Meta description: ROE l\u00e0 g\u00ec? H\u01b0\u1edbng d\u1eabn c\u00e1ch t\u00ednh ROE (Return on Equity), c\u00f4ng th\u1ee9c DuPont, ROE bao nhi\u00eau l\u00e0 t\u1ed1t v\u00e0 ph\u00e2n t\u00edch v\u00ed d\u1ee5 th\u1ef1c t\u1ebf Vinamilk, FPT, Ho\u00e0 Ph\u00e1t chi ti\u1ebft.<\/em><\/p>\n

Trong th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n v\u00e0 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh doanh nghi\u1ec7p, c\u00f3 m\u1ed9t ch\u1ec9 s\u1ed1 m\u00e0 h\u1ea7u nh\u01b0 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0o \u2013 t\u1eeb Warren Buffett huy\u1ec1n tho\u1ea1i \u0111\u1ebfn nh\u1eefng ng\u01b0\u1eddi m\u1edbi t\u1eadp t\u00e0nh mua c\u1ed5 phi\u1ebfu \u2013 \u0111\u1ec1u ph\u1ea3i n\u1eafm v\u1eefng: \u0111\u00f3 l\u00e0 ROE (Return on Equity)<\/strong> hay T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/strong>. \u0110\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng th\u01b0\u1edbc \u0111o quan tr\u1ecdng nh\u1ea5t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng kinh doanh, kh\u1ea3 n\u0103ng sinh l\u1eddi v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb c\u1ee7a m\u1ed9t c\u00f4ng ty. M\u1ed9t doanh nghi\u1ec7p c\u00f3 ROE cao v\u00e0 \u1ed5n \u0111\u1ecbnh qua nhi\u1ec1u n\u0103m th\u01b0\u1eddng \u0111\u01b0\u1ee3c xem l\u00e0 “c\u1ed7 m\u00e1y in ti\u1ec1n” cho c\u1ed5 \u0111\u00f4ng.<\/p>\n

B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u1ea3i \u0111\u00e1p \u0111\u1ea7y \u0111\u1ee7 c\u00e1c c\u00e2u h\u1ecfi: ROE l\u00e0 g\u00ec<\/strong>, c\u00f4ng th\u1ee9c t\u00ednh ROE chu\u1ea9n x\u00e1c, \u00fd ngh\u0129a th\u1ef1c ti\u1ec5n c\u1ee7a ch\u1ec9 s\u1ed1 n\u00e0y, ROE bao nhi\u00eau l\u00e0 t\u1ed1t theo t\u1eebng ng\u00e0nh, c\u00e1ch ph\u00e2n t\u00edch ROE b\u1eb1ng m\u00f4 h\u00ecnh DuPont (3 th\u00e0nh ph\u1ea7n), so s\u00e1nh chi ti\u1ebft ROE v\u1edbi ROA v\u00e0 ROI, c\u00f9ng c\u00e1c v\u00ed d\u1ee5 th\u1ef1c t\u1ebf t\u1eeb nh\u1eefng doanh nghi\u1ec7p h\u00e0ng \u0111\u1ea7u Vi\u1ec7t Nam nh\u01b0 Vinamilk, FPT, Ho\u00e0 Ph\u00e1t, Vietcombank. D\u00f9 b\u1ea1n l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, sinh vi\u00ean t\u00e0i ch\u00ednh hay ch\u1ee7 doanh nghi\u1ec7p, sau khi \u0111\u1ecdc xong b\u1ea1n s\u1ebd t\u1ef1 tin s\u1eed d\u1ee5ng ROE \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 b\u1ea5t k\u1ef3 c\u00f4ng ty n\u00e0o.<\/p>\n

\n\ud83d\udca1 C\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3:<\/strong> B\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng m\u00e1y t\u00ednh ph\u1ea7n tr\u0103m mi\u1ec5n ph\u00ed t\u1ea1i 1phantram.com<\/strong><\/a> \u0111\u1ec3 t\u00ednh nhanh ROE, ROA, ROI v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c ch\u1ec9 trong v\u00e0i gi\u00e2y. Nh\u1eadp l\u1ee3i nhu\u1eadn sau thu\u1ebf v\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu l\u00e0 c\u00f3 k\u1ebft qu\u1ea3 ngay l\u1eadp t\u1ee9c \u2013 c\u1ef1c k\u1ef3 ti\u1ec7n l\u1ee3i cho vi\u1ec7c ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh.\n<\/div>\n
\ud83d\udccb M\u1ee5c L\u1ee5c B\u00e0i Vi\u1ebft<\/h2>\n
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1. ROE l\u00e0 g\u00ec? \u0110\u1ecbnh ngh\u0129a c\u01a1 b\u1ea3n<\/a><\/li>\n
2. C\u00f4ng th\u1ee9c t\u00ednh ROE chu\u1ea9n x\u00e1c<\/a><\/li>\n
3. \u00dd ngh\u0129a c\u1ee7a ch\u1ec9 s\u1ed1 ROE<\/a><\/li>\n
4. ROE bao nhi\u00eau l\u00e0 t\u1ed1t? Ti\u00eau chu\u1ea9n theo ng\u00e0nh<\/a><\/li>\n
5. Ph\u00e2n t\u00edch ROE b\u1eb1ng m\u00f4 h\u00ecnh DuPont<\/a><\/li>\n
6. So s\u00e1nh ROE vs ROA vs ROI<\/a><\/li>\n
7. V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: ROE c\u00e1c c\u00f4ng ty Vi\u1ec7t Nam<\/a><\/li>\n
8. H\u1ea1n ch\u1ebf c\u1ee7a ROE v\u00e0 c\u00e1ch kh\u1eafc ph\u1ee5c<\/a><\/li>\n
9. C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 ROE<\/a><\/li>\n<\/ul>\n
1. ROE L\u00e0 G\u00ec? \u0110\u1ecbnh Ngh\u0129a C\u01a1 B\u1ea3n V\u00e0 Vai Tr\u00f2<\/h2>\n
ROE (Return on Equity)<\/strong> \u2013 ti\u1ebfng Vi\u1ec7t g\u1ecdi l\u00e0 T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/strong> \u2013 l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a doanh nghi\u1ec7p d\u1ef1a tr\u00ean s\u1ed1 v\u1ed1n m\u00e0 c\u00e1c c\u1ed5 \u0111\u00f4ng \u0111\u00e3 b\u1ecf ra. N\u00f3i c\u00e1ch kh\u00e1c, ROE cho bi\u1ebft v\u1edbi m\u1ed7i 1 \u0111\u1ed3ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, c\u00f4ng ty t\u1ea1o ra \u0111\u01b0\u1ee3c bao nhi\u00eau \u0111\u1ed3ng l\u1ee3i nhu\u1eadn sau thu\u1ebf trong m\u1ed9t k\u1ef3 k\u1ebf to\u00e1n (th\u01b0\u1eddng l\u00e0 1 n\u0103m).<\/p>\n
1.1. \u0110\u1ecbnh ngh\u0129a ch\u00ednh th\u1ee9c theo chu\u1ea9n k\u1ebf to\u00e1n<\/h3>\nTheo chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n qu\u1ed1c t\u1ebf (IFRS) v\u00e0 Vi\u1ec7t Nam (VAS), ROE \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m gi\u1eefa l\u1ee3i nhu\u1eadn sau thu\u1ebf thu\u1ed9c v\u1ec1 c\u1ed5 \u0111\u00f4ng c\u00f4ng ty m\u1eb9<\/strong> chia cho v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u00ecnh qu\u00e2n<\/strong> trong k\u1ef3. \u0110\u00e2y l\u00e0 ch\u1ec9 s\u1ed1 c\u1ed1t l\u00f5i xu\u1ea5t hi\u1ec7n trong m\u1ecdi b\u00e1o c\u00e1o ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu chuy\u00ean nghi\u1ec7p. \u0110\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 c\u00e1ch t\u00ednh t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m n\u00f3i chung, b\u1ea1n c\u00f3 th\u1ec3 tham kh\u1ea3o b\u00e0i c\u00f4ng th\u1ee9c t\u00ednh ph\u1ea7n tr\u0103m chu\u1ea9n x\u00e1c<\/a>.<\/p>\n
