Professional Documents
Culture Documents
Loi tu
M lc
S lng tu
iu kin
Th st (3.000)
Th rn (2.000)
Th mc (1.500)
100 m lc
50 m lc
100
6
50
25
150
120
80
70
50
40
2650 <=
1970 <=
1480 <=
3000
2000
1500
Cu 2
Chi ph
Giy
80000
Dp
Ti xch
60000
40000
Sn lng
Sn lng ti a
Giy
Dp
Ti xch
Giy
Dp
Ti xch
0
0
7500
Chi ph
80
60
40
100000
170000
140000
Doanh thu
120
90
65
300000
Li nhun n v
Doanh thu
Tng chi ph
Tng li nhun
120000
40000
90000
65000
30000
25000
300000000 <=
187500000
300000000
<-- Max
Kho Q.Bnh Tn
Kho Q.Bnh Thnh
Kho Q8
Nhu cu tiu th ( ngn lt)
A
100000
200000
400000
100
B
200000
350000
300000
70
A
100
0
0
100
79000000
B
59
0
11
70
Kho Q.Bnh Tn
Kho Q.Bnh Thnh
Kho Q8
Tng xng cy xng nhn c
Tng chi ph vn chuyn
C
120000
150000
300000
100
C
0
100
0
100
D
300000
500000
400000
120
D
91
0
29
120
Tng xng
chuyn t
cc kho xng
250 <=
100 <=
40 <=
Lng xng
ti a ti kho
250
100
400
80000
104000
Cng nhn
2
6
6
4
6
0
1
Tng CN
Tin lng
Tng chi ph cng nhn
Th hai
Th ba
17
13
2
6
4
4
6
6
0
0
1
1
17
13
1360000
1040000
11104000
Th t
Th nm
Th su
Th by
Ch nht
14
15
18
24
22
2
6
2
6
6
2
6
6
4
2
6
6
4
6
6
0
1
15
1200000
0
1
15
1200000
1
19
1520000
24
2496000
6
6
4
6
0
22
2288000
0h-8h
4h-12h
8h-16h
12h-20h
16h-24h
20h-4h
Ca
1
2
3
4
5
6
S CN
2
0h-4h
4-8h
8h-12h
12h-16
16h-20h
3
5
S CN
>=
S CN ti thiu
Tng s CN
10
>=
5
32
15
>=
13
>=
15
12
>=
12
20h-24h
6
3
9
>=
9
C hi u t
T trng u t
1
2
3
4
0
1
1
1
Tng vn u t
Tng NPV
Vn u t
6,700
10,000
5,500
3,400
18900
<=
19000
21000
NPV
8,000
11,000
6,000
4,000
Nm
T sut sinh li
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
A
23.4%
33.4%
23.0%
37.6%
1.3%
10.1%
7.6%
30.5%
-3.1%
31.7%
16.6%
5.3%
18.7%
31.8%
B
11.2%
22.0%
26.4%
30.1%
-0.1%
19.4%
16.5%
28.6%
-15.5%
28.7%
1.2%
20.3%
28.0%
19.5%
19.1%
0.0161
0.1268
0.0117
0.7145
16.9%
0.0167
0.1291
Kt hp 2 chng khon
T trng u t vo A
19.5%
T sut sinh li
19.0%
18.5%
18.0%
17.5%
17.0%
16.5%
11.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
T sut sinh li DM
lch chun
16.9%
12.9%
17.1%
12.6%
17.3%
12.3%
17.6%
12.0%
17.8%
11.9%
18.0%
11.8%
18.2%
11.9%
18.5%
12.0%
18.7%
12.1%
18.9%
12.4%
19.1%
12.7%
Series1
11.5%
12.0%
12.5%
lch chun
13.0%
Year
Pfizer
Merck
Price
11.85
16.35
19.6
17.95
23.45
29.75
29.25
26.9
32.45
34.1
61.45
76.05
Dividend
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Pfizer
Merck
41.9%
23.4%
-5.1%
34.8%
30.4%
1.3%
-4.6%
24.7%
8.8%
84.1%
26.2%
-10.9%
24.9%
-2.5%
34.6%
75.7%
77.8%
-4.3%
30.4%
18.1%
60.4%
25.4%
24.2%
0.059
0.243
0.022
0.314
30.0%
0.086
0.293
0.46
0.58
0.66
0.74
0.82
0.9
1
1.1
1.2
1.32
1.48
Price
4.95
4.25
5.15
4.85
6.35
10.95
19.2
17.95
22.85
26.35
41.5
51.15
35.0%
0.16
0.16
0.17
0.18
0.21
0.27
