Chuyên đề định giá chứng khoán

1
Chuyen e
Chuyen e
}nh Ia
6hung khoan
}nh Ia
}nh Ia
6hung khoan
6hung khoan
T8. hguyan Van Thuan
2
nh gia cac
chng khoan dai han
nh gia cac
nh gia cac
chng khoan dai han
chng khoan dai han
6ar khaI nIam va gIa Ir}
}nh gIa IraI phIau
}nh gIa ro phIau uu daI
}nh gIa ro phan Ihuong
Ty suaI IoI nhuan hoar IoI suaI
6ar khaI nIam va gIa Ir}
}nh gIa IraI phIau
}nh gIa ro phIau uu daI
}nh gIa ro phan Ihuong
Ty suaI IoI nhuan hoar IoI suaI
3
Gia tr khanh tan va hoat ong
Ia Ir} hoaI dong Ia Iong so IIan ro Iha Ihu
duor nau ban Ioan bo IaI san rong Iy dang
hoaI dong kInh doanh.
MoI quan ha gIua T khanh Ian va T hoaI
dong Ia gIa Ir} Io rhur .
Ia Ir} hoaI dong

Ia Ir} hoaI dong Ia Iong so IIan ro Iha Ihu
duor nau ban Ioan bo IaI san rong Iy dang
hoaI dong kInh doanh.
MoI quan ha gIua
T khanh Ian
T khanh Ian va
T hoaI
T hoaI
dong
dong Ia
gIa Ir} Io rhur .
gIa Ir} Io rhur .
Ia Ir} khanh Ian Ia Iong so IIan ro Iha Ihu
duor nau ban moI IaI san hoar moI nhom IaI
san rua rong Iy moI rarh rIang Ia khoI Io rhur
dang hoaI dong.
Ia Ir} khanh Ian

Ia Ir} khanh Ian Ia Iong so IIan ro Iha Ihu
duor nau ban moI IaI san hoar moI nhom IaI
san rua rong Iy moI rarh rIang Ia khoI Io rhur
dang hoaI dong.
4
Th gia va th gia
Th gia va th gia
Th gia va th gia
Thu gIa Ia gIa Ir} ka Ioan hay gIa so sarh
(1) Tai san . La nguyan gIa IaI san Iru
rho gIa Ir} khau hao Irh Iuy.
(Z) Cong Ty. La Iong IaI san Iru dI rho
Iong no va ro phan uu daI (nau ro)
Thu gIa
Thu gIa Ia gIa Ir} ka Ioan hay gIa so sarh
(1)
Tai san
Tai san . La nguyan gIa IaI san Iru
rho gIa Ir} khau hao Irh Iuy.
(Z)
Cong Ty
Cong Ty. La Iong IaI san Iru dI rho
Iong no va ro phan uu daI (nau ro)
Th} gIa Ia gIa rao nhaI gIua ga Ir} hoaI
dong va gIa Ir} khanh Ian rua rong Iy.
Th} gIa
Th} gIa Ia gIa rao nhaI gIua ga Ir} hoaI
dong va gIa Ir} khanh Ian rua rong Iy.
5
Th gia va Noi gia
Th gia va Noi gia
Th gia va Noi gia
hoI gIa Ia gIa Ir} Ihur rua moI IaI san.
hoI gIa rua moI rhung khoan phu Ihuor
vao nhung yau Io ngu Ir} Iran no nhu .
kha nang sInh IoI, rhaI Iuong hoaI dong
rua 8, Ior do Iang Iruong; . . .
hoI gIa
hoI gIa Ia gIa Ir} Ihur rua moI IaI san.
hoI gIa rua moI rhung khoan phu Ihuor
vao nhung yau Io ngu Ir} Iran no nhu .
kha nang sInh IoI, rhaI Iuong hoaI dong
rua 8, Ior do Iang Iruong; . . .
Th} gIa Ia gIa dang duor mua ban Iran Ih}
Iruong. Th} gIa phu Ihuor vao quan ha rung
va rau rua IaI san do Iran Ih} Iruong.
Th} gIa
Th} gIa Ia gIa dang duor mua ban Iran Ih}
Iruong. Th} gIa phu Ihuor vao quan ha rung
va rau rua IaI san do Iran Ih} Iruong.
6
nh gia trai phieu
nh gia trai phieu
nh gia trai phieu
hhung dIau khoan quan Irong
6ar IoaI IraI phIau
}nh gIa IraI phIau
hap IaI nua nam
hhung dIau khoan quan Irong
6ar IoaI IraI phIau
}nh gIa IraI phIau
hap IaI nua nam
7
Nhng ieu khoan quan trong
cua trai phieu
cua trai phieu
cua trai phieu
Manh gIa (FV) Ia gIa ghI Iran ba maI rua
TF ; ron duor goI Ia gIa Ir} danh ngha.
TraI phIau rua My, FV
0
= $1,000
TraI phIau rua Vh, FV
0
= 100.000 Vh
Manh gIa
Manh gIa (
FV
FV) Ia gIa ghI Iran ba maI rua
TF ; ron duor goI Ia gIa Ir} danh ngha.
TraI phIau rua My, FV
0
= $1,000
TraI phIau rua Vh, FV
0
= 100.000 Vh
TraI phIau Ia moI rhung khoan no do
rar rong Iy va rhnh phu phaI hanh ; ho
duor xam Ia moI khoan no daI han.
TraI phIau
TraI phIau Ia moI rhung khoan no do
rar rong Iy va rhnh phu phaI hanh ; ho
duor xam Ia moI khoan no daI han.
8
Nhng ieu khoan quan
trong cua trai phieu
Nhng ieu khoan quan
Nhng ieu khoan quan
8uaI rhIaI khau phu Ihuor vao mur do ruI
ro rua Iung IoaI IraI phIau, va bang voI
IaI suaI khong ruI ro rong voI phan
Ihuong ruI ro rua moI IoaI IraI phIau.
8uaI rhIaI khau

8uaI rhIaI khau phu Ihuor vao mur do ruI
ro rua Iung IoaI IraI phIau, va bang voI
IaI suaI khong ruI ro rong voI phan
Ihuong ruI ro rua moI IoaI IraI phIau.
LaI suaI gor (h) rua IraI phIau Ia L8
duor ghI Iran IraI phIau. TIan IaI hang
nam Inh Ihao IaI suaI gor va manh gIa.
LaI suaI gor (h)

