V IE T T H A N H S E C U R IT IE S

B O C O P H N T C H - B H S
www.vts.com.vn

CTCP NG BIN HA
L cng ty s n xut ng c hot ng sn xut n
nh, cc sn phm xut khu ca BHS lun c
nh
gi cao v cht lng. Trong nm 2010, BHS s tip tc
thc hin tt k hoch t ra v theo kt qu nh
gi
ca chng ti, gi tr c phiu BHS l khong t 45,000
- 50,000 ng. Do , so vi mc gi hin ti trn th
trng th BHS l mt trong nhng c phiu tt nh
u t xem xt.
Thng tin gi c phiu
Ngy giao dch chnh thc
Gi (VND) ngy 02/08/2010
S lng c phiu ang lu hnh
Vn ha th trng (t VND)
Gi cao nht 52 tun (VND)
Gi thp nht 52 tun (VND)
Khi lng giao dch bnh qun (3 thng)
T l s hu nc ngoi
T l s hu Nh nc

20/12/2006
34,100
18,531,620
631.928
44,500
15,600
138,351
5.48%
11.25%

Biu gi 1nm

Tnh hnh ti chnh

(t VND)
Doanh thu thun
LNTT
LNST
LNST/DTT
Tng ti sn
Vn ch s hu
EPS ( VND)
BPS (VND)
ROE (%)
ROA (%)
T l c tc/MG (%)

2006
766.12
51.53
47.42
6.19%
589.78
2,738.40
3,903
29,079
13.42%
8.04%
-

2007
641.38
53.63
53.63
8.36%
5,425.10
2,738.40
3,246
22,786
14.24%
8.01%

2008
790.09
(43.12)
(43.28)
(5.48%)
5,966.90
2,738.40
(2,446)
18,715
(13.07%)
(7.23%)

2009
1,189.45
128.12
120.09
10.10%
8,531.10
2,738.40
6,480
22,959
28.22%
13.57%
25

TIU IM U T
- Cng ty c phn ng Bin Ha khng nh
v
th
thng hiu ca mnh i vi ngi tiu dng v
cc nh
sn xut thc phm cng nghi p ln trong
nc
nh
Vinamilk, VinaCafe, BibicaTc tng trng
doanh
thu thun bnh qun hng nm t 2006 n 2010
t
hn
24%. Ly k 6 thng u nm 2010, BHS t
c
61.25 t ng LNTT, t 75.3% so vi k hoch t
ra.
- BHS c phn xng tinh luyn ng ring ti
Bin
Ha
gip cng ty c th sn xut ng tinh luy n
quanh
nm, cung cp sn phm cho th trng ngay c
trong nhng t st gi ng, chnh li th ny
gip cho BHS duy tr n nh sn phm cung
cp cho nh s n xut v ngi tiu dng.
- Nm 2010, BHS k hoch xy dng h thng
phn
phi
trc tip cho sn phm ng ti, tit kim chi
ph ng
thi nng cht lng sn phm.
- D n Cm ch bin Cng nghip pha Ty Sng
Vm
C hon tt giai on n b trong nm 2009;
d n
ny bao gm nh my sn xut c cng sut
6,000
tn
ma/ngy, nh my sn xuy ethanol, nh my sn
xut
thc n gia sc, cng sng, c nh gi s
nng
cao
hiu qu hot ng kinh doanh cho BHS trong
tng lai.
- n thi im 30/06/2010, u t chnh ca cng
ty
ch
yu l u t di hn, trong c phiu STB
(1,040,000

c phn), c phiu CTCP Giao dch Hng ha Si Gn

Thng Tn (750,000 c phn).Vi bin ng gi c
phiu STB trong th i gian qua, theo VTS chi ph ti
chnh tng thm do d phng gim gi chng khon ca
BHS trong th i gian t i c th s khng nh hng
mnh n kt qu kinh doanh ca cng ty nh trng
hp nm 2008.

