BO CO PHN TCH NGNH DC

THNG 6 NM 2009
MC LC
NHNG IM NG LU V NGNH DC VIT NAM

Cng ty C phn Chng khon Bo Vit

8 L Thi T, Hon Kim, H Ni.

Trang 2

Ngnh ang trong giai on tng trng

Trang 2

Ph thuc nguyn vt liu nhp khu

Trang 3

Sn phm ch yu l hng c gi tr khng cao

Trang 4

H thng phn phi c trng

Trang 5

Cnh tranh n t cc tp on dc phm nc ngoi

Trang 6

R&D ni a cha pht trin

Trang 7

Chnh sch ca Chnh ph

Trang 8

Tel: (844) 3 928 8080.

XU HNG NGNH DC TRONG NM 2009

Trang 9

Fax: (844) 3 928 9888.

CNG TY C PHN DC PHM HU GIANG

Trang 11

CNG TY C PHN DC PHM IMEXPHARM

Trang 13

CNG TY C PHN DC PHM CU LONG

Trang 15

Chi nhnh TP. H Ch Minh

CNG TY C PHN HO DC MEKOPHAR

Trang 17

11 Nguyn Cng Tr, Qun 1

CNG TY C PHN DC PHM TRUNG NG VIDIPHAR

Trang 18

Email: info@bvsc.com.vn.
Website: http://www.bvsc.com.vn.

6 L Thnh Tn, Qun 1

Tel: (848) 3 821 8564 - 3 914 1992.
Fax: (848) 3914 1991.
Email: info_hcm@bvsc.com.vn.

MT S THUT NG S DNG TRONG BO CO

GMP: thc hnh tt sn xut thuc.

GLP: thc hnh tt kim nghim thuc.

GSP: thc hnh tt bo qun thuc.

GMP-WHO: tiu chun ca WTO v cht lng sn xut p dng cho thuc

BMI: Business Monitor International

OTC: Thuc khng k toa/ khng k n

Thuc generic: Thuc ht hn quyn s hu tr tu

Patent: Bn quyn thuc

BO CO PHN TCH NGNH DC

NHNG IM NG LU V NGNH DC VIT NAM

Ngnh ang nm trong giai on tng trng

Tiu dng thuc gia tng: Giai on t 2001-2008, tiu th thuc tn dc ca Vit
Nam t mc tng trng bnh qun hng nm l 19,9%. Nu nh nm 2002 mi ch tng
15% so vi nm trc , th n nm 2008 tng 25,5% so vi nm 2007. Tng doanh
thu ton th trng nm 2008 t mc 1,4 t USD, chim 1,6% GDP ca c nc.
Tiu dng thuc trong nc t 2001-2008
Thuc nhp

Chi tiu tin thuc trn u ngi trong nm (USD)

Thuc trong nc

1.600

18
16

1.400

14

1.200

12

1.000

10

800

600

400

4
2

200
2001

2002

2003

2004

2005

2006

2007

2008

1993

1996

1999

2002

Ngun: Cc Qun l Dc

2005

2008

Ngun: Cc Qun l Dc

Trong nhng nm gn y ngi Vit Nam ngy cng gia tng cc khon chi tiu v dch
v y t, c bit l chi tiu cho dc phm. Nu nh nm 1998 vic chi tiu cho tin thuc
theo u ngi mi ch mc 5,5 la M, th nm 2008 con s ny ln ti 16,45
la M, tng gp 3 ln nm 1998. Nu so snh vi phn thu nhp tng thm, chng ti nhn
thy rng ngi dn ang c xu hng chi tiu ngy cng nhiu hn cho dc phm. V
tnh cho n nay, c mi USD thu nhp tng thm (khong 17.000 VND) th ngi Vit
Nam trch ra thm khong 1 cent (khong 170 ng) cho tin thuc - tc khong 1%
phn tng thm ca thu nhp.
Tng trng sn xut: Trc nhu cu s dng dc phm ngy cng gia tng lm
cho ngnh dc c y mnh sn xut (sn lng nm 2007 tng 26% so vi nm
2006).
Tng trng tiu dng v sn xut thuc
Tng tiu dng thuc

1.600.000

Sn xut quc ni

1.400.000
1.200.000
1.000.000
800.000
600.000
400.000
200.000
0
2001

2002

2003

2004

2005

2006

2007

2008

Ngun: B Y t

BO CO PHN TCH NGNH DC

Bn cnh vic tng trng v sn lng sn xut, cc doanh nghip dc cng y mnh
vic a dng ha cc dng sn phm. Trong 3 nm tr li y, mi nm c khong 2.000
loi thuc mi ng k v c cp php ng k lu hnh, trong khi vo thi im nm
2003 mi nm ch c khong 700 sn phm mi c ng k mi nm.
Hin nay c nc c 171 doanh nghip sn xut dc phm, trong 93 doanh nghip
sn xut tn dc, cn li l cc doanh nghip v ng dc. Ngoi ra cn c 6 doanh
nghip sn xut vaccine v sinh phm y t. Trong thi gian va qua, a s doanh nghip
dc tch ly c ngun vn kh ln t vic gia tng sn lng tiu th v mt phn
n t pht hnh c phiu huy ng vn, nh vy m cc doanh nghip trong nc c
kh nng tip tc u t nng cao nng lc sn xut.
Gia tng cc doanh nghip t chun: Hin nay nhm cc tiu chun trong ngnh dc
ti Vit Nam gm c: GMP (thc hnh tt sn xut thuc), GLP (thc hnh tt kim
nghim thuc) v GSP (thc hnh tt bo qun thuc).
Theo cam kt gia nhp WTO, n cui nm 2010 cc doanh nghip dc Vit Nam u
phi t tiu chun ca WTO v cht lng sn xut (GMP-WHO), sau thi hn cc
doanh nghip khng t tiu chun s buc phi ngng sn xut. Tnh n thi im cui
nm 2008, c 52% cc doanh nghip dc (bao gm c tn v ng dc) t c
tiu chun GMP-WHO, trong s doanh nghip t c tiu chun GLP v GSP ln
lt l 51% v 63%. Thc t, cc doanh nghip Vit Nam mi ch bt u ch trng n
cc tiu chun ny trong vi ba nm gn y, nhng cng ang n lc gia tng sc
cnh tranh tn ti v pht trin.
S lng cc doanh nghip t chun GMP WHO
100

89
75

80

66
57

60
41
40
20

18

25

45

31

0
96 - '00

2001

2002

2003

2004

2005

2006

2007

2008

Ngun: Cc Qun L Dc

Ph thuc nguyn vt liu nhp khu

Do ngnh cng nghip ha dc ca Vit Nam cn hn ch, nn c n 90% nguyn liu
cho sn xut thuc tn dc phi nhp khu. Cc dc liu c nhp ch yu l nguyn
liu khng sinh, vitamin v chim trn 80% gi tr nhp khu.
Trung Quc v n l hai quc gia chim t trng xut khu nguyn liu dc nhiu
nht vo Vit Nam, vi t trng tng ng l 25% v 21% (tnh trong nm 2008). Trn
thc t cc doanh nghip Vit Nam hin nay vn ang ch yu sn xut cc dng thuc ph
thng, do s dng nhiu cc loi dc liu gi r v vn l mt hng ch lc ca hai

BO CO PHN TCH NGNH DC

quc gia ny.

Xut khu nguyn liu dc vo VN

5%

Trung Quc

5%
25%

11%

Cc loi nguyn liu nhp khu

5%

n
Singapore

Khng sinh

5%

Vitmin

13%

H Lan

11%

Ty Ban Nha
21%

12%
12%

58%

Khc

Chng vim

24%

H nhit-gim auchng co tht

Khc

Ngun: Tp ch Thng mi

Ngun: Tp ch Thng mi

Vi vic ph thuc qu nhiu vo ngun nguyn liu nhp khu, ngnh dc Vit Nam
ang gp mt s ri ro nh ri ro t gi, ri ro bin ng gi c nguyn liu, ri ro cht
lng nguyn liu v ri ro thng mi.

Ri ro t gi. Nm 2008, hu ht cc doanh nghip dc u phi gnh chu nhng

khon l do t gi bin ng tng t bin. Chng ti nhn thy, cho n nay hu ht
cc doanh nghip dc vn cha c k hoch c th no phng trnh ri ro bin
ng t gi trong tng lai.

