BMG

Consumer

Công ty Cổ phần May Bình Minh

Hàng cá nhân & Gia dụng/Hàng cá nhânCT

19.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

47.633

Current

19.800

Gap

+140.6%

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)

64.45%

Kd(1-t)

6.36%

D/(D+E)

35.55%

WACC

10.00%

Growth Estimate

fundamental firm blend6.33%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→13.13B

Projection years→10

Valuation

Base FCF

13.13B

Growth Rate

6.33%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

47.633

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — BMG

Earnings Quality

Fiscal year 2025

Weak

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

-1.24

High Risk

DSRI

1.636

GMI

0.968

AQI

1.136

SGI

1.072

DEPI

1.005

SGAI

0.990

TATA

0.119

LVGI

1.022

BMG exhibits several concerning financial metrics, particularly in earnings quality and potential manipulation indicators. The Beneish M-Score of -1.2382 suggests a lower likelihood of manipulation, but the earnings quality score of 48.7 indicates significant issues, particularly in cash conversion and revenue recognition.

Red Flags

Earnings Quality Score of 48.7/100 indicates below-average earnings quality, with a cash conversion score of 0.0/100 raising concerns about liquidity and operational efficiency.
The DSRI of 1.6364 suggests that accounts receivable are growing faster than revenue, which could indicate aggressive revenue recognition practices.

Positive Signals

The GMI of 0.9675 is below 1, indicating a lower likelihood of earnings manipulation.
Strong receivables and margin scores (100.0/100) suggest that the company is efficient in collecting receivables and maintaining profitability.

Ownership Risk

The ownership structure shows significant institutional ownership (35.0%), which may provide stability; however, the presence of multiple individual shareholders could lead to potential conflicts of interest.

Recommendation

Investors should closely monitor cash flow and revenue recognition practices, considering a cautious approach until improvements in earnings quality metrics are observed.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.08

Safe Zone

Sharpe

0.06

Positive

Composite

Fair

Price Risk

Momentum

-0.7%

Volatility

130.0%

Max Drawdown

-44.7%

Key Ratios

Fiscal year 2025

6.83P/E

P/B0.87

P/S0.35

ROE13.0%

ROA8.3%

EPS2897.33

BVPS22884.58

Gross Margin18.6%

Net Margin5.2%

D/E0.57

Current Ratio1.69

Rev Growth7.2%

Profit Growth16.7%

EV/EBITDA4.70

Div Yield0.0%

Company Overview

Issued Shares

5.3M

Charter Capital

52.9B VND

Sector (ICB L2)

Hàng cá nhân & Gia dụng

Industry (ICB L3)

Hàng cá nhân

Sub-industry

Hàng May mặc

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tập đoàn Dệt May Việt Nam

Inst

25.0%

1.3 trieu

Domex Company Ltd

Inst

10.0%

529.200

Nguyễn Ngọc Hải

Indiv

5.0%

264.600

Phạm Thị Hoa

Indiv

5.0%

264.600

Tu Yen Hsien

Indiv

5.0%

264.600

Nguyễn Thị Thắng

Indiv

4.5%

237.082

Phạm Thị Nụ

Indiv

2.9%

155.350

Võ Quốc Hào

Indiv

2.8%

150.024

nguyen-anh-tuan

Indiv

2.2%

116.747

Nguyễn Thị Thu Nhung

Indiv

1.5%

76.862

Ngô Thị Thân

Indiv

1.0%

54.831

nguyen-dinh-thang

Indiv

0.9%

45.952

Nguyễn Đức Lung

Indiv

0.8%

42.336

Hồ Thanh Lâm

Indiv

0.3%

16.917

Trần Thị Đoan

Indiv

0.2%

10.000

Hồ Thị Thu Thủy

Indiv

0.2%

9.026

Vũ Đình Nghĩa

Indiv

0.1%

5.909

Board & Management

Nguyễn Ngọc Hải5.0%

Thành viên Hội đồng Quản trị

Nguyễn Thị Thắng4.5%

Thành viên Hội đồng Quản trị

Võ Quốc Hào2.8%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Anh Tuấn2.2%

Thành viên Ban kiểm soát

Nguyễn Thị Thu Nhung1.5%

Kế toán trưởng/Thành viên Hội đồng Quản trị

Ngô Thị Thân1.0%

Trưởng Ban kiểm soát

Hồ Thanh Lâm0.3%

Giám đốc điều hành

Lê Mạc Thuấn

Chủ tịch Hội đồng Quản trị

Nguyễn Đức Ngọ

Phó Tổng Giám đốc

Hồ Đặng Ngọc Diễm

Thành viên Ban kiểm soát

Top connections

VTI68.3%HTG61.9%HDM60.9%SPB60.7%NDT53.7%PPH50.1%TVT46.9%MGG35.2%HUG35.0%VGG30.4%HNI29.2%NJC28.6%

Computed 12/04/2026