CNG TY C PHN CHNG KHON FPT

TNG CNG TY BIA RU

NC GII KHT SI GN

Bn quyn FPTS. Vic sao chp hoc ti bn khng c s chp thun trc bng vn bn t FPTS u coi l phm lut.1/14


BO CO PHN TCH CHO MC CH BN U GI
C PHN LN U RA BN NGOI
Ngy 25 thng 01 nm 2008
T chc t vn
CNG TY C PHN CHNG
KHON QUC T VIT NAM (VIS)
Tng 3, 59 Quang Trung, Qun Hai
B Trng, H Ni
T: (84-4) 944 5888
Fax: (84-4)944 5889
Website: www.vise.com.vn

T chc u gi
S GIAO DCH CHNG KHON
TP.H CH MINH
45-47 Bn Chng Dng, Qun 1,
TP.HCM
T: (08) 8.217.713 Fax: (08)
8.217.452
Website: www.vse.org.vn

Thng tin u gi
Vn iu l 6.412 t ng
S CP 641 triu CP
Mnh gi 10.000 /CP
S CP u gi 128.257.000 CP
Gi khi im 70.000 /CP
Ngun: Bn CBTT Sabeco


Ni dung bo co
Tng quan v ngnh Bia Vit Nam
Gii thiu v Cng ty
Qu trnh hnh thnh v pht trin
Hot ng sn xut kinh doanh
Tnh hnh ti chnh
Phn tch SWOT
nh gi doanh nghip
Phn tch ri ro
Cc im khc NT cn ch


Kt qu nh gi
Phng php chit khu lung
c tc: 39.900 ng/c phiu
Phng php h s nhn
38.400 ng 46.800 ng/c
phiu.


T chc pht hnh

TNG CNG TY BIA RU
NCGIIKHTSIGN

Tn giao dch quc t Saigon Beer - Alcohol - Beverage Corporation
Tn giao dch SABECO
Tn vit tt SABECO
a ch 187 Nguyn Ch Thanh, Phng 12,
Qun 5, Tp. H Ch Minh
in thoi (84-8) 855 9595
Fax (84-8) 857 7095
Website www.sabeco.com.vn
Ngnh ngh kinh doanh
Sn xut, mua bn cc loi Bia, Ru, Nc gii kht, Cn, Bao b, Nt khon,
Nc khong;
Mua bn vt t, nguyn liu, thit b ph tng c lin quan n sn xut;
T vn u t, nghin cu, thit k, ch to, lp t thit b v cng trnh chuyn
ngnh Bia Ru Nc gii kht;
Kinh doanh khch sn, du lch, kho bi, vn phng, trung tm thng mi, mi
gii bt ng sn, vn ti hng ha ni a;
Ch to sn phm c kh;
Xy dng dn dng v cng nghip, cng trnh k thut h tng th v khu
cng nghip;
u t xy dng kinh doanh khu cng nghip, kinh doanh nh .
C cu vn iu l sau c phn ho
i tng S tin
(triu ng)
S c phn T l (%)
C phn Nh nc nm gi 5.105.013 510.501.286 79,61
C phn bn vi gi u i cho CB-CNV 25.229 2.522.900 0,39
C phn bn u gi ln u ra bn ngoi 1.282.570 128.257.000 20,00

Ngun: Bn CBTT Sabeco

Phng Phn tch Cng ty Chng khon FPT

Nguyn Mai Nguyt Nguyetnm@fpts.com.vn
L N Cm T Tulnc@fpts.com.vn T: 084 (04) 7737 070 ext 4343

Cc thng tin phn tch c tp hp t Bn cng b thng tin, cc thng tin ca cng
ty, c s d liu EzSearch ca FPTS ti a ch HTTPS://WWW.FPTS.COM.VN
Cc chuyn vin thc hin bo co
phn tch ny khng tham gia u gi
c phiu ca cng ty c phn tch
hay nm gi bt k chng khon no
ca cc cng ty cnh tranh trong
ngnh.
Cc cng b quan trng c trnh
by cui bn bo co ny.
CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

2


TNG QUAN V NGNH BIA VIT NAM

Tim nng pht trin ca ngnh Bia Vit Nam

Tc tng trng GDP cao
trn 7%/nm trong 5 nm gn
y
Thu nhp ca ngi dn c ci thin khin nhu cu i vi cc loi
thc ung ng hp, nc gii kht ngy mt tng ln to tin cho s
pht trin ca ngnh ru bia nc gii kht.

Dn s tr vi 85% di
tui 40
To ra mt th trng ln chu nh hng ca xu hng Ty u ha
li sng cng c xu hng tiu th mnh loi sn phm ny.

Qui m tiu th cn nh b
vi 15lt bia/u ngi (2006)
tng i thp so vi mc
trung bnh ca Chu u (88
lt) v Chu (Nht, Hn 43
lt/u ngi mi nm)
Mc thm nhp th trng bia cn thp nn cn nhiu khong trng
cho s tng trng v c hi gii thiu nhng sn phm mi. Cng
vi mc sng ngy cng cao v xu hng Ty u ha li sng do dn s
tr, cc sn phm mi, tinh t hn cn t xut hin nh bia t cn, bia en
nhiu kh nng s tm c ch ng trn th trng to thm mt knh thu
li nhun cho cc doanh nghip ang hot ng.

Xu hng bng n u t
tng cng sut v xu hng
mua bn sp nhp
Xu hng bng n u t tng cng sut ca cc nh my bia nhm tn
dng c s vt cht sn c hn na cn thu ht u t ca cc doanh
nghip ngoi ngnh nh Cng ty sa Vinamilk, Tng Cng ty Thuc l Vit
Nam, Tp on Vinashin. Th trng cn c xu hng mua bn sp nhp
nhm gim u t ca cc cng ty ln v nng cp s dng hiu qu
hn c s vt cht ca cc cng ty nh.

S hiu qu trong hot ng
ca cc lin doanh
Vn u t, kinh nghim qun l v cng ngh ca cc i tc nc ngoi
kt hp vi h thng phn phi ca cc i tc trong nc c tn dng
hiu qu ti cc cng ty lin doanh, lin kt.


Chnh sch ca Nh nc

Mc tiu pht trin ngnh Xy dng thnh mt ngnh kinh t mnh; phn u h gi thnh, nng
cao kh nng cnh tranh, p ng nhu cu trong nc v y mnh xut
khu, tng ngun thu ngn sch, hi nhp vng chc kinh t khu vc v th
gii
B Cng thng cho bit trong ngnh, lnh vc sn xut bia khng nh
c th mnh ca mnh. Bia c tiu th mnh nht trong dng sn
phm ung c cn, chim khong 89% tng doanh thu v 97% v khi
lng.

