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BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP. HCM VIỆN ĐÀO TẠO SAU ĐẠI HỌC KHOA QUẢN TRỊ KINH DOANH BA ̀ I TIÊ ̉ U LU ̣ N CÁ NHÂN: PHÂN TÍCH TÀI CHÍNH CÔNG TY CP XÂY DỰNG COTEC (CTD) GIAI ĐOẠN 2009 - 2011 Sa ̀ n niêm yê ́ t : HOSE Ma ̃ chư ́ ng khoa ́ n : CTD Nga ̀ nh : Xây dựng Môn : QUẢN TRỊ TÀI CHÍNH GVHD : NGÔ QUANG HUÂN Lơ ́ p : CH K20-QTKD ĐÊM 1 SVTH : TRƯƠNG BẢO LONG TP Hồ Chí Minh, tha ́ ng 10 năm 2012 MỤC LỤC ! "# $%&'()(*+,(&-., $%&'()(*/&0(&/12(3 3$45'(/67(83 9$*,2/67/&7/6:.(*3 ;&<(/= > ?&%&0 > ,450 > /0 > 1?0 > 1-:5?&5@A B (/,A C (/A D EEFGEEGE9 HI JK ; &L1M&:N(*M&0 > MO; &L1M&:N(*M&0 > MP, D (&*,0 > /6A(*,0 > /6, D /0 C ,+0 B (61 C (*; 3&L1M&:N(*M&0 > M?&,A > /%&< > 5Q1 C (*/&5(&< D MRRRS TUVHWX Y+5Z/-8,(&5[(%\]^(*GM&:N(*+0,GP_-`?&?&5a(]0 C &`+bc,d(/&,A(?e0 ?&f(*%&12(g &1 D (?&: > (*%&10 > (PA B /&,A > /-< D MQ0(&h5 D ?P< C 5/:g 3@ B /61 D (*P< C 5/:G&A D +i > &10 C (]i > (%@ C ]1 D (*GPi D -A D ?&?&5< B (]0 C &A D +i > c,A > (/&,A(?5 B 0ci D ?&: > (*%&10 > (*jF &k-k?2?/l-`/m,?&n(&M&k?]kM&<(/n?&21?21/m,?&n(& &5 D -5 D ?21?21%d/45'%,(&Q10(& &5 D -5 D ?3'(*?<(Pb,%d/12( &5 D -5 D ?9i(*/&f?/m,?&n(& &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE PHẦN I: GIỚI THIỆU CHUNG VỀ CÔNG TY CP XÂY DỰNG COTEC Nhóm ngành:<@Qr(* Vốn điều lệ:9GEEEGEEEGEEEPs(* KL CP đang niêm yết:9GEEGEEE?M KL CP đang lưu hành:9G33G399?M Tổ chức kiểm toán:qi(*/@6(+/j15(*,`/0hqEE qi(*/@6(+/j15(*,`/0hqE Giới thiệu: 7?&+t&u(&/&m(& • i(*/@vM&w(<@Qr(*1/L?"x#/,$(/&<(-m_M&[( K&b,<@-yM/&5_?i(*/@Kz/&5[/{<@Qr(*]m[/-,`5{<@Qr(*| v(*i(*/@[/-,`5{<@Qr(*+b|_<@Qr(* • *m@OEXOEE9_6:}(*_{<@Qr(*Po%~45@d/P7(&+bg9O•Hq ]$],`?M&AQ5@`/M&:N(*2(?vM&w(&€0K&b,<@-yM|i(*/@ Kz/&5[/<@Qr(*]m/&5_?v(*i(*/@[/-,`5{<@Qr(*+b • *m@3EOEXOEE9_6:}(*_<@Qr(*%~45@d/P7(&+b9O•Hq ]$],`??&5@•(K&b,<@-yM|i(*/@Kz/&5[/{<@Qr(*]m |v(*i(*/@[/-,`5{<@Qr(*+b/&m(&i(*/@?vM&w( • i(*/@Po?&n(&/&f?P,]m1&1p/P_(*/&L1&u(&/&f?i(*/@?vM&w( %•/‚(*m@9OEgOEE9/&L1*,Z@M&ƒM%,(&Q10(&9E3EES1x}Kd &1p?