ABT

Consumer

Công ty Cổ phần Xuất nhập khẩu Thủy sản Bến Tre

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

60.500

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

102.379

Current

60.500

Gap

+69.2%

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)

74.42%

Kd(1-t)

7.18%

D/(D+E)

25.58%

WACC

10.00%

Growth Estimate

fundamental firm blend2.95%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→93.30B

Projection years→10

Valuation

Base FCF

93.30B

Growth Rate

2.95%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

102.379

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — ABT

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.21

Moderate

DSRI

1.054

GMI

0.826

AQI

0.925

SGI

1.211

DEPI

0.737

SGAI

0.885

TATA

0.032

LVGI

0.937

ABT exhibits a Beneish M-Score of -2.2055, indicating a low likelihood of earnings manipulation, as it is below the manipulation threshold of -1.78. However, the earnings quality metrics reveal weaknesses, particularly in revenue recognition and margin performance, which could pose risks in financial reporting.

Red Flags

Earnings Quality Score of 65.7/100 indicates potential concerns, especially with an eq_revenue score of 0.0/100, suggesting significant issues in revenue recognition.
SGI of 1.2114 indicates aggressive sales growth that may not be supported by cash flows, raising questions about sustainability.

Positive Signals

Beneish M-Score of -2.2055 suggests low likelihood of earnings manipulation, which is a positive indicator for investor confidence.
Strong receivables management with an eq_receivables score of 100.0/100 indicates effective collection practices.

Ownership Risk

The ownership structure is heavily concentrated, with Công ty Cổ phần Tập đoàn PAN holding 76.5%, which may lead to governance risks and reduced minority shareholder influence.

Recommendation

Investors should closely monitor ABT's revenue recognition practices and overall earnings quality, considering a cautious approach given the concentrated ownership and potential governance issues.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

4.81

Safe Zone

Sharpe

0.90

Positive

Composite

Strong

Price Risk

Momentum

+51.7%

Volatility

26.2%

Max Drawdown

-17.7%

Key Ratios

Fiscal year 2025

5.51P/E

P/B1.30

P/S1.23

ROE25.6%

ROA18.9%

EPS10980.19

BVPS46662.41

Gross Margin26.9%

Net Margin22.3%

D/E0.34

Current Ratio2.58

Rev Growth21.1%

Profit Growth55.7%

EV/EBITDA6.16

Div Yield5.0%

Company Overview

Issued Shares

14.4M

Charter Capital

143.9B 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 ABT — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Tập đoàn PAN

Inst

76.5%

9.0 trieu

Lương Thanh Tùng

Indiv

9.0%

1.1 trieu

Deutsche Asset Management (Asia) Limited

Inst

6.1%

853.600

Vietnam Emerging Equity Fund Limited

Inst

2.7%

385.000

Vietnam Lotus Fund Limited

Inst

2.5%

351.291

LION Capital Việt Nam Fund

Inst

2.2%

310.000

Vietnam Investment Limited

Inst

0.9%

132.599

Nguyễn Xuân Hưng

Indiv

0.9%

106.512

Lê Bá Phương

Indiv

0.9%

100.000

Lương Văn Thành

Indiv

0.6%

70.859

Nguyễn Văn Nhỏ

Indiv

0.5%

60.924

Bùi Kim Hiếu

Indiv

0.5%

55.088

Đặng Kiết Tường

Indiv

0.2%

22.040

Ngân hàng Deutsche Aktiengesellschaft

Inst

0.2%

22.607

Võ Thị Thúy Nga

Indiv

0.1%

15.340

Board & Management

Bùi Kim Hiếu0.5%

Người phụ trách quản trị công ty/Phó Giám đốc/Phụ trách Công bố thông tin

Đặng Thị Bích Liên

Trưởng Ban kiểm soát

Phạm Tiến Đắc

Thành viên Ban kiểm soát

Nguyễn Văn Nguyên

Thành viên Ban kiểm soát

Hồ Quốc Lực

Thành viên Hội đồng Quản trị

Phan Hữu Tài

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Ngọc Lê

Kế toán trưởng

Nguyễn Văn Khải

Chủ tịch Hội đồng Quản trị

Ngô Thị Kim Phụng

Thành viên Ban kiểm soát

Top connections

LAF77.9%FMC76.5%S999.0%GEX9.0%GEL2 links TCL7.3%MPC7.1%TDS7.0%AAA6.6%HCM6.3%NBB6.1%HSG2 links

Computed 12/04/2026