ILC

Consumer

Công ty Cổ phần Hợp tác lao động với nước ngoài

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

7.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

18.564

Current

7.600

Gap

+144.3%

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)

64.28%

Kd(1-t)

5.30%

D/(D+E)

35.72%

WACC

10.00%

Growth Estimate

fundamental firm blend5.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→5.83B

Projection years→10

Valuation

Base FCF

5.83B

Growth Rate

5.00%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

18.564

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — ILC

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

3.01

High Risk

DSRI

0.558

GMI

1.045

AQI

0.951

SGI

0.779

DEPI

53.893

SGAI

1.288

TATA

0.013

LVGI

1.019

The Beneish M-Score of 3.0054 significantly exceeds the manipulation threshold of -1.78, indicating a high likelihood of earnings manipulation. Additionally, the company's earnings quality score of 61.4/100, particularly low margins and revenue metrics, raises further concerns about financial integrity.

Red Flags

Beneish M-Score of 3.0054 indicates potential earnings manipulation.
Earnings quality metrics show 0.0/100 for both eq_margin and eq_revenue, signaling severe issues in profitability and revenue recognition.

Positive Signals

The DSRI of 0.5577 suggests that inventory levels are well managed compared to sales, potentially indicating operational efficiency.
High eq_accrual score of 95.0/100 reflects strong accrual management, which may indicate a level of financial prudence.

Ownership Risk

The ownership structure is concentrated, with the top shareholder holding 25.0%, which may lead to governance risks and potential conflicts of interest. The presence of institutional investors could provide some oversight.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly focusing on the company's revenue recognition practices and overall financial transparency before considering any investment.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.50

Grey Zone

Sharpe

-0.07

Negative

Composite

Fair

Price Risk

Momentum

-7.7%

Volatility

127.0%

Max Drawdown

-43.5%

Key Ratios

Fiscal year 2024

4.35P/E

P/B0.72

P/S0.29

ROE18.1%

ROA11.3%

EPS1572.60

BVPS9447.54

Gross Margin9.6%

Net Margin6.7%

D/E0.56

Current Ratio3.58

Rev Growth-22.1%

Profit Growth366.0%

EV/EBITDA14.89

Div Yield0.0%

Company Overview

Issued Shares

6.1M

Charter Capital

61.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Tư vấn & Hỗ trợ Kinh doanh

Sub-industry

Đào tạo & Việc làm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Trịnh Thị Nga

Indiv

25.0%

1.5 trieu

Công ty TNHH Tran Maritime Holdings

Inst

11.8%

720.200

Hoàng Thị Hoan

Indiv

5.8%

354.585

Lê Trung Hà

Indiv

3.4%

204.108

Công ty TNHH Việt Maritime Holdings

Inst

2.6%

160.700

Nguyễn Xuân Hò

Indiv

2.0%

123.600

Hoàng Linh Sơn

Indiv

1.8%

107.550

Lương Thu Hoài

Indiv

1.2%

73.083

Vũ Ngọc Sinh

Indiv

1.1%

69.537

Tạ Thị Tuyết Minh

Indiv

0.9%

55.968

nguyen-van-bien

Indiv

0.9%

52.767

Nguyễn Văn Thảo

Indiv

0.7%

44.935

Mai Thanh Bình

Indiv

0.6%

39.307

Phạm Sĩ Tú

Indiv

0.4%

24.600

Vũ Hoàng Phương

Indiv

0.3%

20.850

Vũ Hoài Nam

Indiv

0.3%

15.000

Nguyễn Tuấn Đạt

Indiv

0.2%

11.181

Nguyễn Quốc Chiến

Indiv

0.1%

7.010

Board & Management

Trịnh Thị Nga25.0%

Thành viên Hội đồng Quản trị

LÊ TRUNG HÀ3.4%

Chủ tịch Hội đồng Quản trị

Hoàng Linh Sơn1.8%

Thành viên Hội đồng Quản trị/Giám đốc

Vũ Ngọc Sinh1.1%

Giám đốc Tài chính/Thành viên Hội đồng Quản trị

Nguyễn Văn Biên0.9%

Thành viên Hội đồng Quản trị/Phó Giám đốc

Mai Thanh Bình0.6%

Giám đốc Chi nhánh TP HCM

Phạm Sĩ Tú0.4%

Phó Giám đốc/Người phụ trách quản trị công ty/Thành viên Hội đồng Quản trị

Vũ Hoàng Phương0.3%

Kế toán trưởng

Phạm Hồng Hải

Phó Giám đốc

Lê Vũ Cường

Thành viên Ban kiểm soát

Nguyễn Bá Hải

Thành viên Hội đồng Quản trị

Phạm Thị Hồng Tư

Người phụ trách quản trị công ty

Nguyễn Thị Thư

Trưởng Ban kiểm soát

Top connections

CCT99.0%PHP92.6%CCR80.9%QNP75.0%CDN75.0%SGP65.5%VLG56.7%CPI56.6%VSA51.0%NAP51.0%VNA51.0%VOS51.0%

Computed 12/04/2026