Ri ro bin ng gi nguyn vt liu. Nm 2008, cc nguyn liu nhp khu chnh

nh khng sinh tng trung bnh 2% (c bit Cephalexin Bp c gi tr nhp khu cao
tng gi n 11,7%), vitamin tng 34% v nguyn liu ca thuc gim au, h st
tng 80%. y l nguyn nhn chnh gy ra nhng iu chnh mnh v gi thuc trn
th trng Vit Nam nm qua.
Thay i gi nguyn liu 2008 so vi 2007
HN-G-CCT

80%
34%

Vitamin
Khng sinh

2%

Ngun: Tp ch Thng mi

Ri ro cht lng dc liu. Th trng Trung Quc vi hng gi r li lun tim n

ri ro v tnh trng hng km cht lng; tuy nhin y l mt ri ro hon ton c th
phng trnh c nu cc doanh nghip trong nc kim sot v tun th cht ch cc
quy trnh kim tra nghim thu cht lng.

Sn phm ch yu l hng c gi tr khng cao

Theo thng l quc t, c hai cch phn chia loi sn phm:

Theo cch thc s dng thuc. Dc phm c chia thnh 1) Thuc OTC (hng
khng k toa, bn ch yu cc nh thuc bn l) v 2) Thuc iu tr (thuc c k

BO CO PHN TCH NGNH DC

toa, s dng trong bnh vin v cc trung tm y t); tuy nhin ti Vit Nam, thng k
thuc k toa v khng k toa ch mang ngha tng i do cc loi thuc iu tr vn
c bn t do trn th trng, do chng ti tm thng k theo cch phn loi l
thuc phn phi vo h thng bnh vin v phn phi ra th trng. Nm 2008, gi tr
tin thuc s dng trong bnh vin l 12.322 t VND (tng ng 760 triu USD),
chim khong 50% gi tr tin thuc ton th trng.

Theo bn quyn ch tc thuc. Dc phm c chia thnh thuc generic (ht bn

quyn s hu thuc gc) v hng patent (c bn quyn). Hin nay, ngnh dc trong
nc ang ch yu sn xut thuc generic c gi tr khng cao v chim ti 69% tng
th trng thuc vi cc chng loi lin quan nhiu n thuc khng sinh, thuc thng
thng (vitamin, gim au, h st).

H thng phn phi c trng

Ngnh dc tip cn ngi tiu dng qua h thng iu tr v h thng phn phi thng
mi.
H thng iu tr. H thng iu tr bao gm cc bnh vin, cc c s iu tr ti cc cp.
Tng s c s khm cha bnh ti Vit Nam nm 2007 l 13.438 n v - y l knh phn
phi m hu ht cc cng ty dc lun mong mun v quan tm pht trin do s lng tiu
th rt ln. Cc doanh nghip dc tip cn v m rng th trng thng qua hnh thc chi
hoa hng hoc chit khu cho cc bc s v dc s ca cc bnh vin.
Tuy nhin, bn cnh u im doanh s ln m knh phn phi ny em li, cc cng ty
dc trong nc cng ang i mt vi nhng kh khn do chnh h thng phn phi ny
to ra.

Th nht, bn hng qua bnh vin chim dng nhiu vn lu ng ca cc cng ty

dc do bnh vin thng thng ch thanh ton tin hng vo cui nm.

Th hai, cc cng ty dc phm nc ngoi vi li th v ngun ti chnh, chi tr tin

hoa hng v chit khu mnh hn cho h thng iu tr nn to sc p cnh tranh rt
ln i vi cc cng ty trong nc.

C cu phn phi thuc trong bnh vin 2008

S lng cc c s trong h thng iu tr

2006

2007

Bnh vin

903

956

80%

Phng khm a khoa khu vc

847

829

60%

Bnh vin iu dng v phc hi chc nng

51

51

40%

Trm y t x, phng

10.672

10.851

20%

Trm y t ca c quan, x nghip

710

710

49

41

13.232

13.438

Hng ni

Hng ngoi

100%

Nm

C s khc

0%
Gi tr

S lng
Ngun: Cc Qun l Dc

Tng s

Ngun: B Y t

Trn thc t, thuc ni chim t trng 61% v s lng bn nhng ch chim 15% v gi tr
tiu th trong knh phn phi iu tr, iu cho thy c cu thuc ni ch n thun l

BO CO PHN TCH NGNH DC

hng thng thng v c gi tr thp. Nh vy, duy tr t trng v s lng v nng cao
t trng v gi tr thuc bn qua knh bnh vin, cc doanh nghip dc Vit Nam s phi
n lc rt nhiu c th cnh tranh c vi cc doanh nghip nc ngoi.
H thng thng mi: H thng thng mi bao gm cc chi nhnh, i l, nh phn phi
v cc nh thuc. Hin nay cc doanh nghip dc trong nc ang n lc xy dng knh
phn phi thng mi gim bt s ph thuc vo knh phn phi iu tr vn ang b
cnh tranh ngy cng khc lit. H thng phn phi ny ch yu ang l sn chi ca cc
nh phn phi ni a trong khi ch c ba nh phn phi nc ngoi th trng l Zeullig
Pharma, Diethelm, Megaproduct.
C cu phn phi trong HT Thng mi 2008
Hng ni

Hng ngoi

100%

C cu h thng phn phi Thng mi

Nm
Cng ty thng mi

80%

2005

2006

2007

680

800

800

79

89

90

60%

Cng ty XNK

40%

Cng ty sn xut

174

178

180

Nh cung ng nc ngoi

270

320

370

29.541

39.319

39.016

20%
0%
Gi tr

S lng

Cc im bn l

Ngun: Cc Qun l Dc

Ngun: B Y t

Vi knh phn phi thng mi, cc doanh nghip dc t b chim dng vn hn do thi
gian thu tin kh nhanh; bn cnh , thng hiu sn phm c ngi tiu dng nhn
din tt hn nht l trong iu kin th trng ca Vit Nam khi m sn phm ca cc
doanh nghip trong nc ch yu l thuc ph thng (generic).
Tuy nhin, cc doanh nghip cng ang i mt vi nhng thch thc khi mun pht trin
mnh qua knh phn phi ny.

m rng chi nhnh, cc doanh nghip phi xy dng c kho t chun GSP.
iu ny i hi nng lc v ti chnh ca cc doanh nghip do chi ph u t kh ln,
binh qun khong 5 t VN cho mi chi nhnh.

Vit Nam hin c rt t cc nh thuc, i l t tiu chun GPP. K t nm 2011, tiu

chun ny s l bt buc v cc nh thuc khng t chun s khng c php tip
tc bn cc loi thuc c tr (prescription).

Cnh tranh n t cc tp on dc phm nc ngoi

Th trng dc Vit Nam vi dn s ng v nng lc sn xut ni a ang cn nhiu
hn ch nn ang l mt th trng rt hp dn i vi cc cng ty dc nc ngoi.
Nhng tp on dc c tn tui ln nh Sanofi-Aventis, GSK, Servier, Pfizer, Novatis
Group xut hin ti Vit Nam v hon ton chim lnh th trng trong nc cho
phn khc thuc c tr cng nh ang thm nhp su hn na phn khc thuc ph thng.
Hu ht cc tp on dc ch yu ang hot ng ti Vit Nam di hnh thc Vn phng
i din v y quyn cho cc cng ty dc trong nc nhp khu hng, s dng ch yu

BO CO PHN TCH NGNH DC

cc nh phn phi nc ngoi phn phi ti cc nh thuc bn l.

10 Quc gia XK dc phm ln nht vo VN
Australia

23

United Kingdom

25

Hongkong

27

Thailand
Singapore
Germany
Switzerland

Doanh thu mt s cng ty ti Vit Nam

Domesco

9.302
16.243

DHG Pharma

34

Novartis Group

37

17.214

Pfizer Group

41

18.930

Servier Group

50
82

South Korea

21.176

GSK Group

35.333

105

India

143

France

40.384

Sanor-Aventiscor

Ngun: Tp ch Thng mi

Ngun: Tp ch Thng mi

Cc tp on dc nc ngoi gia tng th phn ti Vit Nam nh vo nhng li th v ti

chnh v sn phm.

Ngun lc ti chnh mnh cho php cc tp on ny chi hoa hng mc cao cho
cc bnh vin v nh phn phi, cng nh tng cng ti tr cho cc trng y - dc,
cc cuc hi tho khoa hc.