CTCP NG BIN HA
TNG QUAN NGNH NG
Nm 2009, gi ng th gii t mc cao nht trong vng 28 nm, 769 USD/ tn ng
tinh luyn. Theo cc chuyn gia nh gi nguyn nhn ca s tng gi l do nh hng
ca thi tit xu n vng nguyn liu ca cc nc ng u trong lnh vc xut khu
ng trn th gii l Brazil v n , lm cho cung khng p ng c cu tiu th
th gii, khin gi ng tng mnh. D bo trong nm 2010, sn lng ng sn xut
t Brazil v n ci thin tt hn nhng kh nng th gii s tip tc thiu ht
khong
7 triu tn (theo T chc ng Th Gii - ISO).
Ngnh ng ca Vit Nam chu nh hng nhiu t ngnh ng th gii, v th trong
nm 2009 gi ng trong nc tng t bin. Bn cnh cn nguyn nhn do hu
qu t cn bo s 9 v s 11 lm thit hi n hn 50% din tch ma min Trung,
thiu nguyn liu sn xut, gi nguyn liu tng cao, nguy c cung khng p ng cu
trong nc, c bit nhng thng cn tt khi nhu cu ng tng cao, cng vi gi ng
th gii tng mnh l nguyn nhn khin cho gi ng trong nc tng mnh.
Theo thng k ca B Nng nghip v pht trin nng thn, sn lng tiu th ng
tng thm bnh qun mi nm t nm 2005 n nm 2009 l 4.3%/nm, d bo nhu cu
ng t 2010 ti 2013 s tng trn 4.5%/nm do tc tng trng ca ngnh cng
nghip ch bin nh ngnh bnh ko tng khong 28%, thc phm ng hp tng trng
khong 37% v ngnh ung cng c d bo c mc tng trng rt cao. Trong nm
2010, tng cu tiu th ng c tnh khong 1.51 triu tn, trong khi nng lc sn xut
ca c nc ch p ng c khong 1.1 triu tn, nh vy trong nm 2010 ngnh
ng s tip tc phi nhp khu trn 0.4 triu tn ng.
TNG QUAN CNG TY
Cng ty C phn ng Bin Ha c xy dng t nm 1969 vi tin thn l Nh my
ng 400 tn. T nm 1971 n nm 2001, Cng ty u t nh my ng tinh
luyn v m rng cng sut sn xut nng cng sut ch bin ln 3,500 tn ma/ngy.
Nm 2001, BHS chuyn i thnh Cng ty C phn ng Bin Ha v 2 ln thc
hin tng vn iu l trong n m 2006 v 2007. V n iu l ca BHS hi n nay l
185,316,200,000 ng.
Nh vy sau hn 40 nm m rng pht trin, BHS hin ang s hu hai nh my ng
Bin Ha - Ty Ninh, nh my ng Bin Ha - Tr An vi cng sut tng cng 4,500
tn ma/ngy (tng ng 350 tn ng tinh luyn/ngy) v 4 chi nhnh c tri u ra
4 thnh ph ln ca c nc l H Ni, H Ch Minh, Nng, Cn Th. Vi h thng
phn phi rng khp c nc gip cho thng hiu ng Bin Ha c v tr nht
nh trong s la chn ca ngi tiu dng ngy nay.
HOT NG KINH DOANH
Li nhun 2009 t mc tng trng cao
D on c tnh hnh ca th trng ng trong nc, Ban lnh o BHS d tr
lng hng tn kho gi r trong nm 2009. iu ny gip cho doanh thu t hoat ng
kinh doanh chnh tng vt bc khi gi bn l ng trong nc tng hn 100%. Bn
www.vts.com.vn

CTCP NG BIN HA
cnh BHS cn c hng li t gi kch cu chnh ph cng vi khon hon nhp d
phng gim gi u t chng khon, chi ph ti chnh gim gn 70 t ng. Nhng iu
kin thun li trong nm 2009 gip cho cng ty khng nhng khc phc l trong nm
2008 m cn t mc li nhun rt cao.
Biu c cu doanh thu v gi vn hng bn qua cc nm
(vt: t ng)

Biu li nhun qua cc nm

(Ngun: Bo co ti chnh BHS)

Vng nguyn liu ma ngy cng c m rng
Nguyn liu ma l vn nh hng rt ln n doanh nghip sn xut ng, s cnh
tranh ngun nguyn liu ca cc doanh nghip ng khc nh Cng ty c phn ma
ng La Ng ng Nai, Cng ty c phn Bourbon Ty Ninh Ty Ninh v cc nh
my ng khc to khng t kh khn cho BHS. Vi vng nguyn liu ma hin nay
Ty Ninh l 8,500 - 9000 ha, Tr An l 1,500 ha, BHS cn ph i tin hnh thu mua
ma t bn ngoi m bo t k hoch t ra trong nm 2010. hn ch kh khn trn,
www.vts.com.vn

