{"id":7159,"date":"2026-07-28T21:47:17","date_gmt":"2026-07-28T14:47:17","guid":{"rendered":"https:\/\/useful.vn\/?p=7159"},"modified":"2026-07-28T21:47:17","modified_gmt":"2026-07-28T14:47:17","slug":"nhieu-cong-ty-chung-khoan-lon-dang-co-dinh-gia-thap","status":"publish","type":"post","link":"https:\/\/useful.vn\/?p=7159","title":{"rendered":"Nhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u1edbn \u0111ang c\u00f3 \u0111\u1ecbnh gi\u00e1 th\u1ea5p"},"content":{"rendered":"
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\nNhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u1edbn \u0111ang c\u00f3 \u0111\u1ecbnh gi\u00e1 th\u1ea5p <\/h1>\n

(P\/B) – gi\u00e1 tr\u00ean gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a m\u1ed9t s\u1ed1 “\u00f4ng l\u1edbn” ch\u1ee9ng kho\u00e1n nh\u01b0 FPTS, SSI, BSC, Vietcap, VPBankS… hi\u1ec7n \u1edf m\u1ee9c th\u1ea5p h\u01a1n trung b\u00ecnh 5 n\u0103m qua.<\/p>\n

Trong b\u00e1o c\u00e1o chi\u1ebfn l\u01b0\u1ee3c n\u1eeda cu\u1ed1i n\u0103m 2026, b\u1ed9 ph\u1eadn ph\u00e2n t\u00edch c\u1ee7a VNDirect cho bi\u1ebft \u0111\u1ecbnh gi\u00e1 ng\u00e0nh ch\u1ee9ng kho\u00e1n t\u00ednh theo P\/B hi\u1ec7n kho\u1ea3ng 1,75 l\u1ea7n, th\u1ea5p h\u01a1n m\u1ee9c trung b\u00ecnh 5 n\u0103m (kho\u1ea3ng 1,9 l\u1ea7n). \u0110i\u1ec1u n\u00e0y di\u1ec5n ra trong b\u1ed1i c\u1ea3nh tri\u1ec3n v\u1ecdng l\u1ee3i nhu\u1eadn ng\u00e0nh v\u1eabn s\u00e1ng do \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng c\u1ea3i thi\u1ec7n so v\u1edbi c\u00f9ng k\u1ef3 c\u00f9ng d\u01b0 n\u1ee3 cho vay k\u00fd qu\u1ef9 (margin) v\u1eabn \u1edf m\u1ee9c cao.<\/p>\n

Theo d\u1eef li\u1ec7u c\u1ee7a Ch\u1ee9ng kho\u00e1n VNDirect, lo\u1ea1t c\u00f4ng ty \u0111\u1ea7u ng\u00e0nh FPTS, MBS, SSI, BSC, Vietcap… \u0111\u1ec1u \u0111ang giao d\u1ecbch v\u1edbi m\u1ee9c P\/B th\u1ea5p h\u01a1n trung b\u00ecnh 5 n\u0103m qua. V\u00ec v\u1eady, b\u1ed9 ph\u1eadn ph\u00e2n t\u00edch n\u00e0y \u0111\u00e1nh gi\u00e1 d\u01b0 \u0111\u1ecba t\u0103ng gi\u00e1 c\u1ee7a ng\u00e0nh ch\u1ee9ng kho\u00e1n v\u1eabn c\u00f2n l\u1edbn cu\u1ed1i n\u0103m.<\/p>\n

\u0110\u1ed3ng quan \u0111i\u1ec3m, C\u00f4ng ty c\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n Qu\u1ed1c gia (NSI) c\u0169ng cho r\u1eb1ng \u0111\u1ecbnh gi\u00e1 ng\u00e0nh n\u00e0y \u0111ang \u1edf m\u1ee9c th\u1ea5p, sau giai \u0111o\u1ea1n 2024-2025 th\u1ecb gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng m\u1ea1nh. Tuy nhi\u00ean, c\u01a1 h\u1ed9i t\u0103ng gi\u00e1 s\u1ebd ph\u00e2n h\u00f3a, ch\u1ec9 d\u00e0nh cho c\u00e1c c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf v\u1ec1 v\u1ed1n, th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi l\u1edbn v\u00e0 c\u00f3 m\u1ea3ng ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n.<\/p>\n

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P\/B c\u1ee7a m\u1ed9t s\u1ed1 c\u00f4ng ty ch\u1ee9ng kho\u00e1n cu\u1ed1i th\u00e1ng 6. \u1ea2nh: VNDirect<\/em><\/p>\n<\/figcaption><\/figure>\n