LaI suaI gor (h) rua IraI phIau Ia L8
duor ghI Iran IraI phIau. TIan IaI hang
nam Inh Ihao IaI suaI gor va manh gIa.
9
Cac loai trai phieu
Cac loai trai phieu
Cac loai trai phieu
TraI phIau pho Ihong Ia IoaI IraI phIau ro
ban. ro IaI suaI gor, IaI Ira vao ruoI moI
nam, va ro IhoI han nhaI d}nh.
TraI phIau pho Ihong
TraI phIau pho Ihong Ia IoaI IraI phIau ro
ban. ro IaI suaI gor, IaI Ira vao ruoI moI
nam, va ro IhoI han nhaI d}nh.
(1 + k
d
)
1
(1 + k
d
)
2
(1 + k
d
)
n n
P
0
=
+ + ... +
I I + FV I
=
n
n
t=1
(1 + k
d
)
t
I
P
0
= I (IF
4,k
d
,
n
n
) + FV
0
(IF
2, k
d
,
n
n
)
(1 + k
d
)
n n
+
FV
10
TraI phIau k6 ro manh gIa Ia $1,000 voI IaI
suaI gor Ia 8% nam, IhoI han Ia 80 nam. 8uaI
rhIaI khau yau rau Ia 10%. Vay gIa IraI phIau
k6 Ia bao nhIau ?
TraI phIau k6 ro manh gIa Ia $1,000 voI IaI
suaI gor Ia 8% nam, IhoI han Ia 80 nam. 8uaI
rhIaI khau yau rau Ia 10%. Vay gIa IraI phIau
k6 Ia bao nhIau ?
Trai phieu pho thong
P
0
= $80 (IF
4,10%, 30
) + $1,000 (IF
2,10%, 30
) =
$80 (9.427) + $1,000 (.057)
|8ang 4] |8ang Z]
= $754.16 + $57.00
= $811.16.
P
P
0 0
= $80 (IF
4,10%, 30
) + $1,000 (IF
2,10%, 30
) =
$80 (9.427) + $1,000 (.057)
|8ang 4]
|8ang 4]
|8ang Z]
|8ang Z]
= $754.16 + $57.00
=
$811.16
$811.16.
11
Cac loai trai phieu
Cac loai trai phieu
Cac loai trai phieu
TraI phIau vo han Ia IoaI IraI phIau khong
hoan Ira von gor, IraI rhu rh nhan duor
IIan IaI hang nam va nhan vo han.
TraI phIau vo han
TraI phIau vo han Ia IoaI IraI phIau khong
hoan Ira von gor, IraI rhu rh nhan duor
IIan IaI hang nam va nhan vo han.
(1 + k
d
)
1
(1 + k
d
)
2
(1 + k
d
)

P
0
=
+ + ... +
I I I
=
t=1
(1 + k
d
)
t
I
hoar I (IF
4,k
d
,
)
P
0
=
I
I /
k
k
d
d
12
V du : Trai phieu vo han
TraI phIau k Ia moI IraI phIau vo han, ro
manh gIa Ia $1,000 va IaI suaI gor Ia 8%.
LaI suaI Iran Ih} Iruong ky vong Ia 10%. Vay
gIa Ir} rua IraI phIau nay Ia bao nhIau ?
TraI phIau k Ia moI IraI phIau vo han, ro
manh gIa Ia $1,000 va IaI suaI gor Ia 8%.
LaI suaI Iran Ih} Iruong ky vong Ia 10%. Vay
gIa Ir} rua IraI phIau nay Ia bao nhIau ?
I = $1,000 ( 8%) = $80.
k
d
= 10%.
P
0
= I / k
d
= $80 / 10% = $800.
I
I = $1,000 ( 8%) =
$80
$80.
k
k
d d
=
10%
10%.
P
P
0 0
=
I
I /
k
k
d d
=
$80
$80 /
10%
10% =
$800
$800.
13
Cac loai trai phieu
Cac loai trai phieu
Cac loai trai phieu
TraI phIau ro IaI suaI bang Zaro Ia IoaI IraI
phIau khong Ira IaI d}nh ky, nhung duor ban
duoI manh gIa khI phaI hanh Ian dau. 6ung
rap rho rar nha dau Iu moI hnh Ihur gIa
ra khrh Ia.
TraI phIau ro IaI suaI bang Zaro
TraI phIau ro IaI suaI bang Zaro Ia IoaI IraI
phIau khong Ira IaI d}nh ky, nhung duor ban
duoI manh gIa khI phaI hanh Ian dau. 6ung
rap rho rar nha dau Iu moI hnh Ihur gIa
ra khrh Ia.
(1 + k
d
)
n n
P
0
=
FV
= FV(IF
2,k
d
, n
n
)
14
F
0
= $1,000 (IF
Z,10%, 80
)
= $1,000 (.067)
= $67.00
F
F
0 0
= $1,000 (IF
Z,10%, 80
)
= $1,000 (.067)
=
$67.00
$67.00
Trai phieu co lai suat Zero
TraI phIau Z ro manh gIa $1,000 ; IhoI
han 80 nam. LaI suaI rhIaI khau yau
rau Ia 10%. Vay gIa IraI phIau Z Ia
bao nhIau?
TraI phIau Z ro manh gIa $1,000 ; IhoI
han 80 nam. LaI suaI rhIaI khau yau
rau Ia 10%. Vay gIa IraI phIau Z Ia
bao nhIau?
15
Phng thc tra lai nh ky
(1) 6hIa k
d
rho Z
(Z) hhan n voI Z
(8) 6hIa I rho Z
(1) 6hIa
k
k
d
d
rho
Z
Z
(Z) hhan
n
n voI
Z
Z
(8) 6hIa
I
I rho
Z
Z
Thuong IIan IaI IraI phIau duor Ira vao
ruoI moI nam, nhung van Ion IaI nhung
IraI phIau Ira IaI moI nam Z Ian.
6an phaI dIau rhnh.
Thuong IIan IaI IraI phIau duor Ira vao
ruoI moI nam, nhung van Ion IaI nhung
IraI phIau Ira IaI moI nam Z Ian.
6an phaI dIau rhnh.
16
(1 + k
d
/
2
2 )
2 2
*
n n
(1 + k
d
/
2
2 )
1
TraI phIau pho Ihong duor dIau rhnh Ihao
rarh Ira IaI Z Ian moI nam.
TraI phIau pho Ihong
TraI phIau pho Ihong duor dIau rhnh Ihao
rarh Ira IaI Z Ian moI nam.
P
0
= + + ... +
I /
2
2 I /
2
2 + FV
=
2
2*
n
n
t=1
(1 + k
d
/
2
2 )
t
I /
2
2
= I/
2
2 (IF
4,k
d
/2 2
,
2
2*
n
n
) + FV(IF
2,k
d
/2 2
,
2
2*
n
n
)
(1 + k
d
/
2
2 )
2 2
*
n n
+
FV
I /
2
2
(1 + k
d
/
2
2 )
2
17
F = $40 (FVIFk
6%, 80
) + $1,000 (FVIF
6%, 80
)
= $40 (16.878) + $1,000 (.Z81)
|8ang 4] |8ang Z]
= $614.9Z + $Z81.00
= $846.9Z
F
F = $40 (FVIFk
6%, 80
) + $1,000 (FVIF
6%, 80
)
= $40 (16.878) + $1,000 (.Z81)
|8ang 4]
|8ang 4]
|8ang Z]
|8ang Z]
= $614.9Z + $Z81.00
=
$846.9Z
$846.9Z
TraI phIau 6 ro manh gIa Ia $1,000 va IaI suaI
gor Ia 8% nam, IIan IaI Ira nua nam 1 Ian, IhoI
han Ia 16 nam. LaI suaI Ih} Iruong yau rau Ia
10% nam. Vay gIa IraI phIau Ia bao nhIau?
TraI phIau 6 ro manh gIa Ia $1,000 va IaI suaI
gor Ia 8% nam, IIan IaI Ira nua nam 1 Ian, IhoI
han Ia 16 nam. LaI suaI Ih} Iruong yau rau Ia
10% nam. Vay gIa IraI phIau Ia bao nhIau?
18
6o phIau uu daI Ia moI rhung khoan Irung
Inh nhung ro Iur duor rhIa IaI ro d}nh va
IhoI han Ia vo han. hhung ro phIau uu daI
Ihuong khong Iham gIa bau hT.
6o phIau uu daI
6o phIau uu daI Ia moI rhung khoan Irung
Inh nhung ro Iur duor rhIa IaI ro d}nh va
IhoI han Ia vo han. hhung ro phIau uu daI
Ihuong khong Iham gIa bau hT.
nh gia co phieu u ai
6o phIau uu daI duor uu IIan Ira ro Iur va ro
Io quyan va IaI san Iruor ro phan Ihuong.
6o phIau uu daI duor uu IIan Ira ro Iur va ro
Io quyan va IaI san Iruor ro phan Ihuong.
19
6ong Ihur ruI gon. 6ong Ihur ruI gon.
(1 + k
P
)
1
P
P
0
0
=
(1 + k
P
)
2
+
(1 + k
P
)

