nh\u00e2n ch\u1ee7 y\u1ebfu l\u00e0 do l\u1ee3i su\u1ea5t mang theo (carried interest) th\u1ea5p h\u01a1n t\u1eeb c\u00e1c qu\u1ef9 t\u01b0 nh\u00e2n.<\/p>\n

B\u1ed1i C\u1ea3nh Th\u1ecb Tr\u01b0\u1eddng v\u00e0 Tri\u1ec3n V\u1ecdng \u0110\u1ea7u T\u01b0<\/h2>\n

V\u1edbi s\u1ef1 d\u1eabn d\u1eaft c\u1ee7a CEO Ted Pick t\u1eeb n\u0103m 2024, Morgan Stanley d\u01b0\u1eddng nh\u01b0 \u0111\u00e3 \u0111i\u1ec1u h\u01b0\u1edbng m\u1ed9t c\u00e1ch kh\u00e9o l\u00e9o qua giai \u0111o\u1ea1n \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng c\u1ee7a qu\u00fd \u0111\u1ea7u ti\u00ean, khi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng ki\u1ebfn s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh li\u00ean t\u1ee5c c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 v\u00e0 nh\u1eefng b\u1ea5t \u1ed5n do c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb. K\u1ebft qu\u1ea3 m\u1ea1nh m\u1ebd n\u00e0y cho th\u1ea5y kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i v\u00e0 th\u00edch \u1ee9ng c\u1ee7a m\u00f4 h\u00ecnh kinh doanh \u0111a d\u1ea1ng c\u1ee7a Morgan Stanley.<\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, k\u1ebft qu\u1ea3 qu\u00fd 1 c\u1ee7a Morgan Stanley mang \u0111\u1ebfn nhi\u1ec1u t\u00edn hi\u1ec7u t\u00edch c\u1ef1c. Hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i trong m\u1ea3ng giao d\u1ecbch v\u00e0 s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 cho th\u1ea5y kh\u1ea3 n\u0103ng t\u1ea1o doanh thu m\u1ea1nh m\u1ebd trong m\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng. M\u1ea3ng qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n \u1ed5n \u0111\u1ecbnh c\u0169ng l\u00e0 m\u1ed9t \u0111i\u1ec3m t\u1ef1a quan tr\u1ecdng. M\u1eb7c d\u00f9 m\u1ea3ng qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 c\u00f3 ph\u1ea7n s\u1ee5t gi\u1ea3m, t\u1ed5ng th\u1ec3 b\u1ee9c tranh t\u00e0i ch\u00ednh cho th\u1ea5y m\u1ed9t ng\u00e2n h\u00e0ng \u0111ang \u1edf v\u1ecb th\u1ebf t\u1ed1t \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c c\u01a1 h\u1ed9i s\u1eafp t\u1edbi.<\/p>\n

Vi\u1ec7c Morgan Stanley \u0111\u00e1nh b\u1ea1i Goldman Sachs trong m\u1ed9t s\u1ed1 l\u0129nh v\u1ef1c c\u1ed1t l\u00f5i c\u0169ng nh\u1ea5n m\u1ea1nh v\u1ecb th\u1ebf c\u1ea1nh tranh m\u1ea1nh m\u1ebd c\u1ee7a ng\u00e2n h\u00e0ng n\u00e0y tr\u00ean th\u1ecb tr\u01b0\u1eddng. \u0110\u00e2y c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn cho nh\u1eefng ai t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng v\u1edbi n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh v\u1eefng ch\u1eafc v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng \u0111ang c\u00f3 d\u1ea5u hi\u1ec7u \u1ed5n \u0111\u1ecbnh tr\u1edf l\u1ea1i.<\/p>\n

B\u00c0I VI\u1ebeT LI\u00caN QUAN:<\/strong> Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u chi\u1ebfn l\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 h\u00e0ng \u0111\u1ea7u<\/a><\/p>\n

Ngu\u1ed3n tin: cnbc.com<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Morgan Stanley (MS) \u0111\u00e3 c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 kinh doanh qu\u00fd 1 v\u01b0\u1ee3t xa k\u1ef3 v\u1ecdng c\u1ee7a c\u00e1c nh\u00e0 ph\u00e2n t\u00edch, cho th\u1ea5y m\u1ed9t kh\u1edfi \u0111\u1ea7u m\u1ea1nh m\u1ebd trong n\u0103m 2024. V\u1edbi l\u1ee3i nhu\u1eadn v\u00e0 doanh thu t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 t\u1eeb c\u00e1c ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch s\u00f4i \u0111\u1ed9ng, ng\u00e2n h\u00e0ng \u0111\u1ea7u […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-3025","post","type-post","status-publish","format-standard","hentry","category-nhip-dap-pho-wall"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/3025","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=3025"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/3025\/revisions"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=3025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=3025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=3025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}