ELC

Công ty Cổ phần Công nghệ - Viễn thông ELCOM

TechnologyCông nghệ Thông tinThiết bị và Phần cứngCT

11.500

VND · Close 16 Oct 2026

Valuation Verdict

ModelDCF + P/E Blend

ConfidenceLow

Overvalued

−17.6%Model value vs price

−50%Fair Value+100%+500%

DCF + P/E Blend values the company at 9.475 VND a share from its published filings. The gap above is how far the latest close sits from that estimate. It measures the model's assumptions against the price: a large gap usually means the model and the market disagree about growth or risk.

Current: 11.500
Intrinsic Value: 9.475

Backtest-calibrated reading

+4.6%Median 12-month return vs sector

In the 2015–2024 backtest, Technology stocks with a model gap of this size returned a median of +4.6% against their sector over the following 12 months. The calibration keeps the model's ranking and converts the size of the gap into what that rank has earned historically.

Calibrated range, Technology

−7.0%+6.9%

Published filingsValued 16 Oct 2026Close 16 Oct 2026

Valuation Breakdown

CT→Công nghệ Thông tin→Technology

Classified as technology because ICB sector “Công nghệ Thông tin” maps to the technology group.

ModelDCF + P/E Blend

Intrinsic = 60% x DCF Value + 40% x (Fair P/E x EPS)

Technology companies combine high growth potential with the risk of overvaluation. This model blends DCF (60% weight, capturing long-duration growth) with a P/E sanity check (40% weight, capping speculative excess). The DCF uses the slowest growth decay (0.05) recognizing that tech companies can sustain competitive advantages longer. The P/E component applies a dynamic ceiling: max P/E = min(growth% x 1.5, 30), preventing runaway valuations.

Technical details

Why this model

Tech firms combine high growth potential with current profitability that peers can benchmark. Pure DCF could overvalue if growth assumptions are too aggressive. The P/E blend acts as a market-calibrated anchor, while the PEG-based cap prevents paying excessive multiples.

How it works

DCF: 10-year FCF projection with aggressive growth cap (20%) and slow decay (0.05) toward 3% terminal. P/E: 5-year median P/E capped at dynamic ceiling (growth x 1.5, max 30). Blend: 60% DCF + 40% P/E.

Best for

Technology and IT companies where high growth potential must be balanced against the risk of speculative overvaluation.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

0.846

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.82%

E/(D+E)

96.45%

Kd(1-t)

7.23%

D/(D+E)

3.55%

WACC

10.69%

Growth Estimate

fundamental firm blend5.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→8x

Valuation

60%DCF Value

10.010

40%P/E Value

8.673

Blended Intrinsic

9.475

Value Decomposition

44%

56%

Explicit period (44%)Terminal value (56%)

What feeds each step— click a source to highlight it in the statements

Discount rate (WACC)10.69%

Growth rate5.00%growth method: fundamental firm blend

Base cash flowone off strip ratio: 0

Net debt bridge82.7 tỷ

P/E cross-check8.673max fair pe: 8

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DCF Sensitivity

Intrinsic value at different WACC and growth rate assumptions

WACC \ Growth	2.0%	3.5%	5.0%	6.5%	8.0%
8.7%	17.223	17.486	17.794	18.963	20.901
9.7%	13.769	13.982	14.230	15.156	16.668
10.7%	11.431	11.609	11.817	12.579	13.807
11.7%	9.743	9.897	10.076	10.720	11.744
12.7%	8.468	8.603	8.760	9.315	10.186

Above market priceBelow market priceCurrent estimate

See how the value moves with WACC and growth

Investor opens the parts that take the most work to produce: the year-by-year track record, the forensic analysis and the ownership network.

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Research Note

ELCOM (ELC): Modest upside but earnings-quality red flags constrain conviction

Intrinsic value VND 17,390 vs market VND 16,400 — implied upside 6.0% (model confidence: low).