+ ... +
D
P
D
P
D
P
=
t=1
(1 + k
P
)
t
D
P
hoar D
P
(IF
4,k
P
,
)
P
P
0
0
= D
P
/ k
P
20
F
= $100 ( 8% ) = $8.00.
k
F
= 10%.
F
0
=
F
l k
F
= $8.00 l 10%
= $80
F F
= $100 ( 8% ) =
$8.00
$8.00.
k
k
F F
=
10%
10%.
F
F
0 0
=
F F
l
k
k
F F
=
$8.00
$8.00 l
10%
10%
=
$80
$80
6o phIau uu daI F8 ro IaI suaI 8%, manh gIa
$100 duor phaI hang ra ban ngoaI. Th} Iruong
yau rau IaI suaI rhIaI khau Ia 10%. Vay gIa ro
phIau uu daI hIan IaI Ia bao nhIau?
6o phIau uu daI F8 ro IaI suaI 8%, manh gIa
$100 duor phaI hang ra ban ngoaI. Th} Iruong
yau rau IaI suaI rhIaI khau Ia 10%. Vay gIa
ro
ro
phIau uu daI
phIau uu daI hIan IaI Ia bao nhIau?
21
nh gia co phan thng
nh gia co phan thng
nh gia co phan thng
6o Iur Ihuong duor ky vong gIa Iang
Ihao kaI qua kInh doanh rua rong Iy
6o Iur Ihuong Iuy Ihuor vao rhnh
sarh ro Iur rua rong Iy.
6o phan Ihuong Ia vo han
6o Iur Ihuong duor ky vong gIa Iang
Ihao kaI qua kInh doanh rua rong Iy
6o Iur Ihuong Iuy Ihuor vao rhnh
sarh ro Iur rua rong Iy.
6o phan Ihuong Ia vo han
6o phan Ihuong Ia moI rhung khoan von,
Iuon Iuon Ion IaI doI voI rong Iy ro phan
6o phan Ihuong
6o phan Ihuong Ia moI rhung khoan von,
Iuon Iuon Ion IaI doI voI rong Iy ro phan
22
nh gia co phan thng
nh gia co phan thng
nh gia co phan thng
(1) 6o Iur ky vong Iuong IaI
(Z) 6hanh Iarh gIa ban ro phan
Ihuong Irong Iuong IaI
(1) 6o Iur ky vong Iuong IaI
(Z) 6hanh Iarh gIa ban ro phan
Ihuong Irong Iuong IaI
6o dong sa nhan duor rar khoan IIan
nao khI so huu
6o phan Ihuong
6o phan Ihuong ?
23
Mo hnh chiet khau co tc
Mo hnh rhIaI khau ro Iur Ia rhIaI khau nhung
khoan ro Iur ky vong va hIan IaI, hay Inh gIa
Ir} hIan IaI rua rar khoan ro Iur ky vong.
Mo hnh rhIaI khau ro Iur Ia rhIaI khau nhung
khoan ro Iur ky vong va hIan IaI, hay Inh gIa
Ir} hIan IaI rua rar khoan ro Iur ky vong.
(1 + k
e
)
1
P
0
=
(1 + k
e
)
2
(1 + k
e
)
+ + ... +
D
1
D
D
2
=
t=1
(1 + k
e
)
t
D
t
I
. 6o Iur IaI IhoI dIam I
k
a
. Ty suaI IoI nhuan yau
rau rua nha dau Iu.
I
. 6o Iur IaI IhoI dIam I
k
a
. Ty suaI IoI nhuan yau
rau rua nha dau Iu.
24
co ieu chnh
co ieu chnh
co ieu chnh
Mo hnh rhIaI khau ro Iur duor dIau rhnh
Ihao vIar ban IaI ro phIau o Iuong IaI.
Mo hnh rhIaI khau ro Iur duor dIau rhnh
Ihao vIar ban IaI ro phIau o Iuong IaI.
(1 + k
e
)
1
(1 + k
e
)
2
(1 + k
e
)
n n
P
0
=
+ + ... +
D
1
D
n
n + P
n
n
D
2
n. 8o nam nha dau Iu nam gIu ro phIau.
F
n
. Ia ro phIau ky vong o nam Ihu n.
n
n. 8o nam nha dau Iu nam gIu ro phIau.
F
n n
. Ia ro phIau ky vong o nam Ihu
n
n.
25
Mo hnh chiet khau dong co tc
Mo hnh rhIaI khau ro Iur yau rau phaI du Ioan
duor IaI ra ro Iur duor Ira o Irong Iuong IaI. o
do suaI Iang Iruong ro Iur hang nam Ia moI yau
Io quan Irong rua mo hnh.
8a mo hnh d}nh gIa ro phan Ihuong .
Mo hnh rhIaI khau ro Iur yau rau phaI du Ioan
duor IaI ra ro Iur duor Ira o Irong Iuong IaI. o
do suaI Iang Iruong ro Iur hang nam Ia moI yau
Io quan Irong rua mo hnh.
8a mo hnh d}nh gIa ro phan Ihuong .
8uaI Iang Iruong ro Iur dau
8uaI Iang Iruong ro Iur bang taro
8uaI Iang Iruong ro Iur qua haI gIaI doan
8uaI Iang Iruong ro Iur dau
8uaI Iang Iruong ro Iur bang taro
8uaI Iang Iruong ro Iur qua haI gIaI doan
26
Mo hnh tang trng eu
Mo hnh tang trng eu
Mo hnh tang trng eu
Mo hnh Iang Iruong dau gIa su Ia ro Iur Iang
Iruong vnh vIan Irong Iuong IaI Ia g.
Mo hnh Iang Iruong dau
Mo hnh Iang Iruong dau gIa su Ia ro Iur Iang
Iruong vnh vIan Irong Iuong IaI Ia g.
(1 + k
e
)
1
(1 + k
e
)
2
(1 + k
e
)
P
0
=
+ + ... +
D
0