K hoch pht trin ngnh bia
n 2010
Mc tiu sn xut t 3,5 t lt v lng vn u t d kin cho ngnh bia
ru nc gii kht c tnh khong 34,7 nghn t ng.
Khuyn khch tp trung u t vo cc nh my hin i c cng sut
ln (trn 100 triu lt mi nm).

nh hng pht trin ngnh Gim t l s hu ca Nh nc ti cc nh my bia trong qu trnh c
phn ho c khuyn khch nhm tng hiu qu hot ng v qun l cho
cc c s ny, i u l Halico (Cng ty Ru H Ni) thc hin c phn
ha nm 2006.
Khuyn khch cc doanh nghip thng qua lin doanh, lin kt (mc d
cha cho php nh u t nc ngoi s hu 100% cc doanh nghip
trong nc), thc hin chuyn giao cng ngh sn xut thit b trong
nc p ng c yu cu k thut hin i.
Khuyn khch s dng thit b ch to trong nc tng ng cht
lng thit b nhp khu cho cc d n u t.

Sau khi gia nhp WTO Thu sut thu nhp khu bia cng gim t mc 80% xung 65%, v
s xung cn 35% trong vng 5 nm. Hin nay, mc 65% thu cn l kh
cao v cc nh sn xut quc t thng lin doanh vi cc nh sn xut
trong nc trnh loi thu ny.
CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

3

Vit Nam nh thu tiu th c bit cho mt s mt hng gi tr cao, xa x
v tt c cc sn phm ung c cn. Tuy nhin do c bo h, cc
sn phm thuc th trng cp thp, ch yu do cc nh my ni a
sn xut phc v cho ngi dn vi thu nhp thp nh bia hi v bia
ti hoc ru thuc chu thu tiu th c bit 30% trong nm 2006,
2007 v 40% t nm 2008. Mc thu ny thp hn nhiu so vi mc 75%
ca cc loi bia ng lon hoc ng chai.
Chnh ph phi thay i mt s loi thu bo h, trong vng 3 nm sau
khi hi nhp (n cui nm 2009) Vit Nam s p dng mt mc thu tiu
th c bit cho tt c cc sn phm bia, ru ( cn trn 20%) khng k
n hnh thc ng gi. Cam kt ny s loi tr s phn bit i x i vi
bia nhp khu c ng gi v bia trong nc, cng nh ru nhp khu c
cn cao hn ru trong nc t gia tng cnh tranh trong ngnh bia
ru.

Cc nh cung cp

Vit Nam c hn 400 nh
my bia trn ton quc tp
trung ch yu ti hai thnh ph
ln l H Ch Minh v H Ni.
Tng mc tiu th ton th trng l 2.3 t la M v mc sn xut c
tnh khong 1.7 t lt trong nm 2006. Sn xut bia Vit Nam tng trng
trung bnh 18% mt nm t 2002 n 2006 v theo B Cng Nghip, k
vng t 3.5 t lt vo nm 2010 tng ng vi mc 40 lt trn mt u
ngi. Nm 2006, mi ngi Vit Nam tiu th khong 15 lt bia, tuy
nhin, mc ny c k vng s tng ln 28 lt vo nm 2010.

Th trng non tr v s
kin Vit Nam gia nhp WTO
m ra nhiu c hi u t, c
bit l cc nh u t nc
ngoi, tuy cha c php s
hu 100% doanh nghip ni
a thuc ngnh ny.
Cc nh my ang tn ti trn th trng a phn l cng sut thp v
cng ngh cn lc hu. B Cng nghip thc y nng cao sn lng
v qun l cht lng lm cho cc doanh nghip trong nc cp bch
phi nng cp my mc thit b sn xut, u t ci thin qun l v sn
phm. Chnh iu ny to c hi cho s hp tc v nh u t nc
ngoi ra nhp th trng di cc hnh thc c khuyn khch nh lin
doanh, lin kt.
Nhng tnh thnh ph tp trung nhiu nng lc sn xut bia nht l: TP H
Ch Minh chim 23,2% tng nng lc sn xut bia ton quc; TP H Ni:
13,44%, TP Hi Phng: 7,47%; H Ty: 6,1%, Tin Giang: 3,79%; Hu:
3,05%; Nng: 2,83%. (Theo Euromonitor)

Th phn ca cc nh sn xut bia

Tn nh SX Sn phm ch o
Cng sut
(triu lt/nm)
Th phn
2005
a im nh
my
Loi hnh cng ty
SABECO
Bia 333, Si gn , Si gn
xanh, Si gn xut khu
600 31%
HCM, Cn Th,
Sc Trng, Yn
Bi
ang tin hnh c
phn ha
Lin doanh Nh my
Bia Vit nam (VBL)
Heineken, Tiger, Ankor,
Bivina, Amber Stout, Coors
Light, Foster, BGI, Larue
Export
400 20% HCM, H Ty Lin doanh
HABECO Bia H ni, bia hi >200 10%
H Ni, Thanh
Ha, Hi
Dung
ang tin hnh c
phn ha
San Miguel Vit Nam San Miguel 50 7% Nha Trang
Vn s hu nc
ngoi
Lin doanh Bia ng
Nam v Nh my bia
Vit H
Halida, Carlsberg N/A 5% H Ni Cng ty lin doanh
Bia Hu Huda, Festival 100 3% Hu Cng ty lin doanh
Lin doanh Vinamilk v
SABMiller
Zorok 100 N/A Bnh Dng Cng ty lin doanh
Ngun: B Cng thng, Hip hi Bia Ru Vit Nam, Euromonitor



CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

4


Sn phm v phn khc tiu th
Cc sn phm bia c phn
chia theo 3 phn khc th
trng chnh

Bia hi (cha tit trng); bia tit trng ng lon hoc chai; bia thng hng
gm nhng thng hiu quc t hoc thng hiu ni a cao cp.
Phn khc bia hi chim
khong 43% khi lng tiu
th v 30% gi tr tiu th
Vic bia hi c c v th ny ch yu do tp trung vo tng lp bnh dn
vi mc gi phi chng khong 10.000 ng mt lt. Loi bia ny thng
c sn xut bi cc c s nh ti a phng, tuy nhin Habeco
chim c v tr dn u phn khc ny ti H Ni v cc tnh pha Bc.

Phn khc bia tit trng ng
lon hoc chai chim v tr s 1
trn th trng vi mc tiu
th 45% v khi lng v 50%
v gi tr.

Cc sn phm ny tp trung vo tng lp trung bnh kh, hin ang dn
m rng theo s tng trng kinh t, c gi khong 15.000 ng mt lt.
Dn u phn khc l Sabeco, Habeco v Nh my bia Hu.

Phn khc nh nht l bia
thng hng vi mc gi
tng i cao khong 28.000
ng mt lt, chim 12% v
khi lng v 20% v gi tr
tiu th.