Business Overview

Công ty Cổ phần Công nghệ - Viễn thông ELCOM (ELC) is listed on HOSE in the technology sector (ICB: Thiết bị và Phần cứng). The company operates technology and telecom equipment businesses with a multi-segment revenue base; reported revenue rose to VND 1,517.7 bn in 2025 from VND 800.1 bn in 2024. Total assets increased to VND 2,495.1 bn in 2025, reflecting balance-sheet expansion during 2023-25. Share count stands at 110,047,218 shares and foreign ownership room remains sizable at ~50.3m shares available.

Investment Thesis

ELC's valuation implies only limited upside: our blended model produces an intrinsic value of VND 17,390 per share (DCF VND 14,706; PE-based VND 9,278) versus the market price of VND 16,400, for a 6.0% premium. Key fundamental supports include an ROE of 10.6%, EBIT margin of 9.1% and net-profit margin of 8.5%, and revenue recovery to VND 1,517.7 bn in 2025.

However, the investment case is materially weakened by forensic and earnings-quality issues. The Beneish M-Score of -0.722 is above the typical manipulation threshold (-1.78) and sits in a high peer percentile, while the Earnings Quality score is low at 34.9/100 with a cash-conversion subscore of 0.0/100. These indicators suggest reported profits may not be well supported by cash flows, raising execution and accounting risk that is not captured in the headline multiples.

Valuation upside is modest and model confidence is low. The blended intrinsic value relies 60% on a DCF (WACC 10.0%, terminal growth 4.5%) and 40% on a PE anchor (max fair PE 8.0). Given the 6.0% implied upside and heightened forensic risk, the expected return does not adequately compensate for potential earnings-quality shocks and execution risk, particularly in a sector where visibility depends on contract recognition and working-capital management.

Valuation Commentary

Blend of a DCF (60%) and PE multiple (40%) to smooth model sensitivities and capture both cash-flow and market multiple perspectives.

DCF intrinsic value: VND 14,706 per share (60% weight). Key DCF inputs: WACC 10.0% and terminal growth 4.5%.
PE intrinsic value: VND 9,278 per share (40% weight) with a max fair PE of 8.0x.
Base FCF and a 5.0% growth-rate assumption underpin the DCF projection; terminal value accounts for ~59.9% of enterprise value.
Model calibration used isotonic mapping and produced a raw intrinsic value (pre-calibration) of VND 12,535 per share; final blended intrinsic after recalibration is VND 17,390.

The 6.0% implied upside indicates limited margin for error; model confidence is low due to forensic/sanity flags and input uncertainty. If earnings quality issues prove transitory and cash conversion improves, upside could re-rate; conversely, any evidence of aggressive recognition would likely compress multiples given the stock's modest premium over price.

Bull vs Bear

Bull Case

Revenue recovery: revenue increased to VND 1,517.7 bn in 2025 from VND 800.1 bn in 2024, supporting scale and operating leverage.
Healthy margins vs peers: EBIT margin of 9.1% and net margin of 8.5% provide cushion against cyclical pressure.
Balance-sheet strength: total assets rose to VND 2,495.1 bn and the company appears to be in a net-cash position per model inputs, reducing insolvency risk.

Bear Case

Forensic and earnings-quality red flags: Beneish M-Score of -0.722 (above the manipulation threshold) and an Earnings Quality score of 34.9/100, with cash-conversion = 0.0/100, suggest reported profits may not be sustainable.
Limited valuation buffer: blended intrinsic value implies only 6.0% upside to market price, leaving little room for execution miss or accounting shocks.
High revenue growth volatility: SGI ~1.8968 with weak cash conversion increases the risk that revenue growth is not backed by cash, pressuring future margins and free-cash-flow generation.