Ch\u1ee9ng kho\u00e1n VNDirect nh\u1eadn \u0111\u1ecbnh nh\u00f3m ch\u1ee9ng kho\u00e1n s\u1ebd h\u01b0\u1edfng l\u1ee3i nh\u1edd thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng n\u0103m nay c\u1ea3i thi\u1ec7n, gi\u00fap c\u00e1c \u0111\u01a1n v\u1ecb ph\u00e1t tri\u1ec3n m\u1ea3ng m\u00f4i gi\u1edbi. <\/strong><\/span>C\u00f4ng ty n\u00e0y d\u1ef1 b\u00e1o gi\u00e1 tr\u1ecb giao d\u1ecbch trung b\u00ecnh m\u1ed7i phi\u00ean c\u00f3 th\u1ec3 \u0111\u1ea1t 34.000 t\u1ef7 \u0111\u1ed3ng trong n\u1eeda cu\u1ed1i n\u0103m 2026, t\u0103ng kho\u1ea3ng 16% so v\u1edbi c\u00f9ng k\u1ef3. <\/span><\/p>\n

D\u00f2ng ti\u1ec1n m\u1edbi c\u00f3 th\u1ec3 xu\u1ea5t hi\u1ec7n sau khi ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c FTSE Russell n\u00e2ng h\u1ea1ng v\u00e0o th\u00e1ng 9, v\u00e0 k\u1ef3 v\u1ecdng v\u00e0o vi\u1ec7c \u0111\u1ea1t chu\u1ea9n c\u00e1c ti\u00eau ch\u00ed MSCI trong n\u0103m 2027. Ngo\u00e0i ra, l\u00e0n s\u00f3ng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang (IPO) v\u00e0 h\u1ec7 th\u1ed1ng giao d\u1ecbch m\u1edbi KRX c\u00f3 th\u1ec3 h\u00fat ti\u1ec1n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. <\/span><\/p>\n

\u0110\u1ed3ng quan \u0111i\u1ec3m, C\u00f4ng ty Ch\u1ee9ng kho\u00e1n Qu\u1ed1c gia d\u1ef1 ph\u00f3ng th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 thu h\u00fat 0,8-4 t\u1ef7 USD v\u1ed1n th\u1ee5 \u0111\u1ed9ng, k\u00e9o theo 5-10 t\u1ef7 USD t\u1ed5ng d\u00f2ng v\u1ed1n ngo\u1ea1i trong 2 n\u0103m t\u1edbi sau khi n\u00e2ng h\u1ea1ng. Nh\u1edd \u0111\u00f3, \u0111\u01a1n v\u1ecb n\u00e0y k\u1ef3 v\u1ecdng gi\u00e1 tr\u1ecb giao d\u1ecbch c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n trong 2026 c\u00f3 th\u1ec3 t\u0103ng 15-20%, trong khi t\u1ef7 tr\u1ecdng giao d\u1ecbch kh\u1ed1i ngo\u1ea1i c\u1ea3i thi\u1ec7n l\u00ean m\u1ee9c 15% (so v\u1edbi m\u1ee9c 10,6% c\u00f9ng k\u1ef3).<\/p>\n

C\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u1edbn nh\u01b0 SSI, TCBS, VPBankS v\u00e0 nh\u00f3m c\u00f3 th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi t\u1ed5 ch\u1ee9c cao nh\u01b0 Vietcap, HSC c\u00f3 th\u1ec3 h\u01b0\u1edfng l\u1ee3i nh\u1edd doanh thu m\u00f4i gi\u1edbi, cho vay margin t\u0103ng 20-30%.<\/p>\n

VNDirect \u0111\u00e1nh gi\u00e1 bi\u00ean l\u1ee3i nhu\u1eadn m\u1ea3ng m\u00f4i gi\u1edbi s\u1ebd c\u1ea3i thi\u1ec7n trong n\u1eeda cu\u1ed1i n\u0103m 2026 khi thanh kho\u1ea3n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n nh\u01b0ng s\u1ebd c\u00f3 s\u1ef1 ph\u00e2n h\u00f3a. C\u00e1c c\u00f4ng ty c\u00f3 n\u1ec1n t\u1ea3ng kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c v\u00e0 \u0111\u00e3 s\u1edf h\u1eefu th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi l\u1edbn, t\u1eadp trung v\u00e0o ch\u1ea5t l\u01b0\u1ee3ng d\u1ecbch v\u1ee5 thay v\u00ec c\u1ea1nh tranh ph\u00ed, h\u01b0\u1edfng l\u1ee3i nhi\u1ec1u h\u01a1n nh\u1edd kh\u1ea3 n\u0103ng duy tr\u00ec quy\u1ec1n \u0111\u1ecbnh gi\u00e1 (pricing power). Trong khi \u0111\u00f3, c\u00e1c \u0111\u01a1n v\u1ecb quy m\u00f4 nh\u1ecf c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c ch\u1ecbu \u00e1p l\u1ef1c do c\u1ea1nh tranh ph\u00ed \u0111\u1ec3 gia t\u0103ng th\u1ecb ph\u1ea7n.<\/p>\n

