INN

Construction

Công ty Cổ phần Bao bì và In Nông nghiệp

Hàng & Dịch vụ Công nghiệp/Hàng công nghiệpCT

41.100

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

39.367

Current

41.100

Gap

-4.2%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

60.29%

Kd(1-t)

6.85%

D/(D+E)

39.71%

WACC

10.08%

Growth Estimate

fundamental firm blend5.55%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

36.921

50%DCF Value

41.812

Blended Intrinsic

39.367

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — INN

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.86

Low Risk

DSRI

0.910

GMI

0.927

AQI

0.933

SGI

1.021

DEPI

1.365

SGAI

1.061

TATA

-0.068

LVGI

0.884

The Beneish M-Score of -2.8575 indicates that INN is not likely engaging in earnings manipulation, as it falls below the manipulation threshold of -1.78. However, the earnings quality score of 75.0/100, while decent, shows significant weaknesses in revenue recognition, which could pose risks in the context of Vietnamese accounting practices.

Red Flags

The revenue quality score is 0.0/100, indicating potential issues with revenue recognition and reliability.
The DSRI of 0.9102 suggests a decrease in days sales in receivables, which could indicate aggressive revenue recognition practices.

Positive Signals

The earnings quality cash conversion score is 100.0/100, indicating strong cash flow generation relative to earnings.
The GMI of 0.9266 shows a slight improvement in gross margin, which can be a positive indicator of operational efficiency.

Ownership Risk

The ownership structure is concentrated among a few individuals, with the largest shareholder holding 21.4%. This could lead to governance risks, as decisions may be heavily influenced by a small group of shareholders.

Recommendation

Investors should closely monitor revenue recognition practices and consider conducting further due diligence on management's credibility. Given the moderate risk profile, a cautious approach is advised, possibly waiting for clearer signals of sustainable growth.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

3.64

Safe Zone

Sharpe

0.25

Positive

Composite

Fair

Price Risk

Momentum

+18.3%

Volatility

26.7%

Max Drawdown

-15.2%

Key Ratios

Fiscal year 2025

8.78P/E

P/B1.32

P/S0.62

ROE16.2%

ROA10.1%

EPS4694.11

BVPS31147.35

Gross Margin19.2%

Net Margin7.0%

D/E0.55

Current Ratio1.68

Rev Growth2.1%

Profit Growth11.2%

EV/EBITDA4.47

Div Yield0.0%

Company Overview

Issued Shares

27.0M

Charter Capital

270.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Hàng công nghiệp

Sub-industry

Containers & Đóng gói

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

nguyen-thanh-nam

Indiv

21.4%

5.8 trieu

Lê Xuân Lương

Indiv

5.0%

904.900

Bùi Thành Đạt

Indiv

5.0%

899.500

nguyen-nhu-song

Indiv

4.5%

482.800

Nguyễn Thành Thái

Indiv

3.5%

942.000

ĐẶNG TRƯỜNG GIANG

Indiv

3.5%

374.000

Vũ Hồng Tuyến

Indiv

2.7%

492.435

Công đoàn Công ty Cổ phần Bao bì và In Nông nghiệp

Inst

2.2%

395.251

nguyen-linh-chi

Indiv

2.0%

537.420

Nguyễn Quang Lộc

Indiv

2.0%

357.440

LÊ DIỄM THANH

Indiv

1.7%

302.768

Lê Duy Toàn

Indiv

1.2%

329.332

Trần Thị Thanh Vân

Indiv

0.9%

102.500

Phạm Thị Phúc

Indiv

0.8%

150.320

Đặng Minh Quốc

Indiv

0.8%

85.329

Đinh Vạn Chính

Indiv

0.7%

77.000

Nguyễn Duy Thanh

Indiv

0.5%

143.400

Đặng Minh Thu

Indiv

0.4%

37.933

Mai Thị Loan

Indiv

0.3%

82.380

Vũ Hồng Hà

Indiv

0.3%

75.000

Nguyễn Đức Lưu

Indiv

0.3%

72.000

Nguyễn Thị Nga Linh

Indiv

0.2%

50.400

Lê Việt Thắng

Indiv

0.1%

27.750

Board & Management

Nguyễn Thành Nam21.4%

Chủ tịch Hội đồng Quản trị

Nguyễn Thành Thái3.5%

Phó Tổng Giám đốc

Vũ Hồng Tuyến2.7%

Phó Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Nguyễn Quang Lộc2.0%

Thành viên Ban kiểm soát

LÊ DIỄM THANH1.7%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lê Duy Toàn1.2%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Phạm Thị Phúc0.8%

Trưởng Ban kiểm soát

Nguyễn Duy Thanh0.5%

Thành viên Ban kiểm soát

Mai Thị Loan0.3%

Phó Tổng Giám đốc

Nguyễn Đức Lưu0.3%

Thành viên Hội đồng Quản trị

Tạ Thị Tuyết Nga

Kế toán trưởng

Top connections

FPT21.4%PLE21.4%VTP21.4%CTR21.4%QNP21.4%VGI21.4%SAB21.4%EID14.6%CAP10.5%NHH10.0%GVT9.0%ND27.2%

Computed 12/04/2026