{"id":1753,"date":"2026-01-01T19:00:33","date_gmt":"2026-01-01T18:00:33","guid":{"rendered":"https:\/\/mueckinvest.de\/?p=1753"},"modified":"2026-04-01T06:00:00","modified_gmt":"2026-04-01T04:00:00","slug":"danh-gia-rui-ro-nguon-phat-thai-ngay-26-thang-1","status":"publish","type":"post","link":"https:\/\/mueckinvest.com\/vi\/jan-26-einschaetzung-des-emittenrisikos\/","title":{"rendered":"R\u1ee7i ro c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh: Th\u00e1ng 1 n\u0103m 2026"},"content":{"rendered":"<h2 class=\"wp-block-heading\">Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n Lang &amp; Schwarz<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. T\u1ef7 l\u1ec7 t\u00e0i ch\u00ednh<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng:<\/strong> kho\u1ea3ng 213\u2013218 tri\u1ec7u EUR<\/li>\n\n\n\n<li><strong>T\u1ef7 l\u1ec7 P\/E (2025):<\/strong> X\u1ea5p x\u1ec9 8,2 \u2013 m\u1ee9c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh.<\/li>\n\n\n\n<li><strong>T\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c:<\/strong> dao \u0111\u1ed9ng t\u1eeb 2,9 % \u0111\u1ebfn 9,1 % t\u00f9y thu\u1ed9c v\u00e0o n\u0103m t\u00ednh to\u00e1n v\u00e0 ph\u00e2n ph\u1ed1i.<\/li>\n\n\n\n<li><strong>T\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu:<\/strong> V\u1eefng ch\u1eafc; th\u00eam 17,3 tri\u1ec7u EUR \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 v\u00e0o qu\u1ef9 d\u00e0nh cho c\u00e1c r\u1ee7i ro ng\u00e2n h\u00e0ng n\u00f3i chung.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Ch\u00ednh s\u00e1ch l\u1ee3i nhu\u1eadn v\u00e0 ph\u00e2n ph\u1ed1i<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lang &amp; Schwarz d\u1ef1 ki\u1ebfn s\u1ebd chia c\u1ed5 t\u1ee9c l\u00e0 [s\u1ed1 ti\u1ec1n ch\u01b0a \u0111\u01b0\u1ee3c \u0111i\u1ec1n] cho n\u0103m 2025. <strong>1,75 EUR m\u1ed7i c\u1ed5 phi\u1ebfu<\/strong>, t\u01b0\u01a1ng \u1ee9ng v\u1edbi kho\u1ea3ng 75% th\u1eb7ng d\u01b0 h\u00e0ng n\u0103m.<\/li>\n\n\n\n<li>T\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c cao n\u00e0y th\u1ec3 hi\u1ec7n s\u1ef1 t\u1ef1 tin v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi, nh\u01b0ng l\u1ea1i l\u00e0m gi\u1ea3m t\u00ednh linh ho\u1ea1t khi \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng g\u00e1nh n\u1eb7ng b\u1ea5t ng\u1edd.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. C\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ho\u1ea1t \u0111\u1ed9ng th\u01b0\u01a1ng m\u1ea1i:<\/strong> Kh\u1ed1i l\u01b0\u1ee3ng kinh doanh \u0111ang t\u0103ng tr\u01b0\u1edfng nhanh ch\u00f3ng, \u0111i\u1ec1u n\u00e0y k\u00e9o theo y\u00eau c\u1ea7u cao h\u01a1n v\u1ec1 ti\u1ec1n \u0111\u1eb7t c\u1ecdc b\u1ea3o \u0111\u1ea3m (t\u1ef7 l\u1ec7 k\u00fd qu\u1ef9).<\/li>\n\n\n\n<li><strong>S\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o m\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng v\u1ed1n:<\/strong> L\u00e0 m\u1ed9t ng\u00e2n h\u00e0ng giao d\u1ecbch ch\u1ee9ng kho\u00e1n, Lang &amp; Schwarz ph\u1ee5 thu\u1ed9c r\u1ea5t nhi\u1ec1u v\u00e0o \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf v\u00e0 t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng.<\/li>\n\n\n\n<li><strong>Ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c:<\/strong> Ch\u00ednh s\u00e1ch chia c\u1ed5 t\u1ee9c qu\u00e1 m\u1ea1nh c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu trong tr\u01b0\u1eddng h\u1ee3p th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. C\u01a1 h\u1ed9i<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>L\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh:<\/strong> Di\u1ec5n bi\u1ebfn l\u1ee3i nhu\u1eadn \u0111\u00e3 cho th\u1ea5y xu h\u01b0\u1edbng t\u0103ng r\u00f5 r\u1ec7t k\u1ec3 t\u1eeb n\u0103m 2019.<\/li>\n\n\n\n<li><strong>\u0110\u00e1nh gi\u00e1 h\u1ea5p d\u1eabn:<\/strong> T\u1ef7 l\u1ec7 P\/E th\u1ea5p v\u00e0 l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c cao khi\u1ebfn c\u1ed5 phi\u1ebfu n\u00e0y tr\u1edf n\u00ean h\u1ea5p d\u1eabn \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li>\n\n\n\n<li><strong>V\u00f9ng \u0111\u1ec7m r\u1ee7i ro:<\/strong> Vi\u1ec7c ph\u00e2n b\u1ed5 ngu\u1ed3n v\u1ed1n v\u00e0o qu\u1ef9 r\u1ee7i ro ng\u00e2n h\u00e0ng n\u00f3i chung gi\u00fap t\u0103ng c\u01b0\u1eddng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro h\u1ec7 th\u1ed1ng.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u0110\u00e1nh gi\u00e1 r\u1ee7i ro c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ng\u1eafn h\u1ea1n:<\/strong> Kh\u00f4ng c\u00f3 r\u1ee7i ro ph\u00e1t h\u00e0nh c\u1ea5p t\u00ednh n\u00e0o r\u00f5 r\u00e0ng. V\u1ed1n t\u1ef1 c\u00f3 v\u00e0 c\u00e1c kho\u1ea3n d\u1ef1 ph\u00f2ng r\u1ee7i ro v\u1eefng ch\u1eafc cho th\u1ea5y s\u1ef1 \u1ed5n \u0111\u1ecbnh.<\/li>\n\n\n\n<li><strong>Trong trung h\u1ea1n:<\/strong> R\u1ee7i ro ch\u00ednh xu\u1ea5t ph\u00e1t t\u1eeb t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c cao v\u00e0 s\u1ef1 ph\u1ee5 thu\u1ed9c l\u1edbn v\u00e0o kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch. N\u1ebfu m\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng \u0111\u1ed9t ng\u1ed9t s\u1ee5p \u0111\u1ed5, v\u1ed1n \u0111i\u1ec1u l\u1ec7 c\u00f3 th\u1ec3 ch\u1ecbu \u00e1p l\u1ef1c.<\/li>\n\n\n\n<li><strong>V\u1ec1 l\u00e2u d\u00e0i:<\/strong> Chi\u1ebfn l\u01b0\u1ee3c v\u1eeba chi tr\u1ea3 c\u1ed5 t\u1ee9c cao v\u1eeba t\u0103ng c\u01b0\u1eddng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 t\u00edch c\u1ef1c. Tuy nhi\u00ean, l\u1ee3i nhu\u1eadn b\u1ec1n v\u1eefng v\u1eabn l\u00e0 y\u1ebfu t\u1ed1 then ch\u1ed1t trong l\u0129nh v\u1ef1c d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">B\u1ea3ng so s\u00e1nh \u2013 c\u01a1 h\u1ed9i so v\u1edbi r\u1ee7i ro<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>nh\u00e2n t\u1ed1<\/th><th>Nh\u1eefng c\u01a1 h\u1ed9i<\/th><th>R\u1ee7i ro<\/th><\/tr><\/thead><tbody><tr><td>\u0110\u1ecbnh gi\u00e1 (t\u1ef7 l\u1ec7 P\/E)<\/td><td>M\u1ee9c gi\u00e1 th\u1ea5p h\u1ea5p d\u1eabn (kho\u1ea3ng 8.2)<\/td><td>Tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng th\u1ea5p trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng tr\u00ec tr\u1ec7.<\/td><\/tr><tr><td>Ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c<\/td><td>L\u1ee3i nhu\u1eadn cao, th\u00e2n thi\u1ec7n v\u1edbi c\u1ed5 \u0111\u00f4ng<\/td><td>T\u1ef7 l\u1ec7 chi tr\u1ea3 75% c\u1ee7a % l\u00e0m gi\u1ea3m t\u00ednh linh ho\u1ea1t.