(1+g) D
0
(1+g)
P
0
=
(k
e
- g)
D
1
1
. 6o Iur Ira IaI IhoI dIam 1.
g . 8uaI Iang Iruong dau(g
1
==g
n
)
k
a
. Ty suaI IoI nhuan IoI yau rau.
1
. 6o Iur Ira IaI IhoI dIam 1.
g . 8uaI Iang Iruong dau(g
1
==g
n
)
k
a
. Ty suaI IoI nhuan IoI yau rau.
D
0
(1+g)
2
27
Mo hnh tang trng eu
Mo hnh tang trng eu
Mo hnh tang trng eu
6o phIau 8 ky vong suaI Iang Iruong 8%. 6o
Iur $8.Z4 rho moI ro phan va duor Ira hang
nam.Th} Iruong yau rau LaI suaI rhIaI khau
Ia 16%. Vay gIa rua 6o phan Ihuong ?
1
= $8.Z4 ( 1 + .08 ) = $8.60
F
6
=
1
l ( k
a
g ) = $8.60 l ( .16 .08 )
= $60
6o phIau 8 ky vong suaI Iang Iruong 8%. 6o
Iur $8.Z4 rho moI ro phan va duor Ira hang
nam.Th} Iruong yau rau LaI suaI rhIaI khau
Ia 16%. Vay gIa rua
6o phan Ihuong
6o phan Ihuong ?
1 1
=
$8.Z4
$8.Z4 ( 1 + .08 ) =
$8.60
$8.60
F
F
6 6
=
1 1
l (
k
k
a a
g ) =
$8.60
$8.60 l (
.16
.16 .08 )
=
$60
$60
28
Mo hnh tang trng Zero
Mo hnh Iang Iruong Zaro gIa su Ia ro Iur sa Iang
Iruong vng vIan voI suaI Iang Iruong g = 0.
Mo hnh Iang Iruong Zaro
Mo hnh Iang Iruong Zaro gIa su Ia ro Iur sa Iang
Iruong vng vIan voI suaI Iang Iruong g = 0.
(1 + k
e
)
1
P
ZG
=
(1 + k
e
)
2
(1 + k
e
)
+ + ... +
D
1
D
=
k
e
D
1
1
. 6o Iur Ira vao ruoI ky Ihu 1
k
a
. Ty suaI IoI nhuan yau rau
1
. 6o Iur Ira vao ruoI ky Ihu 1
k
a
. Ty suaI IoI nhuan yau rau
D
2
29
6o phIau k duor ky vong suaI Iang Iruong
moI nam Ia 0%. MoI ro phan hang nam sa
nhan duor ro Iur Ia $8.Z4 . Th} Iruong yau
rau Iy suaI IoI nhuan rua ro phan Ihuong Ia
16%. Vay gIa rua moI 6o phan Ihuong ?
6o phIau k duor ky vong suaI Iang Iruong
moI nam Ia 0%. MoI ro phan hang nam sa
nhan duor ro Iur Ia $8.Z4 . Th} Iruong yau
rau Iy suaI IoI nhuan rua ro phan Ihuong Ia
16%. Vay gIa rua moI
6o phan Ihuong
6o phan Ihuong ?
D
1
= $3.24 ( 1 + 0 ) = $3.24
P
AG
= D
1
/ ( k
e
- 0 ) = $3.24 / ( .15 - 0 )
= $21.60
D
D
1 1
=
$3.24
$3.24 ( 1 + 0 ) =
$3.24
$3.24
P
P
AG AG
=
D
D
1 1
/ (
k
k
e e
- 0 ) =
$3.24
$3.24 / (
.15
.15 - 0 )
=
$21.60
$21.60
30
D
0
(1+g
1
)
t
D
n
(1+g
2
)
t
Mo hnh tang trng hai giai oan
Mo hnh Iang Iruong haI gIaI doan, gIa su
rang ro Iur Ihuong sa Iang Iruong gIaI doan
dau Ia khong dau va gIaI doan Ihu haI Ia dau
Mo hnh Iang Iruong haI gIaI doan,
Mo hnh Iang Iruong haI gIaI doan, gIa su
rang ro Iur Ihuong sa Iang Iruong gIaI doan
dau Ia khong dau va gIaI doan Ihu haI Ia dau
(1 + k
e
)
t
(1 + k
e
)
t
P
0
=
t=1
n
t=n+1
+
31
D
0
(1+g
1
)
t
D
n+1
Luu y, gIaI doan Ihu Z rua Mo hnh Iang
Iruong haI gIaI doan gIa su rang ro Iur sa
Iang Iruong dau voI g
Z
. 6o Iha vIaI IaI rong
Ihur sau.
Luu y, gIaI doan Ihu Z rua
Mo hnh Iang
Mo hnh Iang
Iruong haI gIaI doan
Iruong haI gIaI doan gIa su rang ro Iur sa
Iang Iruong dau voI g
Z
. 6o Iha vIaI IaI rong
Ihur sau.
(1 + k
e
)
t
(k
e
- g
2
)
P
0
=
t=1
n
+
1
(1 + k
e
)
n
32
6o phIau F ky vong suaI Iang Iruong Ia
16% moI nam rho 8 nam IoI va 8% moI
nam sau do. MoI ro phan sa nhan duor
ro Iur Ia $8.Z4 vao ruoI nam IoI. Th}
Iruong ap dung IaI suaI rhIaI khau Ia
16% rho ro phIau F. Vay gIa ro phan
Ihuong sa Ia bao nhIau ?
6o phIau F ky vong suaI Iang Iruong Ia
16% moI nam rho 8 nam IoI va 8% moI
nam sau do. MoI ro phan sa nhan duor
ro Iur Ia $8.Z4 vao ruoI nam IoI. Th}
Iruong ap dung IaI suaI rhIaI khau Ia
16% rho ro phIau F. Vay gIa ro phan
Ihuong sa Ia bao nhIau ?
33
6o phIau F Iang Iruong Ihao Z gIaI doan. IaI
doaI 1, 16%nam , baI dau Iu nam Ihu 1 va rho 8
nam, sau do on d}nh o mur 8% . 6hung Ia sa
su dung mo hnh Z gIaI doan da }nh gIa.