Cc sn phm nc ngoi hu ht c gi tr cao v a dng v chng loi, hin din

tt c cc phn khc t ph thng n c tr; trong khi thuc ni ch yu ch bao gm
cc loi thuc thng thng (generic).
Cc loi thuc nhp khu vo VN
Khng sinh
18%

Chuyn ha dinh dng

38%

Tim mch
10%

11%
5%

9%

8%

Chng vim-gim au-hn nhit

Tiu ha
Gy m-hi sc
Khc

R&D ni a cha pht trin

Ngnh cng nghip ha dc cha c ch trng u t: Cng ngh ha dc ti Vit
Nam cn kh yu vi cng ngh lc hu. Chnh ph Vit Nam c k hoch pht trin
ngnh cng ngh ha dc vi mc tiu p ng 40% nguyn liu khng sinh phc v cho
sn xut trong nc vo nm 2015, tuy nhin theo chng ti tm hiu th mt s d n sn
xut nguyn liu dc (Celphalosphorin) ca B Cng nghip b ngng tr do hot ng
km hiu qu.

BO CO PHN TCH NGNH DC

Ngoi yu t v cng ngh, ngnh cng nghip ha dc cng ang tn ti mt s kh

khn c th pht trin.

V ti chnh. Chi ph sn xut mt hot cht dc mi rt tn km, khong trn 100 t

ng cho mt loi hot cht dc, trong khi ngn sch ca Nh nc cng nh ca cc
doanh nghip dnh cho cng tc nghin cu cn rt hn ch.

V php l. Hin nay hnh lang php l nghin cu v th nghim thuc trn ngi
ti Vit Nam vn cha c xy dng hon chnh nn cng tc th nghim gp nhiu
kh khn.

Do , chng ti cho rng mc tiu ni trn c th s khng c hon thnh c ng

vi tin Chnh ph ra.
Pht trin sn phm mi ca cc doanh nghip dc trong nc ch dng li
R&C
Hin ti, ngnh dc Vit Nam mi ch ang giai on bc 2.5 trn thang o ti a bc 5
v tin b cng ngh. giai on ny, hu nh thuc sn xut l loi generic (cc thuc
ht bn quyn cng ngh gc). Vi vic sn xut hng generic, chng ti tm gi vic
nghin cu v sn xut sn phm mi ch dng li mc R&C (nghin cu v sao chp).
Thng k chi ph ca mt s doanh nghip dc u ngnh di y phn nh thc t
nhng hn ch v R&D ca ngnh dc ni chung.
Cng ty

DHG

IMP

DCL

% Chi ph nghin cu/doanh thu

1%

5%

2%

S nhn vin nghin cu

33

25

25

Ngun: cc cng ty

Chnh sch ca Chnh ph

Chnh sch kim sot gi: Thuc l mt hng nhy cm do c kh nng tc ng kh ln
n i sng x hi, do Chnh ph a dc phm vo danh sch kim sot gi.
Theo quy nh ca Cc Qun l Dc, cc doanh nghip phi ng k gi bn thuc vi
Cc Qun l Dc da trn chi ph sn xut cho tng nm, nu c bin ng mnh v gi
nguyn liu u vo th cc cng ty c th trnh S Y T a phng xin iu chnh gi
thuc, vic iu chnh ny ch c thc hin nu c s chp thun ca S Y t. Tuy
nhin, thuc ngoi nhp li khng nm trong phm vi nh hng ca chnh sch kim sot
ny.
Nm 2008, vi nhng bin ng mnh v gi dc liu, mt s doanh nghip dc trong
nc buc phi tng gi thuc vt mc ng k. Trong nhiu trng hp, cc c quan
chc nng c nhng phn ng kh chm vi din bin ca th trng v do phn no
nh hng n kt qu hot ng kinh doanh nm 2008 ca cc cng ty dc trong
nc.
Chnh sch pht trin ngnh dc: Chnh ph ban hnh n "Pht trin cng nghip
Dc v xy dng m hnh h thng cung ng thuc ca Vit Nam giai on 2007-2015 v
tm nhn n nm 2020" nhm nng cao nng lc ca ngnh dc ni a, tuy nhin phn
ni dung ca n ch yu mi ch t ra mc tiu v nhim v m cha a ra c
chnh sch h tr c th cho cc doanh nghip dc. Do trong tng lai gn, theo chng

BO CO PHN TCH NGNH DC

ti cc doanh nghip dc s kh c s bt ph, c bit l v cng tc nghin cu nguyn

liu dc phm v pht trin sn phm mi.

Xu hng ngnh dc trong nm 2009

Mc tng trng ca ngnh dc ti thiu l 9,6%
Chng ti d bo mc tng trng ca ngnh dc ti thiu s t l 9,6% trong nm 2009,
d bo da vo cc gi nh sau:

Dn s ca Vit Nam l 87.9 triu ngi nm 2009 (Ngun: IMF).

Mc chi tiu thm cho y t tnh trn phn thu nhp tng thm vn duy tr mc
1,6% nh nm 2008.

Ch tiu

2004

2005

2006

2007

2008

2009E

GDP/ngi theo PPP (USD)

1.949

2.140

2.357

2.589

2.774

2.858

10%

10%

10%

7%

3%

9,9

11,2

13,4

16,5

17,8

15%

14%

19%

23%

8%

820

948

1,147

1,428

1,565

16,2%

15,6%

21,0%

24,5%

9,6%

Tng trng
Chi tiu dng thuc/ngi (USD)

8,6

Tng trng
Chi tiu tin thuc ton th trng (tr USD)

705

Tng trng

Ngun: IMF, B Y t, BVSC

K hoch m rng v xy dng mi cc nh my

Hu nh cc doanh nghip dc ln u ang c nhng k hoch m rng sn xut trong
nm 2009 v 2010 nh Dc Hu Giang, Imexpharm, Dc Cu Long, Vidiphar. Vi s
xut hin ca nhiu nh my mi, ngnh dc c th s duy tr c tc tng trng
nh trn trong cc nm ti.
Cng ty

Mc vn u t (t ng)

Tin

Hon thnh d kin

Dc Hu Giang

252

Xin B Y T duyt thit k

Qu II.2011

Imexpharm

110

Mi xy xong bao che

Qu IV.2009

Dc Cu Long

150

Lp t xong my mc, thng 6 chy th

Thng 7/2009

Vidiphar

120

ang xy dng nh my

Cui nm 2010
(Ngun: Cc cng ty dc)

Cc cng ty sn xut v kinh doanh dc ang tnh cc m rng h thng phn phi
thng mi
p ng k hoch tng trng doanh thu cng nh ch ng tm kim v chim lnh th
phn, nhiu cng ty dc a ra k hoch m rng mng li phn phi ca mnh ng
thi nng cp cc c s phn phi t tiu chun GPP hoc xy dng cc kho ln t chun
GSP, iu ny s c tc ng tch cc n vic a cc loi thuc thng thng nh gim
au, gim st, vitamin v thc phm chc nng n ngi tiu dng nhiu hn.

BO CO PHN TCH NGNH DC

Cng ty

Mc vn u t cho chi nhnh/ kho (t ng)

S lng chi nhnh hin ti

Dc Hu Giang

50 (chi nhnh)

25

Dc Cu Long

50 (chi nhnh)

15

Domesco

62 (3 kho mi)

10 t (nng cp chi nhnh Cn Th v Cu Long 1)

IMP

Ngun: Cc cng ty dc

10

BO CO PHN TCH NGNH DC

CNG TY C PHN DC PHM HU GIANG

THNG TIN C PHN

im ni bt.

M chng khon:

DHG

Sn giao dch:

HOSE

Gi thp nht 52
tun:

H thng phn phi rng. So vi cc cng ty trong ngnh, h thng phn phi
ca Dc Hu Giang c xp trong nhm mnh nht.

94,5

Gi cao nht 52 tun:

S chi nhnh/
ca hng thuc ca cng ty

S i l
phn phi thuc

Vn phng
i din

DHG

22

20

IMP

DMC

75

155,0

Gi tr vn ha (t
VN):

2.319,19

SL c phn lu hnh:

19.993.070

KLGD trung bnh 10

phin:

27.050

T l tr c tc:

(Ngun: DHG, IMP, DMC)

25%

THNG TIN S HU

Hin nay, nhm gia tng hiu qu hot ng ca cc chi nhnh, cng ty chuyn

S hu nh nc

44,28%

S hu nc ngoi

43,60%

S hu khc

12,12%

DIN BIN GI GIAO DCH

hnh thc chi nhnh sang hnh thc cng ty con giao quyn cho cc chi nhnh
phn phi thc hin nhng hp ng k kt vi cc nh thuc cng nh gia tng
hiu qu hot ng tip cn th trng.