Dng sn phm ny tp trung vo tng lp kh v thng lu. Dn u
phn khc l cc sn phm Tiger, Heineken c Nh my Bia Vit Nam
phn phi, Carlbergs ca Nh my Bia ng Nam , ngoi ra cn c
thng hiu Vit l Si Gn v 333 ca Sabeco.
(Theo thng k ca Euromonitor nm 2006)
Tp trung vo tng lp trung
bnh kh, bia ni vn l sn
phm c tiu th mnh nht
Phn khc ny hin din nhng thng hiu ln nh Sabeco vi sn
phm Si Gn Xanh, Habeco vi sn phm cng tn v Nh my bia Hu
vi sn phm Huda, Festival.

Cng ngh sn xut
Theo B Cng thng, hin
ch c nhng nh my bia
cng sut trn 100 triu lt mi
nm s hu my mc hin i
c nhp khu t cc nc
pht trin.


Tp trung vo tng lp trung bnh kh, hin bia ni vn l sn phm c
tiu th mnh nht. Cc doanh nghip ln ni a chun b hi nhp nh
Sabeco, Habeco lin tc u t trang thit b mi hng u c
nc, khng thua km so vi cc lin doanh v m bo c v
sinh an ton thc phm.
Cc c s sn xut bia a phng gp nhiu kh khn do trang thit
b lc hu v cha m bo c an ton v sinh thc phm v nhiu
kh nng s phi ngng hot ng trong thi gian ti khi mc thu khng
cn u i.

Nguyn vt liu
Nguyn vt liu cho ngnh cn
ph thuc nhiu vo nhp
khu chim 60-70% lng
nguyn liu phc v sn xut,
trong nguyn liu chnh l
malt.
Theo Hip hi Ru Bia Nc gii kht Vit Nam, mi nm chng ta nhp
trung bnh 120.000 n 130.000 tn malt tng ng vi 50 triu USD.
D kin n nm 2010 s tin ny s tng ln 100 triu USD mi nm.
Malt nhp khu c th c thay th bng malt ch bin t i mch trng
trong nc, tuy nhin vic trng i mch ch mi c a vo th
nghim v gii php ny cha th hin tnh kh thi.

C phiu ngnh bia
Hin ti, Vit Nam khng c
doanh nghip tm c no
trong ngnh bia c c phn
c mua bn i chng
Hin ti ch c Halico v mt s cng ty con ca Habeco v Sabeco c
phn ha nhng u l doanh nghip nh v tnh thanh khon cha cao
nh Bia Thanh Ha, Bia H Ni - Hi Dng, Bia Chu, Bia H Ni Hi
Phng, Bia Si Gn Cn Th, Bia Si Gn Ngh Tnh
C hi u t vo ngnh hin
ang tng trng tt
Trong thi gian ti, hai doanh nghip ln, u ngnh ca nh nc c
c phn ha v bn u gi c phn trn th trng: Sabeco hin vn
ang tm kim i tc chin lc, Habeco d kin bn 10% c phn cho
i tc chin lc l Carlsberg. Tuy nhin, IPO Habeco chnh thc
c hon li trc nhng iu kin khng thun li ca th trng chng
khon trong thi gian va qua.

CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

5


GII THIU V TNG CNG TY BIA RU NC GII KHT SI GN

Qu trnh hnh thnh v pht trin
Tin thn l nh my Bia Ch Ln, thuc hng B.G.I ch t
bn Php c chnh ph tip qun.
Ngy 17/05/1977, Nh my Bia Si Gn c thnh lp,
theo Quyt nh s 854/LTTP ca B Lng thc v Thc
phm.
Ngy 14/09/1993, thnh lp li doanh nghip nh nc v
i tn thnh Cng ty Bia Si Gn, theo Quyt nh s
882/Q-TCCB ca B Cng nghip nh vi ch trng t
chc li sn xut kinh doanh trong khu vc kinh t quc
doanh.
Ngy 06/05/2003, thnh lp Tng cng ty Bia-Ru-Nc
gii kht Si Gn (SABECO), theo Quyt nh 74/2003/Q-
BCN trn c s t chc li Cng ty Bia Si Gn, chuyn cc
n v Cng ty Ru Bnh Ty; Cng ty Nc gii kht
Chng Dng v Nh my Thy tinh Ph Th thnh cc
n v thnh vin.
Ngy 11/05/2004, chuyn sang t chc v hot ng theo
m hnh cng ty m - cng ty con, theo Quyt nh
37/2004/Q-BCN, trong cng ty m c hnh thnh t
Vn phng, cc phng ban nghip v, nh my x nghip,
phn xng sn xut hch ton ph thuc vo Tng cng ty. Cng ty m l doanh nghip nh nc do
nh nc s hu ton b vn iu l v trc tip sn xut kinh doanh, u t ti chnh vo cc Cng ty
con, Cng ty lin kt.
Ngy 28/12/2007, Th tng Chnh ph ph duyt phng n c phn ha, theo Quyt nh 1862/Q-
TTg v chuyn thnh Tng cng ty c phn Bia-Ru-Nc gii kht Si Gn.
Ngy 03/01/2008, nhn cng vn v vic t chc bn c phn, ca B trng B Cng Thng, s
0133/BCT-TCCB.

Hot ng sn xut kinh doanh

V th ca doanh nghip
SABECO c lch s hn 30 nm hot ng trong ngnh vi sn phm ch lc l bia. Cc nhn hiu bia ca
SABECO chim trn phn khc bia ph thng, c trn 90% ngi tiu dng Vit Nam nhn bit v a
chung. SABECO khng nh th mnh ca mnh bi cht lng sn phm, hng v bia m ph hp
vi th hiu ngi tiu dng v gi c ph hp.
Tng cng ty chim 35% th phn ton quc (theo Cng ty Navigos, 2007) v l doanh nghip s 1 trong
ngnh bia Vit Nam. Vi khu hiu Nim t ho ca Vit Nam, cc sn phm bia ca SABECO c mt
ti 24 nc trn th gii.

