ALT

Technology

Công ty Cổ phần Văn hóa Tân Bình

Truyền thôngCT

13.800

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

13.543

Current

13.800

Gap

-1.9%

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)

62.06%

Kd(1-t)

6.11%

D/(D+E)

37.94%

WACC

10.76%

Growth Estimate

fundamental firm blend5.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→10x

Valuation

60%DCF Value

12.026

40%P/E Value

15.820

Blended Intrinsic

13.543

Value Decomposition

44%

56%

Explicit period (44%)Terminal value (56%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — ALT

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.76

Low Risk

DSRI

0.862

GMI

0.799

AQI

1.019

SGI

1.027

DEPI

0.965

SGAI

1.167

TATA

-0.013

LVGI

0.948

The Beneish M-Score of -2.7591 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue and margin quality, which could pose risks to future performance.

Red Flags

Earnings quality score of 66.3/100 suggests potential concerns, especially with eq_margin at only 15.5/100 and eq_revenue at 21.1/100, indicating poor profitability and revenue recognition.
SGAI at 1.1672 indicates aggressive spending on sales and marketing, which may not translate into proportional revenue growth.

Positive Signals

Beneish M-Score of -2.7591 suggests a low likelihood of earnings manipulation, indicating a potentially reliable financial reporting.
High eq_cash_conv score of 100.0/100 indicates strong cash conversion from earnings, which is a positive signal for liquidity.

Ownership Risk

The ownership structure shows significant institutional presence, with the top two shareholders holding 29.3% combined, which may provide stability. However, the presence of multiple individual shareholders could lead to potential conflicts in governance.

Recommendation

Investors should closely monitor the company's revenue and margin quality metrics while considering the strong cash conversion. It may be prudent to adopt a cautious approach until improvements in earnings quality are observed.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.09

Grey Zone

Sharpe

-0.01

Negative

Composite

Fair

Price Risk

Momentum

+10.8%

Volatility

91.0%

Max Drawdown

-26.0%

Key Ratios

Fiscal year 2025

8.72P/E

P/B0.39

P/S0.20

ROE4.5%

ROA2.7%

EPS1581.97

BVPS35689.85

Gross Margin15.0%

Net Margin2.3%

D/E0.61

Current Ratio1.74

Rev Growth2.7%

Profit Growth208.6%

EV/EBITDA4.28

Div Yield0.0%

Company Overview

Issued Shares

6.2M

Charter Capital

61.7B VND

Sector (ICB L2)

Truyền thông

Industry (ICB L3)

Truyền thông

Sub-industry

Sách, ấn bản & sản phẩm văn hóa

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ Phần Địa Ốc A.c.b

Inst

17.0%

1.1 trieu

Tổng Công ty Công Nghiệp - In - Bao Bì Liksin

Inst

12.3%

760.211

Hoàng Văn Điều

Indiv

9.4%

582.000

Hoàng Minh Anh Tú

Indiv

9.1%

560.595

Lại Thị Hồng Điệp

Indiv

5.8%

355.863

Nguyễn Văn Mạnh

Indiv

4.8%

273.300

Hoàng Minh Anh Tài

Indiv

4.6%

282.100

Ngân hàng Thương mại Cổ phần Á Châu

Inst

3.0%

177.960

Nguyễn Lại Xuân Duyên

Indiv

1.1%

60.000

Nguyễn Văn Ngạn

Indiv

0.9%

50.660

Công ty Cổ phần TIE

Inst

0.6%

37.500

Trần Thị Thu Anh

Indiv

0.6%

33.741

Công ty CP Đầu Tư Toàn Việt

Inst

0.5%

31.127

Hans Eberhard Fortenbacher

Indiv

0.5%

26.060

Lại Thế Tiến

Indiv

0.4%

24.617

Thái Thị Phượng

Indiv

0.4%

24.147

Board & Management

Hoàng Văn Điều9.4%

Chủ tịch Hội đồng Quản trị

Hoàng Minh Anh Tú9.1%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Lại Thị Hồng Điệp5.8%

Phó Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc

La Thế Nhân4.8%

Thành viên Hội đồng Quản trị độc lập/Phó Tổng Giám đốc

Hoàng Minh Anh Tài4.6%

Phó Tổng Giám đốc Kinh doanh

Thái Thị Phượng0.4%

Trưởng Ban kiểm soát

Quách Thị Mai Trang

Thành viên Ban kiểm soát

Nguyễn Minh Tuấn

Thành viên Hội đồng Quản trị độc lập

Lê Quốc Thắng

Thành viên Ban kiểm soát

Nguyễn Quang Khương

Giám đốc Kinh doanh

Nguyễn Quốc Khánh

Giám đốc Nhân sự

Trần Quý Tài

Giám đốc

Nguyễn Thị Xuân

Kế toán trưởng

Lê Thị Thiệt

Giám đốc Nhà máy

Top connections

PXS18.1%BTS3 links V1215.5%TLT15.5%PNC15.0%ASG13.4%VIH10.7%HLY10.3%TVA5.6%E1VFVN305.5%VOS4.9%ITC4.8%

Computed 12/04/2026