FHS

Technology

Công ty Cổ phần Phát hành sách Thành phố Hồ Chí Minh - FAHASA

Truyền thôngCT

35.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

56.325

Current

35.000

Gap

+60.9%

ModelDCF PE BLEND

Valuation Breakdown

CT→Technology

Defaulted to technology (no specific sector mapping found)

ModelDCF + P/E Blend

Intrinsic = 60% x DCF Value + 40% x (Fair P/E x EPS)

Technology companies combine high growth potential with the risk of overvaluation. This model blends DCF (60% weight, capturing long-duration growth) with a P/E sanity check (40% weight, capping speculative excess). The DCF uses the slowest growth decay (0.05) recognizing that tech companies can sustain competitive advantages longer. The P/E component applies a dynamic ceiling: max P/E = min(growth% x 1.5, 30), preventing runaway valuations.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.300

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

13.60%

E/(D+E)

16.67%

Kd(1-t)

6.38%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

fundamental firm blend8.59%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→17.17x

Valuation

60%DCF Value

61.172

40%P/E Value

49.054

Blended Intrinsic

56.325

Value Decomposition

38%

62%

Explicit period (38%)Terminal value (62%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — FHS

Earnings Quality

Fiscal year 2025

Good

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

-2.32

Moderate

DSRI

0.915

GMI

0.967

AQI

1.098

SGI

1.057

DEPI

1.931

SGAI

1.029

TATA

0.014

LVGI

0.999

FHS exhibits a Beneish M-Score of -2.317, indicating a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality metrics reveal significant concerns, particularly in revenue recognition, which could pose risks to financial reliability.

Red Flags

Earnings Quality Score of 74.5/100, with a low eq_revenue score of 23.5/100 indicating potential issues in revenue recognition.
The high DEPI of 1.9308 suggests that the company may be experiencing declining sales, which could lead to aggressive revenue recognition practices.

Positive Signals

Beneish M-Score of -2.317 indicates a low likelihood of earnings manipulation, suggesting a more transparent financial reporting.
Strong eq_receivables and eq_margin scores of 100.0/100 indicate effective management of receivables and profitability.

Ownership Risk

The ownership structure is heavily concentrated, with the top two institutional shareholders holding over 54% of the shares, which could lead to potential governance risks and lack of minority shareholder influence.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of concentrated ownership. A deeper analysis of cash flow and revenue generation strategies 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

3.26

Safe Zone

Sharpe

0.32

Positive

Composite

Strong

Price Risk

Momentum

+23.7%

Volatility

89.5%

Max Drawdown

-35.9%

Key Ratios

Fiscal year 2025

8.47P/E

P/B2.12

P/S0.11

ROE25.9%

ROA3.8%

EPS4603.94

BVPS18375.56

Gross Margin26.4%

Net Margin1.4%

D/E5.70

Current Ratio1.12

Rev Growth5.6%

Profit Growth2.5%

EV/EBITDA6.69

Div Yield2.1%

Company Overview

Issued Shares

12.8M

Charter Capital

127.5B VND

Sector (ICB L2)

Truyền thông

Industry (ICB L3)

Truyền thông

Sub-industry

Sách, ấn bản & sản phẩm văn hóa

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Văn Hóa Sài Gòn

Inst

30.5%

3.9 trieu

Công ty TNHH Thương mại và Dịch vụ Hoa Đào Mùa Xuân

Inst

23.5%

3.0 trieu

Phạm Minh Thuận

Indiv

14.3%

1.8 trieu

Lê Thị Thu Huyền

Indiv

5.1%

656.532

Nguyễn Thị Phụng

Indiv

2.4%

306.673

Phạm Nam Thắng

Indiv

2.1%

265.883

Phạm Thị Hoa

Indiv

0.7%

92.613

Nguyễn Thị Thủy

Indiv

0.5%

46.683

Nguyễn Đức Hào

Indiv

0.4%

47.161

Trương Thị Thu Hà

Indiv

0.3%

39.433

Võ Thành Phước

Indiv

0.2%

20.114

Lê Việt Phương

Indiv

0.1%

12.211

Phạm Thu Mai

Indiv

0.1%

13.350

Board & Management

Phạm Minh Thuận14.3%

Tổng Giám đốc/Chủ tịch Hội đồng Quản trị

Lê Thị Thu Huyền5.1%

Phó Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị/Kế toán trưởng

Nguyễn Thị Phụng2.4%

Phó Tổng Giám đốc/Trưởng phòng Kinh doanh/Thành viên Hội đồng Quản trị

Phạm Nam Thắng2.1%

Phó Tổng Giám đốc

Phạm Thị Hóa0.7%

Trưởng phòng Kinh doanh/Thành viên Hội đồng Quản trị

Nguyễn Thị Thùy0.5%

Thành viên Ban kiểm soát

Trương Thị Thu Hà0.3%

Thành viên Ban kiểm soát

Võ Thành Phước0.2%

Phó Tổng Giám đốc

Võ Thị Thu Thủy

Trưởng Ban kiểm soát

Võ Thành Toàn

Thành viên Hội đồng Quản trị

Top connections

IN445.0%SDP12.5%CDG12.4%ATS9.7%HC38.2%DHC8.0%LMI7.3%PLP6.7%KDH5.1%BMG5.0%PEN5.0%HAR4.7%

Computed 12/04/2026