DHG

150

150

140

140

130

130

120

120

110

110

100

100

150000

150000

100000

100000

50000

50000
J

A S O

N D

2009

A M J

Qui m sn xut ln, hin i. Hin ti, Dc Hu Giang vn dn u v quy

m sn xut trong ngnh dc.

(T VND)

DHG

IMP

DMC

MKP

DCL

Doanh thu sn xut

nm 2008

1.431

534

481

500

242

(Ngun: cc cng ty)

Chnh sch bn hng. Dc Hu Giang l nh sn xut c cc khon chi hoa
hng bn hng v chit khu cho cc i l, h thng iu tr kh cao (t l chi
ph bn hng trn doanh thu thun lun mc khong 35%). Nh chnh sch
ny, Dc Hu Giang lun duy tr c th phn kh ln ca mnh cng nh
t c mc tng trng cao trong thi gian qua.
nh gi kt qu hot ng nm 2008.
i ph vi nhng bin ng ca th trng, nm 2008 Dc Hu Giang
thay i c cu sn phm nhm ct gim cc nhm hng c doanh thu v t l
li nhun gp bin thp. Sn lng nm 2008 tuy gim khong 12%, nhng do
thay i c cu sn phm nn doanh thu nm 2008 vn t c mc tng
trng 19% v li nhun gp bin t 53% so vi mc 51% ca nm 2007.
Trin vng nm 2009.
Doanh thu nm 2009 c t mc 1.600 t ng v t l li nhun bin trc
thu c t 10%.
Nm 2009 Dc Hu Giang c k hoch a ra 30-40 sn phm mi, trong 8

11

BO CO PHN TCH NGNH DC

sn phm thuc nhm thc phm chc nng, cn li l cc nhm khng sinh v
gim au gim st vi nhng c im tin b hn so vi cc sn phm hin ti
ca Dc Hu Giang.
Nh my ti Tr Nc s hon tt vo cui nm 2010 v c th a vo s dng
t nm 2011 vi cng sut khong 3 t vin/nm. Tng chi ph u t d kin
khong 200-250 t ng.
Kt qu nh gi.
Chng ti gi nh mc tng trng doanh thu ca nh my hin ti l 6%/nm, nh
my mi s bt u hot ng t nm 2011 v t cng sut 80% vo nm 2013.
Vi WACC c tnh l 15,5% t 2009-2013 v t nm 2014 tr i s l 13%, chng
ti tnh ton gi tr ni ti ca c phiu Dc Hu Giang l 100.445 ng.
MT S CH TIU TI CHNH C BN
n v : t VND

MT S CH TIU HIU QU HOT NG

2006

2007

2008

Doanh thu

868,192

1,269,280

1.513,172

Gi vn hng bn

402,747

627,628

Li nhun sau thu

69,648

Tng ti sn

Ch tiu

2006

2007

2008

Tng trng DT (%)

56,7%

46,2%

19,2%

717,698

Tng trng LNST (%)

57,2%

82,5%

7,8%

127,093

137,001

Bin li nhun gp (%)

54%

51%

53%

482,847

942,209

1.133,478

Bin li nhun rng (%)

8,0%

10,0%

9,1%

Ti sn ngn hn

291,128

289,818

361,434

ROA (%)

14,4%

13,5%

12,1%

Ti sn di hn

153,297

268,421

294,838

ROE (%)

41%

20%

18%

N phi tr

603,534

580,449

738,033

EPS c bn

8.706

6.355

6.860

Vn ch s hu

170,441

651,577

753,295

Gi tr s sch

21.305

32.579

37.720

12

BO CO PHN TCH NGNH DC

CNG TY C PHN DC PHM IMEXPHARM

THNG TIN C PHN

im ni bt.

M chng khon:

IPM

Sn giao dch:

HOSE

Th mnh v cng ngh. Imexpharm hin l doanh nghip dc Vit

Nam duy nht p ng tiu chun GMP EU v sn xut thuc.

Gi thp nht 52 tun:

48,7

Gi cao nht 52 tun:

124,0

Sn xut thuc gi tr cao. Gi thuc ca Imexpharm so vi cc cng ty

707.76

sn xut thuc trong nc u cao hn do nh c th mnh v cng ngh

Gi tr vn ha (t VN):
SL c phn lu hnh:

11.602.620

KLGD trung bnh 10

phin:

29.531

T l tr c tc:

20%

THNG TIN S HU
S hu nh nc

26,04%

S hu nc ngoi

41,42%

S hu khc

32,35%

DIN BIN GI GIAO DCH

nn Cng ty sn xut c cc loi thuc gi tr cao.

M rng sn xut trong thi gian ti
Imexpharm ang xy dng nh my mi sn xut Cephalosphorin ti Bnh
Dng, d tnh nh my s bt u hot ng vo Qu IV/2009 vi tng
mc u t khong 110 t ng.
Nu nh my ny hot ng cng sut ti a, s ng gp cho Cng ty
400-500 t ng mi nm. Tuy nhin hai nm u doanh thu d kin c th
mi ch t khong 200-250 t ng.

IMP

120
110
100
90
80
70
60
50

120
110
100
90
80
70
60
50

100000

100000

50000

50000
J

A S O N D

2009

A M J

H thng phn phi cha mnh. So vi Dc Hu Giang v Domesco,

h thng phn phi ca Imexpharm ang cn yu th hn. Imexpharm
mi ch c 3 i l trong khi s i l ca Dc Hu Giang v Domesco
ln lt l 20 v 75.
nh gi kt qu hot ng nm 2008.
Nm 2008 doanh thu ca Imexpharm t 561,8 t ng, tng 24% so vi
nm 2007 ch yu do sn lng gia tng.
C cu doanh thu hng sn xut ca Imexpharm chia lm 2 nhm: Thuc
nhng quyn (vi i tc Sandoz) v Thuc t sn xut. Trong nm 2008
hng nhng quyn chim 22% tng doanh thu (nm 2007 chim 27%
doanh thu), chnh vic bn ra t hn nhm sn phm thuc nhng quyn
gp phn lm tng li gp bin.
Trin vng nm 2009.
Imexpharm d tnh tng doanh thu trong nm 2009 t 10%-12% v ch
yu l da vo vic gia tng sn lng
T nm 2010 nh my mi c th s ng gp thm khong 200 t ng
doanh thu mi nm v n 2012 c th tng gp i.
Kt qu nh gi.
Chng ti d bo mc tng trng doanh thu ca nh my hin ti l 12%/nm
(nm 2009 v 2010). Chng ti c tnh doanh thu t nh my mi s vo
khong 200 t ng vo nm 2010 (s dng 50% cng sut).

13

BO CO PHN TCH NGNH DC

Chng ti c tnh WACC t 2009-2013 l 15% v t nm 2014 tr i s l

12%, t chng ti tnh ton gi tr ni ti ca c phiu Imexpharm l 87.885
ng.
MT S CH TIU TI CHNH C BN

MT S CH TIU HIU QU HOT NG

2006

2007

2008

Doanh thu

525,406

451,602

561,844

Gi vn hng bn

367,260

258,572

319,809

Li nhun sau thu

42,276

54,518

62,235

n v : t VND

Ch tiu

2006

2007

2008

Tng trng DT (%)

55.8%

-14.0%

24.4%

Tng trng LNST (%)

59.6%

29.0%

14.2%

Bin li nhun gp (%)

30%

43%

43%

8.0%

12.1%

11.1%

Tng ti sn

304,671

568,426

597,082

Bin li nhun rng

(%)

Ti sn ngn hn

260,420

469,910

398,684

ROA (%)

13.9%

9.6%

10.4%

Ti sn di hn

44,250

98,516

198,398

ROE (%)

18%

11%

12%

N phi tr

70,495

70,874

77,283

5.033

4.676

5.342

234,176

497,552

519,799

27.878

42.672

Vn ch s hu

EPS c bn
Gi tr s sch

44.616

14

BO CO PHN TCH NGNH DC

CNG TY C PHN DC PHM CU LONG

THNG TIN C PHN
M chng khon

im ni bt.
DCL

Sn giao dch:

HOSE

Chim lnh th trng v nang cng.

Gi thp nht 52 tun:

24,6

Dc Cu Long v Suheung l hai doanh nghip ln ti Vit Nam sn xut v

Gi cao nht 52 tun:

64,0

nang cng. Nm 2008, Dc Cu Long chim 30% th phn c nc trong khi

Gi tr vn ha (t VN):

505,22

SL c phn lu hnh:

9.715.848

KLGD trung bnh 10 phin:

16.566

T l tr c tc:

20%

Suheung mi bt u khai thc th trng Vit Nam.