CTCP NG BIN HA
BHS ra 3 nhm gi i php l m rng qu t, c gii ha trng-chm sc-thu
hoch v ch ging - k thut canh tc; ng thi xy dng v cng b chnh sch u
t trng ma v chnh sch thu mua ma cho Nng dn. Cc gii php trn s gip nng
cht lng nguyn liu ma, n nh v pht trin vng nguyn liu ma cho BHS.
Vng nguyn liu ma trong v 07-08; 08-09

Ty Ninh

Tr An
(Ngun: Bo co thng nin BHS)

Phn tch ch s ti chnh doanh nghip

Ch tiu/nm

2006

2007

H s thanh ton hin thi

4.43

3.51

2.50

1.61

H s thanh ton nhanh

3.56

2.76

1.01

1.00

10.45

7.95

6.09

5.61

Vng quay khon phi thu bnh qun

7.46

7.21

8.63

7.16

H s n / Tng vn

0.40

0.43

0.45

0.52

H s n/ Vn ch s hu

0.67

0.76

0.81

1.06

ROE

13.42%

14.24%

-13.07%

28.22%

ROA

8.04%

8.01%

-7.23%

13.57%

Vng quay hng tn kho bnh qun

2008

2009

Trong nm 2009 hot ng kinh doanh ca cng ty c khi phc th hin qua cc
ch tiu tng trng doanh thu v li nhun ca cng ty u c ci thin tt hn so vi
cc nm trc.
Vic gia tng n ngn hn lm h s thanh ton gim i tuy nhin cng ty vn duy tr t
l thanh ton mc an ton.
H s ROE trong nm 2009 cao hn nhiu so vi cc nm trc cho thy hiu qu trong
vic gia tng n cng vi m rng th phn gip cho t sut sinh li trn vn ch s
hu ca cng ty c ci thin rt nhiu. iu ny th hin phn no qua kt qu kinh
doanh cng ty trong 6 thng u nm 2010.
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CTCP NG BIN HA

So snh vi mt s cng ty trong ngnh ang nim yt

trn HSX Nm 2009 BHS c doanh thu thun ng
u d vn iu l v tng ti sn ch
Ch tiu
mc
trung bnh so v i cc cng ty khc trong
VL
ngnh. Tuy nhin t l Gi vn hng bn/
TTS
Doanh thu thun ca cng ty mc cao lm
cho t sut li nhun bin rng ca cng ty
DTT
khng h p dn so v i cc cng ty trong
ngnh.
Mc d li nhun sau thu ca BHS thp
hn so vi cc doanh nghip khc nhng t
sut ROE ng u trong ngnh, EPS t
mc cao nht trong vng 4 nm qua.
Theo nhn nh ca VTS, BHS d khng
ng u v quy m sn lng nhng li
c nh sn xut thc phm cng nghip
v ngi tiu dng trong nc nh gi sn
phm c cht lng ng u so vi cc
doanh nghip sn xut ng khc. Do
y mnh li th cnh tranh v i cc
doanh nghip sn xut ng khc, BHS
cn phi nng cao cht lng cy ma, m
rng vng nguyn li u, c bit l vng
nguyn liu cho nh my Tr An.

BHS

SBT

LSS

SEC

185.32

1,419.26

300.00

126.13

884.74

1,846.01

997.93

263.89

1,189.4

770.6

1,099.6

193.7

86.39

73.67

79.32

75.12

120.09

210.02

163.32

39.44

LN rng bin
(%)

10.10

27.25

14.85

20.37

ROE (%)

28.22

12.74

24.32

24.85

ROA (%)

13.57

11.38

16.37

14.95

EPS (ng)

6,480

1,480

5,444

3,127

BV (ng)

22,959

11,614

22,388

12,586

GVHB/DTT
(%)

LNST

(VT: t ng)

(BCTC ca BHS, SBT, LSS, SEC nm 2009)

TRIN VNG KINH DOANH GIAI ON 2010 - 2012

Gi ng trong nc gim i so vi thi im u nm 2010, tuy nhin kt thc v
ma nin v 2009 - 2010 lng ng cng nghip trong nc ch t 904,000 tn, thp
hn 35,000 tn so vi d kin, nh vy Vit Nam s tip tc thiu ng, kh nng gi
ng trong nc c th s tng v n nh mc cao trong thi gian ti. Tuy nhin
lng hng tn kho gi r nh nm 2009 khng tip tc duy tr c trong nm 2010
nn theo nhn nh ca VTS, kh nng BHS s khng c nhiu t bin trong kinh doanh
chnh nh nm 2009 nhng vn m bo thc hin tt k hoch t ra vi vic gia tng
sn lng sn xut p ng lng t hng ngy cng cao t cc nh sn xut thc phm
cng nghip. Thc t kt qu kinh doanh ca BHS trong 6 thng u nm 2010 t c
61.25 t ng, hon thnh 75.3% k hoch t ra. Vi nhu cu ng s tng mnh trong
dp l tt Trung Thu v Tt Dng lch trong 6 thng cui nm 2010, nn kh nng BHS
s vt k hoch t ra trong nm nay.