6o phIau F Iang Iruong Ihao Z gIaI doan. IaI
doaI 1, 16%nam , baI dau Iu nam Ihu 1 va rho 8
nam, sau do on d}nh o mur 8% . 6hung Ia sa
su dung mo hnh Z gIaI doan da }nh gIa.
0 1 2 3 4 5 6
D
1
D
2
D
3
D
4
D
5
D
6
16% nam rho 8 nam 8% nam rho nhung nam sau do !
34
Luu y, rhung Ia ro Iha d}nh gIa gIaI doan
Z Ihao mo hnh Iang Iruong dau.
Luu y, rhung Ia ro Iha d}nh gIa gIaI doan
Z Ihao mo hnh Iang Iruong dau.
D
4
D
5
D
6
0 1 2 3 4 5 6
0 1 2 3
D
1
D
2
D
3
IaI doan 1
IaI doan 1
IaI doan Z
IaI doan Z
35
Luu y, rhung Ia ro Iha Ihay Iha IaI ra rar khoan ro Iur Iu
nam Ihu 4 bang gIa ro phIau o ruoI nam Ihu 8, F
8
!
Luu y, rhung Ia ro Iha Ihay Iha IaI ra rar khoan ro Iur Iu
nam Ihu 4 bang gIa ro phIau o ruoI nam Ihu 8, F
8
!
D
4
D
5
D
6
0 1 2 3 4 5 6
P
3
=
D
4
k-g
6o Iha su dung mo hnh nay v ro Iur
Iang Iruong dau moI nam Ia 8%.
8aI dau Iu 6h Ihu 8 hay h Ihu 4
36
8ay gIo rhung Ia ran Im ro Iur o 4 nam
dau, Iran ro so do Inh dong IIan ran IhIaI.
8ay gIo rhung Ia ran Im ro Iur o 4 nam
dau, Iran ro so do Inh dong IIan ran IhIaI.
0 1 2 3
D
1
D
2
D
3
P
3
0 1 2 3
D
4
k-g
P
3
=
37
Tnh ro Iur hang nam.
0
= $8.Z4 (6o Iur hIan dang duor rhI Ira)
D
1
=
0
(1+g
1
)
1
= $8.Z4(1.16)
1
=$3.76
D
2
=
0
(1+g
1
)
Z
= $8.Z4(1.16)
Z
=$4.36
D
3
=
0
(1+g
1
)
8
= $8.Z4(1.16)
8
=$5.06
D
4
=
8
(1+g
Z
)
1
= $6.06(1.08)
1
=$5.46
Tnh ro Iur hang nam.
0
= $8.Z4 (6o Iur hIan dang duor rhI Ira)
D
D
1
1
=
0
(1+g
1
)
1
= $8.Z4(1.16)
1
=
$3.76
$3.76
D
D
2
2
=
0
(1+g
1
)
Z
= $8.Z4(1.16)
Z
=
$4.36
$4.36
D
D
3
3
=
0
(1+g
1
)
8
= $8.Z4(1.16)
8
=
$5.06
$5.06
D
D
4
4
=
8
(1+g
Z
)
1
= $6.06(1.08)
1
=
$5.46
$5.46
38
8ay gIo, rhung Ia sa Inh gIa Ir}
hIan IaI rua dong IIan.
8ay gIo, rhung Ia sa Inh gIa Ir}
hIan IaI rua dong IIan.
0 1 2 3
3.76 4.36 5.06
78
0 1 2 3
5.46
.15-.08
$78 =
39
Mo hnh tang trng
nhieu giai oan
Mo hnh tang trng
Mo hnh tang trng
nhieu giai oan
nhieu giai oan
6hung Ia Inh gIa Ir} hIan IaI rua dong IIan.
FV(D
1
) = D
1
(FVIF
16%, 1
) = $3.76 (.870) = $3.27
FV(D
2
) = D
2
(FVIF
16%, Z
) = $4.36 (.766) = $3.30
FV(D
3
) = D
3
(FVIF
16%, 8
) = $5.06 (.668) = $3.33
P
3
= $5.46 l (.16 .08) = $78
FV(P
3
) = P
3
(FVIF
16%, 8
) = $78 (.668) = $51.32
6hung Ia Inh gIa Ir} hIan IaI rua dong IIan.
FV(
D
D
1 1
) =
D
D
1 1
(FVIF
16%, 1
) =
$3.76
$3.76 (.870) =
$
$
3.27
3.27
FV(
D
D
2 2
) =
D
D
2 2
(FVIF
16%, Z
) =
$4.36
$4.36 (.766) =
$
$
3.30
3.30
FV(
D
D
3 3
) =
D
D
3 3
(FVIF
16%, 8
) =
$5.06
$5.06 (.668) =
$
$
3.33
3.33
P
P
3 3
=
$5.46
$5.46 l (.16 .08) = $78
FV(
P
P
3 3
) =
P
P
3 3
(FVIF
16%, 8
) =
$78
$78 (.668) =
$
$
51.32
51.32
40
D
0
(1+.16)
t
D
4
Mo hnh tang trng
hai giai oan
Mo hnh tang trng
Mo hnh tang trng
hai giai oan
hai giai oan
6uoI rung, rhung Ia Inh noi gia bang rarh
Inh Iong gIa Ir} hIan IaI rua dong IIan.
6uoI rung, rhung Ia Inh
noi gia
noi gia bang rarh
Inh Iong gIa Ir} hIan IaI rua dong IIan.
(1 + .15)
t
(.15-.08)
P
0
=
t=1
3
+
1
(1+.15)
n
P
0
= $3.27 + $3.30 + $3.33 + $51.32
P = $61.22
P = $61.22
41
Tnh ty suat li nhuan
(Hoac li suat )
(Hoac li suat )
(Hoac li suat )
1. Xar d}nh dong IIan ky vong.
Z. Thay Iha hoI gIa bang Ih} gIa.
8. Tm Ty suat li nhuan yeu cau da
rhIaI khau dong IIan nham xar d}nh
Ih} gIa rua rhung khoan.
1. Xar d}nh dong IIan ky vong.
Z. Thay Iha hoI gIa bang Ih} gIa.
8. Tm
Ty suat li nhuan yeu cau
Ty suat li nhuan yeu cau da
rhIaI khau dong IIan
rhIaI khau dong IIan nham xar d}nh
Ih} gIa
Ih} gIa rua rhung khoan.
6ar buor Inh Iy suaI IoI nhuan
(hay IoI suaI) rua rhung khoan.
