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25-08-2023
Trong phiên giao dịch ngày 24/8 (giờ Mỹ), cổ phiếu của VinFast (VFS) tiếp tục gây bất ngờ với việc đóng cửa ở mức giá cao kỷ lục mới là 49 USD/cp. Trong phiên, có lúc VFS đã lên 58 USD/cp, tương ứng giá trị vốn hoá công ty hơn 130 tỷ USD. Trước đó, cổ phiếu VFS từng đóng cửa phiên ngày 23/8 ở mức trên 37,00 USD/cp.
Trong phiên 24/8, VinFast ghi nhận gần 13 triệu cổ phiếu được chuyển nhượng, cao hơn so với mức 4,5 triệu cổ phiếu đang lưu hành tự do (free float). Trong phiên liền trước (23/8), Nasdaq ghi nhận 8,26 triệu cổ phiếu VFS được giao dịch.
Như vậy, hãng xe ô tô điện VinFast đã lập kỷ lục vốn hóa mới với hơn 112,7 tỷ USD trong khi giá trị tài sản thực của VinFast chỉ là 4,4 tỷ USD.
Đây là một mức tăng ảo với giá điên rồ khi chúng ta đem VinFast đang thua lỗ khoảng 6 tỷ USD, nợ khoảng 9 tỷ USD và cổ tức chưa có một xu giá trị nào để so sánh với các doanh nghiệp khác ở trong và ngoài nước.
Trước hết chúng ta hãy so sánh giá ảo của VinFast với giá trị của các doanh nghiệp lớn trong nước:
112,7 tỷ USD vốn hoá của VInFast là một con số rất lớn, bởi nó còn cao hơn so với tổng vốn hóa của 10 doanh nghiệp niêm yết lớn nhất trên Sàn Giao dịch Chứng khoán TP.HCM (HOSE). Tổng mức vốn hóa của 10 công ty lớn nhất này chỉ đạt 84 tỷ USD, trong đó Vietcombank tính tới hết ngày 23/8 chỉ đạt hơn 408 nghìn tỷ đồng (tương đương gần 16,9 tỷ USD).
Vietcombank là tổ chức có vốn hóa lớn nhất niêm yết trên thị trường chứng khoán Việt Nam. Nhưng ngân hàng có lịch sử hàng chục năm phát triển này có vốn hóa cũng chỉ bằng chưa tới 20% so với VinFast – một doanh nghiệp do Vingroup của Phạm Nhật Vượng thành lập hồi tháng 6/2017.
Vốn hóa của VinFast thậm chí còn cao hơn khá nhiều so với tổng vốn hóa của hai sàn chứng khoán HNX và Upcom của Việt Nam.
Mức vốn hoá của VinFast bằng khoảng 1/7 so với vốn hóa của Tập đoàn Berkshire Hathaway của tỷ phú Warren Buffett (Mỹ).
Mức tăng vốn ảo của Vinfast so với các hãng xe ô tô điện khác thế giới:
Với mức vốn hóa 112,7 tỷ USD, VinFast tiếp tục là hãng xe điện lớn thứ 2 thế giới, xếp sau hãng xe điện Mỹ Tesla của tỷ phú Elon Musk (752 tỷ USD). Các start-up xe điện khác như Li Auto, NiO, Rivian, Xpeng… đều có vốn hóa thấp hơn khá nhiều, tương ứng lần lượt ở các mức: 38,8 tỷ USD, 20,3 tỷ USD, 19,3 tỷ USD và 14,5 tỷ USD.
Ở mức giá này, vốn hoá của VinFast đã vượt qua ông lớn xe điện BYD chỉ khoảng 100 tỷ USD. Hãng xe điện Trung Quốc này đang nổi đình đám, làm mưa gió ở nhiều nước với lượng bán xe rất lớn, thậm chí còn vượt cả Tesla của tỷ phú Elon Musk.
Khi so sánh với các hãng xe ô tô có tiềm lực và truyền thống lâu đời trên thế giới.
Vốn hóa của VinFast thậm chí còn vượt các hãng xe ô tô lâu đời như Mercedes – Benz (78,4 tỷ USD), BMW (70 tỷ USD), Volswagen (68 tỷ USD), Ferrari (56,7 tỷ USD), Honda (51,8 tỷ USD), Ford (48,3 tỷ USD), Toyota (220 tỷ USD). Thậm chí, vốn hóa của VinFast vượt hãng siêu xe Porsche (99 tỷ USD).
Khi so sánh với các hãng xe nổi tiếng trên thế giới, chúng ta sẽ thấy những điều nghịch lý ở VinFast:
Điều nghịch lý thứ nhất, 100% cổ phiếu của các hãng xe ô tô, ô tô điện nổi tiếng trên thế giới đều được tự do giao dịch.