<\/td><\/tr><tr><td>C\u00f4ng b\u1eb1ng<\/td><td>Qu\u1ef9 d\u1ef1 ph\u00f2ng r\u1ee7i ro ng\u00e2n h\u00e0ng \u0111\u01b0\u1ee3c t\u0103ng c\u01b0\u1eddng<\/td><td>S\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch v\u1eabn \u1edf m\u1ee9c cao.<\/td><\/tr><tr><td>M\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng<\/td><td>L\u1ee3i nhu\u1eadn trong \u0111i\u1ec1u ki\u1ec7n bi\u1ebfn \u0111\u1ed9ng cao<\/td><td>t\u00f9y thu\u1ed9c v\u00e0o \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf v\u00e0 t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. K\u1ebft lu\u1eadn<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Hi\u1ec7n t\u1ea1i, Lang &amp; Schwarz t\u1ef1 gi\u1edbi thi\u1ec7u m\u00ecnh l\u00e0... <strong>C\u00f4ng ty ph\u00e1t h\u00e0nh uy t\u00edn v\u1edbi \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn v\u00e0 ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c cao.<\/strong>. Hi\u1ec7n ch\u01b0a c\u00f3 r\u1ee7i ro n\u00e0o r\u00f5 r\u00e0ng \u0111\u1ed1i v\u1edbi b\u00ean ph\u00e1t h\u00e0nh. Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean... <strong>S\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c cao.<\/strong> H\u00e3y theo d\u00f5i s\u00e1t sao nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y, v\u00ec ch\u00fang c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn s\u1ef1 \u1ed5n \u0111\u1ecbnh trong tr\u01b0\u1eddng h\u1ee3p th\u1ecb tr\u01b0\u1eddng suy tho\u00e1i.<\/p>","protected":false},"excerpt":{"rendered":"<p>Fundamentalanalyse Lang &amp; Schwarz 1. Finanzkennzahlen 2. Gewinn- und Aussch\u00fcttungspolitik 3. Risikofaktoren 4. Chancen Bewertung des Emittentenrisikos Vergleichstabelle \u2013 Chancen vs. Risiken Faktor Chancen Risiken Bewertung (KGV) Attraktiv niedrig (ca. 8,2) Geringe Wachstumsfantasie bei stagnierenden M\u00e4rkten Dividendenpolitik Hohe Rendite, Aktion\u00e4rsfreundlich Aussch\u00fcttungsquote von 75 % reduziert Flexibilit\u00e4t Eigenmittel Fonds f\u00fcr Bankrisiken gest\u00e4rkt Abh\u00e4ngigkeit von Handelsvolumen bleibt [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[64],"tags":[276,394,128],"class_list":["post-1753","post","type-post","status-publish","format-standard","hentry","category-emittentenrisiko","tag-dividenden","tag-konjunktur","tag-volatilitaet","pmpro-has-access"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/posts\/1753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/comments?post=1753"}],"version-history":[{"count":5,"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/posts\/1753\/revisions"}],"predecessor-version":[{"id":4356,"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/posts\/1753\/revisions\/4356"}],"wp:attachment":[{"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/media?parent=1753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/categories?post=1753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mueckinvest.com\/vi\/wp-json\/wp\/v2\/tags?post=1753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}