42
Tnh li suat cua trai phieu
Tnh IoI suaI rua IraI phIau
(YTM . YIaIdIoMaIurIIy)
Tnh IoI suaI rua IraI phIau
(YTM . YIaIdIoMaIurIIy)
P
0
=
n
n
t=1
(1 + k
d
)
t
I
= I (IF
4,k
d
,
n
n
) + MP
0
(IF
2,k
d
,
n
n
)
(1 + k
d
)
n n
+
FV
k
d
= YTM
43
0ng MInh muon xar d}nh YTM rua IraI
phIau rua rong Iy BW. BW phaI hanh IraI
phIau ro IaI suaI hang nam Ia 10% voI
IhoI han Ia 16 nam. Ia Ih} Iruong hIan
IaI rua IraI phIau nay Ia $1,250.
Vay YTM cua trai phieu nay la bao nhieu?
0ng MInh muon xar d}nh YTM rua IraI
phIau rua rong Iy BW. BW phaI hanh IraI
phIau ro IaI suaI hang nam Ia 10% voI
IhoI han Ia 16 nam. Ia Ih} Iruong hIan
IaI rua IraI phIau nay Ia
$1,250
$1,250.
44
Tnh th YTM (vi 9%)
Tnh th YTM (vi 9%)
Tnh th YTM (vi 9%)
$1,Z60
$1,Z60 = 100(IF
4, 9%,16
) + 1,000(IF
Z, 9%, 16
)
$1,Z60
$1,Z60 = 100(8.061) + 1,000(.Z76)
$1,Z60
$1,Z60 = 806.10 + Z76.00
=
$1,081.10
$1,081.10
| YTM qua rao
| YTM qua rao
!
!
]
]
45
Tnh th YTM (vi 7%)
Tnh th YTM (vi 7%)
Tnh th YTM (vi 7%)
$1,Z60
$1,Z60 = 100(IF
4, 7%,16
) + 1,000(IF
Z, 7%,16
)
$1,Z60
$1,Z60 = 100(9.108) + 1,000(.86Z)
$1,Z60
$1,Z60 = 910.80 + 86Z.00
=
$1,Z7Z.80
$1,Z7Z.80
| YTM qua Ihap
| YTM qua Ihap
!
!
]
]
46
.07 $1,Z78
.0Z I $1,Z60 $19Z
.09 $1,081
X $Z8
.0Z $19Z
Dung phng phap noi suy
e tnh YTM
e tnh YTM
e tnh YTM
$23
X
=
47
.07 $1,Z78
.0Z I $1,Z60 $19Z
.09 $1,081
X $Z8
.0Z $19Z
Tnh YTM
Tnh YTM
Tnh YTM
$23
X
=
48
.07 $1Z78
.0Z
YTM
YTM
$1Z60
$1Z60 $19Z
.09 $1081
($Z8)(0.0Z)
$19Z
Tnh YTM
Tnh YTM
Tnh YTM
$23
X
X = X = .0024
YTM
YTM = .07 + .0024 = .0724 hoar
7.24%
7.24%
49
Tnh YTM cho trai phieu tra
lai na nam
lai na nam
lai na nam
P
0
=
2
n
n
t=1
(1 + k
d
/2 )
t
I / 2
+
= (I/2)(PVIFA
k
d
/2
, 2
n
n
) + MV(PVIF
k
d
/2
, 2
n
n
)
FV
[ 1 + (k
d
/ 2) ]
2
-1 = YTM
Xar d}nh IoI suaI (YTM) rho nhung IoaI
IraI phIau Ira IaI nua nam 1 Ian voI IhoI
han Ia huu han.
Xar d}nh IoI suaI (YTM) rho nhung IoaI
IraI phIau Ira IaI nua nam 1 Ian voI IhoI
han Ia huu han.
(1 + k
d
/2 )
2
n n
50
lai na nam
lai na nam
lai na nam
0ng MInh muon xar d}nh IoI suaI rua IraI
phIau Ira IaI nua nam 1 Ian, ro IaI suaI
8% nam, IhoI han Z0 nam. Ia Ih} Iruong
hIan IaI rua IraI phIau Ia $950.
Vay li suat cua trai phieu ?
0ng MInh muon xar d}nh IoI suaI rua IraI
phIau Ira IaI nua nam 1 Ian, ro IaI suaI
8% nam, IhoI han Z0 nam. Ia Ih} Iruong
hIan IaI rua IraI phIau Ia
$950
$950.
51
lai na nam
lai na nam
lai na nam
[ 1 + (k
d
/ 2) ]
2
-1 = YTM
Tnh YTM rua IraI phIau Ira IaI nua nam
1 Ian, va ro IhoI han nhaI d}nh.
Tnh YTM rua IraI phIau Ira IaI nua nam
1 Ian, va ro IhoI han nhaI d}nh.
[ 1 + (.042626) ]
2
-1 = .0871 hoar 8.71%
52
lai na nam
lai na nam
lai na nam
[ 1 + (k
d
/ 2) ]
2
-1 = YTM
ky IhuaI nay sa dung da Inh k
d
. 8an
ro Iha su dung rong Ihur sau.
ky IhuaI nay sa dung da Inh k
d
. 8an
ro Iha su dung rong Ihur sau.
[ 1 + (.0852514/2) ]
2
-1 = .0871
hay 8.71% (KQ Iuong Iu)
53
Moi quan he gia
Th gia va li suat trai phieu
Moi quan he gia
Moi quan he gia
IsrounI 8ond Ty suaI IoI nhuan yau rau rua
Ih} Iruong Ion hon IaI suaI gor (FV
0
> F
0
).
Manh gIa > Th} gIa . Mua
FramIum 8ond LaI suaI gor rua IraI phIau
Ion hon Iy suaI IoI nhuan yau rau (F
0
> FV).
Manh gIa < Th} gIa . 8an
Far 8ond LaI suaI gor rua IraI phIau bang
voI Iy suaI IoI nhuan yau rau (F
0
= FV).
Manh gIa = Th} gIa . Iu
IsrounI 8ond
IsrounI 8ond Ty suaI IoI nhuan yau rau rua
Ih} Iruong Ion hon IaI suaI gor (FV
0
> F
0
).
Manh gIa > Th} gIa . Mua
FramIum 8ond
FramIum 8ond
LaI suaI gor rua IraI phIau