&]mHw5/:&m(&M&bs&n,(&?ZM(*m@9OEgOEE9 • i(*/@?€+b]b(P,$5-`+05%&,?&5@•(Pv,hi&u(&/&m(&?i(*/@?v M&w(-m;G/YPs(*G/6',450(&,$5P8//)(*]b(G/v(*]b(?&e+}&„5 /n(&Pd(3EOOE-m/6A(EEE/YPs(* *m(&(*&$%,(&Q10(& • <@Qr(*G-yMP…/G+t0?&„0?i(*/6u(&Q<(Qk(*q?i(*(*&,`Mq?i(*/6u(& %z/&5[/&p/w(*Pi/&7]m%&5?i(*(*&,`Mq?i(*/6u(&*,01/&i(*?i(* /6u(&/&e@-8, • yMP…/P:.(*Q<@G/6phc,d(2M]m?2?/&,d/c7?i(*(*&,`M†yMP…/&` /&b(*?NqP,`(q-p(& • <@Qr(*?2??i(*/6u(&?ZM/&12/(:‡?q{t-~hi,/6:.(* • :]Z(Pw5/:G45'(-~Qr2(?2??i(*/6u(&Q<(Qk(*]m?i(*(*&,`M†?2? ?i(*/6u(&%z/&5[/&p/w(*%&5Pi/&7]m%&5?i(*(*&,`M† • K,(&Q10(&(&m†hi,*,‡,cZ/P_(*+'(†Q7?&]k(&mPZ/† • x'({5Z/Gh50c2(h2@h€?q/&,d/c7{<@Qr(* • &d/p1G+'({5Z/%d/?Z5{<@Qr(*† Page &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE • x'({5Z/][/-,`5{<@Qr(*"%&i(*+'({5Z//p,/6k+}# • K,(&Q10(&Q5-7?&-„&m(&(_,P70q45b?/d • K,(&Q10(&%&2?&+p("%&i(*&1p/P_(*/p,/6k+}# • 50c2(][//:Gh2@h€?G/&,d/c7GM&k/ˆ(*/&0@/&dGQ<@?&5@$(?i(* (*&`(*m(&{<@Qr(*]m+'({5Z/][/-,`5{<@Qr(*"/6‚/2,?&d/M&d/&', %,h-1p,G{,hpP,`(/p,/6k+}# • &,d/%d/v(*h…/c‰(*{<@Qr(*?i(*/6u(&&,d/%d?i(*/6u(&Q<(Qk(* ]m?i(*(*&,`M&,d/%d(_,Q5(*(*1p,/&Z/?i(*/6u(&&,d/%d?ZM (&,`/G/&i(*&N,G/&i(**,€GP,$5&Š0%&i(*%&n?i(*/6u(&Q<(Qk(*]m ?i(*(*&,`M&,d/%dM&w(?NP,`(?i(*/6u(& Địa chỉ:w5FqG+b3SOSH:.(*H,`(,A(&eG&:.(*XGu(&&p(&G M Điện thoại:g9q"g#3;9;;q3;9SSR0{g9q"g#3;9 Email:?1(/0?/‹?1/L??1(+]( Website:&//MOOŒŒŒ?1/L??1(+](O "Tham khảo từ http://s.cafef.vn/hose/CTD-cong-ty-co-phan-xay-dung-cotec.chn) PHẦN II: PHÂN TÍCH BÁO CÁO TÀI CHÍNH CÔNG TY CP XÂY DỰNG COTEC (CTD) Xem chi tiết thêm các tỷ số tài chính ở phụ lục số 1, 2 và 3 i(*/@?€hf?/)(*/6:}(*Q10(&/&5/:N(*Pb,G]‡,hf?/)(*/6:}(*cu(& 45<("*,0,P1p(EEFqE#Pp/3X33•O()hH…?c,`/()hEEPp/%d/ 45'%,(&Q10(&]:8/c[?]‡,Q10(&/&5/&5w(Pp/&N(33EE/YPs(*G/)(*Sg• +1]‡,()hEEFG()hEQ10(&/&5/&5w(Pp/&N(9;EE/YPs(*G/)(*3S•+1 ]‡,()hEE 5@Q10(&/&5/&5w(/)(*/6:}(*}hf?%&2?01(&:(*-p,?€Q10(&-8, *_Mc2(&m(*]mQ7?&]k"q61++M61Ž,/h06*,(#}hf?/&ZM]m?€{5 &:‡(**,'h/‚hf?9•()hEEFG{5b(*F•()hEE]mS•()hE•50 P€-8,(&5[(/6A(/v(*/m,+'(&0@]b(?&e+}&„5?•(**,'hQw( ?€-8,(&5[(/6A(?vM&,d5*,'hhp(&Q1/u(&&u(&?&5(*?e0/&7/6:.