PHN GII THIU

1. L DO CHN TI:
Vit Nam ang trong thi k m ca nn kinh t. S hi nhp vi th gii mang li
nhiu li ch cho t nc, thc y sn xut kinh doanh pht trin, em n nhiu c
hi cho doanh nghip c iu kin giao lu, m rng hot ng. Tuy nhin, nn kinh
t th trng cnh tranh kh gay gt. tn ti v pht trin bn vng th doanh
nghip phi ht sc n lc, phn u khng nh thng hiu ca mnh.
Vic xc nh gi tr doanh nghip l mt vic lm ht sc cn thit i vi bn thn
doanh nghip v c nh u t. Bi trc ht n gip cho doanh nghip nm bt r
rng, c th tnh hnh hot ng, thng qua s bit c nhng nhn t no c tc
ng mnh n qu trnh sn xut kinh doanh, t c s iu chnh, cn i thch
hp trong c cu ti sn hoc ngun vn. Ngoi ra, phn tch kt qu qu kh cng l
c s quan trng doanh nghip d on xu th pht trin sn xut, ly lm cn
c nh hng hoch nh nhng chin lc ph hp cho doanh nghip trong tng
lai. Vic phn tch gi tr ca doanh nghip cng gip doanh nghip khng nh v th
cnh tranh ca mnh gia cc doanh nghip cng ngnh.
Vi lch s hnh thnh v pht trin trn 30 nm, Dc Hu Giang l mt cng ty c
ting vng ng bng sng Cu Long. Thng hiu Dc Hu Giang c ngi
tiu dng bit n thng qua nhiu loi dc phm a dng, cc loi tr tho mc thin
nhin Bn cnh Dc Hu Giang cng c php xut nhp khu trc tip
thuc, nguyn liu sn xut thuc v cc trang thit b y t. Sn phm ca Dc hu
giang lun m bo v mt cht lng v c ngi tiu dng tin tng, bnh chn l
Hng Vit Nam cht lng cao sut nhng nm qua. Dc Hu Giang l mt trong
nhng doanh nghip hng u trong ngnh dc Vit Nam nn khng th b qua tm
quan trng ca vic xc nh gi tr doanh nghip. V th nhm chng em xin chn
ti nh gi cng ty C phn Dc Hu Giang xc nh gi tr ca doanh nghip,
c th l gi tr c phiu ca cng ty.

2. MC TIU NGHIN CU:

2.1 Mc tiu chung: nh gi cng ty c phn Dc Hu Giang (DHG)
2.2 Mc tiu c th:
Tm hiu khi qut cng ty
nh gi cng ty c phn Dc Hu Giang
Xc nh gi tr cng ty vi cc vin cnh khc nhau
Kim tra li kt qu nh gi (so snh vi gi c phiu hin ti, v mc
tng quan v cnh tranh so cc cng ty cng ngnh)
3. PHM VI NGHIN CU:
3.1. Khng gian: Cng ty c phn Dc Hu Giang
3.2 Thi gian: nm 2007-2010
3.3 i tng nghin cu: Gi tr Cng ty c phn Dc Hu Giang
4. PHNG PHP NGHIN CU:
4.1 Phng php thu thp s liu: s liu th cp t cc sch, bo, tp ch kinh
t, internet
4.2 Phng php x l s liu: Tng hp s liu, phn tch, a ra nhn xt
nh gi.