Sector Context

The technology hardware & equipment sub-sector is sensitive to product cycles, contract timing and working-capital swings; Vietnamese accounting under VAS allows classification and timing differences that can magnify headline revenue and profit volatility. Banks and investors pay close attention to receivables and inventory behavior; ELC's reported high receivables score is a plus, but its low cash conversion is a countervailing concern. Regulatory factors such as SBV credit quotas are less directly relevant to ELC than to capital-intensive sectors, but macro credit conditions and FX can affect capex and client demand. Compared with 35 listed peers, the sector median upside is ~6.0%, placing ELC close to the midpoint; top peer implied upsides are substantially higher but often with very low model confidence.

Risk Factors

Accounting/manipulation risk: Beneish M-Score (-0.722) exceeds the typical conservative threshold and sits in high peer percentile; this elevates the risk of restatements or profit adjustments.
Poor cash conversion: Earnings Quality score 34.9/100 and cash-conversion 0.0/100 suggest earnings sustainability is weak relative to reported profits.
Concentration and liquidity: top shareholders each hold ~4.9-5.1% — ownership is moderately concentrated across several small holders, which can limit activist oversight.
Valuation sensitivity: blended valuation relies on a DCF with a 10.0% WACC and terminal growth of 4.5%; a modest change in WACC or terminal assumptions materially changes intrinsic value.
Revenue recognition and SG&A timing: SGI of ~1.8968 and rapid revenue swings from 2024 to 2025 increase the risk that margin and profit trends reverse if contracts are lumpy or recognition is aggressive.
Market liquidity: average 2-week volume of ~401,297 shares means larger institutional trades can move price and create execution risk.

Catalysts

Quarterly release confirming improved cash conversion or operating cash-flow recovery.
Evidence of sustainable margin improvement or long-term contracts that de-risk revenue recognition.
Independent audit commentary or enhanced disclosure that reduces forensic/earnings-quality concerns.
Sector re-rating driven by stronger hardware demand or client wins that increase visibility on 2027 revenue.

Forensic Assessment

Forensic indicators raise material concerns. The Beneish M-Score at -0.722 is above the commonly used -1.78 threshold, indicating a non-trivial likelihood of earnings manipulation and a notable year-over-year increase; input summary flags this as a primary forensic worry. Earnings Quality is low (34.9/100) with an especially weak cash-conversion component (0.0/100), despite a high receivables score. Positive offsets include an Altman Z-Score of 3.14 (safe zone) and neutral Piotroski signals, but overall the reliability of reported earnings is questionable until cash flows and accounting disclosures improve.

Track Record

Model track record spans 12 years with a hit rate of 54.5%, indicating modest historical predictive power (slightly better than coin flip). The model's historical average upside is large (avg upside ~66.5%), but past upside alone does not mitigate current forensic flags. Given the model's mediocre hit-rate and current low confidence calibration, historical performance should be treated cautiously when forming conviction on ELC today.

Written by a language model on 2026-08-10 from this page’s own model outputs and financial statements, and may quote figures from that date. Descriptive analysis, not investment advice — no buy, sell or hold recommendation is given or implied.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calc