(* P0(**…M%&€%&)(]m],`?M&2/&m(&/&Lh?vM&,d5/Y-`3(*m@;O;OEE -mhM&0-1o(*?vM&,d5‚],`?/)(*/6:}(*;g•()hEEFG/‡,EE?Š(;•]m ()hE-mqE• &u(?&5(*?€/u(&&u(&/m,?&n(&v(P7(&G?i(*/@Q5@/6uP:8?hf?/)(* Q10(&/&5&m(*()hG?2??&l+b•VG•}hf?/65(*cu(&+1]‡,(*m(&†]m Page &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE ?•(**,b(*(&:?2??i(*/@?ˆ(*(*m(&%&2?G*,2]b(&m(*c2(]‘(?Š(?&,dh /Y/6^(*%&2?01"/6A(gE•+1]‡,Q10(&/&5#G(A(-mh&p(?&d/Y-`-o,*_M/6A( Q10(&/&5 K&'()(*/&0(&/12(&,`(&m(&"EEFX3•GEEX3•GEXS•#]m (&0(&"EEF33•GEE9•GE9E#-m/:N(*Pb,v(P7(&&:(*%&' ()(*/&0(&/12((8(*y(&p(-p,*,'hhp(&G/‚;;•()hEEF/‡,EE?Š( F•]m()hE?&l?Š(;•~Q1-m]Š(*450@]b(?&e+}&„5/)(*hp(& EEFFX•GEEXF•]m/‡,E-m333• ‡,/u(&/6p(*(&:/6A(/&u/u(&&u(&?e0?i(*/@%&i(*P:8?/b/Y-`]b(?&e +}&„5*,'hQw(G]b(]0@/)(*-A(•50P€6e,61]$/m,?&n(&?•(*/)(*/&L1 ˆ(*]‡,/u(&&u(&%&€%&)(?e0/&7/6:.(*G?2??vPi(*-‡(6’/Qw(]b(%&,d( /u(&&u(&/m,?&n(&?e0?i(*/@/&Ah%&€%&)( Š(*450@&m(*/s(%&1/)(*(&“/‚g•()hEEFPd(E-mE33•8, (&5[(*,'h(A(?i(*/@?&’/6^(*45'(-~&m(*/s(%&1P•+tQk(*]b(&,`545' &N( ?€&,`545'+tQk(*/m,+'(}hf?/65(*cu(&G(&:(*?€{5&:‡(*/)(*450 ?2?()h-mQZ5&,`5/n?&?r?/61(*],`?+tQk(*]m45'(-~/m,+'(?e0?i(*/@G ()hEEF-m39G/)(*-A(X9()hEE]m*,„.hf?E()hE Y+b(8/6A(/v(*/m,+'("OVLc/OV++L+/+#?&1/&Z@/l-`(8P:8?+tQk(* /61(*/v(*?Z5/6’?]b(?e0?i(*/@Q5@/6u/l-`(m@/6A(;E•]m?€{5 &:‡(*(*m@?m(*/)(*?k/&•()hEEF-mS•G()hEE*,'h(&“?Š(;F•]m /)(*hp(&/6}-p,X•]m1()hEl+bOV?&1/&Z@P0(*/&r?&,`( ?&n(&+2?&/&<hQk(*(8G]m]‘(Q5@/6u}hf?&8M-n/62(&/l+b(m@/)(*?01]u %&,P€?i(*/@+”*…M6e,61]$/&0(&/12((8 `+b*,2/6A(/&5(&[MO?&1/&Z@*,2/&7/6:.(*&,`(/p,?e0?vM&,d5?01&N( /&5(&[M/‚?vM&,d5P€c01(&,A5-w(`+b(m@P1-:.(*hb,450(&`*,„0*,2 /&7/6:.(*"|06%L/M6,?L#]m/&5(&[M?e0h•,?vM&,d5"x|06(,(*ML6 +&06L#–P<@*,2/&7/6:.(*?e0P:8?{ƒ/]m1(*m@?5b,()h/m,?&n(& ?€&`+bO*,'hQw(/‚hf?F()hEEFG{5b(*g3()hEE]m?Š( 9()hE`+bO/)(**,'hM&k/&5_?]m1x]m/u(&&u(&/&7/6:.(* ?&f(*%&12(Gx?e0*,'hQw(450?2?()h/‚;SPs(*O?vM&,d5()h EEF{5b(*?Š(XgSPs(*()hEE]mE-mSgPs(* _/&`+b*,2/67/&7/6:.(*%&2?-mO"6,?L/111%60/,1#-m/l-`+1+2(&*,2 /&7/6:.(*?e0h_/?vM&,d5/p,/&.,P,•hP€(*?t0]‡,*,2/67/6A(+v+2?