Ion hon Iy suaI IoI nhuan yau rau (F
0
> FV).
Manh gIa < Th} gIa . 8an
Far 8ond
Far 8ond
LaI suaI gor rua IraI phIau bang

voI Iy suaI IoI nhuan yau rau (F
0
= FV).
Manh gIa = Th} gIa . Iu
54
Moi quan he gia
Moi quan he gia
Moi quan he gia
LaI suaI gor
T8 IoI nhuan yau rau rua Ih} Iruong (%)
LaI suaI gor
LaI suaI gor
T8 IoI nhuan yau rau rua Ih} Iruong (%)
I
a

I
r
a
I

p
h
I
a
u

(
$
)
1000
Par
1600
1400
1200
600
0
0 2 4 6 8 10 10 12 14 16 18
5 Year
5 Year
15 Year
15 Year
55
Moi quan he gia
Moi quan he gia
Moi quan he gia
Ia su IraI phIau 16 nam ro IaI suaI gor
Ia 10% va Iy suaI IoI nhuan yau rau tang
Iu 10% Ian 1Z%. Iau g sa say ra rho
gIa IraI phIau?
Ia 10% va Iy suaI IoI nhuan yau rau
tang
tang
Iu 10% Ian 1Z%. Iau g sa say ra rho
gIa IraI phIau?
khI IaI suaI tang, Ih Iy suaI IoI nhuan yau
rau rung tang va gIa IraI phIau sa giam.
khI IaI suaI
tang
tang, Ih Iy suaI IoI nhuan yau
rau rung
tang
tang va gIa IraI phIau sa
giam
giam.
56
Moi quan he gia
Moi quan he gia
Moi quan he gia
lai suat goc
Ty suaI IoI nhuan yau rau rua Ih} Iruong (%)
lai suat goc
lai suat goc
I
a

I
r
a
I

p
h
I
a
u

(
$
)
1000
FV
1600
1400
1200
600
0
0 2 4 6 8 10 10 12 14 16 18
16 nam
16 nam
6 nam
6 nam
57
Moi quan he gia
Moi quan he gia
Moi quan he gia
Ia IraI phIau sa giam Iu $1,000 xuong
ron $864.
Ia IraI phIau sa
giam
giam Iu $1,000 xuong
ron $864.
Ty suaI IoI nhuan rua IraI phIau 16 nam ro
IaI suaI gor Ia 10%
tang
tang Iu 10% Ian
1Z%. Ia rua IraI phIau Ihay doI ?
58
Moi quan he gia
Moi quan he gia
Moi quan he gia
Ia 10% va Iy suaI IoI nhuan yau rau giam
Iu 10% Ian 8%. Iau g sa say ra rho gIa
IraI phIau?
Ia 10% va Iy suaI IoI nhuan yau rau
giam
giam
Iu 10% Ian 8%. Iau g sa say ra rho gIa
IraI phIau?
khI IaI suaI giam, Ih Iy suaI IoI nhuan yau
rau rung giam va gIa IraI phIau sa tang.
khI IaI suaI
giam
giam, Ih Iy suaI IoI nhuan yau
rau rung
giam
giam va gIa IraI phIau sa
tang
tang.
59
Moi quan he gia
Moi quan he gia
Moi quan he gia
Lai suat goc
Lai suat goc
Lai suat goc
I
a

I
r
a
I

p
h
I
a
u

(
$
)
1000
FV
1600
1400
1200
600
0
0 2 4 6 8 10 10 12 14 16 18
16 ham
16 ham
6 nam
6 nam
60
Moi quan he gia
Moi quan he gia
Moi quan he gia
Ia IraI phIau tang Iu $1,000 Ian $1,171. Ia IraI phIau
tang
tang Iu $1,000 Ian $1,171.
Ty suaI IoI nhuan rua IraI phIau 16
nam, IaI suaI gor 10%
giam
giam Iu 10%
xuong ron 8%.
61
Vai tro cua ky han trai phieu
Ia su Iy suaI IoI nhuan yau rau rua ra haI
IoaI IraI phIau 6 nam va 16 nam, ro IaI suaI
gor Ia 10% sa giam Iu 10% ron 8%. Ia
rua Z IraI phIau sa Ihay doI nhu Iha nao?
Ia su Iy suaI IoI nhuan yau rau rua ra haI
IoaI IraI phIau 6 nam va 16 nam, ro IaI suaI
gor Ia 10% sa
giam
giam Iu 10% ron 8%. Ia
rua Z IraI phIau sa Ihay doI nhu Iha nao?
ky han rua IraI phIau daI hon, Ih gIa IraI
phIau sa Ihay doI Ion hon khI ro su Ihay doI
rua Iy suaI IoI nhuan yau rau rua Ih} Iruong.
ky han rua IraI phIau daI hon, Ih gIa IraI
phIau sa Ihay doI Ion hon khI ro su Ihay doI
rua Iy suaI IoI nhuan yau rau rua Ih} Iruong.
62
Moi quan he gia
Moi quan he gia
Moi quan he gia
Lai suat goc
Lai suat goc
Lai suat goc
I
a