1.2. Vai tr\u00f2 c\u1ee7a ROE \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0<\/h3>\n
ROE l\u00e0 “kim ch\u1ec9 nam” c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb. Warren Buffett t\u1eebng n\u00f3i: “T\u00f4i t\u00ecm ki\u1ebfm nh\u1eefng c\u00f4ng ty c\u00f3 ROE cao v\u00e0 \u1ed5n \u0111\u1ecbnh, \u00edt n\u1ee3 vay, v\u00e0 t\u00f4i mua ch\u00fang \u1edf m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd.” ROE cao ch\u1ee9ng t\u1ecf:<\/p>\n
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Ban l\u00e3nh \u0111\u1ea1o s\u1eed d\u1ee5ng v\u1ed1n hi\u1ec7u qu\u1ea3<\/strong>: bi\u1ebfn v\u1ed1n c\u1ed5 \u0111\u00f4ng th\u00e0nh l\u1ee3i nhu\u1eadn t\u1ed1i \u01b0u<\/li>\n
L\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng<\/strong>: th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi th\u01b0\u01a1ng hi\u1ec7u m\u1ea1nh, c\u00f4ng ngh\u1ec7 \u0111\u1ed9c quy\u1ec1n<\/li>\n
Kh\u1ea3 n\u0103ng t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ed1t<\/strong>: gi\u00fap c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng n\u1ed9i sinh m\u00e0 kh\u00f4ng c\u1ea7n huy \u0111\u1ed9ng v\u1ed1n m\u1edbi<\/li>\n
Ti\u1ec1m n\u0103ng chia c\u1ed5 t\u1ee9c cao<\/strong>: c\u1ed5 \u0111\u00f4ng \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i tr\u1ef1c ti\u1ebfp<\/li>\n<\/ul>\n
1.3. Vai tr\u00f2 c\u1ee7a ROE \u0111\u1ed1i v\u1edbi ch\u1ee7 doanh nghi\u1ec7p<\/h3>\n
\u0110\u1ed1i v\u1edbi ch\u1ee7 doanh nghi\u1ec7p v\u00e0 CEO, ROE l\u00e0 KPI quan tr\u1ecdng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 qu\u1ea3n tr\u1ecb. N\u1ebfu ROE th\u1ea5p h\u01a1n l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m ng\u00e2n h\u00e0ng (kho\u1ea3ng 5-7%\/n\u0103m t\u1ea1i Vi\u1ec7t Nam), ngh\u0129a l\u00e0 ch\u1ee7 doanh nghi\u1ec7p \u0111ang “l\u1ed7 c\u01a1 h\u1ed9i” \u2013 th\u00e0 g\u1eedi ti\u1ebft ki\u1ec7m c\u00f2n c\u00f3 l\u1eddi h\u01a1n kinh doanh. ROE c\u0169ng l\u00e0 c\u01a1 s\u1edf \u0111\u1ec3 h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb quy\u1ebft \u0111\u1ecbnh m\u1ee9c th\u01b0\u1edfng cho ban \u0111i\u1ec1u h\u00e0nh v\u00e0 ch\u00ednh s\u00e1ch chia c\u1ed5 t\u1ee9c cho c\u1ed5 \u0111\u00f4ng.<\/p>\n
2. C\u00f4ng Th\u1ee9c T\u00ednh ROE Chu\u1ea9n X\u00e1c<\/h2>\n
\u0110\u00e2y l\u00e0 ph\u1ea7n quan tr\u1ecdng nh\u1ea5t \u2013 n\u1eafm v\u1eefng c\u00f4ng th\u1ee9c t\u00ednh ROE s\u1ebd gi\u00fap b\u1ea1n t\u1ef1 ph\u00e2n t\u00edch b\u1ea5t k\u1ef3 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh n\u00e0o.<\/p>\n
2.1. C\u00f4ng th\u1ee9c ROE c\u01a1 b\u1ea3n<\/h3>\n
C\u00f4ng th\u1ee9c ROE chu\u1ea9n:<\/strong><\/p>\n
ROE = (L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u00ecnh qu\u00e2n) \u00d7 100%<\/strong><\/p>\n
Trong \u0111\u00f3:<\/p>\n
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L\u1ee3i nhu\u1eadn sau thu\u1ebf (Net Income)<\/strong>: l\u1ea5y t\u1eeb B\u00e1o c\u00e1o k\u1ebft qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng kinh doanh, d\u00f2ng “L\u1ee3i nhu\u1eadn sau thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p” \u2013 th\u01b0\u1eddng \u1edf d\u00f2ng cu\u1ed1i c\u00f9ng<\/li>\n
V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u00ecnh qu\u00e2n (Average Equity)<\/strong>: = (V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u1ea7u k\u1ef3 + V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu cu\u1ed1i k\u1ef3) \/ 2, l\u1ea5y t\u1eeb B\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n<\/li>\n<\/ul>\n
2.2. T\u1ea1i sao ph\u1ea3i d\u00f9ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u00ecnh qu\u00e2n?<\/h3>\n
Nhi\u1ec1u ng\u01b0\u1eddi m\u1edbi h\u1ecdc hay d\u00f9ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu cu\u1ed1i k\u1ef3, \u0111i\u1ec1u n\u00e0y kh\u00f4ng ch\u00ednh x\u00e1c. V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu thay \u0111\u1ed5i li\u00ean t\u1ee5c trong n\u0103m do: ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu, mua c\u1ed5 phi\u1ebfu qu\u1ef9, chia c\u1ed5 t\u1ee9c, t\u00edch l\u0169y l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i. D\u00f9ng gi\u00e1 tr\u1ecb b\u00ecnh qu\u00e2n<\/strong> ph\u1ea3n \u00e1nh \u0111\u00fang s\u1ed1 v\u1ed1n m\u00e0 c\u00f4ng ty th\u1ef1c s\u1ef1 “s\u1eed d\u1ee5ng” \u0111\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn trong k\u1ef3.<\/p>\n
2.3. V\u00ed d\u1ee5 t\u00ednh ROE chi ti\u1ebft<\/h3>\n
\n\ud83d\udcca V\u00ed d\u1ee5 1: T\u00ednh ROE c\u1ee7a C\u00f4ng ty ABC n\u0103m 2024<\/strong><\/p>\n
Gi\u1ea3 s\u1eed C\u00f4ng ty C\u1ed5 ph\u1ea7n ABC c\u00f3 s\u1ed1 li\u1ec7u:<\/p>\n
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L\u1ee3i nhu\u1eadn sau thu\u1ebf n\u0103m 2024: 500 t\u1ef7 VND<\/strong><\/li>\n
V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u1ea7u n\u0103m 2024 (01\/01\/2024): 2.000 t\u1ef7 VND<\/strong><\/li>\n
V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu cu\u1ed1i n\u0103m 2024 (31\/12\/2024): 2.500 t\u1ef7 VND<\/strong><\/li>\n<\/ul>\n
B\u01b0\u1edbc 1:<\/strong> T\u00ednh v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u00ecnh qu\u00e2n = (2.000 + 2.500) \/ 2 = 2.250 t\u1ef7 VND<\/strong>
\nB\u01b0\u1edbc 2:<\/strong> T\u00ednh ROE = (500 \/ 2.250) \u00d7 100% = 22,22%<\/strong><\/p>\n
K\u1ebft lu\u1eadn:<\/strong> M\u1ed7i 1 \u0111\u1ed3ng v\u1ed1n c\u1ed5 \u0111\u00f4ng b\u1ecf v\u00e0o ABC sinh ra 0,2222 \u0111\u1ed3ng l\u1ee3i nhu\u1eadn \u2013 \u0111\u00e2y l\u00e0 m\u1ee9c ROE r\u1ea5t t\u1ed1t, cao h\u01a1n nhi\u1ec1u so v\u1edbi m\u1eb7t b\u1eb1ng chung v\u00e0 l\u00e3i su\u1ea5t ng\u00e2n h\u00e0ng.\n<\/div>\n