0.43
0.55
0.64
0.77
0.9
30.0%
25.0%
20.0%
TSSL
Dividend
Series1
15.0%
10.0%
5.0%
0.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
lch chun
Kt hp 2 chng khon
T trng Pfizer TSSL danh mc
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
29.4%
28.82%
28.23%
27.65%
27.07%
26.49%
25.91%
25.33%
24.75%
24.17%
23.59%
23.00%
22.42%
21.84%
lch chun
7.4%
6.43%
5.66%
5.10%
4.73%
4.57%
4.60%
4.84%
5.27%
5.91%
6.74%
7.78%
9.01%
10.45%
12.0%
0.3
0.2
0.5
TSSL trung bnh
lch chun
Hip phng sai
H s tng quan
0.124
42.19%
8.2%
0.628
A
0.3
0.02
-0.05
B
0.02
0.04
0.06
C
-0.05
0.06
0.6
T trng danh mc Y
0.5
0.4
0.1
0.112
30.85%
Danh mc kt hp 2 danh mc
T trng u t vo X
TSSL trung bnh
lch chun
0%
11.20%
30.85%
10.000%
11.320% 30.597%
20%
11.44%
30.70%
30%
11.56%
31.15%
40%
11.68%
31.94%
50%
11.80%
33.05%
60%
11.92%
34.43%
70%
12.04%
36.08%
80%
12.16%
37.93%
90%
12.28%
39.98%
100%
12.40%
42.19%
110%
12.52%
44.53%
120%
12.64%
47.00%
130%
12.76%
49.56%
140%
12.88%
52.20%
150%
13.00%
54.92%
160%
13.12%
57.70%
170%
13.24%
60.53%
180%
13.36%
63.41%
190%
13.48%
66.33%
200%
13.60%
69.28%
210%
13.72%
72.27%
220%
13.84%
75.28%
230%
13.96%
78.32%
240%
14.08%
81.37%
13.00%
12.80%
12.60%
12.40%
12.20%
12.00%
11.80%
11.60%
11.40%
11.20%
11.00%
0.00%
TSSL
10%
12%
14%
Series1
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
Cu a
A
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
36.67%
122.82%
14.44%
21.39%
45.36%
20.19%
-8.94%
27.02%
-11.64%
20.29%
34.08%
12.45%
27.84%
0.099
0.315
-0.325
A
A
B
C
D
E
F
Cch 1 : Th cng
0.108
0.034
0.166
0.036
0.054
0.080
Cch 2 OFFset
0
A
0
1
2
3
4
5
Cch 3 Ma trn nghch o
A
B
C
D
E
F
0.108
0.034
0.166
0.036
0.054
0.080
A
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
8.83%
94.98%
-13.40%
-6.45%
17.52%
-7.65%
-36.78%
-0.82%
-39.48%
-7.55%
6.24%
-15.39%
A
A
B
C
D
E
F
0.108
0.034
0.166
0.036
0.054
0.080
Cu b
A
A
B
C
D
E
F
0.108
0.034
0.166
0.036
0.054
0.080
Hng s
5%
Ma trn Z(c=0)
T trng danh mc X
5.676
0.626
-3.956
0.738
0.081
-0.514
1.799
1.872
1.678
0.234
0.243
0.218
33.17%
0.0431
20.76%
0.04646
Lp ng bin hiu qu
T trng u t v X
TSSL danh mc
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
150%
160%
37%
37%
37%
36%
36%
36%
35%
35%
35%
35%
34%
34%
34%
34%
33%
33%
33%
33%
32%
32%
32%
32%
Cu c d
A
A
B
C
D
E
F
Hng s
0.108
0.034
0.166
0.036
0.054
0.080
5%
Ma trn Z(c=5%)
5.192
0.380
-3.443
1.481
0.906
1.548
0.0000
0.0300
0.0600
0.0900
0.1200
0.1500
0.1800
0.2100
0.2400
0.2700
0.3000
0.3300
0.3600
0.3900
Cu f
A
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
TSSl trung bnh
Phng sai
lch chun
Beta
36.67%
122.82%
14.44%
21.39%
45.36%
20.19%
-8.94%
27.02%
-11.64%
20.29%
34.08%
