EPS v nhng iu cn lm r

EPS (thu nhp trn mi c phiu) l mt trong nhng ch tiu c s dng thng xuyn nht
i vi cc NT v c nh hng ln i vi gi c phiu cng ty. Tuy nhin, chun mc k ton
Vit Nam v cc hng dn v EPS vn cha y , vic trin khai thc hin cn mt s bt
cp. Kt qu l NT nhn c bo co ti chnh vi EPS khng chnh xc v khng y . Tc
gi Trn Xun Nam dnh cho TCK bi vit ny nhm phn tch nhng bt cp , gip bn
c, cc nh lm chun mc k ton Vit Nam c ci nhn chnh xc v y hn v EPS.
Tm quan trng ca EPS
EPS l mt trong nhng ch tiu c trch dn thng xuyn nht trong phn tch ti chnh v ch s P/E
c s dng rng ri nh mt tiu chun so snh cho cc quyt nh u t. Do vy, vic tnh ton v
trnh by EPS c th nh hng quan trng n gi c phiu ca cng ty. EPS cn c dng nh mt
cng c nh gi vic thc hin ca ban iu hnh cng ty. Tin thng ca HQT, ban iu hnh
c th trn c s s tng trng EPS. Bi vy, n to mt sc p rt ln i vi ban iu hnh cng ty
trong vic tng trng EPS. Ban iu hnh c th c tnh to mt kt qu EPS c li hn cho mnh v
cng ty. Khi nghin cu v EPS cn lu , mc tiu chnh ca EPS l nh gi kt qu thc hin ca
mt cng ty v n c bit quan trng so snh kt qu ca mt cng ty qua cc k khc nhau v so
snh vic thc hin ca vn ch s hu ca cng ty vi cng ty khc.
Cch tnh EPS c bn
Theo Chun mc k ton Vit Nam VAS 30 v Chun mc k ton quc t IAS 33, EPS c bn c
tnh bng cch chia tng li (l) thun thuc cc c ng ph thng cho s bnh qun gia quyn c phiu
ph thng lu hnh trong k.
Theo Thng t s 21/2006/TT-BTC hng dn Chun mc VAS 30, tng s li thun phn b cho cc
c ng ph thng l li (l) thun sau thu thu nhp doanh nghip tr i cc s iu chnh gim l c
tc ca c phiu u i v cng thm cc khon iu chnh tng lin quan n khon chnh lch mua c
phiu u i.
Thng t 21 khng cp n vic phi iu chnh gim cc khon li khng dnh cho c ng ph
thng nh qu khen thng khch hng, qu thng cho HQT, c bit l qu khen thng phc li
dnh cho nhn vin. Nhng khon ny, theo chun mc k ton quc t, c ghi nhn l cc khon chi
ph tr ra khi li dnh cho c ng. Sau mt nm hot ng c li, cc cng ty thng dnh 5 - 15%,
thm ch 20% tng s li thun sau thu chi cho nhn vin di hnh thc chia cho qu khen thng,
phc li.
Ring qu d phng ti chnh, hin nay, Lut Doanh nghip khng quy nh c th v mc trch lp qu
ny trong cc CTCP ni chung, nhng nhiu loi hnh DN vn thc hin trch lp qu ny nh mt cch
gp phn iu tit thu nhp ca DN. y l qu thuc s hu ca cc c ng ph thng v khng
phi loi tr ra khi li khi tnh EPS.
Trng hp gp, chia tch v thng c phiu, theo Thng t 21, s khng c bt c mt s tng, gim
v dng tin hay ti sn v ngun vn i vi cng ty. Bi vy, trong nhng s kin th c phiu gp,
chia tch, thng d pht sinh bt c thi im no trong k cng phi c tnh vo ngy u tin ca
nm bo co. ng thi, iu chnh tng ng cho s c phiu ca nhng nm trc c tnh so snh
gia cc nm. Thng t 21 khng cp n vic chia c tc bng c phiu, nhng bn cht ca vic
chia c tc bng c phiu cng ging nh thng c phiu, iu ny c ghi rt r trong chun mc k
ton quc t. Do , hng dn k ton Vit Nam nn b sung vic chia c tc bng c phiu vic
thc hin ti cc cng ty c d dng hn.
V d, cng ty A c 10 triu c phiu, ngy 30/6/2008 cng ty quyt nh chia c tc bng c phiu vi t
l 20% (100 CP hin hu c chia 20 CP mi). Tng s li ca cng ty nm 2008 v 2007 tng ng