\u0110\u1ec3 t\u00ednh nhanh ROE v\u00e0 c\u00e1c t\u1ef7 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c, b\u1ea1n c\u00f3 th\u1ec3 d\u00f9ng c\u00f4ng c\u1ee5 m\u00e1y t\u00ednh t\u1ea1i 1phantram.com<\/a> \u2013 ch\u1ec9 c\u1ea7n nh\u1eadp 2 s\u1ed1 li\u1ec7u l\u00e0 c\u00f3 ngay k\u1ebft qu\u1ea3 ch\u00ednh x\u00e1c.<\/p>\n
2.4. B\u1ea3ng minh h\u1ecda c\u00e1c b\u01b0\u1edbc t\u00ednh ROE<\/h3>\n\n\n\n\n\n\n\n\n\n
B\u01b0\u1edbc<\/th>\n N\u1ed9i dung<\/th>\n Ngu\u1ed3n d\u1eef li\u1ec7u<\/th>\n V\u00ed d\u1ee5 (t\u1ef7 VND)<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>\n L\u1ea5y L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/td>\n B\u00e1o c\u00e1o KQKD, d\u00f2ng cu\u1ed1i<\/td>\n 500<\/td>\n<\/tr>\n
2<\/td>\n L\u1ea5y V\u1ed1n CSH \u0111\u1ea7u k\u1ef3<\/td>\n B\u1ea3ng C\u0110KT 01\/01<\/td>\n 2.000<\/td>\n<\/tr>\n
3<\/td>\n L\u1ea5y V\u1ed1n CSH cu\u1ed1i k\u1ef3<\/td>\n B\u1ea3ng C\u0110KT 31\/12<\/td>\n 2.500<\/td>\n<\/tr>\n
4<\/td>\n T\u00ednh V\u1ed1n CSH b\u00ecnh qu\u00e2n<\/td>\n (\u0110\u1ea7u k\u1ef3 + Cu\u1ed1i k\u1ef3) \/ 2<\/td>\n 2.250<\/td>\n<\/tr>\n
5<\/td>\n T\u00ednh ROE<\/td>\n LNST \/ V\u1ed1n CSH b\u00ecnh qu\u00e2n \u00d7 100%<\/td>\n 22,22%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
3. \u00dd Ngh\u0129a C\u1ee7a Ch\u1ec9 S\u1ed1 ROE Trong Ph\u00e2n T\u00edch T\u00e0i Ch\u00ednh<\/h2>\n
Hi\u1ec3u c\u00f4ng th\u1ee9c l\u00e0 m\u1ed9t chuy\u1ec7n, nh\u01b0ng \u0111\u1ecdc v\u00e0 di\u1ec5n gi\u1ea3i con s\u1ed1 ROE m\u1edbi l\u00e0 k\u1ef9 n\u0103ng quan tr\u1ecdng. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 4 g\u00f3c nh\u00ecn v\u1ec1 \u00fd ngh\u0129a c\u1ee7a ROE.<\/p>\n
3.1. ROE th\u1ec3 hi\u1ec7n hi\u1ec7u qu\u1ea3 sinh l\u1eddi tr\u00ean v\u1ed1n c\u1ed5 \u0111\u00f4ng<\/h3>\n
ROE = 20% ngh\u0129a l\u00e0 c\u1ee9 100 \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng g\u00f3p v\u00e0o, c\u00f4ng ty t\u1ea1o ra 20 \u0111\u1ed3ng l\u1ee3i nhu\u1eadn m\u1ed9t n\u0103m. So s\u00e1nh v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m 6%\/n\u0103m, r\u00f5 r\u00e0ng kinh doanh hi\u1ec7u qu\u1ea3 h\u01a1n g\u1ea5p h\u01a1n 3 l\u1ea7n. \u0110\u00e2y l\u00e0 l\u00fd do nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng mua c\u1ed5 phi\u1ebfu thay v\u00ec g\u1eedi ng\u00e2n h\u00e0ng \u2013 nh\u01b0ng \u0111i k\u00e8m r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng gi\u00e1.<\/p>\n
3.2. ROE ph\u1ea3n \u00e1nh ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p<\/h3>\n
Hai c\u00f4ng ty c\u00f9ng ng\u00e0nh, c\u00f9ng quy m\u00f4 v\u1ed1n nh\u01b0ng ROE kh\u00e1c nhau \u2013 ch\u1eafc ch\u1eafn do ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb kh\u00e1c nhau. C\u00f4ng ty c\u00f3 ROE cao th\u01b0\u1eddng c\u00f3: chi\u1ebfn l\u01b0\u1ee3c kinh doanh s\u1eafc b\u00e9n, ki\u1ec3m so\u00e1t chi ph\u00ed t\u1ed1t, \u0111\u1ed9i ng\u0169 l\u00e3nh \u0111\u1ea1o gi\u1ecfi, v\u00e0 v\u0103n h\u00f3a doanh nghi\u1ec7p m\u1ea1nh. \u0110\u00e2y c\u0169ng l\u00e0 l\u00fd do nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n \u01b0u ti\u00ean ROE h\u01a1n c\u00e1c ch\u1ec9 s\u1ed1 ng\u1eafn h\u1ea1n.<\/p>\n
3.3. ROE cho bi\u1ebft kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng n\u1ed9i sinh<\/h3>\n
C\u00f4ng th\u1ee9c t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng: g = ROE \u00d7 (1 – t\u1ef7 l\u1ec7 chia c\u1ed5 t\u1ee9c)<\/strong>. V\u00ed d\u1ee5: ROE = 20%, c\u00f4ng ty gi\u1eef l\u1ea1i 60% l\u1ee3i nhu\u1eadn (chia c\u1ed5 t\u1ee9c 40%) \u2192 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng n\u1ed9i sinh = 20% \u00d7 60% = 12%\/n\u0103m. C\u00f4ng ty c\u00f3 th\u1ec3 t\u0103ng tr\u01b0\u1edfng 12%\/n\u0103m m\u00e0 kh\u00f4ng c\u1ea7n vay th\u00eam hay ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu. Kh\u00e1i ni\u1ec7m n\u00e0y li\u00ean quan m\u1eadt thi\u1ebft \u0111\u1ebfn l\u00e3i k\u00e9p trong \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/a> \u2013 t\u00e0i s\u1ea3n nh\u00e2n l\u00ean theo c\u1ea5p s\u1ed1 nh\u00e2n.<\/p>\n
4. ROE Bao Nhi\u00eau L\u00e0 T\u1ed1t? Ti\u00eau Chu\u1ea9n Theo Ng\u00e0nh<\/h2>\n
“ROE bao nhi\u00eau l\u00e0 t\u1ed1t?” \u2013 \u0111\u00e2y l\u00e0 c\u00e2u h\u1ecfi kh\u00f4ng c\u00f3 \u0111\u00e1p \u00e1n tuy\u1ec7t \u0111\u1ed1i, v\u00ec c\u00f2n t\u00f9y thu\u1ed9c v\u00e0o ng\u00e0nh ngh\u1ec1, chu k\u1ef3 kinh t\u1ebf v\u00e0 r\u1ee7i ro. Tuy nhi\u00ean, c\u00f3 m\u1ed9t s\u1ed1 ti\u00eau chu\u1ea9n tham kh\u1ea3o.<\/p>\n
4.1. Ti\u00eau chu\u1ea9n ROE chung<\/h3>\n
\n
ROE < 10%<\/strong>: Y\u1ebfu, th\u01b0\u1eddng th\u1ea5p h\u01a1n l\u00e3i su\u1ea5t g\u1eedi ti\u1ebft ki\u1ec7m d\u00e0i h\u1ea1n \u2013 c\u1ea7n xem x\u00e9t l\u1ea1i m\u00f4 h\u00ecnh kinh doanh<\/li>\n
ROE 10-15%<\/strong>: Trung b\u00ecnh, ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c v\u1edbi doanh nghi\u1ec7p \u1ed5n \u0111\u1ecbnh<\/li>\n
ROE 15-20%<\/strong>: T\u1ed1t, \u0111a s\u1ed1 “c\u1ed5 phi\u1ebfu xanh chip” thu\u1ed9c nh\u00f3m n\u00e0y<\/li>\n
ROE 20-30%<\/strong>: R\u1ea5t t\u1ed1t, th\u01b0\u1eddng l\u00e0 doanh nghi\u1ec7p \u0111\u1ea7u ng\u00e0nh<\/li>\n
ROE > 30%<\/strong>: Xu\u1ea5t s\u1eafc \u2013 c\u1ea7n ki\u1ec3m tra xem c\u00f3 b\u1ec1n v\u1eefng kh\u00f4ng (c\u00f3 th\u1ec3 do \u0111\u00f2n b\u1ea9y cao)<\/li>\n<\/ul>\n
4.2. B\u1ea3ng so s\u00e1nh ROE trung b\u00ecnh theo ng\u00e0nh<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n
Ng\u00e0nh<\/th>\n ROE trung b\u00ecnh<\/th>\n \u0110\u1eb7c \u0111i\u1ec3m<\/th>\n V\u00ed d\u1ee5 c\u00f4ng ty VN<\/th>\n<\/tr>\n<\/thead>\n
C\u00f4ng ngh\u1ec7 th\u00f4ng tin<\/td>\n 20-30%<\/td>\n T\u00e0i s\u1ea3n nh\u1eb9, bi\u00ean l\u1ee3i nhu\u1eadn cao<\/td>\n FPT, CMG<\/td>\n<\/tr>\n