Sn phm
Tng cng ty sn xut v xut khu nhiu thng hiu Bia c a chung v s hu mt s thng hiu
khc ca cc Cng ty thnh vin:

Mt s thnh tu
Doanh nghip ng u trong ngnh
sn xut Bia, s hu 08 dy chuyn sn
xut tiu biu nhp khu t c, vi
cng sut 30.000 chai hoc lon mt gi.
Sn lng tiu th chim trn 35% th
phn, pht huy c chnh sch xy
dng v pht trin th trng, h thng
phn phi;
Danh hiu Thng hiu tn nhim Bia
Si Gn, trong 22 nm;
Sn phm Bia Si Gn Hng Vit Nam
cht lng cao, lin tc trong 11 nm t
nm 1997 n 2007;
Sn phm Bia lon 333 t Huy chng
Bc, ti cuc thi bnh chn Bia quc t t
chc ti Australia nm 1999, 2000 v
2001;
Nhn Hun chng c lp, Lao ng,
C thi ua, Bng khen ca Chnh ph
trong nhiu nm.
CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

6

Bia Lon Si Gn 333
Tn thng hiu: 333 EXPORT
Th trng: Ton quc v trn 17 quc gia khc nh Nht, Malaysia, Singapore, H Lan, Php, c,
Thy S, Anh, an Mch, Canada, Australia...
Bia Chai Si Gn 355
Tn thng hiu: SAIGON EXPORT
Th trng: Ton quc v trn 17 quc gia khc nh Nht, Malaysia, Singapore, H Lan, Php, c,
Thy S, Anh, an Mch, Canada, Australia...
Bia Chai Si Gn 450
Tn thng hiu: Saigon Larger Beer
Th trng: Ton quc
Bia Chai Si Gn 330
Tn thng hiu: SAIGON SPECIAL
Th trng: Ton quc v trn 17 quc gia khc nh Nht, Malaysia, Singapore, H Lan, Php, c,
Thy S, Anh, an Mch, Canada, Australia...
Cc thng hiu khc: Ru Bnh Ty, Ru ng Xun, Nc gii kht Chng Dng..

Ngun nguyn liu
Ngun nguyn liu chnh phc v sn xut ch yu l cc sn phm nng nghip nhp khu. S n nh ca
ngun ny ph thuc vo chnh sch bn hng ca nh cung cp, ma mng thin tai, chnh sch thu.

Kim tra cht lng sn phm, dch v
Thc hin theo tiu chun ISO 9001-2000

Pht trin kinh doanh:
Trong chin lc pht trin ca Tng cng ty, khu vc pha Bc (ni cn nhiu c hi pht trin mnh m)
v vng su vng xa c ch trng.
Chin lc qung b thng hiu gn kt hnh nh v to uy tn thng hiu vi thng ip SABECO-
Chung tay v cng ng, Bia Si Gn-Nim t ho ca Vit Nam, tham gia cc chng trnh ti tr, xy
dng h thng nhn din thng hiu khp c nc qua bng hiu, pan.
Tip tc y mnh cc hot ng xc tin thng mi nhm gii thiu thng hiu vi th trng th gii.



















CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

7

Tnh hnh ti chnh
nh hng bi kt qu nh gi doanh nghip cho mc ch c phn ha

Tng ti sn v Vn ch s hu lin tc tng trng
qua cc nm v c bit tng mnh trong nm 2007
l kt qu ca vic xc nh li gi tr ca doanh
nghip theo phng php ti sn ti thi im ngy
31 thng 12 nm 2006 cho mc ch c phn ha
c thc hin bi Cng ty Chng khon Bo Vit
vo thng 10 nm 2007.
Theo kt qu nh gi th tng ti sn ca Sabeco
tng thm 2.733 t ng ch yu bao gm 1.493 t
ng gi tr quyn s dng t, 474 t gi tr ti sn
li th kinh doanh, 488 t chnh lch nh gi li ti
sn ti chnh v cc chnh lch nh gi li ti sn
di hn khc. Gi tr quyn s dng t ng thi
l khon n phi tr Ngn sch Nh nc trong
Tng ngun vn ca doanh nghip ti thi im
ngy 31 thng 12 nm 2006.

Ngun: bn cng b thng tin Sabeco, FPTS
Ch tiu 2006B 2006V CL
Ti sn ang dng 5.886 8.618 2.733
Ti sn di hn 4.339 5.049 710
Ti sn ngn hn 1.546 1.602 56
Gi tr quyn s dng t 0 1.493 1.493
Gi tr li th KD 0 474 474
Ti sn khng cn dng (a) 15 15 0
Tng gi tr ti sn ca DN (b) 5.901 8.633 2.733
Gi tr thc t ca DN (c)=(b)-(a) 5.886 8.618 2.733
N thc t phi tr 724 2.153 1.428
S d Qu khen thng, phc li 62 53 -9
Tng gi tr phn vn gp ca NN 5.099 6.413 1.314
% 25.8%
2006B: Gi tr s sch ti thi im 31/12/2006
2006V: Gi tr nh gi li ti thi im 31/12/2006

n v: triu ng
Ch tiu 2004 2005 2006 2007E 2008 F 2009 F 2010 F
Tng TS 3.776.050 4.768.852 5.900.527 8.618.279 NA NA NA
VL 2.187.917 2.187.917 2.187.917 2.187.917 6.412.812 6.412.812 6.412.812
VCSH 3.433.013 4.357.059 5.114.146 6.412.812 6.552.372 6.843.046 7.054.012
Sn lng SX v tiu th (triu lt) 401 456 534 640 768 906 1069
Trong : Cng ty m 238 241 241 253 312 352 337
Cng ty con, Cng ty lin kt 163 215 293 387 456 554 732
Doanh thu 4.527.126 5.318.984 5.762.145 7.606.050 9.860.386 12.477.148 14.102.196
LNTT 958.393 978.947 1.007.979 847.609 729.698 1.071.140 1.221.568
LNST 707.832 658.215 770.320 610.278 619.428 925.402 1.035.675
Cc khon np NS 1.893.519 1.972.008 1.944.146 2.135.798 2.709.894 3.323.886 3.653.294
Thu TNDN 245.262 298.612 288.700 143.549 110.270 145.738 641.200
S lao ng (ngi) 2.319 2.014 1.357 1.254 1.254 1.254 1.254
Thu nhp BQ (1000/ngi/thng) 6.178 5.875 8.243 8.300 8.300 8.500 8.700
Qu d tr b sung VL (5%) NA NA NA NA 30.971 46.270 0
Chia c tc NA NA NA NA 448.840 448.840 641.200
T sut c tc NA NA NA NA 7% 7% 10%
LN cha phn phi NA NA NA NA 139.560 430.234 342.610
Tc tng trng
Tng ti sn NA 26% 24% 46% NA NA NA
Vn CSH NA 27% 17% 25% NA NA NA
Doanh thu NA 17% 8% 32% 30% 27% 13%
Sn lng NA 14% 17% 20% -14% 18% 18%
LNTT NA 2% 3% -16% -14% 47% 14%
LNST NA -7% 17% -21% 1% 49% 12%
Kh nng sinh li
T sut LNTT/VL 44% 45% 46% 39% 11% 17% 19%
ROE 21% 15% 15% 10% 9% 14% 15%
ROA 19% 14% 13% 7% NA NA NA
T sut LNST/DT 16% 12% 13% 8% 6% 7% 7%
T sut LNTT/DT 21% 18% 17% 11% 7% 9% 9%
T l chia c tc NA NA NA NA 72% 49% 62%
Cc ch s lin quan n gi
S lng c phiu NA NA NA NA 641.281.200 641.281.200 641.281.200
EPS (ng) NA NA NA NA 966 1.443 1.615
P/E (Gi cho bn = 70.000 ng) NA NA NA NA 72 49 43
Ngun: bn cng b thng tin Sabeco, FPTS NA: khng c thng tin
CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