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Giao d\u1ecbch ch\u1ee9ng kho\u00e1n t\u1ea1i s\u00e0n Kafi, th\u00e1ng 4\/2026. \u1ea2nh: Qu\u1ef3nh Tr\u1ea7n<\/em><\/p>\n<\/figcaption><\/figure>\n

Khi thanh kho\u1ea3n c\u1ea3i thi\u1ec7n, m\u1ea3ng cho vay k\u00fd qu\u1ef9 c\u1ee7a c\u00e1c c\u00f4ng ty c\u0169ng s\u1ebd h\u01b0\u1edfng l\u1ee3i v\u00e0 tr\u1edf th\u00e0nh \u0111\u1ed9ng l\u1ef1c d\u1eabn d\u1eaft cho nh\u00f3m ch\u1ee9ng kho\u00e1n n\u1eeda cu\u1ed1i n\u0103m, theo nh\u1eadn \u0111\u1ecbnh t\u1eeb NSI. <\/span><\/strong>D\u1eef li\u1ec7u c\u1ee7a NSI cho th\u1ea5y trong qu\u00fd I, doanh thu m\u00f4i gi\u1edbi \u0111\u1ea1t 4.883 t\u1ef7 \u0111\u1ed3ng, trong khi m\u1ea3ng cho vay mang v\u1ec1 11.136 t\u1ef7 \u0111\u1ed3ng. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y ngu\u1ed3n thu c\u1ee7a ng\u00e0nh kh\u00f4ng c\u00f2n ph\u1ee5 thu\u1ed9c ch\u1ee7 y\u1ebfu v\u00e0o ph\u00ed giao d\u1ecbch nh\u01b0 giai \u0111o\u1ea1n 2020\u20132021.<\/span><\/p>\n

K\u1ebft th\u00fac qu\u00fd I, theo s\u1ed1 li\u1ec7u c\u1ee7a NSI, d\u01b0 n\u1ee3 margin to\u00e0n th\u1ecb tr\u01b0\u1eddng v\u01b0\u1ee3t 444.000 t\u1ef7 \u0111\u1ed3ng, t\u0103ng kho\u1ea3ng 3% so v\u1edbi qu\u00fd tr\u01b0\u1edbc \u0111\u00f3 v\u00e0 51% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i. Tuy nhi\u00ean, d\u1eef li\u1ec7u c\u1ee7a VNDirect cho th\u1ea5y ch\u1ec9 m\u1ed9t s\u1ed1 \u00edt c\u00f4ng ty nh\u01b0 HSC, KBSV c\u00f3 t\u1ef7 l\u1ec7 cho vay k\u00fd qu\u1ef9 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u1ea1t g\u1ea7n 200%, s\u1eafp ch\u1ea1m “tr\u1ea7n” quy \u0111\u1ecbnh. Nh\u01b0 v\u1eady, d\u01b0 \u0111\u1ecba cho vay c\u1ee7a ng\u00e0nh v\u1eabn c\u00f2n.<\/p>\n

Ngo\u00e0i ra, NSI \u0111\u00e1nh gi\u00e1 nh\u00f3m ch\u1ee9ng kho\u00e1n c\u00f2n h\u01b0\u1edfng l\u1ee3i t\u1eeb l\u00e0n s\u00f3ng IPO v\u00e0 tho\u00e1i v\u1ed1n doanh nghi\u1ec7p Nh\u00e0 n\u01b0\u1edbc. C\u00f4ng ty n\u00e0y \u01b0\u1edbc t\u00ednh trong giai \u0111o\u1ea1n 2026\u20132028, t\u1ed5ng huy \u0111\u1ed9ng v\u1ed1n t\u1eeb c\u00e1c th\u01b0\u01a1ng v\u1ee5 ti\u1ec1m n\u0103ng \u0111\u01b0\u1ee3c \u01b0\u1edbc t\u00ednh c\u00f3 th\u1ec3 v\u01b0\u1ee3t 40 t\u1ef7 USD. Danh m\u1ee5c doanh nghi\u1ec7p \u0111ang chu\u1ea9n b\u1ecb ni\u00eam y\u1ebft tr\u1ea3i r\u1ed9ng tr\u00ean nhi\u1ec1u l\u0129nh v\u1ef1c nh\u01b0 b\u00e1n l\u1ebb, c\u00f4ng ngh\u1ec7, y t\u1ebf, t\u00e0i ch\u00ednh v\u00e0 h\u1ea1 t\u1ea7ng.<\/p>\n

