VSC

Công ty Cổ phần Container Việt Nam

ConstructionHàng & Dịch vụ Công nghiệpVận tảiCT

13.000

VND · Close 16 Oct 2026

Valuation Verdict

ModelEV/EBITDA Mid-Cycle

ConfidenceLow

Overvalued

−19.7%Model value vs price

−50%Fair Value+100%+500%

EV/EBITDA Mid-Cycle values the company at 10.444 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: 13.000
Intrinsic Value: 10.444

Backtest-calibrated reading

−0.9%Median 12-month return vs sector

In the 2015–2024 backtest, Construction stocks with a model gap of this size returned a median of −0.9% 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, Construction

−11.7%+5.7%

Published filingsValued 16 Oct 2026Close 16 Oct 2026

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector “Hàng & Dịch vụ Công nghiệp” maps to the construction group.

ModelEV/EBITDA Mid-Cycle

Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Construction and industrial firms have lumpy, project-based earnings that swing with the building cycle — order books fill and empty, so a single year's profit is a poor guide to normal earning power. This model values them on through-cycle EBITDA: a 7-year median EBITDA ("mid-cycle" earnings) times a fair EV/EBITDA multiple, less net debt. It mirrors the cyclical model. An earlier version blended in a DCF leg, but testing showed the cash-flow forecast added noise rather than signal for project-based companies, so it was dropped in favor of the cleaner mid-cycle multiple.

Technical details

Why this model

Project-based revenue is lumpy and asset-backed. EV/EBITDA is capital-structure-neutral and undistorted by depreciation policy, and mid-cycle EBITDA normalizes across the building cycle so a firm isn't overvalued at a peak or undervalued at a trough. A discounted-cash-flow leg was tested and removed: project timing makes single-firm FCF forecasts unreliable and the DCF component degraded valuation accuracy.

How it works

Computes 7-year median EBITDA and a fair EV/EBITDA from the firm's own history blended toward the construction-sector median. Net debt is taken directly from the balance sheet (short- plus long-term borrowings minus cash and short-term investments, which hold most term deposits). Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Construction & materials and industrial goods & services companies with lumpy, project-based revenue and asset-backed balance sheets.

Distressed Valuation

Negative Equity Value (BVPS floor)

BVPS

14.919

Discount

70%

Floor Value

14.919

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

Mid-cycle EBITDA673.4 tỷyears of data: 7

Net debt bridge4.6 nghìn tỷ

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Research Note

VSC: Capital-intensive container/logistics platform with elevated forensic risk and steep implied downside

Intrinsic value VND 3,253 vs market VND 13,000 — implied downside -75.0% (model confidence: very_low).

Business Overview

Công ty Cổ phần Container Việt Nam (VSC) is a vertically integrated container and logistics operator with listed subsidiaries in port/logistics services (notably GIC, VSM, VGR) and minority stakes in shipping/logistics peers. The group structure shows controlling stakes in several operating subsidiaries (e.g., 66.34% in GIC, 65% in VSM, 54.35% in VGR), reflecting a strategy of expanding a container-handling and logistics platform across ports and hinterland services. Revenue grew from VND 2,180.9 bn in FY2023 to VND 3,205.5 bn in FY2025, and the company reported net profit of VND 341.0 bn in FY2025.

Investment Thesis

VSC trades at a material discount to our mid-cycle EV/EBITDA valuation: the model-implied intrinsic value is VND 3,253 per share versus the match price of VND 13,000. The calculation uses a mid-cycle EBITDA of VND 673.4 bn and a fair EV/EBITDA multiple of 6.44 (derived from the company's own history), with net debt of roughly VND 3.1 trillion factored into enterprise value. The company generates positive margins (EBIT margin 21.2% and net margin 16.4%) and converted reported profit into cash over three years (3-year OCF/net profit = 1.11), supporting underlying operating resilience.