PHN NI DUNG
CHNG 1
GII THIU TNG QUAN V
CNG TY C PHN DC HU GIANG

1.1 LCH S HNH THNH V PHT TRIN

1.1.1 Gii thiu tng quan v doanh nghip
- Tn doanh nghip: Cng ty C phn Dc Hu Giang
- Tn vit tt: DHG PHARMA
- Tr s chnh t ti 288 Bis Nguyn Vn C, Qun Ninh Kiu, Thnh ph Cn
Th
- Thng tin giao dch trn sn giao dch chng khon Thnh ph H Ch Minh
(HOSE):
M chng khon: DHG
Ngy giao dch u tin: 21/12/2006
Khi lng nim yt u tin: 8.000.000
Gi cho sn: 320.000 /c phiu
1.1.2 Lch s hnh thnh v pht trin
Cng ty C phn Dc Hu Giang (DHG PHARMA), tin thn l X nghip
Dc 2/9, thnh lp ngy 2/9/1974.
Thng 11/1975, X nghip Dc phm 2/9 chuyn thnh Cng ty Dc phm
Ty Cu Long, va sn xut va cung ng thuc phc v nhn dn Ty Nam B.
n nm 1976, Cng ty Dc phm Ty Cu Long i tn thnh Cng ty Dc
thuc Ty Y t tnh Hu Giang. Sau , cng ty tch thnh 03 n v c lp: X nghip
Dc phm 2/9, Cng ty Dc phm v Cng ty Dc liu.
Ngy 19/9/1979, 3 n v trn hp nht thnh X nghip Lin hp Dc Hu
Giang.
Nm 1992, X nghip Lin hp Dc Hu Giang chuyn i thnh Doanh nghip
Nh nc X nghip Lin hp Dc Hu Giang v hch ton kinh t c lp, trc
thuc S Y t Thnh ph Cn Th.

Ngy 02/09/2004, X nghip Lin hp Dc Hu Giang Thnh ph Cn Th

chuyn i m hnh hot ng thnh Cng ty C phn Dc Hu Giang v chnh thc
i vo hot ng vi vn iu l ban u l 80 t ng.
Ngy 21/12/2006, c phiu Dc Hu Giang chnh thc giao dch ti sn giao
dch chng khon Thnh ph H Ch Minh.
Qu 2/2007, cng ty pht hnh 2.000.000 c phiu, tng vn iu l t 80 t ln
100 t ng v mang li thng d vn c phn 379 t ng.
Qu 4/2007, cng ty pht hnh c phiu thng t l 1:1, tng vn iu l ln
200 t ng.
n thi im hin ti, Cng ty C phn Dc Hu Giang c 11 cng ty thnh
vin:
- Cng ty TNHH Mt Thnh Vin TOT Pharma
- Cng ty TNHH Mt Thnh Vin TG Pharma
- Cng ty TNHH Mt Thnh Vin Dc phm A&G Pharma
- Cng ty TNHH Mt Thnh Vin In Bao b DHG
- Cng ty TNHH Mt Thnh Vin Dc phm ST
- Cng ty TNHH Mt Thnh Vin Dc liu DHG
- Cng ty TNHH Mt Thnh Vin DT
- Cng ty TNHH Mt Thnh Vin CM
- Cng ty TNHH Mt Thnh Vin Dc phm HT
- Cng ty C phn Dc Sng Hu
- Cng ty TNHH Mt Thnh Vin Du lch DHG
1.2 LNH VC KINH DOANH
1.2.1 Lnh vc ng k kinh doanh
- Sn xut kinh doanh dc.
- Xut khu: dc liu, dc phm theo quy nh ca B Y t.
- Nhp khu: thit b sn xut thuc, dc liu, dc phm, trang thit b y t
theo quy nh ca B Y t.
- Sn xut, kinh doanh xut khu cc mt hng thc phm ch bin.
- In bao b.
- Dch v nhn v chi tr ngoi t.
- Gia cng, lp t, sa cha in, in lnh.
4

