CNA

Consumer

Công ty Cổ phần Tổng công ty Chè Nghệ An

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

43.900

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

4.264

Current

43.900

Gap

-90.3%

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.

Distressed Valuation

Negative Cash Flow

BVPS

8.529

Discount

50%

Floor Value

8.529

Valuation Track Record

Retroactive intrinsic value vs actual close price — CNA

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-1.85

Moderate

DSRI

1.763

GMI

1.206

AQI

0.866

SGI

1.169

DEPI

0.603

SGAI

0.868

TATA

-0.036

LVGI

1.257

CNA exhibits signs of potential earnings manipulation with a Beneish M-Score of -1.8495, which is below the threshold of -1.78. The earnings quality score of 56.5/100, particularly low cash conversion and revenue metrics, further raises concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.8495 indicates potential earnings manipulation, as it is below the critical threshold of -1.78.
Earnings quality metrics show a cash conversion score of only 40.0/100 and a revenue score of 0.0/100, suggesting significant issues with revenue recognition and cash flow sustainability.

Positive Signals

The company has a high receivables score of 100.0/100, indicating strong management of receivables.
The state ownership of 51.0% may provide some level of stability and support from the government.

Ownership Risk

The dominant state ownership (51.0%) can lead to potential conflicts of interest and may prioritize state objectives over shareholder value. However, institutional ownership at 37.7% provides a buffer against complete mismanagement.

Recommendation

Investors should exercise caution and closely monitor CNA's financial disclosures and operational performance. It may be prudent to wait for clearer signs of improved earnings quality before considering an investment.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.56

Distress Zone

Sharpe

0.00

Negative

Composite

Weak

Price Risk

Momentum

+0.0%

Volatility

0.0%

Max Drawdown

0.0%

Key Ratios

Fiscal year 2024

-122.71P/E

P/B5.15

P/S10.27

ROE-4.1%

ROA-2.3%

EPS-357.76

BVPS8528.98

Gross Margin17.4%

Net Margin-8.4%

D/E0.97

Current Ratio0.89

Rev Growth16.9%

Profit Growth-41.0%

EV/EBITDA-239.87

Div Yield0.0%

Company Overview

Issued Shares

1.7M

Charter Capital

34.2B VND

Sector (ICB L2)

Thực phẩm và đồ uống

Industry (ICB L3)

Sản xuất thực phẩm

Sub-industry

Nuôi trồng nông & hải sản

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Ủy Ban Nhân Dân Tỉnh Nghệ An

State

51.0%

1.7 trieu

Công ty TNHH Mía Đường Nghệ An

Inst

27.6%

943.991

Công ty Cổ phần Cấp nước Nghệ An

Inst

10.1%

345.181

Nguyễn Văn Quyết

Indiv

0.2%

1.300

Võ Văn Biên

Indiv

0.2%

1.300

Ngô Thị Lan

Indiv

0.1%

1.100

Top connections

NAU80.8%NAW51.0%MST4.3%DQC1.3%

Computed 12/04/2026