8

Li nhun st gim ngc chiu vi xu th tng trng lin tc ca doanh thu

Sn lng, c bit l doanh thu nm 2007 tng vi tc cao hn hn cc nm 2005 v 2006 l kt qu ca
hot ng marketing, pht trin th trng v y mnh tiu th sn phm trong nm. Tuy nhin, t sut li
nhun trc thu c xu hng gim dn. c bit, tt c cc ch s v kh nng sinh li u gim mnh trong
nm 2007 do gi vn hng bn tng qu mnh kt hp vi s tng ln ca vn ch s hu nh cp
trn.
Nguyn nhn chnh ca st gim li nhun ch yu l do tc ng ca s t bin tng gi nguyn vt liu sn
xut bia (malt, bt m, hng liu,...) trong nm 2007. Hin nay doanh nghip vn phi nhp khu phn ln cc
nguyn vt liu ny nn ph thuc nhiu vo bin ng gi ca th trng nguyn liu th gii. y l tnh trng
chung ca cc doanh nghip sn xut bia ti Vit Nam v trong khu vc ng Nam .

S phc hi v tc tng trng ca li nhun trong d bo ti chnh ca doanh nghip

K hoch kinh doanh trong giai on 2008 - 2010
n nm 2010 sn phm ung vn l loi hnh kinh
doanh chnh ca SABECO, pht trin theo hng m
rng cc sn phm ung v thc phm c tim
nng pht trin v kh nng cnh tranh cao.
Pht trin u t ti chnh chn lc v hiu qu, r
sot li cc khon u t km hiu qu (bao gm cng
ty con), tp trung vn cho danh mc chin lc theo
ngnh ngh kinh doanh chnh ca SABECO.
Tng cng kim sot qu trnh sn xut cc cng
on da trn xc nh mc hao ph c ban hnh.
Kim sot cht cc quy trnh cng ngh ti cc n v
sn xut.
Pht trin h thng bn l, qun l h thng phn phi
ni a sn phm bia, h tr sn phm ca cc cng ty
thnh vin, lin kt qua h thng ny.

Lnh vc kinh doanh truyn thng


Ngoi ra cn u t vo cc nh my sn xut bao b, lon
chai v h thng kho bi h tr cho hot ng SXKD bia.

Phng n thc hin
thc hin k hoch kinh doanh nh trn, cng ty
ra mt lot phng n thc hin, trong ch yu ch
trng cc yu t nh nh gi hiu qu sn phm tp
trung pht trin nhng sn phm t hiu qu kinh doanh
cao, nng cao kim sot cht lng, thc hin cc chng
trnh o to cho cn b, c bit ch trng u t c s
vt cht nhm tng nng lc sn xut, s dng hiu qu
cc khu t hin c.
Sn lng (triu lt) 2008 2009 2010
NM Bia SG-C chi 200
NM Bia SG-Qung Ngi 200
NM Bia SG-Sng Lam 100
NM Bia SG-Vnh Long 100
NM Cn-Ru (Min Ty,
ng Nam B, Trung, Ty
Nguyn, min Bc) 10 20
Nc gii kht khng gas
(tr xanh, tri cy, khong) 100
Tng GT u t c tnh
(t ng)
3.864 1.483 2.230

Cc lnh vc kinh doanh mi

Tn cng ty VL % SH
Bt ng sn (t ng)
CTCP KD h tng KCN SABECO 11,25 25%
Cng ty CP Bt ng sn Sabeco 480 45%
CT CP Bt ng sn Bn Vn n 350 20%
CT CP u t TM Tn Thnh 70 29%
CTCP Rng Vng Phng ng 7 23%
CTCP u t v Pht trin khng gian ngm 380 10%
Qu
Qu u t Vit Nam 1.000 6%
Qu u t CK Si Gn A2 500 10%
Qu thnh vin Vietcombank 455 11%
Qu u t tng trng Sabeco 700 51%
Cng ty QL qu Bo Tn 50
5
%
Cng ty QL qu Sabeco 25
Ngn hng
ng 1.600 0.9%
XIMBANK 2.800 0.9%
Phng ng 1.000 5.3%
TMCP Cng nghip & Dch V VN 1.000 12%
Lnh vc khc
CT TNHH Sn xut Malt Ph M 96 20%
CT CP Du Lch Si Gn -ng H 40 20%
Ngun: Bn CBTT Sabeco, Vneconomy
Xy dng 04 nh my cng sut ln

D kin nng lc sn xut bia n nm 2010 t t 1,3 n 1,5 t lt
cc loi.
a dng ha ngnh ngh
Xy dng cc nh my Cn-Ru, Nc gii kht khng gas.
Lin kt u t xy dng bt ng sn ti cc khu t hin
c ca Tng cng ty.
Lin kt u t vo lnh vc ti chnh, bt ng sn, du lch,
bn l y mnh tiu th v qung b sn phm.
Lin kt u t vo lnh vc bao b, ch bin lng thc,
thc phm.
Xy dng v pht trin Trng o to chuyn ngnh p
ng cho nhu cu pht trin ca SABECO v ngnh ung Vit
CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

9


Nhng d bo ti chnh ca Sabeco sau c phn ha cho thy s phc hi v tc tng trng ca li nhun sau
c sc nm 2007.
Doanh thu v sn lng sn xut v tiu th tip tc tng trng u n khi doanh nghip c nhng k hoch
u t chi tit nhm t c ch tiu quy hoch ngnh ca B Cng thng v p ng nhu cu ang ngy
mt tng ln ca th trng.
Dng nh trong k hoch kinh doanh, Sabeco cn trng cha a vo phn doanh thu v li nhun ca cc
d n kinh doanh lnh vc mi nh bt ng sn v ti chnh do tnh kh d on ca cc hot ng ny.

Ci thin t sut li nhun i hi doanh nghip phi c nhng n lc mnh m

Mc d li nhun trc thu nm 2008 thp hn 2007 nhng li nhun sau thu cao hn ch s ny nm trc.
Nu nh nm 2008, li nhun trc thu c kim ch s st gim so vi nm 2007 th n nm 2009, tc
tng trng c d bo ln n 47% v n nh tr li mc 14% trong nm 2010. S tng trng c
d bo kh t ngt trong nm 2009 phi chng n t thnh cng t c ca vic nng cao hiu qu hot
ng sn xut kinh doanh ca doanh nghip sau c phn ha v li ch kinh t theo quy m khi mt lot cc d
n u t xy dng nh my bia v nh my cn ru hon thin v i vo hot ng.
T sut li nhun trc thu/doanh thu duy tr mc 7%-9% v t sut li nhun sau thu/doanh thu c duy
tr mc 6%-7% gim nh so vi nm 2007 ph hp vi d bo gi nguyn liu ngnh bia s tip tc tng ln
trong cc nm ti. Duy tr c t sut li nhun ny s i hi doanh nghip phi c nhng n lc c bit nh
tng bc tng gi bn mt cch hp l, kim sot cht ch c chi ph u vo, xy dng c cc ngun
cung cp nguyn liu n nh v gi v cht lng cng nh loi b c nhng b phn cng knh khng em
li hiu qu trong ton b h thng sn xut kinh doanh ca mnh l phn tt yu li t giai on trc c
phn ha. Sabeco gp vn u t vo nh my sn xut Malt Ph M hn ch s ph thuc vo ngun
nguyn liu trong tng lai.