- Sn xut, kinh doanh xut nhp khu thit b sn xut thuc t ch to ti Cng
ty.
- Dch v du lch v vn chuyn l hnh ni a (hot ng theo quy nh ca
Tng cc Du lch).
1.2.2 Lnh vc sn xut, kinh doanh chnh
Cng ty C phn Dc Hu Giang hot ng trong nhiu lnh vc, tuy nhin lnh
vc hot ng chnh ca cng ty l sn xut kinh doanh dc phm, thc phm ch
bin; xut khu dc liu, dc phm v nhp khu trang thit b sn xut thuc, trang
thit b y t, dc liu, dc phm.
DHG PHARMA c nhiu chuyn gia gii trong lnh vc nghin cu sn phm,
c kh nng nghin cu v sn xut cc dng bo ch: vin nn, nang mm, si bt,
siro, thuc nc, thuc cream, hn dch ung, v cc sn phm chit xut t thin
nhin
Hin cng ty c hn 200 sn phm ang lu hnh, chia lm 3 dng (Dc phm,
Thc phm chc nng, Dc M phm) v 12 nhm (khng sinh, nm dit k sinh
trng; H thn kinh; Gim au H st; Mt; Tai Mi Hng hen suyn, s mi; Tim
mch; Tiu ha gan mt; C xng khp; Chm sc sc p; Da liu; Vitamin v
khong cht; Tiu ng).
V my mc, trang thit b: Cng ty c h thng nh xng, dy chuyn my
mc hin i, cng ngh tin tin t tiu chun GMP-WHO, GLP, GSP do Cc Qun
l Dc Vit Nam chng nhn. Phng kim nghim t tiu chun quc t ISO/IEC
17025:2001 do Tng Cc tiu chun o lng cht lng VN chng nhn. H thng
qun l cht lng t chun quc t ISO 9001:2000 do t chc quc t Anh BVQI
chng nhn.
V quy m: Hin cng ty c 44 chi nhnh, i l trn ton quc; hn 40.000
khch hng l nh thuc, i l Cng ty trch nhim hu hn, phng mch t DHG
giao dch trc tip v.v trong c 7.455 thnh vin Cu lc b khch hng thn
thit DHG; c trn 100 Bnh vin v ang tn nhim s dng sn phm DHG; c 43
siu th bn sn phm DHG, trong 8 siu th c ca hng Healthcare (l ca hng
chuyn v thc phm b sung v chm sc sc khe tip cn trc tip n ngi tiu
dng); c 44 quy l di dng nh thuc bnh vin t ti bnh vin tnh v huyn
trc tip t vn s dng thuc v chm sc sc kho cho ngi dn.

1.3 V TH CNG TY
Hn 36 nm hnh thnh v pht trin, DHG PHARMA to nn mt thng
hiu vng mnh trong th trng Dc phm Vit Nam, lun l mt trong nhng
doanh nghip dn u v sn xut thuc tn dc. Theo IMS nm 2009, DHG
PHARMA ng th 4 trong th trng Dc phm Vit Nam v ng u trong th
trng Generics. Ngoi ra, thng hiu cng ty cn c khng nh qua cc danh
hiu:
- Top 10 Thng hiu mnh nht Vit Nam do Thi bo Kinh t Vit Nam t
chc.
- Top 100 Thng hiu dn u Vit Nam do Bo Si Gn Tip Th t chc.
- Gii Qu cu vng 2006 do Trung tm pht trin ti nng Lin hip cc hi
khoa hc v k thut Vit Nam t chc.
- Thng hiu c yu thch thng qua bnh chn trn trang web
www.thuonghieuviet.com
- 15 nm lin c ngi tiu dng bnh chn l Hng Vit Nam cht lng
cao
Trn th trng chng khon, c phiu DHG ca Cng ty C phn Dc Hu
Giang - giao dch ti Trung tm Giao dch chng khon Thnh ph H Ch Minh lun c cc nh u t ln, c tiu ch u t lu di quan tm.

CHNG 2
NH GI CNG TY C PHN DC HU GIANG
2.1 XC NH GI TR HOT NG
2.1.1 Phn tch kt qu kinh doanh ca cng ty t 2007-2010
2.1.1.1 Xc nh s vn u t (IC)
STT
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.