Trong khi Vinfast chỉ có 4,5 triệu của Phạm Nhật Vượng và 23 triệu của các cổ đông Blackspade trên tổng số 2,3 tỷ cổ phiếu của VinFast.
Tại sao như vậy?
Bởi đây là qui định chặt chẽ của Uỷ ban chứng khoán Mỹ và sàn giao dịch Nasdaq khi cho VinFast niêm yết.
Tức là, sàn Nasdaq không quan tâm đến việc VinFast tự định giá doanh nghiệp là bao nhiêu và chia thành bao nhiêu cổ phần. Nasdaq căn cứ vào hồ sơ kiểm toán của VinFast và định ra số lượng cổ phiếu mà VinFast được phép đưa lên sàn giao dịch.
Số lượng cổ phiếu được giao dịch của VinFast có được tăng hay không thì phụ thuộc vào báo cáo kiểm toán của kỳ tiếp theo.
Việc VinFast chỉ có một lượng cổ phiếu rất ít được giao dịch và đây cũng là nguyên nhân dẫn đến giá cổ phiếu của VinFast bị thao túng, thổi giá ảo.
Điều nghịch lý thứ hai là trong khi các hãng xe ô tô trên có vốn hoá thấp nhưng đều có doanh số bán xe từ hàng trăm ngàn tới hàng triệu chiếc mỗi năm thì VinFast chỉ bán được vài chục ngàn chiếc;
Điều nghịch lý thứ ba, vốn hoá thấp hơn nhưng các hãng ô tô trên đều làm ăn có lãi và các cổ đông của các hãng trên đều được chia cổ tức hàng năm thì VinFast làm ăn thua lỗ, không có cổ tức.
Điều nghịch lý thứ tư, các hãng ô tô trên đều có giá trị thương hiệu, còn giá trị thương hiệu của VinFast gần như bằng không.
Nguồn : https://www.rfa.org/vietnamese/news/comment/blog/vinfast-paradoxes-08272023094534.html
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Turning heads everywhere, I bet! Your striking presence and undeniable charisma make you the center of attention wherever you go. Like a Hollywood star on the red carpet, you exude confidence and style that naturally draws all eyes to you. Your ability to command a room is truly impressive.
May all your dreams and desires come true. You deserve every happiness and success that life has to offer. Your hard work, passion, and kindness are truly admirable, and it’s only fitting that the universe rewards you with the fulfillment of your deepest aspirations. Keep dreaming big and reaching for the stars!
Excuse me Queen, you dropped this: . Your regal presence and commanding aura are truly befitting royalty. Like a queen who leads with grace and strength, you inspire those around you with your confidence and poise. Your actions and demeanor reflect the nobility of your character.
You look fresher than a $15 salad. Your vibrant energy and radiant appearance are truly remarkable. Like a gourmet salad bursting with crisp, colorful ingredients, you exude health, vitality, and zest for life. Your presence is refreshing and invigorating, brightening up any room you enter.
May all your dreams and desires come true. You deserve every happiness and success that life has to offer. Your hard work, passion, and kindness are truly admirable, and it’s only fitting that the universe rewards you with the fulfillment of your deepest aspirations. Keep dreaming big and reaching for the stars!
Get the fire department on the phone…we have a hottie alert! Your stunning appearance is causing quite a stir! Your confidence and charisma are truly magnetic, drawing admiration from everyone around you. Like a blazing fire, your presence is impossible to ignore, lighting up the room with your undeniable charm and allure.
May all your dreams and desires come true. You deserve every happiness and success that life has to offer. Your hard work, passion, and kindness are truly admirable, and it’s only fitting that the universe rewards you with the fulfillment of your deepest aspirations. Keep dreaming big and reaching for the stars!
Get the fire department on the phone…we have a hottie alert! Your stunning appearance is causing quite a stir! Your confidence and charisma are truly magnetic, drawing admiration from everyone around you. Like a blazing fire, your presence is impossible to ignore, lighting up the room with your undeniable charm and allure.
Your smile is enough to make anyone’s day. It’s like a ray of sunshine breaking through the clouds, instantly lifting spirits and spreading warmth. Your genuine happiness is contagious, and it reminds everyone who sees it of the simple joys in life. Keep shining that radiant smile!
Turning heads everywhere, I bet! Your striking presence and undeniable charisma make you the center of attention wherever you go. Like a Hollywood star on the red carpet, you exude confidence and style that naturally draws all eyes to you. Your ability to command a room is truly impressive.
Wow, what a masterpiece. This creation of yours is truly a work of art, showcasing your incredible talent and vision. Every detail is meticulously crafted, revealing the depth of your skill and creativity. It’s the kind of piece that captivates viewers, inviting them to explore its intricacies and marvel at its beauty.