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Utilities sector

BWE

Utilities
Công ty Cổ phần - Tổng công ty Nước - Môi trường Bình Dương
Điện, nước & xăng dầu khí đốt/Nước & Khí đốtCT
43.150
VND · Last close
Valuation Verdict
Overvalued
Medium
-120%Fair Value+120%
Intrinsic Value
28.326
Current
43.150
Gap
-34.4%
ModelDDM 3STAGE

Valuation Breakdown

CTĐiện, nước & xăng dầu khí đốtUtility
Classified as utility because ICB sector "Điện, nước & xăng dầu khí đốt" maps to the utility group
Model3-Stage DDM
Value = Sum of [DPS x (1+g)^t / (1+Ke)^t] + Terminal Dividend / (Ke - g_terminal)

The Dividend Discount Model values a stock based on its future dividend payments, discounted to present value. The 3-stage variant captures three phases of a company's life: high growth (years 1-3), a transition period where growth declines linearly (years 4-6), and a terminal stage of stable, perpetual growth (year 7+). As John D. Rockefeller said: "The only thing that gives me pleasure is to see my dividends coming in."

1
Cost of Equity (Ke)
Risk-Free (Rf)
4.50%
+
Betasector default
0.600
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
8.70%
2
Growth Estimate
fundamental equity blend6.05%
3
Model Inputs
DPS source:Actual dividends
DPS1.300
Payout ratio35.8%
4
Valuation
Dividends Per Share
1.300
Base Growth
6.05%
Cost of Equity
8.70%
Terminal Growth
3.50%
DDM Value
28.326
Value Decomposition
25%
75%
Explicit period (25%)Terminal value (75%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — BWE

Earnings Quality

Fiscal year 2025

75
Good
Accrual Quality
98
Cash Conversion
86
Receivables
100
Margin Stability
57
Revenue Quality
33

Financial Forensics

Beneish M-Score · 2025

-2.50
Moderate
DSRI
0.708
GMI
0.993
AQI
1.303
SGI
1.147
DEPI
0.955
SGAI
0.941
TATA
-0.004
LVGI
0.956

BWE displays a Beneish M-Score of -2.498, indicating a low likelihood of earnings manipulation. The earnings quality score of 74.9 suggests solid overall performance, although certain metrics like revenue quality are weaker, which warrants attention.

Red Flags
  • Revenue quality score of 33.4/100 indicates potential issues with revenue recognition practices.
Positive Signals
  • High accrual quality score of 98.4/100 suggests strong earnings sustainability.
Ownership Risk

The concentrated ownership structure, with the top three institutional shareholders holding over 65%, may lead to governance risks, particularly in decision-making processes.

Recommendation

Monitor revenue recognition closely due to the low revenue quality score, while considering a buy position given the strong earnings quality metrics.

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

Quantitative Scores

F-Score
6/9
Neutral
Z-Score
1.45
Distress Zone
Sharpe
-0.14
Negative
Composite
53
Fair
Price Risk
Momentum
+3.4%
Volatility
23.3%
Max Drawdown
-20.5%

Key Ratios

Fiscal year 2025
9.58P/E
P/B1.59
P/S2.09
ROE17.5%
ROA6.8%
EPS4506.18
BVPS27180.94
Gross Margin43.1%
Net Margin21.8%
D/E1.41
Current Ratio1.28
Rev Growth14.7%
Profit Growth55.1%
EV/EBITDA8.15
Div Yield3.0%

Company Overview

Issued Shares
219.9M
Charter Capital
2199.3B VND
Sector (ICB L2)
Điện, nước & xăng dầu khí đốt
Industry (ICB L3)
Nước & Khí đốt
Sub-industry
Nước
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Công ty Cổ phần Nước Thủ Dầu Một
Inst
37.4%
82.3 trieu
Tập đoàn Đầu tư và Phát triển Công nghiệp Becamex
Inst
19.4%
42.8 trieu
Công ty Cổ phần Đầu tư và Xây dựng Biwelco
Inst
8.2%
18.0 trieu
Nguyễn Văn Thiện
Indiv
4.6%
10.2 trieu
Norges Bank
Inst
2.5%
3.7 trieu
Nguyễn Hiền Triết
Indiv
2.1%
4.5 trieu
nguyen-thanh-phong
Indiv
1.4%
3.0 trieu
Hanoi Investments Holdings Limited
Inst
1.1%
2.2 trieu
Trần Chiến Công
Indiv
1.1%
2.3 trieu
Nguyễn Thị Ngọc Thanh
Indiv
0.6%
1.2 trieu
Nguyễn Đỗ Ngọc Bảo
Indiv
0.4%
1.0 trieu
Nguyễn Thị Diên
Indiv
0.4%
217.968
aquila spc ltd
Inst
0.4%
605.000
Trần Tấn Đức
Indiv
0.4%
775.004
Samsung Vietnam Securities Master Investment Trust
Inst
0.3%
500.000
Vietnam Co-investment Fund
Inst
0.3%
412.000
Ban chấp hành Công đoàn Công ty Cổ phần - Tổng Công ty Nước- Môi trường Bình Dương
State
0.3%
600.000
Trần Tuyết Lan
Indiv
0.2%
456.000
Dương Hoàng Sơn
Indiv
0.2%
366.054
Dương Anh Thư
Indiv
0.2%
357.000
Tạ Trọng Hiệp
Indiv
0.1%
228.000
Board & Management
Nguyễn Văn Thiền4.6%
Chủ tịch Hội đồng Quản trị
Nguyễn Thanh Phong1.4%
Thành viên Hội đồng Quản trị
Trần Chiến Công1.1%
Tổng Giám đốc/Thành viên Hội đồng Quản trị
Nguyễn Thị Diên0.4%
Trưởng phòng Tài chính - Kế toán
Trần Tấn Đức0.4%
Kế toán trưởng
Dương Hoàng Sơn0.2%
Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị
Dương Anh Thư0.2%
Trưởng Ban kiểm soát
Tạ Trọng Hiệp0.1%
Thành viên Hội đồng Quản trị
Phạm Thanh Hùng
Phó Tổng Giám đốc
Nguyễn Thị Thu Vân
Thành viên Hội đồng Quản trị
Nguyễn Kim Liên
Thành viên Ban kiểm soát
Ngô Văn Lui
Phó Tổng Giám đốc
Nguyễn Đức Bảo
Thành viên Ban kiểm soát
Trần Thị Kim Oanh
Thành viên Ban kiểm soát
Lê Ngọc Lan Thảo
Người phụ trách quản trị công ty
Nguyễn Văn Trí
Thành viên Hội đồng Quản trị
Phạm Thanh Vũ
Thành viên Hội đồng Quản trị độc lập
Computed 12/04/2026
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All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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