However, the valuation signal is noisy: the model confidence is very_low and the calibration produced a wide calibrated band (low -11.6981% to high 5.6892% after isotonic recalibration), indicating weak statistical conviction in the intrinsic number. Forensic indicators are a substantive concern (Beneish M-Score 0.211 at the 94.1st percentile versus Vietnamese peers and an Altman Z‑Score of 1.41 in the distress zone), which materially raises execution and earnings-quality risk despite strong sub-scores on accruals (100.0) and cash conversion (99.4). Director registrations show net more sell intent (7 sell vs 2 buy registrations) in the past 12 months. Together, earnings-quality flags and leverage (Debt/Equity 0.84) mean downside risk is not fully captured by headline multiples.

Given the very_large model-implied downside and the forensic and leverage concerns, the stock's risk–reward profile is unfavourable at current levels even though operating profitability (gross margin 35.6%, EBIT margin 21.2%) and recent revenue growth (Revenue YoY 14.98%) are constructive. The negative intrinsic gap exceeds the threshold for a strong sell signal, but model confidence is very_low which reduces conviction in precise sizing of the downside.

Valuation Commentary

EV/EBITDA mid‑cycle: we estimate a mid-cycle EBITDA and apply a fair EV/EBITDA multiple (company history) then subtract net debt to derive per-share intrinsic value.

Mid-cycle EBITDA = VND 673.4 bn (company median over 7 years).
Fair EV/EBITDA multiple = 6.44 (own_history).
Net debt = ~VND 3.1 trillion (model input).
Sector median EV/EBITDA = 8.26 (for context; VSC applied a lower own-history multiple).
Calibration: isotonic recalibration produced a calibrated upside of -4.2481% and a wide band (−11.6981% to +5.6892%).

The resulting intrinsic value (VND 3,253) implies a -75.0% gap to the market price (VND 13,000). Confidence in the absolute intrinsic number is very_low — the calibrated band is narrow in percentage terms but the model triggered sanity flags (manipulation_risk) and the fallback calibration reduces trust. Use the valuation as a directional indicator (large implied overvaluation) rather than a precise near-term price target.

Bull vs Bear

Bull Case

Sustained operating profitability: gross margin 35.6% and EBIT margin 21.2% with net margin 16.4% support cash generation and dividend yield ~3.9%.
Strong cash conversion: 3-year OCF/net profit = 1.11 and earnings-quality sub-scores show eq_accrual = 100.0 and eq_cash_conv = 99.4, indicating reported profits largely convert into cash historically.
Platform benefits from controlling stakes in several subsidiaries (e.g., GIC 66.34%, VSM 65%), which can support cross-selling and network scale in port/logistics operations.

Bear Case

Forensic red flags: Beneish M-Score 0.211 (94.1 percentile vs VN peers), DSRI = 4.0031 and AQI = 1.3807 — signals consistent with aggressive receivable/revenue recognition and asset reclassification.
Balance-sheet leverage and distress signals: Debt/Equity 0.84 and Altman Z‑Score 1.41 (distress zone) increase refinancing and execution risk, amplified by net debt of ~VND 3.1 trillion.
Receivables concerns: receivables outside trade cycle are 0.1% of assets but rank at the 9th percentile versus VN peers and the EQ receivables sub-score = 0.0, suggesting potential collectability or classification issues.
Insider activity: 7 sell registrations vs 2 buy registrations in the last 12 months (some without volume), which weakly aligns with the forensic and execution concerns.

Sector Context

VSC sits in Vietnam's transport/logistics segment within the broader construction/transport value chain. Comparable sector EV/EBITDA median is 8.26, higher than VSC's applied fair multiple of 6.44, implying either a company-specific discount or lower-quality earnings. Key Vietnamese context: accounting under VAS can differ materially from IFRS (capitalisation and revenue recognition practices matter for AQI and DSRI signals), and state-related entities and SOEs in the sector can influence pricing and competitive dynamics. Banks and logistics companies remain sensitive to SBV credit quotas and to the availability of project finance; VSC's leverage profile and net debt position make it potentially sensitive to tighter credit conditions. Land use rights and related asset reclassifications are common in logistics/port players and are a frequent source of AQI-style flags under VAS.

