AAM

Consumer

Công ty Cổ Phần Thủy Sản MeKong

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

6.150

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

76.103

Current

6.150

Gap

+500.0%

ModelFCF DCF

Valuation Breakdown

CT→Thực phẩm và đồ uống→Consumer

Classified as consumer because ICB sector "Thực phẩm và đồ uống" maps to the consumer group

ModelFCF-Based DCF

Value = Sum of [FCF / (1+WACC)^t] + Terminal Value / (1+WACC)^n

A classic Discounted Cash Flow model built on Free Cash Flow (FCF), the actual cash a business generates after all operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted back to today's value using WACC. This is the gold standard of intrinsic valuation: it values the company based on what it can actually deliver to shareholders, independent of market sentiment.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

0.800

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

10.10%

E/(D+E)

97.03%

Kd(1-t)

5.54%

D/(D+E)

2.97%

WACC

10.00%

Growth Estimate

Sector Default4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→52.69B

Projection years→10

Valuation

Base FCF

52.69B

Growth Rate

4.00%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

76.103

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — AAM

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-4.41

Low Risk

DSRI

0.673

GMI

0.228

AQI

0.652

SGI

1.111

DEPI

1.231

SGAI

0.899

TATA

-0.297

LVGI

0.496

AAM displays several concerning financial metrics, particularly its Beneish M-Score of -4.4094, indicating a low likelihood of earnings manipulation. However, the earnings quality score of 48.4 suggests significant weaknesses in earnings sustainability, particularly in revenue and margin metrics.

Red Flags

Beneish M-Score of -4.4094 indicates low risk of manipulation, but the earnings quality score of 48.4/100, especially with eq_margin and eq_revenue both at 0.0/100, raises concerns about revenue recognition and profitability.
The DSRI of 0.6727 suggests that accounts receivable are growing slower than sales, which may indicate potential issues with revenue collection.

Positive Signals

The eq_cash_conv score of 100.0/100 indicates that cash flow from operations is strong, suggesting that the company is generating cash effectively despite the earnings quality concerns.

Ownership Risk

The ownership structure is heavily concentrated, with the top shareholder holding 39.5%, which could lead to governance risks and potential conflicts of interest. This concentration may also impact minority shareholders' influence.

Recommendation

Investors should closely monitor AAM's revenue recognition practices and overall earnings quality. It may be prudent to adopt a cautious approach, considering potential governance risks due to concentrated ownership.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

19.32

Safe Zone

Sharpe

-0.32

Negative

Composite

Fair

Price Risk

Momentum

-2.1%

Volatility

25.0%

Max Drawdown

-11.9%

Key Ratios

Fiscal year 2025

41.12P/E

P/B0.38

P/S0.45

ROE0.9%

ROA0.9%

EPS149.58

BVPS16044.70

Gross Margin12.4%

Net Margin1.1%

D/E0.01

Current Ratio91.47

Rev Growth11.1%

Profit Growth129.3%

EV/EBITDA4.20

Div Yield0.0%

Company Overview

Issued Shares

12.3M

Charter Capital

123.5B VND

Sector (ICB L2)

Thực phẩm và đồ uống

Industry (ICB L3)

Sản xuất thực phẩm

Sub-industry

Nuôi trồng nông & hải sản

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Lương Hoàng Mãnh

Indiv

39.5%

4.9 trieu

Nguyễn Thái Hưng

Indiv

6.4%

634.243

Công Ty CP Vật Liệu Xây Dựng Motilen Cần Thơ

Inst

6.2%

768.418

Vũ Thị Thanh Thủy

Indiv

5.5%

550.000

Võ Lương Ngọc

Indiv

4.9%

486.703

Bùi Thùy Giang

Indiv

4.9%

390.614

Công ty CP Đầu Tư Kim Cương

Inst

4.4%

560.000

Đoàn Đức Vịnh

Indiv

3.9%

384.470

Nguyễn Thị Chính

Indiv

3.1%

387.205

Nguyễn Đức Huy Vũ

Indiv

3.1%

249.172

Nguyễn Hoàng Anh

Indiv

2.7%

329.634

Trần Thị Bé Năm

Indiv

2.6%

275.678

Trần Văn Quang

Indiv

1.8%

175.624

Công ty Cổ phần Xuất nhập khẩu Thủy sản Bến Tre

Inst

1.3%

167.987

Ngô Thị Thó

Indiv

1.3%

130.102

Lương Hoàng Khánh Duy

Indiv

1.2%

150.800

Lương Hoàng Duy

Indiv

1.2%

146.125

Dương Thị Lệ Thúy

Indiv

1.0%

102.552

nguyen-kim-phuong

Indiv

0.9%

93.311

Lê Yến Nhi

Indiv

0.6%

64.400

Tô Thị Cúc

Indiv

0.5%

66.639

New-S Finansa Vietnam Balanced Fund

Inst

0.3%

40.000

The Finansa Vietnam Fund Limited

Inst

0.3%

40.000

nguyen-thi-mai

Indiv

0.3%

33.131

Credit Suisse (Hong Kong) Limited

Inst

0.1%

15.460

Tăng Tuấn Anh

Indiv

0.1%

14.785

Board & Management

Lương Hoàng Mãnh39.5%

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Chính3.1%

Thành viên Hội đồng Quản trị

Nguyễn Hoàng Anh2.7%

Người phụ trách quản trị công ty/Kế toán trưởng

Trần Thị Bé Năm2.6%

Thành viên Hội đồng Quản trị

Lương Hoàng Khánh Duy1.2%

Phó Giám đốc/Thành viên Hội đồng Quản trị

Lương Hoàng Duy1.2%

Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Tô Thị Cúc0.5%

Thành viên Ban kiểm soát

Nguyễn Hoàng Nhơn

Phụ trách Công bố thông tin/Phó Chủ tịch Hội đồng Quản trị

Nguyễn Văn Hằng

Thành viên Ban kiểm soát

Nguyễn Thị Kim Lan

Trưởng Ban kiểm soát

Nguyễn Châu Hoàng Quyên

Phó Giám đốc

Top connections

GCB31.5%FMC12.4%GIL7.5%CTR6.4%KDM6.3%SFI5.6%TBR5.5%TV64.9%VNS4.8%VFC4.5%SGD4.4%VRC4.4%

Computed 12/04/2026