H\u00e0ng ti\u00eau d\u00f9ng nhanh (FMCG)<\/td>\n 18-25%<\/td>\n Th\u01b0\u01a1ng hi\u1ec7u m\u1ea1nh, d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh<\/td>\n Vinamilk, Masan<\/td>\n<\/tr>\n
Ng\u00e2n h\u00e0ng<\/td>\n 15-22%<\/td>\n \u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh cao<\/td>\n Vietcombank, ACB, MB<\/td>\n<\/tr>\n
B\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n 10-18%<\/td>\n Chu k\u1ef3 m\u1ea1nh, ph\u1ee5 thu\u1ed9c d\u1ef1 \u00e1n<\/td>\n Vinhomes, Novaland<\/td>\n<\/tr>\n
Th\u00e9p, v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng<\/td>\n 10-25%<\/td>\n Bi\u1ebfn \u0111\u1ed9ng theo gi\u00e1 h\u00e0ng h\u00f3a<\/td>\n Ho\u00e0 Ph\u00e1t, Hoa Sen<\/td>\n<\/tr>\n
B\u00e1n l\u1ebb<\/td>\n 15-25%<\/td>\n Quay v\u00f2ng v\u1ed1n nhanh<\/td>\n MWG, PNJ<\/td>\n<\/tr>\n
\u0110i\u1ec7n l\u1ef1c, ti\u1ec7n \u00edch<\/td>\n 8-14%<\/td>\n \u1ed4n \u0111\u1ecbnh nh\u01b0ng t\u0103ng tr\u01b0\u1edfng ch\u1eadm<\/td>\n POW, GAS<\/td>\n<\/tr>\n
V\u1eadn t\u1ea3i, logistics<\/td>\n 8-15%<\/td>\n Ph\u1ee5 thu\u1ed9c gi\u00e1 nhi\u00ean li\u1ec7u<\/td>\n GMD, VSC<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
4.3. L\u01b0u \u00fd quan tr\u1ecdng khi so s\u00e1nh ROE<\/h3>\n
Kh\u00f4ng bao gi\u1edd so s\u00e1nh ROE c\u1ee7a m\u1ed9t ng\u00e2n h\u00e0ng v\u1edbi m\u1ed9t c\u00f4ng ty c\u00f4ng ngh\u1ec7 \u2013 \u0111\u00f3 l\u00e0 so s\u00e1nh t\u00e1o v\u1edbi cam. Ng\u00e2n h\u00e0ng c\u00f3 ROE cao m\u1ed9t ph\u1ea7n do b\u1ea3n ch\u1ea5t kinh doanh d\u00f9ng \u0111\u00f2n b\u1ea9y (huy \u0111\u1ed9ng ti\u1ec1n g\u1eedi \u0111\u1ec3 cho vay). Trong khi \u0111\u00f3, c\u00f4ng ty c\u00f4ng ngh\u1ec7 c\u00f3 ROE cao do bi\u00ean l\u1ee3i nhu\u1eadn cao v\u00e0 t\u00e0i s\u1ea3n nh\u1eb9. H\u00e3y lu\u00f4n so s\u00e1nh ROE trong c\u00f9ng ng\u00e0nh v\u00e0 trong c\u00f9ng chu k\u1ef3 kinh t\u1ebf.<\/strong><\/p>\n
4.4. ROE qua nhi\u1ec1u n\u0103m quan tr\u1ecdng h\u01a1n ROE m\u1ed9t n\u0103m<\/h3>\n
M\u1ed9t n\u0103m ROE cao c\u00f3 th\u1ec3 do may m\u1eafn, bi\u1ebfn c\u1ed1 m\u1ed9t l\u1ea7n (b\u00e1n t\u00e0i s\u1ea3n, ho\u00e0n thu\u1ebf). Nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p xem ROE li\u00ean t\u1ee5c 5-10 n\u0103m<\/strong>. C\u00f4ng ty c\u00f3 ROE > 15% li\u00ean t\u1ee5c 10 n\u0103m th\u1ef1c s\u1ef1 l\u00e0 “vi\u00ean ng\u1ecdc qu\u00fd” hi\u1ebfm c\u00f3.<\/p>\n
5. Ph\u00e2n T\u00edch ROE B\u1eb1ng M\u00f4 H\u00ecnh DuPont (3 Th\u00e0nh Ph\u1ea7n)<\/h2>\n
\u0110\u00e2y l\u00e0 ph\u1ea7n “\u0111\u1ec9nh cao” c\u1ee7a ph\u00e2n t\u00edch ROE \u2013 m\u00f4 h\u00ecnh DuPont gi\u00fap b\u1ea1n hi\u1ec3u t\u1ea1i sao<\/strong> ROE cao ho\u1eb7c th\u1ea5p, ch\u1ee9 kh\u00f4ng ch\u1ec9 d\u1eebng \u1edf con s\u1ed1.<\/p>\n
5.1. C\u00f4ng th\u1ee9c DuPont 3 y\u1ebfu t\u1ed1<\/h3>\n
M\u00f4 h\u00ecnh DuPont ph\u00e2n t\u00e1ch ROE th\u00e0nh 3 th\u00e0nh ph\u1ea7n:<\/p>\n
ROE = Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng \u00d7 V\u00f2ng quay t\u00e0i s\u1ea3n \u00d7 \u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/strong><\/p>\n
C\u1ee5 th\u1ec3:<\/p>\n
\n
Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng (Net Profit Margin)<\/strong> = LNST \/ Doanh thu thu\u1ea7n \u2014 \u0111o hi\u1ec7u qu\u1ea3 kinh doanh<\/li>\n
V\u00f2ng quay t\u00e0i s\u1ea3n (Asset Turnover)<\/strong> = Doanh thu thu\u1ea7n \/ T\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n \u2014 \u0111o hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n<\/li>\n
\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (Equity Multiplier)<\/strong> = T\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n \/ V\u1ed1n CSH b\u00ecnh qu\u00e2n \u2014 \u0111o m\u1ee9c \u0111\u1ed9 d\u00f9ng n\u1ee3<\/li>\n<\/ul>\n
5.2. \u00dd ngh\u0129a t\u1eebng th\u00e0nh ph\u1ea7n<\/h3>\n
Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng cao<\/strong> cho th\u1ea5y c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf gi\u00e1, th\u01b0\u01a1ng hi\u1ec7u m\u1ea1nh, ki\u1ec3m so\u00e1t chi ph\u00ed t\u1ed1t. \u0110\u00e2y l\u00e0 y\u1ebfu t\u1ed1 \u0111\u1eb7c tr\u01b0ng c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 v\u00e0 h\u00e0ng xa x\u1ec9. Ng\u01b0\u1ee3c l\u1ea1i, ng\u00e0nh b\u00e1n l\u1ebb th\u01b0\u1eddng c\u00f3 bi\u00ean l\u1ee3i nhu\u1eadn th\u1ea5p (2-5%) nh\u01b0ng b\u00f9 l\u1ea1i b\u1eb1ng v\u00f2ng quay nhanh.<\/p>\n
V\u00f2ng quay t\u00e0i s\u1ea3n cao<\/strong> ch\u1ee9ng t\u1ecf c\u00f4ng ty “v\u1eaft ki\u1ec7t” t\u1eebng \u0111\u1ed3ng t\u00e0i s\u1ea3n. Si\u00eau th\u1ecb, chu\u1ed7i b\u00e1n l\u1ebb c\u00f3 v\u00f2ng quay r\u1ea5t cao (2-4 l\u1ea7n\/n\u0103m) v\u00ec h\u00e0ng t\u1ed3n kho b\u00e1n nhanh. Nh\u00e0 m\u00e1y nhi\u1ec7t \u0111i\u1ec7n ho\u1eb7c b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u00f3 v\u00f2ng quay th\u1ea5p (0,3-0,5 l\u1ea7n\/n\u0103m) v\u00ec t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh l\u1edbn.<\/p>\n
\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh cao<\/strong> \u2013 c\u1ea9n th\u1eadn! \u0110\u00e2y l\u00e0 “con dao 2 l\u01b0\u1ee1i”. Vay n\u1ee3 nhi\u1ec1u khu\u1ebfch \u0111\u1ea1i ROE khi kinh doanh t\u1ed1t, nh\u01b0ng c\u0169ng khu\u1ebfch \u0111\u1ea1i l\u1ed7 v\u00e0 nguy c\u01a1 ph\u00e1 s\u1ea3n khi kh\u1ee7ng ho\u1ea3ng. Ng\u00e0nh ng\u00e2n h\u00e0ng c\u00f3 \u0111\u00f2n b\u1ea9y 10-15 l\u1ea7n l\u00e0 b\u00ecnh th\u01b0\u1eddng, nh\u01b0ng c\u00f4ng ty s\u1ea3n xu\u1ea5t c\u00f3 \u0111\u00f2n b\u1ea9y > 3 l\u1ea7n c\u1ea7n th\u1eadn tr\u1ecdng.<\/p>\n
5.3. V\u00ed d\u1ee5 \u00e1p d\u1ee5ng DuPont<\/h3>\n