Risk Factors

Forensic/accounting risk: Beneish M-Score 0.211 and a YOY increase of +2.4581 indicate elevated risk of aggressive accounting choices (DSRI = 4.0031, AQI = 1.3807).
Liquidity and refinancing risk: net debt ~VND 3.1 trillion with Altman Z‑Score 1.41 in the distress zone; adverse funding conditions could force asset sales or capex cuts.
Receivables and collectability: EQ receivables sub-score = 0.0 and receivables outside trade cycle = 0.1% of assets (9th percentile) may presage write-offs or revenue restatements.
Execution and integration risk from subsidiaries: controlling stakes in multiple operating subsidiaries increase complexity and related-party or intra-group transfer pricing scrutiny under VAS.
Insider signalling: 7 sell vs 2 buy director registrations in the last 12 months (some without volumes) create governance questions.
Model risk: valuation confidence is very_low and the model flagged manipulation_risk, meaning intrinsic value is highly uncertain.

Catalysts

Release of audited annual report and auditor commentary for FY2026 addressing DSRI/AQI items or receivables composition.
Debt restructuring or net-debt reduction announcements that materially improve Altman Z‑Score.
Operational updates showing sustained cash conversion or higher mid-cycle EBITDA realization (beats to the model mid-cycle input).
Regulatory or exchange disclosures on related-party transactions, asset reclassifications, or director trades that clarify forensic flags.

Forensic Assessment

Forensic indicators are the principal concern. The Beneish M-Score is 0.211 (94.1st percentile vs Vietnamese peers) with a YOY rise of +2.4581; DSRI = 4.0031, AQI = 1.3807 and LVGI = 1.5275 are out of normal ranges and point to receivable/revenue recognition, asset reclassification and rising leverage. TATA is slightly negative (-0.0079) but earnings-quality composite is 65.6/100 driven by very high accruals and cash-conversion sub-scores (100.0 and 99.4). The Altman Z‑Score of 1.41 is in the distress zone, raising solvency sensitivity. Director registrations show more sell than buy activity in the past 12 months. In sum: forensic flags materially lower confidence in reported earnings and require direct disclosure or audit clarification before relying on headline profitability metrics.

Track Record

Our historical model record on this ticker covers 12 years with a hit rate of 72.7% (the model's directional signals matched subsequent price direction in ~72.7% of years). However, the model's average realized outcome was an average upside of -32.4% over the sample, indicating that when it errs the sizing can be materially negative. Given the current valuation's very_low confidence and active forensic red flags, past hit rate offers some comfort on direction but does not offset current fundamental concerns.