Dc Cu Long s hu hai nh my sn xut v nang cng rng vi cng sut
hin t khong 2 t n v/ nm (cng sut thit k khong 2,5 t n v/ nm).
Vi vic ra i ca nh my Capsule II mi, Dc Cu Long ang c k hoch

THNG TIN S HU
S hu nh nc

37,07%

S hu nc ngoi

18.68%

S hu khc

44,25%

chim lnh khong 50%-60% th phn trong nc.

L mt trong hai nh cung cp ng kim tim c quy m ln
Hin nay Dc Cu Long (thng hiu Vikimco) v Vinahankook l hai nh sn

DIN BIN GI GIAO DCH

xut ng kim tim c quy m ln nht nc. V vic phn chia th trng kh r
DCL
55
50
45
40
35
30
25

55
50
45
40
35
30
25

300000
250000
200000
150000
100000
50000

300000
250000
200000
150000
100000
50000
2008

2009

rt - Vinahankook min Bc v Vikimco min Nam. Cho n nay, 80% cc

bnh vin ti TP.HCM ang s dng sn phm Vikimco.
Hn ch v kh nng pht trin sn phm mi v tn dc
Do tp trung vo mng hng ha y t nn Dc Cu Long cha thc s vt tri
trong lnh vc sn xut thuc tn dc, mc d doanh thu hng tn dc chim ti
50% tng doanh thu nm 2008 ca Dc Cu Long. D kin trong qu III/2009
Dc Cu Long s a nh my Betalactam vo s dng vi doanh thu ti a
mc 150 t ng/nm.
Ri ro cnh tranh t pha Suheung
Suheung ang ch ng m rng th phn ti Vit Nam vi cng sut sn xut
tng ng Dc Cu Long. Trong nhng nm ti y, tnh trng tha cung c
th s xy ra nu nh Dc Cu Long v Suheung cng khai thc ti a cng sut
sn xut.
nh gi kt qu hot ng nm 2008.
Nm 2008 l nm Dc Cu Long c nhng s thay i ln, doanh thu t
mc tng trng 34% do mng sn xut tn dc tng 50% so vi nm 2007,
doanh thu ca mng Capsule cng tng trng 20% so vi nm 2007 v mt
phn n t s ra i ca dng sn phm mi l nang nh bc.
Nm 2008, doanh nghip cha ghi nhn phn li tr cho ngn hng do
vn ha phn li vay vo gi tr nh my.

15

BO CO PHN TCH NGNH DC

Trin vng nm 2009.

Nm 2009 doanh thu c d bo c t khong 650 t ng; trong doanh
thu dc phm t 300 t ng, capsule l 145 t ng, dng c y t l 55 t
ng v phn cn li l hng thng mi.
Kt qu nh gi.
S dng WACC mc 13% t 2009-2012 v t nm 2013 tr i l 11%, chng ti
tnh ton gi tr ni ti ca c phiu Dc Cu Long l 66.336 ng.
MT S CH TIU TI CHNH C BN
n v : t VND
Doanh thu

MT S CH TIU HIU QU HOT NG

2006

2007

2008

Ch tiu

346,497

355,490

474,667

Tng trng DT (%)

2006

2007

2008

110%

3%

34%

Gi vn hng bn

294,127

267,770

350,154

Tng trng LNST (%)

22%

295%

24%

Li nhun sau thu

10,470

41,337

51,151

Bin li nhun gp (%)

15%

25%

26%

266,073

399,541

544,037

Bin li nhun rng (%)

3%

12%

11%

314,809

ROA (%)

4%

10%

9%

229,228

ROE (%)

15%

17%

18%

265,636

EPS c bn

1.870

5.103

5.276

278,401

Gi tr s sch

12.352

29.630

28.716

Tng ti sn
Ti sn ngn hn
Ti sn di hn
N phi tr
Vn ch s hu

127,651
138,422
196,904
69,169

257,908
141,634
159,536
240,005

16

BO CO PHN TCH NGNH DC

CTCP HA DC MEKOPHAR
THNG TIN C PHN
M chng khon

im ni bt.

L cng ty dn u trong lnh vc sn xut v phn phi tn dc, c bit l

Sn giao dch:

v cc sn phm dch truyn.

Gi thp nht 52 tun:

Gi cao nht 52 tun:

Hin Cng ty nm gi khong 7% th phn dc Vit Nam.

Gi tr vn ha (t VN):

im mnh

SL c phn lu hnh:

Mekophar hin l mt trong s rt t cng ty trong nc sn xut nguyn liu

KLGD trung bnh 10 phin:

thuc betalactam (amoxicilline), dch truyn v phn phi ch yu qua cc

bnh vin cng.

T l tr c tc:

THNG TIN S HU

Mekophar t c cc tiu chun c v sn xut, phn phi v lu tr

S hu nh nc

thuc (GMP, GSP v GLP). Nh my ca Mekophar l mt trong 75 nh my

t chun GMP trong tng s 180 nh my sn xut thuc ti Vit Nam.

S hu nc ngoi
S hu khc

DIN BIN GI GIAO DCH

im yu

Mekophar tp trung ch yu phn phi thuc qua cc bnh vin v mt s cng

ty khch hng truyn thng nn kh nng tip cn th trng bn l ca Cng
ty cn yu.

Mt s k hoch trong tng lai.

Hin Mekophar ang tm hon d n xy dng Nh my GMP Bnh Dng
trn din tch 41.139,2 m2, do vy thi gian Nh my hon thnh b gin ra
khong 2 nm so vi k hoch ra ban u v d kin s i vo hot ng t
nm 2012.
Cng ty c d n cao c vn phng cho thu ti s 5 - Ng Thi Nhim, Q3,
TP. H Ch Minh. Mekophar ang hp tc vi VinaCapital thc hin u t
d n ny v d kin n gia nm 2009 Mekophar s khi cng d n.
Mekophar khai trng trung tm nghin cu ng dng v cung cp t bo
gc vo thng 2/2009.

Trong k hoch 5 nm ti, Mekophar s thnh lp trung tm nghin cu iu tr

ung th (Meko CTL).

MT S CH TIU TI CHNH C BN
n v : t VND

MT S CH TIU HIU QU HOT NG

2006

2007

2008

2006

2007

2008

Doanh thu

346,497

355,490

474,667

Tng trng DT (%)

109,5%

2,6%

33,5%

Gi vn hng bn

294,127

267,770

350,154

Tng trng LNST (%)

22,1%

294,8%

23,7%

Li nhun sau thu

10,470

41,337

51,151

Bin li nhun gp (%)

15%

25%

26%

Tng ti sn

266,073

399,541

544,037

Bin li nhun rng (%)

3,0%

11,6%

10,8%

Ti sn ngn hn

127,651

257,908

314,809

ROA (%)

3,9%

10,3%

9,4%

Ti sn di hn

138,422

141,634

229,228

ROE (%)

15%

17%

18%

N phi tr

196,904

159,536

265,636

EPS c bn

1.870

5.103

5.276

69,169

240,005

278,401

Gi tr s sch

12.352

29.630

28.716

Vn ch s hu

Ch tiu

17

BO CO PHN TCH NGNH DC

CTCP DC PHM TRUNG NG VIDIPHA

THNG TIN C PHN
`
Sn giao dch:

im ni bt.

Vidipha ch yu sn xut thuc khng sinh (chim 40% doanh thu) v vitamin
l sn phm trng tm ca Cng ty.

Doanh thu sn xut thuc t 200 t ng/nm v t sut li nhun trn doanh
thu thun t khong 13,6%/nm.

Cng ty ang c cc phn xng t tiu chun GMP-ASEAN nh Phn

Gi thp nht 52 tun:

Gi cao nht 52 tun:
Gi tr vn ha (t VN):
S lng c phn lu hnh:

xng thuc vin khng b-lactam (Non-Betalactam), Phn xng thuc vin
b-lactam (Betalactam) v Phn xng thuc tim dng dung dch, thuc nh

KLGD trung bnh 10 ngy:

T l tr c tc:

mt, thuc nc v thuc m.

THNG TIN S HU
S hu nh nc

im mnh.

S hu nc ngoi
S hu khc

DIN BIN GI GIAO DCH

Vidipha c h thng phn phi thng mi rng khp ti cc tnh ch yu

thng qua h thng cc cng ty dc a phng.