12.45%
27.84%
0.099
32%
-0.325
Cu G
A
A
B
C
D
E
F
Hng s
T trng ti u
A
B
C
D
E
F
Tng
TSSL trung bnh
lch chun DM
Theta
0.108
0.034
0.166
0.036
0.054
0.080
6%
0.037
0.337
0.000
0.291
0.046
0.289
1.000
0.347
0.259
1.108
0.20%
41.54%
21.92%
26.13%
22.50%
61.43%
195.09%
62.27%
73.38%
117.89%
63.51%
-38.29%
-1.27%
45.15%
7.80%
28.42%
1.30%
81.17%
24.27%
38.14%
-7.44%
21.89%
19.83%
10.73%
54.48%
48.27%
9.11%
-10.21%
-11.92%
26.82%
-11.28%
12.65%
13.77%
7.06%
-6.24%
12.85%
12.08%
32.55%
-7.55%
123.04%
2.42%
-17.13%
-6.48%
1.31%
15.48%
6.90%
3.62%
50.12%
-5.54%
19.92%
22.21%
33.46%
84.40%
5.71%
62.76%
41.13%
12.45%
98.73%
-2.89%
127.00%
22.39%
0.058
0.240
0.034
23.98%
0.283
0.532
-0.048
37.23%
0.119
0.345
-1.141
13.82%
0.053
0.229
0.748
50.80%
0.189
0.434
-1.606
C
0.034
0.063
0.039
0.016
0.029
0.038
D
0.166
0.039
0.307
0.065
0.083
0.128
C
0.034
0.063
0.039
0.016
0.029
0.038
E
0.036
0.016
0.065
0.129
0.008
0.097
D
0.166
0.039
0.307
0.065
0.083
0.128
F
0.054
0.029
0.083
0.008
0.057
0.011
E
0.036
0.016
0.065
0.129
0.008
0.097
0.080
0.038
0.128
0.097
0.011
0.204
F
0.054
0.029
0.083
0.008
0.057
0.011
0.080
0.038
0.128
0.097
0.011
0.204
-22.19%
17.56%
-15.31%
12.31%
-28.30%
39.05%
171.11%
25.04%
59.56%
67.09%
41.13%
-62.27%
-38.50%
31.33%
-43.00%
6.04%
-22.68%
43.94%
10.45%
-12.66%
-29.83%
-2.09%
-17.40%
-3.09%
3.68%
25.89%
-14.87%
-47.44%
-25.74%
-23.98%
-33.67%
-11.33%
-23.46%
-6.76%
-57.04%
-9.54%
-11.90%
-4.68%
-21.37%
72.24%
-19.97%
-41.11%
-43.71%
-12.51%
-35.32%
-15.49%
-20.36%
12.89%
-19.36%
-30.88%
-0.18%
9.48%
47.17%
-8.11%
11.96%
18.75%
-11.53%
61.50%
-16.71%
76.20%
C
0.034
0.063
0.039
0.016
0.029
0.038
D
0.166
0.039
0.307
0.065
0.083
0.128
C
0.034
0.063
0.039
0.016
0.029
0.038
E
0.036
0.016
0.065
0.129
0.008
0.097
D
0.166
0.039
0.307
0.065
0.083
0.128
Ma trn Z(c=0.05)
E
0.036
0.016
0.065
0.129
0.008
0.097
T trng danh mc Y
5.192
0.380
-3.443
F
0.054
0.029
0.083
0.008
0.057
0.011
0.856
0.063
-0.568
0.080
0.038
0.128
0.097
0.011
0.204
F
0.054
0.029
0.083
0.008
0.057
0.011
0.080
0.038
0.128
0.097
0.011
0.204
1.481
0.906
1.548
0.244
0.149
0.255
35.75%
0.0507
22.52%
lch chun
23%
23%
23%
23%
23%
23%
22%
22%
22%
22%
22%
21%
21%
21%
21%
21%
21%
20%
20%
20%
20%
20%
38%
37%
36%
35%
34%
33%
32%
31%
19%
C
0.034
0.063
0.039
0.016
0.029
0.038
21%
D
0.166
0.039
0.307
0.065
0.083
0.128
Hng s
20%
22%
23%
E
0.036
0.016
0.065
0.129
0.008
0.097
10%
24%
F
0.054
0.029
0.083
0.008
0.057
0.011
0.080
0.038
0.128
0.097
0.011
0.204
Ma trn Z(c=10%)
4.708
0.134
-2.930
1.164
-0.061
1.418
lch chun
22.52%
20.76%
21.68%
23.03%
25.14%
28.68%
35.30%
50.26%
103.24%
638.39%
79.11%
44.63%
33.00%
27.50%
24.46%
200.00%