Written by a language model on 2026-10-16 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:Model 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)	·	4,002	1,812	1,346	1,306	1,442	896	636	603	492	605	586	480	493	·	·	·
Cash and cash equivalents (Bn. VND)Net debt bridge	·	916	547	371	360	1,014	493	297	279	212	331	332	216	282	·	·	·
Short-term investments (Bn. VND)Net debt bridge	·	1,337	806	425	239	99	8	3	3	49	32	79	52	61	·	·	·
Accounts receivable (Bn. VND)	·	1,633	355	464	560	232	268	211	201	155	130	93	159	121	·	·	·
Prepayments to suppliers (Bn. VND)	·	10	19	14	8	3	42	5	5	9	6	4	49	16	·	·	·
Net Inventories	·	50	47	29	28	21	24	26	21	13	9	10	7	10	·	·	·
Inventories, Net (Bn. VND)	·	50	47	29	28	21	24	26	21	13	9	10	7	10	·	·	·
Other current assets	·	66	56	57	118	77	102	98	99	62	102	72	46	19	·	·	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	2	·	·	·
LONG-TERM ASSETS (Bn. VND)	·	8,961	5,984	3,845	3,061	1,824	1,562	1,758	1,886	1,987	1,792	1,638	1,015	639	·	·	·
Long-term trade receivables (Bn. VND)	·	918	4	827	827	2	1	0.4	0.05	0.05	0	0.3	0	0	·	·	·
Other long-term receivables (Bn. VND)	·	3	4	827	827	2	1	0.4	0.05	0.05	0	0	0	0	·	·	·
Fixed assets (Bn. VND)	·	3,515	3,611	644	814	811	922	1,082	1,189	1,202	1,215	959	415	457	·	·	·
Tangible fixed assets	·	1,252	1,347	633	808	804	914	1,073	1,179	1,191	1,204	945	405	399	·	·	·
Leased assets	·	85	4	5	0	0	0	0	0	0	0	0	0	0	·	·	·
Intagible fixed assets	·	2,177	2,260	6	6	6	7	9	11	11	11	14	11	11	·	·	·
Long-term investments (Bn. VND)	·	3,015	759	1,470	487	506	118	117	112	112	105	109	100	42	·	·	·
Investments in associate companies	·	3,014	759	1,470	487	506	117	117	112	112	105	109	100	37	·	·	·
Other long-term assets (Bn. VND)	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.5	5	·	·	·
Other non-current assets	·	1,513	1,609	903	921	502	522	557	577	598	461	487	493	141	·	·	·
Long-term prepayments (Bn. VND)	·	1,103	1,153	898	916	502	521	557	577	598	461	487	493	140	·	·	·
TOTAL ASSETS (Bn. VND)	·	12,963	7,795	5,191	4,367	3,266	2,458	2,393	2,489	2,479	2,397	2,224	1,495	1,133	·	·	·
LIABILITIES (Bn. VND)	·	6,576	2,899	1,897	1,166	270	287	323	545	769	882	793	279	249	·	·	·
Current liabilities (Bn. VND)	·	3,016	715	403	434	269	287	259	271	369	297	375	270	239	·	·	·
Short-term borrowings (Bn. VND)Net debt bridge	·	2,381	300	119	208	0	0	12	14	120	58	7	4	0	·	·	·
Advances from customers (Bn. VND)	·	4	4	3	2	2	2	2	1	2	1	1	1	3	·	·	·
Long-term liabilities (Bn. VND)	·	3,561	2,184	1,493	732	1	0.03	64	273	400	585	418	10	10	·	·	·
Long-term borrowings (Bn. VND)Net debt bridge	·	2,992	1,650	1,450	700	0	0	64	273	400	585	418	9	9	·	·	·
OWNER'S EQUITY(Bn.VND)	·	6,387	4,896	3,294	3,201	2,996	2,171	2,070	1,945	1,710	1,515	1,431	1,216	884	·	·	·
Capital and reserves (Bn. VND)	·	6,387	4,896	3,294	3,201	2,996	2,171	2,070	1,945	1,710	1,515	1,431	1,216	884	·	·	·
Paid-in capital (Bn. VND)	·	3,744	2,868	1,334	1,213	1,100	551	551	501	501	456	414	345	288	·	·	·
Other Reserves	·	1	1	1	0	0	0	0	0	0	0	0	0	0	·	·	·
Investment and development funds (Bn. VND)	·	275	893	887	876	826	797	766	725	647	599	538	435	310	·	·	·
Other Reserves	·	0	0	0	1	0	0	0	0	0	0	0	0	0	·	·	·
Undistributed earnings (Bn. VND)	·	1,394	720	620	664	660	413	378	382	285	258	275	251	234	·	·	·
TOTAL RESOURCES (Bn. VND)	·	12,963	7,795	5,191	4,367	3,266	2,458	2,393	2,489	2,479	2,397	2,224	1,495	1,133	·	·	·
Common shares (Bn. VND)	·	3,744	2,868	1,334	1,213	1,100	551	551	501	501	456	414	345	288	·	·	·
Good will (Bn. VND)	·	403	450	5	0	0	0	0	0	0	0	0	0	0	·	·	·
MINORITY INTERESTS	·	972	375	413	408	374	374	339	300	241	167	168	158	0	·	·	·

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Financial Forensics

Beneish M-Score · 2025

Highest band

M 0.21 · 94th pctile vs VN companies

YoY ▲ +2.46

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

4.003

GMI

0.850

AQI

1.381

SGI

1.150

DEPI

0.671

SGAI

1.192

TATA

−0.008

LVGI

1.527

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.1150th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.1%9th 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 indicators show mixed signals. The Beneish M-Score is 0.211 and sits in the 94th percentile versus Vietnamese peers (higher = more aggressive accounting), with a year-over-year rise of +2.46; several Beneish components are out of range (DSRI 4.0031, AQI 1.3807, LVGI 1.5275) while TATA is slightly negative (-0.0079). At the same time, earnings-quality sub-scores are uneven: very strong on accruals and cash conversion (100.0 and 99.4) but zero on receivables (0.0) and middling on margin and revenue; the Altman Z‑Score is 1.41 (distress zone) and the Piotroski F‑Score is 5/9 (neutral).