l 40 t ng v 34 t ng. K k ton t ngy 1/1 n 31/12 hng nm. EPS nm 2008 v EPS tng
ng nm 2007 s l 3.333 ng v 2.833 ng (xem bng).
Ghi ch: * Mc d thng hay chia c tc bng c phiu c thc hin ngy 30/6/2008, nhng khi lp
bo co ti chnh nm 2008, cng ty s phi tnh s c phiu tng thm ngay t ngy u nm 1/1/2008.
Nu lp bo co qu II/2008, tnh EPS ca 4 qu gn nht cho n ngy 30/6/2008 th s c phiu tng
thm ny c tnh t ngy 1/7/2007.
** Trong bo co ti chnh nm 2008, thy c xu hng EPS qua cc nm, chng ta phi iu
chnh li EPS nm 2007 v cc nm trc bng cch tng s c phiu thng ca nm 2008 vo c
nm 2007 v cc nm trc . Nu khng iu chnh s 2 triu c phiu thng cho nm 2007, th EPS
gc 2007 l 3.400 ng, cao hn so vi nm 2008, s khng phn nh ng xu hng EPS.
Pht hnh quyn mua (rights issue)
l pht hnh quyn mua c phiu mi cho cc c ng hin hu vi gi thp hn gi th trng hin
ti. Do vy, y bao gm mt yu t thng. tnh EPS khi pht hnh quyn mua, u tin chng
ta cn tnh gi quyn mua l thuyt.
V d: Cng ty HAP c 3.850.250 CP ang lu hnh t u nm 2006. Ngy 16/6/2006, HAP pht hnh
thm 1.925.125 CP (2 CP hin hu c quyn mua 1 CP mi) vi gi 25.000 ng/CP. Gi c phiu
ngy cui cng cht danh sch pht hnh ngy 15/6/2006 l 55.000 ng/CP. Yu cu tnh: 1) Gi l
thuyt quyn mua 1 CP? 2) EPS nm 2006? Bit rng, li thun sau thu nm 2006 l 16 t ng. 3)
Tnh EPS iu chnh cho nm 2005 v 2004? Bit rng, li thun nm 2005 l 14,58 t ng v EPS gc
nm 2004 l 4.492 ng.
Li gii:
1. Gi l thuyt quyn mua 1 CP:
- Trc khi pht hnh: 2 CP x 55.000 = 110.000 ng.
- Pht hnh quyn mua: 1 CP x 25.000 = 25.000 ng.
- Gi tr l thuyt ca 3 CP = 110.000 + 25.000 = 135.000 ng.
- Gi quyn mua l thuyt mi c phiu bnh qun = 135.000/3 = 45.000 ng.
2. Tnh EPS cho nm 2006:
- S c phiu trc ngy pht hnh quyn mua l 3.850.250 CP s c nhn vi t l gia gi th
trng ngy cui cng trc khi pht hnh (55.000 ng/CP) v gi l thuyt quyn mua (45.000
ng/CP).
- S c phiu bnh qun ca c nm c tnh theo 2 giai on: giai on 1, t 1/1 - 15/6/2006, tc 5,5
thng: 3.850.250 CP x 5,5/12 thng x 55/45 = 2.156.853 CP; giai on 2, t 15/6 - 31/12/2006, tc 6,5
thng: (3.850.250 + 1.925.125) x 6,5/12 thng = 3.128.328 CP. Vy, s c phiu lu hnh bnh qun
trong nm = 5.285.181 CP.
- EPS nm 2006 = 16 t ng/5.285.181 CP = 3.027 ng.
Lu , nu tnh theo quy nh hin hnh, s c phiu giai on 1 khng iu chnh nhn vi h s thng
55/45. Do , s c phiu giai on 1 ch l: 3.850.250 x 5,5/12 thng = 1.764.698 CP, nn s c phiu
bnh qun nm 2006 s l: 1.764.698 + 3.128.328 = 4.893.026 CP. V vy, EPS 2006 tnh theo cch
khng iu chnh h s thng s l: 6 t ng/4.893.026 = 3.270 ng.
3. Tnh EPS iu chnh cho nm 2005 v nm 2004:
- EPS iu chnh = EPS gc x (Gi quyn mua l thuyt/Gi th trng ngy cui trc khi pht hnh
mi).
- EPS gc nm 2005 = 14,58 t ng/3.850.250 = 3.787 ng.
- EPS iu chnh nm 2005 = 3.787 ng x 45/55 = 3.098 ng.
- EPS iu chnh nm 2004 = 4.492 ng x 45/55 = 3.675 ng.
Cch tnh EPS c bn khi pht hnh c phiu thng (n v: triu)