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
CURRENT ASSETS (Bn. VND)	·	1,701	1,185	1,214	821	878	1,206	1,112	776	769	838	724	700	607	·	·	·
Cash and cash equivalents (Bn. VND)Net debt bridge	·	416	327	186	73	155	305	43	106	154	103	71	54	102	·	·	·
Short-term investments (Bn. VND)Net debt bridge	·	64	115	105	83	27	24	13	40	20	5	7	19	3	·	·	·
Accounts receivable (Bn. VND)	·	996	662	809	535	556	643	834	462	395	607	477	479	392	·	·	·
Prepayments to suppliers (Bn. VND)	·	69	26	25	89	123	88	100	113	42	34	36	47	29	·	·	·
Net Inventories	·	219	78	109	124	139	232	221	166	197	120	165	113	82	·	·	·
Inventories, Net (Bn. VND)	·	219	78	109	124	139	232	221	166	197	120	167	113	82	·	·	·
Other current assets	·	6	3	5	6	1	1	1	1	3	3	4	35	26	·	·	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	24	20	·	·	·
LONG-TERM ASSETS (Bn. VND)	·	794	806	607	324	267	292	302	280	288	323	417	388	343	·	·	·
Long-term trade receivables (Bn. VND)	·	138	63	63	6	0.2	0.2	0.2	17	40	58	95	0	0	·	·	·
Other long-term receivables (Bn. VND)	·	125	50	47	0.05	0.2	0.2	0.2	0.2	0.2	0.1	0.9	0	0	·	·	·
Fixed assets (Bn. VND)	·	104	100	90	70	11	67	81	92	111	128	156	221	187	·	·	·
Tangible fixed assets	·	92	84	79	66	9	64	78	87	104	124	151	163	126	·	·	·
Intagible fixed assets	·	13	16	10	4	2	3	3	5	7	4	6	11	15	·	·	·
Investment in properties	·	8	8	8	6	8	8	2	0	0	0	0	0	0	·	·	·
Long-term investments (Bn. VND)	·	103	109	121	235	244	213	214	165	134	134	127	139	130	·	·	·
Investments in associate companies	·	30	37	37	118	128	98	98	6	6	6	0	13	19	·	·	·
Other long-term assets (Bn. VND)	·	79	77	89	123	123	123	123	165	134	132	131	144	121	·	·	·
Less: Provision for diminuation in value of long term investments	·	−6	−5	−5	−6	−7	−8	−7	−6	−5	−4	−3	−19	−11	·	·	·
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	6	9	·	·	·
Other non-current assets	·	299	310	323	7	3	4	3	4	2	3	19	22	18	·	·	·
Long-term prepayments (Bn. VND)	·	299	309	323	6	3	3	3	3	1	1	13	18	17	·	·	·
TOTAL ASSETS (Bn. VND)	·	2,495	1,990	1,821	1,145	1,145	1,498	1,413	1,056	1,057	1,160	1,141	1,088	950	·	·	·
LIABILITIES (Bn. VND)	·	949	741	669	233	277	645	590	264	263	374	418	389	297	·	·	·
Current liabilities (Bn. VND)	·	693	651	585	224	268	636	563	219	208	283	295	346	287	·	·	·
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	226	36	42	20	31	63	46	94	82	77	87	74	82	·	·	·
Advances from customers (Bn. VND)	·	108	118	20	15	58	240	55	25	11	20	7	31	5	·	·	·
Long-term liabilities (Bn. VND)	·	256	90	84	9	9	9	27	45	55	92	122	43	10	·	·	·
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	170	0	0	0	0	6	23	43	55	65	114	33	0	·	·	·
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,546	1,249	1,152	911	868	853	824	793	794	786	723	682	646	·	·	·
Capital and reserves (Bn. VND)	·	1,546	1,249	1,152	911	868	853	824	793	794	786	723	682	646	·	·	·
Paid-in capital (Bn. VND)	·	1,101	833	823	588	509	509	509	509	509	466	416	379	373	·	·	·
Investment and development funds (Bn. VND)	·	0	10	10	41	41	41	41	41	37	36	34	21	19	·	·	·
Other Reserves	·	5	5	5	5	5	5	5	5	5	5	5	5	5	·	·	·
Undistributed earnings (Bn. VND)	·	246	209	123	166	214	201	171	141	141	180	162	143	116	·	·	·
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	18	7	·	·	·
TOTAL RESOURCES (Bn. VND)	·	2,495	1,990	1,821	1,145	1,145	1,498	1,413	1,056	1,057	1,160	1,141	1,088	950	·	·	·
Short-term loans receivables (Bn. VND)	·	125	29	6	6	6	19	23	16	28	30	6	0	0	·	·	·
Long-term loans receivables (Bn. VND)	·	0	0	3	6	0	0	0	0	0	0	0	0	0	·	·	·
Common shares (Bn. VND)	·	1,101	833	823	588	509	509	509	509	509	466	416	379	373	·	·	·
Good will (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	4	0	0	·	·	·
MINORITY INTERESTSNet debt bridge	·	195	192	190	25	13	11	11	10	12	12	19	0	0	·	·	·

