ANT

Consumer

Công ty Cổ phần Rau quả Thực phẩm An Giang

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

35.500

VND · Last close

Valuation Verdict

Undervalued

High

-120%Fair Value+120%

Intrinsic Value

117.382

Current

35.500

Gap

+230.7%

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)

29.01%

Kd(1-t)

6.84%

D/(D+E)

70.99%

WACC

10.00%

Growth Estimate

fundamental firm blend6.02%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→185.92B

Projection years→10

Valuation

Base FCF

185.92B

Growth Rate

6.02%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

117.382

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — ANT

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

-3.21

Low Risk

DSRI

0.539

GMI

0.981

AQI

0.591

SGI

1.281

DEPI

0.913

SGAI

0.930

TATA

-0.089

LVGI

0.886

The Beneish M-Score of -3.2053 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 receivables and margin, which may raise concerns about revenue sustainability.

Red Flags

Earnings Quality Score of 52.1/100 suggests moderate risk, particularly driven by a very low receivables score of 19.1/100, indicating potential issues with revenue collection.
SGI of 1.2812 indicates aggressive growth, which could lead to unsustainable revenue expectations.

Positive Signals

The cash conversion score of 100.0/100 reflects strong cash flow management, suggesting that the company is effectively converting its earnings into cash.
A low DSRI of 0.5391 indicates that the company's inventory levels are well managed relative to sales, which is a positive signal for operational efficiency.

Ownership Risk

The ownership structure is concentrated, with the top three institutional shareholders holding a combined 61.9%. This concentration may lead to governance risks, as decisions may favor the interests of a few over minority shareholders.

Recommendation

Investors should closely monitor earnings quality metrics, especially receivables and margins, while considering the strong cash conversion as a positive factor. A cautious approach is advised due to the potential risks associated with aggressive growth and ownership concentration.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

2.54

Grey Zone

Sharpe

1.38

Excellent

Composite

Strong

Price Risk

Momentum

+106.9%

Volatility

44.1%

Max Drawdown

-19.2%

Key Ratios

Fiscal year 2025

6.88P/E

P/B1.90

P/S0.47

ROE34.1%

ROA9.3%

EPS5161.22

BVPS18668.00

Gross Margin25.0%

Net Margin6.9%

D/E2.01

Current Ratio1.20

Rev Growth28.2%

Profit Growth69.4%

EV/EBITDA5.77

Div Yield0.0%

Company Overview

Issued Shares

24.0M

Charter Capital

240.0B 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 ANT — hover nodes for intel, click to navigate

Shareholders

Công ty CP Ylang Holdings

Inst

35.7%

8.6 trieu

Công ty TNHH Soybean

Inst

18.4%

3.8 trieu

Công ty TNHH Passion Fruit

Inst

7.8%

1.6 trieu

Trịnh Ngọc Kim Thi

Indiv

5.3%

1.1 trieu

Huỳnh Quang Đấu

Indiv

5.1%

308.062

Nguyễn Đình Khương

Indiv

3.9%

803.674

Nguyễn Thị Thu Nga

Indiv

3.5%

281.062

Phạm Ngô Quốc Thắng

Indiv

3.4%

621.000

Nguyễn Hoàng Minh

Indiv

3.1%

628.983

Huỳnh Quang Vinh

Indiv

2.8%

168.050

Ngô Vĩnh Hòa

Indiv

1.5%

122.000

Nguyễn Thị Thúy Nga

Indiv

1.0%

59.100

Quách Thanh Bình

Indiv

0.8%

47.100

Trần Công Thụy

Indiv

0.5%

29.900

Đặng Thị Thúy Nhanh

Indiv

0.2%

13.500

Đinh Hùng Dũng

Indiv

0.1%

25.520

Hoàng Ngân Hà

Indiv

0.1%

20.600

Board & Management

Ngô Vĩnh Hòa1.5%

Thành viên Hội đồng Quản trị

Quách Thanh Bình0.8%

Phó Tổng Giám đốc

Hoàng Ngân Hà0.1%

Trưởng Ban kiểm soát

Bùi Anh Tuấn

Thành viên Ban kiểm soát

Bùi Ngọc Duy

Thành viên Hội đồng Quản trị

Nguyễn Thanh Phong

Thành viên Ban kiểm soát

Nguyễn Công Luận

Phó Tổng Giám đốc

Nguyễn Văn Pháp

Phó Tổng Giám đốc

Ngô Thu Hà

Kế toán trưởng

Nguyễn Thế An

Thành viên Hội đồng Quản trị

Nguyễn Văn Tiến

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Vinh

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Ngọc Thiện Tâm

Phụ trách Công bố thông tin

Đặng Ngọc Cẩn

Thành viên Hội đồng Quản trị

Ngô Quang Hiệp

Thành viên Hội đồng Quản trị

Top connections

DTD29.2%IRC7.0%BTU5.0%NDF4.4%CSM3.5%VAV3.5%NHA3.1%ITD3.1%ELC3.1%CLC3.1%CRE3.1%PTP2.8%

Computed 12/04/2026