I
r
a
I

p
h
I
a
u

(
$
)
1000
Par
1600
1400
1200
600
0
0 2 4 6 8 10 10 12 14 16 18
16 ham
16 ham
6 hamr
6 hamr
63
Ia IraI phIau 6 nam tang Iu $1,000 Ian
$1,080 (+8.0%).
Ia IraI phIau 16 nam tang Iu $1,000 Ian
$1,171 (+17.1%). Nhanh hn gap 2 lan
Ia IraI phIau 6 nam
tang
tang Iu $1,000 Ian
$1,080 (+8.0%).
Ia IraI phIau 16 nam
tang
tang Iu $1,000 Ian
$1,171 (+17.1%).
Nhanh hn gap 2 lan
Nhanh hn gap 2 lan
Ty suaI IoI nhuan yau rau rua ra Z IraI
phIau 6 nam va 16 nam, IaI suaI gor
10% dau
giam
giam Iu 10% ron 8%.
64
Vai tro cua
lai suat goc cua trai phieu
Vai tro cua
Vai tro cua
khI Iy suaI IoI nhuan yau rau rua
Ih} Iruong Ihay doI Ih gIa rua IraI
phIau rung sa Ihay doI rung moI Iy
Ia, Ihap hon IaI suaI gor.
khI Iy suaI IoI nhuan yau rau rua
Ih} Iruong Ihay doI Ih gIa rua IraI
phIau rung sa Ihay doI rung moI Iy
Ia, Ihap hon IaI suaI gor.
65
V du:
V du:
V du:
Ia su Iy suaI IoI nhuan yau rau rua Ih}
Iruong rua Z IraI phIau rung IhoI han 16
nam Ia 10%. LaI suaI gor rua IraI phIau
h Ia 10% va IraI phIau L Ia 8%.
Vay suaI Ihay doI gIa rua moI IraI phIau
Ia bao nhIau khI suaI IoI nhuan yau rau
gIam ron 8%?
Ia su Iy suaI IoI nhuan yau rau rua Ih}
Iruong rua Z IraI phIau rung IhoI han 16
nam Ia 10%. LaI suaI gor rua IraI phIau
h Ia 10% va IraI phIau L Ia 8%.
Vay suaI Ihay doI gIa rua moI IraI phIau
Ia bao nhIau khI suaI IoI nhuan yau rau
gIam ron 8%?
66
Vai tro cua lai suat goc
Ia rua IraI phIau h sa Iang Iu 1,000 Ian
$1,171 (+17.1%).
Ia rua IraI phIau L sa Iang Iu $848 Ian
$1,000 (+17.9%).
Trai phieu nao tang nhanh hn!
Ia rua IraI phIau h sa Iang Iu 1,000 Ian
$1,171 (+17.1%).
Ia rua IraI phIau L sa Iang Iu $848 Ian
$1,000 (+17.9%).
Trai phieu nao tang nhanh hn
Trai phieu nao tang nhanh hn
!
!
Ia IraI phIau h va L Iruor khI IaI suaI yau rau
rua Ih} Iruong Ihay doI Ia $1,000 va $848.
67
Xac nh li suat cua
Co phan u ai
Xac nh li suat cua
Xac nh li suat cua
Co phan u ai
Co phan u ai
Xar d}nh IoI suaI rua ro phan uu daI vo
han bang rong Ihur sau.
F
0
=
F
l k
F
k
F
=
F
l F
0
Xar d}nh IoI suaI rua ro phan uu daI vo
han bang rong Ihur sau.
F
0
=
F
l k
F
k
F
=
F
l F
0
68
V du
V du
V du
k
F
= $10 l $100.
k
P
= 10%.
k
F
= $10 l $100.
k
k
P
P
=
10%
10%.
Gia so co toc oo dai bang nam coa moi
co pban oo dai Ia $10. Gia moi CF oo
dai dang dooc moa ban voi gia $100.
Vay Ioi soat coa CF oo dai Ia bao nbico !
Gia so co toc oo dai bang nam coa moi
co pban oo dai Ia $10. Gia moi CF oo
dai dang dooc moa ban voi gia $100.
Vay Ioi soat coa CF oo dai Ia bao nbico !
69
Xac nh ty suat li nhuan
cua co phan thng
cua co phan thng
cua co phan thng
Ia su mo hnh Iang Iruong dau duor ap
dung. 6ong Ihur xar d}nh Iy suaI IoI
nhuan rua ro phan Ihuong .
F
0
=
1
l ( k
a
g )
k
a
= (
1
l F
0
) + g
Ia su mo hnh Iang Iruong dau duor ap
dung. 6ong Ihur xar d}nh Iy suaI IoI
nhuan rua ro phan Ihuong .
F
0
=
1
l ( k
a
g )
k
a
= (
1
l F
0
) + g
70
V du
V du
V du
k
a
= ( $8 l $80 ) + 5%
k
e
= 15%
k
a
= ( $8 l $80 ) + 5%
k
k
e
e
=
15%
15%
Ga so co toc ky vong (D
1
) coa moi co
pban tboong Ia $3. Moi co pban tboong
dang dooc moa ban voi gia $30 va ky
vong soat tang troong Ia 5%. Vay TS Ioi
nboan coa CFT Ia bao nbico!
Ga so co toc ky vong (D
1
) coa moi co
pban tboong Ia $3. Moi co pban tboong
dang dooc moa ban voi gia $30 va ky
vong soat tang troong Ia 5%. Vay TS Ioi
nboan coa CFT Ia bao nbico!

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Chuyên đề định giá chứng khoán

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1

Ia Ir} hoaI dong

Ia Ir} khanh Ian

8uaI rhIaI khau

LaI suaI gor (h)

LaI suaI gor rua IraI phIau

LaI suaI gor rua IraI phIau bang

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