2008

2007

Li thun sau thu (t

ng)

40

34

S c phiu u k
(ngy 1/1)

10

10

C phiu thng

2*

2**

S c phiu lu hnh
bnh qun

12

12

3.333

2.833

EPS c bn (ng)

(Ngun TCK13/07/2008)

Hng dn tnh ch tiu li trn c phiu (EPS)

16/12/2012 06:52:53
Hin nay, B Ti chnh ban hnh Quyt nh s 100/2005/Q-BTC ngy 28/12/2005 v Thng t
s 21/2006/TT-BTC ngy 20/3/2006 hng dn v Chun mc k ton s 30: Li trn c phiu.
Theo quy nh mi ny, ch tiu li (thu nhp) trn c phiu s c phn nh hp l hn trong
cc trng hp c bin ng s lng c phiu lu hnh trong nm. Bi vit sau y s trnh
by cc quy c ca TTGDCK Tp.HCM trong vic tnh ch tiu li trn c phiu cho cc cng ty
hin ang nim yt trn TTGDCK TP.HCM.

Quy nh chung ca Chun mc k ton s 30:

Theo cc qui nh ca Chun mc k ton Vit Nam s 30, li trn c phiu bao gm 2 ch
tiu: Li c bn trn c phiu v Li suy gim trn c phiu. Ch tiu li suy gim trn c
phiu c tnh n s lng cc cng c c th chuyn thnh c phiu nh tri phiu chuyn i,
quyn chnv s c B Ti chnh hng dn sau khi Lut Chng khon c thng qua.
Hin ti doanh nghip ch phi bo co ch tiu Li c bn trn c phiu. Trong trng hp
doanh nghip c lp c bo co ring v bo co hp nht th ch phi trnh by thng tin ny
trn bo co hp nht, khng nht thit phi tnh ring cho tng cng ty con.
Cng thc chung:
I.

Li c bn
trn c
phiu

Li nhun (l) phn b cho c ng s hu c phiu ph thng

S bnh qun gia quyn ca c phiu ang lu hnh trong k

Doanh nghip cn lu phn bit gia s lng c phiu ang lu hnh, s c phiu c
pht hnh v c phiu c php nim yt. S lng c phiu dng tnh ton ch tiu li c bn
trn c phiu l c phiu ang lu hnh, ngha l s c phiu thc t ang nm gi bi cc c
ng (k c cc c ng b hn ch giao dch nh c ng nh nc, c ng sng lp, thnh

vin HQT,...) v khng bao gm s c phiu do chnh doanh nghip nm gi (c phiu qu)
hoc c php pht hnh nhng cha pht hnh.
II. Cc quy c ca Trung tm Giao dch Chng khon Tp.HCM
Mc d Chun mc k ton s 30 cng nh cc ti liu hng dn chun mc c a ra cc
v d c th cho vic tnh ton ch s EPS cho cc cng ty c phn, tuy nhin vn cn mt s
trng hp c pht sinh trn thc t nhng cha c qui nh (v d nh pht hnh quyn mua
c phiu vi gi u i cho c ng hin hu tng vn c phn). Hn na cc thi im thc
hin ghi nhn c phiu tng/ gim vn cha c qui nh c th. Do vy, thng nht v thun
tin cho cc cng ty nim yt trong qu trnh tnh ton, chng ti c mt s quy c da trn
hng dn ca Chun mc k ton Vit Nam s 30 v Chun mc k ton quc t IAS 33
tnh s lng c phiu lu hnh bnh qun trong nm nh sau:
1. Tng s ngy trong nm l s ngy thc t theo lch, bao gm c ngy l v ngy ngh.
2. Trng hp cng ty thc hin mua li c phiu trn th trng lm c phiu qu/ bn c
phiu qu: ngy ghi nhn s c phiu lu hnh gim/ tng thm l ngy kt thc t mua/
bn .
S lng c phiu lu hnh bnh qun trong nm c tnh nh sau:
S lng
c phiu
bnh qun
lu hnh
trong k