Cng ty cung cp nhiu loi thuc tn dc trn th trng, iu ny to c hi

cho Vidipha p ng nhu cu th trng mt cch linh hot hn.

Vidipha c nh hng m rng hot ng sn xut dc phm.

im yu

Phn phi vo h thng iu tr cn nhiu hn ch.

Cha c nh hng tp trung cho nghin cu pht trin sn phm mi.

Mt s k hoch trong tng lai.

T thng 2/2009, nh my mi vi tng mc u t 120 t ng s c xy

dng ti Bnh Dng v s chnh thc i vo hot ng vo nm 2011 nhm thay
th nh my ti TP.H Ch Minh.

Nm 2009, k hoch doanh thu ca Cng ty l 230 t v li nhun d kin l 31

t ng. Doanh thu d kin ca Cng ty nm 2010 v 2011 theo k hoch ln
lt l 280 t v 320 t ng.

MT S CH TIU TI CHNH C BN
n v : t VND

MT S CH TIU HIU QU HOT NG

2006

2007

2008

Doanh thu

170,458

191,443

206,952

Gi vn hng bn

135,572

148,668

Li nhun sau thu

19,439

Tng ti sn
Ti sn ngn hn

2006

2007

2008

Tng trng DT (%)

n/a

12%

8%

163,049

Tng trng LNST (%)

n/a

10%

10%

25,529

28,188

Bin li nhun gp (%)

20%

22%

21%

162,748

176,614

190,909

Bin li nhun rng (%)

11%

13%

14%

126,051

142,847

151,920

ROA (%)

12%

15%

15%

Ti sn di hn

36,697

33,767

38,989

ROE (%)

14%

16%

17%

N phi tr

21,998

15,184

21,162

EPS c bn

3.888

4.255

4.698

140,750

161,431

169,747

28.150

26.905

28.291

Vn ch s hu

Ch tiu

Gi tr s sch

18

BO CO PHN TCH NGNH DC

PH LC 1: MT S CH TIU SO SNH CC CNG TY DC KHU VC CHU (18/03/2009)

TRUNG QUC
Jiangsu Hengrui Medicine Co
Sanjiu Medical & Pharmace-A
Harbin Pharmaceutical Grp-A
Shanghai Fosun Pharmaceutica
Beijing Double Crane Pharm-A
Zhejiang Medicine Co Ltd-A
Beijing Sl Pharmaceutical -A
Zhejiang Hisun Pharmaceutica
North China Pharm Co-A
Guangdong Kangmei Pharm-A

M
(Bloomberg)
600276.SS
000999.SZ
600664.SS
600196.SS
600062.SS
600216.SS
002038.SZ
600267.SS
600812.SS
600518.SS

5,83
2,31
2,29
1,94
3,49
2,74
5
2,4
1,45
1,86

Ga tr vn ha
(USD)
3.015.734.528
2.264.991.488
886.020.992
2.402.329.856
1.663.948.544
1.230.931.072
1.242.508.544
1.078.976.512
1.486.332.032
1.423.216.000

P/E
2008
48,75
31,02
22,60
26,02
24,07
143,85
63,02
37,75
167,86
33,06

PEG
2008
1,1
1,15
N.A.
N.A.
1,32
N.A.
0,81
1,25
2,13
N.A.

EV/EBITDA
2008
29,95
20,33
21
60
20,68
36,01
77,82
17,81
18,53
32,15

P/B
2008
10,34
4,84
4,82
4,24
4,79
9,68
15,41
4,87
8,15
4,2

ROE
2008
23,29
16,73
12,45
18,09
21,73
6,77
27,57
13,58
4,94
8,41

Harbin Pharmaceutical Grou-A

Livzon Pharmaceutical Inc-B

600829.SS
200513.SZ

2,29
1,34

886.020.992
703.396.992

22,60
5,52

N.A.
N.A.

21
11,62

4,82
1,44

23,82
30,44

Zhejiang Huahai Pharmaceut-A

Tonghua Dongbao Pharmaceut-A

600521.SS
600867.SS

2,08
2,34

621.455.104
860.892.288

28,40
76,05

0,99
N.A.

17,58
58,64

3,9
3,95

14,65
5,46

Shenzhen Accord Pharmaceut-B

Northeast Pharmaceutical-A
Guangzhou Baiyushan Pharma-A
Zhejiang Hangzhou Xinfu Phar
Kunming Pharmaceutical Corp
China Pharmaceutical Group
United Laboratories
Extrawell Pharmaceutical
Sino Biopharmaceutical
Shandong Luoxin Pharmacy-H

200028.SZ
000597.SZ
000522.SZ
002019.SZ
600422.SS
1093 HK
3933 HK
858 HK
1177 HK
8058 HK

1,07
3,03
1,05
1,39
0,91
0,4
0,32
0,25
0,15
0,28

683.285.440
1.012.580.992
491.884.832
264.966.352
284.899.648
611.822.080
386.981.920
581.930.496
341.684.768
168.278.320

16,88
132,59
23,27
43,09
67,01
5,96
4,72
N.A.
9,74
6,28

N.A.
N.A.
N.A.
N.A.
N.A.
0,02
0,39
N.A.
0,26
0,21

26,44
27,7
18,31
18,38
26,95
3,62
5,04
464,23
N.A.
N.A.

4,36
7,1
4,25
3,17
3,39
1,19
1,12
14,98
1,27
2,34

28,57
5,15
20,46
7,37
5,19
23,56
27,06
-4,46
13,67
45,03

1889 HK
TCM US

0,07
3,69

125.713.696
124.860.096

3,22
18,95

N.A.
0,79

N.A.
N.A.

0,61
0,69

20,52
3,7

CCMD MK Equity
APEX MK Equity
YSP MK Equity

0,56
0,34
0,24

78,78M
25,25M
16,59M

10,54
6,29
4,87

1,29
N.A.
N.A.

6,04
5,07
N.A.

2,22
0,65
0,49

22,39
10,7
10,36

MERCK TBK PT
KALBE FARMA
DARYA VARIA LABO
TEMPO SCAN PACIF
PYRIDAM FARMA

MERK IJ Equity
KLBF IJ Equity
DVLA IJ Equity
TSPC IJ Equity
PYFA IJ Equity

2,67
0,05
0,12
0,04
0,01

59.845.544
542.671.552
65.456.064
167.188.480
2.680.426

7,27
10,68
9,71
6,85
6,11

N.A.
0,55
N.A.
0,69
N.A.

3,98
5,42
5,49
2,88
N.A.

2,19
1,78
1,56
0,95
0,45

32,47
17,71
16,97
13,84
N.A.

BRISTOL-MYERS
MERCK TBK PT

SQBB IJ Equity
MERK IJ Equity

N.A.
2,67

N.A.
59.845.544

N.A.
7,27

N.A.
N.A.

N.A.
3,98

N.A.
2,19

46,18
32,47

DHG VN Equity
DMC VN Equity
IMP VN Equity
DCL VN Equity
TRA VN Equity
DHT VN Equity

6,01
2,25
3
1,04
2,29
1,12

120.070.808
30.579.908
35.011.472
19.838.470
18.302.448
4.597.961

13,81
8,08
9,84
6,78
6,95
6,98

N.A.
N.A.

N.A.
N.A.
5,77
6,23
5,12
N.A.

2,89
1,14
1,18
1,25
1,24
0,97

20,36
14,41
12,25
19,77
N.A.
N.A.

Tn cng ty

Wuyi International Pharmaceu

Tongjitang Chinese Medic-Adr

Gi

MALAYSIA
CCM DUOPHARMA
APEX HEALTHCARE
YSP SOUTHEAST AS

INDONESIA

VIT NAM
CTY CP Dc Hu Giang
CTY CP Xut nhp khu y t Domesco
CTY CP Dc phm Imexpharm
CTY CP Dc phm Cu Long
CTY CP Traphaco
CTY CP Dc phm H Ty

N.A.
N.A.
N.A.
N.A.