&%d Page 3 &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE /12(,2/67+v+2?&?e0-mEEEEPs(*O?vM&,d5`+bO?e0-‡( &N(]mc7*,'hQw(450?2?()hQ1+r+k/*,'h]$*,2/&7/6:.(*?e0?vM&,d5 )hEEF&`+b(m@-m9G()hEE*,'hhp(&S9g]m()hE*,'h {5b(*?Š(3F`+bO-‡(&N(+”&ZMQ‘(?2?(&mPw5/:&N(]uM&w((m1 ?&1/&Z@QZ5&,`5?i(*/@-mh)(/b/G/&5(&[M/6A(/m,+'(?01 ! 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"$%&%'% ( ))*+))+) ?1 > -:5?&5@A B (/,A C (/&5< C (Q:N(*N B &0,()hEEFG()hEE]mEQŠ(* /,A C (-:5?&5@•(/&5< C (%@ C <hx: D /&0@Pi B ,{5< > /M&0 > //: C c0&10 D /Pi D (*&10 D /Pi D (* %,(&Q10(&G&10 D /Pi D (*P< C 5/:]0 C &10 D /Pi D (*/0 C ,?&= > (& ĐVT: VNĐ E EE EEF :5?&5@A B (/,A C (/: C &10 D /Pi D (* %,(&Q10(& q;G9XGS;Gg q9SGFFG3G3X3 ;3G3XGS;GXgX :5?&5@A B (/,A C (/: C &10 D /Pi D (* P< C 5/: gFG933Ggg;G9X9 SGFSgG3;3G9;3 q3XGFgGgS9Gg3 :5?&5@A B (/,A C (/: C &10 D /Pi D (*/0 C , ?&= > (& qGEgFGX99GEEE q9FG33GFF9GXEE qFGEEEGEEEGEEE :5?&5@A B (/,A C (/&5< C (/61(*%@ C q3XGFE3G;EFGX;9 qXFG;XGX;9GSE XGgG3EEGFX9 )hEEFG-:5?&5@A B (/,A C (/&5< C (Q:N(*-0 C Q1Q1 C (*/&5-N > (/: C &10 D /Pi D (*%,(& Q10(&?&= > (&G/61(*P1 > ?&5 B @A > 5Q1?&A(&-`?&/)(*O*,'h?2?%&1'(M&',/6'&N( 3X/@ B "%&i(*c01*sh-o,]0@G/&5d/&5(&[MQ10(&(*&,`MM&',/6'# )hEEG-:5?&5@A B (/,A C (/: C &10 D /Pi D (*%,(&Q10(&/&<h&k/hp(&G/: C &N(;3 /Y()hEEF?Š(q9X/@ B x: D *,0/)(*h0 D (&hL — -:5?&5@A B (/,A C (/: C &10 D /Pi D (* %,(&Q10(&?1 > /&A B -= > *,0 B ,?&1%&10 B (/)(*/,A C (]0@()hEEFPA B P< C 5/:]0 C 1h50 +) > h/0 C ,+0 B (?i > P, D (&/61(*Q0 C ,&0 D (]0 C (*5i C ((*5@A(]< D /-,A D 5/61(*(*) > (&0 D (PA B M&5 D ?]5 D +0 B ({5< > /()hEE%&,Q: D c0 > 1(&5?< C 5EE/)(*?01) C (*?&: > (*-0 C Q10(&/&5EE/)(*Sg3;• ]mQŠ(*/,$(/&5Pw5/:/)(*-A(P2(*%•:5 ?&5@A B (/,A C (/: C &10 D /Pi D (*/0 C ,?&= > (&<hQ1?&5 B @A > 5Q1 C (*/,A C (60Q1?&,/60 B -0 — ,]0@ )hEGQ1 C (*/,A C (/: C &10 D /Pi D (*%,(&Q10(&?€*,0 B h(&:(*]<—(n/&N(EE]m ]‘(-m+b<hH<@-0 C Q< > 5&,A D 5/= > ?&?: D ?Pi > ,]N > ,?i(*/@+0 B ({5< > /G]= C P<@-0 C &10 D / Pi D (*/0 D 1-N D ,(&5< D (]0 C (5i,+i > (*Q10(&(*&,A D M:5?&5@A B (/,A C (/: C &10 D /Pi D (*/0 C , ?