Li ch c ng suy gim khi vn ch s hu b pha long

Vi nhng d bo cung cp bi doanh nghip, chng ti tnh ton cc ch s lin quan n gi tr c phiu ti
mc gi cho bn 70.000 ng/c phiu:

Vn iu l sau c phn ha l 6,413 t ng, tng gp 3 ln trc c phn ha. Vic tng vn iu l c
thc hin bng cch (i) chuyn ton b s d cc qu, li nhun gi li v vn u t xy dng c bn v vn
iu l (ii) ghi nhn gi tr tng thm t vic nh gi li gi tr ti sn c nh hu hnh (230 t), u t ti chnh
di hn (488 t) v li th kinh doanh (474 t). Trong , vn ch s hu b pha long 25% do nh hng
bi vic nh gi li v ghi nhn li th kinh doanh trong tng ti sn.
20% s vn iu l ca Nh nc c trin khai bn ra cng chng trong t u gi ln ny nhm mc ch
gim t l s hu ca Nh nc, tng hiu qu qun l doanh nghip vn l mc tiu chnh ca qu trnh c
phn ha t trc n nay.
Theo Ngh nh 109, do y l trng hp bn bt phn vn ca nh nc ti doanh nghip (khng kt hp
pht hnh thm) nn ton b s tin thu c (sau khi tr c phiu c phn ha) s c chuyn li cho Nh
nc. Vi mc vn ny v hot ng kinh doanh c d bo trn, thu nhp trn mt c phiu ca Sabeco
trong 3 nm ti rt nh b xung quanh mc 1.000 ng- 1.600 ng/c phiu. H s P/E cng c bit cao
mc 72 ln trong nm 2008.
Tuy nhin cc ch s ny u c ci thin dn trong cc nm sau di tc ng ca s tng trng v thu nhp.

CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

10


Phn tch SWOT


im mnh im yu
Thng hiu mnh, tn ti t nm 1977, c bit c
a chung ti th trng pha Nam.
Chim th phn ln trn th trng bia ni a vi sn
lng tiu th chim gi trn 35% th phn (ngun
Navigos 2007) v xut khu ra th trng nc ngoi ti trn
17 nc nh: Nht, Malaysia, Singapore, H lan, Php, c,
Thy s, Anh, an mch, M, Canada, Australia
Hot ng sn xut kinh doanh tng trng v pht trin,
cc sn phm c cht lng v gi bn ph hp c th trng
n nh, tc tng trng hng nm cao t 17% n 20%.
Cng ty m pht huy c chi phi thc s i vi cc
cng ty con, cng ty lin kt trong vic u t vn, cng
ngh th trng, thng hiu v nh hng pht trin.
c qun l v s dng mt din tch t ln (573.717,92
m2) thun li cho vic sn xut.
Mng li phn phi sn phm rng khp c nc c
bit l khu vc t min Trung tr vo to ra li th cnh tranh
cho sn phm.
H thng qun l cht lng ISO 9001:2000 gip cho cng
tc qun l sn xut ca SABECO ngy cng hon thin, m
bo cht lng v hot ng c hiu qu.
Hot ng sn xut kinh doanh c tc pht trin
cha ng u, bia pht trin nhanh, cn ru nc
gii kht pht trin chm, ngnh c kh vn hnh cha
hiu qu.
Nhiu nh my sn xut bia quy m nh, quy hoch
pht trin hn ch, u t mang tnh chp v, chi ph
sn xut cao, kh khn trong qun l cht lng sn
phm.
Nh cung cp nguyn liu trong nc chim t l
cha ng k, sn phm xut khu cn hn ch nn gi
tr nhp so vi gi tr xut khu cn rt ln, chu ri ro t
gi v ri ro bin ng gi nguyn liu cao
Cc sn phm mang tnh ph thng cha t cht
lng nh mong mun.
C cu danh mc u t ti chnh cn n gin, ch
yu l tin gi k hn nn kh nng sinh li thp.
Mng li phn phi vn ch yu thng qua h
thng bn s, qua nhiu cp phn phi mi ti khch
hng tiu dng lm tng gi sn phm.
o to cn b cha theo kp yu cu ca hot ng
kinh doanh.
Kh khn ban u khi mi chuyn sang hnh thc cng
ty c phn
C hi Thch thc
C kh nng pht trin nhiu ngnh ngh sn xut kinh
doanh, u t ti chnh, c bit l bt ng sn do c giao
qun l qu t ln vi v tr trung tm.
Th trng bia v nc gii kht c tim nng pht trin
do dn s Vit Nam trn 80 triu ngi cn tip tc tng
trng, v iu kin v kh hu nhit i m quanh nm, nhit
trung bnh t 22 n 27 C.
C hi tip tc y mnh xut khu do sn phm ca
SABECO c mt trn th trng nc ngoi v Vit Nam
l thnh vin ca WTO.
Khai thc th trng pha Bc tn dng c thng hiu
c xy dng v xu hng st nhp mua bn cc c s
sn xut bia cng sut thp trn th trng ny.
Pht trin mng cc sn phm khc nh cn, ru, nc
gii kht, tn dng c h thng phn phi sn c, mt s
thit b o c, ngun nhn lc vn hnh thit b.
n cui nm 2009, thu tiu th c bit s c iu
chnh cho cc loi bia nh nhau to c hi cho bia lon va
chai ca SABECO cnh tranh tt hn.
Kh nng thu ht vn u t trn quy m rng v khi lng
ln thng qua th trng chng khon.
Gi c nguyn vt liu xu hng mi nm u tng,
chnh sch n nh gi thnh lm nh hng n li
nhun.
Sn phm sn xut ti nhiu nh my nn phn no
kh khn trong qun l sn xut.
S cnh tranh ngy cng gay gt khi nh nc xa b
chnh sch bo h i vi vic u t vo lnh vc sn
xut bia v thc hin cam kt WTO, c th l vic gim
thu nhp khu mt hng ny, tng kh nng xut hin
cc thng hiu mnh trn th gii trn th trng ni
a.
Cnh tranh khng lnh mnh do vic trn thu, gian
ln trong kinh doanh trong ngnh bia Vit Nam cha
c ngn chn trit .

CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

11


nh gi

Phng php chit khu
lung c tc

Vi nhng thng tin c cung
cp trn bn cng b thng tin
ca Doanh nghip, chng ti
la chn phng php chit
khu lung c tc ba giai on
nh gi c phiu Sabeco.

Theo phng php ny, gi tr
c bn ca mt c phiu
Sabeco c nh gi l
39.900 ng/c phiu tng
ng vi mc tng trng
bn vng mc 11,5%




2008-2010 2011-2015 Sau 2016
Tc tng trng c tc NA 15% 11,5%
Chi ph vn ch s hu 17,47% 12,585% 12,585%

Cc giai on pht trin c xc nh cho mc ch nh gi ca Sabeco bao
gm:
Giai on tng trng v u t (2008 -2010): c cc thng s d bo
theo bn cng b thng tin.
Giai on tng trng chuyn giao (2011-2015): tc tng trng d
kin tng ng vi tc tng trng ca ngnh Bia ru v nc
gii kht ti Vit Nam do Business Monitor International d bo. ROE l
15% tng ng ROE ti cui giai on tng trng v u t.
Giai on tng trng bn vng (t 2016 tr i): t l chi tr c tc duy tr
mc 23,33%.
Chi ph vn ch s hu c xc nh trong Beta c xc nh theo beta
trung bnh ca cc doanh nghip so snh trong ngnh, mc lm pht v cc cu
phn khc ly theo d bo ca IMF.


Vi mc gi 39.900 ng/c phiu c xc nh, H s P/E v H s gi/doanh thu ca Sabeco ti thi im
31/12/2007 tng ng l 41 v 2,6. So vi cc ch s P/E v H s doanh thu ca cc doanh nghip so snh,
cc ch s ny ca Sabeco mc trung bnh.



Phng php h s nhn
S dng phng php h s nhn nh
gi c phiu cng ty Sabeco, chng ti
la chn cc h s nhn kinh doanh sau:
H s gi / doanh thu (P/S)
H s gi/ thu nhp trn mt c phiu
(P/E)


Doanh thu, gi tr s sch, li nhun sau
thu v li nhun trc thu, khu hao v
li sut l s liu d bo cho nm 2007.

Kt qu so snh cho thy gi tr ca c
phiu Sabeco c tnh l t 38.400
46.800 ng/c phiu ( lm trn) ti
ngy 31/12/2007.

Bng tnh gi tr c phiu Sabeco
H s nhn kinh
doanh
Gi tr
im
trung bnh
(x)
(mean)
Gi tr
im gia
(x)
(median)
Gi tr
mi CP
(VND)
(mean)
Gi tr mi
CP

(median)
H s gi / doanh
thu (P/S)
2,91 3,23 44.744 49.684
H s P/E 50,53 28,12 48.804 27.162
Gi tr mi CP
(VN)
46.774 38.423

Cc cng ty so snh c la chn xc inh gi Sabeco u l cc
cng ty trong khu vc c hot ng chnh l sn xut bia hoc cng ty
trong nc c mt phn hot ng trong lnh vc sn xut v ch bin
bia vi mc vn ha th trng t khong 3.500 t ng ti hn
450.000 t ng.

CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

12


MT S CH TIU SO SNH VI CC CNG TY TRONG NGNH

Tn cng ty
Thi
im
Tin t
GT vn ha
th trng
(triu ng)
Gi tr DN
( theo
nguyn t
- 000000)
Ch s
EBITDA
( theo
nguyn t
- 000)
P/EBITDA P/E P/BV P/S
LAN HUANGHE 01/2008 CNY

6,030,216

3,245 98 28 152.3x 7.6x 3.7x
Carlsberg Brewery
Malaysia Bhd 01/2008 MYR

6,401,029

1,223 126 10 20.7x 2.7x 1.4x
Fujian Yanjing
Huiquan Brewery
Co Ltd 01/2008 CNY

6,431,611

3,014 146 20 67.9x 3.1x 3.1x
San Miguel Corp 01/2008 PHP

469,247,626

286,396 31,673 4 16.6x 1.5x 0.5x
Foster's Group Ltd 01/2008 AUD

171,737,610

16,709 1,364 9 16.6x 2.7x 2.7x
Shaw Wallace &
Co Ltd 01/2008 IDR

3,390,055

21,287 999 20 27.1x 16.0x 8.0x
Vinamilk 01/2008 VND

27,518,960

28,173,647 729,662 38 29.2x 10.1x 4.2x
Tsingtao Brew 01/2008 CNY

57,999,167

29,020 1,539 17 73.7x 10.1x 2.3x
Trung bnh 18.3x 50.5x 6.7x 3.2x
im gia 18.6x 28.1x 5.3x 2.9x
Ngun: Cc ch tiu ti chnh c bn c cp nht t ngun Reuters ti ngy 31/12/2007. Ring Cc ch tiu th trng l s liu
cp nht ti ngy 11/1/2008.

So snh P/E v P/S ca Sabeco ti mc gi 39.900 ng vi cc doanh nghip trong ngnh

CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

13


Danh sch cc doanh nghip trong ngnh

Tn Cng ty Quc gia Miu t
LAN HUANGHE Trung Quc
Sn xut ung, thc n gia sc, thng mi, lu kho, kinh doanh nguyn vt liu xy
dng, my mc thit b, dch v t vn, dch v nng nghip v chn nui, thy sn.

Carlsberg Brewery
Malaysia Bhd
Malaysia
Hot ng chnh ca Cng ty TNHH Bia Calrsberg Malaysia l sn xut bia, bia en, bia
shandy v cc loi ung khng cn nhm cung cp cho th trng ni a v xut
khu. Thng hiu ca cng ty bao gm Carlsberg Green Label, SKOL, Danish Royal
Stout, Royal Stout Ginseng, Carlsberg Special Brew, Jacobsen Saaz Blonde, Jacobsen
Bramley Wit, Tetleys English Ale, Jolly Shandy and Nutrimalt. Cc cng ty con bao gm
Cng ty Carlsberg Marketing Sdn. Bhd. v Euro Distributors Sdn. Bhd. Carlsberg
Malaysia c 24.6% vn u t vo Cng ty The Lion Brewery Ceylon Ltd (TLBCL). Cng
ty TLBCL l doanh nghip hot ng trong lnh vc sn xut, tip th v phn phi bia,
bia en, bia shandy v cc loi ung khng cn. Ngy 30 thng 10 nm 2006, Cng
ty Carlsberg Malaysia k tha thun vi Cng ty Wiseline Limited v theo , mua li
50% c phn ca Cng ty Carlsberg Distributors Taiwan Limited (CDTL). Hin nay, 50%
vn ca Cng ty CDTL thuc quyn kim sot ca Carlsberg Malaysia.
Fujian Yanjing
Huiquan Brewery
Co Ltd
Trung Quc Sn xut bia v ung
San Miguel Corp Philippine
Tng cng ty San Miguel Corp. l cng ty ln nht trong lnh vc thc phm, ung,
v ng gi ti Phillipines v khu vc ng Nam . Hot ng chnh ca cng ty ny v
cc cng ty thnh vin l sn xut, ch bin v phn phi ung, thc phm v ng
gi sn phm. Ngoi ra, cng ty cn tham gia vo lnh vc kinh doanh bt ng sn.
Nm 2001, cng ty thng qua cng ty con ca mnh mua li quyn s hu i vi
Tp on Coca-Cola Bottlers Phil. v Pure Foods Corporation