19

BO CO PHN TCH NGNH DC

PH LC 2: MT S CH TIU SO SNH CC CNG TY DC CP TRONG BO CO (2008)

Cc ch tiu
Ch tiu v kh nng thanh khon
H s thanh ton ngn hn
H s thanh ton nhanh
C cu vn
H s n/Tng ti sn
H s n/Ch s hu
Ch tiu v nng lc hot ng
Vng quay phi thu
Vng quay phi tr
Vng quay hng tn kho
Ch tiu v kh nng sinh li
H s LN sau thu/Doanh thu thun
H s LN sau thu/Vn ch s hu
H s LN sau thu/ Tng ti sn
H s LN t hot ng SXKD/DT thun
Ch tiu lin quan n c phn
Thu nhp trn mi c phn
Gi tr s sch ca c phn
P/E
P/B

DHG

IMP

DCL

DMC

Vidipha

Mekophar

Trung Bnh

99,2
62,0

99,7
60,9

4,0
2,2

10,2
5,6

(*)
(*)

(*)
(*)

53,3
32,7

0,0
0,0

0,0
0,0

0,3
0,7

0,1
0,1

0,0
0,0

0,0
0,0

0,1
0,1

6,7
9,5
2,3

6,5
7,0
2,2

3,3
7,9
2,8

6,5
10,4
4,4

4,9
12,5
5,0

9,4
23,3
2,4

5,6
9,4
3,3

9%
18%
12%
10%

11%
12%
10%
13%

11%
18%
9%
12%

7%
14%
11%
9%

14%
17%
15%
12%

10%
18%
15%
13%

10%
16%
12%
12%

6.803
37.720
17,2
3,1

5.342
44.616
10,3
1,2

5.276
28.716
8,6
1,6

5.296
37.551
8,1
1,1

4.698
28.291
(*)
(*)

8.385
45.571
(*)
(*)

5.967
37.078
11,1
1,8

Ngun: BCTC cc cng ty

20

BO CO PHN TCH NGNH DC

PH LC 3: BO CO TI CHNH CC CNG TY DC CP TRONG BO CO

DC HU GIANG
BO CO KT QU KINH DOANH
Cc ch tiu
Doanh thu thun
Gi vn hng bn
Li gp
Li gp bin
Chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Li hot ng
Thu nhp h ti chnh
Thu nhp h khc
Li trc thu
Thu
Li rng
Li rng bin

2006 A
868,192
402,747
465,445
54%
10,705
311,953
55,881
86,906
5
149
87,060
17,412
69,648
8%

2007 A
1,269,280
627,628
641,652
51%
14,839
442,839
60,319
123,656
3,247
190
127,093
0
127,093
10%

2006 A

2007 A

35.002
154.257
121.353
18.937
329.550
143.167
4.975
1.609
3.546
482.847
167.870
18.478
104.780
291.128
260
21.018
312.406
80.000
16.913
73.528
170.441
482.847

129.951
51.955
235.439
230.279
26.163
673.787
216.567
12.214
38.225
1.415
942.209
43.430
55.642
190.746
289.818
767
47
290.631
200.000
378.761
1.219
71.597
651.577
942.209

2008 A
1,513,172
717,698
795,474
53%
5,216
528,457
100,943
160,859
(10,494)
2,655
153,019
16,018
137,001
9%

2009 E
1,600,000
758,881
841,119
53%
5,515
558,780
106,735
170,089

2010 F
1,691,810
802,426
889,384
53%
5,832
590,844
112,860
179,849

170,089
17,009
153,080
10%

179,849
17,985
161,864
10%

2008 A

2009 E

2010 F

211.742
2.337
225.957
308.202
90.402
838.640
224.355
2.003
66.697
1.784
1.133.478
8.455
75.870
277.108
361.434
15.165
376.599
200.000
378.761
(293)
137.088
37.738
753.295
3.584
1.133.478

188.979
2.337
238.923
325.887
90.402
846.527
315.519
2.003
66.697
1.784
1.232.529
8.455
80.224
277.108
365.788
15.165
380.953
200.000
378.761
(293)
198.300
78.545
855.314
4.718
1.240.985

185.345
2.337
252.632
344.587
90.402
875.303
403.284
2.003
66.697
1.784
1.349.070
8.455
84.827
277.108
370.391

BNG CN I K TON
Cc ch tiu
Tin mt
u t ngn hn
Cc khon phi thu TM
Tn kho
Ti sn ngn hn khc
Tng ti sn ngn hn
Ti sn c nh rng
Chi ph xy dng c bn d dang
u t di hn
Ti sn di hn khc
Tng ti sn
Vay n ngn hn
Phi tr khch hng
Cc khon n ngn hn khc
Tng n ngn hn
Vay di hn
Khc
Tng n di hn
Vn iu l
Thng d pht hnh
C phiu qu
Li nhun gi li
Cc qu
Tng vn CSH
Li ch c ng thiu s
Tng vn CSH v N

15.165
385.556
200.000
378.761
(293)
264.782
122.867
966.117
5.852
1.357.525

21

BO CO PHN TCH NGNH DC

IMEXPHARM
BO CO KT QU KINH DOANH
Cc ch tiu

2006 A

2007 A

2008 A

2009 E

2010 F

Doanh thu thun

Gi vn hng bn
Li gp
Li gp bin
Chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Li hot ng
Thu nhp h ti chnh
Thu nhp h khc
Li trc thu
Thu
Li rng
Li rng bin

525.406
367.260
158.146
30%
2.383
98.699
12.813
44.251
55
2.808
47.114
4.838
42.276
8%

451.602
258.572
193.030
43%
750
113.380
21.930
56.970
5.376
884
63.231
8.712
54.518
12%

561.844
319.809
242.036
43%
533
145.012
25.325
71.165
3.608
(4.355)
70.417
8.183
62.235
11%

629.266
358.186
271.080
43%
7.350
162.414
30.557
70.759

904.777
515.011
389.767
43%
7.563
233.523
43.936
104.744

70.759
7.076
63.683
10%

104.744
20.949
83.795
9%

Cc ch tiu

2006 A

2007 A

2008 A

2009 E

2010 F

Tin mt
u t ngn hn
Cc khon phi thu TM
Tn kho
Ti sn ngn hn khc
Tng ti sn ngn hn
Ti sn c nh rng
Chi ph xy dng c bn d dang
u t di hn
Ti sn di hn khc
Tng ti sn
Vay n ngn hn
Phi tr khch hng
Cc khon n ngn hn khc
Tng n ngn hn
Vay di hn
Khc
Tng n di hn
Vn iu l
Thng d pht hnh
C phiu qu
Li nhun gi li
Cc qu
Tng vn CSH
Tng vn CSH v N

65.607
49.833
129.765
15.215
260.420
31.069
3.999
1.575
7.608
304.671
4.052
30.920
35.037
70.009
486
486
84.000
80.931
39.065
30.179
234.176
304.671

49.244
155.295
50.057
137.818
77.496
469.910
41.201
3.161
23.069
31.085
568.426
4.000
38.219
27.953
70.172
701
701
116.598
278.108
50.371
52.475
497.552
568.426

39.418
97.169
85.830
148.255
28.012
398.684
117.357
14.620
39.176
27.245
597.082
4.000
45.800
25.195
74.995
2.288
2.288
116.598
278.108
(94)
48.075
77.111
519.799
597.082

32.575
97.169
96.130
166.045
28.012
419.931
207.988
14.620
39.176
27.245
708.960
20.000
51.296
25.195
96.491
50.000
2.288
148.779
116.598
278.108
(94)
61.203
104.365
560.181
708.960

18.866
97.169
138.218
238.745
28.012
521.010
188.619
14.620
39.176
27.245
790.670
28.757
73.755
25.195
127.707
40.000
2.288
169.995
116.598
278.108
(94)
93.430
132.632
620.675
790.670

BNG CN I K TON

22

BO CO PHN TCH NGNH DC

DC CU LONG
BO CO KT QU KINH DOANH
Cc ch tiu

2006 A

2007 A

2008 A

2009 E

2010 F

Doanh thu thun

Gi vn hng bn
Li gp
Li gp bin
Chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Li hot ng
Thu nhp h ti chnh
Thu nhp h khc
Li trc thu
Thu
Li rng
Li rng bin

346.497
294.127
52.370
15%
12.715
14.913
11.837
12.904
(690)
(1.745)
10.470
0
10.470
3%

355.490
267.770
87.720
25%
9.099
19.197
13.611
45.812
808
(690)
45.930
4.593
41.337
12%

474.667
350.154
124.514
26%
13.311
36.692
15.699
58.812
(2.097)
120
56.835
5.683
51.151
11%