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Financial Forensics

Beneish M-Score · 2025

75th–90th

M −0.72 · 89th pctile vs VN companies

YoY ▲ +2.18

Conservative vs VN peersAggressive

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

0.793

GMI

1.714

AQI

0.779

SGI

1.897

DEPI

0.840

SGAI

0.508

TATA

0.174

LVGI

1.058

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −0.2219th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 12.8%85th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them.

The accounting signals show a move toward more aggressive accrual patterns relative to Vietnamese peers: the Beneish M-Score is -0.722 (89th percentile vs Vietnamese peers) with a year-over-year increase of +2.18, and several Beneish components (GMI 1.7145, SGI 1.8968) point to margin pressure and strong sales growth. At the same time, liquidity and cash-realization measures are weak (three-year cash conversion -0.22, Earnings-Quality cash conversion 0.0/100), while the Altman Z-Score is 3.41 (in the safe zone) and the Piotroski F-Score is 4/9 (neutral).

Red Flags

Beneish M-Score -0.722 (89th percentile among Vietnamese peers) — the M-Score aggregates eight ratios to screen for earnings manipulation risk; the 89th percentile indicates more aggressive accounting metrics than most Vietnamese listed companies even though the absolute -1.78 US cutoff is not directly calibrated to Vietnam.
Year-over-year change in M-Score +2.18 — the M-Score moved substantially year-on-year, which is a secondary cue because consecutive M-Scores correlate weakly (0.06) and can indicate a change in accounting behavior.
GMI (Gross margin index) = 1.7145 — GMI > 1 measures worsening gross margins (current gross margin lower than prior year), which can pressure management to manage earnings.
SGI (Sales growth index) = 1.8968 — SGI > 1 measures rapid sales growth (current sales higher than prior year); fast growth can be associated with revenue recognition or working-capital strains.
TATA (Total accruals to total assets) = 0.1737 — TATA measures the size of total accruals relative to assets; a positive 17.37% indicates sizable accruals versus the asset base.
Earnings-Quality cash conversion = 0.0/100 and three-year cash conversion (operating cash flow / net profit) = -0.22 (19th percentile) — both measure how much reported profit converts to operating cash; the figures show profit is not turning into cash and the company ranks low among Vietnamese peers on this metric.
Receivables outside the trade cycle = 12.8% of total assets (85th percentile) — this measures prepayments, loans receivable and other long-term receivables outside normal trade receivables; a relatively high share suggests other receivable types are material to the balance sheet.

Positive Signals

AQI (Asset quality index) = 0.7792 — AQI < 1 (current asset-quality ratio lower than prior year) indicates no increase in non-current or unusual assets relative to sales; this leans away from asset-based earnings management.
DSRI (Days’ sales receivable index) = 0.7934 — DSRI < 1 measures receivables relative to sales decreased versus the prior year, which tends to reduce a common manipulation signal of expanding receivables relative to revenue.
DEPI (Depreciation index) = 0.8397 and LVGI (Leverage index) = 1.0582 — DEPI < 1 indicates depreciation policies or fixed-asset aging not shifting toward lower depreciation (less evidence of lengthening asset lives), and LVGI modestly above 1 shows only a small increase in financial leverage.
Altman Z-Score = 3.41 (safe zone) — Z-Score measures distance to bankruptcy; 3.41 places the company in the model’s safe zone for bankruptcy risk.
Piotroski F-Score = 4/9 (neutral) — the Piotroski score summarizes profitability, leverage/liquidity and operating efficiency signals; a 4 is neutral, not strongly deteriorating on fundamentals.

