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GDW

Công ty Cổ phần Cấp nước Gia Định

VietnamUtilitiesĐiện, nước & xăng dầu khí đốtNước & Khí đốtHNXCT
31.800
VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+16.2%Calibrated value vs last close
Last close (VND)
31.800
Calibrated intrinsic value (VND)
36.966

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

  1. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 3
    Apply to the close

    That return is applied to the last close.

Keep in mind

  • For illustration only: not a validated forecast.
  • No uncertainty range: the estimate is a single figure.
  • Older record: it has not been re-measured on the current data.

Why it needs review

  • Trading liquidity is below the comparison threshold.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Model reliability
Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
Not assessed
A separate peer-outperformance probability is unavailable for this valuation.
Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Valuation Breakdown

CT→Điện, nước & xăng dầu khí đốt→Utility
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+).

Technical details
Why this model

Regulated utilities have capped growth but high, stable dividend payouts. DDM is the canonical valuation method when dividends are the primary return to shareholders. Many utilities follow stated or regulated payout policies, so actual dividends are a direct input.

How it works

Uses the median cash dividend of the last 3 years from corporate events; a company with no dividend record gets 50% of its median EPS. 3 stages: high growth (3yr at estimated rate), transition (3yr linear decay), terminal (perpetual at the sector's long-run growth rate). Discounts at cost of equity (CAPM). A payout above 40% of earnings is needed for high model reliability.

Best for

Regulated utilities, power companies, and water suppliers with stable, predictable dividend policies.

1
Cost of Equity (Ke)
Risk-Free (Rf)
4.36%
+
Betasector default
0.820
x
ERP
4.38%
+
CRP
2.75%
=
Cost of Equity (Ke)
10.70%
2
Growth Estimate
fundamental equity blend8.00%
3
Model Inputs
DPS source:Actual dividends
DPS→2.000
Payout ratio→47.6%
4
Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→31.800
Calibrated value vs last close→+16.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
36.966
What feeds each step— click a source to highlight it in the statements
Growth rate8.00%growth method: fundamental equity blend
Dividend per share2.000dps source: eventspayout ratio: 47.63
Feeds valuation:GrowthModel inputs
Line item2026202520242023202220212020201920182017201620152014201320122011
CURRENT ASSETS (Bn. VND)
·128125145144108177135969650586960··
Cash and cash equivalents (Bn. VND)
·27598189551411015757825332··
Short-term investments (Bn. VND)
·13131313883888002··
Accounts receivable (Bn. VND)
·3414111621121091214131529··
Prepayments to suppliers (Bn. VND)
·42112433243514··
Net Inventories
·42323222211215151412121420··
Inventories, Net (Bn. VND)
·42323222211215151412121420··
Other current assets
·12774346758867··
Other current assets (Bn. VND)
·0000000000012··
LONG-TERM ASSETS (Bn. VND)
·212169162154158166165180186178149138142··
Long-term trade receivables (Bn. VND)
·0.30.31.01222212100··
Other long-term receivables (Bn. VND)
·0.30.31.01222212100··
Fixed assets (Bn. VND)
·172159152137132146155169180160108135140··
Tangible fixed assets
·1671541491351291461551681781571089672··
Intagible fixed assets
·553230.30.40.7120.50.70.4··
Investment in properties
·000000000.20.30.400··
Other non-current assets
·3344546320.40.10.532··
Long-term prepayments (Bn. VND)
·3344546320.40.10.522··
TOTAL ASSETS (Bn. VND)
·340294306298266343301276282229206206202··
LIABILITIES (Bn. VND)
·1531061311169517514612513587666061··
Current liabilities (Bn. VND)
·152102122102761511179110167655857··
Short-term borrowings (Bn. VND)
·3555555542033··
Advances from customers (Bn. VND)
·0.80.50.60.6358678821··
Long-term liabilities (Bn. VND)
·0.949141924293434200.614··
Long-term borrowings (Bn. VND)
·0.33813182328333418003··
OWNER'S EQUITY(Bn.VND)
·188188176182171168155151147142141147141··
Capital and reserves (Bn. VND)
·188188176182171168155151147142141147141··
Paid-in capital (Bn. VND)
·95959595959595959595959595··
Investment and development funds (Bn. VND)
·52444140383838373533302017··
Undistributed earnings (Bn. VND)
·40493946373522191713152221··
TOTAL RESOURCES (Bn. VND)
·340294306298266343301276282229206206202··
Common shares (Bn. VND)
·95959595959595959595959595··
◆vnvalue Research Note
Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

Earnings Quality

Fiscal year 2025
64
Fair
Accrual Quality
100
Cash Conversion
100
Receivables
0
Margin Stability
100
Revenue Quality
22

Financial Forensics

Beneish M-Score · 2025
90th–97th
M −0.51 · 91st pctile vs VN companies
YoY ▲ +1.66
Conservative vs VN peersUnusual accounting movement
Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI
2.409
GMI
0.976
AQI
3.290
SGI
1.001
DEPI
0.979
SGAI
0.992
TATA
−0.034
LVGI
1.247

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
1.2555th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
1.4%42nd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
None
Consecutive years of net lossProfit after tax of the parent
0
Owner's equityWithout the non-controlling interest
Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them.