NSI nh\u1eadn \u0111\u1ecbnh nh\u00f3m c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u1ea7u ng\u00e0nh nh\u01b0 SSI, Vietcap v\u00e0 HSC c\u00f3 th\u1ec3 h\u01b0\u1edfng l\u1ee3i tr\u1ef1c ti\u1ebfp nh\u1edd kinh nghi\u1ec7m tri\u1ec3n khai c\u00e1c th\u01b0\u01a1ng v\u1ee5 huy \u0111\u1ed9ng v\u1ed1n l\u1edbn, n\u0103ng l\u1ef1c ph\u00e2n ph\u1ed1i cho nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c v\u00e0 th\u1ecb ph\u1ea7n t\u01b0 v\u1ea5n doanh nghi\u1ec7p cao. C\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n thu\u1ed9c h\u1ec7 sinh th\u00e1i ng\u00e2n h\u00e0ng nh\u01b0 TCBS, VPBankS v\u00e0 MBS c\u0169ng c\u00f3 l\u1ee3i th\u1ebf trong vi\u1ec7c ti\u1ebfp c\u1eadn ngu\u1ed3n kh\u00e1ch h\u00e0ng doanh nghi\u1ec7p t\u1eeb ng\u00e2n h\u00e0ng m\u1eb9, qua \u0111\u00f3 gia t\u0103ng c\u01a1 h\u1ed9i tham gia c\u00e1c th\u01b0\u01a1ng v\u1ee5 IPO v\u00e0 ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb trong giai \u0111o\u1ea1n t\u1edbi.<\/p>\n

Tuy nhi\u00ean, NSI cho r\u1eb1ng l\u00e3i su\u1ea5t cao nh\u01b0 hi\u1ec7n t\u1ea1i l\u00e0 m\u1ed9t r\u1ee7i ro l\u1edbn v\u1edbi nh\u00f3m ch\u1ee9ng kho\u00e1n. C\u00f4ng ty n\u00e0y cho bi\u1ebft chi ph\u00ed v\u1ed1n b\u00ecnh qu\u00e2n ng\u00e0nh trong qu\u00fd I \u0111\u00e3 nh\u00edch 6,7%, l\u1edbn h\u01a1n m\u1ee9c t\u0103ng 6,1% c\u1ee7a qu\u00fd IV\/2025.<\/p>\n

Kh\u1ea3 n\u0103ng sinh l\u1eddi t\u1eeb ho\u1ea1t \u0111\u1ed9ng cho vay margin \u0111ang ch\u1ecbu \u00e1p l\u1ef1c khi m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t duy tr\u00ec \u1edf m\u1ee9c cao l\u00e0m gia t\u0103ng chi ph\u00ed v\u1ed1n c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n. \u0110\u1ed3ng th\u1eddi, sau c\u00e1c \u0111\u1ee3t t\u0103ng v\u1ed1n l\u1edbn trong giai \u0111o\u1ea1n 2025\u20132026, s\u1ef1 c\u1ea1nh tranh gi\u00e0nh th\u1ecb ph\u1ea7n ng\u00e0y c\u00e0ng gay g\u1eaft \u0111\u00e3 h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng chuy\u1ec3n ph\u1ea7n chi ph\u00ed v\u1ed1n t\u0103ng th\u00eam sang kh\u00e1ch h\u00e0ng th\u00f4ng qua vi\u1ec7c n\u00e2ng l\u00e3i su\u1ea5t cho vay. \u0110i\u1ec1u n\u00e0y khi\u1ebfn bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a m\u1ea3ng margin ti\u1ebfp t\u1ee5c thu h\u1eb9p trong th\u1eddi gian qua.<\/p>\n

Tr\u1ecdng Hi\u1ebfu<\/strong><\/p>\n<\/article>\n

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https:\/\/vnexpress.net\/nhieu-cong-ty-chung-khoan-lon-dang-co-dinh-gia-thap-5093511.html<\/p>\n","protected":false},"excerpt":{"rendered":"

Nhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u1edbn \u0111ang c\u00f3 \u0111\u1ecbnh gi\u00e1 th\u1ea5p (P\/B) – gi\u00e1 tr\u00ean gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a m\u1ed9t s\u1ed1 “\u00f4ng l\u1edbn” ch\u1ee9ng kho\u00e1n nh\u01b0 FPTS, SSI, BSC, Vietcap, VPBankS… hi\u1ec7n \u1edf m\u1ee9c th\u1ea5p h\u01a1n trung b\u00ecnh 5 n\u0103m qua. Trong b\u00e1o c\u00e1o chi\u1ebfn l\u01b0\u1ee3c n\u1eeda cu\u1ed1i n\u0103m 2026, b\u1ed9 ph\u1eadn ph\u00e2n t\u00edch<\/p>\n","protected":false},"author":1,"featured_media":7160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-7159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thi-truong"],"_links":{"self":[{"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/posts\/7159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7159"}],"version-history":[{"count":0,"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/posts\/7159\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/media\/7160"}],"wp:attachment":[{"href":"https:\/\/useful.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}