\n\ud83d\udcca V\u00ed d\u1ee5 2: Ph\u00e2n t\u00edch DuPont cho 2 c\u00f4ng ty A v\u00e0 B (c\u00f9ng ng\u00e0nh, c\u00f9ng ROE 20%)<\/strong><\/p>\n
C\u00f4ng ty A (ch\u1ea5t l\u01b0\u1ee3ng):<\/strong><\/p>\n
\n
Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng: 10%<\/li>\n
V\u00f2ng quay t\u00e0i s\u1ea3n: 1,5 l\u1ea7n<\/li>\n
\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh: 1,33 l\u1ea7n<\/li>\n
ROE = 10% \u00d7 1,5 \u00d7 1,33 = 20%<\/strong><\/li>\n<\/ul>\n
C\u00f4ng ty B (r\u1ee7i ro):<\/strong><\/p>\n
\n
Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng: 5%<\/li>\n
V\u00f2ng quay t\u00e0i s\u1ea3n: 1 l\u1ea7n<\/li>\n
\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh: 4 l\u1ea7n<\/li>\n
ROE = 5% \u00d7 1 \u00d7 4 = 20%<\/strong><\/li>\n<\/ul>\n
K\u1ebft lu\u1eadn:<\/strong> Hai c\u00f4ng ty c\u00f9ng ROE 20% nh\u01b0ng “ch\u1ea5t l\u01b0\u1ee3ng” ho\u00e0n to\u00e0n kh\u00e1c nhau. C\u00f4ng ty A b\u1ec1n v\u1eefng, \u00edt r\u1ee7i ro. C\u00f4ng ty B d\u00f9ng \u0111\u00f2n b\u1ea9y cao \u2013 ch\u1ec9 c\u1ea7n l\u00e3i su\u1ea5t t\u0103ng ho\u1eb7c doanh thu gi\u1ea3m l\u00e0 ROE s\u1ee5p \u0111\u1ed5 ngay. \u0110\u00e2y l\u00e0 s\u1ee9c m\u1ea1nh c\u1ee7a ph\u00e2n t\u00edch DuPont!\n<\/div>\n
6. So S\u00e1nh Chi Ti\u1ebft ROE vs ROA vs ROI<\/h2>\n
\u0110\u00e2y l\u00e0 3 ch\u1ec9 s\u1ed1 d\u1ec5 b\u1ecb nh\u1ea7m l\u1eabn nh\u1ea5t trong ph\u00e2n t\u00edch t\u00e0i ch\u00ednh. Hi\u1ec3u r\u00f5 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u00fap b\u1ea1n d\u00f9ng \u0111\u00fang ch\u1ec9 s\u1ed1 cho \u0111\u00fang t\u00ecnh hu\u1ed1ng.<\/p>\n
6.1. \u0110\u1ecbnh ngh\u0129a t\u1eebng ch\u1ec9 s\u1ed1<\/h3>\n
ROE (Return on Equity)<\/strong>: L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u2014 \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft \u1edf tr\u00ean.<\/p>\n
ROA (Return on Assets)<\/strong>: L\u1ee3i nhu\u1eadn tr\u00ean t\u1ed5ng t\u00e0i s\u1ea3n = LNST \/ T\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n \u00d7 100%. ROA \u0111o hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng to\u00e0n b\u1ed9<\/em> t\u00e0i s\u1ea3n (c\u1ea3 v\u1ed1n vay v\u00e0 v\u1ed1n ch\u1ee7).<\/p>\n
ROI (Return on Investment)<\/strong>: L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n \u0111\u1ea7u t\u01b0 = (L\u00e3i t\u1eeb \u0111\u1ea7u t\u01b0 \/ V\u1ed1n \u0111\u1ea7u t\u01b0) \u00d7 100%. \u0110\u00e2y l\u00e0 ch\u1ec9 s\u1ed1 t\u1ed5ng qu\u00e1t, d\u00f9ng cho b\u1ea5t k\u1ef3 kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u00e0o \u2013 kh\u00f4ng nh\u1ea5t thi\u1ebft l\u00e0 c\u1ea3 doanh nghi\u1ec7p. T\u00ecm hi\u1ec3u chi ti\u1ebft h\u01a1n v\u1ec1 ROI l\u00e0 g\u00ec v\u00e0 c\u00e1ch t\u00ednh<\/a>.<\/p>\n
6.2. B\u1ea3ng so s\u00e1nh chi ti\u1ebft ROE, ROA, ROI<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n
Ti\u00eau ch\u00ed<\/th>\n ROE<\/th>\n ROA<\/th>\n ROI<\/th>\n<\/tr>\n<\/thead>\n
T\u00ean \u0111\u1ea7y \u0111\u1ee7<\/strong><\/td>\n Return on Equity<\/td>\n Return on Assets<\/td>\n Return on Investment<\/td>\n<\/tr>\n
M\u1eabu s\u1ed1<\/strong><\/td>\n V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu BQ<\/td>\n T\u1ed5ng t\u00e0i s\u1ea3n BQ<\/td>\n V\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u<\/td>\n<\/tr>\n
T\u1eed s\u1ed1<\/strong><\/td>\n L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/td>\n L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/td>\n L\u00e3i t\u1eeb \u0111\u1ea7u t\u01b0<\/td>\n<\/tr>\n
\u0110o l\u01b0\u1eddng<\/strong><\/td>\n Hi\u1ec7u qu\u1ea3 v\u1ed1n c\u1ed5 \u0111\u00f4ng<\/td>\n Hi\u1ec7u qu\u1ea3 t\u1ed5ng t\u00e0i s\u1ea3n<\/td>\n Hi\u1ec7u qu\u1ea3 kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3<\/td>\n<\/tr>\n
\u1ea2nh h\u01b0\u1edfng \u0111\u00f2n b\u1ea9y<\/strong><\/td>\n C\u00f3 (khu\u1ebfch \u0111\u1ea1i)<\/td>\n Kh\u00f4ng<\/td>\n T\u00f9y b\u1ed1i c\u1ea3nh<\/td>\n<\/tr>\n
\u0110\u1ed1i t\u01b0\u1ee3ng d\u00f9ng<\/strong><\/td>\n C\u1ed5 \u0111\u00f4ng, N\u0110T c\u1ed5 phi\u1ebfu<\/td>\n Ch\u1ee7 n\u1ee3, ng\u00e2n h\u00e0ng<\/td>\n M\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0<\/td>\n<\/tr>\n
M\u1ee9c t\u1ed1t<\/strong><\/td>\n > 15%<\/td>\n > 5-7%<\/td>\n T\u00f9y th\u1eddi gian, r\u1ee7i ro<\/td>\n<\/tr>\n
Quan h\u1ec7 to\u00e1n h\u1ecdc<\/strong><\/td>\n ROE = ROA \u00d7 \u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
6.3. Khi n\u00e0o d\u00f9ng ROE, khi n\u00e0o d\u00f9ng ROA?<\/h3>\n
N\u1ebfu b\u1ea1n l\u00e0 c\u1ed5 \u0111\u00f4ng<\/strong> ho\u1eb7c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu, ROE quan tr\u1ecdng h\u01a1n v\u00ec b\u1ea1n quan t\u00e2m \u0111\u1ebfn l\u1ee3i nhu\u1eadn tr\u00ean \u0111\u1ed3ng v\u1ed1n m\u00ecnh b\u1ecf ra. N\u1ebfu b\u1ea1n l\u00e0 ch\u1ee7 n\u1ee3<\/strong> (ng\u00e2n h\u00e0ng cho vay, tr\u00e1i ch\u1ee7), ROA quan tr\u1ecdng h\u01a1n v\u00ec b\u1ea1n quan t\u00e2m \u0111\u1ebfn kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a t\u00e0i s\u1ea3n \u2013 l\u00e0 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o cho kho\u1ea3n vay. ROI th\u01b0\u1eddng d\u00f9ng cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ri\u00eang l\u1ebb nh\u01b0 mua b\u1ea5t \u0111\u1ed9ng s\u1ea3n, ch\u1ea1y qu\u1ea3ng c\u00e1o, m\u1edf chi nh\u00e1nh m\u1edbi.<\/p>\n
7. V\u00ed D\u1ee5 Th\u1ef1c T\u1ebf: ROE C\u00e1c C\u00f4ng Ty H\u00e0ng \u0110\u1ea7u Vi\u1ec7t Nam<\/h2>\n
H\u00e3y xem ROE c\u1ee7a m\u1ed9t s\u1ed1 doanh nghi\u1ec7p ti\u00eau bi\u1ec3u tr\u00ean s\u00e0n HOSE \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn th\u1ef1c t\u1ebf. L\u01b0u \u00fd: s\u1ed1 li\u1ec7u d\u01b0\u1edbi \u0111\u00e2y mang t\u00ednh minh h\u1ecda d\u1ef1a tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u00e1c n\u0103m g\u1ea7n \u0111\u00e2y.<\/p>\n