CH TIU

2007

2008

2009

n v tnh: ng
2010

Tin v cc khon tng ng tin

Khon phi thu
Hng tn kho
Ti sn ngn hn khc
OA (1+2+3+4)
Khon phi tr
Tin lng
Doanh thu nhn trc
Chi ph khc
OL (6+7+8+9)
Vn hot ng (5-10)
Ti sn c nh rng
Ti sn c nh thu ti chnh
Ti sn di hn khc

134,951,448,720
257,381,961,730
230,278,977,520
4,219,601,018
626,831,988,988
55,642,007,085
40,455,717,787
293,206,185
39,058,037,447
135,448,968,504
491,383,020,484
111,294,945,868
1,300,951,659

211,742,360,663
255,126,101,647
308,236,380,352
6,159,317,619
781,264,160,281
67,745,795,916
58,330,510,155
529,770,010
23,353,110,081
149,959,186,162
631,304,974,119
106,798,422,791
5,388,375,144

584,128,534,956
296,978,172,666
306,731,856,718
8,592,604,427
1,196,431,168,767
71,352,673,093
84,118,277,067
1,094,516,164
15,871,470,477
172,436,936,801
1,023,994,231,966
118,833,144,230
41,233,928,892

642,519,118,992
446,197,923,622
347,099,608,749
6,217,467,406
1,442,034,118,769
86,290,700,781
100,633,206,342
1,413,080,380
32,127,453,214
220,464,440,717
1,221,569,678,052
167,840,794,676
27,825,857,194

IC (khng bao gm uy tn)

(11+12+13+14)
Ti sn c nh v hnh
Khu hao
IC (bao gm uy tn) (15+16-17)

603,978,918,011
105,272,542,979
709,251,460,990

743,491,772,054
117,155,148,926
860,646,920,980

1,184,061,305,088
112,919,647,760
1,296,980,952,848

1,417,236,329,922
127,878,195,760
1,545,114,525,682

Qua bng ta thy vn u t tng lin tc t nm 2008 n nm 2010. C th nm 2008 vn u t tng 151,395,459,990 ng so vi
nm 2007; mc tng tng ng l 21.35%. Bc sang nm 2009, vn u t tng thm kh mnh vi 436,334,031,868 ng; mc tng
tng ng l 50.70%. Tuy nhin, n nm 2010 th khon u t tng thm c s gim li, ch tng thm 248,133,572,834 ng, mc tng
ch c 19.13% so vi nm 2009.
2.1.1.2 Xc nh li nhun hot ng sau thu (NOPLAT)
Gi tr khu hao c trch t Bo co lu chuyn tin t
n v tnh: ng
CH TIU
1.
2.
3.
4.
5.
6.

Doanh thu thun v bn hng v cung

cp dch v
Chi ph hot ng
Khu hao
NOP
Thu (6*thu sut*%thu phi np)
NOPLAT (6-7)

2007
1,269,279,925,381

2008
1,485,463,822,499

2009
1,746,022,201,212

2010
2,034,525,241,928

1,105,865,885,029

1,291,347,599,682
28,520,127,892
165,596,094,925
16,559,609,493
149,036,485,433

1,315,901,248,031
29,778,717,342
400,342,235,839
40,034,223,584
360,308,012,255

1,593,103,217,458
41,463,499,111
399,958,525,359
79,991,705,072
319,966,820,287

24,054,099,284
139,359,941,068
13,935,994,107
125,423,946,961

Qua bng ta thy li nhun hot ng sau thu tng lin tc trong hai nm 2008 v 2009. C th nm 2008 Noplat tng 23,612,538,471
ng so vi nm 2007; mc tng tng ng l 18.83%. Bc sang nm 2009, Noplat tng mnh mt khon 211,271,526,823 ng; mc
tng l 141.76%. Tuy nhin, n nm 2010 th Noplat gim i 40,341,191,968 ng, mc gim l 11.2%.
2.1.1.3 Xc nh dng tin t do FCF

n v tnh: ng
STT

CH TIU

1.

NOPLAT

125,423,946,961

149,036,485,433

360,308,012,255

359,962,672,799

2.

Khu hao

24,054,099,284

28,520,127,892

29,778,717,342

41,463,499,111

3.

Dng tin gp (1+2)

149,478,046,245

177,556,613,325

390,086,729,597

401,426,171,910

4.

Tng (gim) cc khon phi thu

(90,459,115,058)

(18,626,421,841)

(44,624,486,304)

(135,931,407,222)

5.