Red Flags

Beneish M-Score = 0.211 (measures probability-like score of earnings manipulation patterns; this company is at the 94th percentile versus Vietnamese peers, indicating more aggressive accounting relative to peers).
Year-over-year M-Score change = +2.46 (measures trajectory in the same manipulation-signature metrics; a sharp increase relative to prior year).
DSRI (Days’ Sales Receivables Index) = 4.0031 (measures growth in receivables relative to sales; value far above 1 suggests receivables or revenue recognition changes).
AQI (Asset Quality Index) = 1.3807 (measures shift toward long‑lived or less‑liquid assets; >1 indicates rising capitalisation of costs or reclassification).
LVGI (Leverage Index) = 1.5275 (measures increase in leverage; >1 signals rising leverage relative to assets).
Receivables outside the trade cycle = 0.1% of total assets (9th percentile versus VN peers; the EQ receivables sub-score = 0.0/100 — the model flags receivables composition or collectability issues despite a small absolute amount).
Altman Z‑Score = 1.41 (measures distance to bankruptcy; this value is in the ‘distress’ zone).
Director-deal registrations in past year: 7 sale registrations (5 registrants; 625,312 shares; 3 registrations without a volume) and 2 purchase registrations (2 registrants; 500,000 shares; 1 without a volume) — these are registered intentions with the exchange, not executed trades.

Positive Signals

Earnings-quality overall = 65.6/100 (composite measure across accruals, cash conversion, receivables, margin and revenue metrics).
eq_accrual = 100.0/100 (measures quality of accruals; very high score indicates accruals behavior is not flagged).
eq_cash_conv = 99.4/100 (measures three‑year operating cash flow relative to profit; strong conversion of reported profit into cash over the sample).
Cash conversion (3-year OCF / net profit) = 1.11 (50th percentile among VN non-financials; shows operating cash roughly tracks reported profit over three years).
No accumulated losses and 0 years of parent net loss up to FY2025; owner’s equity (ex‑minority) is positive and statutory loss tests in Decree 155/2020 (as amended) are not met (these are factual indicators from the audited statements).
SGI (Sales Growth Index) = 1.1498 and SGAI = 1.1925 (sales growth and growth in SGA relative to sales; these show moderate growth activity rather than contraction).

Ownership Risk

The listed group shows concentrated control: the parent/group holds controlling stakes in several subsidiaries (66.3% of GIC, 65.0% of VSM, 54.4% of VGR) and significant influence in others (39.0% of VNA, 30.9% of DNL), which is typical in Vietnamese group structures under VAS. Top free‑float holders are individuals and several institutional funds (largest individual shareholders 6.2% and 5.8%; several institutions around ~4.9–5.0%). Director-deal registrations indicate some insiders registered both sales and purchases during the last 12 months (registrations, not executed trades).

To check in the filings

Compare the company’s note on 'trade and other receivables' for FY2025 to the receivables breakdown (verify the 0.1% of total assets labeled as receivables outside the trade cycle and whether these are prepayments, loans to related parties, or long‑term receivables).
Reconcile the cash flow statement (operating cash flows) across the last three annual reports with the income statement’s net profit to reproduce the 3‑year cash conversion ratio of 1.11 and identify the drivers of any non‑cash adjustments (depreciation, working capital movements, related‑party flows).
Inspect the related‑party and intercompany schedules (notes) for subsidiaries GIC, VSM, VGR, VNA and DNL to see loans, prepayments or guarantees between the listed parent and controlled/influenced entities given the high group ownership percentages.
Review the auditor’s report and the statutory schedules that support the Decree 155/2020 loss tests (e.g., retained earnings, parent profit/loss lines) to confirm the statements do not meet the statutory loss thresholds cited.