7.1. B\u1ea3ng ROE c\u00e1c c\u00f4ng ty bluechip Vi\u1ec7t Nam (minh h\u1ecda)<\/h3>\n\n\n\n\n\n\n\n\n\n\n
M\u00e3 CK<\/th>\n C\u00f4ng ty<\/th>\n Ng\u00e0nh<\/th>\n LNST (t\u1ef7 VND)<\/th>\n V\u1ed1n CSH BQ (t\u1ef7 VND)<\/th>\n ROE<\/th>\n \u0110\u00e1nh gi\u00e1<\/th>\n<\/tr>\n<\/thead>\n
VNM<\/td>\n Vinamilk<\/td>\n S\u1eefa, FMCG<\/td>\n ~9.000<\/td>\n ~36.000<\/td>\n ~25%<\/strong><\/td>\n R\u1ea5t t\u1ed1t, b\u1ec1n v\u1eefng<\/td>\n<\/tr>\n
FPT<\/td>\n FPT Corp<\/td>\n C\u00f4ng ngh\u1ec7<\/td>\n ~7.500<\/td>\n ~28.000<\/td>\n ~26-27%<\/strong><\/td>\n Xu\u1ea5t s\u1eafc, \u1ed5n \u0111\u1ecbnh<\/td>\n<\/tr>\n
HPG<\/td>\n Ho\u00e0 Ph\u00e1t<\/td>\n Th\u00e9p<\/td>\n ~6.000-8.000<\/td>\n ~75.000<\/td>\n ~8-11%<\/strong><\/td>\n Bi\u1ebfn \u0111\u1ed9ng theo chu k\u1ef3 th\u00e9p<\/td>\n<\/tr>\n
VCB<\/td>\n Vietcombank<\/td>\n Ng\u00e2n h\u00e0ng<\/td>\n ~30.000<\/td>\n ~150.000<\/td>\n ~20%<\/strong><\/td>\n T\u1ed1t, \u1ed5n \u0111\u1ecbnh<\/td>\n<\/tr>\n
MWG<\/td>\n Th\u1ebf Gi\u1edbi Di \u0110\u1ed9ng<\/td>\n B\u00e1n l\u1ebb<\/td>\n ~4.000<\/td>\n ~24.000<\/td>\n ~17%<\/strong><\/td>\n T\u1ed1t, \u0111ang ph\u1ee5c h\u1ed3i<\/td>\n<\/tr>\n
VHM<\/td>\n Vinhomes<\/td>\n B\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n ~30.000<\/td>\n ~150.000<\/td>\n ~20%<\/strong><\/td>\n Cao, ph\u1ee5 thu\u1ed9c d\u1ef1 \u00e1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
7.2. Ph\u00e2n t\u00edch ROE Vinamilk (VNM) \u2013 M\u1eabu m\u1ef1c ng\u00e0nh s\u1eefa<\/h3>\n
Vinamilk<\/strong> l\u00e0 v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh c\u1ee7a doanh nghi\u1ec7p c\u00f3 ROE cao v\u00e0 b\u1ec1n v\u1eefng. ROE duy tr\u00ec 25-40% li\u00ean t\u1ee5c h\u01a1n 15 n\u0103m nh\u1edd: th\u01b0\u01a1ng hi\u1ec7u s\u1eefa s\u1ed1 1 Vi\u1ec7t Nam, k\u00eanh ph\u00e2n ph\u1ed1i ph\u1ee7 kh\u1eafp, bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng 17-20% (r\u1ea5t cao trong FMCG), \u00edt n\u1ee3 vay \u2013 t\u1ee9c kh\u00f4ng d\u00f9ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh \u0111\u1ec3 “th\u1ed5i” ROE. \u0110\u00e2y l\u00e0 ROE ch\u1ea5t l\u01b0\u1ee3ng nh\u1ea5t.<\/p>\n
7.3. Ph\u00e2n t\u00edch ROE FPT \u2013 \u0110\u1ea1i di\u1ec7n ng\u00e0nh c\u00f4ng ngh\u1ec7<\/h3>\n
FPT Corporation<\/strong> \u0111\u1ea1t ROE ~26-27% nh\u1edd m\u1ea3ng xu\u1ea5t kh\u1ea9u ph\u1ea7n m\u1ec1m (FPT Software) t\u0103ng tr\u01b0\u1edfng 25-30%\/n\u0103m sang Nh\u1eadt, M\u1ef9, EU. \u0110\u1eb7c tr\u01b0ng ROE FPT \u0111\u1ebfn t\u1eeb bi\u00ean l\u1ee3i nhu\u1eadn cao v\u00e0 v\u00f2ng quay t\u00e0i s\u1ea3n t\u1ed1t \u2013 \u00edt d\u00f9ng \u0111\u00f2n b\u1ea9y, an to\u00e0n t\u00e0i ch\u00ednh cao.<\/p>\n
7.4. Ph\u00e2n t\u00edch ROE Ho\u00e0 Ph\u00e1t \u2013 B\u00e0i h\u1ecdc chu k\u1ef3 ng\u00e0nh<\/h3>\n
ROE c\u1ee7a Ho\u00e0 Ph\u00e1t (HPG)<\/strong> dao \u0111\u1ed9ng m\u1ea1nh: n\u0103m 2021 \u0111\u1ea1t ~39% (\u0111\u1ec9nh chu k\u1ef3 th\u00e9p), n\u0103m 2023 ch\u1ec9 c\u00f2n ~6-8% (\u0111\u00e1y chu k\u1ef3). \u0110i\u1ec1u n\u00e0y d\u1ea1y ta b\u00e0i h\u1ecdc quan tr\u1ecdng: kh\u00f4ng ch\u1ec9 nh\u00ecn ROE 1 n\u0103m<\/strong>, ph\u1ea3i xem ROE trung b\u00ecnh qua chu k\u1ef3 kinh t\u1ebf (7-10 n\u0103m). Ho\u00e0 Ph\u00e1t trung b\u00ecnh chu k\u1ef3 c\u00f3 ROE ~15-18%, v\u1eabn l\u00e0 m\u1ee9c t\u1ed1t cho ng\u00e0nh n\u1eb7ng.<\/p>\n
7.5. Ph\u00e2n t\u00edch ROE Vietcombank \u2013 Ng\u00e2n h\u00e0ng \u0111\u1ea7u ng\u00e0nh<\/h3>\n
V\u1edbi ROE ~20%, Vietcombank<\/strong> d\u1eabn \u0111\u1ea7u h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng VN. ROE cao do: NIM (bi\u00ean l\u00e3i r\u00f2ng) t\u1ed1t, t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u th\u1ea5p nh\u1ea5t ng\u00e0nh, hi\u1ec7u qu\u1ea3 chi ph\u00ed t\u1ed1t. Tuy nhi\u00ean, \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh ng\u00e2n h\u00e0ng t\u1ef1 nhi\u00ean cao (v\u1ed1n CSH ~10% t\u1ed5ng t\u00e0i s\u1ea3n) n\u00ean ROE c\u1ea7n ph\u00e2n t\u00edch k\u1ef9 v\u1edbi m\u00f4 h\u00ecnh DuPont.<\/p>\n
8. H\u1ea1n Ch\u1ebf C\u1ee7a ROE V\u00e0 C\u00e1ch Kh\u1eafc Ph\u1ee5c<\/h2>\n
ROE r\u1ea5t m\u1ea1nh, nh\u01b0ng kh\u00f4ng ph\u1ea3i “th\u1ea7n th\u00e1nh”. Hi\u1ec3u h\u1ea1n ch\u1ebf gi\u00fap b\u1ea1n tr\u00e1nh sai l\u1ea7m khi \u0111\u1ea7u t\u01b0.<\/p>\n
8.1. ROE b\u1ecb “th\u1ed5i ph\u1ed3ng” b\u1edfi \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/h3>\n
Nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp, c\u00f4ng ty vay n\u1ee3 nhi\u1ec1u c\u00f3 th\u1ec3 \u0111\u1ea9y ROE l\u00ean cao gi\u1ea3 t\u1ea1o. Khi l\u00e3i su\u1ea5t t\u0103ng ho\u1eb7c kinh doanh kh\u00f3 kh\u0103n, chi ph\u00ed l\u00e3i vay “\u0103n” h\u1ebft l\u1ee3i nhu\u1eadn, ROE s\u1ee5p \u0111\u1ed5. C\u00e1ch kh\u1eafc ph\u1ee5c:<\/strong> lu\u00f4n ki\u1ec3m tra t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n CSH (D\/E ratio). D\/E > 2 l\u1ea7n (v\u1edbi ng\u00e0nh phi t\u00e0i ch\u00ednh) l\u00e0 d\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o.<\/p>\n
8.2. ROE \u00e2m ho\u1eb7c r\u1ea5t cao b\u1ea5t th\u01b0\u1eddng do v\u1ed1n CSH th\u1ea5p<\/h3>\n
N\u1ebfu c\u00f4ng ty l\u1ed7 l\u0169y k\u1ebf l\u1edbn, v\u1ed1n CSH c\u00f3 th\u1ec3 gi\u1ea3m v\u1ec1 g\u1ea7n 0 ho\u1eb7c \u00e2m. Khi \u0111\u00f3 ROE m\u1ea5t \u00fd ngh\u0129a (chia cho s\u1ed1 r\u1ea5t nh\u1ecf ho\u1eb7c \u00e2m). T\u01b0\u01a1ng t\u1ef1, c\u00f4ng ty m\u1edbi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu qu\u1ef9 l\u1edbn c\u00f3 th\u1ec3 c\u00f3 ROE “\u0111\u1eb9p” gi\u1ea3 t\u1ea1o. C\u00e1ch kh\u1eafc ph\u1ee5c:<\/strong> k\u1ebft h\u1ee3p v\u1edbi ROA, EBITDA margin v\u00e0 d\u00f2ng ti\u1ec1n t\u1ef1 do.<\/p>\n