www.vts.com.vn

CTCP NG BIN HA

vt: triu ng
Ch tiu
Doanh thu thun

2010E

2011E

2012E

2013E

1,485,000

1,715,175

1,981,027

2,288,086

% tng trng

25%

16%

16%

16%

Li nhun trc thu

80,540

98,033

118,238

141,574

Li nhun sau thu

68,459

83,328

86,678

106,180

Ghi ch:

- Thu TNDN trong nm 2010 -2011 l 15%, t nm 2012 l 25%.

- Ngun: BHS, d bo VTS

CH TIU TI CHNH V NH GI
NH GI
- WACC

15.87%

- Chi ph s dng vn ch s hu

20.0%

Theo FCFF: Gi BHS

50,799 VND

Theo FCFE: Gi BHS

46,853 VND

Theo P/E c tnh 2010 l 10:

48,821 VND

Chng ti nh gi theo cc yu t c d bo v gi nh nh sau:

Ch tiu

2010E

2011E

2012E

2013E

Tc tng trng doanh thu (%)

25%

16%

16%

16%

Gi vn hng bn d kin (%)

88%

88%

88%

88%

Vn iu l khng thay i (t ng)

T l chi tr c tc (%/Mnh gi)

185.316
20%

20%

185.316
20%

185.316185.316
20%

(n v tnh: triu VND)

Ch tiu
Doanh thu thun

2009

2010E

2011E

2012E

2013E

1,189,447

1,485,000

1,715,175

1,981,027

2,288,086

Li nhun gp

161,870

178,200

205,821

237,723

274,570

Li nhun trc thu

128,122

106,441

123,934

144,139

167,475

Li nhun sau thu

120,086

90,474

105,344

108,104

125,606

www.vts.com.vn

CTCP NG BIN HA
Tng ti sn

884,740

1,015,952

1,149,804

1,302,162

1,462,033

Vn ch s hu

428,532

506,383

573,309

649,488

729,424

Vn iu l

185,316

185,316

185,316

185,316

185,316

6,480

4,882

5,685

5,834

6,778

28%

17.9%

18.4%

16.6%

17.2%

EPS (ng)
ROE

(Ngun: D bo VTS )

www.vts.com.vn

CTCP NG BIN HA

BNG CN I K TON (triu VND)

Ti sn
Ti sn ngn hn
Tin v tng ng tin
u t ngn hn
Phi thu ngn hn
Hng tn kho
Ti sn ngn hn khc
Ti sn di hn
Phi thu di hn
Ti sn c nh
Bt ng sn u t
u t ti chnh di hn
Ti sn di hn khc
Ngun vn
N phi tr
N ngn hn
N di hn
N khc
Vn ch s hu
Vn iu l
Thng d vn v cc qu
Ngun kinh ph v qu khc
Vn c ng thiu s

2007
669,426
362,065
12,831
175,900
92,280
77,619
3,434
307,362
12,303
276,448
17,770
840.67
669,426
289,043
103,053
185,990
376,514
168,477
222,037
3,870
-

CH TIU TI CHNH
2008
598,525
277,754
19,559
1,372
90,907
165,314
601
320,771
14,724
281,993
22,020
2,034.01
598,525
267,295
110,900
156,395
331,060
185,316
176,583
170
-

2009
884,740
532,632
86,126
0
241,481
201,271
3,753
352,108
52,750
263,750
34,354
1,254.31
884,740
456,207
331,847
124,360
425,466
185,316
270,990
3,066
-

KT QU HOT NG KINH DOANH (triu VND)