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

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Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.41

Distress Zone

Sharpe

−1.76

Negative

Composite

Weak

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 Burden0.77×Interest Burden1.05×Op. Margin0.20×Turnover0.25×Leverage2.03=ROE8.2%

Price Risk

Momentum

−51.6%

Volatility

42.0%

Max Drawdown

−55.0%

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Key Ratios

Fiscal year 2025

14.27P/E

P/B: 0.90
P/S: 1.52
ROE: 6.9%
ROA: 3.3%
EPS: 911
BVPS: 14.463
Gross Margin: 35.6%
Net Margin: 16.4%
D/E: 0.84
Current Ratio: 1.33
Rev Growth: +15.0%
Profit Growth: +1.4%
EV/EBITDA: 7.52
Div Yield: 3.8%

Company Overview

Issued Shares: 374M
Charter Capital: 3,744B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Vận tải
Sub-industry: Kho bãi, hậu cần và bảo dưỡng
Company Type: CT

// OWNERSHIP_NETWORK

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

Shareholders

Lê Thị Thu Trang

Indiv

6.2%

8.3 triệu

2025-10-05

Đàm Văn Huy

Indiv

5.8%

7.8 triệu

2025-10-05

Công ty Cổ phần Đầu Tư Sao Á D.C

Inst

5.0%

2.7 triệu

2025-10-05

Forum One-vcg Partners Vietnam Fund

Inst

4.9%

2.0 triệu

2025-10-05

Vietnam Holding Ltd

Inst

4.9%

2.2 triệu

2025-10-05

Công ty Cổ phần Đại lý Vận tải SAFI

SFI

4.5%

5.0 triệu

2025-10-05

Công ty TNHH Đầu tư TM

Inst

4.3%

2.4 triệu

2025-10-05

PXP Vietnam Emerging Equity Fund

Inst

4.2%

2.3 triệu

2025-10-05

Công ty Cổ phần Quản lý Quỹ Leadvisors

Inst

4.1%

15.3 triệu

2026-07-29

Công ty Cổ phần Sao Á

Inst

3.6%

2.0 triệu

2022-05-26

DC Developing Markets Strategies Public Limited Company

Inst

3.4%

1.7 triệu

2025-10-05

Deutsche Asset Management (Asia) Limited

Inst

3.0%

1.2 triệu

2015-06-15

TGIT-Templeton Emerging Markets Small Cap Fund

Inst

2.9%

1.6 triệu

2025-10-05

Quỹ đầu tư chứng khoán Bản Việt

Inst

2.8%

1.2 triệu

2015-06-15

Đoàn Quang Huy

Indiv

2.8%

3.4 triệu

2025-10-05

Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam

Inst

2.8%

10.5 triệu

2025-10-05

Norges Bank

Inst

2.5%

1.3 triệu

2025-10-05

swiftcurrent partners, l.p

Inst

2.0%

1.1 triệu

2025-10-05

Lionel Hill Limited

Inst

1.9%

783.465

2015-06-15

Pxp Vietnam Fund Limited

Inst

1.9%

779.112

2015-06-15

FTIF - Templeton Frontier Markets Fund

Inst

1.8%

995.836

2025-10-05

Swift Current Offshore Ltd.