100.00%
0.00%
0.00%
-100.00%
200.00%
400.00%
600.00%
800.00%
-200.00%
-300.00%
-400.00%
-500.00%
-600.00%
0.20%
41.54%
21.92%
26.13%
22.50%
61.43%
195.09%
62.27%
73.38%
117.89%
63.51%
-38.29%
-1.27%
45.15%
7.80%
28.42%
1.30%
81.17%
24.27%
38.14%
-7.44%
21.89%
19.83%
10.73%
54.48%
48.27%
9.11%
-10.21%
-11.92%
26.82%
-11.28%
12.65%
13.77%
7.06%
-6.24%
12.85%
12.08%
32.55%
-7.55%
123.04%
2.42%
-17.13%
-6.48%
1.31%
15.48%
6.90%
3.62%
50.12%
-5.54%
19.92%
22.21%
33.46%
84.40%
5.71%
62.76%
41.13%
12.45%
98.73%
-2.89%
127.00%
22.39%
0.058
24%
0.034
23.98%
0.283
53%
-0.048
37.23%
0.119
35%
-1.141
13.82%
0.053
23%
0.748
50.80%
0.189
43%
-1.606
C
0.034
0.063
0.039
0.016
0.029
0.038
D
0.166
0.039
0.307
0.065
0.083
0.128
E
0.036
0.016
0.065
0.129
0.008
0.097
F
0.054
0.029
0.083
0.008
0.057
0.011
0.080
0.038
0.128
0.097
0.011
0.204
Index
33.40%
23.00%
37.60%
1.30%
10.10%
7.60%
30.50%
-3.10%
31.70%
16.60%
5.30%
18.70%
17.73%
0.016
0.126
1.000
T sut sinh li
TSSl - hng s
27.8%
22.8%
22.4%
17.4%
24.0%
19.0%
37.2%
32.2%
13.8%
8.8%
50.8%
45.8%
Series1
T sut sinh li
TSSl - 5%
28%
22%
24%
37%
14%
51%
23%
17%
19%
32%
9%
46%
TSSl - 10%
17.8%
12.4%
14.0%
27.2%
3.8%
40.8%
Series1
Log. (Series1)
Index
33.40%
23.00%
37.60%
1.30%
10.10%
7.60%
30.50%
-3.10%
31.70%
16.60%
5.30%
18.70%
17.73%
0.016
13%
1.000
T sut sinh li
28%
22%
24%
37%
14%
51%
A
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
TSSL trung bnh
Phng sai
lch chun
Beta
B
-35%
-12%
71%
25%
73%
37%
-20%
-43%
17%
-5%
-27%
2%
1%
48%
-3%
-20%
106%
-15%
19%
31%
20.32%
0.20596
45.38%
1.482
4.74%
0.07574
27.52%
1.068
0
1
2
3
4
5
Danh mc X
A
B
G
H
M
U
TSSL danh mc X
Phng sai VAR(X)
A
B
G
H
M
U
T trng
10%
10%
10%
10%
10%
50%
12.61%
0.035
B
0.206
0.038
0.038
0.076
0.108
0.035
0.049
0.093
0.021
0.008
0.006
0.040
lch chun
18.80%
0.042
TSSL ca danh mc
16.39%
15.90%
15.57%
15.24%
14.91%
14.58%
14.26%
13.93%
13.60%
13.27%
12.94%
12.61%
12.28%
11.95%
11.63%
11.30%
10.97%
10.64%
10.31%
9.98%
9.65%
9.32%
8.99%
8.67%
8.34%
8.01%
7.68%
7.35%
7.02%
lch chun DM
31.65%
29.35%
27.87%
26.46%
25.11%
23.84%
22.67%
21.61%
20.67%
19.88%
19.25%
18.80%
18.54%
18.47%
18.61%
18.95%
19.48%
20.17%
21.03%
22.02%
23.12%
24.34%
25.64%
27.01%
28.45%
29.95%
31.49%
33.08%
34.70%
Vn-index
-42%
-21%
-8%
23%
-26%
37%
22%
2%
36%
37%
26%
58%
13%
8%
24%
-5%
-9%
7%
-27%
-7%
-6%
28%
14%
-13%
7%
9%
8%
2%
23%
18%
34%
-19%
20%
37%
32%
-3%
-74%
9%
5%
-5%
70%
-26%
22%
5%
21%
31%
187%
21%
26%
23%
15.01%
0.08673
29.45%
1.311
15.29%
0.44352
66.60%
1.299
10.26%
0.00831
9.11%
0.262
12.10%
0.03922
19.80%
0.494
12.38%
0.03595
18.96%
1.000
T sut sinh li
0.108
0.049
0.021
0.006
20.3%
0.035
0.093
0.008
0.040