Tng (gim) hng tn kho

(108,425,593,484)

(77,957,402,832)

(3,340,301,188)

(38,548,783,964)

6.

Tng (gim) cc khon phi tr

107,292,255,117

138,189,481,332

48,088,931,657

74,342,048,312

7.

Tng (gim) chi ph tr trc

5,299,961,168

(9,970,197,686)

(19,218,178,770)

(749,653,721)

8.

Li (l) thu t hot ng kinh doanh

(11,541,135,559)

(27,772,084,624)

(6,253,450,721)

(28,167,068,454)

9.

(1,000,000,000)

27,180,289,930

(14,384,007,705)

3,059,549,639

(105,302,355,943)

(26,118,453,207)

(57,436,448,175)

(124,759,054,121)

11.

Cc khon d phng
Tin chi mua sm, xy dng ti sn
c nh v
cc ti sn di hn khc
Tin thu t thanh l, nhng bn ti
sn c nh v
cc ti sn di hn khc

792,417,144

306,671,431

122,895,970

6,110,475,532

12.

Tng u t (4+5+6+7+8+9+10+11)

(203,343,566,615)

5,231,882,503

(97,045,045,236)

(244,643,893,999)

13.

FCF (3+12)

(53,865,520,370)

182,788,495,828

293,041,684,361

156,782,277,911

10.

2007

2008

2009

2010

C th thy dng tin s bin ng tng i ln ca FCF qua cc nm trong gia on 2007 2010 do gi tr u t rng ln nhng
khng n nh qua cc nm. C th nm 2008, FCF tng mnh mt lng 236,654,016,197 ng; mc tng tng ng l 439.34%. Bc
sang nm 2010, FCF tip tc tng thm 110,253,188,534 ng vi mc tng l 60.32%. Nhng n nm 2010 th FCF li gim i
136,259,406,450 ng, mc gim l 46.5%
2.1.1.4 Xc nh chi ph s dng vn bnh qun (WACC)
T thng 01/2005 n thng 12/2005, ly ch s VN-Index vo thi im gia thng, tnh rmi bng cch ly ch s VN-Index gia
thng sau tr ch s VN-Index gia thng trc ri chia li cho ch s VN-Index gia thng trc. Tnh rm thng bng cch ly trung bnh
ca tt c rmi. Tnh rm nm bng cch ly rm thng nhn vi 12.
Ly ch s chng khon ca Dc Hu Giang t thng 12/2007 n thng 12/2010 vo thi im gia thng. Ri c tnh bng cch
ly ch s chng khon gia thng sau tr ch s chng khon gia thng trc ri chia li cho ch s chng khon gia thng trc.
Tnh beta ca Dc Hu Giang bng cch ly COV(Ri,Rm) chia cho phng sai ca Rm (vui lng xem bng phn ph lc).
Nm

N c li (D)

Vn c phn (E)

Tng ngun vn
(V)

2007 43,429,861,416

200,000,000,000

243,429,861,416

2008 8,455,297,698

200,000,000,000

208,455,297,698

2009 73,979,662,132

266,629,620,000

340,609,282,132

2010

12,802,412,973

34,666,808,555 233,939,810,000 268,606,618,555

269,129,620,000 281,932,032,973

10

Nm

N c li (D)

CP li vay

% CP li vay (rd)

2007

43,429,861,416

15,393,878,923

0.354453789

2008

8,455,297,698

5,216,001,248

0.616891496

2009
2010

73,979,662,132

23,597,231,238
12,802,412,973
3,408,205,843

Ke = rf + beta x (rm - rf)= 17.39% (s dng m hnh CAPM)

Kd = rd x (1-Tm)= 29%
WACC = D/V x Kd + E/V x Ke =19%

0.318969167
0.266215896

rd
0.389132587

2.1.2 D bo kt qu kinh doanh 2011-2015

2.1.2.1 D bo Bo co kt qu hot ng kinh doanh
VT: VND
CH TIU
Doanh thu thun
Chi ph hot ng
Khu hao
Li nhun hot dng
Li vay
Li nhun phi hot ng
Li nhun trc
thu(EBT)
Thu TNDN
Li nhun rng