S
c phiu
u k

S ngy t u k
n khi kt thc
t mua/ bn CPQ

S c phiu lu
+
hnh sau khi thc
hin mua/ bn
CPQ
Tng s ngy trong k

S ngy t khi kt
thc t mua/ bn
CPQ cho n cui k

3. Trng hp cng ty thc hin pht hnh ring l cho i tc chin lc/ cn b cng nhn
vin: ngy ghi nhn s c phiu lu hnh tng thm l ngy lng c phiu ny chnh thc
c giao dch trn TTGDCK.
S lng c phiu lu hnh bnh qun trong nm c tnh nh sau:
S lng
c phiu
bnh qun
lu hnh
trong k

S
c
phiu
u k

S ngy t u k
n khi c phiu pht
hnh ring l c
chnh thc giao dch

S c phiu lu
hnh sau khi thc
hin pht hnh
ring l

S ngy t khi c
phiu pht hnh
ring l c giao
dch cho n cui
k

Tng s ngy trong k

4. Trng hp tr c tc bng c phiu/ c phiu thng: s c phiu lu hnh trong k c

iu chnh qua 2 giai on:
+ iu chnh hi t: tt c cc s kin xy ra trc ngy giao dch khng hng quyn nhn
c tc bng c phiu/ c phiu thng (XR) phi c iu chnh theo h s tng ng vi
t l tr c tc hoc thng c phiu.
H s iu
chnh

Tng s lng c phiu sau khi tr c tc/ thng c phiu

Tng s lng c phiu trc khi tr c tc/ thng c phiu

+ iu chnh tng s lng c phiu: s lng c phiu tng thm do tr c tc/ c phiu
thng c cng vo s c phiu lu hnh k t ngy lng c phiu ny chnh thc c
giao dch.
5. Trng hp pht hnh quyn mua c phiu vi gi u i cho c ng hin hu: s c phiu
lu hnh trong k c iu chnh qua 2 giai on:
+ T ngy giao dch khng hng quyn mua (XR) n khi c phiu pht hnh thm chnh
thc c giao dch: s lng c phiu lu hnh phi c iu chnh theo h s gi gia gi
ng ca trc ngy XR v gi tham chiu ca ngy XR. Trng hp cng ty va thc hin
tr c tc v cht quyn mua cng mt ngy th gi ng ca ca ngy trc ngy XR phi
c tr i cho lng c tc bng tin mt c ng c nhn.
H s
gi

Gi tham
chiu
ngy XR

Gi ng ca ca ngy giao dch trc ngy XR c tc tin mt (nu c)

Gi tham chiu ca ngy XR

Gi ng ca trc ngy XR x KL c phiu c nhn quyn mua + Gi pht hnh x KL

c phiu pht hnh thm
Tng khi lng c phiu sau khi pht hnh

+ iu chnh tng s lng c phiu: s lng c phiu tng thm do c ng hin hu thc
hin quyn mua c cng vo s c phiu lu hnh k t ngy lng c phiu ny chnh
thc c giao dch.
Trng hp vic pht hnh quyn c thc hin ko di trong 2 nm (cht ngy hng
quyn trong nm trc v lng c phiu pht hnh thm chnh thc giao dch vo nm sau):
s lng c phiu lu hnh u k ca nm sau cng phi c iu chnh cho h s gi nh
trn.
6. Trng hp tch/ gp c phiu: ngy ghi nhn c phiu lu hnh tng/ gim l ngy c phiu
c giao dch tr li sau khi tch/ gp. Tt c cc s kin xy ra trc ngy ny u phi
iu chnh theo t l tch/ gp c phiu.
T l tch/
gp c
phiu