Doanh thu thun
Gi vn hng bn
Li nhun gp
Thu nhp hot ng ti chnh
Doanh thu ti chnh
Chi ph ti chnh
Chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Li nhun t HKD
Thu nhp khc
Doanh thu khc
Chi ph khc
Li nhun trc thu
Thu TNDN phi np
Li nhun sau thu TNDN
Phn hn thiu s
Li nhun rng

www.vts.com.vn

2007
641,379
564,927
76,452
22,166
22,166
13,529
13,449
14,636
17,034

Ch s gi tr
EPS (ngn VND)
Book Value (ngn VND)
Doanh thu/CP
T l c tc
Tc tng trng
Tng trng doanh thu
Tng trng li nhun gp
Tng trng li nhun rng
Tng trng tng ti sn
Tng trng vn ch s hu
Ch s thanh ton
Thanh ton hin hnh
Thanh ton nhanh
Thanh ton tin mt
Ch s hiu qu HKD
ROA
ROE
Li nhun gp/DT
Li nhun kinh doanh/DT
Li nhun trc thu/DT
Li nhun rng/DT
Ch s hiu qu qun l
Vng quay phi thu

53,420
213
652
439
53,633
0
53,633

-43,503
381
566
185
-43,122
1,409
-43,276

127,880
243
274
31
128,123
8,036
120,087

53,633

-43,276

120,087

2008

2009

3,183
22,786
38,069
0.15

(2,335)
18,715
42,635
0.25

6,480
22,959
64,185
0.20

-0.16
-0.22
0.13
0.14
0.07

0.23
-0.34

0.51
2.22

-0.11
-0.13

0.48
0.29

3.51
2.76
0.12

2.50
1.01
0.18

1.61
1.00
0.26

0.08
0.14
0.12
0.08
0.08
0.08

-0.07
-0.13
0.06
-0.06
-0.05
-0.05

0.14
0.28
0.14
0.11
0.11
0.10

7.21

8.63

7.16

27.35

23.25

19.07

Vng quay hng tn khi

7.95
S ngy tn kho
45.29
Vng quay ti sn c nh
2.53
Vng quay tng ti sn
1.02
Phn tch Dupont
Tng ti sn/Vn ch s hu
1.76
Li nhun rng bin
0.08
C cu vn (h s n by)
N di hn/Tng ti sn
0.28
Tng n/Tng ti sn
0.43

6.09
59.11
2.83
1.25

5.61
64.21
4.36
1.60

1.81
-0.05

2.06
0.10

0.26
0.45

0.14
0.52

S ngy thu tin bnh qun

2008
2009
790,088 1,189,448
739,767 1,027,577
50,321
161,871
17,507
13,581
17,507
13,581
72,446
3,274
27,695
17,801
19,235
18,791
19,649
25,507

2007

CTCP NG BIN HA

CNG TY C PHN CHNG KHON VIT THNH

VIETTHANH SECURITIES COMPANY - VTS
a ch

: 82-84 Calmette, phng Nguyn Thi Bnh, Qun 1, Tp.HCM

in thoi

: (84-8) 821 8686 - (84-8) 914 7799

Website

: www.vts.com.vn

Ngi thc hin:

FAX: (84-8) 9144511

Email: vts@vts.com.vn

Nguyn Hng Th Dim My

my.nguyen@vts.com.vn

Bn quyn: Bo co ny c bo v bn quyn Cng ty C phn Chng khon Vit

Thnh
bi
lut
php Vit Nam v cc lut l, cng c khc. Mi hnh thc sao chp, ti bn, s dng
trn
cc
phng
tin truyn thng i vi Bo co ny cn c s ng thun ca Cng ty C phn
Chng
khon
Vit
Thnh..
Tuyn b trch nhi m: Bo co ny c chun b cho mc ch duy nh t l cung
cp
thng
tin
v
khng nhm a ra bt k ngh hay hng dn mua bn chng khon c th no.
Cc
quan
im
v
khuyn co c trnh by trong bn tin ny khng tnh n s khc bit v mc tiu,
nhu
cu,
chin
lc
v hon cnh c th ca tng nh u t. Ngoi ra, nh u t cng thc c th c
cc
xung
t
li
ch
nh hng n tnh khch quan ca Bo co ny. Nh u t nn xem Bo co ny nh
mt
ngun
tham
kho khi a ra quyt nh u t v phi chu ton b trch nhim i vi quyt nh
u
t
ca
chnh
mnh. VTS tuyt i khng chu trch nhim i vi ton b hay bt k thit hi no,
hay
s
kin
b
coi
l
thit hi, i vi vic s dng ton b hoc tng phn thng tin hay kin no ca Bo

co ny.
Thng tin s dng trong Bo co ny c VTS thu thp t nhng ngun m chng ti
cho
l
ng
tin
cy. Tuy nhin, chng ti khng m bo rng nhng thng tin ny l hon chnh
hoc
chnh
xc.
Cc
quan im v c tnh ca chng ti c gi tr n ngy pht hnh Bo co v c th
thay
i
m
khng
cn bo trc.

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