IN4

Technology

Công ty Cổ phần In số 4

Truyền thôngCT

43.700

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

82.931

Current

43.700

Gap

+89.8%

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)

79.43%

Kd(1-t)

6.36%

D/(D+E)

20.57%

WACC

12.11%

Growth Estimate

fundamental firm blend8.01%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→16.02x

Valuation

60%DCF Value

48.116

40%P/E Value

135.155

Blended Intrinsic

82.931

Value Decomposition

49%

51%

Explicit period (49%)Terminal value (51%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — IN4

Earnings Quality

Fiscal year 2024

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

22.59

High Risk

DSRI

28.105

GMI

0.924

AQI

1.451

SGI

1.073

DEPI

0.879

SGAI

1.011

TATA

-0.012

LVGI

1.018

The Beneish M-Score of 22.585 significantly exceeds the manipulation threshold of -1.78, indicating a high likelihood of earnings manipulation. Additionally, the earnings quality metrics reveal concerning discrepancies, particularly in receivables, which may suggest aggressive accounting practices.

Red Flags

Beneish M-Score of 22.585 indicates likely manipulation, well above the threshold of -1.78.
Receivables quality score at 36.7/100 is significantly low, suggesting potential overstatement of revenue.

Positive Signals

Earnings Quality Score of 81.4/100 indicates overall strong earnings quality, with particularly high scores in margin (100.0/100) and accrual (95.2/100).
Institutional ownership is high at 74.7%, which may provide some level of governance and oversight.

Ownership Risk

The top shareholders include significant institutional ownership (74.7%), which can mitigate some risks associated with management practices. However, the concentration of ownership may lead to potential conflicts of interest.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly regarding revenue recognition practices and the implications of the low receivables quality score. Consider monitoring for any changes in management or accounting policies.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

5.12

Safe Zone

Sharpe

-0.17

Negative

Composite

Strong

Price Risk

Momentum

+25.6%

Volatility

83.0%

Max Drawdown

-51.4%

Key Ratios

Fiscal year 2024

5.54P/E

P/B0.77

P/S0.64

ROE18.2%

ROA14.4%

EPS8439.15

BVPS49118.26

Gross Margin33.3%

Net Margin14.2%

D/E0.26

Current Ratio3.00

Rev Growth7.3%

Profit Growth16.5%

EV/EBITDA1.58

Div Yield4.7%

Company Overview

Issued Shares

1.2M

Charter Capital

12.0B 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 IN4 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Văn Hóa Sài Gòn

Inst

45.0%

540.000

Công ty Cổ Phần Schengen Invest

Inst

24.6%

294.950

Đỗ Thành Tiến

Indiv

19.3%

231.800

Công ty Cổ phần Mỹ nghệ Tổng hợp Xuất khẩu

Inst

4.1%

49.380

Lê Thị Đan Phương

Indiv

0.7%

8.750

Lê Văn Tròn

Indiv

0.4%

5.400

Khưu Vĩnh Quý

Indiv

0.1%

1.450

Board & Management

Khưu Vĩnh Quý0.1%

Phó Chủ tịch Hội đồng Quản trị/Phó Giám đốc

Nguyễn Văn Do

Giám đốc

Huỳnh Thị Kim Mỹ

Kế toán trưởng

Trần Thành Quân Triết

Phó Giám đốc/Phụ trách Công bố thông tin

Trần Văn Nhanh

Phó Giám đốc

Lê Thị Thu Hà

Thành viên Ban kiểm soát

Nguyễn Minh Cường

Thành viên Hội đồng Quản trị

Lê Thị Bạch Yến

Trưởng Ban kiểm soát

Nguyễn Văn Hoạch

Thành viên Hội đồng Quản trị

Dương Phạm Đăng Khoa

Thành viên Hội đồng Quản trị

Trần Thế Vinh

Chủ tịch Hội đồng Quản trị

Nguyễn Thanh Vy

Thành viên Ban kiểm soát

Top connections

FHS45.0%BWA2.2%PSG2.0%CKV1.2%SGR1.1%

Computed 12/04/2026