8.3. ROE kh\u00f4ng ph\u1ea3n \u00e1nh r\u1ee7i ro<\/h3>\n
M\u1ed9t startup biotech c\u00f3 th\u1ec3 c\u00f3 ROE 50% trong n\u0103m nh\u1edd tr\u00fang \u0111\u1eadm h\u1ee3p \u0111\u1ed3ng \u2013 nh\u01b0ng n\u0103m sau l\u1ed7 n\u1eb7ng. ROE kh\u00f4ng cho bi\u1ebft t\u00ednh \u1ed5n \u0111\u1ecbnh c\u1ee7a d\u00f2ng ti\u1ec1n. C\u00e1ch kh\u1eafc ph\u1ee5c:<\/strong> xem ROE li\u00ean t\u1ee5c 5-10 n\u0103m v\u00e0 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n (volatility) c\u1ee7a ROE qua c\u00e1c n\u0103m. Kh\u00e1i ni\u1ec7m t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n li\u00ean quan \u0111\u1ebfn CAGR \u2013 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng k\u00e9p h\u00e0ng n\u0103m<\/a>, l\u00e0 ch\u1ec9 s\u1ed1 b\u1ed5 sung quan tr\u1ecdng.<\/p>\n
8.4. ROE b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi ch\u00ednh s\u00e1ch k\u1ebf to\u00e1n<\/h3>\n
C\u00f4ng ty c\u00f3 th\u1ec3 “l\u00e0m \u0111\u1eb9p” ROE b\u1eb1ng c\u00e1ch: ghi gi\u1ea3m kh\u1ea5u hao, v\u1ed1n h\u00f3a chi ph\u00ed R&D, chia c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u1ec3 gi\u1ea3m v\u1ed1n CSH. C\u00e1ch kh\u1eafc ph\u1ee5c:<\/strong> \u0111\u1ecdc thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, so s\u00e1nh ROE v\u1edbi d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng (CFO\/Equity).<\/p>\n
8.5. Ba ch\u1ec9 s\u1ed1 n\u00ean xem k\u00e8m ROE<\/h3>\n
\n
ROA<\/strong>: ki\u1ec3m tra ROE c\u00f3 b\u1ecb th\u1ed5i ph\u1ed3ng b\u1edfi \u0111\u00f2n b\u1ea9y kh\u00f4ng<\/li>\n
T\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n CSH (D\/E)<\/strong>: \u0111o m\u1ee9c \u0111\u1ed9 r\u1ee7i ro t\u00e0i ch\u00ednh<\/li>\n
D\u00f2ng ti\u1ec1n t\u1ef1 do (FCF)<\/strong>: \u0111\u1ea3m b\u1ea3o l\u1ee3i nhu\u1eadn l\u00e0 “ti\u1ec1n th\u1eadt”<\/li>\n<\/ul>\nVi\u1ec7c k\u1ebft h\u1ee3p nhi\u1ec1u ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u0169ng l\u00e0 k\u1ef9 n\u0103ng c\u1ed1t l\u00f5i trong qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n v\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3<\/a> \u2013 b\u1ea1n n\u00ean r\u00e8n luy\u1ec7n th\u00f3i quen n\u00e0y.<\/p>\n
8.6. Tham kh\u1ea3o th\u00eam<\/h3>\n
\u0110\u1ec3 hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 Return on Equity theo chu\u1ea9n qu\u1ed1c t\u1ebf v\u00e0 c\u00e1c nghi\u00ean c\u1ee9u h\u1ecdc thu\u1eadt, b\u1ea1n c\u00f3 th\u1ec3 tham kh\u1ea3o b\u00e0i vi\u1ebft chi ti\u1ebft t\u1ea1i Investopedia \u2013 Return on Equity (ROE)<\/a> \u2013 ngu\u1ed3n t\u00e0i li\u1ec7u uy t\u00edn b\u1eadc nh\u1ea5t v\u1ec1 t\u00e0i ch\u00ednh.<\/p>\n
9. C\u00e2u H\u1ecfi Th\u01b0\u1eddng G\u1eb7p V\u1ec1 ROE<\/h2>\n
9.1. ROE \u00e2m c\u00f3 ngh\u0129a l\u00e0 g\u00ec?<\/h3>\n
ROE \u00e2m xu\u1ea5t hi\u1ec7n khi c\u00f4ng ty b\u00e1o l\u1ed7 (l\u1ee3i nhu\u1eadn sau thu\u1ebf \u00e2m) trong khi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u1eabn d\u01b0\u01a1ng. \u0110i\u1ec1u n\u00e0y ngh\u0129a l\u00e0 c\u00f4ng ty \u0111ang “\u0111\u1ed1t” v\u1ed1n c\u1ed5 \u0111\u00f4ng \u2013 m\u1ed7i 100 \u0111\u1ed3ng v\u1ed1n b\u1ecf v\u00e0o \u0111ang m\u1ea5t \u0111i m\u1ed9t ph\u1ea7n. N\u1ebfu ROE \u00e2m k\u00e9o d\u00e0i 2-3 n\u0103m, c\u00f4ng ty c\u00f3 nguy c\u01a1 ph\u00e1 s\u1ea3n. Tuy nhi\u00ean, v\u1edbi startup \u0111ang giai \u0111o\u1ea1n \u0111\u1ea7u t\u01b0 m\u1edf r\u1ed9ng (Amazon, Tesla giai \u0111o\u1ea1n \u0111\u1ea7u), ROE \u00e2m t\u1ea1m th\u1eddi c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c n\u1ebfu d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng d\u01b0\u01a1ng v\u00e0 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng cao.<\/p>\n
9.2. ROE v\u00e0 EPS kh\u00e1c nhau nh\u01b0 th\u1ebf n\u00e0o?<\/h3>\n
EPS (Earnings per Share)<\/strong> = LNST \/ S\u1ed1 c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh, \u0111o l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu. ROE<\/strong> \u0111o l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i \u0111\u1ed3ng v\u1ed1n c\u1ed5 \u0111\u00f4ng. Hai ch\u1ec9 s\u1ed1 b\u1ed5 sung cho nhau: EPS gi\u00fap t\u00ednh P\/E \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1, c\u00f2n ROE \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n. M\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 c\u00f3 EPS cao do mua l\u1ea1i c\u1ed5 phi\u1ebfu qu\u1ef9 (gi\u1ea3m s\u1ed1 c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh) nh\u01b0ng ROE kh\u00f4ng t\u0103ng t\u01b0\u01a1ng \u1ee9ng \u2013 \u0111\u00f3 l\u00e0 d\u1ea5u hi\u1ec7u c\u1ea7n th\u1eadn tr\u1ecdng.<\/p>\n
9.3. ROE bao nhi\u00eau l\u00e0 t\u1ed1t cho ng\u00e2n h\u00e0ng Vi\u1ec7t Nam?<\/h3>\n
\u0110\u1ed1i v\u1edbi ng\u00e2n h\u00e0ng VN, ROE 15-20% \u0111\u01b0\u1ee3c xem l\u00e0 t\u1ed1t. C\u00e1c ng\u00e2n h\u00e0ng top nh\u01b0 Vietcombank, ACB, MB, Techcombank, VPBank th\u01b0\u1eddng duy tr\u00ec ROE 18-22%. ROE < 10% v\u1edbi ng\u00e2n h\u00e0ng l\u00e0 y\u1ebfu (c\u1ea7n xem ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n, n\u1ee3 x\u1ea5u). ROE > 25% c\u1ea7n ki\u1ec3m tra k\u1ef9 t\u1ef7 l\u1ec7 an to\u00e0n v\u1ed1n (CAR) \u2013 c\u00f3 th\u1ec3 ng\u00e2n h\u00e0ng \u0111ang d\u00f9ng \u0111\u00f2n b\u1ea9y qu\u00e1 cao.<\/p>\n
9.4. L\u00e0m sao t\u0103ng ROE cho doanh nghi\u1ec7p?<\/h3>\n
