Chung khoan giam gia, khong chi nha dau tu ma cac cong ty co dau tu tai chinh cung bi... met-anh: THANH daM

Trong thang 4-2008, cac cong ty phai cong bo ket qua kinh doanh qui 1-2008. Nhieu bao cao tai chinh kha u am nhung nha dau tu khong bat ngo vi ho da luong truoc nhung khoan thua lo nay. Tu nhung khoan thua lo do dau tu trai nganh nay, dai hoi co dong cua nhieu cong ty da dinh huong lai, tap trung nhieu hon cho nganh nghe chinh.

Nhom Cong ty REE lo hon 106 ti dong

Theo ket qua kinh doanh hop nhat cua nhom Cong ty co phan Co dien lanh (REE), qui 1-2008 nhom dat doanh thu 275,26 ti dong, bang 149,06% so voi cung ky nam ngoai nhung lai bi lo 106,15 ti dong. Nguyen nhan la do phai trich lap du phong tai chinh cho cac CK ma cong ty da mua nay co gia thi truong giam so voi gia dang hach toan tren so sach tai thoi diem 31-3-2008.

Theo ke hoach nam 2008, nhom Cong ty REE phai dat doanh thu 1.100 ti dong va loi nhuan truoc thue toi thieu la 390 ti dong.

Nhom REE bao gom Cong ty co phan Co dien lanh - cong ty me va cac cong ty thanh vien: Cong ty co phan dich vu va ky thuat co dien lanh REE (do REE so huu 99,994% von), Cong ty co phan Vinh Thinh (REE so huu 97,11%), Cong ty TNHH quan ly va khai thac bat dong san REE (100% von cua REE), Cong ty co phan dien may REE (REE so huu 99,9925% von), Cong ty co phan bat dong san REE (REE so huu 90%).

REE da chi ra tren 1.377 ti dong de dau tu CK, gia cua cac CK nay tinh den thoi diem 31-3-2008 la 1.719 ti dong, nhu vay van lai 341 ti dong (da trich du phong tai chinh). Tuy nhien, trong so CK da mua, co CK "chenh lech duong", co CK "chenh lech am". de dam bao tinh tuan thu va nhat quan trong quan tri hach toan ke toan, REE da trich lap du phong tai chinh cho nhung CK bi giam gia. Tong so tien REE da dau tu cho so CK giam gia nay la tren 465 ti dong, tai thoi diem 31-3, gia cua so CK nay chi con hon 305 ti dong va so tien phai trich du phong tai chinh la 160,86 ti dong. Tu do day ket qua kinh doanh cua ca nhom REE roi vao so lo 106,15 ti dong.

Truoc do trong thang 2-2008, nhom REE con cong bo lai truoc thue tren 20 ti dong, dua loi nhuan cua ca nhom trong hai thang dau nam dat 37,61 ti dong. Nhu vay, khoan lo tu dau tu CK da thoi bay tien lai tu cac hoat dong san xuat kinh doanh truyen thong cua REE.

Co dong cung lo dau tu trai nghe

Khong chi voi dau tu tai chinh, co dong cua cac cong ty co phan cung lo ngai truoc viec cac cong ty nay dau tu trai nganh nghe, chu yeu la bat dong san. Tai dai hoi co dong cua Cong ty co phan Cap - vat lieu vien thong (Sacom), co dong neu ban khoan khi Sacom dau tu vao bat dong san, lam san golf. Sacom cung dau tu tai chinh nhung thong qua cac qui.

Lanh dao Sacom cho rang vi san pham chinh cua Sacom la day dong sap bao hoa, vi vay phai da dang hoa nganh nghe. Nam 2008, Sacom se thuc hien bon du an: cao oc van phong TP.HCM von 265,5 ti dong (Sacom chiem 95% von); du an san golf - resort tai da Lat (Sacom chiem 55% von dieu le); du an Nhon Trach, lap Cong ty co phan bat dong san Sacom (Sacom chiem 55% von); gop von thanh lap Cong ty co phan dau tu Khu cong nghiep Nam dinh Vu, Hai Phong.

Rat nhieu cong ty niem yet tren san CK dang la chu dau tu nhung du an cao oc van phong, nha o, can ho, khu cong nghiep... Thi truong bat dong san dang tram lang, chua the khoi dong lai ngay, vi vay kha nang nhung khoan dau tu nay se bi "trum men" hoac dong bang la rat lon.

Vi sao phai trich du phong tai chinh?

Do gia CK bien dong lien tuc nen cong ty co dau tu tai chinh loi hay lo khi cong ty ban CK. Trong thoi gian chua ban CK, neu gia CK giam thi cong ty do phai trich du phong tai chinh doi ung voi khoan giam gia. Vi du cong ty A mua CK B gia 50.000 dong/CK, o thoi diem cuoi qui 1-2008 gia chi con 30.000 dong/CK thi phai trich du phong tai chinh 20.000 dong. Vi CK chua duoc ban ra nen day chi la khoan trich tam thoi. Neu gia CK tang lai cao hon gia da mua thi cong ty lai. Neu gia giam them thi phai trich them, truong hop cong ty ban CK thap hon gia da mua thi bi coi la khoan ton that.

Hien chi co nhung cong ty niem yet co phieu tren san CK moi thuc hien nghiem viec trich du phong tai chinh va hang qui phai cong bo ket qua kinh doanh cho nha dau tu biet.

Voi cac cong ty chua niem yet, nhieu cong ty chua voi trich du phong tai chinh trong tung qui, thuong de den cuoi nam. Cac cong ty nay cung it cong bo ket qua kinh doanh cua tung qui, vi the co dong kho co the biet duoc "suc khoe" cua cong ty. Vi vay, nha dau tu nen tim hieu hoat dong dau tu tai chinh cua cac cong ty, danh muc CK cong ty dau tu, so sanh gia thoi diem mua voi gia hien tai...