Ownership Risk

Ownership is moderately dispersed: the largest individual holds 5.1% (Phan Chiến Thắng) and four other entities/individuals hold about 5.0% each (Vietnam Equity Holding 5.0%, Nguyễn Mạnh Hải 5.0%, SSI 5.0%, Samarang Asian Prosperity 4.9%). Director-deal registrations were active in 2025–2026 (7 sale registrations for 6,342,000 shares and 6 purchase registrations covering 1,400,000 shares, noting three purchase registrations without a volume); these are registered intentions with the exchange, not executed trades.

To check in the filings

Compare the FY2025 breakdown of receivables, 'loans and advances to customers/related parties' and 'prepayments to suppliers' in the notes to the balance sheet to verify the 12.8% of total assets classified as receivables outside the trade cycle.
Reconcile operating cash flow to profit in the cash-flow statement and the management discussion (or note on cash flows) to confirm the three-year cash-conversion ratio of -0.22 and the components of negative cash conversion.
Inspect the related-party transactions note for balances and terms (rates, maturities, collateral) behind loans receivable, prepayments or other non-trade receivables that could explain elevated receivables outside the trade cycle.
Examine the fixed-asset and depreciation notes to check the DEPI drivers (changes in useful lives, additions, disposals) and the schedule supporting TATA (total accruals) to understand the accrual drivers behind the 0.1737 TATA figure.

Generated by AI based on quantitative data. Not financial advice.

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Quantitative Scores

F-Score

4/9

Neutral

Z-Score

3.41

Safe Zone

Sharpe

−1.84

Negative

Composite

Poor

Piotroski F-Score Breakdown

✓Net Income > 0

✗Operating CF > 0

✓ROA Rising

✗OCF > Net Income

✗Lower Leverage

✓Better Liquidity

✗No Dilution

✗Margin Up

✓Turnover Up

DuPont Decomposition

Tax Burden0.84×Interest Burden1.01×Op. Margin0.10×Turnover0.61×Leverage1.61=ROE8.3%

Price Risk

Momentum

−37.0%

Volatility

35.1%

Max Drawdown

−57.9%

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Key Ratios

Fiscal year 2025

10.61P/E

P/B: 1.00
P/S: 0.89
ROE: 10.6%
ROA: 5.7%
EPS: 1.160
BVPS: 12.276
Gross Margin: 17.8%
Net Margin: 8.5%
D/E: 0.26
Current Ratio: 2.45
Rev Growth: +89.7%
Profit Growth: +33.7%
EV/EBITDA: 8.27
Div Yield: 0.0%

Company Overview

Issued Shares: 118M
Charter Capital: 1,177B VND
Sector (ICB L2): Công nghệ Thông tin
Industry (ICB L3): Thiết bị và Phần cứng
Sub-industry: Thiết bị viễn thông
Company Type: CT