&= > (&?•(*<h(&:(*n/&N(EEQ1%&10 B (]0@(*) > (&0 D (]0 C Q0 C ,&0 D (/)(* ?1 > %&0 B ()(*/&0(&/10 > ((N D ]0 C -0 — ,]0@%&0 > /i > /G(A(Q< > 5&,A D 5/)(*%&10 B (]0@(0 C @ ]<—(P0 > (&*,0 > 0(/10 C ( Page 9 &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE PHẦN III: ĐỊNH GIÁ CHỨNG KHOÁN CTD N > ,(&: — (**,0 B P, D (&+05 • &5A > +5< > //&5A > t ˜;•"h: > ?/&5A > +5< > //&L145,P, D (&#G • *h: > ?/)(*/6:N B (*Q10(&/&5/&5< C (Q: D %,A > (E+1]N > ,E-0 C q• f?/)(*/6:}(*P:8?/n(&Qr0/6A(x E Q10(&/&5/&5< C (E˜9EEE/@ B Pi C (*"/&L1 *&, D 45@A > /?5 B 0P0 D ,&i D ,Pi C (*?i B Pi(*/&:N C (*(,A(E(*0 C @ OE;OE+1]‡,Q10(&/&5/&5w(E-m9;EF/YPs(* • *™/)(*/6:N B (*%@ C ]1 D (*-0 C h: > ?/)(*/6:}(*c= C (&45<(?e0-8,(&5[(/&5w( *,0,P10 D (EEFqE-0 C gGX• • 0 — ,+5< > /P< C 5/:M&,65 B ,61K 6Ž ˜Fgg•-0 C -0 — ,+5< > //65(*&0 D (?5 B 0/60 > ,M&,A > 5 ?&= > (&M&5 B ";()h#M&0 > /&0 C (&E • 0 — ,+5< > /c= C (&45<(/&, D /6:N C (*K h ˜gE•"&i(*/,(&10 D /Pi D (**<( &0 C (*/61(*/5< C (?5 B 0EOOE# • A D +i > cAq/0"c#(*0 C (&{<@Qr(*-0 C E33"/&0h%&0 B 1/0 D ,&//MOO+?0ŽLŽ](O?&,q +1q(*0(&O3OX3qcQ+q]0q{0@qQ5(*?&( • &,M&= > +: B Q5 D (*(N D +05/&5A > K Q ˜g•{"q;•#˜3;E•"/&L1c0 > 1?0 > 1 ?5 B 0*<(&0 C (*&0 C (:N > ?M&0 > /&0 C (&(*0 C @EOOE# ,-./. ! .012 H<@-0 C M&:N(*M&0 > MP, D (&*,0 > ?&: > (*%&10 > (M&i B c,A > ((&< > /G/&L1P1 > *,0 > ?&: > (* %&10 > (+L — M&5 D /&5i D ?]0 C 1@A > 5/i > x?5 B 0?i(*/@]0 C O/65(*c= C (&?5 B 0(*0 C (& ,0 > ?&: > (*%&10 > (˜xQ: D %,A > ({O O/65(*c= C (&(*0 C (&E-0 C SEFG]‡,/l-`/)(*/6:}(*?e0-o,6Š(**™˜gX•G xQ: D %,A > (E+L — c‰(* x E ˜SGg{"šgX•#˜XG9E;Pi C (* Gia ́ cô ̉ phiê ́ u BHS dư ̣ kiê ́ n 2012 la ̀ P = 7.405, x 6.09 = 45,094 đô ̀ ng (Xem chi tiê ́ t ơ ̉ phu ̣ lu ̣ c 2) ,-./. ! .3 ( ! % ! ( ' & ' 61(*P1 > ,0 > /6, D /0 C ,+0 B (61 C (*˜i B (*/0 C ,+0 B (|i B (*(N D M&0 B ,/60 B ,0 > ?&: > (*%&10 > (Q: D %,A > (()hEP:N > ?/= > (&c) C (*?0 > ?&-< > @*,0 > ?i B M&,A > 5()h E/&L1M&:N(*M&0 > MP, D (&*,0 > /0 C ,+0 B (61 C (*(&<(]N > ,h: > ?