C\u00f3 3 c\u00e1ch d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh DuPont: (1) T\u0103ng bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng<\/strong> \u2013 t\u0103ng gi\u00e1 b\u00e1n, c\u1eaft gi\u1ea3m chi ph\u00ed, c\u1ea3i ti\u1ebfn s\u1ea3n ph\u1ea9m; (2) T\u0103ng v\u00f2ng quay t\u00e0i s\u1ea3n<\/strong> \u2013 b\u00e1n h\u00e0ng t\u1ed3n kho nhanh h\u01a1n, thu h\u1ed3i c\u00f4ng n\u1ee3 t\u1ed1t h\u01a1n, thanh l\u00fd t\u00e0i s\u1ea3n k\u00e9m hi\u1ec7u qu\u1ea3; (3) T\u0103ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/strong> \u2013 vay n\u1ee3 th\u00eam, mua c\u1ed5 phi\u1ebfu qu\u1ef9. C\u00e1ch 1 v\u00e0 2 b\u1ec1n v\u1eefng, c\u00e1ch 3 r\u1ee7i ro n\u00ean c\u1ea7n c\u1ea9n tr\u1ecdng.<\/p>\n
9.5. ROE c\u00f3 li\u00ean quan \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu kh\u00f4ng?<\/h3>\n
C\u00f3 li\u00ean quan gi\u00e1n ti\u1ebfp nh\u01b0ng kh\u00f4ng ph\u1ea3i tuy\u1ec7t \u0111\u1ed1i. C\u00f4ng ty ROE cao th\u01b0\u1eddng c\u00f3 c\u1ed5 phi\u1ebfu t\u0103ng gi\u00e1 t\u1ed1t trong d\u00e0i h\u1ea1n (Vinamilk, FPT l\u00e0 v\u00ed d\u1ee5). Tuy nhi\u00ean, gi\u00e1 c\u1ed5 phi\u1ebfu c\u00f2n ph\u1ee5 thu\u1ed9c: t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng, k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng, l\u00e3i su\u1ea5t, \u0111\u1ecbnh gi\u00e1 P\/E. C\u00f3 nhi\u1ec1u c\u1ed5 phi\u1ebfu ROE cao nh\u01b0ng \u0111\u1eaft (P\/E > 30) \u2013 kh\u00f4ng n\u00ean mua. Ng\u01b0\u1ee3c l\u1ea1i, ROE th\u1ea5p nh\u01b0ng \u0111ang ph\u1ee5c h\u1ed3i + gi\u00e1 r\u1ebb c\u00f3 th\u1ec3 l\u00e0 c\u01a1 h\u1ed9i t\u1ed1t.<\/p>\n
9.6. ROE t\u00ednh theo qu\u00fd hay theo n\u0103m?<\/h3>\n
ROE chu\u1ea9n t\u00ednh theo n\u0103m t\u00e0i ch\u00ednh (12 th\u00e1ng). N\u1ebfu t\u00ednh theo qu\u00fd, c\u1ea7n “annualized” (nh\u00e2n 4) \u0111\u1ec3 so s\u00e1nh \u0111\u01b0\u1ee3c, nh\u01b0ng c\u00e1ch n\u00e0y kh\u00f4ng ch\u00ednh x\u00e1c do t\u00ednh ch\u1ea5t m\u00f9a v\u1ee5 c\u1ee7a m\u1ed9t s\u1ed1 ng\u00e0nh (b\u00e1n l\u1ebb, du l\u1ecbch). T\u1ed1t nh\u1ea5t n\u00ean t\u00ednh ROE TTM (Trailing Twelve Months \u2013 4 qu\u00fd g\u1ea7n nh\u1ea5t) \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn c\u1eadp nh\u1eadt m\u00e0 v\u1eabn lo\u1ea1i b\u1ecf m\u00f9a v\u1ee5.<\/p>\n
9.7. ROE c\u1ee7a t\u00f4i t\u1ef1 kinh doanh nh\u1ecf t\u00ednh sao?<\/h3>\n
V\u1edbi h\u1ed9 kinh doanh ho\u1eb7c c\u00f4ng ty TNHH nh\u1ecf, ROE = L\u1ee3i nhu\u1eadn n\u0103m \/ V\u1ed1n ban \u0111\u1ea7u b\u1ea1n b\u1ecf v\u00e0o \u00d7 100%. V\u00ed d\u1ee5: b\u1ea1n m\u1edf qu\u00e1n cafe \u0111\u1ea7u t\u01b0 500 tri\u1ec7u, n\u0103m \u0111\u1ea7u l\u00e3i 100 tri\u1ec7u (sau khi tr\u1eeb chi ph\u00ed thu\u00ea m\u1eb7t b\u1eb1ng, nh\u00e2n vi\u00ean, nguy\u00ean li\u1ec7u) \u2192 ROE = 20%. So s\u00e1nh v\u1edbi l\u00e3i su\u1ea5t g\u1eedi ti\u1ebft ki\u1ec7m 6% \u0111\u1ec3 bi\u1ebft kinh doanh c\u00f3 hi\u1ec7u qu\u1ea3 kh\u00f4ng. \u0110\u1ec3 t\u00ednh nhanh, b\u1ea1n c\u00f3 th\u1ec3 d\u00f9ng m\u00e1y t\u00ednh t\u1ea1i 1phantram.com<\/a>.<\/p>\n
\ud83c\udfaf K\u1ebft Lu\u1eadn<\/h2>\n
ROE (Return on Equity)<\/strong> \u2013 T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u2013 l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng nh\u1ea5t gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 kinh doanh v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb c\u1ee7a doanh nghi\u1ec7p. C\u00f4ng th\u1ee9c c\u01a1 b\u1ea3n r\u1ea5t \u0111\u01a1n gi\u1ea3n: ROE = L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u00ecnh qu\u00e2n \u00d7 100%<\/strong>, nh\u01b0ng vi\u1ec7c di\u1ec5n gi\u1ea3i v\u00e0 s\u1eed d\u1ee5ng \u0111\u00fang c\u1ea7n ki\u1ebfn th\u1ee9c s\u00e2u h\u01a1n.<\/p>\n
H\u00e3y ghi nh\u1edb: ROE > 15% l\u00e0 t\u1ed1t, nh\u01b0ng c\u1ea7n xem qua chu k\u1ef3 5-10 n\u0103m, k\u1ebft h\u1ee3p v\u1edbi ROA, D\/E \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o kh\u00f4ng b\u1ecb “th\u1ed5i ph\u1ed3ng” b\u1edfi \u0111\u00f2n b\u1ea9y. Ph\u00e2n t\u00edch DuPont 3 th\u00e0nh ph\u1ea7n (bi\u00ean l\u1ee3i nhu\u1eadn \u00d7 v\u00f2ng quay t\u00e0i s\u1ea3n \u00d7 \u0111\u00f2n b\u1ea9y) s\u1ebd cho b\u1ea1n c\u00e1i nh\u00ecn s\u00e2u s\u1eafc v\u1ec1 ngu\u1ed3n g\u1ed1c<\/em> c\u1ee7a ROE. So s\u00e1nh ROE ph\u1ea3i trong c\u00f9ng ng\u00e0nh v\u00e0 c\u00f9ng giai \u0111o\u1ea1n kinh t\u1ebf.<\/p>\n
\n\ud83d\ude80 H\u00e0nh \u0111\u1ed9ng ngay:<\/strong> \u0110\u1ec3 t\u00ednh nhanh ROE, ROA, ROI v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c ch\u1ec9 trong v\u00e0i gi\u00e2y, h\u00e3y truy c\u1eadp m\u00e1y t\u00ednh ph\u1ea7n tr\u0103m t\u1ea1i 1phantram.com<\/strong><\/a>. C\u00f4ng c\u1ee5 mi\u1ec5n ph\u00ed, kh\u00f4ng c\u1ea7n \u0111\u0103ng k\u00fd, h\u1ed7 tr\u1ee3 m\u1ecdi ph\u00e9p t\u00ednh t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n \u2013 c\u1ef1c k\u1ef3 h\u1eefu \u00edch cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, sinh vi\u00ean t\u00e0i ch\u00ednh v\u00e0 ch\u1ee7 doanh nghi\u1ec7p. H\u00e3y th\u00eam trang web v\u00e0o bookmark \u0111\u1ec3 d\u00f9ng th\u01b0\u1eddng xuy\u00ean!\n<\/div>\n
B\u00e0i vi\u1ebft li\u00ean quan b\u1ea1n n\u00ean \u0111\u1ecdc:<\/strong><\/p>\n
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ROI l\u00e0 g\u00ec? C\u00e1ch t\u00ednh ROI chi ti\u1ebft<\/a><\/li>\n
C\u00f4ng th\u1ee9c t\u00ednh ph\u1ea7n tr\u0103m chu\u1ea9n x\u00e1c<\/a><\/li>\n
L\u00e3i k\u00e9p l\u00e0 g\u00ec? S\u1ee9c m\u1ea1nh c\u1ee7a \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/a><\/li>\n
CAGR l\u00e0 g\u00ec? T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng k\u00e9p h\u00e0ng n\u0103m<\/a><\/li>\n
Qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n hi\u1ec7u qu\u1ea3<\/a><\/li>\n<\/ul>\n