AIG

Consumer

Công ty Cổ phần Nguyên liệu Á Châu AIG

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

44.900

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

17.824

Current

44.900

Gap

-60.3%

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.

Distressed Valuation

Negative Intrinsic Value

BVPS

35.649

Discount

50%

Floor Value

35.649

Valuation Track Record

Retroactive intrinsic value vs actual close price — AIG

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.04

Moderate

DSRI

1.031

GMI

1.034

AQI

0.602

SGI

1.254

DEPI

1.137

SGAI

0.921

TATA

0.057

LVGI

0.896

AIG exhibits a Beneish M-Score of -2.0402, indicating a lower likelihood of earnings manipulation, but several concerning metrics suggest potential risks. The earnings quality score of 61.9/100, particularly the low cash conversion rate, raises questions about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 30.1/100 for cash conversion indicates significant discrepancies between reported earnings and actual cash flows.
SGI of 1.2540 suggests aggressive revenue growth that may not be supported by underlying cash flows.

Positive Signals

Beneish M-Score of -2.0402 is below the manipulation threshold of -1.78, suggesting a lower likelihood of earnings manipulation.
High receivables quality score of 100.0/100 indicates strong management of receivables, which is a positive sign for liquidity.

Ownership Risk

The ownership structure is highly concentrated, with Nguyễn Thiên Trúc holding 30.3% and Mgca Foodco Pte. Ltd. holding 29.0%. This concentration could lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor cash flow performance and revenue recognition practices, given the elevated SGI and low cash conversion. Consider a cautious approach until further clarity on earnings sustainability is achieved.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.62

Safe Zone

Sharpe

-0.12

Negative

Composite

Weak

Price Risk

Momentum

+7.7%

Volatility

30.0%

Max Drawdown

-12.4%

Key Ratios

Fiscal year 2025

8.15P/E

P/B1.25

P/S0.49

ROE16.6%

ROA8.2%

EPS5461.65

BVPS35648.62

Gross Margin15.3%

Net Margin6.0%

D/E0.63

Current Ratio1.98

Rev Growth25.5%

Profit Growth32.3%

EV/EBITDA6.69

Div Yield0.0%

Company Overview

Issued Shares

170.6M

Charter Capital

1706.0B VND

Sector (ICB L2)

Thực phẩm và đồ uống

Industry (ICB L3)

Sản xuất thực phẩm

Sub-industry

Thực phẩm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Nguyễn Thiên Trúc

Indiv

30.3%

51.7 trieu

Mgca Foodco Pte. Ltd.

Inst

29.0%

49.5 trieu

nguyen-bao-tung

Indiv

8.5%

14.5 trieu

All Ingredients Pte. Ltd.

Inst

8.1%

13.8 trieu

Vfphk Holdings Limited.

Inst

4.0%

6.9 trieu

Penm Iv Germany Gmbh & Co.kg

Inst

3.4%

5.9 trieu

Huỳnh Thanh Lâm

Indiv

2.5%

4.3 trieu

Phan Duy Hiếu

Indiv

1.7%

2.9 trieu

Nguyễn Bá Lương

Indiv

1.1%

1.8 trieu

Phan Thị Hoài Thương

Indiv

0.5%

867.875

Phạm Đăng Long

Indiv

0.4%

623.400

Lê Ngọc Sáng

Indiv

0.3%

562.000

Nguyễn Quốc Bình

Indiv

0.2%

380.000

Nguyễn Thị Phương Danh

Indiv

0.2%

320.035

Nguyễn Thị Ánh Linh

Indiv

0.2%

329.343

Trần Việt Hùng

Indiv

0.1%

174.600

Top connections

AST17.6%TQN14.4%LAW8.5%PTG6.5%CDG5.0%PGN4.3%HPG3.4%GVT1.8%DHT1.8%DHC1.7%IME1.5%

Computed 12/04/2026