Inst

1.8%

970.150

2025-10-05

Lương Hoài Trân

Indiv

1.3%

558.228

2015-09-14

Nguyễn Việt Hòa

Indiv

1.2%

1.3 triệu

2025-10-05

Nguyễn Viết Lãng

Indiv

1.2%

481.231

2015-09-14

Lương Quốc Trọng

Indiv

1.0%

404.234

2015-09-14

Bùi Thị Bích Loan

Indiv

1.0%

401.866

2015-09-14

Công ty Cổ Phần Cánh Đồng Xanh

Inst

0.9%

1.1 triệu

2025-10-05

PXP Vietnam Smaller Companies Fund Limited

Inst

0.8%

414.270

2025-10-05

Nguyễn Anh Tuấn

Indiv

0.7%

205.608

2025-10-05

Vietnam Emerging Equity Fund Limited

Inst

0.6%

235.864

2015-06-15

Wareham Group Limited

Inst

0.5%

235.000

2025-10-05

Epsom Limited

Inst

0.4%

176.184

2015-06-15

Hoàng Thị Hà

Indiv

0.4%

199.684

2025-10-05

Dương Minh Hảo

Indiv

0.3%

288.410

2025-10-05

Nguyễn Hoàng An

Indiv

0.2%

248.630

2025-10-05

Trần Xuân Bạo

Indiv

0.2%

124.197

2025-10-05

Đoàn Thị Tơ

Indiv

0.2%

272.000

2025-10-05

TGIT-Templeton Frontier Markets Fund

Inst

0.2%

123.138

2025-10-05

Nguyễn Hoàng Linh

Indiv

0.2%

208.834

2025-10-05

Tạ Công Thông

Indiv

0.2%

685.462

2026-07-31

Nguyễn Đức Dũng

Indiv

0.2%

600.000

2026-07-31

Franklin Templeton Frontier Markets Equity Master Fund

Inst

0.2%

63.470

2015-06-15

Đặng Dưỡng

Indiv

0.1%

74.585

2025-10-05

Deutsche Bank Aktiengesellchaft, London Branch

Inst

0.1%

56.397

2015-06-15

Lê Thế Trung

Indiv

0.1%

351.656

2025-10-05

Nguyễn Văn Tiến

Indiv

0.1%

66.998

2025-10-05

Board & Management

Tạ Công Thông0.2%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Đức Dũng0.2%

Thành viên Hội đồng Quản trị

Ninh Văn Hiến

Thành viên Hội đồng Quản trị

Phạm Thanh Tuấn

Kế toán trưởng

Nghiêm Thị Thùy Dương

Thành viên Ban kiểm soát

Vũ Ngọc Lâm

Phó Tổng Giám đốc

Trần Thị Diệu Hương

Trưởng Ban Kiểm toán nội bộ

Đặng Thanh Tâm

Thành viên Ban Kiểm toán nội bộ

Top connections

MAC2 links PVV19.0%HHC18.3%HAH4 links VGR14.9%GMH14.5%PET3 links VMS2 links VSE10.9%HMH10.8%SHE9.8%PND9.0%

Listed group

GICCông ty Cổ phần VSC Green Logistics
Subsidiary: over 50% held
66.3%
2026-08-10
VSMCông ty Cổ phần Container Miền Trung
Subsidiary: over 50% held
65.0%
2025-11-17
VGRCông ty Cổ phần Cảng xanh VIP
Subsidiary: over 50% held
54.4%
2026-08-12
VNACông ty Cổ phần Vận tải biển Vinaship
Associate: 20% or more held
39.0%
2026-08-28
DNLCông ty Cổ phần Logistics Cảng Đà Nẵng
Associate: 20% or more held
30.9%
2026-06-30

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Director-deal registrations · 12 months

Sale registrations: 7 by 5 traders; 625,312 shares · 3 without a stated volume
Purchase registrations: 2 by 2 traders; 500,000 shares · 1 without a stated volume

Truong Anh Thu
Sale · Insider
265,125
2026-08-24
Leadvisors Capital Management Company
Sale · Institution
—
2026-07-28
Vu Ngoc Lam
Purchase · Insider
500,000
2026-07-23
Leadvisors Capital Management Company
Sale · Institution
—
2026-07-08
Leadvisors Capital Management Company
Sale · Institution
—
2026-07-07
Hoang Anh Tuan
Sale · Related person
18,000
2026-05-15
Tran Thi Phuong Anh
Sale · Insider
250,000
2026-05-15
Leadvisors Capital Management Company
Purchase · Institution
—
2026-04-24

1 more registration

Ninh Van Hien
Sale · Insider
92,187
2025-11-28

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

VSC

Valuation Verdict

Backtest-calibrated reading

Valuation Breakdown

VSC: Capital-intensive container/logistics platform with elevated forensic risk and steep implied downside

Business Overview

Investment Thesis

Valuation Commentary

Bull vs Bear

Sector Context

Risk Factors

Catalysts

Forensic Assessment

Track Record

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

// OWNERSHIP_NETWORK

Listed group

Director-deal registrations · 12 months

// OWNERSHIP_NETWORK

Listed group

Director-deal registrations · 12 months