BBT

Consumer

Công ty Cổ phần Bông Bạch Tuyết

Hàng cá nhân & Gia dụng/Hàng cá nhânCT

12.100

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

15.782

Current

12.100

Gap

+30.4%

ModelFCF DCF

Valuation Breakdown

CT→Hàng cá nhân & Gia dụng→Consumer

Classified as consumer because ICB sector "Hàng cá nhân & Gia dụng" 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)

47.44%

Kd(1-t)

6.63%

D/(D+E)

52.56%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→18.94B

Projection years→10

Valuation

Base FCF

18.94B

Growth Rate

4.00%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

15.782

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — BBT

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.59

Elevated

DSRI

0.598

GMI

0.977

AQI

3.492

SGI

1.248

DEPI

0.856

SGAI

1.081

TATA

-0.014

LVGI

0.582

BBT exhibits a moderate risk profile with a Beneish M-Score of -1.5915, indicating no immediate signs of earnings manipulation. However, the earnings quality metrics reveal some weaknesses, particularly in revenue recognition and profit margins, which warrant further scrutiny.

Red Flags

Earnings Quality Score of 78.9/100 shows low performance in eq_margin (43.0/100) and eq_revenue (25.3/100), indicating potential issues in profitability and revenue recognition.

Positive Signals

Beneish M-Score of -1.5915 is below the manipulation threshold of -1.78, suggesting a lower likelihood of earnings manipulation.
High accrual (94.6/100) and cash conversion (100.0/100) scores indicate strong operational cash flow relative to earnings.

Ownership Risk

The concentrated ownership structure, with the top two institutional shareholders holding over 65% of shares, may lead to governance risks and reduced shareholder influence on management decisions.

Recommendation

Investors should monitor revenue recognition practices closely and consider the implications of ownership concentration on corporate governance. A deeper analysis of profit margins and operational efficiency is recommended before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.55

Grey Zone

Sharpe

0.43

Positive

Composite

Strong

Price Risk

Momentum

+34.0%

Volatility

61.8%

Max Drawdown

-39.9%

Key Ratios

Fiscal year 2025

12.52P/E

P/B0.90

P/S0.83

ROE9.1%

ROA5.4%

EPS966.55

BVPS13497.12

Gross Margin43.9%

Net Margin6.6%

D/E0.44

Current Ratio1.51

Rev Growth24.8%

Profit Growth-9.1%

EV/EBITDA7.66

Div Yield0.0%

Company Overview

Issued Shares

19.6M

Charter Capital

196.0B VND

Sector (ICB L2)

Hàng cá nhân & Gia dụng

Industry (ICB L3)

Hàng cá nhân

Sub-industry

Hàng cá nhân

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty TNHH Đầu tư Sài Gòn 3 Capital

Inst

40.7%

8.0 trieu

Công ty Cổ phần Đầu tư SGI Holdings

Inst

24.7%

4.8 trieu

Công ty Cổ phần Chứng khoán Thành Công

Inst

9.5%

1.9 trieu

Võ Ngọc Thành

Indiv

3.9%

266.000

Lê Văn Minh

Indiv

1.5%

106.000

Châu Vinh Quang

Indiv

1.5%

99.340

Tạ Xuân Thọ

Indiv

0.6%

40.200

Trần Cao Trượng

Indiv

0.3%

20.140

Board & Management

Nguyễn Đông Hải

Thành viên Hội đồng Quản trị

Nguyễn Khánh Linh

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Phạm Mạnh Bằng

Thành viên Ban kiểm soát

Phạm Trần Tường Vy

Thư ký Hội đồng Quản Trị/Người phụ trách quản trị công ty

Đoàn Văn Sơn

Chủ tịch Hội đồng Quản trị

Lê Ngọc Hùng

Thành viên Ban kiểm soát

Đoàn Thị Thu Sương

Thành viên Ban kiểm soát

Ngô Thị Thu Trang

Phó Tổng Giám đốc Tài chính/Kế toán trưởng

Top connections

YTC63.4%TCI54.8%HTP9.5%FDC9.5%DTT3.9%IVS1.9%DBT1.5%TR11.5%GHC1.5%NAF1.5%

Computed 12/04/2026