BRS

Consumer

Công ty Cổ phần Dịch vụ Đô thị Bà Rịa

Hàng & Dịch vụ Công nghiệp/Tư vấn & Hỗ trợ Kinh doanhCT

27.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

168.209

Current

27.000

Gap

+500.0%

ModelFCF DCF

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Consumer

Classified as consumer because ICB sector "Hàng & Dịch vụ Công nghiệp" 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

1.000

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

11.50%

E/(D+E)

55.18%

Kd(1-t)

6.40%

D/(D+E)

44.82%

WACC

10.00%

Growth Estimate

fundamental firm blend5.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→41.67B

Projection years→10

Valuation

Base FCF

41.67B

Growth Rate

5.00%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

168.209

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — BRS

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2016

-0.77

High Risk

DSRI

0.857

GMI

1.049

AQI

5.321

SGI

1.255

DEPI

1.085

SGAI

0.898

TATA

-0.025

LVGI

1.210

BRS exhibits a moderate risk profile with a Beneish M-Score of -0.7704, indicating no immediate signs of earnings manipulation. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue recognition, which could pose risks in the context of Vietnamese accounting practices.

Red Flags

Earnings Quality Score of 0.0/100 for eq_revenue indicates potential issues in revenue recognition.
SGI of 1.2549 suggests aggressive growth that may not be supported by underlying fundamentals.

Positive Signals

High earnings quality score of 81.4/100, particularly strong in cash conversion (100.0/100) and accruals (90.0/100), indicating solid operational performance.
Beneish M-Score of -0.7704 is well above the manipulation threshold of -1.78, suggesting no immediate concerns regarding earnings manipulation.

Ownership Risk

The dominant ownership by the state (76.9%) may introduce risks related to political influence and operational inefficiencies typical of state-owned enterprises in Vietnam. However, institutional ownership at 16.0% could provide some level of oversight.

Recommendation

Investors should closely monitor revenue recognition practices and the company's growth strategies. A thorough review of financial statements and operational metrics is recommended before making investment decisions.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

3.19

Safe Zone

Sharpe

0.39

Positive

Composite

Strong

Price Risk

Momentum

+37.5%

Volatility

86.0%

Max Drawdown

-40.8%

Key Ratios

Fiscal year 2025

ROE0.0%

ROA0.0%

Gross Margin18.9%

Net Margin9.7%

D/E0.00

Current Ratio0.00

Rev Growth13.6%

Profit Growth11.2%

Company Overview

Issued Shares

4.5M

Charter Capital

45.4B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Tư vấn & Hỗ trợ Kinh doanh

Sub-industry

Chất thải & Môi trường

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Ủy Ban Nhân Dân Tỉnh Bà Rịa - Vũng Tàu

State

76.9%

3.5 trieu

Công ty Cổ phần Tập Đoàn Ô Tô Hiệp Hòa

Inst

16.0%

728.000

Trương Quang Đại

Indiv

0.6%

27.700

Nguyễn Phạm Việt Nghĩa

Indiv

0.3%

13.700

Nguyễn Thị Kim Xuyến

Indiv

0.2%

8.000

Board & Management

Trương Quang Đại0.6%

Chủ tịch Hội đồng Quản trị

Nguyễn Phạm Việt Nghĩa0.3%

Thành viên Hội đồng Quản trị

Nguyễn Thị Kim Xuyến0.2%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Quang Quốc

Trưởng Ban kiểm soát

Phan Thị Minh Nguyệt

Thành viên Ban kiểm soát

Trương Thị Tâm

Kế toán trưởng

Thang Mỹ Hạnh

Thành viên Ban kiểm soát

Đào Mạnh Hùng

Thành viên Hội đồng Quản trị

Võ Ngọc Thạch

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Top connections

UDC76.9%MTV76.9%TNC76.9%BWS76.9%UPC76.9%DNC29.8%BTU16.0%MLC16.0%NXT6.3%CDO4.8%TNA4.5%SVN3.3%

Computed 12/04/2026