2010

2011

2012

2013

2014

2015

2.034.525.241.928

2.380.394.533.056

2.785.061.603.675

3.258.522.076.300

3.812.470.829.271

4.460.590.870.247

1.593.103.217.458

1.856.707.735.783

2.172.348.050.867

2.541.647.219.514

2.973.727.246.831

3.479.260.878.793

41.463.499.111

48.623.605.008

56.889.617.860

66.560.852.896

77.876.197.888

91.115.151.529

399.958.525.359

475.063.192.264

555.823.934.949

650.314.003.890

760.867.384.551

890.214.839.925

2.010.709.744

2.354.448.233

10.353.019.579

16.909.615.796

25.124.184.716

35.207.606.468

36.196.737.130

42.371.022.688

49.574.096.545

58.001.692.958

67.861.980.761

79.398.517.490

434.144.552.718

515.079.766.720

595.045.011.915

691.406.081.052

803.605.180.596

934.405.750.947

50.809.318.387

51.507.976.672

119.009.002.383

138.281.216.210

200.901.295.149

233.601.437.737

383.335.234.331

463.571.790.048

476.036.009.532

553.124.864.842

602.703.885.447

700.804.313.210

12

2.1.2.2 D bo Bng cn i k ton

2010

2011

2012

2013

2014

2015

Ti sn
Tin v cc khon tng ng tin
Cc khon u t ti chnh ngn hn
Cc khon phi thu ngn hn
Hng tn kho
Ti sn ngn hn khc

642.519.118.992
446.197.923.622
347.099.608.749
6.217.467.406

Cc khon phi thu di hn

Ti sn c nh
Bt ng sn u t
Cc khon u t ti chnh di hn
Ti sn di hn khc
Tng ti sn

781.237.545.490
-

1.029.041.271.696
-

1.204.359.534.967
-

1.409.100.655.911
-

522.020.521.099

610.764.009.686

714.593.891.333

836.074.852.859

978.207.577.845

358.942.748.013

475.131.509.587

555.903.866.217

650.407.523.474

760.976.802.464

7.379.223.052

8.633.690.971

10.101.418.437

11.818.659.571

13.827.831.698

303.438.987.167

879.522.454.441

354.916.824.879

415.252.685.108

485.845.641.576

568.439.400.644

665.074.098.754

46.893.772.301

54.865.713.592

64.192.884.903

75.105.675.337

87.873.640.144

32.611.405.103

38.155.343.970

44.641.752.445

52.230.850.361

61.110.094.922

2.104.002.039.937

2.482.325.407.356

2.904.320.726.606

3.398.436.497.212

3.976.170.701.738

606.048.448.116

709.076.684.296

829.619.720.626

970.655.073.132

1.135.666.435.565

14.996.485.558

65.942.799.869

107.704.559.209

160.026.654.244

224.252.270.498

314.926.196.723

368.463.650.166

431.102.470.694

504.389.890.713

590.136.172.134

756.727.422.058

885.371.083.808

1.035.884.168.056

1.211.984.476.625

1.418.021.837.652

6.456.882.120
39.979.249.420
27.825.857.194
1.819.735.094.670

Ngun vn
Cc khon phi tr
N vay (ngn hn+di hn)
Vn u t ca ch s hu
Vn khc ca ch s hu
Tng hp cc qu
Thu nhp gi li
Li ch ca c ng thiu s
Tng ngun vn

517.894.311.532
12.802.412.973
269.129.620.000
646.850.398.500
364.342.106.640
8.716.245.431
1.819.735.095.076

401.067.790.989

441.495.424.321

485.998.163.093

534.986.777.932

588.913.445.148

10.235.696.492

11.975.764.896

14.011.644.928

16.393.624.566

19.180.540.742

2.104.002.039.937

2.482.325.407.356

2.904.320.726.606

3.398.436.497.212

3.976.170.701.738

2.1.2.3 D bo IC
CH TIU

STT

2011

2012

2013

2014

2015

1.