Foster's Group Ltd c
Tp on Fosters Group Limited l mt tp on a quc trong lnh vc sn xut v
kinh doanh ung c cn. Fosters s hu, kinh doanh v phn phi mt danh mc
bia, ru, ru mnh, ru to v cc thng hiu ung khng cn, cc sn phm
ca Tp on hin c mt trn 155 quc gia. Trn th trng quc t, Fosters sn
xut, kinh doanh v xut khu cc thng hiu ru gm Beringer, Lindermans, Wolf
Blass, Penfolds, Rosemount, Matua Valley, Wynns Coonawarrra Estate and Castello di
Gabbiano. Thng hiu bia ni ting nht ca Tp on bao gm Victoria Bitter, Crown
Lager and Corona and Asahi. Cc nhn hiu ru mnh ca Fosters gm Cougar
Bourbon, The Black Douglas, Aperol, Cinzano and SKYY. Cc loi thc ung khng cn
gm cc sn phm nh nc p hoa qu v cc ung thin nhin v nguyn cht.
Ngy 4 thng 8 nm 2006, Tp on bn li th phn Vit Nam cho Cng ty Asia
Pacific Breweries

Shaw Wallace &
Co Ltd
n
Cng ty Shaw Wallace & Co. Ltd., c thnh lp ti Calcutta nm 1988 v c sp
nhp vo nm 1946. Cng ty, thuc Tp on Jumbo t nm 1987, hin nay s hu
mt lot cc thng hiu ru v bia.

Vinamilk Vit Nam
Cng ty c phn Sa Vit Nam (Vinamilk) l mt doanh nghip Vit Nam hot ng
trong ngnh sa v ung. Hot ng chnh ca Cng ty l sn xut v kinh doanh
sa, ung v cc sn phm dinh dng cng nh cung cp cc dch v kho vn,
ng gi v cho thu nh kho.Ngoi ra, cng ty cng c hot ng trong lnh vc bnh
vin a khoa v kinh doanh bt ng sn. T 31 thng 12 nm 2006, cng ty s hu 3
chi nhnh, 8 nh my, mt x nghip kho vn, v mt bnh vin a khoa. Thng 12 nm
2006, Cng ty thnh lp thm 2 cng ty con hot ng trong lnh vc bt ng sn v
chn nui gia sc

Tsingtao Brew Trung Quc
Cng ty Tsingtao Brewery Limited hot ng trong lnh vc sn xut v kinh doanh bia
v cc dch v lin quan. Cng ty hin c cc nh my bia v mch nha nhiu thnh
ph trn khp Trung Quc. Cc phn khc th trng ca Cng ty gm khu vc Sn
ng, Hoa Bc, Hoa Nam v xut khu.
CNG TY C PHN CHNG KHON FPT
TNG CNG TY BIA RU
NC GII KHT SI GN

14


Phn tch ri ro

Ri ro v nn kinh t: Cc sn phm ca Sabeco l sn phm tiu dng ph thuc mnh vo thu nhp v tc
thay i th hiu ca ngi dn. Cc sn phm ny s c sc tiu th mnh m khi kh nng chi tr cho nhng sn
phm tiu dng xa x ca ngi dn tng ln v s gim tiu th mnh hn cc mt hng thit yu khi c s suy
thoi kinh t din ra.

Ri ro v t gi v bin ng gi nguyn vt liu: do hot ng sn xut ca ngnh ph thuc ch yu vo
nguyn liu xut nhp khu nn khi c bin ng v t gi, hoc khi gi c trn th trng nguyn vt liu sn xut
bia th gii tng ln s lm tng ng k chi ph gi vn ca doanh nghip.

Ri ro th trng: vi s gia nhp WTO ca Vit Nam trong nm 2007, cc doanh nghip trong ngnh Bia chu sc
p cnh tranh mnh m ca cc doanh nghip sn xut bia nc ngoi, c bit l khi Nh nc tho b cc bo h
thu quan th sc p ny s ngy mt tng ln.

CC IM KHC NH U T CN CH KHI THAM GIA U GI SABECO

Ngay sau khi hon tt IPO vo ngy 28/1, Sabeco s tip tc m phn bn c phn cho i tc chin lc
nc ngoi v thc hin nim yt c phiu ti S GDCK thnh ph H Ch Minh;
Cc nh u t Sabeco tip xc cho mc ch la chn i tc chin lc gm c:
- Tp on Bia Budweiser ca M,
- Tp on Bia Inbev ca B,
- Tp on Heneiken ca H Lan,
- Tp on Bia - Ru - Nc gii kht Ashahi ca Nht Bn v
- Tp on Thaibev ca Thi Lan.
Tuy nhin, tin trnh la chn i tc chin lc ca Sabeco cha c kt qu cui cng.


Cng ty C phn Chng khon FPT
Tr s chnh:
Tng 2 Ta nh 71 Nguyn Ch Thanh
Qun ng a - H Ni - Vit Nam
T: (84.4) 773 7070 / 271 7171
Fax: (84.4) 773 9058
Cng ty C phn Chng khon FPT
Chi nhnh Tp. H Ch Minh:
Lu 3 - To nh Citilight - 45 V Th Su
Phng a Kao - Qun 1 - Tp. H Ch Minh - Vit Nam
T: (84.8) 290 8686
Fax: (84.8) 290 6070


CNG B

Bo co ny c thc hin bi Phng Phn tch u t ca Cng ty chng khon FPT phc v cc nh u t c ti khon giao
dch ti FPTS trong t u gi sp ti ca chng khon cp trong bo co. Bo co ny khng nn c ti s dng, phn
phi, pht hnh ton b hay tng phn d vi mc ch no khc m khng c s chp thun trc bng vn bn ca FPTS.

TUYN B MIN TRCH NHIM

Cc thng tin v nhn nh trong bo co ny c cung cp bi FPTS da vo cc ngun thng tin m FPTS coi l ng tin cy,
c sn v mang tnh hp php. Ngoi tr cc thng tin v FPTS, chng ti khng m bo tnh chnh xc hay y ca cc
thng tin ny. Nh u t s dng bo co ny cn lu rng cc nhn nh trong bo co ny mang tnh cht ch quan ca
FPTS. Nh u t s dng bo co ny t chu trch nhim v quyt nh ca mnh.

Bn quyn 2007 Cng ty chng khon FPT