625.321
463.037
162.285

706.463
527.542
178.922

25.439
54.403
18.823
63.620

22.161
61.462
21.266
74.033

63.620
6.362
57.258
9%

74.033
7.403
66.629
9%

Cc ch tiu

2006 A

2007 A

2008 A

2009 E

2010 F

Tin mt
u t ngn hn
Cc khon phi thu TM
Tn kho
Ti sn ngn hn khc
Tng ti sn ngn hn
Ti sn c nh rng
Chi ph xy dng c bn d dang
u t di hn
Ti sn di hn khc
Tng ti sn
Vay n ngn hn
Phi tr khch hng
Cc khon n ngn hn khc
Tng n ngn hn
Vay di hn
Khc
Tng n di hn
Vn iu l
Thng d pht hnh
C phiu qu
Li nhun gi li
Cc qu
Tng vn CSH
Tng vn CSH v N

9.564
45.314
59.848
12.926
127.651
136.825
589
1.008
266.073
72.798
70.139
34.657
177.593
19.222
88
19.311
56.000
415
1.156
11.598
69.169
266.073

6.308
133.214
91.327
27.058
257.908
135.758
4.868
1.008
399.541
4.330
60.918
58.271
123.518
35.836
182
36.017
81.000
110.557
36.435
12.013
240.005
399.541

13.346
142.353
123.727
35.383
314.809
217.116
11.105
1.008
544.037
79.691
44.115
33.784
157.590
107.742
304
108.046
97.193
110.557
(242)
45.863
25.030
278.401
544.037

8.092

7.891

187.534
163.614
35.383
394.623
229.118
3.000
1.008
627.749
135.000
58.336
33.784
227.121
84.056
304
311.481
97.193
110.557
(242)
72.370
36.391
316.268
627.749

211.869
186.407
35.383
441.549
219.921
3.000
1.008
665.478
142.000
66.463
33.784
242.247
60.837
304
303.388
97.193
110.557
(242)
104.445
50.137
362.090
665.478

BNG CN I K TON

23

BO CO PHN TCH NGNH DC

VIDIPHA
BO CO KT QU KINH DOANH
Cc ch tiu

2006 A

2007 A

2008 A

Doanh thu thun

Gi vn hng bn
Li gp
Li gp bin
Chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Li hot ng
Thu nhp h ti chnh
Thu nhp h khc
Li trc thu
Thu
Li rng
Li rng bin

170.458
135.572
34.886
20%
1.584
3.843
8.682
20.777
389
433
21.599
2.160
19.439
11%

191.443
148.668
42.775
22%
6.501
10.662
25.612
3.227
(227)
28.612
3.083
25.529
13%

206.953
163.049
43.904
21%
7.060
11.328
25.516
5.419
218
31.153
2.965
28.188
14%

BNG CN I K TON
Cc ch tiu

2006 A

2007 A

2008 A

Tin mt
u t ngn hn
Cc khon phi thu TM
Tn kho
Ti sn ngn hn khc
Tng ti sn ngn hn
Ti sn c nh rng
Chi ph xy dng c bn d dang
u t di hn
Ti sn di hn khc
Tng ti sn
Vay n ngn hn
Phi tr khch hng
Cc khon n ngn hn khc
Tng n ngn hn
Vay di hn
Khc
Tng n di hn
Vn iu l
Thng d pht hnh
C phiu qu
Li nhun gi li
Cc qu
Tng vn CSH
Tng vn CSH v N

47.415
0
41.694
32.550
4.393
126.051
34.405
0
2.292
0
162.748
0
8.568
13.274
21.841
157
0
157
50.000
61.803
0
28.947
0
140.750
162.748

59.208
0
49.584
33.242
814
142.847
29.442
0
4.325
0
176.614
0
8.884
6.063
14.947
236
0
236
60.000
61.803
0
37.976
1.652
161.431
176.614

73.119
0
44.019
32.727
2.055
151.920
35.040
240
3.709
0
190.909
0
13.056
7.814
20.869
292
0
292
60.000
52.464
0
56.966
317
169.747
190.909

24

BO CO PHN TCH NGNH DC

MEKOPHAR
BO CO KT QU KINH DOANH
Cc ch tiu

2006 A

2007 A

2008 A

Doanh thu thun

Gi vn hng bn
Li gp
Li gp bin
Chi ph li vay
Chi ph bn hng
Chi ph qun l doanh nghip
Li hot ng
Thu nhp h ti chnh
Thu nhp h khc
Li trc thu
Thu
Li rng
Li rng bin

467.179
348.306
118.873
25%
3.041
21.069
34.065
60.697
(858)
3.425
63.264
6.971
56.293
12%

545.487
376.687
168.800
31%
90
33.524
52.836
82.350
1.057
1.932
85.339
22.555
62.784
12%

596.028
437.185
158.843
27%
276
38.711
41.425
78.431
(203)
1.956
80.183
18.520
61.663
10%

Cc ch tiu

2006 A

2007 A

2008 A

Tin mt
u t ngn hn
Cc khon phi thu TM
Tn kho
Ti sn ngn hn khc
Tng ti sn ngn hn
Ti sn c nh rng
Chi ph xy dng c bn d dang
u t di hn
Ti sn di hn khc
Tng ti sn
Vay n ngn hn
Phi tr khch hng
Cc khon n ngn hn khc
Tng n ngn hn
Vay di hn
Khc
Tng n di hn
Vn iu l
Thng d pht hnh
C phiu qu
Li nhun gi li
Cc qu
Tng vn CSH
Tng vn CSH v N

40.931
3.800
75.267
151.695
9.170
280.863
33.656
0
8.490
0
323.009
0
7.426
45.487
52.913

45.200
8.646
96.717
161.737
6.250
318.551
48.612
0
18.590
0
385.753
0
9.786
40.410
50.196

13.609
9.156
80.330
182.544
11.573
297.212
89.175
0
15.090
0
401.476
0
18.735
34.099
52.835

BNG CN I K TON

5.257
5.257
84.000
106.639
-20.945
79.375
15.769
264.839
323.009

20.427
20.427
84.000
107.702
-13.500
112.328
24.600
315.130
385.753

13.495
13.495
92.100
107.702
-18.556
126.351
27.549
335.147
401.476

25

BO CO PHN TCH NGNH DC

KHUYN CO S DNG
Tt c nhng thng tin nu trong bo co ny c xem xt cn trng, tuy nhin Cng ty C phn Chng khon Bo Vit
(BVSC) khng chu bt k mt trch nhim no i vi tnh chnh xc ca nhng thng tin c cp n trong bo co ny.
Cc quan im, nhn nh, nh gi trong bo co ny l quan im c nhn ca cc chuyn vin phn tch m khng i din
cho quan im ca BVSC.
Bo co ch nhm mc tiu cung cp thng tin m khng hm khuyn ngui c mua, bn hay nm gi chng khon. Ngi
c ch nn s dng bo co phn tch ny nh mt ngun thng tin tham kho.
BVSC c th c nhng hot ng hp tc kinh doanh vi cc i tng c cp n trong bo co ny. Ngi c cn lu
rng BVSC c th c nhng xung t li ch i vi cc nh u t khi thc hin bo co phn tch ny.

THNG TIN LIN H

Cng ty C phn Chng khon Bo Vit
Tr s chnh

Chi nhnh TP. H Ch Minh

a ch:

6 - L Thnh Tn, Qun I, TP.HCM

a ch:

S 8 - L Thi T, Hon Kim, H Ni

Tel:

(84) 4 3 928 8080

Fax:

(84) 4 3 928 9899

Tel:

(84) 8 3 821 8564

Email:

research@bvsc.com.vn

Fax:

(84) 8 3 914 7477

11 - Nguyn Cng Tr, Qun I, TP.HCM

B PHN PHN TCH NGNH

PH TRCH PHNG PHN TCH
Nguyn Lng Tn

tannguyen@bvsc.com.vn

V Th Thanh Quyn

quyenvtt@bvsc.com.vn

CHUYN VIN PHN TCH

Lu Vn Lng

luonglv@bvsc.com.vn

L Ch Thnh

thanhlc@bvsc.com.vn

Lu Phng Mai

mailp@bvsc.com.vn

Hong H Ph

phuhh@bvsc.com.vn

V Th Mai

maivt@bvsc.com.vn

Nguyn Tun Anh

anhnt@bvsc.com.vn

Trn Thng Long

longtt@bvsc.com.vn

Nguyn Quang Minh

minhnq@bvsc.com.vn

V Phng Nga

ngavp@bvsc.com.vn

o Minh Tm

tamdm@bvsc.com.vn

Nguyn Hi Dng
Nguyn Phi Hng

duongnh@bvsc.com.vn
hungnp@bvsc.com.vn

26