S lng c phiu sau khi tch/ gp

S lng c phiu trc khi tch/ gp

III. Cc v d v EPS theo cch tnh mi i vi cc cng ty nim yt trn TTGDCK

Tp.HCM
Sau y l cc v d t cc s kin in hnh ca cc cng ty nim yt trn TTGDCK
Tp.HCM trong nm 2005:

Cng ty Transimex Si gn:

Ngy

S kin

S lng c
phiu (c
phiu) (A)

01/01 u k
3.300.000
28/06 Giao dch khng hng quyn mua 3.300.000
c phiu pht hnh thm cho c
ng hin hu, t l 10:3, gi pht
hnh 20.000/cp. Gi ng ca
trc ngy XR 33.900/cp. Gi
tham chiu vo ngy XR l
30.692/cp => h s iu chnh:
33.900/ 30.692 = 1,1045
09/09 Giao dch c phiu pht hnh thm 4.290.000
cho c ng hin hu
31/12 Cui k
4.290.000
Tng cng
S c phiu bnh qun trong nm
- Li nhun sau thu nm 2005: 17.453.764.030
- S c phiu bnh qun trong nm: 3.678.183
- EPS = 17.453.764.030 / 3.678.183 = 4.745 /cp
Cng ty REE
Ngy

S kin

S lng c
phiu (c
phiu) (A)

01/01 u k
22.500.000
24/02 Giao dch khng hng quyn nhn 22.500.000
c tc bng tin mt l 150/cp v
bng c phiu tng ng vi t l
gn ng l 100:3. Gi ng ca
trc ngy XR 24.100/cp, gi tham
chiu 23.252. H s iu chnh
(24.100-150)/ 23.252 = 1,03
31/03 Giao dch 674.274 cp tr c tc
23.174.274
19/10 Giao dch 5.000.000 c phiu pht 28.174.274
hnh cho c ng chin lc
31/12 Cui k
28.174.274
Tng cng
S c phiu bnh qun trong nm
- Li nhun sau thu nm 2005: 67.849.835.000
- C tc u i cho c phiu ESOP: 112.922.600

H s
iu
chnh
(B)

1,1045

H s
iu
chnh
(B)

1,03

Trng
s thi
gian
(C = s
ngy)
178
73

S c phiu
iu chnh
(D = A x B x
C)
587.400.000
266.076.767

114

489.060.000

365

1.342.536.767
3.678.183

Trng
s thi
gian
(C = s
ngy)
54
35

S c phiu
iu chnh
(D = A x B x
C)
1.215.000.000
811.125.000

202
74

4.681.203.348
2.084.896.276

365

8.792.224.624
24.088.287

- S c phiu bnh qun trong nm: 24.088.287 cp

- EPS = (67.849.835.000 - 112.922.600)/ 24.088.287 = 2.812 /cp
Cng ty Ha An

Ngy

S kin

S lng
c phiu
(c phiu)
(A)
3.428.124
3.500.000

H s
iu
chnh
(B)
1,1
1,1

Trng s
thi gian
(C = s
ngy)
256
54

S c phiu
iu chnh
(D = A x B x C)

u k
965.359.718
Kt thc t bn 71.876 c
207.900.000
phiu qu
06/10 Giao dch khng hng quyn
nhn c phiu thng, t l 10:1
=> khi lng ang lu hnh
ca cc s kin khc trong nm
c iu chnh theo h s
11/10 = 1,1
7/11
Giao dch 349.962 c phiu 3.849.962
55
211.747.910
thng
31/12 Cui k
3.849.962
Tng cng
365
1.385.007.628
S c phiu bnh qun trong
3.794.541
nm
- Li nhun sau thu nm 2005: 36.515.586.209
- S c phiu bnh qun trong nm: 3.794.541 cp
- EPS = 36.515.586.209 / 3.794.541 = 9.623 / cp
Trn y l cc v d in hnh t thc t ca cc cng ty nim yt trn TTGDCK Tp.HCM.
to thun li cho nh u t trong vic cp nht cc ch s lin quan n ch tiu li trn c
phiu (EPS), Bn tin Th trng Chng khon s thc hin tnh ton ch tiu EPS cho 4 qu gn
nht theo ng cc qui c nu trn. Rt mong nhn c s quan tm theo di v gp ca
Qu v c gi.
01/01
14/09