ADG

Technology

Công ty Cổ phần Clever Group

Truyền thôngCT

9.190

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

12.173

Current

9.190

Gap

+32.5%

ModelDCF PE BLEND

Valuation Breakdown

CT→Technology

Defaulted to technology (no specific sector mapping found)

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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.300

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

13.60%

E/(D+E)

76.94%

Kd(1-t)

6.06%

D/(D+E)

23.06%

WACC

11.86%

Growth Estimate

fundamental firm blend5.43%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→10.87x

Valuation

60%DCF Value

13.645

40%P/E Value

9.965

Blended Intrinsic

12.173

Value Decomposition

49%

51%

Explicit period (49%)Terminal value (51%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — ADG

Earnings Quality

Fiscal year 2025

Good

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

-2.56

Low Risk

DSRI

0.912

GMI

0.924

AQI

1.071

SGI

1.075

DEPI

0.775

SGAI

0.926

TATA

0.006

LVGI

1.205

ADG presents a moderate risk profile with a Beneish M-Score of -2.5578, indicating no immediate signs of earnings manipulation. However, the earnings quality metrics reveal a concerning zero score in revenue quality, which could signal potential issues in revenue recognition practices.

Red Flags

Earnings Quality Score of 0.0/100 for revenue suggests significant concerns regarding revenue recognition practices.
Beneish M-Score of -2.5578, while below the manipulation threshold, indicates close proximity to potential red flags in financial reporting.

Positive Signals

Strong accrual quality score of 97.6/100 indicates that earnings are likely derived from actual cash flows rather than accounting adjustments.
Ownership concentration with Nguyễn Khánh Trình holding 38.2% suggests strong alignment with shareholder interests, potentially stabilizing management decisions.

Ownership Risk

The high concentration of ownership by Nguyễn Khánh Trình (38.2%) and FSN Asia Private Ltd (28.8%) may pose risks related to governance and minority shareholder rights, especially in a market where SOEs and conglomerate structures can influence decision-making.

Recommendation

Investors should closely monitor ADG's revenue recognition practices and consider conducting further due diligence on management's integrity. Given the moderate risk profile, a cautious approach is advised, potentially waiting for improved earnings quality metrics before increasing exposure.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.31

Grey Zone

Sharpe

-0.52

Negative

Composite

Fair

Price Risk

Momentum

-15.2%

Volatility

42.8%

Max Drawdown

-25.2%

Key Ratios

Fiscal year 2025

9.53P/E

P/B0.56

P/S0.39

ROE6.0%

ROA3.9%

EPS964.35

BVPS16421.13

Gross Margin16.9%

Net Margin4.1%

D/E0.36

Current Ratio1.50

Rev Growth7.6%

Profit Growth15.9%

EV/EBITDA7.09

Div Yield0.0%

Company Overview

Issued Shares

21.4M

Charter Capital

213.8B VND

Sector (ICB L2)

Truyền thông

Industry (ICB L3)

Truyền thông

Sub-industry

Dịch vụ truyền thông

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Nguyễn Khánh Trình

Indiv

38.2%

8.2 trieu

FSN Asia Private Ltd

Inst

28.8%

6.2 trieu

Lưu Hoàng Anh

Indiv

0.9%

194.821

Đôn Nữ Đức Hiền

Indiv

0.9%

194.381

Dư Khắc Châu

Indiv

0.9%

191.817

Trần Diệu Linh

Indiv

0.9%

188.156

Trần Đông Âu

Indiv

0.4%

95.250

Ngô Kim Điệp

Indiv

0.4%

94.067

Phạm Thanh Hải

Indiv

0.3%

71.492

Trần Thị Minh Tình

Indiv

0.3%

58.169

Nguyễn Thị Hợi

Indiv

0.3%

53.232

Board & Management

Nguyễn Khánh Trình38.2%

Chủ tịch Hội đồng Quản trị

Lưu Hoàng Anh0.9%

Thành viên Hội đồng Quản trị

Đôn Nữ Đức Hiền0.9%

Thành viên Hội đồng Quản trị/Phó Giám đốc

Dư Khắc Châu0.9%

Thành viên Hội đồng Quản trị

Phạm Thanh Hải0.3%

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

Trần Thị Minh Tình0.3%

Giám đốc Chi nhánh

Nguyễn Thị Hồi0.3%

Kế toán trưởng

Vũ Ngọc Anh

Thành viên Ban Kiểm toán nội bộ

Lee Sang Seok

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

Bạch Dương

Giám đốc

Trần Anh Nam

Thành viên Hội đồng Quản trị độc lập

Nguyễn Thanh Huyền

Giám đốc Tài chính

Top connections

SMT4.9%ABS4.6%DVG4.6%ALV4.5%CTI4.3%SSB4.2%CMC3.3%GGG3.0%VNS1.9%

Computed 12/04/2026