/)(*/6:N B (*%@ C ]1 D (* *™˜gX• x i D ,Q5(* Hs(* 1 v(*/m,+'("V# G9;FGS3XG3XGE3S Page ; &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE 2 8M&',/6'"# GEGEgSGFg9GXS 3 ,0 > /6, D /0 C ,+0 B (61 C (* "3#˜"#q"# G93XG;;EG3gXG3E x i D ,Q5(* Hs(* 4 xb?vM&,d5/&:.(*P0(*-:5&m(& 9G33G399 5 ,0 > ?&: > (*%&10 > (()hE ";#˜"3#O"9# 39GF 6 ,0 > ?&: > (*%&10 > (Q: D %,A > (()hE 3XGEg9 (số liệu quý Gia ́ cô ̉ phiê ́ u BHS dư ̣ kiê ́ n 2012 la ̀ P = 37,084 đô ̀ ng (Xem chi tiê ́ t ơ ̉ phu ̣ lu ̣ c 3) ,-./. ! ."%!!4 ' ( .5655 ,0 > ?i B M&,A > 5P:N D ?{0 > ?P, D (&/6A((*5@A(/) > ?-< > @*,0 > /6, D Q1 C (*(*<(-:5/: D Q1 "RRR#?&,0?&1+i > ?i B M&,A > 5/&:N C (*P0(*-:5&0 C (& 61(*P1 > RRR,0 > /6, D /0 C ,+0 B (&10 D /Pi D (*?5 B 0?i(*/@ (+i > ?i B M&,A > 5/&:N C (*P0(*-:5&0 C (&"9G33G399?i B M&,A > 5# /i B (*(N D M&0 B ,/60 B Q: D %,A > (E 0# x5< > /+,(&-N D ,?5 B 0]i > ("•# 61(*P1 > E &5(&< D M/6:N > ?-0 — ,]0@]0 C /&5A > L ,0 > /6, D +i B +0 > ?&]i > (?&5 B +N B &: — 5 Q ,0 > /6, D +i B +0 > ?&(N D ]0@ &0@ E ˜g3G9G3SG3ESPs(* LE ˜G93XG;;EG3gXG3EPi C (* QE ˜GEGEgSGFg9GXSPi C (* ROC = g3G9G3SG3ES{"qE;#O"G93XG;;EG3gXG3EšGEGEgSGFg9GXS# •˜gS9• c# *<(-:5/: D Q1%@ C ]1 D (*E"RRR# RRR˜ E {"q/#{›"š*™#q= B -A D /0 > ,P< C 5/:%@ C ]1 D (*#œ N > ,/= B -A D /0 > ,P< C 5/:%@ C ]1 D (*E-0 C 8.64%/12%˜X• RRR ˜g3G9G3SG3ES{"qE;#{›"šgX•#qX•œ ˜XXGFSG99XG;S3Pi C (* Page S &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE c) &,M&= > +: B Q5 D (*]i > (?&5 B +N B &: — 5 KL ˜K 6Ž š"K h qK 6Ž #{c ˜Fgg•š"gE•qFgg•#{E33˜Eg9• d) &,M&= > ]i > (c= C (&45<(/61 D (*+i > •V "•L,*&/LQV]L60*L1+/1Ž 0M,/0-# = (10.84% x G93XG;;EG3gXG3Eš3;•{GEGEgSGFg9GXS#O "G93XG;;EG3gXG3EšGEGEgSGFg9GXS# •V˜X9• e) H, D (&*,0 > ?i B M&,A > 5E N > ,RRR,0 > /6, D /0 C ,+0 B (&10 D /Pi D (*?5 B 0?i(*/@P:N D ?/= > (&/&L1?i(*/&: > ? +05 ˜XXGFSG99XG;S3O"X9•qgX•#˜G3XEGE;gG9E;Pi C (* i B (*(N D c= C (&45<(Q: D P10 > (EGQ: D 0/6A(/i B (*(N D c= C (&45<(*,0,P10 D ( EEFqE]0 C (&<(]N > ,/i > ?Pi D /)(*Q10(&/&5Q: D %,A > (E"*# E ˜ c= C (&45<( EEFqE {*˜g;GE;9G;EXGE9E{"q•# E ˜XXG9XGFSSGF;Pi C (* &:]< D @*,0 > ?i B M&,A > 5xQ: D %,A > (E-0 C ˜"G;S9G;;9GFSG;qXXG9XGFSSGF;#O 42,133,344 = 43.844Pi C (* ,-./. ! .3 ( ! "7&.