Tin v cc khon tng ng tin

781.237.545.490

879.522.454.441

1.029.041.271.696

1.204.359.534.967

1.409.100.655.911

2.

Khon phi thu

522.020.521.099

610.764.099.686

714.593.891.333

836.074.852.859

978.207.577.845

3.

Hng tn kho

358.942.748.013

475.131.509.587

555.903.866.217

650.407.523.474

760.976.802.464

4.

Ti sn ngn hn khc

7.379.223.052

8.633.690.971

10.101.418.437

11.818.659.571

13.827.831.698

5.

OA (1+2+3+4)

1.669.580.037.655

1.974.051.754.685

2.309.640.447.681

2.702.660.570.871

3.162.112.867.918

6.

Khon phi tr

606.048.448.116

709.076.684.296

829.619.720.626

970.655.073.132

1.135.666.435.565

7.

OL (6)

606.048.448.116

709.076.684.296

829.619.720.626

970.655.073.132

1.135.666.435.565

8.

Vn hot ng (5-7)

1.063.531.589.539

1.264.975.070.389

1.480.020.727.055

1.732.005.497.738

2.026.446.432.353

9.

Ti sn c nh rng

354.916.824.879

415.252.685.108

485.845.641.576

568.439.400.644

665.074.098.754

10.

Ti sn di hn khc

32.611.405.103

38.155.343.970

44.641.752.445

52.230.850.361

61.110.094.922

11.

IC (8+9+10)

1.451.059.819.520

1.718.383.099.468

2.010.508.121.077

2.352.675.748.743

2.752.630.626.029

14

2.1.2.4 D bo NOPLAT
STT
1.

CH TIU
Doanh thu thun v bn hng v
cung cp dch v

2.

Chi ph hot ng

3.

Khu hao

4.

NOP

5.

Thu (6*thu sut*%thu phi np)

6.

NOPLAT (6-7)

2011

2012

2013

2014

2015

2.380.394.533.056

2.785.061.603.675

3.258.522.076.300

3.812.470.829.271

4.460.590.870.247

1.856.707.735.783

2.172.348.050.867

2.541.647.219.514

2.973.727.246.831

3.479.260.878.793

48.623.605.008

56.889.617.860

66.560.852.896

77.876.197.888

91.115.151.529

475.063.192.264

555.823.934.949

650.314.003.890

760.867.384.551

890.214.839.925

47.506.319.226

55.582.393.495

65.031.400.389

152.173.476.910

178.042.967.985

427.556.873.038

500.241.541.454

585.282.603.501

608.693.907.641

712.171.871.940

2.1.2.5 D bo FCF
2010
FCF (g=17%)

11.691.441.411

2011
13.678.986.451

2012
16.004.414.148

2013
18.725.164.553

2014
21.908.442.527

2015
25.632.877.756

2.1.3 Gi tr hot ng
2.1.3.1 Gi tr giai on d bo c th
Nm

FCF(ng)(g=17%)

N.t .chnh(19%)

PV of FCF(ng)

2010

156.782.277.911

2011

183.435.265.156

0,8403

154.147.281.643

2012

214.619.260.232

0,7062

151.556.571.028

2013

251.104.534.472

0,5934

149.009.401.767

2014

293.792.305.332

0,4987

146.505.042.073

2015

343.736.997.238

0,4190

144.042.772.458

2.1.3.2 Gi tr tip din

g

NOPLAT20161

RONIC
CV
WACC g
NOPLAT 2015
g
NOPLAT 2016
WACC
RONIC
CV

712.171.871.940
13%
804.754.215.292
19%
31,35%
7.850.738.889.215

2.1.3.3 Gi tr hot ng
Nm

FCF(ng)(g=17%) N.t .chnh(19%)

PV of FCF(ng)