// OWNERSHIP_NETWORK

> mapping common ownership for ELC — hover nodes for intel, click to navigate

Shareholders

Phan Chiến Thắng

Indiv

5.1%

6.0 triệu

2026-10-09

Vietnam Equity Holding

Inst

5.0%

2.5 triệu

2018-07-18

Nguyễn Mạnh Hải

Indiv

5.0%

5.5 triệu

2026-07-31

Công ty Cổ phần Chứng khoán SSI

SSI

5.0%

2.5 triệu

2021-06-02

Samarang Ucits - Samarang Asian Prosperity

Inst

4.9%

2.5 triệu

2021-06-24

PYN Elite Fund

Inst

4.9%

2.5 triệu

2021-03-16

Trần Hùng Giang

Indiv

4.8%

5.2 triệu

2026-07-01

Quỹ tầm nhìn SSI

Inst

4.4%

1.8 triệu

2012-09-27

Nguyễn Thị Mai Phương

Indiv

4.0%

4.8 triệu

2026-10-13

Ngô Ngọc Hà

Indiv

4.0%

4.4 triệu

2026-07-10

Lê Thị Vinh

Indiv

3.5%

3.9 triệu

2026-03-02

Công ty TNHH Đầu Tư Dt&t

Inst

3.4%

3.8 triệu

2026-06-30

DSCAP-SSIAM Vietnam Growth Investment Fund LLC

Inst

1.9%

780.000

2010-12-31

Nguyễn Thanh Sơn

Indiv

1.8%

715.811

2013-12-31

Nguyễn Thị Lệ Thủy

Indiv

1.2%

1.3 triệu

2026-06-30

Nguyễn Đức Thiện

Indiv

1.0%

1.1 triệu

2026-06-30

Phạm Minh Thắng

Indiv

0.8%

913.680

2026-07-03

Nguyễn Văn Hoà

Indiv

0.8%

891.998

2026-06-30

Nguyễn Thị Thanh Thủy

Indiv

0.7%

773.467

2026-06-30

Võ Quang Hùng

Indiv

0.4%

146.250

2013-12-31

Nguyễn Thị Minh Hạnh

Indiv

0.3%

356.235

2026-06-30

Nguyễn Thị Hạ

Indiv

0.1%

84.040

2023-06-30

Nguyễn Thị Kim Oanh

Indiv

0.1%

53.269

2011-09-20

Board & Management

Phan Chiến Thắng5.1%

Chủ tịch Hội đồng Quản trị

Nguyễn Mạnh Hải5.0%

Thành viên Hội đồng Quản trị

Trần Hùng Giang4.8%

Thành viên Hội đồng Quản trị

Ngô Ngọc Hà4.0%

Thành viên Hội đồng Quản trị/Trưởng Ban Kiểm toán nội bộ

Nguyễn Đức Thiện1.0%

Phó Chủ tịch Hội đồng Quản trị/Phụ trách Công bố thông tin/Người phụ trách quản trị công ty

Phạm Minh Thắng0.8%

Tổng Giám đốc

Nguyễn Văn Hoà0.8%

Phó Tổng Giám đốc

Đậu Thị Lý

Kế toán trưởng

Vũ Thị Ngân Hà

Thành viên Ban kiểm soát

Ngô Kiều Anh

Trưởng Ban kiểm soát

Top connections

FUESSV5025.6%PAN3 links ASM11.2%HDG10.0%MIG9.9%DSE9.0%YEG8.9%SHS7.7%ACC7.4%PID6.3%PVE5.9%FUESSVFL5.1%

Director-deal registrations · 12 months

Sale registrations: 7 by 7 traders; 6,342,000 shares
Purchase registrations: 6 by 2 traders; 1,400,000 shares · 3 without a stated volume

Nguyễn Thị Mai Phương
Purchase · Insider
—
2026-10-13
Phan Chiến Thắng
Purchase · Insider
500,000
2026-10-09
Ngô Ngọc Hà
Sale · Insider
520,000
2026-06-29
Nguyễn Mạnh Hải
Sale · Insider
200,000
2026-06-26
Phạm Minh Thắng
Sale · Insider
500,000
2026-06-23
Trần Hùng Giang
Sale · Insider
500,000
2026-06-23
Phan Chiến Thắng
Sale · Insider
3,622,000
2026-06-05
Nguyễn Thị Mai Phương
Purchase · Insider
—
2026-05-15

5 more registrations

Phan Chiến Thắng
Purchase · Insider
300,000
2026-03-23
Nguyễn Thị Mai Phương
Purchase · Insider
—
2026-03-02
Nguyễn Thị Thanh Thủy
Sale · Related person
500,000
2026-02-11
Nguyễn Đức Thiện
Sale · Insider
500,000
2026-01-23
Phan Chiến Thắng
Purchase · Insider
600,000
2025-11-06

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

See who owns this company, and what else they own

Investor opens the parts that take the most work to produce: the year-by-year track record, the forensic analysis and the ownership network.

See Investor

Computed 16/10/2026