%! ' 8 ' $%+%! ( 9 ! "7&.%! 6,:4 ( %!)'; & <=+)>?+)*@37'0"7&.%!9 "A.B6,:"C4DE;;FGH"I;)GJ;K">+)) GJ"LM;))HN+=))96,:O;;P.Q4 "K;)773PR;J"3CST" 6,:"CUEVD.WXY+HZD;[3"\ 78B3P+43C;K"]^G_)D$- 8^VQ`F3P43F))*a)3 "A.B#bc PHẦN IV: THIẾT LẬP DANH MỤC ĐẦU TƯ i D /+i > *,0 B P, D (&+05 • A C {0 > ?+5< > /{0 B @60&,A D (/:N D (*%,(&/A > P:N D ?*,0 B P, D (&(&:cA(Q:N > , Page X &<(/n?&/m,?&n(&hoK*,0,P1p(EEFqE = C (&/60 D (*%,(&/A > *,0 B P, D (& 0 > ?+5< > / )(*/6:N B (*(&0(& E3 = C (&/&:N C (* E; K&5 B (*&10 B (*%,(&/A > E • &i(*/,(PA B /= > (&Pi D -A D ?&?&5< B (]0 C &A D +i > c,A > (/&,A(Q: D 0/6A(/&i > (*%A+5< > / +,(&-N D ,/6A(/v(*/m,+'(*,0,P10 D (;()hEEXqE Td suDt li nhuVn kỳ v_ng, ph/ng sai, đP lEch chuen v ' hE sI biBn thiên cfa chKng khoán 6,: "K h qK# δ 2 = , {"K h qK# E3 !"# #"$% #"&$ E; &' %"## #"#$ #"# E &( "'# #"' #"# &%"&# #" Phương sai2 -m*,2/67/65(*cu(&/n(&/&L1M&:N(*M&2Mcu(&45<(*,0 45@$(?e0?2?cu(&M&:N(*?e0P_-`?&*,„0*,2/67/&r?/d+1]‡,*,2/67/65(* cu(&H_-`?&cu(&M&:N(*P1-:.(*P_M&<(/2(?e0M&<(M&b,{2?+5Z/ δ ˜ Phương sai của CTD δ = 0.22% Độ lệch chuẩn của CTD = ˜E• - Hệ số biến thiên (C V - Coefficient of variation):-m/&:‡?P16e,61/6A(h•, PN(]7/Y+5Z/+,(&-.,%\]^(*`+bc,d(/&,A(?m(*?01hf?6e,61?m(*-‡( ] ˜ Hệ số biến thiên của CTD ] = 0,006 (hay = 0.6%) 6 ( " ! ! 3%&%! ( .4; ( "3' &L1%d/45'/uhho?&f(*%&12(/:N(*450((*&7?&"/&i > (*%A*,0 > *,01Q,)ch trên thi) tr*+̀ng ch*́ng khoa ́ n TPHCM 6 tha ́ ng đâ ̀ u năm 2012)G/0/uhP:8? ho?&*́ng khoa ́ n(*&, D ?&"i(*/@v&w(<)t t* xăng dâ ̀ u q#/:N(*450((*&7?&]‡,hoG&`+b/:N(*450(0 ˜qEgS Page g . NHÂN: PHÂN TÍCH TÀI CHÍNH CÔNG TY CP XÂY DỰNG COTEC (CTD) GIAI ĐOẠN 2009 - 2011 Sa ̀ n niêm yê ́ t : HOSE Ma ̃ chư ́ ng khoa ́ n : CTD Nga ̀ nh : Xây dựng. http://s.cafef.vn/hose/CTD-cong -ty- co-phan-xay-dung -cotec. chn) PHẦN II: PHÂN TÍCH BÁO CÁO TÀI CHÍNH CÔNG TY CP XÂY DỰNG COTEC (CTD) Xem chi tiết thêm các tỷ số tài chính ở phụ
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