2010

156.782.277.911

2011

183.435.265.156

0,8403

154.147.281.643

2012

214.619.260.232

0,7062

151.556.571.028

2013

251.104.534.472

0,5934

149.009.401.767

2014

293.792.305.332

0,4987

146.505.042.073

2015

343.736.997.238

0,4190

144.042.772.458

0,4190

3.289.847.192.869
4.035.108.261.838
1,0909
4.401.783.437.978

CV

7.850.738.889.215
PV of FCF
N.t .chnh gia nm
Gi tr H

16

2.2 XC NH VN CH S HU
2.2.1 Gi tr ca nhng ti sn phi hot ng
CH TIU

STT
1 Gi tr hot ng

GI TR
4.723.902.428.676

2 Cc khon u t ti chnh ngn hn

3 Bt ng sn u t

6.456.882.120

4 Cc khon u t ti chnh di hn (5+6+7)

39.979.249.420

-u t vo cng ty lin kt, lin doanh

32.592.080.669

-u t di hn khc

11.901.050.200

-D phng gim gi chng khon u t di hn

(4.513.881.449)

8 Li nhun t hot ng ti chnh (9+10)

9
10

-Doanh thu hot ng ti chnh

-Chi ph hot ng ti chnh ( bao gm chi ph li vay)

11 Li nhun khc

37.158.017.047
40.566.222.890
3.408.205.843
1.010.007.054

12 Tng ti sn phi hot ng (2+3+4+8+11)

13 Gi tr cng ty (1+12)

84.604.155.641
4.808.506.584.317

2.2.2 Gi tr cc khon n hnh thnh nn nhng ti sn trong cng ty

CH TIU

STT
1 Gi tr cng ty

GI TR
4.808.506.584.317

2 Vay v n ngn hn

12.802.412.973

3 Vay v n di hn

4 Li ch ca c ng thiu s

8.716.245.431

5 Tng cc khon n (2+3+4)

21.518.658.404

6 Gi tr vn ch s hu (1-5)

4.786.987.925.913

2.2.3 Gi tr c phiu
CH TIU

STT

1 Gi tr vn ch s hu
2 S c phiu lu hnh
3 Gi tr ca mi c phiu (1/2)

GI TR

4.786.987.925.913

26.778.253

178.764

CHNG 3
PHN TCH S HP L CA KT QU NH GI
Gi th trng ca DHG v mt s c phiu cng ngnh
(S liu ly ngy 4/1/2011)

STT

Cng ty

M giao dch

Gi th trng

trn TTCK

(nghn ng)

CP Dc Hu Giang

DHG

119

CP Dc phm Imexpharm

IMP

59

CP S.P.M

SPM

57,5

CP Traphaco

TRA

52

CP Ha Dc phm Mekophar

MKP

49

CP Dc phm H Ty

DHT

41

CP Dc phm Vin ng

DVD

41

Nhn xt:
Theo kt qu tnh ton, ta c c gi tr thc t ca c phiu DHG l 179 nghn
ng. Tuy nhin, gi th trng ca c phiu DHG giao dch trn sn giao dch chng
khon Thnh ph H Ch Minh ti phin giao dch ngy 4/1/2011 ch l 119 nghn ng,
ch bng 66,48% so vi gi tr thc t. Nh vy, gi tr cng ty C phn Dc Hu
Giang ang b cc nh u t nh gi cha ng tm, thc trng ny c th do mt s
nguyn nhn sau: ngun thng tin v doanh nghip cn nhiu hn ch lm cho cc nh
u t cha nm bt c thng tin a ra nhn nh chnh xc cho gi tr cng ty,
tm l cc nh u t e ngi khi b tin ra mua c phiu ca 1 cng ty vi gi chnh lch
qu cao so vi cc cng ty khc cng hot ng trong ngnh.
Mc d vy, so vi cc cng ty cng ngnh, c phiu DHG lun dn u v gi: Gi
c phiu DHG so vi gi c phiu IMP (l c phiu c gi ch xp sau DHG trong
ngnh) chnh lch n 60 nghn ng (gp 2 ln). iu ny cho thy u th vt tri ca
DHG trong ngnh. Cng ty cn nm bt u th ny v nng cao cht lng trong tt c
cc lnh vc hot ng, c bit l gi vng v nng cao hn na v th c phiu DHG
trong th trng chng khon.

18