4.7%
0.087
0.044
0.019
0.015
15.0%
0.044
0.444
0.019
0.027
15.3%
0.019
0.019
0.008
-0.001
10.3%
0.015
0.027
-0.001
0.039
12.1%
Danh mc X
A
B
G
H
M
U
TSSL danh mc X
Phng sai VAR(X)
T trng
50%
10%
10%
10%
10%
10%
15.90%
0.086
lch chun
29.35%
22.00%
NG HIU QU DANH
MC
20.00%
Series2
T sut sinh li
18.00%
Series3
16.00%
14.00%
Series4
12.00%
Series5
10.00%
Series6
8.00%
Series7
6.00%
0.00%
20.00%
40.00%
lch chun
60.00%
80.00%
A
1
2
3
4
5
6
7
8
9
10
11
12
11.20%
8.70%
4.20%
20.40%
21.10%
17.50%
20.30%
11.40%
8.90%
4.50%
9.20%
7.50%
12.08%
0.0035
5.910%
A
A
B
C
0
1
2
T trng u t
A
B
C
Tng
0.0035
0.0018
-0.0051
0.6
0
0.4
1
31.20%
20%
22.40%
12.30%
1.25%
22.60%
-15.40%
-14.60%
13.20%
-7.10%
14.20%
5.60%
29.20%
13.80%
25.30%
18.90%
-18.50%
19%
4.10%
18.30%
-7.20%
13.50%
3.10%
16.80%
8.57%
0.0260
16.128%
11.59%
0.0121
11.002%
C
0.0018
-0.0051
0.0260
0.0042
0.0042
0.0121
TSSL
12.08%
8.57%
11.59%
>=
11%
ko vt qu 60% vn u t c danh mc
Chi ph SDV
10%
T trng
A
B
C
D
Nm 0
100%
97%
27%
0%
Nm 1
-70
-60
-80
-50
-30
-90
-10
-50
150
<=
150
120
<=
120
Thu sut
40%
Nm 0
Cu sn phm
Doanh s
Chi ph c nh
Chi ph bin i
Khu hao
Li nhun trc thu
Thu
Li nhun sau thu
Dng tin rng
-60000
NPV ca d n
16,675.09
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
16,675.09
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
-90000
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
16675.0905
Nm 2 Nm 3 Nm 4 Nm 5 NPV d bn
60
40
40
20
22.11
55
55
55
55
16.68
70
90
70
-100
22.10
30
40
50
30
12.17
Tng NPV
10
350000
15000
262500
28750
43750
17500
26250
55000
10
350000
15000
262500
28750
43750
17500
26250
55000
10
350000
15000
262500
28750
43750
17500
26250
55000
10
350000
15000
262500
28750
43750
17500
26250
55000
53614.26
27762.45
52843.63
50003.66
59607.14
55280.69
40381.93
41417.25
31189.19
54700.44
23617.24
61370.06
41121.26
30096.49
53343.04
61256.62
41142.12
45059.26
11304.34
1
44.30197436
65%
75%
40439.3
66993.93
32940.37
63225.56
44464.55
49133.94
51606.2
65789.1
46751.65
49051.79
54600.03
48243.35
56396.86
40153.74
23990.16
47831.31
42768.13
32653.51
40318.04
38873.28
52256.86
54615.68
41784.96
30522.88
24003.2
48470.24
61355.72
55347.19
43794.33
47194.99
39093.64
60257.81
33810.1
49778.08
53172.22
38012.68
50286.62
61556.53
45785.43
32661.33
44660.14
58766.11
43015.88
31817.69
48970.95
56495.95
43146.27
23887.15
42363.91
39563.06
55375.87
37780.58
37905.76
23316.03
59820.99
27942.39
39860.35
28063.66
29224.16
43777.37
31701.63
58015.04
71152.18
35833.8
52571.11
39753.43
35390.47
63598.49
50454.82
42888.09
31714.67
47824.79
41202.1
48089.49
37214.67
62402.78
44744.89
36065.9
33534.97
40590.56
38206.97
41534.61
66953.51