The accounting signals for GDW show elevated indicators of receivable- and revenue-related anomalies: a Beneish M-Score of -0.5118 (91st percentile versus Vietnamese peers, year-over-year change +1.66) driven mainly by a high DSRI (2.4090) and AQI (3.2902). At the same time, cash- and accrual-related measures look strong (Accruals quality 100/100, Cash conversion 100/100; Altman Z-Score 4.01), and there are no statutory loss triggers or accumulated losses in the published statements.

Red Flags
  • Beneish M-Score -0.5118 (91st percentile among Vietnamese peers; YoY change +1.66). The M-Score measures the likelihood of earnings manipulation signals relative to peers; the high peer percentile and positive YoY change indicate accounting metrics moving toward more aggressive patterns versus Vietnam peers.
  • Days Sales Receivable Index (DSRI) = 2.4090. DSRI measures growth in receivables relative to sales; a value >1 indicates receivables have grown faster than sales and can signal revenue recognition or collection issues.
  • AQI (Asset Quality Index) = 3.2902. AQI measures increases in non-current or unusual assets (prepayments, long-term receivables, capitalized costs); a value well above 1 suggests rising asset-side items that can be used to shift expenses off the income statement.
  • Receivables quality score = 0.0/100 and Revenue quality = 21.6/100. These component scores point to weak revenue and receivable quality despite strong accrual and cash indicators.
  • LVGI (Leverage Index for gross margin or related growth) = 1.2468 and DSRI/AQI combination. The combination of elevated AQI and LVGI together with the large DSRI suggests receivable/prepayment or non-trade receivable growth that is out of step with other operating metrics.
Positive Signals
  • Accruals quality 100.0/100 and Cash conversion 100.0/100. These indicate reported profits are being converted into cash and that accrual-based earnings metrics are not showing internal inconsistency.
  • TATA (total accruals to total assets) = -0.0341. A small negative TATA suggests limited total accruals relative to assets in the period measured.
  • SGI (Sales Growth Index) = 1.0010 and GMI (Gross Margin Index) = 0.9756. SGI close to 1 implies stable sales growth; GMI <1 indicates gross margins have slightly improved rather than deteriorated year-over-year.
  • Altman Z-Score = 4.01 (safe zone). This measures statutory bankruptcy distance and places GDW in a zone historically associated with low short-term distress probability.
  • Piotroski F-Score = 6/9. This is a neutral-to-favorable indicator of fundamentals (profitability, leverage/liquidity, and operating efficiency).
Ownership Risk

Ownership is highly concentrated: state/ institutional investors hold the majority—Tổng Công ty Cấp nước Sài Gòn 51.2%, Công ty TNHH Nước Sạch Ree 20.1%, and Ngân hàng TNHH MTV Số Vikki 10.0%—with a small individual stake (Hồ Lê Minh 3.6%). No director-deal registrations were provided in the input (no registered insider transactions noted).

To check in the filings
  • Compare the change in trade receivables and the DSRI driver: read the notes to the 2025 balance sheet for trade receivables and the receivables aging schedule to reconcile the DSRI = 2.4090 with reported sales.
  • Inspect the ‘Other receivables / Long-term receivables / Prepayments’ line and related-party disclosures in FY2025 to account for the AQI = 3.2902 and the 1.4% of total assets reported as receivables outside the trade cycle.
  • Reconcile cash flow from operating activities to net profit in the consolidated cash flow statement and the management discussion to verify the cash conversion (3-year OCF/Net profit = 1.25) and the Cash conversion quality 100/100.
  • Review revenue recognition policies and significant contracts (sales contracts, progress billing, or construction/service contracts) in the revenue note to assess why Revenue quality scores are low (21.6/100) while margins and accrual metrics appear healthy.

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

Quantitative Scores

F-Score
6/9
Neutral
Z-Score
4.01
Safe Zone
Sharpe
0.05
Positive
Composite
52
50 to 69
Piotroski F-Score Breakdown
✓Net Income > 0
✓Operating CF > 0
✗ROA Rising
✓OCF > Net Income
✓Lower Leverage
✗Better Liquidity
✓No Dilution
✓Margin Up
✗Turnover Up
DuPont Decomposition
Tax Burden0.79×Interest Burden1.04×Op. Margin0.07×Turnover1.98×Leverage1.81=ROE21.5%
Price Risk
Momentum
+3.6%
Volatility
49.7%
Max Drawdown
−46.4%

Key Ratios

Fiscal year 2025
7.50P/E
P/B
1.61
P/S
0.45
ROE
21.4%
ROA
12.7%
EPS
4.239
BVPS
19.749
Gross Margin
40.0%
Net Margin
6.0%
D/E
0.02
Current Ratio
0.85
Rev Growth
+0.1%
Profit Growth
+0.9%
EV/EBITDA
3.07
Div Yield
9.1%

Company Overview

Shares outstanding
9.5M
Charter Capital
95.0B VND
Sector (ICB L2)
Điện, nước & xăng dầu khí đốt
Industry (ICB L3)
Nước & Khí đốt
Sub-industry
Nước
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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